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The.
10111111rict31
VOL. 126.
iirtintde
SATURDAY JUNE 30 1928.
finantial Thronide
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The Financial Situation.
The Democratic National Convention, in session
at Houston, Texas, the present week, has fulfilled
expectations and has placed in nomination for
President of the United States, as the candidate of
the party, Gov. Alfred E. Smith of this State and
has given him as his running mate for the VicePresidency Senator Joseph T. Robinson of Arkansas. As in the case of Secretary Hoover, with
respect to the Republican nomination, Gov. Smith's
nomination was a foregone conclusion. All the indications for many weeks past have pointed so
strongly and so unmistakably in that direction that
there has been no room for reasonable doubt as to
the outcome. As Mr. Smith is the candidate of the
opposition party, and the accession of that party to
control, in the event of its success, would imply a
change of policy in the executive department of the
Government, it deserves to be noted here that the
nomination has been received with no evidence of
concern on the part of the commercial or the security
markets. The stock market, indeed, has shown a
rising tendency after the recent severe collapse, and
this, too, in face of renewed tension in the money
market, the call loan rate on the Stock Exchange
having touched 8% yesterday, the highest figure
recorded since June 2 1921, at the time of the postwar debacle in the commodity markets when in the
general sweep of inflation commodity values were
carried to such dangerous heights.
The complete lack of any sign of disquietude over
the nomination might be explained either on the
hypothesis that the feeling is that should Gov. Smith
be chosen as President, no ground for uneasiness or
apprehension of unfavorable results to the business
interests of the country would exist, or on the theory
that his chances of election are so slim that his
financial
NO. 3288.
defeat can be accepted as a certainty beforehand.
This latter proposition, however, is wholly untenable
in view of Mr. Smith's repeated election as Governor of this State and in view, also, of the fact that
the members of his own religious faith in both the
great political parties are supporting him with a
zeal and fervor that amounts almost to fanaticism
and which promises to sweep everything before it
and to give him the electoral votes of all the States
where the members of that religious faith form a
considerable portion of the total population. Whatever objections may be entertained against Mr.
Smith's becoming the Presidential incumbent relate
not to the Governor personally but to the local political organization with which he has been so intimately affiliated during his whole political career.
Tammany government in this city holds a record
for profligacy, extravagance and prodigal waste that
it would be hard to match even in the days of the
decadence of ancient Rome. If that organization
should gain a share in the administration of the
National Government, there would indeed be occasion for real misgivings. Admitting that Gov.
Smith posesses some estimable qualities, both personally and politically, he is not, after all, a Samuel
J. Tilden or a Grover Cleveland. The latter Tammany Hall vehemently opposed, leading to the
famous retort from his advocates:"We love him for
the enemies he has made."
Adolph C. Miller, one of the ablest members of
the Federal Reserve Board, has written an article
on "The Federal Reserve System" for the jubilee
number of "The Statist" of London in commemoration of the founding of that periodical—all hail to
the long record of that able financial weekly—which
is likely to attract a good deal of attention because
of what he says with reference to the open market
policy of the Federal Reserve System. Mr. Miller,
in effect, makes declaration that this open market
policy, at least in the manner in which it was carried on during the last twelve months, is not likely
to be repeated. Mr. Miller speaks with great frankness and admits that the operations referred to were
attended with such ill success that they utterly defeated the object in view. He does not dissemble in
the slightest, and expresses himself in much the same
way we have done in these columns over and over
again. He contends that the open market operations are one of the distinctive features of the Federal Reserve System, and also one of its essential
functions, and claims much for them in the earlier
days of the Reserve System—more particularly in
the post-war period. In this portion of his thesis
he is far from convincing. But we are not concerned
with that at present. Note, however, his comment
with reference to the more recent developments in
3972
FINANCIAL CHRONICLE
[VOL. 126.
the carrying out of the open market operations. He unwilling to surrender the power altogether. He
says: "Whether open market policy will continue wants to retain it for emergencies, for, after saying
to hold its present place of importance in the credit that in the future reliance is to be upon the disprocedure of the Federal Reserve seems doubtful. count rate, rather than the open market operaThere have been some indications that it was losing tions, he takes pains to add the following: "Not
its hold on the esteem of a considerable section of that the open market operation will be discarded,
the business and banking public. Its quality of but that it will cease to be an habitual expedient
arbitrariness has exposed it to the criticism of being and take its place as an occasional expedient in
un-American. It seems not improbable, therefore, the credit mechanism of the Federal Reserve—an
that with the return of the United States to a more expedient to be resorted to in situations of acutesettled economic basis, and with the world in gen- ness where prompt intervention is necessary to
eral well advanced to complete recovery, and the effective handling."
gold standard as an international stabilizing mechFor ourselves we believe that the power to engage
anism pretty nearly restored to its old-time efficacy, in open market operations (except in aid of U. S.
the primary reliance in the credit control technique Government financing) should be altogether taken
of the Federal Reserve in the future will be the away. In his recent testimony before the House
discount rate rather than the open market opera- Banking and Currency Committee, on the comtions."
modity stabilization bill of Representative Strong,
A little later in his article Mr. Miller goes even Mr. Miller himself gave the best of reasons for defurther than this and makes the following pregnant priving the Reserve Banks of any such powers when
observations: "An added and more immediate im- he made his famous remark that when this power
pulse to this shifting of emphasis in Federal Reserve reposes in the hands of such a body as the Reserve
procedure is likely to result from the serious im- Board there is always the "itch" to do something.
pairment of prestige which the open market policy "This open market authority," he was quoted in the
of the Federal Reserve has recently sustained, be- daily papers as having added, "offers too big a
cause of untoward developments in connection with temptation, and the developments of the recent
its adventure in the autumn of last year in under- months illustrate just about what you may expect.
taking to ease and stabilize the international situa- I believe the Board should have these powers, but
tion. The American stock market on that occasion that their exercise should be subject to limitations.
took advantage of the Federal Reserve's policy of We ought not to make it easy for the Board, which
cheap and cosy money. The volume of credit in- is composed of men subject to human judgments, to
volved in speculative loans grew rapidly, and in the exercise these powers."
early part of the year 1928 attained such magnitude
At all events, there is not the slightest need for
as to awaken widespread concern in the United endowing the Federal Reserve with any such power
States and to place the Federal Reserve in a position even in emergencies or times of crises. At such
of uncomfortable responsibility."
times the member banks can take their discounts
But that is not all. Mr. Miller goes on to say, around to the Federal Reserve Banks and obtain all
without reserve or qualification, that "the lesson of the credit and all the funds they require. Certainly
this experience will not soon be forgotten, and is the lawmakers should take steps to prevent a recurlikely to register itself in the flexible mind of the rence of such performances as those of last autumn,
Federal Reserve as a change of front." To empha- when the Federal Reserve Banks bought several
size this conclusion Mr. Miller adds: "For the cir- hundred million dollars of U. S. Government bonds,
cumstances which have occasioned the partial mis- thereby thrusting a corresponding amount of Recarriage of Federal Reserve policy, in the course of serve credit into use at a time when the member
the last ten months, are of the kind that are likely banks had no need of it and could not be induced to
to repeat themselves. The exuberant temper of the borrow on their own account (laying the basis for
American speculative community can usually be the gigantic stock speculation which subsequently
counted on to respond to a sufficient stimulus in the developed), and likewise it should be rendered imway of cheap and easy money. This recent experi- possible for the Reserve Banks, having acquired
ence suggests the hazaird to which a policy of cheap such huge masses of Government bonds, to throw
and easy money is always exposed in the United them all of a sudden upon the market, with the
States. Unless and until, therefore, some effective result of completely demoralizing the Government
method can be devised for preventing the diversion bond market and causing a big drop in the prices of
of the flow of Federal Reserve credit into specula- all kinds of U. S. Government bonds, and eventually
tive loans, open market policy will be handicapped pulling down (along with tension in the money marand at a disadvantage."
ket which the stock speculation engendered) the
The foregoing constitutes the most assuring piece prices of all classes of bonds. Such ill-advised
of news that has come from the Federal Reserve in meddling, with the disastrous consequences attenda very long while; and what is particularly signifi- ing it, should be rendered impossible for the future.
cant is that we are told that the Federal Reserve
Besides the promise that the Federal Reserve
Board possesses (or imagines it possesses) a "flexible mind." Most assuredly no one would have Banks are not to repeat their recent misadventure,
imagined anything of the kind, seeing with what another reassuring development is continuing to
fatuousness the Reserve Board has adhered to its improve the credit situation. We refer to the fact
open market policy in the past and closed its eyes that this week's Federal Reserve return shows a
to the unfortunate consequences that were resulting. further reduction in brokers' loans, making the
Even now Mr. Miller is not prepared to give up the third successive week of such reductions. This
open market operations entirely. He clearly per- further reduction, too, is of large dimensions, as were
ceives that the operations of the last ten months were those of the two preceding weeks. This week's defaulty and attended by ill consequences. But he is crease is $110,326,000, and it follows $158,101,000
JUNE 30 1928.1
FINANCIAL CHRONICLE
3973
decrease the previous week and $135,549,000 deThe tone of the stock market has greatly improved
crease the week before, with the result that the grand the present week, and prices have shown a steadily
total of these loans to brokers and dealers (secured rising tendency. At the half-day session last Saturby stocks and bonds) by the 45 reporting member day there was some weakness, on a renewed break
banks in New York City for June 27 is down to in Bancitaly shares in the Curb Market, but every
$4,159,264,000, as against $4,563,240,000 on June 6, day since then the trend of values has been
permaking a decrease for the three weeks in the sub- sistently upward, speaking of the market as a whole,
stantial amount of $403,976,000—all of which goes though of course there have been the usual excepto show that the liquidation on the Stock Exchange, tions to the rule. The rise is the more noteworthy
with big declines in prices which took place recently, inasmuch as it has occurred in face of a continuance
is having its legitimate and expected effect. How of high money rates, call loans on the Stock Exmuch further the contraction in brokers' loans is change having touched • 8% yesterday the
,
highest
likely to go is an open question. Even after the figure recorded since June 2 1921,
and time money
heavy reduction of the last three weeks, the total on collateral loans having been
firmly maintained
of these brokers' loans at $4,159,264,000 is still over at 57
/8@6%. This shows, what of course has long
a billion dollars in excess of what it was a year ago, been known, that high
money rates are not a deterthe amount June 29 last year having been $3,117,- rent to Stock Exchang
e speculation. Some of the
920,000, showing that there is room for considerable pools in the high-pric
ed specialties have resumed
further large decreases before these loans will be operations, and have
apparently had no difficulty in
back to normal proportions. As it happens, how- obtaining the money
needed for the purpose, though
ever, the speculative spirit is again reviving on the banks called large
amounts of loans every day of the
Stock Exchange, and this week the tendency of week, in part no doubt
for the very heavy first of
prices has been almost continuously upward, though July interest and
dividend disbursements, but in
the volume of transactions is not of the prodigious part also, it is claimed,
for window dressing purmagnitude of those before the recent market col- poses,
the usual call of the Comptroller of the Curlapse, and outside participation is as yet limited rency for a
report of condition of the National Banks
and greatly circumscribed.
on June 30 being expected and the banks naturally
This week's new decrease in brokers'loans has not wanting
to make a creditable showing in such
been attended by a further reduction in the use of reports.
Reserve credit. On the contrary, the aggregate of
All through the week the railroad shares have
such credit increased during the week from $1,438,been favorites, and it seemed easy to advance them,
167,000 June 20 to $1,467,733,000 June 27, at which
no pressure on these shares being in evidence, notfigure comparison is with $1,071,130,000 on June
29 withstanding the May returns of earnings of the
last year. The twelve Reserve institutions
reduced roads (which have been coming in during the week)
their holdings of Government bonds during the
week did not make a very good showing except in some
from $222,868,000 to $211,937,000 (due entirely
to special cases, though heavy reductions in expenses
the redemption of a $19,000,000 temporary
certifi- served to bring improved figures of net earnings in
cate of indebtedness which the Reserve Banks had
not a few instances. As the week has advanced,
taken over the previous week from the U. S.
Treas- however, other groups of stocks have been taken up
ury), while their holdings of acceptances bought
in one after another. Copper shares have continued
the open market remained virtually unchanged,
but strong on intimations of a further advance in the
the member banks increased their direct borrowing
price of the metal, and some of the oil shares have
at the Reserve institutions, with the result that
the risen sharply, more particularly Atlantic Refining
discount holdings of the twelve banks increased from
has risen sharply on reports that the refining
$990,827,000 to $1,031,874,000, at which latter figure
end of the petroleum industry must be sharply difcomparison is with only $477,311,000 a year ago—
ferentiated from the conditions prevailing in the
that is, on June 29 1927. Doubtless the extra borproduction end. The daily volume of trading has
rowing on the part of the member banks reflects
not been of large proportions, when compared with
preparations for the very heavy 1st of July interest
the volume done before the recent collapse in the
and dividend disbursements.
stock market, but has nevertheless been slowly increasing. The sales on Monday aggregated only
An important event in the railroad world should
1,054,460 shares; on Tuesday 1,460,490 shares; on
not go unrecorded here. On Thursday the St. Louis.
Wednesday 2,004,760 shares; on Thursday 1,781,230
San Francisco Railway celebrated the opening
of shares, and on Friday 2,426,200 shares. Business
through service into Pensacola, Fla., over its
lines. on the Curb Market has also been moderate, the
With the completion of a 152-mile extension
from transactions on Monday aggregating 366,415 shares;
Aberdeen, Miss., to Kimbrough, Ala., connecting
the on Tuesday 390,345 shares; on Wednesday 511,240
rails of the 'Frisco with the Muscle Shoals,
Birming- shares; on Thursday 452,955 shares, and on Friday
ham & Pensacola Railroad, now a part of the
'Frisco 515,401 shares.
System, that System has achieved its long
The specialties have, as always, fluctuated widely.
-sought
objective, an outlet to tidewater. With
a direct line Case Threshing Machine has been perhaps foremost
from St Louis, Kansas City and Memphis
to Pensa- in that respect, it having advanced to 350 on June 28,
cola, a natural deep-water port on the Gulf
of Mex- a new high record for the year, and closing yesterico, the conpany will be able to handle
through day at 345, against 291% the close on Friday of last
traffic from the Middle West destined for
South or week. General Motors touched 1911/
4 yesterday, but
Central America or for the Pacific Coast
via the closed at 188, against 173% the close on Friday of
Panama Canal. The opening of this new line
will last week. Radio Corporation of America ranged
mean much for Pensacola as well as for the St.
Louis- between 1673
/
4 last Saturday and 190% yesterday,
San Francisco Railway.
and closed at 187%, against 174 on Friday of last
week. Montgomery Ward & Co. advanced sharply
3974
FINANCIAL CHRONICLE
[Vol,. 126.
on reports of large extra earnings from the com- ment partly to the collapse at New York last month,
pany's entrance in the chain store field. It ranged but chiefly to forced liquidation for Brussels ac4 last Saturday and 151% on Thurs- count, that market having experienced a more sebetween 1411/
8, against 142% vere readjustment than any other, with numerous
day, and closed yesterday at 1501/
& Co. ranged attendant failures. Things improved at London
Roebuck
the previous Friday. Sears
and Tuesday, however, with firm advices from New
yesterday,
109%
and
Saturday
between 105 last
4 the previous Friday. York in the late afternoon accentuating the improve8, against 1061/
closed at 1091/
U. S. Steel has also shown an improving tendency; ment. Industrial shares were marked up in the trad% yes- ing, while cable and wireless companies advanced on'
it ranged between 132% on Monday and 1383
terday, and closed at 136%, against 13334 the pre- renewed rumors of an early merger. Oil shares also
vious Friday. Bethlehem Steel closed yesterday at advanced on the announcement of better prices for
/8 the previous Friday; Crucible the commodity, although there was some unsettle2, against 537
551/
8 against 74%, and Ludlum Steel ment later in the week in Vacuum Oil. The most
Steel closed at 731/
closed at 56 against 50. The rubber stocks showed marked improvement, however, took place Thursrenewed weakness, and U. S. Rubber pref. closed day, when British home rails reversed their long
4. against 63 the previous Friday, downward trend and staged a rally on expectations,
/
yesterday at 593
4 against 33; Good- later confirmed, of the passage of favorable legislawhile the common closed at 293
year Tire & Rubber closed at 47% against 46, and tion. The gilt-edged section was firm throughout at
B.F. Goodrich at 70 against 69%. The motor stocks London, with fractional advances registered Wedwere also generally higher, and Studebaker closed nesday.
The Paris Bourse was the focus of attention Monyesterday at 68 against 67; Packard at 74% against
82%
at
not only for French speculators and investors,
day,
Hudson
88%;
72%; Nash at 88% against
for many foreign interests. It was expectalso
but
55%.
against
59%
at
4, and Hupp
against 803/
disof the franc, successfully acstabilization
strength
that
ed
the
to
referred
already
We have
the
yesover
closed
week-end,
would find instant recomplished
Anaconda
shares.
copper
the
played by
the
Friday;
on
in
the
Monday mornmovements
Bourse
flection
previous
the
64
against
68%
at
terday
dividend on the shares has been increased from $3.00 ing. But, as generally happens in such instances,
2 the event appeared to have been quite generally disper annum to $4.00. Magma Copper closed at 521/
closed
counted in advance, with the result that the market
8; American Smelting & Refining
/
against 497
against
4
1
/
90
was exceedingly dull. Selling pressure predomi•
at 195 against 189, and Kennecott at
as
Refining,
nated
in the trading, probably from speculators who
Atlantic
87%. Among the oil shares
and
feature
to liquidate during the expected advance
had
hoped
conspicuous
already mentioned, was a
previous
the
definite
with
the
4
1
/
128
establishment of stabilization.
against
closed yesterday at 140%
123;
This
against
caused
weakness
4
1383
throughout the list, with only
at
closed
Friday; Houston Oil
Standard
the
shares
and
railroad
exempt
from the decline. Trad34%,
against
35
at
Marland Oil closed
railroad
quiet
ing
The
remained
Tuesday,
43.
but gathered momenagainst
4
1
/
44
at
Oil of New Jersey
of
many
although
tum
Wednesday
with
the
of stocks showmajority
around,
all
advances
show
shares
these are only moderate. New York Central closed ing gains. Improvement at New York was a factor
/8 the previous Fri- in the advance, with an improved political outlook
2 against 1707
yesterday at 1711/
8 against 187%; Canadian lending aid. Dealings were again restricted there/
day; Atchison at 1887
4 against 199; Great Northern at after, with the approaching month-end settlements
1
Pacific at 203/
98% against 99; Northern Pacific at 95% against causing French traders to remain aloof. The firm
95%; Wabash at 72% against 71; Union Pacific at tone, nevertheless, was retained. The Berlin Boerse
8 against 191%; Southern Pacific at 121% also opened weak and dull Monday with foreign in/
1957
against 119%; Texas & Pacific at 162 against 145; terest noticeably absent. Textile shares slumped
4 against 112; Read- sharply, in consequence of the Brussels situation.
1
St. Louis-San Francisco at 113/
ing at 102 against 101; Lehigh Valley at 103 against A more confident atmosphere developed Tuesday,
100%; Del. & Hud. at 192% against 189%; Lacka- and prices recovered to some extent, the movement
wanna at 134/
4 against 135%; Baltimore & Ohio at continuing Wednesday on the expectation that dif1
109 against 107%; Chesapeake & Ohio at 181% ficulties in the formation of a Cabinet would finally
against 1801/
2, and New York, Chicago & St. Louis be overcome. A tightened money market Thursday,
together with renewed difficulties in the Cabinet
2 against 129%.
at 1301/
situation, caused irregularity after an early adhas
vance. The impending month-end settlements beTrading on the European stock exchanges
been quiet the past week, with a confident tone and came the dominant factor in the trading.
improvement in dealings gradually superseding the
A definite proposal that the powers of the world
dullness and unsettlement of the previous week.
Movements at London, Paris and Berlin have fol- sign a multilateral treaty renouncing war as an
lowed closely the developments at New York, and instrument of national policy was placed before the
when the New York market appeared to reach a nations last Saturday by Secretary of State Frank
more stable basis late last week, there was obvious B. Kellogg in identical notes to fourteen Governrelief and satisfaction at London and the Continen- ments. A draft treaty was placed before each Govtal centers. As the present week progressed there ernment with a covering note which declared that
were also a few local developments, particularly at the United States is ready to sign the treaty withLondon, which gave vigor and strength to some sec- out qualification or reservation. The text of the
tions of the list, although the international shares draft treaty contains only minor changes from the
April
again took their cues very largely from New York. original draft submitted by the Secretary on
France,
Britain,
Liquidation of international securities was still a 13 last to the Governments of Great
dominant feature of the London market early the Germany, Italy and Japan. The two main articles
present week, traders there ascribing the move- of the draft treaty and the third article providing
JUNE 30 1928.]
FINANCIAL CHRONICLE
for ratification remain the same. Article 1 provides that "the High Contracting Parties solemnly
declare in the names of their respective people that
they condemn recourse to war for the solution of international controversies, and renounce it as an instrument of national policy in their relations with
one another." Article 2 follows with the statement
that "the High Contracting Parties agree that the
settlement or solution of all disputes or conflicts of
whatever nature or of whatever origin they may be,
which may arise among them, shall never be sought
except by pacific means."
The preamble of the draft treaty, as revised by
Mr. Kellogg, is designed to give 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 to that State
under the treaty. The new wording of the preamble
is to the effect that the contracting Governments:
"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;
Hopeful that, encouraged by their example, all the
other nations of the world will join in this humane
endeavor and by adhering to the present 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 in a common
renunciation of war as an instrument of their
national policy; Have decided to conclude a treaty
ff
•
•
•
In the covering note to each Government, Secretary Kellogg reviewed the negotiations, which
were
begun December 28 1927 between France and the
United States, on the basis of Foreign Minister
Aristide Briand's suggestion of June 30 1927 for a "Pact
of Perpetual Friendship" between the two great Republics. Pursuant to the understanding reached
in
the preliminary discussions between Paris and
Washington, the United States on April 13 submitted the preliminary draft treaty to the five Governments named above and invited consideration and
discussion. Secretary Kellogg recalled in his note
that France on April 20 circulated among the interested Governments an alternative draft treaty
containing six reservations or provisions. The note
explained further that the American Secretary, in
an address delivered April 28 before the American
Society of International Law, fully explained the
construction placed by the United States Government on the draft treaty proposed by it. Mr. Kellogg at that time also treated in detail the six major
considerations brought up by France in its alternative draft treaty, and the remarks then made were
repeated in full in the present covering note.
The note states further that replies have been received from all the Governments addressed without any dissent being expressed from the construction placed on the draft treaty by the'American Secretary. Moreover, no Government "has voiced the
least disapproval of the principle underlying the
proposal of the United States for the promotion of
3975
world peace." Neither, finally, has any Government
suggested any specific modifications of the text of
the proposal of April 13. The United States Government, therefore, Mr. Kellogg states, "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."
The reservations and considerations brought up
by the French Government in its draft treaty of
Aliril 20 were again and more formally considered
by Secretary Kellogg in the present covering note.
The United States Government, Mr. Kellogg explained, "believes that the right of self-defense is
inherent in every sovereign 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 anti-war treaty free, so far as the treatybreaking 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."
The modifications in the preamble of the draft
treaty are explained as due to the desire of the
United States Government to meet the points raised
by other Governments, even though the United
States Government "is satisfied that the draft
treaty proposed by it on April 13 could be properly
accepted by the powers of the world without
change." "If," the note states finally, "the Governments of Austria, 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
3976
FINANCIAL CHRONICLE
ivoL, 126.
nations of the world will, as soon as the treaty comes program. He stated that he would dissolve the
into force, gladly adhere thereto, and that this sim- Cabinet and resign his own posts unless full support
ple procedure will bring mankind's age-long aspira- were forthcoming.
tions for universal peace nearer to practical fulThe bill stabilizing the franc was presented to
fillment than ever before in the history of the the Chamber of Deputies by M. Poincare late Satworld."
urday afternoon in a session that lasted only two
The response to Secretary Kellogg's new proposal, minutes. The Premier handed the document to the
according to indications from London, Paris, Ber- President of the Chamber without comment. On
lin and Tokio so far recorded in press dispatches, is examination it quickly appeared that the figures
likely to be more favorable rather than otherwise. had been left blank in the bill and the• assembled
No official comment has yet been made, but the Deputies were thus disappointed in their immediate
unofficial consideration that finds expression in desire to hear the rate at which stabilization was
editorial comment is apparently far more respect- proposed. The figures were not filled in until nearful than that accorded the original draft treaty of ly 10 o'clock Saturday night, after which earnest
April 13. British newspaper opinion on the note consideration of the proposal was begun. The
and the new treaty text was very generally friendly, Chamber Finance Commission approved the bill
and in France, also, although it was insisted that with only a few modifications by a.majority of 32
further explanatory documents must be exchanged, to 1, with nine abstentions. The single contrary
the new note was considered as carrying the anti- vote was cast by a Communist, while the abstenwar proposal much further toward realization. tionists included seven Socialists and two NationalComments were current in both capitals regarding ists of Louis Mann's group.
Secretary Kellogg's omission of all reference to the
Perusal of the document presented by the PreBritish reservation of May 19 about "certain re- mier revealed little that was not expected. Provigions" of the world where the British Empire has sion was made for the issue of new gold coins of
'special vital interests." The German press re- 100 francs value which will be legal currency, and
ceived the new documents warmly, although the for- also for the coinage of 20, 10 and 5 franc silver
mation of a new Berlin Government took precedence pieces to take the place of small denomination notes,
in consideration. Japanese consideration of the which will be withdrawn from circulation by Deproject will be both speedy and favorable, accord- cember 31 1932. Gold coins may be issued in uning to a Tokio dispatch of Tuesday to the New York limited quantities, but silver coins must not ex"Times." "There is no doubt," this dispatch added, ceed 3,000,000,000 francs in value. Convertibility
"that the Government, the Privy Council, the Legis- of paper tokens into gold was duly specified, but
lature and the public will accept the compact with the option was given the Bank of France of paying
full responsibility and will then watch with con- for notes either with gold coin or with bullion.
siderable interest its effect on armament pro- Moreover, exchange of paper francs for bullion is
provided for in quantities above a certain minigrams."
mum, to be fixed later by agreement between the
'
I Stabilization of the French franc, with all its high Minister of Finance and the Bank. The practical
significance for general European reconstruction, effect of this optional arrangement is to establish
was successfully accomplished over the last week- immediate resumption of gold payments by the
end through bills submitted to the Parliament and Bank of France, while at the same time the Bank
rapidly passed by both Houses. The bills, as sub- has the power to protect itself against importunate
mitted by Premier and Finance Minister Raymond demands for the metal from French citizens of smallPoincare, officially fixed the gold content basis of er means and littler faith with their known predithe French monetary unit at 65.5 milligrams, 900 lection for hoarding gold. The bill provides also
fine, i. e., nine-tenths unalloyed gold. This gold that the present silver coins will cease to be legal
content gives the franc a value corresponding to tender, but the Bank of France is given the right to
3.93 cents, or in other words, 25.52 to the dollar and buy them at specified rates.
Two new conventions with the Bank of France
124.21 to the pound sterling. These rates closely
approximated the quotations prevailing in the in- were attached to the bill. The first, to be concludternational exchange markets before stabilization, ed between the Minister of Finance and the Bank,
and the legal fixation, therefore, caused hardly a provides that the latter must keep a gold reserve in
stir in international trade and the mediums by ingots and coin to the extent of at least 35% of the
which it is financed. The deeper significance of the value of currency notes issued by it. This conaction lies firstly in the resumption of the gold vention provides also for immediate revalorization
standard and gold payments by France, and sec- on the new monetary parity of all gold, silver and
ondly in the implied repudiation of practically 80% foreign currency held by the bank. Such revalorization, according to a dispatch of last Saturday to the
of French pre-war indebtedness.
That stabilization would finally be accomplished New York "Times," will permit of readjustment of
over the last week-end was well known in the previ- items on the credit side of the Bank's books which
ous week, Premier Poincare making a virtual an- compensate the 14,500,000,000 francs advances temnouncement to the Chamber of Deputies on June porarily made to the State under various laws
21 that the plans of the Union Government were all passed between Aug. 5 1924 and Dec. 4 1925, and
prepared for presentation when next the financial which transfer into French paper francs the item
markets should be closed for a sufficient period to "gold held abroad." The current account of the
allow passage. The period over Saturday and Sun- Treasury is provided by this convention with a loan
day was chosen to avoid undue speculation in the of 3,000,000,000 francs without interest, the Bank refranc. The Premier announced in his three-hour ceiving Treasury bonds with maturity fixed at Dec.
speech on the preceding Thursday that he wished to 31 1945. The second convention, to be concluded
be assured of an ample majority in support of his between the Sinking Fund authorities and the Bank,
JUNE 80 1928.]
FINANCIAL CHRONICLE
provides for the transfer to the Sinking Fund of the
Russian debt account of 5,930,000,000 francs.
The two Houses of the French Parliament reconvened to consider the bill last Sunday evening. The
Chamber of Deputies passed the measure by a vote
of 450 to 22, and the Senate by a vote of 256 to 3.
The debate in the Chamber was a long one, according to a Paris dispatch to the New York "Times,"
but it was never of a high political level, the orators
seeking merely to make clear that they and their
party were voting as they did out of nothing but a
sense of supreme patriotism. The "Times" correspondent reported that "the Socialists, who two
years ago were urging on everybody that no other
course than a capital levy was possible, expressed
the utmost distress for the hard case of those people
who had invested their savings before the war in
French Government securities and now are getting
four-cent francs for every 20 cents they loaned."
The bill also precipitated a wearying and pointless
debate in the Senate. Passage was a foregone conclusion in both houses, however, since the Government had gone before the country in the national
elections of last April on the single issue of support
for M. Poincare's financial policies and had received
overwhelming support from the French electorate.
The final step in stabilization was the publication of
the bill, Monday morning, in the "Journal Officiel,"
the Government's official chronicle.
Several international considerations were immediately brought up by the legal stabilization of the
French franc, the first relating to possible revision
of the debt accords and the second to rates of payment on French bonds held externally and on external bonds held in France. The debt accords were
commented on both by Premier Poincare in Paris
and by Secretary of the Treasury Mellon in Washington, and in neither case was there even a suggestion of a change in status. Premier Poincare,
according to a transcript from the official
record
conveyed in a Paris dispatch of June 25 to the New
York "Times," said: "We have met all our foreign
payments exactly on the day fixed without prejudic
ing the ratification accord, which does not depend
on the Government, but depends wholly on
the
Houses of Parliament. We have met those payments this year, as last year. We are therefor
e
able to take now a decision, with regard to stabiliz
ation, in complete independence. If, sooner or
later,
an occasion presents itself for the examination of
a
settlement of all the interallied debt as a whole,
we
have still, gentlemen, to convince many who are incredulous, not to say hostile. Yet, speaking still in
the conditional, if sooner or later this settlement
can be accomplished without harm to French interests, we will lend ourselves willingly, as we have
always said, and even as we have always done,
to
every profound examination of this question
. But
•
for the moment this question does not arise
In the
present debate. All that should be noted here
is that
from this side there is not and there
cannot be any
obstacle to stabilization."
Serious difficulties have been encountered
by the
newly appointed Chancellor of the German Republi
c,
Hermann Mueller, in his efforts to form coalitio
a
n
Cabinet. Herr Mueller was appointed Chancellor
by President Paul von Hindenburg June 11, and
immediately began negotiations with the group of
3977
four parties expected to enter the coalition. The
Chancellor is a Socialist, the appointment of a member of that party having been made necessary by the
national elections of May, wherein the Socialists
were returned in greatest individual strength. Besides his own following, the Chancellor wished to
include the Democrats, Centrists and the Bavarian
People's party in the coalition. But there are
strong differences between these parties on questions not only of personalities, but also of religious
teaching and governmental principles. The negotiations were protracted, for this reason, but have now
been concluded, according to Berlin dispatches of
Thursday, and the new Cabinet announced. Dr.
Gustav Stresemann, leader of the People's Party,
retains the portfolio of the Minister of Foreign Affairs. The Cabinet, otherwise, is made up as follows: Minister of the Interior, Dr. Severing, Socialist; Minister of Finance, Dr. Hilferding, Socialist; Minister of Communications and Occupied
Territories, Gehei-mrat von Guerard, Centrist; Minister of Economic Affairs, Dr. Julius Curtius, People's Party; Minister of Posts, Dr. Schaetzel, Bavarian People's Party; Minister of Defense, Lieutenant General Wilhelm Groener, no party; Minister
of Agriculture and Food, Dr. Dietrich, Democrat;
Minister of Justice, Dr. Erich Koch, Democrat, and
Minister of Labor, Rudolf Wissel.
Great surprise was caused in Poland, Wednesday,
by a Cabinet upset occasioned by the altogether unexpected resignation of the Polish Premier and
political dictator, Marshal Joseph Pilsudski. Giving ill health as the cause of his action, Marshal Pilsudski presented the resignation of his entire Cabinet to President Woscicki Wednesday afternoon.
The new Cabinet was formed, however, in less than
a half hour thereafter, and it appears to represent
no real change in the Polish regime. M. Bartel,
Vice-Premier in the Pilsudski Cabinet, was named
Premier and promptly presented the list of members of the new Government. Marshal Pilsudsky
himself retains the portfolio of Minister of War and
the office of Inspector General of the Army. All
the other Ministers retain their posts with the exception of M. Bobruski, Minister of Education, who
is replaced by Dr. Casimir Switalski, and Dr. Remocki, Minister of Transportation, who is replaced
by M. Alfons Kuehn, an electrical engineer. The
change in Government followed on a peremptory
order for the adjournment of both Polish Houses of
Parliament, issued by the President June 22. The
Opposition Parties, according to a Warsaw dispatch
of June 27 to the New York "Times," "have been
outdone by the old warrior who waited to make the
Cabinet change until Parliament had adjourned
until autumn,thus avoiding any chance of the Deputies casting a vote of no confidence against the new
Government at the outset."
The dispute between Hungary and Rumania regarding the claims of expropriated Hungarian landowners in territory that became Rumanian as a
result of the World War gave every indication the
past week of resuming its long accustomed place
on the agenda of the successive League of Nations
Council meetings. The dispute hinges on the rate
of settlement of the Hungarian optant claims, provision for compensation by Rumania having
been
made in the Treaty of Trianon. When the
contro..
3978
FINANCIAL CHRONICLE
[vol.. 126.
versy became somewhat intemperate in 1923, the
matter was referred to the League of Nations for
settlement, and the League Council thereafter devoted many sittings to its solution. The settlements
suggested by the League were, however, quite unacceptable to the two Balkan Governments, and the
controversy raged on. Early this year the Council
appointed Sir Austen Chamberlain, Foreign Minister of Great Britain, rapporteur to study the
matter further and to recommend an equitable settlement. This Sir Austen did, presenting his proposals in a secret session of the Council June 8. On
the following day the dispute was considered again
and the two Governments urged to bring the matter
to a close by reciprocal concessions. Unfortunately,
however, the Hungarian representatives were given
no opportunity to reply to these urgings, the League
Council merely announcing that the entire question
had at length been disposed of. Accordingly, this
perplexing difficulty was stricken off the agenda.
It now appears, according to Geneva dispatches
of June 23, that Nicholas Titulescu, the Rumanian
Foreign Minister, intervened in the question by proposing that the Hungarian Government pay the
claimants, Rumania to reimburse Hungary by deducting the stuns from the latter country's reparations payments to Bucharest. Uncompromising objection to this plan of settlement was voiced in the
Budapest Parliament early this week by A. M.
Walko, the Hungarian Minister of Foreign Affairs.
M. Walko not only denounced the settlement as a
"Rumanian plan," but stated in addition that the
whole question would forthwith be brought before
the League Council again by his Government. His
statement concluded with a sharp censure of the
League Council for its action early this month.
News of this development was received at the League
Secnetariat with "considerable dismay," according
to a Geneva dispatch to the New York "Times," as it
again brings into open discussion in the League
Council one of the few thorny questions that the
Geneva body has taken upon itself to declare "terminated."
There was a decreas3 in public deposits of £560,000,
but a gain in "other" deposits of £7,470,000. The
Bank's temporary loans to the Government declined
£885,000;loans on other securities, however,increased
£8,491,000. The Bank's stock of gold now amounts
to £172,287,120, which contrasts with £152,117,901
in 1927 and £150,349,540 two years ago (1926). Note
circulation aggregates £136,256,000 as against £137,976,570 a year ago. The Bank's official discount
rate remains unchanged at 43/2%. Below we furnish
comparisons of the various items of the Bank of
England report for five years.
The Bank of Italy on Monday reduced its discount
rate from 6% to 532%, being the third reduction of
the year, a cut from 7% to 63/2% having been made
on March 5 and to 6% on April 1. Otherwise there
have been no changes this week in discount rates by
any of the central banks of Europe. Rates continue
at 7% in Germany;6% in Austria; 532% in Norway;
5% in Denmark and Madrid; 43/2% in London,
Belgium and Holland; 4% in Sweden, and 33
/
2% in
France and Switzerland. In London open market
discounts are 3 13-16%@3%% for short and 3%%
for long bills, against 3 13-16% for the former, and
3Y% for the latter on Friday of last week. Money
on call in London was 3% yesterday. At Paris, open
market discounts have advanced from 3% to 334%
but in Switzerland remain at 398%.
The Bank of Germany, in its report for the third
week of June, showed a decrease in note circulation
of 132,551,000 marks, reducing the total of that item
to 3,906,724,000 marks against 3,342,137,000 marks
last year and 2,612,839,000 marks in 1926. Other
daily maturing obligations increased 40,868,000 marks
while other liabilities dropped 5,200,000 marks. On
the asset side, gold and bullion fell off 55,000 marks,
reserve in foreign currency 6,396,000 marks, bills of
exchange and checks 63,906,000 marks and advances
50,939,000 marks. Silver and other coin increased
8,599,000 marks, notes on other German banks 3,264,000 marks and other assets 12,550,000 marks. Deposits abroad and investments remained unchanged.
comparison of the various items of the Bank's return
for 3 years past is given below.
The Bank of England continues to add to its gold
reserves, there having been another increase this
week, this time of £596,080, but total reserves declined £634,000 owing to an expansion of notes in
circulation of £1,230,000. For the first time in several weeks the ratio of reserve to liabilities has declined, this week's ratio being 43.09% against 46.03%
last week. In the corresponding week of 1927 the
ratio stood at 26.71% and a year earlier at 17.20%.
BANK OF ENGLANF'S COMPARATIVE STATEMENT.
1928.
1927.
1926.
1925.
1924.
June 00
June 00
June 00
June 00
June 00
E
Circulation
b136,256,000 137,976,570 141,705,190 146,629,485 127,800,523
Public deposits
23,873,000 7,875,418 10,457,868 11,659,314 11,741,973
Other deposits
105,593,000 119,032,756 154,669,258 143,951,312 140,135,561
Governnft securities 30,779,000 51,665,975 51,610,328 46,576,733 54,222,487
Other securities._ 60,869,000 59,304,662 103,090,861 96,278,158 95,355,732
Reserve notes es coin 55,782,000 33,891,331 28,394,350 30,723,123 20,215,013
Coln and bullion _a172,287,000 152,117,901 150.349,540 157,602,608 128,265,538
Proportion of reserve
to liabilities
43.09%
26.71%
19%%
13%%
17.20%
t 434%
Bank rate
4%%
5%
5%
4%
a Included beginning with April 29 1925 £27,000,000 gold coin and bullion, previously 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.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued In return for the same amount of gold coin and bullion held
up to that time in redemption account of currency note issue.
The weekly statement of the Bank of France issued
on Thursday appeared in new form made necessary
by the stabilization decree. Due to the elimination
or reorganization of several of the items in the old
statement it is impossible to make a comparison with
the previous week or with previous years. The
parity of the franc has been changed from 19.3 cents
to 3.9185 cents being fixed approximately at onefifth of the value of the old franc. Gold reserve in
the new statement is now placed at 28,934,885,268
francs. This compares with the gold reserve reported
last week, when changed to the new basis of 27,614,315,500 francs. One of the striking features of
the new statement is the omission of the item
"Advances to the State," this having been canceled
by the profit resulting from the revaluation of the
franc. On a subsequent page of this issue, under
"Current Events and Discussions," will be found
detailed explanation of the new statement.
REICHBBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
June 00 1927 June 00 1928 June 11 1925
Retchsmarks.
Reichstnarks, Retchsmarks. Reichsmark:.
Assets—
Changes for Week.
55,000 2,060,207,000 1,803,588,000 1,492,161,000
Dec.
Gold and bullion
85,626,000
57,876,000 260,435,000
Of which depos. abrd. Unchanged
75,234,000 205.388,000
Res've in torn curr_Dec. 6,396,000 245,255,000
Bills of exch. dr checks.Dec. 63,906,000 1,860,861.000 2,116,893.000 1,283,110,000
Silver and other coin._Inc. 8,599,000 104,008.000 102,405.000 107,347.000
28.784.000
21,403,000
24.067,000
Notes on oth.Ger.bks_Inc. 3,264,000
6.449,000
28,500,000
Dec. 50,939,000
Advances
27,211,000
89,020,000
93,059.000
Unchanged
Investments
93,996,000
Inc. 12.550,000 616,893,000 520,794,000 680,891,000
Other assets
Notes in circulation...Dec. 132,551,000 3,906,724,000 3,342,137,000 2,612,839,000
0th. daily mat. oblig_Inc. 40,868,000 512,708.000 759,633,000 763,016,000
Dec. 5,200,000 208,433,000 294,015,000 167,427,000
Other liabilities
JUNE 30 1928.]
FINANCIAL CHRONICLE
3979
Rates for banks' and bankers' acceptances have
The firm conditions prevailing in the New York
unchanged and the posted rate of the
continued
were
several
months
past
the
for
money market
accentuated this week, two important circumstances American Acceptance Council for prime bankers'
combining to send the call loan rate up from 63/2%, acceptances eligible for purchase by the Federal
the opening on Monday, to 732% Wednesday and Reserve banks remain at OA% bid and 4% asked for
0 bid and 41A% asked for
to 8% Friday, the highest figure reached in more bills running 30 days, 437
and also for 120 days,
running
60
and
days,
90
than seven years. The first of these circumstances bills
asked
for 150 and 180 days.
4%
bid
and
41
and
4
%
8
was the approach of the month-end settlements,
Council for call
Acceptance
the
of
posted
rate
The
which statisticians claim will be the heaviest ever
advanced
from 5 to
acceptances
was
against
loans
made at this period. Estimates of the settlements
Thursday.
on
to
7%
Wednesday,
and
on
63/2%
to be made placed the total figure at approximately
$1,000,000,000, and the banks steadily accumulated Open market rates for acceptances remain as follows:
SPOT DELIVERY.
funds to effect them. The second circumstance was
—18()Days— —150 Days— —120 Days—
Asked.
Bid.
the expectation, prevalent among the banks, of a
Asked.
Bid.
Asked.
Bid.
434
43-4
434
434
434
434
call from the Comptroller of the Currency for a Prime eligible bills
—90 Days— —60 Days— —30 Days—
condition statement. The actual date of this call
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
4
434
43-4
434
43-4
43-4
is not revealed in advance, but is usually June 30, Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
and the banks accordingly want their reserves to Eligible member banks
4% bid
4% bid
make a good showing at that time. These com- Eligible non-member banks
bined influences caused real tightness in the money
There have been no changes this week in Federal
market, with heavy withdrawals by the banks
Bank rates. The following is the schedule
Reserve
posted every day. The withdrawals were about as
in effect for the various classes of paper
rates
now
of
follows: Monday, $15,000,000; Tuesday, $30,Reserve banks;
different
the
at
000,000; Wednesday, $30,000,000; Thursday, $25,DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
000,000; Friday, $25,000,000. After reaching the
AND MATURITIES OF ELIGIBLE PAPER.
high figure of 732% Wednesday, the call loan rate
Precious
Date
Rate in Erna
Rate.
Established.
on June 29.
Federal Reserve Bank.
dipped again to 7% Thursday, but climbed up to
4
Apr. 20 1928
434
8% yesterday. Time money also reflected the tight- Boston
4
May 18 1928
434
New York
4
1928
May
17
434
ness, advancing to 6% for some transactions Wednes- Philadelphia
4
May 25 1928
434
Cleveland
4
Apr. 24 1928
434
day, and remaining at 53"8% to 6% on the remaining Richmond
4
May 26 1928
Atlanta
434
4
Apr. 20 1928
434
Chicago
days of the week. Brokers' loans against stock St.
4
1928
Apr.
23
434
Louis
4
Apr. 25 1928
434
Minneapolis
collateral
declined substantially for the Kansas City
and bond
4
June 7 1928
434
4
May 7 1928
434
third successive week in Thursday's statement of Dallas
ALZ
.T1Ins. 2 1028
4
the Federal Reserve Bank of New York. The decline for the week was $110,326,000, making the
Sterling exchange again ruled lower this week,
total drop since June 6 more than
largely
because of change of demand from sterling
00,000,000.
The increases during May were almost at the same to dollars which was an influential factor a week
rate_ as the present decline, so that the total of ago. The market has been extremely dull throughout
brokers' loans in the Federal Reserve computation the week. The lower quotations this week, howis still higher than at any time previous to April 25. ever, were due chiefly to reports widely prevalent
Gold exports for the week ended Wednesday evening that the Bank of England discount would be reduced
as reported by the Reserve Bank were again heavy, t) 4% at Thursday's meeting. Whether or not
amounting to $16,051,000, but were tempered by these reports were due to the sharp decline in sterling
imports of about $8,000,000 from Canada.
a week ago it is difficult to say. Certain London
Dealing in detail with the rates from day to day, authorities have been looking for such a change
all loans on Monday were at 63/2%, including re- for many weeks and advised their NewlYork correnewals. On Tuesday the renewal rate was again spondents of their confident opinion that the rate
63/2% but on new loans there was an advance to 7%. was to be changed. When ThursdayTcame, howOn Wednesday the renewal rate was 7%, while new ever, no change was made in the Bankyrate, which
loans were negotiated at 73/2%. On Thursday the was retained at 43/2%, and as a result sterling rallied
renewal rate was 73/2% but for new loans there was a and there was a slight hardening of money-rates in
drop in the afternoon to 7%. On Firday the renewal London. This rally was not sufficienato increase
rate was again 73/2%, while the rate for new loans rose the attractiveness to London bankers of New York
to 8%,the highest figure recorded since June 2 1921. short-term rates. The London banks7are, however,
For time loans also stiff rates have been maintained. not able to take full advantage of the higher money
At the beginning of the week rates for all maturities rates in New York, as the New York city banks are
were 5%@5/7o. Then came an advance to 58@, unwilling at the present time to accept foreign funds
6% for the shorter maturities (30, 60 and 90 days), for loaning against Stock Exchange collateral. It
but with the longer maturities still quoted at 5%@ is still the belief of many bankers that the Bank of
57A%. On Wednesday the single rate of 6% was England will reduce its rate. The range for sterling
quoted for the shorter maturities. On Thursday the this week has been from 4.87 to 4.87 9-16 for bankers
rate was again 57A@6% for the shorter maturities, sight, compared with a range of 4.87 5-16 to 4.8785
while yesterday 30 and 60-day loans were quoted at last week. The range for cable transfers has been
57
4@6% and other maturities at 59@57A%. For from 4.873/ to 4.87 15-16, compared with a range of
commercial paper rates have remained unchanged, 4.875A to 4.88 3-16 a week ago. Sterling has denames of choice character maturing in four to six clined over a half a cent from the year's high of
months being quoted at 4%@5%. For names less 4.88 7-16, cable transfers, touched around the end
well known the quotation is 5@53%. For New of May.
The export of gold from New York to London
England mill paper the rate is 5%.
which was conspicuous in the form of special trans-
3980
FINANCIAL CHRONICLE
[VoL. 126.
actions a few weeks ago seems to have come to an 4.87 7-16 and cable transfers 4.87 9-16@4.87 13-16.
end. London advices state that the Bank of Eng- On Friday the range was 4.87@4.87% for bankers
land has frowned upon the import of gold at a loss, sight and 4.87%@4.87 25-32 for cable transfers.
and although the Bank has not been in a position to Closing quotations yesterday were 4.87.% for demand
stop such imports nor even to refuse to buy the gold, and 4.87% for cable transfers. Commercial sight
such action has been regarded as a serious inter- bills finished at 4.8714, 60-day bills at 4.83 9-16,
ference with official monetary policy. Some Lon- 90-day bills at 4.821
/
8, documents for payment (60
don bankers assert that the present depreciation in days) at 4.83 9-16, and 7-day grain bills at 4.863
/s.
sterling is the result of the importation of gold at a Cotton and grain for payment closed at 4.8731..
loss and that the net result is a tendency toward
withdrawal of gold from London upsetting the staThe Continental exchanges have been dull. The
bility of markets. The higher money rates in New outstanding feature of interest is, of course, the return
York are certainly a cause of lower sterling, for it is of France to the gold standard. Details of the stavery unusual for New York money rates to remain bilization program will be found on another page.
far above those prevailing in London without pro_ The phase of the stabilization bill which attracted
ducing a decided effect on the pound sterling. The most attention here was the plan to place gold coins
gold holdings of the Bank of England are now higher eventually in circulation. The plan for gold coinage
than at any time in its history. This week the is not only contrary to the present trend in central
Bank of England shows an increase in gold holdings banking policy, which is to economize in the use of
of £596,080, to a total of £172,287,120. On Monday gold, but it makes it probable that France will conthe Bank received £100,000 in sovereigns from tinue to buy gold for some time. rather than redisArabia. On Tuesday the Bank bought 075,000 in tribute some of the metal accumulated during the
gold bars. London dispatches state that South past year. The new rate of 3.93 involves not even
African gold amoun.ting to 0,000,000 will arrive a minor change in the value at which the franc has
during the next two weeks, of which £750,000 in sold in recent months. The substitution of new
sovereigns will go to the Bank of England. On coinage and note issue will be effected gradually.
Thursday the Bank exported £10,000 in sovereigns The first Bank of France statement in many years to
to Holland.
reveal the true condition of the bank was published
At the Port of New York the gold movement for on Thursday and shows an extremely strong position,
the week June 21-27, as reportec, by the Federal with gold holdings in excess of 40% of sight liabilities,
Reserve Bank of New York, consisted of imports besides foreign balances equalling more than $1,400,of $269,000, of which $165,000 came from Latin 000,000. The new statement shows gold reserves of
America, $3,000 from Belgian Congo, $50,000 from 28,935,000,000 francs. German marks have been
the Dominican Republic, $50,000 from Mexico, and steady, although in somewhat less demand than in
$1,000 from Canada. Gold exports totaled $16,- recent weeks. Money has been ruling slightly easier
051,000, of which $13,933,000 was shipped to France, in Berlin and credits have been somewhat more avail$2,000,000 to Italy, $61,000 to Mexico, $52,000 to able. London and Berlin bankers have expressed
Germany, and $5,000 to Trinidad. It was expected confidence that there will be a
reduction of the disyesterday that $28,000,000 more ear marked gold count rate of the Reichsbank early in
July, owing to
would be shipped to France last night and to-day. a certain weakening of German
trade activity and unThe Federal Reserve Bank also reports an import favorable harvest prospects. The Reichsbank reof $4,000,000 gold from Canada. On Thursday discount rate has been at 7% since Oct. 1927. As
4
$8,000,000 additional gold came from Canada to noted above in the discussion
on sterling, $52,000 gold
New York, making a total of $12,000,000. It is was shipped from New York to
Germany this week.
understood thatithis shipment of $8,000,000 was Italian lire were inclined
to sell off early in the week
consigned to the Bank of Montreal for account of for no especial reason except
the sympathetic rethe Dominion Government. It will be recalled that sponse of all exchanges to the lower
rates prevailing
$7,000,000 in gold came from Canada during the for sterling exchange; the last
few days they have
first week of June. Montreal funds have been weak been firmer again. Lire continue in demand and
in this market since about Apr. 15. Should weak- funds go from this side for investment in Italian marness in Montreal funds continue, it is thought that kets, and, as with most of the European units, confurther substantial shipments will be made. As a siderable transfers are being made in consequence of
seasonal matter Montreal funds do not begin to tourist demand. As noted above, $2,000,000 in gold
firm up until about the middle of August. Montreal was shipped from New York to Italy this week. On
funds have been ruling this week from 15-64 of 1% Monday the Bank of Italy reduced its discount rate
to 3 041%1discount, the latter rate generally from 6% to 532%. The Italian rate had been at 6%
prevailing.
since April 1 1928. According to Paris dispatches
Referring to day-to-day rates, sterling on Saturday received this week, the capital of the Bank of Italy,
was steady in the usual dull half-holiday market. at present 240,000,000 lire in 300,000 shares of 800
Bankers' sight was 4.8740@4.87 9-16; cable trans- lire with 600 paid up, is to be raised to 500,000,000
fers 4.87 13-16@4.87 15-16. On Monday the mar- by issue of 200,000 new shares of 1,000 lire, 600 paid
ket was steady and quiet. Bankers' sight was up, while nominal value of the old shares will be raised
4.87 7-16@4.87 9-16 and cable transfers 4.87 13-16@ to 1,000 lire.
4.87 15-16. On Tuesday sterling was under pressure.
The London check rate on Paris closed at 124.12 on
The range was 4.87 3-16@4.87 7-16 for bankers' Friday of this week, against 124.20 on Friday of
sight and 4.87 9-16@4.87 13-16 for cable transfers. last week. In New York sight bills on the French
On Wednesday sterling continued under pressure. centre finished at 3.925
% against 3.925
% a week ago;
The range was 4.87 1-16@4.873 for bankers' sight cable transfers at 3.927
4, against 3.92%, and comand 4.873/2@4.87% for cable transfers. On Thurs- mercial sight bills at 3.923', against 3.923
/s. Antday sterling rallied. Bankers' sight was 4.87 3-16@ werp belgas finished at 13.96 for checks and at 13.97
JUNE 30 1928.]
FINANCIAL CHRONICLE
for cable transfers, as against 13.95 and 13.96 on
Friday of last week. Final quotations for Berlin
marks were 23.89 for checks and at 23.901A for
cable transfers, in comparison with 23.89 and 23.90
a week earlier. Italian lire closed at 5.255
% for
bankers' sight bills and at 5.257A for cable transfers,
as against 5.26 and 5.2631 last week. Austria
schillings have not changed from. 144. Exchange
on Czechoslovakia finished at 2.9615, against
2.9615; on Bucharest at 0.613/
2, against 0.613/
2;
on Poland at 11.20, against 11.20, and on Finland
at 2.52, against 2.52. Greek exchange closed at
1.301
/
4 for checks and at 1.303/2 for cable transfers,
agairst 1.30 and 1.303 a week ago.
3981
especially weak. For several weeks past small shipments of gold have been coming from the LatinAmerican countries to New York. Argentine paper
pesos closed yesterday at 42.50 for checks, as ccmpared with 42.62 on Friday of last week, and at 42.55
for cable transfers, against 42.67. 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.
The Far Eastern exchanges are quiet, with the
silver units showing some degree of firmness, probably as the result of Chinese buying and an apparent
increase in confidence as to the outcome of Chinese
political affairs. Japanese yen have been ruling
slightly lower, as generally follows when the silver
currencies show firmness. Indian exchange has been
slightly easier and there has been a gradual lessening
in the money stringency in India, although funds
in Bombay are to a great extent still locked up in
cotton. The improvement in the money situation
in India was responsible for the reduction last week
in the rediscount rate of the Imperial Bank of India
from 7% to 6%. Closing quotations for yen checks
yesterday were 463/
2@46 11-16, against 46.55@46%
on Friday of last week; Hong Kong closed at 50/@
50%,against 503/
/@.66 5-16,
2@50%;Shanghai at 661
against 65%@6634; Manila at 49 9-16, against
49 9-16; Singapore at 56/@565
/
8, against 563/
2og
56%; Bombay at 363/2, against 363/2, and Calcutta
at
against 363/2.
The exchanges on the countries neutral during the
war, like the major European exchanges, have been
dull and inclined to slight weakness, as the result
of sympathetic reaction of all foreign exchanges
to sterling movements. Holland guilders ruled
perhaps lower proportionately than most of the
others, owing to the fact that considerable transfers
were made from Amsterdam to London to take
advantage of higher money rates in England. Swiss
francs were apparently an exception to this tendency,
showing a generally firm tone. Month-end capital
movements were partly responsible for the firmness,
but it was attributed by exchange circles chiefly to
reports that Switzerland intends an early return
to the gold basis. The Swiss franc was the most
stable European exchange throughout the post-war
period; nevertheless there was no formal return to
gold. It seems probable that with all neighboring
countries on some form of gold standard, Switzerland will take official action in this respect, although
such action will be purely nominal as the Swiss franc
Pursuant to the requirements of Section 522 of the
has held around par for several years and for all prac- Tariff Act of 1922, the Vederal Reserve Bank is now
tical purposes has been on a gold basis. Exchange certifying daily to the Secretary of the Treasury the
transactions affecting rates both of Holland guilders buying rate for cable transfers in the different counand Swiss francs, and for that matter, most of the tries of the world. We give below a record for the
former neutrals, were for the most part confined to week just past:
European markets. Spanish pesetas continue to FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
show occasional weakness. It has been officially
JUNE 23, 1928 to JUNE 29, 1928, INCLUSIVE.
denied in Spain that the Government intends to
Noon Buying Rate for Cable transfers to New York,
stabilize the peseta rate below par, but contemplates Country and Monetary
Value in United States Money.
Unit.
active measures against foreign speculation in the
June 23. June 25. June 26. June 27. June 28.i June zw.
EUROPEcurrency, and will establish a consortium among Austria,
$
s
3
3
$
$
whining__ - _ .140757 .140691 .140728 .140671 .140727 .140719
belga
.139640 .139638 .139651 .139637 .139636 .139653
bankers to maintain a fund of 500,000,000 gold Belgium,
Bulgaria, lev
.007229 .007193 .007222 .007206 .007188 .007177
Czechoslovakia, krone .029627 .029624 .029625 .029623 .029624 .029622
pesetas for the purpose of counteracting adverse Denmark,
krone
.267980 .267984 .267868 .267857 .267843 .267933
England, pound sterexchange movements.
ling
4.878309 4.878484 4.877031 4.875809 4.876160 4.876984
Finland, markka
.025177 .025177 .025171 .025172 .025175 .025167
Bankers' sight on Amsterdam finished on Friday France,
franc
.039271 .039309 .039319 .039329 .039295 .039272
Germany.
relebsmark. .238958 .238976 .238986 .238991 .238986 .238976
at 40.28, against 40.28% on Friday of last week; cable Greece, drachma
.013015 .013016 .013020 .013019 .013017 .013013
Holland, guilder
.403023 .402997 .402777 .402768 .402861 .402959
transfers at 40.30, against 40.30, and commercial Hungary,
pengo
.174507 .174364 .174419 .174410 .174407 .174366
Italy, lira
.052602 .052580 .052559 .052555 .052579 .052586
sight bills at 40.24, against 40.25. Swiss francs Norway,
krone
.267760 .267761 .267667 .267636 .267636 .267678
Poland. zloty
.112080 .112087 .112222 .112022 .112022 .112022
closed at 19.2734 for bankers' sight bills and 19.28 Portugal, escudo
.045310 .044992 .045440 .044785 .044930 .044932
Rumania,leu
.006131 .006136 .006130 .006129 .006130 .006130
Spain. peseta
.165214 .165589 .164890 .165069 .164959 .165095
for cable transfers, in comparison with 19.274 and Sweden,
krona
.268278 .268283 .268243 .268242 .268276 .268313
franc.__ .192784 .192799 .192844 .192826 .192770 .192800
19.28 a week earlier. Copenhagen checks finished Switzerland,
Yugoslavia, cllnar
.017610 .017607 .017605 .017605 .017605 .017605
ASIAat 26.79 and cable transfers at 26.80, against 26.79 ChinaChetoo tacit
I .676250 .679166 .676250 .678333 .675833 .676458
and 26.80. Checks on Sweden closed at 26.823/ Dankow
tael
I .673750 .675833 .674583 .676250 .673333 .673541
Shanghai
tad
l
.659821 .662678 .661071 .662321 .659821 .659732
transfers
cable
at 26.833/2, against 26.82 Tientsin tael
and
.692500 .696250 .692500 .696250 .692083 .692708
Hong Kong dollar.- .504285 .504285 .504375
checks
while
.503571 .503392 .503142
Norway
26.83,
on
and
finished at 26.77 Mexican dollar.-- .476250 .477000 .476750 .477000
.476500 .476000
Tientsin or Pe1yang
transfers
26.78,
at
against
cable
26.77 and 26.78.
and
dollar
I .476666 .477916 .476666 .476866 .476250 .476665
Yuan dollar
.473333 .474583 .473333 .473333 .472916 .473333
Spanish pesetas closed at 16.50 for checks and at India,rupee
.363542 .383453 .363318 .363250 .363271 .363192
Japan, yen
.465069 .464269 .464102 .464033 .464805 .465169
16.51 for cable transfers, which compares with 16.50 Slngapore(S.S.)dollar-I .561250 .561458
.561458 .561458 .561458 .561458
NORTH AMER.
Canada. dollar
.997569 .997587 .997508 .997452 .997486 .997547
and 16.51 a week earlier.
The South American exchanges continue dull and
under present circumstances it is hardly likely that
the South Americans will take more gold from either
New York or London. The Argentina rate has been
Cuba, peso
I .999437
Mexico, peso
478500
Newfoundland. dollar .995156
SOUTH AMER.Argentina, peso (gold) .968069
Brazil, mlireis
.119609
Chile, peso
I .122021
Uruguay. peso
1.021773
Co9ombia, peso
' .979200
.999406 .999468 .999468 .999468 .999500
.478625 .477666 .477166 .475875 .476166
.995156 .995156 .995078 .995125 .995158
.968130 .967646 .967366 .967427 .967107
.119525 .119250 .119440 .119308 .119363
.122009 .121990 .121979 .121982 .121989
1.022123 1.021852 1.022769 1.024052 1.022758
.979200 .979200 .980400 .980400 .980400
FINANCIAL CHRONICLE
3982
[Vou 126.
Owing to a marked disinclinationronitheThart of rectly to the pernicious spread of Hamiltonian doctwo 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 BANE
AT CLEARING HOUSE.
Saturdar.
June 23.
Tuataag. Wednescry, Thursday, Frklay.
June 26. June 27. June 28. June 29.
Monday,
June 25.
5
97,000.00 102,000.001 125.000.00 104.000.000 101.000,000 114,000.000
Aggregate
for Week.
Cr. 643,000,00
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:
•
June 28 1928.
In
Banks of
Gold.
England _ 172,287,120
France a_ _ k147137706
Germany b 98,729,050
Spain ____ 104,318,000
52,049,000
Italy
Neth'iands 36,253,000
Nat. Belg_ 22,491,000
Switzland 17,634,000
Sweden...._ 12,836,000
Denmark _ 10,105,000
Norway __ 8,170,000
Silver.
Total.
Gold.
June 29 1927.
Silver.
Total.
g
157,117,901
172,287.120 152,117,901
13,717,826 160,855,532 47,300,268 13,760,000161,060,268
994,600 88,243,050
c994,600 99,723,650 87,248,450
28,257,000 132,575,000 103,897,000 27,917,000131,814,000
52,049,000 46,397,000 3,971,000 50,368,000
1,948,000 38,201,000 33,665,000 2,400,000 36,065,000
1,248,000 23,739,000 18,401,000 1,164.000 19,565,000
2,434,000 20,068,000 18,263,000 2,865,000 21,128,000
12,308,000
12,836,000 12,308,000
736,000 11,439,000
619,000 10,724,000 10,703,000
8,180,000
8,170,000 8,180,000
Total week 682,009,876 49,218,426 731,228,302638,480,619, 53,807,600692,288,219
Prey. week 681,490,546 49,098,426730,688,972639.289.6571 53,874.600693,164.267
a Gold holdings of the Bank of France are exclusive of go d 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
Issued the present week, we continue the figure reported for June 21.
Hamilton, Jefferson and the
Democratic Program.
The keynote speech of Claude G. Bowers before
the Democratic National Convention at Houston, on
Tuesday night, may have added to its author's reputation as an orator, but it may well have aroused
misgivings among those who looked to the subsome
.
stance rather than to the form of what was said.
Such denunciation as Mr. Bowers, with a wealth of
vocabulary rivaling that with which President
Coolidge vetoed the McNary-Haugen bill, poured out
upon the Republican party is, of course, one of the
usual incidents of presidential campaigns; and
since Senator Robinson, in his speech as permanent
chairman of the convention, on Wednesday, took
much the same line, we are perhaps justified in inferring that the Democrats, in their appeal to the
country, propose to devote more attention to criticism of their opponents than to the elaboration of
constructive plans of their own. Of this we shall
know more in due time. What distinguished Mr.
Bowers's histrionic performance from most keynote
speeches is the fact that a slashing attack upon Alexander Hamilton, coupled with copious and unqualified praise of Jefferson, furnishes its text. Mr.
Bowers's audience, multiplied into millions by an
elaborate radio hook-up, were invited to believe that
about every evil from which the American people
have suffered or are suffering is to be traced di-
trine, while for such good as they have enjoyed they
are directly indebted to Jefferson.
"There is not a major evil," Mr. Bowers declared,
"of w'hich the American people are complaining now
that is not due to the triumph of the Hamiltonian
conception of the State." "The tribute to Hamilton
at Kansas City," he continued, referring to the work
of the Republican convention,"was an expression of
fealty to him who thought that governments are
strong in proportion as they are made profitable to
the powerful; who proposed the plan for binding the
wealthy to the government by making government
a source of revenue to the wealthy; who devised the
scheme to tax the farm to pay the factory; and
whose purpose was to make democracy in America
a mockery and a sham." This is certainly an extraordinary arraignment of the statesman who prevented the virtual repudiation of a large part of the
Revolutionary debt, organized the national finances
on a basis which has never since been seriously
threatened, expounded a theory of implied powers
which the Supreme Court, under Chief Justice Marshall, erected into one of the main foundations of
American constitutional law, and which no Democrat in his senses would to-day think of questioning, and who declared, in perfect agreement with
Jefferson, that "the welfare of the community is
the only legitimate end for which money can be
raised on the community."
It is curious to find Mr. Bowers, whose writings
on American history have had a considerable vogue,
overlooking so many things and using so many
forced analogies in his effort to show that Hamiltonianism must be overthrown. "The decline and
degradation" of the American farmer, he tells us,
"began with the triumph of the Hamiltonian State,"
an event which, it appears elsewhere in the address,
Mr. Bowers regards as having been achieved with
the inauguration of Republican reconstruction in
the South. Mr. Bowers may assign some special
significance in his mind to "decline and degradation," but he can hardly be ignorant of the fact that
the great expansion of American agriculture began
during the Civir War and continued for a generation
thereafter, and that support for a protective tariff,
which Mr. Bowers appears to think is responsible
for a large part of the farmers' ills, long came from
agricultural as well as from manufacturing States.
Mr. Bowers warns the Republicans that they cannot be both Lincoln Republicans and Hamilton Republicans, because Lincoln believed in a government
of the people,by the people and for the people, while
Hamilton believed in a government "of the, wealthy,
by the influential and for the powerful"; yet he himself does not hesitate to group together as represen•
tative Democrats Jefferson, who for eight years was
the undisputed boss of the party following he had
built up, Jackson, who showed his financial wisdom
by driving the first Bank of the United States out
of existence and distributing the Federal funds
among State banks, and Woodrow Wilson, whose utterances regarding the rights of the people were in
striking contrast to his iron rule of his party and
his invincible determination to have his own way.
No one, presumably, will deny that the political
theories of Hamilton and Jefferson were in many
respects fundamentally antagonistic, and that the
conflict which began in Washington's time has cratinned throughout the whole history of the country.
JUNE 30 1928.]
FINANCIAL CHRONICLE
3983
But to set Jefferson off as a paragon of political dential nominees, in turn, are men of unquestioned
virtue and Hamilton as the incarnation of political character and long experience of public life. There
evil, as Mr. Bowers has done, will probably strike is no third or fourth party in existence that has any
most people as either gross exaggeration or mere chance of winning so much as one electoral vote,
political claptrap. Hamilton, called upon as the and neither the Republican nor the Democratic confinancial head of the Administration to deal with vention gave much sign of a threatened secession to
a financial situation of utter chaos, showed the new a new party. The contest, accordingly, will be benation how to help itself. Jefferson, with little ex- tween Mr. Hoover and Governor Smith, with protest
perience of business and no great interest in it, or dissent registered, if it is registered at all, mainwould perhaps have left the nation to flounder out ly by absence from the polls on election day and not
of its difficulties. The system of representative gov- by support of a third party candidate. The party
ernment which has been worked out in the United platforms, as usual, are made up of a few clear and
States combines the centralized control which Ham- precise statements, others intended to avoid preilton favored with something of the popular control cision while seeming to put the party on the right
to which Jefferson was devoted, and the very con- side, and a preponderant mass of generalities which
vention that Mr. Bowers addressed testified to the most voters will hardly take the trouble to read.
continuance of the Democratic principle and the There are, in fact, no great issues on which the two
belief that the people can accomplish what they parties are sharply divided. Unless such issues
want by acting together. No American party that emerge as the campaign proceeds, the principal inhas been long in power has failed to become cor- terest of the campaign will be the personal merits
rupt, and changes of personnel which have followed of the two leading candidates, the kind of adminisa change of party control have not always been ac- tration they are likely to favor or tolerate, and their
companied by an improved morale. Jefferson, whom personal attitude toward matters, like prohibition
Mr. Bowers eulogizes, contrived to get out of office or farm relief, which the party platforms have left
by 1809 practically every Federalist office-holder indefinite.
who was in office in 1801, and Jackson inaugurated
Mr. Ford's Idea of Wages and Prices.
the greatest and most scandalous "clean sweep" in
our history. It is the nature of parties to swing
Mr. Henry Ford, in an interview given to and prefrom one extreme to another, often with marked pared by William S. Dutton for the July number
differences of achievement and sometimes with vast of "The American Magazine," is at great pains to
differences of opportunity, but in the main with set forth the philosophy of his colossal business.
no great differences in fundamental political vir- He is an "assembler of tools." His huge plant is
tue.
a "machine." The larger it becomes the greater is
We hardly think that the Democrats will feel his responsibility to increase its service. "One of
like undertaking the large task of destroying the the most important things," reports Mr. Dutton,
Hamiltonian theory of government to which Mr. "that the Ford industrial machine was designed to
Bowers invited them, and they will certainly need a produce is jobs—better jobs, more jobs at higher
better stock in trade than mere criticism of their wages and shorter hours." But let Mr. Ford speak
opponents if they are to carry their ticket to suc- for himself for a moment: "There are a number of
cess in November. The nomination of Governor things we have learned in the building of this maSmith, for many months an almost foregone conclu- chine," said Mr. Ford. "One is that what we look
sion, places at the head of the ticket a man who is upon to-day as high wages may be low wages ten
no mudslinger, and whose criticism of the opposi- years hence. Nobody knows how high men's wages
tion during the long period of his governorship has eventually will go; and likewise, nobody knows just
been accompanied by many important constructive how cheaply goods eventually will be produced. It
proposals. The issues of the campaign on the Demo- may be possible to double wages and to halve costs,
cratic side seem likely to lie in other directions. The or to quadruple wages and to quarter costs—we
religious issue raised by Governor Smith's candi- don't know. All that we know certainly is that
dacy will continue to be agitated, the prohibition is- costs are no nearer the bottom than wages are to
sue is not to be eliminated by straddling statements the top; and we know that the two movements, the
in party platforms, and the spectre of Tammany one of wages upward and the other of costs downHall will seem to many to loom threateningly in the ward, will do more toward abolishing poverty than
background of the Democratic contest for the presi- all of the professional charity agencies combined.
dency. The very appeal which Mr. Bowers made to . . ." "We have found also, that prosperity is
the accomplishments of the Wilson administrations not the product of charity, but of industry, not of
raises issues, especially those of the League and the receiving but of producing. Money, as such, has litWorld Court, upon which Democratic opinion is not tle to do with prosperity, because in itself it does
a unit, and the bid for farmer support by vague not produce. Divide the business capital of the
promises of Federal aid may only result in enforc- country equally among the people and we would not
ing, in the minds of the more thoughtful voters, a be one penny richer than we are. On the contrary,
conviction that Mr. Coolidge was right in opposing shortly we would be in distress. . . . Money
the only scheme that the farmers of the country represents an earned right to participate in the general production; but if everyone partook and no one
were represented as wanting.
Now that the nominating conventions are over, produced, what good would money be? We make a
the distinctive features of the campaign can be more fundamental mistake in confusing wealth with
clearly perceived. Each of the two great parties has money. You can use real wealth; you cannot use
nominated for President a man of high personal money; you can only accept it in exchange of uses.
character, widely although quite differently experi- That is, real wealth gives value to money; money
enced in affairs of government, and representative gives no value to wealth. But let every man in the
of the best elements of his party. The vice-presi- land produce one useful thing, or reclaim one idle
3984
FINANCIAL CHRONICLE
acre more, and wealth increases—real usable
wealth."
Reading this interview with care and reflecting
on it without bias our first question must be will
Mr. Ford's principles apply to all mechanical plant
production? It is clear at the outset that Mr. Ford
thinks in terms of his own plant, his own, peculiar
industry. He has made a wonderful success. He is
a great organizer, a great and perhaps the greatest
"assembler of parts." He remarks waste is no longer saved, it is "eliminated." He ransacks the earth
for his materials. His own factories make all the
parts of his lesser machine, the automobile. Thus
he can and does reduce costs and selling price and
maintains wages at a higher level than the average.
But is this possible to smaller plants in the same
or proportionate degree? We think not. Mr. Ford
manufactures an article largely (there are varied
estimates) a luxury. It early became a craze. It
remains so to-day. The "market" was made by the
circumstances. With all the large competitors it
seems impossible of being glutted. Therefore expansion was, is, unlimited. No plant could be projected
that would become too large and fall by its own dead
weight. Manufacturing necessities, "mass production," cannot go so far. Other industries cannot use
equal amounts of assembled materials and must pay
more for them. If they cannot save equally hi the
mass they cannot equally raise wages.
It is impossible to apply this principle to other
plants in other conditions making other products.
Nor even in this titanic undertaking can it be "possible" to "double wages and halve costs." These
terms of course are relative and as used illustrative.
But what is the labor cost, and the material cost,
in an automobile? With an unlimited and devouring market ready at hand, can ten per cent. of the
cost of the finished product be saved on materials
and added to wages? This presumes a fixed field
of wages to be benefited. Yet it is a well known fact
that in the Ford factories machinery eliminates
wages—fewer hands may, can, do, receive higher
wages. What percentage of saving in the necessity of
wages adds to the power to pay higher wages—a different proposition not entered into the formula of
cheapened costs on assembled materials and thereby
added wages. It must therefore as an economic principle and a study in economics,reduce to this—wages
may be increased only as wages bear a relation to
the whole cost of the product and not always in proportion to saving in costs thereof. If wages constitute half the cost and materials half the cost, wages
cannot receive the savings in material costs in a
well-laid plan of a normal concern without becoming lopsided, for the spread of sawing should be
equally over each of the two halves—for the capital
invested must receive its dividend. What proportion of Mr. Ford's savings attaches to lessened cost
of materials, and what to the elimination of wages
by machinery? This of itself shows the fallacy of
"doubling wages" and "halving costs," or even of the
principle thus announced!
But Mr. Ford has another theory applicable, if
at all, to his own plant taken as a whole. Hear
him: "Suppose you buy a Ford car," explained Mr.
Ford. "Part of the money you pay the dealer goes
to the dealer for his service. Part of it goes to pay
the workmen who helped build the car. Another
part goes to pay for the material in the car, and
there are incidentals to be paid, such as freight and
[VOL. 126.
taxes. After they are paid, what is left of your
money goes into the business. . . . But this
money which is left, and which goes into the company, is not a profit, for the reason that every one
concerned in the manufacture and delivery of the
car to you has already taken a profit. The workmen,including myself and all of the other managers,
have made their profit in wages and bonuses. The
sellers of the material have taken their profit, and
also the railroads and the Government. You have
paid in full for the car. What is left, therefore,
constitute a fund, a surplus, which the public has
supplied us for expansion and experiment. . . .
This money may buy some bricks for a new building; it may build a new power unit; it may be spent
in experimental work on a new model car. Why,
then, should we charge the public an interest rate
one its own money? It has paid once, why should it
be asked to pay again? When you buy your next
car, why should you be taxed for the use of your own
money that helped us to build it? On the contrary,
we should endeavor to return this money to you with
interest." And, therefore, and thereupon, Mr. Ford
proposes to sell the new model, ultimately, cheaper
than any other like car has ever been sold! But on
his own theory is he not turning over to new buyers
the residue left by the old and still retaining his billion dollar (reputed) fortune in his own control?
It is at least a paradox. It is an uneven distribution, in as far as that goes, at the best. According
to estimate, with $350,000,000 cash at the beginning
of preparations for the new model in a short period
he uses $150,000,000 of this cash in dismantling and
reconstruction. The former buyers gave this, but
none of it comes back to them; it is, so to speak, an
unearned increment which goes to the new buyers
in lowered price. Nothing is said of the force of
competition, although that is admitted and welcomed. But $200,000,000 in cash remains undistributed and the plant is in full running order. And
still Mr. Ford holds title. Now it is manifest this
turning back into the company of something which
must be conceded as profit has in a short time built
up this marvellous enterprise. What if the car is
cheap—could it not on this showing be cheaper?
The difficulty lies just here—Mr. Ford and his son
are the company. Though in a way this is the people's money, reinvested again and again in factory,
raw material, railroad management, &c., Mr. Ford,
though he consider himself a trustee "of wealth," is
the title owner.
No one of his new patrons of a cheap car can
get a share of the plant. He buys a cheap car from
Mr. Ford and can buy a cheap car elsewhere. Cheap
cars are not produced entirely from a sense of responsibility or the trusteeship of wealth. But suppose this philosophy is true, can it be applied universally to manufacture or to other kinds of business? Keep in mind the fact that Mr. Ford is the
company and that with $350,000,000 cash on hand
he need not borrow at the bank. Remember that a
large percentage of business is done on credit. There
are stockholders to pay, and there is interest to pay.
If a concern can do all these things without having
to pay interest—it must still pay the equivalent of
interest to itself by this process of reinvestment. If
now the plant is able to turn back all the overplus
into the business, then this should not grow and'extend any further, and in order to give the patrons
the lowest price it should return nothing more to the
JUNE 30 1928.]
FINANCIAL CHRONICLE
plant. Will it do so? We do not know. But at a
period not remote from the present, it did not do
so or the increase would have stopped short never to
go again.
But regardless of whether he has paid himself
only the wages of his cost of living, and admitting
that Mr. Ford is one of the greatest managers of
plant and trustees of wealth the world has ever seen,
is this dubious principle applicable to other plants
and conditions? Can we thus wipe the slate of industry clean of what we term capital. It is not
possible. There is no room for this constant accretion, growth, reinvestment, call it what you will,
in ordinary affairs of life. There is no other article
of manufacture that has afforded a market such as
the automobile enjoys. Capital in ten thousand
lesser enterprises and plants is the aggregated savings of many expressed in shares of stock. Profits
on these shares cannot all be turned back because
they must be distributed to individuals. Here comes
in the benefits of the corporation as a skeleton fnrm
by which to do business. (Mr. Ford's company,
dealing primarily in a luxury, is a "one-man" company.) And when these stockholders are paid their
share of the earnings, wages cannot constantly be
increased, although it were possible to arrive at a
ratio of material costs and wages costs in the fin.
ished product.
The Effects of the Recent Collapse on the
Stock Exchange.
The far-reaching effect of the recent collapse
of "market" prices on the exchanges cannot now
be foretold. Ordinarily we are wont to say that
this rise and fall of stocks, being speculative, does
not vitally affect industry—that the activities of
the traders are remote from actual production and
exchange of goods and articles of commerce. In
one sense this is true. Stocks are representatives of
corporate values. In themselves, they do not spin,
neither do they weave. The furnace fires burn, the
wheels turn, the manufactures are made and sold,
the management is good or bad, profits are large or
small, and the skeleton structure of the organization remains the same. Surplus may increase or diminish, profits or losses may occur, dividends may
rise or fall, but up to the time when these affect
favorably or adversely the book value of the shares
the stock is merely a statement of the capital involved. Stock values are legitimately increased by
the momentum of an industry or business, good-will
may be included in book values, but the actual price
of stocks attains a premium only when, as an investment, the business conducted promises a certain
fixed and regular earning rate on the capital which
the shares represent.
However, the law of supply and demand affects
the price of stocks as it does that of commodities.
But in a different way. There is never any scarcity
or excess in the actual shares, as there is in commodities. The Stock Exchange serves the purpose
of affording a market for the actual shares offered
for sale or sought for purchase, "asked" and "bid,"
and in this way is of great benefit to the people.
But, unfortunately, a system has grown up of trading in stocks and commodities per se, and at this
point what we term speculation, as distinguished
from investment, begins. This form of buying and
selling has more reason to exist in the case of commodities than in stocks, and in either case, in gen-
•
3985
eral, enhances values through volume of trading.
Since there is no immediate delivery of commodities
and the shares are not purchased outright but paid
for in large part with borrowed money, credit becomes the mainstay of trading and futures and margins take the place of full payments. But all this
goes on independent of the working of the plants
and industries represented. Millions of shares more
than exist are bought and sold. Speculation runs
riot; an entirely separate business is created. Its
paraphernalia includes brokers and bankers or
banks, and still the wheels turn and the grist goes
into the consumption and use of the world, largely
unaffected.
When, therefore, after a long period of advances
in price on the Exchange, a continuous bull market,
an orgy of speculation, a crash comes, we should
not expect the actual business of the country to be
much affected. Yet we must examine this carefully
before placing in it too much confidence. It is
realized by everybody who studies the question carefully that all men are attracted by spectacular rises
in price. It is human nature to want to profit thereby. In the course of a continuous bull market a
contagion spreads from the traders on the floor to
the buyers at the crossroads. These are caught up
by the wave of "speculation" and are buyers rather
than sellers. In this they are always at the mercy
of those who by counter trading can more or less
instantly protect themselves. And while it is as,
much "gambling" in one case as the others, the getrich-quick passion leads the crossroads speculators
to "stay in" longer, and when the collapse does come
they are generally "caught." And here we perceive
an inevitable detrimental effect on business for these
men not only lose their paper profit, but the original
money they invest in the "margins" and in this deprive their localities of the benefit of the "capital"
they might otherwise put into legitimate trade.
As for the professional brokers, they certainly
make their commissions on purchases and sales.
Big speculators, dealers, through the formation of
pools and the manipulation of sales gamblers pure
and simple, they are at the mercy of "the fall of the
cards," and bitten by the mania play too long and
in the end have little for their pains save in exceptional cases where making a sudden "killing" they
get out and stay out. And those who are near to the
great Exchanges and who are known as "dabblers"
are in the same class as the farmer and merchant
far away at the crossroads. But to some extent all
these classes send good money on a wild goose chase
which never returns. Therefore, first and fundamentally, the country is poorer for every battle of
the bulls and bears.
When the slump does come, therefore, general business is weaker than before, and the "depression"
thus started may extend to fear, and a tightening of
money and credit, that psychologically and actually
slows down the momentum of trade and investment.
Once on the downgrade, there is no means of determining results. An avalanche gathers force and momentum as it speeds along. Sometimes, it is true,
the control of corporations changes by reason of
these speculative orgies, but, we think, not often.
This is true—that the whole proceeding, beyond its
effect of disjointing credit, creates a feeling of uncertainty in business. Thousands watch the trend
of the stock market who never buy or sell. They
cannot be reassured of stability in such a mess of
3986
FINANCIAL CHRONICLE
uncertainties. For, despite the pushing and pulling on the floor, there is sometimes concealed in
these movements a changing condition in the actual
working of corporation specialties. Further, an
said now, when the "public" is "out of the market"
by a sudden drop in prices, the "public" has usually
lost money, and is disgruntled and likely to think
"everything is going to the dogs."
It is useless to inquire into causes. The bubble
had to burst, sooner or later. And while we are assured by the existence of the power to afford "emergency currency" that a "money" panic is almost impossible, there is a new element in this latest "speculation" and that is the unprecedented trading in
bank shares which took place and which bodes no
good to our banking system. The spectacular fall
in the prices of a certain holding company and
bank had a sympathetic effect on other bank stocks
caught in the fever of trading. The ultimate effect
of this will be felt later and in proportion to the
rise and fall of -the shares of respective integers.
And it may be said a region that has been playing
with fire must first feel the reaction if and when it
does come. Perhaps unjustly but not less certainly.
So that taking it all in all, the collapse of the long
continued "bull market" has at least punctured a
small hole in the boasted "prosperity." It has collateral features and effects on money and credit
that are now in the public eye. Business is too
strong, industry too active and banking too sound,
for any serious apprehension to be felt, but it is to
be hoped that it will be a long time before the example is repeated.
The Close of the Academic Year and the
Educational Advance.
The presidential election is important, but so is
the education of the rising generation. Year by
year in increasing number these young people are
turned out to put to the test the education they have
received. The commencement season is a challenge
to the public; individually we face it in our homes,
and at the same time the system as a whole has anew
to be scrutinized. It does not escape the universal
experience. To-day every phase of our common life
encounters it; business, industry, science, literature,
art, social customs, all bear testimony to the demand for change which is upon all, in particular
instance often revolutionary and complete; and education is no exception. That, as represented by the
higher institutions, is at this season the object of
special attention; it is the crown of the system and
produces the group from whom the leaders of the
future are to be expected.
Recent criticism of our colleges and, universities
has been that they were run in traditional lines,
remote from daily life, and too standardized in their
ways. As a result, many changes have been introduced, curricula have been expanded, classical
studies have been cut or made incidental, together
with the introduction of "practical" subjects in
endless variety from millinery to the radio. Not
in his own university alone, but in many others is
Ezra Cornell's wish realized, that it be "a place
where any person can find instruction in any study."
The accepted method also is to invite the student
"to instruct himself," so far at least as to determine
what he wants to be taught, and "to elect not courses
but instructors." President Lowell of Harvard a
year ago emphasized the fact that "college life pre-
[VoL. 126.
sents three sides: self-education, athletics when
properly utilized, and opportunities for making
friends"; and Wisconsin University has opened an
experimental college in which the students are to
carry self-education to the point of a complete break
with the old system and be free to receive such instruction as they wish, or think they need, their
instructors to await their invitation. The first year's
group have waited and "studied ancient Athens successfully." The experiment is yet to be confirmed
by experience. The exceptional youth may possibly
educate himself, though with the loss of much that
now is considered highly valuable in the associate
life and discipline of the college, but there still remains the great number of young people who are
not qualified for "research," and require more than
any self-education they can reach is likely to supply.
The trouble with the mid-Victorian age, as it is
the fashion to regard it, is that it did not break
away from the past. The fact is that it was so
"modern" as to be in almost every respect revolutionary. It marked in almost every department of
learning and of life a phenomenal advance. It produced leaders in the State and in science of memorable distinction and of creative power. They
bore witness to the value it ascribed to what it had
received from the past, cherishing and gathering inspiration from the literature and the art of Greece,
and modeling its legal code,and civil institutions
upon the laws and customs political and social of ancient Rome.* To these it gave new application, adding its own new knowledge and enlightened experience; and this in its entirety it has passed on to us.
Its limitation in the last century was that in its
formative value it was made available exclusively to
an elect class. The people had little share in it beyond its indirect influence.
The immediate effect of our recognition of the
situation to-day is that in the first effort to offset the limitations of the man of the 19th century
we have proposed to revolutionize our higher educational system by abandoning its established methods and substituting one which aims to reach the
people by its manifest adjustment to practical needs.
Already protest appears. It begins most naturally
among the alumni. Mild protests had been heard
from certain professors; this is more outspoken. The
Dartmouth alumni, for example, in the face of the
great prosperity of their college, have just saicl.:
"This college has a rather hum-drum function to
fulfill in developing, so far as it may, the capacities
and appreciations of young men at a distinctly immature age, by general cultivation, rather than with
special training for definite professional activities."
To which they add this: "The more one hears of undergraduate theories concerning the undesirability
of regimentation, the more one sighs for the courage
to insist on discipline, and the hardihood to tell
such as object to it to seek an ampler freedom somewhere else."
We in America are in danger of mistaking our
real task and sacrificing what is most valuable in
our educational system in the attempt to accomplish what is impossible without it. Our oldest col* Note. The amazing extent and power of this movement in the 19th
century in producing both modem men and modern methods in science,
In commerce, in industry, in government, the result of new ideas and a
new courage in their application, will be found in full detail in Chapter
XVI of Professor Beard's new "Rise of American Civilization" published by
Macmillan. It should put an end to sneers at the mid-Victorian age.
•
.4
JUNE 30 1928.]
FINANCIAL CHRONICLE
3987
It would also help the great universities in conleges were organized to keep the lamp of learning
with their post-graduate and professional
nection
lighted in a dark age, and they still bear the stamp
and
so much of practical and technical teachwork,
of that original purpose. They have cherished the
may find themselves led to undertake,
they
as
ing
and,
important
world
light that is to enlighten the
as the center and heart of all, the colmaintain
to
acfar
from
it
being
is
still
been,
has
as their task
of our tradition. This tradition,
system
legiate
both
be
found,
may
Their
graduates
complished.
men and women, carrying and spreading that light aimed primarily at making men with knowledge of
in Africa, the islands of the Pacific, and in the midst themselves and of life, by means both of what they
of all the upheaval which prevails among the peoples were taught, and of close contact with the men who
of Asia. The work of those colleges certainly can- taught them. This would supply the spirit of the
not be abandoned for any other. These centers of teaching in all departments and fashion the life of
classical learning which deal with comparatively the the institution. The man with the book has always
few great fundamental lines of thought and knowl- been the leader of the new world.
Our great institutions are receiving the great gifts
edge that concern and underlie life itself, which
all can rejoice with them, but the colleges should
and
if
they
at
must
least be brought to men's attention
are to know themselves and the meaning of existence not be overlooked for they are of our own history,
and of God, cannot be neglected or displaced with- are closest to ti people, and are pre-eminently makwomen.
out vital loss, whatever may be done by giving them ing men a
the plow, the sewing machine, and even railways and
the radio. These colleges are the descendants of the
tary Kellogg's Invitation to Latin-American
Humanists and Reformers of the 15th and 16th cenGovernments To Participate in Pan-American
turies, though it may be at a long distance, of whom
Conference on Conciliation and Arbitration.
it has been said that they brought about "the r
On June 20 the State Department at Washington made
habilitation. of human nature."
public the text of an invitation extended by Secretary KelMen to-day may be better housed and fed, may logg to the twenty-one Latin-Amerit,an Governments to pargain stronger hold upon the means of daily life, and ticipate in a conference on conciliation and arbitration to
have play, and friends, and bodily comfort, and yet be held in Washington on December 10. The invitation was
fail to know themselves, or learn the meaning of sent to all American diplomatic missions in Latin America
life, unless a wider vision is given them, and the for delivery to the respective foreign offices. In it Secrehigher life of the mind and soul is set before them as tary Kellogg pointed out that the conference, under a resothe supreme and attainable good. Education, even lution passed at the Pan-American Conference at Havana
as a system for the people at large, the State may be last February, is required to be held within one year. Seccounted on to supply. In its special application to retary Kellogg and former Secretary of State Charles Evans
the needs of business and industry individuals will Hughes will represent the United States at the conference.
noting
be sure to care as necessary to their own success; A Washington dispatch to the "Times" on June 20, in
said:
conference,
and in the higher realms of research and develop- the proposed
In seeking to adopt an arbitration treaty, according to official views
ment by technical and scientific training great cor- •here,
the American nations will be carrying out with special reference to
porations and men of means are creating special this hemisphere the ideals embodied in the movement of Secretary Kellogg
pacts
have the United States adopt as many arbitration and conciliation
schools with expert teachers in abundance and of to
general
as possible with the nations of the world, and to obtain in addition
adherence to a multilateral treaty renouncing war as an instrument of
the most advanced class.
national policy.
given
That education represented by the teaching
The latter aim was expressly referred to in the resolution of the Havana
under which the present conference is being called. That resoConference
day,
earlier
the
in
university and the college of the
lution defined the minimum limits which the Pan American nations were
which looks to the man himself as both the most ready to accept as a basis of a treaty, and the task of the conference in
as explained to-day, will be.to seek to enlarge this as much as
highly endowed and the most important of all the December,
practicable, and give definite expression to it by treaty.
objects of attention, is the one that is to a degree
The invitation reads as follows:
overlooked. Of it Professor Henry Fairfield Osborn
"I have the honor to invite your Excellency's attention to a resolution
of Columbia, our leading scientist, said the other passed at the sixth international conference of American States at Havana,
reads as follows:
day that "the ablest men come to-day not from the Cuba, on February 18, which
States
IF Resolution: The Sixth International Conference of American
cities, but from the small colleges of the Middle resolves:
that they condemn
Whereas, the American republics desire to express
_policy in their mutual relations; and
West"—that is, those founded in the last century war as an instrument of national
fervent desire to conWhereas, the American Republics have the most of
the development international means
to
manner
the
possible
every
in
from
tribute
which
necessity or otherwise still preserve
States:
between
for the pacific settlement of conflicts
arbitration as the
1. That the American republics adopt obligatory
old tradition of classical culture.
international
means which they will employ for the pacific solution of their
of a juridical character.
Their equipment is little improved or increased differences
within the
Washington
in
meet
will
republics
American
the
2. That
and arbitration to give
of one year in a conference of conciliation
minimum
except in instances of gifts for endowment, or for Period
the
with
conventional form to the realization of this principle,
the independwhich they may consider indispensable to safeguard
conbuildings induced by some memorial or incidental exceptions
democratic
a
of
as matters
ence and sovereignty of the States, as well
or referring
and to the exclusion also of matters involving the interest
suggestion. This feature of the situation to-day is cern,
convention.
the
to the action of a State not a party to
will send for this end
3. That the governments of the American republics
the maximum
the one of wide application and most worthy of Plenipotentiary
Jurisconsults with instructions regarding
obligatory arbitral
minimum which they would accept in the extension of
thought if the modern world is to deserve all its and
Jurisdiction.
and arbitration
4. That the convention or conventions of conciliation
for progressive
praise; for the defection of so many of the great uni- which
may be concluded should leave open a protocol
institubeneficent
this
of
development
which would permit the
arbitration
clamor
versities in their haste to satisfy current
tion up to its maximum.
upon, after
agreed
be
may
which
conventions
or
convention
5. That the
governwill impair, if not undermine,.our educational sys- signature,
should be submitted immediately to the respective
ments for their ratification in the shortest possible time.
tem throughout.
be held
"As under the terms of this resolution the conference must
accordance therewith, to
To save that system, if the colleges scattered within one year, it gives me great pleasure in Government
participate
to
a cordial invitation to Your Excellency's
throughout the land and close to the people, from extend
in a conference on conciliation and arbitration to be held in Washington,
among whom they have always drawn for the larger commencing Dec. 10 1928.
various
"While not desiring in any way to limit the discretion of the
number of their students, could adequately increase countries as to their representation, I venture to suggest that each Govadvisers and
appoint two plenipotentiary jurisconsults, with such
their equipment, they would be enabled to hold fast ernment
experts as they may desire, to represent it at this conference.
Your Excellency that the
to their traditions and continue the work which has "In this connection I am pleased to inform
the Secretary
States will be represented at the said conference by
United
country
done so much to create the character of the
of State and the Honorable Charles Evans Hughes."
to-day.
31:8
FINANCIAL CHRONICLE
[Vol.. 126.
The Indications of Cotton Acreage in June 1928
The acreage in cotton the present season through- of such untoward influences, which makes it all the
out the Cotton Belt is quite generally larger than it more noteworthy that this year's increase in acreage
was at this time a year ago, but not to the extent should prove relatively so small. As far as the marthat it was supposed would be the case early in the ket level of prices is concerned, indeed, there was the
season. And the circumstances surrounding the present year every inducement to enlarge acreage—
planting of the seed and attending its germination, not merely to reclaim the area that had been or had
in the way of temperatures and weather conditions to be abandoned a year ago, but to add entirely new
generally, have been such as to render it more than areas. Instead of the extremely low levels existing
ordinarily difficult to measure the extent of the in 1927, market prices in 1928 have ruled throughou
t
increase. As bearing on that point it ic important at such high levels as to furnish not the slightest
at the outset not to overlook the fact that we are ground for complaint or dissatisfaction. Taking
concerned not with new additions to area, but with the market price at New York as an illustration,
the reclaiming of a portion of the cotton area which middling upland spot cotton on the New York Cotfor a variety of causes was lost to cotton culture ton Exchange on Jan. 1 1927 was only 1280c.; on
last year.
Feb.1 it was 13.65c.; on March 1, 14.85c.; on April 1,
Consideration of that point in turn involves study 14.40c., and on May 1 15.45c. On the other
hand, in
of the extent and magnitude of the previous loss, 1928 the spot price on the New York Cotton Exwith the causes responsible for it, and determining change on Jan. 1 was 19.55c.; on Feb. 1, 17.75c.; on
whether the influences operative to reduce acreage March 1, 18.95c.; on April 1, 19.95c., and on
May 1,
a year ago were likewise operative in 1928, though 22.30c., this last comparing with 16.95c. on the
same
to a lesser degree, and how much area is likely to be date the previous year. In the case of the price
on
recovered the present season and also what other the farm, the contrast is even more marked.
On
conditions of a favorable nature have been operative Jan. 15 1927 the average farm price was only
10.06c.;
this year to offset the losses incurred in 1927.
on Feb. 15, 11.5c.; on Mar. 15, 12.5c.; on April 15,
Acreage in 1927 was cut down in a perfectly amaz- 12.3c., and on May 15, 13.9c., while the present
year
ing. way, and the question is what portion of this the average price Jan. 15 was 18.6c.; on Feb.
15,
enormous loss has been restored the present year. 17.0c.; Mar. 15, 17.8c.; April 15, 18.7c., and
May 15,
As against 48,730,000 acres.planted in 1926 the area 20.1c. This, it may be seen, shows a difference
in
planted in 1927 was no more than 41,905,000 acres, favor of 1928 running from 5 to 8c. a lb., and
hence
showing a decrease of 6,825,000 acres. In the area offered a very strong inducement to enlarge
area
picked an equally large shrinkage occurred, 47,- and indeed to add to plant fertility by the use
of
087,000 acres having been harvested in 1926 and fertilizers and other aids to the productivity of
the
only 40,138,000 acres in 1927, the decrease in this soil. At the low prices of 1927 cotton raising
was
instance being 6,949,000 acres. In both cases the plainly unprofitable. At the high prices of
1928
contraction, it will be seen, was quite close to there was unquestionably ample profit.
7,000,000 acres. . No such curtailment from one seaThe absence the present year of the destructive
son to another has ever previously occurred, as far agencies of nature which worked such havoc a
year
as the mere number of acres involved is concerned, ago obviously tended strongly to increase
acreage,
though in the ratio of decrease there have been two since this made it'possible again to
devote to cotton
other periods where the falling off was even some- many areas that planters were then forced
to abanwhat greater, namely in 1915 following the outbreak, don. Thus there was the two-fold stimulus
of ecothe year before, of the European War, when the nomic considerations in the shape of higher prices
price of cotton dropped to inordinately low levels and the absence of the restraining influence
which
because the war cut off some of the best foreign nature had imposed the previous year. The
extent
markets for cotton, and again In 1921, when the low to which natural influences served to
reduce plantprice of the staple again induced cotton farmers very ing in 1927 should not be overlooked. In our review
drastically to reduce acreage. In alluding to the of the conditions affecting acreage a year
ago we
low market level for cotton on these earlier occa- dwelt at length with the extent and character of
sions we are at once reminded of the fact that the the special adverse influences attributable to the
low price of cotton was also an important cause of work of nature. The floods caused by the overflow,
the great reduction in area which took place in 1927. of the Mississippi and its tributaries were of course
Last year's great decrease in acreage, aggregating, the foremost influence of the kind. Arkansas, Misas we have seen, close to 7,000,000 acres, was in part sissippi and Louisiana were the worst sufferers on
voluntary, due to the unsatisfactory price levels pre- that account, but several other States likewise sufvailing, and in part enforced, by which we mean it fered to a greater or less extent. The overflow of
was due to causes beyond the control of the planters, the Mississippi River in 1927 was the worst in hisnature having interposed obstacles to planting by tory. In the upper reaches of the Mississippi and
means of floods and overflows on a scale never pre- its tributaries the overflow reached an acute stage
viously witnessed, besides which other adverse as early as April, and then the water passed slowly
meteorological conditions interfered with the work off, so that planting could be begun the latter part
of May on many of the submerged areas, but, as it
of planting or prevented it altogether.
In the way of special influences of large im- happened, in June last year the spring freshets
portance acting to hold planting in check, the cur- caused a second overflow which inflicted new damrent season has been a great improvement over that age, and though this second overflow did not cover
experienced in 1927 in the almost complete absence so wide an area, it covered a substantial portion of
JUNE 30 1928.]
FINANCIAL CHRONICLE
3989
it, and much of this twice-submerged land was still cotton and the opportunity ready at hand to yield
under water the latter part of June. Indeed, down to the incentive in full measure by recovering acrein Louisiana the worst stages of the inundation did age lost or abandoned in 1927, what have been the
not occur until June, and owing to the lateness of conditions and developments the current season that
the season planters in the afflicted districts resorted have interfered and held the increase in check? The
to the desperate expedient of sowing seed in the mud story is a simple one. It has been almost everywhere
as the water receded—a process which was not at- too wet and also everywhere, without any exception,
tended by any great measure of success, judging by too cold. The experience has been a common one
the limited cotton fruitage which subsequent events in all parts of the South, and the effect has everywhere been the same, namely: to hold down the
showed had been realized.
and prevent that increase in the area planted,
this
acreage
recall
disastrous
to
important
experiis
It
ence of last year and the part played by itin reducing which would have been natural and indeed inevitable
cotton acreage in order that the reader may have a except for the retarding influences referred to. The
proper comprehension of the magnitude of the areP situation is a most remarkable one and has few, if
that had to be abandoned in 1927 and the corre- any, parallels in the entire history of cotton culture
sponding possibility that has existed the present in the South. If the reader will take pains to exyear of reclaiming very, extensive portions of these amine the summaries for the different States which
abandoned areas, in the absence of any similar great we give at the end of this article he will find that
calamity the current year. In Arkansas the over- the complaint is everywhere the same and comprised
flowed area in April last year aggregated 1,838,000 in the simple words "too wet" and "too cold." The
acres, of which 1,112,000 acres were in cotton the figures we give at the end of this article show that
previous season. In Mississippi 735,000 acres were rainfall has been away above the normal, in many
at one time under water, of which 550,000 acres States mouth after month, and .in other States for
were in cotton the previous season. In Louisiana the season as a whole, with perhaps some single
the submerged area last year was not so extensive month as the exception. At the same time, temand it was the sugar parishes that were the worst peratures have been much below the normal, month
sufferers, but here much of the cotton area proved after month, everywhere without any exception, the
a total loss. Missouri is only a very small cotton deficiency of temperature running from 2 to 10
producing State, but there also the loss in acreage degrees.
As a consequence of the excessive rains, much seed
was very heavy, because much of the cotton land
borders on the Mississippi and was submerged a has either rotted in the ground or been washed out,
second time in June of last year.
making replanting necessary a second, and in not
We are recounting thus at length the unfortunate a few cases, a third time. We do not believe that
experience in that particular last year because it replanting has ever been so extensive or so general
stands in sharp contrast with the situation that has as it has been the present season. The low temperaprevailed during the current year. The present sea- tures have been equally detrimental and we wish
son the Mississippi River has not been on the ram- to lay particular emphasis again on the fact that
page and there have been no floods and overflows these low temperatures have been an adverse feature
of the wide extent and overwhelming character of everywhere throughout the Cotton Belt from one
those which worked so much destruction in 1927. end to the other. They have, along with the absence
The difference between the two years is very great, of sunshine, prevented germination of the seed, and
and it would obviously be idle to attempt to make it in the case of the early plantings have actually killed
appear that it did not mean much in the way of bring- the seed; west of the Mississippi River, indeed, one
ing additions to cotton plantings the present season. or two killing frosts occurred quite late in the seaBut, as it unfortunately happens, there have been on and worked havoc. The low temperatures also
offsetting disadvantages and drawbacks in 1928 retarded growth, and nearly everywhere the plants
which have operated to cut down planted areas all at this date are small and undersized. The rains,
over the South, and when allowance is made for too, have prevented proper cultivation of fields,
these losses the net result is a relatively small re- which quite generally, though not everywhere, are
covery from the low figures reached in 1927. In grassy and will require much labor and attention to
saying this, we do not mean to imply that there insure good results. In some States where rarnfall
have been no overflows whatever the current season. has been heavy and longest continued, reports say
This very week much concern has been occasioned that the grass is higher than the plants. Altogether
by reports of the breaking of some of the levees along the effect has been to dishearten and discourage
the White and St. Francis Rivers in Arkansas, these planters to a degree greater perhaps than ever berivers being at the flood stage, and serious storms fore known. In the final analysis the situation may
and continued heavy rains having combined to be summed up by saying that while the high level of
aggravate the situation. Northeast Arkansas and cotton prices afforded a very strong incentive to
southeast Missouri have apparently suffered more larger plantings, nature interfered to quite an unor less damage in that way, especially since the in- usual degree with the full realization of the desires
cessant rains referred to had themselves become a and plans to that effect.
serious matter, even before the further damage reWithout further comment we now present our estisulting from the breaks in the levees. But whatever mate or approximation of the planting in the difthe injury inflicted in that way the current year, it ferent States and for the country as a whole. In
is a minor circumstance alongside the overwhelming giving the figures, we wish to reiterate what we have
character of the floods last year in the Mississippi said in previous years, namely that we make no preRiver and its tributaries and the widespread disaster tense to exactness, that there are always many uncertainties involved in the collection and compilathey caused.
to
strong
add
to
so
incentive
planted
tion of the returns and that precautions against
the
With
in
advance
great
the
of
price
the
of
and deficiencies, based on long expeimperfections
reason
areas by
3990
FINANCIAL CHRONICLE
[VoL. 126.
rience, often prove futile; furthermore, that the The net result is that while this
year's total of
present year, no less so than in preceding years— 44,203,000 acres compares with only
41,905,000
in fact, even more so, as explained at length above acres in 1927, it compares with 48,730,00
0 acres in
—special factors have operated to increase the un- 1926 and 48,090,000 acres in 1925.
certainties and to augment the difficulty of the
As to the prospects, it is a mere commonplace to
undertaking. In the circumstances our figures and say that everything depends
upon future weather
statements cannot be considered anything more than conditions. And yet that
is more pre-eminently the
estimates and approximations—approximations, to case than ever before.
Usually in a late season,
be sure, as close as it is possible to make them by when the crop is backward,
much lost ground is
calling to our aid every source of information at recovered during the month
of June. That unforcommand, but subject, nevertheless, to greater or tunately has not been the
experience the present
smaller modification as the uncertainties referred year, except (and the exception
is an important one)
to are resolved into actual facts, thereby removing in the case of Texas. Speaking
of the crop situation
the elements of conjecture and doubt.
generally, and barring some limited areas, which
It seems proper to add that in applying our per- form minor exceptions to the rule,
the crop appears
centages of increase or decrease in acreage we always to be as backward in the closing
days of June as it
follow the practice of using the latest revised fig- was at the beginning of the month.
The crop is anyures of acreage for the previous season as put out where from one to three
weeks late, depending upon
by the Department of Agriculture at Washington. locality, and that is
true also of Texas. But lateAs we have previously explained, there seems no ness is not necessarily conclusiv
e as to the ultimate
reason why these revised figures of the Agricultural results. This review, as
in all previous years, deals
Department should not be regarded as absolutely entirely witih the extent of
the acreage, and does
correct, considering the pains taken to make them not undertake to show the present condtion of the
so, and it is our understanding, furthermore, that crop as expressed in percentag
es of the normal.
the Department always acts in collaboration with And yet any statement of
the acreage would be
the Census authorities.
meaningless that did not attempt to indicate whether
the crop, in point of maturity, is early or late, or
Acreage
Estimate for
Planted 1927— 1928—
fail to disclose the attendant circumstances bearing
Department
Increase
Probable upon the possible or probable outcome.
of
or
Acreage
It is for that reason that we note that the crop at
States—
Agriculture.
Decrease.
1928.
this
stage is late and exceedingly backward—from
Virginia
65,000 Increase 15%
75,000
one
North Carolina.. 1,749,000 Increase 3%
to
three weeks late, as already stated. But that,
1,800,000
South Carolina
2,454,000 Increase 3%
2,530,000 while a handicap—and more serious the present
Georgia
3,501,000
Unchanged
3,501,000 years than in other years because the statement apFlorida
67,000 Increase 30%
87,000 plies to the end of June as well
as to the beginning,
Alabama
3,214,000 Increase 7%
3,440,000
and also because the crop is backward to a greater
Mississippi
3,408,000 Increase 5%
3,600,000
Louisiana
1,585,000 Increase 5%
1,665,000 extent than ever before—is a situation that may be
Texas
16,850,000 Increase 6%
17,900,000 easily and quickly remedied with the development
Arkansas
3,142,000 Increase 12%
3,520,000 of hot weather and sunshine. As in all other years,
Tennessee
985,000 Increase 5%
1,035,000 the test will come in July
and August, the vital
Missouri
305,000 Increase 15%
350,000
months for cotton. It is not at all unusual for the
Oklahoma
4,187,000 Unchanged
4,187,000
California
a130,000 Increase 47%
al90,000 season to be late and the crop to be backward. And
Arizona
140,000 Increase 43%
200,000 yet that in and by itself does not determine the
New Mexico
100,000
Unchanged
100,000 yield. To be sure, the crop was late last year
All other
23,000
Unchanged
23,000 (though not to the same
extent as the present year),
Total
41,905,000 Increase 5.12% 44,203,000 and that was one of the factors in the poor yield.
a Does not include 172,000 acres planted in 1928 in Lower California The season, however, was late
likewise in 1926, yet
Old Mexico),this comparing with 110,000 acres In 1927.
that did not prevent the growing in that year of
It will be seen from the foregoing that we make the biggest crop in the
country's history. As a
the area in cotton the present season 44,203,000 matter of fact, the
crop, as we noted in our review
acres as against 41,905,000 acres planted in 1927. of 1927, has been late in all
recent years except in
This is an increase of 2,298,000 acres, or 5.12%. The 1925, when it was extremely
early. A favorable
increase is certainly moderate in view of the oppor- start counts for much, but it
is not everything.
tunity which the large abandonment of acreage a
The state of maturity of the crop is only one factor
year ago presented for an increase. And the fact in the problem. So, for that
matter, is the extent
should not be overlooked that this increase of 5.12% of the acreage. It should not be
forgotten that the
comes after a decrease last year of 14.00%. Yet as big shrinkage in the size of the
crop last year was
the increase, though light, was general, it would not due alone to the reduction
in acreage planted
appear that the opportunity to add to the area had or in acreage picked. It was due in
equal degree
not been neglected anywhere, and no doubt it was to a decrease in the yield per acre. As against 181.9
availed of to the fullest extent possible bearing in lbs. per acre, the product in 1926, the yield in 1927
mind the widespread retarding influences narrated dropped to only 154.5 lbs. per acre. The reduction
above. Outside the minor cotton producing States, in the size of the crop was 5,026,901 bales, and of
where a small addition to acreage gives a large per- this 2,528,046 bales was due to the decrease in acrecentage of increase, the increases are all compara- age and 2,498,855 bales followed from the falling off
tively light, and it will be noticed that we leave in the yield per acre. This clearly demonstrates that
the acreage of two such large producing States as other considerations enter into the matter aside
Georgia and Oklahoma unchanged. For Texas we from the changes in acreage. One of these considmake the increase 6%, which is the published esti- erations is the extent to which commercial fertilizers
mate of the Texas Commissioner of Agriculture. are used as an aid to soil fertility. In that respect
FINANCIAL CHRONICLE
JUNE 30 1928.]
1928 possesses a decided advantage over 1927. Fertilizers are of importance in some States, like
North Carolina, where intensive farming is practiced, and of no consequence whatever in other
States, like Texas, where they are scarcely used at
all. Last year the consumption of fertilizers on
cotton plantations was severely curtailed owing to
the low price of cotton. Not only was the planter
too poor to buy fertilizer at that time by reason of
these low prices, but at such low prices there was
no inducement to spend money for the purpose,
since the return to be realized would not warrant it.
The present season, however, the situation in that
respect is in sharp contrast with that of a year ago,
the cotton price level having risen so decidedly, and
accordingly planters have again been buying fertilizers with great freedom. Our reports are uniform
in saying that fertilizers have been applied in much
greater quantities than was the case last year, and
the tax tag sale in the different Southern States
fully bear out the statement. In the States where
fertilizers play an important part in cotton production, the larger use of fertilizers should insure a
correspondingly larger yield. As a matter of fact,
however, our reports also speak of larger resort to
these aids to soil fertility in those parts of the South
where soil enrichment has not heretofore been practiced to any great extent-all of which should enhance productivity. The following statement shows
the quantities of fertilizers consumed in the different States of the South, as indicated by the tax
tag sales reported by the Commissioners of Agriculture of those States, for the six months from
Dec. 1 1927 to May 31 1928, in comparison with the
corresponding six months of the two preceding seasons. In the case of Florida, Louisiana, South
Carolina, Texas and Virginia, the figures (for which
we are indebted to the kindness of S. D. Crenshaw
of the Virginia-Carolina Chemical Corporation) include cotton seed meal used as fertilizing material.
. FERTILIZER SALES DEC. 1 TO MAY 31.
1926-27.
1927-28.
1925-26.
Tons.
Tons.
Tons.
Alabama
681,550
460,450
619,959
Arkansas
114,726
74,455
124,975
Florida
294,138
239,915
231,573
Georgia
882,213
698,920
763,653
Louisiana
115,718
73,799
101,895
Mississippi
308,356
205,227
275,320
North Carolina
1,305,672
1,074,338
1,147,889
South Carolina
787,958
672,817
818,814
Tennessee
127,130
82,707
123,550
Texas
131,576
73,681
118,165
Virginia
341,634
303,072
331,486
Totals
5,090,671
3,959,381
4,657,279
It will be understood, of course, that the foregoing
figures relate not merely to fertilizers used in aid of
cotton production, but to all other crops as well.
Hence they are useful chiefly in showing the prevailing trend. It will be observed that in North
Carolina, where the quantity consumed fell from
1,147,889 tons in 1926 to 1,074,338 tons for 1927,
there has now been an increase to 1,305,672 tons in
1928. Similarly in Georgia, after a drop from
763,653 tons in 1926 to 698,920 tons in 1927, the
quantity for 1928 is up to 882,213 tons. In Alabama,
where there was a decline from 619,959 tons in
1926 to 460,450 tons in 1927, the amount now for
1928 is 681,550 tons. Similarly in the case of South
Carolina, where the consumption decreased from
818,814 tons in 1926 to 672,817 tons in 1927, the
3991
amount for 1928 is back to 787,958 tons. In all but
two of the eleven States the figures for 1928 are
larger, not only than in the previous year, but also
larger than two years ago, and for the whole eleven
States the total for the current season is 5,090,671
tons, which compares with 3,959,381 tons the previous season and with 4,657,279 tons the season
before.
The possibility of injury from the boll weevil
always looms up. Our reports go little beyond saying that it is too early to judge of the probabilities
in that respect. Last season the weevil were very
active in reducing the yield, especially in Oklahoma,
where they appeared in swarms and literally devoured large portions of the crop. There seems to
be no way of gauging the probable infestation in
advance. Statistics regarding hibernation in
selected areas seem to throw little light on the subject, probably because so much depends upon future
weather conditions. But even similar weather conditions are not always attended with similar results. It is generally supposed that the activity and.
destructiveness of the weevil last season followed
directly as a result of rainy weather conditions,
which are considered especially favorable for their
development. The rainfall certainly was in excess,
nearly all over the South, furnishing apparent confirmation of the theory, but examination of the
statistics shows that rainfall was in excess in 1926
also, and then the activities of the weevil were at a
minimum and the largest crop on record was raised.
The average rainfall over the State of North Carolina during July, August and September 1927 was
12.95 inches as against 11.49 inches in the same three
months of 1926; in South Carolina the average was
12.35 inches against 11.99 inches; in Georgia 11.61
inches against 15.37 inches;in Alabama only 9 inches
against 18.45 inches; in Louisiana 12.14 inches
against 15.84 inches; in Mississippi 9.66 inches
against 11.96 inches; in Arkansas 13.63 inches
against 13.04 inches, and in Oklahoma 13.90 inches
against 14.89 inches-showing that quite generally
the fainfall was actually much heavier in 1926, when
the crop was so large, than it was in 1927, when the
crop was uniformly short and the weevil caused such
havoc. There appears to be no question, however,
that hot, dry weather is unfavorable to their development, and if weather of that kind, so earnestly
desired now, should come, the activities of the weevil
would no doubt be reduced to a minimum.
Even then, however, as the crop is at this date so
exceedingly backward, a long open season in the
autumn, with the absence of early frosts of a severe
character, will be necessary if a top crop of any size
is to be raised. As pointed out on previous occasions, formerly a larger or smaller "top" crop used
to be quite the ordinary thing. Then for a number
of years it seemed to drop out of the planters' vocabulary. Suddenly, in 1925, it was revived and again
in 1926 it became a factor of great prominence. In
1927 it once more counted for little or nothing. The
question of a long open season and the absence of
severe frosts was of little consequence, because the
destructiveness of the weevil had rendered a top
crop out of the question. For instance the United
States Department of Agriculture in its report for
October 1, issued October 8, stated with reference to
Oklahoma that there was no top crop in any of the
weevil counties and that in all of the weevil area the
crop was on the lower branches of the plant and the
3992
[Vol,. 126.
FINANCIAL CHRONICLE
In this case it is not possible to bring the prices
down to quite as late a date, but on April 15 the
present year the average farm price was 18.7c.
against 12.3c. on the same date of last year, and on
May 15 it was 20.1c. against 13.9c.
We now present in detail our summaries for the
ACREAGE AND PRODUCTION OF COTTON IN different States:
yield exceedingly small, and commented similarly
with respect to North Carolina, saying that the
weevil pest was responsible for the lack of a top
crop and for the shortage of the middle crop.
In order to show the acreage and production for
a series of years we introduce the following table:
UNITED STATES, 1910-1928.
Acreage
Avg.Yield
Planted.
Picked.
per Acre
Year(Acres)
(Acres)
(Pounds)
1910 ____33,418,000
32,403,00
170.7
1911 ____36,681,000
. 6,045,000
207.7
1912 ____34,766,000
34,283,000
190.9
1913 ____37,458,000
37,089,000
182.0
1 14 ____37,406,000
36,832,000
209.2
i915____32,107,000
31,412,000
170.3
1916 ____36,052,000
34,985,000
156.6
1917 ____ 4,925,000
33,841,000
159.7
1918 ____37,217,000
36,008,000
159.6
1919 ____35,133;000
33,566,000
161.5
1920 ____37,043,000
35,878,000
178.4
1921 .,___31,678,000
30,509,000
124.5
1922 ____34,016,000
33,036,000
141.5
1923...._38,709,000
37,420,000
130.6
1924 ___A2,641,000
41,360,000
157.4
1925 ____48,090,000
46,053,000
167.2
1926 ____48,730,000
47,087,000
181.9
1927_ _ __41,905,000
40,138,000
154.5
1928_ _ _ _44,203,000
(?)
(?)
Production
(Census)
560-/b.bale8
11,608,616
15,692,701
13,703,421
14,156,486
16,34,030
11,191,820
11,449,930
11,302,375
12,040,532
11,420,763
13,439,603
7,953,641
9,762,069
10,139,671
13,627,936
16,103,679
17,977,374
12,950,473
(?)
We have referred above to the higher level of
cotton values which prevailed the present season.
For the purpose of making the record complete we
now introduce our usual comparative tables, showing the monthly fluctuations for a long series of
years. We give first the price of middling upland
spot cotton in New York for each month back to
1916:
PRICE OF MIDDLING UPLAND COTTON IN NEW YORK ON DATES
GIVEN AND AVERAGE FOR SEASON.
1927J1926_1925_
1924-1192 1922-11921-11920-11919-1191H.17- 19161928.1927.1926. 1925.1924.1923.1922.1921.1920.1919.1918 917.
,
Aug.
Sept.
',et.
Nov.
Dec.
Jan.
Feb.
Mir.
Apr11
May
June
July
I
I
I
I
1
1
1
1
1
1
1
1
18.25 19.2024.65 30.95 23.65 22.55 12.90 40.00 35.7029.70 25.6513.25
23.1018.90 22.35 . • . ". 17.50 30.25 32.0526.50 23.30116.30
21.8014.3023 55125.90,29.50 20.45 21.10 25.0032.25134.30 25.25 16.00
20.78 12.85 19.90123.6031.25 24.45 18.13 22.5038.652,0528.75 18.75
19.65 12.6020.75 23.1537.6 15.30 17.55 16.65 39.75128.10 30.9020.35
19.55 12.8020.85 24.2035.41 26.45 18.65j14.75 39.25132.60 31.7517.25
17.75 13.65120.75 24.5034.00 27.40 17.20 . a 9.00 26.75 31.20 14.75
118.9514.8519 45 213.0528.25 30.40 18.70 11.8540.25 26.10 32.70 17.00
119.95 14.40119.35124.9028.50 28.55 18.10 12.00 41.75 28.60 34.95 19 20
22.3015.45 18.92124.4030.30 27.50 18.95 12.90 41.25 29.40 28.70 20.70
121.0516.95 1.3.8 23.55 32.7 27.55 21.00 12.90 40.00 33.15 29.00 22.65
---_ 7.10[18.40 24.7030.90 27.85 22.05 12.0039.25 34.15 31.90 27.25
Average,season
_ _ 115.25 20.65 25.14 31.11 6.31 18.92 17.89 38.2531.0420 RR o 19
We have already pointed out that while last year
on Jan. 1 the price was only 12.80c. the present year
on Jan. 1 it was 19.55c., and that for subsequent
alonths the difference in favor of the present year
was also large, the price June 1, for instance, in
1927 having been 16.95c. last year and the present
year 21.05c. To complete the story we also add the
following table, showing the farm price of cotton for
each month of every year back to the beginning of
the season of 1916. These farm prices, it should be
stated, are those of the Agricultural Department at
Washington, and as to the methods employed in
arriving at the averages, the Department explains
that the prices are "averages of reports of county
crop reporters, weighted according to relative importance of county and State."
VIRGINIA.
AVERAGE PRICE OF COTTON ON THE FARM.
Cal :dt
rz ?cw 47";
Cal Ca,
CA 01 Cal Crt
192711926- 19251192 192 1922-1921-192 191 1918- 1917-19161928.1927. 1926. 1925.1924.1923. 1922.1921 1920.1919 1918.1917.
16.1
16.8
11.7
11.0
10.0
10.6
11.5
12.5
12.3
13.9
14.8
--- - 15 A
17.1
22.5
21.0
20.0
18.7
18.6
17.0
17.8
13.7
20.1
23.4.
22.51
21.5,
18.11
17.4
17.4
17.6
16.5
16.5
16.0
16.11
1.8.4
27.8
22.2
23.1
22.6
22.0
22.7
23.0
24.5
23.7
23.0
73.0
23.4
23.8
25.6
28.0
29.9
32.1
32.5
31.4
27.7
28.7
28.1
27.8
27.3
20.9
20.6
21.2
23.1
24.2
25.2
26.8
28.0
27.6
26.2
25.9
24.0
11.2
16.2
18.8
17.0
16.2
15.9
15.7
16.0
111.0
17.3
19.6
20.6
34.0
28.3
22.4
16.6
12.7
11.6
11.0
9.8
9.4
9.6
9.7
9.7
31.4
30.8
33.9
36.0
35.8
36.0
36.2
36.8
37.5
374
372
37.1
30.0
32.0
30.6
28.4
28.2
26.8
24.4
24.2
25.2
27.8
30.3
31.8
VIRGINIA.-This is a comparatively unimportant State
as far as cotton production is concerned. As pointed out in
previous annual reviews the southern portion of the State
constitutes the extreme northern fringe of the Cotton Belt.
It follows that not much land is devoted to cotton raising
in Virginia. Within this limited area, however, the general
trend of cotton planting, in other words the tendency to
Increase or decrease acreage, is often quite accurately reflected. And that appears to be very decidedly so the
present season. Not only is the area actually given over
to the raising of cotton quite insignificant, but the area has
been steadily diminishing in recent years. The United
States Department of Agriculture in its final report for
1927, issued on May 17 1928, put the area which was in
cultivation on July 1 1927 at only 65,000 acres, and the area
picked at 64,000 acres. This compares with 95,000 acres
in cultivation and 93,000 acres picked in 1926; 101,000 acres
planted and 100,000 acres picked in 1925, and 107,000 acres
planted and 102,000 acres picked in 1924. The price of the
staple at planting time plays an important part in determining the extent of the area seeded with cotton. This was
notoriously the case in 1927 when cotton ruled at the lowest
figures reached in many years. The present year the price
of cotton has all through been several cents a pound higher
than in 1927, and accordingly cotton producers have deemed
it worth while to seed additional land with the staple. Our
returns indicate that some 10,000 acres more land is in cotton,
and possibly a greater additional area, than was the case
in 1927. As the total area in cotton was so small the
percentage of increase in acreage is necessarily large-we
should say not less than 15%. Whatever land is used in
cotton is always brought to a high state of cultivation, and
the resulting product per acre is equally high. Conditions
In 1927, as is known, were not particularly good and yet
the yield per acre was 230 pounds, which compares with 260
pounds in 1926 and 250 pounds in 1825-an average of
nearly half a bale per acre. The whole crop of the State
last season was only 30,432 bales of 500 lbs. each, but this
was a'decline from 51,329 bales in 1926, when the yield was
260 lbs. per acre. To say that the plantations are in a high
state of cultivation means, of course, that aids to soil' fertility are liberally applied and that, in turn, means that
commercial fertilizers are being used to a considerable
extent, in addition to whatever home-made manures may be
used for the same purpose. All the indicatidns point to a
still larger use of fertilizers in 1928 than in 1927. The tax
tag sales returns of the Commissioner of Agriculture show
332,033 tons of fertilizer sold within Virginia in the five
months from Jan. 1 to May 31 in 1928, against 295,955 tons
In the same five months of 1927, 323,130 tons in the five
months of 1926, and 242,386 tons in the corresponding period
of the previous year. Obviously these figures are pertinent
merely as showing the trend in the use of fertilizer, since the
bulk of the whole was of course for account of truck farmers and others, with only a relatively slight portion consumed on cotton plantations, but as far as they go the
figures are conclusive on the point under consideration.
The season was much later the present year than last year,
and planting did not generally begin until about May 10,
or, say, two weeks later than in 1927, and also about two
weeks later than the average, and was finished about
May 25. The seed from the early plantings came up poorly,
necessitating considerable replanting, but results from the
23.8
23.4
25.3
27.5
28.3
29.3
30.0
:31.0
30.2
28.0
28.0
28.2
13.8
15.0
16.8
18.8
18.4
17.0
16.4
17.0
18.4
19.6
22.4
24.8
Crop Year1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
11114
Area in
Cultivation.
Acres.
65,000
95,000
101,000
107,000
74,000
57,000
34.000
43,000
43.000
45.0430
53,000
42.000
34,000
45.000
Area
Picked.
Acres.
64,000
93,000
100,000
102,000
74,000
55.000
34,000
42.000
42,000
44.000
50,000
42,000
34,000
48 min
Yield of
Lint Colton
per Acre.
Pounds.
230
260
250
180
325
230
230
230
255
270
180
310
225
21111
Production.
500-16. Grins
Bales.
Bales.
30,432
51,329
52,535
38,746
50,581,
26,515
16,368
21,337
22,523
24,885
18.777
27,127
15,809
25.222
JUNE 30 1928.]
P'•
3993
FINANCIAL CHRONICLE
later plantings and from the replantings have on the whole
been quite satisfactory. Temperatures, however, have been
rather low, and the weather has also been slightly too wet
since growth began. A good stand has been quite generally
procured and the fields may be said to be fairly clear of
weeds and grass. The crop is roughly two weeks late.
"hoping to push growth ahead of boll weevil." As to the
probabilities regarding the weevil, reports all say that it is
too early for definite knowledge in that respect, though it is
indicated that the wet weather which has prevailed has been
favorable for their propagation.
NORTH CAROLINA.—The crop of this State was heavily
reduced last year, having dropped from 1,212,819 bales in
1926 to 860,876 bales in 1927. The falling off was the twofold result of a decrease in acreage (the area picked in
1927 having been only 1,728,000 acres against 1,985,000 acres
in 1926), and a reduction in the yield per acre from 290 lbs.
to 238 lbs. On that basis, of the 351,943 bales contraction in
the size of the crop, 149,060 bales was due to the smaller
acreage and 202,883 bales to adverse weather and other
causes. The present season conditions have been far from
favorable, either as respects the original planting of the
seed or its germination and the subsequent growth of the
plant. The chief drawbacks have been temperatures below
the normal and rainfall above the average. For the State
as a whole the average rainfall in April 1928 was 5.91 inches
against 2.77 inches in April 1927, and 4.76 inches in May
against 2.50 inches. The excess above the normal was 2.04
inches in April and 0.73 inches in May. The average temperature was 55.8 degrees in April this year against 58.9 in
April last year and 64.3 degrees in May against 68.0. In
the western part of the State many of our reports say the
season has been the wettest in many years. Planting began
about April 15 and was completed about the 1st of May.
In an average year planting begins about April 1 to April 5,
and ends about April 20. Some of our correspondents speak
of planting not having been finished until the first of June,
but that has reference to replanting which was found necessary, to a considerable extent, though possibly not much
above the ordinary, say 5% to 25%. The seed came up
poorly as a rule, but since replanting has been finished fair
growth has occurred. As the season has been very backward, the crop is late all the way from 10 days to three
weeks, with the average about two weeks. Sunshine has
been deficient, but hot and dry weather would quickly
change prospects. In view of the unfavorable weather conditions which have prevailed, it is noteworthy to find our
reports saying, almost without exception, that a good stand
has been obtained. Weeds and grass, however, are present
to a considerable extent in many fields, and more cultivation
is needed to overcome the effects of excessive rainfall. One
pessimistic correspondent in the western part of the State
makes the observation that weeds and grass are so excessive
that some of the tenant farmers are abandoning their crops,
but that is an isolated instance of the kind. Reports as to
acreage vary widely. The general tendency appears to have
been to add somewhat to the area planted, after last year's
sharp reduction, but most of our accounts speak of the
acreage as being unchanged from 1927, and a very few say
that there has been a slight further decrease. For the State
as a whole the indications point to an increase of about 3%.
Fertilizers have always played an important part in the
North Carolina crop, as is evident from the fact that the
yield last season, even after the big falling off, was 238 lbs.
per acre, or larger than anywhere else in the country except
in the irrigated areas of New Mexico, Arizona and California. The present season intensified methods are being
pursued to even a greater degree than before. The accounts
are uniform to the effect that commercial fertilizers have
been used in larger quantities than a year ago, when there
was some decrease owing to dissatisfaction with the low
price of cotton which then prevailed. North Carolina is so
given to intensive farming, especially in the matter of garden truck and the like, that a larger quantity of fertilizers
is used in that State than in any other part of the Cotton
Belt. For the six months ending May 31 1928 the tax tag
sales show 1,305,672 tons consumed in that State as against
1 074,338 tons in the corresponding six months.of the previin the same six months of the
ous season and 1,147,889 tons
season preceding. These of course are the sales for all
very extensive amounts of ferpurposes, and inasmuch as
tilizing material are applied to other crops, these comparibe conclusive as to the relative
sons would not necessarily
two years by cotton farmextent of the consumption in the
all agree in saying that
correspondents
our
that
ers except
larger quantity than they
planters have been using a much
correspondent, indeed, adds the explanadid last year. One
use has increased because farmers are
that
remark
tory
NORTH CAROLINA.
oft
Area in
Cultivation.
Crop Year—
1027
1928
1925
1924
1923
1922
1921
1920
1919
1918
1947
1918
1914
Acres.
1,749,000
2,015.000
2,037,000
2,099.000
1,687,000
1,654.000
1,417,000
1,603,000
1,525,000
1,615,000
1,562.000
1,490,000
1,300,0110
101.1
1 cKnnnn
Area
Picked.
Acres.
1,728,000
1,985,000
2,017,000
2.005 000
1,679.000
1,825.000
1303.600
1,587.000
1,400.000
1.600,000
1,515.000
1,451,000
1,282,000
1 K97 Ann
Yield of
Lint Cotton
per Acre.
Pounds.
238
290
281
198
290
250
284
275
266
268
194
215
260
90A
Production,
500-lb. Gross
Bala.
Bales.
860,878
1,212,819
1,101,799
825.324
1.020339
851,937
776.222
924,761
830,293
897.761
817.989
854,603
699,494
020 A/1
SOUTH CAROLINA.—Complaints in this State are much
the same as elsewhere in the South. The weather has been
too cool and in most parts of the State it has likewise been
too wet. The season has been backward and the crop is
from 15 days to three weeks late. The South Carolina crop
last season suffered a diminution of over 25%, the product
falling from 1,008,068 bales in 1926 to 729,942 bales in 1927;
105,120 bales of the loss was due to a decrease in the area
harvested, from 2,648,000 acres to 2,356,000 acres, and the
remaining 173,006 bales to the decline in the yield from
180 lbs. per acre to 148 lbs. Rainfall the present season has
been overabundant. For the State as a whole it averaged
6.40 inches in April, or 3.33 inches above the normal, against
1.58 inches, or 1.41 inches below the normal, in April last
year, and in May averaged 5.22 inches, or 1.65 inches above
the normal, against 1.92 inches, or 1.61 inches below the
normal, in May last year. Average temperature in April
1928 was only 59.9 degrees, against 63.2 in the same month
last year, or the lowest for that month in all recent years,
While the average for May was 67 degrees against 71.4 in
May 1927, also the lowest for that month in a good many
years. In the southern part of the State planting in some
eases began as early as March 15, and was finished for the
first time about April 20. Generally speaking, it began
about the 1st of April and extended well into May. Considerable areas had to be planted a second time and some
even a third time. In such cases replanting was not concluded until the latter part of June. In the Piedmont section cultivation has been greatly delayed on account of the
wet condition of the soil, and here fields are grassy. In
the rest of the State, however, they are well cultivated,
and recent more favorable conditions have enabled planters
to get pretty well rid of grass and weeds. Chopping has
been generally coinpleted.
Accounts regarding the condition of the stand are rather
conflicting. Most of our reports speak of stands being only
fair, a few say that they are very good, while some others
say they are poor, and still others that the situation in
that respect is more or less spotted. As to acreage, statements vary. One correspondent says it is a case of 50 to 50
—that some farmers have planted more than last year and
others have planted less. And that seems to have been the
case generally throughout the State, with the balance, however, leaning slightly on the side of the increases. Probably
3% increase would be quite a close approximation to the
actual fact. As to the use of commercial fertilizers, intensified farming, at least as far as cotton raising is concerned,
is not carried to any such lengths in South Carolina as in
North Carolina, as is evident from the fact that the yield of
lint cotton per acre in South Carolina last season was only
148 lbs., where in North Carolina it was 238 lbs. Yet South
Carolina farmers consume a considerable quantity of commercial fertilizers, even though more largely on other crops
than on cotton, and the tax tag sales for the six months
SOUTH CAROLINA
Crop Year1927
1928
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
Acres.
2,454,000
2,718,000
2,708,000
2,491,000
2,005,000
1,951,000
2.623,000
3,000.000
2.900.000
3.040.000
2.880.000
2.950.000
2.555.000
2.890.000
Area
Picked.
Acres.
2.358,000
2,648,000
2,654,000
2,404,000
1.985.000
1,912,000
2,571.000
2,964,000
2,835.000
3,001,000
2.837.000
2.780.000
2.516.000
2.861.000
Yield of
Lint Cotton
per Acre.
'
Pounds.
148
ISO
160
160
187
123
140
260
240
250
208
160
215
255
Production,
500-lb. Gross
Bales.
Boles.
729,942
1.008,088
888,666
806,594
770.185
492,400
754.560
1.823,078
1,428,146
1.589,918
1.236 871
931.830
1.133.919
1.533.810
3994
FINANCIAL CHRONICLE
[VOL. 126.
ending May 31 1928 indicate a consumption of 787,958 tons
Yield of
Production
GEORGIA.
Area in
Area
Lint Colton 500-18. Gross
In that period, as against 672,817 tons in the same period
Cultivation.
Picked.
per Acre.
Bales.
of the previous year, and 818,814 tons two years ago. Our
Crop Year-Acres.
Acres.
Pounds.
Bales.
own reports make it perfectly plain that a part at least of 1927
3,501,000
3,413,000
154
1,099.568
4,025,000
3,965,000
180
1,496,105
the increase, if not the whole, went to swell the quota used 1926
1925
3,662,000
3,589,000
155
1,163,885
1924
3,099,000
3,046,000
157
on the cotton plantations. Some of our correspondents ex- 1923
1,003.770
3,844,000
3,421,000
82
588,236
press fears of the possible depredations of the boll weevil, 1922
3,636,000
3,418,000
100
714,998
1921
4,348,000
4,172.000
90
787,084
though it is admitted that no definite conclusions are pos- 1920
5,000,000
4,900,000
138
1,415,129
1919
5,404,000
5,220,000
152
1.659,529
sible on that point thus early in the season.
1918
5,425,000
5,341,000
2,122,405
190
1917
5,274,000
5,195,000
173
1,883,911
GEORGIA.-The production of this State fell from 1916
5,450,000
5.277,000
165
1,820,939
1915
4,925.000
4,825,000
189
1,908,673
1,496,105 bales in 1926 to 1.099,568 bales in 1927, but of the 1914
5 510 000
5 ean nnn
920
9 710 007
loss of 396,537 bales, 198,720 bales is accounted for by the
FLORIDA.
-This is a minor cotton producing State. Last
decrease in the area harvested from 3,965,000 acres in 1926
to 3,413,000 acres in 1927; the remaining 197,817 bales of season the crop was virtually next to nothing, falling to
the loss followed from a decrease in the yield per acre from 16,496 bales, against 31,954 bales in 1926 and 38,182 bales
180 lbs. in 1926 to 154 lbs. in 1927. As concerns the loss in 1925. The area picked was reduced from 101,000 acres
from the smaller acreage, the indications are that a portion In 1925 and 105,000 acres in 1926, to 64,000 acres in 1927,
at least of it will be made good the present year. In this while the yield per acre dropped from 180 lbs. in 1925 and
State, as elsewhere, there has been a tendency to en- 145 lbs. In 1926 to 126 lbs. in 1927. The present season
large acreage, after the curtailment of last season. On about 30% of the lost acreage, according to our reports, will
the average the acreage would appear to have increased be recovered, which would bring the area back to about
somewhat, but as against this allowance must be made 87,000 acres. Planting extended over about the usual period,
for some abandonment due to the failure of the seed to that is from April 10 to May 10, and the seed came up well.
germinate and the disinclination or inability to extend re- Up to about the beginning of June temperatures were much
planting to all the different areas which suffered in that lower than usual, thereby retarding growth, and the crop
way. Not only that, but excessive rains, which flooded is 10 days to two weeks late. Good stands have been quite
creeks and river branches on two or three occasions during generally secured and fields are clear of weeds and grass.
April and May, seriously interfered with planting opera- During June some lost ground has been recovered, and quite
tions, and caused some reduction in acreage on that account. good progress made, abundant sunshine being mainly
Besides this, several late frosts and unseasonably low tem- responsible for this. Not a great amount of commercial
peratures, with some very cold nights, injured small cotton fertilizers is applied to the small crop produced. The actual
on gray lands, which was not fully replanted. Allowing for amount used the present season has been about the same as
reductions in these various ways, the net increase in acreage that used last season.
may be said to be nil. Rainfall was excessive in March
Production,
Yield of
Area in
FLORIDA.
and April, but improvement in that respect came in May,
Area
Lint Cotton 500-19. Gross
Cu2Hvation.
Picked.
Bales.
per Acre.
though the setback occasioned by this excessive precipitaAcres
Crop YearAcres.
Bales.
Pounds.
tion was not entirely made good in May, especially as tem- 1927
67,000
64,000
126
18.496
108.000
105,000
31,954
145
peratures remained unseasonably low. For the State as a 1028
103,000
1925
101,000
38,188
180
whole, Georgia rainfall t,he present year in March averaged 1924
82,000
80 000
18,961
130
171,000
1923
147,000
12,345
40
6.42 inches, or 1.73 inches above the normal, against 3.15 1922
122,000
25,021
118,000
102
1921
70,000
10,905
65,000
81)
Inches in March last year, or 1.64 inches below the normal, 1920
110.000
18,114
100,000
86
122,000
15.922
and averaged 8.07 inches in April, or 4.49 inches above the 1919
103,000
74
1918
175,000
29.415
167,000
85
normal, against only 2.00 inches in April 1927, or 1.58 inches 1917
188,000
37.858
183,000
100
201,000
1916
41,449
191,000
105
below the normaL On the other hand, in May the average 1915
197.000
47,831
193,000
120
224.000
221 000
170
01.255
rainfall in the State was only 3.99 inches, or but 0.49 inches laid
above the normal, this comparing with 1.58 inches in May
ALABAMA.-The experience of this State has been like
1927, or 1.92 inches below the normal. In view of the downthat of all others in the South; it has been both too wet
pour during March and April, the more restricted precipitaand too cold, and the remark applies to practically the
tion in May was nevertheless somewhat of an affliction,
whole State and not merely to a portion of it, as was the
more especially as temperatures ruled away below the norcase in 1927 when parts of the State were afflicted by
mal, the average for April having been 61 degrees, against
drought and when other parts were free. The excessive
67.5 in April last year and for May 69.3 against 73.6%.
rainfall the present year was largely confined to the month
About 25% of the planting was done between March 20
of April, when the precipitation reached 9.86 inches, or 5.57
and April 30, and the remaining 75%, including replanting,
Inches above the normal, against only 2.28 inches in the
between May 1 and June 1. This contrasts sharply with the
same month last year, or 2.01% below the normal. In May
situation in 1927, when 85% of the planting was done
the fall was 3.64 inches, or 1/3 of an inch below the
between March 20 and May 10, and only 15% in the period
normal, against 2.55 inches in May last year, which latter
May
10
and
May
20.
The seed sown during March was 1.42
between
inches below the normal. April was an extremely
and April came up poorly, but that planted in May germi- cold
month, the average temperature the present year havnated finely. The crop is about 30 days later than it was ing been
59.8 degrees against 68.1 in April last year. In
last year, when it was unusually early, and 20 to 25 days May, temperatures
were also below normal, with the averlater than the average. Stands are ragged and irregular, age 69.5 degrees,
against 73.1 degrees in May last year.
but on the whole fair to good. Owing to excessive and fre- The Alabama crop
last year fell to 1,192,262 bales from
quent rains, which retarded general cultivation, young grass 1,497,821 bales in 1926;
190,120 bales of the loss followed
Is found in the fields to a considerable extent, but that is a from the reduction in
the area picked from 3,651,000 acres
drawback that is now being rapidly eliminated. During in 1926 to 3,166,000 acres
in 1927, and the remaining 115,439
June fairly warm and dry weather has prevailed and the bales was due to a decrease in
the yield per acre from 196
plants, though small, and late, show considerable improve- lbs. to 180 lbs. The present
year the acreage will again
ment. Chopping has made considerable headway-has been, be larger-our returns point to
an increase of 7@8%-and
In fact, about completed, with blooms making their appear- the yield per acre will also again
improve, at least if aids
ance on March planted cotton in the southern portion of the to productivity suffice for the purpose,
since nearly all our
State. A much larger quantity of fertilizers is being used correspondents report a large increase
in the use of comthan was the case last year, and with the quality better and mercial fertilizers, several of them making
the increase as
about $5 to $10 per ton higher in price. The tax tag sales high as 25%. Last season there was a
big decline in the
indicate a consumption of 882,213 tons of commercial fer- use of commercial fertilizers, and that no doubt had much
tilizers in Georgia for the six months ending May 31 1928 to do with the decline in the product per acre. Taking the
as against 698,920 tons in the corresponding period of the tax tag sales as a guide, the consumption of fertilizers last
previous season and 763,653 tons two seasons ago; but these year, in the five months from Jan. 1 to May 31, fell from
figures relate to all the crops in the State and not to cotton 580,150 tons to 305,510 tons. On the other hand, in the same
alone. The emergence of live weevil has as yet been small five months of the present year the tax sales show a conand confined to the southern part of the State, but appar- sumption of no less than 674,400 tons, or more than double
ently is somewhat greater than in the brevious year up to the small total of last year. The figures relate, of course,
the same date, when the season was much further advanced. to the consumption for all the different crops, and not for
JUNH 30 1928.1
FINANCIAL CHRONICLE
cotton alone, but they tell plainly what has been going on
in that respect and supplemented by our own returns, relating to cotton alone, all of which, as already stated, report
a great augmentation in the use of fertilizers by cotton
planters, leave absolutely no room for doubt on that point.
In the southern part of the State planting extended over
the period from March 15 to May 10, as against March 15
to April 15 last year. In the northern part of the State it
did not begin in many cases until the 1st of May and extended into the early part of June. The seed came up poorly.
nearly everywhere, except possibly in some limited areas
in the central part of the State. On account of the adverse
weather conditions prevailing, very extensive replanting
had to be done—several of our correspondents putting it as
high as 50 and even 60%. The crop on the average is
fifteen to twenty days late, with stands varying widely,
and only fair to good in the great majority of instances, and
decidedly poor in a few exceptional cases. Fields, too, are
more than ordinarily grassy. Nor has June brought any
great improvement in this State. In the early part of the
month further heavy rains exercised an additional retarding
influence, though later the occurrence of dry weather and
higher temperatures had a decidedly beneficial effect. As
to the weevil, all that it is possible to say is that they are
beginning to make their appearance, but it is too early for
predictions as to their probable activities. Everything will
depend on future weather conditions.
Crop Year—
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
Area
Picked.
Acres.
3,214,000
3,699.000
3,539,000
3,114,000
3,190.000
2,807,000
2,269,000
2,898,000
2,900,000
2,600,000
2,017,000
3,469,000
3,400,000
4 wrs nen
Acres.
3,166,000
3.651,000
3,504.000
3,055,000
3,149,000
2,771,000
2,235,000
2,858,000
2,791.000
2,570,000
1,977,000
3,225,000
3,340,000
A nn7 elm
Yield of
Linz Cotton
per Acre.
O. ......
Do..•4NO.N.NO,OCAMCW3
00,0010N.4,N.4.V.004,
ALABAMA.
Produaion
500-lb. Gross
Bales.
Bales.
1,192,262
1.497,821
1,356.719
985.601
586,724
823,498
580.222
682,699
713,236
800,622
517,890
533,402
1.020.839
1 7A1 R7A
MISSISSIPPI—Excessive rains and low temperatures
have also been the bane of the cotton producers in Mississippi. The rainfall during April averaged 8.93 inches, or
3.74 inches above the normal, against 5.12 inches in April
last year, or a trifle below the normal, and averaged 4.26
inches in May, or 0.26 inch below the normal, in comparison with 4.56 inches in May last year, which later differed a mere trifle from the normal. The temperature in
April was exceptionally low, averaging 60.7 as against 68.9
in April last year, while the average for the month of May
was 70.7, against 73.9 in May 1927. No correct or comprehensive view of the outlook in this State can be gained
without recalling the exceptional situation which existed
the previous year and served so substantially to cut down
the cotton area and the size of the crop. In our review of
the state of things in June of last year, we pointed out that
planters in that State had to contend with an unusual combination of adverse circumstances and conditions. The overflow of the Mississippi was a most serious matter, but in
addition excessive rains made the lot of the farmer a peculiarly hard one. More land was overflowed in Mississippi
than in any other State, with the single exception of Arkansaa The counties totally or partially inundated embraced
Bolivar, Sunflower, Leflore, Holmes, Yazoo, Warren,
Humphreys, Issaquena, Sharkey, and Washington. According to the Crop Reporting Board of the Department of
Agriculture the flooded area in Mississippi comprised
735,000 acres, of which 550,000 acres were in cotton. Unfortunately, too, after the water had largely receded from
the flooded area, the June freshets brought a new overflow
in the north portion of the southern delta region. As a
consequence, some of the cotton acreage in the twice-flooded
districts had to be definitely abandoned. As it happened,
moreover, some portions of the late plantings in the overflowed districts were attended with poor results, yielding
little or no fruitage. What the effect of all this was appears
from the fact that the area harvested in this State fell from
3,752,000 acres in 1926 to 3,340,000 acres in 1927, while the
yield per acre declined from 240 lbs. to 194 lbs., with the
result that the total crop of the State reached no more than
1,355,098 bales, as against 1,887,787 bales in 1926.
All this is of the highest importance in its application to
the situation the present year. The area overflowed a
year ago will be reclaimed the current year as far as
3995
possible. Ordinarily this would mean a big increase
in the acreage of that State as compared with the
heavily reduced acreage of 1927. However, allowance must
be made for the offsetting disadvantage resulting from the
exceedingly poor season the present year, so we make the
increase only 5%. Very likely, too, that the product
per acre, which declined from 240 lbs. in 1926 to 194 lbs. in
1927, will again improve. That is so for a variety of
reasons. We have already seen that, as far as the flooded
areas were concerned, much land was seeded too late to
admit of the raising of a full crop, Mississippi, under ordinary circumstances, being a State of high fertility. But in
addition, one distinct advantage almost invariably follows
as a result of the overflow of the Mississippi River. 'When
the water subsides it generally leaves behind a rich sediment
which adds greatly to soil fertility and increases the product
per acre. Presumably this will be the case the present year.
Though the State is noted for its high productivity, there is
no such extensive use of commercial fertilizers as in a number of other States. However, the consumption the present
season (only a portion of it going to cotton plantations),
based on the tag sales reports, has run larger than last year,
having aggregated 304,280 tons in the five months from
Jan. 1 to May 31, as against only 202,177 tons in the corresponding period of last year. Besides this, our own correspondents almost without exception confirm the view that
very much larger quantities have been used by cotton farmers than was the case in 1927, the estimates of increase
running all the way from 15% to 30%.
All this, however, so strongly suggestive of a considerable
increase in the size of the crop, should not be allowed to
obscure the fact that conditions the present year relating
to the crop have been extremely unfavorable. A very late
spring, cold nights and heavy rains are factors that may
(unless meteorological conditions change decidedly for the
better) serve greatly to curtail ultimate production and cut
down or cancel altogether the expected increase. In some
limited areas planting began as early as March 15, but as a
rule it did not begin until April 1st, and as very extensive
replanting had to be redone—in many cases a second or a
third time—it was not completed until about the 1st of June.
The seed came up poorly almost without exception and
germination and growth have been slow. The crop is all
the way from 10 days to three weeks late, and one correspondent, who makes a survey of the whole State, estimates
that 90% of the crop had to be replanted two or three times.
The heavy rains extended even into June, especially in the
southern part of the State, and eroded hills and overflowed
bottoms. Stands are good in about one-third of the oases,
and only about 75% of the normal in the other two-thirds.
Fields in the great majority of instances are grassy and
still need much cultivation and clearing out. Since the
middle of June, under the influence of higher temperature,
the crop has made fairly good progress, but cultivation still
lags somewhat. No trouble from weevil has yet been noted,
but of course only the future can determine what will happen
in that respect.
MISSISSIPPI.
Crop year—
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
Area
Picked.
Yield of
Lint Cotton
per Acre.
Acres.
3,408,000
3,809,000
3.501,000
3,057,000
3,392,000
3,076,000
2,667,000
3,100,000
3,000,000
3,160,000
2,814,000
3,310,000
2,760,000
3.100.000
Acres.
3,340,000
3,752,000
3,466,000
2,981,000
3,170,000
3,014,000
2,628,000
2,950.000
2,848.000
3,138,000
2,788,000
3,110,000
2,735,000
3.054.009
Pounds.
194
240
275
176
91
157
148
145
160
187
155
125
167
191
Production
500-18. Gross
Bales.
Bales.
1,355,098
1.887,787
1,990,537
1,098,634
603.808
989,273
813,014
895,312
960.886
1.226,051
905,554
811,794
953,965
1.245,535
LOUISIANA.—The same comment is to be made with
reference to this State that has been made above concerning
conditions in Mississippi. This State last year suffered
severely from the overflow of, the Mississippi River and the
various other streams like the Red River and the Atchafalaya. Moreover, the floods were prolonged to a very late
date, too late in most cases to admit of the planting of
cotton. Some of this land has been reclaimed the present
year. The sugar parishes unquestionably suffered worst of
all from the inundation of 1927, but a great deal of cotton
land was likewise submerged, and very badly submerged.
In our review of the situation in the State a year ago we
noted that the Crop Reporting Board of the Department of
Agriculture had put out figures showing that in fifteen
parishes of North Louisiana 432,000 acres had been flooded,
of which 288,000 acres were in cotton, while on the other
3996
FINANCIAL CHRONICLE
[Vol,. 126.
hand the State Commissioner of Agriculture reported that months from Jan. 1 to May 31 in 1928, in comparison with
the floods had affected about twenty parishes in the cotton 74,049 tons in the corresponding period of 1927 and 97,069
section of the State. The planters in the afflicted districts tons in the same five months of 1926. No evidences of the
made the best of a bad situation and our advices the latter boll weevil are noted, but that does not signify much as to
part of June stated that cotton was then being planted in what may possibly happen later in the season, the crop bethe mud as the waters were subsiding. There was, how- ing two or three weeks late and the cotton too small to reever, more or less cotton in the northeastern part of the veal signs of the pest.
State where the water did not recede until the season was
too far advanced to admit of planting with any prospect of
TEXAS.—This is a State of such vast domain that it is
raising a crop, and even where seeding was in the mud, it is difficult to cover it adequately and comprehensively. As
plain enough now, on looking back, that such operations we have many times pointed out in these columns, it is of
were not attended by a large measure of success. The such size that harvesting of cotton may be in progress at
extent to which the State suffered a year ago appears from one end of the State, while seed is still being
put in at the
the fact that as against 2,019,000 acres planted in 1926 and other end. As a matter of fact, that is precisely what has
1,979,000 acres picked in that year, the area planted in 1927 happened the present season, as it has
happened many times
dropped to 1,585,000 acres and the area picked to 1,542,000 in the past. In our issue of last week
acres, while the yield of lint cotton fell from 200 lbs. per acre at Houston, Tex., by express on Friday, reported the arrival
June 15, of the first
to 170 lbs., the final result being a crop of only 547,437 bale of the 1928 crop. It was sixteen days later
than the
bales in 1927, against 829,407 bales in 1926 and 910,468 bales first bale in 1927, which was received at
Houston on May 30.
in 1925.
The bale was grown on a farm two miles from Brownsville,
The outlook the present season must be studied in the on the Mexican border. On the other hand, at
that very
light of the foregoing facts with respect to the very excep- time planting at the extreme northern end of
the State was
tional nature of the situation last year. As already stated, still going on in a small way, the crop
the present
the land lost to cotton farming in 1927 by reason of the Texas being late and the season backward the year in
same as
floods is being reclaimed the present season. That neces- elsewhere in the South. The extent to which
the crop is
sarily means some increase in acreage as compared with the late is indicated in the sixteen day later arrival
of the
reduced acreage of a year ago. Then there should be an first bale. And what is true of Southern
Texas is true also
advantage in the way of increased fertility as the result of of nearly all the other parts of the
State, only perhaps more
the silt and rich sediment left behind last year when the emphatically so in most cases, the crop of the
State, generalwater passed off. Furthermore, the lands which had to he ly speaking, being two to three
weeks late—a misfortune
abandoned a year ago are among the most fertile in the common to the whole South. While
by reason of Its magState, and as their elimination so substantially reduced the nificent dimensions it is not an easy
matter to present a
yield per acre, so by parity of reasoning their restoration to survey of the crop situation in Texas
equal to the requirecotton culture in 1928 should have the effect of again in- ments, on the other hand it is in the
highest degree imcreasing the product per acre. There is, however, a reverse portant that the fullest account
regarding the outlook and
side to the picture. Conditions have been extremely un- conditions in that State be given,
favorable the present season, both in the matter of planting good years and bad years alike, suchsince it contributes, in
a
and in respect to the circumstances surrounding growth. entire crop of the South. In 1926, large portion of the
when
the crop of the
elsewhere,
As
the weather has been too cold and too wet United States was the largest on
record,
and so generally unfavorable that the work of planting in than 17,977,374 bales of 500 lbs. (not reaching no less
counting linters),
many different sections had to be done over two or three Texas furnished 5,630,831 bales out
of the whole, or sometimes. Because of these unfavorable conditions and the what over 31%. In 1927, when the
crop fell to 12,950,473
discouragement which this caused, not a little acreage in bales, and Texas' own yield
was reduced to 4,354,621 bales,
one part of the State or another has been abandoned. Such its proportion of the total was even
larger, being slightly
abandoned areas count against the increase that has resulted in excess of 33-1/3%. Accordingly,
the Texas situation must
from the return to cultivation of the flooded areas of 1927. be outlined at more than ordinary
length and with more
We estimate the increase in acreage for the State as a than the usual detail to make it possible
to
whole at 5%. That would give an addition of 80,000 acres tion accurately. Because of the immense judge the situasize
and raise the total area of the State to 1,665,000 acres, but we shall follow the plan we have pursued in of the State
other years
still leave the total area much smaller than the total of and divide the State into geographical
parts
2,019,000 acres in cultivation in 1926 or the 1,903,000 acres the conditions in each part separately, since and consider
only in that
planted to cotton in 1925.
way can a clear idea be gained of the state of things.
The rainfall in Louisiana the current year has not been
But before making segregation in this way, some general
so very much in excess of the normal as In some other observations with respect to the State as a whole
will serve
States, though unfortunately there has been a recurrence of as a useful preliminary. It has already
.been noted that the
rain during the current month of June. The average rain- Texas crop fell to 4,354,621 bales in
1927, from 5,630,831
fall at the reporting stations throughout the State was 0.82 bales in 1926. This reduction was
the
inches in April, or 2.12 inches above the normal in com- decrease in acreage and a reduction two-fold result of a
in the yield per acre
parison with 6.85 inches in April last year, or 2.15 inches from 146 lbs. to 129 lbs. In 1926
the area placed in cultiabove the normal, and 4.03 inches for May, or 0.27 inches vation was 19,140,000 acres
and the area picked 18,374,000
below the normal, against 5.42 inches in May of last year, acrese. In 1927 the area in
cultivation fell to 16,850,000
or 0.99 inch above the average. The mean temperature for acres and the area picked
to 16,176,000 acres. The decrease
April, however, was only 63.0 degrees, against 71.1 a year in acreage
may have been influenced to some extent by the
ago, and 71.7 degrees for May, against 76.1 in the same low price prevailing for cotton,
but was to a predominating
month of last year. Our returns for Louisiana the present part
due to drought. The reduced yield per acre appears
year are quite generally unfavorable. Sowing of the seed attributable mainly
to the same
began early in March, and after cobsiderable replanting (in odds the most serious drawback cause. Drought is by all
some cases, as already stated, as much as three times) was to fear in Texas. The drought that cotton producers have
last year was very severe.
completed the latter part of May. All the early plantings Relief came before
the end of the season, but too late to
came up poorly and, as a matter of fact, the same may be do much good. In western
and
said with reference to the subsequent plantings, seed being particularly in the Panhandle, northwestern Texas, and
the extreme dry weather
killed through excessive winds and rains, and also by frosts. prevented the planting of a
good portion of the crop, which
Several of our correspondents observe that they have never means that much acreage was
year
known such continuous cold through March, April and May there has again been drought,abandoned. The present
but the drought was broken
present
prevailed
the
year,
besides
rain
and wind, there much earlier than was the case last
as
year, quite general rains
having been a new downpour the early part of June. It is being reported during May.
Newspaper
advices have indineedless to say that stands are not In a satisfactory con- cated that adequate relief then came
sections of the
dition, taking the State as a whole, though not a few State, except possibly a few points to all
in central Texas. But
correspondents say that good stands have been secured after it is by no
means clear that this has been the case. The •
replanting. There is much chopping out yet to be done, the rains apparently
were irregularly distributed, and until
fields being quite foul with both grass and weeds, and the June do not appear to have been particularly heavy anyground too wet to admit of much cultivation. Fertilizers where. In April the average
rainfall for the State of Texas
are not very extensively used in Louisiana, but there has as a whole was only 2.15 inches, or 1.10 inches below the
been an increase as compared with 1927. The tax tag sales normal, or less even than in April last
year, when the avershow 107,383 tons consumed on all crops during the five age rainfall was 3.10 inches. For May
the comparison with
a year ago is better, and yet the precipitation (always
Yield of
.
Productions.
speaking of the State as a whole) was not heavy, reaching
• Area
Area Os
Lt4u Caton 500-1b. Oros
LOUISIANA.
Cutitration.
Picked.
Per Acre.
only 3.37 inches, which, however, compares with only 1.64
Bales.
— Inches in May last year. For
the month of June the figures
Acre,.
Acres.
Pounds.
Crop Year—
Bales.
1,585,000
1.542.000
170
of course are not yet available. The weekly returns of the
547,437
1927
2,019,000
1,979,000
200
820,407
1926
Weather Bureau, however, have indicated a considerable
1,903,000
1,874,000
232
910.468
1925
1,616,000
1,668,000
145
change for the better, with widespread rains, but rather
492,654
1924
1,464,000
1,405,000
125
367,882
1923
irregularly distributed. For the week ending June 5 the
1,175,000
1.140.000
144
343,274
1922
report stated that rainfall had been moderate to excessive;
1,192,000
1,168,000
114
1921
278,858
1,470,000
1,555,000
126
387.6413
1920
for the week ending June 12 the statement was that there
1,527,000
1,700,000
93
297,681
1919
had been rain at 90% of the reporting stations, with "ample
1,683,000
1,700,000
167
587,717
1918
1,465.000
1.454.000
210
638,729
1917
to too much rain, except in spots in central Texas, where
1.260.000
1.250,000
170
443,182
1916
dryness maintaining activity of lice, and locally in south
990,000
1,010,000
165
1915
341,063
IRS
Is" 1-0
1 140 000
1011
1 500 Ann
Texas, where rains favorable for weevil increase" had been
JUNE 30 1928.]
experienced; for the week ending June 19 the report was
that progress had been generally good. In view of all this
the conclusion would seem warranted that this year's
drought has been definitely broken, though not all sections
have had the abundance of rainfall desired or needed, yet
the general situation in that respect is far better than it
was at this date a year ago. Moreover, as the breaking of
the drought came much earlier this year, the benefits will
be correspondingly greater. Since considerable acreage had
to be abandoned last year, on account of extreme dryness
of the soil, and a considerable portion of this acreage will
be recovered the present year, this means a larger total
acreage, for the State. An exception must be made, however, of the Texas Panhandle. Owing to the late and dry
spring no great amount of cotton had been planted in the
Panhandle up to the 10th of June, except in the extreme
southern portion. How much of this land can still be reclaimed with the prospect of yielding anywhere near a
respectable crop, must remain an open question for some
time to come. The fact that the drought has been definitely
broken does not afford full assurance on that point, inasmuch as on account of the long continued dryness there is a
lack of subsoil moisture and present rainfall will have to
be supplemented by further rains as the season progresses
In order that a full yield may be obtained. And this applies
not alone to the Panhandle counties of •the State, but to
most of the other counties. High temperatures will also
have to come if a full crop is to be raised. Texas has had
to contend all through the spring with unseasonably low
temperatures, the same as the rest of the Cotton Belt. This
has been quite as much of a drawback as the drought, and
the two together are responsible for the fact that the crop
Is 10 days to two weeks late. The part played by the cool
weather generally will appear when we say that in April
1928 the average temperature for. the different reporting
stations throughout the State was only 62.6, as against 69.4
in April last year, and in May 73.1 against 77.0. The beginning of planting varies widely in different sections of
the State, depending upon latitude, but everywhere throughout the State beginning was much later than usual. Cold
and dryness caused delay in most sections, and cold and
wetness in other sections. Late frosts also did more or less
harm in one part of the State or another, as likewise have
hailstorms. As to the extent of the increase in acreage the
reports vary widely in different parts of the State, but our
conclusion is that the increase will average about 7%, but
as George B. Terrell, the Texas Commissioner of Agriculture, has just issued a report making the increase 6%, we
adopt the latter figure. This brings the acreage up to
17,900,000 acres, at which figure comparison is with
19,140,000 acres planted two years ago.
Taking up now the different sections of the State, in the
extreme southern portion of the State- planting began Feb.
15 and was finished by March 15, which was about the usual
date. The seed came up well, notwithstanding lower temperatures than usuaL The long continued cold weather,
however, retarded growth and the crop is accordingly 10
days late. During June it has been too wet, but with more
seasonable temperatures at the time of writing there was
no cause for complaint except that the crop was late. Stands
in that part of the State are good, with the fields well
cultivated and quite free from weeds and grass. Here
there is a slight Increase in acreage—say 2@3%. In the
south central section planting began March 15 and extended
pretty well into May. The seed came up well, but much was
killed by extreme cold and the low temperatures also retarded growth. The crop is two weeks late. In some sections replanting was necessary to the extent of 75%. During June, with higher temperatures, the crop has been making fairly good progress, but plants are small and rain is
needed. Acreage here has increased about 5%. Stands are
satisfactory and fields clear and well cultivated. In east
central Texas planting began April 1 to April 15, and was
not finished in many instances until the early part of June.
Here there has been too much rain and the crop is about
10 days late owing to low temperatures and excess of
moisture. Much replanting had to be done, though the seed
at first came up well. Plants are small, but in all except
a few cases good stands have been secured. Here estimates
of changes in acreage vary widely, a few decreases being
reported, with many increases, some of these latter running
as high as 15%. From north Texas, but below the Panhandle, the accounts are better than from any other part of
the State. Planting began about May 10 and was finished
about June 6. In this area very little replanting was necessary—hardly any, except at strictly local points on account
of hail and not sufficient in the aggregate to merit special
mention. Last year, on account of the drought, planting In
this area did not begin until June 15. The seed germinated
well as a whole, and stands are generally quite good, with
the fields clear of weeds and grass. This covers a section
where there has never been any trouble from the boll weevil.
Here increases in acreage are put at 10 to 12%. From
west central Texas the accounts are also very good. Planting started May 1 to May 15 and continued until nearly the
middle of June. The seed came up well, but early stands
were ruined in some cases by hail and too much rain, necessitating about 20% of replanting. Our correspondents say,
however, that generally speaking the rains came at the
3997
FINANCIAL CHRONICLE
right time. One correspondent says that they had "fine
moisture," but that the nights have been slightly too cool.
Estimates of acreage here run from unchanged to 5% increase. A good stand has been secured to the extent of
about 80%. The remainder of the cotton is not yet up.
About 85% of the fields are well cultivated. In that part of
the State the crop is about one week late. In southwestern
Texas, in the neighborhood of the Mexican borders, planting began March 20, but on April 20 the temperature
dropped to 18 and killed all cotton up or in the ground.
This necessitated about 50% of replanting, which was not
finished until June 1. In that part of the State the general
statement is that it has been "a little cold" and that the
crop is three weeks late. Acreage is estimated to have
increased 8@10%. Fair stands have been obtained, but considerable grass remains to be removed.
With regard to Texas generally it is to be said that
weather conditions greatly improved during June, temperatures having been much higher; accordingly, the crop is
now making good headway and recovering lost ground, with
the result that the outlook is far more encouraging than it
was at the same time a year ago. Indeed, the Texas Commissioner of Agriculture puts the condition June 15 at 79%
of the normal, which compares with his own figure of 77%
at the same date in 1927. Fertilizers do not cut much of a
figure in Texas, but a little more has been applied the
present year than was the case in other years.
TEXAS.
Crop Year—
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
Area
Picked.
Yield of
Lint Couon
per Acre.
Production,
500-lb. Gross
Bales.
Acres.
16,850,000
19,140,000
19,139,000
17,706,000
14,440,000
12,241,000
11.193,000
12,265,000
11,025,000
11,950,000
11,676,000
11,525,000
10,725.000
12.052 000
Acres.
18.176,000
18,374,000
17,608,000
17,175,000
14.150,000
11,874.000
10,745,000
11,898,000
10,476,000
11,233,000
11,092,000
11,400,000
10,510,000
11.931 000
Pounds.
129
146 •
113
138
147
130
98
174
140
115
135
157
147
184
Bales.
4.354,821
5,630,831
4,165,374
4,951,059
4,342,298
3,221,888
2,198,158
4,345,282
3,098.967
2,696,561
3,125,378
3,725,700
3,227,480
4,592.112
ARKANSAS.—No State suffered as much as Arkansas a
year ago from the overflow of the Mississippi Rivef and its
tributaries and the breaks in the levees. It is necessary
to recall that fact, and the circumstances connected with it,
to get a clear comprehension of the great change for the
better the present season, notwithstanding that this State,
no less than the rest of the South, has had to contend with
decidedly adverse meteorological conditions. As we recounted in our review a. year ago, Arkansas then suffered
beyond all other States from the Mississippi floods and
overflows. Nowhere else were greater areas submerged, nor
more people rendered homeless or greater general damage
done. The floods last year began in April and extended
into May. According to the Crop Reporting Board of the
Department of Agriculture, 1,838,000 acres of crop land in
Aakansas were flooded, of which 1,112,000 acres were in
cotton, with a yield the previous season of 500,000 bales. By
May 15 the waters had sufficiently receded in the submerged
districts to permit planting, but early in June last year
there came a second overflow, causing new devastation and
adding further to the havoc. Several of our correspondents
reported entire counties overflowed a second time and under
water. One correspondent in Independence County then said
that they had had high water on all the creeks and rivers
for sixty days and that a good'deal of land that was usually
planted in cotton would be planted in something else. But
perhaps the dismal situation which then existed is best
described by noting the response which came from one of our
correspondents in Desha County, in response to our question
when it was expected that seeding could be done. To this
he replied laconically "next year." In these circumstances
it was not surprising to find, at the end of the season, that
the area under cultivation had fallen from 3,867,000 acres
In 1926 to 3,142,000 acres in 1927, the area harvested or
picked from 3,790,000 acres to 3,048,000 acres, and that as a
result of this loss in acreage, together with a reduction in
the yield per acre from 195 lbs. to 157 lbs., the crop had
been cut down from 1,547,932 bales in 1926 to only 999,657
bales in 1927.
The present year there has been no scourge of the kind.
There have been a few very limited overflows during the
current month of June, but very much more circumscribed
in character. For instance, an Associated Press dispatch
from Newport, Ark., on June 16 gave an account of some
1,000 persons who had been driven from their homes by
flood waters of the White River awing to a break in the
dike at Stephens, 12 miles south of Newport, causing an
overflow of between 35,000 and 40,000 acres of land, in the
southern part of Jackson County, about 60% of this land
being under cultivation and the rest being woodland. About
the same time there came a similar report from Kenneth,
141o., of the breaking of one of the dikes of the St. Francis
River, the effects of which were eaually circumscribed.
Later advices have spoken of further similar trouble in the
'White and St. Francis Rivers. But apart from limited
districts like this the Arkansas record the present year is
free of floods and overflows—all of which, of course, has
3998
FINANCIAL CHRONICLE
an important bearing upon the crop situation the present
season, more particularly as it means the recovery of much
land which was cut off from the cotton area last year. And
yet it must not be supposed that conditions in Arkansas the
present season have been what could be desired or, indeed,
anything except decidedly adverse. A few excerpts taken
at random from our reports will serve to describe the situation. One correspondent says: "Too wet and too cold";
another, "cold and rain all the time"; still another says,
"We have had the most rain that we have had for 10 years."
The weather statistics bear out these statements, and yet, as
far as mere rainfall is concerned, the situation the present
year has at all events been a great improvement over that a
year ago. For the State as a whole the average rainfall in
April of the present year was 8.52 inches, which was 3.64
inches above the normal, but on the other hand, in April
last year the rainfall reached no less than 12.93 inches,
which was 8.05 inches above the normal. In May of the
present year the average was only 3.60 inches, or 1.42
inches below the normal, as against 6.54 in May last year.
During June the rainfall appears to have been irregularly
distributed, light to moderate in the south portion of the
State and thus favorable, but heavy in central and north
portions, stopping cultivation. Temperatures during April
and May were much too low, having averaged only 57.3
in April, against 65.7 in the same month last year, and 69.5
in May against 71.7.
A sharp distinction must be made, between the situation
in the extreme western part of the State, on the Oklahoma
border, and that in the rest of the State. From that part
of the State the accounts are quite generally satisfactory
and the crop only a few days late. Planting here began
early, but cool weather interfered, and the bulk of the crop
was planted a little later than usual. The main portion
of the crop was planted between April 20 and May 20. This
was earlier than in 1927, but a few days later than usual.
All the seed planted after April 15 came up well, with very
little replanting required. Stands are all good In that part
of the State and the fields clear of weeds and grass. Acreage is estimated to have increased in that part of the State
between 5% and 8%. In the rest of the State the situation has been far less favorable, very extensive replanting
having had to be done and the cold wet weather having
interfered with growth and germination, with the result
that the crop is, say, 15 days later than the average, but
not later than in 1927. Planting extended over the period
from April 20 to June 1 and the general complaint is that
the planting season has been entirely too cold with some
local floods. Stands here are reported quite generally
good, but not so in all cases. Complaints are general, too,
of fields being full of grass and weeds, with chopping only
about half-done. Increases in acreage are quite large here
and run quite high-up to 12018%. We make the average
increase for the whole State 12%, bringing the total acreage up to roughly 3,500,000 acres as against 3,867,000 acres
in 1926. Fertilizers are not extensively used in Arkansas,
but a little more has been applied this year in the cotton
fields than last season. The tax tag sales show 125,885
tons applied to all crops in the five months from Jan. 1
to May 31, against 73,405 tons in the same five months of
1927, and 126,669 tons in the five months of 1926.
[VoL. 126.
having been 52.2 as against 63.6 in April last year and the
mean for May 69.3 against 71.7. No State in the Cotton
Belt suffered a heavier reduction of its cotton crop in
1927 than did the State of Oklahoma. According to the
ginning returns the Oklahoma crop in 1927 reached only
1,036,606 bales, as against 1,772,784 bales in 1926, a falling
off, it will be seen, of no less than 736,178 bales. There
was a heavy reduction in acreage, only 4,187,000 acres having been planted in 1927 and but 3,601,000 acres harvested,
against 5,083,000 acres planted and 4.676,000 acres picked
in 1926, while at the same time the yield per acre fell from
180 lbs. in 1926 to only 138 lbs. In 1927. The low price
ruling for cotton played its part in reducing acreage and
the reduction in yield (of the 736,178 bales loss in the size
of the crop, 387,000 bales was due to the decrease in acreage and 349,178 bales to the reduction in yield per acre)
appears to have followed mainly from the injury inflicted
by the weevil. The United States Department of Agriculture in its Sept. 1 report said that rainy, cloudy weather
most of August had promoted weevil activity and that abandonment had been extremely heavy in the eastern part of
the State, owing to weevil damage. The Oct. 1 report of
the Department was to the same effect, it being stated
that there was no top crop in any of the weevil counties,
though in the non-weevil counties there was some. In all
of the weevil area the crop, it was stated, was on lower
branches of the plant and the yield so small that most of
the farmers were waiting for the entire crop to open before picking.
In considering the situation the present season a point
to bear in mind at the outset is that while conditions thus
far in 1928 have been far from what could be desired,
mainly in the retardation of growth, they have been by no
means so unfavorable as they were in 1927, which of course
Is an advantage which may count in favor of the ultimate
size of this year's crop. The higher cotton prices prevailing have created a tendency to enlarge acreage and in the
northwestern portion of the State some of our correspondents report increases running as high as 30%. On the other
hand, in many other parts of the State the returns show the
acreage unchanged and in some instances even slight decreases in acreage are reported. It sometimes happens in
this State that when the winter wheat crop, sown the
previous autumn, has fared badly and considerable acreage had to be abandoned, on account of winter killing,
that considerable portions of such abandoned wheat acreage will be ploughed over and seeded with cotton, but apparently there has been little, if any, accession of acreage
in that way the present season. The Department of Agriculture estimates the winter wheat crop of Oklahoma the
present season at 58,012,000 bushels, as against only 33,372,000 bushels harvested in 1927 and a 10-year average
of 46,240,000 bushels. Not only that, but the percentage
of winter wheat acreage that had to be abandoned was
unusually small. For the State as a whole we should judge
the cotton acreage would be about the same as a year ago.
In the eastern portion of the State planting began April 1
and was finished about May 10. The seed came up well as
a rule, but late frosts did some damage and as the rainfall
was heavy some lowlands were overflowed. On account of
the wet weather, the fields abound with weeds and grass,
as a rule, but nevertheless good stands as a rule have been
Yield of
Production,
obtained. In the most of the rest of the State and particuArea in
Area
Lint Cones, 500-lb. Gross
larly in the southwestern portion planting did not begin
ARKANSAS.
Cultivation.
Picked.
per Acre.
Bales.
until May 1 and extended well into June. Hailstorms ocAcres.
Crop YearAcres.
Pounds
Bales.
casioned more or less replanting. Here stands average
8,142,000
1927
3.048,000
157
999,657
3.887,000
1926
3,790.000
195
fair to good. In the extreme western part of the State,
1,547,932
3,814,000
1925
3.738.000
205
1,604,628
where until lately moisture was insufficient, fields are quite
3,173,000
1924
3,094.000
169
1,097.985
1923
3,026,000
clear, with little grass. The crop is everywhere late-say,
3,120,000
98
827,535
2,827,000
173
1922
2,799,000
1.018,021
(1) week to (2) weeks. The latter part of June weather
2,382,000
2,418,000
160
1921
796,936
conditions in Oklahoma against became unfavorable, the
3,055,000
195
2,980,000
1920
1,214,448
155
2,725,000
2,865,000
1919
884,473
Weather Bureau in its report for the week ending June 19
158
2,991,000
1035.000
1918
987,340
saying: "Too much rain. Heavy local damage by wind,
1,810,000
170
2,740,000
1917
973,752
209
2,600,000
2,630,000
1916
1,134,033
rain, and hail storms, flooding lowlands. Progress of cot180
2,170,000
2.260,000
1915
816,002
ton generally rather poor on account of cool, cloudy, wet
1914
196
2.480.000
2.550.000
1.016.170
weather; too wet for cultivation and fields foul in many loOKLAHOMA.-This State has not escaped from the un- calities." Fertilizers are not used to any extent in Oklafavorable conditions prevalent elsewhere throughout the homa.
Cotton Belt, which means that generally speaking it has
been too cold and also too wet. As to the last mentioned
Production.
Yield of
OKLAHOMA.
Area in
Area
Lint Cotton 500-1b. Gross
adverse factor, an exception must however be made of the
Cultivation.
Picked.
Bales.
per Acre.
western part of the State, where there has been an absence
Crop YearAcres.
Acres.
Bales.
Pounds.
the
month
of
In
April,
rain.
for
instance, the 1927
of sufficient
4,187,000
3,601,000
1,036,806
138
5.083,000
monthly average for the State, computed from the records 1926
4,676,000
1,772.784
180
1925
5,320.000
5,214,000
1,691,000
155
of 97 stations, was 4.86 inches. This was 0.76 inch above 1924
4,022,000
3.881,000
1,510,570
187
3,400,000
the normal for the 69 stations having 10 or more years rec- 1923
3,197,000
655,558
98
1922
3,052,000
2,015,000
627,419
103
ord. But while there w,'S 3 general excess over the eastern 1921
2,536.000
2,206,000
104
481,286
2,988.000
and central portions of 61 be State, there was, the Weather 1920
2,749,000
1,330,298
230
1919
2,512.000
2,424,000
1,016,129
195
Bureau says, a rather intrked deficiency over the western 1918
3.190,000
2,998.000
92
576,886
2.900,000
portion. Yet the genera) situation as to rainfall was very 1917
2,783,000
959,081
165
1916
2,614.000
2,562,000
823,526
154
much better than a year ago in the same month, when the 1915
2,000.000
1,895,000
639.626
162
2.920.000
average rainfall reached no less than 6.29 inches. On the 1914
2.847.000
1.262.176
212
other hand, in May the rainfall was relatively light in 1928
TENNESSEE.-This is a State which produces only a
as it had been in 1927, the precipitation for the State as
a whole having averaged 3.93 inches for the State as a Moderate sized crop and it shared the common experience
whole, or 0.47 inches below the normal, as compared with last year in suffering a reduction in acreage and also a de2.72 inches in May last year which was 2.19 below the nor- cline in yield per nerd. The area planted fell from 1,178,mal. The most serious adverse factor the present year 000 acres in 1926 to 985,000 in 1927, the area harvested
for April from 1,143,000 acres to 965,000, and the product per acre
has been the deficiency in ,lemperature, the ma
••■
JUNE 30 1928.]
FINANCIAL CHRONICLE
from 188 lbs. to 178 lbs., with the result that the 1927 crop
aggregated only 358,755 bales against 451,533 bales in 1926
and 517,276 bales in 1925. The reduction in acreage followed in part from the fact that in the extreme western portion of the State planters suffered on account of the Mississippi floods. This year there has been little damage in
that way, though the present week there has been some
threatened trouble of the kind, some of the lowlands having
been inundated. As elsewhere, the weather has been too
wet and too cold and repeated rains in June have further
aggravated the situation. Planting began April 28 and
was completed about June 5 to June 7. About 70% of the
crop was planted about 15 days later than usual. Much
replanting had to be done especially in the case of the early
plantings, most of which were killed by late frosts. Even
in the case of the later plantings, the seed came up poorly,
germination being delayed by low temperatures. Rains
the first half of June have occasioned a further setback,
though since then conditions have been more favorable and
good progress with the crop has been made generally, and
excellent progress in a few counties. The crop is fifteen
to twenty days late, but it was also very late last year
for much the same cause, namely, weather too cold and too
wet. Acreage shows an increase of about 5%. Stands
are irregular and only fairly good in the majority of cases.
Cultivation is very backward and there is an abundance
of grass and weeds. About one-third of the crop has not
been chopped at all and is badly in grass, while the other
two-thirds, after having been cleared out and worked, has
been fast getting grassy again owing to the heavy rains in
June. Our reports show a greatly enlarged use of commercial fertilizers, some of our correspondents estimating
the increase as high as 40%. The tax tag sales show 127,130 tons of fertilizers consumed on all crops in the five
months from Jan. 1 to May 31 in 1928, against 74,833 tons
In the same period of 1927 and 124,460 tons in the five
months of 1926.
CALIFORNIA, ARIZONA AND NEW MEXICO.-Planting in these irrigated areas was reduced last year, the same
as elsewhere, the reason doubtless being the low price of
cotton. The present year with the price ruling so much
higher the area in cotton has again been extended, and as
comparison is with small figures the ratio of increase is
large. For California the acreage is estimated at 190,000
acres, against 130,000 acres last year, an increase of about
47%. For Lower California (the Mexican side of the Imperial Valley), which we do not include in our totals, the
acreage is estimated at 172,000 acres, against 110,000 acres
in 1927, an increase of about 56%; for Arizona it is put at
200,000 acres, against 140,000 acres, an increase of about
43%, and for New Mexico about the same as last year, or
100,000 acres. In California planting began about the end
of March and was completed by the end of May. This
was about the same as the average of previous years, except in the Joaquin Valley, where it was a week earlier.
The seed came up well and a good stand has been obtained,
•with the field clear of weeds and grass. Weather conditions in California have been entirely favorable, but it
has been rather cool in Arizona, necessitating some replanting. The crop is about one to two weeks early in California, but about 10 days late in Arizona. The period
of planting in Arizona was about the same as in California,
and extended from March 1 to June 1. The bulk of the
planting in that State was from 10 days to two weeks later
than usual. Temperatures have been too low and 10 to 15%
of replanting was occasioned by the cold weather. Stands
in Arizona are only fair. The Agronomist of the University
of Arizona says that there has been nothing unusual the
current season, outside of cold weather early in the spring,
while one of our California correspondents sums the situation up tersely by saying: "A good normal season here, with
a big increase in acreage."
CALIFORNIA
TENNESSEE.
Crop Year1927
1925
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
CulHvation.
Area
Picked.
Yield of
Lint Cotton
per Acre.
Acres
985.000
1,178,000
1,191,000
1,016.000
1,221,000
994.000
640,000
870,000
798.000
910,000
908,000
895,000
780,000
935.000
Acres.
965,000
1,143,000
1,173,000
996.000
1,172.000
985,000
634.000
840,000
758.000
902,000
882,000
887,000
772,000
Winona
Pounds.
178
188
210
170
92
190
228
185
195
175
130
206
188
Bales.
358,755
451,533
517,276
356,189
227,941
390,994
301.950
325.085
310.044
329,697
240,525
382,422
303,420
200
2R2 517
Production,
500-1b. Gross
Bates.
MISSOURI.-The limited areas devoted to cotton in this
State border mostly on the Mississippi River, and as a
consequence suffered severely last year from the April overflows and again from the new overflow in June of that
year. The result was that the 1927 crop of cotton was
practically cut in two, the production falling from 217,859 acres in 1926 to 114,125 acres in 1927. The area picked
was only 291,000 acres against 434,000 acres in 1926, and
the product per acre fell from 240 lbs. to 188 lbs. The present year there were no April overflows, but the current
month and especially the past 10 days, some inundation
has occurred. With no repetition of the disastrous overflow of the Mississippi, the outlook in this State is vastly
better than it was last year, though this statement must be
qualified to the extent that impairment has occurred as
the result of the heavy rains in June. Planting began
April 25 and was finished about May 15. The seed came
up well as a rule and very little replanting was found
necessary. Germination was tardy because of the low
temperatures, and growth has been slow for the
same
reason. The crop is about 10 days later than the average, but earlier than last year, when the disastrous floods
occasioned such a serious setback. Much of the land which
was overflowed last season has been reclaimed and the increase in acreage according to the best reckoning that
can be made at this date will be about 15%, and maybe
more, bringing the total up to 350,000 acres, which is well
below the 472,000 acres planted in 1926 and the 542,000
acres planted in 1925. Fertilizers are not used to any extent
on cotton lands in Missouri, but a little has been applied
in Ozark County. Fairly good stands have been secured,
but some little grass is present, though not to any serious
extent.
Acres.
305,000
472,000
542,000
524,000
394,000
201,000
104,000
143,000
132,000
155,000
161,000
136,000
105,000
148.000
Area
Picked.
Acres.
291,000
434,000
520.000
493,000
355,000
198,000
103.000
136,000
125.000
148,000
153.000
133,000
96,000
145.000
Yield of
Lint Cotton
per Acre.
WWN.NDWWWW.NN.;
Crop Year1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1014
Area in
Cultivation.
00000'.4000..0.0'00
MISSOURI.
Production,
500-lb. Gross
Bales.
Bales.
114,125
317,859
294,262
189,115
120.894
142,529
69,931
78,856
64,031
62,162
60,831
62,699
47,999
81.752
3999
Crop Year1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
ARIZONA.
Crop Year1927
1925
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
ALL OTHER
STATES.
Crop Year1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
UNITED
STATES.
Area in
Cultivation.
Acres.
130,000
a167,000
a171,000
a130,000
a235,000
a210,000
al40.000
a278,000
a185,000
a192,000
155,000
55,000
41,000
47,000
Area in
Cultivation.
Acres.
140,000
168,000
162,000
183,000
130,000
105,000
94,000
235,000
112,000
100.000
46,000
Area in
Cultivation.
Acres.
123.000
169,000
197,000
172.000
92 000
48.000
20.000
25 000
10 000
13.000
16.000
025,000
515.000
820000
Area in
CuUteatton.
Area
Picked.
Area
Picked.
Acres.
128.000
162,000
169,000
130.000
233.000
202,000
140,000
275.000
185.000
173,000
136,000
52,000
39,000
47.000
Area
Picked.
Acres.
139,000
167,000
162,000
180.000
127.000
101.000
90,000
230,000
107,000
95,000
41,000
Area
Picked.
Yield of
Lint Cotton
per Acre.
Pounds.
340
386
340
284
285
188
258
266
268
270
242
400
380
500
Yield of
Lint Cotton
per Acre.
Pounds.
315
348
350
285
292
222
242
224
270
280
285
Yield of
Lint Cotton
per Acre.
Acres.
Pounds.
117,000
256
163,000
244
164,000
256
142,000
215
73,000
228
44.000
208
18,000
231
24.000
252
10.000
250
12,000
250
15,000
175
625,000_
b15,000___
1020.000
Yield of Production
Lint
500-Lb.
Cotton
Gross
per Acre.
Bales.
Production,
500-Lb. Gros
Bales.
Bales.
91,177
131,211
121,795
77,823
54,373
28,423
34.109
75,183
56,107
67.351
57,826
43,620
28.551
49.835
Production,
500-1b. Gross
Bales.
Bales
91,589
122.902
118,588
107.606
77,520
46,749
45,323
103,121
59,849
55,604
21,737
Produaion,
500-1b. Gros
Bales.
Bales.
71.832
87.032
87,965
67.305
33,672
19,310
8.715
13.239
4.947
6.157
5.666
b13,604
87.149
014.045
Linters
Eftufaakist
500-Lb.
Bales.
Crop Year.
Acres.
Acres.
Pounds.
Bates.
Bale:
192741,905.000 40.138.000
154.5
12,950,473
777.028
1926
48,730,000 47.087,000
181.9
17,977,374
1,157,861
1925
48,090,000 46,053,000
167.2
16.103.679
1.114,877
1924
42,641,000 41.360,000
157.4
13.627,936
897.375
1923
38.709.000 37.420,000
130.6
10339,671
668,600
1922
34,016,000 33,036.000
141 5
9.762.069
607,779
1921
31.678.000 30,509.000
124.5
7,953,641
397,752
1920
37,043.000 35.878,000
178.4
13,439,603
440, 12
1919
35.133,000 33,566.000
161.5
11.420.763
607.969
1918
37,217.000 36,008,000
159.6
12.040.532
929,516
1917
34,925.000 33,841.000
159.7
11.302.375
1325.719
1916.
36.052,000 34,985,000
156.6
11349.930
1,330,714
1915
32,107.000 31,412.000
11,191.820
931.141
170.3
1914_
27400000
20 R29000
9009
IA PIA 010
820 900
a California figures embrace the entire Imperial Valley, including about 110,000
acres in Mexico in 1927. 135,000 acres in 1926.
acres in 1925. 140,000 acres
In 1924, 150.000 acres in 1923, 140.000 acresin 150,000
1922. 85.000 acres in 1921. 125.000
acres in 1920. 100.000 acres in 1919, 88.000 acres in 1918. none of which le counted
In the grand total for the United States.
',Include. Arizona figures for the years 1914-1915 and 1916.
The thermometer record for the months of February,
March, April and May at the principal cities in the South
for three years is as follows:
[VOL. 126.
FINANCIAL CHRONICLE
4000
THERMOMETER RECORD AT SOUTHERN CITIES FOR THREE YEARS.
Irl (.1.I.
RP/.•
1
...--.
.- ......,,.
MOMETER. 1928. 1927. 1926. 1928. 1927. 1926 1928. 1927. 1926 1928. 1927 1926.
Virginia.
Norfolk.
Highest 65.0 77.0 72.0 82.0 82.0 82.0 80.0 ____ 84.0 91.0 90.0 89.0
Lowest
25.0 33.0 21.0 30.0 25.0 22.0 37.0 __ 33.0 47.0 45.0 45.0
Average 43.6 48.3 44.2 48.6 51.6 44. 56.6 ____ 55.3 64.8 66.7 66.0
No. Caro.
Wilmington
Highest 68.0 81.0 72.0 78.0 82.0 76.0 81.0 85.0 82.0 89.0 89.0 93.0
Lowest
27.0 34.0 28.0 32.0 27.0 21.0 38.0 38.0 34.0 46.0 49.0 45.0
Average 49.4 57.6 50.2 54.0 55.6 49.1 60.2 61.4 60.6 67.8 71.6 68.8
Weldon.
Highest 67.0 80.0 75.0 83.0 86.0 82.0 82.0 92.0 89.0 93.0 94.0 95.0
Lowest
16.0 27.0 20.0 25.0 12.0 12,0 27.0 28.0 28.0 37.0 32.0 37.0
Average 43.1 50.5 46.0 49.9 52.9 46.0 56.5 58.2 58.4 65.6 68.0 68.0
Charlotte.
Highest 66.0 79.0 73.0 81.0 83.0 77.0 79.0 89.0 85.0 92.0 93.0 96.0
20.0 30.0 23.0 28.0 23.0 16.0 32.0 36.0 33.0 43.0 44.0 46.0
Lowest
Average 43.7 53.4 46.2 50.9 53.6 45.0 57.2 61.4 58.5 67.2 70.6 69.9
Raleigh.
Highest 67.0 78.0 74.0 79.0 84.0 79.0 80.0 89.0 85.1 91.0 93.0 93.0
22.0 29.0 23.0 29.0 24.0 16.0 32.0 35.0 31.0 43.0 43.0 43.0
Lowest
Average 43.7 51.6 46.2 49.9 52.8 45.2 56.8 58.5 57.8 66.2 69.4 68.2
Morganton
Highest 68.0 77.0 71.0 82.0 82.0 78.0 79.0 91.0 85.0 90.0 94.0 95.0
17.0 25.0 17.0 25.0 17.0 15.0 26.0 30.0 29.0 41.0 42.0 39.0
Lowest
Average 42.6 50.5 45.4 51.0 51.8 44.5 56.0 59.8 57.2 64.4 68.2 67.5
So. Caro.
Charleston
Highest 70.0 82.0 72.0 77.0 80.0 77.0 83.0 90.0 84.0 89.0 95.0 95.0
26.0 43.0 32.0 40.0 32.0 25.0 43.0 44.0 41.0 49.0 55.0 53.0
Lowest
Average 51.7 61.2 52.9 57.4 58.9 52.4i 64.0 66.3 62.8 71.0 74.6 721
Columbia.
Highest 71.0 81.0 73.0 85.0 84.0 78.01 83.0 89.0 86.0 91.0 96.0 1001
21.0 34.0 26.0 32.0 27.0 20.0 39.0 39.0 38.0 46.0 49.0 50.0
Lowest
Average 47.4 57.6 50.4 55.4 57.0 48.4 61.4 64.3 62.1 69.3 73.4 72.0
Anderson.
Highest 71.0 80.0 75.0 85.0 82.0 78.0 82.0 89.0 80.0 88.0 90.0 901
16.0 32.0 24.0 26.0 22.0 16.0 33.0 37.0 33.0 44.0 45.0 42.1
Lowest
Average 45.2 55.0 48.2 53.3 54.9 46.1 58.2 62.4 59.5 67.2 71.0 70.1
Greenwood.
Highest 68.0 78.0 75.0 84.0 83.0 73.0 81.0 90.0 79.0 88.0 95.0 1001
17.0 29.0 24.0 27.0 25.0 16.0 33.0 34.0 33.0 45.0 42.0 45.0
Lowest
Average 43.6 53.6 46.1 51.4 53.8 45.1 58.5 64.5 58.3 67.6 70.9 70.1
Georgia.
Augusta.
Highest 72.0 80.0 75.0 87.0 84.0 80.0 85.0 90.0 86.0 92.0 99.0 1001
22.0 36.0 14.0 33.0 29.0 23.0 40.0 42.0 39.0 47.0 48.0 51.(
Lowest
Average 48.9 58.8 51.9 57.4 58.4 50.0 62.4 66.4 62.8 70.4 74.2 72.1
Atlanta.
1
Highest 66.0 76.0 73.0 83.0 80.0 75.0 77.0 80.0 81.0 86.0 90.0 92.(
16.0 28.0 26. 28.0 25.0 18.1 38.0 40.0 32.0 44.0 48.0 481
Lowest
64.2
67.4 71.1 70.(
59.0
57.9
Average 44.1 55.0 47.2 51.8 54.8 45.5
Savannah.
88.0
00.0 98.0 98.(
90.0
82.0
77.0
83.0
84.0
78.0
81.0
73.0
Highest
24.0 39.0 30.0 40.0 32.0 27.0 43.0 44.0 42.0 48.0 52.0 53.0
Lowest
Average 53.2 62.8 54.8 59.6 60.8 53.8 64.6 68.4 64.8 70.6 75.2 73.1
Florida.
Jacksonrille
Highest 80.0 81.0 79.0 87.0 83.0 78.0 85.0 -__ 87.0 89.0 96.0 94.(
45.0 48.0 57.0 55.(
25.0 42.0 32.0 42.0 32.0 28.0 47.0 ___
Lowest
Average 57.0 64.9 58.' 63.8 64.2 58.0 66.6 _-_- 66.6 71.6 76.7 73.1
Tampa.
Highest 83.0 83.0 82.0 86.0 86.0 83.0 88.0 --__ 87.0 89.0 93.0 90.(
33.0 47.0 38.0 47.0 37.0 36.0 47.0 ____ 54.0 52.0 61.0 601
Lowest
Average 64.4 68.9 61.8 68.2 67.6 62.8 70.5 -_ 69.8 74.4 78.8 75.
Tallahassee
Highest 76.0 83.0 77.0 85.0 87.0 80.0 85.0 ---- 86.0 93.0 99.0 96.1
20.0 34.0 28.0 36.0 28.0 ____ 38.0 -___ 41.0 42.0 53.0 49.(
Lowest
Average 54.6 63.7 54.0 62.6 62.2 ____ 64.2 ____ 66.0 72.2 77.2 73.1
Alabama.
Montgomery
Highest 72.0 81.0 78.0 85.0 84.0 79.0 82 0 87.0 83. 90.0 94.0 94.(
21.0 35.0 29.0; 33.0 29.0 24.0 39.0 40.0 38.0' 49.0 52.0 51.(
Lowest
Average 50.4 60.6 53.2 57.9 59.0 51.6 61.4 69.3 62.81 71.2 74.4 72.1
Mobile.
Highest 72.0 80.0 77.0 80.0 79.0 79.01 79.0 86.0 79.0 88.0 92.0 91.0
27.0 38.0 31.0 36.0 31.0 29.0 41.0 43.0 42.0 51.0 56.0 56.(
Lowest
Average 53.0 63.0 55.8 62.0 60.8 55.2 63.2 71.0 64.5 72.6 75.2 72.1
Eufaula.
Highest 75.0 85.0 76.01 85.0 87.0 76.0, 83.0 93.0 80.0, 92.0 99.0 92.0
19.0 30.0 26.0 31.0 27.0 22.0' 37.0 39.0 35.0 42.0 43.0 43.(
Lowest
Average 49.3 61.2 50.6 58.4 59.8 49.9' 61.8 70.8 61.01 70.8 76.0 70.(
1
Birmingham
Highest 71.0 78.0 76.0 85.0 82.0 78.01 81.0 86.0 82.0 88.0 91.0 93.0
17.0 29.0 26.0 29.0 25.0 19.0 33.0 37.0 32.0 46.0 47.0 48.(
Lowest
Average 47.2 57.2 49.8. 54.0 55.6 48.2' 59.1 66.8 59.9, 68.8 72.1 69.0
I
April.
may.
THEitFebruary.
March.
MOMETER. 1928. 1927. 1926. 1928. 1927. 1926 1928. 1927. 1926 1928 1927. 1926.
Louisiana.
NewOrrns.
Highest 74.0 81.0 78.0 86.0 83.0 77.0 85.0 87.0 87.0 91.0 92.0 90.0
Lowest
32.0 40.0 36.0 41.0 36.0 34.0 46.0 49.0 48.0 61.0 59.0 58.0
Average 54.8 65.4 58.8 65.1 63.5 57.6 65.6 73.0 67.0 75.0 77.6 74.8
Shreveport.
Highest 73.0 84.0 77.0 89.0 84.0 81.0 85.0 87.0 85.0 95.0 94.0 95.0
Lowest
29.0 32.0 32.0 38.0 31.0 33.0 35.0 44.0 40.0 53.0 57.0 48.0
Average 50.8 58.6 55.4 59.2 59.0 54.0 61.4 70.2 62.4 73.8 75.8 72.8
Gr'd Coteau
Highest 81.0 82.0 76.0 85.0 84.0 78.0 82.0 89.0 83.0 94.0 92.0 91.0
Lowest
28.0 39.0 32.0 37.0 34.0 33.0 38.0 41.0 39.0 48.0 54.0 49.0
Average 54.7 64.4 57.1 63.6 62.6 56.9 64.1 72.2 65.5 73.3 76.6 72.7
Mississippi
Columbus.
Highest 71.0 83.0 80.0 82.0 85.0 80.0 76.0 90.0 86.0 85.0 96.0 99.0
18.0 29.0 24.0 26.0 25.0 19.0 32.0 34.0 29.0 43.0 45.0 45.0
Lowest
Average 46.8 57.6 52.2 54.8 57.0 50.6 59.0 68.6 61.0 68.0 73.4 70.8
Vicksburg.
Highest 72.0 80.0 78.0 85.0 83.0 78.0 84.0 84.0 84.0 90.0 92.0 93.0
26.0 34.0 29.0 35.0 32.0 26.0 38.0 45.0 37.0 53.0 55.0 50.0
Lowest
Average 50.2 59.2 54.5 58.8 58.6 53.1 60.8 69.2 62.2 71.6 73.8 72.0
Brookhaven
Highest 75.0 82.0 81.0 87.0 84.0 78.0 88.0 90.0 88.0 96.0 96.0 97.0
22.0 30.0 26.0 30.0 27.0 25.0 35.0 37.0 33.0 44.0 51.0 48.0
Lowest
Average 51.0 61.2 55.8 60.2 59.9 54.0 61.8 70.9 63.4 74.6 75.8 73.5
1Vaynesboro
Highest 76.0 82.0 80.1 86.0 84.0 78.0 87.0 89.0 87.0 95.0 95.0 96.0
24.0 30.0 25.0 30.0 23.0 22.0 33.0 40.0 31.0 43.0 49.0 45.0
Lowest
Average 52.0 61.6 52.6 57.5 59.6 52.5 61.4 69.6 62.4 71.1 75.4 71.3
Arkansas
Little Rock
Highest 71.0 80.0 72.0 82.0 81.0 80.0 80.0 88.0 83.0 89.0 89.0 96.0
22.0 27.0 27.0 34.0 26.0 27. 35.0 38.0 36.0 51.0 50.0 46.6
Lowest
Average 45.8 52.2 49.2 53.9 54.0 48.7 57.6 66.2 59.2 70.3 71.8 70.6
Fort Smith.
Highest 72.0 77.0 74.01 83.0 82.0 82.0 81.0 89.0 86.0 93.0 96.0 96.0
Lowest
21.0 25.0 27.0 33.0 25.0 28.0 32.0 38.0 32.0 52.0 47.0 46.0
Average 45.2 50.6 48.4: 53.1 52.8 47.6 57.0 65.3 58.4 70.6 72.2 70.6
Camden.
Highest 70.0 84.0 76.01 86.0 84.0 81.0 81.0 87.0 85.0 94.0 92.0 95.0
Lowest
20.0 30.0 25.0, 31.0 26.0 27.0 29.0 38.0 30.0 44.0 44.0 44.0
Average 45.9 53.4 50.9 54.6 54.8 49.8 57.6 66.8 58.4 70.3 72.8 69.5
Tennessee
Nashville.
Highest 69.0 78.0 70.0 81.0 77.0 78.0 77.0 87.0 84.0 87.0 87.0 93.0
18.0 26.0 22.0 27.0 24.0 18.0 33.0 35.0 31.0 47.0 45.0 45.0
Lowest
Average 41.6 50.7 44.4 48.8 41.4 43.2 55.9 62.6 55.8 66.4 69.6 68.0
Memphis.
Highest 73.0 77.0 70.0 78.0 79.0 77.0 77.0 83.0 81.0 86.0 91.0 94.0
19.0 28.0 27.0 29.0 28.0 23.0 35.0 39.0 35.0 48.0 52.0 47.0
Lowest
Average 44.8 51.8 48.4 51.8 53.4 47.4 57.4 65.2 58.3 69.4 71.8 71.0
Ash wood.
Highest 70.0 79.0 72. 83.0 78.0 77.0 79.0 84.0 83.0 88.0 88.0 93.0
12.0 25.0 22.0 25.0 21.0 15.0 28.0 32.0 27.0 40.0 40.0 37.0
Lowest
Average 42.0 50.9 46.2 49.8 51.4 43.6 56.2 63.4 55.6 65.5 69.0 67.0
Texas.
Galveston.
Highest 75.0 73.0 71.0 80.0 74.0 75.0 80.0 84.0 80.0 89.0 86.0 84.0
35.0 34.0 38.0 41.0 39.0 38.0 41.0 52.0 52.0 81.0 63.0 57.0
Lowest
Average 55.3 62.8 58.8 62.7 62.8 58.9 63.6 72.3 66.6 74.4 77.9 73.8
Palestine.
Highest 75.0 84.0 77.0! 90.0 82.0 80.0 85.0 86.0 82.0, 97.0 94.0 92.0
28.0 26.0 31.0' 36.0 30.0 32.0 34.0 41.0 39.01 51.0 53.0 48.0
Lowest
Average 50.5 57.2 56.41 59.2 59.0 53.9 60.5 69.6 61.8 73.6 75.8 71.6
Abilene.
Highest 77.0 82.0 82.01 96.0 87.0 82.0 99.0 97.0 90.0,100.0 106.0 95.0
24.0 24.0 26.0 24.0 24.0 26.0 30.0 33.0 35.0' 44.0 53.0 44.0
Lowest
Average 49.0 52.2 54.4 59.0 56.9 52.2 63.2 68.4 59.6 72.4 78.6 721
SanAntonfo
Highest 78.0 89.0 81.0 95.0 90.0 84.0 93.0 91.0 84.0 97.0 103.0 92.0
33.0 31.0 38.0 33.0 31.0 36.0 37.0 45.0 42.0 54.0 56.0 52.0
Lowest
Average 55.6 61.6 61.2 65.6 63.2 58.6 65.8 73.2 65.7 74.7 80.4 74.6
Huntsville.
79.0 84.0 84.0 81.0 95.0 95.0 90.0
Highest 72.0 38.0 88.0 82.0
I.owest
29.0 28.0 32.0 36.0 3-1.0 33.0 35.0 43.0 31.01 48.0 54.0 501
Average 50.8 58.4 55.1 58.6 ____ 56.0 61.9 68.8 62.8 74.0 77.3 72.1
Longview.
Highest 69.0 81.0 ____ 84.0 84.0 ____ 87.0 88.0 86.0 91.0 ...__ 97.(
37.0 ____ 33.0 52.0 ____ 451
29.0 31.0 ____ 36.0 29.0 ___
Lowest
Average 47.8 55.5 .... 61.0 57.6 ___ 64.4 ____ 61.1 76.1 __ 71.1
Oklahoma
Otto. City.
Highest 71.0 81.0 78.0 88.0 76.0 79.0 85.0 89.0 86.0 98.0 96.0 943
16.0 12.0 23.0 25.0 19.0 20.0 30.0 34.0 27.0 46.0 46.0 45.1
Lowest
49 A Sr. A 47 5. AR 1 coil Sr. r. RA 9 AR 7 kA 0 AO A 71 1 701
A9Arn9A
I
RAINFALL RECORD AT SOUTHERN CITIES FOR THREE YEARS.
April.
March.
may.
RAINFALL. 1928. 1927. 1926. 1928. 1927. 1926 1928 1927 1926 1928. 1927. 1926.
February.
Virginia.
Norfolk.
RaintalLin. 2.85 3.24 2.50 2.73 2.18 3.11 4.24
10
12
9
13
6
8
13
Days rain.
No. Caro.
Wilmington
RainfalLin.
Days rain.
Weldon.
RainfalLin
Days rain
Charlotte.
Raintall.in
Days rain.
Raleigh.
Rainfalljn
Days rain
Morganton.
RainfalLin
Days rain
2.45 2.14 3.57 1.89
8
11
8:
10
6.14 2.15 3.98 1.84 2.39 4.19 7.19 0.19 3.34 3.18 0.19 3.37
121
10
3
3
11
10
11
14
6
7
8
12
3.29 3.85 4.11 3.96 2.97 3.66 5.32 5.28 2.45 2.39 1.93 1.49
6
101
8
10
5
13
10
9
9
9
10
11
3.57 3.84 4.06 3.53 3.83 4.80 5.87 3.04 1.28 4.05 1.44 2.40
7
18
8
12
1
11
9
13
16
8
9
12
3.24 3.90 4.20 2.58 2.78 5.17 5.50 4.39 1.64 4.24! 2.69 0.35
8
12,
8
10
1
13
7
12
8
5
10
11
3.35 4.06 3.82 4.52 2.54 3.20 4.6
1
7
9
8
7
9
11
So. Caro.
Charleston
RainfalLin 7.44 2.17 3.03 3.08 2.97 3.61
12
7
11
6
51
13
Days rain.
Columbia.
5.00
3.82
2.90
3.16
3.69
Rainfall,in. 5.41
13
8
11
6
10
10
Days rain.
Anderson.
3.45 3.75 .76 5.54 4.29 5.11
10
8
12
8
10
11
Days rain.
Greenwood.
RainfaiLln. 3.96 5.03 3.89 3.59 4.86 5.17
8
10
12
10
6
8
Days rain.
2.94 2.24 6.10 2.86 2.40
8
11
8 15
8
2.54 0.63 2.48 1.05 0.71 2.33
9
6
8
9
3
8
6.39 1.55 1.94 5.33 1.60 0.60
9
11
8
6
10
6
5.60 1.70 1.54 7.91 1.22 0.60
13
5
5
10
6
6
6.20 1.34 2.43 6.68 2.90 0.23
6
8
5
2
7
10
Georgia.
Augusta.
1.20 2.02 6.37 1.36 0.31
Rainfall,in. 5.84 4.91 3.38 4.35 3.34 5.79 6.40
9
5
6
8
6
10
10
11
12
6
10
13
Days rain.
Atlanta.
4.97 5.42 1.84 0116 5.97 1.34 0.89
3.31
5.69
4.46
6.20
2.50
RainfalLin.
11
9
7
7
9
11
13,
12
13
9
12
12
Days rain.
Savannah.
0.71
2.67
1.23
2.24
1.69
4.12
4.74
2.81
7.16
3.37
Rainfalljn. 6.69 1.45
6
41
7
7
1
7
14
6
10
Days rein
May.
m arch.
AprU.
February.
RAIN
FALL. 1928. 1927. 1926. 1928. 1927. 1926 1928. 1927. 1926. 1928 1927. 1926.
Florida.
Jacksonville
RainfalLin 3.54 3.54 1.66 4.38
11
7
8
Days rain
10
Tampa.
Raintall,in 1.09 3.96 0.65 2.67
5
6
8'
7
Days rain
Tallahassee
RainfalLin 7.48 5.17 5.13 7.16
9
9
8
Days rain
10
Alabama
1
Montgomery
RainfalLin 3.18 5.99 4.26 5.22
14
10
8
7
Days rain
Mobile.
RaintalLin 8.52 7.93 7.06 5.47
13
5
7
8
Days rain
Eufaula.
RaintalLin 4.23 5.03 4.85 5.57
11
6
9
11
Days rain
Birmingham
RaintalLin 1.77 5.411 3.23 7.71
16
9
13
7
Days rain
Louisiana
New OrP ns
Itainiall,in 7.63 10.15 3.02 5.42
7
5
7
9
Days rain
Shreveport
RainfalLin 2.93 2.94 1.89 4.08
9
4
8
10
Days rain
Ord Coteau
RathralLin 4.30 10.53 4.79 5.70
10
4
7
5
Days rain
Mississippi
Columbus
Raintall.in 3.72 7.19 3.15 7.11
11
5,
6
7
Days rain
Vicksburg
I
Rainiall,in 2.63 10.43, 1.42 3.52
9
4
7
9
Days rain
Brookhaven
RainfaiLin 3.20 11.45 4.27, 6.59
11
4
9
9
Days rain
1
;
1Waynesbor 0.
RaintalLin 2.68 9.37, 5.09 6.25
11
4
7,
7
ilov. rein
1.67 2.21 8.19 ____ 3.89 2.33 0.09 1.66
4
2
6
7
9 ____
9
7
2.55 5.47 4.31 ____ 5.75 2.42 0.38 1.70
8
3
5
9
6 ....__
8
8
2.13 5.30 11.68 ____ 4.80 1.63 0.70 2.68
4
2
4
7
9 ..___
8
5
3.28 5.65 9.58 1.26 1.47, 2.60 2.95 2.50
11
12
71
9
10
5
7
10
6.27 9.42 6.86 1.80 3.69 3.57 1.49 1.77
8
11
9
4
9
7
4
9
3.85 8.23.1.1.31 0.60 2.45, 1.50 2.34 4.00
9
9
3
6
9
6
7
6
6.14 4.88 9.50 2.25 1.77 3.84 3.53 4.31
9
11
12
9
12
8
10
9
7.99 15.95, 7.47 14.94 6.39, 6.48 3.14 13.66
8
7
14'
4
5
8'
7
5
I
5.02 6.17, 5.81 7.70 5.14 2.57 4.59 3.61
10
9
9
10
11
6
9
8
5.95 9.93 4.54 3.35 10.49, 5.13 16.38 5.30
5
12
8
7
5
3
7'
2
1
8.06 4.29 12.62 1.58 2.66 2.83 7.42 4.62
5
8
6
10
10
7
6
6
8.57 5.05 9.30 4.74 3.28 2.29 5.21 2.79
8
9
11
11
10
7
5
8
5.20 11.37 9.97 1.02 5.25 5.63 5.07 5.49
6
10
10
14
10
7
7
4.55 9.25 12.88 4.64 3.44 4.46 2.60 3.06
8
7
7
A
R
11
7
•
JUNE 30 1928.]
RAINFALL.
• FINANCIAL CHRONICLE
March.
February.
April.
RAINFALL
May.
1928. 1927. 1926. 1928. 1927. 1926. 1928. 1927. 1926. 1928. 1927. 1926.
Arkansas.
Little Rock.
Rainfall,in
Days rain
Helena.
Raintall,in
Days rain
Ft. Smith
Rainfall,in
Days rain
Camden
Raintall,th
Days rain
Tennessee
Nashville
Rainfall,in
Days rain
Memphis
Rainfall,in
Days rain
Ashwood
Rainfall,in
Days rain.
2.57 3.03 3.52 1.70 6.89 5.11 7.01 14.81 3.11 3.86 6.82 1.56
4
16
10
12
12
9
12
41
11
8
8
10
2.35 1.88 2.57 6.39 13.38 7.63 8.44 11.28 2.61 5.42 5.82
8
12
6
10
13
13
12
15
10
9
11
1.77 2.15 1.32 1.34 2.93 2.90, 7.31 9.67 1.86 5.43 6.41 2.86
7
11
9
10
4
10
7
16
10
7
9
I
2.37 3.10 2.08 3.54 6.52 8.73 7.31 8.51 2.94 2.03 4.63 4.01
7
11
3
7
12
10
11
12
9
8
7
8
2.64 4.26 2.06 3.26 9.66 3.88 3.22 7.38 2.45 2.89 3.63 2.15
11
9
12
12
16
11
12
17
10
10
12
10
2.42 2.80 2.76 3.14 13.04 5.79 6.70 13.13 1.67 2.51 5.40 1.20
7
13
7
8
15
10
13
16
8
6
11
4
1.80 3.45 1.75, 4.55 11.35 3.60 5.25 8.15 1.35 :3.10 3.80 1.50
6
10
61
8
14
10
9
13
4
5
7
6
Texas.
Galveston
Rainfall,in.
Days rain.
Palestine
Rainfall,in.
Days rain.
Abilene
Rainfalljn.
Days rain.
SanAntonio
Rainfall,in.
Days rain.
Huntsville
Rainfall,in.
Days rain.
Longview
4001
February.
March.
April
May.
1928. 1927. 1926. 1928. 1927.11926 1928 1927. 1926 1928. 1927. 1926.
5.41 1.74 1.27 0.70 0.96, 9.39 1.43 2.58 5.49 1.54 0.12 4.08
10
9
3
14
6
3
3
86I
4.85 3.98 0.49 1.92 3.41 9.38 2.68 5.15 4.35 0.58 2.36 6.18
2
10
6
7
15
8
9
7
5
9
0.78 2.28
11
4
0.43 0.99 3.65 0.93 3.87 3.86 12.03 0.78 2.65
3
6
12
4
6
2
7
2.85 1.98 0.08 2.34 2.02 4.77 1.70 2.05 7.06 3.90 2.04 3.33
11
9
2
4
8
17
8
8
.5
3
10
3.50 3.70 0.40 4.50 7.9 8.8 3.70 4.90 8.90 1.30 3.50 4.00
5
1
4
7
7
8
5
3
2
8
2.50 4.09
3.30 5.96
7.05
2.70 1.25
4.34
Days rain.
5
6
6
6
7
7
Okia. City
Okla. City
Raintall,in. 1.33 1.07 0.0( 1.75 2.23 1.81 3.68 4.59 2.66 1.92 1.94 2.09
8
4
7
2[
4
7
9
7
5
Days rair.
8
8
The foregoing tables of rainfall and thermometer, covering as they do-and necessarily so on account of lack of spaceonly a very few stations in the cotton belt, give only a very partial idea of the meteorological conditions that have prevailed
this spring at the South. The following compilation, however, which covers the official averages of rainfall and the departure from normal in each State for each month from January to May,both inclusive,for the last eight years, and the highest,
lowest and average thermometer for the like periods, furnishes data that should not only be of considerable interest but of
aid to the reader in drawing conclusions.
'
RAINFALL.
January.
February.
March.
Apra.
TEMPERATURE.
May.
January.
February.
March.
May.
April.
1
.111 .D
1111.1/11: ....
.
1
-2.33
-2.67
-I 1.32
+2.33
+1.01
-0.06
+0.87
+0.45
3.93
3.96
4.04
2.15
4.68
8.29
2.78
4.31
-0.33
-0.12
-0.02
-1.89
+0.28
-0.62
+1.89
+0.22
3.46
3.41
4.29
2.50
2.72
5.27
6.91
2.86
-0.82
-0.97
-0.10
-1.97
-1.63
+1.09
+2.63
-1.50
'5.91
2.77
2.45
2.44
4.44
4.18
3.70
4.03
+2.04
-0.89
-1.23
-1.34
+0.84
+0.61
+0.13
+0.51
4.76
2.50
1.87
2.80
5.27
4.30
5.07
4.48
+0.73
-1.51
-2.46
-1.27
+1.19
+0.20
+1.04
+0.41
85-13
82 -11
75 -3
74
2
75
78
82 -1
77
41.0
41.5
40.1
40.8
39.6
44.0
39.8
42.3
76 -6 42.8
86 13 51.4
76 -1 45.0
5 4.90
82
2 39.9
76
79 -1 41.0
3 47.6
83
79 11 44.8
1.48
0.89
6.18
8.54
4.34
2.74
3.53
3.84
-2.06
-2.61
+2.52
+4.95
+0.88
-0.70
+0.07
+0.39
5.05
4.24
3.99
1.69
8.54
3.83
6.62
4.73
+0.72
-0.07
-0.32
-2.63
-0.25
-0.58
+2.19
+0.37
3.87
3.79
4.49
1.67
2.24
5.14
7.04
2.28
-0.03
-0.11
+0.59
-2.21
-1.20
+1.16
+4.10
-1.58
6.40
1:58
2.43
2.12
5.90
3.48
5.11
2.43
+3.33
-1.41
-0.59
-0.92
+2.84
+0.50
+2.14
-0.48
5.22
1.92
1.0(1
2.18
4.43
6.44
5.89
5.30
+1.65
-1.61
-2.51
-1.40
+0.75
+2./8
+2.31
+1.79
81
81
76
76
76
80
81
79
1
2
12
lE
1
21
14
17
44.7
45.7
44.1
44.9
43.3
49.0
44.2
46.9
75
88
78
80
79
82
84
85
13
20
12
19
13
11
14
19
46.2
57.6
49.3
52.4
44.2
44.8
52.6
49.4
88
89
831
991
85
88
891
911
1.46
0.87
7.66
10.84
5.39
4.01
4.71
2.98
-2.78
-3.37
+3.42
+6.90
+1.45
+0.07
+0.77
-0.96
5.10
4.51
4.54
2.10
3.96
4.81
6.35
4.43
+0.10
-0.49
-0.46
-2.87
-1.01
-0.16
+1.38
-0.54
6.42
3.15
5.72
2.05
3.42
6.00
8.27
1.68
+1.73
-1.64
+0.93
-2.84
-1.47
+1.11
+3.38
-3.21
8.07
2.00
2.28
1.72
5.99
3.92
3.56
8.34
+4.49
-1.58
-1.30
-1.84
+2.43
+0.86
norm.
-0.22
3.99
1.58
1.69
1.80
3.73
8.79
7.18
4.11
+0.49
-1.92
-1.81
-1.59
+0.34
+5.40
+3.79
+0.72
83 -5 46.0
4 48.4
85
841
6 45.6
83 12 48.0
81 -9 43.3
811 18 51.3
82 12 46.6
781 21 49.9
82
87
82
85
84
88
86
85
7
21
15
12
10
0
14
20
48.9
58.5
60.8
53.6
48.7
49.4
55.5
51.8
0.75
0.42
5.80
5.11
4.12
1.75
2.19
1.37
-2.02
-2.41
+3.01
+2.33
+1.25
-1.05
-0.89
-1.49
3.06
3.50
2.21
2.06
3.30
1.63
2.84
1.77
-0.11
+0.33
-0.83
-1.12
+0.17
-1.63
-0.51
-1.56
4.31
9.38
4.21
1.91
5.79
2.08
2.29
2.00
+1.37
-0.52
+1.38
-0.96
+11.45
-0.87
-0.50
-1.16
7.47
1.36
4.53
1.54
3.24
2.39
0.89
2.03
+4.83
-1.28
+1.85
-1.25
+0.73
-0.37
-1.71
-0.58
3.66
0.93
2.76
6.03
3.06
9.01
7.42
4.02
-0.29
-3.03
-1.74
+1.69
-1.32
+5.01
+3.01
-0.23
87
88
9
90
88
88
92
89
56.0
58.7
57.6
63.7
59.9
61.7
59.0
80.9
94
91
90
88
88
90
90
89
20
33
23
23
24
15
24
27
1.56
1.14
8.23
9.59
6.67
3.89
7.08
3.23
-3.50
-3.92
+3.17
+4.68
+1.73
-0.88
+2.30
-1.65
3.79
6.45
4.42
3.51
4.65
5.93
6.1
5.2
-1.51 6.24
+1.15 4.89
-0.88 6.52
-1.79 2.70
-0.67 3.32
+0.52 6.38
+0.77 10.11
+0.04 4.90
+0.49
-0.86
+0.77
-2.59
-2.38
+0.74
+4.65
-0.94
9.86
2.28
2.32
1.51
5.58
5.97
4.14
6.55
+5.57
-2.01
-1.97
-2.94
+1.19
+1.45
-0.24
+2.05
3.64
7.55
2.99
2.3
4.22
8.59
6.70
1.98
-0.33
-1.42
-0.98
-1.79
+0.24
+454
+2.63
-1.96
81 -2 44.9
4 49.2
85
77 13 45.3
82 14 48.4
75 -2 41.8
81 23 52.0
79 15 47.4
79 18 50.0
83
85
80
82
81
83
83
81
1.03
2.22
6 63
7.56
6.39
4.21
5.96
3.09
-3.70
-2.51
+2.08
+3.01
+1.84
-0.34
+1.70
-1.27
4.9
6.34
2.67
2.38
4.94
5.6
5.3
2.04
+0.41 4.39
+1.85 7.39
-1.90 11.41
-2.39 2.13
+0.37 3.49
+0.99 6.34
+0.81 9.70
-2.28 5.75
-0.28
+2.72
+6.90
-2.38
-1.02
+1.83
+5.53
+1.35
6.82
6.85
6.53
1.00
4.41
6.24
4.34
6.77
+2.12
+2.15
+1.81
-3.72
-0.31
+1.52
-0.49
+1.77
4.03
5.42
5.39
2.60
4.78
8.00
6.81
2.74
-0.27'
+0.99
+1.06
-1.73
+0.45
+3.67
-1.84
-1.59
85
87
78
82
80
82
84
84
9
10
20
18
8
25
21
23
50.6
55.9
49.3
50.9
46.7
58.0
51.0
58.7
1.72
2.42
6.46
8.88
6.56
4.47
6.52
3.04
-3.46
-2.80
+1.25
+3.48
+1.59
-0.47
+1.49
-2.00
3.1
6.2
3.0
3.8
4.5
6.4
6.4
4.2
-1.79
+1.45
-1.87
-1.16
-0.43
+1.51
+1.56
-0.66
5.29
8.27
7.60
2.89
4.16
7.44
9.91
7.99
--0.51
+2.77
+1.91
-2.78
-1.59
+1.78
+4.46
+2.64
8.93
5.12
3.37
1.15
5.04
8.54
5.23
9.35
+3.74
-0.07
-1.96
-4.26
-0.37
+3.12
-0.23
+4.09
4.26
4.56
3.81
3.76
4.52
9.09
5.88
1.60
-0.26
-0.02
-0.84
-1.43
83
83
76
80
78
82
811
8
3
-12
11
2
23
20
23
2.05
5.41
4.6
2.68
3.19
5.78
2.110
2.07
-2.05
+1.31
+0.59
-1.85
-1.04
+1.5:5
-1.69
-2.08
2.2
2.6'
2.0'
3.3
2.2
4.66
4.89
3.5
-1.12
-0.73
-1.33
+0.09
-1.02
+1.38
+1.61
-0.18
2.53
7.20
5.57
1.69
3.27
5.04
8.58
8.55
-2.21 8.52
+2.50 12.93
+0.83 2.65
-3.01 2.62
-1.43 4.99
+0.34 6.30
+3.88 5.54
+2.10 7.87
+3.64 3.60
+8.05 6.54
-2.23 2,42
-2.16 ..1.88
+0.21 4.64
+1.52 8.24
+0.76 5.00
+3.02 2.25
-1.42
+1.52
-2.60
-3.24
-0.48
+3.12
-0.12
-2.83
2.90
3.78
4.30
3.51
5.87
6.19
4.36
3.34
-1.84
-1.00
-0.72
-1.42
+0.92
+1.10
-0.70
-1.56
2.2
4.6
2.6
4.4
3.9
4.64
4.3
5.37
-2.11
+0.24
-1.44
+0.37
-0.10
+0.43
+0.24
+1.21
4.65
7.49
3.92
2.47
3.07
7.59
9.27
5.43
-0.65
+2.18
-1.46
-2.97
-2.21
+2.25
+3.89
+0.09
6.01
7.70
2.61
3.34
4.75
5.08
5.44
5.16
+1.49
+3.21
-2.02
-1.15
+0.14
+0.64
+0.84
+0.46
4.92
5.06
2.92
1.98
5.75
6.60
4.84
2.37
0.67
1.24
3.11
1.39
1.73
1.88
2.47
1.79
-1.16
-0.59
+1.28
-0.44
-0.02
+0.13
-0.72
+0.04
2.6
2.0
0.34
0.46
2.4
4.50
1.77
1.51
-0.76
+0.21
-1.52
-1.40
+0.69
+2.70
-0.03
-0.29
1.16
2.33
4.81
0.65
2.26
3.02
3.69
2.80
-0 90
+0.27
+2.75
-1.41
+0.28
+1.04
+1.71
+0.8
2.15
3.10
3.88
2.06
2.33
4.16
6.26
3.48
-1.10
-0.15
+0.63
-1.19
-0.89
+0.04
+3.04
+0.46
0.95
2.18
2.24
0.94
0.72
2.00
1.50
2.00
-0.41
+0.76
+0.80
-0.39
-0.65
+0.80
+0.26
+0.84
1.9
1.4
0.52
0.88
0.93
1.11
1.3
1.52
-0.75
+0.04
-1.00
-0.65
-0.51
-0.47
-0.11
+0.13
1.65
2.62
2.55
0.83
3.30
2.40
4.25
3.12
-0.07
+0.53
+0.53
-1.31
+1.46
+0.43
+1.96
+1.05
4.86
6.29
2.73
4.50
4.21
4.00
6.50
3.76
+0.76
+2.18
-0.64
+1.12
+0.91
+0.84
+3.52
+0.18
4 50.0
88
88
7 51.4
87 -7 43.7
89 -5 52.2
84
81 46.6
61 51.2
88
87 1 52.0
91 17 58.6
8,
94
90
99
92
91
96
92
8 55S 96 0
58.9 100
9 56.1 102
18 61.4 99
941
SI 56.6
71 57.1
23 60.4 94
17 60., 951
2 64.3
1 68.0
21 66.3
2(1 63.5
241 63.9
25 64.8
291 67.2
261 64.1
19
16
6
9
19
17
24
28
53.9
55.2
48.8
55.0
51.0
56.2
55.5
62.5
89
95
94
99
91
9
91
28
2
2(31
25
2
18i
3
27
69.9 94
63.2 103
60.3 103
85.9 1
61.6 96
61.5 94
64.5 981
63.3 981
67.7
36 71.4
3E 70.6
31 68.3
933 68.0
31 68.0
3 71.0
361 68.1
9
91
83
911
89
88
88
94
18
14
8
9
18
12
20
27
56.7
58.2
49.9
58.2
52.4
5/.3
57.5
64.5
89
98
94
99
90
96
96
92
27
26
24
26
23
16
28
24
61.3
67.5
62.1
67.5
63.2
63.7
66.8
63.6
98
104
103
100
981
93
99
101
37 69.3
341 73.6
401 71.3
281 70.3
341 69.0
80 69.1
40 72.0
34 70.1
61.9
67.1
60.4
63.0
58.0
62.2
65.3
62.1
95
91
92
93
92
94
94
94
31 66.7
26 65.7
22 61.4
25 66.0
25!01.1
26 67.7
28 67.4
33 70.8
95 35 68.5 97
94 87 72.4 102
93 3569.0 99
95 34 70.3 96
96 34 70.8 103
99 3 71.6 97
98188 73.2 99
94 31 70.3 03
40 73.0
42 77.2
46 74.6
35 74.0
43 75.0
39 74.3
50 75.5
47 72.9
11
22
20
19
12
10
15
16
48.2
58.7
51.3
53.5
47.0
47.8
54.3
51.0
89
89
85
90
87
89
85
89
22
19
13
13
19
16
23
27
56.2
57.0
50.0
58.4
51.4
55.0
56.2
64.0
89
93
86
96
90
90
92
88
2:
29
24
31
22
24
32
27
59.8
68.1
61.2
68.2
63.3
63.3
66.9
62.3
82
89
84
87
81
85
88
86
19
26
23
20
12
16
59
24
52.9 92
62.2 87
56.0 84
58.4 88
52.5 89
53.9 • 89
58.9 91
56.8 92
29
26
2'
22
22
18
18
28
62.4
61.1
55.9
62.4
58.0
58.6
59.9
68.6
91
93
ool
95
92
92
91
9
31
34
29
36
29
32
37
30
63.0 98
71.1 100
64.2 90
70.8 98
67.2 95
67.9 97
70.5 97
65.6 100
40 71.7
461 76.1
72.3
30 72.4
40. 70.9
38 72.5
48 75.0
36 73.1
46.7
50.6
48.3
47.5
42.2
53.3
46.7
51.7
79
85
84
85
83
83
86
83
16
27
21
19
18
10
19
24
49.3
58.4
52.8
54.6
48.3
47.5
53.7
52.5
90
87
83
88
88
87
87
91
23
21
12
IS
20
15
21
27
57.7
57.3
51.7
59.4
51.9
54.8
56.5
65.5
89
93
92
95
90
90
91
90
29
31
28
33
26
23
331
3
60.7 98
68.9 99
61.3 102
69.3 98
64.6 95
97
64.1
87.7 95
62.8 99
39
42
40
32
38
38
47
38
70.7
73.9
71.1
70.6
68.4
70.1
72.7
71.3
90 10
79 -I
77 -17
76 -4
79 -6
80 15
74
4
85
6
42.7
42.6
40.5
40.8
36.1
48.6
39.1
46.9
79 10 45.0
9 52.1
90
88 10 48.5
83 12 49.3
82 -7 42.9
5 41.9
SO
84 10 47.8
85 -3 48.3
92
87
86
8
84
88
85
92
20 52.7
5 53.5
11 48.5
5.
5 46.6
2 49.6
7 51.7
18 60.8
87
99
94
98
94
95
90
91
22
26
18
28
18
23
26
22
57.3 98
65.7 97
59.1 107
67.4 102
61.4 94
61.4 98
63.5 100
59.8 99
34
32
29
26
30
27
40
29
69.5
71.7
69.7
68.0
66.0
67.2
70.8
69.7
+0.80
+0.96
-1.16
-2.20
+1.67
+2.34
+0.57
-1.71
77-10
81 -3
69 -4
67
1
71 -13
72 17
69 -3
74
9
38.6
40.4
38.4
40.1
34.2
44.4
38.9
43.1
75 -2 41.7
83 17 50.3
76 10 44.7
77 10 47.4
6 39.3
76
75
0 38.9
80
5 45.8
79 16 45.2
87
86
79
85
81
81
84
89
9
3
0
4
14
11
19
22
49.2
51.1
43.3
52.2
4.40
48.8
51.2
59.6
85
92
87
98
94
88
92
89
22
23
19
23
17
14
23
16
55.5 91
62.7 94
55.6 100
63.6 99
58.7 92
57.6 90
61.8 92,
59.3 98,
31
32
32
31
33
29
31
31
65.4
68.8
68.0
64.0
61.8
65.2
68.5
66.8
3.37
1.64
3.34
2.63
4.36
1.97
4.35
1.95
-0.29
-2.02
-0.32
-1.03
+0.68
-1.71
+0.67
-1.73
93
96
88
80
88
93
92
92
3 51.2
48.7 90
50.9 98
8 56.5
44.7 95 13 55.9
45.6 96 11 56.7
43.5 95
8 49.8
56.4 93 -4 49.1
45.9 100 -2 54.6
54.1
95
4 53.9
106 11
104 -1
134
9
100 13
104
4
4
99
10 -12
100 10
61.0
68.7
55.1
63.1
53.6
64.8
57.7
64.5
106
106
103
107
/07
103
1074
1051
18
24
14
28
21
27
23
18
62.6
69.4
62.0
71.4
65.6
66.2
67.6
64.3
109
115
11.15
115
105
106
106
104
53
31
33
34
33
35
33
30
73.1
77.6
72.1
73.8
69.9
74.0
75.0
736
3.93
2.72
3.06
2.38
2.44
6.63
572
2.04
-0.47
-2.19
-1.60
-2.24
-2.40
+1.58
85 -8
86
3
72-10
73' -7
76 -10
83
9
77 -7
80
4
52.2 97
60.7 101
47.3 8
56.1 1021
43.2 95
48.2 9
50.1 95
57.0 96
12
22
16
27
22
22
15
13
52.2
63.6
55.5
66.1
60.0
60.2
60.8
59.1
105
108
99
105
102
102
100
100
36 69.3
32 71.7
32 69.2
30, 68.0
28 63.8
30 67.0
341 69.1
291 70.0
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28
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35.4
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2
4
83
83 12
87
7
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87 -1
88
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47.5
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47.8
42.2
39.4
44.2
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97 12
8 -1
6
86
9
96
1
86
3
87
85-18
9
94
99
99
99
94
941
971
98
35
38
39
33
36
31
45
37
69.5
73.1
70.4
70.3
67.9
69.4
72.0
70.7
4002
FINANCIAL CHRONICLE
[Voi,. 126.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
ment of output and with some further reduction contemFriday Night, June 29 1928.
plated in July. But in the central section of the MissisIf anything, trade has slackened, partly from big rains sippi Valley hardwood prices are still unsatisfactory. Emin the South and Southwest, rather low temperatures in ployment fell off again at Detroit this week, though the
the South, high water or floods in the Southwest, and some- decrease was only 276, and the total of about 263,000 is
thing of a foretaste of the usual midsummer business lull. 73,500 larger than a year ago and 37,600 larger than in 1926.
Where the weather has been clear and warmer, as it was
Chain store sales for five months are 16.4% larger than
here in the East until to-day, retail business increased with In the same time last year, after a gain in May over the
vacations close at hand. The rains have been bad for same month in 1927 of 21.2%. Mail order sales in May
winter wheat harvesting at the Southwest, bad also for increased 18.7: over May last year, and for five months 6.4%
the cotton plant over most of the South, but good for a over the same period in 1927; chain and mail combined had
time for corn and also for spring wheat at the Northwest. sales in May of 20.6% over May last year and for five
Later the rains in the corn belt were detrimental. The months 13.5% over the same time in 1927; department stores
floods have done no great harm except in parts of Missouri, in May increased 4.8% over May last year, but for five
Arkansas and Kansas. Trade, however, in the Central months were .06% less than in the same time last year.
Mississippi Valley is slow, even if the floods are almost Wholesale sales for four months were 1.6% less than in
trifling by comparison with those of a year ago. Cotton the same time last year.
futures have been active and rapidly rising owing to a
The stock market on the 25th was the dullest since Nocold, wet and backward season. There are fears of a vember 1 1926; that is, 1,054,460 shares on June 25 1928 in
deficient crop, and prices have risen about 114c. this week, contrast with 5,052,790 shares on June 12th and 895,184
or 2%c. recently, with large accession of outside trading on Nov. 1 1926. On June 25th there were pauses for seconds
as stock speculation slackened and stock traders in Wall between quotations, and the ticker easily kept up with the
Street, uptown and in Chicago took hold of cotton. It has trading. Prices were irregular, with Texas & Pacific the
been weevil weather, what with persistent rains and grassy strongest, advancing 11/
1
2%. Early in the week call money
fields, with no chance to clean them. To-day there was rates were 7 to 7/
1
2%, with bonds at times active despite
some talk of possible damage from hot winds in parts of the higher rates. To-day 8% call money did not prevent a
Texas where the supply of subsoil moisture is not sup- sharp rally in the later trading in stocks, the total transacposed to be quite normal after missing the rains last winter. tions reaching 2,426,200 shares, or about 645,000 more than
Cotton goods have been steadily rising in response to the yesterday. The present call money rate is the highest
advance in raw cotton and a rather larger trade has been since June 1921. The rise was offset in a measure at
done. It has been kept down, however, by the steady rise least by the sharp reduction in the loans. The chief activity
in quotations which buyers are not yet willing to meet. was in General Motors, Allied Chemical, Radio, American
Still, the warmer weather has stimulated trade in cotton Can, General Electric, the mail order stocks, and some of
dress fabrics; fine and fancy cotton cloths in unfinished the lesser motors.
goods also sold more readily than for some time past.
At Fall River, Mass., the cotton division of the American
Many mills in the East and at the South will close from Printing Co., upon closing to-day,
announces that the sevJune 29th to July 9th, and some Carolina mills for two eral units will not reopen until July 9th.
The Union Mills,
weeks. This is partly to effect an advisable curtailment of Durfee Mills, Merchants' Mills,
Narragansett Mills, Wamproduction of goods which had been, exceeding the sales panoag Mills and the Kerr Thread
Co. are also to curtail
too much. For some woolens and worsteds the demand has all of next week. As a number
of other plain goods mills
been better. Wool has been dull, and though fairly steady are already curtailing, there will
be very few other than
here, has declined at the South and West.
fine goods spindles in operation. The fine goods mills at
Wheat declined somewhat in a quiet market because a Fall River have been closing for
a few days during the
brisk export demand was lacking and the rains at the summer vacation period of
recent years, but at no one
Northwest were beneficial enough to offset the rains in time has the curtailment
plan been as drastic as that
the Southwest which delayed the harvest. Corn advanced planned for next week.
New Bedford reported on June 26th
because .of too much rain in the belt and the particular that the cotton mills
there will try to resume operations
strength of the July situation awaiting the new crop. The on Monday, July 9th. They will
reopen, it is said, with the
receipts are small, and July is 4 to 5c. over September. Oats 10% cut announced
on April 9th. Labor leaders asserted
have been steady, helped somewhat by corn, but more by that this will
not end the strike. Manchester, N. H., rethe smallness of the supply of No. 2 white at all Western ported in the latter part
of this week that the great plants
markets, the rains have given the crop outlook greater of the Amoskeag Mfg. Co. in
Manchester, the Pacific Mills
promise. Rye has changed little, though the weather has at Dover and Lawrence, and the
Pepperill Mfg. Co. at Biddebeen good for the crop and the export demand small. The ford will close and that over
1,700,000 cotton spindles will
crop will about suffice for domestic needs. Provisions ad- be idle for nearly two weeks.
These plants are said to
vanced with hogs recently at the high point of $11.10 for operate 36,000,000 spindles.
Curtailment will also take
report
and
season,
a
by the Government pointing to a place in the worsted and woolen
the
manufacturing In the
reduction in the supply of pigs of 4,000,000 compared with Merrimac Valley; more than
42,000 cotton and worsted
a year ago, something that with lessened selling offset big operatives will be affected. The
curtailment is said to be
stocks of lard. Sugar advanced with a better demand for the most drastic in the history of
textiles in that section
refined and a lessened pressure of July, though raws for of the East.
fj
411I
not
delivery
were
as
active as might have been exearly
At Keene, N. H., the big Overall plant, the largest making
pected. The future of sugar prices hinges on the summer overalls in New England, is operating
at capacity and has
demand for refined. Coffee advanced somewhat in a very large orders on hand ahead. The New
Hampshire Knitting
quiet market for futures, but with a distinct increase in Mills which recently started operations in
one of the Amosthe spot demand. Besides, the Defense Committee is there keag Mfg. Co.'s plants is now running
close to capacity.
traditional
hand
the
of iron in the glove of The Pepperill Mfg. Co. is reported to
watching with
have announced that
velvet, and sometimes none too much velvet. Steel has been on Monday next it will place all wide
sheetings, sheets and
quiet and rather weak. Pig iron has been dull and not pillow cases "at value."
oversteady. The sales of machinery and tools are smaller.
Columbia, Ga., wired that possibly 60% of
the cotton
Copper is in less demand. The metal trades have organized mills of Georgia will be closed next week, Judging from
promises
to promote the interests the announcements already made. Every
a new Exchange, which
one of the Callaof the trade more effectively. The output of automobiles is way Mills have reported they will be closed, as well as the
promising. That is called the brightest spot. The May mills of the West Point Mfg. Co. group, the Pepperill Mills,
total was 5.3% larger than in May last year, and the largest Opelika, Ala.; Tallahsee, Enterprise, Autagua Mills, Prattsince August 1926, while the June total may exceed that of ville, Montalla Mills, Montgomery, and the Avondale Mills,
May this year. The demand for agricultural implements Alexander City, Ala., have made announcements that they
is satisfactory. The Pacific Northwest lumber trade, it is will close. Most of the Atlanta, Augusta and Columbus
believed, is getting into better shape from recent curtail- mills will close. The Thomaston, Ga., group of mills is the
a
JUNE 30 1928.]
FINANCIAL CHRONICLE
only group in this territory that will not stop. Atlanta,
Ga., wired that some mills report a smaller trade and few
will run the usual shorter hours for summer. At Lancaster,
S. C., the Lancaster Cotton Mills, one of the largest in the
Carolinas, will close down Saturday, June 30th, noon, and
remain closed for its annual vacation all next week. It
will resume operation Monday, July 9th.
The week here has been mostly fair and warmer. On
the 25th the temperature was up to 85, with the minimum 65.
At Boston it was 54 to 70, at Chicago 52 to 56, Cincinnati
60 to 72, Cleveland 62 to 74, Detroit 62 to 72, Kansas City 54
to 74, Los Angeles 58 to 78, Milwaukee 48 to 56, Minn.-St.
Paul 46 to 70, Montreal 62 to 74, Philadelphia 68 to 88,
Phoenix 108, Portland, Me., 50 to 62, San Francisco 52 to 66,
Seattle 54 to 64. On the 26th inst. it was 69 to 80 degrees
here and humid. Several persons were overcome by the
heat early in the week. At Boston it was 60 to 82, at Chicago 52 to 70, at Cincinnati 58 to 64, Cleveland 58 to 61,
Detroit 56 to 62, Houston 76 to 90, Kansas City 60 to 70,
Los Angeles 58 to 80, Milwaukee 54 to 62, and St. Paul
52 to 78. To-day the temperatures here were 67 to 71, and
the forecast for showers to-night and to-morrow, with cooler
temperatures. It was raining hard here to-night. There
is a disturbance over lower Michigan, moving slowly northeastward. Tennessee had a severe storm, with flood damage in Nashville, and there were also floods at Lexington,
Kentucky. Yesterday New York had '64 to 82 degrees,
Boston 64 to 84, Chicago 58 to 74, and St. Paul 56 to 70.
4003
first time in more than 6 years. Acceptance holdings of the reserve banks
declined considerably, while there was little change in their holdings of
U. S.securities.
After the middle of May,firmer conditions in the money market were reflected in advances in open market rates to the highest levels since the early
part of 1924.
Loading of Railroad Revenue Freight Again in Excess
of a Million Cars a Week.
Loading of revenue freight during the week ended on June
16, exceeded the million car mark for the fourth week so far
this year, the Car Service Division of the American Railway
Association announced on June 26. Total loadings for that
week amounted to 1,003,292 ears. Compared with the
preceding week, this was an increase of 7,332 cars, due
principally to the heavier loading of miscellaneous freight,
although there were also increases reported in the number of
cars loaded with coke, forest products, and merchandise less
than carload lot freight. The total for the week of June 16
was a decrease, however, of 13,187 ears below the same week
in 1927 as well as a decrease of 33,351 cars compared with
the corresponding week two years ago. Further details are
outlined as follows:
Miscellaneous freight loading for the week totaled 398,472 cars, an
increase of 5,976 cars above the corresponding week last year and 16.215
cars above the same week in 1926.
Coal loading totaled 143,943 cars, a decrease of 11,855 cars below the
same week in 1927 and 30.900 cars below the same period two years ago.
Grain and grain products loading amounted to 33.990 cars, a decrease
of 4,677 cars under the same week last year and 4,136 cars below the same
week in 1926. In the western districts alone, grain and grain products
loading totaled 22,543 cars, a decrease of 2.069 cars below the same week
in 1927.
Federal Reserve Board's Summary of Business ConLive stock loading amounted to 24,673 cars, a decrease of 1.164 cars
ditions In the United States.—Industrial Pro- below the same week last year and 2,513 cars below the same week in 1926.
In the western districts alone, live stock loading totaled 18,821 cars, a
duction on Level With That of Three Preceding decrease
of 605 cars compared with the same week in 1927.
Months.
Loading of merchandise less than carload lot freight totaled 259.233
Industrial production continued during May in about cars, an increase of 769 cars above the same week in 1927 but 317 cars
the corresponding week two years ago.
the same volume as in the 3 preceding months, according to below
Forest products loading amounted to 66,662 cars, 2.759 cars below
the monthly summary of business conditions in the United the same week last year and 8,475 cars under the same week in 1926
Ore loading totaled 66,611 cars. 1.183 cars over the same week in 1927
States, issued June 27. The Board reports that wholesale
1.563 cars below the same week two years ago.
and retail trade increase in May and the general level of but
Coke loading amounted to 9,708 cars, 660 cars below the same week in
commodity prices showed a further advance. It adds:
1927 and 1,662 cars below the corresponding week in 1926.
Security loans of member banks, which were in record volume in May.
The Central Western and Southwestern were the only districts to report
declined considerably during the first 3 weeks in June. Conditions in the increases in the total loading of all commodities compared with the same
money market remained firm
week last year, decreases being reported in the Eastern, Allegheny, Pocahontas, Southern and Northwestern, while all districts except the NorthProduction.
western reported decreases compared with the same period two years ago.
Production of manufactures was slightly smaller in May than in April
Loading of revenue freight in 1928 compared with the two previous years
when allowance is made for usual seasonal variations, while the output of follows:
minerals increased somewhat. Production of steel declined in May from the
1928.
1927.
1926.
high level attained in April but was in about the same volume as a year ago. Four weeks in January
3,447,723
3,686.696
3,756.660
Since the first of June, buying of steel products has been light and there have Four weeks in February
3,589,694 3,801.918 3.677.332
been further decreases in production. Daily average production of auto- Five weeks in March
4,982,547
4,752.031
4.805.700
mobiles was in about the same volume in May as in April and preliminary Four weeks in April
3.875.589
3.738.295
3,862.703
reports for the first 3 weeks in June indicate that factory operations were Four weeks in May
4,006,058
4,145,820
4,108.472
maintained at practically the same level. Acitivity of textile mills was some- Week of June 2
934,214
944,864
911,510
what larger in May and there were also increases in the slaughter of live- Week of June 9
995,960
1,052.471
1,028,367
stock and in the production of building materials, non-ferrous metals, and Week of June 16
1.003,292
1.016.479
1.036.643
coal, while the production of petroleum declined.
The value of building contracts awarded during May, as reported by the
Total
22.467,267 23.481,542 23,212,229
F. W. Dodge Corp. for 37 states east of the Rocky Mountains, was larger
than in any previous month and awards during the first half of June exceeded those for the corresponding period of last year. Indicated production Increase in Chain Store Sales in
New York Federal
of winter wheat, as reported by the Department of Agriculture on the basis
Reserve District during May.
of June 1 condition amounted to 512,000,000 bushels. 40.000.000 bushels
less than the harvested production of 1927.
The Federal Reserve Bank of New York reports in its
Trade.
Distribution of merchandise, both at wholesale and retail was in larger
volume in May than in April. Making allowances for customary seasonal influences, sales in all lines of wholesale trade showed increases, although in
most lines they continued in smaller volume than a year ago. Department
store sales were larger than in April, and at about the same level as a year
ago while sales of chain stores and mail order houses showed increases both
over last month and over last year.
Volume offreight car loadings increased further during May but continued
smaller than during the corresponding month of either of the 2 previous
years. Loadings of miscellaneous commodities, however, which represent
largely manufactured products, were larger in May of this year than in that
month of any previous year.
Prices.
The general level of wholesale commodity prices, as indicated by the
Bureau of Labor Statistics' Index, increased in May by over 15 to 98.6%
of the 1926 average, the highest figure recorded for any month since Oct
1926. There were increases in most of the principal groups of commodities
but the largest advances in May as in April occurred in farm products and
foods. Contrary to the general trend, prices of pig iron, hides, raw silk,
fertilizer materials, and rubber showed decline during the month. Since
the middle of May there have been decreases in prices of grains, hogs,sheep.
pig iron and hides while prices of raw wool, non-ferrous metals, lumber and
rubber have advanced.
Bank Credit.
Loans and investments of member banks in leading cities on June 20
showed a decline from the high point which was reached on May 16. Loans
on securities, which had increased by more than $1.200.000,000 since May
1927, declined $200,000,000, while all other loans, including loans for commercial and agricultural purposes, increased somewhat. There was a small
Increase in total investments.
During the 4 weeks ending June 20, there were withdrawals of nearly
$75.000,000 from the country's stock gold and the volume of reserve bank
credit outstanding increased somewhat,notwithstanding a decline in member
bank reserve requirements. Member bank borrowing at the reserve banks
continued to increase and early in June exceeded $1,000,000.000 for the
July 1 "Monthly Review" that "sales of reporting chain
store organizations in May showed a substantial increase
over last year even after allowance for the extra selling
day this year." According to the "Review," "grocery sales
continued to show about the same rate of increase as in the
previous month, but sales of all other types compared
much more favorably with those of a year ago than in
April." The following shows the changes:
Percentage Change May 1928
Compared with May 1927.
Type of Store.
No. of Stores.
Total Sale,.
Sales per Store.
Grocery
Ten-cent
Drug
Tobacco
Shoe
Variety
Candy
+1.4
+8.3
+2.0
+2.3
+9.8
+17.8
+12.6
+14.1
+12.5
+5.6
—2.9
+18.5
+27.8
+6.3
+12.6
.+3.9
• +3.5
Total
+4.5
+13.5
+8.6
+7.9
+8.4
—55
Wholesale Trade in New York Federal Reserve District
Gains over Year Ago.
"Following decreases in each of the two preceding months,
wholesale trade in this district in May was slightly larger
than a year ago, due partly to one more business day than
in May of last year," says the July 1 "Monthly Review of
Credit and Business Conditions" of the Federal Reserve
Bank of New York. The "Review," in its further survey
of wholesale trade, says:
4004
FINANCIAL CHRONICLE
Commission house sales of cotton goods and sales of men's clothing
showed fairly substantial increases following declines in March and April,
shoe sales were closer to those of last year than in any month since January.
and drug and stationery sales showed the largest increases so far this year.
Hardware, paper, and silk goods sales also showed moderate increases
over a year ago, and grocery sales continued close to those of last year.
Orders reported by the Machine Tool Builders Association continued to
be much larger than a year ago. In the women's clothing and diamond
trades, however, sales remained samller than last year.
Stocks of cotton goods and shoes held by wholesale dealers at the end of
May were considerably smaller than a year ago, but silk stocks reported
by the Silk Association were substantially larger. Stocks of drugs,jewelry,
and diamonds, and hardware also were larger than a year ago.
Percentage
Change
May 1928
Compared with
May 1927.
Percentage
Change
May 1928
Compared with
April 1928.
Comma*.
Net
Sales.
Stock
End of
Month.
Net
Sales.
Stock
End of
Month.
Per cent of
Accounts
Outstanding
April 30 Collected
in May.
1927.
1928.
75.4
35.4
---
[Vox,. 126.
Decline In Detroit Employment.
From the "Wall Street News" we take the following
Detroit advices, June 28.
Employers Association reports employment figures for week ended June
26 as 262.921, a decrease of 276 over last week and an increase of 73,523
over the corresponding period of last year.
Ford Workers Number Slightly Below Previous Week.
The following from Detroit, is taken from the "Wall
Street Journal" of June 28:
Employment at local plants of Ford Motor Co. during week ended June
27 was 115,837, compared with 115,967 a week ago and a high this year of
117.200, reached In week ended June 14. It is an increase of 63,837 from
the low point of 52,000 reached last summershortly after discontinuance of
production of Model T.
Employment at Fordson plant during week ended June 27 was 77,167.
against 77,543 a week previous. Highland Park 33,958, against 33,713, and
Lincoln plant 4.712 against 4,711.
71.9
+0.7
-1.8
-6.4
+6.3
Groceries
33.8
____
+8.9
____
-24.2
Men's clothing
Women's dresses
-8.0
____
-63.8
suits_
and
coats
Women's
31.2
-3.4 -15.1
-2.5
Cotton goods. jobbers..... +3.2
Cotton gooda,commission_ +30.4+8.4
iili
15:5
a++3.8
:i
4
1a4
+3.2
Silk goods
42.0
-0.9 -11.6
-1.8
+11.9
Shoes
52.7
-7.5 +29.8 +12.8
-18.6
Drugs
49.4
+3.2
+5.7
-6.7
-6.7
Hardware
ery-Station
Machine tools.
61.0
___.
+9.7
___.
+10.9
65.3
__
+5.2
---_
+3.0
Paper
24.9
7.1
-5.4 1 -2.4 -12.4 1 17
Diamonds
--0.6 I --+18.9 1 ____
Jewelry
4.8:2
45.9
56.2
49.9
-61.3
84.9
25.1
---
General Motors Corp. had 208,228 individuals in its employ as of May
31 1928. This constitutes a new high record for and exceeds the previous
record of 207,690 employes on April 30 a year ago, an increase of 24,335.
These figures include employes in General Motors plants in Canada and
in overseas plants and warehouses. They do not include,however,employes
of certain affiliated companies, and Fisher Body Corp. prior to acquisition
of the minority interest as of June 301926.
50.2
52.3
Indiana Business Review Reports Improved Employment Conditions.
The dollar volume of trade was larger and the number
of new business incorporations was greater in Indiana
during May than in Aprik This report is contained in the
"Indiana Business Review" prepared by Edwin J. Kunst,
manager of the Indianapolis division of the Indiana Universilty Bureau of Business Research and published monthly
by the Fletcher American National Bank, Indianapolis.
The fact also was brought out by the "Review" that employment in metal trades and other lines showed some improvement and the general employment situation was more
encouraging than during April. "As compared with April
our index shows a gain of three per cent in general business
activity," said the Indiana University economists in the
"Review." "Season decreases in automobile production,
automobile accessories production and electricity output,
slowness in departmen4 store sales, and a slight decrease
in building operations for the State as a whole were offset
by increases in other production indexes, notably flour and
stone, and by improvement in wholesale trade, new car
sales, gasoline consumption, stock. and grain movements."
In comparing business during May of this year with that
of May 1927 an average improvement of approximately
4.5% was shown. Considerable increases over a year ago
were made in coal production, automobile accessories production, flour production, grain receipts, freight carloadings
at Indianapolis, and gasoline sales. Production indexes
showed gains over last year except in case of building and a
slight fall in pig iron production. Wholesale trade was
better, while retail sales figures, except for gasoline and
chain drug stores, were less favorable than a year ago.
Retail sales are expected to increase during the current
month. Employment was gratifyingly better than last year,
and will probably show further gains. Agricultural crop
estimates, except for fruits, are low, crops having been
affected by adverse weather conditions in the State. The
outlook for corn is doubtful. Sales and credit prospects
for June are good to fair, with best prospects in the central
districts.
Weighted average
-6.2
____
+2.8
----
31.9
a Quantity, not value. Reported by the Silk Association of America.
•Reported by the National Machine Tool Builders' Association.
Department Store Sales in New York Federal Reserve
District in May Show Largest Gain Thus Far This
Year over Last Year.
The July "Monthly Review of Credit and Business
Conditions" by the Federal Reserve Agent at New York
states that "sales of leading department stores in this district in May showed the largest increase over last year
that has been reported so far this year." The "Review"
goes on to say:
Part of the increase was due to the fact that there were 26 business
days in May this year, as compared with 25 last year, but even after
allowance for this, the figures indicate more active trade than in April.
The southern and eastern sections of the district reported the largest
gains, while the northern and western sections reported either comparatively
small increases or decreases. Apparel stores salsa showed a large increase
over May 1927.
The rate of stock turnover in department stores showed a moderate
increase over last year in May, and the average for the first five months
of the year is slightly above that of the corresponding period a year ago.
The rate of collections on charge accounts was slightly lower than last
year, after allowance for the extra day this year.
Locality.
Percentage
Change
May 1928
Compared with
May 1927.
Stock on
Net Sates. Hand End
of Month.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
Mall order houses
+7.6
--1.1
+4.0
+1.7
+9.1
4-6.4
+6.0
+1.4
-8.7
+4.1
+7.8
+12.4
+12.4
-0.3
+0.9
--3.2
---0.7
---1.7
--2.5
Per Cent of
Charge Accounts
Outstanding
April 30 Collected
In May.
1927.
1928.
51.3
44.6
40.1
52.6
56.9
51.9
413:5
4-5:170
31.3
3-4:5
+6.8
-0.9
48.0
49.6
+18.8
+19.7
+4.8
48.5
51.3
May sales and stocks in the principal departments are compared with
those of a Year ago in the following table.
Net Sales
Stock on Nand
Percentage Change Percentage Change
May 1928
May 31 1928
Compared with
Compared with
May 1927.
May 311927.
Musical instruments and radio
Shoes
Books and stationery
Women's ready-to-wear accessories
Luggage and other leather goods
Home furnishings
Toys and sporting goods
Silverware and jewelry
Men's furnishings
Cotton goods
Women's and misses' ready-to-wear
Toilet articles and drugs
Hosiery
Furniture
Linens and handkerchiefs
Men's and boys' wear
Silks and velvets
Woolen goods
Miscellaneous
+25.4
+24.0
+21.9
+12.8
+11.5
+10.7
+10.6
+10.4
+10.2
+8.2
+7.6
+7.2
+5.7
+5.4
+4.6
+0.4
-4.3
-7.7
-0.9
-29.6
+8.0
+0.4
-1.2
-24.0
+0.7
+4.4
-3.2
-13.4
-7.4
+0.1
+1.4
-7.4
+0.4
-7.5
-1.2
-6.3
-17.9
-7.7
General Motors Payroll at New Peak.
Under date of June 29, the following was reported from
Detroit by the "Wall Street News":
Industrial Activity in New England During May
Slightly Below That of April.
•
"Industrial activity in New England was slightly less in
May than during April, and the index of New England busi2 of 1%," the Federal Reserve
,
ness activity declined about 3
Bank of Boston states in its July 1 Monthly Review. In
further viewing the situation, the Bank states:
The index, which is corrected for seasonal variations, in both April and
May was less than in the average month of 1923-24-25. The rate of activity
which was evident during the first three months of this year has not been
sustained. Since the first quarter the principal factors in which lessened
activity has affected the total index have been shoe production, cotton
consumption. carloadings and residential building. There was an increase
In May in the level of wholesale commodity prices, and the index of "all
commodities" advanced to 98.6% of the 1926 average from 97.4% in April.
Farm products and food groups showed the largest increases, while chemicals and drugs declined. New England mills consumed loss raw cotton
per working day during May than in any month since July 1920. In both
April and May there was a sharp curtailment in the amount of the daily
average cotton consumption, compared with the first quarter of 1928
JUNE 30 1928.]
FINANCIAL CHRONICLE
4005
Raw wool consumed by New England mills increased in May, compared tion in the wholesale trade, contained in its July 1 Monthly
with April, although there usually has been a decline during this period. Business Conditions report. The Bank further
states:
The daily average production of boots and shoes in New England was
In electrical supplies, drugs, and shoes, gains were shown for the lint
smaller in May than in April, but was slightly larger than during May a
five
months
of
1928
in
comparison
with
the
same period of 1927. Colyear ago. Total production in New England during the first five months
of 1928 was about 7% greater than in the corresponding period of 1927. lections followed the trend of sales, increasing over April in all lines and
in
all
except
hardware
and
dry
goods
over
a
year ago; in general, they
while production in the rest of the country was about equal to that of a
year ago. New high monthly records for new building contracts awarded are reported as fair. Prices are firm, with an upward tendency in growere established both in New England and in the United States as a whole ceries and shoes, and with several reports of a downward trend in electrical
during May. The majority of industries in Massachusetts showed a decline supplies and equipment.
WHOLESALE TRADE DURING THE MONTH OF MAY 1928.
in employment from April, and reports indicate that there are fewer employees on payrolls than at this time a year ago. Sales of new automobiles
Net Sales During Month.
in New England during the first five months of 1928 were about 12%
Stocks at End of Month.
Per Cent Changefrom
Per Cent Change from
larger than during the same period a year ago, but were approximately
3% less than the first five months of 1926. Sales of reporting New Engpreceding
Same Month
Preceding
Same Month
corresponding
department
stores
in
May
were
slightly
ahead
land
of the
Month.
Last Year.
Month.
Last Year,
month a year ago, but for the period January-May, inclusive, were about
(37)+12.5
(37) -1.5 (25) -0.4 (25) -6.6
4% less this year. Money rates have continued to strengthen during Groceries
(15)+16.4 (15) -0.8 (10) -0.9 (10) -0.9
recent weeks, and during the week ending June 23 were at the highest Hardware
Dry goods
(13)+10.0 (13) +3.0 (10) -2.5
(10) +3.8
levels of the current year. Time money secured by mixed collateral was Drugs
(11) -3.0 (11) -4.7
(12) +5.6
(12) +8.4
(6) +2.4
(8)+15.1
(8)+20.6
(5)+28.5
quoted at 5 -5 % during the week ending June 23. the highest rate on Shoes
Electrical supplies
(45) +9.0
(37) -2.5 (36) -5.7
(45) +5.5
this class since 1921.
Accounts Outstanding End of Month.
Business Conditions in Philadelphia Federal Reserve
• District-Seasonal Recession Less Pronounced
than Usual.
In summarizing conditions in its district, the Federal
Reserve Bank of Philadephia, in its July "Business Review,"
says in part:
Although some recent slackening in the general rate of business activity
in the Philadelphia Federal Reserve District has occurred,there are many
indications that this seasonal recession has been somewhat less pronounced
than usual. Despite the fact that a seasonal decline usually occurs at
this time, factory employment in Pennsylvania advanced slightly in May
and wage payments were considerably above the April level; but employment and payrolls both continued more than 7% under 1927 levels.
Industrial consumption of electric power in this district increased more
than 2% in May as compared with April Among the manufacturing
industries, those making stone and glass products and foods and tobacco
show the greatest improvements, while many of the textile and metal
plants have experienced seasonal slackening.
The coal mining industries have slackened somewhat in recent weeks,
after a fairly high rate of activity during May. Anthracite operations
Increased substantially,following the spring price reductions,and bituminous
output also was larger in May. Production of both hard and soft coat
was larger in May than in the same month of last year. Building operations in the district are greater than last year and in the country as a
whole are in record volume.
Mercantile conditions in the district also have shown some improvement.
Retail business in May was in larger volume than in April, and in the
latter month, was only slightly below last year's level. Shoe stores continue to show the greatest improvement. Sales of wholesale dealers
showed substantial gains in May. business in electrical supplies alone
showing a decrease from the preceding month. As compared with the
same month of last year, wholesale trade was nearly 3% larger with only
two lines failing to show improvement. Freight car loadings in the Allegheny district, though increasing in May, continued somewhat below last
year's level. Business payments, as reflected by debits in the principal
cities of the district, increased substantially in May and were in much
larger volume than in the same month of 1927. During the early part of
June debits have continued to exceed last year's total.
Firmness in money rates, heavier borrowings from the Federal Reserve
Bank, and an increase in the loans of member banks, coupled with a large
decllne in deposits, have been features of the credit situation during the
past month. The Federal Reserve Bank suffered a loss in gold to other
districts, with the result that the reserve ratio decreased despite a decline
In the combined note and deposit liabilities
Trade.
Railroad shipments of merchandise and miscellaneous commodities in
the Allegheny district in the four weeks ended June 9 showed a decrease of
2,4% from the preceding four weeks and were 0.2% smaller than a year
ago. Freight car loadings of all commodities, however, while increasing
in the same period by 1.2%, were 1.3% smaller than a year ago.
Coastwise and foreign shipments of merchandise by water to and from
the Port of Philadelphia increased nearly 3% in the month and were almost
ih% in excess of the tonnage reached in May 1927.
Wholesale Trade.-Trading at wholesale generally continues active and
prices show practically no change. Sales of drugs, groceries and hardware
have increased recently, while those of drygoods and paper show a slight
decline. Little change is noted in the demand for shoes, electrical supplies
and Jewelry.
Sales in May were nearly 11% larger than in April and almost 3% larger
than in May 1927. Most lines shared in this gain, the largest increases
over a Year ago being in Jewelry, paper and shoes. Inventories held by
wholesalers declined in the month in all lines except jewelry and electrical
supplies. Accounts outstanding were divided between those showing increases and those registering decreases. Collections improved somewhat
during May.
Retail Trade -Business at retail is moving forward actively. Preliminary
reports indicate that sales during the first fortnight of June increased appreciably as compared with a month earlier. Retail prices generally show
little change
May sales were less than 1% smaller than a year before but nearly 2%
larger than in April. Most leading cities showed gains during the month.
Compared with a year earlier, Scranton. Philadelphia and Reading reported
business. Stocks carried by retailers at the end of
a smaller volume of
smaller than on the same date last month and year.
May were noticeably
Merchandising Conditions in Chicago Federal Reserve
District-Decline in Wholesale Trade-Department Store Sales Increase.
With the exception of hardware and groceries, where
slight declines were recorded from a year ago, May sales in
trade reporting to the Federal Reall lines of wholesale
increased over April and over May
Chicago
of
Bank
serve
made in the account of condilast year. This statement is
Per Cent Change front
Preceding
Month.
Groceries_ _
Hardware__
Dry goods_
Drugs
Shoes
Elec. sum).
Figures In
Same Month
Last Year.
Ratio to
Net Sales
During
Month.
Collections During Month,
Per Cent Change from
Preceding
Month.
(34) -7.4
(27)-1- 5.7
(33) +1.5
(34) 101.8
(15) +4.0 (15) -1.3
(15) 192.5
(13) +8.0
(12) 316.7 (10)+10.6
(12) -2.8 (11) -2.5
(7) +9.6
(11) +1.4
(11) +1.9 (11) 138.3
.
(6)+11.1
(6) +4.6
(7) +0.7
.
(43) 124.2
(32) +6.8
(41) +0.8
parentheses Indicate number of firms included.
Same Month
Last Year.
(27)+ 5.0
(13) -8.8
(9) -1.1
(5)+17.6
(5) +8.6
(32) +8.3
As to department store and retail trade the bank says: •
Department Store Trade.-One hundred department stores of the Seventh
district showed May sales aggregating 7.7% more than in April, 10.3%
above May last year, and 4.0% more for the first five months of 1928
than for the same period of 1927. The total for Chicago, Detroit, Milwaukee, and Indianapolis stores, as well as that for 56 smaller centers,
increased in the comparisons with April and with the corresponding month
a year ago, while sales for the year so far were larger than in 1927 in
Chicago, Detroit, and Indianapolis, but smaller in Milwaukee and in other
cities. Stocks on hand May 31 were generally lower than a month previous and slightly heavier than a year ago. Stock turnover (the ratio
of sales to average stocks) was 34.3% for May, 1928, as against 31.7%
for May, 1927, while turnover for 1928 to date averages 158.9% compared with 154.1% last year. Collections during May increased 6.3%
over the preceding month and 6.8% over last year; accounts receivable
the end of the month gained 3.7% in the monthly and 7.9% in the yearly
comparison. May collections totaled 40.3% of accounts outstanding April
30, which compares with a ratio of 39.5% a year ago.
Retail Shoe Trade.-Total sales of 23 retail shoe dealers and the shoe
sections of 21 department stores increased 0.8% in May over April; individually, 21 dealers and 13 department stores reported gains. In comparison with May, 1927, sales were larger by 9.6%, more than four-fifths
of the reports showing increases. Sales for the first five months of the
year aggregated 1.1% smaller than for the corresponding period of 1927.
Stocks of 37 firms totaled 4.8% less at the end of May than a month previous, but exceeded those of a year ago by 12.2%. Total collections during
May by 16 dealers increased 20.8% over April, but declined 4.5% from
last May; accounts receivable the end of the month gained 19.0 and 4.0%
in the respective comparisons. The ratio for May of accounts receivable
to sales was 63.8%, compared with 60.9 for April and 67.2 a year ago.
Retail Furniture Trade.-Decreases of 3.8 and 1.0% were recorded from
April and a year ago, respectively, in the aggregate of May furniture sales
of 25 dealers and 24 department stores. A large majority of firms, however, reported gains in the monthly comparison and about half in the
yearly. Stocks on hand May 31 declined 0.5 from a month previous and
were 3.9% larger than on the corresponding date of 1927. Sales made
on the installment plan by 20 dealers declined* 21.9% in May from April,
and were 7.7% less than last May. Collections on this type of sales increased 4.7 and 3.8% in the respective month-to-month and yearly comparisons. Collections on total sales were larger by 13.4 and 2.2%,
while accounts receivable the end of the month showed increases of 1.5
and 2.1% over a month and a year previous.
Chain Store Trade.-Twenty-three chains operating 2,292 stores in May,
had aggregate sales 4.2% larger than in April and 22.4% heavier than in
May a year ago. The number of stores increased 1.4 and 16.8% in these
comparisons, while average sales per store showed gains of 2.8 and 5.6%,
respectively. With the exception of musical instruments, all reporting
groups (grocery, drug, five-and-ten-cent, cigar, shoe, men's and women's
clothing) indicated larger sales in the May-April comparison, and all
except cigars and musical instruments showed sales increases over a
year ago.
Manufacturing Activities in Chicago Federal Reserve
District-Increase in Retail Sales of Automobiles.
With regard to manufacturing activities and output, the
Federal Reserve Bank of Chicago has the following to say
in its July 1 Monthly Business Conditions Report:
Shoe Manufacturing, Tanning, and Hides-May shipments from shoe
factories in the Seventh Federal Reserve district totaled 7.6% less than
production, although each showed an expansion in volume over the preceding month in contrast to the customary seasonal recession. Twenty-six
concerns reported stock shoes on hand equivalent in the aggregate to
120.0% of their May shipments. Nearly nine weeks' future operation at
the current rate of distribution was indicated by unfilled orders on the
books of 23 companies.
CHANGES IN THE SHOE MANUFAL WRING INDUSTRY IN MAY 1928
FROM PREVIOUS MONTHS.
Companies Included
Per Cent Change from
April 1928. May 1927.
April 1928.
May 1927.
.4.50
Production
31
-7.7
31
Shipments
31
-11.7
+0.1
31
Stock shoes on hand
•6
+18.5
+11.2
Unfilled orders
+34.1
23
+4.9
22
Leather production and sales in the Seventh district totaled slightly
more for May than for April or a year ago. Individually, however, a
number of the tanners reported recessions in these comparisons.
Prices
4006
FINANCIAL CHRONICLE
declined in May, and then displayed a slightly steadier tendency toward the
close of the period.
The Chicago market for packer green hides and skins showed more
activity during May than in the preceding month; purchases by district
tanners also were reported as heavier than in April. Shipments from the
city, however, were below the preceding period, Prices declined.
Automobile Production and Distrlbution.-United States production of
passenger automobiles in May was the highest of any month since August,
1926, totaling 375,798, which compares with 364,877 in April and 357,150
for May a year ago. Truck output likewise increased in May, and ex-,
ceeded that of any month since April, 1926, the total for the United States
being 50,192.
Retail sales by automobile dealers in the Middle West were larger during
May than in either April or the corresponding month of 1927; sales of used
cars likewise gained in these comparisons. Distribution at wholesale increased over the preceding month but was less than last year. Stocks of
both new and used cars were lower on May 31 than a month previous or
a year ago, except that the value of used cars on hand was higher in the
year-to-year comparison. Deferred payment sales during May of thirty-one
dealers averaged 39.8% of their total retail sales, compared with 38.1 in
April and 42.1 for May, 1927.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in May 1928 from previous months.
-Per Cent Change fromCompanies
May 1927.
April 1928.
New CarsIncluded.
Wholesale:
-4.6
33
+4.4
Number sold
33
-1.1
+4.3
Value
Retail:
46
+5.7
+11.5
Number sold
46
+14.8
+12.3
Value
On hand May 31:
-3.5
48
-13.8
Number
-7,7
48
-16.4
Value
Used Cars46
+14.2
+21.7
Number sold
Salable on hand:
46
-3.8
-8.9
Number
46
+14.9
-3.7
Value
F014. 126.
requirements continued at a higher level than at this season
last year, and there was a broader use of the credit facilities
of the Federal Reserve Bank of Kansas City." As to wholesale and retail trade the Bank says:
Trade.
Wholesale.-Reports of wholesale firms indicated improvement in general
trade conditions in this District during May, although they disclosed business was somewhat irregular In the various lines. The dollar volume of
May sales of dry goods, groceries, hardware and furniture were larger, and
of drugs and millinery smaller, than in the month of April. Comparison of
May business was that for the correspondhag month last year showed
Increases in sales of dry goods, groceries, furniture and drugs and decreases
In sales of hardware and millinery.
The substantial increase in sales of dry goods during May over April was
regarded by reporting firms as somewhat unusual, as April is usually a
filling-ha month for the season, Retail merchants, according to the reports,
continue to buy from hand-to-raoutla and a large increase in the number Of
orders in necessary to show an increase in total sales. However,agricultural
conditions were described by reporting firms as the best at this season for
several years and an unusually large volume of merchandise is going into
Consumption.
Wholesale stocks of hardware were lighter than at this time last year.
while stocks of dry goods, furniture, drugs and groceries were heavier.
Retail.-Volume of retail trade in cities of the Tenth District in May
was larger than in the corresponding month last year, as indicated by the
dollar value of sales of firms reporting to this Federal Reserve Bank.
Figures on May sales of department stores showed an increase of 4.7%
over April and an increase of 5.7% over May 1927, while the accumulated
sales for the first five months of 1,928 stood 0.4% above that for the same
period in 1927. Sales of men's and women's apparel, and shoes, during
May were larger than in April, but fell below the sales of last year. Retail
furniture sales were smaller in May than in either the preceding month or
the corresponding month last year.
Department store stocks on May 31 wore 4.1% smaller than on April 30,
and 0.1% smaller than on May 311927. Stocks of furniture and wearing
apparel were smaller at the end of May than either a month earlier or one
year earlier. Stocks of shoes also were smaller at the close of April but were
4.7% larger than a Year ago.
Industrial Employment Condition's in Chicago Federal
Reserve District-Slight Increase in Employment
and Wages.
Business Conditions in San Francisco Federal Reserve
"Tile industrial market for labor was slightly firmer in
District-More Than Usual Seasonal Activity Re.
May than a month earlier, manufacturing plants of the
ported.
[Chicago] district reporting increases of 0.5% in men and
General business in the Twelfth (San Francisco) Federal
1.9% in payrolls for the period April 15 to May 15," says Reserve District was seasonally
more active during May
Monthly
BusiIts
Chicago,
in
the Federal Reserve Bank of
than in April and volume of production and
June
and
early
ness Conditions report July 1. The Bank goes on to say:
trade approached the levels of one year ago, according to
These gains partly balanced the losses of 1.2% in the number of workers
and 2.1% in payrolls that were experienced in the preceding month, and Isaac B. Newton, Chairman of the Board and Federal Realso brought the volume of employment at the reporting plants to within serve Agent of the Federal Reserve Bank of San Francisco,
5% of last year's vohune. Employment in metals and metal products, whose survey under date of June
20 also says:
with an additional gain of 0.4%, is 5% higher than at the beginning of
the year,. The vehicles group registered a substantial increase, the manufacture of cars and locomotives requiring a large number of additional
workers, and the automobile industry also showing a further expansion.
At Detroit, the volume of employment reported for June 12 was 2.7%
larger than four weeks earlier, the industries in this city thus maintaining practically the same rate of increase shown since the middle of
March; the expansion over a year ago amounts to close to 35%.
Other increases for the month were reported by the food products group
and by stone, clay, and glass products, the latter continuing its seasonal
expansion. A majority of the chemical industries added to their forces,
as did also the printing industry. The most marked declines were reported by the textiles and clothing industries and in the manufacture of
rubber products.
Building and construction work continued to expand and a number
of coal mines resumed operations, thus aiding the general employment
situation. This was apparent in the records at the free employment
offices, where the ratio of applicants to positions available showed a
uniform decline; from 156% to 146 for Illinois, from 132 to 119 for
Indiana, and from 295 to 254 in Iowa.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE DIST.
The 1928 agricultural season has progressed satisfactorily thus far, due
to favorable weather and market conditions in most regions of the district.
Seasonal increases in industrial activity were reported during May, and
Industry generally operated at levels about the same as or slightly below
those of a year ago. Considerable unemployment of unskilled laborers and
building crafts tradesmen was reported, but Increased labor demands of
agriculture and of the food packing and wood manufacturing industries
helped to relieve the situation. Figures of value of building permits issued
during the month indicated a continuance of the downward trend in building activity, which has been apparent in this district since 1925. Further
improvement was noted in the condition of the lumber industry. Regulation of production continued satisfactorily and lumber output was exceeded
both by mill shipments and by orders received, with a consequent reduction in mill stocks and increase in unfilled orders. The metal mining industry was active during the month. Some stability of output was maintained and prices strengthened as demand increased.
Distribution and trade increased in total volume during May Comparison with May a year ago is complicated by the fact that there was one
more business day in May 1928 than in May 1927. If allowance be made
for this difference, it appears that distribution and trade have recently
proceeded at about the same rate as in May 1927. Total monthly sales at
wholesale, sales of new automobiles, and carloadings increased seasonally to
a
greater extent than did sales at retail.
Number of Wage Earners
Total Earnings
Despite a slight decline during recent weeks, the general level of comWeek Ended
Week Ended
modity prices was higher than in April 1928 and May 1927, largely because
Per
Per
Industrtat Grout's.
of
price advances for farm products.
May 15
May 15 Apr. 15 Cent
Apr. 15
Cent
During May credit demands arising from the needs of those engaged in
1928. 1928. Change. 1928.
1928. Change.
agricultural and commercial pursuits were smaller than one month and
349,819 347,974 +0.5 59,560,607 29,385,331 +1.9 one year ago. Bank loans on securities and bank investments, however.
All groups (10)
Metals and metal products
137,774 137,198 +0.4 3,818,594 3,765,851 +1.4 Continued to expand. Borrowing at the Reserve Bank likewise increased.
vehicles)___
_
than
(other
975,889 +4.1 Interest rates strengthened during the month and the rediscount rate of
33,608 32,551 +3.2 1,016,319
Vehicles
560,041
579,722 -3.4 the Federal Reserve Bank of San Francisco was advanced from 4 to 44%
Textiles and textile products 26,193 26,881 -2.6
1,326,527
+1.2
1,276,675
47,491
48,053
products_
+3.9
Food and related
365,673 +9.7 on June 2 1928.
401,236
Stone, clay Jr glass products 13,774 13.222 +4.2
717,193
29,132 29,443 -1.1
706,942 +1.5
Lumber and its products
287,947
277,327 +3,8
10,751 10,597 +1.5
Chemical products
Automobile Models and Prices.
315,302
298,237 +5.7
14,932 15,208 -1.8
Leather products
-L3
86,890
3,749
88,782 -2,1
3,699
Rubber products
Reports
from
Detroit, Mich. on June 29 stated that
31,903 31,634 +0.9 1,030,558 1,050,233 -1.9
Paper and printing
Business Conditions in Kansas City Federal Reserve
District-Increase in Retail Trade-Wholesale
Trade Irregular.
The Federal Reserve Bank of Kansas City, reports in its
July 1 "Monthly Review," that "conditions for agriculture
and livestock in the Tenth (Kansas City) Federal Reserve
District made further substantial improvement during May,
and the more favorable outlook for these industries reflected
a betterment of the situation with respect to general business
and banking." The Bank also states "that productive
activity in other industries expanded seasonally and on the
whole was at a higher level than at this time last year.
Distribution of commodities was in larger volume than ill
any preceding month this year and a little above a year ago.
Demand for credit at banks for commercial and agricultural
Dodge Bros. has added a sport roadster to the Victory Six
line, priced at $1,245. Six wire wheels, the two spares
being carried in wells of the front fenders, are standard
equipment, with a trunk rack in the rear.
Increase in Retail Food Prices in May-index Number
of Bureau of Labor.
As indicated in our issue of June 23 (page 3830) the
retail food index issued by the Bureau of Labor Statistics
of the United States Department of Labor shows for May
15 1928, an increase of a little more than 1% since April 15
1928; a decrease of about 1% since May 15 1927; and an
increase of a little over 59% since May 15 1913. The index
number (1913 equals 100.0) was 155.4 in May 1927; 152.1
in April 1928; and 153.8 in May 1928. The Bureau's index
numbers follow:
JUNE 30 1928.]
FINANCIAL CHRONICLE
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
Year and Sirrn Road Rib Clerk Plate Pork BaButMonth. Steak Steak Roast Roast Beef. Clips con. Ham. Hens Milk. ter. CS'..
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
71.5 68.0 76.1 --------74.3 74.4 75.7 81.4 87.2 85.3
73.3 71.2 78.1 --------76.1 76.9 77.6 83.0 89.6 95.5
76.6 73.5 81.3 --------82.7 82.9 82.0 88.5 91.3 90.1
80.3 77.9 84.6 --------91.6 94.5 91.4 93.6 94.6 93.8 ...„_
80.6 78.7 84.8 --------85.1 91.3 89.3 91.0 95.5 87.9
91.0 89.3 93.6 --------91.2 90.5 90.6 93.5 97.4 97.7 _100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
102.0 105.8 103.0 104.4 104.1 104.6 101.8 101.7 102.3 100.5 94.4 103.6
101.1 103.0 101.4 100.6 100.0 96.4 99.8 97.2 97.5 99.2 93.4 105.0
107.5 109.7 107.4 106.9 106.0 108.3 106.4 109.3 110.7 102.2 103.0 116.7
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 125.4 127.2 150.4
153.2 165.5 155.1 166.3 170.2 185.7 195.9 178.1 177.0 156.2 150.7 162.4
164.2 174.4 164.1 168.8 166.9 201.4 205.2 198.5 193.0 174.2 177.0 192.8
172.1 177.1 167.7 163.8 151.2 201.4 193.7 206.3 209.9 187.6 183.0 188.2
152.8 154.3 147.0 132.5 118.2 166.2 158.2 181.4 186.4 164.0 135.0 153.9
147.2 144.8 139.4 123.1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
153.9 150.2 143.4 126.3 106.6 144.8 144.8 169.1 164.3 155.1 144.7,167.0
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4 165.7 155.1 135.0 159.7
159.8 155.6 149.5 135.0 114.1 174.3 173.0 195.5 171.8 157.2 143.1 166.1
162.6 159.6 153.0 140.6 120.7 188.1 156.3213.4 182.2 157.3 138.6 165.6
167.7 166.4 168.1 148.1 127.3 175.2 174.8 204.5 173.2 158.4 145.2 170.1
1927Jan --- 160.6 158.3 163.0 141.9 124.0 174.3 181.1 211.2 180.8 158.4 152.5 170.1
Feb_.
161.0 158.7 153.5 141.9 123.1 171.0 179.6 210.8 180.8 158.4 153.5 170.1
March__ 161.8 159.6 153.5 142.5 123.1 174.3 179.3 210.0 181.7 158.4 154.6 168.8
April_ 164.6 163.2 156.1 145.6 125.6 175.7 178.2 210.8 182.6 157.3 152.5 167.9
May ___ 166.5 165.5 157.6 146.9 125.6 173.3 176.3 209.3 180.3 158.2 139.4 167.4
June __. 166.9 165.9 157.1 140.9 125.6 165.2 174.4 206.3 170.4 156.2 135.2 167.4
July-- 171.7 170.0 160.1 149.4 126.4 166.2 172.6 203.0 167.1 157.3 134.2 187.0
Aug.-- 172.0 170.9 160.1 149.4 126.4 179.5 172.2 201.9 166.2 158.4 184.2 167.4
Sept-- 172.4 170.9 160.1 150.0 128.1 193.8 172.2 200.0 166.2 158.4 139.4 170.6
Oct-- 172.0 170.0 161.1 151.9 130.6 197.8 172.6 199.3 167.6 159.6 145.4 173.3
Nov.--- 171.3 169.5 161.1 153.1 133.9 172.9 171.5 197.0 167.1 159.6 147.3 174.7
Dec.- 172.8 171.3 163.6 156.9 138.0 156.2 167.8 192.9 167.6 160.7 152.5 176.5
1928Jan ---- 174.8 173.1 165.2 158.8 142.1 149.0 165.2 192.3 172.8 160.7 150.9 177.4
Feb-- 176.4 174.4 167.2 160.6 144.6 140.5 161.9 190.3 174.6 160.7 147.0 177.4
Mar-- 176.8 175.3 167.2 161.3 146.3 136.2 159.3 187.7 174.6 159.6 149.6 174.2
Apr-- 178.3 177.6 168.7 163.1 147.9 149.0 158.9 188.1 177.0 158.4 143.9 172.9
May ___ 181.5 181.2 172.2 166.3 150.4 168.6 159.6 190.3 177.0 158.4 142.6 172.4
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
80.7 84.1 --- 95.0 87.6 --- 105.3 105.3 -------80.5 86.1 ---- 101.5 92.2
.111.2 107.7
90.1 92.6
109.4 93.9
_ 112.3 106.6
103.8 97.7 --- 108.2 94.9
_ 101.0 109.3
88.4 93.5 ---- 101.6 94.3 -__- 130.5 111.4 ---- --93.5 98.9 ---- 105.2 101.6 ____ 132.1 115.1 -------100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
98.6 102.3 112.5 103.9 105.1 101.2 108.3 108.2 100.4 99.7
93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1 100.2 100.6
111.0 108.8 130.4 134.6 112.6 104.6 158.8 146.4 100.4 100.3
174.9 139.4 164.3 111.2 192.2 119.0 252.7 169.3 106.9 101.4
210.8 164.9 175.0 203.0 236.7 148.3 188.2 176.4 119.1 102.4
233.5 182.0 178.6 218.2 213.3 173.6 223.5 205.5 128.9 145.3
186.7 197.4 205.4 245.5 216.7 200.0 370.6 352.7 134.7 157.7
113.9 147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1 121.8
107.6 128.7 155.4 154.5 130.0 109.2 164.7 132.7 125.2 121.1
112.0 134.8 155.4 142.4 136.7 109.2 170.6 183.6 127.8 126.5
120.3 138.6 157.1 148.5 156.7 116.1 158.8 167.3 131.4 145.3
147.5 151.0 167.9 184.8 180.0 127.6 211.8 139.9 138.8 172.8
138.6 140.6 167.9 181.8 170.0 133.3 288.2 125.5 141.0 171.1
122.2 131.0 166.1 166.7 173.3 123.0 223.5 132.7 142.5 162.1
aobao.o.a.aowoa..009,00000m00
cnovoowwwomow...woovwwmoi.w
k.btk..bi4inbWk,,4Wk,bb.bbLaim
Year and
Corn
PotaCot- Weighted
Month. Lard. Eggs. Bread Flour Meal Rice. toes. Sugar Tea. fee. Food Index.
4007
With car and truck production and retail sales continuing in June at high
levels, the parts makers' plants also were operating well up toward capacity
in June despite some curtailment in latter part of this month in anticipation
of lower vehicle production in July.
Some Seasonal Curtailment Occurs in the Lumber
Industry.
Some seasonal curtailment in the lumber industry during
the week ended June 23, according to the "National Lumber
Manufacturing Assn., is indicated in reports covering that
period from 872 mills, as compared with reports from 846
mills for the preceding week. New business and shipments
continue well above production, and the industry as a whole
is in a strong position, observes the report of the Association,
adding:
Unfitted Orders.
The unfilled orders of 263 Southern Pine and West Coast mills at the end
of last week amounted to 751,667,034 feet, as against 764,171,652 feet
for 261 mills the previous week. The 151 identical Southern Pine mills
in the group showed unfilled orders of 269,063.856 feet last week, as against
261.009,981 feet for the week before. For the 112 West Coast mills the
unfilled orders were 482.603.178 feet. as against 503.161.671 feet for 110
mills a week earlier.
Altogether the 450 reporting softwood mills had shipments 106% and
orders 102% of actual production. For the Southern Pine mills these
percentages were respectively 117 and 130; and for the West Coast mills
113 and 95.
Of the reporting mills, the 398 with an established normal production
for the week of 296,718,902 feet, gave actual production 92%. shipments
99% ard orders 94% thereof.
The following table compares the lumber movement, as reflected by
the reporting mills of eight softwood, and two hardwood, regional associations for the weeks indicated:
Past Week.
Preceding Week 1928
(liaised).
Softwood. Hardwood. Softwood. Hardwood.
otac.c.o,
wwwwcA
. _
47.0o,ocnc..Tot
bW
bi71;.bk,
450
Mills (or units')
422
433
413
281,757,000 53,478,000 290,902,000 56.446,000
Production
Shipments
298.913,000 57,732.000 314,365,000 57,327,000
Orders (new business)
284,588.000 62,443.000 305,788.000 69.420,000
.21 unit Is 35,000 feet of daily production capacity.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that
new business for the 112 mills reporting for the week ended June 23 was
5% below production, a,d shipments were 13% above production which was
119,750,160 feet, as compared with a normal production for the week of
110.624,355. Of all new business taken during the week 38% was for
future water delivery, amounting to 43,337,911 feet, of which 31.815,577
feet was for domestic cargo delivery, and 11.522,334 feet export. New
business by rail amounted to 64,554,701 feet, or 57% of the week's new
business. Forty-five per cent of the week's shipments moved by water,
amounting to 61,457,442 feet, of which 41,188,501 feet moved coastwise
and intercoastal, and 20,268,941 feet export. Rail shipments totaled
68.252.035 feet, or 51% of the week's shipment, and local deliveries 5.521,1927- _
Jan. _- 126.6 162.0 167.9 169.7 170.0 126.4 235.3 136.4 142.6 168.5
536 feet. Unshipped domestic cargo orders totaled 183,057,652 feet,
Feb
124.1 128.1 167.9 169.7 170.0 124.1 223.5 136.4 142.3 167.4
foreign 128,549,368 feet and rail trade 170,996,158 feet.
Mar
122.8 102.6 167.9 166.7 170.0 124.1 217.6 134.5 142.6 165.4
Southern Pine Reports.
120.9 98.3 167.9 166.7 170.0 123.0 217.6 132.7 142.6
April
120.3 97.4 167.9 166.7 170.0 121.8 264.7 132.7 142.3 163.8
May
The Southern Pine Assn. reports from New Orleans that for 151 mills
June
119.0 97.1 166.1 166.7 173.3 123.0 352.9 132.7 142.1 161.7
160.7
reporting, shipments were 17.47% above production and orders were
119.0 107.0 166.1 166.7 173.3 123.0 247.1 134.5 142.5 159.7
Ju1y
Aug___. 119.6 121.7 166.1 169.7 173.3 123.0200.0 132.7 142.6 159.1
30.03% above production and 10 69% above shipments. New business
Sept _ 121.5 141.2 166.1 1661 178.3 121.8 188.2 130.9 141.9 158.7
taken during the week amounted to 83.395.191 feet, (previous week 73,124.1 164.1 166.1 166.7 173.3 120.7 176.5 130.9 142.5 159.1
Oct
969,000); shipments 75,341,316 (previous week 70,752,600); and production
Nov___!. 123.4 178.8 166.1 163.6 173.3 119.5 176.5 130.9 142.5 160.4
64,134,707 feet. (previous week 67.446,589). The normal production
Deo_ _ _ 121.5 172.8 164.3 163.6 173.3 118.4 176.5 129.1 142.1
161.4
(three-year average) of these mills is 83,051,648 feet. Of the 147 mills
1928reporting running time, 47 operated full time, 4 of the latter overtime.
Jan
119.6 162.0 164.3 160.6 173.3 117.2 176.5 129.1 142.3
162.8
Three mills shut down and the rest operated from one to six days.
Feb
115.8 124.9 164.3 160.6 173.3 117.2 176.5 129.1 142.1163.1
The Western Pine Manufacturers Assn. of Portland, Ore., reports pro112.7 107.2 162.5 160.6 173.3 116.1 200.0 129.1 142.3
Mar
163.8
April_.... 112.7 103.8 162.5 163.6 176.7 114.9 205.9 129.1
from 34 mills as 33.203,000 feet, as compared with a normal production
114.6 108.7 162.6 169.7 176.7 114.9 194.1 130.9 141.9 164.1
May
duction for the week of 37,720.000, and for the week earlier 33,572,000.
141.7164.4
Shipments showed a slight increase last week, while new business fell off
to some extent.
Second
May
The California White & Sugar Pine Manufacturers Assn.of San Francisco,
Greatest Month in Automotive
Parts and reports
production from 20 mills as 28,346,000 feet (57% of the total cut
Accessory Business-General
Volume Is Heavy.
of the California pine region) as compared with a normal figure for the week
For the third month in succession the automotive parts of 30,594,000. Seventeen mills the week before reported production as
and accessory business in May established a new seasonal 23,769,000 feet. There was a noticeable increase in shipments and a
slight increase in orders last week.
record for volume and seems likely to repeat the performance
The California Redwood Assn. of San Francisco. reports production from
n June. A large group of representative members reporting 16 mills as 7,944,000 feet, compared with a normal figure of 10.257.000,
and for the preceding week 7,689,000. Shipments and new business were
to the Motor and Accessory Manufacturers Association had considerably
less last week.
May shipments running considerably ahead of April and
The North Carolina Pine Association of Norfolk,Va., reports production
closely approaching the record for all time, made in March. from 57 mills as 9,755,000 feet, against a normal production for the week
of 11,580,000 Sixty-two mills the week earlier reported production as
These companies were operating on heavy schedules through- 9.649,000
feet. Shipments and new business were somewhat below those
out the first three weeks of June, making it certain that reported for the previous week.
The
Northern
Pine Manufacturers Assn. of Minneapolis, Minn., reports
half-year's
first
the
business will be the greatest in the history
Production from 8 mills as 11.190,900 feet, as compared with a normal
of the industry. The Association, in its survey issued figure
for the week of 12.891,900 and for the rreceding week 10.376.900.
June 22, also says:
Shipments showed a notable decrease last week, and new business was
The reporting companies, whose business is fairly representative of
about
the
same as that reported for the preceding week.
the
Industry, had aggregate May shipments 201% of January 1925, the base
The Northern Hemlock and Hardwood Manufacturers Association of
index used by the Association in its monthly compilations. This figure Oshkosh, Wis.. (in its softwood production) reports production from 52
compared with 195% in April and 207% in March. Manufacturers of mills as 7,434,000 feet, as compared with a normal production for the week
motors, bodies, parts and accessories supplied to car and truck makers as of 20,997.000. Fifty-one mills the week before reported production as
original equipment reported May business aggregating 215% of the 7,508.000. Shipments showed a marked decrease and new business
January 1925 figure as against 213% in April and 231% in March. May showed some reduction.
was the second largest month on record, the third having been October 1925
Hardwood Reports.
with 214%•
The Northern Hemlock and Hardwood Manufacturers Assn. of Oshkosh.
The replacement parts business, which has been on a strong basis through- Wis., reports production from 73 units as
10,148,000 feet. as compared
out the year, made a new record in May. Shipments of reporting members with a normal figure for the week of 15.385.000. Seventy-nine units the
aggregated 185% as against 151% in April and 123% last May. The preceding week reported production 11,574,000 feet. Shipments showed
previous high month was September 1927, with 181%.
a nominal decrease and orders fell off considerably
Shipments of accessories and garage machinery and tools to the wholesale
The Hardwood Manufacturers Institute of Memphis. Tenn.. reports
trade continued below last year's levels as they have since the early part production from 349 units as 43,330,000 feet, as against a normal production
of the year. Accessory volume was 113% as compared with 107% in for the week of 73.238.000 Three hundred and thirty-four units the preApril and 131% last May. Service equipment shipments totalled 157% vious week reported production as 44.872,000 feet. Shipments showed
as compared with 164% in April and 192% last May.
slight increases, and new business a slight decrease.
4008
FINANCIAL CHRONICLE
[VOL. 126.
"Journal of Commerce,'
West Coast Lumbermen's Association Weekly Report. New Bedford dispatch June 27 to the
which further quotes him as follows:
One hundred ten mills reporting to the West Coast
Their announcement does not end the strike. It is still on and will
Lumbermen's Association for the week ended June 16 1928 continue to be until an agreement between the mill men and the operatives
the test. We
manufactured 118,080,396 feet, sold 121,630,177 feet and is reached that is satisfactory to both sides. We welcome
have no fear that it will result in anything except a more convincing demonshipped 142,088,154 feet. New business was 3,549,781 stration than ever of the determination of the textile operatives of New
feet more than production and shipments 24,007,758 feet Bedford to stick it out until they win their strike. It will then have gone
12 weeks. The workers who are out and who have sacrificed during that
more than rroduction.
time to win their demands will
give up now. We believe they have
COMPARATIVE TABLE SHOWING PRODUCTION, NEW
SHIPMENTS AND UNFILLED ORDERS.
June 2.
June 9.
June 16.
Week Ended112
111
110
Number of mills rePorting---118,080,398 116.348,014 107,042,250
Production (feet)
118,339,845
121.630,177
139,270,685
New business(feet)
142.088,154 143.375.989 131,413,196
Shipments(feet)
Unshipped Business173,280,713 175,335,259 170,769,729
Rail(feet)
192,350,157 201.498,379 208,620,995
omestic cargo (feet)
137,530,801 139.592,086 144,021,386
port(feet)
BUSINESS
May 26.
114
116,673,948
155,237,335
136,857,818
not
no intention of giving in at the point of victory.
References to the wage cut and the strike of the operatives
appeared in these clumns April 14, page 2240; April 21,
page 2402; and May 19, page 3045.
172,226,342
222,699,803
145,500.549
Ohio Farm Crop Prospects Better than Average.
Growing crops on Ohio Farms are in better than average
503,161,671 516,425.724 523,412,110 540,426,694 condition and a production much greater than last year is
Total(feet)
1925.
1926.
1927.
1928.
forecast from present indications for all crops except
First 24 Weeks of119
105
76
113
_
_
Aver.number of mills_
2 809,197.229 1,752,832,803 2,437,564,263 2,412.709,567 wheat, according to the June Report on Farm Finance of
Production (feet)
New business (feet)_ _ _ _ 3,083,238,631 1,852,107,755 2,584,843,569 2,464,426,753 The Ohio-Pennsylvania Joint Stock Land Bank, based on a
2,916,017.565 1,815,095,632 2,549,339,600 2,493,636,020
Shipments(feet)
survey through reports from banks having country busiCanadian Newsprint Statistics for May-Increase in ness, which, under date of June 16, added:
This improved outlook should have a favorable influence on farm finances
Exports of Pulp and Paper.
in this State. Wages for farm labor have apparently declined slightly
Canadian
from
last year and less hired labor is being employed. There is some
reports
that
June
23
The Montreal "Gazette" of
withdrawal of bank deposits in some farming sections, especially in southexports of pulp and paper in May, according to the report western
Ohio, though there is no considerable increase in loans.
of the Canadian Pulp & Paper Association, were valued at
The heavy rains of the first week in June have almost assured an oats
$16,927,421, an increase of $4,526,952 over the total for the crop. There will be a heavy growth of straw and with favorable weather
the time the grain is forming Ohio should have a very heavy crop of oats.
previous month and of $2,773,298 over the figures for May at
An oats crop is unusually important this year in Ohio because it will
1927. The further advices in the "Gazette" state:
furnish much needed feed for livestock. Farmers are now purchasing
Wood-pulp exports in May were valued at $3.808,825 and exports of
paper at $13,118,596 as compared with $3,013,864 and $9,386,605, respectively, in April.
Quantities and values of the various grades of pulp and paper exported
In May were as follows:
May 1927
May 1928
Tons.
$
Tons.
Pulp20,777
609,258
430,354
16,112
Mechanical
17,262
1,394,825
1.309.134
17,829
Sulphite, bleached
16,025
890,440
1,046,166
20,974
Sulphite, unbleached
13,765
628,142
953,239
15,938
Sulphate
1,221
69,932
23,558
3,284
Screenings
feeds at very high prices.
The corn crop is starting under reasonably favorable conditions and the
appearance of the growing plants is satisfactory as a whole. There are
some complaints of a late start and a retarded growth from the cool and
dry weather of the second half of May. A year ago only a part of the
acreage was planted by the middle of June. In view of present indications it seems fairly certain that Ohio farmers will produce a corn crop
large enough to overcome the effects of the very poor crop of last year.
The improvement in 'pastures will be of great benefit to dairymen who
have been purchasing high priced feeds and selling milk on only a moderate
price scale.
69,050
3,808,825
3,744,223
74,137
Ohio farmers will produce this year's crops at less labor expense than
Paper12,543,471
149,925
9.858,854 in the past. Wages are at least no higher than a year ago and there is
194,298
Newsprint
154.839
735
1,439
83,826 apparently less using of hired labor this year.
Wrapping
54,842
12,824
83,109
6.508
Bcok (cwts.)
Farm wages are reported to be the same as last year in 82% of the
1,909
1,671
14,579
91
Writing (cwts.)
363,535
369,532 replies in the survey and to be less than last year in 13%. Only 5%
All other
report small increases.
13,118,596
10,409,900
Less labor is being employed on farms this year in this State according to
For the first five months of the year the total value of Canadian exports of 41% of the reports, while 59% report the same as last year with a very
compared
with $68,955,- few scattered reports indicating a heavier employment
wood-pulp and paper amounted to $78,602,014, as
Spring withdrawals of deposits in farming sections are reported heavier
132 in the corresponding months of 1927, an increase for the current year
$9,646,882.
in southwestern Ohio and in some other parts of the State than last year,
of
Wood-pulp exports for the five months were valued at $18,400,070 and though no large decreases in deposits are reported. Taking the State as
exports of paper at $60,201,944 as compared with $17,712,650 and $51,- a whole, 25% of the reports are for somewhat heavier withdrawals than
242,482, respectively, in the corresponding five months of 1927.
usual while 12% report smaller spring withdrawals and 63% indicate about
Quantities and values under the various classifications were as follows:
a normal amount of withdrawals.
-Floe
Months
1928Months
-Five
A slight increase in borrowing from banks by farms is reported, though
1927Tons.
Tons.
$
Pulpfor the State as a whole the increase is not considerable, with 35% stating
1,903,667
76,879
70,497
2,194,991
MechanicaL
7,621.13093,110
101,541
7,330,182 that borrowings are larger than last year and 18% indicating a less borSulphite, bleached
4.571,190
75.492
90,344
4,164,298 rowing, while about the same calls upon the country banks for loans as
Sulphite, unbleached
4,067,430
65,425
68,626
3,980,900 last year are reported in 47% of the replies.
Sulphate
236,653
.1.045
11,804
*42,279
Screenings
Cash rents average around $6.00 and $7.00 an acre in the sections
311,951
18,400,070
342,812
17,712,650 where farms are extensively rented on a cash basis. There is considerable
variation in reported rents with the figures ranging from $3.00 to $10.00
'Two months only.
Paperan acre.
57,574,213
741,404
891,349
48,591,529
Newsprint
775,741
6,660
7,105
756.061
Wrapping
211,359
30.468
25,843
229,328
Book (cwts.)
16,837
6,893
1,724
57,400 Move to Form New York Burlap and Jute ExchangeWriting (cwts.)
1,623,994
__1,608,164
All other
60,201,944
51,242,482
Pulp-wood exports for the five months amounted to 608,467 cords valued
at $5,481,588 as compared with 678,693 cords valued at $6,341,457 in the
corresponding months of 1927.
New Bedford, Mass., Cotton Mills Plan to Reopen
July 9-10% Wage Cut Still in Effect.
New Bedfords' 26 cotton mills will attempt to resume
operations Monday, July 9, according to an announcement
of the New Bedford Cotton Manufacturers' Association.
The reopening will be made with the 10% cut, announced
April 9, still in effect. The announcement of the proposed
reopening says:
Support by Bag Manufacturers and Importers
Deferred.
Announcement of the incorporation of the New York
Burlap and Jute Exchange was made on June 24 by W. R.
Pinner of Rutger, Bleeker & Co., importers, of 80 Wall
Street. Stating that "the reasons for and against this Exchange and the possible results therefrom have not been
given sufficient consideration," resolutions adopted on
June 25 at a meeting of bag manufacturers called for the
appointment of a committee to investigate the plan, 39
firms represented at the meeting deciding to withhold support of the movement pending the investigation. The
following statement regarding the meeting was given out:
At a meeting of all bag manufacturers and importers in New York it was
On April 9, when announcing the reduction in wages, reasons were given unanimously decided to adopt the
following resolutions with reference to
which made the step necessary. In the past ten weeks nothing has occurred
the proposed Burlap Exchange:
to modify the positio.1 taken at that time. As a result of the announcea
Whereas,
proposition
has
been
submitted to some members of the
ment of April 9 the mills were forced to close because of the strike action burlap trade looking to their
Joining a burlap exchange which has already
taken by the labor unions. It has been pointed out that the closing of
organized by interests outside of the industry;
been
strike
has
kept
large
numbers
from
the
employof
account
the mills on
And Whereas, a meeting of the members of the burlap trade was held on
ment, who, if they had the opportunity, would return to work.
the community, and wishing to meet the Monday. June 25 1928, to discuss the proposition;
At the suggestion of many in
Whereas, such discussion disclosed the fact that the reasons for and
And
reopening
in
the
interest
of
the
urged
number
desires of those who have
9. Be.. against this Exchange and the possible results therefrom have not been
who want to return to work, the mills will open on Monday. July
amount of business on hand it will given sufficient consideration upon which to base definite action at this time;
cause of the shutdown and the small
Now, therefore, be it resolved, that a committee consisting of
likely be possible to re-employ only a limited number for the immediate
As rapidly as possible it is intended
improves.
3 members of the bag manufacturers
Present and until business
3 members of the Jute St Gunnies Importers Association
improvements and methods which will tend
to introduce manufacturing
1 member of the Burlap Brokers' Association
net
the
earnings
of
increase
operatives.
and
costs
production
to lower
named
at this meeting to investigate the entire plan from all possible
be
manufacturers
that
the
the
mills
"The announcement by
angles and that pending such investigation the undersigned agree that they
will reopen July 9 makes no difference," William E. Batthy will not take any action which pledges them either to support this Exchange
Secretary of the Textile Council, is quoted as saying in a or to become members of or associated therewith.
JUNE 30 1928.]
FINANCIAL CHRONICLE
The above resolutions were signed by all present, being representative
of the following companies:
W.R. Grace & Co.
Bemis Bros. Dag. Co.
Jute Industries, Ltd.
Chase Bag Co.
Percy Kent Bag Co.
James Scott & Sons
Antony Gibbs & Co.. Inc.
Sterling Bag Co.
E. S. Halstead de Co., Inc.
Henry W.Peabody & Co.
Rain Bros.
Jacob Lawson Bag Co.
Mitsui & Co.
Philadelphia Bag Co.
H.P. Winter & Co.
National Bag Corp.
A. V.& B. W. Levey, Inc.
Fulton Bag & Cotton Mills
Richardson-Garrett Bag Co.
Bruns-Nordeman Co.
Hyland Bag Co.
Hothorn Litzrodt Corp.
American Agricultural Chemical Corp
Thos. Boner & Co.
Balfour Williamson & Co.
Epstein & GaIlle
Pope de Earley. Inc.
Simon Swerling
James F. White & Co.
Rudolf Wolf
Smith Kirkpatrick & Co.
William C. Ramer
Wonham, Bates & Goode Trading Corp.
R. L. Pritchard Se Co.
Bingham & Co.
Christopher Smiles dz Co.
A. C. Fox & Co.
Stein, Hall & Co., Inc.
India Trading Corp.
The committee chosen consisted of:
T. M. Gale, Chairman, Epstein & Genie.
H. H. Allen, Bemis Bro. Bag Co.
Duane Hall, Chase Bag Co.
John R. DeWitt, National Bag Corp.
F. H. Rhoden, W.R. Grace & Co.
Fred Woolf. Hothorn. Litzrodt Corp.
Simon SwerlIng, Simon Swerling.
M. S. Rosenthal, ex-officio, Stein, Hall & Co., Inc.
4009
The Cuban National Sugar Commission has received the approval of
President Machado to withdraw 336,000 short tons from the sugar allotted
for export to the United States, according to a trade report This will
reduce the exports to the United States from the original allotment of
3,696,000 short tons to 3,360,000 short tons and will be 216,000 short
tons less than the Cuban sugar exports to the United States in 1927,
unofficially estimated at 3,576,000 short tons.
Grinding of Crop Completed.
According to a trade report, 1,528,410 short tons of Cuban sugar have
already arrived in the United States, leaving a balance cf 1,831,590 short
tons available for the United States refiners for the balance of the season.
Grinding of the 1927-28 Cuban sugar crop was completed on June 4.
No final crop figure has as yet been published, but according to estimates
reported by the individual mills, the crop is well above the limit of
4,480,000 short tons fixed by the crop restriction law. The Secretary of
the Sugar Commission has announced that the sugar destroyed in the fire at
San German will be applied to offset in part the overproduction of those
mills which had exceeded their quota before being notified of their allotments. The San German loss covers about 60% of the overproduction.
It is stated that the Export Corporation has instructed the Sugar Commission to release 60.3% of the surplus production and to place it at the
disposal of the mills in proportion to the amount overproduced by each.
The Export Corporation will retain the remainder (about 10,000 short tons)
to be disposed of at its discretion.
According to the announcement of Mr. Pinner, the new
Exchange is to be patterned after the recently organized
Manchester Spinners Against Half-Time.
National Raw Silk Exchange, which will open for trading
Manchester (England) Associated Press advices June 29
in September. He stated that interested in its organization state:
are men long active in the burlap and jute trade and repreBallot of the American yarn spinning section on a recommendation by
sentatives of leading downtown commission houses, and the Federation of Master Cotton Spinners that the American section revert
to organized short time to curtail production by 50% has failed to produce
that in the latter group are members of firms prominent the
necessary 90% favorable vote.
in the New York Stock, New York Cotton, Rubber, Cocoa
The recommendation that the American section go on half-time proand other exchanges. Mr. Pinner, who is acting as Secre- duction was made by the Federation on June 19 in an effort to overcome
present difficulties of the cotton industry in Great Britain. The vote
tary of the Exchange, said the idea of a futures exchange the
was completed yesterday.
which would give the protection of price insurance through
hedging had been discussed spasmodically for years in the
Substantial Gain Reported in Crude Oil Output.
burlap trade, but that only in the last few months had it
An increase of 17,100 barrels in the daily average gross
taken concrete form. In his statement he said:
The charter for the New York Burlap and Jute Exchange was gran ed a crude oil production in the United States during the week
month ago-on May 24, to be exact-but it was decided to make no public ended June 23, is reported by the American Petroleum Instiannouncement until the work of organization had passed the preliminary
production being 2,375,550 barrels for the current
stages and we were assured of the wide support of representative importers tute, the
and manufacturers and commission houses. This has been accomplished week as compared with 2,358,450 barrels for the preceding
and the opening of the Exchange this fall is assured.
week. Compared with the output of 2,510,750 barrels per
There will be no public offering of memberships. Our membership will
corresponding week of 1927, current output shows
be limited to 250 and confined to those actively in the burlap and jute day in the
Industry, to commission houses and others who will use the trading facilities a loss of 135,200 barrels per day. The daily average proof the Exchange.
duction east of California was 1,730,050 barrels, as comExplaining that as regards burlap and jute America is in pared with 1,716,450 barrels, an increase of 13,600 barrels.
much the same dependent position as she is in relation to The following are estimates of daily average gross produccrude rubber, Mr. Pinner said:
tion by districts for the weeks noted:
America
world's
is the
largest consumer of burlap and jute, but produces
none. Since the organization of the Rubber Exchange of New York some
two years ago the price of crude rubber has declined from over 60 cents to
under 20 cents a pound and Great Britain has been forced to relinquish
restriction of rubber exports. American rubber manufacturers for the first
time have had the protection of an open market in which to hedge their
purchases against abrupt declines. They have been saved millions of
dollars by the protection which the Exchange provides, and manufacturers
who use burlap and jute will have the same protection when our Exchange
is functioning.
The imports of jute into North America during 1927
totaled approximately 500,000 bales and burlap 1,000,000,000
yards, valued respectively at $15,000,000 and $100,000,000,
Mr.Pinner said. "An important part of the burlap is bought
and resold perhaps five to ten times before reaching New
York, and often at least once or twice on spot before reaching the consumer," he explained. "It will be readily seen
from this that the value of the volume traded in on a futures
exchange here could easily approximate hundreds of millions
of dollars annually." It is added that both burlap and jute
are subject to considerable fluctuation. In 1919 heavy
burlap sold as high as 18 cents a pound; in 1921 it sold down
to 43 cents. Last year it ranged from 123
4 to 83
% cents a
pound. "It is admitted that to-day the Calcutta market
virtually diotates prices for burlap and jute," Mr. Pinner
said. "With a well-organized futures exchange operating
in New York, however, this situation would be materially
changed and prices find a more natural level in response to
supply and demand."
(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
DAILY AVERAGE PRODUCTION.
June 23'28. June i6'28. June 9 '28. June 25 '27.
.592,200
51,8,950
596,650
774.900
10.5,450
104.200
106,550
111,900
66,350
63,400
65,150
125.500
79,400
76,850
77,700
88,300
57,800
55,650
73,800
54,700
315,800
294,400
293.250
118,250
22.500
3.5,650
22,050
21,850
23,150
23,500
22.200
32,600
41,950
42,500
49,900
43,250
101.800
106,150
106,600
113.100
105,850
110,000
107,500
138.600
29,750
28,150
15,800
29,050
107,500
110.500
109,000
111,000
61,450
62,200
63,400
60.650
9,900
15,400
10.700
10,700
7,200
7.2.50
7,400
7,000
2.450
2,150
3.050
1,650
645,500
635,100
644.800
642,000
2,375.550
2,358,450
2,363,800
2,510,750
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 23 was 1,405,500 barrels, as compared with 1,389.800
barrels for the preceding week, an increase of 15,700 barrels. The MidContinent production excluding Smackover. Arkansas heavy oil was 1.347.150 barrels as compared with 1,331,600 barrels, an increase of 15,550 barrels.
The production figures of certain pools in the various districts for the
current week compared with the previous week follow (figures in barrels
of 42 gallons):
-Week Ended-Week EndedJune 23.June 16.
OklahomaJune 23.June 16.
North Braman
2,900
Southwest TexasSouth Braman
13,800 13.650
1,450 1.500 Luling
6,200 6,000
13,900 14.100 Laredo District
Tonkawa
Garber
8,600 8.500
North Louisiana6,250 6,300
Burbank
31,650 32,100 Haynemllle
Bristow Slick
7,050 7,200
22,200 22,450 Urania
Cromwell
9,700 9,750
ArkansasWewoka
7,750 7,600
6,550 6,550 Smackover,light
58,350 58,200
51,350 51,300 Smackover,heavy
Decree of President Machado Reducing Cuba's Sugar Seminole
Bowlegs
25,650 30,100
59,600 62,700 Champagnolle
&aright
13,100 13,850
Coastal TexasAllotment to United States.
Little River
43,000 43.750 West Columbia
8,300 8,400
85,150 87,850 Blue Ridge
5,850 5.850
Several items regarding the reduction in Cuba's sugar Earlaboro
10,500 11,000
Pierce Junction
11,100 11.600
Hull
quota to the United States have appeared in these columns- Panhandle TexasHutchinson County__ 37,200 37.050 Spindletop
39,900 40,050
June 16, page 3676; June 23, page 3841. The "United States Carson County
6,700 6,850 Orange Co
4,100 4,250
County
21.200 20,050
WyomingDaily" has published an announcement in the matter by the Gray
Wheeler County
1,000
42,700 43,050
1,050 Salt Creek
MontanaU. S. Department of Commerce, and we give the same
West Central Texas8,000 8,800
Sunburst
Brown County
herewith:
13,250 12,850
California36,000 36,000
10,750 10,200 Banta Fe Springs
Withdrawal of 336,000 short tons from the Cuban sugar allotment to the Shackelford Co
199,000 200,000
Long Desch
United States of 3,1)66,000 short tons, has been authorized by President
West Texas55,000 54,500
Huntington Beach
17,500 17,500
Machado, of Cuba, according to information made public June 18 by the Reagan County
18,000 17.700 Torrance
Pecos
11,500 12,000
County
Dominguez
50,200
52,000
Department of Agriculture. Allowing for arrivals in the United States, Crane
6.000 6,000
and Upton Cos._. 69,100 67,500 Roeecrans
29,000 29,000
the sugar still 'available for American refineries during the rest of the Winkler
16.5,200 143,200 Inglewood
East Central Texas70,500 70,500
Midway-Sunset
season totals 1,831,590 short tons. The statement of the Department on
51,500 49,000
Corsicana Powell
11,150 11,000 Ventura Ave
the Cuban sugar situation follows in full text:
37,500 36,500
Nigger Creek
1,200
1,250 Seal Beach
I.
4010
FINANCIAL CHRONICLE
Oil Prices-Gasoline Prices
Increase.
But one change of any importance was announced in crude
oil prices during the week and that occured on June 29 when
the South Penn Oil Co. advanced the price of Corning
crude oil 15 cents a barrel, making the new price $1.70. On
Corning crude run prior to September 15 1926, the new price
is $1.60 a barrel. These prices were not advanced on June
13 when other grades of Pennsylvania crude were increased
(See the "Chronicle" for June 16, page 3678).
Gasoline prices were increased in a number of territories,
the earliest report coming from Houston, Texas, on June 26
when the Humble Oil & Refining Co. advanced the tank
wagon price of gasoline 2c. a gallon to 13c., effective as of
June 23.
The tank wagon price for gasoline was also increased one
cent a gallon to 17 cents in North and South Carolina, Virginia, West Virginia and Maryland by the Gulf Oil Corp.
Sinclair Consolidated Oil Corp. and Texas Corp. have followed these advances where made. The Atlantic Refining
Company has advanced the price of gasoline one cent a
gallon effective June 27, making the new price 17 cents for
tank wagon and 19 cents for service station prices.
The Standard Oil Co. of New Jersey on June 27 reduced
the price of bunker fuel oil 10 cents a barrel. The new base
price in New York harbor is $1.15 a barrel at terminals, the
lowest price for bunker fuel oil since 1922. Reductions also
were made at Baltimore, Norfolk and Charleston.
In Chicago, Ill. on June 29, wholesale prices were quoted
as follows: motor grade gasoline, 7%08c.; kerosene 41-43
water white, 434@4%c.; fuel oil, 24-26 gravity, 70@75c.
Slight Revision in Crude
Venezuelan Oil Production in May Reached Record for
All Time-Shipments More Than Double Those in
May 1927.
Oil production in Venezuela for the month of May 1928
totaled 8,784,123 barrels, a record for all time, averaging
283,360 barrels daily, compared with 7,594,476 barrels, or
253,149 barrels daily in April and 4,630,275 barrels, or
149,364 barrels daily, in May 1927, according to the June
issue of "O'Shaughnessy's South American Oil Reports,"
which also contains the following statistics:
Oil shipments in May 1928 nearly equaled production for that month,
totaling 8,510,664 barrels, an average of 274,538 barrels daily, and comparing with 7,582.102 barrels, or 252,736 barrels daily, in April, and 3,796,507
barrels, or 122,467 barrels daily, in May 1927.
Venezuelan oil production in the first five months of this year amounted
to 37,771,448 barrels as compared with 22,891,136 barrels in the corresponding period last year. Shipments during the five months ended May
28 1928 totaled 37,076,762 barrels as against 18,063,642 barrels in the same
period in 1927.
ESTIMATED PRODUCTION BY COMPANIES.
April
May
Daily
Daily
May
1928.
1928.
Aver.
Aver.
1927.
(In Barrels.)
3,100,677 100,022 2,769,317 92,310 1,736,595
V. O. C
2,206,387 71,174 1,897,110 63,237 1,049,446
Lago
53,051
Lago-Maxud
1 066,000 34,387
855.608 28,520
393,619
Gulf-Creole
203,836
256,997
8,290
6,796
269,300
Gulf
456,000 15,200
677,000 21,839
291.400
Gulf-Venezuelan Petroleum
1,297,753 41,863 1,224,530 40,818
589,000
Caribbean Petroleum
154,081
5,136
145,809
4,704
202,864
Ltd
B. C. 0.,
1,133
34,000
33,500
1,081
45,000
General Asphalt
[VoL. 126.
lish a price of 1.90c., Pittsburgh, for the coming quarter,
and, while some buyers regard this move as a defensive one,
primarily intended to hold the market at the present level of
1.85e., others are taking the precaution to release the steel
still due them, the "Age" adds in summarizing conditions
in the industry. It further states:
The volume fo mill bookings and the rate of production leave but little
to be desired, considering the season. Operations at Chicago and Pittsburgh are from five to seven points higher than a year ago.
The price situation, however, is not so favorable. In contrast with the
advanced quotations on plates, shapes and bars, prices on cold-drawn bars
have been reduced $2 a ton and sheets have shown further weakness.
Black sheets at 2.65c., Pittsburgh, and galvanized sheets at 3.50c., which
is now the maximum rather than the minimum going price, are at the lowest
levels since March 1916.
At Cleveland, third quarter business in cold-rolled strip has been taken
at a concession of $2 a ton, and the final abandonment of efforts to advance
hot-rolled strip is seen in the acceptance of forward commitments at the
same prices that ruled on second quarter contracts.
In semi-finished and primary materials the price trend is irregular. Basic
pig iron in the Valleys has rebounded after dipping to $15.37 a ton,furnace,
having advanced to $15.75 on a sale of 2,500 tons. Alabama and Tennessee foundry iron, on the other hand, have again declined to $15.50.
Birmingham, after an advance to $16 late in May.
Scrap prices are weak in all markets, and heavy melting steel at Pittsburgh has receded 25c. a ton for the second time in two weeks, now being
at the lowest level since early in 1922.
In semi-finished steel the re-establishment of base-size billets at $33,
Pittsburgh, or $1 a ton above recent prices, is now a possibility, but sheet
bars, under the threat of competition from strip mill breakdowns, have been
sold at $32, Youngstown, a drop of $1 a ton.
Among the major outlets for steel, building is the most active. Of
38.200 tons of fabricated steel work placed in the week. 12,000 tons was for
a New York hotel. In Greater New York alone large projects likely to be
placed during the summer total more than 100,000 tons, of which 20,000
tons is for a Brooklyn department store.
Tin plate mills are booked for 45 to 60 days, following generous specifcations from can manufacturers.
Some of the Michigan automobile builders have sharply curtailed production and others have shut down for inventories and changes in models.
Steel orders from the automobile industry have declined, but the demand
for sheets and strip steel from that source is still large for this season.
Automobile production in May was 425,990 units, the sixth greatest
total, for any month and less than 4% below the record of 442,114 established in October 1925.
The new steel export association includes nearly, if not all, of the producing companies interested in exporting, and aims in part to secure export
price stabilization, to coMbat foreign co-operative buying and, indirectly,
to develop favorable areas for exports and at the same time to strengthen
world price levels.
Exports of iron and steel in May were 267,890 gross tons-the largest
total since February 1921.
Reaching the lowest level since 1915, the pig iron composite price of
the "Iron Age" has dropped to $17.21 a ton,from $17.23 held for the three
preceding weeks. It is now just $1.50 lower than a year ago. The finished steel composite remains at 2.341C. a lb. for the fourth week, against
2.367c. a year ago, as shown In the accompanying tables:
Finished Steel.
Pig Iron.
June 26 1928, 2.3410. a Lb.
June 26 1928, $17.23 a Gross Ton.
$1723
2.341e. One week ago
One week ago
17.39
One month ago
2.348c. One month ago
18.71
2.367c. One year ago
One year ago
15.72
1.689c. 10-year pre-war average
10-year pre-war average
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valley
plain wire, rails, black pipe and black furnace and foundry irons at Chicago,
sheets, constituting 87% of the United Philadelphia, Buffalo. Valley and SirStates output.
mingham.
Low.
Low.
High.
High.
1928_2.384c. Feb. 14 2.314c. Jan. 3 1928__317.75 Feb. 14 $17.21 June 5
1927_..2.453c, Jan. 4 2.2930. Oct. 25 1927__ 19.71 Jan. 4 17.54 Nov. 1
1928_2.453c. Jan. 5 2.4030. May 18 1928_ 21.54 Jan. 5 19.46 July 13
1925_2.560o. Jan. 6 2.3960. Aug. 18 1925__ 22.50 Jan. 13 18.98 July 7
1924_2.789o. Jan. 15 2.4600. Oct. 14 1924__ 22.88 Feb. 28 19.21 Nov. 3
19232.824o. Apr. 24 2.4413o. Jan. 2 1923 30.86 Mar.20 20.77 Nov.20
Passive resistance of consumers of heavy finished steel to
the advanced 1.900., Pittsburgh, price for the third quarter
gives evidence of turning into active opposition. Coupled
with the vacillation of most producers in initiating contract8,784,123 283.360 7,594,476 253,149 4,630,275
Totals
ing and the sentimental effect of weakness in pig iron, scrap,
ESTIMATED SHIPMENTS BY COMPANIES.
coke and semi-finished material, this development further
April
Daily
May
May
Average, 1927.
1928.
Average. 1928.
(In Barrels.)
shrouds
the steel price structure in uncertainty, observes
3,150,207 101,620 2.779.049 92,635 1,328,322
V.0. C
2 259,056 72,873 1,870,816 62,360
866,178 the "Iron Trade Review" on June 28, in its weekly resume
Lago
878,640 29,288
1 102,280 35,557
261,653
Gulf-Creole
313,800 10,460
249,700 of conditions'affecting the iron and steel industry.
320,000 10,323
Gulf
376,560 12,552
512,533 16,553
270,676
Golf-Venezuelan Petroleum
In some districts, contracts for heavy steel for next quarter
39,700
1,191,000
32,716
1,014.188
Petroleum
589.200
Caribbean
4,608
138,237
3,835
118,900
205,778 have been closed at 1.85a., Pittsburgh, and there are sugB. C. 0., Ltd
1,133
34,000
1,081
33,500
45,000
General Asphalt
gestions of pressure upon this level, which has held through
8,510.864 274,538 7,582,102 252,736 3,796,507
Totals
most of the expiring quarter. Preferred buyers still are able
to do better than 1.850. Chicago district producers are disSteel Output at Pittsburgh Gains a Trifle-Consump- turbed by continued forays into their territory by Pittsburgh
tion Maintained-Irregular Prices.
mills, making maintenance of their $3 differential over Pittseasily
longer
is
which
no
burgh
consumption,
measured in
difficult, declares the "Review," adding:
Steel
The lighter steel lines also are sensitive to this condition. Attractive
view of the growth of miscellaneous uses for mill products, automobile
rolled
business has elicited concessions of $2 per ton in cold
is holding up better than had been expected, declares the strip. Current prices for sheets and strip, usually representing reductions
new quarter. Cold
June 28 market review issued by the "Iron Age." As a rule from earlier in the year, are being extended into the
finished bars are off $2 per ton.
orders
for
new
call
quick
and
specifications
delivery,
both
Within the next week a more definite determination of prices, especially
melting, as
indicating that steel is being placed for actual requirements on the heavy steel lines, is probable. Mill backlogs have beensubstituting
users have specified out their second quarter material without
and not for stock, and total mill bookings bulk large. In the third
stimulate
quarter contracts, and the approach of the new quarter will
Greater Pittsburgh area, in fact, output has increased to action. The drifting of the past month has favored consumers more than
72% of ingot capacity, compared with 70% last week. producers.
Meanwhile, actual consumption is in sharp contrast to the price situaOperations in the Chicago district, on the other hand, have tion.
Another week of heavy building steel awards reinforces continued
rate.
declined three points to an 80%
seasonally-strong demand from the automotive and farm implement intrade comesa steady flow of orders
The improvement at Pittsburgh is attributed, in part, dustries. From the small manufacturing
neutralizing somewhat the disappointing requirements from the railroads
to heavier specifying against second quarter contracts, par- and
show the half year now closing to
will
figures
the oil country. Final
ticularly those covering plates, shapes and bars. On those be a record one in steel production and, because consumers' stock are
products mills are making a more determined effort to estab- negligible, also a record one in consumption.
JUNE 30 10281
FINANCIAL CHRONICLE
Pig iron sales are light in all districts, considering the proximity of the
hew quarter, and the price tendency Continues downward. Considerable
of the weakness in pig iron is attributed to liquidation of Stocks. The
recent disturbance in the Mahoning valley basic market is thus partly
explained, while No.2 foundry iron has been reduced 25e. in the Mahoning
valley due to one furnace quietly liquidating at $16.50. A Pittsburgh
district steelmaker has closed on 2.500 tons of basie at $15.75, valley.
Southern iron is off 50c. to $13.50, Birmingham.
Beehive foundry coke users are contracting for the next six and twelve
months at prevailing contract prices. Blast furnaces continue indifferent
to their coke requirements. For extended deliveries beehive furnace cokemakers ask $3. By-product foundry coke has declined 50c. per ton at
Detroit. Many iron and steel scrap classifications have declined 25 to
50e. per ton as the market has become glutted and many consumers are
holding up shipments or cancelling.
Specifications for sheets have spurted sufficiently to enable Mahoning
valley mills to put on 15 mills this week, making 113 out of 127 independent
units active, an operating rate not surpassed this year. Orders at Pittsburgh are slightly in excess of current production but the mills prefer
lengthening their backlogs slightly to putting on additional mills. Further
stiff competition in galvanized has brought mill prices below 3.50c. Tonnage buyers have done 1.90c. on black although some mills maintain a
minimum $2 higher. On black sheets 2.60c. is done and on full finished
4.00c. Is firm. Tin plate operations still are 90% or better.
Bar mill operations are higher than those of plate and shape mills in all
districts. As users specify out their contract obligations, mill order books
become depleted and deliveries are advanced. The recent Erie railroad
freight car order will provide Chicago plate mills with 4.000 tons. A water
line for Denver requires 12,000 tons of plates. An award of 12,000 tons of
steel for a New York hotel brings the week's structural orders up to 32,600
tons. New business is topped by an inquiry for 8,000 tons, the start on a
20,000-ton project for a Brooklyn department store. An award of6,000
tons of concrete reinforcing bars at Chicago has made this week one of the
heaviest of the year. Pencoyd. Pa., has been made an eastern basing point
for shapes.
Steel corporation subsidiaries are operating at 76%, identical with last
week. but independent mills at 69.5% are a point under a week ago. The
entire industry is now operating at about
72.5%•
steelmaking
operation have declined several points to 80%, whileChicago
Pittsburgh holds at
70 to 75% and Buffalo at 86%. Many mills will close July 3 for the rest
of the week.
Weakness in pig iron and sheets has dropped the "Iron Trade Review"
index of fourteen leading iron and steel products 15c. this week. to $35.05.
the lowest level since October, 1927.
10:
4011
tons to 1,219,000 net Wig. Compared with the output of
1,668,000 net tons in the corresponding week one year
ago, the current output shows a loss of 449,000 net tons.
Because of the stable production of coke, at around 73,000
net tons each week, the table usually shown is omitted this
week from the Bureau of Mines report,from which, however,
we quote as follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended June 16,including
lignite and coal coked at the mines, is estimated at 8,335,000 net tons.
Compared with the output in the preceding week, this shows a decrease
of 77,000 tons, or 0.9%. Production in the week of 1927 corresponding
with that of June 16 amounted to 8,284,000 tons.
Estimated United States Production of BiltiMinous Coal (Net Tons) Ind. Coal Coktd.
1927
1928Cal. Year.
Cal. Year
Week.
Week.
to Date.
to Date.
June 2
7,379,000
7 382,000
243,142,000
200,700,000
Daily average
1,366,000
1 367,000
1,866,000
1,539,000
June 9
8,524,000
8 412,000
251,668,000
209,112,000
Daily average
1,421.000
1 402.000
1,846,000
1,533,000
June lGb
259,950,000
8,284,000
8 335,000
217,447,000
Daily average
1 339,000
1,827,000
1,381.000
1.527,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Subject to revision,
The total production of bituminous coal during the present calendar
year to June 16 (approximately 142 working days) amounted to 217,447,000
net tons. Figures for corresponding periods in other recent years are
given below:
259,950,000 net tons 0924
1927
220,416,000 net tons
246,295.000 net tons 1023
1926
261,261,000 net tons
215,661,000 net tons 1922
1925
183,502,000 net tons
As already indicated by the figures above, the total produetion of sett
coal for the country as a whole during the week ended Jude 9 amounted
to 8,412,000 net tons. This is an increase of 1.030.000 tons over the
output in the holiday week preceding, and of 38,000 tons over the six-day
week of May 26.
The following table apportions the tonnage by States and gives 'temperable figures for other recent years.
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
June
June 9
June 11
June 2
Average
June 12
1928.
1928.
State-.
1923.a
1927..
Alabama
299,000
304,000
387,000
296,000
134
92
86,000
Steel ingot production came down fractionally during the Arkansas
21,000
29,000
23,000
22,000
20,000
119,000
151,000
111,000
175.000
133,000
past week, reports the "Wall Street Journal" of June 26 in Colorado
556,000
620,000
69,000
Illinois
929,000 1,243.000
its review of the industry. Output amounted to 72%, Indiana
214.000
191,000
416.000
302,000
153,000
45,000
43,000
5.000
68.000
88,000
compared with 73% the preceding week and 76% two weeks Iowa
22,000
22,000
60,000
20,000
Kansas
73,000
918,000
920,000
001,000
Kentucky-Eastern
915,000
661,000
ago, the "Journal" states, adding:
204,000
207,000
Western
230,000
451.000
183,000
47,000
37,000
48,000
48,000
47,000
In the previous two weeks operations were sharply reduced, and authorr Maryland
11,000
11,000
10,000
4,000
12,000
ties are predicting further substantial curtailment, despite the comparative Michigan
44,000
41,000
22,000
Missouri
55,000
40,000
halt in the downward trend at present.
39,000
35,000
39,000
36,000
Montana
38,000
51,000
U. S. Steel Corp. has Made no change in its rate, which continued at New Mexico
47,000
51,000
52,000
51,000
8,000
17,000
11.000
9,000
14,000
slightly under 76%. the same as a week ago. Two weeks ago the rate was North Dakota
233,000
411,000
132,000
186,000
Ohio
888,000
79%. Schedules for the coming week are lower,so that a drop of 2%
37,000
40,000
41,000
50.000
or 3% Oklahoma
48,000
in the activities of the big company would not be surprising.
2,215,000 1,890,000 2,281,000 2,525,000 8,813.000
Pennsylvania
99,000
86,000
98,000
89,000
For the independents the rate is placed at 69% %,a drop of 1% from the Tennessee
118,000
15,000
14,000
16,000
21,000
Texas
21.000
preceding week, when they were running at 703' %. Two Weeks ago these
00,000
73,000
40,000
88,000
Utah
89.000
companies were at 73%.
205,000
216,000
257.000
278.000
Virginia
240,000
In this week a year ago operations were coming down sharply, the Steel Washington
33,000
37,000
94,990
40,000
44,000
Corp. being at 74%,a decline of 4% from the preceding week, while Inde- West Virginia:
1,995,000 1,837,000 2,290,000 2,082,000 1,417,000
Southern b
pendent reduced operations 2% to 68% and the average for the entire
750,000
575,000
Northern c
819,000
708,000
908,000
Industry was down 3% to 71%. Thus all comparisons with last year at Wyoming
82,000
86,009
104,000
95,000
77
1;000
present show an Increase.
1,000
5,000
4,000
5,000
Other Statei d.
Curtailment will continue, especially with warmer weather conditions
8,412,000 7,382,000 8,524,000 9,542,090 10.806,000
Total bitittnInous
prevailing. Probably the lowest for the year will be reached about the end
1,386,000 1,491,000 1,732,000 2,069,000 1,956.000
Pennsylvania anthracite
of next month or early in August, and from then on there is likely to be
a moderate upward trend as orders increase and consumers
9,798.000 8,873,000 10,256,000 11,811,000 12.822,000
Total all coal
begin taking
more steel.
a Average rate maintained during the entire month. b Includes operations on the
N. & W.: C. & O.; Virginian: K. & id., and Charleston division of the B. & 0.
This week the American Metal Market says:
C Rest of State, Including Panhandle. d This group is not strictly comparable In
The rate of steel production continues its slow seasonal decline,
being the several years.
now nearer 70% than 75%. Production is fully as heavy as at this date
ANTHRACITE.
last Year or year before, while the cumulative production since Jan. 1
The total production of anthracite during the Week ended June 16 Is
about 3% ahead.
net
tons. CemPared with the output in the itteThe sheet business holds up very well in tonnage, having a loss only in estimated at 1,219,000
automobile sheets, and a much smaller loss than usual at this time of year. ceding week, this is a decrease of 167,000 tons, or 12%. Prodtietkdi
during
corresponding
the
1927
week
in
with that of June 16 amounted
Strip tonnage is also heavy for the season of year. Implement works have
curtailed steel receipts for their summer schedule, and rail contracts have to 1,668,000 tons. The cumulative output for the year 1928 noW stands
been nearing completion. Outside of rails, implement steel and automd- at 34,896,000 tons, a decrease of 3,148,000 tons in comparison cut the
/tame period last year.
bile steel there is little decrease.
Estimated W. S. Production of Anthracite (Net Tons).
Cold finished bars have been marked down $2 a ton for third quarter,
1928
1927
putting them back to the low of 2.10e. which ruled late in the old year.
Yettr
Cal. Teat
Galvanized corrugated sheets are a shade easier.
Week.
Week Ended
to Date.
Week,
to Date..
June 2
1,491,000
89,291,000
84,644,000
1,571,000
The Daily Metal Trade of Cleveland says specifications June
1,386,000
9..b
33,677.000
1,732,000
38,37.8,000
1 219,000
34,896,000
38.044,000
1,668,000
for the lighter rolled steel material continne at a heavy rate June ld_c
Minus one days' production first week in January to equallte nfitnbek Of aye
In Chicago district. Bar products are particularly active. In athe
two years. b Revised, c Subject to revision.
Backlogs of the heavier products are declining rapidly in the
BEEHIVE COKE.
face of almost entire absence of forward buying. It adds:
The total produetion of beehive coke for the country as a Whole dtttifit
June specificatiens and shipment of steel wire products have been con- the week ended June 16 is estimated at 72,000 net tons, the same figure
siderably larger than was indicated earlier in the month. Sheet specifica- as for the preceding week. Production during the week in 1927 corresponding with that of June 16 amounted to 137.000 tons. The tRual
tions in Youngstown district are hceaVier and new business is larger.
tabulation is omitted this week.
The weekly estimate of bituminous coal production in the
United States, prepared by the National Coal Association from
Seasonal Decline.
preliminary railroad shipping reports, shows that the total
Seasonal reductions in tonnage occurred during the week quantity mined during the week ended June 23 was about
of June 16 in the output of both bituminous coal and anthra- 8,360,000 net tons.
cite, according to compilations made by the United States
Bureau of Mines. Bituminous coal declined from 8,412,000 Increase in Wages and Employment in Anthracite
tons produced during the week of June 9 to 8,335,000
Industry During May.
tons in that of June 16, a loss of 77,000 net tons. Current
Both employment and wage disbursements in the anthraproduction was 51,000 net tons larger than that of the cite milling industry increased in May, according to index
corresponding week one year ago, when the union miners numbers prepared by the Federal Reserve Bank of Philadelwere on strike, and 8,284,000 tons were produced. An- phia on the basis of reports made by operators to the Anthrathracite production in the week of June 16 dropped 167,000 cite Bureau of Information. The employment index rose to
Bituminous Coal and
Ob
Anthracite
Output
Shows
4012
[VoL. 126.
FINANCIAL CHRONICLE
115.9% of the 1923-1925 average, as compared with 112.3
in the previous month, and 119 in May 1927. Wage payments showed a gain of over 40%, and the May index of
122.1, was slightly higher than in the corresponding month
last year. This large increase in the payroll index reflects
the substantial expansion of operations which occurred in
the last half of April following the spring price reductions.
Comparisons of employment and wages in reporting collieries
are shown by the Bank in the following:
the strike then existing. The average daily rate of output
in May was 1,387,000 tons, an increase of 6.4% over the
average daily rate of 1,303,000 tons for April.
Anthracite production in the month of May amounted to
8,124,000 net tons, as compared with 6,909,000 tons in
April, and with 8,002,000 net tons in May 1927. Current
output is a gain of around 122,000 net tons over the output
in the corresponding month one year ago. The average
daily rate of output in May was 312,000 tons, an increase
of 8.3% over the rate of 288,000 tons for the month of
April, according to the Bureau's report from which we quote:
(Index numbers 1923-25 monthly averagc100.)
-Wage Payments-Entyloymen
1927.
1928.
1928.
1926.
1926.
1927.
8.2
112.4
98.7 ESTIMATED PRODUCTION
119.6120.2
January
8.1
OF COAL BY STATES IN MAY(NET TONS).a
105.9
96.0
113.6
10.3
February
36.7
119.2
State
91.3
88.5
107.7
120.0
May 1928. Ayr. 1928, May 1927. May 1926. May 1923'
111.4
114.3
March
93.0
86.1 Alabama
112.3
115.7
1,370,000 1,370,000 1,293,000 1,460,000 1,747,000
114.6
115.5
April
122.1 Arkansas
86,000
128.0
120.1
115.9'
71,000
115.8
119.0
110,000
96,000
86,000
May
Colorado
131.1
126.6
736,000
616,000
623,000
116.9
118.7
708,000
581,000
June
Illinois
115.5
86.3
116.9
116.9
2,700,000 1,270,000
234,000 3,857,000 5,666,000
July
Indiana
123.6
90.5
117.1
117.8
770,000
522,000 1,377,000 1,725,000
880,000
August
126.2
112.0
Iowa
391,000
305,000
118.0
118.7
185,000
41,000
September
193,000
Kansas
134.6
109.4
119.8
253,000
330,000
118.9
100,000 b100,000
60,000
October
116.2
115.0
Kentucky-Eastern
119.3
116.6
November
4,125,000 3,380,000 4,355,000 3,654,000 2,974,000
127.4
98.1
Western
119.9
119.7
803,000
877,000
December
975,000 1.340,000 1,727,000
Maryland
207,000
199,000
195.000
194,000
187,000
Michigan
52,000
45,000
30.000
50,000
48,000
Missouri
247,000
160,000
200,000
79,000
210,000
Estimated Production of Coal by States During the Montana
187,000
147,000
180,000
193,000
208,000
New Mexico
253,000
200,000
230,000
235,000
235,000
Month of May.
North Dakota
69,000
66,000
37,000
75,000
51,000
Ohio
474.000 1,714,000 3,770,000
925,000
773,000
Below are given the first estimates of production of bitu- Oklahoma
200,000
180,000
185.000
106,000
133,000
(bit)
9,738,000 b9,246.000 9,430,000 10.388,000 15,685,000
minous coal, by States, for the month of May as compiled Pennsylvania
Tennessee
529,000
450,000
398,000
390,000
446,000
by the United States Bureau of Mines. The distribution Texas
94,000
64,000
89,000
91,000
56,000
323,000
235,000
304,000
269,000
295,000
of the tonnage is based in part (except for certain States Utah
Virginia
935,000
870,000 1,163,000 1,010,000 1,097,000
Washington
16.5,000
193,000
157,000
158.000
172,000
which themselves supply authentic data), on figures of load- West
Va.-Southern_c
8,460,000 h6,773,000 9,474,000 8.223,000 6,219,000
Northern_d
3,130,000 2,836,000 3,685,000 2,630,000 3,607,000
ings by railroad divisions, and in part on reports of waterway
Wyoming
372,000
483,000
356,000
428,000
325,000
shipments.
Other States
6,000
22,000
6,000
16,000
19,000
The total production of bituminous coal for the country
as a whole in May is estimated at 36,624,000 net tons, in
comparison with 32,188,000 tons in April. In May 1927,
production amounted to 35,395,000 net tons or 1,229,000
tons less than the current figure, owing, at least in part, to
Total bituminous
36,624,000 32,188.000 35,395,000 38,727,000 47,690,000
Pennsylvania anthracite- 8.129,000 6,909,000 8,002,000 8,001,000 8,384,000
Total all coal
44,748,000 39,097,000 93,397,000 46.728,000 56,079.000
a Figures for 1926 and 1923 only are final. b Revised. c Includes operations on
the N.& W.; C. & 0.: Virginian; K. & M., and Charleston division of the B.&
0. d Rest of State. including Panhandle.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 27, 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
$41,000,000 in holdings of discounted bills, of $12,500,000
in member bank reserve deposits, of $5,300,000 in Federal
Reserve note circulation and of $1,000,000 in cash reserves,
and decreases of $10,900,000 in holdings of Government
securities and of $500,000 in bills bought in open market.
Total bills and securities were $29,600,000 above the amount
held on June 20. After noting these facts, the Federal Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills during the week
were increases of 328,700,000 at the Federal Reserve Bank of Chicago,
$13,800,000 at Cleveland and $13,000,000 at Philadelphia. and decreases
of $6,600,000 at Kansas City, 34.500,000 at New York and 34,100,000 at
St. Louis. The System's holdings of Treasury notes increased $9.300,000
and of U. S. bonds 32,100,000, while holdings of certificates of indebtedness
declined $22,300,000 due largely to the redemption of a $19,000,0000 temporary Treasury certificate hold on June 20.
Federal Reserve note circulation increased $5,300,000 during the week,
the principal changes being an increase of $3,100,000 at the Federal Reserve Bank of Cleveland and a decrease of $2,000.000 at Atlanta.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely,pages 4047 to 4048. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
June 27 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted. total
Secured by U. S. Government obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Increase (+) or Decrease (-)
During
Week.
Year.
+$1,000,000 -$995.500,000
+2,400,000 -437,200,000
+29,600,000 •
+41,000,000
+48,400.000
-7.400,000
+396,600,000
+554,600,000
+427,000,000
+127,500,000
-500,000
+7,300,000
-10,900,000
+2,100,000
+9,300,000
-22,300,000
-169,500,000
-108,100,000
+3,600,000
-59.900,000
+5,300,000
-98,100,000
+15,600,000
+12,600,000
+7.800.000
-17.200,000
+3,200,000
-15,600,000
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
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week show another substantial decline, this time of $110,326,000, the
grand aggregate of these loans on June 27 being $4,159,264,000. The highest total which these loans have reached was
$4,563,240,000, as reported on June 6.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York-45 Banks.
June 27 1928. June 20 1928. June 29 1927.
Loans and investments-total
7,338,261,000 7,386,784,000 6,709,749,000
Loans and cUscounts-total
5,295,360,000 5.341,050,000
Secured by U. S. Govt. obligations_ 45,236,000
32,862,000
2
stocks
and
bonds
Secured by
966,268,000 2,513,916,000
2 783,856,000 2,799,772,000
All other loans and discounts
2 042,901,000 2,095.734,000
Investments-total
U. S. Government securities
1,116,317,000
75
26
Other bondS, stocks and securidea 9
1:8
58
88
9,000
Reserve with F. It. Bank
Cash In vault
53,809,000
5 270,751,000
Net demand deposita
Time deposits
1,224,766,000
Government deposits
58,415,000
Due from banks
99,778,000
Bor owingsD ue to banks
1,157,845,000
from F. It. Bank-total.. 255,813,000
1,101,912,000
moNt:g11:28
4,817,478,000
31,371,000
2,339,839,000
2,496,268.000
1,892,271,000
898.429,000
993,842,000
75999:279351;0001
5,289.
,Skggg 51:041108:563452:000000
1,216,776,000
llig:20:ggg
1,155,711,000
268,750,000
1,15
816
67:
,5
393
982
96,
:
1
000
46,848,000
Secured by U.S. Govt. obligations- 199,510,000
39,850,000
210,720,000
All other
56,303,000
6.998,000
58,030,000
Loans to brokers and dealers (secured
by stocks and bonds):
For own account
991,396,000 1,004,059,000 1,131,784,000
For account of out-of-town banks 1.488,890,000 1.533,759,000 1,143,736,000
For account of others
1.729,028,000 1,731,772,000
842,400,000
Total
4,159,264,000 4,269,590,600 3.117,920,000
3,142,453,000 3,224,815,000 2,368,550,000
1,016,811,000 1,049,775,000
749,370,000
Chicago-43 Banks.
2,067,229,000 2,058,292,000 1,916,719,000
Loans and Investments-total
On aemand
On time
Loans and discounts-total
1,562,701,000
1,557,797,000 1,449,060,000
Secured by U.S. Govt. obligations_
15,252,000
Secured by stocks and bonds
808,567,000
All other loans and discounts.- . 738,882,000
Investments-total
504,528,000
18,099,000
798,203,000
741,545,000
500,995,000
13,400,000
752.998,000
682,662,000
467,659,000
U. S. Government securities
220,393,000
Other bonds. ;Rocks and securities_ 284,185,000
220,971,000
280,024,000
192,902,000
274,757.000
FINANCIAL CHRONICLE
JUNE 30 1928.)
June 27 1928. June 20 1928. June 29 1927.
ft
8
8
161,211.000
184,397,000
179,580,000
Reserve with F. R. Bank
20,780,000
16,835,000
18,719,000
Cub in vault
1,242,141,000 1,250,305,000 1,247,262,000
Net demand deposits
599,885,000
717,836,000
725,018,000
Time deposits
12,119,000
4,186,000
4.014,000
Government deposits
170,763,000
146,734,000
165,307,000
Due from banks
346,241,000
355,344,000
361,278,000
Due to banks
21,188.000
49,995.000
Borrowings from F. R.Bank—total.. 73,608,000
Secured by U.S.Govt.obligations.
All other
61,940,000
11,668,000
36.790,000
13,205,000
14,525,000
6,663,000
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
641, 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 20.
The Federal Reserve Board's condition statement of 641 reporting member banks in leading cities as of June 20 shows decreases for the week of
$93,000,000 in loans and discounts, of $385,000,000 in net demand deposits,
of 812,000,000 in time deposits, and of $61,000,000 in borrowings from
Federal Reserve banks, and increases of $34,000,000 In investments and
of $211,000.000 in Government deposits.
Loans on stocks and bonds. including U. S. Government obligations,
were $86,000,000 below the June 13 total, reporting banks in the New York
district showing a decline of $57,000,000, the Chicago district $23,000,000.
and the San Francisco district $13,000,000, while the Cleveland district
showed an increase of $7,000,(00. "All other" loans and discounts declined
$7.000,000 at all reporting banks, $11,000,000 in the New York district,
$7,000,000 in the Chicago district and $7,000,000 in five other districts
and increased $7,000,000 in the San Francisco district and $11,000,000 in
four other districts.
Holdings of U. S. Government securities declined $17,000.000 at reporting member banks in the Boston district and increased $13,000,000 in the
New York district, $9.000.000 in the Dallas district, $6,000,000 in the
San Francisco district and $4,000,000 at all reporting banks. Holdings of
other bonds, stocks and securities, which at all reporting banks were $30.000,000 above the June 13 total, show increases of 828.000.000 and $7.000,000 respectively, in the New York and San Francisco districts.
Substantial declines in net demand deposits were reported by banks in
all districts, the principal decreases by districts being: New York $169,000,000, Chicago $66,000,000, Philadelphia $37,000,000. Boston $31.000,000, Atlanta $17,000,000, St. Louis $16,000,000, and Cleveland and
Richmond $12,000,000 each. Time deposits increased $17,000,000 at reporting member banks in the New York district and declined $10,000,000
in the San Francisco district, 80,000.000 in the Philadelphia district,
$6,000.000 in the Chicago district, and $12,000,000 at all reporting banks.
All districts participated substantially in Government deposits, the total
on June 20 being $211,000,000, as compared with none the week before.
Borrowings from Federal Reserve bank increased $19,000,000 In the
Philadelphia district and declined $39,000,000 in the San Francisco district, $10,000,000 in the New York district, $13.000.000 in the Chicago
district, $12,000.000 in the Cleveland district, $8,000,000 in the Atlanta
district, and $61,000,000 at all reporting banks.
A summary of the principal assets and liabilities of 641 reporting member banks, together with changes during the week and the year ending
June 20 1928, follows:
4013
a continuation of light imports in those months. Exports in April were also
low compared with last year. It is estimated locally that the Federal
Budget for 1927-28 will show a deficit of approximately £3,000,000.
AUSTRIA.
June industrial and trade developments continued favorable in most
important lines, including the cotton mills where a better trade demand has
stabilized the situation. The money market was firm as a result of increased
commercial demands; there is little prospect of improvement in this respect
before July. Unemployment is now at the lowest point since 1925. and
labor is generally quiet, with the exception of current strikes in certain jute
and magnesite plants. With minor local exceptions, crop prospects for
cereals, as well as sugar beets, potatoes and vegetables now appear good for
the entire Danube area. There was a further growth in the volume of
savings deposits in May, and exports to the United States in that month
were slightly above those of April.
BELGIUM.
There was a very satisfactory improvement in conditions in the major
industries in Belgium during last month. The demand for metallurgical
products was brisk and prices rose. Conditions are stable at present but a
further rise in prices is expected. The coal market showed further improvement but conditions are still unsettled. Cotton spinning and weaving
mills are orerating at capacity, but in other branches of the textile industry
the situation is less satisfactory. In the plate glass factories production has
been maintained at the usual high level and sales of window glass have
Improved decidedly. The prosperous condition of the building industry
has reacted favorably on the lumber market. The market for automobiles
remains excellent and American sales continue to show progress. The
cement industry is enjoying a good demand. The dock strike at the port
of Antwerp is assuming serious proportions, as it now includes 10,000
strikers out of 12.000 members of the dockers' union. Shipping at Antwerp
Is practically at a standstill and vessels are being diverted to other nearby
ports.
BRITISH INDIA.
The menace of strikes continues to overshadow general industrial and
commercial activity and is resulting in decreased public purchasing power,
Particularly in centers directly affected. Commercial organizations are
hesitant in making new commitments and are inclined to await developments. The strike situation is unchanged in effect, but press announcements state that an agreement between railway workers and their employers
is near,as labor leaders appear to be losing ground. The outcome, however,
is admitted to be problematical. The monsoon is making splendid progress
throughout India, and aside from seasonal slackness and depression caused
by strikes, general business bass healthy undertone. Jute sowings are estimated focally to be 5% lower than last year. but no floods are anticipated
and the trade expects the yield to be equivalent to that of last season.
CANADA.
Weather conditions have improved during the past week in Eastern
Canada with resulting stimulation to both the wholesale and retail tracks.
Conditions in the Prairie Provinces are regarded as the best since the war
with a steadily increasing volume of business and a marked expansion of
building operations; there is an unprecedented demand for combines and
tractors and sales of automobiles and trucks are well ahead of last year.
The most important price changes announced during the week apply to
binder twine and commercial alcohol, the latter in consequence of severe
competition which has reduced the price of the general industrial grade by
22 cents a gallon in the past two weeks. The acreage planted to wheat
in the Western Provinces shows an increase of 9.5% over last year and establishes a new record. At the present time the prospects for a heavy
fruit crop throughout Canada are considered very promising.
The provincial gasoline tax in Prince Edward Island was increased from
3 to 5 cents a gallon on May 1. The production of pig iron during May was
87,811 long tons, an increase of 18% from April and 11% from the same
month a year ago. The production of steel ingots and castings, 117,655 tons,
increased 4% over April, and 22% over May. 1927. Coal mined in May.
1.258,438 short tons, increased 23% over the average for that month in
the 5 preceding years. The use of calcium chaloride for the laying of dust
on roads is meeting with general favor in the Provinces of Ontario and
Quebec and imports of this material are steadily increasing. Prior to
February this material was dutiable at 15 cents per hundredweight under
the general tariff; it is now admitted free of duty in flake form for use on
Increase (+) or Decrease (—)
roadways.
During
Public hearings on the following applications were held by the Advisory
year.
Week.
June 20 1928.
S
S
S
Board on Tariff and Taxation during the week: Sewing machines (upward
Loans and investments—total
22,476,507,000 —59.101,000 + 1,694,828,000 revision of tariff); sulphate of soda (upward revision); copper rods (upward
(removal of duty); salted peanuts (upward
Loans and discounts—total
15,784,813,000 —93,029,000 + 1.114,496.000 revision); ozone generators
revision) and a general revision of the tairff on nuts.
Secured by U.S.Govt obligations. 117,815.000 —12,249,000
—4,227,000
Secured by stocks and bonds
CHINA.
8,704,584.000 —73,385,000 +690,884,000
All other loans and discounts..... 8,982,614,000 —7,395,000 +427,839,000
Business in North China has been crippled by disrupted transportation
Investments—total
6,691,694,000 +33,928,000 +580.332.000 due to recent military operations, but conditions are improving, with
prospects for the future fair unless renewed military activities should
U. S. Government securities
3,017,941,000 +3,807,000 +416,319,000
Tientsin has been
Other bonds,stocks and securities_ 3,673,753,000 +30,121,000 + 164,013,000 eventuate. Rail communication between Peking and
restored on curtailed schedule, and through traffic from Peking to Hankow
Reserve with Fed. Reserve banks __ 1,721,389,000 —43,552,000
+3,469,000 has been established after cessation for nearly 2 years. Retreating ManCash in vault
244,687,000 —11,043,000
—13,639,000
churian military forces took about 400 motor cars from Peking and a
Net demand deposits
13,332,122.000 —384,802,000
+55,355.000 considerable number from Tientsin. The speed with which replacements
Time deposits
8,989,393,000 —12,221.000 +748,723,000 and new demands for cars will be made depends upon the rapidity with
Government deposits
210,935,000 +210,935,000
+ 10,629,000
which the new government is organized and the degree of stability attained.
Due from banks
1,138,514,000 —18,485,000
+ 29,128,000 During the past few months. Tientsin purchases of cars have been about
Due from banks
3,126,005.000 —59.828,000
+9.045,000 50% of those for the same period last year. Reports from Tientsin state
Borrowingsfrom F.R.banks—total- 773,776.000 —80.889,000 +501,151.000 that supplies of native wheat for May continued scarce, resulting in further
reducing local floor productions.
Secured by U.S.Govt. obligations- 535,287,000 —42,891,000 +365,160,000
HAWAII.
238.509,000 —17.778,000 +135,991,000
All other
Seasonably hot weather in June, with plentiful rainfall, was especially
favorable to growing crops in Hawaii. About 75% of the current sugar
pack has begun. Owing to favorSummary of Conditions in World's Markets According crop is now harvested, and the pineapplefruit
is expected. The coffee crop
able weather conditions a fine grade of
to Cablegrams and Other Reports to the Depart- is now estimated locally to be about 60.000 bags, a yield equal to that of
ment of Commerce.
last year. Rice conditions have been favorable, and ample forage is keeping
the Islands' livestock is excellent shape. Retail trade has been good during
The Department of Commerce at Washington releases for last month with collections fair. Large numbers of visitors brought to the
following
the
30
summary
June
of conditions Islands by fleet manouvers have stimulated business and tended to offset
publication
the usual seasonal quiet expected at this time.
on advices by cable and radio:
abroad, based
AUSTRALIA.
Continuance of slowness is reflected in most sections of the Australian
Commonwealth, but the seasonal outlook has been further improved by
plentiful rainfall in all wheat-growing districts. Consumption has been
particularly in luxury products, and construcslow during the past month
April were 21% less than for the
tion continues light. Imports during
receipts for May and June indicate
same month last year. and customs
JAPAN.
A loan of 9.000.000 yen for the City of Tokyo has been underwritten by
Japanese Trust Companies. Osaka Is planning a 26,000.000 yen loan to
be floated locally. (1 yen equals 80.466 at the current rate of exchange).
The South Manchurian Railway has declared a 10% dividend. Japanese
steel producers expect to increase their production this year. The dm
market is somewhat stronger.
4014
FINANCIAL CHRONICLE
[Vol.. 126.
NETHERLAND EAST INDIES.
Production of Gold and Silver In the United States in
Reports of the past week from the Outer Possessions indicate a substantial
1927, According to the Director of the Mint.
decrease in business, resulting from low rubber prices. Conflicting opinions
are current concerning the extent to which native rubber producers are
According
to the statement issued June 20 by the Director
tapping.
of the Mint, the refinery production of gold in the United
NETHERLANDS.
Industrial activities were fairly steady in the Netherlands throughout States in 1927 amounted to 2,197,125 ounces, valued at
the month of May. However, industrial disputes toward the end of the $45,418,600,
while the silver production, amounting to
month, which accentuated in June. indicate a probable slowing down of
operations. Prospects for early settlements of the disputes are not encourag- $60,434,441 ounces, was valued at $34,266,328. The stateing. Retail trade was less active than in April, but was seasonally good. ment follows:
The wholesale turnover was satisfactory, although the bulk commodity PRODUCTION OF GOLD
AND SILVER IN THE UNITED STATES
markets showed some recession from the exceptional activity that prevailed
IN 1927.
during the previous months. New capital issues during May were almost
double those of the preceding month. Foreign issues were again numerous (Arrivals at United States Mints and Assay Offices and at private refineries).
The Bureau of the Mint, with the co-operation of the Bureau of Mines,
but several were not entirely taken up by the public. The stock exchange
was active and interest in several domestic industrials continued strong. has issued the following statement of the final estimate of refinery proThe cotton textile industry is reported to be well supplied with orders and duction of gold and silver in the United States during the calendar year 1927:
Is working at full capacity but in the wool industry conditions are somewhat slack. Shoe factories continue to operate at maximum capacity.
Gold.
Sliver.
Stater.
Owing to the prevailing slackness in the woodworking industries and the
Ounces.
Value.
Ounces.
Value.*
smaller demand from the shipyards and furniture factories, sales of lumber
have declined. Other commodity markets in general are also less active.
Alaska
286,298 $5,918,300
606,129
8343,675
Arizona
203,088 4,198,200 6,601.467 3,743,632
NEWFOUNDLAND.
California
564,981 11,679,200 1,557.812
883,279
259,111 5,356,300 3,941,851 2,234,746
The success in 1927 of initial efforts to export wildIblueberries to the Colorado
Georgia
15
300
4
2
United States is responsible for the terms of legislation proposed by the Idaho
15,209
314,400 8,928,619 5,062,527
Government to regulate the new industry.
1,500
850
Michigan
51,742
29,338
Missouri
PHILIPPINE ISLANDS.
87,218
49.453
Montana
56,076 1,159.200 11.809,765 6,696.137
Business throughout May was slower than anticipated, largely as the Nevada
149,445 3,089,300 5,372,900 3,046,434
result of quiet export markets, especially abaca. Import lines were cor- New Mexico
26,098
539,500
754,878
428,016
North Carolina
34
700
134
76
respondingly inactive. Early June, however, registered some improve- Oregon
14,425
298,200
41,673
23,629
absence
served
of
to
market.
Japanese
inThe
goods
ment in the textile
Pennsylvania
126
2,600
2,299
1,303
crease activity in American lines and with the opening of schools, retail trade South Dakota
322,681 6,670,400
95,123
53,935
426
improved. Automotive sales continued to decline, new registrations of all Tennessee
8,800
82,275
46,650
324
6,700
942.971
534,664
classes of cars falling to 238 in May. Business in tires, however, was fairly Texas
Utah
199,518 4,124,400 19,353,758 10,973,581
active. Imports of canned foodstuffs were lower, especially salmon, which Vermont
938
532
Is being replaced by mackerel on the Manila market. Abaca production Washington
19,398
401,000
91,652
161.643
79,872 1,651,100
in May was heavy, but trading was light. Copra supplies continued low, Philippine Islands
40,242
22,817
but production is now about normal and four oil mills are operating. SteveTotals
2,197,125 $45,418,600 60,434,441 $34,266,328
doring rates at Manila and Cebu have been increased 7.5% and an advance
5 Value at 56.70. per ounce, the average New York price of bar silver.
of 10% in export freight rates, effective Jan. 1 1929, has been decided upon.
The reduction in the output of gold and silver as compared with the prior
SPAIN.
year was, for gold $2,851.000. and for silver, 2.284,305 ounces. In 1915.
Spanish financial conditions are easy with bank clearings and bourse the year of largest domestic production, gold totaled $101,035,700, and
turnovers large. Stock quotations on the bourse at Madrid are generally silver 74,961,075 ounces.
characterized by decidedly higher levels, especially those for bank stocks.
railroads, electrics and industrials. State issues and steels, however, $30,000,000 Gold in "Financial
Duel"-Bank of England
showed a slight weakening. New flotations including a 300.000 peseta
Checkmates Move of Midland Bank of London to
State railway bond issue were easily absorbed. Spanish exchange showed
firmness with the opening and heightening of 6.06 pesetas to the dollar,
Expand Credit by $270,000,000.
and low at 5.94A pesetas to the dollar, closing at 5.99I4. April wholesale
The following is from the New York "Evening Post"
price indexes for all of Spain stood at 166; foodstuffs 175; and industrial
materials 158. Madrid retail price Index was 175, and Barcelona 163.
The Bilboa iron ore exports amounted to 131,000 tans, which includes °T-17.1ne
:New York and London are watching with lively interest the
BankeriP
in
81.000 tons to England and 48.000 tens to Holland. This is a slight decline outcome of an unusual situation created in the British capital by the refrom former figures, those for the previous month being 139,000 tons, and cent purchase by the Midland Bank of that city of $30,000,000 in gold in
those for May last year 137.000 tons. The conditions of Asturian coal New York and its shipment to London.
mines are unsettled, due to overproduction, weak markets and strong
The metal was later purchased by the Bank of England and would have
English competition. The exports of olive oil to Apr. 1 were 43,000 tons, formed the hisis for a 8270.000,000 potential expansion of credit
if that bank
with March exports amounting to 15.000 tons as compared with 6.500 tons had takers no steps to counteract the effect of the importation. But late
during March 1927. Demand is better In the almond market, with price advices from London say that there has been no marked
credit expansion
tendencies upward. Onions were weak and hulled rice stagnant, with a and that the indications are that the Bank of England has
offset the gold by
slight improvement in the milled product. Wheat prices showed an upward gelling Government securities
tendency. The cork situation remains unchanged. The textile industry
See "Financial Duel."
showed practically normal conditions and cotton takings were large. MerIn London the gold importation is regarded as a definite move by Reginald
cantile conditions are decidedly good. The purchasing power in Madrid,
Catalonia. Levate and Alusia is good, but there were some few districts McKenna. chairman of the Midland Bank, to expand British credit, in
where decline was registered, due to the difficulties of the coal situation. line with the policy credited to him, and to force the Bank of England to cut
The Basque district is now preparing for the summer resort trade. Auto- its rate from 41.6%, at which point it has been kept since April, 1927.
mobile sales are relatively higher, matriculations at Barcelona during May The situation has even been referred to as a financial "duel" between Mr.
amounting to 678 as compared with 637 during the previous month. The McKenna and Montagu Norman, Governor of the Bank of Engl nd-m n
American participation in the present Spanish automobile trade continues of great power in British finance-with $30,000,000 of gold as a "pawn"
strong with a representation of over 50%. Machinery soles, especially in the conflict of aims.
Apparently the Bank of England In checkmaking the gold importation
for construction and agriculture, are excellent.
has followed the course that Mr. McKenna had foreseen, for he described
SWEDEN.
just such action as possible in a remarkable address he delivered to the
Swedish foreign trade during the first four months of 1928 resulted in an Royal Institution of Great Britain before the gold imports
occurred.
unfavorable balance of 182,700,000 crowns, imports totaling 525,800,000
Giving rein to his imagination, he described lucidly a suposititious incrowns and exports 343,100,000 crowns. For the corresponding period of stance in which all the English members of the London Bankers
Clearing
1927, the unfavorable balance was 71.900,000 crowns,with imports at 470,- House were amalgamated into one great bank with $10,000,000,000 of assets.
600,000 crowns and exports at 398,700,000 crowns. Of this increase of and then demonstrated that if the imaginary bank were to buy 825,000,000
about 111,000,000 crowns in the import surplus, no less than 78,000,000 of gold and sell It to the Bank of England, it would give rise to an increase
crowns resulted from the suspension of activities in the leading export of $220,000.000 in bank deposits cr "spendable money."
Industries due to the labor conflicts. Comparing the first four months of
However, the banker explained that the Bank of England might consider
1928 with the corresponding period of 1927. exports of pulp and paper fell It undesirable to so expand British credit through apprehension of inflation
iron
crowns;
crowns,
and
ore,
lumber
24,500,000
4,800,000
off 48,600,000
or too much speculation and decide to offset it either by selling the gold
crowns. Another 27,900,000 crowns of this year's total unfavorable balance abroad or. if that were impossible, curtailing credit to an equal amount
by
Is due to the augmented imports of foodstuffs, necessitated by the short selling its securities.
1927 crop. Thus 105,800,000 crowns of the 111,000,000 crowns unSuggests Bank Policy Change.
favorable balance for this year can be attributed to temporary difficulties.
Having made it clear that the Bank of England could thus counteract or
TURKEY.
Intensify the effect of gold movements and either increase or diminish the
The period for the exchange of the paper currency issued by the former quantity of money, Mr. McKenna boldly asked:"Would it be sound policy
Imperial Ottoman Empire for the bank notes has been extended to Sept. 8. to reconsider the constitution of the Bank of England with a view to giving
freedom in the exercise of its powers?" and, if so, what considera1928, according to a law recently passed by the Grand National Assembly. It greater
guide the bank's policy?
This extension is due largely to the fact that currency from the interior tions should
Variations in the quantity of money, he said, haves direct effect on trade
has been slow in arriving. The total new currency amounts to ET 153,000.unemplo ment. "May it not be that the rise and fall In the price level
000 which is approximately the amount of the old imperial issue. It is and
increase and decline in unemployment should be more Important
expected, however, that approximately ET20,000,000 of the old Issue has and the
determining policy than the considerations which have hitherto
been lost or destroyed and the government will therefore profit to this factors in
alone served as guide? Trade is fed and stimulated by the supply of money
amount. (.£T equals approximately $0.51.)
Ills starved and depressed by want of it. Is there not then a place for trade
UNITED KINGDOM.
consideration in considering Bank of England policy?"
Mr. McKenna fulfilled in part his own prophetic vision by buying $30,Trading losses in the coal industry for the first quarter of 1928 aggregated
£2,212,000 (an average of 9.3d. a ton), as compared with £2869000 (13.4d. 000,000 gold in New York. The gold holdings of the Bank 9f England
a ton) for the last quarter of 1927. The principal features of the trade were robed to a record total of nearly £165,000,000 and, it is understood.
during the March quarter, were continued losses sustained by all mining the Bank of England sold in one week £1,400,000 securities and invited
districts with, however, the improvement noted above; lower production purchases of gold from the so-called "unknown buyer" on the Continentcosts due largely to the closing of some of the mines where the production usually the Bank of France. Nevertheless, rate for bank bills broke
costs were relatively high; and the lower average of proceeds realized.
of 1% and, in the Jargon of the city, the market "ran away from the
Latest reports indicate that Yorkshire mine owners and exporters are opti- bank."
in
effect
scheme
marketing
there,
claiming
that
mistic concerning the
As the London money markst sized up the situation the gold imported by
Increased business is resulting from the export subsidy of 4c. a ton.
the Midland Bank had been used as "a lever to force the hand of the bank."
JUNE 30 1928.]
FINANCIAL CHRONICLE
The move evoked both approval and criticism as an effort to force the Bank
of England to reduce the rediscount rate to 4%. Among the critics was
the Economist, exponent of British financial conservatism, which said:
"The Bank of England's policy may not invariably be right but it is a part
of a wider policy followed jointly by all the chief central banks of the world.
The dangers of an attempt from within the city to overthrow its authority
and the grave objections to any one seeking to install himself as Mayor of
the Palace in the City of London are so obvious as to need no emphasis. The
bank has not allowed itself to be deflected by an artificial situation."
London adviees published in the "Wall Street Journal"
of June 19 had the following to say in the matter:
Action of Midland Bank in purchasing $30,000,000 gold in New York
and bringing it to London has aroused considerable criticism in the money
market. It is generally believed that this operation was a special transaction carried out by the Midland Bank in accordance with McKenna's wellknown policy of seeking to increase credit available to industry. Some
also believe it to be McKenna's answer to the Treasury's new Currency
and Bank Note Bill which ignores his suggestion for a reform of Britain's
central banking system on the lines of the Federal Reserve plan.
When the transaction was arranged, exchange was around $4.88% to
the pound. At this rate a gold shipment involves only loss of interest, as
the following calculations show:
100,000 oz. fine gold at $20.67183
$2,667,183
Freight, 3s. a £100 on $2,068,000
3,102
Insurance, % a mill on $2,070,000
1,035
Incidental expenses in New York
200
$2,071,520
100,000 oz. fine gold at 84s. 10d
£424,166,134
£1 equals $4.88375.
Gold on its way to London may be considered part of cash reserve which
Is not an earning asset in any case. As Midland's cash reserve in May
averaged £43,801,000 and bore a ratio of 12% to deposits, this bank was
In a particularly strong position to carry out such a transaction. If, as is
possible through the size of the shipment involved, a reduction in freight
rates was obtained, there might even be a small profit on the transaction.
Credit Expanded by $54,000,000.
On arrival in London gold was sold to the Bank of England at its statutory
buying price. As a result of this transaction there is an increase of L6,000,000 in bank cash, provided that the Bank of England takes no steps to
neutralize the effect of gold purchases by selling securities. On the basis
of the clearing banks'usual cash ratio of about 11%,this allows for a potential expansion of'loans to customers by nine times that amount,or L54,000,000. Arrival of the first £4,000,000 of American gold coincided with disbursements of £50,009,000 of Government dividends and with an influx of
£314,000 South African gold. The result was a record gold holding of
nearly £165,000,000 by the Bank of England in the week ended June 8,
a flood of short term money at rates down to 2% and 3%,and a weakening
of bill rates to 3 5-32%. The Bank of England apparently sold securities
to an amount of £1,405,000 during the week, but without appreciable effect
on the market. The only other step taken by the bank was to notify the
central banks that usually operate as the "unknown buyer" of gold that it
would be convenient for them,if they wished, to increase their purchases in
London.
Future of Bank Rates.
What the ultimate outcome of the duel between Norman and McKenna
will be is not yet clear. On the one hand it is expensive for the Bank of
England to continue to sell its earning assets in roted to maintain an effective bank rate. It is known, however, that Norman is against a cut with
present uncertainties regarding money rates in America, and pending Poincare's decision on stabilization of the franc.
If American rates are raised further, withdrawals of funds from London
might follow on a larger scale than as yet have been experienced. At the
same time American investors probably would curtail their overseas lending
and buying.of foreign securities. In this event sterling exchange would
weaken considerably. It is generally felt that maintenance of 4%% bank
rate throughout the year would be preferable to 4% for a few weeks followed
by 5%_in the fall.
Prof. Gregory on "British Foreign Investments and
British Public Opinion"—Reaction AgainstGovernment Interference in Business Over Estimated.
Post-war questioning of all the old formulas has raised
in England a challenge to the old economic views, Theodor
E. Gregory, professor of economics at the University of
London, told the meeting of the Norman Wait Harris Foundation for the study of international relations on June 20
in Leon Mandel Hall of the University of Chicago. Professor Gregory's topic was "British Foreign Investments
and British Public Opinion," and his lecture dealt largely
with the development of a belief on the part of Liberal
leaders that unrestricted export of capital was undesirable.
"Part of the basis of this new idea is due to the wartime control of the disposition of capital by the government, and partly to the efforts of the Bank of England
to control capital movements in 1924 and 1925," he said.
"But the largest element in the rise of this new view is the
prevailing skepticism as to how far the old formulas are
applicable to post-war conditions. There is generally a
new philosophy, and since so many of the old formulas
demonstrably will not work to-day, it is quite natural that
the formulas in the field of economics should be questioned
ago." He asserted that "the so-called reaction against
government interference in business, which is supposed
to be a feature of British life at the present, has been
greatly overestimated. "There has," he said, "been no such
reaction; what objection exists is largely a business man's
objection to high taxes. But those who object most are
those who demand loudest such governmental interferences
as a protective tariff."
4015
Three different schools of thought exist on foreign investments, Professor Gregory said. The first is the traditional and orthodox view that foreign investments are
bound up with the whole structure of English economics,
and that capital export is necessary for the support of
the British industries, such as steel. The second school,
according to the lecturer, is the "Imperialist-Protectionist"
group which contends that capital exports should be made to
stimulate export of British goods as a matter of deliberate
policy. Sanction was given this view in the Trades Facilities Acts of 1924 to 1927, which were based on the policy
of stimulating export of goods through exports of capital,
the British Government giving guaranties to pay the principal and interest on loans raised for equipment purchases.
This group also contends that capital exports to the rest
of the Empire particularly should be encouraged. He added:
The series of acts known as the Trustees Acts, and the Colonial Stocks
Acts, by which trustees were given authority to purchase for their trusts
Colonial securities complying with the Colonial Stocks Acts, has resulted
in 3,750 millions of dollars being placed on the list of trust securities.
It is argued that this procedure has enabled the dominions to borrow
their money at about 1% less than otherwise would have been possible,
but this is highly debatable, in view of the feet that the British national
debt has swollen so enormously because of the war, and given trustees
more British securities than would normally be available.
Newest of the views to come prominently to the fore has been the
"Economic-Nationalist" opinion, allied with the traditional party of free
trade, the Liberals. It can be proved that to leave the direction of investment to private individuals does not always bring the best result;
that Great Britain is undersupplied with capital, while the Dominions
and the rest of the world are oversupplied at the expense of the United
Kingdom. Mr. John M. Keynes is the leader of this group.
Mr. Keynes has directed attention to the dangers of foreign investments in an era of nationalist sentiment, for the borrowers are largely
governments, rather than individuals, placed the lender in a worst position. He has also aroused interest in the workings of the Trade Facilities Act and the Colonial Securities Acts which tend to encourage lending
to the Dominions instead of to home individual municipalities.
The whole viewpoint is summed up in a report just made, known as
British Industrial Future, which advocates a board of national investment
with power to control foreign investments in conjunction with the Bank
of England in periods of emergency. It is difficult to define, of course,
just what a period of emergency is. The implications of the report are
clearly that foreign investments should be checked in the interests of
economic development at home.
It is probably quite true that there is no guarantee that in giving unrestricted freedom to investment will bring the best results, but the difficulty with tinkering with the economic machine is first, that there is
the problem of translating the new standards into administrative procedure, and second, the theoretical one of limiting the action. As soon
as you abandon the tests of pecuniary self-interests, the problem of
altering distribution of capital between certain areas become part of the
general problem of redistributing wealth. It becomes a question of social
philosophy then.
If, however, you confine the limits merely to altering the bias which is
given by the law, a great deal can be done. It is desirable that the
question of the Colonial Securities Acts be gone into thoroughly, as well
as the question whether it is not desirable to admit more British securities
to the status of trustees securities. That is probably what will happen for
there is not the faintest chance that British financial interests will permit
governmental control of foreign invesments.
French Parliament Stabilizes Franc on Gold Basis at
3.93 Cents—Currency Unit 25.52 to Dollar.
Prompt indorsement was accorded by the French Parliament to Premier Poincare's plan for the stabilization of the
franc. The bill, which establishes the franc on a gold basis
at a rate equal to 3.92 cents in American money, was introduced by Premier Poincare in the Chamber of Deputies
on June 23 (at 5:40 P. M.), and was approved by the
Chamber's Finance Committee that night by a vote of 32 in
favor, one in opposition, with 9 abstaining from voting.
Both the Chamber of Deputies and the Senate approved
the bill on Sunday, June 24—the Chamber by a vote of 450
to 22, and the Senate by a vote of 256 to 3. It was stated
in the Paris advices June 25 (copyright) to the "HeraldTribune" that "slightly more than a hundred Deputies abstained from voting, most of them die-hard adherents to the
ideal of revalorization. But for all that," the account
added, "the Government's courageous decision to stabilize
the franc at 25.52 to the dollar and 124.21 to the pound
sterling was upheld by an even more impressive majority
than was generally expected." The New York "Times"
cablegram from Paris on June 24, in noting the adoption
of the bill by Parliament, stated:
To-morrow morning a special edition of the "Official Journal" will
publish a law signed by the President of the Republic which stipulates that
henceforth the French monetary unit will be a franc worth 66.6 millsgrains gold.
There never was any doubt as to the result of the vote, and a long
debate to which the Premier was subjected in the Chamber was never of
a higher political level. One after the other the orators sought to make
clear that they and their party were voting for or against various clauses
in the bill out of nothing but a high sense of patriotism.
Attitude of the Socialists.
The Socialists, who two years ago were urging on everybody that no
other course than a capital levy was possible, expressed the utmost distress
4016
FINANCIAL CHRONICLE
for the hard case of those people who had invested their savings before
the war in French Government securities and now are getting four-cent
francs for every 20 cents they loaned.
They voted with the Communists against several articles of the bill,
and during the day introduced several amendments in the interest of
small bondholders. When they voted for stabilization they made it plain
that they did so for the good of the country while protesting against the
policy of the Government which had come to a liquidation of the war's
losses that in their opinion favored solely the capitalist class.
The Communists also, of course, consistently opposed the measure as a
direct outcome of capitalism.
The Right, which until two.weeks ago was still arguing in the press
and on the platform for further revalorization, hailed the measure as an
accomplishment for which it should get credit.
It was little wonder that the Premier, who until now has kept his good
humor and health remarkably, should begin to show signs of irritatioin and
weariness as one after another each speaker repeated the same platitudes
or sought to demonstrate his own financial expertness by picking on some
point like a hen scratching for grain.
Poincoxe Retorts to Critic.
Again and again the Premier had to intervene to set his simple critics
rigiht. It was most regrettable, said one, that the Bank of France could
not have used more of its 45,000,000,000 of foreign currency for the
purchase of gold. The Premier, who had already twice explained how the
Bank of England opposed further purchase of gold and that even the
Federal Reserve Bank was.not an eager seller, added wearily:
"You are complaining about something you obviously have not studied
and you utterly fail to recognize that if this measure is passed the result
will be to give to our money the very best basis in the whole world."
The upper house showed just the same tendency toward arguing a foregone conclusion. The Premier had to have a sharp tussle with Senator
Hery whose thesis was that the Bank of France had made enormous and
ililegal profits out of the purchase of foreign currency and had rendered
no account of the amount of paper money which had been printed to offset
these purchases.
"The Bank of France," he said, "has been for a year speculating against
our money."
The Premier was at once on his feet in defense of the bank and the
argument descended to the use of the word "calumnious" by the Premier
and a retort from the Senator that he was not polite.
The time of the adoption of the bill by the Chamber is
given as 8:55 P. M. on June 24, in the "Herald-Tribune"
advices, according to which the Senate passed the bill in
the early morning of June 25-1:20 A. M. From that account (copyright) we also take the following:
[VoL. 126.
This will be to-morrow morning when the Senate and Chamber will meet
to try and pass the bill and also a convention with the Bank of France
establishing the new currency, before the world's stock markets open
Monday morning.
There is apparently no doubt that the Government will obtain a large
majority—at least two-thirds—of the Chamber.
Four New Gold Coins.
The bill has certain characteristics which were anticipated. It provides
for the issue of new gold coins of 100 francs value which will be legal
currency and for the issue of five-, ten- and twenty-franc coins which
wilil take the place of small denomination notes, which will be withdrawn
from circulation by Dec. 31 1932.
No limit is placed on the issue of gold coins, but silver coins must
not exceed 3,000,000,000 francs value.
Though gold convertibility is establisihed, the option is given to the
Bank of France of paying for notes either with gold coin or bullion at
the 65.5 rate at its central offices and in miniimum quantities, which
will be fixed later by agreement between the Minisiter of Finance and
the bank.
The Bank of France must keep a gold reserve in ingots and coin equal
to at least 35% of the value of notes issued and the currents of its
creditors.
The weight of the silver coinage is fixed at five grammes per coin.
The present five silver coins will cease to be legal tender with the
promulgation of the new law, but the bank has the right to buy them at
specified rates.
Convention with Bank of France.
The new convention with the Bank of France, which is annexed to the
bilil, provides for immediate revalorization on the new monetary parity of
all gold, silver and foreign currency held by the bank. This revalorization
will permit the wiping out from the credit side of the bank's books:
1. A balance of 14,500,000,000 temporary advances to the State under
various laws passed between Aug. 5 1914 and Dec. 4 1925.
2. The sum of 1,349,000,000 francs from an amount which figures on
the bank's balance sheet as "gold held abroad."
3. The remaining balance of a provisional account instituted by a convention of Sept. 16 1926.
Article 5 of the new convention provides that any available surplus will
be carried on the books of the bank to the credit of the Treasury's current
account The Treasury current account is also provided with a loan of
3,000,000,000 francs without interest, the bank receiving Treasury bonds
witih maturitiy fixed at Dec. 31 1945.
Another convention between the Bank of France and the sinking fund
provides for the transfer to the latter of the service of Treasury bonds
amounting to 5,930,000,000 now held by the bank for amortization,
which was provided for by a budget appropriation of 1% of unredeemed
bonds, by profile obtained by the coining of silver money and by other
provisions. To the sinking fund is also given the product of any future
recovery of the Russian debt.
These conventions will enable the bank to issue next week clear, understandable balance sheets without any fictitious credits or mysterious items
classed as "sundries." The gold franc and paper franc will have
the same value and every item will be translatable into the common term.
Ends Speculation.
Thus is concluded France's gigantic battle back to financial stability
which began on July 23 1926, under circumstances as disheartening as
any nation has faced in the last fifty years. When the Bourse opens at
9 A. AL to-day the franc, it is a virtual certainty, will be quoted at an
unchangeable figure, and with that quotation one of the world's leading
money marts will withdraw from the lists of monetary unit greedily eyed
The Bank's Gold Reserve.
by speculators. . • .
While in the convention with the bank it is stipulated that there must
First Vote 580 to 14.
The vote [in the Chamber] on the first article of the bill presaged the be a gold cover of 35%, which is the same as the Federal Reserve Bank,
ultimate outcome. The article was passed by 580 to 14—almost the entire the bank has actually a gold cover of more than 40%.
One of the new provisions in the arrangement is the abolition of the
Chamber thereby accepting the principle of stabilization.
Debate on the other twelve articles dragged along, with some ribald old system of limitations of circulation by act of Parliament, which has
criticism from Communists and an occasional thrust from Vincent Auriol, always proved a hindrance in times of affluence.
In his preamble to the bill, Premier Poincare insists that the new
Socialist leader, but each was passed with an overwhelming majoritiy.
meastire will not have any effect on the cost of living.
It was not until a few minutes before 9 P. M. that the final vote on the
Though his action in thus again giving to France stable money is
measure in toto was taken.
Only once during the debate did a serious incident occur. This was hailed by this press as a great achievement on which new prosperity can
when Bonnefous of Mann's Republicans declased that his party accepted be built, it is nevertheless with a heavy heart that the Premier has constabilization but declined all responsibility for stabilizing at 124 francs sented to fixation of the rate so far below the franc's pre-war value.
To-morrow he is sure of an ample majoritiy. But next week he will
when it might be done at 75 to the pound. Cries of denunciation broke
have to face the Chamber again and seek to obtain a majority for his
out from the Left and the Chamber was thrown into complete disorder.
general
policy. His principal difficulty lies with a demand of the Right
At last Poineare rose, livid in the face and with hands trembling. He
warned the Deputies that he had insisted that the measure be debated for more seats in the Cabinet He himself would prefer to continue with
without politics. Again he was interrupted by counter charges from the his present colleagues. The Radicals, however, have hitherto proved
Left and Right, but finally managed to shout: "If this project is not unwilling to follow him, even though three members of their party are
voted to-morrow, you will have played into the hands of speculators of in the Cabinet. In one ballot last week only 20 of their total of 125 voted
for the Government, most of the rest abstaining.
the whole world."
To-day active negotiatioins were going on between Government emissaries
These words sobered the Chamber and the debate proceeded without
animosity. No sooner had the Chamber passed the bill than it was rushed and Ernest Deladier and other leaders of the party, and though no definite
to the Senate, where it was turned over to the Finance Committee. At result has been yet achieved, it is believed that some progress has been
9:30 o'clock AL Cheron, the Senate's reporter, reintroduced the bill for made and that finally the Radicals will be won over to continue in
support of the coalition Government, thus assuring its continuance for at
general debate, urging its speedy passage.
least another six months.
With reference to the provisions of the bill, the "Times,"
In stating, in its advices from Paris June 22, that the
in noting its introduction in the Chamber on June 23, had
grade
of gold would be fixed at 900/1,000ths, the "Times"
the following to say:
Indicated that it had been definitely determined that, in
French
franc
be
fixed
at
25.52
to
the
will
dollar
the
of
by
a
value
The
bill which Premier Poincare submitted to the Chamber of Deputies this order to avoid a rush on the bank, convertibility into gold
will only be gradually made available to the general public,
evening and which will undoubtedly be passed to-morrow.
The gold value basis of this monetary unit is fixed at 85.5 millegrams and that for the beginning of
the new regime the "gold
unalloyed
gold).
-tenths
It
is
this
fixation
of
gold
value
at 900 fine (nine
which determines the exchange value, which will be for the pound bullion standard" adopted by Great Britain after the war
would be used. The "Times" cablegram from Paris that
sterling 124.21.
The bill stabilizing franc value this way at 3.93 cents in place of 19.3 day also said:
presented to the
the
Chamber by
Premier this
cents pre-war value was
evening in a two-minute session. The house was packed with Deputies
hear
at
to
least
which
the
expected
the
rate
at
franc had
and visitors who
been fixed. But in the bill which the Premier handed to the President
of the Chamber without any comment the figures had been left blank.
It was not until nearly 10 o'clock this evening that they were revealed.
Chamber Commititee Approved.
The Chamber Finance Commission late to-night approved the bill, witih
only a few modifications, by a majority of 32 to 1, with nine abstentions.
Only a Communist Deputy voted against it, while the abstentionists included seven Socialists and two Nationalists of Louis Mann's group.
The principal discussion had reference to the clause which fixes the value
of the franc and adds that "the present definition is not applicable to
payments which anterioir to the promulgatioin of the present law had
been stipulated as being in gold francs." Further precision will be asked
from the Premier before the measure is laid before Parliament
The Government proposition provides for coining silver pieces immediately, however, and for them to be placed in circukition as a first means
of accustoming the public to the new regime. Two silver coins will be
issued, a ten-franc piece and a five-franc piece which, under the stabilized
value, will exactly correspond to the two-franc and one-franc pieces before
French money began to depreciate.
The second part of the stabilization proposal is to form an accord with
the Bank of France and would fix the metal stock to be held available
In accordance with the coefficient of five at 40,000,000,000 francs. Funds
from a recent loan will cover bank notes to be placed in circulation and
will permit complete annulment of the bank's advances to the State, thus
annihilating all inflation.
The difficult question presented by pre-war Russian bonds amounting to
5,930,000,000 francs, which are now non-recoverable, has been solved by
absorbing them in a sinking fund which will be used for rapidly eliminating this liability.
JUNE 30 1928.]
FINANCIAL CHRONICLE
4017
Associaited Press advices from Paris on June 24, in not- the crisis in May of that year which marked its turning point toward
ing that it would be some time before the new coins would stability.
The franc opened the year 1926 at 3.75. In the crisis at the end of
be in circulation, stated:
May it broke to 1.93%, but here the Government stepped in and through
While theoretically any one can change the worn little paper notes for
bright new gold and silver coins to-morrow, as a result of the passage
to-night by the Chamber and Senate of the Franc Stabilization bill, it will
be many months before the man in the street finds himself receiving and
dealing out hard money. It will take time to mint the coins, and France
will take no chance of a run on the Bank of France until recently restored
confidence becomes a well-rooted habit.
There will be bars of gold at the bank for big transactions, but the
peasants of France are famed for their "woolen sock" storage of coins,
and they will not be trusted with a chance to salt away so much of the
yellow metal that their country's credit will be endangered. Silver coins
will be given to them gradually, and there will be enough of these to
replace the small bank notes completely by the end of 1932. This is
provided for in the law, but the gold coins are not to be put in circulation
until the step appears to be wise.
Raymond Poincare, the silent Premier of the Republic, has won almost
single-handed his fight for stabilization. World bankers have been advised
and suggested how to put the fallen franc on its feet, but Poincare wanted
to do his work alone. He took no material aid, if any was ever offered
him, for "I would not consent to make France financially dependent upon
foreign countries—not even our allies," he once told the Chamber of
Deputies.
"They did it alone," said one of the Republic's most distinguished
economists, who knows intimately the inside history, speaking of Poincare
and a little group of advisers, whose advice, however, never swayed the
Premier from hie steadfast determination to bring the franc back as far
as he could without disastrous economic results. "They did it alone,"
this high authoritiy also said in referring to the several million dollars
saved by bond reductions, lessened interest and refunds to the Bank of
France, higher taxes, strict economy and many other methods adopted
that put the nation's financial house in better order.
10••
Figures "23" Notable in Franc Crisis.
There is certainly no mystery about or legend connected with the figures
"23," but by coincidence they are associated with Poincare and the country's monetary crisis in this way:
Twenty-three months to a day, M. Poincare struggled uphill with France's
load of fluctuating paper francs. He started on July 23 1926, when he
took over the reins of government with a 2-cent franc, and yesterday, the
28d of June, he dumped them down in the Chamber of Deputies with
approximately 4 cents, presented his stabilization law and without a single
word bowed and walked out.
Another 23d—that of December, 1927—he gave the Bank of France
full power to act on the Stock Exchanges of the world to steady the franc,
a move that kept French money within narrow fluctuations for eighteen
months and led to the present triumph of permanent stability.
Although there were no foreign loans to help, there were many
consultations among big bankers of the world which created what has been
termed a "new communitiy of thought" Benjamin Strong
of the United
States Federal Reserve System; Montagu Norman, head of the Bank of
England; Count VoIpi, Mussolini's Finance Minister; Hjalmar Schacht of
the German Reichsbank ; Emile Moreau, Governor of the Bank
of France,
and also S. Parker Gilbert, Agent General for Reparations,
whose strong
control of German payments worked for steady improvement
of international
finance and commerce—all these high lights of high finance
conferred,
advised and in other ways collaborated in the program that
led to the
present happy moment in French finance.
Nevertheless, Washington's dictum that "no loans to France
would be
encouraged" and the Bank of England's insistence that no
gold be bought
in London gave France to understand that her world position
was "you
must do it alone."
Recognizing the value of all his counsel but studiously keeping
his own,
Poincare marshaled his forces and soon brought a flow
of gold to the
coffers of the Bank of France and planted masses of capital
in New York,
London, Berlin, Rome and many other places so the bank
could buy and
sell on every market to another speculation. Scores of billions
of francs
were spent to take In dollars, pounds, marks and other moneys
that were
offered in the hope that the franc would be forced up further.
SHIN=
were also spent to buy French bonds, which greatly increased
in value
in less than two years.
The confidence in the franc was so strong, in fact, that it
had its drawbacks and Poincare admitted that he stabilized it now partly
because of
the pressure of all this foreign money. He wished, he told the
Chamber,
that the franc could go higher, and if it were not impossible "I
would
willingly obey my heart and propose that we let partial revalorization
go
on." To do that, however, he went on, would cost tens of
billioins of
francs and much foreign trade. It would also cause widespread
hardship
and profit only foreigners whose speculative gains would be at the
expense
of France, he said.
the sale of francs in the market of the world and the accumulation of
other exchanges, notably dollars and pounds, it was brought back to 406%
in July of that year. Since then it has been practically pegged by the
artificial support put into the market by French, American and British
bankers, acting for the Bank of France and the Government.
Acquired Much Gold Here.
Probably the biggest consideration in the ability of France to win back
to a point where she can return to the gold standard was her ability to
acquire gold here and the willingness of the Treasury officials to co-operate
in letting France have a part of our stock of yellow metal. The flow of
gold to the Republic from America in the last few months, as France has
slowly drawn in her bulwark of metal in plans for stabilization, has been
roughly $220,000,000. This does not take into consideration either the
gold she has been able to draw from England or from other countries
friendly to the proposed financial arrangements.
Just what the total gold stock of France is to-day is not known because
it is not shown in any of the bank statements. Gold reserves at home,
which have been practically constant since the end of the war, are shown
in the last statement as 5,542,861,000 francs. This does not take into
account the foreign gold now being drawn in, which is carried by the bank
under the title "sundry assets." Practically all of this gold has been
purchased by France in exchange for the foreign exchanges she has
acquired in the last year or so while protecting the "pegged franc."
It is not believed that the move by the French Government will result
in any disturbance whatever in the foreign exchange markets of the world.
The control of the situation by the Bank of France has been so complete
that any deviations from the present price of 3.93 are likely to prove
small and inconsequential ones.
3.91% Cents Fixed for Franc by Dealers—Agreement
Based on 25.52 Francs to the Dollar—Gold Shipping
Point Calculated at 3.94 Cents.
The following is from the "Times" of June 27:
Following considerable confusion in foreign exchange circles caused by
cablegrams which placed the stabilization rate on the French franc at 3.93
cents, dealers here yesterday agreed on working out the rate at 3.91%
cents. This is on the basis of 25.52 francs to the dollar. The exchange
depa,rtments of the large banks were at a loss to understand how the rate
could have been figured abroad at 8.93 cents, unless a roundabout system
was used in first translating the value of the franc into terms of the
pound sterling and from that into cents.
The franc again ruled firm in the foreign exchange market here yesterday,
being quotes as high as 3.93% cents, with evidences of buying both in
New York and in Europe. There were indications that French holdings in
several parts of the world were being drawn home, creating an unusually
heavy demand for francs, with corresponding weakness in sterling, Dutch
guilders and several other exchanges. It was said here that this situation
might prove embarrassing to the French authorities, as it would necessitate
their buying foreign exchanges to hold the franc within bounds. French
holdings abroad already total large amounts.
Bankers calculated yesterday that the gold shipping point on the new
franc would be about 3.94 cents. If that level should be reached, it was
said, gold might be expected to move from New York to Paris on straight
exchange transactions to supplement the shipments of metal already earmarked for French account at the Federal Reserve Bank. All of the
recent heavy shipments of gold to Paris have gone out of ear-marked
supplies and there are still considerable amounts held here for French
account.
New French Franc Widely Commended—Paris Banking
Circles Unanimous in Approving Adoption of
Gold Valuation for Currency.
From its Paris office the "Wall Street Journal" reported
the following in its issue of June 25:
French bankers are unanimous in cemnaending the technical merits of
the new stabilization law. The only criticism to which the law is open is
the fact that it was overdue by several months. The text contains no
surprises but simply rounds out the existing situation, since it was the
desire of both the government and the Bank of France to effect the reform
without disturbing confidence. As a consequence, there has not been the
slightest trace of public excitement.
Particular commendation has been bestowed, first, because the valuation
of the new franc is in gold instead of terms of sterling or dollar, at a
level as near the average exchange value for the past 18 months as was
Reference to the proposed stabilization plan was made in practical without going into minute fractions of milligrams; secondly, the
these columns June 23, page 3852.
frank abandonment of all traces of bi-metallism for the first time in
French history; third, the insurance of an elastic currency through the
adoption of the 35% minimum percentage of gold cover for circulation
Stabilization of French Franc Comes After Ten Years and deposits—the actual percentage being 42%; fourth, the decision not
to render bank notes convertible into gold for at least one year, while at
ofitFinancial and Political Struggle.
the same time instituting the gold bullion standard. Officials say that
According to the "Times" of June 24, the stabilization of probably 18 months will elapse before either gold or silver coin can be
the franc at 3.93 cents, ten years after the close of the war, manufactured. Attention is also centered on the provision whereby the
Is just about in line with the estimates which have been new franc does not apply to international payments which stipulate gold
francs. This is intended to safeguard French claims with respect to South
made by international bankers. The item from which we American and other loans.
quote also comments as follows:
The guesses, however, have ranged between 3.50 and L50, although the
higher rate could hardly have been accomplished without disturbance to
the foreign exchange market. The franc has been "pegged" since the
beginning of 1927 and such fluctuations as have occurred have been
extremely small ones. Bankers acting for the Bank of France have stood
ready at all times to take any amounts offered, and since this was well
known speculation in it dried up quickly.
The stabilization of the currency in relation to gold marks the final
important European country to get back in the gold standard column,
and it has come after ten years of bitter financial and political struggle.
At the end of the war, in 1918, the franc was quoted in the foreign exchange
markets of the world'at 18-1/3 cents, just about 1 cent below its actual
gold parity. Then its long slide started, a gradual, but persistent one
which led to the flight of the franc from its home country in 1920 and
I.
Credit Control by Bank of France.
The agreement with the banks contains a noteworthy provision reinforcing control of credit by the Bank of France. This arises through the
transfer to the Caisse d'Amortissement of Russian bonds discounted by the
Bank of France for the French treasury. The issue of 90-day bonds by
the Caisse d'Amortissement to the Bank of France representing this debt
will amount to 5,930,000,000 francs, and the Bank of France can sell these
bonds in minimum denominations of 100,000 francs. Simultaneously, the
treasury will undertake to close all current accounts kept with it by
private banks.
Furthermore, all foreign exchange which has been bought by the Bank of
France in behalf of the treasury, which it is estimated amounts to
45,000,000,000 francs less the amount which has been converted into gold,
is now ceded to the control of the bank, although the latter will undertake
to share profits arising from the transactions with the State. The profits,
4018
FINANCIAL CHRONICLE
[VoL. 126.
which up to this time have all gone to the State, which also supported should be noted here is that from this side there is not and there cannot
certain losses thereon, amounted to 500,000,000 francs in 1927 and this be any obstacle to stabilization."
year have been at the rate of 600,000,000 francs per annum. Naturally
the Bank of France expects to see a shrinkage in exchange holdings
through retirement of foreign funds but hopes that the business of redis- French Disputes on Bonds Go to Hague—Brazil and
counting will revive.
Jugoslavia Agree to Arbitrate Currency Question
State's Credit Balance.
on Debts.
After wiping out the debt of the State to the Bank of France through
revaluation of gold reserves, the State has a credit balance of 1,000,000,000
Under the above head the New York "Journal of Comof
francs. The bank also grants a permanent credit to the State
the following special
3,000,000,000 francs, bearing no interest. The treasury is also authorized merce" published in its issue of June 26
by the budget law to issue 5,000,000,000 francs of treasury bills so that correspondence from Paris, June 18:
it is amply provided with working capital.
Substantial progress has been reported recently in efforts to settle the
The important question of revaluation of assets of private companies has large number of knotty controversies pending over means of payment
been left to the future. A decree, fixing the minimum amount which can In connection with foreign bonds issues in the Paris market and payable
be exchanged into gold bars is expected this week, but in the meantime in francs. The French holders have naturally sought to obtain the best
the Bank of France is bound to buy all gold offered. Since the new law possible means of payment, and the foreign borrower has sought similarly
authorizes the Bank of France to open accounts for other issuing inatitu- to benefit from the decline of the currency. There is a tendency to submit
the most difficult of these disputes to the International Court of Justcie
tions, international co-operation will be facilitated.
The ability of the Bank of France to maintain the stability of the at The Hague.
The French and Jugoslav Governments have decided to submit to
exchange is not doubted in any quarters, but there is some anxiety as to
whether Poincare will be able to maintain his control over the Chamber. the Permanent Court of International Justice the question of what rate
The parties which did not dare oppose Poincare, while the currency was of exchange should apply to the payment of the following loans placed in
%, 1906; Serbian
still liable to fluctuation, are now showing signs of restlessness. The France; Serbian 4%. 1895; Serbian 5%, 1902; Serbian
%, 1909; and Serbian 5% 1913; those of the Ouprava Fondava 436%
confession that he was driven into immediate stabilization by course of
loan in 1911, and the lotteries of the Serbian
events and against his personal desire for revalorization, have not strength- of 1910, as well as a similar
Red Cross Society.
ened his position, although he is probably safe until autumn.
has made public the text of the treaty
Affairs
The Ministry of Foreign
signed with Brazil last year for the arbitration of the dispute over the
Gold Shipped from United States to France Since rate of exchange applicable to the payment of three Federal loans. The
Permanent Court of International Justice at The Hague will decide whether
Jan. 1 Aggregates $250,000,000.
they should be paid in gold or paper francs. These are the 5% (Port of
Pernambuco), 1909; 4% of 1910; and 4% of 1911. Since the depreciation
Associated Press advices from Havre June 23 said:
the Brazilian Government has regularly offered payment of
Coincident with Premier Poincare's introduction of his stabilization bill of the franc
the reimbursement of amortized bonds in paper currency.
In Parliament, 251 kegs of gold, valued at nearly $14,000,000, were coupons and
holders have just as regularly refused to accept.
landed here to-day from the transatlantic steamship France, from New The French
Defense committees were organized and suits brought before the Tribunal
York.
the Seine. The Court decided in favor of the bondholders, but the
of
the
from
France
The shipment brought the total of gold imported to
decisions, of course, had only a moral effect. The same was true in the
$250,000,000.
than
more
United States since Jan. 1 to
cases of the Brazilian States of Maranhao and Minas Geraes, as well as
the Argentine Province of Buenos Aires. Diplomatic pressure brought on
the Brazilian Federal Government resulted in the present compromise,
Britons Attack Stabilization of Franc As Invalid— but there is little hope of inducing the two States of the Union to budge
from their positions, even if the decision at The Hague goes against Brazil.
War Securities Shrink $200,000,000 In Value.
It is interesting to note that decisions already handed down by the
The validity of the French stabilization has already been Tribunal of the Seine are not to be considered by the judges of the Court
27
Paris
June
International Justice.
from
of
cablegram
challenged said a copyright
After ineffectual legal action to obtain payment in gold francs, the
to the "Evening Post." The item quoted also said:
Association of French Holders of Costa Rican 1911 5% bonds is now
French and British lawyers say that various officials of the Finance De- endeavoring to obtain satisfaction through diplomatic channels, but with
partment here are assured of a livelihood for years, and that. indeed, the little hope of success.
world is about to witness a cause celebre recalling the interminable chancery
suit mentioned in Dickens's "Bleak House," and known as Jarndyce vs.
Jarndyce.
French Debt Issue to Wait, Asserts Senator Berenger—
A committee of British bondholders of French war securities IS credited
Tells Finance Committee No Move Can Be Made
with the intention of suing the French Government alone, or the French
Government and the Bank of England in association, for losses incurred
before Our Elections—Content with Dawes Plan.
by stabilization of the franc.
No steps can be taken towards ultimate revision of the
This committee represents British subjects who in 1915 and 1916 bought
up the French war loan of 50,000,000 pounds sterling, floated by the Bank Dawes plan nor a settlement of the question of interallied
ofEngland. This loan,following stabilization, is worth less than 10,000,000
debts until after the American Presidential elections, Senpounds sterling, or $50,000,000, and henceforth is stabilized at that figure.
What Premier Poincare of France Said as to Debts
Accord—No Definite Prediction of a Refusal to
Ratify Washington Agreement.
Under date of June 25 a cablegram from Paris to the
New York "Times" said:
Any impression which may have been created in the United States or
elsewhere by the cabled summaries of Premier Poincare's speech last
Thursday that in this speech he definitely declared against ratification of
the Mellon-Berenger agreement by France is hardly justified by the text
of the Premier's remarks. That there may be no mistake on this point,
here is a translation of his text of the passage in his speech in which he
dealt with the matter of the interallied debts. The text is taken from the
official record:
"M, Vincent Auriol has asked me what we are going to do on the subject
of the interallied debts. The experts in 1926 recommended ratification of
the London and Washington agreements, as they are, before proceeding to
stabilization. They, indeed, considered this ratification as a preliminary
condition and a sine qua non. I believe that this opinion was not shared
by M. Vincent Auriol. Furthermore, in view of recent electoral programs
and speeches, which I have closely studied, I believe I am not mistaken
in thinking that these accords could not easily be ratified such as they are,
and without reserve." [Applause.]
After an interruption, during which two Socialists expressed approval
of the Premier's statement, M. Poincare continued:
"Gentlemen, I am now discussing a question which is infinitely delicate;
I don't wish to, I must not, pronounce a single word which may be disobliging to our friends, who are now our creditors and to whom we have
handed over at various times bonds certifying the amount of their claims.
"But our creditors know very well that in working for the financial
recovery of France we have worked for them as well as for ourselves.
[Applause.] They would not wish, to-day, to hinder the return of a
healthy monetary situation from which we were not, after all, the only
beneficiaries. They are not seeking to exercise on us any pressure of
any kind.
"We have met all our foreign payments exactly on the day fixed without
prejudicing the ratification accord, which does not depend on the Government, but depends wholly on the Houses of Parliament. We have met those
payments this year, as last year. We are therefore able to take now a
decision, with regard to stabilization, in complete independence.
"If, sooner or later, an occasion presents itself for the examination of a
settlement of all the interallied debts as a whole [applause], we have still,
gentlemen, to convince many who are incredulous, not to say hostile. Yet,
sneaking still in the conditional, if sooner or later this settlement can be
accomplished without harm to French interests, we will lend ourselves
willingly, as we have always said, and even as we have always done, to
every profound examination of this question. [Further applause.] But
for the moment this question does not arise in the present debate. All that
ator Henry Berenger advised the Senate Foreigti Affairs
Committee on June 27, in reporting on S. Parker Gilbert's
annual statement issued recently. Paris advices to the New
York "Times," in announcing this, added:
Mr. Berenger emphasized that inasmuch as France was now receiving
more from Germany in the way of reparations than she was paying out to
•••1
se
her creditors she had no interest whatsoever in herself soliciting any change
or revision in the Dawee plan. If revision was to be considered, he said,
the initiative should certainly come from some other country than France.
In response to Mr. Gilbert's conclusion that it is to the mutual interest
of the nations that a definite settlement of the Dawes plan payments be
made, M. Berenger quoted Premier Poineare's remark that "fixation of
the batal amount of the German debt was not in suspense, but has already
been settled by the Reparations Commission."
"But regardless of all the rumors which have been published on the
subject," concluded M. Berenger, "no official action on the question has
taken place nor can such action possibly take place, either in Europe or
America, until after the United States election. Our best course is to
stand firmly upon the strict and regular application of the international
accords at present effective, which will assure France in addition to the
sums required for the present war debt payments important funds with
which to continue reconstruction of the war areas."
Secretary Mellon Views Stabilization of French Franc
with Satisfaction—No Plan ,for Reserve Credit
Revision of Debt Agreement Not Looked for.
Several accounts of oral expressions of view by SecretarY
of the Treasury Mellon on the stabilization of the French
franc have appeared in the newspapers within the past week
or so, one of these, in the "United States Daily" of June 22
saying:
Cable dispatches from Paris have told of consideration being given to
the stabilization program by the French ministry and Mr. Mellon said
he had advices similar to those through the American Embassy in Paris.
lie declared that France was in a "splendid economic situation" and
expressed the belief that it would be unnecessary for that nation to seek
a credit from the American Federal Reserve System as has been done by
several other powers when they re-established the gold basis for their
currency.
Whole World to Benefit.
The Treasury Secretary said it was "unfortunate" that France had not
taken the step sooner because, he asserted, lack of a stabilized currency
always acts as a handicap. But stabilization now, Mr. Mellon added "will
be most gratifying to us here and to the whole world, for the whole world
will benefit."
so
JUNE 30 1928.]
FINANCIAL CHRONICLE
France's situation was described by the Secretary as "strong" in the
matter of gold holdings. This fact also, he observed, should be sufficient
to enable the Paris Government to carry through its program without more
than the minimum of assistance from the outside; in fact, nothing more
than co-operation was expected by the Secretary as likely to be needed.
Mr. Mellon recounted the advantages gained by the European powers
which had stabilized earlier as an explanation of his statement that it
was unfortunate that France had not taken the step now contemplated at
an earlier date.
The Secretary said he had heard nothing of any plan by which a credit
would be established in this country "for more than a year" and he believed
that such a credit had not been considered by the French admiinstration.
Heretofore, when such credits have been sought, the Treasury has been
Invited each time by the Federal Reserve Board to sit in on a discussion
of the question. While the Federal Reserve Board declined to talk of
the proposed French stabilization, it was stated orally by the Board that
no adviices had been received here relative to any probable need for a
credit. It was explained, however, that the French probably feel there will
be no need of that resource since neither Great Britain nor Belgium was
compelled to employ the credits they established. Such a credit was
regarded then, Mr. Mellon said, as a "moral support" and he remarked
that the confidence thus given to the stabilization move was all that
was necessary.
From its Washington correspondent, on June 25, the
"Journal of Corsmerce" reported the following:
Since the French franc has been stabilized at 3.93 cents to the dollar,
about the exchange rate that has existed for many months, high Treasury
officials anticipate no upset as a result in the field of international finance
and trade. Secretary of the Treasury Mellon, while having received no
formal notice of the stabilization, to-day reiterated that this Government
looks with extreme satisfaction on the move.
Mellon does not feel that the stabilization will furnish any grounds for a
revision of the Mellon-Berenger debt agreement, under which France funded
the war-time obligation of about $4,000,000,000 over a sixty-two-year
period.
Some of the French politicians took the stabilization occasion to suggest
a revision, holding that the American Government had made the loan when
the dollar was at a higher rating. However, it has indicated that stabilization Was a purely domestic move, that the international loans were made
on a dollar basis, and that hence any changes in the French monetary
rating would not affect the debt settlements.
No Ground for Revision.
Mellon's attitude is taken to mean that the American Government opposes
any revision of the debt agreement on stabilization grounds.
No information has been received at the Treasury indicating whether
Poincare's stabilization plans promise a ratisfication of the debt. This
question is closely interlinked in French domestic politics and is therefore
uncertain. Officials here said unofficially that it would be difficult to
conceive of a permanent stabilization, however, that left out of consideration final adjudication of external obligations. True stabilization would
mean international as well as domestic financial permanency.
Neither has the French Government taken any steps in relation to the
$400,000,000 war supplies debt to this country which matures next year.
In the Mellon-Berenger agreement the war supplies obligation is funded
along with the general debt, but if the pact is not ratified by France the
$400,000,000 debt at maturity becomes a demand obligation and is payable
at once. It is not regarded as likely that the French would permit such
a state of affairs to develop.
Paris dispatches contain the information that both houses of the Parliament backed up Premier Poincare's stabilization proposal and that not
even the Socialists went on record as opposing the measure in principle.
No Disturbance Looked For.
Since the stabilization rate is the same as has been in effect the move
can be accomplished with the least disturbance to domestic business. For
this reason it will not be necessary to go through the severe experiences
which marked the gold standardisation of some of the other European
currencies.
This has been possible because of the splendid economic condition in
France and the fact that the country had a large supply of gold. The fact
that France has been able to stabilize without even securing an "insurance
credit" in the United States or with other foreign banks of issue is
regarded as indicative of that nation's strong economic position.
Stabilization without outside credit is an achievement which, according
to American officials, assures confidence in French ability to reconstruct
her finances. This Government and other foreign banks have, however,
stood ready at all times to furnish any necessary credits and continue
this attitude should France later need credit assistance.
Officials here said that the new position of the franc will have a
healthy
reaction in international trade, not only from the standpoint of stimulating
confidence and thus additional credit to France, but in making it possible
to consider trading in the future on a comparatively certain level of the
franc.
Treasury officials believe that France is on the most substantial
footing
since the war and that this nation ranks well to the top, from the
economic
standpoint, with the principal countries of the world.
First Weekly7Statement Issued By Bank of France
Following:Adoption of Measures For Stabilization
• of Franc.
The weekly statement of the Bank of France, issued June
28, appeared in revised shape, to conform to the new monetary law, details of which are given in another item in this
issue of our paper. As indicated therein, under the newly
adopted legislation the stabilization of the franc on a gold
basis is effected at the rate of 3.93 cents to the dollar. The
Associated Press advices from Paris on June 28 had the following to say regarding the Bank statement issued that day:
Heavy gold backing of the new French franc of over 40% is shown in
the first weekly Bank of France statement under the gold standard which
was issued to-day. The statement reveals that the bank's books have been
entirely cleared of bad accounts, such as the Russian war debt, and have
been cleared also of the French gold held in the Bank of England as collateral on the war loan.
4019
Under the monetary law a gold reserve of only 35% was required. The
United States Federal Reserve Bank is credited in a semi-official statement
with much aid in accumulation of the gold stock.
All pre-war gold reserve, previously carried on the basis of valuation in
Napo/eon's time, is calculated at the new rate under the stabilization law.
We also quote the following Paris cablegram to the
"Times":
The weekly balance sheet of the Bank of France. which appeared to
-day
for the first time since the stabilization decree became effective, was in an
entirely revised form, and many of the complicated items of the old sheet
were eliminated or reorganized in order to present the situation in terms
intelligible to the general public.
Chief among the new features are the precise manner in which the gold
resources are quoted in detail, and the important additional recapitulation,
which gives the total sum of the bank's sight obligations, together with the
proportion of gold on hand covering these obligations This last item gives
to the public a general indication of the bank's situation at a glance. Thus in
to-day's statement the total obligations are put at 71,529,000,000 francs
($2,801,089,700), and the proportion of gold on hand was listed at 40.45%.
the legal minimum fixed by the bank's agreement with the State being 3.5%.
Another important change in the preparation of the weekly statement
has been made. Up to the present the statement has been Issued on Thursdays, giving the bank's situation as for Wednesday night for the main Paris
headquarters, but showing the position of the provincial branches only up
to the preceding Friday. In the future the statement will be issued on
Thursday as usual, but the figures will be uniform for the Paris headquarters
and the branches and will show the status of the bank the preceding Saturday morning.
One of the most striking omissions from the balance sheet to-day was the
item, amounting to billions of francs, covering the bank's new advances to
the Government. This item has been completely liquidated.
Under the assets appears a new item entitled "Gold on hand." It comprises the gold from the old reserves, dating from the foundation of the
bank, and also all the gold which the bank has purchased since July, 1926,
including that boughtfrom the public in the form of money,and that bought
abroad in the form of ingots. In connection with this item, the statement
to-day calls attention to the fact that the great part of the bar gold was
obtained in the United States through the Federal Reserve Bank, which
offered special facilities.
"This friendly co-operation should be emphasized," the statement declares.
The item for the gold on hand to-day shows a total of 28,934,000.000
francs ($1,137,106,200), but this does not include the foreign moneys purchased by the bank. These have been classed under the separate item
of free gold and gold available abroad. The silver money withdrawn from
circulation has been classified separately. The sum of 5,930,000,000 francs
($233,049,000) in pre-war Russian bonds, which always used to appear in
the bank's statement, will in future be liquidated through the National
Sinking Fund.
On the liabilities side of the sheet the total value ofthe bank notes in
circulation is put at 58,772,000,000francs (52,319.739.600)•
The complete Bank of France statement,the first published
since the establishment of the new parity, showing adjustments made in connection with return to gold, appeared as
follows in the "Wall Street Journal" of June 28:
Assets.
Gold reserve (coin and ingots)
Silver and copper coins
Postal current accounts
Available at sight abroad
Foreign exchange loaned
Advances on ingots and gold monies
Commercial bills and public securities:
I. Commercial bills discounted on France
Commercial bills discounted on foreign countries
II. Negotiable bills bought in France
Negotiable bills bought abroad
Advances against securities
Negotiable bonds of Caisse amortissement
Loans without interest to government
Rentes earmarked for special purposes
Bank buildings
Denionitized silver coins for reminting
Other assets
Liabilities.
Capital
Profits in addition to capital
Legal liquid reserve
Non-liquid reserve
Sight liabilities:
I. Circulation
II. Creditor current accounts
Treasury
Caisse amotisement
Current accounts and deposits
Other sight liabilities
Liabilities arising from exchange on loan
Other liabilities
28,935.000,000
233,000
700.000.000
15,985,000,000
9.778,000,000
37.000
2,955,000,000
17,000,000
10,545,000,000
1,847.000.000
5,930,000,000
3,200.000.000
113,000,000
219,000,000
785,000,000
1,239,000,000
$182.000,000
273,000,000
22,000,000
4.000.000
58,772,000,000
12,757,000,000
5,079.000,000
1,934,000,000
5.471,000,000
273.000,000
9,778.000.000
496.000,000
The same paper stated:
The above statement is the first published since the war by Bank of
France, giving a detailed and understandable outline of its actual position.
The latest complete statement at hand under the old form, as of June 14,
was as follows:
Francs.
Told in hand
3,678,541,000
Gold available abroad (not pledged)
462,771,000
Gold balances abroad (pledged)
1,401,549,000
Balances abroad
62,812,000
Silver in hand
342,945,000
Gold silver and exchange purchased (paper)
2,962,455,000
Advances to the State
18,400,000,000
Advances to the State (permanent)
200,000,000
Foreign Governments
5,930,000,000
Discounts (Paris and branches)
1.889,913,000
Notes in circulation
59,189.915.000
Other assets
31,183,3.54.000
Other liabilities
1.605,059.000
The gold items in the statement above, were carried at the old parity
of 19.3 cents and the two items of gold abroad were metal which actually
had passed out of the hands of the bank. The gold holdings were reconstituted to more than the total of 5,542,861,000 old gold francs shown
above, through purchases in England and United States and by buying
hoarded gold coins in France. The 28,935.000,000 francs gold shown in
the new statement is equivalent to approximately 5,787,000.000 gold francs
of the former par.
The balances abroad valued at cost, were included in "other assets" of
the old statement, rather than in the item "balances abroad," while foreign
exchange loaned, representing foreign balances loaned to Private hanks to
Permit them to take advantage of higher money rates abroad, was not shown
at all.
4020
FINANCIAL CHRONICLE
The item "advances to the State" in the old statement was wiped out
by the revaluation of the gold reserves, paper profit of which operation.
accrued to the Government. Part of the advances were also paid off with
proceeds of the recent consolidation loan. The item "foreign Govern
ments-5,930,000 francs" in the old statement, represented Russian bills
discounted by the Bank for the French treasury. Those bills have been
turned over to the Caisse Amortissement, which in turn has given its threemonths bonds to the Bank, the item showing up in the new statement as
"negotiable bonds of Caisse Amortissement-5,390.000,000 francs." The
bonds will aid Bank of France in controlling the money market, as they
can be sold or bought back as the bank desires it.
The new statement shows strong reserve position. The 28,935,000,000
francs gold represents a reserve of 492%,against the 58,772,000,000 francs
circulation,and a reserve of40.45% against sight liabilities of 71,529,000,000
francs consisting of circulation and current liabilities.
In addition to strong metal holdings, the statement shows the bank has
balances abroad totaling 36,308,000,000 francs, or slightly more than
$1,420,000,000, made up of 15.985.000,000 francs available at sight abroad,
9,778,000,000 francs foreign exchange loaned and 10,545,000,000 francs
foreign bills.
It is noted in the "Times" that foreign exchange held by
the Bank was previously included under the item "Sundry
assets"; it is now stated separately under the two heads of
"Foreign balances," which item at 15,985,000,000 francs is
equal to $626,400,000, and "Foreign exchange loaned."
[vol.. 126.
National d'Escompte voted the issue of 25,000,000 frs. of new shares with
plural voting power, authorizing the board of directors to make use of it at
an opportune moment. In the group of medium-sized institutions, the
Credit Commercial de France has just authorized the issue of 6,000,000 frs,
of plural shares, and the Comptoir Lyon-Allemand and the Compagnle
Algerieene are about to take a similar step.
One of the foremost industrial undertakings which has issued such shares
Is the well-known Kuhlmann chemical concern.
Italian Treasury Situation at End of May.
Under date of June 23 Romolo Angelone, Commercial
Attache, of the Royal Italian Embassy, advises us of the
receipt of a cablegram from Count Volpi, the Italian Minister of Finance, dealing with the Italian Treasury situation,
at the end of May 1928. The advices state:
On that date the Italian budget showed a real surplus of 149 million
lire, resulting from the difference between receipts amounting to 17,657
million lire and expenses for 17,508.
The account kept by the Treasury with the Banca d'Italia for fiscal
operations showed, at the end of that month, a credit for 948 millions in
favor of the Treasury.
The total Italian internal debt at the end of May 1928 amounted to
85,983 millions; paper circulation reached, on the same date, a total of
17,105 million lire, as against 17,124 millions at the end of the previous
month.
Consolidation Loan.
Bulgaria Would Delay Reparations—Fears Payment
Journal" published
the
28
June
Street
"Wall
of
issue
its
In
Owing to Losses from Earthquake.
the following from its Paris office:
The
is from the New York "Times" of June 10:
following
at
rentes
he
91%
could
-year
75
of
issue
an
on
When Poincare decided
Details of Subscriptions to French
scarcely have expected that more than 20,000,C00,000 francs would be subscribed in cash and bonds for conversion. The results as announced on
June 12 show a total of 20,850,000,000 francs as follows:
Per Cent.
Francs
51
10,640.000.000
Cash
5
5.300.000.000
bonds
National defense
17
3,520,000,000
bonds
treasury
1923 6%
6
1,360,000.000
National defense debs. (1919-1929)
30,000.000
1922 6% credit national bonds
The cash was subscribed in eight days. The total obtained would have
been exceeded had not the government stopped subscriptions when enough
had been obtained to wipe out the State's debt to the Bank of France with
the assistance of revaluation of the latter's gold reserve ur.on stabilization
of the franc. Only once before have cash subscriptions been so heavy.
That was in 1920. when the 6% rentes issue brought in 11,278,000,000
francs. If allowance be made for the depreciation of the franc, however,
the various war loans all yielded more in cash than the present loan.
All loans maturing this year and next were convertible into the new bonds.
Holders had the option of conversion or repayment by anticipation out of
cash proceeds of the loan; if they failed to signify their choice, their bonds
became convertible automatically. Of the 4,516.000,000 francs outstanding in 1923 Treasury bonds, 77% were offered for conversion and 12%
for redemption, while 9% became convertible arbitrarily; of 2,180,000.000
francs in National Defense Debentures 62% were offered for conversion
and 21% for redemption; of 61.000,000 francs outstanding in Credit National Bonds half were offered for conversion. It follows that only about
1,000,000,000 francs are needed out of cash subscribed to the loan to meet
demands for redemption of these short-term bonds.
The outstanding volume of National Defense Bonds is less than 40,000,000.000 francs, so about one-eighth of these were offered for conversion.
These bonds run for two years. having been issued at various dates since
January 1926. with the exception of about 1.800,000.000 francs in oneyear bonds maturing in May and June, about the time of the issue of the
new rentes. It is likely that the bulk of holders were unwilling to convert
because these bonds are the only form of short-term government security
on tap.
The effects of the loan on the Bank of France's weekly statements began
to be apparent on June 14, when "advances to the state" fell below 20,000.000,000 francs for the first time since the war. They figured at 18,400,000,000 against 21,300.000.000 for the previous week. 26,950.000,000 for
June 16 1927, and 36,400,000,000 for June 17 1926. Within two years,
therefore, this debt had been halved.
The Sofia Government expects the Allied Powers to postpone the war
reparation payment due this year on account of the tremendous expense
Bulgaria has been put to on account of the earthquake. This information
was imparted on May 19 at a meeting of the Budget and Foreign Affairs
Commissions, before which Premier Liaptcheff and Foreign Minister
Buroff made full statements in regard to the reparation, the loan recently
allowed by the League of Nations, and the introduction of the gold standard.
The Ministers said that the Government had made no official suggestion that the reparation for this year be postponed as to do so would convey the impression of insolvency, which would do great harm to Bulgaria
at the present time and would make the conclusion of a loan particularly
difficult.
As, however, the Democratic leader, M. Malinoff, had complained of
the inaction of the Government, it might be said that the question was
being discussed among the Allied Powers, and the Government hoped
that the latter would take an equitable decision on their own initiative,
"in spite of the divergent views of the various Governments affected."
The two Ministers declared that immediately after the conclusion of the
loan the Government would be prepared to introduce the gold standard.
Report of President Cosgrave Shows Balancing of
Budget by Irish Free-State--Sets Revenue at
$120,000,000 Annually.
According to an important survey of Ireland's economic
position just made public by President Cosgrave and relayed from alblin,the five-year-old Free State has definitely
set its annual income at $120,000,000. Expenditures for
the fiscal year 1928 , it is stated, were $125,000 less than
income. Thus the Government for the first time has succeeded in keeping expenses under revenues. Compared
with the year previous it represents a saving of approximately
$15,000,000, the amount of the 1927 deficit. Adviees regarding the report made public June 24 state:
A complete transcript of the address shows that Ireland for the first
time in the five year's existence of the Free State has been able to determine
with minute exactness the sum total of the Government's liabilities. All
claims have been adjusted and as the Government sets itself to the task of
Other items regarding the loan appeared in these columns further progress, the country knows precisely where it stands. It has no
undetermined liabilities.
June 16, page 3684 and June 23, page 3852.
The total national debt of the Irish Free State amounts to $100,000,000
net, or the equivalent of $35 per head of population, compared with $814
for England,$455 for France and $160 for the United States. Total annual
charges for interest and amortization amount to $7,500,000, or 1-16th of
French Post Office Loan.
the annual revenue which is $20,000,000. The period of abnormal conThe following from Paris, appeared in the "Wall Street ditions with attendant fluctuations in prices, wages and cost of living, Mr.
Cosgrave states, has now been definitely left behind.
Journal" of June 28:
Mr. Cosgrave cites concrete instances which in his opinion stand out as
Lists have been closed on the 1,700,000.000 francs 5% French postal,
within
subscribed
days
three
fully
was
landmarks during the five-year regime of the Free State Government.
telegraph and telephone loan. Loan
offered.
The
income tax has been reduced by one shilling in the pound. Roads
after it was first
throughout the country have been enormously improved. Livestock has
been multiplied. Thanks to the measures for standardized grading and
packing which have been introduced, a new reputation has been built up
John Nickerson & Co. on Trend of Creation of French for
Irish Free State agricultural products. Consumption of intoxicating
Bank Shares with Plural Voting Power.
liquor has been substantially reduced. National assets of incalculable
have been created.
The trend toward creation of French bank shares with value
The adverse trade balance of the State is steadily declining, Mr. Cosplural voting power, which started some eighteen months grave states. From $88,030,000 for the year ended March 1927, the excess
ago, has received new impetus during the recent wide of imports over exports had fallen to $73,515,000 in the fiscal period just
Bank clearances are showing a steady increase, and up to Juno 1
fluctuations in the Paris market, according to the Foreign ended.
this figure was already $22,250,000 above the same period a year ago.
Department of John Nickerson & Co., Inc. A statement Further indications of a trade revival are contained in the Dublin Port
and Dock Board returns. he further asserts, which shows that the registered
issued by the latter June 22, in the matter says:
first part of May, large blocks tonnage entrances for 1927 were 200,000 tone in excess of 1926. Sea-borne
the
and
April
in
market
bull
During the
trade figures have gone up by almost the same figure.
previously held firmly in Paris changed hands. A subof bank shares
In conclusion Mr. Cosgrave is quoted as saying:
foreign accounts.
stantial portion was bought for
On the whole, therefore, there is good reason for optimism. Conditions
when so desired, as a means for preventing a
Plural shares can serve,
obtaining control of a company. Plural have become stabilized. Production Is increasing. Trade is improving.
foreign group of financiers from
votes per share than the remainder of the The relations between the workers and employers have been harmonious
shares have a larger number of
participate in dividend disbursements at the and there is a growing spirit of cooperation.
bank's stock. Usually they
I feel sure that the general upward trend in business and commerce—
case of liquidation, they do not receive a
same rate or a lesser rate. In
common stock—and they are transferable only denoted by the facts—is a matter of profound satisfaction, that it is likely
larger distribution than the
to still further impress, and that the confidence engendered will provide
with the directors' approval.
the Credit Lyonnais, and the Societe a national stimulus towards utilizing the power provided by the River
The movement was started by
hydro-electric scheme for further development.
the
Shannon
of
stockholders
Comptoir
Recently
Generale followed its example.
JUNE 30
1928.]
FINANCIAL CHRONICLE
4021
Chile Guarantees Price of Nitrate.
Spanish Government's Measures to Maintain Value of
From the "Wall Street Journal" of June 11 we take the
Pesata Have Had Little Effect.
The following advices from Madrid, June 26, are from the following:
Chilean government has announced it will indemnify producers of
New York "Times":
natural nitrate against any cut in prices necessary in case artificial nitroDue to the recent period of violent speculation on the Spanish Bourse
the Government has become alarmed for the standing of the peseta on international exchange. The Government order preventing all further buying
of foreign securities and foreign moneys a few days ago has had little effect,
and it is believed by those well informed on the financial situation that no
official measures can prevent a drop in the value of the peseta.
Government restriction of gold purchases is being criticized and the
market is now being closely watched in banking circles by speculators who
are awaiting the outocme of the Government's fight against the foreign
speculators who have been recently making attacks on the peseta.
A previous item in the matter appeared in our issue of
Juno 23, page 3859.
Polish:Loan Oversubscribed Before Opening of
Subscription Books.
Associated1Press advices July 27 said:
The Polish 4% domestic loan of 50,000,000 zloty (approximately $5.500.000) has been oversubscribed several times. Subscription books
have not yet.been opened.
New China Decides to Pay All Debts-80 Bankers
Confer With Finance Minister.
From the "Sun" of last night we take the following
AssociatedTress advices from London, June 29:
A Shanghai dispatch to the Daily Express to-day said the Chinese Nationalist conference on finances and economics had decided to recognize all
foreign obligations of every character.
The conferees included eighty bankers and industrialists meeting with
T. V. Soong, Nationalist Finance Minister, as Chairman.
It was proposed that a loan of 300,000,000 Chinese dollars (about $150000,000) be raised. It would be controlled by the public sinking fund and
administered by a non-political board of trustees consisting of bankers and
merchants.
gen prices for the nitrate year beginning July 1 are reduced by the Stick.
staff Syndikat, the German selling organization for artificial nitrogen
producers which is the dominant factor in the synthetics market.
Following Chilean government's refusal to reduce the export tax on
natural nitrate, which amounts to about $12.10 a long ton, the government stated it did not wish to contemplate a price for natural nitrate
below 16s. 4d. a metric quintal for immediate or 16s. 6d. for future delivery; that a subsidy of £250,000 would be paid to producers based on
output from January to March, 1928; and that should the German syndicate reduce prices for the coming year, the Chilean government would
hand to producers funds equivalent to the reduction. In cases of contracts made before announcement of the reduction, the government payment would be handed to the buyer, but otherwise retained by the producer.
The action in effect places the Chilean Government in the forefront
of the producers in struggle to compete with synthetic nitrogen. It
amounts to an announcement to artificial producers that the government
will back the Chilean producers in any price war started by synthetic
manufacturers. It may deter European manufacturers of synthetics
from making any price reductions for the coming year, though it is possible reductions may be made despite the Chilean action for the purpose
of discouraging further projects for manufacture of synthetics. Chilean
production is smaller than either synthetic or by-product nitrogen output.
Production of synthetics is increasing steadily. A recent British estimate predicted projects already announced would permit increase of production to 1,559,000 tons, in terms of pure nitrogen, in 1930-31 from
925,000 tons in 1927-28. The same authority estimated production of byproduct nitrogen would increase to 438,000 tons from 367,000. Production of Chilean nitrate in 1927 was 271,000 tons, in terms of pure nitrogen, with probability of an increase to 500,000 tons shortly. Those
figures show the contest for markets is not yet concluded.
Cuban Revenue Law to Be Amended.
Street Journal" of June 25 reports the following
"Wall
The
from Havana:
Approval for Flotation of Loan Given in China.
The following is from the "United States Daily" of June 25.
The China Nationalist Government Council has approved the flotation of
a loan for $10.000,000. The entire revenue from the stamp tax of the
Nationalist Government will be set aside as security, according to a report
from the office of the commercial attache at Shanghai, made public in a
statement by the Department of Commerce. The full text of the statement
follows:
The loan will carry 8% interest and will be issued in two installments;
the first for $6,000,000 was to be offered on May 1, and the second of
$4,000,000 will be issued some time later.
ItInterest will be paid semi-annually in the first and sixth months of each
year, beginning 1929. while one-twentieth part of the principal will also be
repaid once every month, beginning next year.
It is understood that the Bank of China, the Bank of Communications,
and the Bank of Kiangsu have been designated as the Government's depositories for the amortization fund for the loan and will also pay the
interest on behalf of the Government.
The Government Council at Nanking passed a resolution on April 27 to
abolish the tael unit of currency in the Nationalist finances. Instead, the
dollar unit is to be adopted for all government accounting purposes.
President Machado and the Secretary of Public Works state the law
governing revenues for public works construction will be amended to establish new taxes, and extended for 20 years more, to provide for expenditure
of $200,000,000 on additional public work, including the building of a
complete system of irrigation.
Chase National Bank Concludes Arrangements for
$60,000,000 Cuban Loan.
The Chase National Bank announces that the agreement
with the Republic of Cuba providing for a credit for financing
the program of public works under the administration of
President Machado was consummated June 22 by the execution and delivery of the formal documents in the City of
Havana. Associated with the Chase National Bank in the
operation are Blair & Co., Inc., Equitable Trust Co. and the
Continental National Co. The aggregate amount of the
credit is $60,000,000. This financing is a development
of the credit of $10,000,000 extended to the Cuban Government early in 1927 by The Chase National Bank with whom
DiamondMiners Call 25,000 Out—Native Diggers in was associated Blair & Co., Inc.
South Africa Strike on Wage Reduction.
It is understood that the financing arrangement contains
Associated Press advices June 21 were published as fol- certain novel features which were regarded by the Cuban
Government as especially satisfactory. A revolving credit
lows In the "Evening Post":
Twenty-the thousand native workers in the Alluvial Diamond Diggings, of $10,000,000 was created under which the Cuban Governnear Lichtenburg, were on strike to-day, but no fear was felt of a clash ment
issues to the contractors its Deferred Payment Work
between white and native labor.
completed and
The men walked out in a protest against a reduction in wages from $4.50 Certificates, representing work actually
to $3 a week.
accepted. These certificates are then presented by the
Because of reassuring police reports from the diggings, steps which were contractors to The Chase National Bank at its Havana
taken at Johannesburg to mobilize a force of protective police were disBranch,which pays to the contractors the face amount of the
continued.
certificates presented. After these certificates have been
accumulated by The Chase National Bank to the stipulated
Mexican Silver Demonetization.
amount, they are converted into the Public Works 53'2%
The following Mexico City advices are from the "Wall Serial Certificates of the Republic of Cuba of a total authorStreet Journal" of Juno 25:
ized issue of such certificates of $60,000,000 with varying
Instructions have been issued to the National Mint by the Bank of
1935. It is underMexico, as regulator of the currency, to proceed to the demonetization of maturities from Dec. 30 1930, to Juno 30
$1,880,534 pesos of fiduciary silver coin pursuant to the Presidential decree stood that these serial certificates will eventually be publicly
of March 25 1927. This measure is for the purpose of bringing the silver
offered by the bankers. In this manner, no moneys are
currency to par against gold.
The silver will be sold on the New York market, the gold being deposited advanced by the bankers until the actual completion of
In the regulating fund of the Bank of Mexico.
the work and the Government is not burdened with an interest charge on borrowed money except as the work is
The Public Works for which the moneys are
completed.
Reduced.
Taxes
Mexican Oil
the completion of the Central HighThe following is from the "Wall Street Journal" of June to be expended include
involves
the construction of over 700
which
System,
way
15th:
the Island, the completion
throughout
modern
roads
of
1.532
to
miles
cent
6-10
Mexican oil production taxes for June are reduced
cents a barrel from May rates. On light crude the tax is 15.382 cents a of the Capitol Building in Havana, and other works. The
barrel, on heavy crude 9.3 cents and on fuel oil 13.816 cents. Combined conclusion of this financing arrangement is an evidence of the
production and export tares are correspondingly reduced, the rate on
in the financial and
light crude being 23.33 cents a barrel, on heavy crude 14.228 cents and on confidence of the American bankers
fuel oil 20.176 cents.
economic condition of Cuba under the administration of
Reduction in taxes is due to lower prices for fuel oil in New York harbor, President Machado.
on which value of Mexican crude and fuel oil for taxation purposes is
Havana advices published in the "Wall Street Journal"
based. Value fixed by the Mexican Government for fuel oil in June is
$1.328 a barrel. Price of bunker fuel oil at New York harbor terminal of June 26 stated:
was reduced 10 cents, to $1.25 a barrel, by Standard Oil of N. J. on
May 4.
House of Representatives has approved law accepting deed for loan
of $50,000,000 taa indicated above the amount of the loan Is $60.000:0001
4022
FINANCIAL CHRONICLE
from Chase National Bank to the Cuban Government. House
also approved law authorizing the President to arrange another credit transaction
,
in any form,for financing new public works,in addition to those
financed by
the Chase loan.
Under the new law, the President is authorized to establish, if necessary,
a tax on consumption of petroleum and derivatives and mineral
coal. It
also permits the executive, upon establishment of new taxes,
to reduce
the tariffs. New levies will be used to finance plan of irrigation.
[VOL. 126.
is calculated to retire the entire issue by its maturity on
Apr. 1 1948, through purchase in the open market below
par and accrued interest or, if not so,obtainable, by redemption by lot at par plus accrued interest. Dated Apr. 1
1928, and due Apr. 1 1948, the bonds are redeemable as a
whole at any time or in part on any interest payment date
upon 30 days' notice at 105 and accrued interest on or before
Oct. 1 1929, the premium decreasing 1% per annum until
Oct. 1 1933, thereafter at par and accrued interest. The
bonds, interchangeable, are in denominations of $1,000 and
$500. Coupons are payable April 1 and October 1. Principal,
interest and premium will be payable in New York City at
the office of F. J. Lisman & Co., fiscal agent in U. S. gold
coin of the standard of weight and fineness existing on Apr,
1 1928, without deduction for any taxes, present or
future.
levied or imposed by the Republic of Colombia or by any
taxing authority therein or thereof. The Central Union
Trust Co. of New York, N. Y.,is trustee.
Offering of $12,000,000 5% Bonds of Republic of
Panama—Issue Over-Subscribed—Books Closed.
The National City Co. headed a banking group comprising
Kissel, Kinnicutt & Co., the Illinois Merchants Trust Co.
and the Continental National Co. which offered on June 25
at 963 and interest to yield over 5.20%, $12,000,000 Republic of Panama 35-year 5% external secured sinking fund
gold bonds, series A, due May 15 1963, of which $1,200,000
were withdrawn for offering in the Netherlands by the
Nederlandsch-Indische Handelsbank, Rotterdamsche Bankvereeniging and Labouchere & Co. The proceeds from the
sale of these bonds, which represent part of an authorized
issue of $16,000,000, will be applied to the redemption as a Offering of $1,100,000 Luneburg Power,
Light & Waterwhole of three bond issues totaling $6,218,913 and the
works, Ltd. Bonds.
remainder for the construction of public works including the
An issue of $1,100,000 first mortgage 20-year sinking fund
national highway from Santiago to David. The remaining 7% gold bonds
of Luneburg Power, Light & Waterworks,
$4,000,000 bonds authorized will be reserved to redeem Ltd. of Germany
is being offered at 98 and interest to yield
Republic of Panama 30-year 5M% bonds of 1923 redeemable about 7.20% by
Potter & Co. and Foreign Trade Securities
June 1 1933.
Co., Ltd. of New York. The Luneburg Power, Light &
The syndicate announced on June 25 that subscriptions Waterworks,
Ltd., it is stated, was organized by the City
had been received in excess of the $12,000,000 issue,and that of Luneburg,
Germany,in 1927,for the purpose of separately
the books had been closed. The bonds will be dated May 15 operating and owning
the electric power,light, gas and water
1928. The bonds of this loan will be retired by a Cumulative works
formerly operated by the city. All the stock of the
Sinking Fund which will operate semi-annually, beginning company is
owned by the City of Luneburg. Under the
Nov. 15 1928, to redeem bonds through drawings by lot terms
of its franchises the company has the exclusive right
only at 100%. They are redeemable as a whole at the option to
supply and sell, without competition, electric power and
of the Republic on any interest date up to and including light to
the
Luneburg and 52 other communities in
May 15 1933, at 102%; thereafter up to and including surroundi City of
ng territory, as well as gas and water to the City
May 15 1938, at 101%;and thereafter at 100%. The bonds
of Luneburg, and to charge rates that will insure successful
will be in coupon form in denominations of $1,000 and $500
financial operation. It is pointed out that the company
registerable as to principal only. Principal and interest
thus serves directly or indirectly a highly developed in(May 15 and Nov.15) will be payable in New York City,
dustrial and agricultural territory of approximately 580
in United States gold coin of the present standard of weight
square miles located in the Province of Hanover within an
and fineness, without deduction for any present or future
hour's distance from Hamburg, and having a population of
Panama taxes, in time of war as well as in time of peace,
approxima
tely 78,000. Independent American engineers
irrespective of the nationality of the holders or owners, at
have appraised the properties, on the basis of reproduction
the head office ofthe National City Bank of New York which
is fiscal agent of the loan. Dr. Ricardo J. Alfaro, Envoy cost new, less depreciation, as of Jan. 18 1928, as having a
value of over $2,264,765, equal to over 2.06 times the amount
Extraordinary and Minister Plenipotentiary of the Republic
of this loan, and the replacement value upon the completion
of Panama in advices to the syndicate states:
of this financing at approximately $3,606,000, or equivalent
Security.
more than $3,280 per $1,000 bond.
to
The bonds of this issue will be
direct obligations of the Republic of
Panama and, upon the redemption of the two issues of 6%% bonds
of 1926
mentioned above, will be secured by a first lien on the revenues
derived
from the export duties, the stamp tax, the retail liquor tax, and
the net
revenues from operations of the Chiriqui Railway and the wharfs at
the port
of Armuelles. Upon redemption of the 5% bonds of 1914 mentioned
above,
they will further be secured by a charge on the annual payment of
made under the treaty above mentioned and the net revenues 9250,000
from the
Constitutional Fund subject only to the existing charge in
favor of the
53 % bonds of 1923. As and when these bonds are redeemed, all the bonds
of this loan will be secured by a first lien and charge upon such
annual
payment and the net revenues from the Constitutional Fund.
Revenue from export duties,stamp and retail liquor taxes in the year 19261927 were more than twice the annual requirement for interest and amortization on the bonds of this issue without taking into account the balance
available from the annual payment of $250,000 and the Constitutional
Fund income after meeting the service of the 53,5% loan of 1923.
Finance.
After present financing the external funded debt of the Republic will
amount to approximately 916,446,000 and the internal debt to approximately 92,975,588. In addition the Republic guarantees two 91,000,000
bond issues of the National Bank of Panama. Annual service requirements
of the external debt will amount to approximately $1,072,000, or less than
17% of the average ordinary revenues over the last five years. The annual
payments from the United States Government and the average Constitutional Fund income alone provide more than 50% of this total service
requirement.
Delivery in temporary form is expected about July 2.
Offering of $2,000,000 7% Bonds of Bank of Colombia.
F. J. Lisman & Co. and First Federal Foreign Investment
Trust offered on June 28, $2,000,000 20-year 7% sinking
fund gold bonds of 1928 of the Bank of Colombia, priced at
3 and accrued interest to yield over 7.50%. At the first
94%
of this year the Bank, it is stated, had $5,220,187 of its
mortgage bonds outstanding against $5,437,982 in loans on
property valued at $13,414,518, equal to more than 23/2
times the total mortgage bonds then outstanding. The
purpose of the issue is to enable the bank to provide funds
against mortgage loans already made but for which bonds
have not yet been issued, and to affect additional mortgage
loans. A cumulative sinking fund commencing Oct. 1 1928,
Bonds of Argentine Government Due 1961, Drawn for
Redemption.
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, have notified holders of government
of the Argentine Nation external sinking fund 6% gold bonds,
sanitary works loan, due Feb. 1 1961, to the effect that
$135,000 principal amount of these bonds has been drawn
for retirement at par and accrued int. on Aug. 1 1928, out of
moneys in the sinking fund. Payment will be made either
at the office of J. P. Morgan & Co., 23 Wall St., at the
or
head office of the National City Bank of New York,55 Wall
St. Interest on the drawn bonds will cease Aug. 1.
Department of Cauca Valley (Colombia) Reports Increased Revenues.
The Department of Cauca Valley, Colombia, reports to
J. & W. Seligman 86 Co., that the revenues pledged as security for its external 73,6% bonds for the nine months ended
Mar. 311928, amounted to $2,331,360, equivalent to 7.85
times the service charges on the bonds for the period. These
revenues compared with $2,190,313 for the corresponding
nine months ended Mar. 31 1927.
Offering of $9,000,000 63/2% Bonds of Municipality of
Medellin (Republic of Colombia)—Books Closed.
A syndicate consisting of Hallgarten & Co.; Kissell,
Kinnicutt & Co.; Halsey, Stuart & Co., Inc.; Cassatt &
Co., and William R. Compton Co., offered on June 28
at 933,4, and interest, to yield over 7.05% to maturity,
a
$9,000,000 bond issue of the Municipality of Medellin
(Department of Antioquia, Republic of Colombia). The
books on the offering have been closed. The bonds, which
bear 63'2% interest, are part of a total authorized issue of
$13,000,000.. The purpose of the present offering is indicated as follows:
JUNE
30 1928.]
FINANCIAL CHRONICLE
4023
The proceeds of this loan are to be used for the retirement on Oct. 1 1928
of the $2,726,000 outstanding amount of the municipality's 25-year external
8% secured gold bonds, for the payment of the entire outstanding funded
internal Indebtedness of the municipality (approximately $1.700,000)
for additions, improvements and extensions to the municipal hydro-electric
and tramway properties, and for sewer and paving purposes. That portion
of the proceeds devoted to public works will be largely revenue-producing.
L. M. Burge Resigns as Treasurer of Federal Land Bank
of St. Louis.
Luther M.Burge has resigned as Treasurer of the Federal
Land Bank of St. Louis, and Wood Netherland, Cashier of
the First National Bank of Fort Smith, Ark., has been appointed to take his place, according to the St. Louis "GlobeIt is also stated:
effect was
The above-named external 8% bonds which the municipality has agreed Democrat," which says that announcement to this
to retire on Oct. 1 1928 at 105% and accrued interest will be accepted in made on June 23 by H.Paul Bestor, Pres. of the land bank.
payment for the new bonds on a 5% discount basis, computed on their
Mr. Burge has been in ill health and is planning to seek a
redemption price, provided notice of the amount of such bonds to be
tendered in payment is received by Hallgarten & Co., 44 Pine St., N. Y. milder climate in the South. He went to the St. Louis
City, not less than five days prior to the date fixed for delivery of and Land Bank in March 1926, from Cabot, Ark. In addition
payment for the new bonds.
of the land bank, he has also been TreasThe new issue of bonds will be dated June 1 1928 and to being Treasurer
Intermedite Credit Bank, an affiliated
Federal
the
of
urer
fund
(calwill mature Dec. 1 1954. A cumulative sinking
will likewise fill both positions.
successor
his
and
institution,
culated to retire all the bonds at or before maturity) is
provided for, to operate semi-annually through purchase
of bonds, at or below face amount, or if not so obtainable, Ohio Qualifies a Number of Trusts to Sell in State—
then by drawing of bonds by lot at face amount on 20 days'
Action Hailed by Many Observers Here as Forward
published notice. The municipality reserves the right to
Step.
increase the amount of any sinking fund payment. The
From the "Journal of Commerce" of June 22 we learn
bonds will be in coupon form in denominations of $1,000 that it was stated in informed investment trust circles here
and $500, registerable as to principal only. Principal and on June 21 that a number of investment trusts have just
interest (June, 1 and Dec. 1) will be payable in New York been qualified in Ohio, after the State authorities there had
City at the office of either of the fiscal agents, Hallgarten for a long time adopted an adverse attitude to the sale
& Co. and Kissell, Kinnicutt & Co., in United States gold of securities of these companies in that State. The paper
coin of the present standard of weight and fineness, free quoted goes on to say:
of all present or future Colombian taxes. Hallgarten &
Among the investment trusts so qualified, it was said, were such leading
Co. and Kissell, Kinnicutt & Co. are fiscal agents; National organizations as Insuranshares, Fixed Trust Shares and diversified
Shates.
Bank of Commerce in New York is registrar. The offering Trustee
Permission to sell securities of these trusts was handed down by Norman
circular says:
E. Beck,Chief of the Division of Securities of the Department of Commerce
Obligation.
These bonds will constitute the direct obligation of the Municipality of
Medellin. secured by its full faith and credit. The municipality has
agreed, among other things, that if while any of the bonds of the present
loan are outstanding, it shall mortgage any properties or pledge any revenues
to secure any future loan, the present loan shall have a lien or mortgage
on the same properties and revenues prior to the lien or mortgage of such
future loan.
Financial Position.
Upon completion of this financing, the present bonds, together with
$2,902,000 outstanding face amount of the 25-year external 7% loan
of 1926, will constitute the entire funded debt of the municipality. Municipal property is valued at over $9,850,000, this being exclusive of values
to be created out of the proceeds of this loan. Taxable property has an
assessed valuation of approximately $90,000,000.
Colombia.
The Republic of Colombia has for many years enjoyed a stable Government, and its finances are in sound condition. Colombia's national debt.
both internal and external, approximates $80.440,000. This is equivalent
to less than $11 per capita, which is among the lowest for any of the countries
of the world. The national revenue increased from $21,292,000 in 1922
to $60,639,000 in 1927. The Bank of the Republic, organized along the
lines of the Federal Reserve System, is the sole bank of issue. On June 1
1928 its gold reserves were 104.48% of its notes in circulation. The
Colombian peso, with a gold parity of $0.9733, is now quoted at a slight
premium.
It is announced that in the year 1927 the revenues from
public works amounted to over 48% of the total revenues,
showing an increase during the period from 1923 to 1927
of 133%.
New York Joint Stock Land Bank Inaugurates Dividends at 6%—First Payment since Present Management Assumed Control in April 1927—New Issue
of Bonds Purchased by Union Trust Company of
Cleveland.
Directors of the New York Joint Stock Land Bank,Rochester, N. Y., have declared a dividend out of earnings at the
annual rate of 6% for the six months period ended June 30.
This marks the beginning of dividends by the new management, as the stock was not upon a dividend basis when the
present ownership assumed control in April 1927.
A banking syndicate headed by the Union Trust Co.,
Cleveland, has purchased the first issue of bonds to be sold
by the new management of the bank.
According to S. L. McCune,President, the bank showed a
substantial gain in earnings during the first half of 1928, despite the charging off of about $40,000 of intangible assets
out of profits. Earnings of the bank have been augmented
by acquisition of the New Jersey Joint Stock Land Bank.
The bank is now controlled by interests identified with the
Ohio-Pennsylvania Joint Stock Land Bank, Cleveland.
Mr. McCune is President of both institutions. Francis
Crandell, well known banker of western New York,formerly
of Cleveland, has been added to the board of directors.
The New York bank has made loans to 3,000 farmers in
New York and New Jersey and has total assets of $15,000,000. A survey of agricultural conditions in its territory
made by the bank indicates good crops and an increasing
demand for farm land and for farm loans.
at Ohio. Mr. Beck's office corresponds to that of Security Commissioner
in other States. His headquarters are in Columbus.
Under the present law,it is said here by those in touch with the situation,
by a writ
It is possible to compel the commissioner to qualify a company
the law. Howof mandamus, when it meets the requirements set down in
did not
naturally
securities
trust
investment
ever. dealers interested in
possibly
care to take such action, as it would naturally attract publicity,
of an adverse nature.
was based
The attitude of the Ohio commissioner, it is believed here,
proceeding to admit
on a desire to gain a fuller knowledge of the field before
Accordingly several
any larger number of investment trusts in that State.
New York and
members of the staff of the division of securities came to
aided
made a survey of the investment trust situation on the spot, being
that the
understood
is
It
In this by the investment trust men themselves.
results of this
policy of the division of securities has been molded by the
survey.
for sale in that
The work of qualifying securities under the Ohio law
are several special reState may be done by the dealer or the trust. There
quirements, however, which, it is claimed, constitute an unnecessary
hardship to dealers in that State.
the dealer
After the sale of the security is approved by the commissioner,
time agree to
In the State must purchase them outright and at the same
is rather
requirement
This
price.
sell them to the public at a fixed named
distributing
unusual. It constitutes a distinct difficulty to the trust
the shares
organization, it is said, especially where the price at which
that, with the
are sold fluctuates constantly. However, it is thought
that the
likely
liberalization that has already been made in the law, it is
actual
requirements will in the course of time be made more suitable to the
practical requirements.
upon the
Those interested in investment trust security distributing look
further
liberalization of the attitude of the Ohio commission as an important
type.
step in the nation-wide distribution of securities of this
New York Stock Exchange Expels Edwin H. Stern.
Edwin H. Stern, partner in the firm of E. H. Stern & Co.,
this city, was expelled from membership in the New York
Stock Exchange on Tuesday of this week (June 26) after
being found guilty by the Governing Committee of "conduct
Inconsistent with just and equitable principles of trade."
Mr. Stern's expulsion was announced from the rostrum of
the Exchange by President E. H. H. Simmons. The following in regard to the matter was given out by the Exchange:
7,
A charge and specification having been preferred under Section
member of
Article XVII, of the Constitution against Edwin IL Stern, a
this Exchange, said charge and specification was considered by the Governing Committee at a meeting held on June 25 1928, said Edwin H. Stern
being present.
Section 7 of Article XVII of the Constitution is, in part, as follows: •
"A member who shall have been adjudged by a majority vote of all the
existing members of the Governing Committee guilty . . . of conduct
or proceeding inconsistent with just and equitable principles of trade, may
be suspended or expelled as the said committee may determine. . . ."
The substance of the charge and specification against Mr. Stern was
that he had -been guilty of conduct or proceeding inconsistent with just
and equitable principles of trade in that on May 3 1928, while acting as a
stock
specialist, after having been tendered an order to buy 5,000 shares of
at the market, which he did not accept at the time, he sold to the member
his
tendering him the order 400 shares of the stock, which he had on
the
book, at 40, and at the same time purchased for his own account
which
balance of the said stock which he had for sale on his book at 40,
fact, he
amounted to 1,000 shares, and, without having disclosed that
the
to
41
at
thereafter sold for his own account 1,000 shares of said stock
member who had tendered him the order originally.
be
Said Edwin H. Stern was found by the Governing Committee to
guilty of said charge and specification and was expelled.
The New York "Times" of Wednesday, in reporting Mr.
Stern's expulsion from the Exchange, stated that later on
the same day his retirement from B. H. Stern & Co. wad
4024
FINANCIAL CHRONICLE
posted at the Exchange. "His seat," the "Times" went on
to say, "will be sold by the Exchange and the proceeds
turned over to him, provided there are no claims against
the sum realized. Mr. Stern has been a member of the
Exchange since Oct. 13 1910. The price of seats in that
year ranged from $65,000 to $94,000. One sold yesterday
at $340,000."
The "Times" furthermore stated that E. H. Stern & Co.
has seven other floor members, who are in no way affected
by their associate's expulsion.
[vor... 126.
Exchange trading since 1926 and a week in which the volume of
new bond
Issues was similarly the lowest in two years and predominant
a
lull in the
bond market. Discussion of the situation has created abundant
"sales
resistance" to new bond issues and the loan accounts are beginning to
feel
the weight of undigested portions of new flotations.
If reports of the conference prove true, the brokerage house action may be looked
upon as but
another step in the co-operation among all leading financial interests
to
correct the situation and bring a restoration to normalcy.
Commission houses report that the public is now almost entirely out of
the market. Unlike the "lambs" of previous
bull markets, however, they
do not bitterly bewail Wall Street, but are waiting
for a correction of conditions which would permit them to enter the market
again. Whether the
explanation for this Iles in the fact that most of the losses have been
taken
by the public in unlisted issues or that the
average American has been
taught to be an investor or in some other
factor, brokers and dealers are
confident that their business can be quickened as
soon as the credit situation
is corrected.
State Supreme Court Eliminates Restraint Order
Against New York Cotton Exchange in Connection
with Deliveries on Future Contracts.
Members of New York Metal Exchange Vote to Dissolve
The following is from the "Wall Street Journal" of June 25:
Present Body and Form New Exchange with ClearJustice Lydon of the New York State Supreme Court has eliminated the
ing House.
order he had issued restraining the New York Cotton Exchange
from tendering or delivering any ineligible cotton on New York futures
contracts.
Members of the New York Metal Exchange, at a meeting
Upon reconsideration of the matter, Judge Lydon determined the
restrain- at 23 William
ing order was not justified.
St., voted unanimously on June 28 to dissolve
The order had been issued in an action brought against the New
York the exchange and to organize a new metal exchange with a
Cotton Exchange, Anderson, Clayton & Fleming,and George H.McFadden
clearing house to trade in metal spots and futures.
& Bro., by Louis N. Osmond,for losses said to have been incurred by
The
Mr.
present
Osmond in connection with the drop in the prices of cotton futures
exchange, which has been in operation since 1883,
last
September.
will be continued until the new exchange is ready to function,
New York Cotton Exchange Issued a statement saying: "There is
no which will be some time this
fall. Erwin Vogelsang, Presienjoining or restraining order of any kind or character now outstanding
against the New York Cotton Exchange or the firms of Anderson, Clayton dent of the Exchange, said that changed
conditions in the
& Fleming and George H. McFadden & Bro. who were named as defendants metal industry in
the past decade necessitated a revision
in the Osmond suit."
of the methods of metal trading in vogue here
for close to
half a century. He stated:
America's steadily growing importance in
Brokers Refuse to Give Margin on Curb Issues—Custhe metal industry and the
that it is the world's leading producer and
consumer of many metals,
tomer Unable to Get Loan on Mellon-Controlled fact
warrants every facility being given the trade to
conducting business along
Gulf Oil Under Firm's Ruling.
the most modern and most approved lines. It
is with this aim In view
that the old metal exchange is being dissolved
and a now one organized
The following is from the "Herald-Tribune" of June 27:
which will enable importers, manufacturers
and
dealers
marked
rA
to safeguard their
shift in leading brokerage house sentiment, which has aligned business
to an extent which is not practicable to
several of the largest wire houses on the side of the Federal Reserve officials
-day.
The New York Metal Exchange numbers among
in striving to cut down the brokers' loan total, has taken place. The first
its memsteps have taken the form of an absolute refusal to accept or hold Curb bers the representatives of the
largest and most important
Exchange stocks as collateral and a further lifting of margin requirements
concerns in the metal industry. Among them
on "big board" shares.
are the
The"Herald Tribune"learned yesterday tbat one of the largest brokerage following:
houses in Wall Street had dispatched a letter to its customers informing
American Metal Co., Brandeis Goldschmidt &
Co., American Smelting
them of a 5% increase in margin requirements to 30% of debit
balances, & Refining Co., Federated Metals Corporation, Copper Range Co., Henry
and a ruling under which it absolutely refuses to accept or hold curb stocks Gardner Gulterman & Co.. Guggenheim Brothers,
Lewisohn Brothers.
as collateral. At the same time it was learned that a customer of another Mitsui et Co., Ltd., National Lead Co., New York
Edison Co., Nassau
large house had been refused a loan on Gulf Oil Company, controlled by Smelting & Refining Works, Standard Underground
Cable Co., United
Secretary of the Treasury Mellon. brecause it was a Curb stock. He had States Smelting Co., United Metals Selling Co.,
United States Steel Corp.,
wished to purchase on margin this stock and another oil issue which was United Verde Copper Co., Wah Chang Trading
Corporation.
listed on the Stock Exchange. He was informed that be could purchase
Under the plan of reorganization, members of the present
the Mellon-controlled Gulf stock only by buying it outright, but he seexchange
will become charter members of the new one, and
cured the other oil on margin.
only
128 regular memberships will be available at a price
Brokers to "Play Ball."
The brokerage house letter announcing the new requirements stated of $2,500 each. Applications have already been received
that "in view of present condition of the money market and the attitude for virtually all the available
memberships. More than
of the Federal Reserve Bank toward collateral loan," it had been obliged 40
applications have been received, by cable, from abroad,
to ihcrease its margin requirements to 30% of the debit balance. An
official of the firm explained yesterday that the total of brokers, loans was an indication that foreign metal interests appreciate
the
"too high" and since the Federal Reserve had so definitely determined to important place the new
exchange will occupy in the incut the total of loans on security collateral there was only one thing for
dustry.
There
are only two or three foreign members in the
brokers to do. This was to "play ball."
A number of the larger wire houses have continuously ruled that they present exchange. Among the Commissio
n houses which
handle
purchases
not
would
of Curb shares on margin, it was pointed out. are members in
the exchange are the following:
This rule had been widely stretched during the recent large upswing in
E.
F.
Hutton & Co., E. A. Pierce & Co.. J. S.
stocks, however, and now in their efforts to co-operate with the Federal
Bache & Co., Paine,
Reserve so that the present dull and immobile situation may be speedily Webber & Co., H. Heats & Co., Munds & Winslow, Harrlss, Irby & Vose,
George
H.
McFadden
&
Bro.,
Hyman
& Co., Manowitch Bros & Filer.
corrected they are endeavoring to cut down these "extra" loans first.
Thus, stocks like the Standard Oils listed on the Curb, Gulf Oil and others F. L. Solomon & Co.
Among the commission houses which have applied
cannot be purchased on margin through these houses.
for
This step, coupled with the raising of margin requirements, is expected membership in the new
exchange are: Corn, Schwarz & Co.,
to aid in heavily cutting down the total of loans to brokers and dealers
with security as collateral, which as last reported by the Federal Reserve Fenner & Beane, E. M. Hamlin & Co., Orvis Bros. & Co.,
System are almost $300,000,000 under the peak total of $4,563,240,000 Burr & Palmer,R.Siedenburg & Co. One
commission house
registered June 6. Borrowings by member banks from the Federal Re- has applicatio
ns for 27 memberships, another for 18, for
serve System, the real source of Federal Reserve displeasure, are over
S600,000,000 above what they were at this time last year, in spite of last clients here and abroad. While the new exchange will be
organized with all possible speed, it is not believed that it
week's $60,000,000 reduction.
will be ready to function before October. It is stated
Few Banks Make Curb Loans.
A number of New York banks recently announced that they would that the new exchange will afford a
hedging market for
recognize the guaranties of members of the New York Curb Exchange,
importers and dealers similar to that now enjoyed by the
but those who aro now lending funds with Curb stocks as collateral are
cotton and rubber trade, something which has been long
said to be few.
Especially noteworthy In the new attitude of the brokers was the lifting desired by the metal trade.
An item regarding this week's
of margin requirements at this time after they had been allowed to remain meeting
appeared in our issue of June 23, page 3844.
stationary through the peak of the bull movement. After this month's
major decline in the prices of shares on both the Stock and the Curb Exchanges It generally was believed that the weakly-margined accounts
Union Trust Co. of Cleveland Considers Deflation of
largely had been wiped out. Unless the lifting of margin requirements be
Stock Market Prices Beneficial to Business.
an overt movement to cut down the commitments of speculators and so
reduce loans, it probably will be regarded in some quarters as an indication
The
recent deflation of stock market prices was a corwell
so
been
protected
not
have
as has been widely claimed
that accounts
The change working toward lower brokers' loans comas at a time when rective measure which should be beneficial to trade and inthe banks of the country are hurriedly engaged in "window-dressing" pre- dustry, rather than otherwise, says
the Union Trust Co.,
parations in anticipation of the impending quarterly call for a statement of Cleveland
under date of June 23. The outlook for business
conditions by both the Comptroller of the Currency and the State Superintendent of Banking. About $40,000,000 was called yesterday as the call is just as good, or better, now than it was when the stock
money rate went to 7% and was prevented from mounting to 73 by a market was making new highs,
the bank says. "Current
sudden inflow of funds from private interests intent upon preventing the stock
market fluctuations should not be considered as an
rise.
Conferences Reported.
indication of a falling off in the general level of business, but
Veiled rumors have been current in the financial district during the last should be interpreted as a correction of this spring's unweek of informal conferences of bankers to discuss the unhealthy situation healthy
speculative enthusiasm," says the bank in the June
which Is now facing dealers in both bonds and stocks. Uncertainty over
whether the recent market break was merely an interruption of a bull issue of its magazine, Trade Wind& "While this correction
market or a definite reversal of trend has caused a day of the dullest Stock necessarily involves higher interest rates, once it is sworn-
JUNE 30 1928.]
4025
FINANCIAL CHRONICLE
plished interest rates should probably return to reasonable
levels, though perhaps not so low as those which obtained
last winter. Business should experience no difficulty in
securing ample funds for the financing of production and
distribution." The bank adds:
spotty and reflecting
The present industrial situation, though somewhat
points toward the conthe usual Summer recession, is basically sound, and
another good
tinuance of fair business during the Summer. If 1928 proves
good business during
year for the farmers, we may look forward toward
the latter part of the year.
Sales during the Summer are not expected to hold up to Spring levels,
half
but no severe falling off is anticipated, and it is expected that the last
half of
of this year will prove a better period for the trade than was the last
Argentine; and the import of $18,600,000 from Canada. During the month
there was a net reduction of $2,000,000 in gold held under earmark, as
$57.000,000 was released and shipped, while $55.000,000 additional gold
was earmarked.
Net exports and changes in the amount of gold held under earmark
during the past ten months are summarised below.
GAIN OR LOSS OF GOLD THROUGH EXPORTS AND EARMARKING&
Month.
1927—
September
October
November
December
1927.
1928—
the
to
of
are
interest
in
tire
prices
reductions
The recently announced
January
industry, constituting as they do still another step in reducing the cost of February
automobile use. The reduction has apparently been anticipated by the March
April
dealers and the public ever since the abandonment of the Stevenson Act. May
and should serve to stimulate tire sales.
June
Guaranty Trust Co.—Sees No Necessity for Tight
Money—Large Amount of Federal Reserve Credit
Still Available.
Two factors combine to make it appear improbable that
the present firmness of money rates will develop into any
really serious stringency in the near future, States the current
issue of the "Guaranty Survey," published June 25 by the
Guaranty Trust Co. of New York. "One of these is the large
amount of Federal Reserve credit still available, and the
other is the fact that, while money rates in this country
have been rising, those abroad have been declining, so that
open market rates in New York are actually higher than
similar rates in most of the leading financial centers of
Europe," the "Survey" says. Continuing it states:
Deposits of the Federal Reserve banks could increase by more than
13,000,000, and deposits of commercial banks In general by many times that
amount, without exhausting the reserve possibilities of the gold still held
by the Reserve banks. While it is not likely that any such expansion would
be permitted to occur under present conditions, there is no economic
necessity for really tight money in this country for some time to come.
Nevertheless, it would not be reasonable to expect an immediate return
of money rates to the low levels that have obtained for the last few years.
The redistribution of the world's gold is still under way, and American
banking authorities have wisely resolved not to encourage any tendencies
that would make this redistribution unnecessarily burdensome. The
demand for American capital abroad is still insistent, and investors in this
country show an increasing disposition to place their funds in foreign
securities on reasonable terms. Hence, natural economic forces and sound
banking policy combine to indicate the continuance of money rates at a
level which, though not high enough to hamper orderly business expansion,
will tend to prevent the development of dangerous inflationary tendencies.
It may be noted that the fluctuations in the security market have not
been the result of altered business conditions and do not seem likely to
affect them greatly or for a long period.There has been no undue demand
for credit in commodity or inventory inflation or for business expansion.
Conditions in the money market artificially created to serve special purposes
will sooner or latter make their adjustments to the normal laws of supply
and demand and general business will proceed in harmony therewith.
Total. 10 months
Net Exports.
Through
Earmarkings.
Totat.
—811,000,000
--9,000,000
—53,000,000
—68,000,000
—89,000,000
--25,000,000
—40,000,000
—8,000,000
—$20.000,000
--34.000,000
—93,000,000
—76,000,000
—14,000,000
—11,000,000
--95,000,000
--91,000,000
—82,000,000
—.54,000,000
+6,000,000
+3,000,000
1-36,000000
A-46,000,000
—26,000,000
+.2,000,000
—8,000,000
—8,000,000
--590)0,000
--45,000,000
—108,000,000
—.52,000,000
—.3488,000,000 —n11.000,000 —n503.000.0430
•Preliminary.
B. M. Anderson Jr. of Chase National Bank Refutes
View that Time Deposits Represent Savings.
Under the head "Bank Expansion vs. Savings" Benjamin
M. Anderson Jr., Ph.D., Economist of the Chase National
Bank of New York, refutes the view that the recent great
growth in time deposits represents true savings. Dr. Anderson's study of the subject is contained in the June 25 issue
therein
of the "Chase Economic Bulletin." He indicates
have
reserves
surplus
years,
recent
in
which,
by
the process
generated an expansion of bank credit in the United States,
time
and shows why the expansion has been more rapid in
deposits than in demand deposits, as well as how the bank
expansion has increased the volume of money in investors'
hands, without a corresponding growth in investors' savings.
Dr. Anderson says:
Time Deposits Rather than Demand Deposits.
How Surplus Reserves Generate
tend to be economical in the use of
Business men and most other people
cash or till money in great excess of
money. They do not carry pocket
deposit it in banks, getting a small rate of
their needs. Instead they
accounts or, at all events, building up good-will
Interest on their checking
with the bank. Similarly they do not carry
and a "borrowing equity"
bank at 1 % greatly in excess of their needs
demand deposits with the
interest on time deposits. The fact, therefore,
when they can get higher
bank credit has taken place, unneeded by
that an immense expensica of
inevitable that a high percentage of
commerce and industry, has made it
the form of time deposits rather than demand
this increase would take
deposits.
Time Deposits and Savings.
that our great expansion of bank credit
The view is held in some quarters
complacency precisely because of the great growth
may be viewed with
deposits. It has been held that
demand
with
of time deposits as compared
savings rather than bank expansion. I regard
the time deposits represent
The greater part of the time deposits
this view as essentially erroneous.
They represent the temporarily idle funds
in great cities are not savings.
liquid foreign reserves of foreign banks, or
of business corporations, or the
who have withdrawn from the
Review of Gold Movement • by Federal Reserve Bank the temporarily idle funds of rich investors to
re-enter it. It is doubtless
a favorable time
of New York—Net Loss of Gold Since Beginning market and are awaiting
outside the larger cities
in large measure time deposits in banks
that
true
280
Million Dollars.
of Year
corporations have placed substantial time
are true savings deposits, though
interest paid there.
higher
the
of
In surveying the gold movement during June, the Federal deposits in these banks also for the sake
it is significant that the highest percentage growth of
connection
this
dated
In
Review,
Monthly
of
New
in
its
Bank
York,
Reserve
city banks rather than in banks
deposits in recent years has been in
national banks show that between
July 1, states that during the month of June there was an time
in smaller places. Figures for the
banks outside the Reserve
additional loss of gold through net exports and earmark- May 5 1922 and Feb. 28 1928 time deposits in
in the Central Reserve cities 180% and in the other
68%,
increased
Bank
t
cities
the
the
says
"brough
"This"
000.
lugs of $52,000,
Reserve cities 226%.
in the
total loss of gold since the beginning of 1928 to $280,000,000, In the second place, the great growth of time deposits has beenbetween
expansion. For example,
a
As
conse,000.
$500,000
to
over
1927
August
periods of monetary ease and rapid bank
and since
deposits
time
expansion,
bank
Jan. 4 1922 and Jan. 3 1923, a year of rapid
quence the total gold stock of the United States has been of
whereas during the year
the reporting member banks increased 24.5%,
reduced about 10%, from over $4,600,000,000, the highest 1923, when bank eredit was not expanding, the increase of time deposits
point, reached in April 1927, to about $4,100,000,000." was only 9.5%.
rapid than the growth
the growth of time deposits has been far more
shown by the
According to the Bank "the gold loss during the past year of Again,
deposits in the strictly savings institutions, as
savings
has been between one-third and one-fourth as large as the following figures:
P.C.
total increase of the previous seven years, most of which
increase
it
ng,
says:
Continui
Over
1922
1924."
1928.
and
1920
1
Jan.
between
1922.
30
June
occurred
Date—
about $1,200,000,000 larger
$5,780,000,000 $8.315,000.000. 43.9
This leaves the gold stock of this country
Deposits of all mutual savings banks
89.9
00
7,808,000.0
00
4,112,000,0
began.
import
movement
the heavy
Time deposits of national banks
than at the end of 1920 Just before
exports upon the credit structure, it Time deposits of reporting member banks
In considering the effects of gold
666,000,000 1,622,000,000 143.5
In New York District
gold stock since the end of 1920
in
00 95.6
increase
total
the
that
noted
may be
all reporting member bka. 3,380,000,000 6.611.000,0
bank indebtedness at the Time deposits of
member
repay
to
first
ways:
two
in
*Estimated.
was used
the
basis
a
for large expanto supply
Federal Reserve Banks, and second
Investors' Money and Bank Expansion.
credit, which has increased member bank reserve
the prices of
sion in member bank
with its accompanying great rise in
expansion,
in
has
been
As
bank
apparent
The
1920.
since
dollars
million
requirements by 600
free money into ininvolves ordinarily either a liquidation of securities and real estate, has placed a great deal of
gold
of
export
the
weeks,
recent
there has been a great
requirements for reserves or else the calling into vestors' hands, which has led many to suppose that
credit, which reduces bank
of the money in inmuch
But
savings.
investors'
ordinary
in
the
current
Since
credit.
increase
Reserve
amounts of Federal
use of additional
has been displaced capital seeking reinvestyears
recent
in
rather
an
been
hands
increase
vestors'
has
there
year
last
began
gold export movement
investments available for new
credit and hence in member bank reserve require- ment, and often profits on the sales of old
borrows money
than a decrease in bank
Reserve credit has been required. Investment. This happens, for example, when a farmer
Federal
of
use
larger
a
hence
ments, and
local mortgagee. The local
Reserve credit in use is now about 400 million dollars from a joint stock land bank and pays off a
Federal
of
when a real
amount
happens
The
It
reduction in currency in circulation has also mortgagee then has to find a new investment.
larger than a year ago. A
prices, sells his real estate and comes into
rising
by
the
The
on
effect
tempted
owner,
estate
dollars.
million
100
abeut
by
supplemented reserves
profit, or when the sucuse of Reserve funds depends largely upon the bond market with his original capital plus a invests them in bonds.
money market of this additional
through borrowing by member banks or cessful speculator in stocks takes his profits and
use
into
drawn
are
great deal of
they
whether
In recent It happens when business corporations, which have done a
Reserve purchases of acceptances or securities.
period, find themselves with
money
by Federal
cheap
in
the
of
gold
required
because
financing
credit
permanent
Reserve
bonds. The
months the increases in Federal
surplus funds with which they make call loans or purchase
of member bank borrowing.
money coming back
exports have been in the form
were the export of $51.000,000 original fountain and source of much of this investors' money
June
during
movements
gold
previously
The principal
centres from all over the country has been
earmarked to France; shipments of $10,000,000 to Great to the financial
of gold previously
$.3.000.000 to Poland. and $1.000,000 to the created by bank expansion.
Italy.
to
$4,000.000
Britain,
4026
FINANCIAL CHRONICLE
Preceding the above, Dr. Anderson stated:
How Surplus Reserves Generate Bank Expansion.
When the practical banker is told that, on the basis of
$100,000 of surplus
reserves, he may forthwith create a million dollars of new
loans and a
million dollars of new deposits, he is not impressed. He knows
better.
His experience is that under ordinary circumstances the banker
who increases his loans loses cash in the warfare of checks at the
clearing house
shortly thereafter. If the banker has an excess of
$100,000
above his legal requirements, he will ordinarily lend $100,000 in reserves
, increasing
his deposits by $100,000 in the process, since the proceeds
of the loan are
ordinarily taken by the borrower in the form of a deposit
credit. If, then,
as is usual, the borrower promptly checks against his new deposit
to make a
payment to a depositor in another bank, the banker who
has made the
new loan will find his deposits and his cash reserves each reduced
by 3100,000
the next day.
But obviously the situation is different if, on the same day, many
bankers
find themselves with excess reserves, and all of them try to lend
out the
excess. Assume a clearing house with three bank members,
and assume
that each finds itself on the same day with 8100.000 excess reserve,
and
that each increases its loans and deposits by $100,000.
Next day at the clearing house each bank will have to meet, as
a consequence of its loan operations of the preceding day, checks
dravm against
it for $100,000. But,on the other hand,as a consequence of the same
operations, each bank has checks on the other banks for $100.000
. As a consequence, no one of the banks loses any cash.
Assume that the banks are New York City banks, and that
the deposits
created by these operations are demand deposits. Then the surplus
reserve
in each bank is cut by $13,000, since, in New York City and
Chicago,
banks are required to maintain a reserve of 13% against demand
deposits.
Each bank remains then with $87,000 surplus reserve. The
banks will,
therefore, try again, creating additional loans and deposits in the process,
and again will fall to lose cash, for the same reasons as before.
On the assumptions laid down, the process will go on until new
bank
credit has been created in an amount such that the $100,000 excess
reserve
In each bank constitutes 13% of the new deposits in each bank, or
until,
on the basis of the $100,000 excess reserve, new deposits of $769,230
have
been created.
[VoL. 126.
to its old-time efficiency, the primary reliance in the
credit
control technique of the Federal Reserve in the future will
be the discount rate rather than the open market operation."
Mr. Miller comments on the rapid growth in specula
tive
loans, which, in the early part of 1928 he says "attain
ed
such magnitude as to awaken widespread concern
in the
United States and to place the Federal Reserve in a position
of uncomfortable responsibility." "The lesson of this
experience," he continues,"will not soon be forgotten, and is likely
to register itself in the flexible mind of the Federal
Reserve
as a change of front." Mr. Miller's discuss
ion of the subject
was prepared for publication in the June 30 or Jubilee Number
of the London Statist, commemorating the fiftieth anniver
sary
of the founding of that paper. In his mentio
n therein of the
Bank of England Mr. Miller refers to that
institution as
having "supplied the general pattern after
which other central and reserve banking institutions have been
modeled with
greater or less fidelity." The article in full
follows:
The Federal Reserve System.
The fundamentals of central-note-issue and
reserve-banking are few and
simple. And they are pretty widely recognize
d. Sometimes dignified by
the name of "Principles" they are in fact
little more than rules of administrative expediency and working practices
developed out of experience in
dealing with conditions. As the Bank of
England is the prototype of central and reserve banking, the practice
developed by It in the course of its
long history has naturally supplied the
general pattern after which other
central and reserve banking institutions
have been modeled with greater or
less fidelity. Whatever their difference
s in structure, function and technique, they are merely variants of the
mother type. In the last analysis
all central and reserve banks are offspring
of the Old Lady of ThreadUsual Checks on Multiple Expansion Suspended in Recent
needle Street.
Years.
It is nevertheless true that in a survey
The foregoing illustration is artificially simple. It ignores a good many
of central banking institutions it
is the variations from type and the difference
complications. But it does illustrate the essential causation
s among them that constitute
at work in the chief
matter of interest. The problems
the past few years in the American money market.
that present themselves to the
There have been, however, times in the past, notably in the Seventies management of these institutions may be one in the
application of principles
but unless the principles are tempered in
and in the middle Nineties, when reserves piled up without being
their application by considerations
used,
either because the banks could not find satisfactory credits or because good of latitude and longitude, in brief by the exercise
of a sound discretion in
dealing with the particular conditions
borrowers would not take loans even at low rates. In February
that surround them, the results do
1894 the not usually
prove satisfactory. Central banking
reserves of the New York Clearing House banks stood at 45.2%,
is not—certainly not yet—
and for an exact
science and the wise practice of the
the whole year they averaged 37.59% of deposits, though the legal requireart of central banking calls for
larger qualities of mind than the habit
merit was only 25%.
of imitation. That this is appreciated
is shown in differences to be found
Multiple expansion on the basis of surplus reserves could not run
in
the laws under which these
nearly
so far as the foregoing illustration indicates, if the increased loans were made instutions are organized in different countries, and
these laws differ as do
for commercial purposes in connection with increasing commercial activity, the institutions largely in the nature of the limitatio
ns, restrictions, safeguards and guarantees of one kind and
because then there would ordinarily be an increased demand for
another to insure the exercise of
hand-to- judgment in ways
that are safe and prudent.
hand cash which would take cash out of the banks, pull down their reThere are some that allow
serves and check the expansion. But the expansion in the United States great latitude for the play of discretion in many
directions, others that
allow much in certain directions and little
in recent years has not been for commercial purposes.
in others, and others still that
Multiple expansion would, moreover, ordinarily be checked because for- limit it narrowly in most ways.
The Federal Reserve System IB a
eign money markets would pull away gold from the United States. This has
conspicuous example of an institution
been happening in recent months, but has been offset by Increased Federal permitted the exercise of wide discretion in the
handling of its problems
and
this accounts in large measure for
Reserve bank credit, and only very recently has it assumed proportio
the great flexibility it displays
ns whether in
the field of operation or of policy.
which seem likely to be effective.
Young
in years it has nevertheless had a large experience. It has
Progressive Reduction of Reserve Requirements.
distinctive quality or personality. Its already attained something of a
characteristic trait is expressive of
g Our illustration above, however, understates the possibilities of multiple the genius of American institutions. That
genius, above all in the sphere
expansion in that it assumes a 13% reserve requirement. But this
13% of economic relationships is flexibility and this flexibility has reported itself
applies only to demand deposits in New York and Chicago.
In other in the Federal Reserve as flexibility of mind and operation
and has given
Reserve cities the requirement is 10% for demand deposits and in
banks rise to a distinct flexibility of credit-control technique.
outside the Reserve cities 7%. while for time deposits throughout the
Closely associated with this outstandi
counng
quality
of flexibility is the
try the requirement is only 3%. The multiple expansion has thus
moved weighting of the operation of the System at every turn
with an active and
far more rapidly than our illustration indicates, since the expansion
has broad sense of public interest. This result has been achieved
partly because
been countrywide, and has been far more rapid in time deposits
than in of the clear expectation of the law but also and largely
because of a selfdemand deposits. The result has been a sharp decline in the
imposed obligation on the part of those
required
responsib
le for its operation and
reserve percentages, as shown by the following figures:
administration.
Looking at some of the variations ef the
Reporting Member Banks, New York City.
Federal
Reserve banks from the
mother type in the process of adapting its
Date—
ways to the genius of the American
April 15 1921. April 18 1928
Net demand deposits
$4,118,000,000 $5,626.000.000 people, it is noteworthy that alone among the central note-issuing and
Time deposits
290,000.000 1,117,000.000 reserve-holding institutions of the leading countries
Required reserve percentage
the Federal reserve is
12.34%
11.34% not a central bank. The Federal Reserve System consists of twelve banks
For all national banks In the United States the required reserve
per- to each'of which is assigned a definite area of
territory
centage has declined from 7.87% to 7.05% in six years.
known as a Federal
Reserve District. Each of the twelve
banks is autonomous within its
province and each is independent of the
Reporting Member Banks. Federal Reserve System.
others. This framework represents
an adaptation of the structure of reserve
Date—
April 11921. April 25 1928.
banking to the analogies of the
Net demand deposits
$10,271,000,000 $13,742,000,000 political, social and economic organization of the United States. That
Time deposits
2,925,000,000 6,878,000,000 organization, as is well known to students of
America, has much of a
Actual reserve percentage
9.57%
8.75% distinctly regional character—more especially on
the economic, financial
From April 1 1921 to April 25 1928, seven years, the increase in
net and social sides.
demand deposits of the reporting member banks has been 33.8%, while
The problem of reserve banking even in a
the
country
as large as the United
Increase in their time deposits has been 135.1%.
States with different sections of it in
different stages of economic and
financial development, however, requires
attention
to more than regional
conditions. Ample provision was,
, made in the Federal Reserve
A. C. Miller of Federal Reserve Board Views Bank of Act for giving effect to the indispenstherefore
able viewpoint of the national economic
England as Prototype of Central and Reserve Bank- interest and its paramountcy at times in deciding the course of policy and
ing—Workings of Federal Reserve System—With operations of the Federal Reserve banks.
In order to give adequate
n to the national viewpoint and to
Impairment of Prestige of Open Market Policy Dig.. provide a means of co-ordinaexpressio
ting at times the activities
of the Federal
Reserve
banks
toward
Likely
the attainment of objectives of
to Be Primary Factor in Credit
count Rate
national interest an
agency, governmental in character and
Control.
designated the Federal Reserve
Board, was set up. Through this means it
was
not only to weight
In a discussion of the "Federal Reserve System" by A. C. the administration of the Reserve System with asought
sense of national interest
but also to give to the attitude of the Federal
Miller, of the Federal Reserve Board, the statement is made larger
Reserve System and its
determinations the aspect and quality
of public policy.
that "whether open market policy will continue to hold its
It may be claimed for the institution of the
Federal
present place of importance in the credit procedure of the it constitutes a distinctive element in reserve banking. Reserve Board that
Certainly no underand appraisement of the Federal Reserve
Federal Reserve seems doubtful." Mr. Miller observes that standing
taken without an appreciation of the position, System can be underresponsibilities, powers,
"there have been some indications that it (the open market functions and viewpoint of the Board.
Standing at the apex of the System
policy) was losing its hold on the esteem of a considerable it is clothed with general power of supervision of the
actions are subject to Its review and nivision Federal Reserve banks.
section of the business and banking public." It seems not Theirdetermina
; it has the final say in
the
of discount rates; it has a voice
in their open market
mprobable, therefore, says Mr. Miller, "that with the re- operations andtion
in matters affecting their internatio
nal relations—to mention
turn of the United States to a more settled economic basis only some of the more important matters affecting
the current operation
of these tanks. The Board also has ultimate
and with the world in general well advanced to complete re- Federal
authority in the matter of
Reserve note issues; it has the power
within
limits to change the
covery and the gold standard ... pretty nearly restored reserve requirements of its member banks;
it has authority to suspend on
JUNE 30 1928.]
FINANCIAL CHRONICLE
4027
In reviewing the course of money rates in the United States in recent
reserve requirements both
occasion the legislatively-prescribed minimum
influenced by Federal Reserve policy, the foreof the member banks of the Federal years, at any rate so far as
and
banks
Reserve
Federal
the
of
market operations. While the
carrying the specifications further, most influence must be assigned to open
Reserve System. It is, in brief, without
of the Federal reserve banks have undergone change from
rates
discount
the
as
such
ary
authority
discretion
varied
the repository of board and
frequently than not have been made either
believed to be essential to the effec- time to time,such changes more
by antecedent open
framers of the Federal Reserve System
in recognition of a credit situation brought about
United States.
the
in
banking
reserve
of
practice
tive
reenforce a change of attitude
under the control of a govern- market operations or to accompriny and
policy toward the
market
It is this vast grant of authority, exercised
open
its
of the public interest and assumed by the Federal Reserve through
mentally constituted Board representative
business and credit conditions and needs.
of
unique
trend
banks
Reserve
Federal
the
makes
that
nation,
the history of its open
responsible to the
As revealing the flexibility of the Federal Reserve
for flexibility of operation.
among the great banks of the world
s the most interesting chapter
more than an agency of super- market policy in the last five years constitute
instrument has been
The Federal Reserve Board is, however,
this
in
which
of the broad public of its post-war development. The manner
vision and administration. It is a symbol—a symbol
general procedure with reference to credit administration of which
the
American
the
from
used,
banks
reserve
the
which
with
lity
interest and responsibi
of reliance placed in it make of it
of economic well-being upon it constitutes the heart, and the degree
point of view are invested. The dependence
of reserve banking at least
type are operated if not exactly a new expedient in the technique
the manner in which institutions of the central banking
potentialities in situations calling for an authorienlarged
and
new
of
in
the
United
one
States;
than
ed
Is probably nowhere more keenly appreciat
money market, such as
n of the Federal tative attitude and active initiative toward the
nowhere is more demanded or expected. The institutio
the past five years. The
which the have obtained more or less constantly during
by
the
method
as
regarded
be
therefore,
may,
Board
Reserve
economic movement
under- acute transitions and readjustments incident to the
American legislator at the time the Federal Reserve Act was drawn
-control device less leisurely in charcredit
a
for
called
period
this
constant
a
with
during
banks
rate and gave
took to surround the operation of the Federal reserve
of acter and less openly deliberate than that of the discount
operatmosphere of broad public interest and to give to the administration
extraordinary development which the open market
of
the
to
sense
a
truer
and
impetus
outlook
wider
a
banks
these
of
auspices
the
credit under
been ation attained.
of
place
direction than might have been expected if their management had
hold its present
Whether open market policy wlll continue to
more distinctly and exclusively of a "business" type. It is doubtless for this
of the Federal Reserve seems doubtful.
procedure
credit
the
against
in
e
made
been
importanc
seldom
s
has
reason that the allegation of selfishnes
on the esteem
tem- There have been some indications that it was losing its hold
Federal reserve banks; and, considering how sensitive the American
public. Its quality
doubt of a considerable section of the business and banking
no
also
is
it
banking,
and
currency
touching
matters
in
is
perament
can. It
ess has exposed it to the criticism of being un-Ameri
because of the existence of such an institution as the Federal Reserve of arbitrarin
return of the United States
the
with
that
therefore,
e,
improbabl
effect.
not
little
seems
Board that hostile criticism of the System has had so
well add to a more settled economic basis and with the world in general
In consonance with the position of public responsibility thus emphasize
nal
recovery and the gold standard as an internatio
the
complete
from
to
has
vanced
the
System
Board
Reserve
Federal
the
of
by the creation
efficacy, the
of stabilizing mechanism pretty nearly restored to its old-time
beginning of its organization pursued to an unusual degree a policy
Reserve
in the credit-control technique of the Federal
publicity with regard to its affairs. The Board in its Annual Report and primary reliance
operation.
will be the discount rate rather than the open market
even more currently through its monthly publication, the Federal Reserve in the future
operation will be discarded but that it will cease
market
open
the
underthat
have
Letters
Not
Monthly
current
their
through
banks
Bulletin, and the
expedient and take its place as an occasional expedient
taken to give to the public not only a comprehensive view of current banking to be an habitual
to be remechanism of the Federal Reserve—an expedient
and financial developments, but also detailed data in scientifically organized in the credit
intervention is necessary
prompt
where
acuteness
of
e.
situations
agricultur
in
to
trade,
n,
sorted
be of
form of important movements in the fields of productio
the to effective handling. With the probability that such situations will
employment, prices, together with other relevant factors bearing upon
the
recurrence in the future than in the recent past, however,
interpretation of the regional and national problems of credit conditions and less frequent
by the
has more orderly and less drastic form of credit regulation provided
needs. Through a Division of Research and Statistics the Board
Federal
in
e
ng discount rate promises to play the role of leading importanc
done pioneer work in the organization and development of fact-findi
ve Reserve practice.
surveys and economic analysis of a highly scientific and interpreti
of emphasis in
the
An added and more immediate impulse to this shifting
character. Taken in the aggregate this work supplies the basis of
impairment
procedure is likely to result from the serious
economic rationale of Federal Reserve policy and is largely to be credited Federal Reserve
has reReserve
the Federal
of
policy
market
open
the
which
prestige
of
with whatever merit may be attributed to it.
developments in connection with
untoward
of
because
adminissustained
credit
of
cently
work
the
for
In thus preparing and educating itself
stabilize
public. its adventure in the autumn of last year in undertaking to ease and
tration the Federal Reserve has also done much to educate the
occasion
impulse the international situation. The American stock market on that
Indeed, its activities in the field of economic research have given
easy money.
research in took advantage of the Federal Reserve's policy of cheap and
in the
to similar undertakings by private agencies and by organized
and
rapidly
grew
by the The volume of credit involved in speculative loans
' some of the leading universities of the United States. Supplemented
1928 attained such magnitude as to awaken wideComyear
of
the
nt
of
part
Departme
early
States
of
United
the
work
expanding
prodigiously
Reserve in a
banking spread concern in the United States and to place the Federal
merce in this same general field, the American business and
experience
re- position of uncomfortable responsibility. The lesson of this
public to-day is probably the most fully informed of any in the world
mind
flexible
the
in
to register itself
likely
is
and
forgotten
various
be
its
and
soon
will
not
economy
garding the changing condition of the national
change of front. For the circumstances which
a
as
the
Reserve
of
working
good
Federal
the
the
of
of
estimate
any
be
in
hard
would
elements. It
in the
made have occasioned the partial miscarriage of Federal Reserve policy
Federal Reserve System in recent years to exaggerate the contribution
repeat theme and course of the last ten months are of the kind that are likely to
y can
by the business public through its cooperation based upon knowledg
communit
under- selves. The exuberant temper of the American speculative
Intelligence with regard to the functioning of the System and the
a sufficient stimulus in the way of cheap
to
respond
to
on
counted
be
usually
.
lying conditions affecting its good operation
which a
domain and easy money. This recent experience suggests the hazard to
Because of all this the policies of the System, particularly in the
United States.
more widely Policy of cheap and easy money is always exposed in the
of credit policy, have been more consciously public in character,
on Unless and until therefore some effective method can be devised for preconceived from the point of view of national economic interest and,
Reserve credit into speculative
ship.
statesman
economic
of
level
venting the diversion of the flow of Federal
occasion at least, more nearly raised to the
be handicapped and at a disadvantage.
will
the
policy
explain
go
far
to
and
market
character
open
loans,
in
more
been
also
confident
They have
s developing between the
It
But whatever the outcome of the difference
flexibility which the credit-control technidue of the System disclosed.
be, the
of open adherents of discount policy and those of open market policy may
seems doubtful for instance whether the economic potentialities
de- future is not likely to see any change of general outlook on the part of the
market policy would have been as quickly discovered and a technique
and
economic
the
in Federal Reserve or its major responsibilities toward
veloped for making it an effective instrument and a leading reliance
ding credit situations, nor any weakening of its faith in the indispensability
credit administration without the fullness of information and understan
ss of the economic approach to its problems. The credit system is envisaged
requisite in the application of a type of policy requiring such positivene
a broad by the Federal Reserve as a vital influence in the economic process. The
and definiteness of attitude as does the open market operation on
credit full capabilities of a wise dispensation of credit, however, have not yet
scale. For open market operation is an instrument of initiative in
or been fully realized in the United States even though conditions here have
administration and can not be undertaken in an atmosplre of doubt
to its been so unprecedentedly favorable to their exploitation. That credit is an
hesitation. To be competent it must be based upon conviction as
g force of vast potentialities in the
economic justification and its acceptance by at least the intelligent public. energizing influence and an integratin
item modern economic system is coming to be more and more deeply appreciated
In the post-war history of the Federal Reserve technique no single
. on this side of the Atlantic. But the full measure of its economic potency
Is of greater interest than the development of its open market procedure
States. It remains for the future
Such prominence as the open market operation has in recent years attained has not yet been taken even in the United
body politic and economic.
was probably not anticipated at the time the Federal Reserve System was to vision credit as the elan vital of the modern
of
organized. The Federal Reserve banks were then conceived of as banks
discount to which member banks would turn as they needed additional
Official Staff of Federal Reserve Bank of1
supplies of currency or reserve credit—in brief, as institutions in which the Changes in
New York.
institutions in which the initiative in creating new credit would rest with
the borrowing member bank, the Federal Reserve bank playing its part
in the official staff of the Federal
changes
g
followin
The
of
designed
rates
ment
discount
establish
the
In the process mainly through
as
situation
its
facilities
the
of
use
were anounced June 28:
the
York
e
ofNew
to
discourag
or
Bank
encourage
to
either
Reserve
bank, has resigned
might seem to require.
L. Randolph Mason,formerly General Counsel of the
Walter S. Logan
of
1921
n
the
and
1920
depressio
Following the disastrous revulsion of
as of June 30 1928 to resume the private practice of law.
1 1928, to
rediscounting with Federal Reserve banks fell into some disfavor. The has been appointed General Counsel of the bank, effective July
public at least in certain sections of the country showed some misgiving with succeed Mr. Mason.
Discount Departregard to member banks heavily or continuously in debt to their Reserve
Charles H. Coe, formerly Manager of the Loan and
Jacques A.
banks. In consequence member banks showed reluctance to borrow except ment, has been appointed an Assistant Deputy Governor.
appointed Manunder the pressure and justification of seasonal or other transitory require- Mitchell, formerly Chief of the Credit Division, has been
ments. In these circumstances it appeared advisable to the Federal Re- ager of the Loan and Discount Department to succeed Mr. Coe.
Secretary of the bank
serve in order that the recovery of trade might be facilitated and later in
Harold V. Roelse has been appointed Assistant
Department.
situation to take the
order continuously to maintain a favorable economic
in addition to his duties as Manager of the Reports
an
of
with
credit.
country
basis
enlarged
the
initiative at times in supplying
It was organized and
Thus was begun in 1922 an open market policy.
Treasury Fails.
further developed in 1923 as a System matter and in the last five years Action to Force Silver Purchases by
in the credit-control technique of
factor
decisive
most
the
perhaps
a
been
has
Justice Wendell Stafford in the District of Columbi
the Federal Reserve System.
a
for
ion
applicat
or
the
sale
meant
the
of
purchase
course,
is,
ed
operation
Circuit Court on June 26, dismiss
By an open market
of securities in the open money market of the
Colorado silver corporations
by Federal Reserve banks
the effect of enlarging the credit writ of mandamus by a group of
has
securities
of
purchase
The
country.
y Mellon and Robert J.
Treasur
so
far
as
the public against Secretary of the
ng it. The effect
base: the sale of securities of contracti
,
as
Indeed,
gold.
of
outflow
or
an
inflow
of
Grant, director of the mint, says a Washington dispater
is aware is very similar to that
in the United States, for example in
quote:
we
which
from
open market policy has been operated
ce"
Commer
of
l
of gold was in process, the Federal June 26 to the "Journa
the Autumn of 1927, when an outflow
14.589.730 ounces of
the firming effects on money
The writ sought to force the Treasury to purchase
Reserve has sometimes intervened to prevent
the Pittman Act of
from such outflow by making off- domestic silver bullion under authority granted in
rates that might normally be expected
to
the
money
Simimarket.
23
1918.
releasing
Apr.
setting purchases of securities, thus
American Silver ProCorporations which brought the action were the
two occasions sales of securities have been
Co. and the Spar
larly in the reverse case on one or
where easing of money conditions ducers' Association, the Della S. Consolidated Mines
influx
gold
of
effects
the
offset
made to
.
influx did not seem at the moment to be desirable. Consolidated Mines Co., all of Colorado.
such
from
expected
be
to
4028
FINANCIAL CHRONICLE
In reading the opinion Justice
Stafford upheld the argument of United
StatesAttorney Rover that the Pittman
Act was emergency war-time legislation and that a suit cannot be
maintained under it solely for public
policy. The petitioners, it was held,
failed to show any personal relief to
which they might be entitled
To have compelled compliance with the
Pittman Act would have cost the
Government $6,500,000 at the present
market price of silver, according to
the Treasury Department.
The Pittman law provided that the Secretar
y of the Treasury be directed
to break up and melt more than
350,000,000 silver dollars and authorized
the sale of bullion obtained from
this process at $1 an ounce. It also provided for the purchase of an ounce of
new domestic silver for each ounce of
old silver sold.
Attorney Rover declared that the Pittman Act
was passe at this time as
the market price of silver is but 553c.
an ounce and that to compel purchase
of additional bullion at the rate of $1 would
be little less than robbery of the
taxpayers.
[vol.. 126.
marized, this plank endorses the principl
e of the equalization fee, so hotly
denounced by President Coolidge on
the very eve of the Republican National Convention in his veto message
on the McNary-Haugen bill.
When the Resolutions Committee ended
its session after formally ratifying the platform draft it was not known
whether the small group in opposition to the prohibition plank would
take their fight before the convention through the filing of a minorit
y report.
The nomination of Senator Robinson for Vice-Preside
nt
likewise came on the first ballot. The "Evening Post"
in
indicating this said:
•
Votes finally were cast for the candida
tes for Vice-President before the
party closed shop and scurried out of
town. When the States had switched
to their heart's desire, as they did last
night with Governor Smith. the final
count stood: Robinson, 1,032 1-6;
Allen, 21; Berry. 113: Moody, 9 1-3:
Barkley, 9; Fletcher, 7; Ross, 2;
Stephenson, 2; Woollen. 2, absent, 5.
Early in the session it was apparent
that Mr. Robinson, the leading
contender all week, would go over on
the first ballot, which he did.
The delegates, eager to get away, placed
only five candidates formally
In nomination—General Henry T. Allen
of Alabama, Senator Robinson,
former Governor Nellie Taylor Ross
of Wyoming, Senator Alben W
Barkley of Kentucky and Senator Fletcher
of Florida.
There was a scattering of complimentary
votes as the roll call proceeded.
among those catching ballots being George
L. Berry, T. B. Taylor of
Alabama, Governor Dan Moody of Texas
and Joseph P. Tumulty, who
served as Secretary to President Wilson.
The official total for Senator Robinson was
announced as 9143.. Barkley then swung his vote to Robinson. Mrs.
Ross did likewise. Many
States followed, the clerk lost track of the
score and the choice was virtually
by acclamation.
Alfred E. Smith Nominated for President on Democratic Ticket—Joseph T. Robinson Vice-Presidential Nominee.
Governor Alfred E. Smith of New York, was nominated
on June 28 for President of the United States at the Democratic National Convention at Houston Texas. At yester
day's
deliberations the concluding session of the Conven
tion,
which opened on June 26, Senator Joseph T. Robins
on, of
Arkansas was named as Vice-Presidential candidate
on the
ticket. Gov.Smith's nomination as a candidate for Presid
The plank in the party platform on the prohib
ition issue,
ent is
was placed before the Convention on June 27 by
quoted herewith:
Franklin
D. Roosevelt, the nomination being seconded on
Law Enforcement,
June 28, The Republi
can Party for eight years in complet
by Gov. Albert C. Ritchie, of Maryland. Gov.
e control of the GovSmith ernment at Washington, presents
the remarkable spectacl of
received the nomination on the first ballot. The "Time
feeling Coms" pelled in its national platform to promise obedience to a eprovisio
n of the
account of the nomination (from Houston on June
Federal Constitution which it has flagrant
ly
disregarded and to apologize
28) had to the country for its failure
to enforce laws enacted by the Congres
the following to say in part:
s of
the United States. Speakin
g for the
Formal announcement of his nomination was made
at 11.55 p. m., when pledges the party and its nominee national Democracy, this convention
Senator Joseph T. Robinson, Permanent
s to an honest effort to enforce the
Chairman of the convention, Eighteenth Amendment and
all other provisio
announced that he (Gov. Smith) had received a
total of 849 2-3 votes.
tion and all laws enacted pursuant thereto. ns of the Federal ConstituGovernor Smith got the required two-thirds vote
only after Ohio had
changed its vote and given 47 votes cast
The "Herald Tribune" correspondent at Houst
for former Senator Atlee
on makes
Pomerene to Governor Smith,who already had received
the remaining one of the observation that the 1928
the 48 votes which constitute Ohio's total. With
platform of the Democratic
Ohio's 48, Governor Smith Party,
while incorporating a prohibition pledge
had a total of 768 2-3 votes.
for strict
Governor Smith's total after the roll-call had been
ended was 724 2-3. enforcement of the existing law, contains no manda
This was exactly 9 votes short of the required two-thir
te
ds. Ohio switched against law modification
. The account adds:
to Governor Smith almost immediately, but
owing to demands from
Mississippi that its delegation be polled,
Prohibition Plank is Compromise
there was considerable delay
before the formal announcement of his nominat
The prohibition pledge which the party
ion.
will take before the country in
There were many shifts after Ohio had changed
the
coming
elections represents a compromise
. Indiana gave him 25
between the demands of wet
votes. Kansas 11X Nebraska 12 and Mississippi
9. Twenty-three and dry extremists. It criticizes the Republican
party for alleged failure
more votes which were swung to the Governor by
the Tennessee delegation to enforce prohibition and pledges the Democra
tic party to "an honest
brought his total up to 849 2-3.
effort" to enforce the Constitution, includin
g the Eighteenth Amendment
Official Result of Ballot.
and "laws enacted pursuant thereto."
The vote for all candidates on the first ballot
In the battle before the Resolutions
was announced as follows:
Committ
ee during the last 24 hours
Alfred E. Smith (N. Y.)
the ultra-drys failed to get a party
849 2-3 Rep. Ayres(Kansas)
pledge which would embarrass Gov.
3
Senator Georg(Georgia)-__ - 55X Senator
Smith's known policy of ultimate
Pomerene(Ohio)._ 3
Senator Reed
modification of existing prohibition laws.
issouri)
52
Huston Thompson (Cal.)---- 2
Rep. Cordell Hull (Tenn.)
In a message yesterday, to the Chair
50 5-6 Chief Justice Watts (S. 0.)-18
Jesse H. Jones (Texas)
man of the Con43
Gov.
Bible
(Miss.)
vention, Gov. A.Smith makes the statem
2)
Senator Pat Harrison (Miss.)_ 8 1-2
Total vote cast. 1,097%•
ent
that "it is well
Gov. Vic Donahey(Ohio)__ 5
Not voting,2.
known that I believe there should be
Evans Woollen (Ind.)
7
fundamental changes in
the
presen
t provisions for National prohibition" and
Reed Pledges His Support.
he
states further that "I feel it to be the
Senator James A.Reed, who had been Gov.
Smith's principal rival during
duty of the chosen
the pre-convention campaign, appeared
leader
of
the
people to point the way which in his opinion
on the platform and SMIOUneed
that he would support Gov. Smith.
leads to a
sane, sensible solution of a condition which I am
The same account had the following to say regard
ing the convinced is entirely unsatisfactory to the great
platform (which we give elsewhere in this issue):
mass of the
people."
Platform Is Adopted.
From the "Sun" of last night we take the follow
The Democratic convention adopted its
ing:
platfor
m at 10:30 o'clock to-night
and thus cleared the way for the most
Broken Precedents.
Important of the business before it—
The Democratic ticket of Smith and
the nomination of a candidate for Presiden
Robinson breaks two hitherto iront. The roll-call on the first clad preceden
ts of the Democratic party. It named
ballot was begun at 10:35 o'clock.
a Roman Catholic for
President and a Southerner for Vice
The platform draft, perfected by the Commit
-President. It 19 the first time in 68
tee on Resolutions, headed years that the
South has had a candidate. Robinson went
by Senator Key Pittman of Nevada, after
over in a tide of
many hours of strenuous labor, enthusiasm similar
to that which carded Curtis of Kansas
was presented to the convention soon after
it was called to order this eve- nomination in
to the second
the Republican contest at Kansas
ning. Its central theme is denunciation
City. Each man is the
of Republican corruption. In leader of his party
in the Senate.
every respect, except one, it represents
decisions harmoniously arrived
at by all the members of the committee.
The "Keynote" speech at the Convention was delive
red on
The one exception is the prohibition
plank, which VMS strongly opposed June 26 by Claude
G. Bowers, on the editorial staff of the
at the committee meeting by a small minorit
y of five members, including
Gov. Dan Moody of Texas; Josephu.s
Daniels. Secretary of the Navy under New York "Evening World."
President Wilson; G. E. Maddox of
Georgia; Harry M. Ayres, head of the
Alabama delegation, and II. E. Sala of
Coral Gables, Fla . all opposed to Platform
Adopted by Democratic Party in National
the nomination of Gov. Smith for
President.
Convention at Houston, Tex.
Resembles Bryan Plank of 1924.
The plank which had given rise to all
The
follow
ing
is the text of the platform adopted by the
the contention In the committee
is virtually a copy of the plank
sponsored in 1924 by William Jennings Democratic National Convention at
Houston, Tex., June 28:
Bryan, which denounced the Republi
cans for failing honestly to enforce
We, the Democratic Party in convention assembl
the Eighteenth Amendment
ed, pause to pay our
and the prohibition law, and pledged the tribute of love and respect to the
memory of him who in his life and in his
Party, if successful at the polls, to
the faithful enforcement of all laws. official actions voiced the hopes and
aspirati
ons of all good men and women
There is this difference, however
, that the present plank makes specific of every race and clime, the former
President of the United States,
reference to the Eighteenth Amendm
ent as one of the constitutional pro- Woodrow Wilson. His spirit moves on,
and his example and deeds will
visions to be the subject of rigid enforce
ment.
exalt those who come after us. as they have inspired us. We are grateful
While this Involved a considerable concessi
that we were privileged to work with him and again pay tribute to his high
on
on
the
part
of
wets
supporting Gov. Smith, who believe that
he must run on an out-and-out wet ideals and accomplishments.
Platform in order to make the most of his
own and his party's opportunities,
We affirm our devotion to the principles of democratic government
Senator Robert F. Wagner, who was
the Govenor's spokesman on the formulated by Jefferson and enforced by a long and illustrious line of DemResolutions Committee, declared that the
ocratic Presidents.
plank was acceptable to hire.
We hold that Government must function not to centralize our wealth.
Displaced Earlier Plank.
but
to preserve equal opportunity, so that all may share in our priceless
It replaced a plank drafted by a
subcommittee of the Resolutions Com- resources;
and not confine prosperity to a favored few. We, therefore.
mittee late last night, which pledged the party
to give effect to the Eighteenh Pledge the Democra
Amendment and the Voistead law through
tic Party to encourage business, small and great alike;
rigid enforcement but pointing to conserve
human happiness and liberty; to break the shackles of monopoly
out that it was placed in the Constitution
by the people and could be re- and free business
pealed or amended by them.
of the nation; to respond to popular will.
The function of a national platform is to declare general principles and
The farm relief plank ranked next to
the prohibition plank in the interest party policies.
We do not, therefore, assume to bind our party respecting
manifested by delegates and others at the
convention. Briefly sum- local issues, or details
of legislation.
JUNE 30 1928.]
FINANCIAL CHRONICLE
Democratic Party with regard
We, therefore, declare the policy of the
to the following dominant issues:
The Rights of the States.
ional rights and powers of the States shall
constitut
the
that
We demand
virtue. These constitute a bulwark
be preserved in their full vigor and
ve tendencies of the Republican
against centralization and the destructi
Party.
multiplication of offices and office
We oppose bureaucracy and the
holders.
local self-government without
We demand a revival of the spirit of
.
which free institutions cannot be preserved
Republican Corruption.
agriculture prosUnblushingly, the Republican Party offers as its record
destroyed, workmen withtrate, industry depressed, American shipping
corruption unpunout employment, everywhere disgust and suspicion and
ished and unafraid.
occurred in any
Never in the entire history of the country has there
such a spectacle
given period of time or, indeed, in all time put together,
has characterof sordid corruption and unabashed rascality as that which
years of
ized the administration of Federal affairs under eight blighting
Republican rule.
sucfrauds
ded
compoun
Not the revels of reconstruction, nor all the
the shocking
ceeding that evil era, have approached in sheer audacity
low, in the public
thieveries and startling depravities of officials, high and
treasonable
service at Washington. From Cabinet Ministers, with their
the purchasers of
crimes, to the cheap vendors of official patronage; from
alien trust
seats in the United States Senate to the vulgar grafters upon
of the World
funds, and upon the hospital resources of the disabled veterans
an campaign
War;from the givers and receivers of stolen funds for Republic
and never
purposes to the public men who sat by, silently consenting
official
whole
the
revealing a fact or uttering a word in condemnation,
dishonesty,
organization under Republican rule has become saturated with
perpetuate
defiant of public opinion and actuated only by a partisan desire to
its control of the Government.
y was
Presidenc
the
As in the time of Samuel .1. Tilden, from whom
out." This
stolen, the watchword of the day should be:"Turn the rascals
country. To
is the appeal of the Democratic Party to the people of the
every rethis fixed purpose should be devoted every effort and applied
tial
source of the party to this end. Every minor difference on non-essen
be made
Issues should be put aside and a determined and a united fight
their trust by
to rescue the Government from those who have betrayed
disgracing it.
Economy and Reorganization.
adminThe Democratic Party stands for efficiency and economy in the
istration of public affairs and we pledge:
Governthe
of
nts
departme
(A) Business-like reorganization of all the
ment.
(B) Elimination of duplication, waste and overlapping.
obsolete
(C) Substitution of modern business-like methods for existing
and antiquated conditions.
The saving
No economy resulted from the Republican Party rule.
res followthey claim takes no account of the elimination of expenditu
from the sale of
ing the end of the World War, the large sums realized
efficient
the
for
war materials, nor its failure to supply sufficient funds
conduct of many important Governmental activities.
4029
business in
Wage earner, farmer, stockman, producer and legitimate
on justice
general have everything to gain from a Democratic tariff based
to all.
Civil Service.
a tenet of
Grover Cleveland made the extension of the merit system
the civil service.
our political faith. We shall preserve and maintain
Agriculture.
been practiced by
Deception upon the farmer and stock raiser has
for more than
the Republican Party through false and delusive promises
artificially aided by
fifty years. Specially favored industries have been
done for agriculture
Republican legislation. Comparatively little has been
y rests. Unsympathetic
and stock raising, upon which national prosperit
Virulent hospitality
Inaction with regard to this problem must cease.
s of farm relief and denial
of the Republican Administration to the advocate
the development of farm
of the rights of farm organizations to lead in
friendliness.
policy must yield to Democratic sympathy and
to acknowledge the critiFour years ago, the Republican Party, forced
necessary to bring back a
cal situation, pledged itself to take all steps
industries and labor.
balanced condition between agriculture and other
pledge unredeemed but
To-day it faces the country not only with that
is primarily responsible
broken by the acts of a Republican President who
restore equality to agrifor the failure to offer a constructive program to
culture.
program to offer in its
While he had no constructive and adequate
and has sought to justify
stead, he has twice vetoed farm relief legislation
on grounds wholly inhis disapproval of agricultural legislation, partly
es the beneficiaries of
consistent with his acts making industrial monopoli
ral policy of the present
Government favor; and in endorsing the agricultu
recent convention, served
Administration the Republican Party, in its
e system is not meant
notice upon the farmer that the so-called protectiv
privileged few, it promises
for him; that while it offers protection to the
crops of agriculture.
cash
continued world prices to the producers of the chief
promises relief
We condemn the policy of the Republican Party which
farm production
to agriculture only through a reduction of American
means the continued
to the needs of the domestic market. Such a program
from the farms
deflation of agriculture, the forcing of additional millions
to come, with conand the perpetuation of agricultural distress for years
United States.
tinued bad effects on business and labor throughout the
production difThe Democratic Party recognizes that the problems of
n is largely
productio
fer as between agriculture and industry. Industrial
because of lack of
under human control, while agricultural production,
units, and because
co-ordination among the 6,500.000 individual farm
largely beyond human
of the influence of weather, pests and other causes, is
on a small
produced
is
y
control. The result is that a large crop frequentl
measured in money value
acreage and a small crop on a large acreage, and
a small crop.
It frequently happens that a large crop brings less than
the needs of the domestic
Producers of crops whose total volume exceeds
Government shall intermarket must continue at a disadvantage until the
of labor and invene in behalf of the farmer as it has intervened in behalf
n for the control and
dustry. There is a need of supplemental legislatio
that the price of the
orderly handling of agricultural surpluses, in order
Labor has benesurplus may not determine the price of the whole crop.
s by tariff. Agriculture
fited by collective bargaining and some industrie
must be as effectively aided.
its support to such
The Democratic Party in its 1924 platform pledged
pledges the united ,efforts
legislation. It now reaffirms that stand and
as far as may be
nt,
of the legislative and executive branches of Governme
of such legislation,
controlled by the party, to the immediate enctment
maintain the purchasFinance and Taxation.
and to such other steps as are necessary to place and
equality of agried under Dem- ing power of farm products and the complete economic
(a) The Federal Reserve system, created and inaugurat
to constructive culture.
privilege and
ocratic auspices, is the greatest legislative contribution
special
against
The Democratic Party has always stood
for the advanbusiness ever adopted. The administration of the system
principle of the
equality under the law. It is a fundamental
red
for
common
be
administe
must
It
cease.
rs
should
market
speculato
stock
tage of
discriminate against any
s, manufacturers and party that such tariffs as are levied must not
for the benefit of farmers, wage earners, merchant
its tariff policy
Industry, class or section. Therefore we pledge that in
others engaged in constructive business.
insist upon equality of treatment between
will
Party
for
has
ic
the
m,
of
Democrat
despotis
free
nts,
(b) The taxing function of Governme
vigi- agriculture and other industries.
centuries been regarded as the power above all others which requires
of agriculof favor or
Farm relief must rest on the basis of an economic equality
lant scrutiny to the end that it be not exercised for purposes
must be found
ture with other industries. To give this equality a remedy
oppression.
among other things:
Three times since the World War the Democrats in Congress have favored which will include loans to co-operatives on at /east as favorable a basis
(A) Credit aid by
face of stubborn opposition
a reduction of the tax burdens of the people in
time these reductions have as the Government aid to the merchant marine.
from a Republican Administration; and each
the farmer and stock
to endure the exactions
(B) Creation of a Federal Farm Board to assist
largely been made for the relief of those least able
Reserve Board
raiser in the marketing of their products, as the Federal
of a Republican fiscal policy.
man. When our archaic banking and
business
and
an
banker
by
delayed
Republic
the
has
was
for
done
ended
recently
session
the
The tax bill of
under
as to make impossible currency system was revised after its record of disaster and panic
tactics and juggled by partisan considerations so
in the adminisbody of taxpayers. The moderate Republican administrations, it was a Democratic Congress
greater
to
the
of
relief
measure
ion
full
stabilizat
a
the whole proceeding tration of a Democratic President that accomplished its
reductions afforded were grudgingly conceded, and
Federal Reserve Board with
the
creating
Act
Reserve
the
and
White
House
the
Federal
the
from
through
possible,
fp Congress, dictated, as far as
need the
an Party always powers adequate to its purpose. Now in the hour of agriculture's
Treasury, denoted the proverbial desire of the Republic
agricultural policy
Democratic Party pledges the establishment of a new
in favor of privileged classes.
the
masses
against
ate
discrimin
board vested
to
the fiscal policy inaugurated fitted to present conditions, under the direction of a farm
The Democratic Party avows its belief in
what the Federal
ation, which has provided a sinking with all the powers necessary to accomplish for agriculture
recognition
by the last Democratic Administr
full
in
nation's indebtedness within a reason- Reserve Board has been able to accomplish for finance,
co-operation
fund sufficient to extinguish the
the present and next succeeding of the fact that the banks of the country, through voluntary
harassing
without
time
of
period
Governable
ble, do in fact check were never able to stabilize the financial system of the country until
generations with tax burdens which if not unendura
business.
ment powers were invoked to help them.
beinitiative in enterprise and progress In
spread
the
of
requirements of the legally established
(C) Reduction through proper Government agencies
Taxes levied beyond the actual
the tween what the farmer and stock raiser gets and the ultimate consumer
American
people,
and
the
upon
burden
but
an
added
are
sinking fund
Federal Treasury Is an incentive to the nays, with consequent benefits to both.
surplus thus accumulated in the
formulation of
have characterized Republican
(D) Consideration of the condition of agriculture in the
increasingly extravagant expenditures which
.
of
measures
the
tax
internal
further
reduction
and
favor
,
financial
ent
Governm
Administrations. We, therefore
marketing assoWe pledge the party to foster and develop co-operative
taxes of the people.
ciations through appropriate Government aid.
Tariff.
members of such
We recognize that experience has demonstrated that responsibility for
n will be based on the following policies:
full
The Democratic tariff legislatio
associations alone cannot successfully assume the
party to an
a
and
high
business,
of
e
standard
of legitimat
a program that benefits all producers alike. We pledge the
(A) The maintenance
the cost of
to solve this problem of the distribution of
earnest
endeavor
wages for American labor.
g power of wages and income by the reduc- dealing with crop surpluses over the marketed units of the crop whcse
(11) Increasing the purchasin
tic and extortionate tariff rates bestowed in payment producers are benefited by such assistance. The solution of this problem
tion of those monopolis
Party has always
debts.
would avoid Governmentsubsidy,to which the Democratic
political
of
and immediate
and restoration of the Wilson conception been
The solution of this problem will be a prime
opposed.
(C) Abolition of log-rolling
tariff commission, quasi-judicial, and free from the Execu- concern of a Democratic Administration.
of a fact-finding
Congress in the
has destroyed the usefulness of the present comWe direct attention to the fact that it was a Democratic
tive domination which
established the Fedwhich
President
ic
a
of
Democrat
ation
Administr
mission.
permit effective competition, insure against mo- eral Loan System and laid the foundation for the entire rural credits struc(D) Duties that will
for the support of
of the policies
the same time produce a fair revenue
ture,
at
which has aided agriculture to sustain, in part, the shock
and
nopolY
e between the cost of production at home of two Republican Administrations; and we promise a thorough-going adGovernment. Actual differenc
adequate safeguard for the wage of the American laborer, ministration of our rural credits laws, so that the farmers in all sections
and abroad, with
acts.
measure of every tariff rate.
may secure the maximum benefits intended under these
must be the extreme
against monopoly created by special tariff
(E) Safeguarding the public
Mining.
We produce
favors.
Mining is one of the asicblindustries of this country.
ion of the benefits and burdens of the tariff
distribut
e
Equitabl
other country.% The value of our minany
(F)
more coal, iron and copper than
aWOng all
4030
FINANCIAL CHRONICLE
[Vor. 126.
oral production is second only to agriculture. Mining
has suffered like
(C) We recognize that legislati
agriculture and from similar causes. It is the duty
ve and other investigations have shown
of our Government to the existence of
foster this industry and to remove the restricti
grave abuse in the issuance of injunctions in labor disons that destroy its pros- putes.
perity.
Injunctions should not be :ranted
in labor disputes except upon proof
Foreign Policy.
of threatened irreparable injury,
The Republican Administration has no foreign
and after notice and hearing; and the inpolicy;it has drifted without junction should be confined
to those which do directly threaten irreparable
plan. This great nation cannot afford to play a minor
role in world politics. injury.
It must have a sound and positive foreign policy, not
a negative one. We
The expressed purpose of
declare for a constructive foreign policy based on
representatives of capital, labor and the bar to
these principles:
devise a plan for the elimination
(A) Outlawry of war and an abhorrence of
of the present evils with respect to injuncmilitarism, conquest and tions must be supported and
imperialism.
legislation designed to accomplish these ends
formulat
ed
and
passed.
(B) Freedom from entangling political
alliances with foreign nations.
(D) We favor legislation providin
(C) Protection of American lives and rights.
g that products of convict labor shipped
from one State to another shall be
(D) Non-interference with the elections or other
subject to laws of the latter State as though
internal political affairs they had been produced therein.
of any foreign nation. This principle of non-interference
extends to Mexico,
Nicaragua and all other Latin-American nations.
Unemployment.
Interference in the purely
internal affairs of Latin-American countries must
Unemployment is present, widespread and
cease.
increasing. Unemployment
(E) Rescue of our country from its present impaired
world standing and is almost as destructive to the happiness, comfort and well-bein
g of human
restoration to its former position as a leader in
the movement for inter- beings as war. We expend vast sums of money to protect
our people against
national arbitration, conciliation, conference and limitatio
n of armament the evils of war, but no Government program is anticipated to prevent
the
by international agreement.
awful suffering and economic losses of
unemployment. It threatens the
(F) International agreements for reduction of all
armaments and the end well-being of millions of our people and endangers the prosperit
y
of
the
naof competitive war preparations, and, in the meantime,
the maintenance tion.
of an army and navy adequate for national defense.
We favor the adoption by the Government,
after
a
study
of this subject,
(0) Full,free and open co-operation with all other
nations for the promo- of a scientific plan whereby during periods of unemployment
appropriations
tion of peace and justice throughout the world.
shall be made available for the construction
of necessary public works and
(H) In our foreign relations, this country should stand
as a unit, and, to the lessening as far as consistent with public interests, of Governm
be successful, foreign policies must have the approval
ent
and the support of construction work when labor is generally and satisfactorily employe
the American people.
d in
private enterprise.
(I) Abolition of the practice of the President of
Study should also be made of modern methods
entering into and carryof industry and a coning out agreements with a foreign Government, either
de facto or de jure, structive solution found to absorb and utilize the surplus human
labor
or the protection of such Government against revolutio
released
by the increasing use of machinery.
n or foreign attack,
or for the supervision of its internal affairs, when such
agreements have not
Accident
Compensa
tion
been advised and consented to by the Senate as provided
to Government Employees.
in the Constitution
We favor legislation making fair and
of the United States, and we condemn the Administration
liberal compensation to Governfor carrying out ment
employees who are injured in accident
such an unratified agreement that requires
us to use our armed forces in
or by occupational disease
and to the dependents of such workers as
Nicaragua.
may die as a result thereof.
(J) Recognition that the Monroe Doctrine
is a cardinal principle of this
Federal Employees.
Government promulgated for the protectio
n of ourselves and our LatinFederal employees should receive a living
American neighbors. We shall seek their friendly
wage based upon American
co-operation in the standards of decent living. Present
maintenance of this doctrine.
wages are in many instances far
below
standard
that
.
We
favor
a fair and liberal retirement law for
(K) We condemn the Republican Administration
for lack of states- Government employees in the classified
manship and efficiency in negotiating the 1921 treaty for
service.
the limitation of
armaments, which limited only the construct
Veterans.
ion of battleships and ships
of over 10,000 tons. Merely a gesture toward peace, it
Through
Democratic votes, and in spite of
accomplished no
two Republican Presidents'
limitation of armament,because It simply resulted in the
destruction of our opposition, the Congress has maintained America's traditional
policy to
battleships and the blue prints of battleships
of other nations; it placed no generously care for the veterans of the World War. In extendin
g them
limitation upon construction of aircraft, submarines,
cruisers, warships free hospitalization, a statutory award for tuberculosis,
program
a
of
under 10.000 tons, poisonous gases or other weapons of destructi
progressive hospital construction and
on.
No
provision
s for compensation for the
agreement was ratified with regard to submarines
and poisonous gases. disabled, the widows and orphans, America has surpassed
the record of
The attempt of the President to remedy the failure of 1921
by the Geneva any nation in the history of the world.
Conference of 1928 was characterized by the same
We pledge the veterans that none of the
lack of statesmanship
benefits heretofore accorded
and efficiency and resulted in entire failure.
by the Wilson Administration and the votes
of Democratic members of
In consequence, the race between nations in the building
of unlimited Congress shall be withdrawn; that these will be added to
more in acweapons of destruction still goes on and the peoples of the
cordance
with veterans' and their dependents'
world are still
actual needs. Generous
threatened with war and burdened with taxation for additiona
l armament, appropriations, honest management, the removal of vexatiou administ
s
ration delays, and sympathetic assistance of
Water Power, Waterways and Flood Control.
the veterans of all wars is
what the Democratic Party demands and
The Federal Government and State Governments respectiv
promises
.
ely now have
absolute and exclusive sovereignty and control over enormous
Women and Children.
water powers,
which constitute one of the greatest assets of the nation.
We
declare
for
equality
This sovereign
of women with men in all
political and governtitle and control must be preserved respectively in the State
mental matters.
and
Governments, to the end that the people may be protected against Federal
Children are the chief asset of the nation.
exploitaTherefore their protection
tion of this great resource and that water powers may be
expeditiously through infancy and childhood against exploitation is an importan
developed under such regulations as will insure to the people
t national
duty.
reasonab
le
rates and equitable distribution.
The Democratic Party has always opposed
the exploitation of women in
We favor and will promote deep waterways and removal of
discrimination industry and has stood for such conditions of work as
will preserve their
against water transportation. Flood control and the
lowering of flood health and safety.
levels are essential to the safety of life and property and the
We favor an equal wage for equal service
productivity
and
likewise
of our lands, the navigability of our streams, the reclaiming
of our wet and appropriations for the Women's and Children's Bureau. favor adequate
overflowed lands. We favor expeditious construction of flood
reflief works
on the Mississippi and Colorado Rivers and such reclamation
Immigrat
ion.
and irrigation
Laws which limit immigration must be
projects upon the Colorado River as may be found feasible.
preserved in full force and effect,
but the provisions contained in these laws
We favor appropriation for prompt co-ordinated
that separate husbands from
surveys by the United
wives
and parents from infant children are
States to determine the possibilities of general navigation
improvements
inhuman and not essential
to the purpose or the efficacy of such laws.
and water-power development on navigable streams and
their tributaries, and to secure reliable information as to the most economic
al navigaRadio.
tion improvement, in combination with the most efficient
and complete
Government supervision must secure to
development of water power.
all the people the advantag
e
radio communication, and likewise guarante
We favor the strict enforcement of the Federal Water Power Act, a of
e the right of free speech.
Official control in contravention of this
Democratic Act, and insist that the public interest in water power
guarantee should not be tolersites, ated. Governmental control must
prevent monopolistic use of radio
ignored by two Republican Administrations, be protected.
communication and guarantee equitable
distribution and enjoyment
thereof.
Conservation and Reclamation.
We shall conserve the natural resources of our country for the benefit
Coal.
of the people and to protect them against waste and monopolization.
Bituminous coal is not only the common
Our
base of manufacture, but is
a vital agency in our interstate
disappearing resource sot timber call for a national policy of reforesta
tion.
transportation. The demoralization of
The Federal Government should improve and develop its public lands
so this industry, its labor conflicts and distress, its waste of a national resource
that they may go into private ownership and become subjected to taxation and disordered public service, demand
constructive legislation that will
for the support of the States wherein they exist. The Democratic Admin- allow capital and labor a fair share of
prosperity with adequate protection
istration will actively, effectively, efficiently and economically carry on to the consuming public.
reclamation projects and make equitable adjustments with the homestea
d
Congressional Election Reform.
entry-men for the mistakes the Government has made, and extend all
We favor legislation to prevent defeated
Practical aid to refinance reclamation and drainage projects.
Congress from participating in the sessions members of both Houses of
of
Transportation.
for convening the Congress immediately after Congress by giving the date
the biennial national election.
Efficient and economical transportation is essential to the prosperity
Law Enforcement,
of every industry. Cost of transportation controls the income of every
The Republican Party, for eight years in
human being and materially affects the cost of living. We must, therefore,
complete control of the Governpromote every form of transportation in a state of highest efficiency. ment at Washington, presents the remarkable
spectable of feeling comRecognizing the prime importance of air transportation, we shall encourage pelled, in its national platform, to promise
Federal Constitution which it has flagrantlobedience to a provision of the
its development by every possible means.
y disregarded and to apologize
Improved roads are of vital importance not only to commerce and indus- to the country for its failure to enforce laws enacted
by the Congress of
try but also to agriculture and rural life. The Federal Government should the United States. Speaking for the national
democracy, this convention
Construct and maintain at its own expense roads upon its public lands. pledges the party and its nominees to an honest
effort
enforce the Eighto
We reaffirm our approval of the Federal Roads law, enacted by a Demo- teenth Amendment and all other provision
s of the Federal Constitution
cratic Administration. Common carriers, whether by land, water or rail, and all laws enacted pursuant thereto.
must be protected in an equal opportunity to compete so that governmental
Campaign Expenditures.
regulations against exorbitant rates and inefficiency will be aided by comWe condemn the improper and excessive
petition.
use of money in elections as a
danger threatening the very existence
of democratic institutions. RepubLabor.
lican expenditures in Senatorial primarie
s and elections have been so
(A) We favor the principle of collective bargaining and the Democratic exorbitant as to
constitute a national scandal. We favor publicity in all
principle that organized labor should choose its own representatives without matters affecting
campaign contributions and expenditures. We shall.
coercion or interference.
beginning not later than Aug. 11928.
and every thirty days thereafter, the
(B) Labor is not a commodity. Human rights must be safeguarded. last publicati
on and filing being not later than five
days before the elecLabor should be exempt from the operation of anti-trust laws.
tion, publish in the press and file with the
appropriate committees of the
1
JUNE 30 1928.]
FINANCIAL CHRONICLE
4031
we pledge our party to its vigorous and early
House and Senate a complete account of all contributions, the names of constructive legislation, and
the contributors, the amounts expended and the purposes, for public in- enforcement.
spection, the books and records relating to such matters. In the event
Death of Senator Gooding.
that any financial obligations are contracted and not paid, our National
Committee will similarly report and publish, at least five days before the
Senator Frank R. Gooding of Idaho (Republican) died
election, all details respecting such obligations.
We agree to keep and maintain a permanent record of all campaign con- at his daughter's home in Gooding,Idaho, on June 25. The
tributions and expenditures, and to insist that contributions by the citizens town was founded by the Senator. He had suffered impaired
of one State to the campaign committees of other States shall have immehealth since contracting influenza at Washington last Decemdiate publicity.
Merchant Marine.
ber and had recently undergone an operation. Death was
We reaffirm our support of an efficient, dependable American merchant attributed to cancer of the intestines. Senator Gooding was
marine for the carriage of the greater portion of our commerce and for the
69 years of age.
national defense.
The Democratic Party has consistently and vigorously supported the
shipping services maintained by the regional United States Shipping Board
Appointed Chief of the Bureau of Agriin the interest of all ports and all sections of our country, and has success- Nils A. Olsen
cultural Economics.
fully opposed the discontinuance of any of these lines. We favor the
transfer of these lines gradually to the local private American companies
Appointment of Nils A. Olsen as chief of the Bureau of
when such companies can show their ability to take over and permanently
maintain the lines. Lines that cannot now be transferred to private Agricultural Economics, effective July 16, was announced
enterprise should continue to be operated as at present, and should be kept on June 26 by Secretary Jardineof the United States Dein an efficient state by remodeling ofsome vessels and replacement of others.
Olsen has been Assistant
We are unalterably opposed to a monopoly in American shipping and partment of Agriculture. Mr.
are opposed to the operation of any of our service in a manner that would Chief of the Bureau, in charge of research, since May 1925,
retard the development of any ports or sections of our country.
and succeeds to the chiefship made vacant by the resignation
We oppose such sacrifices and favoritism as exhibited in the past in
of
purpose
the
legis- of Lloyd S. Tenny, who has taken an executive position with
the matter of alleged sales, and insist that the primary
lation upon this subject be the establishment and maintenance of an ade- the Associated California Fruit Industries, Inc. Mr. Olsen
quate American merchant marine.
1919, as an assistant
Armenia.
We favor the most earnest efforts on the part of the United States to
of
the
the promises and engagements made during and
fulfillment
secure
following the World War by the United States and the Allied powers to
Armenia and her people.
Education.
We believe with Jefferson and other founders of the Republic that ignorance is the enemy of freedom and that each State, being responsible
for the intellectual and moral qualifications of its citizens and for the
expenditure of the moneys collected by taxation for the support of its
schools, shall use its sovereign right in all matters pertaining to education.
The Federal Government should offer to the States such counsel, advice, results of research and aid as may be made available through the
Federal Agencies for the general improvement of our schools in view of
our national needs.
Monopolies and Anti-Trust Laws.
During the last seven years. under Republican rule, the Anti-Trust
laws have been thwarted, ignored and violated so that the country is
rapidly becoming controlled by trusts and sinister monopolies formed for
the purpose of wringing from the necessaries of life an unrighteous profit.
These combinations are r ften formed and conducted in violation of law,
encouraged, aided and abetted in their activities by the Republican Administration, and are driving all small tradespeople and small industrialists
out of business. Competition is one of the most sacred, cherished and economic rights of the American people. We demand the strict enforcement
of the Anti-Trust laws and the enactment of other laws, if necessary, to
control this great menace to trade and commerce, and thus to preserve
the right of the small merchant and manufacturer to earn a legitimate
profit from his business.
Dishonest business should be treated without influence at the National
Capitol. Honest business, no matter its size, need have no fears of a Demoeratic Administration. The Democratic Party will ever oppose illegitimate
and dishonest business. It will foster, promote and encourage all legitimate business enterprises.
Canal Zone.
We favor the employment of American citizens in the operation and
maintenance of the Panama Canal in all positions above the grade of messenger and favor as liberal wages and conditions of employment as prevailed
under previous Democratic Administrations.
Alaska-Hawaii.
We favor the development of Alaska and Hawaii in the traditional
American way through self-govermnent. We favor the appointment of
only bona fide residents to office in the Territories. We favor the extension and improvement of the mail, air mail, telegraph and radio. agricultural experimenting, highway construction and other necessary Federal activities in the territories.
Philippines.
The Philipino people have succeeded in maintaining a stable Government
and have thus fulfilled the only condition laid down by the Congress as
a prerequisite to the granting of independence. We declare that it is
now our liberty and our duty to keep our promise to these people by granting them immediately the independence which they so honorably covet.
Porto Rico.
We favor granting to Porto Rico such territorial form of Government
as would meet the present economic conditions of the island and provide
for the aspirations of her people, with the view to ultimate Statehood accorded to all Territories of the United States since the beginning of our
Government, and we believe any officials. appointed to administer the
government of such Territories should be qualified by previous bona fide
residence therein.
Public Health.
The Democratic Party recognizes that not only the productive wealth
of the nation but its contentment and happiness depends upon the health
of its citizens. It therefore pledges itself to enlarge the existing Bureau
of Public Health and to do all things possible to stamp out communicable
and contagious diseases, and to ascertain preventable means and remedies
for these diseases, such as cancer, infantile paralysis and others which
heretofore have largely defied the skill of physicians.
We pledge our party to spare no means to lift the apprehension of
diseases from the minds of our people, and to appropriate all moneys
necessary thereto to carry out this pledge.
Flood Control.
Being deeply impressed by the terrible disasters from floods in the
Mississippi Valley during 1927, we heartily endorse the flood control Act
of last May, which recognizes that the flood waters of the Mississippi
River and its tributaries constitute a national problem of the gravest
character and makes provision for their speedy and effective control.
This measure is a continuation and expansion of the policy established
by a Democratic Congress in 1917 in the act of that year for controlling
floods on the Mississippi and Sacramento rivers. It is a great piece of
joined the Department of Agriculture in
agricultural economist, and has been progressively promoted
since then through the various economic activities of the department. As Assistant Chief of the Bureau of Agricultural
Economics, Mr. Olsen has been responsible for the development and co-ordination of research work in the bureau. He
has also had administrative charge of the Division of Agricultural Finance, directing the research and investigational
•
work of that unit.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange membership of Stephen
D. Bayer was posted for transfer this week to Tully 0.
Buckner for $340,000, a decrease of $10,000 from the last
preceding sale.
The New York Cotton Ex- change membership of Oliver
0. Scroggin Jr. was reported sold this week to C. V. Geran
for $35,000, a decrease of $2,500 from the last preceding sale.
James Speyer sailed for Eur- ope on his annual vacation on
June 22.
William C. Redfield, Secretary of Commerce in the Wilson
Administration and now President of the Institute of Social
Services and Vice-President of the Danish-American Corporation, will sail for Europe to-day (Saturday) on the Lloyd Sabaudo liner Conte Grande, accompanied by Mrs. Redfield
and their grandson, William Redfield Drury. Mr. Redfield's tour will include Italy, Switzerland (where he will
observe the workings of the League of Nations at Geneva),
Paris and the battlefields of France, and England and
Scotland. The Redfield party will be abroad until Sept. 8,
when they will sail for New York on a Cunard liner.
Percy H. Johnston, Presid-ent of the Chemical Nationa
Bank of New York, sailed on June 27 on the S. S. Carinthia
for a cruise to the North Cape. Mrs. Percy H. Johnston
and Miss Dorothy Johnston accompanied Mr. Johnston,
and it is expected that they will return about the end of August.
of J. P. Morgan & Co. was on June
Russell C. Leffingwell 27 elected a trustee of the Mutual Life Insurance Co. of
New York to fill the vacancy created by the death of the late
Lewis Iselin. Mr. Leffingwell was formerly Assistant Secretary of the Treasury and was a member of the firm of
Cravath, Henderson, Leffingwell & De Gersdorff.
At a meeting of the directors of the National City Co.
held June 26, Gordon Morier was appointed Assistant VicePresident of the company. Mr. Morier has been Manager
of the London Office for the last four years and for about
five years prior Was manager of the Geneva Office of the
company. He was formerly connected with the Geneva
branch of N. W. Halsey & Co. Mr. Morier was born in
Glasgow, Scotland and is a graduate of the University of
London.
-with Seaboard National Bank
L. E. Weed, Jr., formerly
of New York, has been elected Vice-President of Nassau
National Bank. Mr. Weed who assumes his new duties
immediately was for several years connected with the firm
of A. G.Becker & Co., and then became associated with the
Seaboard National Bank where he was in charge of new
4032
FINANCIAL CHRONICLE
[Vora. 126.
business and advertising. He has been an instructor in
An application to organize the Newton National Bank,
commercial credits and new business development for banks Newton, Mass., with
capital of $200,000 was approved
in Columbia University for several years.
by the Comptroller of the Currency on June 23.
The American Exchange Irving Trust Co. of New York
has selected Marc Eidlitz & Son, Inc. as builders of the new
banking and office building of more than forty stories which
it will erect at No. 1 Wall St. Eidlitz & Son are'builders of
the Bank of New York & Trust Co. which is nearing completion, the Medical Center, the addition to the Stock Exchange
and the New York Telephone Building at 140 West St. It
is expected that the trust company's new building will be
completed early in 1931.
The Guaranty Trust Compa-ny of New York, following negotiations of many months, has concluded a lease which
will provide new quarters for its Paris Office on the corner
of the Place de la Concorde and the Rue Royale. The
Hotel de Colslin occupies the property leased, and as soon
as necessary alterations are completed, probably by March
or April of next year, the Paris branch of the bank, now
located at 1 & 3 Rue des Italiens, will move into the new
quarters. By this move the Guaranty's Paris branch will
be contiguous to the property on the corner of the Avenue
Gabriel and the Rue Boissy d'Anglais which has just been
acquired by Ambassador Herrick, acting for the United
States Government, and in which will be located the Chancery of the Embassy, the Consulate, the Passport Bureau,
and other foreign services of this Government.
Lawrence C. Freer was elec-ted an Assistant Cashier of the
National Park Bank of this city on June 28.
The following changes took place on June 21 in the personnel of the Federal Trust Co. of Philadelphia, following the acquisition of majority control of the company by
the Bankers' Securities Corporation, an affiliated institution of the Bankers' Trust Co. of Philadelphia, according
to the Philadelphia "Ledger" of June 22: Oliver P. Waldron
resigned the Presidency of the institution and was made
Chairman of the Board of Directors; H. F. Richards, formerly a Vice-President, was elected President; A. S. Ruggiero was chosen Treasurer and Assistant Secretary, and
Paul E. McClean was named Assistant Secretary and Assistant Treasurer. Mr. Richards, the new President, was
quoted as saying at the time that resources of the company exceed $7,000,000, that its surplus is $450,000 and that
deposits total more than $6,000,000.
The title of the Farmers' National Bank of Reading, Pa.,
was changed on June 18 to the Farmers' National Bank &
Trust Co. of Reading.
A handsome booklet, one of a series of booklets (No.
14, Vol. I), entitled "The Story of Pittsburgh," prepared
and issued from time to time by the First National Bank
at Pittsburgh, has just been received. The subject of the
present number is "Education" and its purpose is to show
the high position held by Pittsburgh in matters other than
those relating to manufactures, or incidental to the amassing of money. "The mind is cultivated in Pittsburgh, and
the needs of the soul are adequately considered." The
booklet contains numerous pictures of buildings erected in
Pittsburgh for educationa, altruistic and religious purposes, outstanding among these being that of "The Cathedral
of Learning," the beautiful building now under construction by the University of Pittsburgh.
The First National Bank at Pittsburgh, an institution
with resources of approximately $107,000,000, was founded
in 1863. Lawrence E. Sands is President.
The application to organize the Plaza Trust Company of
this city was approved by the State Banking Department.
The new institution will have a capital of $2,000,000 and a
surplus of $1,000,000 and will locate at Fifth Avenue and
Fifty-second Street. The trust company will begin business about Oct. 15. The incorporators of the new institution
are Herbert L. Aldrich, capitalist; Frederick Brown, President Barclay-Arrow Holding Corporation; W. H. Carpenter, President Dexter-Carpenter Coal Company; J. Linfield
Damon, Vice-President United Hotels Company of America;
Aaron V. Frost, Vice-President Black, Starr & Frost; WilA dispatch from Richmon- d, Ind., to the Indianapolis
liam H. Johns, President George Batten Company; Lee W.
"News" on June 23 reported that a consolidation of the
Maxwell, President Crowell Publishing Company; Edward
Union National Bank of that place with the Second NaPlant, President Lehn & Fink Products Company, Joel Rathtional Bank of Richmond had been arranged, the stockbone; Frank J. Stoltz, President Houston Gas Securities
holders of the former having voted to accept the offer of
Company; Herbert Turrell, capitalist; Lazarus White,
$300 a share for their stock (par value $100 a share). The
President Spencer, White & Prentis, Inc. In addition to the
merger will make the total resources of the Second Naforegoing the following will be directors: Richard E. La
tional Bank approximately $7,000,000. George Cates, PresBarre, President, La Barre Realty Corporation; Alexander
ident of the Union National Bank, will become
a ViceMl. Stewart, Chairman James Stewart & Co.; Howard L.
President of the enlarged bank. The building of the Union
Wynegar, President Comraercial Credit Corporation;
E. H. National Bank is Included in the
purchase. The dispatch
Krom, President G. R. Kinney Company; 0. G. Drake,
furthermore stated that transfer of the deposits of the
partner of Moore, Leonard & Lynch; Francis L. Wurzburg,
Union National Bank will take place July 2.
Vice-President Conde Nast Publications, Inc., and Frederick
T. Kelsey of Lewis, Garvin & Kelsey, attorneys.
Lewis B. Williams, ofthe Cleveland brokerage firm of
On June 15 the stockholders of the First National Bank of Hayden, Miller & Co., and Vice-Chairman and Class C diRockville Centre, L. I. approved the recommendation of rector of the Federal Reserve Bank of Cleveland, has been
the directors on April 21 to increase the capital of the institu- elected a trustee of the Western Reserve Academy, pretion from $125,000 to $200,000. The new stock is offered to paratory school for boys at Hudson, Ohio. Mr. Williams
shareholders at $200 a share, par $100. The increased is an alumnus of the Academy from which he was graducapital will become effective on July 16 1928 or as soon ated In 1898. Within the past five years as a result of enthereafter as the approval of the comptroller of the currency dowment aggregating five million dollars, the gift of the
late James W. Ellsworth, father of Lincoln Ellsworth,
is received.
the
explorer, the Academy has been re-organized
as a private
The directors of the Mount
-Kisco National Bank & Trust preparatory school adapted to the
education of boys of
Co., Mount Kisco, N. Y., on June 26 declared the regular over-average intelligence and superior
character. The Acad6% semi-annual dividend, also an extra dividend of 12%, emy was founded 102 years ago, in 1826.
Other members
both payable June 30 to stockholders of record June 26.
of its board of trustees are: Warren Bicknell, LundoffBicknell Co., Cleveland; Harold T. Clark, Squire,
Sanders
The Comptroller of the C-urrency on June 23 approved & Dempsey, Cleveland
; Lincoln Ellsworth, Hudson, Ohio;
the organization of the First National Bank of Bellerose, E. S. Hanson, Central
National Bank, Cleveland; Bernon
N. Y., to be capitalized at $100,000.
S. Prentice, New York City; Franklin P. Reinhold,
WarAn application to organize the First National Bank of ren, Ohio; Richard H. M. Robinson, New York City; Frank
Bolivar, N. Y., with a capital of $100,000 has been made A. Seiberling, Akron, Ohio; John L. Severance, Cleveland,
and W. D. Shills of Hudson, Ohio. Mr. Williams,
to the Comptroller of the Currency.
following his graduation from Western Reserve University, was
National
Metacome
Bank
t
of Fall River, Mass. (capi- for a year financial editor
The
of the Cleveland Plain Dealer.
tal $500,000), and the Massasoit-Pocasset National Bank He is President of the Board
of Trustees of the Cleveland
of the same city (capital $650,000), were placed in volun- Museum of Natural History.
tary liquidation, the former on May 28, and the latter at the
close of business May 28. Both institutions have been abThe following description of the laying of the cornerstone
sorbed by the B. M. C. Durfee Trust Co. of Fall River, as of the new building of the Union Trust Co. of Detroit on
Monday of this week (June 25) has just been received from
indicated in our issue of June 9,!page 3554.
the bank:
• JUNE 30 1928.]
FINANCIAL CHRONICLE
officials of Detroit banks
At a ceremony attended by several hundred
of the Union Trust Co.
and trust companies, Frank W. Blair, President
of the trust company's
of Detroit, cemented in place the cornerstone
magnificent new forty-story building on June 25.
the ceremony and deposMrs Evangeline L. L. Lindberg was a guest at
sealed in the cornerstone an autoited in the copper box which Mr. Blair
pass to t'13 national House of
graphed picture of her famous son and a
of that body.
Representatives issued to her husband when he VMS a member
Charles A. Lindbergh.
The pass also bore the autograph of Colonel
of to-day
Co.
Trust
The box contains a graphic record of the Union
a city directory,
and the times in which it does business. In it were placed
date, photographs
a copy of each of the three Detroit newspapers for that
money, a copy of
of the trust company's two airplanes, ten dollars in new
published recently
each of the outstanding advertisements and booklets
directors, of the
and
officers
the
of
by the Union Trust Co., and a picture
new building, the old Union Trust Building, and the buildings which were
torn down to make way for the ew skyscraper. Other papers in the box
told the history of the Union Trust Co. and of the National B nk of Commerce with which the trust company recently merged. In all, about 1 0
different documents and photographs were placed in the box.
Charles Beecher Warren, former ambassador to Japan and a director of
the Union Trust Co., was the principal speaker at the ceremony, tracing
in his address the history of the company's phenomenal growth. Dean
Herbert L. Johnson of St. Paul's Cathedral offerel a prayer after the stone
was placed.
The new home of the Union Trust Co. will be unique amo g office
buildings because of its color. It is built ofstone and brick in an odd orange
shade and is decorated with vividly colored designs in tile. The tower of the
building rises forty stories to a height of 472 feet. The trust company will
occupy the first fourteen floors and three sub-basements, as well as the
thirty-second floor which is reserved for an employees' dining room, auditorium and recreation. The date of completion is set for April 1 1929.
4033
Coincidentally it was voted to increase the capital of the Central Securities Company to 80,000 from 60,000 shares as at present. This new
stock will be offered to stockholders in the ratio of one new share for
each three held at present at $5 a share. The regular quarterly dividend
was
of 50 cents a share on the Central Securities Company stock also
declared.
The Straus National Bank & Trust Co. of Chicago (reference to which was made in our issue of June 23, page 3882)
opened for business on June 27 in quarters on the second
floor of the Straus Building on Michigan Ave. The new
bank, as noted in our previous item, will take over substantially all the business of the Straus Trust Co., organized in
1924. It starts with a capital of $1,000,000, surplus of $250,000 and a special reserve fund for contingencies of $50,000,
making total initial resources of $1,300,000. S. W. Straus,
President of S. W. Straus & Co., is President, the other officers being S. J. T. Straus, Vice-President; John H. Krafft,
Vice-President and Cashier; J1. R. Frazer, Vice-President
and Executive Trust Officer, and N. H. Oglesbee, Comptroller.
Effective June 25, the Farmers State Bank of Sheffield,
Ill., assumed the assets and liabilities of the Community
State Bank of that place, according to a press dispatch from
Kewanee, Ill., on June 22, printed in the St. Louis "GlobeDemocrat" of the following day. The Farniers' State Bank
in Bureau County,
The entrance of S. W. Straus and associates in the com- is one of the oldest chartered institutions
in 1906. George
d
establishe
been
having
said,
dispatch
Straus
the
the
when
27
mercial banking field took place June
.
institution
the
heads
Boyden
doors
W.
National Bank & Trust Co. of Chicago opened its
for business. The new bank occupies banking quarters on
The Merchants & Farmers State Bank at 1454 Green Bay
the second floor of the Straus Building. The charter for Avenue, Milwaukee, an outlying institution with resources
the new institution was granted by the Comptroller of of $4,000,000, has passed to the control of the Second Ward
Currency on June 20. This makes another downtown Savings Bank group of Milwaukee. According to the Milnational bank in Chicago, Which, as organized under the waukee "Sentinel" of June 20, announcement of the affiliMcFadden banking act, will also enter the trust company ation of the institution with the Second Ward Bank was
field, taking over substantially all the business of the Straus made on June 19 by John R. Stewart, Assistant Cashier,
Trust Co. organized in 1924. C. W. Straus, the President and Russell Jackson, counsel of the latter bank. The acof S. W. Straus & Co., will also be President of the Straus quired bank, it was stated, will be operated by its present
National Bank & Trust Co. of Chicago. Other officers of management, comprising G. G. Fischer, President; Alfred
the new bank, which opened for business the first time this W. Fuchs, Vice-President; Armin W. Grunewald, Cashier,
week, are S. J. T. Straus, Vice-President; John H. Krafft, and Ray G. Janzer, Assistant Cashier. The Second Ward
Vice-President and Cashier; J. R. Frazer, Vice-President Savings Bank with its branches and affiliated institutions,
and executive Trust Officer, and N.H.Oglesbee, Controller. the paper mentioned said, now has resources exceeding $50,The new bank,as indicated in our issue of June 23,page 3882 000,000. It was established in 1855 and has been under the
has $1,000,000 capital stock, $250,000 surplus and $50,000 direction of the Uihlein family for two generations, The
as a special reserve for contingencies, making total initial Merchants & Farmers State Bank was founded in 1909.
$1,300,000. The directors will be as announced for pur- As noted in our issue of June 23, page 3882, announcement
poses of organization—S. W.Straus, S. J. T. Straus, A. W. of the affiliation of the Mid-West State Bank of WauwaStraus, S. H. Kahn, M. L. Straus and H. N. Gottlieb. tosa (Milwaukee County) was made on June 18.
"Chicago's phenomenal growth as an industrial and commercial center," said S. W. Straus, founder and President
Announcement of the absorption of the State Bank of
of the new bank, "is one important reason for the opening Oskaloosa, Oskaloosa, Kan., by the Jefferson County Bank
of this institution. There is no national bank in the im- of that place, was made on June 18 from the office of Roy
mediate vicinity of the Straus Building, making a situation L. Bone, State Bank Commissioner, according to the Towhich has for some time demanded a complete financial peka "Capital" of June 19, which stated that the consoliinstitution in that locality." Mr. Straus went on to say:
dated bank has total resoures of $446,000 deposits of $407,Chicago is becoming the financial hub of the United States and as such
bespeaks an unusual opportunity for sound banking institutions. The
growth of the city in population and commercial importance makes a constantly increasing banking opportunity.
The founding of S. W. Straus & Co. in Chicago in 1882 and the growth
a
of the company into a national institution make it a natural step to
complete commercial, trust and savings bank unit. The Straus Building,
coma
that
so
designed
with its commodious banking floor, was originally
to
mercial bank could be put into operation. Thus, it Is possible for us
one week
open the Straus National Bank & Trust Co. of Chicago only
after the charter was granted by the Comptroller of Currency.
Increase in the capitalization of the Central Trust Comand
pany of Illinois, Chicago, from $6,000,000 to $8,000,000
rs
the offering of stock purchase rights to present stockholde
ac,
the
of
institution
directors
the
by
have been approved
cording to the Chicago "Journal of Commerce" of June 27.
At the same meeting, the regular quarterly dividend of 3%
was also declared. An official statement issued in connection with the capital increase states that the new funds
were necessary "owing to the rapid growth of the business
of the Central Trust Company." The right to purchase the
new stock (20,000 shares, par value $100 a share) provides
that one new share may be purchased for each three now
held at the price of $200 a share, the additional capital received from the sale of the new stock at $200 a share to
be divided equally between capital and surplus, or $2,000,000
said:
to each account. Continuing, the Chicago paper
around $500 a share on Central
At yesterday's (June 26) closing prices
the additional stock are
Trust Company stock, the rights to purchase
outcome of the special stockthe
valued at about $75 a share. Pending
the Issuance of the
holders' meeting to be held on July 81 to authorize
the rights are exeradditional shares, no date will be set on which
cisable.
000 and combined capital and surplus of $30,000. W. E.
Huddleston (former President of the State Bank of Oskaloosa, it is understood) heads the enlarged bank, while T.
A. Huddleston (heretofore Cashier of the State Bank of
Oskaloosa) is Cashier.
Adviees by the Associated Press from Memphis, Tenn.,
yesterday (June 29), appearing in the New York "Evening
Post" reported that the Liberty Savings Bank & Trust Co.
of Memphis closed its doors the previous day (June 28) and
was turned over to the State Banking Department, following a slow "run" on the institution during the day that
drained $200,000 from its vaults. Phil M. Canale, attorney
for the bank, was quoted as saying that "frozen" assets
forced the closing of the institution. The bank's deposits
were given as approximately $3,000,000 and its loans at
32,700,000.
That the Himler State Bank at Himlerville, Ky., a picturesque Hungarian colony in the Martin County mountains,
has closed its doors and placed its affairs in the hands of
H. H. Shanks, Deputy State Banking Commissioner, for
liquidation, was reported in a dispatch from Ashland, Ky.,
on June 24, to the New York "Tim,es," which went on to
say:
Conditions in the coal mining industry on which the town was dePendent were blamed for the closing of the bank, which was co-operative
and had capital stock of $25,000, surplus of $6,000 and deposits of $80,.
000. With the closing of the little institution fades the dream of a great
American colony long held by Martin Ilimkr, President of the bank. He
was founder and patriarch of the village, which had grown to a nopulas
4034
FINANCIAL CHRONICLE
tion of 2,000. The head of virtually every family is a Hungarian native,
having emigrated largely through Himlees efforts.
126,
Split-up of the stock on a 4-for-1 basis, giving shareholde
rs the right
to subscribe for new stock on a share-for-share
basis at $35 per share, was
also announced by Mr. Morrisey. Rights will
be listed and called for trading on the Los Angeles Stock Exchange on
or about the 20th inst., he said.
A proposed union of the Marine Bank & Trust Co. of
New Orleans with the Canal Bank & Trust Co. of that city,
under the name of the latter, was announced on June 23
We are advised by the Los Angeles-First National Trust
by the respective Presidents of the institutions, according & Savings Bank of Los Angeles
that the following changes
to the New Orleans "Times-Picayune" of the following day. were made in the personne
l of the institution at a meeting
James P. Butler will continue as President of the enlarged of the directors last
week:
Canal Bank & Trust Co., while L. M. Pool, President of the
Lloyd C. Cosper as Oak Knoll Vice-Presi
dent and Manager, and as a
Marine Bank & Trust Co., will be Executive Vice-President. member of the Executive Board, Oak Knoll Branch, Pasadena.
L. B. Brooks as an assistant manager.
Mr. Butler's statement in regard to the proposed consoliHoward P. Meyer as a member of the Executive
Board, El Centro.
dation, as given in the "Times-Picayune," follows:
W. Sandercock, Fred H. Johnson and Wm.
H. Hollister, as members of
"An agreement has been periected between the officers and boards of
directors of Canal Bank and Trust Company and the Marine Bank and
Trust Company whereby these two powerful financial institutions of
New Orleans are united upen terms satisfactory to both. The details of
the arrangements are being put into legal form and the plan will be
submitted to the stockholders of both banks for approval.
"The plan of combination is in harmony with modern banking conditions demanding the massing of resources to meet, by combination
of effort and concentration of service, the constantly growing demands
of business.
"The figures of the combined institution will show resources and deposits far in excess of anything heretofore put forth by any Southern institution and we are sure will create an institution of which the city of
New Orleans may be justly proud.
"The affairs of the institution will be administered by the existing staff
of the Canal Bank, fortified by Mr. L. M. Pool, who becomes one of the
Important executives and a director of the new institution, and by other
outstanding members of his official family."
the Executive Board, San Luis Obispo Branch.
H. A. Stern as a member of the Executive
Board, Culver City Branch.
Allen E. Rogers as a member of the
Executive Board, Santa Barbara
Branch.
Authorized to sign for manager, Roy E.
Mote, Larchmont Boulevard
Branch, Los Angeles, and L. W. Couture,
Washington & Vermont Branch,
Los Angeles.
The transfer of Charles P. Ross, Branch
Vice
Pershing Square Branch, Los Angeles, to the -President and Manager,
Head Office, and of P. D. Dodds, Branch Branch Loan Department,
Vice-President, from that
department to the Pershing Square Branch, was
also announced.
The Board of Directors of Barclays Bank,
London (Dominion, Colonian and Overseas), have
declared Interim
Dividends for the half-year ended March
31 1928 at the
rate of 8% per annum on the Cumulative
Preferen
ce Shares
Mr. Pool also issued a statement which read, in part, as and at the rate of 3%% per annum on the "A" and "B"
Shares,
subejct
to
deduction of Income Tax at the rate
follows:
of
"After mature consideration, our directors, including myself, have unani- 35. 1Y2d. in the £ in respect of the Cumulative
Preference
mously concluded that it was to the best interest of all of our share- Shares and 3s. 5Vid. In the in
respect of the "A" and "B"
holders to merge the business of this institution with that of the Canal Shares, payable
on July 19 1928.
Bank and Trust Company, the oldest and largest banking institution
in
this city, and in the South.
"By consolidating with the Canal Bank and Trust Company, the overhead of both institutions will be materially decreased, and the net earnings substantially increased. Thus, we have every reason to believe that
the stock of the Canal Bank and Trust Company, which nur shareholders
will receive in lieu of their stock in the Marine Bank and Trust Company, will materially increase value within a reasonable time.
THE WEEK ON THE NEW YORK STOCK
EXCHANGE.
Quiet and irregular price movements
trading on the New York Stock Exchang characterized tbe
e during the forepart of the present week, but the tone
improved on Tuesday
and
Marine
The
thereafter prices gradually worked
Bank & Trust Co., the paper mentioned says,
upward. Specuhas 20,000 shares of $100 par value stock outstanding and lative activity has drifted toward the copper
stocks and railthe Canal Bank has 47,500 shares of the same par value. road issues, though for the most part the
trading has been
On Jan. 1 last the Marine Bank showed a capital and sur- without noteworthy feature. The Federal
Reserve Bank's
plus of $3,285,573, with deposits of $27,000,000. The Canal weekly report issued after the close of the
market on ThursBank on the same day showed a capital and surplus of day showed a further reduction of $110,326
,000 in brokers'
loans, bringing the three weeks' cut to
$8,117,189 and deposits of $77,500,000.
$403,976,000. The
market generally drifted downward
during the two-hour
A new organization—the Marine Banking & Trust Co.— session on
Saturday, most of the speculative
leaders showing
has been chartered by the State of Texas to succeed the declines
ranging from one to six points the
first hour. There
Marine Bank & Trust Co. of Houston, according to the was a
partial rally in the final hour, but
this was not mainHouston "Post" of June 24. The new concern, which will tained and
the market again turned very
dull. Motor
do a general commercial banking and trust company busi- stocks were in
active demand, Chrysler moving
ness, will have a combined capital and surplus of $500,000 points to
forward 134
6934, while Pierce Arrow preferred
jumped forcash. It will occupy the quarters of the old bank in the ward seven
points to a new top at 623.
Laclede Gas was
Marine Bank Building at San Jacinto and Texas Avenues. one of
the outstanding features and bounded
upward about
With the exception of Will F. Miller, who succeeded the late 30 points
to 25034, as compared with a low
of 207 earlier
Denton W. Cooley as President of the institution a few in the
week.
United
States Steel common dipped
weeks ago, all officers of the former Marine Bank & Trust
close
Co. will be retained. These are: Herman H. Gieseke, Stuart to the low level of the year, and Radio Corporation was down
A. Giraud, and A. W. Wilkerson (and Cashier) V.-Presidents. over four points to 170. Wright Aeroplane was
off about
three points and Curtiss closed at 95 with a
Effective Feb. 20 1928 the American Exchange National
loss of 134 points.
Some of the specialties like American Tobacco
Bank of Commerce, Pittsburgh, Kan., went into voluntary
"B," Tobacco
Products "A" and Indian Refining
pref. were in strong
liquidation. The institution, which was capitalized at
demand at improving prices. The
market continued its
$200,000, was taken over by the National Bank of Pittsdownward drift on Monday and stocks
shifted back and
burg.
forth within a narrow range. Tobacco
-4--stocks were again
N. I. Busch, Manager, Jefferson & Arlington Branch, moderately strong, Tobacco Products advancing more than
Los Angeles-First National Trust & Savings Bank, has been five points and crossing 108, followed by American Tobacco
elected a delegate to the International Convention of Lions with a net gain of two points. The bright spot in the railClubs, to be held in DesMoines, Iowa, July 10-13, by the road group was Texas & Pacific which reached a new peak
University Lions Club of Los Angeles. Mr. Busch has also at 154 and closed with a gain of over 11 points at 153.
Missouri Pacific common gained 234 points and
been re-elected Secretary and Treasurer of his club.
closed at 5934
and the preferred moved forward about two
points. Rubber
A new subsidiary to be known as the Citizens' National stocks continued under pressure
, United States Rubber
Mortgage Co. has been organized by the Citizens' National common breaking to below
30—the lowest price since 1924—
Bank of Los Angeles, according to a dispatch from that city and the preferred dipping to
58/
58—the lowest level in 20
on June 28 to the "Wall Street Journal." The new com- years.
pany will be capitalized at $250,000 and will have the same
On Tuesday the market turned upward under
the guidance
officers and directors as the bank. It is expected to be of high-grade railroad shares.
Texas & Pacific pushed forfinanced through the other subsidiary of the bank, the ward
to
the
highest level in its history. Del. & Hudson
Citizens National Co., and will be owned by the bank's
also as an outstanding favorite and sold up
stockholders, it is said. J. Dabney Day is President.
to 198, as
compared with its previous close at 185. Copper
stocks
Ratification of the proposed increase in the capital of also attracte consider
able speculative attention, following
d
the Pacific National Bank of Los Angeles together with the the announcement that Anacond
a had been placed on a
reduction of the par value of its shares from $100 to $25 $4 dividend basis, as compare
d
with
its previous dividend
a share, was announced by Thomas A. Morrisey, President at $3. The strong stocks were
Cerro de Pasco, Chili,
followin
instituti
the
special
g
on,
of the
meeting of the Greene-Cananea and Kennecott.
Montgomery Ward was
stockholders on June 18, according to the Los Angeles a conspicuous feature
of the merchandising stocks and ad"Times" of June 19, which went on to say:
vanced 33
% points to 14734. Allied Chemical & Dye ad-
4035
FINANCIAL CHRONICLE
JUNK 30 1928.]
4,since then it
vanced two points to 1723/2; American Can moved forward one sale for seven days delivery made at 998
close being at
the
1263/2
to-day,
reaching
steadily
recovered
as
such
two points, and numerous speculative favorites
Amer.
General Motors, Radio Corporation and Wright Aeroplane 12334. Aluminum Co. advanced from 135 to 1493/2.
the
at
and
sold
98
to
points
11
gained
corn.
Mill
Rolling
adagain
Prices
points.
scored advances from two to six
Automobile imvanced on Wednesday, many stocks rising from two to four close to-day at 92, ex-dividend. Auburn
the final transaction
points under an increased volume of business. United proved from 1073,g to 1163/2 with
from 723/2 reached
Brass
&
Aluminum
Bohn
115.
at
to-day
States Steel common led the upward swing, with an advance
Cab Mfg. corn.
Checker
75.
to
finally
reacted
but
76,
points
two
advanced
Electric
General
1373/2;
to
points
of 23'
to 34, the close
29
from
up
selling
feature
active
an
was
s.
/
86
two
to
points
up
was
3
%, and American Can
to 1483
Loading, class B corn.
General Motors bounded forward nearly five points to to-day being at 33. Evans Auto
5
%
and ends
1793/8. Copper shares were again strong, American Smelt- after early loss from 78% to 77 moved up to 91,
strong
and
active
was
Theatres
Fox
.
%
883
at
week
the
2, followed by Kennecott which sold up
ing closing at 1923/
Electo 9034 and closed with a gain of 1% points at89%. Greene- advancing from 22% to 257. Utilities were higher.
to
1003(
from
first
at
off
eased
Securities
Share
&
Bond
tric
Arizona
&
Calumet
Cananea advanced about five points and
Among
gained over two points. Railroad stocks continued in the 983, ran up to 1033/2 and closed to-day at 10334.
55 to
forefront, Texas & Pacific making a further advance to 155. oil shares Galena-Signal Oil new pref. jumped from
up
sold
prof.
old
The
813/2.
at
being
to-day
close
Prices worked gradually higher on Thursday, though here 85, the
4finally. Gulf Oil Corp. rose from
and there throughout the list were a number of fairly active from 60 to 86 and at 823
7 , and finished to-day at 1253/2. Noranda,
stocks that remained practically unchanged from the pre- 1193/2 to 125%
final
ceding close. General Motors was the leader of the advance Mines was a feature advancing from 363/2 to 47, the
being
at
to-day
463/2•
transaction
CorRadio
points.
5
and sold up to 1863/2, a gain of 6%
A complete record of Curb Market transactions for the
poration was in strong demand at improving prices. American International advanced 53/2 points and closed at 100. week will be found on page 4067.
The spectacular feature of the day was the violent advance
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
of Case Threshing Machine of 41 points to 349. Copper
BONDS (Par Value).
*STOCKS (No. Shares).
stocks were moderately strong, Anaconda gaining 134
Week Ended
Foreign
&
/tutus.
29.
June
points to 693, and American Smelting reaching its final
Oa.
Mining. Total.* Domestic. Government.
Miscell.
with a net gain of 23( points to 1948
4. Atlantic Refining Saturday
1420.000
39,900 280,300 $1,120,000
23,660
216,740
680.000
84,460 366,415 1.521,000
55,660
223,295
was the strong feature of the oil shares and Montgomery Monday
682.000
1,531,000
71,040 102,220 390,345
217,085
Tuesday
705.000
Ward led the upswung in the merchandising group. Public Wednesday
61,930 124,850 511,240 1,824.000
324,460
617,000
1,572.000
452,955
59,350 136,950
256,655
utilities were higher and advances ranging from one to two Thursday
520,000
57,960 170.900 515,401 2,056.000
286.541
Friday
points were recorded by American Power & Light, Con- Total
1,524,776 329.600 662,280 2,516.656 $9,624,000 83,624,000
solidated Gas and Brooklyn-Manhattan transit. Railroad
* In addition, rights were sold as follows: Saturday, 2,100; Monday,6,000: Tuesissues were quiet and moderately higher, Del. & Hud. mov- day. 10,000; Wednesday, 5,700; Thursday, 7.800; Friday, 5,400.
ing briskly upward from its low of the previous day. Interest
centered largely around the so-called speculative favorites
COURSE OF BAN CLEARINGS.
on Friday, most of the early buying being concentrated
Bank clearings the present week show only a small increase
on stocks like Allied Chemical & Dye, General Electric, but this is due to the fact that last year the end of the month
Montgomery Ward and International Combustion. Copper and the first of the month payments fell in this week, while
stocks continued in good demand and substantial gains
the present year the bulk of these payments will appear in
were recorded by Cerro de Pasco, Greene-Cananea and next week's clearings. Preliminary figures compiled by us,
American Smelting & Refining. Independent motors were based Upon telegraphic advices from the chief cities of the
active and the best advances were recorded by Hudson,
country,indicate that for the week ending to-day (Saturday,
Hupp, Chrysler and Nash. An advance in call money to
June 30)bank exchanges for all the cities of the United States
8% checked the upward movement and toward the end the from which it is possible to obtain weekly returns will be
market was generally weak.
1.8% larger than for the corresponding week last year. The
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
total stands at $10,881,150,441, against $10,648,029,522 for
DAILY, WEEKLY AND YEARLY.
the same week in 1927. At this centre, there is a loss for
United
the five days ending Friday of 0.1%. Our comparative
State.
Railroad.
Stocks,
States
Municipal et
Week Ended June 29.
Number of
etc..
for the week follows:
summary
Bonds.
Foreign Bones.
Shares,
Bonds.
Saturday
Monday
Tuesday.
Wednesday
Thursday
Friday
667.260
1,054,460
1,460,490
2,004,760
1,781,230
2,426.200
$2,851,000
4,589,000
7,156,000
6,128,000
6,281,000
7,282,000
$1,460,000
2,681,090
2.219,000
2,752,000
2,628,000
1,910,000
8146,0GC
730,000
2,927,000
779.000
617,000
720,000
Total
9.304.400
224 2R7 000
813.650.000
85.919.000
Sales at
New York Stoat
Exchange.
Week Ended June 29.
1927.
1928.
Stocks, No. of shares _
Bonds.
Government bonds__
State and foreign bonds
Railroad dr misc. bonds
Jan. Ito June 29.
1927.
1928.
9.349,400
10,271.301
905,080,848
309,324,131
$5,919,000
13,650.000
34,287.000
$5,439,850
10,371,500
34,113,000
$100,829,750
440.040,765
1,388.023,525
8194,870,300
492,471,400
1,310,164.050
$53,856,000 $49,924,350 $1,928,894,040 $1,997,505,750
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
PhikulelPhin-
Boston.
Week Ended
June 29 1928.
Baltimore.
Shares. Bond Sales. Shores. Borst1Sales. Shares. Bond Sates.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*11,488
*16,187
*20,121
*23,270
*25,032
30,756
$8,000
8,650
21,000
3,000
51,000
19,000
0.0,680
a14,157
a25,114
a24,181
a23,938
a17,767
$16,000
23,480
36,000
31,200
5,500
16,000
1,417
3,057
3,505
1,890
2.485
1,164
Total
126,850
8110.650
115.837
$128,180
13,518
$93,100
140 510
5105 eon
109 540
3167.100
16.923
3122.400
Prey. week,revised
$15,000
16,000
29,500
11.600
7,000
14,000
* In addition, sales of rights were: Saturday, 3.389: Monday, 5,787; Tuesday.
9,914; Wednesday, 5.762; Thursday, 3,821.
a In addition, sales of rights were • Saturday. 1,500: Monday, 6,100; Tuesday'
6,500; Wednesday, 6,700; Thursday, 5,800.
THE CURB MARKET.
Prices in the Curb Market this week became firmer
despite the advance in the call money rate to 8%. Trading
however was very dull with the volume of business falling
off considerably. Bancitaly Corporation continues a feature, the stock dropping at the opening from 105 to 100 with
1928.
1927.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kan9as City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5.427,000,000
529,116,346
442,000,000
355,000,000
105,365,253
116,100,000
166,525,000
157,479,000
148.707,036
166,929,913
107.381,509
*90,000,000
51,003,939
$5,430,000,000
593,730,661
450,000,000
449,000,000
121,647.073
119,800,000
162,869.000
147.723,000
165,635,036
137,587,430
104,473,915
94,401,412
47,835,709
-0.1
-10:g
-1.8
-20.9
-13.4
-3.1
+2.2
+6.6
-10.2
+21.3
+2.8
-4.7
+6.6
Thirteen cities, 5 days
Other cities, 5 days
$7,862,607,996
1,038,350,705
88,024.703,236
1,027,333,720
-2.0
+1.1
Total all cities, 6 days
All cities, 1 day
$8.900,958,701
1,980,191,740
89,052,036,956
1,595,992,566
-1.7
+24.1
RR1.Inn 441 310.648.029.522
+1.8
Clearings-Returns by Telegraph.
Week Ended June 30.
Pntsal all oltloa Inr ainrwk
$10
*Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We canna
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 23. For
that week there is an increase of 22.2%, the 1928 aggregate
of clearings for the whole country being $11,779,864,229,
against $9,636,042,028 in the same week of 1927. Outside
of this city the clearings show an increase of only 9.6%, the
bank exchanges at this centre recording a gain of 31.7%.
We group the cities now according to the Federal Reserve
appears
districts in which they are located and from this it
that in the New York Reserve District (including this city)
there is an expansion of 31.4% and in the Philadelphia Re-
1
4036
FINANCIAL CHRONICLE
serve District of 22.0%, but in the Boston Reserve District
there is a decrease of 10.9%. In the Cleveland Reserve District the totals are larger by 5.3%,in the Richmond Reserve
District by 1.6% and in the Atlanta Reserve District by
only 0.6%,though this latter increase remains notwithstanding the losses at the Florida points, Miami showing a decrease
of 25.9% and Jacksonville of 4.3%. The Chicago Reserve
District shows an improvement of 14.4%, the St. Louis Reserve District of 4.0% and the Minneapolis Reserve District
of 17.0%. In the Kansas City Reserve District the clearings register an increase of 4.8%, in the Dallas Reserve District of 12.1% and in the San Francisco Reserve District
of 31.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. June 23 1928
1928.
Federal Reserve Dias.
S
las Boston _ ..--12 cities
506,274,330
2nd New York_11 "
7,399,701,589
3rd Phila4lelphial0 "
692,791,031
611 Clevelamd__ S "
441,909,202
s6. Richmond _ 6 "
189,085,172
Oth Atlanta_ _-_13 "
187,467,813
Chicago_
768
_ _20 "
1,032,835,983
lith St. Louis__ 8 "
218,370,196
Pth Minneapolis 7 "
126,272,310
10th Kansas City12 "
237,973,050
1158 Dallas
5 "
71,913,693
llith San Fran-17 "
675,269,e60
1927.
Inc.or
Dec.
1926.
3
%
3
568,136,502 -10.9
598,297,190
5,629,400,804 +31.4 5,331,324,374
567,935,725 +220
605,731,707
419,506,139 +5.3
396,562,363
186,189,194 +1.6
393,332,332
176,560,423 +0.6
193,121,255
946,051,889 +14.4
907,616,617
227,551,320 +4.0
208,400,062
107,969,667 +17.0
118,430,339
227,002,838 +4.8
230,178,763
64,177,306 +12.1
64,079,020
515,560,221 +31.0
517,934,846
1925.
$
460,356,436
5,189,888,236
620,758,449
391,475,219
199,296,236
205,306,692
917,463,447
196,748,702
115,141,269
219,487,647
58,050,031
472,920,344
Uot. 126.
Week Ending June 23.
Clearings
1928.
Inc. or
Dec.
1927.
1926.
$
$
$
%
Seventh F xler al Reserve D istrict-Chi cagoMich.-Adri
284,882
249,588
+14.1
211,939
Ann Arbor_ -- 773,079
1,008,050 -23.3
927.428
Detroit. _ _
223,421,591 181,060,244 +23.4 179,088,778
Grand Rapldn-_
8.585,958
7,541,538 +15.2
7,223,524
Lansing_ _ _ - - _
3,828,851
2.672,419 +35.7
2,250,975
Ind.-Ft.Wa rise
3,889,713
2,501,730 +54.7
2,940,444
Indianapolli1 __
22,908,000
21,122,600 +8.5
22,905.000
South Bend
2,916,189
3,719,300 +21.7
3,438,000
Terre Haut
4.703.978
4,354,082 +7.8
4,807.895
Milwaukee
40,589,148
39,718.257 +2.1
38,890.080
Iowa-Ced. tap.
2,738,505
2,828.839 +4.2
2,500,752
Des Moines
9.818,514
8,857.206
+8.8
9,434.387
Sioux City.
8.888,039
5,330,250 +25.5
6.041,762
Waterloo_ _
1.360,748
1.052,140 +29.1
1,206,257
a._
1,597,752
1,496,564 +8.8
1.466,003
Chicago_ _ 885,020.024 652,304,565 +5.0 813,717,
018
Decatur_ _ 1,239,434
1,138,055 +8.9
1,300,594
Peoria
4,931,200
4,574.325 +7.8
4,540.391
Rockford_ _ _ _ _
5.218,892
2,622,274 +99.0
2,358,523
Springfield.
2,883,708
2,091,885 +27.3
2.568.879
Total(20 citles) 1.032,835.983 948,051.8
89 + 14.4 907,616,617
Eighth Federa I Reserve Din trict-St.Lo tas.-EvansvlIlle
8.923,240
7,924.118
5.716,739
Mo.-St.Louls.._ 145,600,000 153,800,000 +12.6
+5.3 138,500,000
Ky.-Loulsvi le _
34,551,738
33,230,963 +4.0
33,493.25
5
Owensboro_
320,922
248.778 +29.0
243,645
Tenn.-M'phls..
17,804,880
18,711,985 -5.9
18,368,25
2
Ark.-LIttle 'k_
11,737,519
11,865,733 -1.1
12,240,878
Ill.-JacksonvIlle
339,249
345,850 -1.9
409,818
Quincy_ _ _ _
1,292.850
1.423,893 -9.2
1,430,075
1925.
$
212,343
772,512
187,789,228
7,222,933
2,785,189
2,558.208
15,182,000
2.935,000
5,927,399
36.057,424
2,280,635
9.571.366
6,490,824
1.085.713
1.395,225
644.485,985
1.439.400
4,368,270
2,511.982
2.430,811
917.483.447
5,549,780
132,400,000
31,313,122
287,339
15,151,572
10.448,038
354,700
1,264,171
.atzeD
wo.www
coa.44
0wOmmont000l.4.1.14,.Bo*awo.o.qo-40
ococio.,wcato
=oovw
...-o
wcwo.to-.1om
00-400,
4=*.00D
wwwo
b..%0-4
,0a4coSco
w..000w
v00ls.4
.
0....0:47..Ww0-4:4W1.11410Cok7=ieb,
.:0000l0
oaos•0ulo.a.000
00mbacewoc
00ce
1
.2MCi0.
‘0.00.M.400.64.t.0
.
..V._LNm.VN.LMMON.1
+ 4++++-+++++-+++++1
Total(8 eiti s)_ 218.370,198 227,551.320
-4.0 208,400,062 196,748,702
Ninth Fed .ral Reserve Ms act-Minn caponsMinn.-Duluth..
7,439,524
8,843,782 +8.7
7.418,087
7,169,887
Minneapolis
80,421,079
88,789.977 + 16.9
Total
129 cities 11,779,864,229 9,636,042,028 +22.2 9,313,008,8
74,055,551
73,767,557
St.
68
31,163,040
25,981,617 + 19.9
Outside N.Y.City
4,522,455,308 4,127,396,728 +9.6 4,114,728,851 9,046,892,698 N.D.Paul_ _ _
30,525,6
30
28,811,9
05
3,968,376,408
-Fargo.-1,916,033
1,728,440 + 10.8
1,688,809
1,275,833
S.D.-Abercles n.
rlskaaaR
1,215,388
31 eitlas
1,028,150 +18.2
482 247 981
102170 175 4-295
1,557,321
1911 765 711
1,215,058
970 071 88, Mont.-Billt S9 685,248
509,701 +14.8
437,772
474,746
Helena_ _ _ _
3,532,000
3,088,000 +14.4
2,747.189
2,425,285
We now add our detailed statement, showing last week's
Total (7 eitles) 126,272,310 107.969,68
7 +17.0 118,430,339 115,141,289
figures for each city separately, for the four years:
Tenth Fed ral Reserve District-Kansas
City Neb.-Fremo X _
357,914
374.093 -4.3
283,912
441.046
Hastings
441,288
Week Ending June 23.
317,409 +3.9
421,019
486,224
Clearings alLincoln_ _
4,380.724
4.259,418 +2.8
4,074,490
3,900,543
Omaha_ _ _ _
44.585,284
39.289,328 +13.5
Inc.or
38,587,015
39,853.762
Kan.-Topek
1928.
4,771,880
1927.
Dec.
3,900,790 +22.3
1926.
1925.
3,907,959
3,827,847
Wichita_
9,664,985
8,188,775
9,889,229
8.459,894
Mo.-Kan. CI _ 135,491,505 134,294,72 +18.3
3 +0.8 137,875.784 130,745.734
First Federal Reserve Dist riot.- Bosto n.St. Joseph
8,382,287
d6,591,444 -3.2
6,475,220
7,099,195
Maine-Bangor _
Oklahoma icy
693.585
29,223,900
755,735 -21.5
27.708,073 +5.5
729,383
578,590 Colo.-Col. B
28.877,947
22,877,094
Portland
3.785,397
gs.
1,282.535
3,373,687 +12.2
3.435,831
981.190 +31.3
2.721.088
1,023.885
1,179,147
Mass.-Boston- 448,000.000 518,000,000 -13.5 487,000,000
Denver_ _ _ _ .__
a
a
a
410.000,000
a
a
Fall River
Pueblo
1.449,985
1,411,008
1,872.774 -22.6
1,141,595 +23.8
1,833,988
2,099,022
982,523
1.018,381
Lowell
1.141.737
1,227.934 -7.0
1.084.124
1,140,908
New Bedford- _
Total(12 citles) 237.973,050 227.002.8
1,087,474
9,944,131 +13.1
1,534,120
38
+4.8
1.201.448
230,178,763 219.487,847
Springfield_ -.
5,252,933
4,888.811 +12.3
5,546,066
5,980.443
Eleventh F
Worcester
rat Reserve District-Da Iles-3,599,809
3,813,311 -0.4
3,488,890
3.211,481 Texas-Austin de
Conn.-Hartford
__
1,731.485
16,174,530
13,905.209 +37.3
1,088.880
13.068,273
+59.3
14.477,575
1.601.871
1,438,551
Dallas
New Haven_8,250,107
48,328,824
7.272,483 +13.8
42.828.735 +12.8
8,425,582
8.835,418
39,529,080
37,304,898
R.I.-Providence
Fort Worth _ _
16,211.410
12,559.170
11,781,900 +37.8
9,309.002 +34.8 M.685.457
11,880,800
11,844,300
9,013.883
N.11.-Manche'r
Galvesto
_
n
4,338,00
.727,583
0
702,547 +3.8
8,777,00
732,575
0 -35.0
688,179 La.-Shrevepo
7.042,000
6,514,000
4,958,205
rt.
4,177.309 + 18.7
4,220,812
3.778,719
Total(12 cities) 506,274,330 508,135,502 -10.9 538,297,
190 480,358,428
Total(5 eft! 0_
71.913,893
64,177,308
84,079,020
58.050,031
Second Feder al Reserve D 'strict.-Ne w York
N.Y.-Albany-Twelfth F ler al Reserve D strict-San
8.238,887
4.807.749 +29.7
5,073,980
Irmo5,282,808 Wash.-Seattle,.._
Binghamton -1.079.735
50,328,2
98
1,033.741
44,183,388
974,100
+4.5
1,009,800
42,933,027
39,784,384
Buffalo
Spokane_ _ 54,182,073
13,780,000
51,543,908 +5.0
12,244.000
58,336,772
48,200,338
11,708,000
10,325,000
Elmira
Yakima_
1,041.531
1,431,549
1,380.798 -24.8
1,018.082
-.
1.028,948
883,248
1,283.880
1,146,097
Jamestown
Ore.
-Portlan
1,189.543
38,773,694
d
1,298,137 -8.2
34,873,945
1,441.980
1.357,398 Utah-B. L. C
37,800,557
38,331.109
New York ......._ 7,257,408,921 5,508.845,240 +31.7 5,198,280,017
18,280,54
lty
9
17,328,51
7
5,078.518,290 Calif
17,283,99
18,040,5
2
93
Rochester
13,481,144
.-Fresn
o
3,845,833
13,215,854 +2.0
2,933,708
12,044.472
13,205.898
3,477,251
2,582,533
Syracuse
Long Beach._ 6,808.580
8.475,737
5.405.374 +7.5
8.492,819
5.845,504
6,193,933
8.125,209
8,024,529
Conn.-Stamford
Los
5,554,981
Angeles
__
236,164,
4.870.813 +14.0
000
187,594,0
4.417.428
00
5,855,151
168,708,000 145,090,000
N.J.-Montclair
Oakland....
1.034.743
20.401,015
708,897 +45.4
18,538,322
658,899
512,937
19,099,000
Northern N J_
18.888,188
Pasadena.,,52,883,891
38,494.493 +44.5
8.243,213
5.808,242
43,422.298
30,090.843
5,434,119
4,781,080
Sacramento_ _
7,478,574
7,185.740
8.941,480
Total(11 cities) 7.399,701,589 5,829.400.804 +31.4 5,331,324
8,112,886
San Diego., _
8.891.348
6,832,343
,374 5,189.888,236
5,018,909
4,780,888
San FrancineO_ 254.007,000 187,094,000
183,178,000 170,582,000
Third Federal Reserve Dist act. - Phil adelph Ia.San Jose_ _ _ _
3,463,864
2.108,120
2,385,743
2,085,145
Pa.-Altoona _ _
1,442,834
Santa Barbera_
1.827.599 -11.3
1,438.847
1.189.133
1,739,878
1,518,898
1,278,523
Bethlehem _ _
1,021,118
4.829,498
Santa
6.242.888 -7.9
Monic
2,253.143
a_
1.909,584
5,005.948
4,248,04
4
2,460,556
Chester
1,824,315
1,213.910
Stockton_ _ _ . _
1.325.478 -8.5
2.455,400
2,468,500
1.878.850
1,428,035
2,820,800
Lancaster
2,333,917
2,580,700
2,014.987 + 15.8
1,871,816
2,488,852
Philadelphia
880.000.000 537,000.000 +22.9 574.000,000
Total
591,000,000 Grand (17clti 0) 875.269,880 515,560,221 +31.0 517,934.848 472,920.344
Reading
3,858,852
total (129
4,027,686 -4.2
3,649.748
3,436,220
Scranton
5,982,220
Cities)
_ 11,779,854,229 9,836,042,028 +22.2 9,3
5.720,958 +4.8
5.790,884
5,765,812
13,008,868 9,048,892,898
Wilkes-Barre_ _
5,017,113
4,131,452 +21.4
3,918,481
4.494.682
Outside N.Y__ __ 4.522.455.308 4.127.398
1,978,774
York
1.538,814 +28.8
1.891.259
.728
+9.6 4.114 726 6612 056 276 409
1,652.078
8,133.903
N.J.-Trenton5,308,067 +15.6
6,384.883
4,746,050
Week Ended June 21,
Total(10 cities) 892.791,031 587,935,725 +22.0 605,731,707
620,758.449
Clearings alFourth Feder al Reserve D strict-Clev elandInc.or
1928.
1927.
7,381.000
Ohio-Akron- _
Dec.
7.389,000 +0.2
8,502,000
1920.
5,767.000
1925.
4,533,813
Canton
3,889,180 + 18.8
3,873,079
3.359,952
Canada
$
$
Cincinnati- _
81,939.838
%
75,758,384 +8.1
74.004.859
71.282,074 Montreal
$
159,949,8
78
116,316,5
138.909,2
05
39 125,240,537 +10.9 110,824,617 108,843,2
Cleveland
+37.5
76,611,772
00 Toronto
152,827,744 122,981,414 +24.3
14.649,700
Columbus
18.188,400 -9.5
18.200.500
87,648.087
13,404,500 Winnipeg
81,741,834
37,578.63
1
+84.4
2,104.287
Mansfield
2.190,247 -3.9
1,932.934
38,395,550
1.888,039 Vancouver
21,002,035
18,274.372 +14.9
5.588,024
Youngstown _
5,080.823 +10.4
5.028,880
14,793,412
4.881.170 Ottawa
10,207.859
7.393.000 +38.1
Pittsburgh.--- 186.803,523 183,811,588 +1.6 178,397,894 182,071,284 Quebec
8,539.990
7.840,951
8.915,524 + 10.5
4,240.040
Halifax
3,805,423
2,731,328 +39.3
Total(8 cities)- 441.909,202 419,506,139 +5.3 398,562,383 391,475,219 Hamilton
2,351.110
7,137,237
6,244.599 +14.3
5,240,483
Calgary
11,493,72
7
7,738,879 +48.5
Fifth Federal Reserve Dist act-Mehra ond8.543,284
St. John
3,052,053
2,386,404 +27.9
1,282.528
1.227,759 +4.5
1.415,869
2,290,749
1,332,153 Victoria
2,895,200
2.337,879 +23.8
4.831,085
Va.-Norfolk.-_
5,038,188 -4.1
8,272.930
6.719,837 London
1,848,185
4,401,821
3,582,823 +22.9
43,127,000
44,302,000 +2.9
Richmond-- _
44,335,000
3,053,388
50.837.000 Edmonton
7.125,030
4,582,332
1,982,587
+55.5
2,095,139 -5.4
S.C.-Charleston
2.515,456
3,992,706
2,208,199 Regina
5,791,967
6,017,501 + 14.4
Md.-Baltimore. 108.689,518 108,452.688 +2.1 121,970,437 112,550.428 Brandon
2,949.820
697,963
808,376 + 15.1
29,192,454
27,083,440 +7.9
D.C.-Washing'n
24,822,840
25,850,819 Lethbridge
492,458
730.891
529,458 +38.0
475.178
Saskatoo
n
2.409,490
1,961,318 +22.9
Total(8cit10)- 189,085.172 186,189,194 +1.8 203,332,332 199,296,236 Mooee Jaw
1,389,978
1,358.871
1.211,183 +12.8
1,043,972
Brantford
2.248,408
1,284.827 +77.6
Sixth Federal Reserve Dist rict-Atlant a978,588
Fort William
1,121.718
1.078,184 +4.0
9,167.881
9,227.980 -0.7
Tenn.-ChatVga.
8,480.488
888.498
8.583,449 New Westminster
787,300
831,024
2,919,280
*2,500,000 +27.2
Knoxville
-7.7
2,718,000
818.838
2,618.155 Medicine Hat
488,558
318,514 +47.5
22,949.240
20,308.648 +13.0
Nashville
19,372,714
17,995.998 Peterborough....
247,600
981,928
838.287 + 15.0
46,458,413
42,931.702 +8.2
Ga.-Atlanta.
47,555,005
58,293.565 Sherbrooke
787,108
1,061,648
821.438 +29.2
1,478.411
1,498.185 -1.3
Augusta
1,521.771
859,530
1,458,408 Kitchener
1,315,575
1,198,055 +10.0
1,674,011 + 13.1
1,893,353
Macon
1,579,057
939.532
1.500.092 Windsor
5,867,239
5,343,711
18.184,459 -4.3
17.385,785
+9.8
Fla.-Jack'nville.
25.577,505
3,595,220
28,858,580 Prince Albert-483.355
378,852 +22.4
2.871,000
3,875.000 -25.9
Miami
10,540,352
289,939
17.992.822 Moncton
1,051,085
870,965
23,279,993
22,881,150 +1.7
+20.7
22,879,528
774,516
24.755,835 Kingston
1,004,585
998,122 +0.6
2,229,291
1.499.835 +48.5
Mobile
1,780,715
718,555
1,708.918 Chatham
732,803
781.852 +3.8
2.085,000
1,249.220 +68.9
Jackson
1,308,000
892,000 Sarnia
910,731
847.030
+7.5
404,142
475,923 +15.1
Vicksburg
278,722
248,775
50,278.630 +8.1
La.-NewOrleans
64,348,084
49,733,302
46,824,317
Total(31 cities) 482.247.881 383.170,375 +32.8
320,785.711 270.078,986
Total(13clad) 187,457.813 176,560.423 +0.5 193,121,255 205,306,892
a Manager of C earing House refuses to report clearings for
week ending Saturday'
Estimate
•
d.
JUNE 30 1928.]
FINANCIAL CHRONICLE
4037
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of grimmtercial andMisceilanconsgems
Samuel Montagu & Co. of London, written under date
of FOREIGN TRAD
E OF NEW YORK-MONTHLY
June 13 1928:
STATEMENT.
GOLD.
The Bank of England gold reserve against notes amount
ed to £161,878,070
on the 6th inst.(as compared with £160,850,065 on the
previous Wednesday),
an increase of £7,971,755 since April 29 1925.
when an effective gold
standard was resumed.
About £500,000 bar gold was available in the
open market this week. An
undisclosed buyer took £150,000, the home and
Continental trade £53,000,
and India £20,000; the balance was secured
by the Bank of England as
shown in the figures below.
The following movements of gold to and
from the Bank of England have
been announced, showing an influx
of £3,828,000 during the week under
review:
June 7. June 8.
June 9. June 11. June 12. June 13.
Received ____ £3,045,000
nil
nil
£500,000 £283,000
Withdrawn_ __ _
nil
nil
nil
nil
nil
nil
nil
The receipt on the 7th inst.(£3,045
,000) was in bar gold from New York
ex S.S. "Aquitania." and is a
record movement for any one day since
the
resumption of an effective gold standar
d. The receipts on the 11th and 12th
Inst. were in sovereigns and bar gold
respectively,from South Africa.
The Transvaal gold output for
the month of May last amounved to
886,186 fine ounces, as compared
with 825,907 fine ounces for April 1928.
and 859,479 fine ounces for May
1927.
The following was the composi
tion of the Indian Gold Standard Reserve
on May 31 1928:
In India
nil
In England:
Cash at the Bank of England
£1,233
Gold
2,152,334
British Treasury Bills--Value as
on May 31 1928
11,051,293
Other British and Dominion
Government Securities-Value as
on May 31 1928
26,795,140
£40,000,000
The following were the
United Kingdom imports and exports
of gold
registered in the week ended the
6th inst.:
ImportsExportsBritish W096 Africa
£26,565 British India
British South Africa
£61,750
534,933 Other countries
21,050
4561,498
482,800
Merchandise Movement as New York.
Month.
Imports.
1927.
1926.
Customs Receipts
at New York.
Exports.
1927.
I
1926.
July
158.169.597184,794,382 138.284.513132,903,105
Auguet _ _ _ 166.332,013 161.973.351 142.661.747 116,821.
090
September 172,707.698 182.914.678 126,772.088 151,629.613
October
175,855,280 177.239,667 137,849,733 123.823.326
November 179.611,688,185.959,035 156.060,057149.662.95
December_ 157,075.74i178.172.967 157.874,443,150.344.5515
January
February
March
April
Total
1927.
1926.
$
26,620,038
30.852.625
32,593,222
31,626,401
29,487,856
24,267.557
24,619,552
29.188.649
32,000,997
31.369,820
30.431.696
26,823.969
1928.
1927.
1928. I
1927.
1928.
1927.
168,712,467 176,319.795 148,120,044 155,804.975 25,495,311 24,850.
299
173.826,482 154,108,688 135,898,818129,846.153 25,128,590
705
185,264,893 185,002.299 168,891,768 150,660,298 26,742,317 23,681,
26,675.
165,919,118188,933,508 130,785,0401164,037,393 24,102.748 26,635, 460
472
1703674977, 1755418370 14431982491 1425533459276,916,665276,272.41
9
Movement of gold and silver for the ten months:
Gold Movement at New York.
Month.
Imports.
1927.
1926.
Siker-New York.
Exports.
1927.
1926.
Impans.
I
-
1 79277
Export,.
1427.
2
2
$
2
5.215,929
846.762 1,090,730 1.598.64(3
6,107.889
662.466
883,618 21,154,974
1,714.313
972.617 24.166,981 21,675.322
495,910
623,979 9,147,118 1,013.790
727,41
34,200,361 1.463.905
.
487.0411 6.622.900
903
$
1
1,554.118
1,492,026,
2,154,705
1,796,403,
2.007.426;
$
3,470,003
2.727.989
4.450.040
2.402.52e
2.988.534
1928.
1927.
19281
617
96
26
7:464
January
795,991 17,840.866 50.866.191 14,466,6
February
6,763,918 14.060.641 24,536,938 2.084,3737
1
March899,714 1,512.363 96,975,66
April
3,873,068 3,853,056 94,843,016 1,628,544
1.928.6381
Total __ 26,081,193 47,549.098408.693,520
'13,771,1851
17
90
28
817771
2,819.7361
1,652,4991
2,050,259
1.819.0S0
:2814711'
4.
18
8.913,578
4,325.121
3.769.747
4,049,989'
July
August..September
October.-November
December
18,055,029 36,902.001
SILVER.
National Banks.-The following information regard
Operations In the silver market
have been mainly on China account, and
ing
as both buying and selling
national banks is from the office of the Comptroller of
orders have been forthcoming
with freedom,
the
prices during the week have
shown marked fluctuations. Followi
Curre
ncy, Treasury Department:
ng a sharp
fall on the 8th inst. of 5-16d.
in both the cash and two months'
quotations,
two successive rises of yid. ensued
APPLICATIONS TO ORGANIZE
, so that by the 11,1 inst. prices
RECEIVED
touched
27%cl. and 27%cl. for the
WITH TITLES REQUESTED.
respective deliveries. The rise on Monda
y was
assisted by substantial
Capital.
demand from India, altliough orders
June
-The
19
First National Bank of Olive Hill,
from this
quarter were mostly limited
ky
830,000
as to price and were inopera
Correspondent, It. T. Kennard, OliveKentuc
Hill, Hy,
tive at the higher
level. Purchases by American
operators have been recorded, but the higher June 19-The First National Bank of Rancho Santa Fe. Calif_ _ _ _
prices attracted some selling from
50.000
Correspondent, H. G. Hoover, 832 E. Califor
the same quarter as well as from China,
nia St..
Pasadena. Calif.
and prices subsequently eased,
being quoted to-day at 27%01.. and
27 7-16d. June 19-The First National Bank of Bolivar, N. Y
for cash and two months' delivery
100,000
Correspondent. George H. Stohr, Bolivar, N.
The following were the Unitedrespectively.
Y.
Kingdom Imports and exprts of silver June 21-The First National Bank of Centerl
registered in the week ended
ine,
Mich
50.000.
the 6th Lust.:
Correspondent, L. J. Barry, Centerline, Mich.
ImportsExportsAPPLICATIONS TO ORGANIZE APPRO
II.8. A
VED.
444,850
Egypt
Other countries
471,125 June 23-Newton National Bank, Newton, Mass
3,413 British India
200.000
76,335
Correspondent, Thomas Weston, 84 State
St., Boston,
Other countries
14,577
Mass.
June 23-The. First National Bank of Bellerose,
448,263
4162,037
100,006
Correspondent, Rufus E. Smith, 14 N. Y
Delaware Road.
INDIAN CURRENCY
Bellerose, IN. Y.
RETURNS.
(In WS Of rupees.)
May 22. May 30. June 7.
CHARTERS ISSUED.
Notes in circulation
18274
18301
18229 June 20-The Point Pleasant Beach National Bank,
Silver coin and bullion in India
Point
Pleasan
Beach
t
(P. 0. Point Pleasant),
10070
10088
9818
Silver coin and-bullion out of India
100.000
President, James W.Pearce: Cashier,E.N.J
Delroy Holmes.
---Gold coin and bullion in India
June 20-Stau
rs
Nationa
Bank
l
&
Trust
Co.of
2976
o,Ill
2976
2976
Gold coin and bullion out of India
1,000,000
President, Simon W.Straus: Cashier,Chicag
John H. Krafft.
---Securities(Indian Government)
June 21-First National Bank in San
Leandro, Calif
3951
100,000
3960
Securities (British Government)
President, G. R. Scott: Cashier. W.
4258
H.
Bridges.
377
377
Bills ofExchange
377
900
900
800
The stock in Shanghai on
the 9th inst. consisted of about
Auction Sales.-Among other securities,
40,800,000
ounces in sycee, 77,100,000
the following,
dollars, and 2,260 silver bars, as compar
ed with not actually dealt in at the Stock Exchange, were sold
snout 40,300,000 ounces in sycee,
at auction
79,200,
000
dollars,
and 600 silver bars on in New York, Boston, Philad
the 2nd inst.
elphia and Buffalo on Wednesday of this week:
Quotations during the week:
-Bar Silver, Per OZ. Std.
By Adrian H. Muller & Son, New York:
Bar Gold Per
Cash
• 2 Mos.
Oz. Fine.
Shares. Stocks.
June 7
$ per 85. Shares. Stocks.
27 9-16d.
27 7-16d
84s 10 Yid. 239,002 Thumb Butte Gold Min.
$ per :h.
8
10,000 Nor.Prod. Co.. Ltd,
27%d.
Co. (Del.) par $1
par al-$.5 lot
27%cl.
84s 10%d.
$300
9
385,776 U. S. Cop. Co.(N. Mex.) lot 72 United Mfg. Co.,corn
16
27%d.
27%d.
150
Bra
84s
Imp. Corp., corn
10%cl.
11
Par $1
lot 1,500 Shur On Stand. Optical Co..$6 lot
27%d.
27%d.
84s 10'Id. 40 Am. Stand Mot. Pic.. corn.,52,000
12
par
common
v.
t.
27 9-16d.
c
27 7-16d.
25; 130,431 Granite Chief Min.
$400 lot
84s 10 hd.
13
Bonds.
Per Cent.
Co., par 51
27%cl.
277-188.
84s lOgd. 5,000
$55 lot
Det. Sou. Ohio South. Div.)
Average
Cop.Cliff Mines Co., par $1-$25 lot $1,000
27.5200.
27.4088.
1st
m
4s.
84s
Cent. Trot N.,Y. ells.
10.88. 100 Secret Pass Min. &
The silver quovations to-day for
Mill. Co.
of deposit
cash and two months' delivery are res$5 lot
Par $1
'
51 lot
pectively 5-1641. and hd. below
those fixed a week ago.
•
By Barnes & Lofland, Philadelphia
:
Shares. Stocks.
$ per sh. Shares. Stocks.
2 Lancaster Ave. Titie&Tr..par $50
$ per sh.
103
100 Commonwealth Casualty Co-- 2634
4 Lancaster Ave. Title&Tr.,par
$50 102
ENGLISH FINANCIAL MARK
30 South Jersey Mortgage Go-1421
338 John B. Stetson Co., pref.,
lot
ETS-PER CABLE.
32 Germantown Pawl. Ry. Co
Par $25
75
3734 4 Green & Coates Sts. Pass. Ry
The daily closing quotations for securities,
71%
Phila. Bourse, com., par $50
34
&c., at London, 520Sixth
20
Union
Passenger Ry
Nat. Bank of Phil&
110%
400
as reported by cable, have been as follows the past
Membership in Rolling Green Golf
10 Nat. Bank of North Pulls
week:
297%
Club
15 Drovers & Merchants Nat.
$750
Sal..
Bank
Mon.,
178
60
John B.Stetson Co., com.,no par10032
Tues.,
Wed..
3 Overbrook National Bank
Thurs.,
Fri.,
June 23. June 25.
20 Tacony Palmyra Ferry Co..
June 26. June 27. June 28. June 29. 2 Citizens National Bank of Jenkin-180
sliver, per oz.d. 27%
Par $50
town, Pa
27%
2534
277-16
27 9-16
277-16
100
27%
41 John C. Winston Co., con
2 Citizens National Bank
Gold,p.fine os.84s.10gd. 84s.10%d. 848.10d
of Jenkin843.10%d. 84s.10.ild. 845.10%d.
20 Haverford Land & Improvement 5034
town. Pa
Consols. 2%8.56
95
Co.. par 550
5 Jenkintown Bank & Tr.
56
56
56
72
56
Co.,Pa-475
British, 59---16 Phila. Wareh'g & Cold Stor. Co_ 50
49 Colonial Trust Co.,
101%
101%
101%
101%
101%
Rights.
3 Susquehanna Title &par $50......283
Brisith, 4%8-$ per Mold.
97%
97%
Trust
97%
Co.,
97%
5 Southwark Title .fr Trust Co
97%
par $50
French Rentes
64
Rights to subscribe to Integrity 90
2 Susquehanna Title &
Trust Co.,
(in Parls)_ir.
71.50
Trust Co. as follows: 2 at 200;
71.75
Par 250
71.95
71.80
71.45
60
2a1 199;i; 2588 192; 788 19234;
French War L'n
5 Republic Trust Co.. par
$50
176
2-3 at 200.
2 No. Central Trust
(in Paris)-fr.
93.50
Co..
par
93.40
$50-15
93.65
0
93.50
Bonds.
5 Clayton (N,.7.)
93.50
Per Cent.
Title & Tr. C9 105
$1.000 Lehigh Coal & Navigation
16 Media (Pa.) Title
The price of silver in.'New York on the same days has
& Trust Co 210
consol. 4%s, 1954
100 Commonwealth Casualt
been:
Perez.
(cts.):
y
Silver in N.Y..
Co..
$1.000 Dominion of Canada Sc 99%
par $10
27
reg., 1952(M.& N.)
59%
60
100 Commonwealth Casualt
Iranian
60%
10334
60%
5914
y
59%
Co..
$3,000 Bellevue Stratford Hotel
par 610
26%
1st 5%s. reg.. 1935
100%
By R. L. Day & Co., Boston:
$ per oh.
Arms. Stocks.
2 Merchants National Bank_ _ _435 438H
455
9 Old Colony Trust Co
4
10 Manomet Mills
10 West Boylston Mfg. Co., pref 30%
1H
5 American Linen Co
13H
16 Queen City Cotton Co
27H
43 Cornell Mills
94K
19 Sagamore Mtg. Co
113i
18 Border City Mfg. Co
147H
12 ICIng Philip Mills
20H
Co
Mfg.
Merchants
13
37
85 Arlington Mills
30
20 Nyanza Mills
70K
25 Androscoggin Mills
2
100 Lancaster Mills Co., com
98
10 Upper Coos RR., coin
12 Boston RR. Holding Co., pref._ 75g
13 Mass. Utilities Invest. Trust,
46H ex div.
preferred, par $50
.8 special units First Peoples Trust_ 4
100
7 Bradley Stuc 0 Tint Co
For,. 126.
FINANCIAL CHRONICLE
4038
$ per sh.
Shares. Stocks.
107 New England Power Assn., pf. 99
68H
50 Draper Corporation
52 Old Colony Trust Associates_ _52 53K
1100, ex div.
4 Boston Insurance Co
50 Grt. Nor. Paper Co., par 325_ 7734
1 64 Schooner Mary G. Maynard__ 5
1 64 Schooner Zebedee E. Cliff_ _ _ 6
1 64 Schooner James E. Newson__ _ 6
5 Quincy Market Cold Storage &
69
Warehouse Co., pref
45 Converse Rubber Shoe Co..
pref.; 50 Converse Rubber Shoe
4-6
Co., common as bonus
25 Pneumatic Scale Co., common,
par $10
10 McLellan Stores. 6% pref. ser.A 98
95
85 Birtman Electric Co., pref
161K
22 Collateral Loan Co
$ per Right.
Rights.
634
2 United States Trust Co
Name of Company.
Trust Companies.
Midwood
Per
When
Cent. Payable.
3
Books Closed
Days Inclusive.
June 30 June 23
to
July
1
Joint Stock Land Banks.
New York (Rochester)(No.1)
Miscellaneous.
62340. July 20 Holders of rec. July 10
Alliance Realty, (quar.)
11
Allied Chem.& Dye Corp.com.(qu.)-- - $1.50 Aug. 1 Holders of rec. July
"750. July 14 'Holders of rec. June 26
corn.
Cement,
(qu.)_Alpha Portland
310
July
rec.
of
50c. Aug. 15 Holders
American Can,cont.(guar.)
*al Aug. 1 *Holders of rec. July 11
American Coal,corn.(quar.)
250. Aug. 1 Holders of rec. July 14a
Amer. Home Products (monthly)
50c. July 25 Holders of rec. July 6
American Ice, com.(guar.)
134 July 25 Holders of rec. July 6
Preferred (guar.)
•750. Sept. 1 Holders of rec. Aug. 21
American Metal. common (guar.)
•134 Sept. 1 *Holders of rec. Aug. 21
Preferred (guard
*81.25
July 31 Holders of rec. July 18
American Meter(guar.)
2
Aug. 1 Holders of rec. July 14
Amer.Shipbuilding,com.(qu.)
134
Aug. 1 Holders of tee. July 14
Boston:
Arnold,
&
Hobbs
Preferred
Wise,
By
(guard
oh.
per
16 Holders of rec. July 5
$
July
Amer. Vitrified Prod., common (guard_ *50o.
5 per oh. Shares. Stocks.
Shares. Stocks.
com_ 29
Trust,
1 Holders of rec. July 20
•$1.75
Aug.
Invest.
Colony
Old
50
(quar.)
div.
Preferred
ex
Bank_320H
National
Atlantic
3
Holders of rec. July 14
52-52H
20
Aug.
Associates
$1
Trust
(guar.)
Colony
Old
Mining
25
Copper
Anaconda
13534
15 Merrimac Mfg. Co.,com
134 July 16 Holders of rec. June 30
1 Quincy Market Cold Storage &
25
Asbestos Corp., pref.(qu.)
10 Whitman Mills Corn
69
Holders of rec. July 2
16
$1
July
Co..
Pref
Warehouse
105H
Atlas
(quar.)
Plywood
Co
Mfg.
25 Hill
•1,4 July 31 Holders of rec. July 7
2 West Boston Gas Co. (undep.),
37
Bancroft (Jos.) dr Sons, pref. (quar.)
17 Arlington Mills
40
$1
Aug. 1 Holders of rec. June 30
par $25
96
Bankers Financial Trust
10 Pepperell Mfg. Co
72K 100 Beacon Participations, Inc..
Belgo-Canadian Paper-*DIvidend °mitt ed.
.5 Androscoggin Mills
21
20e. June 30 Holders of rec. June 23
preferred class A
30g
Black &Decker Mfg.,com
75 Otis Co
part paid. 52
"Holders of rec. July 20
'1g Aug.
Association,
Shawmut
75
20
Bloomingdale Bros., pref.(guar.)
Co
Mfg.
Newmarket
10
dr
Storage
•11.75
Aug. 1 *Holders of rec. July 11
Cold
(quar.)
Market
Stores,
pref.
Quincy
37
Dept.
15
Broadway
25 Arlington Mills
42
500. July 16 Holders of rec. June 30
Warehouse Co., corn
96
Brompton Pulp dr Paper,com.(q)- -12 Pepperell Mfg. Co
6234c. July 1 Holders of rec. June 20
79
40 Quincy Market Cold Storage &
Bruce Co., COM.(guard
10 Indian Orchard Co
60
134 July 1 Holders of rec. June 20
Warehouse Co., pref
Preferred (quar.)
25 Boston Mfg. Co., 634% pref.- 40
*2 July 2 *Holders of rec. June 20
88 ex div. 24 The Oakland Trust (trust ctf.);
Buckeye Incubator, pref.(guar.)
50 Nashua Mfg. Co., pref
par
Inc.,
$10;
(quar.)
"250
Co..
Oct. 1 *Holders of rec. Sept. 8
Byrnes
The
50
common
Co.,
109-109H
Belcyrus-Erie
439 Bates Mfg. Co
'1K Oct. 1 "Holders of rec. Sept. 8
31H
2 Logan Johnson, Ltd., pref.
Preferred (guar.)
45 Otis Co
Placers
Gold
'6234c
McKinley
Oct. 1 "Holders of rec. Sept. 8
2
(guar.)
v.t.e.;
_
_
preference
pref__
25K
Convertible
Co.,
OH%
Mfg.
11 Boston
'134 July 1 *Holders of rec. June 25
Inc., corn. interim rcts., par
Buzza Clark,Inc., pref.(quar.)_.
50 Ft. Dodge D. M.dr So. RR., pf_ 2
'3734c July 2 'Holders of rec. June 20
ES: 100 Bear Creek 011 Co.. par
California Inc, el. A & B (guar.)
100 Engineers Publle Service Co.,
'1234c July 2 'Holders of rec. June 20
97 flat
$5; 10 Austin F. Hancock Co.$5.25 lot
Class A & B (extra)
5% pref
50c. July 16 Holders of rec. June 30
73 Old Colony Trust Associates_ _52-5334 Canadian Brewing(guar.)
200 Beacon Participations, Inc.,
38c. July 16 Holders of rec. June 30
21
Can. Industrial Alcohol, cl. B (quar.)
preferred class A
Cent.
Per
•75c.
July 2 'Holders of rec. June 20
Bonds.
Carnation Milk Products(guar.)
2 Gorton Pew Fisheries Co., Ltd.,
$1.75 July I Holders of rec. June 15
66H ex div. 21,000 Quincy Market Cold Storage
Central Distributors, Inc.pref.(No.1)
common
93
'46
I
May
due
534s
July 1 Holders of rec. June 25
Pref.
Warehouse,
(qu.)
Inc.,
I%
&
Shoe
Mach..
Champion
Participations,
20 Beacon
21
Chic.Junc.Rys.& Un.Stk.Yds.com.(qu.) 234 July 1 Holders of rec. June 15
preferred class A
50c. July 1 Holders of rec. June 15
Preferred
(guar.)
By A. J. Wright & Co., Buffalo: Stocks.
(guar.)
•134 July 25 'Holders of rec. July 14
$ per oh. Chicago Pneumatic Tool
$ per sh. Shares.
30c. Aug. 1 Holders of reo. July 16
Shares. Stocks.
& Co., Ltd.,com
par $L_._ 8340. Christie,Brown"A"
I)
(No.
•25c. July 20 'Holders of rec. July 2
1.000 Baldwin GoldMines, par $1_ _ 1340. 1,000 West Dome Lake,
cl
Corp.
Climax
50e. lot
18 Prisms, Inc., no par
20c. July 30 Holders of rec. July 15
10 Labor Temple Assn. of Buffalo
Motors(guar.)
Continental
5c.
par
no
50c. lot 10 Peer 011 Corp.,
3
July 12 Holders of rec. July 2
& Vicinity, Inc.. par 65
Corno Mills
Mfg.,
corn.
(qu.)
*50c.
July 10 'Holders of rec. July 2
Creamery Package
.1.1h July 10 "Holders of reo. July 2
Preferred (guard
DIVIDENDS.
Curtis Publishing, common (monthly).... •50c. Aug. 2 "Holders of rec. July 20
50c. Sept. 2 Holders of rec. Aug. 204
Common(monthly)
Dividends are grouped in two separate tables. In the
*50c. Sept. 10 'Holders of rec. Aug. 20
Common (extra)
the
announced
dividends
Hol iers of coup. No. 67
Co.
$7.15
(Amsterdam)
Dell Tobacco
first we bring together all the
•20e. July 16 "Holders of rec. June 30
Detroit Motorbus(guar.)
current week. Then we follow with a second table, in Diamond
"2 Sept. 15 "Holders of rec. Aug. $1
Match (guar.)July 16 Holders of rec. June 30
pl.(qu.)_ _ 2
which we show the dividends previously announced, but Dictograph Products Corp..
Diversified Investments (K. C., Mo.),
which have not yet been paid.
1$4
July
14 Holders of rec. July 2
(guar.)
First Preferred
$1
July 14 Holders of rec. July 2
The dividends announced this week are:
Class A
July 14 Holders of rec. July 2
Class A (extra participating dividend) $1
July 14 Holders of rec. July 2
51
Class C
Books Closed
When
Per
*2 July 2 *Holders of rec. June 21
Dixon (Jos.) Crucible(guard
Days Inclusive.
Cent. Payable.
Name of Company.
41
Aug. 1 *Holders of rec. July 25
1)
(No.
common
Products,
Electrical
• 623.4c.Aug. 1 *Holders of rec. July 14
Elgin National Watch (guard
Railroads (Steam).
15 Holders of rec. July 3
July
3%
pfd
let
Dry
Goods,
Ely-Walker
27
*Holders of rec. July
Atch. Topeka & Santa Fe. corn.(guar.)- "234 Sept. 1
3
July 15 Holders of rec. July 3
2nd preferred
134 Sept. 1 Holders of rec. July 14a
Baltimore & Ohio, corn. (guar.)
_
_
3
July
(qu.)
1 Holders of rec. JUDO 22
(New
Estate
Oil)
Real
Equitable
14a
rec.
of
July
Holders
Sept. 1
1
Preferred (guar.)
IH July 25 Holders of rec. July 10
of rec. June 30a Emsco Derrick & Equipment
Holders
.
10
July
1
Ohio
&
(guard
Clinchfleld
Carolina
21
Aug. 1 Holders of rec. July 16
1g July 10 Holders of rec. June 30a Eureka Pipe I.ine (guar.)
Stamped stock (guar.)
50c. July 1 Holders of rec. June 21
Fedders Manufacturing, class A (guar.)_
Aug. 15 *Holders of rec. Aug. 3
"2
Central RR. of N..1. (guar.)
•3
July
2 "Holders of reo. June 21
Fiberlold Corp
July 16 *Holders of rec. July 9
.02
Extra
•lkf July 2 *Holders of rec. June 21
Preferred (guar.)
•2H Sept.20 *Holders of rec. Aug. 28
Delaware & Hudson Co. (guar.)
16e.
Holders of rec. July 3
July
16
Securities
Fifth
Bus
Avenue
•21.50 July 20 "Holders of rec. July 7
Delaware Lack & Western (guar.)
$1.75 July 2 Holders to rec. June 21
Filing Equipment Bureau, pref.(qu.)
'2K July 16 "Holders of rec. June 30
Georgia RR.,k Banking (guar.)
of rec. July 16
*$1.75
Aug.
1
'Holders
1st
Rubber,
pref.
Fisk
(guar.)
31
Aug.
rec.
Sept. 19 *Holders of
'2
Norfolk & Western, corn.(guard
"$1.75 Aug. 1 *Holders of rec. July 16
First pref. convertible (guar.)
Aug. 18 'Holders of rec. July 31
•1
Adjustment preferred (guard
$1.75 Sept. 1 *Holders of rec. Aug. 15
(guar.)
pref.
convertible
Second
11
June
rec.
of
Holders
2
July
134
Northern RR. of N. H.(guar.)
75e. July 15 Holders of rec. July 14
Flintkote Co., common
July 2 Holders of rec. June 16
2
Norwich & Worcester, pref.(guar.)
$1.75 July 15 Holders of rec. July 14
Convertible pref.(quar.)
"750. June 30 *Holders of rec. June 27
Pennsylvania Co.(quar.)
25c.
July 2 Holders of rec. June 25
A
class
(guard
Co.,
Foote-Burt
1
rec.
of
Aug.
*87Hc Aug. 31 "Holders
Pennsylvania RR.(quar.)
1,4 July 2 Holders of rec. June 25
Preferred (guar.)
•13.4 July 31 Holders of rec. July 16
Pittsburgh & West Va.(guar.)
*50c.
July 20 Holders of rec. July 10
common
Franklin
H.)
Mfg.,
(H.
13
June
rec.
of
Holders
30
June
234
Providence & Worcester (guar.)
"68gc July 16 Holders of rec. June 22
Gail'(Robert H.)(guar.)(No. 1)
Aug. 9 *Holders of rec. July 12
•31
Reading Co.. corn. (guar.)
July 2 June 26 to July 1
Gary (Theodore) & Co.,corn.(quar.),. _ $3
•500. Sept.13 *Holders of rec. Aug. 23
First preferred (guar.)
$2
July 2 June 26 to July 1
Preferred (guar.)
*50c. Oct. 11 "Holders of rec. Sept. 20
Second preferred (guar.)
20c.
July 2 fielders of rec. June 20
General Alleys, common (guard
'75c. July 16 "Holders of rec. July 7
General
Refractories
(guard
Public Utilities.
•75c.
July 31 *Holders of rec. July 18
(quar.)
Co.
Gilchrist
1
25o. Aug. 15 Holders of rec. Aug.
Amer. Water Works & Elec.,corn.(gild - (f)
3H July 2 Holders of rec. June 25
Goldsmith (Louis) Inc.. 1st pref
Aug. 15 Holders of rec. Aug. 1
Common (one-fortieth sh. com. stk.)_
3
July
2 Holders of rec. June 25
second
6%
preferred
12
rec.
of
Sept.
Holders
$1.50 Oct. 1
26 first preferred (guar.)
Gottfried Baking, Inc., pref.(guru.). - 134 July 2 Holders of rec. June 25
Holders of rec. June 25
Associated Telep.& Teleg., let Pf.(qu.) $1.75 July 2 Holders of rec. June 25
1%
Aug.
1 Holders of rec. July 204
Gruen
pref.
Watch,
(guar.)
2
July
$1
Class D (guar.)
1H Nov. 1 Holders of rec. Oct. 20a
Preferred (guard
30 *Holders of rec. June 30
June
_
_
_
*2
(quard
com.
Pa.,
of
Telephone
Bell
Febl'29 Hold, of rec. Jan. 19 '29a
Preferred (guar.)
July 2 'Holders of rec. June 18
Brooklyn Borough Gas, partic pref.(qu.) •750. July
134 July 2 Holders of rec. June 200
Harbauer Co., pest. (guar.)
2 *Holders of rec. June 18
"age.
panic. pref. (extra)
July 1 *Holders of rec. June 22
•21
Henney Motors, pref
*50c. Aug. 1 *Holders of rec. June 30
Central Hudson Gas dr Elec., com
Horn & Hardart of N. Y., com.(qu.)_ "37.14 Aug. 1 *Holders of rec. July 11
Aug. 1 'Holders of rec. July 14
Central Power dr Light. pref.(guard__ _ •1H
•25e.
Aug. 1 *Holders of reo. July 11
Common
(extra)
1st July 16 Holders of rec. June 30
Ches. dr Po. Tel. of Balt., pref.(qu.)
'8734e Sept. 1 *Holders of rec. Aug. 15
Household Products (guar.)
Holders of rec. June 29
Cleveland Elec. Illuminating (guard - - - 234 July 15
*750.
July
2 *Holders of rec. June 28
class
A
Hub
Corp.,
Financial
30
rec.
(guard-of
June
Holders
July 15
2
Consolidated Tr8a1011 of N..1
"50e. Aug. 1 *Holders of rec. July 14
Hupp Motor Car, common (guard
June 30 *Holders of rec. June 30
*2
Diamond State Telephone (guar.)
1 'Holders of rec. July 14
In
(payable
•
Aug.
Common
stock)
common
1234
rec.
of
June
20
Holders
1
July
$1.75
elfs
Dixie Gulf Gas, pref. allot.
25c. July 31 Holders of rec. July 16
Independent Oil & Gas(guar.)
1 Holders of rec. July 10
Aug.
(guar.)
3
Boston
Ill..
Elec.
Aug. 1$ Holders of rec. July 13
Edison
81
Indiana Pipe Line (guar.)
250 Aug. 1 Holders of rec. July 14
Electric Power dr Light. com
$1
Aug. 15 Holders of rec. July 13
Extra
50c July 2 Holders of rec. June 15a
Empire Gas dr Fuel,6% pref. (monthly)
•
$1.25
Oct. 10 *Holders of rec. Sept. 22
Internat. Business Machines(quard -$1.75 Aug. 1 Holders of rec. July 9
60c Aug. 15 Holders of rec. Aug. 1
General Pub. Serv., cony. pref.(guar.). 1.37H Aug. 1 Holders of rec. July 9
Internat. Paper,cornmeal(guar.)
"43"s
$5.50 preferred (quar.)
Aug. 1 *Holders of rec. July 16
Ink,
Printing
1)
Internet
com.
(qu.)
(No.
15
(quer)_ _ $1.75 July 2 Holders of rec. June
16
General Public Util., $7 pref. (guar.)_ $1.50 Aug. 1 Holders of rec. July 14
•IH Aug. 1 *Holders of rec. July 27
Preferred (guar.)
&
Illinois Power & Light. $6 pref.
Coal
*$1.50
June
30 *Holders of rec. June 190
Jamison
Coke
10
rec.
of
July
(guar.)
Aug. 1 Holders
E.
July
reo.
of
Manitoba Power (guar.)
Holders
Keystone Watch Case, pref. (guar.)
Aug. 1
Aug. 1 *Holders of rec. July 15
M9sssohusetts Gas Cos., corn.(guard._ *S1.25 June
30e July 30 Holders of rec. July 20
Lakey Foundry & Mach.,com.(quar.)_
30
43340.
(guar.)
Niagara Falls Power, pref. corn. A
300 July 30 Holders of rec. July 20
Common(extra)
2 Holders of rec. June 15a
July
$3
Light.
25
&
Power
Southwestern
Laclede-Christy Clay Prod., Pref. (711.)- 134 July 2 Holders of rec. June
(quar.)_
$1.75 Aug. 1 Holders of rec. July 16
18
Standard Power & Light, pref.
'2K July 3 *Holders of rec. June 27
Laurentide Co
2K July 15 Holders of rec. June 30
pref
Co.,
June
Electric
rec.
&
of
Gas
ers
United
41.50 June 30'Hold
Lawton Mills (quar.)
rec. July 20
of
Holders
15
Aug.
134
(qu.)_
pref.
5
7%
July
Co..
Lefcourt Realty, pref. (guar.)
West Penn Electric
•750. July 16 *Holders of rec.
134 Aug. 15 Holders of rec. July 20
31
Lehigh Coal & Navigation (guard
Six per cent preferred (guar.)
*El
Aug. 31 "Holders of rec. July 14
Sept. 15 Holders of rec. Aug. 25
134
(guar.)
July
Pref.
rec.
6%
of
Rys.,
West Penn
$1.25 Aug. 1 Holders
Lehigh Valley Coal ctfs. of Interest
Aug. I *Holders of rec. July 10
81
July 14
Winnipeg Electric Co.(guar.)
Lehigh Portland Cement
•62Hc Aug. 1 *Holders of rec. June
'1H July 16 *Holders of rec. July 6
25
July 1 Holders of rec.
Loan & Discount Corp., com.(annual).._ 10
York Rys., common (guar.)
July 31 *Holders of rec. July 20
'1H
25
June
Preferred (guar.)
(7) July 1 Holders of reo. June 29
Preferred (guar.)
reo.
of
Holders
14
July
334
Loew's
(Marcus)
Theatres. preference
29
June
Banks.
fee.
of
July 16 Holders
3
Loew's London Theatres, common
July 2
3
June 29
Bryant Park
334 July 16 Holders of rec. July 13
Preference
July 2 Holders of rec. June 22
2
reo.
of
*Holders
15
Chemical National (hi-monthly)
.04c. Aug.
Los Angeles Investment ((guard
4
June 30 Holders of rec. June 20
1
•S 1.62K Aug. 15 *Holders of rec. Aug. 30
Queensboro National
Louisiana 011Refg., pref.(quar.)
134 June 30 June 21 to June 29
June
*25e. July 15 *Holders of rec. July
Eastern Exchange (guard
Magnin (L.) & Co.(quar.)
July 2 Holders of rec. June 22
3
234
rec.
(guard
of
(Brooklyn)
134 July 18 Holders
First National
Maple Leaf Milling. Pref. (guar.)
3
July 2 Holders of rec. June 27
(guar.)
rec. June 30
Nassau National (Brooklyn)
McColl-Frontenac Oil, pref. (quar,)._. 134 July 15 Holders of
July 2 Holders of rec. June 30
L.I. 3
rec. June 25
Peninsula Nat.Bank of Cedarhurst.
McCord Manufacturing, deb.stk.(qua)- *500. July 2 *Holders of
July 2 Holders of rec. June 30
5
rec. June 25
of
•1H July 2 *Holders
Extra
Preferred class A (guard
July 2 Holders of rec. June 29
3
of rec. July 20
*Holders
1
Aug.
'21.50
4
Sakser State
pref.
(guar.)
Stores.
McCrory
of rec. June 20a
Holders
2
July
3
Tottenville National
1
JUNE 30 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cen . Payable.
Books Closed
Days Inclustre.
Miscellaneous (Concluded).
McCaskey Register. pref. (guar.)
I% July 2 Holders of rec. June 25
Mead Pulp & Paper, corn.(guar.)
.$1
July 15 'Holders
Mercurbank (Vienna). American shares_ *15c. June 26 'Holders of rec. July 2
of rec. June 20
Mexican Petroleum, corn. (guar.)
3
July 20 Holders of rec. June 30a
Preferred
2
July 20 Holders of rec. June 30a
Miami Copper (guar.)
*37 34c Aug. 15 "Holders of rec. Aug.
1
Missouri-Illinois Stores, corn.(quar.)
25c July 2 Holders of rec. June 20
Mortgage dr Sec. Co.(New On.)(qu.)
2
July 16 Holders of rec. July 12
Nash (A.) Co. (guar.)
•$2.50 July 16 'Holders of rec. July 9
National Radiator, pref. (guar.)
*134 Aug. 1 *Holders of rec. July 21
Nat. Shirt Shops, Inc., pref.(guar.). _
2
July
Holders of rec. June 27
Nauheim Pharmacies, Inc., pref.(guar.) 6234c. Aug. 2
1 Holders of rec. July 17
Preferred (guar.)
6234c. Nov. 1 Holders of rec. Oct. 17
Neve Drug Stores, Inc.. cony. A (au.)
(No. 1)
70c. July 15 "Holders of rec. July 6
New England Equity Corp. corn
50c. Aug. 1 Holders of rec. July 16
Preferred
2
July 1 Holders of rec. June 20
New Jersey Zinc (guar.)
.2
Aug. 10 *Holders of rec. July 20
New York Dock, preferred
*23 July 16 'Holders of rec. July 6
Noma Elec. Corp. (guar.)
.40c. Aug. 1 *Holders of rec. July 14
Northern Paper Mills
"25c.
Northwestern Engineering, corn. (guar.) •50c. June 30 "Holders of rec. June 26
Aug. 1 "Holders of rec. July 16
Oil Well Supply, pref. (guar.)
1% Aug. 1 Holders of rec. July 12
Packer Corp.(guar.)
Prolog Realty Holding, corn. (guar.)... *6234c July 15 *Holders of rec. July 5
30c. July 1 Holders of rec. June 20
Preferred (guar.)
44c. July 1 Holders of rec. June 20
Pedigo-Weber Shoe, corn. (guar.)
6234c. July 1 Holders of rec. June 25
Penman!), Ltd., corn. (guar.)
411
Aug. 1 'Holders of rec. Aug 6
Preferred (quar.)
'134 Aug. 1 *Holders of rec. July 21
Penn Traffic Co
Aug.
'734c.
1 *Holders of rec. July 14
Perfection Petroleum, Ltd.(guar.)
3734c. July 1 Holders of rec. June 15
Phillips-Jones Corp., pref. (aunt.)
•154 Aug. 1 'Holders of rec. July 20
Plymouth Cordage (guar.)
Postum Co., Inc.. (no par) corn. (guar.) "$1.50 July 20 "Holders of rec. June 30
75e. Aug. 1 Holders of rec. July 160
Richmond Radiator, pref.(guar.)
Sabin Robbins Paper, corn. (guar.) -- '8734c July 16 "Holders of rec. June 30
.$2.50
July 2 *Holders of rec. June 30
Sandusky Cement (guar.)
$2
July 2 Holders of rec. June 25
Sangamon Electric Co., pref. (quar.)
1%
July
2 Holders of rec. June lla
Scott Paper. pref. (quar.)
1% Aug 1
Seeman Brothers, Inc., corn. (guar.)._
50e. Aug. 1 Holders of rec. July 16
Beton Leather, oom. (guar.) (No.
1)___ '50c. Aug. 1 *Holders of rec. July 16
Silver King Coalition Mines
25e. July 2 Holders of rec. June 20
Smith Mills, class A (guar.)(No. G.__
•70c. July 2'Holders of rec. June 27
Soble Silk Shops, Ltd.. preferred
334 July 1 Holders of rec. June 26
BOWL May,Stern Co., com.(qu.
634% preferred (guar.) (No. 1))No.1) •75c. Aug. 1 "Holders of rec. July 12
*1% Aug. 1 *Holders of rec. July 12
Steel Co. of Canada, Ltd.. com.(qu.)
._ •134 Aug. 1 *Holders of rec.July 7
Preferred (quar.)!Il
*1% Aug. 1 *Holders of rec. July 7
Stroock (S.) & Co.(guar.)
"75e. Oct. 1 'Holders of rec. Sept. 15
Quarterly
"75c. Dec. 22 'Holders of rec. Dec. 10
Sylvestre Oil, corn. (pay. in corn.
stk.)
_
1300
July 2 *Holders of rec. June 30
Swift International
'60c Aug. 15 'Holders of rec. July 14
Telautograph Corp., common
(guar.)._
20c Aug. 1 Holders of rec. July 14
Thayers, Ltd., 1st pref. (guar.)
87c July I Holders of rec. June 27
Traveler Shoe (guar.)
3734c July 2 Holders of rec. June 15
Tubize Artificial Silk, pref.(guar.)
134 July 2 Holders of rec. June 200
Union Twist Drill, pref. (guar.)
1% June 30 Holders of rec. June 200
United Cigar Sotres of Am.,6%
134 Aug. 1 Holders of rec. July 12
U. S. Industrial Alcohol, corn. pf.(qu.)
(guar.). "$1.25 Aug. 1 *Holders of rec. July 16
U.S.Smelt. Berg. & Mining, corn.
(qu.) 8734e. July 14 Holders of rec. July 5
Preferred (guar.)
8734c. July 14 Holders of rec. July 5
Universal Pipe & Radiator,
pref.(MO
"$1.75 Aug. 1 "Ho ders of rec. July 16
Preferred (guar.)
"$1.75 Nov, 1 "Holders of rec. Oct. 15
Utah Apex Mining
"25c Aug. 1 *Holders of rec. July 14
Victor Talking Mach., corn. (quar.)
81
Aug. I Holders of rec. July 2
Old preferred (guar.)
1% July 16 Holders of rec. July 2
Prior preference (guar.)
IN Aug. 1 Holders of rec. July 2
$6 convertible pref. (guar.)
$1.50 Aug. 1 Holders of rec. July 2
Wilcox Products Corp.. class A
• 6234c July 1 'Holders of rec. June 20
Young (.7. S.) Co., con). (guar.)
"234 July 2'Holders of rec. June 22
Preferred (guar.)
*
'IN July 2 *Holders of rec. June 22
Name of Company.
Railroads (Steam) (Concluded).
Manhattan Ry.guaranteed (guar.)
Michigan Central
Missouri-Kansas-Texas, pref. A (guar.)Mobile dr Birmingham, pref
Morris & Essex (guar.)
New York Central RR.(guar.)
N.Y. Chicago & St. Louis, corn.(guar.)
Pref. series A (guar.)
New York & Harlem. corn.& pref
N.Y. Lackawanna & Western (quar.)..
N.Y.New Haven dr Huai., pref.(guar.)
Northern Central
Northern Pacific (guar.)
Northern Securities
Old Colony (guar.)
4039
Per
When
Cent. Payable.
Books Closed
Days Inductee.
13.1 July 2 Holders of rec. June 20a
20
July 28 Holders of rec. June 296
13.1 June 30 Holders of rec. June 15.
2
July 2 June 2 to July
I
$1.75 July 2 June 8 to June 27
2
Aug. 1 Holders of rec. June 296
134 July 2 Holders of rec. May 15a
134 July 2 Holders of tee. May 15a
$2.50 July 2 Holders of rec. June 15a
134 July 2 Holders of rec. June 14
134 July 2 Holders of rec. June 44
$2
July 14 Holders of rec. June 300
134 Aug. 1 Holders of rec. June 29
43.4 July 10 June 23 to July 10
134 July 2 Holders of rec. June 166
134 Oct. 1 Holders of rec. Sept.15a
PeQuarterlyMarque
re
tte,Com.(guar.)
pi July 2 Holders of rec. June 5a
Prior preference(guar.)
134 Aug. 1 Holders of reo. July 60
Five percent. prof.(quan)
134 Aug. 1 Holders
Pltta. Ft. Wayne & Chic., corn.(guar.). 134 July 1 Holders of rec. July ea
of rec. June lla
Preferred (guar.)
114 July 3 Holders of rec. June ha
Pittsburgh & Lake Erie
$2.50 Aug. I Holders of rec. Jun& 296
Pittsb. McKeesp.& Youghiogheny
$510.5c0 July 12
2 Holders of rec. June 154
Reading Co., 2d pref.(guar.)
Holders of rec. June 21a
July
Rensselaer & Saratoga
4
July 1 June 6 to July I
St. Louis-San Fran., corn (quar.)
134 July 1 Holders of tee. June 1
Common (extra)
25e. July 1 Holders of rec. June 1
Preferred (guar.)
134 Aug. 1 Holders of rec. July 14a
Preferred (auar.)
134 Nov. 1 Holders of tee. Oct. 156
St. Louis Southwest. pref.(quar.)
134 June 30 Holders of rec. June 15a
Southern Pacific Co.(quar.)
134 July 2 Holders of tee. May 25a
Southern Ry., corn. (guar.)
2
Aug. 1 Holders of rec. July 26
Preferred (guar.)
lg July 16 Holders of rec. June 190
Texas & Pacific (quar.)(No. 1)
iN July 2 Holders of rec. May 31a
Toronto Hamilton & Buffalo
3
June 30 Holders of rec. June 270
Union Pacific. common (guar.)
234 July 2 Holders of rec. June lo
United N. J. RR.& Canal(guar.)
'2% July 10 *Holders of rec. June 20
Virginian Ry., preferred
3
Aug. 1 Holders of rec. July 146
Wabash Ry., pref. A (guar.)
134 Aug. 24 Holders of rec. July 256
Public Utilities.
Alabama Power $7 pref.(quar.)
$1.75 July 2 Holders of rec. June 15
S6 preferred (guar.)
$1.50 July 2 Holders of rec. June 15
$5 preferred (guar.)
$1.25 Aug. 1 Holders of rec. July 16
Amer. Dist. Teleg. of N.J., corn.(qu.)-- $1
July 16 Holders of rec. Juned15a
7% preferred (auar.)
N July 16
of rec. Juned15a
Am.& For.Pow., allot. elf.. 35% pd.(qu) 6134e. July 2 Holders
Holders of rec. June 14
Allotment ctfs., 45% paid (quar.)---- 78340 July
2 Holders of rec. June 14
Preferred (quar.)
$1.75 July 2 Holders of rec. June I4a
Second pref., set. A
$1.75 Aug. 1 Holders of rec. July 14
American Gas (guar.)
2
July 13 Holders of rec. June 30
American Gas & Electric, corn. (quar.)
25e. July 2 Holders of rec. June 15
Common (1-50 share of corn. stock)_. (D July
2 Holders of rec. June 15
Preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 9
Amerpicraenr.Powe
PowerA Light,(
$N
6opre
ll. (au.) $1.50 July 2 Holders of rec. June 21a
55
series
6234c July 2 Holders
Amer. Public Service, pref. (guar.) _ _- 1% July 2 Holders of rec. June 21
Amer. Public Utilities, partic. pfd. (au.) $1.75 July 2 Holders of rec. June 15
of rec. June 15
American Superpower,$6 pref.(quar.)
$1.50 July 2 Holders of rec. June 15
First preferred (guar.)
$1.50 July 2 Holders of rec. June 15
Amer.Telep.& Teleg.(guar.)
2% July
Holders of tee. June 206
Am. IN at. Wks.& Elec.. $8 let Pf. (qu.) $1.50 July 16
2 Holders of tee. June 12a
Arkansas Natural Gas (auar.)
•15c. July 2 *Holders of rec. June 22
Arkansas Power & Light, $7 pref. (qu.).. $1.75 July 2 Holders
Associated Gas & Elec.. cl. A (guar.)-- t 50c. Aug. 1 Holders of rec. June 156
of rec. June 30
Original preferred (Guar-)
187%c July 2 Holders of rec. May 31
$7 preferred (guar.)
151.75 July 2 Holders
Associated Public Util., $7 pref. (quar.)_ $1.75 July 2 Holders of rec. May 31
df rec. June 16
Bangor Hydro-Electric. 6% pref. (au.).
July 2'Holders of rec. June 11
7% Preferred (guar.)
•1% July 2 *Holders of rec. June 11
Barcelona, Tr., Light & Pow., com.(clu.)
50c June 30 Holders of rec. June 216
Participating preferred (guar.)
1% June 30 Holders of rec. June 216
Below we give the dividends announ
Participating preferred (extra)
1
June 30 Holders of rec. June 216
ced in previous weeks Bell
Telephone of Canada (guar.)
2
July 14 Holders of rec. June 23
and not yet paid. This list does not include dividen
Bell Telep. Pa..634% Pref.(guar.)
1% July 14 Holders of rec. June 206
ds an- BinghamtonofL.
It. & Pow.$6 pfd. (qu.) $1.50 July
Holders
roe. June 15
nounced this week, these being given
am Elec. Co., $7 pref. (rm.).-- 51.75 July 2 Holders of rec.
of
June 13
in the preceding table. Birmingh
$6 preferred (guar.)
81.50 July
Holders
of
rec. June 13
Boston Elev.Ry corn.(guar.)
1;4 July 2 Holders of rec. June 9
First preferred
4
July 2 Holders of rec. June 9
Per
When
Books Closed
Name of Company.
Preferred
334 July 2 Holders of rec. June 9
Cent. Payable
Days Inchutve.
Brazilian Tr. Lt. & Pr. Co.. prof.(au.)
134 July 2 Holders of rec. June 150
Railroads (Steam).
Brooklyn-Manhattan Tran., COM. (qu.) SI
July 1
Holders of rec. June 306
Alabama Great Southern, prof
Preferred series A (auar)
$1.50 July 1
82
Holders of rec. June 306
Aug. 15 Holders of rec. July ha
Preferred (extra)
Preferred series A (guar.)
51.50 Oct. 15 Holders of rec. Oct. la
$1.50 Aug. 15 Holders of rec. July ha
Albany & Susquehanna
Preferred series A (guar.)
$1.50 Jan15'29 Holders of rec. Dec. 31a
434 July I Holders of rec. June 15
Allegheny & Western
Preferred
$1.50 AprI5.2 Hold, of rec. Apr. 1 '29a
3
July 2 Holders of rec. June 2Ia Brooklyn series A (guar.)
AWL Topeka & Santa Fe, pref
Union
$1.25 July
Holders
234 Aug. 1 holders of rec. June 29a Buff, Niagara Gas(guar.)
Atlanta Birmingham & Coast. pref
& East Pow., corn. (qu.)_ "30c July 2 *Holders of rec. June 7a
.234 July 1 *Holders of rec. June 15
of rec. June 15
Atlantic Coast Line RR., corn
Preferred (guar.)
"40c July 2 *Holders of rec. June 15
$3.50 July 10 Holders of rec. June 15a
Common (extra)
Class A (guar.)
*30c July 2 *Holders of rec. June 15
$1.50 July 10 Holders of rec. June 15a Calgary
Augusta & Savannah
Power (guar.)
is. July 2 Holders
234 July 5 Holders of rec. June 150 California
Extra
-Oregon Power, corn. (quar.)_ $1.75 July 14 Holders of rec. June 15
14 July 5 Holders of rec. June 150
of rec. June 30
Bangor & Aroostook. com.(guar.)
6% preferred (guar.)
87e.
134 July 14 Holders of rec. June 30
July
1
Holders
of tee. May 31a
Preferred (guar.)
7% preferred (aunt.)
134 July 14 Holders of rec. June 30
134 July 1 Holders of rec. May 31a Canadian
Beech Creek (guar.)
Northern
Power.
pref.(cm)._
1% July 16 Holders of rec. June 30
50c. July 2 Holders of rec. June 15a Capital
Boston & Albany (guar)
Traction. Washington, D.C...
1% July 2 Holders of rec. June 14
234 June 30 Holders of rec. May 31
Boston & Maine, prior pref. (quar,)
z
(qua,'.)owerLight, 57 pref. (qu.)-- 51.75 July 2 Holders of
134 July 2 Holders of rec. June 15a Carolina
rec. June 16
First preferred class A (guar.)
$
$1.50 July 2 Holders of rec. June 16
134 July d2 Holders of rec. June 15a Cent. Atlantic
First preferred class B (guar.)
States Serv. Corp2
July 2 Holders of rec. June 156
First preferred class C (guar.)
7%
Preferred (quar.)
134 July 2 Holders of rec. June 15a
IN July 1 Holders of rec. June 20
First preferred class D (guar.)
pf. (guar.)._
I% July 2 Holders of rec. June 15
d234 July 2 Holders of rec. June 15a Central Illinois Light,
First preferred class E (guar.)
7% Preferred guar.)
1 N July 2 Holders of rec. June 15
1 34 July 2 Holders of rec. June 15a
Heston & Providence (guar.)
Central Ill. Pub. Serv., pref.(guar.).-. $1.50
234 July 2 Holders of tee. June 20
Buffalo & Susquehanna, pref
Central Maine Power.7% pref.(aunt.). 1% July d15 Holders of rec. June 30a
2
July 1 Holders cf rec. June 10a
June 30 Holders of rec. June 150
Canada Southern
6% preferred (guar.)
13.4 July 1 Holders of rec. June 106
134 Aug. 1 Holders of rec. June 29a
Canadian Pacific. corn. (guar.)
$6 preferred (guar.)
234 June 30 Holders of rec. June la
$1.50 July 1 Holders of rec June 106
Chesapeake Corporation (guar.)
Central & S. W.Utilities, corn.(guar.) _
75c. July 16 Holders of rec. June 30
Chesapeake & Ohio, common (quar.)._ 75e. July 1 Holders of rec. June 80 Central States Elec. Corp.,
corn.(No. 1)
_
25e. July
234 July 1 Holders of rec. June 80
Preferred A
Common (payable In common Stock). f234 July 2 Holders of rec June 11
334 July 1 Holders of rec. June 80
2 Holders of rec. June 11
Chicago Indlanap.& Louisv., corn
6%
preferred
(guar.)
134 July 2 Holders of rec June 11
234 July 10 Holders of rec. June 23
Common (extra)
7% Preferred (aunt.)
1
July 10 Holders of rec. June 23
154 June 30 Holders of rec. June 9
Preferred
Chic.
No.
Shore
Milw.,
&
pref.
(aunt.). *134 July 1 *Holders of rec. June
2
July 10 Holders of rec. June 23a
Chicago & North Western, common._
15
Prior preferred (guar.)
__
2
June 30 Holders of rec. June la
•1N July 1 *Holders bf rec. June 15
Preferred
. A (t01.)
334 June 30 Holders of rec. June la Chicago Rapid Transit, pr. pf.
65c. July 1 Holders of rec. June 196
Chic. R. I. & Pacific. corn.
Prior
preferred
A (guar.)
(guar.)
134 June 30 Holders of rec. June la
65c Aug. 1 Holders of rec. July 170
% preferred
Prior preferred A (guar.)
65c. Sept. 1 Holders of rec. Aug. 210
334 June 30 Holders of ree. June la
6% preferred
Prior preferred B (guar.)
3
June 30 Holders of rec. June la
60c. July 1 Holders of rec. June 19a
Cincinnati Northern
Prior
preferred B (guar.)
July 20 Holders of rec. July 13a
60c. Aug. 1 Holders of rec. July 176
Cloy. Cin. Chic. & St. L., corn.(guar.)._ 5
Prior preferred B (guar.)
2
July 20 Holders of rec. June 290
60c. Sept. I Holders of rec. Aug. 21a
Preferred (Quar.)
Cincinnat
i
Car
Co..
corn. (guar.)
35e.
134 July 20 Holders of rec. June 29a Cin.
Colorado & Southern, list pref
Newport & Coy. L.& Tr., com.(qu) •134 July 1 Holders of rec. June 20a
2
June 30 Holders of rec. June 180
July 15 *Holders of rec. June 30
Consolidated Mts. of Cuba. prof
Preferred (guar.)
134 July 2 Holders of rec. June 110
•134 July 15 *Holders of rec. June 30
Cuba RR.. preferred
Cincinnat
i Street Ry.(guar.)
3
Aug. 1 Holders of rec. July 16
July
6234e.
1 'Holders of rec. June 25
Preferred
Cin. & Sub. Bell Telephone
3
Feb.1 '2 9 Holders of ree.Jan.15'29 Cleveland
(qUar.) : 51.12 July 2 June 16 to July 2
Detroit River Tunnel
Ry. (guar.)
3
July 16 Holders of rec. July 9a Columbia
134 July 2 Holders of rec. June ii
Great Northern, preferred
Gas & Elec., common
234 Aug. 1 Holders of rec. June 270
Gulf. Mobile& Northern, pref.(qu.)
6% preferred. series A (guar.)(quar.)_ $1.25 Aug. 15 Holders of rec. July 200
13.4 July 2 Holders of rec. June 150
1
Aug. 15 Holders of rec. July 20a
Hocking Valley (guar.)
Columbus Elec. & Power, corn.
June
234
(aunt.).
30
Holders
50c. July 2 Holders of rec. June 86
of
tee.
Central.
June
Illinois
130
leased lines
Common (1-40th share corn. stock)...
2
July 2 June 12 to July 4
(f) July 2 Holders of rec. June 8a
Joliet & Chicago (quar.)
Preferred
,
series
B (guar.)
134 July 2 Holders of rec. June 210
134 July 2 Holders of rec. June 86
Kansas City Southern, pref. (quar.)
Preferred, series C (guar.)
1
July 16 Holders of rec. June 30a
134 July 2 Holders of rec. June 86
Lake Erie & Eastern
Second preferred (guar.)
2
July 2 Holders of rec. June 256
July 2 Holders of rec. June 8a
134
Lehigh Valley, coin. (guar.)
Commonwe
alth Power, corn.(guar.)- 8734c July 2 Holders of rec. June 166
75e. Aug. 1 Holders of rec. July 12a
Preferred (guar.)
6% pref. (guar.)
$1.25 July 2 Holders of rec. June 16a
134 Aug. 1 Holders of rec. July 12
Little Schuylkill Nay., RR.& Coal
Consol.
Gas
El.
L.
&
P. Bal.,com.(111.)
1
July 14 June 16 to July 15
75o. July 2 Holders of rec. June 156
Louisville & Nashville
5% prof.. series A (guar.)
334 Aug. 10 Holders of rec. July
134 July 2 Holders of rec. June 156
Mahoning Coal RR., common
% prof., series D (guar.)
$12.50 Aug. 1 Holders of rec. July 160
134 July 2 Holders of rec. June 15a
16a
Preferred
Si4%pref
..serles
E
$1.25 July 2 Holders of rec. June 25a
I%
July 2 Holders of rec. June 15a
(guar.)
Consolidated Gas of N. Y.
Maine Central. coin.
1
July 2 Holders of rec. June 15
Preferred (guar.)
$1.25 Aug. 1 Holders Of rec. June 30a
4040
Name of Company.
When
Per
Cent. Payable.
Books doled.
Days Inclusive.
Public Utilities (Continued).
Connecticut Elec.Service,cony. pt.(qu.) 51 July 1 Holders of rec. June 15
134 July 2 Holders of roe. June 15
Consumers Power,6% prof. (luar.)1.85 July 2 Holders of rec. June 15
6.6% preferred (guar.)
1% July 2 Holders of rec. June 15
• 7% preferred (qua:.)
500. July 2 Holders of rec. June 15
preferred
(monthly)
a%
55e. July 2 Holders of rec. June 15
6.6% preferred (monthly)
Continental Gas & Elec., corn.(guar.)._ $1.10 July 2 Holders of rec. June 11
1% July 2 Holders of rec. June 11
7% prior pref.(guar.)
$2.50 June 30 Holders of rec. May 310
Continental Pass. Ry. (Phila.)
June 30 Holders of rec. June 150
2
Cuban Telephone. common (guar.)
134 June 30 Holders of rec. June 156
Preferred (guar.)
75e. July 1 Holders of rec. June 150
Denver Tramway,$5 Pref.(guar.)
July 16 Holders of rec. June 20.
2
Detroit Edisoa Co.(guar.)
Diamond State Telep..634% pref.(qu.). 1% July 14 Holders of rec. June 206
Dominion Power & Trans., pref.(qua:.) 1% July 14 Holders of rec. June 23
July 2 Holders of reo. June 15
1
Duke Power Co.. corn.(guar.)
13( July 2 Holders of reo. June 15
Preferred (quar.)
July 2 Holders of rec. June 150
Duluth-Superior Tract.. pref.(guar.)._ 1
134 July 14 Holders of tee. June 150
Duquesne Light, let pref. (guar.)
•21.50 July 16 *Holders of rec. June 30
East Bay Water. pref. A & B (quar.)
$1.75 July 2 Holders of tee. June 156
Eastern Texas Elec., pref.(qua:.)
134 Aug. 1 Holders of rec. July 10
Electric Bond & Share, pref. (guar.)_ _
25e. July 16 Holders of rec. June 18
Electric Bond & Share Secur. (guar.).-(guar.)._
July 2 Holders of roe. June 15.
$1.75
pref.
Light,
Js
Electric Power
Prof.allotment ctfs.(full paid) (guar.) $1.75 July 2 Holders of rec. June 15.
Prof. allotment ells.(40% paid)(m) 70e. July 2 Holders of rec. June 156
Electric Public Service, pref. (guar.)._ $1.75 July 1 Holders of roe. June 12
Electric Public Utilities, pref. (guar.)._ $1.75 July 1 Holders of rec. June 12
Elmira Water. L.& RR., 18t pf. (quar.)_ 1% July 1 Holders of rec. June 18
13( July 1 Holders of rec. June 18
26 preferred (guar.)
1% July 18 Holders of rec. July 20
El Paso Electric Co., pref. (guar.)
July 2 Holders of rec. June 150
(nattily.)_
662-3c
pref.
8%
Fuel,
dEmpire Gas&
58 1-30 July 2 Holders of rec. June 186
7% pref.(monthly)
July 2 Holders of rec. June 150
544
(monthly)
pref.
634%
Empire Power Corp., $6 pref. (guar.)._ $1.50 July 1 Holders of rec. June 16
SOC. JUI9 1 Holders of rec. June 21
Participating stock (guar.)
25c. July 10 Holders of rec. June 30.
Fairmount Park Teen.(Phila.)
50e. July 2 Holders of rec. June 206
Fall River Electric Light (quar.)
20c July 2 Holders of rec. June 13.
Federal Light & Tr.,cam,(gum.)
15o. July 2 Holders of roe. June 136
Common (payable in corn. stook)._
Federal Water Service.$7 pref.(guar.)._ $1.7 July 1 Holders of rec. June 206
July 1 Holders of rec. June 206
(quar.)
1.6234
634% Preferred
Florida Power & Light, pref. (guar.)... $1.75 July 2 Holders of ree. June 16
13( July 1 Holders of reo. June 15
Florida Public Serv. pref. (guar.)
Frankford & Southwark Phila.
$4.50 July 1 Holders of rec. June 5
City Pass. Ry.(guar.)
General Gas & Elec., corn. A.(guar.).._ 3734c. July 1 Holders of roe. June 126
July 1 Holders of roe. June 12.
$2
e8 preferred (guar.)
$1.75 July 1 Holders of reo. June 120
$7 preferred class A (guar.)
July 1 Holders of roe. June 12.
(guar.)
21.75
B
class
$7 preferred
$1.50 July 1 Holders of rec. June 15
Georgia Power, pref. (qua!'.)
1% July 2 Holders of rec. June 30
Gold & Stock Telegraph (guar.)
Hackensack Water, pref.. A (guar.)._ _ 4334c June 30 Holders of reo. June 145
56e. July 2 Holders of tee. June 205
Haverhill Gas Light (guar.)
1% June 30 Holders of rec. June 17
Houston Gas & Fuel, pref. (quar.)
2 June 30 Holders of rec. June 29
1.111nots Bell Telep.(guar.)
*Holders of rec. July 18
Illinois Northern GUI..6% pref.(quar.)_ *134 Aug.
*Holders of rec. July 16
•$1.75
(guar.)
Aug.
Junior cumulative pref.
Holders of rec. June 9
Illinois Power hs Light,6% pref.(quer.). 131 July
Holders of rec. June 15
July
114
Olean).Pref.
Illinois Power Co..6%
Holders of roe. June 15
134 ..11117
7% pref.(quar.)
Holders of rec. June 9
IndianapolisPow.& Lt., pref.(guar.)._ 51.6234 July
Holders of rec. June 126
$1.50 July
Indianapolis Water. prof.(quiz.)
Indianapolis Water, pref. see.•(gum.). $1.25 June 3 Holders of rec. June 12:
134 July 1 Holders of rec. June 220
Internat. Telep.& Teleg.(guar.)
8734e. July 1 Holders of rec. June 304
Internal Utilities, class A (guar.)
Holders of rec. July 186
$1.75 Aug.
$7 Preferred (quar.)
Holders of reo. June 7
$1.75 July
(guar.)
Interstate Povibr,$7 pref.
Holders of roe. June 15
13( July
Jamaica Public Serv., Pref.(guar.)
Holders of rec. June 18
July
1%
prof.
&
Power
Light,
ORO
Central
Jersey
Holders of rec. June 18
July
134
6% preferred (guar.)
Holders of r00. June 144
K.C.Power & Light, lst pfd."B"(qu.). $1.50 July
Holders of rec. June 15
July
(guar.)
134
pref.
Kansas Gas & Elec.,
Holders of roe. June 200
Kentucky Securities Corp.. corn.(qu.)_. 13( July
Holders of roe. June 206
1
July
134
Preferred (guar.)
*50e. June 3 *Holders of rec. June 20
Lone Star Gas (guar)
Holders of rec. June 18
Long Island Ltg.,ser A.7% pref.(guar.) 13( July
Holders of rec. June 16
134 July
Series 8,6% pref. (qua:.)
Holders of rec. June 226
13( July
Mackay Companies,corn.(guar.)
Holders of rec. June 221
July
1
Preferred (guar.)
Holders of roe. June 18
July
$1.75
Memphis Pow. & Lt.. $7 pref.(gear.)..
Holders of rec. June 16
$1.50 July
$6 preferred (guar.)
Holders of rec. June 15
July
$1.75
pref.
(quar.)..
$7
Metropolitan Edison,
Holders of rec. June 15
$1.50 Jule
$6 preferred (qua:.)
$3.50 July 1 Holders of rec. July 2
Mexican Utilities, pref
June 3 Holders of rec. June 146
2
Michigan Bell Telep. (guar.)
Holders of roe. June 15
Michigan Electric Power,7% pref.(qu.) 1% July
Holders of rec. June 15
July
1)4
6% preferred (guar.)
July 1 Holders of rec. June 80
Middle West Util.. prior lien (guar.).___ $2
$1.50 July 1 Holders of rec. June 30
$6 preferred (quar.)
Holders of reo. June 22
1% July
Midland Utilities. 7% prior lien (qu.)
Holders of rec. June 22
1% July
6% prior lien (guar.)
Holders of reo. June 22
July
13(
(guar.)
A
class
7% pref.
Holders of roe. June 22
134 July
6% pref., class A (guar.)
of rec. July 206
Milwaukee Elec. Ry.& L.8% pf.(au.). 134 July 8 Holders
Holders of recs. June 15
Minnesota Power & Light. 7% pf., (qu.) 13( July
Holders of rec. June 15
$1.50 July
$6 preferred (qua:.)
l
*Holders of rec. June 15
Mississippi River Power, pref.(quar.).. • 34 July
Holders of reo. June 206
Missouri Power & Light, pref.(quar.)_ 1% July
*Holders of rec. June 20
July
•$1.75
2d
Power,
pref.
(au.)
Hudson
&
Mohawk
Holders of see. June 15
July
43)(0
pf.(qu)
Serv.,
Wat.
Monongah, W.Penn
Holders of rec. June 121
114 July
Montana Power,corn.(guar.)
Holders of roe. June 30
50o,
3
July
P..
(guar.)
Cons.
&
H.
Montreal L.,
July 1 Holders of roe. June 30
y2
Montreal Telegraph (guar.)
of rec. July 6
Holders
1
July
234
(quar.)
Tramways
Montreal
13( July 2 Holders of rec. June 30
Mountain States Power. pref.(guar.)
Holders of Rm. June 15
50e. July
Municipal Service Corp., cony. pf. (qu.)
Holders of roe. June 16
July
Nassau & Suffolk Lighting, pref.(qu.) _ 1%
Holders of reo. June 20
11.1 July
Nat. Electric Power, 7% pref.(guar.)
Holders of reo. June 20
July
134
(guar.)
Preferred
6%
.25c. July 1 *Holders of roe. June 30
National Fuel Gas (quit.) (guar.)_ _
Holders of roe. June 15
81.75 July
National Pow.& Light. prof.
Holder of rec. July 14
$1.50 Aug.
16
(qu.)Light,
pref.
&
National Power
of rec. June 18
Holders
July
A pref.(Qtr.) 1%
Natl. Public Setv. 7% set.
Holders of reo. June 18
July
(guar.)
131
preferred
Partic.
7%
of rec. June 30
Holders
(guar.)
13(
Aug.
pref.
Nevada-Calif. Elec. Corp.,
50c. July 1 Holders of rec. June 30
New England Power Assn., corn.(quiz.) $1.50 July
of reo. June 16
Holders
Preferred (guar.)
Heldere of reo. June 16
(quar.)_ _ $1.50 July
New England Power Co., pref.
(qu.)_. 45e. June 8 Holders of roe. June 15
corn.
Serv.,
Pub.
New England
$1.75 July 1 Holders of rec. June 30
$7 preferred (quar.)
Holders of rec. June 30
$1.50 July
$6 preferred (qua:.)
81.63 July 1 Holders of rec. June 30
(guar.)
Adjust. preferred
Holders of rec. June 9
8
June
2
(qua:.)
New Eng. Telep. & Teleg.
Holders of rec. June 15
(guar.)._ $1.50 July
N.J. Power & Light. $6 pref.
Holders of rec. June 18
(guar.)._
July
134
Pref.
New Orleans Pub. Serv,
Holders of rec. June 16
(guar.)._ 134 July
pref.
Corp..
Elec.
Cent.
N. Y.
Holders of rec. June 15.
July
$1.60
(quiz.)
prof.
N.Y.Steam Co.. $6
Holders of roe. June 15a
$1.76 July
$7 preferred (qua:.)
151 July 1 Holders of rec. June 20
(quer.)
New York Telephone, pref.(qua:.)
Holders of reo. June 54
1234
July
North American Co., con!.
Holders of rec. June 156
760. July
Preferred (quar.)
Holders of rec. Aug. 15a
Sept.
$1.50
(q.).
pref.
Co.,
North American Edison
North Amer. Light & Pow. of Del.Holders of rec. June 20
July
$1.50
56 preferred (guar.)
Holders of rec. June 15
25c. July
Northeastern Power Corp., corn. (au.)- - $1.50 July
Holders of rec. June 15
(guar.)
Class A
Holders of rec. June 30
I
July
1%
pf.
(Q11.)
North. Indiana Pub. Serv. 7%
of roe. June 30
Holders
134 Jule 1
6% preferred (guar.)
June 3 Holders of rec. June 15
1
Nor. Mexico Pow.& Derr.. core.(qua:.)_
June 3 Holders of rec. June 15
154
Preferred (guar.)
[Vol,. 126.
FINANCIAL CHRONICLE
Name of Company.
.
When
Per
Cent. Payable
Books Closed
Days Inclustse,
Public Utilities (Continuer:).
134 July 2 Holders of rec. June 15
Northern Ohio Pow.& L.,6% pf.
1% July 2 Holders of rec. June 15
7% preferred (lean)
Northern Ontario P. & L.. corn. (quar) $1 July 10 Holders of rec. June 306
3 July 25 Holders of rec. June 30a
Preferred
Northern Pennsylvania Pow.. pref.(W.) 31.75 July 1 Holders of rec. June 15
$1.50 July 1 Holders of rec. June 15
$6 preferred (guar.)
July 1 Holders of rec. June 15
3
8% preferred
Aug. 1 Holders of rec. June 30
Northern States Power, corn. A (qua:,). 2
7% preferred (guar.)
1% July 20 Holders of rec. June 30
13.4 July 20 Holders of rec. June 30
6% preferred (guar.)
Northport Water Works, pref.(guar.)._ 1% July 1 Holders of rec. June 16
Northwestern Bell Telep.,634% pt.(qu.) 1% July 16 Holders of rec. June 20
$1.50 July 2 June 16 to July 1
Northwestern Telegraph
Northwest Utilities, pr. lien pref. (au.). $1.75 July 2 Holders of rec. June 15
13( July 2 Holders of rec. June 20
Ohio Bell Telep., pref.(guar.)
1% Sept. 1 Holders of rec. Aug. 15
Ohio Edison Co., 6% pref. (quiz.)
1.65 Sept. 1 Holders of rec. Aug. 15
6.6% preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 15
7% Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 15
5% Preferred (quiz.)
50e. July 2 Holders of rec. June 15
6% preferred (monthly)
50c. Aug. 1 Holders of rec. July 16
8% preferred (monthly)
50e. Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
55e. July 2 Holders of rec. June 15
6.6% Preferred (monthly)
55e. Aug. 1 Holders of rec. July 16
6.6% preferred (monthly)
Mc. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
Ohio Electric Power, 7% pref. (guar.)._ 1% July 1 Holders of rec. June 20
1% July 1 Holders of rec. June 20
6% preferred (guar.)
Ohio Public Service 1st pref. A (monthly) 58 1-3c July 2 Holders of rec. June 15
13( July 2 Holders of rec. June 18
Ohio River Edison,7% pref.(quar.)
Ohio Telephone Service, pref. (guar.)._ 1% July 2 Holders of rec. June 20
Ottawa Light. Heat & Pow., corn. (qu.) 1% June 30 Holders of rec. June 150
1% July 1 Holders of rec. June 15a
13-eferred (quar.)
50c. July 16 Holders of rec. June 30a
Pacific Gas & Elec., corn. (guar.)
•134 July 16 Holders of rec. June 30
Pacific Lighting,6% pref.(guar.)
Pacific Telep. & Teleg., common (guar.) 1% June 30 Holders of rec. June 206
134 July 16 Holders of reo. June 30
Preferred (guar.)
Panama Power & Light, prof. (quiz.).... 13( July 2 Holders of rec. June 20
Penn. Central Light Az Pow., pref. (qu.) $1.25 July 1 Holders of reo. June 15
70e July 1 Holders of rec. June 15
$2.80 pref. (guar.)
.Aug. 1 Holders of rec. July 141
Penn-Ohio Edison, corn. (guar.)
134 Sept. I Holders of roe. Aug. 20
7% prior preferred (guar.)
81.50 July 14 Holders of roe. June 30
$6 preferred (guar.)
18e. Aug. 2 Holders of reo. Jule 14
Penn-Ohio Securities Corp., corn. (go.).
Penneylvania-Ohlo P. & L., $6 pf.(qu.) $1.50 Aug. 1 Holders of rec. July 20
15( Aug. 1 Holders of reo. July 20
7% pref. (guar.)
600. July 2 Holders of rec. June 20
7.2% pref.(monthly)
60o. Aug. 1 Holders of reo. July 20
7.2% pref.(monthly)
550. July 2 Holders of reo. June 20
8.8% pref.(monthly)
55o. A ug. 1 Holders of reo. July 20
6.6% prof. (monthly)
$1.75 July 2 Holders of rec. June 15
Penna. Pow.& Light, $7 pref.(quiz,)
81.50 July 2 Holders of rec. June 15
$0 cum. preferred (guar.)
Pennsylvania Water & Power (guar.).- 62%e. July 2 Holders of roe. June 15
3
July 1 Holders of rec. June 120
Peoples Gas Co.. preferred
2
July 17 Holders of rec. July 3(11
Peoples Gas Light & Coke (guar.)
$1
July 81 Holders of roe. July 2.
Philadelphia Company,cam.(guar.)
51.50 July 31 Holders of rec. July 20
Common (extra)
$1.25 Sept. 1 Holden, of reo. Aug. WS
5% prof.(guar.)
July 31 Holders of roe. July 185
Philadelphia Rapid Transit (Butr.)---- $1
Philadelphia Western By., pr. (guar.)._ 623.4e. July 14 Holders of rec. June 30w
1)4 July 2 Holders of reo. June 15
Portland Elec.Power,6% let pf.
1% July 2 Holders of reo. June 15
Prior preferred (guar.)
July 1 Holders of rec. June 150
Porto Rico Telephone, corn. (guar.)._ _ 2
134 July 18 Holders of roe. June 80
Power Corp. of Canada. pref. (guar.)_
75e July 16 Holders of ree. June 300
Participating Preferred (guar.)
$1
July 2 Holders of roe. June 150
Providence Gas (guar.)
Public Serv.Corp. of N.J., corn.(au).. 50c. June 30 Holders of rec. June la
50o. June 30 Holders of roe. June la
6% pref.(monthly)
134 June 30 Holders of roe. June 111
7% pref.(guar.)
2
June 30 Holders of rec. June 1.
8% prof.(quiz.)
2
July 1 June 24 to July 1
Pub.fiery. Co.of Okla.,com.
154 July 1 June 24 to July 1
7% prior lien stock (quiz.)
July 1 June 24 to July 1
134
6% prior lien stock (quar.)
. Elec. & Gas, 7% O.(el.) 134 June 30 Holders of rec. June 1
Pubic Ben,
1% June 30 Holders of reo. June 1
Six per cent preferred (qua:.)
134 July 18 Holders of rec. June 156
Puget Sound Power & Light, pref.
51.05 July 16 Holders of reg. June 16.
Prior preference (No. 1)
50e. July 16 Holders of roe. June 30
(guar.)
Quebec Power
Quinte & Trent Valley Pow., Ltd..
13( July 3 Holders of rec. June 20
Preferred (guar.)
Radio Corp. of Amer.. pref. A (guar.)... $71.40. July 1 Holders of rec. June 1.
75c. July 2 June 17 to July 2
Reading Traction
St. Louis Public Service Co.. Pf. A (qu.) $1.75 July 2 Holders of roe. June 20
July 2 Holders of rec. June de
Savannah El.& Pwr.deb.ser A.(qu.).. 2
1% July 2 Holders of roe. June les
Debentures,ser.B(guar.)
July 1 Holders of roe. June 5
Second & 3d Ste. Pass. Ry.(Phila.)(qu )
500. July 10 Holders of ree. June 23
Shawinigan Water & Pow..corn.(an.)
Southeastern Power & Light, corn.(W.) 250. July 20 Holders of roe. June 30
$1.75 July 2 Holders of rec. June 15
57 preferred (guar.)
51.50 July 2 Holders of rec. June 15
$6 preferred (guar.)
$1
Participating preferred (guar.)
July 2 Holders of rec. June 15
- 50c. July 15 Holders of reo. June 20
Southern Calif. Edison orig. pf.(M.)
uly 15 Holders of rec. June 20
3434e
Preferred series C (guar.)
Southern Calif. Gas.8% pref.(quiz.)..' 3734e. uly 14 *Holders of reo. June 30
134 uly 16 Holders of roe. June 20
Southern Canada Power, pref.(qua:.)
Ji uly 15 *Holders of roe. June 30
Southern Counties Gas. 6% pref. (au.)
Southern Indiana G.& E.,7% Pl.((PO - 13( July 2 Holders of rec. June 23
1,34 July 2 Holders of roe. June 23
6% preferred (guar.)
3
uly 2 Holders of rec. June 23
6% preferred (semi-annual)
$1.65 lily 2 Holders of rec. June 23
.6.6% preferred (guar.)
uly 16 Holden, of ree. June 300
Southern New England Telep.(quar.),.. 2
Southwest. Bell Telep., Pref. (quar.).. 154 uly 1 Holders of roe. June 20
uly d2 Holders of rec. June 156
Southwestern Gas& Elec.8% pfd.(qu.). 2
13( uly 62 Holders of ref). June 160
7% pref.(guar.)
Southwestern Pow. & Light, pf. (qu.). 81.50 uly 2 Holders of reo. June 15a
Springfield (Mo.) Gas Light, pf. A.(ge.) $1.75 uly 2 Holders of rec. June 15
*134 une 30 *Holders of rec. June 15
Spring Valley Water (qua:.)
8731e. uly 25 Holders of rec. June 30
Standard Gas & Elec., corn. (guar.).154 uly 25 Holders of rec. June 30
7% prior preferred (guar.)
une 30 Holders of rec. June 23
Standard Gas Light (N. Y.) corn
3
une 30 Holders of rec. June 23
Preferred
Superior Wat.Lt.44 Pr.. pref.(gust.)... 154 uly 2 Holders of rec. June 15
Tennessee Else. Pow.. 6% let Pf. (le.)• 1,34 elf 2 Holders of tee. June 15
134 uly 2 Holders of rec. June 15
7% first preferred (guar.)
1.80 illy 2 Holders of reo. June 15
7.2% first preferred (guar.)
60e. uly
Holders of roe. June 15
8% firm preferred (monthly)
80e. Ws, 2 Holders of rec. June 15
7.2% first preferred (monthly)
Texas-Louisiana Power, pref.(quar.)-- 134 uly 1 Holders of rec. June 15
Toledo Edison Co.,7% pf. A (monthly)' 58 1-3e uly 1 *Holders of rec. June 15
*50e. ule 1 *Holders of rec. June 15
6% preferred (monthly)
*$1.50 uly 2 *Holders of rec. June 15
Tri-State Telephone & Telegraph
uly 2 Holders of rec. JUDO 146
Twin City R. T.(MinneeP.), mom.(qu ) 1
13( uly 2 Holders of rec. June 144
Preferred (qua:.)
$4
ell+ 2 Holders of rec. June 156
Union Pass. By., Phlla
$1.50 Jaly 1 Holders of rec. June 134
Union Traction (Philadelphia)
United Garr & Elec. Corp., pref. (quar.)_ 1% July 1 Holders of rec. June 16
21 July 14 Holders of reo. June 15
United Gas Improvement(guar.)
United Lt. & Pow., old A & 13 corn.(qu.) tiOc. Aug. 1 Holders of rec. July 16
12c. Aug. 1 Holders of reo. July 16
New class A & B corn.(guar.)
$1.82 July 2 Holders of roe. June 15
Class A pref. (guar.)
51
July 2 Holders of reo. June 15
Class B pref. (guar.)
51.50 July 1 Holders of reo. June 15
United Public Service. $6 pref.(quar.)_
$1.75 July 1 Holders of rec. June 15
$7 preferred (guar.)
United Public Util.. $8 pt. (qu.)(No. 1) $1.50 July 1 Holders of roe. June 15
United Securities, Ltd.. pref.(quar.)... 1% July 2 Holders of roe. JUDO 22
134 July 2 Holders of rec. JULIO 20
United Utilities, pref.(guar.)
Utah Gas & CokePreferred and partic. pref.(quer.)._ $1.75 uly 2 Holders of rec. June 15
Utah Power & Light,$7 Prof.(quiz.)... *$1.75 uly 2 *Holders of rec. June 5
•$1.50 uly 2 *Holders of reo. June 5
$6 preferred (guar.)
Utilities Power & Light, el. A (quar.)--- e50.3. uly 2 Holders of rec. June lla
134 uly 2 Holders of rec. June 11
Seven per cent preferred (qua:.)
:3
*el
aTINE
80 1928.T
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
4011
Per
When
Cent. Payable
Books Closed.
Days Inclustre.
Public Utilities (Concluded).
Miscellaneous (Continued).
Virginia Public Service,7% pref.(quar.) 141 July 1 Holders of roe. June
Amer. Druggist Syndicate
18
40e. June 30 Holders of rec. June 180
Six per cent preferred (guar.)
134 July 1 Holders of rec. June 18
American Express (quar.)
$1.50 July 2 Holders of roe. June 15a
Western Massachusetts Cos. (guar.)._
50e. June 30 Holders of rec. June 16
Encaustic Tiling, (guar.)
Amer.
60e. June 30 Holders of roe. June 7a
Western Power Corp.7% prof.
134 July 16 Holders of rec. June 300
Preferred (guar.)
154 June 30 Holders of roe. June 7
Western Union Telegraph (quar.)
2
July 16 Holders
Amer. Felt, prof. (guar-)
134 July 2 Holders of me. June 15
West Kootenay Power dr Light. Pref•(qu) 14( July 2 Holders of rec. June 25a American
Furniture Mart Bldg., pf.(gu.) 144 July 2 Holders of roe. June 20
West Penn Elec. Co.,class A (guar.)- -- 31.75 June 30 Holders of rec. June 27
of rec. June 15a American Glue, pref. (guar.)
•2
Aug. 1 *Holders of rec. July 14
West Penn Power. 7% pref. (guar.).1)4 Aug. 1 Holders of rec. July 50 American Hardware Corp. (quiz.)
$1
July 1 Holders of roe. June 164
Six per cent pref. (guar.)
154 Aug. 1 Holders of rec. July 50
Quarterly
Oct.
$1
1 Holders of rec. Sept. 154
West Phila. Pass. Ry
$4.25 July 2 Holders of rec. June 156
Quarterly
1
Jan119 Holders of roe. Dec. 15a
Winnipeg Elec. Co., pref.(guar.)
144 July 1 Holders of rec. June 6
Amer. Home Products (monthly)
250. July 2 Holders of rec. June 14a
Worcester Electric Light (quar.)
31.50 June 30 June 21 to June 30
Amer. Laundry Machinery com.(quar.)_ 91
Sept. I *Holders of rec. Aug. 20
Amer.Lindseed. pref.(quiz.)
134 July 2 Holders of me. June 200
Banks.
Preferred (guar.)
144 Oct. 1 Holders of roe. Sept. 200
America(Bank of) N.A.new(qu.)(No.1) $1
July 1 Holders of roe. June 8
Preferred (guar.)
154 Jan2'29 Holders of rec. Dec. 210
American Union (guar.)
134 July 2 Holders of rec. June 230 American Locomotive,corn.(guar.).
$2 June 30 Holders of rec. June 13a
Bankamerie Corp
1234c July 1 Holders of rec. June 8
Preferred (guar.)
144 June 30 Holders of rec. June 130
Chase National (guar.)
334 July 2 Holders of rec. June 120 American Manufacturing. corn. (guar.). 1
July 1 Holders of rec. June 150
Chase Securities (quar.).
$1
July 2 Holders of rec. June 120
Common (guar.)
1
Oct. 1 Holders of rec. Sept. lba
Chatham Phenix Nat. (guar.)
*4
July 2'Holders of rec. June 15
Common (guar.)
1
flee. 31 Holders of rec. Dec. 15s
Chelsea Exchange (guar.)
2
July
2
Holders of roe. June 150
Preferred (guar.)
1)( July 1 Holders of roe. June 150
Colonial (quar.)
3
July 2 Holders of rec. June 20a
Preferred (guar.)
1)( Oct 1 Holders of rec. Sept.154
Fifth Avenue (guar.)
6
July 2 Holders of rec. June 300
Preferred (quiz.)
134 Dee. 31 Holders of rec. Dec. 161
Special
35
July 2 Holders of rec. June 306 Amer. Milling, corn. (guar.)
*20e. July 2 *Holders of rec. June 21
First National (guar.)
5
July 2 Holders of roe. June 300 Amer. Phenix Corp., general stock
75e. July 2 Holders of rec. June 20
First Security Co.(guar.)
20
July 2 Holders of rec. June 306 Amer Pneumatic Service, let pref.(qu.)_ 873,4e June 30
Garfield National 'guar.)
Holders of rec. June 220
3
June 30 Holders of rec. June 230 American Products, pref. (guar.)
•50c. July 1 'Holders of rec. June 15
Hanover National(guar.)
6
July
2
June
20
to
Amer.
July
Radiator.
I
corn.(guar.)
$1.25 June 30 Holders of roe June 160
Jamaica National (quar.)
1
July 1 Holders of rec. June 206 Amer. Railway Express (guar.)
$1.50 June 30 Holders of rec. June 15a
Manhattan (Bank of) Co.(quar.)
4
July 2 Holders of rec. June 190 Amer. Ftheolaveur Corp.. pref.,
$3.50 June 30 Holders of rec. June 22a
Mechanics (Brooklyn) (quar.)
4
July 2 Holders of rec. June 15a Amer. Rolling M111, corn.(guar.)
50c. July 15 Holders of rec. June 30a
Municipal (Brooklyn),(guar.)
234 July 2 June 21 to July 1
Common (payable In corn. Stock).... *f5
National Bank of Commerce (quar.)-July 15 *Holders of rec. June 30
-- 434 July 2 Holders of me. June 15a
6% prof.(guar.)
•154 July 15 *Holders of roe. June 30
National City (interim)
31.17
July 2 Holders of rec. June 160 Amer. Safety Razor (guar.)
National City Co. (interim)
$1
July
2 Holders of rec. June 11.
$1
July 2 Holders of rec. June 16
Extra
Park (National) (guar.)
25e. July 2 Holders of roe. June ha
6
July 2 Holders of rec. June 15
Amer. Sales Book (guar.)
Peoples National (Bklyn).(quar.)
•31
July
3
*Holders of me. June 15
3
July 2 Holders of rec. June 12a American Screw (guar.)
1
July 2 Holders of rec. June 210
Extra
5
July 2 Holders of ree. June 120 American Seating, corn.(guar.)
75e. July 1 Holders of ree. June 20a
Public National Bank & Trust (guar.).
4
July 2 Holders of rec. June 20
Amer. Smelt. & Refg., corn. (quar.)____ $2
Richmond Hill Nat.(Bklyn.)
Aug. 1 Holders of rec. July 130
4
June 30 June 27 to July 1
Preferred (guar.)
Seabcard National (guar.)
144 Sept. 1 Holders of roe. Aug. 30
4
July 2 Holders of ree. June 22
American Snuff, corn.(guar.)
Seventh National ((Prat%)
3
July 2 Holders of rec. June I4a
134 July 6 Holders cf rec. June 25
Preferred (guar.)
134 July 2 Holders of rec. June I4a
United States(Bank of)(guar.)
314 July 2 Holders of rec. June 220 American Steel Foundries, corn.(quar.)_
75e. July 14 Holders of rec. July 20
West New Brighton
4
July 10 Holders of roe. June 30
Preferred (guar.)
144 June 30 Holders of rec. June 15a
Joint Stock Land Banks,
Amer.Stores. com.(guar.)
Denver
50e. July 2 June 17 to July 2
3
July 1 Holders of Tee. June 25
Amer. Sugar Refg., pref.(guar.)
134 July 2 Holders of rec. June 6.
Amer. Sumatra 'rob., pref. (guar.)
144 Sept. 1 Holders of rec. Aug. 150
Trust Companies.
American Surety (altar.)
32.50 June 30 Holders of rec. June 23
American (quar.)
134
June
30 Holders of rec. June 200 American Thread, preferred
1234e. July 1 Holders of rec. May 310
Amer. Exchange Irving Trust (quar.)
334 July 2 Holders of rec. June 18
American Tobacco. pref.(guar.)
Hance Commerciale Italians Trust
114 July 2 Holders of rec. June 94
(qui 2K July 2 Holders of rec. June 150 Amer. Type Founders, com• (quiz.).... 2
July 14 Holders of rec. July 5a
Bankers Trust Co.(quar.)
Preferred (guar.)
73,4 July 2 Holders of rec. June 15
Bank of Europe de Trust (quar.)
134 July 14 Holders of roe. July 5a
Amer. Wholesale, pref. (quiz.)
234 July 2 Holders of rec. June 20
Bank of New York & Trust (quar.)
131 July 1 Holders of rec. June 20a
43.4
July
2 Holders of rec. June 220 Amoskeag Manufacturing. Prof
Bronx County
"32.25 July 2'Holders of rec. June 23
2
July 2 Holders of rec. June 200 Angle Steel Stool(guar.)
200. July 15 Holders of ree. July 6
Brooklyn (guar.)
6
July 2 Holders of rec. June 25
Quarterly
20e Oct. 15 Holders of nse. Oct. 6
Extra
3
July 2 Holders of roe. June 25
Armour & Co.(Del.), pref.(guar.)
Central Union (quar.)
134 July 2 Holders of rec. June 90
8
July 2 Holders of roe. June 220 Armour & Co.(Ill.), prof.(guar.)
Corporation (quar.)
14( July 2 Holders of rec. June 9.
June 30 Holders of rec. June 300 Armstrong Cork, common (guar.)
4
3734e July 2 Holders of roe. June 15a
Equitable(quar.)
3
June 30 Holders of roe. June 150
Common (extra)
Federation Bank & Trust(guar.)
1234c July 2 Holders of rec. June 15a
2
June
30
Artloom
Holders
roe.
300
of
Corp.,
June
corn.
75e. July 1 Holders of rec. June 150
(quar-)
Fidelity (guar.)
234 June 30 June 23 to July 1
Common (guar.)
75e. Oct. I Holders of rec. Sept.21.
Fulton (guar.)
234 July 2 Holders of rec. June 250
Common (quar.)
75e. Jan 1'29 Holders of rec. Dee. 210
Extra
2
July
2
Holders of rec. June 254
Preferred (guar.)
144 Sept. 1 Holders of rec. Aug. 17a
Guaranty (quar.)
4
June 30 Holders of roe. June 15
Preferred (guar.)
144 Dec. 1 Holders of rec. Nov.164
Lawyers (guar.)
134 June 30 Holders of roe. June 23a Art Metal Construction (guar.)
3734e June 30 Holders of rec. June 22a
Manufacturers(guar.)
5
July 2 Holders of rec. May 28
Arundel Corp.(guar.)
50e. July 2 Holders of rec. June 22
New York (guar.)
5
June 30 Holders of rec. June 230 Associated Dry Goods. corn.(quar.)
63e. Aug. 1 Holders of roe. July 14a
State Bank & Trust (quar.)
4
July 2 Holders of rec. June 15a
let preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 110
Title Guarantee & Trust (guar.)
4
June 30 Holders of rec. June 22
2nd preferred (quar.)
154 Sept. 1 Holders of rec. Aug. ha
Extra
8
June 30 Holders of rec. Juno 22
Associated 011 (guar.)
50c. June 30 Holders of rec. June 16a
Extra
5
Sept.29 Holders of rec. Sept. 22
Astor Financial Corp., class A (guar.).- '8734c July 1 *Holders of rec. June 20
United States (quar.)
15
July 2 Holders of rec. June 200 Atlantic Coast Fisheries. corn. (guar.)._ Si Sept. 1 Holders of rec. Aug. 20
Extra
10
July 2 Holders of rec. June 206
Preferred (guar.)
144 July 2 Holders of rec. June 21
Atlantic Gulf & West I. S. S. LlnesFire Insurance.
Preferred (guar.)
75e. June 30 Holders of rec. June Ila
City of New York (quar.)
4
July
2
Holders of ree. June 20
Preferred (guar.)
750. Sept.29 Holders of roe. Sept. be
Continental (par $10)
31
July 10 Holders of rec. June 300
Preferred (guar.)
754. Dec. 31 Holders of roe. Dec. 110
$25 par stock
32.50
Holders
July
of
10
rec.
Atlas
June 300
Portland Cement. Prof
66 2-3c July 2 Holders of roe. June 22
Fidelity-Phenix (par 810)
July 10 Holders of roe. June 30a Atlas Stores Corp.(No. 1)
81
$25 par stock
43Ste Sept. 1
$2.50 July 10 Molders of rec. June 300 Auburn Automobile (guar.)
Home (guar.)
$1
July 2 Holders of rec. June 21
5
July 2 Holders of rec. June 20
Stock dividend
Independence Fire
e2
July 2 Holders of roe. June 21
3
June 30 Holders of roe. June 15
Auto Strop Safety Razor. cony.Cl. A0110
Niagara Fire (quar.)
76e. July 2 Holders of rec. June 91
$1
July
10
Holders
of
rec.
Axton
June
Fisher Tobacco, corn. A (guar.)._ *80e. July 1 "Holders of rec. June 15
30
Kornis of Amer.(Quar.)
81.60 July 1 Holders of roe. June 140
Preferred (guar.)
'134 July 1 'Holders of rec. June 15
Babcock & Wilcox Co.(quiz.)
Miscellaneous.
134 July 1 Holders of rec. June 204
Quarterly
Abitibi Power & Paper, corn. (guar.)
144 Oct. 1 Holders of rec. Sept.290
81
July 20 Holders of rec. June 300
Quarterly
Six per cent preferred (guar.)
144 Jan1'29 Holders of rec. Dec. 204
134
July
20
Holders
of
rec.
July
10a
Quarterly
Seven per cent preferred (guar.)
136 Aprl'29 H'Iders of ree.Mar.20'29a
144 July 3 Holders of roe. June 20
Baer-Sternberg-Cohn, 1st pref. (quar.),
Abraham & Straus, Inc., pref. (guar.)._
134 July 1 Holders of rec. June 23
IS( Aug. 1 Holders of roe. July 14a
2d preferred (guar.)
Acme Steel (guar.)
2
July 1 Holders of roe. June 23
81.25
2
July
Holders
of
rec.
Bahia Corp., prof
June 20
Adams Express(guar.)
137340
July 1 Holders of roe. June 15
21.50 June 30 Holders of me. June 154 Balaban et Katz, coin.
Preferred (quar.)
25e. July 1 Holders of rers. June 201
(monthly)
June
$1.25
30
Holders
of
roe.
June
15a
Preferred (guar.)
Aeolian Co., pref. (guar.)
144 July 1 Holders of roe. Jule 20.
154 June 30 Holders of rec. June 25
Baldwin Locomotive Works,corn.& prod 354 July 1 Holders of rec. June 90
Aero Supply Mfg.. class A (guar.)
37 tie July 2 Adders of rec. June 180 Bamberger(L.) de CO.. pref.(guar.)____
Aetna Rubber, corn. (guar.)
144
pt. 1 Holders of me. Aug. Ila
50e. July 2 Holders of rec. June 15
Preferred(guar-)
Preferred (guar.)
1K Dec. 1 Holders of roe. Nov.100
1K July 2 Holders of rec. June 15
Bancitaly Corp.
.560. June 30 "See note (5)•
Air Reduction, Inc., corn. (guar.)
$1.50 July 16 Holders of rec. June 300 Bancroft(Joseph)(guar.)
New common (quar.)
50c. July 16 Holders of rec. June 30a Bankers Bond & &Sons Co.. corn.(qu.) 6234e. June 30 Holders of rec. June 15
Mtge.. 8% prof
4
June 30 Holders of rec. June 15
Air-Way Electric Appliance, pref.(qua - 134 July 2 Holders of roe.
June 20
7% preferred
Akron Rubber Reclaiming,corn.(guar.)_
354 June 30 Holders of rec. June 15
50e July 15 Holders of rec. July 5
Bankers Capital Corp.. common
Preferred (guar.)
84
July
16 Holders of roe. June 20
2
July 2 Holders of rec. June 20
Preferred (guar.)
Alabama Fuel & Iron (guar.)
July 16 Holders of ree. June 30
$2
131 July 1 June 21 to June 30
Preferred (guar.)
Albany Perforated Wrapping paper$2
Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
Common (guar.)
$2
lan15"29 Holders of rec. Dee. 31
50e. June 30 Holders of rec. June 220 Bankers investment
Trust, corn.(No. 1) •10e. July 1 'Holders of rec. May 31
Alberta Pacific Grain Co., prof.(guar.)
14( July 2 Holders of roe. June 15
Bankstocks Corp. of MarylandAllen & Fisher Co.. corn. (guar.)
50e. July 2 Holders of roe. June 15
Common class A and B (guar.)
Alliance Investment Corp., corn.
160.'Tuft' 2 Holders of rec. June 25
- 3730. July 2 Holders of roe. June 15
Common class A and B (extra)
Sc, July 2 Holders of rec. June 25
Allied Chem.& Dye Corp., pf.
.(guar.)._
14( July 2 Holders of rec. June 110
preferred
%
(quiz.)
July 2 Holders of rec. June 25
Allied Investors
154
03
July 2 *Holders of rec. June 21
Barker Bros. Corp., pref. (qu.)(No. 1). 144 July 2 Holders of rec. June 140
Aloe(A. C.) Co.. corn.(quar.)
63e. July 1 Holders of rec. June 19
Barnet Leather, pref. (guar.)
Preferred (quar.)
144 July 1 Holders of rec. June 270
144 July 1 Holders of rec. June 19
Brothers & SpindlerAluminum Co.. Pref. (quar.)
134 July 1 Holders of rec. June 15a Barnhart
First
second preferred (quar.)
Aluminum Manufactures, com.(guar.)
141 Aug. 1 Holders of rec. July 21a
50e. June 30 Holders of me. June 15a Bastian-and
Blessing Co., pref. (guar.)
Common (guar.)
60e. Sept.30 Holders of roe. Sept. 15a
$1-76 July 1 Holders of rec. June 200
Preferred (guar.)
Common (guar.)
21.75 Oct. 1 Holders of rec. Sept 204
50e. Dec. 31 Holders of me. Dee. 15a Baxter
Laundries, coin. (quiz.)
*50e. July 1 *Holders of roe. June 23
Preferred (guar.)
144 June 80 Holders of roe. June 15a
Preferred (quar.)
preferred (guar.)
1)( Sept.30 Holders of roe. Sept.15a
•144 July 1 *Holders of rec. June 20
Bayuk Cigars, Inc., 1st pref.(quar.)
1)( July 15 Holders of rec. June 300
Preferred (quar)
144 Doe. 81 Holders of me. Dec. 154
Convertible 2d pref. (quar.)
Amerada Corp. (guar.)
50e. July 31 Holders of rec. July 16a
144 July 15 Holders of rec. June 300
8% 2d pref. (quar.)
2
American Art Works, corn. pref. (guar.) 13,4 July 15 Holders of tee. June
July 15 Holders of rec. June 300
Beatrice Creamery, corn. (guar.)
30
d$1.25 July 2 June 21 to July 1
Amer. Bank Note, corn. (guar.)
50e. July 2 Holders of recs. June 110
Preferred (quar.)
134 July 2 June 21 to July 1
Preferred (guar.)
75e. July 2 Holders of tee. June lb
Beechnut
-Nut Packing (guar.)
600. July 10 Holders of rec. June 250
Amer. Bond dr Share Corp.,corn.(guar.) 1
July 1 June 26 to June 30
Belgo-Canadian Paper, pref. (guar.).- 144 July 2 Holders of rec. June 1
Common (extra)
1
July 1 June 26 to June 30
Bendix Corp., corn. A.(guar.)
•50e. July 1 *Holders of rec. June 20
13,4 July 1 June 26 to June 30
7% preferred (quar.)
Berry
Motor (guar.)
Amer. Brake Shoe & Fdy., corn.(quar,). 40e. June 30 Holders of roe. June 22a Bethlehem
30e, July 1 Holders of rec. June 20
Steel. 7% pref. (guar.).- 136 July 2 Holders of rec. June 2a
Common (payable in common Meek). 2
June 30 Holders of rec. June 22a Bigelow
-Hartford Carpet, corn. (quiz.). $1.50 Aug. 1 Holders of rec. Julyd19
I)( June 30 Holders of me. June 220
Preferred (guar.)
Preferred (guar.)
154 Aug. 1 Holders of rec. Julyd19
144 July 2 Holders of roe. June 15a Bingham Mines
Amer. Can. pref. (querj
(guar.)
July 5 Holders of roe. June 23a
$1
$1.50 July 2 Holders of rec. June 15a flaw-Knox
Amer. Car & Fdy.. corn.(guar.)
Co., corn. (guar.)
75e. Aug. 1 Holders of rec. July 21
154 July 2 Holders of rec. June 15a Bliss(E. W.)
Preferred (quar.)
Co., corn. (guar.)
"25e. July 2 "Holders of rec. June 20
1)4 June 30 Holders of rec. June 200
Amer. Chain, prof.(quar.)
1st
preferred
(guar.)
"31
July 2'Holders of rec. June 20
75e. July 1 Holders of reo. June 15a
Amer. Chicle, corn. (guar.)
2d Prof. class. A (guar.)
"8734e July 2 "Holders of rec. June 20
$1.75 July 1 Holders of reo. June 154
prior preferred (luer.)
2d pref. class B )quar.)
*15e. July 2'Holders of rec. June 20
134 July 2 Holders of rec. June 16
American Cigar. pref. (quar.)
Bloch Brothers Tobacco, corn (quit.).. 3734e.
Aug. 16 Aug 10 to
Aug. 14
35e. June 30 Holders of rec. June 12
Amer ColortYPe. corn. (guar.)
Common (guar.)
37540. Nov. 16 Nov. 10 to Nov. 14
30e July 2 Holders of rec. June 15
Amer. Cyanamid, corn. A&B (quiz.)
Preferred (guar.)
134 June 30 June 28 to June 29
100 July 2 Holders of me. June 15
Common A&B (extra)
Preferred (guar.)
154 Sept. 30 Sept. 25 to Sept. 29
134 July 2 Holders of roe. June 15
Preferred (guar.)
Preferred (guar.)
134 Dec. 81 Dee. 25 to Dee. 30
Name of Company.
Name of Company.
Name ot Company.
When
Per
Cent. Payabla.
Books Closed
Days !missiles.
Miscellaneous (Continued).
Boback(H.C.)Co..new no par com.(qu.) '62)4c Aug. 1 *Holders of roe. July 16
Bohn Aluminum &Brass. corn.(guar.)._ 373.4c July 1 'Holders of rec. June 15
July 30 Holders of reo. July 154
$1
Bon Aml Co., class A (guar.)
50e. July 1 Holders of rec. June 28
Class B (guar.)
51 July 1 Holders of rec. June 200
Borg & Beck (quer.)
July 1 'Holders of rec. June 20
"51
Borg-Warner Corp., corn.(No. 1)
3 June 30 Holders of roe. June 1
Boston Wharf
750. July 1 Holders of rec. June 23
Boyd-Welsh Shoe (guar.)
Brady, Cryan & ColleranJuly 1 Holders of rec. June 20
'4
Participating preferred
Brewers dt Distillers of
50. Aug. 1 Holders of rec. July 5
Vancouver, Ltd., corn. (interim)
lid July 1 Holders of rec. June 20
Bridgeport Machine, pref.(guar.)
50c. July 2 Holders of rec. June 150
Brillo Mfg. class A (guar.)
Bristol-Myers Co.(gu.)(interim)(No. 1). 66 2-3c June 30 Holders of rec. June 20
Si Sept.29 Holders of rec. Sept. 19
Quarterly
$1 Dec. 31 Holders of rec. Dec. 21
Quarterly
25c. July 3 June 16 to June 30
British American Oil(guar.)
No.123
British Amer. Tob., ordinary (interrm). (r) June 30 Holders of coupon
lid July 2 Holders of rec. June 11
Broadway Motor Truck, pref. (guar.)._
Brunswick-Balke-Collender, pref. (qu.). 1M July 2 Holders of rec. June 20
Holders of rec. June 28
65c.
Bryant & Chapman (No. 1) (guar.).250 July 2 Holders of rec. June 90
Bucyrus-Erie Co.. com.(guar.)
62I4c July 2 Holders of roe. June 9a
Convertible preferred (guar.)
134 July 2 Holders of rec. June 90
7% pref.(guar.)
30c. July 2 Holders of rec. June 18
Building Products(Canada),class A(qu.)
July 1 Holders of rec. June 18
P4
(guar.)
Preferred
Bulkley Bldg. (Cleveland), pref. (quer.) 1(4 July 2 June 21 to July 2
20c. July I Holders of rec. June 20
Burkert Mfg., common (guar.)
55c. July 2 Holders of rec. June 20
Preferred (guar.)
July 2 Holders of rec. June 130
Burns Bros.. pref. (guar.)
50o. Aug. 1 Holders of rec. June 290
Bush Terminal. common (guar.)
134 Aug. 1 Holders of rec. June 290
Common (payable in common stock)._
134 July 16 Holders of rec. June 29a
Seven per cent debenture stk (MO
July 2 Holders of rec. June 15a
Terminal
Bldgs.. Pref. (quar.)Bush
50c. June 30 Holders of rec. June I5a
Butte & Superior Mining (quer.)
*90c. July 2 'Holders of rec. June 20
Byers Machine,class A (guar.)
50c. June 30 Holders of rec. June 20
Byllesby (H. M.)& Co., com. A (qu.)--50c. June 30 Holders of rec. June 20
Common B (special)
50c. June 30 Holders of rec. June 20
(guar.)
Preferred
California Consumers Co., pref. (quar.)_ 51.75 July 2 Holders of rec. June 15
25e. July 2 Holders of ree. June la
California Petroleum (guar.)
134 July 2 Holders of rec. Juno 25
Cambridge Rubber, pref. (quer.)
to July 2
- 134 July 3 June 16
.
Canada Bread. pref. A and B ((Mar.)
154 June 30 Holders of rec. May 31
Canada Cement, pref. (guar.)
75c. July 16 Holders of rec. July 2a
Canada Dry Ginger Ale (guar.)
Canada Steamship Lines,6% pref. (qu.) 134 July 3 Holders of rec. June 15
134 July 10 Holders of rec. June 26
Canadian Car & Fdy., pref. (guar.) _
July 4 Holders of rec. June 22
2
Canadian Cottons, Ltd., corn. (guar.)
lid July 4 Holders of rec. June 22
(guar.)
Preferred
134 July 16 Holders of rec. June 30
Canadian Fairbanks Morse, pref.(qu.)_
July 16 Holders of rec. June 30
83
Preferred (acc't accum. divs.)
•1% July
2 'Holders of rec. June 15
Canadian General Elec., Pref.(quer.)-134 July 1 Holders of rec. June 20
Canadian Locomotive, pref. (guar.)..._
114 July 3 Holders of rec. Juno 20
Canadian Paperboard, pref. (quar.)
July 1 Holders of rec. June 24
2
Canadian Salt (guar.)
June 30 June 21 to July 4
2
Canfield Oil, com.(guar.)
Sept.30 Holders of rec. Sept.20
2
Common (guar.)
Dee. 31 Holders of roe. Dec. 20
2
Common (guar.)
134 June 30 June 21 to July 4
Preferred (guar.)
Holders of reo. Sept. 20
Sept.30
154
Preferred (Qum)
Dee. 31 Holders of reo. Doe. 20
Preferred (qual.)
Holders of rec. June lla
1
July
51.50
(qu.)-corn.
Mach.,
Thresh.
Case (J. I.)
lid July 1 Holders of rec. June 11
Preferred (qual.)
•vti July 1 *Holders of rec. June 18
Cavanagh-Dobbs. Inc.. pf.(qu.)(No. 1)_
June 15
Celanese Corp.of Amer., prior pref.(qu.) 131 July 2 Holders of ree. June
16
334 June 30 Holders of rec.
Seven per cent first preferred
June 15
rec.
of
Holders
1
July
75e
(quer.)
corn.
Co..
Celotex
15
June
rec.
of
Holders
1
July
134
Preferred (guar.)
51.50 July 2 Holders of rec. June 22
Central Aguirre Sugar (guar.)
July 2 Holders of rec. June 22
52
Extra
50c. July 10 Holders of rec. June 230
Central Alloy Steel, corn. (guar.)
lid July 1 Holders of ree. June 13a
Preferred (guar.)
Central Dairy Products, class A (quer.). •50c. July 1 "Holders of rec. June 20
'3734c July 1 'Holders of roe. May is
Central Investors Corp.. Cl. A (No. 1
*3714c Oct. 1 'Holders of roe. May la
Class A (guar.)
'37).4c Jan2'29 *Holders of roe. May to
Clam A (guar.)
'734r July 1 "Holders of rec. May la
Clam B (No. 1)
*51.75 July 2 *Holders of rec. June 20
Central Investment Corp.(qu.)
1% July 1 Holders of rec. June 150
Century Electric Co.(guar.)
El July 1 Holders of rec. June 15a
Certain-teed Products,com.(qu.)
154 July 1 Holdres of rec. June 15a
Preferred (quer.)
750June 30 Holders of roe. June la
Certo Corporation (guar.)
June 30 Holders of reo. June is
250.
Extra
20c. July 1 'folders of rec. June 15
Chatterton & Son (guar.)
51 June 30 Holders of rec. June 9a
Cheeebrough Mfg. Cons.(qual.)
250. June 30 Holders of roe. June 9a
Extra
'62(4c July 2 *Holders of rec. June 16
Chic. Jefferson Fuse & Elec. (quar.)_
July 1 Holders of roe. June Zia
(ouar.)......
pref.
Lumber,
&
Mill
Chicago
Chicago Railway Equip., pref. (guar.)._ 43'%c July dl "Holders of rec. June 21
•$1.75 July 7 "Holders of rec. June 22
Chicago Towel, pref. (guar.)
250. July 2 Holders of rec. June 200
Chicago Yellow Cab (monthly)
25a. Aug. 1 Holders of roe. July 206
Monthly
Sept. 1 Holders of roe. Aug. 20a
250
Monthly
id July 1 June 10 to July 1
Chickasha Cotton Oil
June 30 Holders of rec. June 60
6234o
(qual.)
Co.
Copper
Chile
750 June 30 Holders of roe. June 160
Chrysler Corp.. com.(guar.)
June 30 Holders of roe. June 160
2
Preferred (guar.)
Sept. 29 Holders of roe. Sept. 17a
2
Preferred (qual.)
Jan.2•29 Holders of roe. Dee. 17a
2
Preferred (guar.)
June 20
Cincinnati Union Stock Yards(quar.)-- - •40c. June 30 "Holders of rec. June
15
2 *Holders of rec.
July
.34
Cities Service, common (monthly)
July 2 *Holden of roe. June 15
Common (payable In com. stock)--- •134
•34 July 2 'Holders of rec. June 15
(monthly)
prof.
B. B.
Preferred and
•50
July 2 'Holders of roe. June 15
Preferred B (monthly)
54 Aug. 1 Holders of rec. July 16
Cities Service, common (monthly)
Aug. 1 Holders of rec. July 16
stock)
134
Common (payable in coin.
Id Aug. 1 Holders of rec. July 16
Preferred and pref. BB (monthly)---Aug. 1 Holders of rec. July 16
Sc.
(monthly)
Preferred B
2 Holders of rec. June 220
City Financial Corp., class A (guar.).-- 62I4c. July
2 Holders of rec. June 26a
July
254
(qual.)
com.
Investing,
City
1 Holders of rec. June 26a
Aug.
25-4
Common
13-4 July 2 Holders of rec. June 26
Preferred (qua:.)
Holders of reo. July 146
1
Aug.
87140.
((Wan)
City Stores, class A
July 16 Holders of rec. July 2a
5
Class B
2 'Holders of rec. June 15
July
*31c.
(qu.)
pf.
Corp,
Investing
Claremont
50c. Sept. 1 Holders of rec. Aug. 15a
Cleveland Stone (guar.)
_
50c. July 2 Holders of rec. June 20
Cleveland Union Stock Yards (guar.)_ _
July 2 *Holders of rec. June 20
•50c.
Utensil
(guar.)
Club Aluminum
lid July 2 Holders of roe. Juno 200
Cluett.Peabody & Co.. pref.(qu.)
51.50 July 2 Holders of roe. June 12a
(guar.)
Corn.
Co.,
Coca-Cola
July 2 Holders of rec. June 12a
53
Coca-Cola International (guar.)
lid July 2 Holders of rec. June 20
Cohn-Hall-Marx Co., pref. (qual.)
I *Holders of rec. June 18
July
*51
(qual.)
Stove
Coleman Lamp &
(guar.)._ _
50c. June 30 Holders of rec. June 160
Colt's Patent Fire Arms Mfg.
nit July 1 *Holders of rec. June 20
(guar.)
Columbia Steel
g June 30 Holders of rec. June 9d
Commercial Credit Co.,com.(qu.)
lid June 30 Holders of rec. June 9
61d% first pref.(guar.)
June 30 Holders of rec. June 9
4354o.
7% first pref.(guar.)
90c. July 1 Holders of rec. June 9
8% prof."B"(guar.)
(Toronto)
Corp.
Finance
Commercial
July 1 Holders of rec. June 20
$2
Common
33-4 July 1 Holders of rec. June 20
Preferred
July 1 Holders of rec. June 154
90c.
(guar.)
com.
Trust,
Commercial Invest.
13-4 July 1 Holders of rec. June 15a
6)4% first preferred (guar.)
July 1 Holders of rec. June 150
134
(qua:.)
7% first preferred
July 2 Holders of rec. JuneI20a
Commercial Solvents Corp.(qual.) ---- $2
60e. June 30 Holders of rec. Juno 20
Commonwealth Casualty (Phila.)
July 1 Holders of rec. June 160
50e.
(guar.).
com.
Conde Nast Publications.
July I June 17 to June 30
Conduits Co.. Ltd., pref.(guar.)
30 *Holders of rec. June 20
June
Conley Tank Car (guar.)
[VOL. 126.
FINANCIAL CHRONICLE
4042
134
134
134
154
134
"V
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days inclusive.
Miscellaneous (Continued).
June 30 Holders of roe. June 144
$1
Congress Cigar (guar.)
250. June 30 Holders of reo. June 144
Extra
Connecticut Investment Trust3% July 15 Holders of rec. June 30
Preferred trustee shares
13c. July 15 Holders of rec. June 30
Class A (guar.)
Consolidated Cigar Corp., corn.(qua:.). $1.75 July 2 Holders of rec. June 150
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 151
lid Aug. 1 Holders of rec. July 18
Prior preferred (qual.)
Consolidated Dairy Products (guar.).- •50c. July 2 *Holders of rec. June 14
Consol. Film Industries. pref.(qual.)... •50c. July I *Holders of ree. June 20
25e. July 1 Holders of rec. June 25
Consol. Lead & Zinc, class A (quar.)_ _ _ _
Congo'. Min.& Smelting of Canada. Ltd 51.25 July 16 Holders of rec. June 30
July 16 Holders of rec. June 30
55
Bonus
Consumers Co., 6% pr. pref.(No. I)._ _ •I Id July I 'Holders of rec. June 15
Container Corp., class A, corn. (qu.)__ - 30o. July 1 Holders of reo.June 20a
15o, July 1 Holders of roe.June 200
Class B common (guar.)
July 1 Holders of rec. June 150
$2
Continental Baking, pref. (guar.)
134 July 2 Holders of rec. June 20a
Continental Can, pref.(guar.)
50e. July 20 Holders of rec. July 20
Corn Products Refg., corn. (guar.)
50e. July 20 Holders of rec. July 20
Common (extra)
134 July 14 Holders of rec. July 2a
Preferred (guar.)
$1.25 June 30 Holders of rec. June 18a
Coty,Inc.(guar.)
lid June 30 June 16 to June 30
Craddock-Terry Co., corn. (quer.)
3
June 30 June 16 to June 30
First & second preferred
3.34 June 30 June 16 to June 30
Preferred class C
•10c. July 10 'Holders of rec. June 30
Cresson Consol. Gold Min.& Mill
Dee. 31
e4
Crosley Radio (stock dividend)
25o. July 1 Holders of roe. June 200
Crosby Radio Corp.(guar.)
25c. Oct. 1 Holders of roe. Sept. 20a
Quarterly
25e. Jan1'29 Holders of reo. Des. 200
Quarterly
50c. June 30 Holders of rec. June 110
Crowley Milner & Co., corn.(guar.)._
Crown Willamette Paper, 1st pref.(qu.) lid July 1 Holders of rec. June 130
134 July 1 Holders of roe. June 13a
2d preferred (guar.)
1M July 31 Holders of rec. July 16a
Crucible Steel, common tquar.)
lid June 30 Holders of rec. June 150
Preferred (quer.)
3% Aug. 1 Holders of rec. July 160
Cuba Company, pref
25e. July 2 Holders of roe. June 2a
Cuban-American Sugar. com.(01.)
134 July 2 Holders of roe. June 24
Preferred (guar.)
51.50 June 30 Holders of rec. June 18
Cuban Tobacco,Inc.,corn
2% June 30 Holders of rec. June 18
Preferred
51
July 14 Holders of rec. July 5
Cudahy Packing, corn. (qual.)
13-4 Sept. 15 Holders of rec. Sept. la
Cuneo Press, pref. (quer.)
*50e. July 2 *Holders of roe. June 20
Curtis Publishing, corn. (monthly)
*50c. July 2 *Holders of rec. June 20
Common (extra)
•51.75 July 2 'Holders of rec. June 20
Preferred (Qum)
$1.75 July 2 June 21 to July 2
Danish American Corp., let pref.(qu.)
$1.75 July 2 Juno 21 to July 2
Second preferred (quer.)
25c. July 16 Holders of reo. June 30
Darby Petroleum (qual.)
Davenport Hosiery Mills, pref. (guar.)._ 51.75 July 1 Holders of rec. JIM 20
*31 Me July 1 *Holders of rec. June 20
Davis Indus., Inc., A & B (guar.)
51.75 July 1 Holders of rec. June 154
Dayton Rubber Mfg., corn. A
53.50 July 2 holders of rec. June 150
Priority, common
$3.50 July 1 Holders of rec. June 154
Preferred
lid Sept. 1 Holders of rec. Aug. 20a
Decker (Alfred) & Cohn, pref. (qua:.).
Deere & Co., corn.(guar.)
134 July 2 Holders of roe. June 15
$2 Aug. 1 holders of rec. July 20
Denison Mfg., debenture stock (quer.)_ _
51.75 Aug. 1 Holders of rec. July 20
Preferred (quer.)
$1
July 2 Holders of rec. June 15
Detroit & Cleveland Nay.(quar.)
•55c. July 2 *Holders of rec. June 21
Detroit Creamery (quer.)
Devoe & Reynolds. new corn. A & B(gu.) 60c. July 2 June 27 to July 1
20c. July 2 June 27 to July 1
New common A & B (extra)
134 July 2 June 27 to July I
First and second pref. (guar.)
Diversified Invest. Trust, Ltd., pref.... 3% July 1 Holders of rec. June 15
44c. July 1 Holders of rec. June 25
Diversified Securities Corp. pfd.(qu.)-•1.016 July 1
Diversified Trustees Shares
$1.75 July 15 'folders of rec. June 270
Dodge Bros.. Inc.. prof.(qual.)
25e. July 20 Holders of rec. June 30a
Dome Mines. Ltd. (guar.)
75c. July 14 Holders of rec. June 30
Dominion Engineering Works(guar.)_ _ _
13-4 July 2 Holders of rec. June 15
Dominion Glass, Ltd., com.(quar.)-134 July 2 Holders of rec. June 15
Preferred (guar.)
lid June 30 Holders of rec. June 21
Dominion Rubber, pref.(guar.)
75e. July 2 Holders of rec. June 15
Dominion Stores (qual.)
$1.25 July 3 Holders of reo. June 15
Dominion Textile. corn.(guar.)
154 July 16 Holders of rec. June 30
Preferred (guar.)
13-4 July 2 Holders of rec. June 15
Douglas(W. L.) Shoe, pref.(guar.)._
•25c. July 1 *Holders of rec. June 20
Dow Drug,corn.(qua:.)
July 1 "Holders of rec. June 20
Preferred (guar.)
Si July 2 Holders of roe. June 2
Draper Corp.(qual.)
134 July 2 Holders of rec. June 180
Dunham (James II.) & Co.,corn.(qu.)
1% July 2 Holders of rec. June 18a
First preferred (qual.)
13.4 July 2 Holders of rec. June 18a
Second preferred (guar.)
51
July 15 Holders of rec. June 300
Dunhill International (guar.)
Si
Oct. 15 Holders of rec. Oct. la
Quarterly
Si
an15')) Holders of rec. Doe. 310
Quarterly
$1
Ap15'29 Hold, of rec. Apr. 1 '290
Quarterly
July 5 Holders of rec. June la
Du Pont(E.I.)de Nem.&Co..com.(extra) $3
Debenture stock (guar.)
1% July 25 Holders of rec. July 10a
Durant Motors of Canada. Ltd.(Qum.). 106 June 30 Holders of rec. June 15
3
Aug. 1 Holders of rec. June 30
Eastern Bankers Corp., common
Aug. 1 Holders of rec. June 30
3
Common (extra)
134 Aug. 1 Holders of rec. June 30
Preferred (quer.)
134 Nov. 1 Holders of roe. Sept.20
Preferred (guar.)
134 Feb V29 Holders of reo. flee. 31
Preferred (guar
Eastern Rolling Mill(qual.)
3754c July 1 Holders of reo. June 200
87 34c July 16 Holders of rec. July 3
Eastern Steamship Lines. pfd.(qu.)_
1July 2 Holders of rec. June 21
First preferred (guar.)
51.25 July 2 Holders of roe. May 31a
Eastman Kodak, corn.(guar.)
75e. July 2 Holders of tea. May 350
Common (extra)
134 July 2 Holders of roe. May 31e
Preferred (guar.)
50c. Aug. 1 Holders of rec. July 140
Eaton Axle & Spring.corn.(guar.)
lid July 2 'folders of rec. June 20
Edwards(Wm.)Co.6% pfd.(qual.)....
*3% July 2 'Holders of rec. June 20
7% preferred
Eisenlohr (Otto) & Bros., pref.(guar.)... lid July 2 Holders of rec. June 200
25c. July 1 Holders of rec. June 20
Elder Manufacturing, corn.(guar.)
2
July 1 Holders of rec. June 20
First preferred,(guar.)
Class"A"(qua:.)
13( July 1 Holders of rec. June 20
July 2 Holders of rec. June 220
Electric Auto-Lite, new corn.(No. 1).-. $1
58I-3c. July 2 Holders of rec. June 22
Electric Auto-Lite, pref.(guar.)
$1.25 July 2 Holders of rec. June 20
Electric Controller & Mfg.,corn.(qu.)_
Electric Storage Battery.com.&pf.(Clu.)- $1.25 July 2 Holders of rec. June $90
134 July 1 Holders of rec. June 20
Emerson Electric, pref. (qual.)
Endicott Johnson Corp., corn. (guar.)._ 51.25 July 1 Holders of rec. June 180
1 3.4 July 1 Holders of roe. June 180
Preferred (guar.)
2
July 2 Holders of rec. June 15a
Equitable Office Bldg., com.(guar.)._
134 July 2 Holders of rec. June 15a
Preferred (guar.)
Evans Autoloading, cl. A & B.(guar.).- 51.25 July 2 Holders of reo. June 203
The. June 30 Holders of rec. June 12e
Fairbanks. Morse & Co., corn.(qual.)
206. July 2 Holders of roe. June 20e
Fair (The), corn. (monthly)
20c. Aug. 1 Holders of rec. Ally 206
Common (monthly)
20e, Sept. 1 Holders of rec. Aug. 210
Common (monthly)
20e. Oct. 1 Holders of reo. Sept. 200
Common (monthly)
Preferred (guar.)
134 Aug. 1 Holders of rec. July 216
25c. July 1 Holders of roe. June 156
Fanny Farmer Candy Shops. corn. (qu.)
250 Oct. 1
Common (guar.)
250. Jan1'29
Common (guar.)
60o. July 1 Holders of roe. June 156
Preferred (guar.)
2
June 30 lloiders of roe. June 206
Farr Alpaca (qua:.)
600. Aug. 31 Holders of rec. Aug. 176
Fashion Park.Inc.,corn.(guar.)
50a. Nov. 30 Holders of roe. Nov. Mla
Common (guar.)
50e. July 2 Holders of rec. June 15
Faultless Rubber, corn. (quer.)
•15,4
July 2 *Holders of rec. June 15
Preferred (guar.)
20o. July 2 Holders of reo. June 164
Federal Motor Truck (guar.)
2% July 5 Holders of roe. June 166
Stock dividend
*2
July 16 *Holders of rec. July 5
Federal Terra Cotta,corn
25c. July 9 Holders of rec. June 25
Federated Metals Corp
$1.75 July 1 Holders of rec. June 1
Feltman & Curme, Prof.(qual.)
•25o. July 2 *Holders of roc. June 15
Fidelity Mortgage Finance, corn
"52
July 2 "Holders of rec. June 15
Preferred
16a. July 17 Holders of rec. July 30
Fifth Ave.Bus.&cur.(guar.)
50c. July 2 Holders of rec. June 23
Fifth Ave. Investing Corp.corn.(qu.)--52
July 2 Holders of rec. June 23
Preferred (quer.)
JUNE 30 1928.]
FINANCIAL CHRONICLE
Per
When
Cons. Payable.
Books Closed
Days Inclusive.
4043
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Finance Co. of Amer..corn. A & B (qu.)_
15c. July 16 Holders of rec. July 5
Hibernia Securities Co., pref.(guar.)_ _ _
134 July 1 Holders of rec. June 26
7% preferred (guar.)
4334c. July 16 Holders of rec. July 5
Holland Furnace(guar.)
• z62 Ac July 1 *Holders of rec. June 15
Financial & Indust.See.corn.(qu.)
'750. July 2 *Holders of rec. June 22
Hollinger Consol. Gold Mines(mthly.)_
10c. July 14 Holders of rec. June 27
Common (extra)
535c. July 2 *Holders of rec. June 22
Holly Oil
•25c. June 30 *Holders of rec. June 15
Common(Interim)
411 Aug. 15 *Holders of rec. Aug. 4
Holly Sugar, pref. (guar.)
134 Aug. 1 Holders of rec. Julyd18
Preferred (guar.)
134 July 2 Holders of rec. June 22
Pref. (ricer. accum. div.)
71334 Aug. 1 Holders of rec. Julyd16
Financial Investing Co., corn. (guar.)._
400. July 2 Holders of rec. June 2
Holmes(D. H.) Co., Ltd.(guar.)
334 July 2 Holders of rec. June 23
Firestone Tire dr Rubber 6% pref.(qu.)_
134 July 15 Holders of rec. July I
Holt, Renfrew & Co., Ltd..corn.(Q11.)- 2( July 3 Holders of rec. June 28
First National Pictures. le Id.(qu.)____
2
July 1 Holders of roe. June 130
Preferred (guar.)
134 July 3 Holders of rec. June 28
Second preferred A (guar.)
13( July 1 Holders of rec. July la Horn & Ilardart Baking (guar.)
*31.25 July 2 *Holders of rec. June 20
First National Stores, corn.(guar.)
3734c. July 2 Holders of rec. June 60
Extra
"50c July 2'Holders of rec. June 20
Preferred (guar.)
*51.75 July 2 *Holders of rec. June 6
Howe Sound Co.(guar.)
St
July 16 Holders of rec. June 300
Flatbush Invest. Corp., corn. (guar.)._
154 June 30 Holders of rec. June 15
Hudson Motor Car(guar.)
$1.25 July 2 Holders of rec. June ha
Preferred
33( June 30 Holders of rec. June 15
Hudson River Navigation, pref
2
July 2 Holders of rec. June 20
FleLshmann Co.,corn.(guar.)
75c. July 2 Holders of rec. June 13a Humble Oil & Refining (guar.)
4.300. July
*Holders of rec. June 11
Florsheim Shoe, pro!.(guar.)
•134 June 30 *Holders of rec. June 15
Extra
*20c July
*Holders of rec. June II
Flour Mills of Amer., pref. A (quar.)_ _ $2
July 2 Holders
Hunt's Limited, corn
250. July 2 Holders of rec. June 15
Foote Bros. Gear & Mach., corn.(guar.) 4.300. July I *Holders of rec. June 15
First
of
rec.
and
second
June
20
preferred
13( July 2 Holders of rec. June
(quar.)Preferred (guar.)
•I% July 1 *Holders of rec. June 20
Hussman (Harry L.) Refr., corn.(C01.)- 6234c. July 1 Holders of rec. June 15
Forhan Co.,corn.(guar.)
20
25c. July 2 Holders of rec. June 15
Huttig Sash & Door,corn.(qu.)
37540. July 1 Holders of rec. June 20
Class A (guar.)
40c. July 2 Holders of rec. June 15
Huyier's
of Del., pref.(guar.)
*I% July 1 *Holders of rec. June 20
Formica Insulation (guar.)
25e. July 1 Holders of rec. June 15a
Hydraulic Press Brick, prof. (quar.).... 134 July 1 Holders of rec. June
Extra
23
10c. July 1 Holders of rec. June 15a Ideal Cement, corn. (guar.)
411
July 1 *Holders of rec. June 15
Quarterly
25e. Oct. 1 Holders of roe. Sept. 15a
Preferred (guar.)
513( July 1 "Holders of rec. June 15
Extra
100. Oct. 1 laoldes of rec. Sept. 1150 Illinois Brick (guar.)
600.
14
July
July 4 to July 15
Quarterly
25c. Jan.119 Holders of roe. Dee. 15a
Quarterly
60e. Oct. 16 Oct. 4 to Oct. 15
Extra
100. Jan.1'29 Holders ot rec. Dec. 15a Incorporated Investors(guar.)
*40c. July 16 *Holders of rec. June 30
Foster & Muller, pref. (quar.)
$1.75 July 1 Holders of rec. June 12
Stock
dividend
e2
July 16 Holders of rec. June 290
Foster(W.C.) Co. pref.(guar.)
1% July 1 Holders of rec. June 20
Independent Pneumatic Tool (guar.) _ _ $1
July 2 June 24 to July 1
Fox Film Corp.,com. A & B.(qu.)
$1.
July 16 Holders of rec. June 30a Indian Motoeycle, corn.(guar.)
50c. July 2 Holders of rec. June 210
Fraser Companies.Ltd.(guar.)
250 July 2 Holders of rec. June 20
Preferred
(guar.)
is' July 2 Holders of rec. June 210
Freeport Texas Co.(quar.)
El Aug. 1 Holders of rec. July 140 India Tire & Rubber, pref. (guar.)
• % July 2 *Holders of rec. June 20
Extra
7.5c. Aug. 1 Holders of rec. July 14a Industrial Acceptance Corp.. corn. (au.)
50c. July 2 Holders of rec. June 22
Freiman(A.J.) Ltd., pref
134 July 2 Holders of rec. June 15
let Preferred (guar.)
1% July 2 Holders of rec. June 22
Fuller(G. A.) Co. partic. prior p1.(au.) $1.50
July 1 Holders of rec. June 9a
2nd Preferred (guar.)
2
Fulton Sylphon,corn.(guar.)
July 2 Holders of rec. June 22
550c July 1 *Holders of rec. June 18
2nd
Preferred
(extra)
500. July 2 Holders of rec. June 22
Preferred (guar.)
*134 July 1 *Holders of rec. June 18
Industries Development. pref. (guar.)._
2
June 30 Holders of rec. June 30
Galesburg Coulter Disc, common (au.). _ *51
July
Ingersoll-Ra
*Holders
1
of
nd
rec.
June
preferred
20
3
July 2 Holders of rec. June 80
Common (extra)
"25c July 1 'Holders of rec. June 20
Inland Wire & Cable (guar.)
.75c. July 1 *Holders of rec. June 18
Gemmer Mfg.,class"A"(guar.)
•75c July 2 'Holders of rec. June 23
Insuranshares Corp., pref.(guar.)
134 July 9 Holders of rec. June 21
Class"B"(guar.)
•30c
July
Insurance
*Holders
2
of
rec.
Securities
June 23
(guar.)
334 July 2 Holders of rec. June 15
General Amer. Tank Car, corn. (guar.)_
$1
July 1 Holders of rec. June 150 Intercolonial Coal, Ltd.,corn
2
July 3 Holders of rec. June 21
Preferred (quar)
July 1 Holders of rec. June 15a
Preferred
4
General Baking Co., pref. (guar.)
July 3 Holders of rec. June 21
$2
June
Holders
30
of rec. June 160 Interlake Steamship, common (quar.)_
$1.50 July 2 Holders of rec. June 15
General Baking Corp., pref.(qu.)
411.25 July 2 *Holders of rec. June 18
Internet. Agrlcul. Corp. prior prof
1% Sept. 1 Holders
General Cable, class A (guar.)
rec. Aug. I50
$1
Sept. 1 Holders of rec. Aug. 100 Internat. Bond & Share Corp., pref. A.. 334 July 2 Holders of
Preferred (guar.)
Aug. 1 Holders of rec. July 100 Internat. Business Machine (quar.)____ $1.25 July 10 Holders of rec. June 22
General Electric (quar.)
of rec. June 220
$1
July
Internat.
Holders
27
Buttonhole
of
rec.
15a
June
Mach.
(guar.)._
20e.
_
_
July
Extra
$1 July 27 Holders of rec. June 15a Inter. Combustion Eng.. pref. (quar.).. $1.75 July 2 Holders of rec. June 15
Special stock (guar.)
1 Holders of rec. June 15a
150. July 27 Holders of rec. June 15a Internat. Equities Corp.. class A (au.)_
8734c July 2 Holders of rec. June 20a
General Fireproofing, corn. (guar.)
1% July 1 June 21 to June 30
Internat.
Germanic
Corp.,
Ltd.,
pref.__ $1.50 July 2 Holders of rec. June 22
General Ice Cream Corp., corn. (guar
75c.
July 2 Holders of rec. June 26
Internat. Harvester,corn.(guar.)
134 July 18 Holders of rec. June 250
General Motors Corp., corn. (extra)_ ). $2
July 3 Holders of rec. May 190
Corn.(payable in corn,stork)
July 25 Holders of rec. June 250
7% preferred (guar.)
Aug. 1 Holders of rec. July 9a Internat. Match, partic. pref.(guar.). _80c. July 16 Holders of rec. June 250
6% preferred (quar.)
1;4 Aug. 1 Holders of rec. July 90 International Nickel, common (guar.)._
50c. June 30 Holders of rec. June 140
8% debenture stock (guar.)
154 Aug. 1 Holders of rec. July 9a Internat. Paper, 7% pref.(guar.)
1% July 16 Holders of rec. June 270
Gen.Outdoor Advertising,com.(qu.)_ _
50c. July 16 Holders of rec. July 50
6% Preferred (guar.)
134 July 16 Holders of rec. June 270
General Railway Signal, corn. (guar.)
$1.25 July 2 Holders of rec. June 110 International Petroleum, registered
25c. June 30 Holders of rec. June 23
Preferred (guar.)
Bearer
July
Holders
'34
2
of
rec.
(coupon)
shares
June 110
25c. June 30 Holders of coup. No. 17
General Tire & Rubber 6% pref. (guar.) 134
June 30 Holders of rec. June 20
Internat. Projector. common (guar.)...
25c. July 1 Holders of roe. June 21
Gibson Art Co., corn. (guar.)
650 July
Holders of rec. June 20a
Preferred (guar.)
$1.75 July 1 Holders of rec. June 21
Gilbert (A. C.) Co., cony. pref.(No. 1). '8734c
July
Holders of rec. June 16
International Silver, pref. (guar.)
1% July 1 Holders of rec. June 120
C.G.Spring & Bumper, pref.(quar.)_. 2
July
Holders of rec. June 100 International Shoe, corn.(guar.)
50c. July 1 Holders of rec. June 15
Gimbel Bros., Inc., pref.(guar.)
•1 ai
Preferred (monthly)
*Holders of rec. July 14
Aug.
50c. July 1 Holders of rec. June 156
madding, MeBean & Co.. monthly
25e. July
June 21 to June 30
Preferred (monthly)
500.
Aug. 1 Holders of rec. July 14a
Monthly
2$c. Aug.
July 21 to July 31
Preferred (monthly)
50e. Sept. 1 Holders of roe. Aug. 15a
Monthly
25e. Sept.
Preferred
Aug.
21 to Aug. 31
(monthly)
50e. Oct. 1 Holders of ree. Sept. 15a
Monthly
25c. Oct.
Preferred (monthly)
Sept. 21 to Sept.30
50e. Nov. 1 Holders of rec. Oct. 150
Monthly
25e Nov.
Oct. 21 to Oct. 31
Preferred (monthly)
50c. Dec. 1 Holders of rec. Nov. 15a
Monthly
25e Dee.
Nov. 21 to Nov.30
Interstate Iron & Steel, corn.(quar.).... $1 July 18 Holders of rec. July 54
Glidden Co., pref. (guar.)
13(
Common (guar.)
Si Oct. 15 Holders of rec. Oct. 5a
Globe Grain & Milling, corn. (quar.)__. *31.50 July 2 Holders of rec. June 15
July 1 *Holders of rec. June 27a
Common (guar.)
$1 Jan15'29 Holders of rec. Jan.5'211a
First preferred (guar.)
*31.75 July 1 *Holders of rec. June 27
Intertype Corp.,com.(guar.)
250. Aug. 15 Holders of rec. Aug. la
Second preferred (guar.)
4
12
*Holders
July
1
of
rec.
Common
June
27
(extra)
25e. Aug. 15 Holders of rec. Aug. la
Globe-Wernieke Co., corn.(quar.)
154 July 1 Holders of rec. June 20
First preferred(guar.)
$2
July 2 Holders of rec. June 15a
Gold Dust corp.(guar.)
*75c Aug. 1 'Holders of rec. July 17
First preferred(guar.)
Goodrich (B. F.), pref.(guar.)
$2
Oct. 1 Holders of rec. Sept. 14
1% July 2 Holders of rec. June 8a
2nd preferred
$3
Goodyear Tire & Rubber 1st pfd.(gu.) _
July 2 Holders of rec. June 15
July 1 Holders of roe. June la Island Creek Coal, common (quar.).... $1
July 2 Holders of rec. June 210
Preferred (guar.)
134 July 1 Holders of roe. June 1
Preferred (guar.)
31.50 July 2 Holders of rec. June 21a
Goodyear Tire & Rub. of Calif., pf.(qu.) •1
34 July 2 *Holders of rec. June 20
Jewel Tea. corn.(guar.)
Goodyear Tire & Rubber (Can.). Pf.(au.)
$1
July
16 Holders of rec. July 3s
Preferred (guar.)
1,4 July 1 Holders of rec. June 14a
poseard (H. W.) Co.. coin.(monthly)._ 83134 July 3 Holders of rec. June 15
1-3c July 2 Holders of rec. June 20a Johns-Manville Corp.. corn. (quar.)....
Common (monthly)
July
75c.
16 Holders of rec. July 2a
33lac. Aug. 1 Holders of rec. July 20a
Preferred (guar.)
Common (monthly)
134 July 2 Holders of rec. June 190
334.c. Sept. 1 Holders of rec.
la Joint Investors,Inc.,corn. cl. A (qu.)Common (monthly)
25c. July 2 Holders of rec. June 22
334o. Oct. 1 Holders of rec. Aug.d2
Sept. 200
Preferred
Common (monthly)
3
July 2 Holders of rec. June 22
33Isc. Nov. 1 Holders of rec. Oct. dlea Jones & Laughlin
(quar.).. 1% July 2 Holders of rec. June 15a
Common (monthly)
331sc. Dec. 1 Holders of rec. Nov. 20a Kalamazoo Stove Steel, pref.
$1.125
Common (monthly)
(guar.)
July
1 Holders of rec. June 20
33Isc Jan129 Holders of rec. Dec. 20
ICalbfleisch Corp., pref. (guar.)
Gotham Silk Hosiery,corn.(guar.)
01.35 June 30 *Holders of rec. June 22
6234e July 2 Holders of rec. June 15a Kaufman (Chas. A.) Co.,
Preferred (quar.)
Ltd.(guar.).- 234 July 2 Holders of rec. June 23
1% Aug. 1 Holders of rec. July 160 Kaufmann Dept.
Stores, prof.(au.) - - 1% July dl Holders of rec. June 200
Gould Pumps,Inc., corn.(quar.)
2
July 2 Holders of rec. June 20
Kaynee Company,corn.(guar.)
Preferred (guar.)
50c. July dl Holders of rec. June 20a
13( July 2 Holders of rec. June 20
Common (extra)
Granby Cons. Min.& Smelt.(au.)
1234e. July 1 Holders of rec. June 20a
$1 Aug. 1 Holders of rec. July 130
Preferred (guar.)
Grant(W.T.) Co.,corn.(guar.)
1% July 2 Holders of rec. June 20
July
"25c.
*Holders
2
of
rec.
June
15
Keith-Albee
-Orpheum,
Gressel' Chemical, corn. (guar.)
pref. (guar.)... _
131 July 2 Holders of rec. June 19
$2
June 30 Holders of rect. June 15
Kelley Island Lime & Transp.(quar.)_
Preferred (guar.)
6234c July 2 June 21 to July 2
134 June 30 Holders of roe. June 15
Kelsey-Hayes Wheel, corn. (quar.)
Great Lakes Steamship (guar.)
500. July 2 Holders of rec. June 204
*$1.25 July 2 *Holders of rec. June 20
Kelsey-WheelCo., pref.(guar.)-Great Lakes Towing.corn.(guar.)
1% Aug. 1 Holders of rec. July 200
$1.25 June 30 Holders of rec. June 15a Kemper-Thomas
Co.,corn.(guar.)
Preferred (quar.)
*75c. July 1 'Holders of rec. June 20
13( July dl Holders of rec. June 150 Kennecott Copper
Great Western Sugar,corn.(guar.)
$1.25 July 2 Holders of rec. June la
70e. July 2 Holders of rec. June 15a Keystone Bond & Corp.(quar.)
Mtge, corn.
Preferred(quar.)
411
July 1
1% July 2 Holders of rec. June 15a
•3).4 July 1
Preferred
Greene Cananea Copper
$I
July 2 Yielders of roe. June 15a Keystone Steel &
Greenfield Tap & Die,6% pref.(guar.). 134
Wire, new com.(attar.) 4150. July 15 *Holders of rec. July 5
July 2 Holders of rec. June 15
King Edward Hotel, Ltd., corn
Eight per cent pref. (quar.)
51.50 July 1 Holders of rec. June 15
2
July 2 Holders Of rec. June 15
King Royalty (guar.)
Greif Bros. (guar.)
*2
July 1 *Holders of rec. June 15
800. June 30 Holders of rec. June 15
Kirby Lumber, corn. (guar.)
Grlgsby-Grunow Co.. corn. (guar.)
13( Sept. 10 Holders of rec. Aug. 31
•80c July 20 *Holders of rec. July 2
Common
Gruen Watch, corn.(guar.)
14( Dec. 10 Holders of roe. Nov.80
50e Sept. 1 Holders of roe. Aug. 20a Kirshbaum (guar.)
A. B.) Co., pref. (guar.)._ _
Common (quarterly)
131 July 1 Holders of rec. June 20a
bOo Des. 1 Holders of rec. Nov.d200 Knott Corporation
(quar.)
Common (quarterly)
60c. July 16 Holders of rec. July 50
50e. Marl'29 Holders of ree.Feb.19'24a Knox Hat, prior
Guantanamo Sugar, pref.(guar.)
pref.(guar.)
1% July 2 Holders of rec. June 15
2
July 2 Holders of rec. June 15a Kraft-Phenix
Cheese
(guar.)
Co.
Guaranty Co. of N. J. (guar.)
3734e.
July 1 Holders of rec. June 11
134 July 2 Holders of rec. June 23
Stock dividend
Guardian Investment Trust
e 134 July 1 Holders of rec. June II
Kresge (8. S.) Co., corn. (guar.)
Prof. beneficial Ws. (guar.)
30c. June 30 Holders of rec. June ha
*3754c July 1 Holders of rec. June 15
Preferred (guar.)
Guardian Investors Corp., 1st Pt. (au.). $1.75 July 2 "Holders
13( June 30 Holders of rec. June 1la
of rec. June 15
Kuppenheimer (B.) & Co., common
$6 first preferred (guar.)
Si
July 2 Holders of rec. June 23a
$1.50 July 2 *Holders of rec. June 15
Laboratory Products (guar.)
$3 second preferred (guar.)
50e. July dl Holders of rec. June 200
750. July 2 *Ilolders of rec. June 15
Laclede Steel(guar.)
Gulf 011 Corp.(guar.)
2
July 1 Holders of rec. June
3734e. July 2 June 21 to June 24
Laconia
Car. let pref. (guar.)
•1% July 2 *Holders of rec. June 22
Gulf States Steel. let pref.(guar.)
134 July 2 Holders of roe. June 154 Lake
20
Erie Bolt & Nut(quar.)
Gurd (Charles) & Co., Ltd., com. WO. *50e July 1 *Holders of rec. June
30e. July 2 Holders of rec. June 22
15
Lakey
Foundry
Preferred (guar.)
& Mach.(stock div.)_
•154 July 1 *Holders of rec. June
•e20
Holders
of
June
rec.
25
15
Lambert Co.(guar.)
Hamilton Cotton, Ltd., pre
$1.25 July 2 Holders of rec. June 180
50e July 1 Holders of rec. Jute 15
Extra
HamiltonUnitedTheatres(Can.)pf.(qu.). 15( June 30
50c. July 2 Holders of rec. June 180
Holders of rec. May 31
Landers, Frary & Clark (dquar.)
Hammermill Paper, pref. (guar.)
•18i July 2 *Holders of rec. June
75c. June 30 Holders of rec. June 210
20
d Quarterly
Hanes(P. H.) Knitting pref.(guar.)._
75c. Sept.30 Holders of rec. Sept. 216
13( July 2 Holders of rec. June 20
d
Quarterly
Harbauer Company,coin.(guar.)
75c. Dec. 31 Holders of rec. Dec. 220
250. July 2 Holders of rec. Juned23a Landis
Harbison-Walker Rem.,corn. (quar.)75e. Aug. 15 Holders of rec. Aug. 5
134 Sept. 1 Holders of rec. Aug. 21a Land Machine
Title Bldg. Corp.(Phila.)(No. 2.) 334 June 30
Preferred (guar.)
134 July 20 Helders of rec. July 10
Holders of roe. June 11
Lane Bryant, Inc., prof.
Preferred (guar.)
(guar.)
154 Oct. 20 Holders of rec. Oct. 10a Lanston
134 Aug. 1 Holders of rec. July 14
Monotype Mach.(guar.)
Harris(B.T.) Co.(guar.)
134 Aug. 31 Holders of rec. Aug. 210
•10c July 1 *Holders of rec. June 28
La
Salle
Extension
University, pref.(qu.) 1% July 1 Holders of rec. June 21
Hathaway Baking, pref. class A (guar.)_ 2
July 16 Holders of rec. July 2
Lawyers Mortgage (guar.)
Hawaiian Comml & Sugar(mthly.).
•25c July 5 *Holders of rec. June 25
334 June 30 Holders of rec. June 21
Lawyers Title & Guaranty (guar.)
Hawaiian Pineapple (monthly)
•150. June 30 *Holders of rec. June 21
234 July 2 Holders of rec. June 210
Lawyers
Westchester Mtge. & Title_ ...- 2
Hayes Body Corp., class 13 pref
*334 July 2 *Holders of rec. June 25
July 2 Holders of rec. June 16
Lehigh Portland Cement. prof.
Hazel-Atlas Glass, corn.(guar.)
50c. July 2
1% July 2 Holders of rec. June 140
(
(
Mar.)
June 21
Lehigh Valley Coal Sales (guar.)
1234c. July 2
July 2 Holders of rec. June 14
Extra
$1
June 21
Leonard. Fitzpatrick & Mueller Stores
134 June 30 Holders of rec. June
Heath (D. C.) & Co., pref. (guar.)
28a
Common (guar.)
3734c. July 1 Holders of rec. June 22
Helms (George W.) Co., corn. (guar.)._ $1.25 July 2 Holders of rec. June lba
Preferred (guar.)
13( July 2 Holders of rec. June ha Libby.
July 1 Holders of rec. June 22
2
Preferred (guar.)
McNeill & Libby, pref
Hibbard,Spencer,Bartlett & Co.(mthlY.)
July
Holders of rec. Juneal5a
35c. July 27 Holders of rec. July 20
Liberty Baking Corp., pref. (quar.).... 334 July dl Holders
of rec. June 25
2
131
35c. Aug. 31 Holders of rec. Aug. 24
Monthly
Life Savers Inc.(guar.)
40e. July 1 Holders of rec. June 14a
350. Sept.28 Holders of rec. Sept.21
Monthly
Liggett & Myers Tobacco. prof.(guar.). 13( July 2 Holders of rec. June
110
Name of Company.
Name of Company.
Name of Company.
(Vox.. 126.
FINANCIAL CHRONICLE
4044
When
Per
Cent. Payable.
Books Closed
Days Inchnive.
Name of Company.
When
Per
Cent. Payable.
Books Closest.
Days Inclusive,
Miscellaneous (Continued).
Miscellaneous (Continued).
• 6234c. June 30 *Holders of rec. June 20
Newton Steel,corn.(guar.)
*50c. July 27 *Holders of rec. June 30
Lion 011(guar.)
•134 July 31 *Holders of rec. July 15
Preferred
(quar.)
206
July
rec.
900. Aug. 1 Holders of
Liquid Carbonic, corn. (guar.)
750. Aug. 1 Holders of rec. July 106
corn.
Air
Brake,
(guar.)
50e. June 30 Holders of ree. June 20a New York
Loew's, Inc., common (guar.)
lid July 10 Holders of rec. June 22
N.Y. Holding Corp., pf. (qu.)(No. 1)_
*500. June 30 *Holders of rec. June 20
Lone Star Gas (guar.)
July 10 Holders of rec. June 22
(quar.)...
22
Corp.
Security
Loan
&
N.Y.
40e. Aug. 1 Holders of rec. July 186
Loose-Wiles Biscuit, common (quar.)--Royalty, corn. (No.1)- •25o. June 30 Holders of rec. June 20
134 July 1 Holders of rec. June 19a N. Y. Petroleum
First preferred (guar.)
June 30 *Holders of rec. June 20
.134
Preferred
(guar.)
I66
June
ree.
of
234 July 2 Holders
Lord & Taylor, corn. (guar.)
13.4 June 30 Holders of rec. June 12
134 July 2 Holders of rec. June 156 N.Y. Realty & Impt., pref. (guar.).Lorillard (P.) Co., pref.(gam%)
July 2 Holders of rec. June 22
5
N.Y.Title & Mortgage (guar.)
134 June 30 Holders of rec. June 306
Lowenstein (M.)& Sons. 1st pf.(qu.)
1
July 2 Holders of rec. June 22
Extra
500. July 1 Holders of rec. June 21
Ludlow Typograph, common (quar.)_ _ _
July 16 'Holders of rec. July1 2
*500.
N.Y.Transportation (guar.)
$1.75 July 1 Holders of rec. June 21
Preferred (guar.)
500. Dec. 15 Holders of rec. May 24
common
Copper,
Nichols
206
June
rec.
of
Holders
500. July 2
Ludlum Steel (guar.)
July 2 Holders of rec. June 9
134
(guar.)
Preferred
65c. July 14 Holders of rec. June 306
MacAndrews & Forbes, corn. (quar.)
7340 Julyd20 HcIders of rec. June 306
(quar.)
134 July 14 Holders of rec. June 306 Nipissing mines
Preferred (guar.)
1 Holders of rec. June 25
July
62340
Car
Corp.,
corn.
North
Amer.
(guar.).
156
June
$1.50 June 30 Holders of rec.
Mack Trucks, Inc., corn. (guar.)
July 1 Holders of rec. June 25
Prof.(for months of May & June)_ _ _ _ $1
$1.25 Aug. 15 Holders of rec. July 286
Macy (R. H.) Co.. common (quar.)-Provision, pref. (guar.) "1.34 July 2 *Holders of rec. June 9
North
American
6a
July
rec.
of
Holders
16
July
50c.
Madison Square Garden, corn.(quar.)
.500. June 30 *Holders of rec. June 21
(guar.)
720. July 16 Holders of rec. June 29a North & Judd Mfg.
Magma Copper Co. (guar.)
"500. June 30 'Holders of rec. June 21
Extra
Holders of reo. June 21a
Mallinson (H. R.) Co.. pref.((Mari---- 134 July
pref.
Ref.,
Ltd.,
&
114 July 3 Holders of rec. June 15
011
(gu.).
Star
North
306
June
rec.
of
Holders
6234c July 16
1)
Mandel Bros. Co.(guar.)
(No.
•50c. July 2 *Holders of rec. June 15
Bakeries,
Ltd.
(g11.)
Northern
51.25 July 2 Holders of rec. June 22a
Manhattan Elec. Supply (guar.)
3
July 2 Holders of rec. June 15
Northern Pipe Line
20
June
rec.
of
Holders
July
)4c
37
A
Cl.
(g.u.)Manhattan Financial Corp.,
' 25c. July 2 June 22 to July 2
Ncvadel Process, corn.(guar.)
10c. July 2 Holders of rec. June 20
Class B (guar.)
July 2 June 22 to July 2
50c.
(guar.)
Preferred
Holders of rec. June 18a
134 July
Manhattan Shirt. pref. (guar.)
*3e. June 30 *Holders of rec. June 30
Occidental Petroleum (guar.)
Holders of rec. June 30
Manning, Maxwell & Moore. Inc.,(qu.) 134 July
July 3 Holders of rec. June 20
$1.25
(guar.)
corn.
Flour
Mills,
Ogilvie
Holders of rec. June 200
150. July
Manufactured Rubber, pref. (guar.)...
$1.25 July 15 Holders of rec. June 29
Ohio Brass, class A & 13 (guar.)
50c. July 1 Holders of rec. June 20
Manley 011 (guar.)
134 July 15 IIolders of rec. June 29
Preferred
(guar.)
20
June
rec.
of
*Holders
Marion Steam Shovel, corn. (guar.)...- *75e. July 2
*2
July 2 *Holders of rec. June 22
Ohio Leather, 1st pref. (guar.)
p134 July 2 *Holders of rec. June 20
Preferred (guar.)
July 2 'hlolders of rec. June 22
*3
First pref. (acc't accum. diva.)
50c. July 2 Holders of rec. June 22.
Marlin-Rockwell Corp. (guar.)
July 2 June 16 to July 1
pref.
134
(guar.)
Tube,
Seamless
Ohio
22a
June
rec.
50c. July 2 Holders of
Extra
July
2 *Holders of rec. June 1154
*$2
(quar.)
pref.
Omnibus Corp.,
51.75 July 2 Holders of rec. June 20
Martel Mills, Inc.. pref. A (guar.)
134 July 1 Holders of rec. June 20
pref. (guar.)._
1st
Ltd.,
Crush,
Orange
20
June
rec.
of
*Holders
1
*80c. July
Marvel Carburetor (guar.)
July
1 Holders of rec. June 20
50c
preference
Second
*20c. July 1 *Holders of rec. June 20
Extra
2
July 2 Holders of rec. June 19.
Circuit, prof. (guar.)
$1.50 July 2 Holders of rec. June 18a Orpheum
Mathieson Alkali Wks. corn.(guar.)-July
16
(quar.)
Holders of rec. June 300
$1.50
corn.
Elevator,
Otis
18a
rec.
June
134 July 2 Holders of
Preferred (quar.)
134 July 16 Holders of rec. June 30a
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 150
$1
May Dept. Stores, corn. (guar.)
134 Oct. 15 Holders of rec. Sept. 29a
Preferred
(guar.)
JunedlOa
rec.
of
Holders
2
July
3734c
May Drug Stores Corp.(guar.)
134 July 1 Holders of rec. June 150
rec. June 154 Otis Steel, prior pref. (guar.)
Maytag Co., new corn., (guar.(No. 1). 3734c July 1 Holders of
Tire, corn. A (guar.). 3734c July 1 Holders of rec. June 22
75c. Aug. 1 Holders of rec. July 206 Overman Cushion
McCall Corp., corn. (quar.)
July 1 Holders of rec. June 22
3734e
(guar.)
B
Common
21
June
rec.
of
*75c July 2 *Holders
McCord Radiator & Mfg. A (guar.)._
$1.75 July 1 Holders of rec. June 22
Preferred (guar.)
75c. July 2 Holders of rec. June 20
McKee (Arthur G.) & Co., Cl. A (qu.)_ _
panic. pref
40c. July 2 Holders of rec. June 15
Co.,
Bros.
Ovington
20
June
rec.
of
1
*Ffolders
July
*75c.
Class B (No. 1)
75c. July 1 Holders of rec. June 15a
July 2 Holders of rec. June 206 Owens Bottle, corn. (guar.)
$1
McKeesport Tin Plate (guar.)
134 July 1 Holders of rec. June 15a
Preferred (guar.)
10e. Oct. 1 Holders of rag. Sept.200
McLellan Stores, class A & B (No.2)
July 2 *Holders of rec. June 20
*6234c
(guar.)
Corp.
Pacific
Finance
28
June
rec.
of
Holders
500. July 2
McQuay-Norris Co. (guar.)
Pacific Investing, 1st & 2nd pref. (nu.)_ *51.50 July 1 *Holders of rec. June 20
_ *750. July 2 *Holders of rec. June 15
Mead. Johnson & Co., orn. (quar.)
70c. July 15 Holders of rec. June 29
Packard Electric, corn. (guar.)
26
June
rec.
of
*Holders
1
*$1
July
Meadows Mfg. pref.(guar.)
30c. July 15 Holders of rec. June 29
Common (extra)
2
Merchants & Mfrs.Secur.prior pf.(quar.) *$1.75 July 16 *Holders of rec. July
25c, June 30 Holders of rec. June lba
Packard Motor Car Co.(monthly)
•3734c July 2 *Holders of rec. June 15
Participating pref.(guar.)
250. July 31 Holders of rec. July 144
Monthly
15
June
rec.
of
Holders
_
30
Merchants do Miners Transp. (guar.)._ 6234c. June
25c. Aug. 31 Holders of rec: AUK. 15.
Monthly
July 2 Holders of rec. June 18
$1
Merck Corporation, pref.(guar.)
75c. July 2 Holders of rec. June 20a
shey Tubes, corn. (guar.)
Page-Her
66
June
rec.
of
Holders
30
Juns
$1.25
Mergenthaler Linotype (quar.)
July 2 Holders of roc. June 200
(guar.)
134
Preferred
6a
June
250. June 30 holders of rec.
Extra
134 July 1 Holders of rec. June 9
Palmolive-Peet Co., pref. (guar.)
$1.25 June 30 Holders of rec. June 16
Merrimac Chemical (guar.)
52
July 2 Holders of rec. June 8a
coin.
Pam.
Lasky
Corp..
Par.
15
June
rec.
of
Holders
2
July
(qu.)..
134
Metropolitan Paving Brick. pref.
•750. July 1
Paragon Refining, pref. (guar.)
of rec. June 15
Meyers (F. E.) dr Bros., corn. (quar.)_ _ •500. June 30 *Holders of rec. Juno 15
4
June 30 Holders of rec. May 30
Paragon Trading Corp., pref. A
*Holders
30
June
*51.50
Preferred (guar.)
23
ne 30 H
3
un
34c. J0
Holders of rec. May 30
Preferred. class B & C
July d2 Holders of rec. June 22
Midland Steel Products, corn.(guar.)._ _ El
June 20 to July 1
Parke Davis Co.(quar.)
49e. July d2 Holders of rec. June 22
Common (extra)
75e. July 14 Holders of rec. June 296
I)
Tiltord
(guar.)
(No.
&
Park
226
June
rec.
of
Holders
2
July
$2
Preferred (guar.)
1
July 14 Holders of rec. June 290
Stock dividend (guar.)(No.1)
July 2 Holders of rec. June 22a
Si
Preferred (extra)
"7
0 June 30
3
1:
14 *Holders of rec. June 19
Extra
50e. July 2 Holders of rec. June 18
Midvale Co.(guar.)
t.
Holders of rec. Sept. 290
Quarterly
June
30
rec.
of
*Holders
10
*4
July
Mlles-Detroit Theatre (guar.)
el
off reec
rs ()
Oct.
era
14 I
ollge
llo
(guar.)
dividend
29
Stock
750. July 1 Holders of rec. June 20a
Mill Factors, class A and B (quar.)___ _
29a
2
Se
750. Ja 14
D
Quarterly
200
of
June
rec.
Holders
1
July
25c.
Class A and B (extra)
el
Ja
of rec. Dec. 29a
1429
Holders
dividend
(guar.)
Stock
4
$1.25c Aug. 15 Holders of rec. Aug.
Minneap-Honeywell Regulator.com._
rec.Mar29'29a
750.
Ap14'29 Holders of
Quarterly
134 Aug. 15 Holders of rec. Aug. 4
Preferred (guar.)
el
Ap1429 Holders of ree.Mar29'290
Stock dividend (guar.)
134 Nov.15 Holders of rec. Nov. 3
Preferred (guar.)
200. July 2 Holders of rec. June 15a
Park Utah Consol. Mines (guar.)
of rec. June 21
Mitchell (J. S.) & Co., Ltd.. pref.(gu.). 134 July 3 Holders
83.50 July 2 Holders of rec. June 30
Co., Inc.. pref
Greenstein
Pelz
1
to
July
20
June
2
July
(guar.)
134
Mohawk Rubber, pref.
Pender (D.) Grocery, class B (guar.)... •25e. July 2 'Holders of rec. June 15
*45c. July 1 *Holders of rec. June 20
Monighan Site., class A (guar.)
•250. July 2 *Holders of rec. June 15
Class B (extra)
6234c July 2 Holders of rec. June 20a
Monsanto Chemical Works
134 July 1 Holders of rec. June 15a
Penick & Ford. Ltd.. prof.(guar.)
4.
rec.
of
Aug.
Holders
15
Aug.
Montgomery Ward & Co.. corn.(guar.). El
(guar.)
51.50
pref.
June 30 Holders of rec. June 20
Co.,
C.)
(J.
Penney
$1.75 July 1 Holders of rec. June 20a
Class A (guar.)
20a Pennsylvania-Dixie Cement, con1.(1O.)- 50c. June 30 Holders of rec. June 15a
of
Sept.
rec.
Holders
1
$1.75
Oct.
Class A (guar.)
51.25
July 14 Holders of rec. June 30
(guar.)
Mfg.
Salt
Pennsylvania
206
rec.
of
June
$1.25 July 2 Holders
Morgan Lithograph, corn.(guar.)
June 80
250. July 16 Holders of rec. July 2. Peoples Drug Stores. Inc., corn. (guar) 250. July dl Holders of rec. June 20o
Morris (Philip) & Co., Ltd.. Inc.(gu.).
8734c June 80 Holders of rec.
roe. Ord. la Perfection Stove (monthly)
of
Holders
15
Oct.
25o.
Quarterly
July 200
3734c
rec.
July
81
of
Holders
Monthly
25e.Ja n.16'29 Hold. of rec. Jan. 2 '29a
Quarterly
37340 Aug. 31 Holders of rec. Aug. 20e
Monthly
June 30 Holders of rec. June 22
2
Mortgage-Bond Co. (quar.)
20a
Sept.
37)4c
rec.
30
of
Sept.
Holden
Monthly
of
June
8.
rec.
Holders
150. June 30
Mother Lode Coalition Mines Co
3730 Oct. 31 Holders of rec. Oct. 204
Moothly
50c. Aug. 1 Holders of rec. July 20a
Motor Products, corn.(guar.)
3730 Nov. 30 Holders of rec. Nov. 200
Mouthly
20a
of
July
rec.
Holders
1
$1.25
Aug.
Preferred (guar.)
8734c Dec. 31 Holders of rec. Dec. 204
Monthly
•2c. July 16 *Holders of rec. June 30
Mountain & Gulf Oil (guar.)
75c. July 1 Holders of rec. Juno 5
65c. July 2 Holders of rec. June 15a Pet Milk Co.,common (guar.)
Mountain Producers Corp.(guar.)
51.75
July 1 Holders of rec. June 11
(guar.)
Preferred
24
June
rec.
34
of
*Holders
1
•
July
Mt. Diablo OIL Min.& Dev.(mthly.)
I%
2d
&
July 1 Holders of ree. June 22a
Co.,1st
Id.0111.3
ken
Pettibone-Mulli
250. July 3 Holders of rec. June 30
Muirhead's Cafeterias, pref. (quar.)......
2
July d2 Holders of rec. June 26
Corp.(guar.)
Dodge
Phelps
112
of
Aug.
rec.
Holders
I
250.
Sept.
(guar.)
Murphy (C). C.) Co.
234
(quar.)
June 30 Holders of rec. June 20
Mtges.
Guar.
for
Co.
Phila.
21
rec.
Nov.
250. Dec. 1 Holders of
Quarterly
Phila. Dairy Products, prior pref.(au)._ 51.6234 July 2 Holders of rec. June 206
20
rec.
of
June
Holders
2
July
2
(guar.)
Mfg..
Pref.
Murray Ohio
52
Aug. 1 Holders of rec. July 160
Wire
Insulated
Philadelphia
of
20
rec.
June
*Holders
2
July
•10c
Participating pref. (guar.)
3734c July 2 Holders of rec. June 140
Phillips Petroleum (guar.)
50c June 30 Holders of rec. June 15
Myers (F. E.) & Bros., corn. (quar.)
134 July 2 Holders of rec. June 15
Pick (Albert) & Co., pref. (guar.)
15
of
June
rec.
Holders
30
134
June
Preferred (guar.)
Pie Bakeries of Amer.. pref. (quar.)._... 134 July 2 *Holders of rec. June 15
134 July 2 Holders of rec. June 22
Nashua Mfg., pref.(guar.)
"3734c July 1 Holders of rec. June 15
50e. Aug. 1 Holders of rec. July 160 Pierce Governor (guar.)
20
National American CO..Ins.(quar.)____
Nov. 1 Holders of roe. Oct. 15a Piggly Wiggly Western States (guar.).- '3734c Aug. 1 *Ilolders of rec. July 23
50o.
Quarterly
•$2
(guar.)
June 30 *Holders of reo. June
Mills
Pilgrim
134 Sept. I Holders of rec. Aug. 216
National Belles Hess, Inc., pref. (qu.).
July 2 Holders of rec. Juned16a
roe. June 29. Pittsburgh Plate Glass (guar.)
of
Holden,
July
14
(quar.)
$1.50
corn.
National Biscuit.
•75c. Aug. 12 *Holders of rec. June 29
(guar.)
$1.50 Oct. 15 Holders of rec. Sept.28a Pittsburgh Screw &Bolt, coin.
Common (guar.)
(quar.)._. 134 July 1 June 10 to July 1
50e. July 14 Holders of rec. Juno 29a Pittsburgh Steel Fdy., pref.
Common (extra)
"25c. June 30 *Holders of rec. June 25
011
Plymouth
of
Aug.
176
rec.
Holders
31
Aug.
134
Preferred (guar.)
*POO July 13 *Holders of rec. July 3
Postum Co., corn.(In corn. stock)
July 2 Holders of rec. June 15
$1
National Breweries, corn. (guar.)
•334 July 31 *Holders of rec. June 306
Prairie Pipe Line (guar.)
of rec. June 15
Holders
2
July
134
Preferred (guar.)
750. July 2 Holders of rec. June 156
4334c July 1 Holders of rec. June 120 Pratt dr Lambert, corn. (guar.)
6c. July 3 Holders of rec. July 3
National Candy, corn. (guar.)
134 July 1 Holders of rec. June 12a Premier Gold Mining
First and second pref. (guar.)
lit June 30 Holders of reo. June la
pref.
(guar.)
Steel
Car.
Pressed
of
June
11
rec.
Holders
2
July
15c.
National Cash Credit Assn., corn.(guar.) (I) July 2 Holders of rec. June 11
(guar.)
July 2 Ilolders of rec. June 15
34
common
Bros.,
Price
Common (stock div. 1-20 sh. cornelk.)
134 July 2 Holders of rec. June 15
Preferred (guar.)
150. July 2 Holders of rec. June 11
Preferred (guar.)
"2
July 14 *Holders of rec. June 28
(guar.)
pref.
Gamble,
&
Procter
11
June
rec.
of
Holders
2
July
15c.
Preferred (extra)
Progressive Merchant'Co.. Inc.. pref- -- $3.50 July 16 Holders of rec. July 1
stock). _
(0) July 2 Holders of rec. June 11
500. July 16 'folders of rec. June 30
corn. (guar.)._
Pref. (stk. div. 1-20 eh. pref
Brush.
Pro-phy-lac-tio
30a
of
June
rec.
Holders
15
July
75c.
National Cash Register, class A (guar.).
134 June 30 Holders of rec. June 15a Prudence Co.. Inc.
134 Jan15'29 Holders of rec. Dee. 81a
National Casket. pref.(guar.)
Freterred (guar.)
75c. July 2 Holders of rec. June 180
(guar.)._
& Mtge.. pfd.(qu.) 134 July 1 *Holders cf rec. June 25
I3ond
National Dairy Products, corn.
Security
Public
rec.
of
June
18
Holders
2
$1.75 July
51.50
(guar.)
Aug. 15 Holders of rec. July 316
Class A and B (quar.)
Co.
134 June 30 Holders of rec. June 18a Pullman
(quar.)_
$1
Aug. 15 holders of rec. July 246
Nat. Enamel & Stamping. pref.
134 June 30 Holders of rec. June 15a Pullman, Inc. (guar.)
(guar.)
pref.
134
34%
July
5
1 Holders of rec. June 10
011,
National Lead.corn.(guar.)
Pure
134 Aug I Holders of rec. July 20a
(guar.)
134
B
July
1 Holders of rec. June 10
Preferred
8% Preferred (guar.)
234 July 11 Holders of rec. June 15
2
July
1 Holders of rec. June 100
Preferred
National Licorice, common
(guar.)
8%
15
of
June
rec.
Holders
30
134 June
1).
134
(No.
July
1 Holders of rec. June 20
pfd.
(au)
Inc.,
Preferred (guar.)
Stores,
Puritan
July 2 Holders of rec. June 15
2
*50c. July 15 *Holders of rec. July 2
(quar.)
National Refining. Pref. (guar.)
corn.
Co.,
13
R
Q
20a
of
June
rce.
Holders
d2
July
750.
(guar.)
•134
July
2
*Holders of reo. June 30
National Standard Co.
Preferred
(guar.)
4
).‘ July 2 Holders of rec. June
Si July 16 Holders of rec. July 26
National Sugar Berg.(guar.)
Aug. 15 Holders of rec. Aug 40 Quaker Oats. common (guar.)
SI
134 Aug. 31 Holders of rec. Aug. la
(guar.)
National Supply. corn. (guar.)
Preferred
of
20a
rec.
June
Holders
30
June
IM
*50c.
Preferred (quar.)
236 July 2 Holders of rec. June 18a Rand Mines, ordinary (interim)
3734c. Sept. 15 *Holders of rec. Sept. 1
National Surety (guar.)
July 1 Holders of rec. June 146 Rapid Electrotype (guar.)
Si
*5
July 15 *IIolders of rec. July 1
dividend
National Tea, corn. (guar.)
Stock
of
July
I5a
rec.
75e. Aug 1 Holders
*5
July 29 *Holders of rec. July 1
National Tile, corn. (guar.)
Stock dividend
- 6234c July 2 Holders of rec. June 20
(No.
*400. July 1 *Holders of rec. June 15
(interim)
corn.
Co..
National Trade Journal (au.)
Raybestos
.3
25
rec.
of
June
*Holders
2
July
_
_
(quar.)_
(guar.)...
$1.75
Mills,
July
1 II°Mere of rec. June 15a
pref.
Hosiery
Naumkeag Steam Cotton Co. (guar.)._
Silk
Real
50c. July 2 Holders of rec. June 19
corn.
35c. July 2 Holders of roc. June 15
Nelson (Herman) Corp.,stock
July 2 Holders of roe. June 19. Reece Buttonhole Mach.(guar.)
dividend_ sl
Sc,
July
2
(guar.)
Holders of rec. June 15
Mach.
Folding
Nelson (Berman) Corp..
Reece
rag.
1
Sept.18a
Holders of
Oct
el
-----•
134 July 2 June 21 to July 1
Stock dividend
37 Mc June 30 *Holders of rec. June 15a Regal Shoe, pref. (guar.)
(guar.)
July 1 Holders of ree. June 256
pref.(qua?.)___
134
1st
Co.,
&
Nevada Consol. Copper
(Roht.)
Reis
of
*II
30
rec.
olders
June
July
16
•
1234c.
•60c. July 2 *Holders of ree. June 21
New Bradford Oil Co.(guar.)
Ftellance Mfg., common (guar.)
25c. July 2 Holders of rec. June 20
*5c. July 2 *Ifolders of rec. June 21
New England Fuel 011 (quar.)
Common (extra)
75e. July 15 Holders of rec. June 30
corn. (qu.)
$1.75 July 2 *Holders of rec. June 216
•
(guar.)
Preferred
New Jersey Indus. Loan Co.,
30
134 July 15 Holders of rec. June
20a
(guar.)
Preferred
154 July d2 Holders of rec. June 9a
Remington Arms, 1st pref. (guar.)
July 10 Holders of rec. June 20
134 July 2 Holders of re°. June
Remington Rand, Inc. 1st Pt.
New Jersey Zinc(extra)
July 16 Holders of rec. June 30
$1
June 90
reo.
of
Holders
2
July
2
Newmont Mining Corp
Second preferred (War.)
July 2 Holders of rec. June 20
New Orleans Cold Storage & Warehouse_
JUNE 30 1928.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
4045
Name of Company.
Per
When
Books Closed.
Nome of Company.
Cent. Payable.
Days Incturtse.
Miscellaneous (Continued).
Miscella
neous
Remington Typewriter, let pref.(quar.) 1% July 2 Holders
(Continued),
of reo. June 15a Teck-Hughes Gold Mines
2d preferred (quar.)
10c. Aug. 1 July 18 to July
2
July 2 Holders of rec. June 15a
Extra
Reo Motor Car (quar.)
20c. Aug. 1 July 18 to July 31
200. July 2 Holders of reo. June Ile Telling-B
31
Republic Iron & Steel. Pref.
135 July 2 Holders of rec. June 15a Texas elle Vernon Co.,corn.(quar.)
Si
July 1 Holders of rec.
Corp.(quar.)
Reynolds (R. J.) Tob., corn. A&B (qu.) $1.25 July 1 Holders
75e. July 1 Holders of rec. June 20
of rec. June 18a Textile Banking (quar.)
June 10
Rice-Stix Dry Goods, corn. (quar.)
*2
June
3735c Aug. 1 Holders of rec. July 15
30
*Holders
of
rec.
June 25
Thompson (John R.) CO.(monthly)....
First and second preferred (guar.)30c. July 2 Holders of rec. June
1% July 1 Holders of rec. June 15
Monthly
Richardson & Boynton Co., part. pr.(qu)
300. Aug. 1 Holders of rec. July 22a
750. July 1 Holders of rec. June 15
Monthly
Richfield Oil, pref.(quar.)
300. Sept. 1 Holders of rec. Aug. 23a
*4435c Aug. 1 "Holders of rec. July 5
Thompson Products, cl. A & B (quer.)
Richman Bros.. corn.(quar.)
be. July 1 Holders of rec. June 23a
51.50 July 2 Holders of rec. June 200
20
Class A & B (extra)
Rigney dr Co., pref.(quar.)
10c July 1 Holders of rec. June
25c. July
20
Riverside Forge & Mach., corn.(quar.)_ *40c. July 2 Holders of rec. June 21a Thompson-Starrett Co
$3
July 2 Holders of rec. June 22
*Holders
15
of rec. July 5
Tide Water 011, corn. (quar.)
Common (extra)
200. June 30 Holders of rec. June
'60c. July 15 *Holders of rec. July 5
Tide Water Associated 011, pf.(qu.)
160
Riverside Mills, class A (No. 1)
134 July 2 Holders Of MO, June 8a
*50c. July 1 *Holders of rec. June 15
Timken-Detroit Axle, corn. (guar.)
Ross Stores, Inc., 1st pref.(quar.)
IH June 30 June 21 to July
2
July 1 Holders of rec. June 27
Extra
Royal Baking Powder. corn. (quar.)__
35 June 30 June 21 to July 1
2
June 30 Holders of rec. June 15a Tintic Standard
1
Preferred (ouar.)
Mining (quar.)
•20o. June 30 "Holders of rec. June 20
134 June 30 Holders of rec. June 15a
Extra
Royal Typewriter, cons_ _
*10c.
June 30 *Holders of rec. June 20
$1
July 17 Holders of rec. July 10
Tip Top Tailors, Ltd., cony. pref.(qu.)
Common (extra)
135 July 1 Holders of rec. June
$1.50 July 17 Holders of rec. July 10
Tobacco Products, common
Preferred
(p) July 16 Holders of rec. June 15a
334 July 17 Holders of rec. July 18
29a
Toddy Corp., class A (quar.)
Russ Manufacturing
50c July 2 Holders of rec. June 20
50c.
June
30
Holders
of
rec.
June
Tooke
28
Safety Car Heating & Lighting (guar.)._ 2
Bros.. Ltd., pref.(quar.)
135 July 16 Holders of rec. June 30
July 2 Holders of rec. June 14a Torrington Company
Safeway Stores, corn. (quar.)
(quar.)
75c.
July
2 Holders of rec. June 22
$3
July 1 Holders of rec. June 20
Extra
Seven per cent pref. (quar.)
51.25 July 2 Holders of rec. June 21
1% July I Holders of rec. June 20
Transue & Wms.Steel Forg..corn.(qu.).
Six per cent pref.(quar.)
25c. July 10 Holders of rec. June 306
135 July 1 Holders of rec. June 20
Traymore, Ltd., pref. (quar.)
St. Joseph Lead (quar.)
1% July 1 Holders of rec. June 15
50c. Sept.20 Sept. 9 to Sept.20
Trico Products(guar.)
Extra
623.40 July 2 Holders of rec. June 11
250 Sept.20 Sept. 9 to Sept.20
Troy Sunshade, corn. (quar.)
Quarterly
50c. July 1 Holders of rec. June 20
50e Dec. 20 Dec. 9 to Dec. 20
Common (extra)
Extra
25c. July 1 Holders of rec. June 20
250 Dec. 20 Dee. 9 to Des. 20
St. Louis Nat. Stock Yards (quar.)
Preferred (quar.)
1%
July 1 Holders of rec. June 20
*2
July 6 *Holders of rec. June 29
St. L. Rocky Mt. dr Pac., com.(qu.)
Trumbull-Cliffs Furnace, pref.(quar.)
135 July 2 Holders of rec. June 20
35 June 30 Holders of rec. June 15a Truscon Steel, corn.
Preferred (quar.)
(quar.)
30c.
July 16 Holders of rec. July d5a
June
34
30
Holders
of rec. June 15a Tubize Artificial Silk. cl. A & B (quer.)
St. Maurice Valley Corp., pref. (quar.)_
52.50 July 2 Holders of rec. June 20a
134 July 1 Holders of rec. June 15
St. Regis Paper, corn.(quar.)
Tuckett Tobacco, corn. (quar.)
1
July 14 Holders of rec. June 30
75c
July
1
Holders
of
rec.
June
Preferred (quar.)
15
Preferred (quar.)
135 July 14 Holders of reo. June 30
I V. July 1 Holders of rec. June 15
Salt Creek Consol. 011 (quar.)
22 West 77th Street, Inc
$3
June 30 June 16 to July 1
20c July 2 Holders of rec. June 15a 244 North
Sangamo Electric Co., tom. (quar.)
Bay Shore Drive, Inc., pref
3
June 30 June 16 to July 1
50c
July
2
Holders
of rec. Junedlla
Sarnia Bridge, Ltd., class A (quar.)_...._
•1% July
Preferred (quar.)
2 *Holders of rec. June 20
50c July 2 Holders of rec. June 15
Savage Arms, let pref. (quar.)
Ulen & Co., 8% pref
4
July 2 Juned21 to June 30
July 2 *Holders of rec. June 15
7;5% preferred
Second preferred (quar.)
3%
July
2
Juned21 to June 30
Aug.
15 *Holders of reo. Aug. 1
Sayers de Scoville. corn.(quar.)
Underwood Computing Mach. pf. (qu.)
135 July 2 Holders of rec. June 20
*1H July 2 *Holders of rec. June 20
Common (extra)
Underwood-Elliott Fisher, corn.(quar.). Si
*334 July 2 *Holders
June
30
Holders
of rec. June 15a
of rec. June 20
Preferred (quar.)
Preferred (guar.)
•1
81.75 June 30 Holders of rec. June 15a
July 2 *Holders of rec. June 20
Elchoeneman (J.), Inc., 1st pf.
Preferred B (quar.)
51.75 June 30 Holders of rec. June 15a
(qUL)
135 July 1 Holders of rec. June 20
Elamite Retail Stores, corn.(auar4
Union Carbide
51.50 July 2 Holders of rec. June 10
87He Sept. 1 Holders of rec. Aug. lba Union Guarante& Carbon (quar.)
Common (quar.)_
e Mtge., corn. (quar.).. •135 July 2 *Holders of
87 Ho Dec. 1 Holders of reo. Nov.156 Union Metal Mfg.,
rec. June 19
Common (payable In corn.stock)
corn. (guar.)
50c July 2 Holders of rec. June 25
035
Sept.
1
Holders
of rec. Aug. 15
Common (payable In corn. stock)
Extra
25c July 2 Holders of rec. June 25
1435 Dec. 1 Holders of reo. Nov. 15
Common (payable In corn. stock)_ _
Union Mortgage, corn. (guar.)
*2
July 2 *Holders of rec. June 19
5435 Mar.'29
Preferred (quar.)
Preferred (quar.)
*135 July 2'Holders of rec. June 19
2
July 2 Holders of rec. June 12a Union Storage
Schulze Baking Co.. pref. (quar.)
(guar.)
13235c Aug. 10 Holders of rec. Aug. la
135 July 2 Holders of rec. June 15
Convertible pref. (quar.)____ .
Quarterly
623.4c Nov.10 Holders of rec. Nov. 1
75e' July 2 Holders of rec. June 15
Schutter Candy, A cony. pref. (quar.)_ _
Union Tobacco, class A (quar.)
1% July 2 Holders of rec. June 15
•500 July 1 'Holders of rec. June 20
Scott Paper Co., corn. (quar.)
Union
25c June 30 Holders of rec. June 20a
25c June 30 Holders of rec. June 23a UnitedTwist Drill, corn. (quar.)
Scoville Mfg. (quar.)
Biscuit of Amer., pref. (quer.).- $1.75 Aug. d July
*75c
19 to July 31
July
2
*Holders
of roe. June 22
Scruggs-Vandervoort-Barney Dry Goods
United Cigar Stores, corn.(quar.)
20c June 3 Holders of rec. June 8
1st preferred
Corn.
(payable
in
corn.
stock)
f134 June 3 Holders of rec. June 8
3
July 1 Holders of rec. June 20
Second preferred
Unit Corp. & Amer. prof.(No.1)
*50c July 1 *Holders of rec. June 20
335 July 1 Holders of rec. June 20
Scullin Steel, panic. prof. (quar.)
United Dyewood Corp., pref.(quer.).-1% July 2 Holders of rec. June 13a
75c July 14 July 1 to July 14
Seagrove Corp., corn. (quar.)
United Fruit (quar.)
Si
July 2 Holders of rec. June 26
(z)
July
20
Holders
of rec. June 300 United Paperboard, preferred (quar.)
Second Financial Invest. Corp. (guar.).
$1.50
July 16 Holders of rec. July 2o
45c July 2 Holders of rec. June 1
Second Int. Secur. Corp., corn. A
Preferred (quar.)
81.50 Oct. 15 Holders of rec. Oct. 10
(qm.).
3735c
July
2
Holders
of
rec.
June
1st and second preferred (quar.)
15
Preferred (quar.)
$1.50 Jan 8'29 Holders of rec. Jan.2'29a
750 July 2 Holders of rec. June 15
Securities Inv., common (fluor.)
Preferred (qua..).
51.50 Ap15'29
6235c July 1 Holders of rec. June 20
Preferred (uar.)
United Piece Dye Works,635% pf.(qu.) 135 July 2 Holders of rec. Apr.1'29a
2
Holders of rec. June 20a
July
I
Holders
of
rec. June 20
Securities Management, cl. A (quar.)_
635% preferred (quar.)
1% Oct. 1 Holders of rec. Sept. 20a
134 July 16 Holders of rec. July 2
Sefton Manufacturing, pref. (quar.)_._ _
% Preferred (quar.)
1% Jan2'29 Holders of rec. Deo. 20a
135 July 1 Holders of rec. June 22a United
Segal Lock dr Hardware, pref.(quar.)
Profit-sharing, common
600 July
135 July 16 Holders of rec. June 30
Holders of rec. June 15
Seiberling Rubber, pref. (quar.)
United Securities, Ltd., pref. (quar.).... 134 July 16
2 Holders of rec. June 22
2
July 2 Holders fo rec. June 20
Selby Shoe (quar.)(No. 1)
United Serv.
.Garages,Inc.corn. A (qu.).
50c July 2 Holders of rec. June 15
*55c
Aug.
1
*Holders
of
rec.
July 15
86 pref. (quar.) (No. 1)
Preferred (quar.)
134 July 2 Holders of rec. June 15
*81.5 Aug. 1 *Holders of rec. July 15
Service Station Equip., Ltd., cl. A
United Shoe Niachinery, corn. (quar.)-- 6234c July 5
400 July 2 Holders of rec. June 15
Holders of rec. June 19
Shaffer Oil& Ref's, pref. (quar.) (au.)
Preferred (quar.)
3735c
July 5 Holders of rec. June 19
1%
July
25
Holders of rec. June 30
:Maier Co., class A (quar.)
United
50c July 2 Holders of rec. June 200 U.S. Verde Extension Mining (quer.). 500 Aug. 1 Holders of rec. July 60
Sharon Steel Hoop, corn. (guar.)
Bobbin
& Shuttle, corn.(quar.)--50c June 30 Holders of rec. June 13a
50c July 2 June 21 to July 2
Preferred (quar.)
Preferred (quar.)
1% June
2
July 2 June 26 to July 2
Shattuck (Frank G.) Co.. (quar.)
U.S. Cast Iron Pipe & Fdy.,corn.(qu.). 234 Sept. 30 Holders of rec. June llo
15 Holders of rec. Sept. 3a
50c July 10 Holders of rec. June 20a
Sheffield Steel, corn. (quar.)
Common (quar.)
235 Dec. 15 Holders of rec. Dec. la
50c July 1 Holders of rec. June 2134
Common (payable in common stock)_
Preferred (quar.)
134 Sept. 15 Holders of reo. Sept. la
33 1- July 1 Holders of rec. June 200
Preferred (quar.)
Preferred
lunar.)
1% Dec. 15 Holders of rec. Dec. la
13( July 1 Holders of rec. June 20a U.S.
Shell Union Oil (quar.)
334 July 1 Holders of rec. June 11
350. June 30 Holders of rec. June 40 U.S. Distributing, prof
Sheriff St. Market & Stor., Cleve.
Financial Corp.cl A
*30c. July 2 *Holders of rec. June 27
July 2 Holders of rec. June 20
Sherwin-Wms. Co., Canada, corn.(au.)- $1
U.
S.
Foil, corn."B"(quar.)
(qu.). 135 June 30 Holders of rec.
*500.
July 2'Holders of rec. June
Preferred (guar.)
June 153 U.S. Gypsum, corn. (quar.)
40e. June 30 June 16 to July 15
1% Juno 30 Holders of rec. June 15a
1
Shredded Wheat,common (quar.)
Common (in corn. stock)
110
July 10 June 16 to July 1
Shreveport Eldorado Pipe Line (quar.)_ _ *750 June 30 *Holders of rec. June 20
iq June 30 June 16 to July 1
50c July 2 Holders of rec. June 20a U.Preferred (quar.)
Sieloff Packing, common (quar.)
S.
Industria
l
Alcohol.
pref. (Quer.)-- 1% July 16 Holders of rec. June 300
30c July 1 Ilolders of rec. June 20
Simmons Company (quar.)
1% July 2 Holders of rec. June 9a
750 July 2 Holders of rec. June 14a U.S.Leather, prior prof.(quer.)
Singer Manufacturing (quar.)
U. S. Lumber (guar.)
135 July 2 Holders of rec. June 20a
234 June 30 June 10 to July 1
Extra
U.S. Playing Card (quar.)
Si
June
June
334
30
10
to
July
1
Sloss-Sheffield Steel & Iron, pref.(quar.)
U. S. Print. dr Lith. 24 prof.(quar.).... 111 July 2 Holders of rec. June 20a
1%
July 1 June 21 to June 30
July
Holders
2
of rec. June 20a
Second preferred (quar.)
Smith (L. C.) & Corona Typewriter135 Oct. 1 Sept.21 to Sept.30
Common (quar.)
Second preferred (quar.)
•75c
July
Jon
*Holders
134
1'29 Dec. 22 to Deo. 31
2
of
rec.
June
Preferred (quar.)
U.S. Radiator common (quar.)
*50c. July 15 *Holders of rec. July 1
•135 July 2 *Holders of rec. June 20
20
Sonatron Tube (No. 1)
Preferred (quar.)
*135 July 15 *Holders of rec. July I
•250 July 1 'Holders of rec. June 20
Southern Ice. pref. A (guar.)
U.S.Shares Corp$1.7 July 2 Holders of rec. June 21
South Penn 011 (quar.)
Bank Stocks Trust shs.sec C-3
4 4.951c July 1 Holders of rec. June 1
*50o June 30 *Holders of rec. Jane
U.S. Steel, corn.(quar.)
14
South Porto Rico Sugar, corn. (guar.)._
1% June 29 Holders of reo. May 31a
500.
July
2
Holders
of
rec.
June lia U. S. Tobacco. coin. (quar.)
Common (extra)
75e. July 2 Holders of rec. June 18a
25c
July
2 Holders of rec. June 9a
Preferred (quar.)
Preferred
1% July 2 Holders of rec. June 13a
(quar.)
2
July 2 Holders of rec. June 96
South West Pa. Pipe Line (quar.)
Universal Leaf Tobacco. prof.(quar.)
2
$1
July 2 Holders of rec. June 15
July 2 Holders of rec. June 20
Universal Pictures. 1st pref.
Extra
2
84
(au.)
July 2 Holders of rec. June 15
July 2 June 16 to July 2
Sovereign Securities, pref. (quar.)
Utah Copper (quar.)
2
July 10 Holders of rec. June 30
$1.50
June
30 Holders of reo. June 15a
Vapor Car HeatingSpalding (A. G.) de Bros., gen. stk.(qu.) $1.25 July 16
Holders of rec. July 3
Sparks-Withington Co., corn. (guar.)
Preferred (quar.)
75c June 30 Holders of rec. June 20
134 Sept. 10 Holders of rec. Sept. la
Common (payable in common stock). 110
Preferred (quar.)
1% Dec. 10 Holders of rec. Dec. la
July 15 Holders of rec. July
Viau Biscuit Corp., Ltd., prof. too.).
Sperry Flour, prof. (quar.)
•135 July 1 *Holders of rec. June 2
- - 1% July 3 Holders of rec. June 23
15
Virginia Iron, Coal & Coke. prof
Standard Chemical. Ltd
81
Sept. 1 Holders of rec. July 31
235
July 2 Holders of rec. June 160
Standard Commercial Tob.. corn.(au).
25c July 2 Holders of coo. June 200 Vulcan Defining. pref.(quer.)
1% July 20 Holders of rec. July 9a
Preferred
Preferred A (quar.)
334 July 2 Holders of rec. June 20a
1% July 20 Holders of rec. July go
V
Standard Dredging. Pref. (quar.)
.Vivaudou. Inc.. prof. ((Mar.)
50c July d2 Holders of rec. June
135 Aug. 1 Holders of rce. July 13a
15a Wabasso Cotton Co.(quar.)
Standard Holding Corp. (No. 1)
3735c July 1 Holders of rec. June 15
II
July 3 Holders of rec. June 15
Bonus
Standard Investing. prof. (quar.)
*$1.5 July 1 *Holders of reo. June
500. July 3 Holders of rec. June 15
Wagner Electric. pref. (quar.)
Standard Milling, corn. (quar.)
135 June 30 Holders of reo. June 12
1% July 1 Holders of rec. Jane 20
18a Wahl Co., prof. (quar.)
Preferred (quar.)
134 June 30 Holders of reo. June 18a
51% July 2 Holders of rec. June 211
Wain de Bond, class B (quar.)
Standard 011(Kentucky)(quar.)
*51 June 30 *June 16 to June 29
27350 July 2 Holders of rec. June 15a
Waldorf System, corn.(guar.)
Standard 011 (Ohio) corn. (guar.)
(3235c July 2 Holders of rec. June
37 He. July 2 Holders of rec. June 206
8
Standard Screw, corn. (guar.)
Preferred
(quar.)
2
July 2 Holders of rec. June
200. July 2 Holders of rec. June 20
Walgreen Co., pref. (quar.)
Preferred
3
July 2 Holders of rec. June 20
$1.6235 July 1 Holders of reo. June 200
20
Waltham Watch, prior pfd.
Standard Undergr. Cable. Can. corn._ •53.5 July 20 *Holders of rec.
(quar.)
•135
July 2'Holders of rec. June 21
July
13
Walwort
Common (extra)
h Co., pref.(quar.)
*S10 July 20 *Holders of rec. July
75e. June 30 Holders of rec. June 20a
13
Ward Baking,corn. A lunar.)
Preferred
*53.50 July 20 *Holders of rec. July 13
$2
July 2 Holders of rec. June 150
Preferred
Tubes,
Inc.,
(quar.)
corn.
(quar.)
Steel &
*75c July 31 *Holders of rec. July 18
135 July 2 Holders of rec. June 15a
Warner (Charles) Co., corn.
Preferred (quar.)
1% July 2 Holders of rec. June 22
(guar.)-50c. July 10 Holders of rec. June 30
Common (extra)
Stein-Bloch Co.. pref. (quar.)
1% July dl Holders of rec. June
25e. July 10 Holders of rec. June 30
15a
First
and second prof. (quar.)
Stern Bros.. class A (quar.)
81
July 2 Holders of rec. Juned2lo
135 July 26 Holders of rec. June 30
Warner Gear Co., cl. A cony.
Stetson (J. B.) Co.. common
"$2.50 July 15 *Holders of rec. June 30
pf. (au.). •550. July 1 *Holders of rec. June 20
Warner-Quinlan Co.. corn
Preferred
*4
July 15 'Holders of rec. June 30
(quar.)
50c. July 2 Holders of rec. Jane 150
634% Preferred (quar.)
$1.25 July 2 Holders of rec. June 15a
Stone (H. 0.) Co., corn. (quar.)
1% July 2 Holders of rec. June 15o
Warren
Bros.,
Preferred (guar.)
corn.
135 July 2 Holders of rec. June 15.2
(quar)
$1
July 2 Holders of rec. June 19a
First
preferred (quar.)
Stromberg Carburetor (quar.)
500. July 2 Holders of rec. June 18a
750. July 2 Holders of rec. June 190
Second preferred (quar.)
Stromberg-Carlson Telep. Mfg. (quar.)
•50c July 2 'Holders of rec. June 18
July 2 Holders of rec. June I96
8734c
str000k (s.) & co., Ino.(guar.)
Waukesh
a
Motor
(quar.)
750 July 2 Holders of rec. June 15a
6235c July d 211olders of rec. June 15a
Weber & Hellbroner.corn.(quer.)
Studebaker Mail Order Co., cl. A (qu.)
*50c July 2 *Holders of rec. June 20
51
June 30 Holders of rec. June 15o
Preferred (quar.)
Sullivan Machinery (guar.)
El
July 16 Holders of rec. June 30
1% Aug. 1 Holders of rec. July 18a
Wesson
Oil&
Snowdrift. Inc., com.(qu.) $1
300. June 30 Holders of rec. June lo Westches
Swan-Finch 011 Corp., corn
July 1 Holders of rec. June 15
ter
Title
&
Trust
Swedish Amer. Inv., corn.(quar.)
(guar.)
July
2 Holders of reo. June 15
1.6234
3
July 8 Holders of rec. June 30
West Coast 011(quar.)
Participating pref.(quar.)
1.6235 July 2 Holders of rec. June 16
*81M
July
5 *Holders of rec. June 25
Extra
2
July 1 Holders of reo. June 9a
*53
Swift & Co. (qrlar.)
July 5 *Holders of rec. June 25
West Kentucky Coal, Prof.
*25c July 1 *Holders of rec. June 11
Sylvestre 011, common
(quar.)
87Ho. July 2 Holders of rec. June 5
West
Point
Manufacturing (quar.)
Telautogroph Co.. pref.(guar.)
134 July 10 Holders of reo. June 15
2
July 2 Holders of rec. June 15
Western Auto Supply Co.-See note
re.
Name of Company.
[vol.. 126.
FINANCIAL CHRONICLE
4046
When
Per
Cent. Payable
Books Closed
Days Ina:wive.
Miscellaneous (Concluded).
•75c June 30 *Holders of rec. June 25
Western Electric Co., corn. (guar.)
June 21 to June 80
314 July
Western Grocer Co.,pre:
Holders of rec. June 30
Western Grocers, Ltd., pref.(guar.).-- - 1% July 16 Holders of rec. June 20
1
July
114
pf.(qu)
7%
Stationery,
&
Tablet
Western
Holders of rec. June 30
31
July
50c
Westinghouse Air Brake(guar.)
July 31 Holders of rec. June 29a
Westinghouse Elec. & Mfg., cons.(qu.)- El
of rec. June 29a
Holders
16
July
81
First preferred (quar.)
50c July 2 June 28 to July 2
Westmoreland Coal (quar.)
of rec. June 15a
Holders
2
July
50c
(quar.)
A
Instrument
Weston Electrical
July 2 Holders of rec. June 120
Wheeling Steel Corp., pref. A (guar.).-- 2
234 July 2 Holders of rec. June 12a
Preferred B (quar.)
111 July 1 *Holders of rec. June 20
Whitaker Paper,corn.(quar.)
*2154 July 1 *Holders of rec. June 20
Preferred (quar.)
25e. July 20 Holders of rec. June 296
(guar.)
Refining
&
Oil
White Eagle
25c. June 30 Holders of rec. June 15a
White Motor, corn, (quar.)
15
131 June 30 Holders of rec. June 200
White Motor Securities. pref. (quar.)-50c July 2 Holders of rec. June
White Rock Mineral Springs, corn.(qui
20
June
rec.
of
Holders
2
July
131
First preferred (quar.)
20
234 July 2 Holders of rec. June
Second preferred (guar-)
144 July 2 Holders of rec. June 19
Whitman(Wm.)Co., pref.(guar.)
20
June
rec.
of
Holders
July 2
2
Will & Baumer Candle, pref. (quar.)___
144 July 1 Holders of rec. June 20
Willow Brook Dairy, pref.(quar.)
30c Aug. 1 Holders of rec. July I8a
Willys-Overland, corn. (quar.)
114 July 2 Holders fo rec. June 256
Preferred (guar.)
31.75 July 1 Holders of rec. June 20
Wire Wheel Corp. preferred (quar.)
$1.75 Oct. 1 Holders of roe. Sept.20
Preferred (quar.)
$1.75 Jan.179 Holders of rec. Dec. 26
Preferred (attar.)
50c. July 2 Holders of rec. Juno 154
Wood Chemical Prod., cl. A (quar.)__.
15c. June 30 Holders of rec. June 15
Woodley Petroleum (guar.)
July 3 Holders of rec. June 25
144
Woods Manufacturing, Pref. (quar.)rec. June 30
373.4c. July 14 Holders of rec.
Woodworth, Inc., com.(quar.)June 20a
July 2 Holders of
250.
corn.
(mthly)
Jr
Co.,
(Wm.)
Wrigley
Holders of rec. July 20a
I
Aug.
25c.
Common (monthly)
Aug. 20
rec.
of
Holders
250. Sept. 1
Common (monthly)
25c. Oct. 1 Holders of rec. Sept.20
Common(monthly)
20
Oct.
rec.
of
Holders
1
Nov.
25c.
Common(monthly)
25c. Dec. 1 Holders of rec. Nov. 20
Common(monthly)
Holders of rec. June 8
2
July
Si
Yale & Towne Mfg. (quar.)
1 June 26 to June ISO
Yellow & Checker Cab. cons. A (mthly)- 62-Sc July
82-Sc Aug. 1 July 26 to July 31
Common class A (monthly)
Aug. 26 to Aug. 31
1
02-Sc Sept.
Common class A (monthly)
62-3c Oct. 1 Sept.26 to Sept.30
Common class A (monthly)
26 to Oct. 31
Oct.
1
Nov.
82-Sc
Common class A (monthly)
30
82-Sc Dec. 1 Nov. 26 to Nov. 20
Common class A (monthly)
Holders of rec. June
2
July
50e.
(qu.)..
Wire,com.
&
Spa.
Young (L. A.)
20
June
rec.
of
Holders
2
July
25e.
Common (extra)
rec. June 20
62340. July 2 Holders of rec.
Convertible preferred (guar.)
June 145
31.25 June 30 Holders of
Youngstown Sheet & Tube,corn.(qu.)
rec. June 14
of
Holders
30
144 June
Preferred (guar.)
*Holders of rec. June 30
15
July
*50e.
corn.
(quar.)
Corp.,
Zellerbach
Exchange has ruled that stock
• From unofficial sources. t The New York Stock until further notice. I The
will not be quoted ex-dividend on this date and notstock
will not be quoted exthat
ruled
New York Curb Market Association has
dividend on this date and not until further notice.
e Payable in stock
Correction.
a Transfer books not closed for this dividend. d
account of accumulated
f Payable in common stock. p Payable in scrip. h On
stock.
dividends. J Payable in preferred
in cash or class A stock as
Associated Gas & Electric dividends payable either $7 pref.. 3.89-100ths share.
follows: On original pref. at rate of 2.22-100ths share: on
stock of United Cigar
p Tobacco Products dividend is one-tenth share common
years from date of issue.
Stores. payable In dividend certificates maturing three
Dividends received
share.
per
pence
10
is
r British American Tobacco dividend
payment of dividends to
in order In London on or before June 8 will be in time for
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 22:
CLOSING OF BUSINESS
INSTITUTIONS NOT IN CLEARING HOUSE WITH
FOR WEEK ENDED FRIDAY, JUNE 22 1928.
NATIONAL AND STATE BANKS-Average Figures.
OtherCash Res. Dep., Dep.rither
Gross
Including N. F. and Banksand
Gold. Bk.Notes. Elsewhere, Trust Cos. Deposits.
Loans.
$
3
$
$
s
$
Manhattan148,885,200 9,700 1,803,900 19,854,000 1,609,300 151.100,100
Bank of U.S
22,255,000
Bronx Borough._ 20,713,000 6,800 696,000 1,125,000
2,093,700
147.800
2,029,500 111,900 132,100
Bryant Park Dank
21,578,000
1829.000 1,182,000
Chemea Exch. Bk. 21,312,000
15,758,027
1,507,310
1,445,480
76,760
6,000
17,892,985
National__
*Grace
HarrimanNational 33,463,000 20,000 759,000 4,281,000 663,000 37,417,000
3,874,900
204,800
85,000
4.419,800 29,700
Port Morris
Public National__ 115,605 000 22,000 1,664,000 6,604,000 4,395,000 107,871,000
BrooklynFirst National__ 19,910,100 37,600 429,300 2,092,900 283,400 18,475,100
53,104,500
54.243.000 330.000 1,576,000
Mechanics
6.200 43,137,800
43,086,500 21,700 1,276,200 3,063,400
Municipal
NassauNational._ 22,759.000 90.000 306.000 1,692,000 352,000 19,737,000
71.000 8,547,000
597,000
8,518,000 3,000 144,000
PeoplesNational
7 QqA Ann
10 7nn
at, 7nn
Al 0011
9 Ariz Ann
r,...n.......‘7..Innal
,
TRUST COMPANIES-Average Figures.
Cash.
Loans.
ManhattanAmerican
Bank of Europe & Trust
Bronx County
Central Union
Empire
Federation
Fulton
Manufacturers
United States
BrooklynBrooklyn
Kings County
Bayonne. N. J.
Mechanics
Res. Dep., Dep. Other
Gross
N. Y. and Banks and
El..anhere. Trust Cos. Deposits.
$
s
5
5
S
72,500 56,743.700
722,600 10,586,600
53,949,800
15,235,556
827,147
119,820
16,115,555
22,081,214
709,697 1,619,176
21,371.885
244,025,000 *27,306,000 7,721,000 2,842,000 252,662,000
76,795.900 *4,781,300 2,688,700 3,573,200 72,829.700
240,841 19,092,503
216,226 1,446,728
18,735,068
16.127.800
414,900
16,142,900 *2,023,800
280,632,000 2,548,000 40,249,000 1,809,000 268,604,000
68.007,722
80,521,877 4,683,333 7.226,807
70,801,800
25,449,407
1,340,800 11,242,100
1,867,282 2,400,284
65,757,300
27,284,709
9 554098
211 412
RA7 riA9
//A 1RA
0 R71
Fun
'Includes amount with Federa Reserve Bank as follows: Central Union.
226,597,000: Empire. 22,988,000: Fulton, 21.912.200.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
June 27
1928.
:
§§§§§§§§§§§§
06..006006
eq4.t,
06.
MOM.MM..cmw
".4C,
.MX.tMC
00N,
CiLpital
SuIrphis and profits
Lcmils. dIsels 54 invest'ts_
Individual deposits
Dise to banks
Time deposits
sited States deposits __.
Es:changes for Clg. House
se from other banks__ _
Re:Wye in legal depositlee
Cioh in bank
:8've excess In F.R.1318_
Changesfrom
Previous Week
June 13
1928.
June 20
1928.
,
,
transferees.
June 15 in San Franit Payable to holders of record June 14 In Los Angeles and
cisco.
per share.
8 Payable either in cash or class A stock at the price of 220
quarterly.
* Shulte Retail Stores declared 2% in stock. payable 14%
Payable In cash or 234% in class A stock.
previous issues was an error.
to Western Auto Supply corn, dividend as reported in
payable In quarterly Install
A dividend of 83 on common was declared for 1928, holders of record on the 20th
to
Dec.
and
Sept.
June,
March,
of
first
ments on the
stock will be retired on July 1.
of each preceding month. The participation pref.
In stock.
z Seagrave Corp. dividend payable either 30c. cash or 234%
it Less income tax.
z 62 Mc. cash or 2% in stock.
*Clearing non-member bank
$
2
2
83,400.000
83,400,000
Unchanged
96,607,000
96,607,000
Unchanged
+10,981,000 1,121,884,000 1.126.915,000
-1,083,000 665,726.000 681.683.000
-2,466,000 140,420,000 139,837,000
-375,000 289,177,000 289,839.000
759,000
10,011,000
+1,807,000
29,582,000
29,332.000
-3,198,000
81,588,000
-7,663,000
86,549,000
83,003,000
80,939.000
-386,000
9,194,000
8,598,000
+338,000
786,000
736.000
-667,000
Weekly Return of New York City Clearing House.Beginning with Mar.31, the New York City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
Philadelphia Banks.-The Philadelphia Clearing House
new return shows nothing but the deposits, along with
full:
in
below
for the week ended June 23, with comparative figures
it
return
the capital and surplus. We give
two weeks preceding, is given below. Reserve
for
the
CLEARING HOUSE
STATEMENT OF THE MEMBERS OF THE NEW YORK
nts for members of the Federal Reserve System
requireme
23
JUNE
1928.
SATURDAY.
ASSOCIATION FOR THE WEEK ENDING
are 10% on demand deposits and 3% on time deposits, all
Time
*Surplus & Na Demand
to be kept with the Federal Reserve Bank. "Cash in vaults"
Deposits
Deposits
Unditided
*Capital.
Clearing House
Average.
Average.
is
ProfUs.
not a part of legal reserve. For trust companies not
Members.
members of the Federal Reserve System the reserve required
$
$
$
5
8,206,000
54,990,000
12,864,800
"Reserve with
Bank of N.Y.& Trust Co_ __ _ 6,000,000 19,258,700 144,407,000
30,710,000 is 10% on demand deposits and includes
12,500,000
Bank of the Manhattan Co__ _
49,660,000
145,151,000
37,000,000
es" and "Cash in vaults."
Bank of America Nat. Assoc_ 25,000,000 73,324.200 8875,219,000 159,520,000 legal depositari
90.000.000
National City Bank
5,645.000
6,000.000 19,780,000 135,142,000
Chemical National Bank
Beginning with the return for the week ending May 14, the
54,712,000
25,000,000 45,596,000 312,670.000
National Bank of Commerce_
43,317.000
14,718,000 168,426,000
13,500,000
ATr.Co
Nat.Bk
ia Clearing House Association discontinued showing
Philadelph
Chat.Phenix
2,971,000
115,826,000
26,440,500
5,000,000
Hanover National Bank
30,803,000 the reserves and whether reserves held are above or below require11,000,000 17,667,500 168,199,000
Bank
Exchange
Corn
14,933,000
10,000.000 25,257,600 126,706,000
National Park Dank
9.215,000 ments. This will account for the queries at the end of the
10.000,000 84,391,300 253,964,000
First National Bank
50,891,000
370,716,000
31,866.200
32,000,000
Tr.Co
Irving
Amer. Exchange
600.000 table.
6,945,000
1,368,800
1,000,000
Bank
Continental
Chase National Bank
Filth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank & Truett Co
Bankers Trust Co
U. El. Mtge. & Trust Co
Co
Title Guarantee dr Trust,
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co-..
Equitable Trust Co
Colonial Bank
Clearing Non-Members.
Mechanic'Tr. Co., Bayonne- .
62,872,000
787,000
604,000
8,275,000
60,638,000
48,739,000
4,068,000
1,923,000
120,731,000
6,619,000
3,131,000
36,673,000
22,000,000
43.719,000
7.051.000
50,000,000
500,000
1.000,000
9,000,000
5,000,000
20,000.000
5,000,000
10,000,000
30.000,000
4.000,000
3,000,000
10.000,000
10,000,000
30,000.000
1.400,000
57,470,000
3.389,000
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
b570,027,000
24,564,000
15,389,000
125,874,000
34,811,000
c372,301,000
.57,990,000
37,218,000
d462,658,000
40.633,000
18,940,000
140,970,000
e112,121,000
1124,756,000
26.898,000
500.000
739,700
3,664,000
5,818,000
Ala Ann Ann Aril AK1 7nn A 9AR (IAA nnn
RO4 ell nnn
branches: 2285,276.000; (1:) $15,414,000:
(a) Includes deposits in foreign $2,357,000: (0 3106,695.000
(c) $82,306,000: (d) 295,102.000; (e)
28 1928: State. Mar. 2 1928; Trust Co
*As per official reports: National. Feb.
Mar.2 1928.
Week Ended June 23 1928.
Two Ciphers (00)
omitted.
Trust
Members of
P.R.khrtens Companies,
54,300,0
Capital
Surplus asd profits-- -- 169,286,0
Loans,disc ta &Invest_ 1,033,973,0
46,739,0
Each, for Clear. House
89.379,0
Due from banks
123,714,0
Bank deposits
Individual deposits-._ 618.257,0
218,374,0
Time deposits
958,345,0
Total deposits
Res. with legal depos
67,345,0
Res. with F. R. Bank.
9,132,0
Cash In vault...._.,.._
76,477,0
Total Res.& cash held.
7
Reserve required
Excess reserve and cash
I
In vault
June lb
1928.
June 9
1928.
Total.
63.800,0
63,800,0
9,500,0
63.800,0
17,914,0 187.200,0 187,200,0 187,200.0
107,997,0 1,141,970,0 1.143.647.0 1,140,181.0
41.250.0
832,0
47,101,0
47,571,0
89,218.0
95,204,0
654,0
90,033,0
3.323,0 127,038,0 129,571.0 131.765.0
687,015,0
53,973,0 672,230,0 893,564.0
30,433,0 246,807,0 253.337,0 249,096,0
87,730,0 1,046,075,0 1.078,472.0 1.067.876.0
9,902,0
0,134,0
10,105,0
9,134,0
71,976.0
71,238,0
67,345,0
11,982.0
12.223,0
2,739,0
11.871,
93,860.0
93,566.0
11,873,0
88,350,0
?
t
7
?
?
t
7
• Cash In vault not counted aa reserve for Federal Reserve members.
t
JUNE 30 1928.]
FINANCIAL CHRONICLE
4047
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board
y afternoon,June 23,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday.Thursda
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 4112, 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
JUNE 27 1928.
June 27 1928. June 20 1928. June 13 1928 June 6 1928. May 29
1928 May 23 1928. May 16 1928. May 9 1928. June 29 1927
RESOURCES.
$
Si
s
$
$
Gold with Federal Reserve agents
s
s
s
1,128,276,000 1.135,840.000 1,118,486,000 1.109,015,0
s
00 1.122,150.000 1.130,353.000 1353,806,000 1,163337,000 1,591.906,0
Gold redemption fund with U. S. Treas.
00
63.482,000
62,534,000
71,181,000
65,603,000
64,051.000
68.114.000
71,783,000
64.544.000
42,933,000
Gold held exclusively agst. F.It. notes 1,191,758,000
1,198,374,000 1389,667300 1,174,618.000 1.186.201,000 1,198,467,0
Gold settlement fund with F.It. Board
00
1.225.589.0
1.228.481.0
00
00 1,634,839300
700,173,000 694,771,00
Gold and gold certificates held by banks_ 691,379,000 667.772,000 741,018,000 781,767,000 783,200,000 814.595,000 796,154,000 816,081,000 610,477,000
0 649.721,000 652,563,000 637,466.000 621,230,000 619,066.00
0 645,490,000 775,194300
Total gold reserves
2,583,310,000 2,580,917,000 2,580,406,000 2,608,948,000
2.606.867.0002.634.292,000 2,640,809,000 2390,052,000 3,020,510,000
Reserves other than gold
154,974,000 156,354,000 153,593.000 152,461,000 150,626.000
161,093.000 160.828.000 157.847.000 163,299,000
Total reserves
2,738,264,000 2,737,271,000 2,733,999,000 2,761,409,000 2,757.4933
Non-reserve cash
00
2.795,385,0
00 2,801,637,000 2.847,899,000 3,183,809,000
62,335,000
64,107,000
65.139,000
63,042,000
Bills discounted:
59,782,000
67,627.000
64,189,000
64,619,000
56,109,000
Secured by U. S. Govt. obligations
701,618,000 653.196,000 684,513.000 651,184.000 634.482,00
Other bills discounted
330,256,000 337,631,000 358,345,000 330.814,000 309,309,000 574.589.000 548,566.000 507,508.000 274,581,000
0 272,883,000 258,846,000 269.633300 202,730,000
Total bills discounted
1,031,874,000 990,827,000 1,042,858,000 981,998,000 943,791,00
Bills bought in open market
223,432,000 223.882.000 240,417.000 266,394,000 303.988,00 0 847,472,000 807.412.000 777,141300 477,311,000
U. B. Government securities:
0 330,562,000 347,292,000 365.104,000 216,118.000
Bonds
57,979,000
55,928,000
63,572,000
63.011,000
60,462,000
Treasury notes
56.528.000
54.544,000
56.002300 166,119,080
87,584,000
78,260,000
76,584,000
76,352,000
65.370.000
Certificates of Indebtedness
85.160,000 100,417.000 101,977.000
83,985,000
66,374,000
88,680,000
83,140,000
70,669,000
93,594.000
b8.793,000 107,359.000 119.413,000 126,297,000
Total U. S. Government securities
211,937,00
222,868.000
0
223,296.000 210,032.000 219.426.000 230,481,000 262.320.00
Other securities (see note)
0 277,392.000 376,401,000
490,000
590,000
1,090,000
1,090,000
1,090.000
990,000
990,000
990,000
1,300,000
Total bills and securities (see note)
1,467,733,0
00 1,438.167,000 1,507,661,000 1,459,514.000 1.468,295,000 1,409,505.000
Gold held abroad
1,418,014300 1,420,627,000 1,071,130,800
Due from foreign banks (see note)
25,734,000
571,000
572,000
572,000
571.000
572.000
Uncollected items
571,000
570,000
570.000
26.610,000
626,380,000 729,581,000 748,112,000 675,626,000 630,675,000
Bank premises
656.931,000 766.598,000 638.073,000 623.523,000
60,096,000
60,089,000
60.080,000
60,028.000
60,013.000
All other resources
60,014.000
59,551.000
59,437,000
59,135,000
8,063,000
7,902,000
10,010,000
9.157.000
9,487.000
9.439,000
9,482,000
9,880,000
14,217,000
Total resources
4,963362,000 5,037389,000 5,125,573,000 5.029,347,000 4386317,000 4,999,472.0
LIABILITIES.
00 5.120,041,000 5,041.105,000 5,060,267,000
F. It. notes in actual circulation
1,604,635,000 1,599,372300 1,605,425,000 1.598,370.000 1.593.319.000
Deposits:
1,579,383,000 1.583,095.000 1391,228,000 1,702.693,008
Member banks-reserve account
2,344.709,000 2,332,162,000 2,392.433,000 2,384,830,000 2,357,323,000 2,369,648,0
Government
00 2,382.156,000 2,426.184.000 2,341,519,000
11,274,000
3.478,000
17,019,000
16,337,000
22,847,000
Foreign banks (see note)
21,505.000
25.508.000
21.100,000
26,887,000
8,703,000
10,134,000
8,832,000
5,280,000
7,326,000
Other deposits
5,923,000
5,997,000
5.708,000
5,381,000
17,114,000
20,388,000
17.855.000
17,375.000
20.111300
19,459.000
20.492.000
21.144,000
25,165,000
Total deposits
2,381,800.000 2,366.162,000 2,436,139,000 2,423,822,000 ,407.607,000 2.416.535,0
Deferred availability items
00
582,086,000 678,174,000 691,028.000 615,204,000 594,069.000 612,621.00 2,434.153.000 2,474.136.000 2,398,952.000
Capital paid in
140,318,000 140,309,000 139.719.000 139.631,000 139,599.000 139.628,000 712.847.000 587,401.000 584,827,000
Surplus
0 139,201,000 138.055,000 129.424,000
233,319,000 233,319,000 233,319,000 233,319,000 233,319.000 233,319.00
AU other liabilities
0 233.319,000 233,319,000 228,775,000
21,304,000
20,353,000
19.943,000
19,001,000
18.404,000
17,988.000
17,426,000
16,966,000
15,596,000
Total liabilities
Ratio of gold reserves to deposits and 4,963,462,000 5,037.889.000 5,125.573.000 5.029,347,000 4,986,317.000 4,999,472,000 5320341,000 5,041.105,000 5.060,267,0
00
F. R. note liabilities combined
64.8%
65.1%
63.8%
64.85%
Ratio of total reserves to deposits and
65.1%
65.9%
65.7%
73.6%
66.2%
F. R. note liabilities combined
68.7%
69.0%
67.6%
68.7%
Contingent liability on bills purchased
68.9%
70.0%
69.7%
70.1%
77.6%
for foreign correspondents
305,068.000 297,824,000 295,525,000 276,582,000 266,659,00
0 266.955,000
264,566 265,137,000 146,211.000
Distribtelon by Maturitiesa
3
$
2
1-15 days bills bought in open market _
$
$
$
$
$
103,443,000
98,312,000
94,246,000
83.708,000
1-15 days bills discounted
97,597.000 115,682,000 121,261,000 114.745.000
91.041,000
892,122,000 845,363,000 903,671,000 844.070.000 806,549,00
1-15 days U. S. certif.
0 715,333,000 684,518.000 625.018,000 372375,000
. of Indebtedness_
736,000
19,294.000
28,267,000
13,795.000
4,122,000
1-15 days municipal warrant,
3,337.000
6,327,000
5,574.000
100,000
100.000
100,000
16-30 days bills bought in open market _
47,389,000
49.300,000
64.655,000
78,334,000
73,528,000
16-30 days bills discounted
64,039,000
63.291.000
77.225.000
50,539,000
36,139,000
39,389.000
35,772.000
35.395,000
35,865.000
16-30 days U. S. certif. ef indebtedness_
36.036,000
35,118.000
34,376,000
24,913,000
16-30 days municipal warrants
10,997,000
1,186300
1,288,000
31-60 days bills bought in open market _
100,000
42,764,000
48,376,000
55,029,000
74.557,000
81-60 days bills discounted
95,842,000
50.957,000
110,583,000 109,880.000
48,934,000
46,176,000
55,103.000
53,566,000
56,673,000
81-60 days U. S. certif. of indebtedness_
53,093,000 103,120.000
45.179,000
46.661,000
36,849,000
31-60 days municipal warrants
1367,000
61-90 days bills bought in open market _
23,651,000
22,887,000
21,772,000
23,722,000
61-90 days bills discounted
30.204,000
40,282.000
44,981.000
35,368,000
55,120,000
22,064,000
31,916.000
29,611,000
27,240,000
61-90 days U. S. certif. of indebtedness.
28.907.000
27.449.000
26.141300
29.013,000
23,502,800
61-90 days municipal warrants
31,172,800
Over 90 days bill, bought in open market
6.185,000
5,007.000
4.715,000
6,073,000
Over 90 days bills discounted
6,817,000
7.439.000
19,311,000
7.176300
8,134,000
19,036,000
6.298,000
20.238,000
18,620,000
Over 90 days certif. of indebtedness....
19,377.000
17,697.000
16.456.000
65,638,000
15,073,000
69,386,000
19,172,000
54,873,000
56,874,000
Over 90 days municipal warrants
78,475.000
84.270300
99,744,000 112,372,000
95,125,000
F. R notes received from Comptroller 2.817,335.000 2,810,515,0
00 2,796.819.000
F. R. notes held by F. It. Agent
817.380,000 811,770,000 802,470,000 2,783,792,000 2.787.272,000 2,799,540,000 2,805,503.000 2,801,173,000 2,935,967,000
816,310,000 836,005,000 846,876,000 846,425,000
841.12.5,000 859,585,000
Issued to Federal Reserve Banks
1,999,955.000 1,998,745,000 1.994,349,000
1.967,482,000 1.9.51.267.000 1352,664,000 1,959,078,000
1,960,048,0
00 2376,382,000
How SecuredBy gold and gold certificates
355,376.000 354,626,000 354.606,000
354.607,000 354,606,000 354,605,000 345,606,00
Gold redemption fund
88,624,000
0 354,607,000 392,400300
94,335,000
98,386,000
Gold fund-Federal Reserve Board.._
98,994,000
93,621.000
95,293.000
684,276,000 685,879,000 665,494,000
99,623.000 101,516,000
99,231,000
By eligible Panes
1,195,831,000 1,159,342,000 1.234,877300 655,414,000 673323,000 680.455.000 699,577.000 707,814,000 1,100,275.000
1,197334300 1,194364.000 1344.458,000 1.124.625.000 1.103,241,0
00 647,180,000
Total
2.324,107,000 2,295,182.000 2.353.363.000
.308.149.000 2.316,514.000 2,274.811.000 2,278.431,0 2,267.188.0 2.239386.0
00
00
00
NOTE.-Begloollat with the statement of Oct.
7
two new items were added in
foreign correspondents. In addition, the caption "Al 1925.
other earning assets," previously order to show separately the amount of balances held abroad and amounts duets
)
"Other securities," and the caption -Total earning myna" to
made
Up of Federal Intermediate Credit bank debentures, was changed to
"Total bills and securities."
discount acceptances and securities acquired
under the DrovislOvul Of Sections 13 and 14 of The latter term was adopted as a more accurate description of the total of the
the Federal Reserve Act, which, t was stated,
are the Only items included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS JUNE 27 1928
Two ciphers (00) Omitted.
Total.
Boston. New York. Phila.
Federal Reserve Ban* ofCleveland. Richmona Atlanta. Chicago. Si.
Louis. Minneap. Kan.City. Dallas. San Pas.
RESOURCES.
S
$
s
s
$
Reserve
Federal
$
Agents 1,128,270,0 03,073,0 175,744,0 65,704.0
Gold with
3
$
S
S
•S
$
$
132,566.0
63,482,0 8,382,0
Gold red'n fund with U.S.Treas.
18,6.56,0 7,6783 5,082.0 23,902,0 89,553,0 215,209,0 20,068,0 42,138,0 45,946,0 16,231,0 237.152,0
2,138,0 3,514,0 6,094,0 5,230,0 1,760,0 1,995,0 1,705,0
1,248,0
Gold held excl. agst. F.R.notes 1.191,758,0 72,355,0 194,400.0
73,472,0 137.648,0 26,040,0
GOld settle't fund eith F.R.lioard 700,173,0 54,488,0 216380,0 42,703,0
93,067,0 221,303,0 25,298,0 43,898,0 47,941,0 17.936,0 238,400,0
Gold and gold certificates
691,379,0 26,576,0 460,495,0 26,623,0 63.632,0 18,785,0 5,078,0 133,397,0 34,962,0 27,586,0 40,448,0 24,638,0 37,386,0
39,889,0 10,426,0 8.388,0 52,083,0
12.984,0 5.546,0 7,13.5,0 14.294,0 28,940.0
Total gold reserves
2,583,310.0 153,419,0 871,875.0 142,888.0
241.169,0
Reserve other than gold
154,974,0 15.894,0
30,730.0 7,282.0 13,654.0 55,251,0 106,533,0406.783,0 73.244,0 77,030,0 95,524,0 56,868,0 302,726.0
11,746,0 17,302,0 17.516,0 14.626,0
2,621,0 6,817,0 6,841,0 9,9453
Total reserves
2,738,284.0 169,313,0 902,605,0 150,170,0
254,823.0
Non-reeerve cash
62.335,0 6,000,0
20,316.0 1357,0 3,959,0 66,997,0 123.8353 424.299,0 87.870,0 79,651,0 102,341,0 63,709,0312,671.0
4.486,0
discounted:
13Ule
5,047,0 7,401,0 3,4453 1,185,0 2,36.5,0 2326,0 3.448,0
Sec. by U.S. Govt. obligations 701,618,0 55,967,0 291,638,0 71,666.0
66,637.0
Other bills discounted
330356.0 30.324,0
81,441,0 25.916,0 25.810,0 18,944,0 12,669,0 121,992,0 25,029,0 4,764,0 4,742,0 5,546,0 22,024.0
33.083,0 44,225,0 34,614,0 25,159,0
2,882,0 13,184.0 4,766,0 8,852,0
Total bills discounted
1,031,874.0 86.291.0 373379,0 97.582,0 92,447,0
223,432,0 37.288,0
Bills bought In open market
36,8.59,0 23,501,0 23,459,0 52327,0 56.894.0156.806,0 50.188,0 7,646,0 17.926,0 10,312,0 30,876,0
9,225,0 15,969,0 17,793,0
U. S. Government securities:
354,0 14.523,0 10,467,0 13,921,0 20,073,0
57,979.0
Bonds
704.0
4,409.0
58.5,0
505,0
246,0 20.233,0 7,125,0 4,519,0 10,640,0 7,819,0
87,584.0 2,324,0
Treason'notes
13,976,0 9.571,0 27,667.0 1.153,0
41,0
805,0 3,239,0 6,780.0
Dertifiestes of indebtedness
66,374,0 4,5493
16,369,0 11,4543 5,682,0
4,230,0 2,948,0 3,811,0 12,233.0
1,572,0 1,928,0 9,845.0
2,275,0 4,444,0 3,194,0 5.062.0
_
211 937 0 7.'77 0
34 754 n 21 5100 33 5154 0
Fetal U. B. Gov't aecurthes
3 530 n 5 413 n 36.8.58.0
7.125,0 11.0243 18.032,0 14,824,0 17,336.0
[VoL. 126.
FINANCIAL CHRONICLE
4048
RESOURCES (Concluded)Two Ciphers (00) omitted.
Total.
Boston.
New York.
Phila.
$
2
$
$
490,0
Othersecurities
Kaa.C1ty. DalIcte. San Fran.
Cleveland. Richmond Atlanta. Chicago. St. Loafs. Mfiussap.
$
$
$
2
2
$
2
$
$
490,0
57,667,0 33,683,0 46,425,0 39,057,0 68,285,0
35,0
444,692,0 142,693,0 149,760,0 64,782,0 78,276,0 211,257,0
17.0
18,0
13.0
21,0
69,0
25,0
21,0
51,0
47,0
217,0
12,834,0 33,074,0 22,472,0 37,137,0
3,834,0
166,739,0 53,671.0 64,659,0 48.803,0 20,411,0 80,078,0 27,674,0
I,868,0
4,308,0
3,891,0 2,202,0
552.0
16,563,0 1,752.0 6,865,0 3,437,0 2,832,0 8,720,0
476,0
406,0
913,0
530,0
923,0
407.0 1,313,0
164,0 1.159,0
1,160,0
425,962,0
/30,425,0
186,937,0 231,735,0 732,747,0 181,098,0 130.481,0 188.937,0
4,963,462,0 371,218,0 1,552;292,0 350,3.54,0 481,276,0
Total resources
29,931,0 176,755,0
LIABILITIES.
52,662.0 131,970,0 258,358,0 55,694,0 54,617,0 54,768,0
193,441.0
128,233,0
334,072,0
F. R. notes in actual circulation_ 1,604,635,0 134,134,0
178,624,0
63,807.0
89,741,0
52,967,0
79,719,0
Deposits:
133,870,0 182,894,0 67,099.0 65,072,0 343,840,0
63,0
81,0
224,0
181,0
205,0
499,0
Member bank-reserve acc't 2,344,709.0 147,510,0 939,566,0
126,0
281,0
98,0
35,0
623,0
9,388,0
93,0
307,0
11,274,0
316,0
237.0
377.0
1,220,0
369,0
Government
448,0
913,0
834.0
2,401,0
4,834,0
658,0
39,0
8,703,0
549,0
208,0
334,0
111.0 1,320,0
Foreign bank
72,0 1,234,0 • 112,0
8,168,0
133,0
17,114.0
Other deposits
90.830,0 64,234,0184,144,0
134,811,0 18.5,139,0 67,940.0 65.678,0 346,879,0 80,635,0 53,593,0
959,523,0
36,758,0
148,394,0
2,381,800,0
Total deposits
46,628.0 17.892,0 72,988,0 27,877,0 11,203,0 29,330,0 22,872,0
582,086,0 59,406,0 144,922,0 50,061,0 62,151.0
4.207,0 4,326,0 10,762;0
3,029,0
5,343,0
18,189,0
5,209,0
6,239,0
Deferred availability items
14,281,0
44,615,0 14.195,0
16,629,0
9,933,0
8,527,0
140,318,0
9,046,0
7,039,0
10,397,0
32,778,0
in
9,996,0
Capital paid
63,007,0 21,662,0 24,021,0 12.324,0
924,0
535,0
233,319,0 17,893,0
756,0
990,0 3,555,0 1,152,0 1,000,0
3urplus
6,153,0 1,392,0 2,243,0 1,146,0
21,304,0 1,458,0
WI other liabilities
425,962,0
130,425,0
188,937,0
130,481,0
181,098.0
186,937,0 231,735,0 732,747,0
4,963,462,0 371,218,0 1,552,292,0 3.50,354,0 481,276,0
Totalliabilities
86.6
67.7
70.3
73.6
64.5
70.1
Memoranda.
62.7
55.6
67.3
57.1
69.8
59.9
68.7
Reserve ratio(percent)
8,132,0 10,843,0 10,542,0 21.385,0
12,952,0
41,866,0
12,650,0
Contingent liability on bills pur15,361,0
31,325,0
87,808,0 28,614,0
chased for foreign correspondls 305,068,0 22,590,0
F. R. notes on hand (notes reed
62.381.0
from F. R. Agent less notes In 205 aon n 24 976 n 125.309.0 25.56111 27_788.0 16.759.0 30053.0 50.308.0 10.899.0 6.203.0 7.094.0 11.909.0
OF BUSINESS JUNE 27 1928.
CLOSE
AT
AGENTS
RESERVE
OF
FEDERAL
S
FEDERAL RESERVE NOTE ACCOUNT
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Federal Reserve Agent at-
1,467,733,0 131,156,0
37,0
'571,0
626,380,0 60,828,0
60,096,0 3,824,0
60,0
8,063,0
Boston.
Total.
San Fran:
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas.
$
$
$
3
3
3
8
3
$
3
$
427,616,0 84,393,0 79,684,0 95,782,0 58,032,0 336,936,0
736,071.0 185,094,0 257,659,0 93,615,0 228,393,0
97.800,0
21,102,0
33,020,0
18.864,0
17,800,0
118,950,0
276,600,0 31,300,0 36,430,0 24,194,0 66,370,0
New York.
Phila.
$
$
Two ciphers (00) omitted.
F.R.notes reed from Comptroller 2,817,335,0 234,060,0
74,950,0
F.R.notes held by F.R.Agent- 817,380,0
459,471,0 153,794,0 221,229,0
F. R. notes issued to F. R. Bank_ 1,999,955,0 159,110,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
50,000,0
153,161,0
Gold and gold certificates__ 355,376,0 35,300,0
17,583,0 8,617,0 12,586,0
88,624,0 10.673,0
Gold redemption fund
5,000,0 57,177,0 70,000,0
18,000,0
684,276,0
Board
R.
Gold fund-F.
1,195,831,0 123,560,0 380,146,0 98,769,0 115,182.0
Eligible paper__
2.324.107.0 187_533.0 555.890.0 164.563.0 247.748.0
69,421,0 162,023,0 308,666,0 66,593,0 60,820,0 62,762,0 36,930,0 239.136,0
12,303,0 40,000,0
8,300,0 14.167,0
20,395,0 21,750,0
3,507,0 4,703,0 2.209,0 1,268,0 4.971,0 3,086,0 1,928,0 17.513,0
63,100,0 213,000,0 10,500,0 23,000,0 42,860,0 2,000,0 179,639.0
65,728,0 72,760.0 174,273,0 50,417,0 22,102,0 28,267,0 24,206,0 50,421,0
267.573.0
79.630.0 162.313.0 389.482.0 70.485.0 64.240.0 74 21:1 n 46 4:17.0
Tntal AdIllatrnfll
Weekly Return for the Member Banks of the Federal Reserve System.
Reserve Board, giving the principal items of the resources
Following is the weekly statement issued by the Federal
are obtained. These figures are always a week behind
returns
weekly
which
from
banks
member
641
the
and liabilities of
items in the statement were given in the statement
different
the
of
ns
Definitio
es.
themselv
banks
those for the Reserve
2523. The comment of the Reserve Board upon the figures
page
1917,
29
Dec.
of
le"
"Chronic
the
in
published
of Dec.12 1917,
of "Current Events and Discussions," on page 4113, immediately following which
for the latest week appears in our department
reporting member banksfor a week later.
Chicago
and
York
New
of
figures
we also give the
AS AT CLOSE OF
FEDERAL RESERVE DISTRICT
ES OF ALL REPORTING MEMBER BANKS IN EACH
PRINCIPAL RESOURCES AND LIABILITI
BUSINESS JUNE 27 1928 (In thousands of dollars).
Loans and investments-total
Cleveland. Richmond Atlanta. Chicago. St. Louis. lifinneap. Kan.City. Dallas. San Fran
$
$ 1,988,943
$
$
$
$
$
$
$
$
$
8,630,429 1,252,373 2,109,473 685,685 640,976 3,305,349 721,934 377,699 672,466 450,171
Boston. New York
Total.
Federal Reserve District-
3
$
22,476,507 1,551,007
15,784,813
Leans and discounts-total
117,615
obliga'ns
Gov't
S.
Secured by U.
Secured by stocks and bonds-- 6,704,584
8,962,614
_
aLscounta_and
loans
other
All
6,691,694
Investments-total
1,089,327 6,123,346
Phila.
843,779 1,458.967
516,014
511,075 2,400,079
501.939
246,245
429,418
331,263 1,333,361
24,667
4,570
131,788 1,062,871
374,717 1,312,541
4,628
213,208
284,103
2.396
82,012
161,837
3,318
122,723
303,377
3,690
83,367
244,206
4,254
358,581
970,526
129,901
905,270
219.995
131,454
243,048
118.908
655,584
356,585
298,999
118,709
25,093
34,718
10,767
432,716 2,009,693
645,844 3,178,935
7,268
463,256
373,255
13,943
665,531
779,493
3,396
178,838
333,780
461,680 2,507,083
408,594
740,506
169.671
U. S. Government securities_ _. 3,017,941
3,673,753
Other bonds,stocks and securities
1,721,389
Reserve with F.R.Bank
244,687
Cash in vault
168,654 1,203,847
293,026 1,303,236
109,766
298,828
319,658
420,848
74,983
94,688
64,642
65,259
376,876
628,394
78,729
141,266
67,863
63,591
111,305
131,743
85,033
33,875
802,293
64,751
78,417
13,673
129,925
28,536
40,468
11,994
38,217
10,463
257,712
39,886
44,950
6.861
24,349
5,835
54,368
11,476
33,169
8,394
13,332,122
6,989,393
210,935
894,985 5,913,050
496,769 1,739,914
64,664
9,775
726,999 1,047,764
312,039 958,044
13,327
9,361
357,017
248,943
2,492
320,171 1,844,746
245,837 1,306,188
13,229
14,205
376,519
242,725
6,844
225,267
129,404
2,485
491,725
178,458
3,914
1,138,514
3,126,005
55,002 148,424
144,502 1,217,177
56,626
166,771
85,047
209,943
46,852
94,598
67,856
103,748
246,785
493,152
49,088
116,201
45,833
87.626
110,656
197,443
68,895
87,927
167,451
208,917
328,974
53,825
65,089
26,028
40,309
105,594
39,199
4,973
17,991
6,787
21,547
4.670
303
8,220
9,771
4,601
2,286
16,512
5,035
91
AA
At
ha
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R.Bank-total
Secured by U.S. Gov't obliga'ns_
All other
773,776
98,812
17,726
63,460
535,267
238,509
38,152
25,308
263,266
65,708
41,663
12,162
36,712
28,377
9,597
16.431
9,991
30,318
80,390
25,204
21,593
17,606
641
36
78
49
70
66
32
92
20
P.T.Irnhar nt cenertIng banks
287,775 846,104
125,514 1,005,558
53,505
17,134
Condition of the Federal Reserve Bank of New York.
York at the close of business June 27 1928, in
The following shows the condition of the Federal Reserve Bank of New
comparison with the previous week and the corresponding date last year:
.128.10 totesGold with Federal Reserve Agent
Goba redemp.fund with U. S. Treasury_
June 27 1928. JIM 20 1928. June 29 1927
$
175,744,000 175,817,000 386,821,000
8,003,000
15,154,000
18,656,000
R. notes 194,400,000 190,971,000 394,824,000
Gold held exclusively agst. F.
F. R. Board_ 216,980,000 195,565,000 271,456,000
Gold settlement fund withheld
bank_ 460,495,000 448,134,000 514.099,000
by
certificates
Gold and gold
871,875,000 834,670,000 1,180,379,000
reserves
gold
Total
34,691,000
31,005,000
30,730,000
Reserves other than gold
865,675,000 1,215,070,000
902,605,000
Total reserves
12,618,000
20,615,000
20,316,000
Non-reserve cash
Bills discounted- Govt. obligations-- 291,638,000 295,419,000
80,761,000
Secured by U. S.
22,345,000
82,141,000
81,441,00b
Other bills discounted
103,106,000
377,560,000
373,079,000
Total bills discounted
58,262,000
28,900,000
36,869,000
market
Bills bought in open
30,322,000
U.S. Government securities
2,684,000
4,409.000
Bonds
12.092,000
8,709,000
13,976,000
Treasury notes -.
27,149,000
36,266,000
16,389,000
Certificates of indebtedness
Total U.S. Government securities-
34,754,000
47.659,000
69,563,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
June 27 1928. June 20 1928. June 29 1928
S
$
$
5,369,000
9,008,000
218,000
217,000,
166,739,000 195,937,000 162,337,000
16,276,000
16,563.000
16,563,000
4,050,000
1,010.000
1,160,000
1,552,292,000 1,554,137,000 1,655,659,000
Liabilities334,072,000
Fen Reserve notes in actual circulation
Deposits-Member bank, reserve acct- 939,566,000
9,388,000
Government
2,401,000
Foreign bank (See Note)
8,168,000
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Feci'l Res've note liabilities combined.
Contingent liability on bills purchased
for foreign correspondence
332,481,000
921.169.000
337,000
3,832,000
8,581,000
402,226,000
980,388,000
5,473,000
2,134,000
18,123,000
959,523,000 933,919,000 1,006,118,000
144,922,000 174,278,000 142,842,000
38.928,000
44,680,000
44,615,000
61,614,000
63,007,000
63,007,000
3,93i moo
5,772,000
6,153,000
1,552,292.000 1,554.137,000 1,655,650,000
69.8%
68.4%
86.3%
83,843,000
39,786.000
88,808,000
Note).__ 444,692.000 454,119,000 230,931,000
Total bills and securities (See
amounts due
to show separately the amount of balances held abroad and
order
two
in
new
items
1925,
were
added
7
Oct.
of
changed to
statement
the
NOTE.-Beginning with addition, the caption, "All other earning assets." previously made IIP of Federal Intermediate Credit Bank debentures, was the total of
of
In
description
nts.
as
a
more
corresponde
adopted
accurate
was
term
latter
$o foreign
earning asset." to -Total bills and securities." The
included
"Total
items
caption,
only
the
the
are
and
stated,
It
Reserve Act, which. was
"Other securities."
securities acquired under the provision of Sections 13 and 14 of the Federal
the discounts, is. reptances and
therein.
JUNE 30 1928.]
FINANCIAL CHRONICLE
f3aulters'
New York City Banks and Trust Companies.
azetic
(All prices dollars per share.)
Wall Street, Friday Night, June 29 1928.
Railroad and Miscellaneous Stocks.- The review of the
Stock Market is given this week on page 4034.
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.
Week Ended June 29.
Sales
for
Week.
Range for Week.
Lowest.
Range Since Jan. 1.
Highest.
Lowest.
Par. Shares $ per share. $ per share. S per share.
Railroads100
Boston & Maine
900 74 June 27 80 June 29 58
Buff Koch & P pref_ _100
50/100 June 23.100 June 23 94
2001 93 June 291 9531June 26 93
100
Caro Cl & Ohio
Certificates stampd100
80 103 June 28 103 June 28 103
1201 7934June 29 8031June 25 7934
Cleve & Pittsburgh_ _100
110 8736June 25 8834June 26 84
100
Cuba RR pref
Havana Elea By
• 2001 14 June 25 14 June 25 10
Preferred
100 71 June 26 71 June 26 64
100
40 79%June 29 80 June 29 7931
III Cent leased line.. _100
40 81 June 25 81 June 25 80
RR secured stk ctf _ 100
Kansas City South rights 17,400 1-16June 25
%June 23 1-16
300 2%June 25 2%June 25
Minneap & St Louls_100
134
10 87 June 29 87 June 29 85
50
Morris & Essex
L.
20 180 June 27 180 June 27 12534
_10
Nash Chatt & St
300 5%June 25 5%June 28 334
Nat Rys of Slex 1st P1100
120 140 June 25 140 June 25 125
New On Tex ex Mex..100
15,200 6 June 23 636June 28 6
N Y Central rights
NY State Rye
800 2234June 25 23 June 26 736
100
10 125 June 27 125 June 27 107
Pitts CC & St Louls_100
.100 1,150 133 June 25 142 June 26 100
So Ry M & 0
100 105 June 28 10.5 June 28
Vicksburg Shrev & P_100
Preferred
100 105 June 28 105 June 28 10334
100
Wheeling & Lake Erle100
200 67 June 26 67 June 26 10334
67
Indus. & MIscell.
Abitibi Pr & Pan Pf.
-100 1,000 102 June
Am Encaustic Tiling rts_ 1,300
%June
500 100 June
Am For & Pow pref (6)*
Am Pow & Light pref....
104 June
Am Telep & Teleg rights 71,100 1136June
Barker Bros
• 300 3131June
Preferred
300 10034Juns
100
Brockway Motor Trks._* 1,500 46%June
Bucyrus-Erie prof(7) 100
300 112%June
Burnt Bros rights
17,800 1 June
Central Alloy Steel pf 100
Chickasha Cotton 011_10
Chrysler Corp rights_
Conley Tin Foil stpd.._.•
Consol Cigar pref(7)J00
Con Film Ind pref
Container Corp Cl A._20
Class B
*
Cutler-Hammer 851g. _10
25 102%June
28
%June
27 100 June
28 104%June
26 12 June
29 31 %June
25 10034June
23 4834June
28 115 June
29 3 June
10 10936june 26 09%June 26
800 4536june 25 4634June 28
47400 134June 23 2%June 29
300 1 June 25 134June 28
100 105 June 29 105 June 29
2.000 2436June 29 25 June 29
2,100 27 June 27 2834June 28
5700 1334June 23 1436June 28
1.100 52 June 25 53 June 26
Debenharn Sec
5a
700 43%June
Dodge Bros A ctfs
* 8,800 12%June
Preferred ctfs
* 6,900 64 June
De Beers Consol Mines_ _
so 25%June
• 9.800 9136June
Drug Inc
23
28
28
28
25
Eitingon Schild
•
Preferred
100
Elk Ban Coal pref_ _.50
Emerson-Brant'm Cl B.
400 35%June
300 103%June
90 133jJune
300 5 June
25 36%June
28 104 June
25 14 June
29 5 June
Fairbanks Co
•
Preferred
25
First Nat Pict 1st prf_100
Franklin Simon pref..100
200 4%June
20 12%June
100 104 June
10 11234June
25 4%June
27 12%June
26 104 June
23 112%June
General Ice Cream
General Gas & El cl B__•
Gold & Stock Toles_ _100
Graham-Paige Slot ctfs•
Grand Stores
100
Preferred
100
Grand Union
•
Preferred
•
Gulf States St 1st p1_100
44%June
13%June
6736June
25%June
94%June
28
29
29
28
27
Highest.
per share.
Feb 83
Mar 10536
June 96
June 10736
June 8436
Mar 94
Mar 1734
Mar 7234
June 86
Jan 8234
June 134
Slay 634
Mar 89
Mar20434
Feb 836
Apr14836
June 631
Mar 24
Apr 125
Jan 1593.4
Jan III
Jan 10836
Mar 90
May
May
Jan
Mar
Feb
June
June
May
Apr
June
June
May
June
May
Apr
May
June
June
June
Jan
Jan
Mar
Apr
•
Apr 102%
June
36
June 100
June 107%
June 1436
June 3234
June 101%
June 57%
Mar 117
June 734
Apr
June
June
May
June
June
June
May
Apr
June
107
Jan 111%
4534 June 5234
1% June 2%
31 Jan 3%
98
Jan 108%
24% June 25
21% Mar 36
1035 Mar 1931
52
June 60
May
May
June
May
June
June
Apr
Apr
Apr
25 100
28
%
27 100
23 10334
27 1136
29 30
26 10036
29 4536
29 11031
23 1
4334
12%
64
25%
80
June
June
June
June
Mar
4931
13%
67%
27%
99%
May
June
June
Mar
May
27 3536
28 103%
26 1334
29 2%
June 40%
June 114%
May 19
Apr 936
June
June
Feb
May
25 2%
27 934
26 104
23 111
Feb 5
May 13%
June 109
Jan 113
June
Apr
Feb
Feb
800 75 June 29 77 June 29 75
400 55%June 23 58 June 27 37
10 126%June 27 126 %June 27 12431
500 29 June 27 31 June 29 2634
400 65%June 26 66 June 29 6534
100 107 June 25 107 June 2.5 107
600 27%June 26 2731June 25 2734
600 47%June 27 4836June 29 4736
10 10634June 25 106%June 25 104
June 77
Jan 58
Slar 128
June 3634
June 6834
June 107
June 3034
June 50
Jan 110
June
June
Jan
June
June
June
June
June
Apr
Hackensack Water pf_25
160 29 June 29 3034June 28 2534 Jan
Preferred A
25
30 2831june 25 283jJune 25 2534 Jan 3831 June
June
Harbison-Walk Ref pf100
20 110 June 27 110 June 27 110 June 29
120
Jan
Internat Nickel pref._100
200 11434June 25 115 June 23 11036 Jan1.16
June
Keith-Albee-Orpheum C 5,200 20 June 23 2034June 29
1536
May
June
Preferred
100
300 83 June 25/ 83%June 29 7536 May 25
99
Slay
Kelvinator Corp
•54,900 1336June 26 15 %June 28
1236 June 22% Apr
Lehigh Portland Cem_50 800 50 June 25 50%June 27 47%
June 54
Mar
Preferred
• 100 11034June 26 110%June 26 10831 Apr 11
mew's prof
• 4,200 10036June 28 102 June 29 9936 Mar 034 Slay
11034 Apr
McKeesport Tin Plate.* 5,300 64%June 25 6731June 23 6
234 June 7234 May
Maytag prof
* 1,200 4334June 29 4531June 25 43
June 52
May
1st preferred
• 800 94 June 29 953jJune 26 94
June 101
May
Mexican Seaboard rights 183800
,1.June 27
%June 29 1-16 Junel
Milw El Ry & Lt pf. _100
70 108%June 25 108%June 25 10535 Apr,111% June
June
National Supply Prof 100
40 11534June 23 118%June 27 115
Apr•119
Jan
Norwalk Tire & It p1100
120 35 June 28 37 June 28 3334 Jan 45
Jan
100
60 114 36June 23 114%June 23 112
Outlet Co pref
Apr 114% May
Corp...
Lighting
3.300
80 June 25 8536June 29 80 June 8554
Pacific
June
10 10436June 26 I04%June 26 10331 Jan 115
Penilk & Ford pref. _100
Penna Coal & Coke_ _00
400 934June 23 10 June 25 936 June 14% Mar
Jan
Phillips-Jones Corp pf100
40 97 June 28 97 June 28 8.5
Apr 99
Slay
Reis (Robt) & Co let pf_
100 70 June 28 70 June 28 61% Feb 78
May
Typewriter
2d
pf
100
10
115
June 27 115 June 27 101
Rem
Mar 115
June
Stand Gas & El pre( rts_ 23,000
%June 28
%June 23
31 June
% June
Stand Sanitary Mfg.-.• 1.600 3634June 25 37 June 29 34
June 4231 May
•
Products
2,400 33%June 25 3434June 28 3236 June 40
Trico
May
50 12234June 23 12236June 23 122
Univ Leaf Tob prof..100
May 124
May
Bank, Trust & Insurance Co. Stocks.
100(590 June 25630 June 29 50
Hank of Commerce_ _100
Feb 770
June
110 750 June 25 760 June 23 60
Bank of Manhattan-100
Feb 940
May
20640 June 27650 June 23 600
Corn Exchange Bank 100
May 753
May
90 450 June 25 464 June 27 410
Equit Tr Co of N Y_100
Jan 599
May
40 700 June 23 700 Jane 23 642
National Park Bank _100
Jan 980
May
a Schillings. * No par value
New York City Realty and Surety Companies.
(All prices dollars per share.)
Bid
72
280
430
330
Alliance E'lty
Amer Surety.
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee 345
Ask
80 Mtge Bond_
300 N Y Title &
Mortgage__
460
350 US Casualty.
360
Rid
170
600
390
4049
Ask
Bid i Ask
190 IRealty Assoc's
(11klyn)con 300 310
615
lst pre__ 97
2d pref _ _ _ 94
420
Westchester
Title & Tr. MO
Banks-N.Y. Bid
America
200
Amer Union*. 240
Bronx Bank*. 725
Bryant Park. 230
Central
212
Rights
7
Century
275
Chase
y565
Rights
30
Chath Phenix
Nat Bk &Tr 610
Chelsea Exch• 300
Chemical_ _
930
Colonial*_ _ 1200
Commerce_ _ 620
Continental*_ 600
Corn Exch... 650
Cosm opolit'n• 460
Fifth Avenue_ 2300
First
3950
Garfield
650
Grace
400
Hanover
1350
Harriman _ _ _ 1000
Manhattan._ 750
National City 975
Park
710
Penn Exch...
Ask
210
260
800
Banks-N.Y Bid
Port Morris__ 675
Public
765
Seaboard
_ _ 830
Seventh
260
222 State*
750
12 Trade.
325
310 Yorkville_ _ _ 250
575 Yorktown*_
225
34
Brooklyn.
620 Dewey•
225
325 First
500
960 Globe Exch•_ 350
Mechanics._ y340
630
Rights
28
675 Municipal* _ _ 500
670 Nassau
440
People's
950
2400
Trust Cos.
4100
New York.
700 Am Ex Iry Tr y448
_
Rights.... 20
1400 13anca Comle
1100
Itallana Tr_ 450
760 Bank of N
885
& Trust Co 730
730 Bankers Trust 950
200
Rights
50
*State banks. t New stock. x Ex- divi rend.
Ask
725
785
850
290
780
375
265
530
355
33
530
460
455
25
•
750
975
54
Tr. Cos.-N.Y Bid
Bronx Co Tr_ 425
Central Union 1670
County
750
Empire
440
Equitable Tr_ 573
Farm I,& Tr_ 825
Fidelity Trust 440
Fulton
565
Guaranty__
855
Intl Germanic 210
Interstate_ _ _ _ 285
Lawyers Trust
Manufacture
New $25 parl 242
Murray Hill_ 275
Rights
95
Mutual(W
chester)
310
N Y Trust
730
Times Square 208
Title Go & Tr 830
USSItge&Tr 500
United States 3200
Westchest'rTr 1000
Brooklyn.
Brooklyn_ _ _ _ 1225
Kings Co_ _ 2700
Slidwood_
Ask
500
1750
825
450
580
850
460
600
665
220
295
248
300
105
750
218
2.50
530
400
1100
1300
2900
360
Ex-stock dlv. y Ex-rights.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
ant.
Rate.
,
. ,I
faturity.
Dec. 15 1928._ 331% 991,22 g9",,1 mt. 15 1930-32
Dec. 15 1928_ 4%
100
100,22 Mar. 15 1930-32
Mar. 15 1929._ 336% 99,1
. 99,.32 Dec. 15 1930-32
Mar. 15 1929___ 37
4% 99,722 99"22
Maturity.
Bid.
I
Int.
Raze.
Bid.
Asked.
3%%
33.5%
336%
99
99
99
99,n
99,22
99,22
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. June 23 June 25 June 26 June 27 June 28
June 29
First Liberty Loan
High
____ 100.ii 100'at 100'st 100'st 100'n
33.4% hoods of 1923-47_ Low_
____ 100'ts 100'st 100'st 100'n 100'st
(First 334)
Close
____ 100,22 100.22 100.22 100,22 100.22
Total sales in $1,000 units__
____
51
171
68
2
58
Converted 4% bonds ofIHigh
.
1932-47 (FIrst
Close
Total sales in $1,000 units__
__
___
___
___
___
_ .._
Converted 431% bonds{High 101n32
.
1011.22
101,122
100
- ,22 101I.22
101,
of 1932-47 (First 4%s) Low_ 101",, 101I.22 101..22 101",,101022 101 .22
,22
Close 101022 101.22 101'." 101 1.22 101"12 101"tt
Total tales in $1,000 units ___
1
23
35
162
28
Second converted 434% High
------------------bonds of 1932-47 (First)Low_
-.- _
----._ _
____
____
_ _ __
Second 43(8)
Total sales In $1,000 units__ _
--_
___
___
___
___
__ _
Third Liberty Loan
High 100‘22
100
-,22 100,22 100
- ,22 160,22 100":2
431 % bonds of 1928- Low_ 100,22 10042 100In 100.22
100
100,22
(Third 431s)
Close 100'st 100'st 100'st 1002st 100'st 100"st
Total sates in $1,000 unUs___
s
29
14
159
224
35
Fourth Liberty Loan
IHigh 101,,22 101,
.22 1012.22 101,,22 101,122 101,
:n
431% bonds of 1933-38_ Low_ 1012.21 101,
.22 101,022 101 1.22 101I.22 101I.22
(Fourth 43(s)
ICiose 101",, 101"st 101"st 101"st 101"st 101"st
Total sates in $1,000 units__
126
506
2539
102
245
77
Treasury
High 113I,22 113I.22 113,222 1131.22
____ 113,021
434s, 1947-52
Low_ 113"st 113"st 113", 113.:1
____ 113"st
Close 113"at 113"as 113", 113"tt
__-- 113"tt
Total sales in $1,000 units_ _ _
1
65
121
51
157
High
--__ 108I.22 108.22 108.22 10-8I.22 1081.21
4s, 1944-1954
Low_
___ 108‘.22 108.22 108.22 101.22 108"21
Close
--__ 108.22 108.8 107.22 1081.22 108.021
Total 861e4 in $1.000 units._
___
9
1
81
1
276
Mal
____ 105u.
_
105"st
------354ll, 1046-1956
Close
--__ 105"tt
---- 105"st
----Total sales in $1,000 units._
___
150
High
____ 101",,
101",, 101"st
25---10
-114s;
334s, 1943-1947
Low.
101'"st 101"tt 101"st
---- 101"e
Close
___ 101,In 101I.21 101n.
____ 101,
..
TAMP •nlo• lak !I Mel aleat•
•'
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 lst 4 ta
18 4th 431s
101.22 to 101.22
101"tt to 10121,i
1 Treasury 431s
113
to 113
Foreign Exchange.To-day's (Friday's) actual rates for
for checks and 4.873404.87 25-32 sterling exchange were 4.8704.87%
for cables. Commercial on banks,
sight, 4.86%04.8734; sixty days,
4.8304.83 9-16; ninety days, 4.810
4.8234; and documents for payment,
cotton for payment, 4.8634. and grain for payment, 4.823504.83 9-16;
To-day's (Friday's) actual rates for4.8634.
bankers' francs were 3.92340
3.9234 for short. Amsterdam bankers'Paris
guilders were 40.27@)40.29 for short.
Exchange at Paris on London, 124.12 franes; week's range. 124.20 franca
high and 124.01 francs low.
The range for foreign exchange for the week
follows:
Sterling, ActualCables.
Checks.
High for the week
4.8715-18
4.879-16
Low for the week
4.87
4.8734
Paris Bankers' FrancsNigh for the week
3.93%
3.9334
Low for the week
3.92%
3.9235
Amsterdam Bankers' GuildersNigh for the week
40.31
40.2934
Low for the week
40.27
40.24
Germany Bankers' MarksHigh for the week
23.90
23.9034
Low for the week
23.89
23.87
The Curb Market.-The review of the Curb Market is
given this week on page 4035.
A complete record of Curb Market transactions for
the
week will be found on page 4067.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES-PER SH 4RE. NOT PER CENT.
Saturday,
Jvne 23.
Monday,
June 25.
Tuesday.
June 26.
Wednesday, Thursday,
June 28.
June 27.
Friday.
June 29.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Elnee Jan. 1.
Oa basis of 100-Mar/lots
Loused
Highest
PER SHARE
Rouge for Previews
Year 1927.
Lowest
Highest
pep $ per share
$ per share I Per shard $ nir lime
Railroads.
S per share Shares
$ per share $ per share $ per share $ per share $ per share
4 Jan 200 Aug
1
13.100 Atoll Topeka & Santa Pe__100 18238 Mar 2 19718 Apr 27 181/
18714 188% 18814 189
18858 190
186 18738 186 18712 187 189
Apr 9
10812
9032 Jan 10644 Dec
5
Jan
1024
100
Preferred
1,200
108
10878 1067 10714 10714 *10438
10878 10878 10654 10634 107 107
100 184 June 19 19112May 7 17471 Apr 20512 Aug
2,300 Atlantic Coast Line RR
171
170
170
4
1671
16712
189
16712
16712
16712
16712
*167 170
Oaf
100 10384June 19 11978 Apr 12 10612 Jan 125
27,630 Baltimore & Ohio
10618 10612 10534 10612 10614 10712 10758 10878 108 10914 10818 10914
7314 Jan 83 June
100 79 June 18 85 Apr 4
800 Preferred
80
80
79
79
79
*77
79
798 798 798 797 *77
44 Jan 10312 May
50 61 June 12 8414 Jan 11
Aroostook
&
Bangor
1,400
4
663
4
663
67
6612
68
6512
65
65
65
85 '844
"64
100 11014 Feb20 11514May 31 10112 Jan 122 Jun(
Preferred
*111 112 *111 112 "111 112 *111 112 *111 112 *111 112
53 Aug 7071 Jaa
We Jan 17 7734May 3
6214 64
6634 16434 6612 19,500 Bkln-Manh Trio•2 o_No par
64
598 6114 8114 62
597 60
Jan
781s Oct 88
par 82 Jan 4 9538May 3
No
o
t
v
Preferred
2,200
89
x89
90
89
4
893
89
89
4 8934 89
1
89/
1412
18
Jan
May
44
74 Oct 1938 Dec
5
Bec_100
Ry
&
Term
Brunswick
15,000
3188 3014 3188 3078 3178 3111 3438 3313 3412 3314 3434
30
40 Apr 58 June
100 4812May 2 5634 Apr 26
Buffalo & Susq prof
___
4
513
*4712
4
513
*474
4
513
*474
*4712
52
52
*474
52
*4712
100 19512June 19 22354May 8
2014 20234 20238 20334 15.900 Canadian Paclno
200 201
198 19912 198 201
19734 199
4 Feb 17 375 May 7 285
1
Jan 348 June
____ ...... Central RR of New Jersey_1(X. 297/
____ *310
*31214 335 *310 335 *310 335 *310 330 *310
1011 17512June 19 20514 Jan 6 1518 Jan 21812 0.21
Obto
&
Chesapeake
6.400
4
1813
18112
181
18012
4
1
180
179
18014
4
1783
179 17912 178 17834
30
Jan
4
1
/
Jan
5
4May
4
1
/
183
4
100
10/
2
4 June
1
Alton
&
Chicago
9,400
914 104 1058 1112 1012 1034 104 1114
914 1014
978 1058
4 Feb 20 2638May 2
1
7/
74 Jan
100
4 July
1
18/
1638 1518 1512 1514 16% 12,200 Preferred
15
1414 155* 1418 1514
1514 1534
July
Feb
37
100
28
51
4814May
10
RR
Jan
Illinois
3012
East
&
Mc
44
*43
44
*43
44
443
*4234 44
*4234 44
44
*43
100 60 June 20 7658May 4
63 Jan 8478 Oct
100 Preferred
62
*60
62
62
62
*60
*5912 62
*594 62
62
*60
9% Feb 8 1838May 2
84 Jan 2212 Mal
Western-100
Great
Chicago
3,600
1114
111s
11
8
3
7
107
11
1012 104 104 104 1038 1034 10
100 2012 Feb20 3218May 2
____ ____
4472 Juno
4 8,700 Preferred
1
2412 2418 24/
2278 24
2358 2438 24
2278 2334 2214 23
1914 Dee
9 Jan
4 337 3538 60.400 Mead° Milw St Paul & Pacific 2214 Mar 5 4012 Apr 26
1
3458 335* 34/
3138 3112 311 3234 3234 3414 337
37 Mar 2 515* Apr 26
3712 Dec
____
____
new
Preferred
5
31,200
7
4714
45
1
455*
4558 445
417 4212 4188 4334 43% 454 44
78
9712
June
Jan
Weetern_100
19
2
9414May
dept
783
North
1
&
Chicago
828 7.300
81
794 794 8012 8018 8112 8014 81
79
7812 80
Oct
100 140 Feb 15 150 May 2 12414 Jan 150
300 Preferred
144
*1414
144
•14112
14312
142
142
14312
*142
'142
4
142
142
6812 Jan 116 July
113 1144 4.800 Chicago Rock I& it Paciflo_100 106 Feb 18 12258May 10
113 11312 11312 11412 114 115
11114 11134 11112 112
9
Feb
10014
100
11112May
Dec
4
1
/
111
31
Jan
4
1
/
102
preferred
77
700
1077s 10778
1074 10838 4.108 109 *107 108
10712 10712 *107 108
100 100 Feb 24 105 May 31
954 Jan 104 Nov
600 6% preferred
10112 10112 10012 10034
*10112 10214 *10112 10214 101 10214 "101 102
100 106 Feb 21 126 May 3
84
Jan 13714 July
Colorado & Southern
*____ 115 •____ 115 *__ 115 *____ 114 .106 114 *106 111
75 Jan 14 85 Apr 10
100
70 Jan 78 Dee
preferred
First
*7818 80
*7818 80
•7812 80
4784 80
*7818 80
*787s 80
Oct
100 7218 Jan 3 85 May 9
Jan 75
68
preferred
Second
.74
4
784
7812
•74
4
7812
7812
14
.74
4
7812
7812 4.74
*74
65 Aug 77 May
7613 1.500 Consol RR of Cuba pref-100 69 Apr 12 8758June 1
76
76
76
7514 76
754 754 7514 76
76
76
100 16314 Feb 10 226 Apr 26 17118 Jan 230 June
19212 18.800 Delaware is Hudson
190
193
193
19314
189
198
189
186
185
4
3
185
18534
129
13414 13414 1.000 Delaware Lack & Western_ 50 504 Feb20 1505 Apr 9 13018 Oct 173 Mar
13334 13334 1334 1334 13311 1334 1334 1334 134 134
Feb20 65 Apr 28
41% Jan 8714June
1,100 Deny & Rio Or Wed pref-.100
5512 5512 56
*54
54
54
5334 55
54
54
55
*54
318June 13
834 Jan 5
258 Apr
778 Dee
So Shore & Atl-___100
Duluth
100
414
034
4
*311
4
4
4
*34 334 '314 334 *34
19
Vann°
100
912May
2
4 Mar 1114 Dee
Preferred
200
714
64 "6
64 *6
*6
534 6
614 *514 6
*6
100 4834June 19 6612 Jan 4
3 11,500 Erie
394 Jan 6914 Sept
53
4
523
53
4
523
527
524
53
5214
8
523
5138
4
5134 513
100 50 June 18 6372 Jan 7
5218 Jan 554 Aug
5112 5112 5112 5214 3.400 First preferred
513 52
5118 5112 517
51
*5114 52
100 4914June 20 62 Jan 6
49
Jan 8412 Aug
4912 5034 1,700 Second preferred
50
524 *5012 524 50
•50
52
524 *49
*50
79% Jan 10378 Sept
Great Northern preferred 100 9312 Feb 6 109 May 14
3,000
9838
97
9712
9712
9612
x964
994
99
99
99
9812 99
7
Feb
9118
1053
100
41(1ay
101 Sept
15
Mar
certificates
Pref
854
2.200
96
96
*9512 96
96
x96
9612 9634 97
96
98
96
1914June 12 25 Jan 24
18 July 285* Beat
204 7,800 Iron Ore Propertiee__No par
1934 20
2014 204
1934 20
198 20
1978 20
Northern._100 4312June 12 6178May 10
&
351/
4 July
1
76/
Mobile
Jan
Gulf
1,000
483
49
3
*48
48
474
48
474 4734
47
4712 4712 *45
100 102 June 19 109 May 1 105
Jan 11214 A911
100 Preferred
"102 10314 102 102 *10018 104 *102 104 "102 1053 •103 105
100 51 Jan 3 734 Apr 24
4012 Jan 6572 May
& Manhattan
Hudson
3,200
59
57
584
574
5738
4
1
/
57
57
2
567
5812
*55
5512 5512
100 83 Jan 16 934 Apr 28
Jan 904 May
78
Preferred
90 '8512 90 "8512 90
*87
*8512 90
*8512 90
4.8738 90
4 Jan 13933 Oct
/
1211
100 13114 Jan 11 14834May
4,400 Illinois Central
4 13734 13734 13714 1381
1
137 137/
13712 13712 137 138
138 138
Oct
13
Jan
13018
147
100
May 1
12078 Jan 140
100 Preferred
13612 1364 4.135 143 *135 143 *135 143 4.135 143 4.135 143
23 Apr 4212 Ocl
1.000 Int Rys of Cent America 100 3612 Mar 18 51 June 1
48
464 474 48
447 447
4614 47
*4714 48
*4714 49
Jan
2
697
100
8
82
Ool
May
7414
Preferred
Apr
62
210
80
8012 80
8012 079
8012 8012 *79
80
80
80
*79
3012 Aug 5212 Feb
11,900 Interboro Rapid Tran v t 41_100 29 Jan 5 82 May
41
3714 374 3914 3834 4058 40
37
37
37
37
37
100 43 June 13 6318 Jan
497o 7,900 Kansas City Southern
4114 Jan 704 July
4 4812 4912 4918 4934 49
1
4614 48/
46
4812 4812 46
100 70 Feb 8 77 Apr 2
6478 Jan 784 De4
400 Preferred
71
"69
*7014 71
72
"70
72
7018 7112 4.70
73
4.71
50 8418 Feb20 118 Apr 2
Valley
Oat 13712 AIM
Lehigh
8812
1,400
1033
102
10114
10114
10214
102
"100
8
1
100
*99 101
*10012 101
100 14212June 19 15912May I
1285* Jan 1591s 001
500 Louisville & Nashville
145 145 "145 149 *145 147
145 145 *14212 145 *14212 145
Elevated guar_100 75 Jan 9 98 May
Manhattan
90 Feb
8514
Dec
7814
50
8514
90
*8514
90
.88
4
90
"88
90
.82
4
90
"82
100 40 Jan 10 64 May
6114 Dec 5472 Feb
4812 11.400 Modified guaranty
48
481
4712 47
45
45
*4438 4512 4558 4558 45
4 Apr 3
1
712May 1
0/
Market Street Rallway----100
438 Nov
6% June
*54 64
*512 64 *512 612 *54 61
7
*5
7
*5
100 21 Aprn 17 2912May
Preferred
18 Feb 251s JOU
26
*20
26
*15
25
25 '20
4.15
25
*20
25
*20
Mar
45
100
27
4May
1
/
54
4
473
14 Aug
preferred
50
Prior
Feb
4132
300
4718
474
48
*45
*474 4734 4734
49
484 *46
4.48
814May 24
100
1618May
Second preferred
1112 Oot 1712Jane
*114 18
*1112 18
18
*11
12
4.8
18
"11
18
*11
40
June
Marle_100
Dec
21
98
5288
&
Paul
5612
St
Jan
Minn
27
Jan
800
4012
8
405
4
8
413
405
4011
4012
41
4.39
*3912 41
*394 41
100 75 Feb 7 87341May 1
50 Apr 8812 Dec
300 Preferred
78
078
78
78 '76
4.76
78
*76
80
*75
75
75
100 6518June 13 714 Jan
71 Nov
lines
Leased
Mar
5814
"65
6714
6714
*65
6714
*65
68
"66
68
65
4
68
*65
3112 Jan 5612 June
3434 357 90,800 Mo-Kan-Texas RE--No par 3012June 13 4112 Jan
3333 335* 3534 3438 354 345* 35
33
3314 34
100 10112June 12 109 Feb
Preferred
9534 Jan 10912 Dee
103 10358 103 10358 10314 1037 1037 10418 10414 1041 10412 10458 4,400 Missouri Pacific
Feb
41%
6958.1ane
100
7
Ws Jan 61 API
76,900
6112
6212
4
643
4
3
80
4
3
62
8
603
8
803
59
3
5934
57
5718 59
100 105 Feb20 12338May 1
9012 Jan 1183s Nov
11612 1168 11612 1184 17,900 Preferred
11112 11578 11312 11638 11618 117
*112 113
2 Feb 17
38
2d pref-100
54
Mexico
of
2
Rys
Apr
Nat
1114 Oct
3
l's Aug
1,400
3
4
33
34
8
5
3
3
3
3
*
34
34
312 34
311 34
100 156 Feb 16 19112May 10 187% Jan 1714 Oe
4 34,000 New York Central
1
8 17014 170 17112 1711 1734 17214 17438 x17012 172/
16914 17114 168,
124
Louis
19
Co_100
June
St
&
148
Chic
NY
May
11
2404
May
b110
June
2,300
130 13034
129 13118 1294 130
*1284 129 *125 128 "127 129
100 10634June 15 110 Jan 4 102 Mar 110 Dee
700 Preferred
10714 10714 10718 10718 10712 10712 1074 10712
107 107
107 107
3
Jan
168
Ain
505
50
Harlem
Apr
185
26
&
281
Dec
NY
167
281
290
29312
290
29412
28934
285 29912 271 27114 271 271
100 5438June 19 6838May 2
4158 Jan 6314 D00
6012 16,300 NY N H & Hartford
58
5712 5718 58
4 5614 58
1
5614 5618 57I4 57
56/
11314 Feb 29 117 May 3 11018 Oct 114% Nov
Preferred
1.100
4
1133
4
1
/
113
4
1133
"11212
4
1
/
113
11334
11414
11418
11414
11418 11418 11414
2314 Jan 41114 Seta
4 2738 2838 6,000 NY Ontario & Weetern___100 24 Feb20 39 May 2
1
2738 2714 27/
27
2511 2634 2633 27
27
27
4 Jan 24 13 May 3
1
5/
44$ Dee 1514 Jot
4 978 *712 978
1
N Y Railways pref etfs_No par
*74 05,3 .712 978 *7/
4 *712 97
1
*712 9/
32
100
12
June
Southern
4912
Norfolk
11
Jan
3718 Jan 6412.111M
600
39
39
39
39
1
39
39
3834 3834 388 38
42
*36
100 175 June 19 197 May 9 156
Jan 202 Not
17634 177 17912 2.300 Norfolk & Western
4
1783
17912
17614
177
176
180
•177
177
100
4 Apr 28 90 June 12
1
79/
177
89
83 June 90 July
300 Preferred
90
*87
90
*87
92
4.87
91
92 "87
4'87
25
109
9
6
Li
7
2140
yb
b
ao
e
F
m
2
8
1
4
3
4
5
3
10
1i
147
Pacific
m
m
M
Northern
5
6
1
y
yy
at
i
e
3,900
J n 1909271 Dec
8748
4
953
4
9412 9412 954 954 9558 9838 95% 963g 1943
944 947
DO(
July
9534 x9312 9434 2.300 Certificated
9444 95
94
9312 934 9352 94
94
93
4 Deg
/
Coast
Pacific
311
25
Feb
1514
30
*20
30
*20
30
•20
30
*20
30
*20
30
*20
50
8June
617
19
7212
27
Apr
Pennsylvania
4
1
/
58
11,300
Jan 68 001
8412 644 8434
8358 6378 6318 63% 6334 644 6334 6418 64
100 25 Mar 12 87 May 1
1,900 Peoria & Eastern
Jan 4634 July
20
4 33
1
3212 335* '32/
35
35
*32
3234 "30
32
*3114 32
100 12478 Feb 9 146 Apr 11 1144 Jan 1404 Ma/
900 Pere Marquette
13012 13178 *131 133
130 131
130 130
130 130
131 131
100
9
June
97
10134
Mar 28
Prior preferred
93 Jan 9914 DV
9914
*99
100
•99
991z
'9812
4
9
9
4
98
"
4
99
'9812 994 *984
100 95 June 23 10034 Mar 30
4 Jan 9712 Del
1
89/
400 Preferred
97
*95
97
*95
97
*94
96
95
97
9634 *95
95
100 12114 Feb20 161 Apr 9 12212 Jan 174 Mal
600 Pittsburgh dr West Va
145 145 "141 145 4.140 145 4.140 145 *140 145
1417 144
50 94% Feb 7 1193gMay 10
Reading
Jan 12314 JUM
94
6.500
4
1023
1014
4
1013
1014
100
4
1
/
101
101
100
100
99
99 100
50 4212 Mar 1 46 Apr 9
434
4012 Jan 4312 Doe
100 First preferred
3 434 4312 4312 *43
4312 *43
*4338 4312 *433 4312 *43
50 44 Jan 26 5978May 1
Second preferred
4334 Jan 50 Ftt
51
*49
51
*49
51
*49
51
"49
*494
51
51
4.49
100 50 Feb21 7214May 18
43 Jan 69 May
800 Rutland RR prof
89
*62
67
*62
66
60
59
59
*5612 60
65
*57
100 109 Feb 7 122 Mar 23 100/
4 Jan 11714 AIM
1
4 113
1
112/
11234 1134 113 1134 3.300 St Louis-San Franolaco
11112 112
11034 111
112 112
100 96 June 12 101 May 21
1st Pref paid
9814 9812 2,000
974
9818
9712
974
97
Ms
0612
9612
*964 97
100 6712 Feb 8 9138May 14
Louis Southweetern
St
20,100
875*
86
8714
86
8
883
4
1
/
88
4
883
8614
8214 8312 8212 8512
100 8912June 18 95 Jan 3
Preferred
7672 Jan 9434 flee
9012
4.8818 9012 *90
90
•87
90
8912 •87
*8512 8912 *85
100 1152 Mar 3 3012 Jan 3
2818 Mar 4114 Fel
2,400 Seaboard Air Line
1512 16
4 1558 15/
1
4 1512 154 1534 16
1
1512 15/
4.1538 18
100
1912Mar
3
38
Jan
3
Preferred
3212 Apr 4532 jult
1.600
197
197
20
197
s
2014
20
20
2034 2034 2012 2012 20 12078 12014 12078 11978 12078 12033 12112 9,300 Southern Pacific CO
100 11758 Feb 7 13114May 9 10614 Jan 12672 DM
11912
11912
11914
119 11934
100 1894 Feb 8 165 May 7 119
Railway
Southern
Jan 149 Deg
8,900
4
1493
4
1
/
148
149
8
1475
1484
14712
148
147
14614 14614 1467 14732
100 9814June 19 10214 Jail 17
94 Mar 1011,2 Deg
1,200 Preferred
10012 10012 100 10014
100 100
*994 101
9912 994 100 100
100 9912 Jan 3 16214June 29
5372 Jan 10332 Not
Texas & Pacific
154
33,100
153
16214
150
4
1
/
155
153
15414
150
154
142 146% 14012
100 3812 Jan 10 4818May 3
4 Aug 41 Fel
1
28/
2,200 Third Avenue
35
3414 354 35
333* 34
33
4.31
33
4 33
1
34/
34
4 Fel
1
45 Nov65/
46
46
100 Twin City Rapld Transit-100 44 Mar 23 58 May 8
47
*45
46
*45
47
4612 *45
*45
47
*45
100 1024 Apr 11 107 Feb 10
99 Apr 106 Mal
Preferred
105
"102
105
"102
105
*102
105
*102
*102 105 *102 105
6
Feb
4May
1
/
18612
204
100
4 1210,
9
g
7
1594
1975
Pacific
J&II
Union
194
7.900
195
19314 195
190 19214 19314 194
190% 191
19014 191
1013 83 Mar 13 8714 Jan 20
77 Mar 8584 De
1,900 Preferred
88
8512 854 85% 8578 86
8542 8558 8512 86
86
86
Jun
81
9614May
18
Feb
51
100
Jun
404
11
Wabash
10,000
73
7012
4
3
70
70
71
6034 7132 70
70
6934 68
69
100 8812 Feb 7 102 May 18
Jan 101 Jun
76
1,400 Preferred A
98
98
98
98
*98 100
98
98
*98 100
•98 100
Jan 98 Jun
100 87 Feb 4 9912May 18
85
B
Preferred
95
100
94
94
*92
95
*9212
95
*90
95
*90
95
*92
100 31114 Feb 8 5434May 10
1314 Jan 671a Jun
4012 4178 4012 423 46,100 Western Maryland
4014 4214 4038 417
3712 413
3958 42
23 Jan 6712 Jon
100 3312 Feb 8 5472May 10
500 Second preferred
4334
4312 "41
4338 42
4212 421 "42
40
4112 414 40
8012 sn
In
sn
If" -.K.; iii" iii;
a Er-dividend and ea-rights.
•Bid and asked prices; no sales on this day. I Er-dividend.
New YorK Stock Record—Continued—Pagel
4051
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 23.
Monday,
June 25.
Tuesday,
Wednesday, Thursday,
June 26. I June 27.
June 28.
Friday,
June 29.
11 per share $ per share $ per sharel5 per share 3 per share $ per share
*30
32
2934 30
31
31
•30
30
31
30
*3014 31
5518 5518 5412 5412 56/
1
4 5634 *5634 57
564 5712 5758 58
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
On basis0100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
600 Western Pacific new
1,500 Preferred new
Lowest
100
100
Molest
PER SHARE
Range for Previous
Yea,1927
Lowest
Highest
$ per chars
$ per share $ yes flare S per share
2814 Feb 7 3712 Jan 19
2518 Apr 1712 June
54121une 20 62/
1
4 Jan 6
55
Apr 76/
1
4 Feb
Industrial & Miscellaneous.
5912 60
5912 61
5912 60
60
60% 60% 6138 6058 811
Abitibi Pow&Paper new No par 57 June 12 85 Apr 62
4.800
_ - -'90
92
92
"91
92
92
95
95
95
*93
9434 96
600 Abraham & Straus
No par 90 June 19 11112 Apr 13 -6214 Mar 1-1144 Nov
1134 11312 *112 11312 11312 11312 '112 113 •112 11312 '112 1131
Preferred
20
100 11012Mar 8 11412June 18 109 Aug 1131s Feb
295 295
290 290 '295 299
300 300 '295 300
300 300
Adams
Express
500
100 195 Jan 4 378 Apr 17 124
Jan 210 Nov
*95
99
*95
99
*95
99
*95
99
99
*95
*95
99
Preferred
100 93 Jan 16 9912 Mar 28
9434 Nov 961s Des
3512 3612 3514 3534 35
3634 3714 39
43
39
4212 451 40,200 Advance Rumely
100 1112 Feb 8 5014June 6
7/
1
4 Oct 1534 Feb
*4712 49
47
47
48
49% 4934 51% 5112 5414 55
571
7,400 Advance Rumely pref
100 3414 Jan 17 6712June 6
2218 Oct 4534 Nov
*312 34
*312 4
312 37
3% 358
35g 3% .338 33
1,500 Manmade Lead
234 Jan 17
1
534 Mar 20
234 June
61a Sept
6012 6134 6058 61
6112 63
81
6434 64% 6434 76312 64% 3,100 A It Reduction. Ine newNo per 59 June 19 7478May 7
734 78
734 7/
1
4
7
3
4
7
3
4
7%
778
7% 74
6.500 Ajax Rubber. Ina
734 77
71 June 188g Mci
No par
1June 12 143e Jan 24
314 3/
1
4
71
3/
1
4 314 *3,4 312
314
31
*314 312
34 312
2,600 Alaska Juneau Gold Min__ 10
1 Jan 5
47g Apr 27
1 June
24 Feb
*2512 27
2513 2512 *2512 2612 *26
2612 •2618 2612 2614 261
200 Albany Pert Wrap Pap_No Par 23 Mar 15 3114 Jan 26
18 Apr 32 Sept
------ Preferred
100 98/
/
4Mar 14
1
4 Jan 17 1111
96 June 102 Sent
16512 167
164% 16712 1674 17212 172% 174% 172 173
172 17414 40.700 Allied Chemical & Dye_No par 146 Feb 18 18218June 6 131
Jan 16914 Sep.
122 122 "122 12218 122 122
121 121
12012 12038 12012 12013 1,100 Allied Chemical& Dye pre:_100 120I2June 28 12758May 4 120 Mar 124 Aug
*116 11634 116 116
11612 11612 '11634 11712 1174 11753 119 12112 1,300 Allis-Chalmers Mfg
100
/
1
4
Feb
115
18
4
Apr
1293
27
88
Jan
11834 Dec
1138 1138 11
1178 *1078 1178 11
11
1118 11% •1114 12
3,300 Amalgamated Lestner-NO Par
10I/June 12 1634 Apr 19
111
/
4 Nov
241g Feb
'8012 83
*81
83 "77
82
78
78 '80
83
7814 7814
200 Preferred
69 Mar 2 90 Apr 19
Dec
68
108 Feb
*3118 3112 31
3112 31
31
3112 3134 3112 31% 3118 3178 3,700 Amerada Corp
No Dar 274 Feb 20 3834 Mar 31
275 Apr 37/
1
4 Feb
1834 19
18% 19% 19
19
18% 18% In 19
1912 1934 2,900 Amer Agricultural Chem_ _100
15/
1
4 Feb 20 2314May 24
814 Apr 211
/
4 Dee
"65
67
65
65
8312 6412 64
65
65
65
6714 2,400 Preferred
67
100 55/
1
4 Feb 20 75 May 25
281
/
4 Apr 7234 Dec
10714 10714 *10712 110
10714 110
11312 11312 114 1151 117 11912 2,800 Amer Bank Note
74
3
10
4
Jan
17
159 May 9
41
Jan 98 Nov
6112 6112 '61
611. 61
61
"61
*61
6114
•61
6114
6114
30 Preferred
50 61 Feb 10 657s Jan 3
684 Jan 65 Sept
'16
1614 *16
1638 16
1612 1612 1612 1612 161 •1512 17
1,100 American Beet Sugar_No par 1478 Feb 15 1914June 5
1518 Oct 3334 May
"56
58
"58
58
*56
57
56
56
5514 5514 *5414 57
300 Preferre1
100 36 Feb 17 61 June 16
35 Dec 60/
3118 314 31
1
4 Jan
31
311g 324 3138 3238 3212 3334 3312 3418
13,500 Amer Bosch Magneto ,.No par 1538 Feb18 41 June 4
13
Jan 2634 Del
*4014 41
40
4014 40
4014 404 41
4112 411
4034 41
2,100 Am Brake Shoe & F newNo par 40 June 25 49/
1
4 Jan 27
3512 May le Jill)
*12534 130 '12534 130 *12534 130 *12534 130
"1244
•12418
130
130
Preferred
100 124/
1
4 Jan 4 128 June 12 11714 Feb 128 NW
154 1512 1512 16
1573 1734 1678 1714
16% 171
1678 17% 8,100 Amer Br wn Boverl ELM/ Dar
1058 Apr 27 2614May 21
1
4 Jan
5/
1
4 Aug 39/
5012 5012 57
58% 66
60
59
59
59 '58
590 Preferred
60
100 4014 Apr 27 657k May 21
40 Aug 98 Feb
81% 8278 8138 8212 8212 84% 8414 8672 51,
8558 87
87
8914 75,600 American Can
25 7012 Jan 18 9538May 14
43/
1
4 Mar 77/
•14112 143 *14112 143
1
4 Dec
14238 142% 14212 14212 •142 143
14212 14212
300 Preferred
100 136/
1
4 Jan 10 147 Apr 30 120
Jan 14134 Dec
95
9512 9411 96
9314 9514 9512 98
9514 9514 97
2,900 American Car & Fdy---NO Dar 9012June 21 111/
97
1
4 Jan 3
95 July 111 Dee
12634 12634 *12514 127
12514 12514 125 130
129 •126 130
500 Preferrea
100 125 June 27 1371238ar 31 12434 Oct 18434 June
*100 104 *10038 104 "10038 104 *10038 104 '126
*102
104
*10112
American
105
Chain
prat
9914
100
Mar
7 105 June 4
9812 Dec 103 Slot
75
75
*73
76
75
7712 77
7812 *78
79
78% 7834 2,400 American Chicle
No par 69 Jan 12 8934May 11
36 Jan 7434 Nov
•110 112 *110 112 "110 112 "110 112 *110
112 "110 112
Prior preferred
NO par 107 Jan 5 114 May 21
12
90 Jan 110 Dee
1213 12
12
12
1218 12
1214 1218 1214 1214 1212 10.100 Amer Druggists Syndicate_ 10 11 Feb 18
1512
Apr
10
9/
1
4 Apr 1612 Nov
*58
*5812 60
59
*58
59
59
60
64
654 64
64
1.000 Amer Encauetle Tiling_No par 53 Jan 4 75 Apr 25
18212 1824 180 180
38/
1
4 Aug 57/
1
4 Nov
180 180
183 185
18812
188 18912 2,400 American Express
100 169 Jan 10 20734June 6 127
Jan 183 Nov
3258 33
3238 3434 3334 344 3358 3434 3334 189
8
34
343
3412
Amer
11,600
&
Fora
Power
22
/
1
4
Feb 28 38/
No Dar
1
4May 1
18/
1
4 Feb 31 Dec
105 105
10484 10434 *10434 106 *105 106
1054 10534 10534 10578
900 Preferred
No par 10434June25 110 May 24
86/
1
4 Feb 10934 Dec
94
*92
9214 9212 92
9212 9134 9214 92
92
1.200 20 preferred
93
No par 81 Feb 24 9634 Apr 27
9314
*1114 1112 1118 1158 '1154 12
---1114 114 114 1112 *1112 12
700 American Hide & Leather 100 1012June 9 15/
1
4 Feb 1
71/j.
Apr 127s -0715i
48
*44
47
46
•4414 46
"44
46 '44
48 "44
48
400 P•eferred
100 40 June 13 6732 Feb 1
48 Mar 66/
7514 7418 7418 75
75
1
4 July
7512 7538 7634 77
7
77
7612
Amer
Home
6,000
Produots_No
774
par
59
Feb
18 8134May 31
3032 Jan 71 Nov
3634 37
37
37
37
3712 3753 38
38
383* 38,8 3812 5,300 American Ice New
No par 28 Jan 10 4112June 1
25
8
Aug
4
98
"96
Oct
*964 98
32
*9612 98
96 2 95
8 '95
98
300 Preferred
100 90 Jan 7 9912May 9
84
Jan 9612 May
8812 90
878 9114 8938 9214 923
9552
4 951- *9412 100
984 101
81.900 Amer Internal Corp___No Dar 71 Jan 5 125 May 17
37 Mar 72/
1
4 Dee
'5% 534
584 534 '534 57
57
58
55* 57g
523 .578 2,100 Amer La France & Fofunite 10
7/
514 Jan 12
1
453ay 7
4 June
10
Jan
70
'62
•62
70
*62
70 '62
70
*62
70
•62
70
Preferred
100 56 Jan 10 74 Mar 27
601
/
4 Dec 901s Jan
109 112
11018 11414 110 11234 11034 1123
108 111
10812 11014 23,700 American Linseed
1
4 Jan 13 118/
1
100 56/
4June 20
20/
1
4 Apr 7212 Nov
125 1264 1254 13018 130 130 "125 130 4 *117
128 '1204 129
2,800 Preferred
100 8612 Jan 13 13018June 25
46/
1
4 Mar 9212 Nov
94
9411 95
95
93
958 95
96
9618 98
973 99
8.200 American Locomotive_No par 87 June 21 115 Jan 31
99/
1
4 Oct 116 May
115 115 "114 115
114 115
115 115
116 11818 *116 120
1,100 Preferred
100 114 June 26 134 Mar 24 11912 Feb 127 July
138 140
1374 13714 13734 142
140 14212 *140 142
13912 140
2,400 Amer Machine & Fdy -No Vat 12912June 19 180 Mar 26
7314 Jan 188/
'114 115
1
4 Dec
115 115 "11212 11412 "114 115 "114 115
.
•114
115
120 Preferred ex-warrants
11112Mar 1 116 Jan 13
4812 4714 453 46
48
47
4814 4678 47
4712 475 4812 3.900 Amer Metal Co Ltd.....No Par 39 Mar 13 51 June 4
*11212 115 •11212 11412 *11212 11412 *11212 11412+113
11412 '113 11412
Preferred (6)
100 112 Apr 2 11712May 14
15
•1412 15
1534 1434 1478 *14
15
*14
15
14
14
800 American Piano
No par
14 June 29 25 Feb 7
2012 Dec 6314 June
521
52
/
4 524 "52
52
587 '52
584 52
52
514 51 18
120 Preferred
100 6033June 6 90 Jan 3
84 Nov 11014 Mar
754 7512 7514 7512 7614 7738 774 795
798 8114 7912 8114 12,600 Am Power & Light___No par 6214 Jan 11 95 May 14
54 Jan 73/
13278 1343* 13312 13412 135 1361
132 132
1
4 Oct
137
140
139
141
4,500 American Radiator
25 1301s Jan 18 152/
1
4 Mar 30 11012 Jan 14772 Sept
119 119 *119 125
•1171
:123
122 12312 *120 124 "120 124
500 Amer Railway Express100 11012 Jan 4 13834 Feb 21
8712 Apr 11614 Nov
57
57% 5512 5712 57
5812 67
6038
593
4
6338
6338
22,000
American
6678
Republios___No par 5114 Feb 7 85 Apr 12
60
597g 60
60
3512 Jan 82/
1
4 Dee
5912 6114 62
635* 6314 6453 6414 644 5.800 American Batty Rasor_No par 66 Jan 10 6878June 1
35
*3414 36
42 July 64/
35
1
4 Nov
3412 35
35
35 •35
353* *35
1.000 Am Seating v to
3511
No par 3414June 20 45 May 14
4% 478
414 412 *414 5
38/
1
4 Oct 51 July
45* 412
412
.43
4
/
1
4
8
412
600 Amer Ship & Comm__No par
3/
1
4 Jan 3
6/
1
4May 28
97 *_ 100
212 Oct
6/
1
4 Jan
_ 96 *. _ 110 *____ 110
95
95
10 American Shipbuilding____100 95 June 29 119 Jan 6
18714 188% 18638 18734 18734 190
80
Jan 12334 Nov
19014 19234 19112 19538 194 196
34,800 Amer Smelting & Reftning_100 169 Feb 27 20314June 4 1321
135 135 *135 13512 135 13518
135 135
/
Del
4
Jan
/
1
4
188
•13512
13612 •136 137
700 Preferred
100 131/
1
4 Jan 9 142 Apr 20 11914 Mar 133 Dee
15334 15334 *15412 157 "15412 157
154 154
157 157
600 American Snuff
100 141 Jan 5 17412 Apr 13 1198 Jan 14614 Nov
.112 11334 *112 11334 '112 114 '112 11334 15512 15513
112 112 '112 114
60 Preferred
100 102 Jan 5 120
5112 52
50% 51
5112 5212 528 54
5
94/
1
4 Jan 10612 Oct
5338 5412 54
5478 7.200 Amer Steel Foundries_No par 5018June 13 703sJune
11034 11034 1104 11034 11011 11134 11034 111
Jan 11
4112 Apr 7234 Dee
111 111
410 Preferred
100 109 June 19 120 Feb 29 110/
7014 7014 68% 7018 6918 7018 6918 715* 7018 7114 11034 112
1
4
July 115 Jan
7014 72
11.300 Amer Sugar Refining
100 55 Feb 18 7814 Jan 12
.108 10814 108 108
10718 16713 "107 108 '107 108 '107 108
6514 Nov 95/
1
4 Ma/
300 Preferred
100 100 Feb 17 11012May 31 104 Nov 116's May
55
5434 5434 5578 5712 5712 58
55
5734 58
5712
59
3,500
Am Sum Tob v to
No par 4738 Feb 27 62/
2534 2584 •25
27
'25
1
4 Jan 7
6112 Jan 68114 Oct
27
•2512 27 '2511 27 '2512 27
100 Amer Telegraph & Cable_100 25 Mar 2 32 Jan 17
17414 175
17411 175
174 17434 175 17578 17512 17578
26 Apr 3634 Aug
1754 17614 28,000 Amer Telep & Teleg
15312 1573* 1584 15714 155 15634
100
11 211 May 17 14914 Jan 12512 Oct
1534 155
156 15634 15614 15634 4,900 American Tobacco corn —.50 17314June
152 June 19 176 Jan 8 120
15312 15612 15478 15734 156 158
Jan 129 Nov
156 15753 157 158
1554 15714 5.200 Common Class B
50
152
June 19 177 Jan 3 11914 Jan 186 Nov
•120 123 *120 123 "120 121
120 120 *120 12134 120 120
500
Preferred
100 11712 Mar 19 126 Apr 20 110/
•113 1157s'113 115
11318 11318 •113 117
1
4 Jan 120 Dee
115 115
115 115
300 American Type Founders_100 11318June 21 12634 Jan 3 1197
*110 11112 *110 11112'110 11112 11112 11112 *11112 112 *11112
Nov 146 Feb
112
20 Preferred
5413 5412 55
100 107/
1
4 Jan 7 115 Mar 31 10714 Feb 116 Sept
5512 5514 5614 5634 57
57
59
5812
60
4,800
Am
Wtr
Wks & Ele newNo par 52 June 11 7034May 4
"100 102 "100 102 *100 102 *100 102 "100 102 "100 102
46 Aug 721s Sept
1st preferred
1011
/
4 Jan 10 106 Apr 13
"1858 18% 184 1834 185g 187* 1812 18% 1812 184 188
99/
1
4 Oct 10311 Dee
19
14.800 American Woolen
100 1812June 19 24/
"48
1
4 Feb 14
4712 4711 4712 4712 47
50
101aJune We Jan
4712 4634 464 *4714 49
800 Preferred
.1112 12
1112 114 *11
463
100
4June 28 6214 Feb 14
12
1112 1178
467
,Jun
1161i Jan
1118 114 *1114 1112
700
Am
Writing
effs_No
Paper
par
38
1012June
*36
38
'36
1912
20
*36
Feb 9
38
9/
1
4 May 2414 Oct
•36
38
38
38
*38
41
900 Preferred certificates
2312 23% 23
24
100 34 June 12 4834 Mar 1
23
24
23
25/4 Apr 5734 Aug
24
23
2334 2312 2484 9.100 Amer Zinc, Lead
& Smelt
6/
1
25
4 Jan 10 3234May 16
8412 844 8312 8312 84
84
84
534 SeptWU Feb
8434 82
8234 8312
4 1,800 Preferred
26 40 Jan 16 98 Apr 11
6314 645* 634 6434 6434 6714 6714 6834 674 694 6818 8433
35 Oct 6114 Feb
691 150,000 Anaconda Copper Mining_ _50 54 Jan 18 74/
85 .
8514 83
85
1
4June
41/
1
4 June 6012 Dee
15111
:
1 8353 8314 845* 83
8313
84
83
3,400 Archer. Danis, MIdI'd_No Par 5514 Feb 20 97 May 4
*11412
*11412
9
16 Mar 63 Dee
- *1144 115
115 115 •1144 115
100 Preferred
9372 937i 9312 1312
100 11234 Feb 20 11514 Mar 16 106
gs
94 lii
9312 934 9312 •93
Jan 11312 Dee
94
600 Armour & Co (Del) pref
1738 1858 1714 1778 1714 1754 1758 18
100 8633 Jan 3 9712June 7
79 Oct96/
1
4 Feb
1758 1812 1854 1884 32,100 Armour of
Illinois Class A._25
94 10
912 10
1114 Jan la 2114June 8
934 10
97 1014
95* 10
8'4May
15/
1
4 Jan
10
1012
60,200
Claes
B
874 87
27/
1
4 8738 87
25
6/
1
4 Jan 10 1313May 11
87
8634 8634 87
5 Dec
9/
1
4 Jan
8714 874 8734 1,100 Preferred
3612 364 37
36
*3858 38
100
6718
Jan
12
9112June 6
37
3812 38
60 Apr 861
383* 38
/
4 Jan
3812 2,100 Arnold Constable Corp_No par 36 June
*2812 30 '29
*284 30 •284 30
25
513
4
30
Apr
2
31
2814 29
5512
Nov
Apr
2834 2834
300 Art Metal Construction____10
*3858 40
*3858 40
*3812 3934 •3858 3934 "38% 3934
2512 Jan 10 3434 Apr 19
22
Jan 32 June
"385 3934
Artloom Corp
No par
"109 114 *109 114 *109 114
3912May 8 4438Mar 30
109 109 *109 114 *109 114
403
4
Dec
643
4
Jan
100
Preferred
41
100 10712May 29 114 Mar 19 1091
*4112 1134 4153 4153 41
41
411
4118 4112 4114 4114 2.soo Assoc
/
4 Nov 114/
1
4 Nov
Dry 43oeds
No par
4014June 13 4834 Jan 23
3912 Feb 5338 Nov
"104 105 "10412 105 •10412 105 *10412 105
105 105 '104 105
100 lst preferred
100 103 June 4 1137g Apr 3
*110 112 *110 112 •110 112 '110 112
112 112 *110 115
9712 Mar 112 Dec
100 2d preferred
100 110 June 5 1191
45
4514 4514 4512 454 45
/
4 Jan 27 105 Mat 114 Dee
448 4678 *4518 47
4634 634
90 Associated Oil
4514 4514 4678 485* 484 5014 495 5134 5034 4
25 3712 Feb 18 50 June 13
463
*45
35
Oct 5014 Feb
5138 5,400 At CI & WI8 S
Line—No par 371a Feb 18 59/
5114 513* 5278 53 5312
51
517
, 54
'51
1
4May 21
54
543
3031 Mar 43/
5434 3,800 Preferred
1
4 Nov
1001 38 Feb 27 5614June 4
12714 128's 12814 1297 12834 13314 13315 13634 134 138
2934 May 61/
138 141
1
4 Nov
94.300
Atlantic
Refining
117
*1167
8
11612
100
117
1167
8 *116 117
9534 Feb 9 141 June29 104
*11812
116 116 '11514 116
Dee 131/
1
4 Aug
300
Preferred
73
73 •71
•71
100 11512 Apr 18 11814 Jan 3 116/
73 '71
73 •71
*71
73
73
1
4 Feb 119 Aug
75
200 Atlas Powder
No va? 63 Jan 3 101 Mar 23
'100 1001 *100 108' 10814 10814 10812 10812 10812 10812 *1084 109
56/
1
4 Mar 70 June
40 Preferred
1358 132
14
14
100 10212 Jan 20 11012May 31
14
144 14
*14
1312 14
98
1312
Jan 107 July
1312
800
Atlas
Tack
.53. 634
No par
558 558 *54 614
814 Jan 5 17/
58 558
58
1
4June 6
614 614
74 Jane 1314 Apr
534
500 Aup
erti
ent,
eIT
N
:
,a
chols&Co YON° par
31
"30
31
"30
"30
•'30
4/
1
4 Jan 3
32
34
•30
32 '30
9/
1
4May 14
32
44 MAT 10/
1
4 Jam
66
•63
66
*64
*63
100 26 Jan 5 3. Jan 21
66 '63
65
"63
23/
66 '63
1
4 Dec 61
Jan
1313
Austrian Credit Anstalt
10
1034 10% 104 101g '10
10
101
934 934 "10
64 June 22 75 Stay 9
7214 Dec 803 Nov
11
600
Autosaien
Corp
No par
34
311 "29
*29
*29
612 Jan 18 1738May 25
34 '29
29
43 Mar 11 Dee
29
31
'29
30
100
Preferred
47 '454 46/
*4534 461 *45
50 26 June 11 3734May 25
45
1
4 .45
45
47
28 May 4214 Dee
*45
47
100 Autostr Sat Rimer A---No vat
250 250 *245 250 *245 255 '245 250 *245 255
4314 Jan 10 5212May 1
*250 260
43 Nov 41672 Nov
400 Baldwin Locomotive
Wk._lOOl 235 June 11 286 Mar 31 14314 Jan 26584 Sept
*11812 12012 *120 12012 "120 1201 120 120 •11812 1204 *11812 1201
200 Preferred
1001 118 Feb 23 12434 Apr 11 116
•10618 110 •10614 110 "1063* 110 '107 110 •107 1091 '107 110
Jan 126/
1
4 July
Bomberger (L)& Co pref.._1001
10812 Apr 25 111/
1
4 Jan 5 10684 Mar 11075 Dee
"2612 2814 4,2658 28 '2658 28 '2658 28 "2652 2734 •2658 28
No pen 25/
1
4 Apr 13 52/
2118 2112 2114 2134 2112 2134 3,300 Barnett Leather
1
4
Feb
1
597s Feb
Jan
40
2114 2188 2114 2112 2114 211
Barnsdall Corp elan•
29
251
June
*203
26
22
7
12
8
4
*20
Apr
4
22
3
4 22
30
1
4 Feb
2034 Oct 35/
*21134 2112 *203
*21
2212 *21
22
Class B
251 20 June 14 2714 Apr 30
20/
1
4 Oct 32/
1
4 Feb
Nov 498s 15;ii
•Bid and asked prices; no sales on this day. z Ex-dividend. a Ex-rights.
New York Stock Record-Continued-Page 3
4052
preceding
For sales during the week of stocks not recorded here, see third page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 23.
Monday,
June 25.
Tuesday,
June 26.
1Vednesday, Thursday,
June 28.
June 27.
Friday,
June 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basil of 100-share lots
Highest
Lowest
PER SHARE
Range for Previous
Year 1927
Lott's!
Highest
8 per share I per snare 5 Per IWO
Shares Indus. & Miscel.(Con.) Par 3 per share
4911 Jan 109 Dee
$ prr share $ per share $ per share 3 per share 3 Per Share $ per share
No par 98 June 20 14012Mar 1
Bayuk Cigars. Inc
*101 & 110 .101 110 *101 110 *101 110 .102 110 "105 117
Jan 110 Aug
19 110331,1v 28 101
June
10
104
First
100
10812
preferred
*107
Oct 1814 June
•106 1;10814 *106 10814 *106 10814 1107 10814 107 107
14
25
Apr
2014
16
Mar
1214
par
No
Oil
Beacon
1534 1534 1558 1578 3,600
Apr 7414 Nov
1513 1512 1513 1578 1534 1578 1558 16
6014
0
Feb
20 7012June 25 834
7278 7412 2,400 Beech Nut Packing
73
*72
7312 7134 7134 *72
714 7112 27012 72
1512 July 2714 Jan
Jan 12
22
II
8June
155
par
Co__No
Belding
Hem'way
1,400
17
17
17
17
1658 17
1658 164 1652 1658
*1658 17
85 June 12 0212May 14
400 Belgian Nat Rya part pref..- _ _
8614 8614
87
87
8612 8712 *8612 8712 *8612 8712 *8612 87
-4933 Aug 594 Nov
No par 5344 Jan 19 7178 Apr 27
1.800 Beet & Co
6678 6838 6714 6714
67
6618 6634 67
67
*66
AA Jan 8611 Sept
6712 *66
8June 19 6918 Apr 14
517
100
Corp
Steel
Bethlehem
30,100
5458 5514 5458 56
Jan 120 Dec
10414
5353 5314 5412 5418 55
5278 5358 53
13
Apr
125
29
11618Junc
900 Beth Steel Corn Df (7%) _100
1164 11618
11718 11738 11678 11678 11612 11612 *11614 117 "1164 117
34 June 524 Nov
June 12 4413 Jan 6
34
par
Bros____No
Bloomingdale
900
34
34
35
3418 35
34
34
34
34
34
34
34
11113 Apr 5 10912 Jan 114 Nov
11
Jan
100
10913
Preferred
Jan 95 Dee
*10912 111 *10912 111 *10912 111 *10913 11078 *10913 11012 *10912 11012
44
100 87 June 27 98 May 14
40 Blumenthal & Co pref
90
*89
90
*89
87
87
90
*86
90
*86
90
*85
634 Jan 694 Deo
No par 8514 Jan 3 7838 Jan 27
6912 6912 1,300 Bon Amt. class A
69
69
70
6912 6912 69
833 Apr
Sept
6812 6812 6934 70
412
6
834June
4
Jan
614
par
No
653 658 2.200 Booth Fisheries
67s 64
7
7
634 7
612 612
36 Sept 5714 May
653 634
100 4114 Mar 14 4912June 15
700 let preferred
4712 4712 4712 4538 4518
45
47
46
50
169 Doe
*4413 50 .45
Dec
16712
11
Jan
187
19
June
152
50
Co
Borden
2.400
160 160
154 156 *157 15834 158 159
15334 154
154 155
18 May 3011 Sent
200 Botany Cons Mills class A...50 13 June 23 23 Jan 4
*1234 15
*1234 15
15
15 .13
*13
15
.13
13
13
1912 Sept 364 Feb
Manutacturing_No par 2118 Feb 4 4273June 4
3812 3618 3714 354 3712 158,200 Briggs Empire Steel
2 Deo
3338 3334 3314 3312 3334 344 34
13 Apr
25
914May
10
Jan
Ds
100
British
1.000
*412 5
*438 5
*414 6
418 412 .424 6
418
4
74 Dec
Apr
1
1
Feb
12
5
Jan
214
100
300 29 preferred
712
712
714
74
9
*714
878
*714
8
83
Dec
*714
Feb
9
225
*634
100 20614 Jan 10 26814 Apr 13 14813
600 Brooklyn Edison. Inc
23934 240 *24112 245 *243 248
239 239 *238 240
Deo
1574
Apr
Apr
3
895
14
*236 240
15914
139
13
Juno
par
No
Gag
Union
Bklyn
3,200
4
1443
140 14112 14112
138 142 *135 140 .135 140
Dec
Feb
3012
6014
5
140 140
Apr
6512
4518June
11
par
No
1,200 Brown Shoe Inc
4638 4512 4534 454 4614
*4534 4612 46
46
9K 2 July 357g Jan
*46
4712 46
...,7
2712 Feb 20 5132May 16
par
Brunsw-Balke-Collan'r_No
19,600
43'3
424
8
427
42
4158 404 4114 4034 4134 4113 4214
41
2
5078June
18
Feb
2412
10
Co
Bucyrus-Erie
374 3718 3738 5,300
3513 3534 3618 3634 374 37
3414 3533 35
10 3333 Feb 17 5458May 14
4412 4412 4638 454 4678 4538 464 8,000 Preferred new clAaomNo par 9313 Feb 17 12512J une 2 -8-513 June 1-2514358 4418 434 4418 44
4 Jan
200 Burns Bros
113 113 *112 114 *113 114 *111 116 *113 116
*111 112
164 Mar 3414 Jan
1573 Mar 8 4338June 4
par
___No
corn_
800 New class B
*2614 271
27
*26
2512 26
26
2614 26
26
Jan
25
25
90 June 100
100 9734 Feb 21 11034June 11
Preferred
10
107
*105
107
*105
8
1067
1064
*105 108 *105 108 "105 107
300 Burroughs Add Macti_No par 139 Jan 14 165 Feb 3 290 Mar 145 Dee
15538 15538 15514 15,514 *15514 157
•155 157 *155 157 *15538 157
Nov
69
Jan
4
293
13
Apr
par
_
874
50 June 20
1,300 Bush Terminal new__ No
53
x53
54
53
*5178 53
*5138 63
*5012 52
*5012 53
9114 Jan 11178 Dec
100 10714 Jan 4 115 May 21
130 Debenture
10758 110
109 109 .10812 110 "10812 110
10978 1094 109 109
100 11418 Feb 15 11912June 15 10353 Feb 120 Aug
80 Bush Term Bldgs. pref
11513 11512
*116 11814 115 1184 11514 1184 11438 11438'___ 118
518 May
314 Mar
418 Jan 1! 10 May 28
5
Zinc
&
Copper
6,400
Butte
718
7
714
7
714
4
63
634 7
718
7
658 7
Oct 8114 Feb
44
100 45 Feb 7 8712May 15
4712 4814 6,200 Butterick Co
4612 454 48
4634 4712 46
*4512 4712 4618 47
1114 Jan
731 Nov
9 Jan 11 1634May 21
10
3.100 Butte & Superior Mining
1218
4
113
12
12
4
1134
113
12
1113
1134
*1114
12
1114
Jan 9212 June
66
No par 65 Mar 1 8014May 21
300 By-Products Coke
71
71
71
70
71
*69
71
*68
70
70 .68
*68
Jan 10214 Deo
42
No par 9013 Jan 16 11713 Jan 27
9834 9734 10038 13,300 Byers & Co(AM)
9514 974 95
95
93
93
93
9212 94
100 1084 Apr 13 1121s Jan 14 10534 May 11212 Dec
Preferred
_
_
*11113
•11112
___
*11112
_
*11112
__
___ •11112
79 Dec
Apr
6014
6812June
13
18
par
Apr
4
3
79
Packing__No
California
4,000
704 -72
-72
714 7214 *71
2•1111
*6912 -6914 6912 -7-03s 7014 -'11
25 2514 Mar 16 3234May 22
500 California Petroleum
30
*2034 3012 30
*2938 30
30
*29
30
2914 2914 *29
253 Jan
114 Sept
134 Mar 8
10
533 Apr 30
Zino-Lead
Callahan
4,300
318
318
314
3
318
3
318
3
318
3
318
3
12312 Deg
10 89 Feb18 12014 Jan 3
June
6113
Mining
Arizona
Calumet
18,500
99
9712
9913 98 10012
9678 97
9434 9653 9338 9518 95
25 204 Jan 10 2514May 28
1414 July 2414 Dec
2212 2238 2253 2213 2234 2214 2234 6,900 Calumet & Hecla Ale.No par
2238 22
214 2214 22
Jan 60is Aug
36
547s Jan 5 8612May 8
764 7818 19,700 Canada Dry Ginger
754 7718 7518 7814 7558 7778 7612 7714 7618 774 337
100
Jan 28314 Oct
Jan
June
132
350
247
28
21
Machine
Thresh
Case
15,600
349
308 350
301 308
295 301
290 290
.285 290
129 Dee
Feb
111
1213
_100
8June
pref.__
30
28 13512 Mar
200 Case Thresh Mach
12438 12438 *120 125
123 125 .120 128
*120 128 *125 128
24 Apr 33 Apr
Steel____No par 2818 Mar 27 404May 24
3313 3258 3312 3318 3438 9,100 Central Alloy
3233 314 324 3218 334 33
1614 Aug
1.32
Jan
1112
18
par
Apr
Feb
_No
1013
1758
Mills_
4
Ribbon
300 Century
1312 1218 l2'o
1312 *12
1313 *12
134 *12
1212 1212 .12
Jan 884 Dee
100 8014 Feb 21 02 May 15
70
10 Preferred
85
*82
82
82
85
*82
87
*82
85
*82
87
*82
Dee
724
5813
par
June
Jan
3
58
773
4
Copper_No
sJune
Pasco
de
Cerro
45,000
7634
7414
7418
72
694 6912 704 7018 72
69
8912 70
42 Jan 5834 May
par 4034May 24 6413 Apr 28
4458 4314 4412 4218 4314 8,100 Certain-Teed Products_No 100 97 June 2 100 May21---4413 4412 4443 444 4438 4478 44
preferred
7%
97
*95
97
*95
9712
9712 *95
9918 *95
9918 *95
*95
No par 71 May 3 7712June 2 15 Dec 7873 AUS
700 Certo Corp
72
72
73
*72
73
•7118 7212 7212 7212 7118 714 72
14 Mar
413 Nov
54 Feb 29 134May 15
1,600 Chandler ClevelandMotNo par
773 778
74 74
712 753
74 734
74 77ri
74 714
14 Mar 13 2538A9ay 15
13 June 2614May
No par
Preferred
1,800
154
1514
154
1518 154 1518 1534 1512
16
*15
16
•15
8 Oat
867
6414June
par
June
13
No
814
6
Jan
4
543
Corp
5,300 Cheeapeake
67
66
6612 67
6514 664 6558 6614 6513 6612 654 67
115 June 25 14114 Jan 30 1204 Jan 1374 Mar
11714 11714 11758 11834 2,300 Chicago Pneumatic Tool_100
115 115
115 115
115 115
116 116
Oct
47
par
July
30I4Mar
24
No
38
43
14
Jan
Cab
Yellow
Chicago
210
32
32 .31
3014 3012 3014 3058 3013 3012 *31
*3014 32
No par 37 Apr 19 5213 Jan 7
4853 Mar 654 Aug
4534 1,500 Childs Co
45
45
4513 45
4614 *4534 4614 4578 454 45
46
June
Dec
374
444
25
Mar
6
3318
28
4512May
Copper
Chile
33,400
3
453
8
445
4.514
4
4334 4438 4373 444 4413 4513 444 4538 443
4 Jan 904 Deo
1
34/
400 Christie-Brown tern rItfallo par 79 June 20 131 Jan 23
82
8334 82
8012 8012 *82
80
80
80
432
81
•80
384 Jan 634 Dee
No par 5414 Jan 16 8812May 29
7114 135.700 Chrysler Corp
70
70
69
6834 70
664 6912 6812 7038 684 70
Apr 116 Deo
par
1024
11353
9
Jan
No
117
12
Mar
Preferred
1,500
11434 1144
11478 11478 11478 11478 11473 11478 11478 11478 *11478 115
No par 5114 Jan 19 5414June 11
4614 Mar 54 Dee
500 City Storm clan A
*5312 _--- *5312 ___ _
54
__ 54
*5418
54
54
*534 ____
No par 62 Jan 5 102 June 8
4112 Apr 644 Dee
9212 9372 944 4,600 Claes B
924 91
9238 914 9212 9158 9212 92
92
81 June 8411 Oot
8412 2,100 Cluett Peabody & Co No par 7712 Jan 10 10934 Apr 5
81
8012 81
80
79
7814 79
•784 79
80
79
Jan 12514 Nov
11818
100
Mar
11114
21
19
12434 Mar
Preferred
121
•11812 120 *11812 121 *11812 120 *1184 120 *120 121 *120
Feb 20 17734May 15 s9.513 Apr 19012 Apr
137
par
No
Co
Cola
Coca
3,400
16112
16013
13712
16018
4
1573
15518 15612 1554 15614 1564
158 157
11333 Dee
Aug
June
50
25
par
86
3
Jan
1114
now_No
&
Collin/
Alkman
5512 5612 5578 5612 16,100
57
54
5614 5014 53
551,3 50
58
100 9512June 25 109 Jan 3 10213 Sept 10934 Dee
500 Preferred
9412
*92
04
*90
94
94
9512 9512 •90
*90
.9512 97
9638 July
Jan
41218
5212June
25
100
844
31
Jan
Iron
&
Fuel
Colorado
21.900
584
5812
587
584 58
5414 5678 57
6212 55
554 56
68rs Jan 1014 Nov
811 *80
8112 1,400 Columbian Carbon vs oNe par 79 Juno 12 9814 Jan 24
7953 7938 7912 7958 7912 7958 7912 8112 8112 10912
Feb 981* May
par 891t Mar 14 11834May Ill
534
new_No
Elea
&
Gas
Colum
21,300
4
1093
4
10714
1073
107
10838
105
108
105
10414
105 106
100 106 June 19 1101,Jan 3
9912 Jan 1101s Dee
10713 10712 10612 10612 10613 1063 10612 10612 1,600 Preferred new
107 107
107 107
£818 May 7834 Oat
5,500 Commonwealth Power_No par 8214 Jan 11 8712May 8
7518 76
7534 7512 761
75
734 7312 75
73
73
73
21
par
Feb
__No
14 June 244 Dee
4
20
8May
353
Credit__
3114
Commercial
3114
2,200
3114
3114
3053 3114
31
3114 31
31
32
*31
13
25
Feb
17 June 244 Sept
8
3
May
27
20 Preferred
2412 2412
*2412 25
2410 241 *2413 25 .2412 25
.2412 25
25 23 Feb 7 2714May 11
,June 25 Dee
187
B
261,
Preferred
30
*25
261
2612
2613
2612
25
.25
26's
26s 2613
*25
July 8952 Deo
8.5
12
June
69
96
100
Mar
16
%)-..
preferred
1st
90
(634
91
901 *90
9012 89
8918 8933 *89
.9014 901 *8913 901
4 Mar 1 74 Apr 17
/
414 May 62 Dee
900 Comm Invest Trust___No par 551
66
654 65a 65
65
64
64
63
63
*6212 657 .62
102 Dee
Sept
99
100
Jan
27
944
109
14
May
preferred
7%
"10513
108
108
*10512
108
*10512
108
*10513
*10514 108 *10514 108
100 9238June 16 97121Nlay 11
8633 July 9814 Dec
Preferred (854)
594
071 *9414 971 *944 9712 *9414 971 .9414 9712
971 •94
2,500 Commercial Solvents-- No Par 1374June 19 1894 Mar 28 145 Nov 203 Sept
154
15334
1531
*153
1544
4
1473
14512
14513
143
143
144
143
89 Aug 53 Dee
400 Conde Nast Publica___No par 48 Jan 14 65 June 2
59
58s 59
58 .58
5712 671 *5712 574 58
*5711 59
4 Dee
1
1714 Jan 29/
2338 2312 2414 16,400 Congoleum-Nairn Inc_No par 22 June 12 3111 Apr 17
22
225, 2212 2314 23
2214 224 2214 221
67
18
Feb
3
par
Jan
47 Mar 884 Dan
814
No
Cigar
Congress
500
7112
8
713
701
7018
7018
*69
691
6912
70
70
71
•70
4 July
Oct861
744
4
June
99
20
par
Jan
7913
No
5,200 Consolidated Clgar
854 89
8614 865
88
8434 85'3 85
85
85
*8513 86
100 9614June 26 1024 Apr 18
1,100 Preferred (6)
981 *98
99
9814
98
98
98
9814
97
97
98
Feb
*97
3 May 18
-12 Oct
-2-11 '
Consolidated DistriliersNo pa
4 Jan 21
-- -____ ____ ---- ---- ---- ---- - - - 94 Mar 12514 Dee
67,000 Consolidated Gas(NY)No par 1194 Jan 10 17014May 7
1444 14558 14413 14578 1454 149
14112 143
14052 14314 14013 142
Dee
103
93 Mar
No par 10012June 27 105 Mar 28
10112 10112 10012 10112 2,800 Preferred
10012 101
101 101
101 10118 101 101
74 June
318 Ma
31, Feb 9
538 Mar 28
318 314 4.500 Consolidated Textile_ No pa
313 318
318 314
314
318
318 34
314
314
3312 Apr 744 Jan
2612 Apr 10 6312 Jan 13
par
•2812 2013 5,600 Continental Baking clANo
30
2818 30
2934 2712 2914 28
2978 294 29
1014 Jan
4 May
314 Apr 10
13
var
Jan
6
No
B
Class
4
43
3,500
4
43
6
44
44
412
44
44
478
4
1
4
434 44
100 73 Apr 10 9613 Jan 20
_..
72 Apr 974 Nov
3,600 Preferred
*7778 78
79
7312 764 7458 7612 77
76
7612 7612 76
5814 Apr864 Deo
8014 Jan 10 11478 Apr 16
pa
_
22,100 Continental Can. IncNo
9812 9834 101
9812 97
96
954 97
93i2 9318 94
93
126 Jane
Jan
120
5
28
Jan
Mar
128
123
100
Preferred
50
12514
4
*1244
*1243
12514
4
12514
*1243
12414 12434 *12434 12614 *12434 12514
7413 Dec 9314 Deo
8014 80
81
80
x80
8014 2,800 Continental Ins temp ctfs_10 75 Feb 15 9478May 15
7814 784 7812 7812 7812 79
84 Nov1314 Jan
10 Mar 13
1478May 8
8,400 Continental Motors___No par
1134 114 114 12
114 1134 1178
1158 1134 1112 1134 1158 70'
464 Jan 68 Nov
8
Jan
7112
824
8
8433
8
717
723
13
Apr
72
7014
2
4
Refining____25
723
Corn
2,800
Products
70
7078 704 6958 714
Jan 14214 Deo
100 13812 Jan 16 14684 Apr 10 128
144 *1404 144
Preferred
.14012
144
*14012
144
*14012
144
*14012
144
•140
Jan 128 1/00
56
173 175
No par 123 Jan 3 188 June 7
1,300 Coq, Inc
172 172
170 171
169 170
*166 168 *166 169
4 Mal
Oct96,
7613
73
2
8
743
7
733
73
7314 3,800 Crucible Steel of Amerlca...100 7212June 19 93 Feb
7314 7312 7312 7314
7312 73
73
Jan 115 Sent
100 11212Mar 16 121 May 11 103
500 Preferred
115 115 *114 11513 *114 115 *114 115
115 115
Jan
115 115
Aug3414
1813
8
s3.1ay
287
22
4
24
Apr
2312
24
par
No
2,400
Co
Cuba
*2312
2312 2334 2334 24
2312 *2312 24
23
473 Oct1014 Jan
712May 12
512 Feb 16
No par
511 553 2,200 Cuba Cane Sugar
54 512 5553 534 *54 534 "533 514
523 538
Nov50,14 Jan
8
283
12
Jan
193
4
1
/
32
26
8
June
19
2112
2014
100
5,500
20
22
Preferred
2012
2018
19
221,3
221s 21
22
1878 Nov284 Jan
1912 1913 1,000 Cuban-American Sugar
10 194 Feb 18 2414May 25
1913 1933 1918 1918 1914 1912 1912 1912 1053 1953 *10173
9712 Nov107 Aug
105
105
100 10113 Feb 18 108 Feb I
Preferred
*10178 105 *10173 105 *10173 105 *10173 105 *1017g 9
1013 Nov18 Jan
di
23
Jan
June
9
12
10
0
500
*9
914 94 •94 10
CubanDom'canBugnewNo Dar
914 *914 934
g
434 Apt 684 Bent
66
66
6638 6,900 Cudahy Packing new
50 54 Jan 3 724 Feb14
64
644 64
64
6212 63
624 6414 62
454 Nov 694 Dec
9614 9978 9712 9913 9958 105
37,400 Curtis Aer & Mot CoNo par 5318 Feb 27 19234May 16
99
95
9318 95
924 98
100 11714 Jan 6 1434 Apr 18 111 Nov 118 Doe
Preferred
Oet
Apr 152
103
No par 1444 Jan 13 193 Juno 6
•Iii3T2 1-81- 16 176- itii- fdili *iio" fii- ;Fro', iiii- -iii iii- ---665 Cushman's Sons
Apr 125 Dee
123 123 "120 127
10 Cushman', Sons pre (7)_.J00 114 Jan II 126 June 13 107
Get
•120 127 *120 127 *120 127 *120 127
5511
Apr
80
20
Jan
554
10
*52
5014May
5212 5234
52
5213
No par
400 Cuyamel Fruit
.504 5014 .51
*5014 5212 "5014 51
264 Apr 4812 Do°
27.700 Davison Chemical v t c_No par 3438 Feb 18 5638May 1
4212 4218 4312 434 4434 4412 464 4558 4638 4534 47
42
12512 Nee
Jan
10412
15
4May
1263
1
Feb
1223
11513
124
100
4
124
1223
124
12212
4
124
pre!
120
Co
&
Deere
124
Dee
12478 1244 124 1244
100 16613 Jan 11 20934June 4 13313 Jan 17013
200 20012 200 20612 2,100 Detroit Edison
20014 *198 200
20012 20012 200 200 *197
Ars Dm
3812 Aug
40 Jan 3 61 Apr 16
5158 51
51
5012 Si
x5012 5012 50
1,800 Devoe & Raynoldi A__No par
5012 51
5018 51
Dee
11413
Jan
101
120
16
May
9
Jan
108
10
.11414
11512
11414 11414
11512 *11414
20 let preferred
•118_- •118 11614 *11414 11512
100 13413 Jan 18 161 Feb 2 115 Feb 14734 Seri
140 15313 15212 153
580 Diamond Match
14618 14612 14612 150
146 146
146 1-4-6
274 Jan
Oct
134
4
Jan
June
241s
11
12
par
A____No
8
127
8
125
124
124
134
Class
1214
Bros
20,300
Dodge
124 134 1258 1314
124 13
5612 Oct 85 Feb
No par 6312June 19 86 May 31
6512 64
6534 68
6914 14,700 Preferred certif
6478 6612 6534 6614 x135
06
65
7 June 144 Deo
8 June 13 1312 Jan 6
No par
812 834 3812 832 1,000 Dome Mines, Ltd
812 834
*812 834
A
812 812 .814
Mar
49 Aug 824 001
76
29
Jan
9
554
par
6312
63
63
International...No
63
263
63
63
1,600 Dunhill
63
6212 63
1174 Nov
63
83
*10034 101 *10012 10112 .10012 1011
1st pref___100 101 June 12 11613 Mar 3 11414 Mar
Light
101
Duquesne
100
*10012
101
101
*101 10152
No par 163 Feb 21 186 May 14 12614 Jan 17514 Sept
177 178
2,500 Eastman Kodak Co
1704 171 17114 171 17314 173 175
1314 ON
Jan
17012 17012 170
Apr
Mar
11914
134
3
7
125
100
40 Preferred
131 132 .131 132
131 131 *131 132 *131 132
2114 Oct 2934 June
*13014 132
3658 36
364 3673 3713 7,900 Eaton Axle & Spring_No par 26 Jan 11 4134June 4
351, 3511 3513 3512 3512 3512 36
Jan Sari loci
168
4
10
Jan
40512June
310
par
new_No
3821
Nem
de
Pont
du
I
362
370
E
36214
37211
8.900
355
348 34934 349 355
352 354
100 115 Mar 9 12112May 8 10513 Feb 118 Dee
1 400 6% non-cot deb
116 116
*1164 11734 11678 11833 116 117
ri
11714 1174 117 117
sales on this days s Ex-dividend, a Ex-right.s4
•Ski and &eked prices; no
B Itz-warrantee
New York Stock Record-Continued--Page 4
4053
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 23.
Monday,
June 25.
Tuesday,
June 26.
Wednesday, Thursday,
June 28.
June 27.
Friday,
June 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
S per share 5 per share S per share $ per share $ per share S per share Shares Indus. & MIscel. (Con.) Par
15
1514 1558 1,900 Elsenlohr & Bros
15
25
1514
1534 *1518 1534 15
*15
1534 *15
(35% 67% 6712 68% 68,800 Electric Autolite
6134 6014 6114 6114 66
63
No par
6314 60
1112 115s 11% 12
1112 1112 1114 1134
1118 1114
11% 12
No par
6,200 Electric Boat
3414 3434 3414 3458 3458 358 34% 35% 3514 3534 3534 3612 15,800 Electric Pow & Li
No Par
*107 108 *107 10778 10712 10712 *107 10778 10712 10712 107 107
No par
400 Preferred
Electric Refrigeration No par
7234 7314 7212 7258 7258 74% 74
75
7
74% 75% 75
76% 7,800 Elea Storage 13attery._No par
*612
*6
7
7
*6
*614 7
*614
7
Elk Horn Coal Corp__ _No par
*6,4
7
11
11
9
10
9% 9
1012 *918 10
1112 1112 11% 2,700 Emerson-Brant Class A.No par
31
*30
31
*30
*30
*2912 31
31
*30
31
*30
Emporium Corp
No pa
31
ng
77
*7534 78
7614 7612 76% 76% *76
77
76% 7658
700 Endlcott-Johnson Corp___ 50
*12234 12512 •12254 12512 *12234 12512 *12214 12512 *12234 12512 *12234 12512
Preferred
100
3612 3634 36% 36% 3612 37
36% 37
37% 3734 37% 3812 3,200 Engineers Public Serv _ _No pa
*11034 11134 *11034 113 *11034 ---- 11078 11078 *11034 ---- *11034 ---No pa
100 Preferred
Erie Steam Shovel
5
*131 134 *131 134 *131 13434 *131 134 *13114 13434 132 132
300 Equitable Office Bldg _ _No pa
0312 8312 *63
65
65
*64
*64
64
6312 64
600 Eureka Vacuum Clean_No pa
6478 66
*1934 20
*1034 20
*1934 20
20
20
*1934 20
200 Exchange Buffet Corp_No pa
20
20
*38
3912 3912 3912 39
39
3934 40
40
46
4,600 Fairbanks Morse
No pa
458 46
•10714 110 *10714 110
10934 10934 *10714 110 *10714 110 *10714 110
10 Preferred
100
12412 12478 12412 12478 125 12512 125 126
1257u 12618 126 12714 17,100 Famous Players-Lasky _No pa
*5312 54
5312 5312 5258 53
*5258 5312 .5212 53
*5214 53
15
1,000 Federal Light ,k Trac
*10214 104 *10214 104 *10214 104
104 104 *10214 107
30 Preferred
10634 10634
No pa
*11712 126 *11712 126 *118 125
125 125 *120 130 *118 140
100 Federal Mining & Smelt.g-100
*9712 9812 *9712 9812 *9712 9812 *9712 9812 *9712 9812 *9712 9812
Preferred
10
1812 1812 18
18
18
1818
1812 1812 *1812 19
1818 1818
900 Federal Motor Truck __No pa
78
7834 7738 7712 *78
80
78
78
80
8214 280
821 2 2,100 Fidel Phen Fire Ins N Ynew 1
01212 1414 *1212 1414 *1212 1378 *1212 137 *1212 137
10 Fifth Ave Bus
No pa
1358 1358
*3234 3314 3212 3318 327 33
33
3334 3312 3438 3312 3458 6,500 First Nat'l Stores
No pa
12
1214
12
12
11% 12
1114 1212 1112 1134 1134 1218 11,200 Fisk Rubber
No pa
8114 8114 *8014 8114 7914 8014 *80
90
8058 81
*80
90
900 let preferred stamped___10
*81
88
*81
88
*81
85
*81
88
*75
81
81
10
SI
100 1s1 preferred cony
6618 67
66
673
67
67'2 6712 68
No pa
6712 6838 68
6834 14,000 Fleischman Co new
*42
45
*42
45
*42
45
*4212 45
Foundation Co
*42
45
*42
No pa
45
7412 7512 74
7412 7514 7534 7512 7678 77% 7812 577
No pa
7712 10,800 Fox 1.11m Claes A
6414 65
64
6512 6514 67
67
6758 6712 677
677 6812 16,000 Freeport Texas Co
No Pa
•104 107 *104 105 *104 105 *104 10612 105 107 *105 107
.... No pa
Fuller Co prior pref.
1712 1712 1614 1712 *17
1758 *17
1734 *1718 1734 1758 1912 5,700 Gabriel Snubber A
No pa
013
97
97u
95*
*914 958
95*
8
97
No par
95 105
3,000 Gardner Motor
934 91
*6812 6934 6812 6812 *68
6812 68
6812 6812 7114 6812 7158 7,300 Gen Amer Tank Car__ _No par
10914 10914 .10912 111 *10914 111 *10912 111 *10912 111 *10912 111
100
200 Preferred
7
7014 71
7114 7312 7234 7434 74
100
77
20,500 General Asphalt
*112 118 *11314 115
115 115 *115 118
100
11518 11812 11612 11734 2,100 Preferred
*14112 14012 *14112 14912 *14112 14912 *14112 14912 *14112 14912 *14112 14912
General Baking pref___No par
24
*22
24
*22
23
23
*2112 24
2458 247
No par
24
800 General Cable
23
6234 6314 63
63
64
6334 6314 64
No par
6,700 Class A_
6534 66
6314 663
6114 6134 61 14 6114 6118 6134 *61
64
1,300 General Cigar. Inc new _No par
*6112 6212 6112 62
•11614 125 *11612 125 *11612 125 *11612 125 *11612 125 *11612 125
100
Preferred (7)
54
5334 *53
53
54
54
5312 5458 *54
900 Gen Outdoor Ads' A.... No par
55
*5334 5422
337
34
3618 31
34
34
3438 4012 *3714 3958 3612 37
12,900 Trust certificates_ ___No par
143 1447 14278 14412 144 14612 14658 14958 148 149% 149 151,4 78.000 General Electric
No par
1114 1114
1114 1114
1114 1158 1114 1 158
1114 1114 *1114 113* 6.400 General Electric special...__10
45
4512 4434 4553 4512 49
4412 45
7,200 General Gas & Elec A- No Dar
4812 4612 471
48
*10914 113 .10914 114 *10914 113 *10914 114 *10914 114 *10914 114
Gen Gas & Elea of A (7) No par
*130 135 *130 135 *130 133 *130 133
100 Preferred A (8)
No par
130 130 .126 133
•10914 110 *10914 110 *10914 110 *10914 110
100 Preferred B (7)
No par
10914, 10914 *10812 110
17014 17238 17214 17514 17534 180
17014 173
18014 18612 18714 19114 1144400 General Motors Corp new__25
12512 126 *126 12612 1263* 12612 12612 12678 *12612 127
126 126
1.100 7% preferred
100
8612 8812 88
8912 8812 8938 88
87% 88
89
911 11.900 Gen Ry Signal new___ _No par
89
48
4812 48
48
50
50
50
50
5114 5212 3,100 General Refractories__ _No par
503* 517
99 10114 10014 101
984 9912 9838 99
10012 10112 10114 10378 17,600 Gillette Safety Razor_No par
55
5512 55
55
55
56
55
26,300 Gimbel Bros
5834 .5612 5813 5714 59
No par
*96
99
*96
*96 100
99
*96
100 Preferred
99
99
100
99
*98
99
2112 2134 2153 2112 213* 2158 2134 22
3.700 Glidden Co
2212 2212 23
No par
22
10034 10034 *100 10034 100 100
10034 10034 100% 10078 101 101
160 Prior preferred
100
8514 88
8734 9014 89
88
86
9078 89
9178 89
9014 21,400 Gold Dust Corp v o___No Dar
697
8914 7018 69
691,,, 70
6812 71
69% 7012 6918 7012 24,800 Goodrich Co (B F)_---No Dar
*110% 113 *11012, 112 *11012 112 *11012 112 *11012 112 *11012 112
Preferred
100
3
46
4538 4612 4518 4(1
467
4612 4734 4714 48
4714 4734 15,300 Goodyear T & Rub__No Dar
9318 9312 9312 9312 9312 9312 *93
9418 9418 937 94
No Par
9312 2,000 lot pref
•7512 7712 7612 77
77
7712 7718 78
804 81
3,000 Gotham Silk Hoefery No par
78
81
*7512 77
7678 7678 75
77
*75
81
7778 781 803 81
1,700 New
No Par
*116 119 *116 119 *117 120 *117 119
119 120
117 117
500 Preferred New
100
110 110 *110 112 *110 112 *110 112 *110 112
110 110
110
Preferred
ex-warrants__
_100
734 *758 712 *7
712 712
712 *7
7
712 712
712
600 Gould Coupler A
No par
2
2914
2812
28
8
2958 2914 3214 3118 3218 3078 3214 50,600 Graham-Paige Motors_No par
2918 297
5214 518 5212 5212 5358 5318 5312 5314 5334 53
52
54
12,900 Granby 0009 M Sm & Pr..100
335 34
*3334 3418 33
338 3312 3312 337 337
3,800 Great WesternOugarnewNo par
3312 331
1161
4 11614 *11712 11734 11734 118
11534 11534
11758 11758 116 117
310 Preferred
100
9418 9612 9412 97
955* 10034 10114 1067 104 10634 10338 10714 88,700 Greene Cananea Copper.. 100
7
7
7
718
758
7
718 718 *7
700 Guantanamo Sugar __ __No par
718
*7
7%
101 101
*101 104 *101 104 *101 104
*95 101
90 101
70 Preferred
100
57'1 57% 5712 5734 58
57% 5712 57
61
*59
62
*59
900 Gulf States Steel
100
*25
2514 23
25
25
247 25
25
*2412 25
*2412 25
50 Hackensack Water
25
5934 5934 5912 61
62
65
*63
6314 65
65
*6212 65
1,070 Hanna 1st pref class A__100
247
*2414
*2418
25
2512
*2414
*24
25
*24
26
*24
26
Hartman Corp class A _No par
19
*1834 1934 187* 1878 *1834 19
19
19
*1834 1912 19
700 rreC
lin
iae
ss
(G
B w)
a5
r
▪..No p2
*10734 108% *10734 10834 *10734 10534 *10734 10834 *10734 10834 *10734 1084
•13I
*131
*131
•131
____ 13012 131 *131
50 Preferred
100
8418 5418 54% 54,8 *5412 55
5834 5834 *56
55
55
600 Hershey Chocolate__ __No par
5812
7512 7512 7512 7514 7514 76
*75
76
*7614 7718
75
75
700 Preferred
No Par
10314
•10214
*10214
102%
10212 10214 10214 10214 10214 *10214 102%
•10214
200 Prior preferred
100
21
20
*20
21
20
*1813 20
•1812 20
*20
*1812 20
200 Hoe(R)& Co
par
30
3012 *30
3014 3012 3012 *30
3012 *30
1.700 Hollander & Son (A) N3
*3012 31
3038 1,700
N
71.
73
*72
*73
73
73
*72
73
73
*72
73
*72
73
100 Homestake Mining
100
•86
6812 *67
68
66% *66
*67
68
68
7018 7034 72
6,000 flouseh Prod.Ine.tem ctINopar
122
5
119
12012
12112
12412
126
13212 132 136
13814 140
120
18,400 Houston Oil of Tex tern etfs100
5712 5814 58
5958 5812 6038 *5734 597 20,500 Howe Sound
5534 564 5778 58
No par
7918 8014 7914 80,4 7938 8138 805* 8112 8058 8253 815* 8438 69,700 Hudson Motor car _ _
parr
1,412
7
5512 5514 5638 55
5714 5612 5712 5712 597 106,400 Hupp Motor Car Corp
5412 5514
10
2412 24% 2434 25
2513 25
2513 4,900 Independent Oil& Clas..No Dar
2518 25
25
2412 25
42%
4212
42
43
.
46
421
46
*47
4712 4714 4712 1,100 Indian
42
an
eferr
Motocycle
No
Par
*10834 114 *10834 114 •10834 110 *10312 114 *107 114 *107 114
erred
100
2378 2112 2434 2258 23% 23
245* 2312 2434 23
21
2418 83.200 Incli,m Refining
10
2218 22% 23
2412 2312 2412 23
23% 2158 24
24
52,300 Certificates
21
10
165 170
155 160
168 168
16934 17014 175 175
2,800 Preferred
150 158
100
92
*9012
911
*9012
91
91
*91
92
91
91
200 Ingersoll Rand new____No par
*9012 92
53
5314 5314 *53% 5414 *5314 54
53
54
5414
800 Inland
dferr
53
53
Steel
No Par
Preferred
100
21
7
;
-HIT
;
/1
1-4 "ioEs -2-1-3;
123
; 6,900 Inspiration Cons Copper___20
2614 163; -2-587
858 9
814 858
8% 9
814 8,4
814
2,800 ntercontl Rubber__ No par
17
17
17
17
1634 1634
1634 17
•17
1734 16% 17
1,500 Internet Agricul
No pa,
79
79
79
*7812 7912 7712 781
*79
7012 79i2 7912 78
1,100 Prior preferred
100
11814 11614 11614 11778 119 12012 120 12112 12214 12214 123 1231
3,300 Int Business Machinea_No par
64
6512
65%
64%
6512
65
64%
68
7
u
6614
68
3,000 inp
6412 6478
terrn
a
etioonal Cement_ _No par
errrd
100
i5 161-2 5618 5813 5734 5912 -8853 163; 53
623* 2-1-6,200 Inter Comb Eng Corp_ _No par
55
106 106 *10334 10578 *10334 105
10334 10334
200 Preferred
*102% 106% *10334 106
100
262
262 26412 253 27114 268 27334 11,400 International
259 260% *250 25412 255
Harvester_ 100
14212 143 *14212 143 *14212 14234 *14212 14234
143 143
1,200 Preferred
343 143
100
434 514
5
538
5
5
*5
518 2,400 Int Mercantile Marine
*434 5
*4% 5,
14
100
36% 36,4 36,4 3612 3612 3812 3714 3734 3712 3814 3758 3838 15,600 Preferred
100
9
84
9914
10118
1027
102
10512
102
10314
10412
995*
25.700 International Match pre!__35
99 100
3
9214 92
93
9234 943
9114 90
9334 955 147,900 Intenuttiona Nickel
8912 0034 89
(The)_25
7078 7634 7212 7134 7314 7234 75
24,200 International Paper_ ....No
89i8 70% 6918 7014 70
Par
•10112
___ *103
*10112 ----'101"
3,600 Preferred (6%)
•102 - - - - *103 104% 103% 10414 z10234 103
100
102
103
103
10338
104
2,500
Preferred
(7%)
10312 10412
100
.61
63
61
61
*61
63
8
607
61
61
60%
80 International Salt
60
60
100
140 *130 140 *132 13414 13414 13414 *135 150
100 International sliver
*130 140 *132
100
*12314 12714 12314 12314 12314 12314 *12314 12714
10
Preferred
•12314 12714 *12314 12714 16618 16912 16914 171% 169 17112
100
16912 172
166
20,700 Internet Telep & Teleg
100
164 16634 164
, 9
161;
sales on this day. z Es-dividend. a Ex-rights.
• Bid and asked prices; no
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
per share
Per share $ per share
1218 Jan 3 23 Apr 12
1034 Nov
60 June 25 7012June 15
11 June 19 1738June 6 -1-i1-2 Mar
2834 Jan 10 4512May 14
1612 Jan
Jan
10612 Jan 10 11018 Mar 8
96
111* Feb 6 1712Mar 19
N
ia
ov
y
69 Feb 20 8478May 16
63
6814
4 lk,
6 June 19
9 Jan 1
7 Dec
1512June 4
Oct
558 Feb 21
3
3014 Apr 2 33 Mar 1
30 July
6414 Jan
7514June 12 85 Apr 17
12114 Jan 27 127 May 18 116% Jan
33 Feb 18 4614May 7
2134 Jan
107 JanV 11114June 21
4 apnt
3318 Feb 20 3853 Jan 23
9
8
24
3,
33s
9018 Jan 7 145 May 15
6212June 19 79 Jan 3
50 Aug
1518 Jan
227sMay 7
1978June 15
3014 Nov
3212 Jan 5 54 Apr 19
104 Jan 9 11434May 14 107 Dec
FJaebn
97
932
111 July
11114 Jan 16 13178June 2
42 Jan 10 5634May 2
98 Jan 6 109 Apr 19
120 Apr 17 145 May 15
60 Feb
Jan
91% Jan 3 9938May 21
1761'
7 Dec
1712/gar 21 2578May
7514June 12 9412May 16
114 Jan 9 1514May 10
Nov
28 Apr 4 3834June 1
19 May
1118June 26 1734 Jan 4
14% Oct
7914June 26 9112 Jan 10
81
Jan
81 June 29 9734 Jar, 5
4
98
4%3 July
Fb
65 June 19 76% Apr 14
42 Mar 5 5534May 16
35 Nov
72 June 12 921421100 2
50 June
631421100 1 10914 Jan 11
3414 Jan
10318 Mar 17 1098 Apr 23
15 Mar 23 2812 Jan 5
22 Dec
Jan
714June 12 1634 Feb 2
6078 Feb 20 7712May 15 "
46
Jan
10914June 23 11134May 15 108% Mar
68 June 12 9474 Apr 30
65 Aug
11018June 1
14112 Apr30 1074 Aug
134 Jan 26 150 June 8 11012 Apr
21 Feb
3.512 Apr 28
5513 Dec
56 Feb
8078 Mar 20
5912June 12 7538 Feb 2
Jan
52
11534June 18 130 Apr 27 116
Jan
53 June 19 58% Jan 3
$4% Apr
31 June 25 52% Jan 7
Jan
37
124 Feb 27 17412 Apr 16
Jan
81
1114 Jan 23 12 June 7
11 June
Apr
3514 Jan 18 5034May 16
34
108% Jan 4 118 May 10 100
Jan
12214 Mar 22 144 Apr 18 11314 Mar
1051! Jan 17 11478May 16
Jan
96113 Aug
130 Jan 10 210 May 7 11314
12312 Jan 26 12712 Apr 12 11812 Mar
8414June 20 12358 Jan 3
8218 Jan
4512June 13 82 Jan 3
38
Jan
95% Nov
9718June 19 11218 Apr 13
3512 Dec
3418 Mar 6 6978June 14
87 Mar 6 101 June 15
91
1434 3,
N
lo
rty
v
20% Jan 27 2638May 23
95 Jan 4 10478June 1
8(1 Aug
42 Mar
71 Jan 16 10538 Feb 15
6812June 18 99% Jan 4
42% Jan
10912 Feb 17 11538May 1
4518June 25 7212 Jan 4
96
4838 Aug
9212 Mar 16 9912 Jan 13
92% Nov
75 June 13 93% Apr 14
07% Jan
7.5 June 19 93 Apr 14
Jan
58
Jan
1155* Jan 16 130 Apr 12 104
109 Jan 3 112 May 7
7 June 23 1258 Feb 2 -1- Oct
1634 Feb 18 39% Apr 12
39% Feb 18 5678klay 15
31'r, Jan
31 Jan 26 38 Jan 7
3518 Dec
11212 Feb 20 120 Jan 3 116% Feb
8938June 19 16412 Jan 4
204 Jan
7 Feb 23
Oct
9% Jan 4
7
101 June 27 107 Jan 7
51 Jan 9 69 June 1
23 Jan 5 30 Jan 31
9
4
22
°5711 Aug
l3ja6
59 May 25 7914 Jan 19
Jan
24 Jan 5 27% Feb 3
2212
5622
Oct
1678June 12 25% Jan 27
1812 Dec
10334June 13 11812 Feb 20
764 Jan
121 Jan 3 134 May 28 118
J,
ane
34% D
3034 Jan 31 64 Apr 26
7014 Feb 6 82 Apr 16
7014 Dec
10112 Jan 3 105 Apr 14
99% Dec
20 Apr 18 3074 Jan 20
Jan
22
29% Jan 10 3678 Apr 13
3114 June
67 Jan 4 75 Apr 11
Jan
60
64% Feb 21 7312June 1
6314 Jan
119 June 19 161 Apr 9
6018 Jan
40% Feb 18 6234May 28
y
Jjfua1yn
:
314:858 3,
75 Jan 16 9978 Mar 16
48',
29 Jan 16 65 Juno 2
Oct
16
2134 Feb 20 3174 Apr 30
Ma
3812 Feb 14 70 Apr 27
13 Mar
115 Apr 12
10014 Jan
92 Jan
9 Feb 18 24%June 25
24122000 27
,et
8% Jan 1
22
714 June
101 Jan
175 June 29
90 Feb 18 98 Apr 19
46 Mar
Feb
63 Jan 3
811'
4
1154 Jan
Jan
118 Feb 18 111
18 Feb 25 2578May 28
12'* June
814June 2
11 Nov
21% Jan 4
618 Ap.
13 Feb 24 2078May 17
48% Mar 26 8012June 18 0
3313 Mar
114 Jan 16 14734 Feb 3
58 Jan 3 7412May 16 4
65
31
1 Jan
238811: O
JJ aacrtin
10812 Jan 4 11074 Apr 26 100
Oct
4514 Feb 20 7238June 6
103 Mar 21 109 May 16 1s53
oaant
1a j
22434 Feb IS 290 June 4
13614 Mar I 147 May 1
4Mar 26
3
,
738May 9
ct
Oc
3418June 12 4458 Jan 17 33
21
1 0
9318 Jan 3 12178May 14 62 Mar
381,
73% Feb 24 103 June 1
may
66 June 19 83381gay 14
July
9814May 28 107 Apr 12
4 Jan
102 June 11 108 Jan 14 851
96'a
4912 Mar 28 6834 Jan 12 63 Sept
126 June 20 196 Jan 24 1351k Mar
123142110e 20 131 Jae 27 109 Mar
13912 Feb 20 19738June 2 12214 Jan
Highest
per share
1618 Feb
231* Aug
32% Dee
109 Nov
3738 Jan
7912 Jac
1558 May
13 Apt
374 mar
8114 Dec
126 Bent
3958 001
10818 Dec
3574 Deo
9312 Dec
7778 Nov
23 Dee
4313 May
112 May
115% Dec
£7 May
100 Aug
187 June
97 Me,
3074 Jet
147
,May
30 Feb
20
Apr
100 Sept
102 Sept
71% Dee
8858 Apr
8512 Dee
10612 000
59 Aug
15% Dee
64% Dee
1124 Sept
9634 May
14476 May
Oct
140
12-1;--5;;;
Ws Dec
136 Sept
59% Nov
5874 Nov
146% SeP3
1158 Jan
4712 Feb
11018 Oat
12338 Nov
10518 Dec
Oct
141
125% Dee
15314 Sept
81 Dec
109% Oct
59 Sept
108% July
22 Mat
101 June
7834 Dt0
9612 Dec
11112 Dee
6938 Dee
9878 Dee
85% Dee
8512 Dec
122 Sept
---- -1114 Nov
45 May
44% Sept
123 Seta
15112 Dec
1114 Ma7
106 Dec
94 Feb
27 July
7238 Dec
2714 Mar
1
4 Apr
29/
Oct
125
130 July
4014 Dec
75,2 Dec
103 Dec
41% July
4034 Gel
Gel
75
70% Nov
Oat
176
4838 Dec
9111 Aue
3614 Dec
32% Feb
47 Dec
10258 Dec
12% Sent
12 Sept
112 Mar
9612 AD
62% Dec
Oot
118
25% Jr.ch
25 Nov
16% DecDec
12
61
1! May
16
agra May
163
14
3
9 m
D
r:
2
10
5514, car
Dee
8% May
55% May
5
92
512
1 Dee
8111 Nov
Dee
Dec
im
Dee
Nev
Oct
Sept
1100%
75
198
128
15874
4054
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, , Monday,
June 23.
June 25.
Tuesday,
June 26.
Wednesday, Thursday,
June 28.
June 27.
Friday,
June 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On bests of 100-ehare lots
Lowest
Highest
PER SHARE
Rasps for Prestos*
Year 1927
4
L8mte
i3eIr
Hkohast
per share $ per chino
Per share
3 per share
per share $ per share
per share 3 Per share 3 per share Shares Indus. & Miscel.(Con.) Par
per share
3102 Java
300 Intertype Corp
No par 29 June 25 3812 Jan 20
*2612 30
29
29
29
29
29
29
*2612 29
*2612 29
67 6291
1,200 Island Creek Coal
I 61 Feb 17 61 May 14
*5158 52
*52
55
53
5113 52
*5152 5212 *5112 52
53
85 Dee
No par 7734 Mar 1 11334Ma 1
104 10434 1,800 Jewel Tea. Ino
100 100
102 10418 102 104
*98 100
100 101
13
1:
1 July 12512 Me?
Preferred
120 Jan 18 125 Ma,28 15
*124 130 *124 130 *124 130 *124 130 *124 130 *124 130
105 10834 32,500 Johns-hfunville
No par 9614June 19 134 May 10
10118 10312 99 10114 101 10212 104 10812 1053 108
123
Gel
f111
027-z15
12414hfay
7
120
Jones
&
Laugh
Steel
pref....100
120
June
121
120
*120
*120 12112 12018 12018 *120 121
120
120 120
3153 Dee
2712 2712 2734 1,410 Jones Bros Tea, Inc_ _ No par 2558 Mar 31 4034 Jan 10
271
/
4 2712 *27
2612 2612 27
2712 264 27
July 2212 Jan
No par
800 Jordan motor Car
812 Jan 16 1518May 31
1012 1012 *1012 1112 10% 10% 1012 1012 1034 1034 1012 1012
50 Kan City P&L 1st pf BNo par 109 May 18 114 Apr 26
110 110 *110 112
*10914 112
10914 10914 *10914 112 *110 112
Apr 653* Dee
40
7234 7238 7378 12,400 Kayser (J) Co v t o__ No par 6253 Jan 5 7612 Mar 30
66
6612 67
6712 68
68
68% 6934 70
3214 Nov
6,100
Kelly-Springfield Tire
25 15 Feb 17 2733 Jan 3
173
4
1814
173
4
18
•18
174
1812 1712 1712 1714 1712
1812
9
511 Feb 102 Sent
8% preferred
100 5514 Feb 17 84 Jan 6
*62
64
*62
64
64
64
*62
64
*63
67 .62
*60
9712 Sept
6% preferred
100 58 Feb 17 80 Jan 26
*62
66
*62
66
*62
66
*62
65
*60
*61
63
65
19
Oct)on 27 July
11,700 Kelsey Hayee Wheel__ _No par
2212 Jan 10 3812May 18 "
325 34
*3012 314 30% 3058 3012 3114 31
3214 3218 327
Preferred
100 108 Mar 8 110/8 Jan 5 103 July 110 Dec
*105 10934 *105 10934 *105 10934 *105 10934 *105 10934 *105 109%
60 Feb 90% Dee
No par 8018 Feb 20 9538May 28
8718 87% 8712 8812 8734 8914 89% 9014 8918 9012 8953 9078 51,900 Kennecott Copper
Jan
June 65
Kinney Co
No par 38 June 21 52 Jan 19
*38
39
*38
39
39
*38
39
*38
*38
39
*38
39
93 Dec
100 874 Mar 22 100 Apr 11
5.89'4
210 Preferred
94
94
94
94
94
94
*91
94
94
937a 93% 94
6278
Feb
June
Mar
31
49
Kraft
Cheese
25
5.312
76
May
17
8
5,500
63
645
62
6212
63
6312
623
2
6112
*6112
6314
62
61
10 6053 Feb 24 76 June 1
457a Jan 774 Se 1)
7034 15,200 Kresge (S S1 Co new
69
6934 69% 70% 70
67
6812 6618 6712 6818 69
100 11014June 14 118 Apr27 11018 Feb 118 July
30 Preferred
*11032 11012 11414 11414 *109 110 *108 110 *108 11014 *108 11014
10 June 18 Dec
1312 Jan 18 2714 Feb 29
300 Kresge Dept 13tores____No par
20
20% 20%
20
20
*19
*19
20
20
*1914 20
20
100 5134 Feb 1 7258May 11
Nov 80
Jan
200 Preferred
71
*68
71
*68
71
71
68
68
68
68
.68
*68
No par 87 Feb 20 11412 Mar 29
10512 Bcpi
800 Kress Co new
9912 9912 10114 101 101
96
*95
9912 *96
9614 9614 96
9138 9312 9234 93% 9212 94% 36,200 Kroger Grocery de Bkg_No par 7314Mar 27 10038June 1
8912 9014 88% 90% 9012 92
/
04
tircili Jae
4,150 Laclede Gaa L (St Loule)__100 200 Jan 10 260 Feb 2 1
250 252 *220 250 *220 250
251 252
230 25014 250 251
20 Preferred
100 100 Jan 5 12412 Jan 26
130 May
*101 10112 *101 10112
10112 10112 *10012 10112 *10012 10112 *10012
.8
2
59
32
*3112 32
1,400 Lago 011 & Transport_No par 273* Feb 20 3918 Apr 17 :
7711
3112 3112 3112 31
3 FJ
3114 3114 *31
3114 31
.J1a
no
n
u 374 Nov
No par 7912 Jan 10 12178May 9
Jan 8812 Oct
66
10212 10458 103% 106
10512 108% 10734 109% 109 11014 109 11012 45,600 Lambert Co
No par 1714 Jan 3 24121fay 1
1813 Dee
1,300 Lee Rubber & Tire
1814
*174 1812 18
18
18
18
1814 1812 18
18
18
No par 38 Jan 17 534 Apr 12
3253 Apr 43 Nov
4412 45
4234 4314 4334 45
45% 4612 4612 47% 47
47% 5,100 Lehn & Flak
3014 *2912 3014
No par 2912June 26 3618 Feb 7
600 Life Sayers
2014 Sept 3414 Dee
*2972 30
2934 29% 2912 2912 2934 29; *30
128 Sept
86
8414 8414 2,700 Liggett & Myers Tobacco __25 8318June 22 12213 Jan 3
8312 8314 8312 8512 86
88% 8338 8358 86
25 8014June 19 12312 Jan 3 *8653 Feb 128
Oct
8314 85 " 13,900 Scrim B
8212 8478 844 8513 8312 8513 8353 85
8134 83
100 13514 Jan 30 147 Apr 11 12484 Jan 140 Dee
Preferred
*135 145 *135 145 *135 145 *135 140 *135 140 *135 140
No par 48 June 21 65781lay 14
49
Oct 7658 Apr
53
*52
4312 53% 53% 1,700 Lima Lot Wks
*50
52
5234 5138 5218 *5234 53
6518 6512 6514 66
438
2453
5714
821
S
,Octjieaapypt 78% Dee
6712 68% 2,600 Liquid Carbonic certife_No par 6312 Feb 20 777 Jan 13
66
6534 6534 65
6614 68
No par 4918June 19 77 May 9
6378 Mar
5134 5234 51% 5258 5258 5414 18,400 Loew's Incorporated
5112 5232 5112 5178 5118 52
Na par
758 Jan
900 Loft Incorporated
534 Feb 9
5% 5%
8 May 2
572 5% *5% 6
5% 6
572 572
5% 6
2512 Dec 63 Mal
32
*31
32
100 Long Bell Lumber A__ No par 20 Jan 3 3534 Feb 3
33
*32
33
*32
*32
3212 *32
3211 32
4933 8,400 Loose-Wiles Biscuit new____25 4414Jrme 19 59 Ap 26 33512 July 5714 Dee
4512 4612 4512 4618 45% 4713 46
4714 46% 4714 47
100 11914June 27 125 May 9 11£1
50 let preferred
Jan 123 Nov
*11914 12312 *11914 12312 *11914 12312 11914 1194 *119)4 12314 11914 11914
2334June 12 4678 Apr 19 1
2612 12,800 Lorillard
417% July
2552 2638 2534 27
2534 2612 2558 2638 2578 26581 26
)PO
Preferred
95
95
400
June
23
11813 Jan
95
114
107
June
963
4
Mar
13
95
95
95 *____ 97
*95
95
9634 *__
9% Feb 21 1934 Apr 30
10
OM 12 41/3
1418 14
1352 1334 1312 13% 1312 1334 14
1414 14
1434 11,600 Louisiana 011 tern p ctfs_Nt par
_100 80 Feb 21 96 Apr 30
Preferred
8514 Dee 97 Feb
*81
92
*8038 9234 *83% 9234 *803* 9234 *8038 9234
93
*82
3414 3414 3,600 Louisville 0 dc El A__ ._No par 28 Feb 7 41 May 16
23% Jan 3012 Dee
*34
3412 33% 3412 3434 3434 3412 3434 3412 347
No par 2558 Jan 11 6812May 24
5612 13,400 Ludlum Steel _____
20 Oct 3314 Mar
4812 49
49
5038 5012 5212 5034 5234 53
4814 49
100 MacAndrews & Fr'nes_No par 46 Jan 6 5734 Apr 14
43 Nov 5814 Dee
*4772 4934 *48
4934 *48
4934 .4814 49% 4812 4812 *4813 4934
Mackay Compames
100 10812 Mar 2 134 Mar 20 105 Juno 134 Aug
*11734 124 *11734 124 *11812 124 *11812 124 *120 122 *12012 124
100 684 Jan 13 84 Mar 19
Preferred
*76
77
*7512 77
67 Aug 74 Ana
*7512 77
*7512 77
.751, 77
*7512 77
No par 83 Apr 17 10778 Jan 3 128484
11834 May
9112 9012 9212 9134 9314 9114 9332 25,000 Mack Trucks. Inc
91
8818 90
90
89
Macy Ca
No par 235 Jan 10 350 Apr 11
Jan 2434 Nov
*305 346 *305 346 *30034 340 *30012 341 *30012 344
*305 346
No
par
3,200
Madiecn
LiC1
Garden
2214
Jan
2853 Oct
2812
2814
2914
2812
9
34
Aug
2914
283
4
May
7
2012
29
2814
28%
2814
283
8
*2834
53
12,100 Magma Copper____
No par 4334 Feb 27 5634May 28
537 x52
2912 Feb 58% Dee
5058 5038 53% 52
4872 4912 4812 4834 49
It) az Co-No Par
16 Jan 20 28% Apr 12
mi. 1812 *16
1812 1,200 hfallineon
18
1812 18
111z Apr 2034 Dec
*1612 18
18
18
18
894 8914 8914 8914 *8914 90
100 874 Jan 30 10178 Max 15
70 Preferred
95 Dee
894 8914 *8912 90
267614 NovJu1
*8914 90
100 30 June 26 41 Jan 14
35
200 Manatl Sugar
35
*30
46 Feb
*30
*30
30
30
*30
35
35
35
• *30
100 5014June 25 88 Jan 17
200 Preferred
*57
70
70
Oct 804 Dee
54% 54% *55
48
*51)
70
5014 5014 *5114 55
No par 32 June 25 4012 Jan 24
900 Mandel Bros
*3158 3214
391s Dee des, Alla
32
3212 3212 3212 3258 *3214 33
3212 3258 32
Oct 132 Aug
58
5712 5838 564 58,8 11,100 Manh RICO Supply - _No par 50 Jan 11 6638June 6
43
57
58
5552 5612 56,2 5838 57
05 314 Feb 18 43 May 14
3,300 Manhattan Shirt
353
3512 35
35
35
3234 3318 3212 3312 34
2414 Jan 354 Dec
33
33
900 Maracaibo Oil Expl_ No par 1212 Feb 20 2512 Apr28
1614
1638 1638 16
Oct 224 Jan
1512 1512 1512 16
12
•1514 1633 1514 1514
No par 33 Feb 17 4413 Apr 17
3512 35
36
35
3512 18,100 Marland Oil
31 June 5812 Jan
341
/
4 3412 3412 35% 34% 35% 35
No par 45,4 Mar 6 6512May 24
Jun 5573 Nov
56
56
56
*56
5712 564 5612 5712 5812 1,000 Marlin-Rockwell
27
*56
5812 56
1218 Mar 12 2558June 4
1814 1814 1834 2038 0.700 Martin-Parry Corp___ _No par
1513 Dec 24% Feb
17
1734 1858 1834 1878
*17
171, 17
124 1264 3,800 Mathieson Alkali WorksNo par 11734June 19 13778 Apr 12
82 Jan 13234 Dee
12014 12152 12014 12014 12012 12112 123 12412 12412 126
20 Preferred
100 115 Jan 12 130 Apr 27 103
Jan 120 Dec
120 120 *120 12334 *120 12334 .120 126 *120 126 *120 126
25 'A June 16 85% Jan 3
77
78% 2,400 May Dept Stores new
78
777 78
76% 7712 78% 7838 78
61314 June 9038 Nov
7712 78
1914
1918
1,600
Maytag
Co
No
par
1818June
*1812
1838
19
19
13
19
19
22
May
24
*19
1914
-1838 193*
SOO McCall Corp
par 56 Feb 3 72 May 31
6912 68
69
68
68
68
*68
68
69
69
67
67
340 McCrory Stores class A.NO
N par 77 Feb 13 99 June 2
8312 8018 8018 8038 8134 8014 8212 84
8612
81
8112 *51
55 Mar 90
9314
95
800
Clam
B
9214
9414
No
par
8012
9112
9414
Mar
14
9112 *9214 9414 *9214
9238 92%
10758June 4
111 111
100 Preferred
100 109 Feb 8 112 June 15
61'42 Sept
16
*111 112 *111 112 *111 112 *111 117 *111 112
612 Ma) 19
9
E7
900 McIntyre Porcupine Mines_ _5 2412June 29 2812 Mar 16
27
25
27
244 2618 2412 2412
2612 *25
*2512 2612 *25
241n12
24 Mal 2834
Metro-Goldwyn
*2512
26
300
Pictures pf_27 2518 Jan 6 2718May 20
*2512 26
2512 2512 *2512 26 .,,2512 26
2638 15Fib
26
26
1934 2038 203os 2212 2158 2278 2258 2378 38,100 Mexican Seaboard 011__No par
914 Felt
1938 2014 1934 20%
4% Jan 19 39 May 14
23
434 Ajaegn
20
2018 3,000 Miami Copper
197 20
5 1734 Jan 5 22 May 28
1912 1934 194 1912 1912 1934 194 20
1318 June 2014 Dee
28
28
273 2878 2818 2838 2838 283* 6,300 Mid-Continent Petro...No par 2518 Feb 20 3314 Apr 28
28
2814 *2734 28
2512 Oct
500 Mid-Cont Petrol prof
100 10314 Feb 20 11518May 11
35
9% Feb
112 112 *112 11318 112 112 *11114 112 *11114 112 *11114 112
japnr 10
97
158 A
45
438 412
414 412
434 514 18,900 Middle Statee 011 Corp
19
414 414
434
434 5
2% Jan 3
738May 10
314
10
118 Jan 109
unces
34 318 *3
314 *34 314
3
112 Jan 3
14
2 Jo
3
3
312 334 2,400 CertifIcates
23
673May 10
210 212
4,400 Midland Steel Prod pref___100 193 June 19 290 Jan 4 106
P
2014 209
D
uj'
eo
195 19514 19412, 19834 198 205
3%j
Apr 315
198 198
19% 1938 19% 1912 *1914 1938 1914 1938 10
•1938 20
1914 1,200 Miller Rubber ette
No Par 1878hlay 9 27 Jan 3
1712 Nov 36% API
16812 170 *165 17012 *147 170
12,500 Montana Power
*145 169 *145 169 *162 169
100 1024 Jan 10 175 May 3
8112
n
14114 14334 14334 14712 14614 14914 147 151% 14914 15112 85,500 Monts Ward & Co Ill corp_ _10 117 Jan 19 158 May 14
131
218
3 Due
14114 143
603* Feb 12
75
77
712 712
712 712
7% 778 4,000 Moon Motors
par
7,4 714
533 Feb 6 1112May 11
74 7'2
,
Jan
234 234
234 234
258 258
Mother Lode Coalltion_No
212 234
212 2%
No 2.1ar
2% 234
212June 25
412May 14
:
3/
914
*7
8
*7
8
718 8
*8
1,700 Motion Picture
rf:0
*7
8
5
318
3 ,5
No par
5 Mar 29 11 May 9
16
4
v8:
8
g
e e
t 8
*7
9
61
800 Motor Meter A
1612 164 1638 1612 1612 *1612 16% 16% 16%
No par 13 Mar 22 2314 Jan 12
Nov
1614 1614 *16
27
3412
33
33%
3412
34%
4,300
Motor
32%
323
4
3218
33
3312
Wheel
No
par
2512
Jan
12
33
Jan
33
3934June 4
2034
*7114 7112 72
73
7434 76% 7634 78
9.300 Mullins Mfg Co
par
No 10
o 6914June 19 9414 Apr 13
Jan
73
7334 7014 73
10
20 Preferred
10484 Jan 17 11034 Jan 9
9:
14 Deel
Dell
*10638 10778 *10638 1077 *10638 107% *10638 1077 10778 10778 *10612 10778
Jan 110
80
*51%
5214
300
*51
54
514
52
5212
.52
53
Munsingwear
Inc
5114
No par 4634 Mar 5 6212May 18
53
*52
35% May
4512 44% 4634 45
4614 4414 4614 17,400 Murray Body new
No par 211z Feb 1 5834June 1
4312 4434 43% 4414 44
1614 Oct
8978 40.400 Nadia Motors Co
8778 88
4533
17s N
No
8014 Feb 20 10138 Jan 3
D
F°400bV
8718 8812 8618 87% 8618 87% 8734 8812 87
6018 Apr 10
718 001
13
1312 1458 1438 14% *13% 1412 1,900 National Acme stamped_l__fa
1314 1314
1314
1314 1314
lOr
74 Jan 4 1914May 2
5 Feb
8412 8412 2.000 Nat Bellas Iletie
*78
81% 8112 84
78
78
7812 80
80
No i
poo
ar 41 Jan 3 95 May 4
314 Sept 4512 Der
*79
Apt
100 Preferred
106 106 *106 108
9014 Jan 3 111 May 7
*102 106 *102 106 *102 106 *103 106
8514 Sept 97
26 160 J121:10 12 182 Jan 27
944 Jan 187 Dee
*1621* 16412 16312 16312 164 16612 16312 16734 16612 16712 x16414 16512 8,700 National Biscuit
ADF
s
100 Preferred
2
154 D
100 13712 Feb 29 150 Apr 11 130
Jan 148
*14512 14712 *14512 14714 145/2 14512 .14512 14714 *14512 1474 .14513 14714
6014 15,600 Nat Cash Rester A yr INo par 474 Jan 16 6534June 2
5312 5934 5918 60
5912 6012 59
3973 Jan
5812 5973 584 59
7712 7812 774 7812 7818 79
15,600 Nat Dalry Prod
75
7534 7512 77
par 6412 Jan
594 May
8812May 15
7512 76
No par 2178 Jan 5 29 June 4
2014 June 27% Mar
2514 2514 2518 2518 2518 2518 2518 2514 2512 253s 254 25% 2,200 Nat Department Stores N
97
9714 97
300 let preferred
89% July 944 Jan
100 91 Jan 10 102 May 2
9518 9518 *954 974 *9518 974 *954 9713 *96
0011
8
3314
3312
35%
3512
3412
335
3212
3412
37
11,900
Nat
Distill
3212
Prod
etts.....No
par
2914June
12
ly Feb GO
5812
33
Jan 9
33
56
*52
57
*53
57
57
*53
57
*53
Preferred temp etfe__No par 5114June 13 71% Jan 9
43 Mar 6014 June
*52
54% *52
3232 7,800 NaptrI
June
2912 2934 31% 31
eflnea
rried
n & Stamping.._....100 2314 Mar 26 3712 Apr 12
194 Apr
2812 2712 27% 2738 2314 29
28
*9814
*9814 _- *9814 _ _- *9814 - - -- *9814 -100 904 Mar 28 9912May 15
694 Apr
*9814
11712 120
122 124
120 120
j
D
"
aal117
0
1,100 National Lend
100(1 116 June 19 136 Jan 31 b95 May 210923026158174i M
10
117 117 *115 120 *11618 120
Preferred A
139 Jan 3 14714May 18 113i Juno
*14414 146 *14414 146 .14414 146 *14414 146 *14414 146 *14414 146
Dec
*120
12012
120
120
120
120
12012
*120
12012
300
1154
June
*120
Preferred
B
100 11212 Mar 20 1211s Mar 30 1047s
•120 12012
3412 3412 3472 44,300 National Pr & Lt ctle._No par 21% Jan 16 36781May 15
3318 3334 3318 33% 337 344 34
19/4 June 2634 Sops
3312 34
19
194 19
19
1834 1834 1812 1812 1,000 National Radiator.._ _No par
19
36% Nov 3012 Nov
17 June 19 4038 Jan 9
19
19
19
eC
80
80
*75
8112
*75
*75
80
80
100 Preferred
96 Nov
No par 75 June 16 9812 Jan 17
8112 *75 82
•75
89
9234 3,700 National Supply
914 92
8712 88
89
/
4 *87
76 May 9778 flex
50 8414June 12 110 Apr 19
8712 871
88 88
ea
29512
304
29512
3033
4
3073
4
309
3083
4
30214
3034
880
July
National
298
Surety
100 28712June 13 370 May 15 a218
200 302
24514 253
246 246
243 243
18
235 245
,62050
71354
90
38
:
;is JN
D
r,r0,ec
2,100 National Tea Co
AD 3
No par 160 Jan 17 27912).fay 8 108
232 232 *230 235
00
21% 2212 2214 23
2212 2278 2258 2278 22,100 Nevada Consol Copper_No par 17% Jan 18 25%May 16
21% 22
1234 JUDO
213 22
41
4018
41
41
3014 Cot
40%
41
403
4212
*41
42
4
*41
4114
2,00( N Y Alr Brake
No par 40 June 19 5012 Feb 10
NOV
52
*5212 53
5018 5414 52
5014 52
7,200 New York Dock
5712 5712 5334 577
Jun
34
100 48 June 13 6414 Jan 4
*87% 90
ov
*8712 90
*8712 89
*8712 89
Preferred
724 Feb
100 87 Apr 16 95 Jan 4
*8712 8912 *8712 90
1004 10018 *10014 101
10014 101
9512 Feb 10212 Oct
170 N Y Steam pref (6)___ _No par 9914 Jan 3 10512May 16
*100 101 *100 10014 100 101
Jan
First preferred (7)___No par 102 Jan 30 115 Apr 19 105
*11134 114 *11134 114 *11134 11312 *1114 11312 *11134 11312 *11134 11312
27% Jan 29% May
Niagara Falls Power pf new_25 2712 Apr 17 2912,May 17
*2712 2812 *2712 2812 *2713 2812 .2712 2812 *2712 2814 *2712 2812
6814 687
%
s 6812 694 6812 6912 6914 70
15,800 North American Co
10 5853 Jan 5 7818May 14
68
11553 Jan 6413 Oct
683ss 681, 67
5414
55
*54
55
38 545 548 *54
*5334 547 *534 547 *54
Jan 55 Alla
100 Preferred
50 5314 Jan 3 5558hfay 16
50
001
*100
10012 *100 10012 10014 10014
10038 100%
800 No Amer Edison preL_No per 10014June 29 10572 Feb 7
9658 Jan 105
1003* 10038 *10038 10012
tt
rg
553 Se
4,501, 5114 *5012 5114 *501* 51% *5012 5114 *5012 5114 *5012 5114
Northwestern Telegraph..- -50 50 Jan 5 55 May 15
47% Jan 66
*312
ll
*3%
35
3%
3%
*312
353
312
June
338
400
Norwalk
15
Ds
Tire & Rubber_
5 May 21
212 Mar
*31; 4
312
Jan
1112 *11
1113 11
*11
8S, Dee 13
11
1112
1112 *11
100 Nunnally Co (The)__ _-No Par
8 Mar & 13 May 14
*11
12
*11
• Old and asked prices; no sales o
New York Stock Record-Continued-Page 6
4055
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 23.
Monday,
June 25.
Tuesday,
June 26.
Wednesday, Thursday,
June 28.
June 27.
Friday,
June 29.
Sales
for
the
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARK
tango for Prairies's
Y041' 1927
Lovett
Highest
per share $ per elan
$ Per share
3 Per share
314 Jan 3878 Dec
2014June 13 41 Jan 11
1
4 Mar 110 June
97 June 14 11012 Jan 11 102/
11 Mar 1718 June
1118June 19 1514Alay 10
81
Jan 9912 May
90 Jan 11 9938June 12
5812 Feb 8238 Deo
6812June 21 8812 Jan 7
23/
1
4 Dec 35
Ape
18 May 9 2412 Jan 9
1
4 Nov 10312 June
75 May 9 102 Jan 5 102/
1
4 Oct
1471
/
4 Feb 20 20912May 25 z103 Feb 155/
11914 Jan 24 12614May 31 108 Feb 12434 Aug
7/
1
4 Fe6 1212 June
1012 Jan 18 25381une 1
6118 Feb 91 Nov
824 Jan 10 9778May 16
5234 Jan 99 Deo
SI June 19 91 Jag 5
73 Dec 8518 Dec
7412 Jan 3 9578 Apr 18
Jan 120 Nov
11434 Jan 3 117 Mar 16 107
31
Feb 60 Dec
4312 Feb 28 5334May 4
1 May
1/
1
4 Jan
214 Apr 27
114 Jan 3
145 June 12 160 May 17 124 Mar 162 Dee
3334 Apr 62 Dee
6814 Feb 18 8412June 7
4018 Deo 6578 Jan
3814 Feb 20 5334 Apr 3
4014 Dec 661a Jan
50 3734 Feb 20 5458 Apr 30
4312 4318 4312 11,700 Claes B
4218 4238 4218 4212 4218 4278 43
4378 43
154 Oct an Jan
18 June 12 2838 Apr 28
19
1914
1914 1914 20
20
201
/
4 1,800 Pan-Am West Petrol B _No par
1878 19
20
1978 20
1878 Jan
8 Apr
111
/
4 Feb 11 2134Afay 14
15
15
*14/
1
4 15
15
15
1538 1538 1578 2,500 Panhandle Prod & ref _No par
1478 1578 15
54 Sept 83 Nov
100 70 Feb 21 10614May 15
100 Preferred
*84
90
*84
86
*85
86
*8534 85/
1
4 90
90
*90 103
Oct
4653
Jan
20
May
31
85
Mar
10
34
otie_No
par
71
7412 7312 7412 x73
1
4 9,300 Park & Ttlford tent
7012 7012 7058 71
7334 73
74/
1012 Dec
Jan
6
1
934 Jan 3 1412 Jan b
1118 1112 11
1112 1114 1134 1112 1178 1112 1134 1112 1178 16,500 Park Utah C M
334 Dec 12 June
918May 10
2 Feb 8
518 5/
1
4
5
51
/
4
5
No par
518
5/
1
4 51
512 512
51
/
4 518 9,200 Pathe Exchange
1813 Dec 434 June
818 Feb 9 2312May 10
1814 1814 1834 183 *1814 19
1814 1814
1814 1838 18
1814 2,800 Pathe Exchange A new _No par
184 Aug 2778 Feb
2818 2914 28
29
29
2812 2838 3Q13 2934 30/
1
4 2934 3012 18,900 Patine Mines & Enterpr____20 2378 Jan 3 42 Apr 30
Jan
Apr 32
20
2578
Mar
18
Jan
27
1618
50
Motor
Car
1712 1712 1.600 Peerless
1712 1712 1714 1714 1718 1712 1714 171
1714 1714
1012 Beet 27/
1
4 May
No par 223s Jan 7 37 Apr 17
*2812 28/
3138 3078 3158 3038 3138 6,200 Penick & Ford
1
4 2812 2834 2838 2812 29
211
/
4 Dec 3958 Jan
24
2234 23
2238 23
4,600 Penn-Dixle Cement____No par 2212June 28 31 May 2
23
2234 2234 2212 23
2212 23
91 Sept 100 May
100 94 Jan 6 9658 Apr 25
9412 *94
94
500 Preferred
95
95
95
*94
95
*94
95
94
94
Jan 16814 Nov
18912 Feb 2 126
/
4 Jan
173 174 *173 174 *173 174
*17034 172
1,900 People's 0 L & C (ChIc) 100 1511
17112 173
174 174
1
4 Dec
Jan 153/
17434af
Mar
24
8514
ay
4
145
(Pittsb)___50
Philadelphia
Co
*155 170 *155 165 *155 165
15878 158/
1
4 *155 165 *155 165
100
Jan 51 Dec
40
50 4512 Mar 15 4812May 7
*47
48
48
43
40 5% preferred
*47
48
47
48
*47
48
*47
48
Jan 5312 Sept
60
50 52 Jan 3 57 Mar 29
5234 5234 *5212 53
5234 5234 5234 5234 5234 5234
810 6% preferred
*5234 53
37/
1
4 June 117/
1
4 Mar
31
30
3018 29/
1
4 3012 2912 30
31
7,100 PhIla & Road C & I__No par 2738June 13 3934 Jan 3
2912 30
2958 30
3714 June 47 Mar
Certificates of int___ _No par 27 Mar 13 38 Jan 12
Jan
4118
Sept
13
Mar
1
2512May
28
_10
15
Ltd__
18
Morris
&
Co.
ii-iiig
Ti
Phillip
-17i8
Ri
.
ig
-lir
18
if" -1814 -1834
181
/
4 1858 5,200
3614 Oct 6014 Feb
/
4 Apr 30
No par 3514 Feb 20 441
3738 3712 38
3634 3678 3634 3712 37
3712 38
15,300 Phillips Petroleum
3712 39
3518 Dec 5278 Aug
5 28 Jan 12 38 May 8
*2714 28
28
*2714 28
*2714 28
28
*2714 28
*2714 28
100 Phoerix hosiery
Jan 10734 July
100 96 Jan 9 10314 Feb 14 103
Preferred
*9912 101
*9912 101
*9912 101
*9912 101
*9912 101
*9912 101
1
4 Mar
918 Oct 23/
1012 Feb 18 1838May 31
15
13/
1
4 14
14
1518 1638 13
1478 13
1438 1278 1378 50,000 Pierce-Arrow Mot car_No par
37/
1
4 Oct 10218 Jan
1
4 Feb 16 6214 June 23
10
20 39/
6214 55
6134 5714 6012 5814 60
57
58
5812 58
5934 25.700 Preferred
118
June
/
1
4
Mar
27
Mar
3
Apr
12
514
Corporation
214 238
214 214
214 238
238 212
2/
1
4 212
214 2/
1
4 10,600 Pierce 011
1312 Mar 24 June
100 1614 Feb 20 3012 Apr 26
*1812 20
1858 1858 1838 1838 *1838 20
*1814 22
200 Preferred
*1834 21
June
512
Mar
212
16
6
5
8
Apl
27
par
312
Feb
etleNo
tom
Petrol'm
4
4
4
Pierce
4
4
418
4,300
334 378
378
373
334 334
30/
1
4 Nov 3712 Aug
3818 3812 3814 3858 3814 4012 40
4178 40
4018 3912 4034 13,300 Pillebury Flour Mills. No par 3234 Feb 18 4434M ay 14
Oct
100 108 Jan 5 12018May 14 104 Aug 109
114 114 *114 11478 114 114 *115 1153s
*11214 114 *11212 114
...
32
/
1
4
Mar 7412 June
Jan
4
5312
12
100
3618June
Pa
of
433
8
44
4412
Pittsburgh
Coal
4334 4414
4514 4434 4514 4312 4458 4414 45
5.800
7058 Mar 98 Sept
100 81 May 1 88 Jan 12
*85
88
85
85
85
85
*83
8514 *8312 85
*8312 8512
400 Preferred
Jan
94 Dec 101
100 8712Mar 15 96 Feb 9
90
*88
89
*88
*88
90
*88
100 Pittsburgh Steel prof
89
*88
89
8818 8818
3012 Apr 55 June
26 Feb 10 3678 Afar 20
10
31
*30
32
*30
3112 *30
30
30
*30
100 Pitte Terminal Coal
32
*30
32
74 Ain 8412 Dee
74 June 13 82 afar 13
10
76
*74
75
*74
75
10 Preferred
*74
*74
75
*74
78
74
74
65 Aug 9112 Jac
55 June 22 7978 Jan 6
TOO el A _10
*54
58 '
354
58
58
rtlo
.81:11eun-Am
3
*55
*54
Poc
58
*54
58
*54
58
15 Aug 5278 Dec
2312June 26 3512May 18
No pa
*24
25
*2314 2412 2312 24
24
2418 2358 2358 *2314 24
1,000
9258 Mar 12618 Dec
No par 118 Feb 20 13612May 31
12378 12458 124 12512 12534 127
12634 12734 127 12818 12712 12858 24,400 Postum Co. Inc
3018
1
4 Dec
Feb 78/
Jan
3
26
/
1
4
June
13
18
par
new_No
*19
2012 *1812 2034 20
*19
21
6.700 Pressed Steel Car
2312 2218 23
22
23
7613 Feb 9212 May
100 74 June 20 88 Jan 4
*7312 7514 *7312 7412 *734 7412 7312 81
1.800 Preferred
79
3314 May
1654
Jan
8June
6
285
Feb
17
16
Corp
50
Refiners
2312 2378 *2312 2378 24
e
u
rs
e
d
&
23
23
Prp
o
a
re
u
r
2478 2438 79*7
0
2514 2
72
00
7514 26
7978 28,2
1
4 Jan 60 Feb
36/
50 41 Feb 20 4958June 6
1
4 4412 4414 4414 4412 4412 45
4412 4412 4412 4412 *44/
4634
55 Feb 71 Sept
*71
72
*71
72
74
75
40 Pro-phy-lac-tle Brush__No par 6912 Jan 4 91 Feb 17
*71
75
*71
75
*71
75
32
Jan 6678 Sept
663
8May
7
9
4112
Jan
newNo
par
5258 5312 5212 5312 5314 5412 5414 55
44,600 PubServCorp of NJ
5414
9818 Feb 105 Nov
100 10338 Jan 6 115 May 4
10978 10978 10034 10934 110 110
•109/
1
4 110
700 6% preferred
109 15
10
518 10
55
9 105697g
1
4 Nov
1081
/
4
Jan 120/
12912May
31
21
Jan
118
IGO
preferred
/
4 12618 127 127
127 127 *127 12912 1261
127 127
12818 1281
/
4
900 7%
100 134 Jan 7 150 May 4 125 Jan 13514 Nov
100 8% preferred
1
4 *147 14812 *147 150 *147 14812
149 149 *147 150 *147 149/
Jan
110
/
1
4 Dec
102
Apr
25
11012
4
500 Pub Serv Elec & Gas p16_100 10714June
/
4 *10758 10778
10738 10738 10738 10738 10714 10714 10712 10712 10758 1071
7334 Aug 84.14 Dec
4,900 Pullman Company new No par 7912 Feb 21 94 May 15
8114 8214 8034 8134 8114 8214 8214 8234 8212 8333 8314 84
WI
Jan
Oct
27
Jan
3
347
3
26
24I2June
50
2412 2512 26
4,400 Punta Alegre Sugar
2712 2538 2538 *2512 27
2614 2614 2512 26
25
Oct 3213 Mar
1
4 Jan 5
25 19 Feb 1 27/
2218 2214 2218 2238 2218 2238 2218 2234 2218 2234 2214 2314 6,300.Pure 011 (The)
Dee
11138
Jan
11512
119
June
6
15
Mar
103
100
11213
11212
Preferred
11312 *11212 11312 *11212 11312 11212 11212 11312 11312
100 8%
11212
75 June 15 8078May 7
761
/
4 77
2,000 Purity Bakeries new
*7614 77
*7538 77
77
77
7614 77
7634 77
Wig -JiO Ilia Nov
No par 9614 Jan 3 171 Apr 12
Class B
108 June 12 11512May 11
Preferred new
•ioi" fin *ioo- ffii- *iiiii- 116- *ioo 110 *105 110
110 110
411 Apr 161 ROi
/
4 Feb 20 224 June 2
16734 172
16834 17314 16834 1751
/
4 17458 17734 17512 181
182,2 19014 332,300 Radio Corp of Amer___No par 851
49 May 57 Apr
5412 Jan 4 60 Slay 16
5
*5512 56
200 Preferred
*5512 56
5512 5512 5578 557s 05512 56
*5512 56
2012 Nov 49 Mar
10 2478 Jan 17 3014 Jan 20
2,100 Real Silk Hosiery
27. *2612 27
2638 27
2638 2638 2638 27
27
*2612 27
80 June 99 Dec
100 84 Feb 7 9412 Feb 21
*90
93
*90
93
*90
93
*90
93
90
90
*90
93
GO Preferred
9 June
512 Feb 23 13 May 15
538 July
No par
914
100 Reis(Robt)& Co
*91
/
4 934
978 978 *9
934 *8
934 *2
812 934 *81
2012 Nov 4714 Dec
No par 2318 Jan 20 3612May 31
281
/
4 2812 2814 2834 2814 2878 2834 2912 29
2978 2912 3012 19,000 Remington-Rand
10212
Apt
Nov
June
2
8712
98
100
93
Jan
16
9514 *95
First
preferred
*95
9514 *95
951
/
4 *95
100
9512 9514 9514 *95
96
Apr
90
Oct 110
100 93 Apr 19 100 Jan 24
9712 *90
9712 *90
Second preferred
*90
9712 *90
9712 *95
971
/
4 *95
9712
1
4 Deo
2512 Dec 26/
10 2211 Jan 21 3334June 4
2634 2634 2612 2634 2618 2612 2638 2738 27
2734 27
2734 26,700 Reo Motor Car
501
/
4 5018 4958 5012 4938 5038 5012 51/
Oct 7578 Mar
100 4918June 19 6934 Feb 7
63
5112 5178 5234 8,600 Republic Iron & Steel
1
4 51
100 102 June 25 112 Feb 6
98/
1
4 Ja. 106 May
*10418 10412 102 104 *102 104
103 104
104 104
800 Preferred
10214 103
13 Dec
4 Feb
814 Feb 18 1478June 4
No par
1
4 1058 1078 1012 101
1034 10/
/
4 1058 1034 11
1112 1118 1138 8,100 Reynolds Spring
981
/
4 Feb 162 Dec
131 1311
13018 13018 130 132
/
4 13012 13112 131 13114 13034 13112 12,200 Reynolds (RJ) Tob Class B 25 128 Apr 24 16118 Jaa 3
43
1
4 Dec
4018 4178 41
4212 4358 4258 4334 44
4012 41
61,300 Richfield 011 of Californla__25 2312 Feb 17 53 May 15 1 2538 Dec 28/
45
Oet
26 145 June 13 233 May 41 74 Jan 194
167 16814 169 16933 2,100 Rossi& Insurance Co
157 157 *151 157 *152 157
15714 165
5418
Feb
July
/
1
4
Jan
20
44
5558June
27
5314
sharea).
443
s
5278
5433 5338 5438 5434 5538 5412 5514 5412 5478 38,600 Royal Dutch Co(NY
52
36 May 434 Mar
4112 41
10 37 Mar 16 49 May 18
41
41
4114 4114 4114 41
4234 3,000 StJoseph Lead
4112 4112 *41
4312 tact 72/
1
4 Mar
1
4 Jan 12 88 May 15
72
7234 7234 7312 73,2 74
74
7412 7914
7312 72
5,500 Savage Anne Corporation_100 60/
*73
1
4 Jan
3/
418May 23
No par
2 Jan 18
1 June
2/
1
4 278 *258 3
1,100 Seneca Copper
258 278 *2,2 234
2,
8 233 *254 278
55 Aug 7478 Nov
5614 5718 57
57
57
5712 5512 56
87
57
5714
1,900 Shubert Theatre Corp_ _No par 5134June 19 694 Jan 9
*56
Sept
5533
57
Jan
497
8
Feb
18
47
Apr
14
par
67/
1
4
5314 5378 54
5438 5414 5514 5434
55
5358 54
5534 12,700 Schulte Retail Stores__ _No
120 120
100 11878June 28 129 Apr 11 11614 Jan 123 Aug
11918 120
11878 119
119 119
11918 12014
120 120
240 Preferred
1
4 Dec
10 Feb 18 1712June 18
834 Sept 15/
1412 1534 1418 1512 14
l44 x1334 1412 30,600 Seagrave Corn
15
1514 1518 155*
No par
Jan 9112 Dec
105 10612 10578 10734 10614 10734 10612 10834 10658 10734 10614 10934 179.500 Sears,Roebuck & Co newNopar 821
/
4 Jan 18 11214June 1
61
109 109
10912 11412 113 11634 114 11554 11478 11614 21,100 Shatuck (F 0)
/
4 Jan 10112 Oot
No par 8012 Feb 17 12934June 5
661
*108 109
4778 Feb
Oct
8
Jan
24
/
4
4818
4818
4812
TradIng_£2
393
411
51
June
27
51
*49
50
49
50
549
50
2,700 Shell Transport &
*4658 50
26
2638 2612 2634 267a 2714 2678 2714 2678 2738 17,100,8hell Union 011
2458 Oct 3134 Fat,
No par 2314 Feb 8 31 Apr 30
2534 26
1414 July 2638 Dec
*2018 2012 *2018 2012 2018 21
2012 2138 2034 21
10 1818 Feb 20 26 Mar 30
2,500 Simms Petroleum
*2018 21
1
4 Dec
1
4 Jan 64/
33/
5612 5758 5714 585s 5712 5918 11,300 Simmons Co
No par 5534June 19 73 Apr 4
5658 597s 5618 5633 5618 57
2212 2338 2234 2314 2318 2334 2312 2470 2378 2434 89,500 Shaperle
15 Oct 2238 Jan
afterrr
eona Oil Corp_No par 1738 Feb 20 3014 Apr 30
2278 23
Dec
10412
*105
Jan
108
*105
*10512
10712
97
108
*10512
108
100
10212
Jan
108
*10512
108
10912
4
Apr 26
Preferred
*10512
1
4 Feb
2812 2818 29
2418 June 37/
2914 2912 2914 30
2912 3012 13,400 Skelly 011 Co
25 25 WI,15 34 Apt 30
2812 28
28
102 102
102 102
103 10314 10312 10312 *104 108
700 Sloes-Sheffield Steel & Iron 100 102 June 23 134 Feb 8 11014 Nov 13414 Apr
102 102
15
15
*15
16
16
1512 16
*1558 16
1158 June 1614 July
15
1638 1,100 Snider Packing
No par 1258 Jan 6 20 A pr 30
15
5214 Jul,
*4412 46
*44
*4514 46
*45
44 Nov
46
*4514 46
46
No par 44 Jan 5 60 Jan 11
*4412 46
Preferred
1
4 May
Aug 42/
3378
40
40
40
4012
4034
413
8
4012
4112
4118
41
413
8
9,000
par
3212
40
So Porto Rico Bug new _No
Feb IS 4938May 24
100 133 Feb 1 14018June 7 11812 Mar 137 Nov
*13312 140 *13312 140 *13312 14212 *13412 14212 *13412 142 *13412 142
Preferred
g per share $ per share g per share $ per share $ per share $ per share Shares Indu B. & Sliseel. (Con.) Par
25
2212
800.011 Well Supply
22
*22
23
2234 2234 22
2234 22
2218 2212 *22
100
101 101 *10114 10278 *10114 10278 102 102 *102 10278 10278 1027880 Preferred
No par
1112 1134 3.1114 1138 1112 1134 1134 1134 1,700 Omnibus Corn
1134 1178 *1112 1134
100
*9412 98
*9112 98
*9412 98100 Preferred A
96
96
*9412 98
*9414 98
Oppenhelm Collins & CoNo pa
*6834 6912 *6834 6912 *6834 6912 *6834 6912 *6834 6912
*6812 70
1
Orpheum Circuit. Inc
*18
*1812 ____ *183s
100
Preferred
8034 *7834 9434 *7818 9434 07818 9434
9434 ;Ili- -8-9-3-4 *88
*88
50
4,600 Otis Elevator
193 19878 197 197 *19212 194
18114 18112 17934 18012 190 200
100
steel
Preferred
*124 12512 *124 12512 124 124 *124 12512 *124 12512 *124 1251
No par
37.10
10 Otle
29
22
2212 2214 2212 2214 2278
2112 2134 2112 2178 2114 22
100
95700 Otis Steel prior pref
95
9334 94
*94
95
94
94
*9234 9412 *9234 94
No par
Outlet Co
83
*81
83
*81
85
*81
85
*81
85
*81
83
*81
25
1,100 Owens Bottle
79
791
/
4 78
80
*7912 80
7914 7914 *77
79
80
80
100
Preferred___
.115 117 *115 117 *115 117 *115 117 *115 117 *115 117
25
Pacific
Gas
Elea
new
3,300
8
4612
*4612
47
457
463
4
475
8
47
473
4
x463
4
473
4
4618 47
No pa
11
/
4
114
114
11
/
4
3,300 Pacific Oil
114
138
11
/
4 114
114
138
100
280 Pacific Telep & Teleg
/
4 146 147
146 147 *146 147
147
114138
147
*145 14612 14612 1461
10
1
4 7312 7318 74/
7614 62,300 Packard Motor Car
7234 72/
1
4 7334 7434 74
7218 7278 72
*4012 4212 41/
1
4 411
/
4 *41
4214 4114 4114 417s 4212 4158 4158 1,000 Pan-Amer Petr & Trans....._50
4578 4512 4578 4538
45
4514 46
3838 37
38
3612
3812 39
38
14
15
1312 1312 1312 1312 14
119
*11514 119 *11514
*11514
119
*11514
*1212 13
*1212
*1318 1312 *1318 15
*8534
8712 *8534 88
86
*8712 88
/
4 3314 3314
3134 3134 3112 3134 311
4111 112 *111 11112 111 111 *111
27
27
26
28
28
30
26
64
6412 64
/
4 6312 64
6418 641
rogis 6912 89
6918 6812 6878 6814
11234 11314 113
110 114
11012 112
105
410312 1041, 10312 10412 *104 106
so
5638 5578 56
5618 5678 57
1
4 4338 4318
1
4 4314 42/
1
4 42/
42/
1
4 42/
1
4 3414
3358 3458 3378 34/
33/
1
4 34
418
418 418
412
414 414 *418
18
16
1818 18
18
19
*18
46121 46
4638 4634
3712
37,4 36
37
1513 1534 1612 1534
119 *11514 118 *11512
1212 13
13
1434
*8534 88
88
*8534
3538 3478 3658 36
11112 111 11112 111
2812 28
28
*27
6478 65
66
x65
6834 6814 6814 6814
114
11312 11578 11534
105
105 105 *105
5712 5738 58
5758
4334 4312 4334 4358
3518 3414 3478 3412
418 04
438
418
1778 18
18
1878
8
21-2 -831-4 -ii- -i41-4 -8414 -817-.82i2 ii- -i.
50
521
/
4
*5012 51
51
*4912 501 *50
85
51
4712
3818
1614
118
1434
88
3612
111
28
65
6838
11734
106
58
441
/
4
3512
418
19
15,800 Southern Calif Edison
25
4,700 Southern Dairies el A_No par
2,800
No par
Class B
Spalding Bros let pret ____100
5, SIDIla
15g
re
rfrre
&
e C
No par
100
16,900 Spl"
creerfearr
le
la
d Co
No par
SO
100
1,600 Stand Comm Tobacco_NO par
7,000 Standard Gas & El Co_No par
2,200 Preferred
50
5,400 Standard alining
100
120 p
loo
21,600 Standard Oil of Cal riewNopar
54,600 Standard 01101 New Jensey_25
77.000 Standard 011 of New York __25
800 Stand Plate Glees CoNo par
280 Preferred
100
Sterling Products
No par
16
86'486
,-4 -iia- -.5-7-ii ii:ioo Stewart-Warn Sp Corp_No par
51
5134 55
1,700 Stromberg Carburetor_No par
Ex-rights. b Ex-dividend and ea-rights.
* 1410 and asked prices; no sales on this day. x Ex-dividend. a
4312 Jan 6
2412 jai] 25
9 Jan 23
109 Jan 7
12 Jan 16
79 Feb 25
2312 Jan 12
110 Apr 11
26 June 22
5778 Jan 12
65 Jan 3
100 Jan 5
10018 Jan 3
53 Feb 20
3734 Feb 18
2834 Feb 17
214 Jan 3
10 Jan 18
13414 Feb 28
7714 Feb 18
44 Jan 3
5414May 4
6058May 21
30 Apr 23
120 Apr 3
20 Feb 29
9238 Feb 29
4214May 11
11338June 1
3712 Mar 6
7434May 8
7112May 16
127 Apr 20
112 Apr 23
6378 Apr 30
49 Apr 30
4112 Apr 30
1
4 Feb 23
7/
40 Feb 23
150 Jan 26
10112May 9
7434June 4
3151 Jan 45 Dec
,Jan
15 May 451
Jar
614 Oct 20
103 Jan 11212 Nov
814 May 16 Dec
73 Feb 88 Dec
,Mal
2018 Jan 287
104 Feb 11112 Nov
54 -Sin; CO* inns
571g Jan 6612 Nov
70/
1
4 Jan 10438 Dee
84 Jan 103 Dee
6018 Apr 60/4 Jan
/
4 Feb
3518 Apr 411
1
4 June 3418 Ja
29/
418 June
2 Mar
10 Mar 1578 June
9018 Jan 14312 Nov
54/
1
4 Mar 8712 Nov
2618 June 80 Sent
4056
New York Stock Record-Continued-Page 7
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 23.
Monday,
June 25.
Tuesday,
June 26.
Wednesday,' Thursday,
June 27. I June 28.
I Sales
for
Friday, , the
Week.
June 29.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-Matelots
Lowest
Highest
PER WARR
Range for Previous
Year 1927
Lowest
HlQiesI
5 per share $ per share g per share $ per share $ per share
$ per share $ per share $ per hare
Per share Shares Indus. & Miscel. (Con.) Far $ per share
66
67
65% 6638 6638 67
67
674 6738 6838 68
6938 51,500 Studeb'rCorp(The) newNo par 57 Jan 10 8238May 25
49 June 634 Sept
*127
_ _ 127 127 •127
50 Preferred
127 127 *127
127 127
_
100 12112 Feb 25 127 June 19 118 Feb 12512 Nov
312 34
312 338
338 338 1,300 Submarine Boat
312 338
312 312
No par
818 May
3,2 338
3 Feb 14
24 Feb
614 Mar 21
4234 4314 4234 4234 4234 4334 4314 4412 44
2,400 Sun Oil
4312 44
44
No par 314 Jan 9 49 May 7
30 Mar 347k Jan
*10512 107 *105 107 *10512 107 *1054 107 *10512 107 •10512 107
Preferred
100 100 Jan 6 10912 Apr 26
/
4 Deo
99 Aug 1011
Superior
638 7
011
612 718
64 714
678 7,4 36,800
212 Feb 17
67s
6714
NO par
7,4
613 Feb
714
34 Dec
912May 16
*1814 1934 *1814 20
*1814 20
100 Superior Steel
*181 i 20
1812 1812 *1812 20
100 18 Jan 18 2378 Feb 6
18
Oct 28 May
15
3,000 Sweets Co of America
1434 15,4
1634 17
15
1512 1634
18
16
1612 16
50 Ills Feb 8
14 Dec
1812 Apr 26
7 Apr
Symington temp ctfs__ _No par
512
*54 53* *54 512 *512 512 •5l2 512 •512 512 *54
418 Jan 6
6
Jan
2/
1
4 Sept
7 May 8
1278 13,4
Class A temp ctfe___ _No par
1,400
*13
1278 1278 •1212 13
1233 13
12,2 1278
1212June 27 19/
1334
1
4 Apr 27
6
Oct 1534 Nov
18
18
000 Telautograph Corp___ _No par
103 afar 1714 Nov
1814 1838 18
18
1734 1734 *1714 1734
11114 Jan 28 2238May 17
1734 1734
4,100 Tenn Copp dr C
1334 14
14
1334 1418
1334 14
14
14
14
1418
No par
1414
1011 Jan 16 1638:Way 28
818 June 1314 Jan
34,600 Texas Corporation
5734 5834 58
59
5834 59
5812 5814 59
59% 594 60
25 50 Feb 17 6638May 21
45
Jan
Apr 58
64
6434 6334 643s 64
6514 6518 664 6512 6614 6578 6634 38,500 Texas Gulf Sulphur new No par 6218June 12 8038 Jan 4
Jan 8138 Sept
49
1312 1312 1312 1378 1312 1334
1312 1438 1334 134 8,800 Texas Pacific Coal & OIL __ _10 1218 Mar I
1334 137s
1712 Apr 30
12
Apr
18/
1
4 June
2212 2378 25,500 Texas Pao Land Trust new._ 1 20 June 13 3034 Apr 27
2112 2138 2212 2138 23
2078 2138 2078 2134 821
151, Jan 40 June
32% 334 304 31
2912 34
2614 29
3,400 Thatcher Mfg
2618 2618 *26
27
No par
22 Jan 5 3912May 8
1612 Aug 2311 Sept
Preferred
*50
100
5018 5018 504 .50
58
No par 47 Apr 13 5338June 1
*50
5034 *50
50%
504 *50
43 Aug 5012 Nov
Fair
The
3614
36
36
1,700
36
357
364
36
8
3618
36
3618
No par 34 Jan 3 4338:Way 16
38
36,4
2414 Jan 36 Aug
300 Thompson (.T R) Co
25 5614June 13 7134June 4
*6118 6134 *6114 6134 6134 6134 *6112 6278 6034 6034 6234 6234
47
Jan 13584 Dee
16
16
164
164 1612 1614 1612 164 1634 17,100 Tidewater Assoc Oil__ _No par
143
, Feb 20 2034 Apr 30
16
16,3 16
1533 Oct 1918 Jane
85
8534 86
85
85
1,100 Preferred
864 85
*84
*85
86
85
100 814 Mar 15 90 May 2
*84
85
Oct 901
/
4 June
22 23 02212 2312 *2212 2314
*22
*22
23
Tide Water Oil
23
23
100 1918 Mar 7 2718May 15
*22
114 July 2918 Jan
91
*88
89
90
89
8012 8912 *88
91
200 Preferred
*89
90
100 87 Jan 4 94121Qay 4
*89
85 Nov
904 Sept
118 11812 119 12012 119 1214 12118 12238 6,400 Timken Roller Dearing_No par 1121
11612 1164 117 117
/
4 Mar 3 134 Jan 4
78
Jan 14212 Aug
1014 10812 10614 10834 10512 108
10614 108 Z10312 1054 33,400 Tobacco Products Corp_ 100 9712June 19 1184 Apr 16
100 103
92/
1
4 Oct 1171
/
4 Dec
115 120 •11612 11912 119 1194 *114 118 *114 118 *114 118
700 Class A
100 113 Feb 7 128 Feb 14 108
Apr 12378 Dee
718 714
738 8
33,900 Tref:sell Oil ternctfnewNo par
7,8 77s
7
778 818
714
778 8
634.3008 13 1018 Jan 12
334 Apr
1033 Nov
*47
43
*47
4812 *4614 4812 4812 4812 *48
1,900 Transue & W1111ame St'l No par 4534 Jan 3 5912 Feb 7
4812 24812 501E
10 Slay 50
Dee
64% 644 6412 6412 644 6538 6538 664 6612 664 6612 6712 4,100 Under. Elliott Fisher Co.No par 63 June 13 7538May 16
45
Jan 70
Dee
•12014 125 *12014 125 *120 125 *12014 125 *12014 125 *12014 125
Preferred
100 119 Mar 1 126 Apr 13 120
Jan 125
Dee
*351, 33
*3614 37,2 3738 3738 *37
3712 37
37
300 Union 13ag & Paper Corp 100 3612 Feb 20 4934 Feb 1
3612 3612
3813 Jan 7314 June
14012 1414 143 146
14034 142
145 148
14634 148
147 14834 28,100 Union Carbide & Carb_No par 13618 Feb18 16214 Apr 12
9918 Jan 15412 Nov
48
49
4834 4918 4812 49
4712 4712 *4714 48
25 4234 F'eb 11 57 Apr 16
4834 494 4,800 Union 011 California
39/
1
4 June 5613 Jan
116 116 •11334 11512 1154 11512 11512 11512 *116 120
*116 120
500 Union Tank Car new_ _ _ _100 11514June 23 12813May 8
94
Jan 12711 Doe
3712 374 3838 384 394 3834 3834 39
5,800 United Biscuit
37
3914 3814 39
No par 3412 Apr 30 4214 Jan 26
3918 Dec 4014 Dee
114 114 •113 123 *114 123 *114 118 •114 118 •114 123
100 Preferred
100 11214 afar 22 118 Jan 23
2612
2612
2618
_10
Stores
274
new
26
2638 264
2634 2614 2012 2014 2638 14,100 United Cigar
25 June 13 34/
1
4 Feb 10
3233 Dec -3-8-1; Yuji
10712 10712 *10738 108 •1074 108
*1074 108 *10712 108 *10712 108
100 10612 Feb 18 11418 Apr 6 104 July 109 June
100 Preferred
United Drug
100 190 Jan 5 210 Mar 17 159
Jan 20013 Nov
lst Preferred
so 59 Feb 28 804 Jan 4 5813 Jan 81 Dee
;6i5i8 6434 *6038 6434 *61 6434 6434 644 *61 6434 061 641
100 4534 Jan 20 674 Mar 12
10 United Dyewood prat
/
4
Jan
3614 July 49
134 134 *134 136
13314 13314 13314 134
134 135 *13512 136
No par 1311:June 12 14614May 7 1134 Jan 150 Sao
1,500 United Fruit
*6312 6612 *6312 6512 *6312 6512 6514 9512 65
66
*6512 66
900 Universal Leaf Tobacco No par 6038June 13 8512 Apr 5
6018 Nov
7412 Dee
9612 96
96
*93
*93
964 *93
9612 *96
9612 9612 9634
50 Universal Picture, lst pfd_100 9318May 7 100 Feb 24
11634 Dec 10338 Apr
18
1714 18
17
1714 1778 174 19
1712 1734
19
15,3014 Universal Pipe & RadNo par
18
1533.1une 12 28 Apr 13
241g Sept 3714 hlar
*8712 95
*8712 94
*8712 94,2 *8712 95
07
100 88 Jan 5 102 Jan 12
200 Preferred
96
•8712 96
Dee
811
/
4 Jan 98
24412 24412 24434 245
245 245
*235 245
24414 24514 245 247
1,000 US Cast Iron Pipe & Fdy_100 1904 Feb 27 300 Apr 9 1904 Aug 246 May
12412 12412 124 124 *124 130 *124 131
*124 130 •124 128
200 Preferred
100 115 Mar 10 137 Mar 19 112 Mar 125 Nov
1312 1338 14
14
14
1412 1413 14/
*1312 14
1
4 1514 16
3,000 U S Dietrib Corp new...No par
1312June 22 2014 Jan 4
1414 May 22114 July
80
80
*78
*78
80
*78
80
*78
100 Preferred
*78
80
80
80
100 79 Apr 5 9033 Jan 16
81 May 9614 Sept
49
4914 5034 50
*4812 4912 49
504 50
/
4 2,100 El S Hoff Mach Corp vteNo Dar 484June 18 5833 Jan 23
5033 5014 511
44
Oct Bps May
104% 1044 1044 10538 10434 106
105 10812 107 1081
/
4 10812 1111
/
4 17,000 U S Industrial Alcohol
100 10213June 19 12214 Mar
69 Mar 11113 Dec
*122 12312 •122 123,2 122 122 8122 12312 0122 12312 *122 12312
10 Preferred
100 119 Jan 13 1221451ay 28 10714 Apr 121
Dec
4112 4438 4312 4478 4318 444 4212 43/
4112 43
1
4 43
43/
1
4 26,400 U S Leather
No par 22 Jan 18 51 Slay 7
14 July 2512 Nov
63
62
6278 6012 6234 61
6012 6214 61
61
6113 62
3.700 Class A
No par 52 Jan 5 72 Apr 25
2734 June 5612 Dee
105 105
10414 10434 *103 108
105 105 *104 105
10412 105
1,400 Prior preferred
100 10414June 23 10912May 14
89 July 10612 Nov
8114 8218 81
81
81
7934 8034 7934 81
82
81
811
/
4 3,000 US Realty & Impt new.No par 611
/
4 Feb 4 93/
1
4May 4
54
Apr 6973 Dee
32
324 2934 3134 2712 304 27
2938 2914 30
83,200 United States Rubber
2834 28
100 27 June 27 8314 Jan 4
374 June 6718 Feb
62
6212 5812 614 5575 593* 56
5838 57
594 61
00
21.300 1st Preferred
100 5573June 26 109/
8534 June 11138 Apr
1
4 Jan 13
4512 4512 4512 4812 4812 4978 484 4914 49
46
46
491, 8,300 U S Smelting, Ref & Min _ 60 394 Feb 20 52 June 4
3333 Jan 4878 Dee
54
*534 544 *534 541g 544 544 534 541g
*54
54,2 54
700 Preferred
50 51 Jan 26 5514May 2
45/
1
4 Jan 54 Deo
13234 1334 13238 13438 13418 13512 13512 138
1364 13838 13834 13834 199,600 United States Steel Corp new. 13233June 251 154 Apr 12 1111
/
4 Jan 16012 Sept
14112
14134 14112 14112 14112 14178 14112 14112 14112 14134 4,000 Preferred
14112 14134
100 138/
Jan 14114 Dec
1
4 Jan 5 14714 Apr 26 /29
8018 *8414 8918 *8414 89,8 *84,4 894 *8514 8918 *8411 8918
*80
US Tobacco
No par 86 June 18 105 Apr 16
Jan
1171a De
87
•133 13434 *133 1344 *130 13434 *130 13434 *130 13434 0130 1343
Preferred
100 1274 Jan 14 139 June 7 123 Jan 127 Nov
158 158 *152 15834 *152 1583
*144 15834 *144 15834 •144 158
10 Utah Copper
10 139 Jan 17 160 May 15 111 Feb 182 Dec
3614 37
37
3712 3712 3814 3734 381. 12,200 Utilities Pow & Li A. No par 284 Feb 20 4534May 31
3614 3678 3614 37
Jan 34 May
27
68
6614 68
6714 68
691 t 6834 7234 7112 7278 724 741 27,600 Vanadium Corp
No par 60 Jan 18 96 Mar 15
37
Jan 6718 Dec
1814 1712 18
1938 18
1934 18
018
19
18
19
18
1,300 V8.11 Itaalte
No par
7/
1
4 Jan 7 1934June 23
1
4 Feb
5/
1
4 Sept 14/
*54
5712 5812 5612 60
581
5812 5778 5934 •55
5812 55
420 let preferred
1
4 Jan 6 60 June 25
100 43/
4214 Dee 64 Feb
69
69
69
6614 6614 67
684 684 68
684 6838 683
2,200 Vick Chemical
No par 58 Jan 17 74 May 14
Jan 83/
1
4 June
68
8034 8214 8038 8234 8312 8512 8612 895* 8734 894 89
903 59.400 Victor Talk Machine_ No par 5233 Jan 3 10434May 8
32 July 5453 Dec
•160 200 *160 200 *167 200 0167 200 0175 200 *175 200
6% preferred
1
4 Jan 3 20212May 7
No par 108/
Oct 11133 Dee
87
•104 10812 *104 1084 *10434 10614 •10434 10818 *10438 10814 010434 1081
7% prior preferred
100 10112 Jan 6 11112 Mar 28
Oct 10213 Dec
9614
•1312 14
•134 1334 *1314 14
1378 14
1312 1312 *1312 14
400 Virg-Caro Chem
12 June 12 16/
No par
1
4 Feb 10
713 May 154 Sent
48
4714 4714 4812 4812 4812 49
4914 4914 48
50
50
1,400 6% preferred
100 4438 Jan 18 53 May 21
1
4 Dee
264 Apr 48/
94
94
94
94
9378 9378 9334 9334 *93
95
*92
94
400 7% preferred
100 8812 Jan 18 97 Apr 27
73 June 91 Nov
no 55 *30 55 *30 55 030 55 030 55 *30 55
Virginia Iron Coal & Coke.100 311
/
4 Apr 25 50 May 22
36 Dec 51
Jan
59
*53
*53
59
*53
50
59
*53
*53
*53
59
59
Preferred
100 55 June 13 624 Jan 13
624 Dec 7611 Aug
12
13
1234 1434 1134 13
*1434 15
1278 1312 1338 134 12,600 Vivaudou(V).
No par 1134Ju0e 26 2533 Jan 4
/
4 June
20/
1
4 Dec 391
82
82
84
82
824 8312 *8012 8712 *8012 87,2
79
79
900 Preferred
100 78 June 22 100 Jan 28
95 Dec 11812 June
2412 2412 2412 2412 2312 23,2 2314 2714 *2314 2712 27
2738
320 Vulcan DetInning
100 2212June 13 43/
1
4 Jan 11
1813 Jan 80 Aug
*78
85
87
*78
*78
78
85
078
89
*78
78
89
10 Preferred
100 74 June 21 97 Jan 12
90
Jan 125 Aug
*2012 2212 *2012 224 2012 2012 *2012 2212 nols 2222 1912 2018
Class
90
A
100 1912June 29 38 Jan 11
1
4 Aug
16
Jan 59/
2014 2038 2034 2034 2118 2114 21
2012 21
2112 5,500 Waldorf System
214 21
No par
1912 Jan 3 27 Apr 9
1814 Dee 26 Feb
*1514 1612 *1514 161, •1514 1012
1534 164 1512 1012 *1514 16
500 Walworth Co etre
No par
15 June 12 19 May 16
17 Dec 2411 Apr
*94
97
96
*94
96
*94
97
*98
•96
*94
Ward Baking Class A _ _No par 93 June 14 123 Feb 2
97
97
8918 An 11834 Oct
19
1914
19
Class B
194 1834 1878 1911 1938 1878 19
1914
19
4,300
No par
17 June 19 2938 Jan 13
1
4 Feb
174 June 33/
*8912 91
*8934 91
*8912 91
08934 91
91
*90
*8934 91
Preferred (100)
No par 8912June 22 9712 Jan 19
84
AD 10014 Nov
3412 35,2 3538 37
3818 37
35
3714
3418 3414 3334 35
26,200 Warner Bros Pictures A _ _ _ _10 22 Jan 5 4334June 4
18/
Jan
1
4
Dec
4511
1
1
3518 3534 35 4 3534 35 2 3618 3634 374 3612 364 36
3678 11,300 Warner Quinlan
No par 26 Feb 17 4138June 7
24 June 3413 pea
148 148
149 154
154 16612 16212 165
5,200 Warren Bros
146 14814 146 146
No par 140 June 20 19213 Apr 11
Nov
180
85
Jan
1
*52
*52
5314 55
•52
58
*53 2 58
59
59
58
20 lst preferred
*55
60 50 Jan 8 61 A pr 16
43 Aug 71 Dee
1538 1538 154 154 •153s 1612 •1533 16
1533 1534
16
700 Warren Endry & Pipe...No par
16
13 June 12 2518 Apr 14
18
Oct 27 June
*61
63
61
061
61
65
*6112 65
06114 65
81
100 Weber At Heilbr. new e_No par 5918June 12 7012May 8
*59
6514
Dec 7612 Aug
Preferred
*100 101 •100 101 *100 101 •100 101 0100 101 •100 101
100 9912June 18 103 Jan 3 10114 Nov 103/
1
4 Aug
/
4
144/
1
4 1441
,145
800 Western Union Telegraph _100 143 June 12 17713 Jan 3 1444 Jan 176 Dee
146 146 z144 145 •143 1444 *143 14412 1447
44/
1
4 4414 4438 24412 45
3,100 Wetnghse Air Brake NewNopar 4218June 4 571
4312 4312 434 4314 4318 4378 44
/
4 Jan 27
40
Sept
Oct
5013
9138 9234 0234 9378 9378 9518 x9418 94/
1
4 33,900 Westinghouse Elea & Mfg_ _50 8818 Jan 5 112 Mar 31
9114 9238 9112 92
1
4 Deo
67/
1
4 Jan 94/
97
97
97
104 1041
/
4
98
*9412 97
190 1s1 preferred
*98 104
97
60 95/
97
1
4 Jan 5 110 Mar 31
Dee
1034
82
Mar
2214 *2114 2112 2134 23
2414 4,800 Weston Etc() Instrum't_No par
22/
1
4 2338 23
*2112 2212 21
1212 Jan 13 2812June 7
11 Sept 1833 Feb
*3238 33
3238 3238 032/
*324 24
032/
1
4 34
1
4 34
100 Class A
No par 3034 Jan 3 4012Nlay 22
*3212 34
30 July 344 Apr
10312
*104
4
10312
1073
•104
10734 *104 10734
10 West Penn Elee Cl A vtf No par 103 June 22 112 Apr 9
10734
*103 1074 *103
Aug
97/
1
4 Jan 111
10958 1094 109 10978 10918 110
1094 110
400 Preferred
109 110
100 108 June 13 115/
111 111
1
4 Apr 9 102
Jan 112 Sent
101 10234 •10113 102
102 102
102 102
270 Preferred (6)
100 100 June 18 10412 Apr 10 101 Dec 10134 Dee
*101 10212 *10114 102
117
117,2 11612 11612 118 118
11612 11612 11612 11012
140 West Penn Power pref.
__.._100 114 Apr 9 118 June 27 111
*11612 117
Jan 118 May
/
4 10434 10434
103 1041
100 6% preferred
100 103 June 281 113 Jan 5 10013 Jan 111 Dec
*102 108 •102 10912 10412 10412 105 105
5812 58,4 58,4 5812 5812
400 West Dairy Prod Cl A_ _No par 5312 Jan 6 78 Apr 11
5712 5712 *5714 5712 058
58
58
Dec
57 Nov
531g
31
30
3018 2912 30
900 Class B
30
.43012 31
3112
No par 2033 Jan 5 49 Apr 12
3078 304 *30
241
/
4 Dec 2838 Nov
2214 2234 2234 X2114 2214
2212 *2114 2112 022
400 White Eagle 011 &Refg_No par 2018 Feb 21 2633May 1. 20 Dec 274 Feb
•22
23
*22
3,700 White Motor
36
36/
1
4 364 37
50 3014 Feb 21 4334June 1
.3512 36
35,2 3512 354 3512 3514 36
3014 Nov
5818 Feb
39
400 White Rock Min By ctf _No par 3418 Jan 19 4438May 11
3734 *3712 3812 *3712 3812 *3712 3812 .38
3812 3812 37
4112 Sept
28
Jan
35
35
35
Sewing
White
,
4
par
3514
36
NIachine_No
3,100
3314June 13 45 Mar 7
3612
*34
,
44
351
3
/
5
4
3
614
3512
3434
2112 Mar 53/
1
4 Aug
*.51
Sewing
52
Mach pf_No par 52 June 13 5514June 6
05214 5212 *5214 5212
100 White
*5214 52,2 5214 5214
*5114 .52
46 Feb 59
Jan
2134 2233 63,700 Willys-Overland (The)__ __ _ _ 5 17/
2112 2118 2138 2112 2134 2112 22
1
4 Jan 16 2833 Apr 9
21
2134 21
/
4 Mar
1312 Oct 241
*9814
99
Preferred
*96
99
99
100
x9914
*97
*97
993
4
99
500
92
/
1
4
Jan
,4
3 10112May 25
994 100
Aug
87
June
96
1312 1312 *1314 1312 1312 134 13/
1
4 1373 1,300 Willion & Co Inc. new _No par
1113 Jan 3 16 Feb 14
*1334 1418 *1312 1334
10 May 17/
1
4 Feb
27
2738 2738 *28
No par 22 Jan 3 35 May 15
2838
2834 *28
400 Class A
284 27
1614 MAY 321
' 2718 2718 *27
/
4 Feb
*6612 8912 67
6812 67
104) 66 Jan 3 7734 Feb 11
67
400 Preferred
*67
66
67,2
66
69
*66
1
4 Feb
58
Apr 84/
17712 1794 17934 18112 18012 18212 18212 1844 18214 1841 1 15,100 Woolworth (F W) Co
25 17512 Fob 20 19634Slay 9 117/
1
4 Jan 19812 pee
17712 179
30
3112 31
31
30
31
3112 2,100 Worthington P & af
100 28 Jan 5 37/
1
4May 25
2834 2834 29
29
2013 Jan
29
46 June
51
494 494 *49
*49
55
55
100 4614 Jan 19 5814 Apr 28
*49
100 Preferred A
*49
51
44 Dee 6113 June
*50
51
4412 042
4412 .41
*41
45
100 41 Jan 4 51 Apr 26
.42
45
200 Preferred B
4114 43
44
37
*43
Oct 5412 June
13711
Aeronautical__
141
140
Wright
138
No
134
par
69 Feb 27 245 May 16
14034 141 1471: 47,200
130 13312
2412 Apr 041
13112 135
/
4 lieu
7113 7113 7112 70
7112 070
70
No par 89 Juno 13 7913 Mar 22
1,100 Wrigley (Wm Jr)
*71
7112 7112 7112 70
507k Jan 7234 Dee
.6972 7312 •7012 724 *7012 7212 7012 7012 7034 70/
25 6812 Mar 26 8412 Apr 25
800 Yale & Towne
1
4
71
7014 Jan 8412 AUE
70
33/
3213 3334 33
34
1
4 3412 25,500 Yellow Truck & Coach Cl B _ 10 2738 Feb 28 40 May 8
25
32
324 3218 3212 324 33
Jan 40 Aug
93
*92
9314 *92
9314 *92
9314 •92
100 8733 Jan 9 96 Apr 20
100 Preferred
92
834 Aug 9930 July
9614 92
*92
85
85
8412 85
85
8518 86
85
1,600 Youngstown Sheet & T-No Dar 8312JUne 19 105/
85
1
4 Jan 28
85,4 85
804 Oct 10018 Dec
*85
Bld and asked prices; no sales on this day. C Ex-dividend, a Ex-r14,14ts. • No par value.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
4057
Jan. 1 1000 the Exchange mahod of quoting bonds 2cas changed and prices are now "aril tatercst"--except for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 29.
t
Prim
Friday.
June 29.
Weeks
'
Range or
Last Sale.
53
High No.
Ask Low
U. S. Government.
First Liberty Loan
334% of 1932-1947
ID 100181 Sale 10018, 100522 350
Cony 4% of 1932-47
JD 1004221013:: 100122June'28
Cony ey,% of 1932-47
J D 1011522 Sale 101332 10117s: 105
% of 1932-47
2d cony
D 100,5as -- 10211: Apr'28
Third Liberty Loan494% of 1928
MS 1001122 Sale 100 1001121 369
Fourth Liberty Loan434% of 1933-1938
*0 1012322 Sale 101",,1012118 3595
1947-1952 *0 1133022 Sale 11342 1133022 395
Treasury 4318
Treasury 48
1944-1954 I
1083032 Sale 108342 108114: 118
Treasury 3316
1946-1950 M
105342106 10521n10513:4 175
Treasury 344s
1943-1947 JD 1012422 Sale 10111321011.122 133
State and City Securities.
N Y City-434s Corp Stock_1960 M
4345 Corporate Stock_ __ _ 1964
B
434s Corporate stock
1966 *0
4315 Corporate stock
1972 *0
4348 Corporate stock
1971 Jo
434s Corporate stock_July 1967 J J
43411 Corporate stock
1965 JD
4345 Corporate stock
1963 M
45 registered
1956 MN
4% Corporate stock
1959 MN
4% Corporate stock
1958 MN
4% Corporate stock
1957 MN
4s registered
1936 MN
434% Corporate stock
1957 MN
434% Corporate stock__ -1957
N
334% Corporate st-_May 1954
N
3.358% Corporate st-Nov 1954 MN
New York State Canal 4s__ _1960
48 Highway
Mar 1982 MS
Foreign Govt. & Municipals.
Agric Mtge Bank sf 6s
1947
A
Antioquia (Dept) Col 7s A I945
Externals 1 75 ser B
1945
Externals I 7s series C
1945
.1
External s 1 75 1st ser-__ _1957 A 0
2d series trust rots
1957 0
Argentine Govt Pub Wks 136_1960 A
A 0
Argentine Nation (Govt of)-.
Sink fund Os of June 1925.1959 ID
Extl s 1 68 of Oct 1925_ _1959 *0
Sink fund 68 series A
1957 MS
External 6s series B_ _Dec 1958 Jo
Extl s f 612 of May 1926 _ -1960
N
External a 1 (is (State Ry)-1960 MS
Ext168 Sanitary Works_ -.1961 F
Ext 65 pub wks(May '27).1961 MN
Public Works extl 634.--.1982 FA
Argentine Treasury 5s L_ _1945 MS
Australia 30-yr 5s_ _July 15 '55 Ii
External 58 of 1927--Sept 1957 MS
Extl g 434a of 1928
1956
N
Austrian (Govt) s f 75
1943 in
Bavaria (Free State) 8348_1945 FA
Belgium 25-yr ext5 f 734. g-1945 in
20-yr s f 8s
1941 FA
25-year external 0348..1949 MS
External s f 68
1955'I
External 30-year 51 78
1955 D
Stabilization loan 78
1956 MN
Bergen (Norway)s 1 85
1945 MN
15-year sinking fund 6s _1949 AO
Berlin (Germany) 6348
1950 *0
Bogota (City) ext'l a 1.8s.„1945 AO
Bolivia (Republic of)
1947 MN
Ext'l Sec 78 tern
1958 ii
Bordeaux (City of) 15-yr 63_1934 .84 N
of)
Brazil(U S
external 88.-1941 ID
Externals f 6345 of 1926_.1957 A
Extl s f(3)4s of 1927
1957 *0
7s (Central RallwaY)
19.52
730(coffee secur) (flat)_1952 ID
Bremen (State of) extl 78_1935 AO
MS
Brisbane (City)s f 5s
1957 M
Budapest(City) oral a 1 6s ..1962
Buenos Aires (City) 6355-1955 J D
J
Extl a 13s ser C-2
1960 *0
Extl 1 6s ser C-3
1960 *0
Buenos Aires (Prov) extl 65_1961 MS
Bulgaria (Kingdom) a f 73_1967 Ii
••
Caldas Dept of(Colombia)734s'46 .1
Canada (Dominion of) 58.--1931 *0
10-year 5345
1929 PA
55
1952 N
4345
1930 PA
Carlsbad (City) a f 88
1954
Cauca Val (Dept) Colom 734s '46 *0
Cent Agri(' Bk (Germany)75 1950 M
Farm Loan s f 68
1960 JJ
Farm Loans f Saint et& 1960 £0
Farm Loan 68 aeries A_ _ _1938 £0
Chile (Republic) exti a f -.1941 PA
20-year external s f 7a
1942 MN
External sinking fund 68-1960 *0
External s f 68
1961 PA
Ry ref extl s 1 (Is
1961
Cue Mtge Bk 6345 June 30 1957 II
ID
5 1 6315 of 1926-June 30 1961 ID
Chinese (ilukuang RY) 5s--1951 ID
Christiania (Oslo) 30-yr a f 6s'54 MS
Cologne (City)Germany 63461950 M
Colombia (Republic) 6s.._ -1961 ii
External 5 f 6s
1981 AO
Colombia Mtge Bank 63411-1947 A0
sinking fund 78 of 1926_ 1946 MN
Sinking fund 7s of 1927...1947 FA
-years f 5558-1944 J J
Copenhagen 25
External 55
1952 Jo
Cordoba (City) extis f 7s.-1957 FA
External 5 f 78 Nov 15 1937 MN
Cordoba (Prov) Argentina 781942
I
Costa MCA (Repub) extl 75_1951 MN
Cuba 58 of 1904
1944 M
External 55 of 1914 ser 8-1949 PA
External loan 434.ser C-1
19
95
43
9 PA
Sinking fund 5348
J J
Cundinamarca (Dept-Col) 78 *46 Jo
c On the basis of 55 to the
Range
dint.
Jas. 1.
Low
High
100'n 101"21
10042 1011522
1014, 10313s:
10142 1021742
100
1001an
1011488104
11348 1161
/
48
10842 1111482
105108210811n
10142 103944
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 29.
a.
Czechoslovakia(Rep of)8s_-1951 A 0
1952 A 0
Sinking fund 8s ser B
Danish Cons Munlcip 8s A_ _ 1946 F A
Series B s f 8s
Denmark 20-year exti 6s_ _ 1942 J
Deutsche Bk Am part ctf 6s_1932 MS
Dominican Rep Cust Ad 5348 '42 IN S
1940* 0
1st ser 5148 of 1926
28 series sink fund 534s__ _1940 A 0
Dresden (City) external 7s_ _1945 M N
47
2 .1
pA
196
Dutch East Indies extl8s
40-year external Os
1953 RI S
30-year external 5348
30-year external 534s----1953 MN
Pries
Friday
June 29.
Weer'
Range or
Lan Bale.
11
Ask Low
High No. Low 1411)
BM
10812 Sale 10812 10912 14 108 112
10812 10914 10814 10812 17 108 112
1
4 11212
11158 Sale 1105a 111% 27 110/
8 110 1114*
11034 111 110% 111
10412 Sale 10334 10412 29 103 10614
9734 62
97 99
9758 Sale 973
9914 15 97 10048
99 Bale 9812
96 100/
1
4
96
9812 96 June'28
12
9614 99
96
98 97
98
10112 11 100 10248
10034 101 101
18 103 505/
1
4
10312 Sale 10314 104
10312 Sale 10318 1035s 52 103 10512
8 101/
1
4 10414
100 10212 10134 10218
6 101/
1
4 104/
1
4
10114 102 10112 102%
2
111
1948 J J 111 11112 111
El Salvador (Repub) 8s
13
993
Finland (Republic) extl 6s 1945 M S 9938 Sale 9755
42
101
External sink fund 7s_ _ _ _1950 111 S 100 Sale 100
100 10014 100
2 100 102%
100
1
9914 32
1956 M S 9914 Sale 98,
External 5 1 635s
8 10234 10512
102% 1033 10234 10234
9178 26
1958 F A 91% 911 9114
Exti sink fund 5345
1.03 1053,
10318 104 103 June'28
9412 15
10314 1041 10.5 Mar'28 _ -- 105 105 Finnish Mun Loan 6145 A 1954 A 0 9812 Sale 9812
1
9812
External 1314s series B1954 A 0 9812 9914 9812
108% 109%
10758 1091 10812 June'28
11612 182
108 1101a French Republic ext 734s._ _1941 J D 11538 Sale 115
10714 109 109 May'28
1949 .1 0 1075s Bale 10718 1073 226
External 7s of 1924
1 107 10934
107
107 1083 107
1 10738 10934 German Republic ext'l 7s,.,.1949 A 0 10618 Sale 10578 1061 161
10634 10838 1074 10738
2
103
9812 10014 Gras (Municipality) 83
2
9812
9812
1984 M N 10234 103 103
9938 10114 Gt Brit & Irel(UK of) 5345_1937 F A 10438 Sale 10378 1045 144
-9914 991 9934 June'28 _
2
119
1929 F A 11834 119 119
10-year cony 530
1
9914 10134
9914
0014 907 9914
21
88
88's c8778
5
4% fund loan £ op 1960.,_1999 M N c88
9978 10134
994
0078 100 994
June'28
99'z
c9938
c99
1947
J
D
option
'29
5% War Loan £
9914 10038
9934 May'28 _ _ _
5
10612 11/94 1064 10634 6 1064 108% Greater Prague(City) 734s..1952 MN 10612 Sale 1054 1061 13
9758
4F
MN
A 9758 Sale 97
1968
5 10614 108% Greek Governments f sec 7s_1
10612 Sale 10614 10614
64
861
8534 Sale 8534
Sinking fund sec 6s
92% 93/
1
4
9012 9134 927 Mar'28 9012 ____ 93 Mar'28
93 9312
1001
22
1952 A 0 10014 Sale 100
Haiti (Republic) s f 6s
28
971
1946 A 0 97 Sale 97
10514 10514 Hamburg (State) 68
10514 Apr'28
10312 10312 Heidelberg (Germany)ext 734850 J J 104 105 105 June'28
10312 June'28
33
99
991
9918
100
J
J
Hungarian Munic Loan 73481945
25
953
External s f 7s____Sept 1 1946 J J 9534 Sale 95
19
983
Hungarian Lancl3M Inst 7345 '81 N N 9834 Sale 9818
Hungary (Kingd of) s f 71is_1944 F A 1014 Sale 1014 10238 28
120
96
17
91
90 Sale 90
8914 95 Irish Free State extls. s f.5s_1960 MN 96 Sale 95
99 296
9714 34
9412 100/
1
4 Italy (Kingdom of) exti 7s_ _1951 J 0 984 Sale 984
9712 Sale 9612
34
98
964 Sale 9714
194
37 6,
M
30
9458 99 Italian Cred Consortium 7s A1
97
9634 Sale 96
65
Sale
97
971
9634
Extl
sec
5
f
7s
ser
B
9
98%
94
9714
96
9714 9614
39
971
974 Sale 963*
2
9814 99/
1
4 Italian Public Utility ext 78_1952 J'
97
96
97 96%
87
93
_ 195
34
1I
F A 9234 93 925
1
4 9812 Japanese Govt L loan 421
9812 33 93/
9614 Sale 96
10234 Sale 1023s 1031 120
30-year s f 614s
112
99 1004
100 Sale 9914 100
5
Leipzig (Germany)s 17s_ _1947 F A 997 101 10118 1013a
81
99 10053 Lower Austria (Prov) 7 yis_ _1950 J D 9858 9912 100 June'28
99% Sale 9914 100
993 141
99 10058 Lyons (City of) 15-year 68_1934 M N 9934 Sale 991s
9978 42
9934 Sale 9914
99 10114
10038 Sale 9912 10012 44
76
100
33
98% 10118 Marseilles (City of) 15 yr 68_ 1934 M N 9934 Sale 99
9912 Sale 9912 100
10
343
3414 357 3434
70
99 10034 Mexican Irrigat Asstng 4348.1943 _
100 Sale 9912 100
5212 ____ 4934 Jan'2
Mexico(U 5) extl 522 of 1899 £'45 61-9814 101
9978 173
99% Sale 9914
9
3978
39% 40 3914
1945
Assenting 5801 1899
99 10118
10014 Sale 9912 10014 37
40 June'28
Assenting 55 large
68
99 101
9934 Sale 99% 100
24
2612
27
2612
Sale
of
1904
Assenting
45
42
95
9714
9658
9534 Sale 9512
2812
2812 10
Assenting 4s of 1910 large.........
9114 934
9138
9138 Sale 9114
35
27
Assenting 45 01 1910 small........ 2834 Sale 2558
114
9538 99
98
97 Sale 96%
June'28
42
4412
45
6801
assent
(large)
'33
.71
152
Tress
'13
98
5634 99
9714 Sale 96%
42 May
9'22182
Small
8818 92%
8914 540
8914 Sale 8838
104
Sale 92
10238 Sale 10212 10312 Si 10212 104% Milan (City, Italy) ext'l 13145 '52 A 0
0
02
11124 Sale2
10212 10312 16
Montevideo (City of) 7s____1952 I D 19
9614 9912
9712 10
9712 98 97
1
74
2M
A 0
8 -_ 107 106% 106%
Netherlands 8s(flat prices).._ 195
115 Sale 11412 11534 57 114 116
Sale 10034 101% 40
30-year external 6s
109% Sale 10934 11012 36 109 11114
49
95
10512 96 10314 10914 New So Wales (State) ext 5s 1957 f A 95 Sale 9414
10514 Sale 105
14413 44
Apr 1958 A 0 9438 Sale 9414
External s f 55
98/
1
4 10112
10034 177
10018 Sale 100
1943
10318 64
103 Sale 102
Norway 20-year extl 6s
10814 144 10614 109
108 Sale 107
60
10212
102
102
10212
1944
F
A
134
Os
20-year
external
10414
1084
10638 Sale 10618 10634
1952 A 0 10214 Sale 10112 102'2 16
1
4 11312
30-year external 13s
11334 15 112/
113 11334 113
10074 44
19651 D 10078 Sale 100
40-year a 1 5345
1
98/
1
4 102
10015 101 10114 10114
99
96
Externals f 5s_ _Mar 15 1963 M 8 9512 Sale 9514
97 100
9938 20
9812 Sale 9814
11 1034 10818 Nuremberg (City) extl 5s 1952 F A 9134 Sale 91
9134 13
106
106 Sale 105
9934
9
24
1
0
0
0
0
14
1955
42
19
100
19
0
0
N
,
4
6s
10311
108
10512
Osloi(City)360-0
f6
1054 Sale 10434
9914 100
44
8
1946 PA
Sinking
97
9314 9812
97 Sale 95
5348
78
99 1011
/
4
9934 Sale 99% 100
37
Panama(
s1 5.34s. _1953 J D 102 Sale 101% 103
tlseeltsep)
xt
t 614
19611 D 10314 Sale 103
30 107 11334
Ex
10314 27
10978 Sale 10834 110
92 9912 Pernambuco (State of) ext- 78'47 IA 13 9514 Sale 95
9612 204
95% 10
96 Sale 9558
9512 9912 Peru(Republic of)
9612 280
9614 Sale 9534
20
105 Sale 104% 105
Ext
E.til ffar
97 103
10078 36
m 734
78 s (of 1926)-1956 M
100 Sale 100
2 103 10815
20
1959 MS 102 Sale 10112 102
10534 Sale 10514 10534
60 10014 10312
19603 D 91% Sale 90%
9114 135
Nat Loan extl s f 6s
10034 Sale 10014 101
15
95%
83
8358
Sale
Os...
_1940
A
0
95% 16
83%
Poland
of)
gold
95% Sale 935a
(Rep
924
195
401
7 A C1
j 8918 Sale 89
85 89%
8612 69
8934 154
Stabilization loan a f 78_1
85% Sale 8534
10112 20 100 10214
68
100 Sale 9912 100
Ext sink fund g 8s
10112 Sale 101
2
97
97
99 Porto Alegre (City of) 8s _ _1961 J D 106 10734 107
3
10778
97 Sale 97
96
32
9714 19
9534
Ext1 guar sink fd 7%s_ _1966 1 .1 103 Sale 10212 103
97 Sale 96
9514 93
9312 97
95 Sale 9458
41
93
5
114
8914 93/
1
4 Queensland (State) extl s178 1941 A 0 113 Bale 113
92 Sale 92
1947 F A 10634 108 10614 1061
6
25-year external 68
31
98 102
Rio Grande do Sul extl al 85_1946 A 0 10718 Sale 10534 10718 18
99% Sale 99% 100
17 10014 10212
9914 117
1946 M N 99 Sale 9712
102 Sale 101% 102
Eat's f 7s of 1926
11
F O
A 10714 108 10714 108
o
10012 Sale 10058 100% 88 10014 10214 RiE
.
dtei Jsafne
6iros25-yr f 88_ _.19 A
96
60
461953
9512 Sale 95
10512 Sale 10458 10512 150 104% 109
9914 27
98% 101%
10978 Apr'28
1947 A 0
25-year extl 8s
98% Sale 987
935 239
105 10934 Rome (City) extl 6340
1952 A 0 93% Sale 9314
10712 10818 109 June'28
9814 103 Rotterdam (City) ext1 6s- _1964 hi N 104 10412 10412 1047
1004 34
10014 1001 100
9
99% 27
99 10114 Saarbruecken (City) 68
92 92 June'28
9934 Sale 99
1953 1J 91
9014 33 89
9334 Sao Paulo (City) a f 8s_ _Mar 1952 MN 117 Sale 117
90 Sale 8978
117
89
9014 91
1957 M N 9812 Sale 981s
9354
8934 Sale 8912
9834 17
Extl sf8348011927
14
9538 77
9512 Sale 954
9512 96 San Paulo (State) ext1 et 75.1936 I J 10612 Bale 10574 107
7 108% 111/
11014
1
4
10978 100 110
1956 J J 107 Sale 10612 108
5
External sees 188
47 10052 104
26
10258 Sale 10112 103
104
103 Sale 103
External s f 78 Water L'n_1956
9412 135
54
9134 974 Santa Fe(Prov. Arg.Rep.)75 194284 5 98 Sale 97
98
9414 Sale 9334
9138 97 Seine, Dept of(France) extl 721'42 1 .1 10412 Sale 10414 105
9338 Sale 93%
9412 105
135
9338 97 60
9412 147
61
94 Sale 93%
99
2M
mN
N 9812 Sale 98
96
36
Ser,
isso
bs..
Cro
(Caits
131.
6
ovtein6ess 85_119
ty&
of)
9712 69
9534 9934
9734 Sale 9714
9978 27
99 Sale 99
994 28
wiz 21
9634 1004 Styria (Prov) extl 7s
9878 Sale 98
1946 F A 93
9314 93
2712 32
2518 294 Sweden 20-year 6s
2678 28 2612
1939 1 D 10212 Sale 1024 10314 47
4
9914
9934 Sale 99%
99/
1
4 101/
1
4 Ex
External loan 5346
1954 MN 1034 Sale 10318 103% 56
12
Swiss Confed'n 213-yr 81 8s_ _1940 J J 111 Sale 10974 112
9734 33
9738 Sale 97
9614 9938 Switzerland Govt ext 5)4s 1946 A 0 10318 Sale 10212 10312 108
91
954 Tokyo City 5s loan of 1912_1952 ?A 5 8112 Sale 81
9214 61
92 Sale 9134
8132 133
9212 119
9012 9512
9214 Sale 9114
9214 173
1961A 0 9218 Sale 917s
Extl s 1 534s guar
9014 10
89
9314
8914 90 89
9312 98
9478 12
9334 941 934
94% 11
Tolima (Dept of) extl 7s
1947 M N 9412 Sale oh
9
944
9338 98
94 Sale 9338
9712 13
Trondhjem (City) 1st 5)0_1957 N N 97
9712 97
10
9934 102 Upper Austria (Prov) 7s.__ _1945 I D 98% 99 98%
4
100 Sale 9934 100
985s
9524 101
9634 99
9038 Sale 9614
External s 16%s_ _June 15 1957 J D 9858 99 894 June'28
9712 10
96 101
9934 Sale 97
9
Uruguay (Republic) extl 85_1948 F A 108 Sale 10714 108
4
97
95 100
95
129
9642 9612
98
External sf68
9778 Sale 9714
9934 10
98 10112 Yokohama (City) extl 85_
9934 Sale 9914
9812 131
MN
D 9818 Sale 97%
19
1901 I
55
97
9412 9914
97 Sale 98
7
9978 10234
10014 100% 10038 1001
1004 1034
10038 10112 101 June'28
2 98 10014
9658 Sale 96%
9658
16 10118 10478
10234 Sale 10214 1023
36
93/
1
4 100
99% Sale 9934 100
stet frig.
Baste
lance
Jan. 1.
10712 114
9518 100/
1
4
was 10222
98/
1
4 101/
1
4
91
96
98 101
98 101
11312 11948
10812 109/
1
4
10442 1074
102 10414
10348 10814
11612 119
c87 901..
89854 993s
10454 10914
9688 10054
8514 92
99/
1
4 102
9514 9912
10314 10512
9814 101
94
9712
9812 101
10118 10312
95 97%
5614 10012
9514 99%
94 100
9814 10114
911
/
4 904
10014 1054
99 101/
1
4
9812 102
99 101/
1
4
99 10112
3314 3714
4914 6941
35
4314
30
4312
2214 3418
25
3212
1
4 31
22/
3712 46/
1
4
36/
1
4 4614
91/
1
4 9518
102 105
10548 109
10054 10314
93• 96
93 96
1
4
102 103/
102 10418
1018.1033*
99/
1
4 10212
94
98
8912 93/
1
4
99% 103
99 103
101/
1
4 10412
102 10414
Ws
95
10312 10714
10014 10448
9014 94
8012 87
89 9148
9812 101/
1
4
104/
1
4 109
101/
1
4 10412
1121e 110411
106 10812
10514 10814
9712 10014
10512 11014
9312 9714
10512 110/
1
4
914 9612
104 106
9012 9412
112/
1
4 120
96/
1
4 10014
105 10812
106 10914
10014 10414
1
4
9414 100/
10314 10614
9712 10112
98 102
92/
1
4 97
102/
1
4 105
10212 10512
10948 11312
1011
/
4 10512
76/
1
4 84
87/
1
4 95
9334 9714
97
9912
97 9914
8912 9012
10714 110/
1
4
9614 100
94 100
4058
New York Bond Record-Continued--Page 2
BONDS
N. Y. STOCK EXCHANGE. 33
Week Ended June 29.
.413.
Price
Friday.
June 29.
Ind
Week's
Range or
Last Bale.
Adk Low
Range
Since
Jan, 1.
Hick No. Low
BONDS
N. Y. STOCK EXCHANGE.
Week Ended June 29,
41.
Price
'Map.
June 29,
Week's
Range or
Last Bale,
Range
Since
Jas, 1,
High Chic Milw & St P (Concluded)Mel
HO) No. Low
Bid
de Low
Gen & ref ser A 435s_Jan 2014 A 0
7238 74%
7314 Mar'28
Gen ref cony sec B 5s Jan 2014 F A
Mar'28
70% 75
75
Ala Gt Sou lst cons A 59-1943 .1 0 105_ 10513 June'28
lst ser 6s
10512 10854
6 10212 104
1934 3
jails 10i234 102% 10234
1943.1 D 96 Sale
13t cons 4s ser B
- 93
96
5 93 96
Debentures410
19323 D
75
71
75 Mar'28
Ala Mid let guar gold 59
1928 MN 100
100 June'28
100 100%
Debentures 4s
19253 D
71
7354
71% Feb'28
Alb dc Slog let guar 310._ _1946 A 0 86 -903-4 8918 June'28
8814 9111
25-year debentures 4s
7012
1934
J
737e
Feb'28
J
7214
Alleg & West lst g gu 4s__ _1998 A 0 90
92 90 June'28
9572 Chic Milw St P & Pac 5s
90
1975 F A 94 Sale 93%
9214 9812
94 86
Alleg Val gen guar g 4s
1942M S 9612 Sale 9612
9612 10
Cony ad1 5s
4 99
Jan 1 2000 & 0 7514 Sale 7312
7512 1606
81% 7934
Ann Arbor lst g 43
81% 8334 June'28
1995Q .1 78
8113 8411 Chic & N'west gen g 340--1987 M N
82
82
79
86
June'28
8214
Atch Top & S Fe-Gen g 49_1995 A 0 95 Sale 94%
9512 -154
9334 99
Registered
78
_
84es
78
78
Q
Registered
A 0
9578 Apr'28
General 4s
95 9639
1987 M N 9118 9414 9112
20
9119 98
9212
Adjustment gold 4s_July 1995 Nov 90 Sale 8934
5
8812 1143,
Registered
94 94
3 F 8914 95 94 Apr'28
90
Registered
Nov 8614
9134 June'28
91
Stpd 4s non-p Fed in tax '87 M N 9234 Sale 9234
9134
2 9217 9614
92%
Stamped
9912 15
July 1995 II N 9012 Sale 9972
Gen 4N s stpd Fed Inc tax_1987 MN 10312 Sale 10312 10312 25 102 113
8834 134
Cony gold 46 of 1909
1955 J 13 8814 9212 9034 June'28
Gen 5.3 stpd Fed Inc tax_ _ _1987 MN 102% 10534 107% 10112
8912 94
4 10712 117
Cony 45 of 1905
19553 D 89% 92 92 June'28
Registered
8919 94
MN
113 Mar'28
113 113
Cony g 48 issue of 1910-1960 J D 88
93 9334 Jan'27
Sinking fund 65
1879-1929 A 0
10134 May'28
101% 10215
Rocky Mtn Div let 4s..
1965 J J 9012 92 9034 June'28
iola "aid
Registered
A0
10114 May'28
10114 101%
Trans-Con Short L lst 48.1958 7 J 943 --- 9412
9434 10
Sinking fund 55
934 96
1879-1939 A 0 ioC
100
3 99 101%
100
Cal-Ariz 1st & ref 445s A 1962 N El 9938
4-99% 99%
99%
5
99% 1047.
Registered
A0
100 May'28
100 100%
At! Knoxv & Nor let g 5s1946 J D
107 Mar'28
Slniting fund deb 5s
107 107%
1933 MN 1011-4 10234 10112 10112
10112 103%
Atl & Chart A L lst 430 A_ _1944 J J 9812-- 10034 Apr'28
9914 10034
Registered
M
N
103
10012
June'28
10019
102%
let 30-year 55 series B_
19443 J 10334 10434 10334 10334
2 10334 10714
10-year secured 78 g
19303 D 10312 Sale 103
10312 38 103 50617
Atlantic City let cons Att.__ _1951 J J 9319 Sale 9312
1
9312
15-year secured 6;is g
91
94
1936 59 8 10912 114 10912 11012
2 10912 11414
AU Coast Line 1st cons45 July'52 M S 95 Sale 9212
9518 36
let ref g 5s
9212 983
May 2037 7 D 10034 10734 109 May'28
.
1087e 114
Registered
MS
95 97% Feb'28
1st & ref 43,28
9735 97%
May 2037 3 D 99% 100 994 100
86
9912 1941s
General unified 440
1964 J D 9934 Sale 99% 100% 58
9812 104
L N con gold 49Oct:1952 MN 9212 Sale 9214
9
9118 95% Chic R I & P Railway gen 48_19138 J
9212
9212 93 9174
9134
3 9112 90
Atl & Day lst g 4s
1948 3 J 76% 80 7712 June'28
7712 85
Registered
3 .1 90 92 91 May'28
91
9212
2d 4s
1948
J
71
5
71
Refunding gold 48
71
734
78%
1934 A 0 9413 Sale 9334
9314 9854
9412 173
Atl& Yad 1st g guar 4s
1949 A 0 8.534 Sale 8512
2 85% 92%
8534
Registered
A0
-_ 9514 May'28 _
95 9514
Austin & N W lst gu g 59-1941 .1 3 99
9934 10214 Feb'28
10214 10214
Secured 435e scriesA
1952 34 $ 94% dale- 9318
9414
68
91% 9754
Ch St L & N 03lem Div 0_1951 3 D 86
9134 9234 May'28
92 9274
Balt & Ohio Ist g 4s----July 1948 A 0 94 Sale 94
9479 77
93% 98
Ch St L & P lst cons g 59-__ _1932 A 0 101% 1033* 9934 June'28
99% 103%
Registered
July 1948 Q J 92
92% June'28
Registered
92% 184
A 0 10114 _-__ 10138 June'28
101% 101%
20-year cony 445e
1933 IA S 984 Sale 9814
9732 101
98% 147
C.hic St P M &0cons 612____1930 J D 10019 101 101
pnis
4 10018 10339
Registered
II 8
_
98 June'28
98 100%
C0135130 reduced to 34521-1930 J D
9612
---9612
9612 98
1
9612
Refund & gen 5a wiles A-1995 .1 D jai Sale 102
10278 77 10012 105
Debenture0
1930 NI /3
9934 June'28
9938 10019
let gold 59
July 1948 A 0 10512 Sale 104% 106
32 104 110
Stamped
Jan'28
100 100
Ref & gen 613 series C
19951 D 10812 Sale 10838 10914 142 10612 112 ChloTH&SoEsstlst5e19603 D 9838 Sale 100
9838
9912 47
9838 103%
PLE& W Va Sys ref 40-1941 M N 9314 04 93%
3 92
94
Inc gu 58
Dec 1 1960 M S 9314 Sale 9314
974
9314 987e
93% 10
Southw Div 1st 59
19501 J 103% 104 10234 10315 31 101% 107% Chic Un Sta'n 1st gu 410 A.1963 3 J 10018 Sale
9914
10313
9914
25
10018
Tol& Cm Div 1st ref 4s A_1959 J J 84% Sale 84%
9519 10 84
let 5s series B
1963 1
911.
10514 ___ 10512 10553
5 103 107
Ref & gen 5s series D
2000M
102 Sale 10112 1023s 82 10118 1051.
Guaranteed g 5s
1944 3 0 10212 Sale 102
102
10212
105
18
Bangor & Aroostook 1st 59-1943 J
10319 - 10319 June'28 --- 10234 10438
1st 630series C
19633 J 11614 Sale 118
7 116 11914
1184
Con ref0
19513 J 85 -g:53s 834 June'28 ---8334 9334 Chic & West Ind gong 6s-P1932 Q M 10434 ____ 102 June'28
10178 1055e
Battle Crk & Slur 1st gu 3s_1989 J D 6514
L.onsol 50-year 45
6819 72
- 6812 Feb'28
1952 J
8812 Sale 8712
:
1
8678 9312
10
88
Beech Creek 1st gu g 4s
1936 J J 95 -PP% 9812 Mar'28
let ref 510ser A
9812 98
1962 M
10312 Sale 1033* 104
19 10272 10572
Registered
_
J J
97 Apr'28
97 97 Choc Okla & Gulf cons 5e
1952 MN 1047 ____ 10534 May'28
10534 107e2
2d guar g 50
1936.1 J
97 Jan'28
97 97 Cin H & D 2d gold 435s
19373 J 98 100 100 May'28
99 100
Beech Crk Ext let g 340
8513 A011.27
1951 A 0
0I St L C let g 45---Aug 1936 Q
96 98 9838 June'28
97% 98%
Big Sandy 1st 0 guar
19443 13 93
9434 Apr'28
Registered
Aug 1936 Q F
93e 95
9714 Feb'28
97
14 974
Bost & N Y Air Line lst 4s 1955 F A 80 84 88 Apr'28
8412 88
Cin Leb & Nor gu 4s g
1942 M N 90
9534 93% Feb'28
9314 9334
Burns & W lst gu gold 49-- _1938 J J 94
9718 9778 Apr'28
9734 97%
Bali Roeh & Pitts gen g 59_1937 M 5 101 10312 10112 June'28
10112 106% Clearfield & Matt 1st gu 59-1943 J .1 101%
-- 9912
Conso1440
1957 MN 92 Sale 9118
93
9112 9814 Cleve CM Ch & St L gen 0_1993 J D 9134 93 92 Jan'27
92
ii7li
1
Bur1C R & Nor 1st0
1934 A 0
102% 102% June'28
20-year deb 4,35s
102 10312
1931 J J 9838 Sale 9839
99
97% 10014
8
General 5s Series B
1993 J D 112
_ 112 May'28
54 110
Canada Sou cons go A 5s___ _1962 A 0 108 109 1067s 109
5 106 11078
Ref & Imps 65 series A
1929 J J 10034 Sale 10012 10034 35 108
10014 108
Canadian Nat 440_Sept 15 1954 M 13 9838 Sale 9814
9914 35
Ref & taint 6s ser
98 1024
1941) J 103 105 105 June'28
105 10814
5-year gold 430-Feb 15 1930 F A 99 Sale 98%
Ref &!rapt 59 ser D
9914 18 99 101
19633 J 102% Sale 102% 10234
8 10214 10812
30-year gold 410
72
1957.1 J 9834 Sale 98
98 102%
99
Cairo Div let gold 4s
1939
3
.1
96
9612 June'28
96e2 9854
Canadian North deb is f 79-1940 J D 11112 Sale 11112 1127s 17 11114 117
ClnW&MIDivhetg4e,.199l3 J 87% -1103-4 9239
9132 9313
25-year s f deb 640--- - -1946 J J 11814 11834 11814 11834
4 1181a 123
St L Div 1s5 coil Sr g g 49._1990 U N 881s 9212 8818 June'28
8815
8818 94%
4
10-yr gold 4hs____Feb 15 1935 17 A 98% Sale 9819
98,
11 16 97% 10314
Spr & ol Div 1st g 0.-1940 M
1s
_
96
9719
Canadian Pao Ry 4% deb stOck..3 J 81% Bale 87%
88% 69 87% 92
W W Val Div lat g 4s---1940 J J 90- 9612 9634 May'28
9618 9619
June'28
Col tr 410
1946 M 5 98% Sale 98%
Ref & impt 410 tier E.-1977 3 J 9812 9873 9618
9812 10114
9914 115
9612 100%
9778
98% 111
Carb * Shaw let gold 4s
1932 gel 13
9814 Apr'28
9814 9814 CCC&Igenconsg68
19343 .1
107 107 June'28
107 10819
Caro Cent 1st cons g 4
8
1949 J
4 8212 June'28
80
9078 Clev Lor & W con 1st g 59.-1933 A 0
_ 101% June'28 - 101% 1003
Caro Clinch &0lst 30-yr 5s_1938 J D 10418 105 10414 June'28
10234 10512 Cleve & Mahon Val g 58_ -1038 J
10119 May'28
1011a 101%
1st & con g 6s ser A_Dec 15'52 J D 107% 10814 107
10812 14 107 10912 Cl & Mar 1st go g 430._ _ _1935 MN
100 Nov'27
Cart & Ad lst gu g 4s
19813 D 8914 9312 9313 Mar'28
9312 95 Cleve & P gen gu 430ser B.1942 A 0 100 1-6i1 1015
4 Mat'28
1015* 10134
Cent Branch U P 1st g 0_1948 J D 82 86% 8638 May'28
86% 90
Series A 440
19423 J 100 101% 10214 Nov'27
Central of Ga 1st g 5s_Nov 1945 F A 1061s 108 10619 10618
1 105% 10818
Series C 3Ns
1948 MN
9014 Apr'28 _
"90r4 1Consol gold 58
01
;
1945 M N 10318 10574 10314 10339
5 103% 10714
Series D 3Na
1950
F
A
893
-_ 89% May'28
Registered
8958 8954
F A 10034
10212 10414 Cleve Shor Line 1st gu 440_1961 A 0 9919
- 1044 Feb'28
41011 100 June'28
10-year secured 6s__June 1929 J D 10034 111-18
100 10611
7 10012 10214 Cleve Union Term 1st 545e _1972 A 0 10619
10079 101
107
106
106
Ref & gen 5s series B-1959 A 0 10212 1057s 107 June'28
2 105 11012
107 108%
lstsf 5sserB
1973 A 0 10234 104 10334 10418
Ref & gen 58 series C
7 10018 10734
1959A 0
2 10314 104%
105 10314 103%
let f guar 452s ser C
1977 A 0
Chatt Div pur money g 0_1951 J 13
......
4
93% 9512
93%
9334 9312
Mac & Nor Div 1st g 59 1948 J
3 105 109
104 107 105
105
Coal River Ry 1st gu 40
1945 3D 9218
Mid Ga & Atl div pur m EA 1947 J J 103
9338 93%
- 10319 Apr'25
1034 103% Colorado &South let g 4s--1929 FA 991s Sale 93% May'28
9812 1004
99
Mobile Div 1st g 5s
9919 13
1948 3 J 105 fg 1067s Mar'28
Refunding & erten 4S55- _1935 MN 97% 98 97%
106%
108%
Cent New Eng 1st gu 4s
98
971s
100
15
1961 J J 8412 85 8412
2
85
84
8878 Col & V hart ext g 433
1048 A0 9018 _ _
92%
Central Ohio reorg 1st 440-1930 At 5 98 10014 98 June'28
9278 96%
93
5
98 10034 Col& Tol 1st ext 4s
1955 PA
95 93
Central RR of Ga coil g 55-1937 N N 101
9534
93
93
3
3 10012 102 Conn & Passum Ely let 433._1943 AO 91
-- 101
101
Central of N .1 gen gold 5.--1937 7 .1 11114 11412 11114 June'28
90 May'28
90
90
11114 31912 Consol Ry deb 4s
1930 FA 9418 971 95% June'28
Registered
1937 Q J 116% 116 111
9518 9617
111
1
111 11813
Non-cony 45
1954
3, 75
77 7512 June'28
General 4s
821a
75
1987
9212 97 97 May'28
Non-cony deb 48.___J&J 1955'3 ---- 7638 7834
96% 99
Cent Pac let ref gu g
8014
May'28 _
78
1949 F A 9212 g312 9212
9314 15
9134 9612
Non-cony deb 4s_ ___A&O 1955 A0
Registered
71111
80
Jan'28
VA 901
92 June'28
92 94
Non-cony debenture 4s_ _1956'3 ---- 761 8112
75
75
Mtge guar gold 340_ _Aug 1929 3D 99 4-994 99 June'28
75
11512
99
9914 Cuba Nor Ry let 535s
1942 3D 96 Sale 9512
9812 9E04
Through Short List gu 48_1954 AO 91
9614 38
94 9118
2
9118
91% 9514 Cuba RR Ist 50-year 58 g_ _ _1952
3
9912 Sale 9912 100
Guaranteed g 5s
1960 VA 10112 Sale 10119 102
97/
63
1
4 10018
49 10112 10512
lst ref 745s ser A
1936 3D 109 10914 109
10914
110
lst lien & ref 69 ser B
1936 3D 9912 100 100 June'28 15 10814
9912 1004
Charleston & Sayn'h let 7s-1936 31 11318
11938 Aug'27
Day & Mich let cons 410_1931'3 9719 99 100
Ches & Ohio fund &!rapt 521_1929 3.1 10012 10214 10012 10012
Apr'28 _
9954 10011
ioo" 1614 Del & Hudson let & ref 4s.,1943 MN 9438 9514
031k
9654
1st consol gold 5s
9334
9412 44
1939 MN 10534 10434 102% 103
4 10212 10774
30-year cony 5s
1935 A0 102 ___ 102
Registered
1939 MN 10112 104% 105 May'28
2 100 10317
105 108
15-year 530
1937 MN 10412 Sale 10412 102
105
General gold 430
1992 MS 99% Sale 9919
17 10414 107
08% 105
9934 49
10-year secured 79
1930
3D
10372 103%
Registered
1 103% 107
MS
9818 May'28
98% 10214 D RR & Bldge 1st gu 4s g_ _ _1936 PA 961$ _
20-year cony 440
1930 FA 9812 Sale 9812
9919 76 981s 1011s Den & R G lot cone g 49._ 1936'3 9114 Sala 9634 Apr'27
9014
Craig Valley let EA_May 1 '40
9139 87 IF lir
j 102
102 May'28
101 1025e
Consol geld 445s
1936
'3
9619 97
9571 9814
Potts Creek Branch 1st 0_1946
9612
1
8734 92 90 June'28
00
9319 Den & R (1 West gen 5s_ Aug 1955 MN 91 Sale 9612
9014
9112 124
89 91
R & A Div Ist con g 0.-1989 ii 9438 _
9418 9534
9419
6
9412
28 consol gold 45
1989 33 92% 95 92% May'28
911s 9234 Des M & Ft D 1st gu 49
3
1935
29
34 2878
29
Warm Springs V 1st e 55-1941
2714 85
2
B 1007s --- 10212 Mar'28
_ 102% 10219
Temporary ctfs of deposit_ __
30 321 3212 May'28
28
8312
Chesap Corp cony 55 May15 1947 MN 9812 Sale 9734
9812 313
9614 10038 Des Plaines Val let gen 440_1947 MS
-- 10214 Feb'28
1024
1024
Chic & Alton RR ref g 35-1949 A 0 70
72 6934
6
6984 74 Dot & Mao 1st lien g 45
70
1995 3D 80
May'28
80
82
81%
Ctf dep stpd Apr 1928 int.....
6812 71 69
69
69
1
Gold 4s
7319
1995 3D 75 -791 80 June'28
70 80
Railway first lien 3459
1950
6334 65 63%
5878 7234 Detroit River Tunnel 454e--1961 MN 9914 997
63%
1
994
99% 16 101% 103
Certificates of deposit
63 6612 63
70
7112 Dul Missabe & Nor gen 58 1941 3, 103 _
7 59
10372 July'27
Dui & Iron Range 1st 5s_ _ 1937 £0 101
9914 10814
101 June'28
Chic Burl & Q-111 Div 3523 1949ii 87 Sale 87
86
9118
Registered
8714 16
£0
10015 May'28
10014 102%
33
Registered
8939 Feb'28
893s 9014 Dui Sou Shore & Atl g 5s_ __ _1937
82 Wis 85 June'28
85
90
1949
Illinois Division 4a
J 9412
9412
9319 9924 East Ry Minn Nor Div 1st 45'48 A0 95
9412
5
9579 June'28
95
96
1958 M
General 45
9434 Sale 9334
9218 OM EsstTVa&GaDlvg53..1930 33 100% _
9434 36
10034 10414
4 10079 10414
Registered
PA
9338 June'28
93% 93%
Cons lst gold 58
1956 MN 10754 108 10718 June'28
10712 110%
1977 FA 9912 Sale 9914
Ist & ref 445s ser B
98 102% Elgin Joliet dc East 1st g 58._1941 MN 10514 1053s 10514
9934 29
1034 1081e
1971
18t & ref 5s series A
A 10512 10634 10513 10512 18 10419 11014 El Paso & 8 W 1st 58
1965 AO 10618 1091 10919 June'28
109 10974
May'28
Chicago 62 East Ill let 69-.1934 AO 102 105 105
105
3 103% 10718
Ry (flaw co) eon 521-1951 MN 86 Sale 8512
C&E
8612 135 84% 33 Erie let consol gold 7s ext_1930 MS 10314 104 10334 104
38 10334 10812
1982 MN 105 10712 10512 10512
Chic & Erie 1st gold 53
1st cons g 45 prior
4 10512 11214
1996'3 84% 871 8434
85% 24
84% 91
Chicago Great West 1st 45-1959 M
68 Sale 67%
66
ill
68
Registered
7219
1997
J
_- 86 Jan'28
86 86
.1 11514 1171 11514 11514
Chic Ind & Loulsv-Ref 6s 1947
11514 11814
let consol gen lien g 433_ --1996 3, 8212 Sale 80
7712 8614
8212 200
1947
J 10012
Refunding gold 59
_ 10534 June'28
105% 106
Registered
1996'3
7912
7612 8714
1947'3 90
Refunding 45 Series C..
93% 9114 May'28 _ Penn coil trust gold 4s_ _ _1951 FA ioi" gi 100% May'28
100%
6 1005s 104
1966 MN 102 103 102
1st & gen 5s ser A
10212
5 102 107'4
50-year cony 43 series A
1953 £0 8478 Sale 8212
84% 17
8278 8012
1st & gen 65 ser B__ _May 1966 j
10919 Sale 109
10912 31 109 111%
Series B
1953 A0 85 Sale 8212
86
815/ 8911
13
Chic Ind & Sou 50-year 4s._.,1956 33 92
91 June'28
91
Gen cony 49 series D
9612
1953 AO
86 May'28
86 8812
1969 3D 9534 _-_. 9974 June'28
Chic L S & East let 435s
9934 10212
Ref & Impt 58
1967 MN 95 Sale 9414
0312
99%
95
248
J
C M & Puget Sd let gu 4s-1949
75 Mar'28
Erie & Jersey 1st sfOs._ 1955 3' 113 114 113 June'28
7019 75
116
113
Ch M & St P gen g 49 A_May1989 3.1 8814 Sale 88
8712 9319
Geneasee River 1st s f 5s 1957 3' 11319 11419 115 June'28
884
112% 115
Registered
9034 Apr'28
Q
9034 9179 Erie & Pitts gu g 330 ser B,1940 3'
102 Feb'28
102 102
Gen g 310 ser B-__May 1989 J
7978 78 June'28
77
Series C 315s
78 81%
1940
.1
91 June'28
9034 94
Gen 440 series C___May 1989 .1
98 Sale 98
9714 10414 Est RR esti s f 7s
9812 62
1954 MN 103% Sale 103
1001e 104%
10379
83
Registered
_ 100 May'28
100 10012
Railroad
Due Feb. e Due May. p Due Dec.
4059
New York Bond Record-Continued-Page 3
.13
BONDS
N 'Y. STOCK EXCHCNGE. it
Week Ended June 29.
Prim
.Triaag.
June 29.
Week's
Range or
Lan &tie.
;.
E
cii.4
Mae Ne.
AM Loss
130
Fla Cent & Penn let ext g 58_1930 J--------100 June'28.--9858
3
1943 .1 J 981. -__ 9858
let consol gold Is
Florida East Coast let 4.168A959 J Es 9712 98 99 June'28 -„7
1974 M S 87 Sale 8634
8712 124
let & ref Is series A
48 46 June'28 ---Fonda Johns & Glov let 4158 1952 MN 46
___ 9934 Apr'28 ---Fort St U D Co 1st g 4k6s_ -1941 J J 98
1961 J D 10412 107 105 June'28 ---Ft W dtDenC lets 530
Ft Worth & Rio Cr let g 4s._1928 J J 9958 ____ 9978 May'28 ---104
3
Frem Elk & Mo Val let 65__ _1933 A 0 104 Sale 104
10012 10012 10012
1
1931 M N
GH &SAM AtP 1st 5s
9912 June'28 -.-1931 .1 .1 9984 101
2d extens Is guar
98
5
98
Gate Hone & Rend 1st 5s 1933 A 0
991
June'28 ---Ga & Ala Ry let cons Is Oct 1945 J J ____ 100
Ga Caro & Nor 1st gu g 5s 1929 J J 9918 993 9918 June'28 ---1946 A 0 7412 76 7612 June'28
Georgia Midland let 35
1941• J 9612 10014 9812 June'28
Gr & I ext 1st gu g 415s
11214
5
Grand Trunk of Can deb 6s.1940 A 0 1123s 1131 112
1936 M S 10634 Sale 10558 10634 16
15-yearssf 65
Grays Point Term 1st 55
1947 J D 9812 ____ 99 June'28 ---J
Great Nor gen 78 series A
1936
Registered
• J
1st & ref 41(5 series A____1981 J 3
General 5)0 series B
1952 J J
General Is series C
1973 J J
General 4148 series D
1976 J J
General 41es series E
1977 I J
Green Bay & West deb etre A____ Feb
Debentures Mrs B
Feb
Greenbrier Ry let gu 4s
1940 MN
Gulf Mob At Nor let 5.103_1950 A 0
1st M 5s series C
1950 A 0
Gulf & S Ilst ref & ter g 563;1952 J J
Hocking Val let cons g 430_1992 I J
Registered
1999• J
Housatonic Ry cons g Is_ __ _1937 m h
H & T C lst g 5s int guar_
1937 J J
Waco Sr NW div let 6s_ _.1930'M
Houston Belt & Term 1st 5s_1937 J J
Houston E & W Tex let g 5s-1933 MN
1st guar 55 red
1933 M N
Hud & Manhat 1st 55 ser A 1957 F A
Adjustment income Is Feb 1957 A 0
Rarige
Rime
Jail.
Lose
High
100 1021r
9858 lo334
99 101i.
8314 915
45
52
9812 998
105 1084
9914 9970
104 Ion
100 1024
993 1015,
98 10058
98 1018,
97 1004
7613 79
9812 101
112 117
105 109%
9844 9971
11212 151 111 116
11214 Sale 112
1141e 11414
11412 Apr'28
971k 10224
9838 19
9884 Sale 974
13 10734 11634
10734 Sale 10734 109
10418 13 10312 209
104 10414 1037
99 Sale 978,
99
47
9758 1014
9818 Sale 97%
9818 79 97% 101%
8518
86 Mar'28 -86 8611,
2212 Bale 2212
2212
1
2212 294
95%957k
9412--__ 957 Mar'28 ---101 103 10414 June'28 ---_ 10414 1071
100 102 100 June'28
9912 1114
10778107% June'28
10713 1084
lova iZe 101
ifm58 33 10012 1074
10213 11344
10212 May'28
9812 9912 9812
9812
9812 10158
1
10112 10418
103
10112 June'28
1-03 102 May'28----.102 1034
98 Sale 98
10014 65 98 1025,
99
10014 May'28 ---- 10014 1007s
10014 1024
99 1-01 101 May'28
100 Sale 9913 10014 42 9841 10312
88% Sale 8812
88 95%
8914 75
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 29.
Price
Friday,
June 29,
Week's
Range or
Last gale.
Range
Since
Jon, 1.
BM
Ask Low
High No.
Louisville & Nashville 5s_ ___1937 M N 102 103 10312 May'28
26
1940 1 .1 9514 9734 953
96
Unified gold 43
Collateral trust gold Is.. _ _1931 M N 100 101 101 June'28 __
14
10-year sec 7s___May 15 1930 M N 10234 Sale 10234 103
18
let refund 5345 seriesA 2003 A0 10624 109 10634 107
10418
3
2003 AO 1045s 10538 104
let & ref 55 series B
7
2003 A0 101 Sale 10038 101
let & ref 41.65 series C
'
3 10058 10178 102 Apr'28 ____
1930
NO &M 1st gold 6s
061
21 19
05
1112
8 June'28
e:82
19
112 19
1930 .1
2d gold 65
Paducah & Mom Div 4s_ _1946 P A
72
___ 704 June'28 ____
St Louis Div 20 gold 3s 1980 M
2
Mob & Montg 1st g 410 1945 MS 1004 10212 10034 10034
90
12
South Ry joint Monon 4s _1952• J 90 Sale 8914
941
951 9412
1
AtI Knoxv Sr CM Div 4s_ _1955 MN 94
Louisv CM & Lox Div g 4ke s'31 MN 9814 100 100 May'28 ____
--- _ 10312 Jan'28 ---1934 3,
Mahon Coal RR let 5s
76
76
1
Manila RR (South Lines)4s_1939 MN ____ 76
77
80 7518
9
751
1959 Efl ix
lst ext 4s
Manitoba SW Coloniza'n Is 1934 3D 100 10014 10012 June'28
Lou HOD
10312 106
95
9914
100 10258
10234 10512
10578 11012
102 109
10014 10434
102 10338
2:
1
96
105
91 10
6834 71
1001 10278
8812 9414
9258 993
100 10934
10
75
3
:
1
74
7934
19
82
3%
12
100 1011z
88
88
88 90 88 May'28
ManGB&NWlet334s.l94l 11
100
9918 1024
1
100 Sale 100
Mich Cent Det & Bay City 5s_'31 111
10084 10184
10034 Apr'28 __
Registered
Q M
_ 9558 Jan'28 ____
975 9758
9218
Mich Air Line 41
1940 -11
884 895,
1952 M
8312 -g5 8818 May'28
1st gold 31es
9914 25
9914 100
20-year debenture 4s
1929 A 0 9878 9914 9914
1940 A 0 905 96 9412 June'28
9412 9934
Mid of N J 1st ext Is
9884 1005s
Mllw L S & Westimp g 5s_ _ _1929 F A 9858 100 9858 June'28
98 9914
__ 98 May'28 ____
Mil & Nor let ext 43(e(1880)19343 13 9512
95
514
3 97
912
2
Cons ext 41is (1884)_ 1934 D 9512 1718 96 June'28
Mil Spar & N W 1st gu 4s__ _1947 M 13 9414 9478 9514 May'28
90 Apr'28 __
90
90
Milw St State Line 1st 31is_ _1941 3 .1 90_
5012
4
42 61
Minn & St Louis 1st cons 5s_1948 M N 5012 -53- 5012
M N 48
51
49 June'28
49
57
Temp ctts of deposit
18 Sale 1712
18
5
14
let & refunding gold 4s_ _ _1949 M
233*
2012 20
21
1112 21
49
Ref & ext 50-yr 5s ser A_ _1962 Q F 18
8834 Sale 8814
8834 54
88
92%
MStP&SSMcong4sintgu'38 J
99 Sale 99
99
7 9312 1003*
1st cons 5s
1938 3
9812 9914 9914 10014
9
99 101
1st cons 5s gu as to int__ 1938 J
10-year coil trust 61is----1931 88 S 100 Sale 100
10012 13 100 1034
100
lst & ref 6s series A
1946
11 100 10314
-I 10012 Sale 100
9314 Sale 93
25-year 5155
9314
8
1949 M
9212 96
N 9518 ____ 9518 June'28
1st Chicago Terms I 4s- _1941
9518 9614
Illinois Central let gold 4s 1951 .1 3 9314 99 99 June'28
9714 994 Mississipp Central 1st Is__._1949 J
Mo Kan & Tex 1st gold 4s...1990 /3
Registered
95 95
.195 May'28 ---8412 901k Mo-K-T RR pr lien 5s ser A..1962 J 3
-66" 8612 June'28
let gold 3348
1951 J J
40-year 4s series B
1997
65
2 .31 J
8612 8811
Extended 1st gold 33is_ -1951 A 0 86
90 8612 June'28 Prior lien 4348 ser D
92 96 Mar'27 1st gold 38 sterling
1951 M Et 76
Cum adjust 5s ser A Jan 1967 A 0
91
3 90
961,
Collateral trust gold 4s_ _1952 A 0 9058 9078 9012
9413 98% Mo Pac 1st & ref 56 ser A_ _ _1965 F A
9534 54
let refunding 4s
1955 M N 9434 Sale 9434
2
8418 904
General 4s
1975
13
8418
8418 Sale 8418
Purchased lines 3As
1952
1st & ref 5s ser F
85 85
Registered
85 Apr'28 Mo Pac 3d 7s ext at 4% July 18
94
97
38
7 RI
MN
8
9034 66 89
Collateral trust gold 4s___1953 M N 9012 Sale 8912
_1945 J J
MN
_
240
R pzior
9014 May'28 ---Registered
g
9014 9014 Mob:2
J J
10812 11014
Refunding 58
1955 M h 10614 10813 10834 June'28
let m gold 4s
15-year secured 6As g_ _1936 J .1 111 114 1111. June'28 ---- 10934 1144
10014 71
9914 10284
Small
Aug 1 1966 F A 10018 Sale 100
40-year 4)4s
ij
MS
8
5 33
9718 974 Mobile & Ohio gen gold 4s-11
8944
39
9718 Jan'28
1950 J
19
Cairo Bridge gold 48
Litchfield Div 1st gold 38_1951 J J 78
Montgomery Div 1st g 58_1947 F A
7812 7818 June'28
7818 7911
841 884
Ref & impt
-8418 June'28
Loulsv Div & Term g 3145 1953 J
s
7784 Mk Moh &Mar 1st gu gold 4s_ 199
J-757811
-7814 May'28 ____
1951 F A
71
7M S
Omaha Div let gold 3s
78
4
72 90
Mont C 1st gu 68
St Louis Div & Term g 38_1951 3 3 78 Sale 72
1951• J 8558 91 8578 June'28
8484 89%
Gold 31is
1st guar gold 5s
__
jj
77 3 D
88 Oct'27
Springfield Div 1st g 310.1951
Morris & Essex let gu 31es...2
990
330
110
9414
F A 919612
- - -- 9112 June'28
-?1i
Western Lines 1st g 4s
1951 JF A --------92 Apr'28 --Nash Chatt & St L 4s Ser A_1978 F A
Registered
90
92
N Fla & S 1st gu g 5s
Ill Central & Chic St L & N
104
13 10312 108% Nat Ry of Mex pr lien 4348-1
Joint let ref 58 series A___1963 J D 10214 10312 104
1931577 r3
9734 98 9712
98
52
97 101
1963
let & ref 41es ser C
Assent cash war rct No 4 on
10584 10812
1951 J 13 1058, 107 10534 June'28
Gold Is
Guar 70-year s f 4s
J D 10418 _--- 107 Apr'28 -_-_ 1054 107
Registered
77
n
59o
Assent cash war rct No 1
8412 Jan'27 -- Gold 3.15s
1951 I D 8334
Nat RR Mex pr 1 4145 Oct 19263 .1
Assent cash war rct No 4 on
ii
Ind Bloom & West 1st ext 48.1940 A 0
_ _ 9584 Sept'27
1951 74
1st consol 4s
Ind Ill & Iowa 1st g 45
9212 9312
- 9512 May'28
1950 J J 9218"i;Eii -6iAssent cash war rct No 4 on
Ind dr Louisville let gal 4s_ _ _19513 33
88
1954 MN
89
15
88
92
Naugatuck RR let g 4s
Ind Union Ry gen loser A 1965 J J Tht
loo June'28
100 105
New England RR Cons 5s_ _1945 J .1
Gen & ref Is series 13
_ 10412 Feb'28
10411 10412
1945 1
1965 J 3
Consol guar 4s
let & Grt Nor let 66 ser A.-1952 J .1 1003410434 105% 10434 10612 65 10434 1081k N J June RR guar 1st 4s_ _ _ _1986 F A
Adjustment 68 ser A July 1952 ---- 87 Sale 8612
8712 47 8612 9914 NO & NE 1st ref &lmp 4348A:52 J
Stamped
771 7712 New Orleans Term 1st 4s_ _ _1953 1 J
7712 Feb'28
let 58 series B
1956 1 J 9814 Sale 97
984 15
9512 10172 N 0 Texas & Mex n-c Inc 5s_1935 A 0
1st g Is series C
957 102
9758 9933 9918
1954A 0
1956 J
9934 46
1st 5s series B
let Rye Cent Amer let 58.-1972 M N 8612 86% 8612
817 9212
1956 F A
88
31
1st 5s series C
let coll tr 6% notes_-1941 M N 96
9611 958,
1956 F A
9614 14
9434 997k
let 416s series 13
let lien St ref 614s
1947 F A 9734 Sale 9734
54 JA
9858 68
91 100
let 510 series A
415s-1
19
945
Iowa Central 1st gold 55_ _1938 313 43
44 43
43
3
38
52
N & C Bdge gen guar
Certificates of deposit ______
47 43
43
NYB&MB ist cong 5s-1935 A 0
2 3778 49
- 43
Refunding gold 4s
1951 M
1212 1514 15 June'28
1018 19
NY Cent RR cony deb ffs-1935 MN
MN
James Frank & Clear let 4s_1959 J
9012 94 9512 June'28
Registered
95
9678
A
F0
A
KaA&GRlstgug 5s
_ 103 May'27
Consol 48 series
19381 J
Kan & M 1st gu g 4s
9618
88
aeries A209138
1990 A 0 88 Sale 88
8858
6
Ref & impt 414aA19
Ref & imPt 5s series C___ _2013 A 0
K C Ft S & M Ry ref g 4s.._ _1936 A 0 93 Sale 9212
69 9212 97
93
KC&MR&Bletgu5s___1929 A 0 9814 100 100 June'28
99% 10312 N Y Cent & Hud Riv M 3358'97 J 1
Kansas City Sou 1st gold 3s_1950 A 0 7484 Sale 734
1997 J J
7414 21
Registered
7318 79%
Ref & impt Is
1934 r0
MN
Debenture gold 46
Apr 1950 1 J 9938 102 993* 100
48 99 10314
Kansas City Term 1st 45._1960 1 3 91 Sale 90%
9114 89 90
9534
Registered
19423 J
Kentucky Central gold 4s__ _1987 J J
30-year debenture 45
_ _ 9318 June'28 ____
93 9612
Kentucky & Ind Term 436.1961 .1 3 93Lake Shore coil gold 33es_1998 F A
9014 92 95 June'28 ____
91
0612
1961 1 3 9078 921 9034
9034
5
Registered
Stamped
9018 9684
Plain
Mich Cent coil gold 314s__1
19
898 F A
1961 1 J 9114 98s 9828 Apr'28
9884 9838
Lake Erie & West 1st g 58-1937 J .1 10012 1043e 102 June'28 ____ 100 10514
Registered
20 gold 5e
A
3 100 10474 NYClicered
987
38 r
1941 .1 J 10018 10178 100
100%
19
&St L lst g 48.-1
Lake Stir & Mich S g 3358-1997 1 D 84
8712
Registered
1937 A 0
8458
2 81
864 843*
Registered
81% 86
25-year debenture 4s
1997 J D 8012 85 8112 June'28
1931 M N
Debenture gold 48
987 100
2d 6s series A B C
1928 M II 9958 Sale 998
9934 29
1931 MN
25-year gold 48
38
97 100
1931 M N 97% Sale 9712
98
Refunding 5lie series A _ _ _1974 A 0
998 9944
Registered
MN
9934 Apr'28
Refunding 5345 series B 1975 J J
Leh Val Harbor Term gu 58_1954 F A
10712 10712 10 10614 10712 NY Connect let gu 41is A_ _1953 F A
Leh Yal N Y 1st gu g 4lis--1940 .1 J 9912 ___ 10134 June'28 ____ 101 1021s
let guar Is series B
Lehigh Val (Pa) cons g 4s...2003 MN 89 Sale 89
35
8812 9313 N Y & Erie let ext gold 4s_ 119
90
94
57
3F
MN
A
Registered
90 91
MN
3d ext gold 4155
91 Jan'28
1933 M
General cons 4i55
9912 102%
4th ext gold 5s
2003 M N 10114 10112 101
10114 61
1930 A 0
Registered
MN
10012 Apr'28 ____ 10012 10011 NY & Greenw L gu g 5s_1946 M N
9984 ____ 993* 100
14
98 100
883* Sale 88
8834 36
88
9244
1003* Sale 10038 1015, 10 1001 1045,
88
88
1
87 9213
883, 88
9412 995
9512 96 953*
95% 20
105 Sale 10312 105
155 10118 10912
10038 101 101
10113
5 10018 10378
7818 Sale 7712
7814 91
77
8314
9913 Sale 9834
9913 338
98 10238
92
9412 93 June'28
93 9712
103 ____ 103 Feb'28 ____ 103 103
100 Apr'28
Me 100
92
-1-3
84
i
.
ss
8
88434 May
'
89
28 _2. 84
454 92
8818
58
941
1
9412 9984
943* -96 9412
9812 10434 99
99
5 104% 10535
9638 Sale 9684
96% 25
953* 994
97
96
9678 97 Apr'28 __
923*
111 11278
109 11034 111 June'28
100 10512 10434 Jan'28 ____ 1045, 10434
82
2 80
8112 8212 82
88
Lehigh Val RR gen Is series _2003 M N
Leh 17 Term Ry 1st gu g 58_1941 A 0
Registered
A 0
Leb & N Y lst guar gold 45.-1945 M S
Lox & East 1st 50-yr Is gu-1965 A 0
Little Miami gen 4s Ser A__1962 MN
Long Dock consol g Os
1935 A 0
Long Isld 1st con gold 5sJuly 1931 CI J
1st consol gold 48.--July 1931 Q J
General gold 45
19383 D
Gold 45
1932 3 D
Unified gold 4s
1949 M S
Debenture gold 58
1934 J 13
30-year p m deb 58
1937 61 N
Guar refunding gold 48....1949 M 8
Nor Sh B let con gu 5s_Oct'32 Q .1
Lou & Jese Bdgc Co gd g 4s-1945 M 8
8618 Mar'28
78%
8518 Apr'28
102 _ _ _ _ 80 July'27
99 102 1051, Apr'28
---- 1051g 106 Feb'27
100 10012 100 June'28
8934 ____ 90 Mar'27
8312 99% 82% June'28
7934 81% 7934 June'28
1
76
7334 75 76
_
82 86 8218 June'28
8212 19
82 Sale 81%
1
73
7314 75 73
112% Sale 11214 113% 43
4
109
109 Sale 109
10412 Sale 10412 105 465
41
77 Sale 76%
77
9118 150
91% Sale 9014
4
91
9012 9112 91.
S Due Feb. 1.
2 10514 11114
10514 Sale 10514 10612
10434 1065e
100 10178 10512 June'28
10373 1037s
1037s Feb'28
87
8914
4
14 -91-1; 8914
9212
10714 110 11184 May'28 ___ 111 1153s
95 Apr'28 ____
92% 9612
10812 10913
105 los 108% May'28
5 10014 102
10014 Sale 10014 1004
9412
2 94% 9934
9934 9412
97
92
94% 94 June'28 ___
94
9612
5
92 10012
9614 9771 92
92
90 931s
8913 938, 9058 June'25
9834 20 99 10014
9912 10134 984
99
11
9812 10112
99 Sale 99
1
90
941.4
90
9012 9012
9012
10114 10034 May'28 --.- 10034 102
9114 9614
8412 90% 9112 June'28 _
Y & Harlem gold 334s__2000 MN
Registered
MN
N Y Lack & W lst &ref gu 581973 MN
First & ref gu 4148 con_ _ _1973 M N
NYLE&Wlst 7sext
193088$
N Y &Jersey 1st 5s
1932 F A
NY &NE Bost Term 4s__ _1939 A 0
NYNII&Iln-c deb 43194711118
Non-cony debenture 33.45.1947 M 8
Non-cony debenture 33.48_1954 A 0
Non-cony debenture 48__ _1955 Jr
Non-cony debenture 4s.._ _1956 M N
Cony debenture 3148
1956
I
Cony debenture Os
1948
J
Registered
J J
Collateral trust 65
1940 A 0
Debenture 4s
let & ref 434s ser of 1927 195
67
7 N
D
Harlem R.ds Pt Ches 1st 48 1954 M N
9334 22
9334 9212
92
10112 106 104 Mar'28
30 Sept'24
15
1534 17
-is
LE
8712 Aug'25
1 % 19 June'28
19
3812 July'25 __
21
2014 205, 21
2
22 Apr'27
1234 16
1234 1312 1234
___ 868, Nov'27
85
un
ae;2
2,
8
,
834 Jm
9
58
7%4 1-9
02018 9
___ 88 June'28 ____
_89_ 100 995,
9112
9
9,
934
4
5
152 Sale
__ 10012 9812 June'28 ____
6
10018 Sale 9912 10018
10012 102 100 34 10034
1
9634
9634 Sale 9634
2
10312 16
103 Sale 103
100 Jan'28 ____
99 101 101 Apr'28
13
10614 Sale 10614 107
107 Apr'28 ____
9312 66
9234 Sale 9234
102 Sale 10058 10214 16
349
10638 Sale 10638 107
84
Sale 8318
8112 June'28
9512 Sale 9512
9658
_
9718 Apr'28
9313 9712 9614 June'28
81% Sale 80
8134
7912 June'28
_
791
7913 83 7918
77%
8138 May'28
96
9612 95%
96
9412
9612 Feb'28
9712 99% 9714
9738
102 Sale 101
103
106 Sale 106
10612
106 Sale 06
10612
97
9912 97
97
- -_ 10312 10312 June'28
9212 Apr'28
9158
9912 100 9958 June'28
100%
0034 May'28
99 101 100 Mar'28
84
3
27
3
1
2
11
20
78
40
2
9284 peu
10312 10414
12
17
141g 22 9
1412 IA;
95
157a
90
-61
-344 1093
ii1
;
88 100
9
90
9114
4 19512
02
983* 102
9812 10181
100 103
0616 WI
102 10515
100 100
101 101
10614 10958
107 107
92% 9711
99 10414
1063* 110%
8258 8731
9112 8511
9312 9914
9718 9818
99
96
7814 8614
781s 8378
79% 87
81% 8334
95% 9814
9618 9512
95% 100
101 10311
105 1077a
10514 10714
97 10213
10012 10514
9212 9212
99% 100%
10034 100%
100 100
87,
8518
Mire fcri"
ioo- 10111
821z90
7813 8314
7214 8114
81
88%
79 8614
5,
.
12
10
0
12
73
4
7::
:
1
3.0
15
85
76% 82%
8915 9484
89
WS
4060
BONDS
H. Y.STOCK EXCHANGE
Week Ended June 29.
New York Bond Record-Continued-Page 4
Pries
Friday
June 29.
Week's
Range or
Lan Sale.
13
Range
Since
Jas, 1.
BONDS.
N. Y. STOCK EXCHANGE,
Week Ended June 29.
t3
Price
Friday.
June 29.
Week's
Range or
Lan Bala,
AIX Low
IBA No.
BM
High
High No. Low
Bid
Ask Low
•
88% 128
26
Y0& W ref 18t g 4a_June 1992 M
7234 303, St L-San Fran pr I 4a A
75
1950 33 8814 Sale 8734
7434 Sale 7412
9012 1058
Con M 4545 series A
7612 78
7612 Apr'28
1978 MS 9014 Sale 8978
Reg $5.000 only June 1992 MS
61
3
10218
703
Sale
101
102
Prior
80
3
4
27
lien 158 eerie, B
70
75
General 4s
751e 7012
1955 ID
99% June'28
99% 100
Prior lion 68 series C
92 96
N Y Providence de Boston 46 1942 AO
1921 J
9312 Apr'28
Prior lien 514e series D
1942 J J 10214 10238 10214 10214 22
8934 893
.
8934 Jan'28
AO
Registered
Cum adjust aer A Gs_ _July 1955 AO 10138 Sale 10118 101% 46
NY & Putnam let con gu 48 1933 * 0 8912 9212 9212 June'28
9213 964
10114 104
Income series A 8s_July 1960 Oct. 10118 Sale 10118
8812 9212
N Y Susi k West let ref 56_1937 J
76% 8814 8812 June'28
St
Louie A San Fr Ry gen 66_1931 3' 10212 10478 103 June'28
834
May'28
80
26 gold 454e
8012 82%
1937 FA 70
2
100 10038 100 June'28
General gold 56
1931 j
7014
70,4 804
General gold Ea
1940 FA 7014 7173 7014
5
. St L Peer AN W let gu 58_1948 3' 105 Sale 105
105
99% 1021
Terminal 1st gold M
1943 MN 9912 10012 10214 June'28
92 St Louis Sou let gu g 48._ _1931 MS --- 9714 9758 Apr'28
8512 57
84
NY
8512 Sale 85
de B let ser I 154s'46
10
St L S W let g 46 bond et15.1989 MN 87
87% 8834
87
Nord By ext'l a f 6Hs
1950 * 0 10114 Sale 10114 10214 42 100 103
3t1 g 46 lot bond titfe_Nov 1989 33 83% 87 8358 June'28
9213 29
9111 97
Norfolk South let & ref A 58_1961 FA 92 Sale 9112
Comte!gold 48
1932• D 96% Sale 9534
10214 103
9634 42
Norfolk & South let gold 56_1941 MN 9512 10212 10214 June'28
let terminal & unifying 56_1952
3 9958 Sale 9958 101
63
1
94
10211 1054 at Paul &K C 811 List 4518_1941 P A ____ 9512 94
Norfolk & West gen gold 85_1931 MN 102 10412 10212 June'28
St Paul Duluth 1,1 55
19
95
38
1 FA 99 10112 10213 Nov'27
107 June'28
107 107
Improvement d, ext 6a
1934 FA 102
ii) 90
let coneol gold 46
9412 9458 May'28
10334 50034
New River let gold M.__ _1932 * 0 10334 fos 10334 10334
9412 52
974
97% 12
9334 98% it Paul E Gr Trunk 1st 4548_1947 ii 974 103
NA W Ry let cons g 48-1996 AO 94 Sale 94
91542 9618
9512 9618 Apr'28
Registered
1996 AO _
95
98
98
97
9
93
98.
3 St Paul Minn & Man con 46_1933 .1
Dial let lien & gen g 46_1944 .1 .1 9342 9534 9312 June'28
J
10312 107 10814 May'28 --let conaol g as
1933
18234 June'28
17818 19012
10-yr cony fle
1929 MS
J 1 103 107 10634 Mar'28 - Registered
92% 97%
Pocah C d, C joint 49
1941 J o 9214 9312 9234 June'28
69 reduced to gold 4518_ _ _1933 J 2 9812 10012 100
100
79
10658 Sept'27
North Cent gen & ref 58 A 1974 MS 10734
D
J 9
97
5,
12
3 10
90
6142 9912 Jan'28 - Regleterecl
10158 11:11-58
Gen & ref 451s ser A'stpd.1974 MB 9834 101112 10158 Jan'28
Wont ext let gold 48
9812
9458
9534 20
1937
9812 9812
97 103
North Ohio let guar g 56_ -1945 * 0 97
J 90
Pacific ext guar 48 (sterling)'40
9312 93% May'28
9278 20
9258 Sale 9218
9218 971,
North Pacific prior lien 48
1997 Q
St Paul Un Dep let & ref 58_1972 1 3 107 108 107
107
1
9014 9034 93 June'28
9118 97
Registered
1997 Q
53
68
90
4
671g 72'- S A & Ar Pass let gu g 4s. 1943• I 8812 89% 90
68 Sale 6718
Gen lien ry Id gt 38.Jan 2047 @
6811
12 104 May'28 -6813 694 Santa Fe Free & Phen 18158_1942
Apr'28
Registered
Jan 2047 Q F 65% 70
A O
S
Say
Fla 52
,44a
5
1_0_2_ 10758 May'28 -West let g 85
1934 M
9913 106
Ref a impt 4548 series A _ _2047 J J 10012 100% 10012 10012
36 11334 1171.
1934 AO 9958 104 10712 May'28 -Ref & impt(is series B____2047 3' 11334 Sale 11334 114
_ 10512 10912 Scioto V & N E let gu g 48._1989 MN 9334 9613 9334 June'28 ---Ref d, impt 58 series 0_2047.3' 105 110 106 June'28
73
632 8
76
512 85 June'28
105 10934 10512 June'28
Ref & impt ra series D___2047
10312 109% Seaboard Air Line 1st g48,. _1950 A 0 8
Gold 48 atamped
1950
Nor Pac Term Co 1st g 68_1933 J J 10934 -- 10934 June'28
109% 11032
7612
7612
5
Oet 19
95
49 P A
45 Sale 4313
1 105 107
Adjustment be
107
Nor Ry of Calif guar 5 be__ _1938 AO 10218 170538 107
4612 254
*0 61 Sale 61
Refunding 46
62
30
latRe
2tAco
me
ns24
841 series A
1945
8112 Sale 8018
100 102%
North Wisconsin let Ge
82
155
1930 J .1 9912 10214 100 June'28
8312
Og L Cham lstgug4s,,,j948J J 8312 Sale 8312
83 Mar'28 --8318 8814
MM
Atl & Birm 30-yr lat g 46_41933 M
-5E6.2 gide- 8914
95% Nov'27
Ohio Connecting By let 4a 1943 M S
9012 23
Sea
,,,,,
b,
te
rdDAII Fla let au 68 A _ 193
_
104 Apr'28
935
loai4 1-04
Ohio River RR 1st g ba
7534
7714 50
1936 J D
7
IP A 7
76512 S8
General gold be
a3
le 75
10112 1044
1937 A 0 ioi 105 10113 10112
78
3
Seaboard & Roan 1st ba extd.1931• J 98 10
9312 18
98%
9814
2
9218 90
Oregon RR & Nay con g 48_1946 J D 93 Sale 9214
19
93
26
9
108 1103
, So Car & Ga let ext 5318
Ore Short Line let cons g 58.19463 .1 ____ 1073 108 June'28
9934
9934
2
N
•
9
9
1114
June'28
S&NAlaconegug
58
9
34
108
104
10634 108
Guar stpd cone 5e
108
171222 105
1946 J
Jan'28 --.Gen cone guar 50-Yr 511-1963 *0 ____ 11458 11458 May'28
9812 54
Guar refunding 421
98% 100
1929.3 0 983e 9812 9814
5
90
90
9412
Oregon-Wash let de ref 48_1961 J 2 90 Sale 90
8112 80 June'28
Pacific Coast Co 1st g Ss__ _ _1946 J D 80
80
884 So Pao coil 48(Cent Pac coil) 1'49 3D 92 Sale 9112
92
12
3D 87% 89% 88 Mar'28 - -Registered
Pao RR of Mo let ext g 48_1938 F A 9312 947 9538 May'28
9538 95%
10-year (pony 46
June 1968
29 MS 98% Sale 9834
_ 102 May'28
102 102%
26 extended gold M
1938 J J 10012
99
57
lit 434
(Oregon Lines) A_ 19
934
77 MS 100 102 10134 102
_ 10038 1011
.
10012 ____ 10112 Apr'28
,
Paducah & 1115 let 6 f 4548-1955 J
b
J D 101 102% 10112 June'28 ...JO-Year °OUT 55
171
96 10078
Paris-Lyons-Med RR exti 65 1958 F A 9978 Sale 9912 100
•B 9812 97
Gold 4548
43 101% 10512
Sinking fund external 78_ _1958 M S 1033 Sale 10318 104
97
64
Will
San Fran Terml lot 4I_1960 *0 8814 93
Paris-Orleans RR a f 76... _ _1954 M S 10318 Sale 10318 103,4 20 101 1001
9278
93
12
*0
85
Registered
96
9512 Sale 9514
93
External sinking fund 551s 1968 IR
90 8934 Mar'28 -96%
5 10114 10412 So Pao of Cal let eon gu a 66_1937 MN 1.0234 10438 0834 June'28 --10318
Paulista RY 1St & rat a 1 75._1942 M S 103 Sale 103
So Pao Coast let gu g 4a___1937 33 9612 98
9738 May'28.6732 pal, So Pao RR Ist retie
4
98
1965'.3 944 Sale 9334
Pennsylvania RR cone 46 1943 MN 97% Sale 9758
56
95
'.3
Registered
97%
4
9614 100
Consol gold 4e
1948 M N 9758 Sale 97%
96 Apr'28
SoutReo
hernellyea
let cone g 08__1994 3, 11O7 111;1;- 1058 11078 12
98 99 June'28
9678 99
48 Merl Sad dollar_May 1 1948 111 N
J
2 101 107
104
Consolidated ef 451e „....1960 F A laT4 10334 10218 10218
1518 Apr'28
Dave! gen 4a aeries A _ 19b6 * 0 8934 Sale 89
78
1965 J D 10114 Sale 10034 102
9934 10471
Geneial 434s series A
91
13
Develop & gen 66
1956 * 0 1154 Sale 1412 11514 59
10814 12 106 116
General 55 series B
1968 J D 108 Sale 108
Devel & gen 0315
1956 *0 11434 11714 12012 12112
10-year secured 70
1930 A 0 103% 10312 10338 10334 74 10314 10571
5
MiniDiv let g Se
1996 Ii 10514 108 11034 Mar'28
1936 F A 11114 Sale 11012 11114 35 10934 1133,
15-year secured 6340
St Louie Div let g 4a
3 89
1951
112 112
F A
Registered
95
1104 112 Apr'28
9212 June'28
East Tenn reorg lien g 561938 MS 10414
60-year secured gold 50--1964 M N 10318 104 10312 10412 40 102 10574
9658 Dea'27
Mob & Ohio coil 60 48
91
1938 MS 92 -93
10
91
8778 93
Pa Co gu 334e coil tr A reg.1937 M S 87%
i- 92,
92
92 June'28 _
92
Guar 3515 coil trust ser B_1941 F A 89
8718 92
_ 90 Apr'28 _
8914 904 Spokane Internal let g 56.-1956 J J 8534 Bale 8534
Guar 33.4s trust elf, C____1942 J 0 89
87
J
Staten
_
_
_
4418_1943
June'28
_
Island Ry lest
Guar 354e trust ctle D____1944 .1 0 8812 -893-4 8812
8813 904
88 Nov'25
2
Sunbury & Lewleton let 48._1938 1'
9712
9634 100
Guar 15-25-year gold 48_1931 A 0 9714 Sale 9714
95 Apr'28
9334
5
93%
-56ig
92
9514 Superior Short Line let Se_ _81930 M
Guar 45 ser E trust etre __1952 10 N 9314 96
2978 Apr'28
7
term
*
0
Assn of St L late 4318_1939
97
28
9912 11.
97 102
-0 - 101
Pa Ohio & Det 1st & ref 4He A'77 A 0 97% Sale 9734
3
101
10 cone gold 56
1944 FA 10212 102% 10514 Mar'28
88
92
Peoria & Eastern let cone 48_1940 A 0 8618 8812 88 June'28 -J 90% Bale 9012
Gen refund a 1 43
1953
3712 /3018
Income 45
April 1990 Apr. 3712 4212 4513 May'28 9012 17
107 1084 Texarkana & Ft S let 6518 A 1950 IA
Peoria & Pekin Un let 5518_1974 F A 10218 105 107 June'28
6
10412 1044 10434
1943
104 Sala 10314 1045s 28 10314 1064 Tex & N 0eon gold 68
1564 102 102 June'28
Pere Marquette let eer A 60.19603
2000 J D 110 11134 109% 109%
90%
7
9034 9812 raise & Pao 1st gold 68
1st 43 series B
1958 3 J 9034 Sale 9034
8
26 Inc Be(Mar'28 op on)Dec2000 Mar 100 _ _ _ 100 Aug'27
_
Gen & ref be series B
1977 *0 10113 Sale 10058 10113 93
9714 9734 June'28
9713 100
Phil Bait & Wash let g 4e.1943 MN 97
La Div B L lat a 68
2 10834 114
1931 /
_ 10834 10834
10038 Sale 100% 10014
General 55 aeries B
1974 F A 10814
2
Tex Paa-Mo Pao Ter 5 He 1964 MS 10512 107 10513 10912
41%
8
40
42
Philippine By let 30-yr 0146 1937 J J 4113 42 4114
1
Col et Ohio Cent let gu ba_ _1935 I .1 101
_ 10053 June'28
104 106
Pine Creek registered let 66_1932 1 D 10312 106 104 June'28
Western Div let a 58
1935 * 0 9812 103
100 102
_ 100 June'28 PCC&StLgu 45MA
1940 A 0 997g
984 May'28 _
D
June'28
_
General
gold
be
10012
1936
10012
10212
434e
A
0
100 Sale 100
Series B
guar
1942
2
100
_ 10134 June'28 10134 10218 Col
@FedFRASER