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VOL. 127.
SATURDAY SEPTEMBER 8 1928.
NO. 3298
the Federal Reserve compilations, which latter, however, are as extensive as it is possible to make them.
PUBLISHED WEEKLY
The Federal Reserve figures relate only to the 45 reTerms of Subscription—Payable in Advance
porting member banks in New York City and that
12 Mos. 6 Mos.
Including Postage—
are con$6.00 they are all inclusive as far as these 45 banks
$10.00
Within Continental United States except Alaska
6.75
11..50
In Dominion of Canada
not
show
they
7.75 cerned appears from the fact that
13.50
Other foreign countries, U. S. Possessions and territories
the
of
in
by
the
rates
the
fluctuations
of
made
exchange.
account
dealers
NOTICE.—On
only the loans to brokers and
remittances for European subscriptions and advertisements must be made
but
acount,"
own
their
In New York funds.
reporting member banks "for
The following publications are also issued. For the Bank and Quotan banks" and
tion Record the subscription price is $6.00 per year: for all the others is also those "for account of out-of-tow
$5.00 per year. For any three combined the subscription price is $12 per
to perdifficult
is
It
year.
is
per
it
$20
others."
five
combined
whole
of
those "for account
year, and for the
MONTIILY PUBLICATIONS—
COMPENDIUMB—.•
exmore
made
be
well
could
annualiy)
returns
BANS
AND
QUOTATION RECORD
ceive how the
PUBLIC Urnivr—(semlMONTHLY EARNINGS RECORD
RAILWAY ac ImpusTRIAD—(semi-ann.)
further
go
returns
Excange
Stock
the
mi-annually)
But
tensive.
STATE AND MurumpaL—(se
Terms of Advertising
and cover all borrowing by Stock Exchange mem45 cents
Transient display matter per agate line
member banks
On request bers, not only from or through the 45
Contract and Card rates
CHICAGO Orries—In charge of Fred. H. Gray Western Representative. included in the Federal Reserve returns, but also all
208 South La Sane Street, T4lephone State 0613.
LONDON Omen—Edwards & Smith. 1 Drapers' Gardens, London. E. C. borrowing from all other banks and banking instiWILLIAM B. DANA COMPANY, Publishers,
tutions.
Front, Pine and Depeyster Streets, New York
Specifically the Stock Exchange figures show net
B.
DANA
WILLIAM
by
COMPANY.
loans by Stock Exchange members on collateral conPublished every Saturday morning
Manager. William D. Riggs:
President and Editor, Jacob Seibert: Business
all.
of
Addresses
£3elbert.
D.
Co.
Office
of
Herbert
Sec..
Seibert:
tracted for and carried in New York, representing
Treas.. William Dana
(1) "net borrowings on collateral from New York
The Financial Situation.
banks or trust companies" and (2) "net borrowings
collateral from private bankers, brokers, foreign
made
loans
apon
their
brokers'
Two statements of
agencies or others in the City of New York."
the
namely,
monthly
loan
week,
pearance the present
upon givstatement issued by the New York Stock Exchange, The Stock Exchange is to be congratulated
comprehen
and
and the regular weekly return as compiled under the ing out information in such a complete
found
be
to
is
fault
direction of the Federal Reserve Board at Washing- sive form. On the other hand, no
ton. Both statements have one point in common in with the Federal Reserve returns, inasmuch as they,
showing that it seems to be impossible to hold these too, are made as comprehensive as possible, whatloans down or to bring about any reductions in the ever defect on that score they contain resulting enmagnitude of the totals except temporarily. The tirely from the fact that they must necessarily be
statement which has attracted the most attention is confined to member banks of the Reserve system, the
that of the New York Stock Exchange, the figures Reserve Board having no jurisdiction or control over
here showing an addition for the month much larger banks not included in the membership of the Reserve,
than expected and also much larger than the weekly and there being quite a number of these, some of
returns of the Federal Reserve had indicated as them of large size.
The matter attracts attention now in view of the
likely.
The Stock Exchange figures show an addition for action of the New York Clearing House Association
the month of no less than $214,089,826, bringing the at the end of last March in discontinuing its weekly
total once more up to above $5,000,000,000, the ex- summaries of condition of all Clearing House banks
of inact amount being $5,051,437,405. The previous oc- and trust companies, including quite a number
ReFederal
the
to
report
not
casion when the aggregate ran in excess of $5,000,- stitutions that do
offered
ever
on
justificati
or
plea
only
The
000,000, and when a high record total was estab- serve.
lished, was at the end of May when the aggregate for the suppression of the valuable body of inforstood at $5,274,046,281. On the other hand, the Fed- mation embraced in the New York Clearing House
eral Reserve figures for the four weeks ending Aug. time-honored weekly summaries was that Federal
29 (before the appearance of this week's return for a Reserve authorities put forth such elaborate and allweek later) actually recorded a net decrease of $24,- embracing statistics that there is really no longer
248,000, the increases in some of the weeks having any need for the continued compilation and publicabeen offset by decreases in other weeks. To be sure, tion of the Clearing House statements. We have
the Stock Exchange figures corer the full 31 days of repeatedly shown that this plea was without force or
the month, while the Federal Reserve figures for the merit, and it may serve a useful purpose to recall
four weeks cover only 28 days of the month, but that now some of the facts in disproof of the plea mendoes not appear sufficient to explain the wide dis- tioned by us on former occasions, particularly the
facts brought out in a very extended article on the
crepancy.
that
the
Stock Ex- subject appearing in our issue of May 26. An inIt is now being recognized
more
much
are
comprehensive than valuable weekly record is now denied the public,
change figures
financial Thranicle
1288
FINANCIAL CHRONICLE
[vol.. 127.
which previously had been regularly furnished for the ending Sept. 5 (five days later than the Stock Exentire existence of the Clearing House organization, change statement) record a further augmentation in
a period of about three-quarters of a century. The amount of $54,061,000, after the $34,017,000 increase
Clearing House figures, because based on a more ex- the preceding week, bringing the grand total up to
tended membership, covered a broader ground and $4,289,209,000, on which basis comparison is with
should on that account alone have been continued. $3,206,299,000 at the corresponding date (Sept 7)
There are now 45 banks and trust companies in of 1927. During the past week loans for account of
the list of reporting member banks in New York out-of-town banks were reduced from $1,535,163,000
City for -which figures are furnished by the Federal to $1,521,723,000 and loans "for account of others"
Reserve Bank, but be it noted that the following fell from $1,907,219,000 to $1,860,707,000, while, on
important trust companies are entirely absent from the other hand, loans made by the reporting memthe list, namely, the State Bank & Trust Company, ber banks for their own account ran up from $792,which last Saturday showed $59,668,000 of time de- 766,000 to $906,779,000—which is quite a departure
posits and $34,260,000 of net demand deposits; the from previous experience in that respect.
Title Guarantee & Trust Company, which had $2,The further expansion in brokers' loans has also
447,000 of time deposits and $36,824,000 of demand brought with it a further increase in the borrowing
deposits; the Lawyers' Trust Company, which had of the member banks at the Federal Reserve Banks,
$2,476,000 of time deposits and $20,000,000 of de- the discount holdings of the twelve Reserve institumand deposits; also the Colonial Bank, which had tions having risen further during the week from $1,$7,143,000 of time deposits and $27,128,000 of de- 038,773,000 to $1,080,117,000. On Sept. 7 last year
mand deposits. These are all institutions of con- the discount holdings of the twelve Reserve banks
siderable size which were regularly included in the aggregated only $449,484,000. New borrowing was
Clearing House return, but are missing in the mem- especially pronounced at the Federal Reserve Bank
ber bank returns of the Federal Reserve. The sup- of New York, where the discount holdings rose durplementary statement which it was the custom of ing the week from $292,522,000 to $350,202,000. This
the state Ranking Department to furnish and which latter is almost double the discount holdings
of the
formed an inseparable part of the weekly figures New York Federal Reserve Bank a year ago, the
contained of course a host of other State banking amount Sept. 7 1927 having been only $176,688,00
0.
institutions which do not appear in the Federal Re- The twelve Reserve institutions also increased their
serve list. Not all of these are small institutions. holdings of acecptances during the week from $184,Some are of considerable size. Among them may be 299,000 to $186,796,000, though reducing their holdmentioned the Empire Trust Co., which on June 30 ings of U. S. Government securities from $208,964,reported deposits of $73,250,164; the Chelsea Ex- 000 to $206,385,000. Altogether, total bill and sechange Bank with deposits of $20,771,358; the Coun- curity holdings the present week are $1,474,288,000
ty Trust Co. with deposits of $18,045,091; the Bronx against $1,433,026,000 a week ago, showing a growth
County Trust Co. with deposits of $22,527,476; the during the week in the amount of Reserve credit in
American Union Bank with deposits of $14,383,342; use of$41,262,000. On Sept 7 last year total bill and
the Bronx Borough Bank with deposits of $22,113,- security holdings of the twelve Reserve banks were
00, and the Cosmopolitan Bank with deposits of $1,146,570,000. The amount of Federal Reserve
$10,445,774. No wonder the Federal Reserve story of notes in circulation ran up further during the week
brokers'loans is incomplete in view of all these omis- from $1,650,996,000 to $1,701,035,000, while gold resions.
serves fell from $2,618,809,000 to $2,609,149,000.
But what a commentary all this offers on the action of the New York Clearing House in suppresThe present tense condition of the money market
sing the former weekly summaries. No stronger is reflected in this week's action of the Treasury
proof could be offered to show that the Federal Department in fixing an unusually high rate of
Reserve member bank returns do not answer as a interest on a new issue of Treasury certificates of
substitute for the information which it was the cus- indebtedness, announced on Sept. 6, to the amount
tom of the Clearing House to furnish, and further- of $525,000,000 "or thereabouts." The certificates,
more that the Clearing House returns were far running for nine months from Sept. 15 1928 to
from being "useless" as claimed in the explanation June 15 1929, will bear 452% interest. In this, its
issued from the Clearing House. The simple truth September financing, the Treasury Department
of the matter is that the two separate statements— makes provision for the retirement of the outstandthat of the Clearing House and that of the Federal ing remainder of the Third Liberty Loan bonds,
Reserve Board—supplemented and complemented which mature Sept. 15 1928. The new certificates
each other, besides which,each had a value peculiar- (subscription books were opened Sept. 7) are offered
ly its own. In the circumstances we repeat what at par and accrued interest, and the Treasury will
we said in our previous article that no impartial and accept in payment for the new certificates, at par,
well informed student of affairs can fail to reach Third Liberty Loan bonds. Subscriptions for which
the conclusion that the Clearing House made a payment is tendered in Third Liberty Loan bonds
grave and very regrettable mistake when in very pre- will be allotted in full up to the amount of the offercipitate fashion it abandoned its old-time policy of ing. Secretary Mellon, in his statement of Sept. 6
compiling and publishing its invaluable weekly re- announcing the offering, indicates that about $970,000,000 of Third Liberty Loan bonds are still out-.
turns.
standing and become payable on Sept. 15 1928.
The present week's statements of the Federal Re- He goes on to say:
serve reveal no new tendencies, but show in every
The final redemption of the Third Liberty Loan brings to
particular a continuance of the old tendencies, most- a close the vast operations begun by the Treasury in 1927,
ly of an unhealthy character. Loans to brokers and which, in the course of eighteen months, have resulted in the
refunding or retirement of over five billions of Liberty Loan
dealers (secured by stocks and bonds) for the week bonds
accompanied by important reduction in interest
SEPT. 8 1928.]
FINANCIAL CHRONICLE
charges. Of $5,264,000,000 of Second and Third Liberty
Loan bonds outstanding in February 1927, all but $20,000,000 of which bore a 434% rate of interest, about $1,300,000,000 will have been retired from sinking fund and surplus.
The balance have been replaced by bonds bearing 334%
interest, by three-five year notes bearing 334% interest,
all with maturity or call dates convenient for sinking fund
purposes, and by short term certificates, including the issue
now offered, all maturing on quarterly tax payment dates.
As we noted in a paragraph in our article on "The
Financial Situation" last week (page 1152) Secretary
Mellon in July invited subscriptions to Treasury
bonds bearing only 33 % interest; these bonds
mature June 15 1943, but are subject to redemption
at the option of the United States on and after
June 15 1940. The new Treasury bonds, as we
pointed out, represented a combined offering for
cash, and an exchange for the Third Liberty Bonds.
The fact that the exchange subscriptions were
relatively light, notwithstanding the Treasury Department offered as a special inducement for making
the exchange double interest for a certain definite
period was commented upon by us a week ago, as
was likewise the fact that the $250,000,000 cash
offering of these Treasury bonds proved a decided
success. Nevertheless, as we showed, these new
Treasury bonds from the very first sold at a discount. Dealings in the new Treasury bonds began
on the Stock Exchange on July 18 and the best price
on that day was 99@)99 8-32; later in the month
(on July 27) they got down to 98 20-32, and in
August sold as low as 98. The offering of the
Treasury Bonds in July followed two short term
offerings in June of Treasury Certificates of Indebtedness, one of the series running for six months,
bearing interest at 4% per annum, and the other,
with a maturity of nine months, carrying 33'%.
This week's new offering of nine months Treasury
certificates, as stated above, bears 4V% interest —
a material advance.
The stock market this week has retained all the
broad characteristics of a bull movement, with the
tone buoyant, transactions large and many extensive further advances in prices, yet with heavy sales
to realize profits which the market absorbed with
great readiness, though with occasional yielding in
prices. The further rise has included within its embrace nearly all the different stocks and groups of
stocks. Dealings last Saturday were on a very extensive scale, the dealings aggregating for the halfday session in excess of 2,000,000 shares, the precise
total being 2,119,860 shares. Monday was Labor
Day and a holiday. On Tuesday the list showed considerable iniegularity, with many increases, but
also numerous decreases, the latter the result of
selling to realize profits which the market, as already indicated, took well, portraying its bullish
characteristics. There was also some short selling
occasioned by a renewed rise in money rates, the
2% with an advance in the
renewal charge being 71/
general rate later in the day to 8%. Among the
conspicuous advances on that day was a rise of 21/
1
2
points in Warner Bros. "A" stock, while Baltimore
& Ohio in the railroad list scored an advance of 3%.
General Motors rose 2 points; Packard Motor 1%,
2. Sears-Roebuck showed a net
and Texas Corp. 11/
decline of 1% and Radio Corp. stock of 2 points. On
Wednesday great buoyancy once more prevailed,
1
2% all through the day.
though call money ruled at 7/
Radio Corp. now enjoyed a net advance of 9 points;
1289
Texas Corp. advanced 41/
2 points more; General Motors 31/4 points and Chrysler 2/
1
4 points. On the
other hand, Baltimore & Ohio lost 11/
2 points of its
advance of the previous day and Amer. TeL
& Tel. advanced Y2 on top of the previous day's
advance of 1%. The unexpectedly large increase in
the Stock Exchange August report on brokers' loans
furnished bear ammunition which carried a number
of stocks slightly lower.
On Thursday the market again displayed considerable irregularity under the influence of an advance in money rates on call to 8%. U. S. Steel,
however, was a prominent feature with an advance
for the day of 1/
1
2 points to a new high record for
the year. Montgomery Ward enjoyed a net advance
of 2 points. Radio Corp. fell back 5%; General
Motors 31/8 and Chrysler 1%. On Friday the activity and buoyancy swept everything before it,
some of the advances for the day being: Montgomery
Ward 133
%,Sears-Roebuck 5Y8,American Sugar 3%,
/
8, and Consolidated Gas
U. S. Steel 3y8, Chrysler 25
2 points. The further increase in brokers' loans in
the statement given out by the Federal Reserve after
the close of business on Thursday served as a basis
for some new short selling, but this made comparatively little impression. The Stock Exchange call
loan rate was 71h% the entire day. The volume of
business kept expanding day after day. The sales
on Tuesday aggregated 3,724,850 shares; on Wednesday 4,420,920 shares; on Thursday 4,489,320 shares,
and on Friday 4,622,000 shares. In the Curb Market sales on Tuesday totaled 504,700 shares; on Wednesday 627,015 shares; on Thursday 755,520 shares,
and on Friday 687,100 shares. Among the stocks
theft established new high records for the year besides U. S. Steel, already mentioned, may be enumerated the following: Allis-Chalmers, Amer. Linseed, Amer. Radiator, Associated Oil, Atlantic Refining, Calumet & Hecla, Chile Copper, Chrysler,
Continental Can, Hupp Motor Car, Internat. Harvester, Internat. Nickel, Kennecott Copper, Montgomery Ward & Co., Republic Iron & Steel, SearsRoebuck & Co., Stewart-Warner, Texas Corp., Timken Roller Bearing, Union Carbide & Carbon and
Warner Bros. Pictures cl. A. In the railroad list
Chic. Milw. St. Paul & Pac. pfd., Chic. Rock Island
& Pacific, and St. Louis Southwestern established
new high figures for the year.
General Motors closed yesterday at 205 as against
203/
14 the previous Friday; Radio Corporation at
1
4
2191/
4 against 216; Montgomery Ward & Co. at 236/
1
2 against
against 220%; Amer. Tel. & Tel. at 181/
1817
/8; General Electric at 1667
/8 against 167; Al2; Searslied Chemical & Dye at 198 against 2031/
1 2; American Can at
Roebuck at 154 against 149/
107% against 1101/
2; Int. Harvester at 2961/2 against
4 against 118%; Stewart
295/
4; Int. Nickel at 1241/
1
4; Union Carbide & CarWarner at 104 against 99/
bon at 167/
1
4 against 172%; Consolidated Gas (new
8 against 79; Paramount Famous Lasshares) at 821/
ky at 145/
1
2 against 143. The copper stocks were
reactionary; Kennecott Copper closed yesterday at
97/
78 against 981/2 the previous Friday; Anaconda
2 against 76%; Cerro de Pasco at 80
Copper at 751/
against 82; Greene-Cananea at 118 against 120/
78;
2; Chile Copper at
Cal. & Hecla at 31% against 291/
2; Granby Copper at 59/
1 8 against
481/2 against 501/
593
/
4, and American Smelting & Refining at 2463
/
4
against 249. Among the independent steel shares,
Bethlehem Steel closed yesterday at 633
/8 against
1290
FINANCIAL CHRONICLE
[voL. 17.
621/
2 the previous Friday, and Ludlum Steel at 62% more than 132%. There were 13 defaults in August
against 63.
included in the brokerage division, reporting a total
In the motor group reference has already been of indebtedness amounting to $20,909,000, leaving
made to the repeated advances of Chrysler stock; this for the other 99 failures in that class a total of liaclosed yesterday at 1043
% against 1021/
2 the previous bilities of only $1,320,000, an average for each failure
4 against 7834; Packard of about $13,300. For the manufacturing division
Friday; Studebaker at 793
at 841/
8 against 83; Nash at 947
%; the 493 defaults in August compare with 438 for
/
8 against 903
Hudson at 831/
4 against 83 and Hupp at 723
4 against August 1927, involving $14,921,067. As to traders
69. The rubber shares were somewhat irregular the 1,247 defaults reported last month compare with
and U. S. Rubber common closed yesterday at 38/
1
2 1,174 a year ago for $14,702,047 of indebtedness,
against 381/
8 the previous Friday and the pfd. at while for agents and brokers there were 96 in August
73 against 721/
2; Goodyear Tire & Rubber closed at 1927, owing a total $9,572,839, the latter being much
63% against 623%,and B.F. Goodrich at 80/
1
2against above the average amount reported for this division.
821/
8. In the oil group Atlantic Refining closed yesThe increase in the number of defaults in the
terday at 167% against 169 the previous Friday; manufacturing class, was largely among manufac2 against 371/
Marland Oil closed at 391/
4,and Stand- turers of clothing, of machinery and tools and bakers,
ard Oil of N. J. at 45% against 45.
but there was also some increase in the iron and steel
The railroad stocks showed no conspicuous fea- divisions, in furs, hats and gloves, and in printing
tures except that St. Louis- Southwestern attained and engraving. On the other hand fewer defaults
a new high for the year as already stated, though it occurred last month than a year ago among manu2 against 1091/
closed yesterday at 1061/
8 the previ- facturers of leather goods, which includes shoes,
ous Friday; New York Central closed at 174% and in the lumber class. As to the increase in the
against 177; Baltimore & Ohio at 1143
% against liabilities of the manufacturing division, this was in
1131
/
4; Chesapeake & Ohio at 189 against 1871/2; part traceable to some failures in the cotton goods
Atchison at 19414 against 194%; Canadian Pacific division, to an increase among bakers, and in worsted
at 214 against 2123%; Great Northern at 100 against goods. On the other hand liabilities were less in
100%; Northern Pacific at 98/
1
2 against 991%; Wa- August this year than a year ago in machinery and
bash at 821% against 811%; Union Pacific at 1961/
4 tools, and in the drug class and in leather lines.
against 197; Southern Pacific at 125 against 125;
As to the trading section, the increase in the
New York Chicago & St. Louis at 127 against 126; number of failures last month was mainly in the large
St. Louis-San Francisco at 115% against 1171/2; grocery class, in hotels and restaurants and in furniMilw. & St. Paul pfd. at 53% against 54%; Rock ture lines. Insolvencies among general stores showed
Island at 1221/
2 against 125; Missouri-Kansas-Texas quite a decline in number last month; also, in the
at 41% against 43/
3
4, and Missouri Pacific at 74 divisions embracing dealers in shoes and leather
against 731/
8.
goods, and in dealers in jewelry. Liabilities were
heavier this year for hotels and restaurants, for
Insolvencies in the United States in August were dealers in furniture and in jewlry, but were less in
more numerous than was to be expected for that the dry goods lines.
month and involved a very heavy total of indebtedThe larger failures in August, that is, those where
ness. There was a considerable increase in the the indebtedness in each instance exceeded $100,000,
number of business defaults over July, which is quite numbered 64, and the amount involved was $39,unusual, while in no preceding August have the 967,200. In August of last year there were 54 of
failures been so high. Commercial defaults accord- these larger defaults, for which the total liabilities
ing to the reports of R. G. Dun & Co., numbered were $20,554,200. There was an increase this year
1,852 and the total indebtedness shown was $58,- in the number of the larger manufacturing failures
201,830. These figures compare with 1,723 failures and the indebtedness also was somewhat heavier.
in July involving $29,586,633 of liabilities, and 1,708 The same thing was true as to the larger defaults in
in August 1927 for $39,195,953. The increase in trading lines. The greater part of the liabilities for
number last month over July was 7.4%, whereas these larger failures, however, was in the division
for the preceding five years, 1923 to 1927 inclusive, embracing agents and brokers, as has previouslythe average number of mercantile defaults in August been noted, the total last month for this class exshowed a decline of 3.1% from July. In 1923, how- ceeding 50% of the total of all liabilities for the larger
ever, the number of failures in August was also larger defaults.
than in July. As to the liabilities for August the
During the eight months of the current year
amount is the largest for any month back to March 16,403 commercial failures have been reported in
1924.
the United States with total liabilities of $339,236,869.
It is noteworthy that the heavy increase in de- For the corresponding period of the preceding year,
faulted indebtedness reported for the month just there were 15,750 similar defaults owing $363,873,445.
closed was mainly due to a number of large defaults The increase in the number of defaults was 4.1%,
in the brokerage class, where an increase in the num- but the indebtedness shows 6.8% reduction.
ber of failures and the amount of liabilities for that
Trading was generally more active on the Euromonth is shown compared with August of last year.
pean
Stock Exchanges the past week, althougk
As a matter of fact this is true in the case of all three
movements
were confined to narrow limits and prices
divisions into which this record is separated. For
as
a
whole
got
nowhere in particular. The holiday
the manufacturing section August failures numbered
New
at
York
Monday
caused some uncertainty in thn
493 with a total indebtedness of $16,877,179. Deprincipal
markets
in
England
and on the Continent,
faults in trading lines were 1,247 for $19,096,017,
and for agents and brokers the number was 112, with the result that a good deal of irregularity was
involving the very large sum of $22,228,634. The displayed at the opening of the week. Greater confiincrease as to the indebtedness for the latter was dence developed in subsequent sessions, with the
SEPT. 8 1928.]
FINANCIAL CHRONICLE
sheerful tone bringing about animated trading in
sections of the various lists. On the London Stock
Exchange, British Funds displayed both activity and
strength the first two days. A few conspicuous advances were registered in industrial issues, particularly in the internationally quoted phonograph
stocks, but these gains were again wiped out on
realizing sales. Communication shares were firm
and oil issues were steady, but rubbers lost ground
as prices for the commodity declined. As trading
progressed Wednesday and Thursday, dealings in
Victor and Columbia Phonograph gained in volume
and excitement, until the dividend and bonus proposals of the latter company were made known.
Although price swings were wide, the net change
was small. Tobacco shares and Mond Nickel were
strong toward the end of the week, with artificial
silk issues showing uncertainty with occasional
spells of weakness. Further weakness in the phonograph shares developed in the trading yesterday, but
the industrial list otherwise was firm. Renewed
strength was noted in the gilt-edged section on reports of a possible relaxation of money tension at
New York.
The Paris Bourse started off with a good deal of
vigor Monday and Tuesday, with customers returning from holidays and the volume of trading increasing measurably. An abundance of money and
cheerful advices from London and New York, combined to induce operations by professional speculators. Although the volume of trading remained
heavy Tuesday, a certain tendency to mark time was
noted, and this developed into dullness Wednesday
and finally into a bearish movement Thursday.
Selling was general both on the Bourse and on the
Paris Curb, only bank shares escaping the pressure.
The Berlin Boerse opened rather weak Monday, but
the situation changed quickly with buying orders
rapidly overtaking the offerings. A small boom
developed in Reichbank shares and in potash stocks,
with heavy inquiry reported from foreign sources.
The movement spread to a few industrial issues
Tuesday, but nervousness was apparent over the reports from Geneva, where Chancellor Mueller was
attempting to arrange for evacuation of the Rhineland. When covering operations were attempted
Wednesday, a decline resulted which quickly took in
the entire list. Business dropped off materially
Thursday in the industrial section, but the upward
movement in Reichbank shares and in Potash stocks
was resumed.
Adherence to the general treaty renouncing war
as an instrument of national policy, which was
signed by the fifteen original Governments at Paris
August 27, has already been formally indicated by
twenty-six of the forty-nine additional Governments
invited to participate by France and the United
States on Aug. 28. No single Government has given
an unfavorable indication of any kind, and it thus
appears probable that the affirmative response will
be unanimous. In such event, sixty-four States, including every Government that can possibly be regarded as a military power or capable of causing
international strife, would be included in the list
of nations condemning recourse to war and agreeing
to settle disputes by pacific means only. The actions
of the executive heads of the fifteen original signatory and twenty-six invited Governments are subject, of course, to ratification by the treaty-making
1291
Parliamentary bodies of the respective Governments,
but whether such ratification be forthcoming in
every instance or not, the moral effect of this great
movement is so powerful as to be hardly capable of
exaggeration. Moreover, in the majority of instances it appears likely that ratification will be
readily granted. Much depends, in this respect, on
the United States Senate, as several great powers,
with the League of Nations in mind, are reported to
be determined to await United States ratification
before acting themselves. Senator William E.
Borah, Chairman of the Senate Foreign Relations
Committee, expressed confidence in Washington,
Wednesday, that the treaty would be ratified by the
Senate at its next session, beginning in December.
It will devolve upon Mr. Borah to guide the treaty
through the various stages of ratification.
The acceptance of the Soviet Russian Government,
which was the only principal power not included
among the original signatories, was indicated Aug.
31 in a note by Maxim Litvinoff, Commissar for
Foreign Affairs, to M. Jean Herbette, French Ambassador to Moscow. Asserting that it has, since
its very inception, labored indefatigably for peace
and for universal disarmament, the Soviet Government remarks in its note that it "cannot fail to
express its deepest regret as to the absence in the
Pact of Paris of any obligations whatsoever in the
domain of disarmament." The text of the compact
itself is criticized in the note as insufficiently definite and clear. "In the opinion of the Soviet Government," M. Litvinoff continues, "there must be
forbidden not only wars in the form of the juridicial
meaning of this word, but also such military actions
as, for instance, intervention, blockade, military
occupation of foreign territory, foreign ports, etc."
In addition the Soviet Government "considers that
among the unpeaceful means forbidden by the compact must also be included such as the refusal to
re-establish peaceful and normal relations, or the
rupture of these relations between peoples, because
such actions mean the suspension of peaceful
methods in solution of disputes and by their very
existence contribute to the creation of an atmosphere
favorable to the breaking out of wars." The Soviet,
finally, took vigorous exception in the note to the
reservations made in the diplomatic correspondence
by the British Government in regard to "certain
regions," where Britain is especially interested, and
by the French Government in regard to previous
obligations under the League Covenant and the
Locarno treaties. "Nevertheless," M. Litvinoff concluded,"inasmuch as the Pact of Paris . . . gives
the Soviet Government a new chance to put before
all the participants of the compact a question most
important for peace, that is, the question of disarmament, the solution of which is the only guarantee
of prevention of war, the Soviet Government expresses its willingness to sign the Pact of Paris."
A formal visit to Dublin by United States Secretary of State Frank B. Kellogg from Aug. 30 to
Sept. 3 caused considerable gratification throughout
the Irish Free State. Mr.Kellogg journeyed to Paris
in the latter part of August in connection with the
signing of the general treaty renouncing war as an
instrument of national policy. He accepted the invitation of President William T. Cosgrave of the
Irish Free State to return the formal visit paid the
United States by that Executive recently, and made
1292
FINANCIAL CHRONICLE
fast passages from Cherbourg to Dublin and return
on the United States Cruiser Detroit. Appropriate
functions were held in Dublin in connection with
the visit. Throughout England and Ireland, however, the question was raised as to why the Secretary
did not visit England as well. Mr. Kellogg denied
repeatedly that any significance attached to the
omission, but his remarks did not lead to an abatement of the discussion. Reasons suggested by English newspapers for the omission ranged all the way
from a fancied desire of Mr. Kellogg's to administer
an "object lesson" to the London Government as to
the growing importance of the Dominion; to an
imagined connection between the visit and the IrishAmerican vote. Mr. Kellogg boarded the S.S. Leviathan at Cherbourg, Tuesday ,for his return journey
to New York.
Frori. 127.
tion, is prepared to take the lead at Washington in
urging a settlenient of the international debt problem which will carry with it the determination of
the reparations total.
The Ninth Assembly of the League of Nations
began at Geneva Monday morning in an atmosphere
of amiability and good will, but with several stormy
matters on the horizon. Hjalmar J. Procope, Foreign Minister of Finland, acted as temporary Chairman of the meeting and expressed warm praise of
the general treaty for the renunciation of war which
was signed at Paris Aug. 27. After perfunctory
consideration of routine matters on the first day,
Herluf Zahle, Danish Minister at Berlin, was elected
President of the Assembly. On the following day a
full plenary session of the Assembly was held to
debate the report of the League Council on the work
Unusual interest attached to a meeting at Geneva, of the past year, but no orator could be found willing
Sept. 5, between Foreign Minister Aristide Briand to discuss the report. Only on Thursday morning
of France and Chancellor Hermann Mueller of Ger- did any discussion develop, delegates from China,
many, for the admitted purpose of discussing the Holland and Sweden then rising successively to
continued occupation of the Rhineland by Allied praise the Kellogg pact. Osten Unden, of Sweden,
troops. Ministers of the successive German Govern- also criticized the Preparatory Commission of the
ments have for some time spared no effort in seeking League of Nations for its dilatoriness in achieving
to induce complete and prompt evacuation. The results. "As the matter stands," M. linden said,
60,000 troops that remain in the Rhineland are "the work of preparing a draft convention has not
almost entirely French, with only a sprinkling of reached the stage enabling a date to be fixed for a
British and Belgian forces. For this and other general disarmament conference. Yet no one can
reasons, the belief prevails that Britain would look fully realize that a delay is dangerous if the Preparawith favor on immediate withdrawal. Moreover, M. tory Commission does not achieve some definite reBriand is also believed to favor withdrawal before sults in the near future. Public opinion will soon
the ultimate date of 1935 stipulated in the Treaty be ready to conclude from that failure that disputes
of Versailles. Late in August, Dr. Gustav Strese- and rivalry still exist between Governments in spite
mann, the German Foreign Minister, took occasion of the League Covenant and Locarno treaties and in
to call on Premier Poincare in Paris and discuss the spite even of the Kellogg pact." In the meantime,
matter directly with the head of the French Govern- the German Chancellor, Herr Mueller, made known
ment. Reports from Paris at the time indicated that that he had an important speech to deliver before
little satisfaction was given Dr. Streseman by M. the Assembly. This address, according to indicaPoincare. Dr. Stresemann being ill, Chancellor tions, will deal with the continued occupation of the
Mueller then decided to go to Geneva himself to Rhineland by ,60,000 French, British and Belgian
deliver an address on the subject before the full troops. There were also indications that the eightAssembly of the League of Nations and to continue year dispute between Poland and Lithuania over the
the pourparlers with M. Briand. The two plenipoten- former Lithuanian capital of Vilna would come betiaries met in M. Briancl's hotel on Sept. 5.
fore the Assembly.
Information on what took place was given by the
Chancellor Mueller addressed the Assembly yesFrench Minister to Wythe Williams, special corre- terday afternoon, expressing the conviction that unspondent of the New York Times, according to a less the League of Nations solved the disarmament
special cable to that journal. "M. Briand explains," problem it would mean failure of the League itself.
the dispatch said, "that soon after introducing the Germany,the Chancellor added,could not indefinite
subject, Chancellor Mueller realized that no actual ly continue disarmed while other nations have the
negotiations were possible unless the Reich was will- right to build up powerful military and naval maing to offer certain definite concessions. The talk chines. He rebelled against the idea that only victhen developed much along the lines of the famous tors in war could rightfully maintain armaments,
Briand-Stresemann pornparler at Thoiry, which re- and added a hope that the Anglo-French naval comsuited in the Locarno agreement. Just as Dr. Strese- promise agreement would result in a reduction of
mann departed from Thoiry promising to make con- sea forces. The Assembly applauded him heartily
crete offers, so Chancellor Mueller tonight left the when he said that never in the history of the world
Hotel Bergyes likewise promising that concessions have conditions been more favorable to peace. His
would be offered within the next few days. 11. Briand own Government, he said, would adhere to the forexplained to the Chancellor that he alone was not in eign policy of friendliness laid down by Foreign
a position to negotiate a matter that was still before Minister Stresemann, and expressed agreement in
the Conference of Ambassadors. Herr Mueller then principle in the Kellogg-Briand pact renouncing war
agreed to present his proposals to Lord Cushendun, as an instrument of national policy. The Assembly
Signor Scialoja and M. Hymans, the delegates of was also addressed late yesterday by Mineichiro
Britain, Italy and Belgium. Following these inter- Adachi, Japanese Ambassador to Paris. The Japaviews, he will again be received by M. Briand." In nese delegate explained that his Government viewed
connection with these negotiations for evacuation of the Anglo-French compromise agreexient with conthe Rhineland, it has been reported with great per- siderable hope because "an accord on the naval probsistence that Germany, in return for prompt evacua- lem between any of the naval powers is likely to he
SEPT. 8 1928.]
FINANCIAL CHRONICLE
1293
Rumors long current regarding the establishment
elective in accelerating the reduction of armaof
a monarchy in Albania were confirmed Sept. 1
ments."
when President Ahmed Bey Zogu was unanimously
The Dawes Plan, whereunder German reparations proclaimed "King of the Albanians" by the National
are administered and cash payments transferred, Assembly in Tirana. From the middle of August onentered upon its fifth year, beginning Sept. 1, when ward, the official Albanian press agency reported
maTimum payments are required. With the advent periodically that "great demonstrations" were being
of the fifth year the full normal annuity of 2,500,- held by the Albanian populace in favor of the coro000,000 gold marks (about $600,000,000) is due from nation of Zogu. The establishment of the monarchy
Germany. The ending of the fourth year was sig- was somewhat anticipated by reports that the
nalled by a statement issued in Berlin Aug. 31, by Albanians would rise "spontaneously" on Aug. 25
S. Parker Gilbert, Agent General for Reparations to demand Zogu's accession to the throne. The longPayments, to the effect that all payments for the planned announcement was finally made Sept. 1,
past year of the Plan had been "fully and punctually Zogu,according to a Tirana dispatch to the Associatmade, as they became due." Mr. Gilbert stated,
ed Press,"appearing profoundly moved and showing
moreover,that "transfers have been made during the
signs of nervousness as he mounted the Parliamentyear to an amount substantially equivalent to the ary Tribune to take the oath." The new sovereign
year's receipts." In the fifth and in subsequent
of the smallest of the Balkan States took a double
years Germany is supposed to deposit to the Agent oath,
once on the Bible and once on the Koran. He
General's account, 1,250,000,000 marks from the is a
Mohammedon, but had guaranteed the country
budget; 290,000,000 marks from the proceeds of the
complete freedom of worship. On his journey from
transfer tax; 300,000,000 marks interest on her in- the Assembly Hall
to the Palace, the young ruler
dustrial debentures, and 660,000,000 marks interest
"rode through densely thronged streets while Albaon her railroad bonds. The increase from the fourth nian and
Italian guards formed a barrier against
year total of 1,750,000,000 marks falls entirely upon the possibility of
a hostile act." A three-day festival
the German budget which hereafter must contribute
followed the proclamation, during which fleets of
a total of 1,250,000,000 marks to the reparations payItalian airplanes circled over the diminutive capital
ments instead of the 500,000,000 marks of the preand showered it with paper streamers and confetti.
ceding year. It is on this point that the greatest
Italy recognized the new regime on Sept. 2, being
dubiety is expressed in Germany as regards collecthe first nation to do so.
tion, all commentators in the Reich agreeing that
The new King appointed M. Kosra Premier last
the State Treasury cannot afford so heavy a burden.
Sunday and asked him to form a Cabinet. During
Nor has the German Government yet made clear how the past week the entire diplomatic corps at Tirana,
it proposes to meet this obligation.
with the exception of the Italian Minister, carefully
With the completion of the four years' of rising refrained from committing themselves by any act
payments Germany has made total payments under
which might be construed as recognition of the new
the Plan of 5,470,000,000 marks in cash and delivregime. Some anxiety was expressed in the neigheries in kind. This total does not include German
boring State of Yugoslavia over the assumption of
gold payments made to France, Great Britain and
the title "King of the Albanians" by the new monBelgium before the adoption of the plan, concerning
arch, as many Albanians are living in the borders
which there are still unadjusted controversies beof Yugoslavia. Albanian officials, however, were
tween the German Government and the Allied credunderstood to have given assurances to the Belgrade
itors. The huge total thus collected has been transGovernment that the title is more academic than
ferred successfully, Mr. Gilbert remarking on Aug.
real, Tirana never having claimed sovereignty over
31, that all but 7,000,000 marks of the fourth year
Albanians living in other countries. In an interannuity had been turned over to the creditors. Cash
view granted the Associated Press Thursday, the
transfers during the fourth year aggregated 460,- new
King stated there was "but one reason" for the
000,000 marks. The transfer problem nevertheless
conversion of the Government into a monarchy.
remains the most seriously menacing element of the
"The change was made," he said,"in accordance with
plan, according to German critics. It is pointed
the spirit and wish of the Albanian people, whose
out in Berlin that since the plan became operative
political foundation has ever been its division into
on September 1, 1924, reparations payments have
chieftainships of baronies, each of which recognized
been met chiefly through recourse to foreign loans,
a supreme chief over itself." The coronation cereof which Germany has absorbed more than 10,000,mony will probably be held December 24. Albania
000,000 marks, while paying somewhat more than
is a small mountainous country with a population
half this sum in cash and deliveries in kind. Econoof about 850,000. During the last two years it has
mists in Germany are virtually unanimous in declarcome more and more under the influence of the Rome
ing that the most effective test for determining the
Government, until to-day it is hardly more than an
Reich's ability to meet the standard annuity would
Italian vassal State.
be rigid dependence on its own economic resources
without recourse to foreign financing. Under such
A final and unqualified statement that he will not,
a test, it is declared, the provisions for safeguarding under
any circumstances, remain President of
German currency would rapidly be called into use. Mexico
after the expiration of his term Dec. 1, nor
There is little desire in Germany, however, to have ever return to
that office thereafter, was made by
this test applied, and economists and financiers in President
Plutarco Elias Calles Sept. 1 in his adthe Reich, accordingly, are giving renewed attention dress at the opening of
the Thirty-third Congress of
to the recent recommendations of Mr. Gilbert that Mexico. The
statement was made before a brilliant
Germany's ultimate reparations liability be defi- gathering, tense with
the interest created by the
nitely determined, both for the benefit of her own extraordinary situation which
has existed since the
economy and in the interests of the creditor powers. assassination on July 17 of
the Mexican President-
1294
FINANCIAL CHRONICLE
[VOL. 127.
elect, General Alvaro Obregon. No provision is made balanced budget was announced by Senor de Oca,the
by the Mexican Constitution for the succession of estimated income of 290,000,000 pesos for the fiscal
the Presidency in such an emergency, and despite year having been exceeded by 10,000,000 pesos. The
repeated semi-official statements, the belief has per- receipts from the income taxes have shown a consisted in some quarters that President Canes would tinuous increase during the current year, he added.
remain in office for a two-year provisional term. "The value of banking transactions has also in"Neither by accepting prorogue of office, nor by creased," the report said. "Since the end of 1927 to
accepting the appointment of Provisional President, date there has been an improvement in round
will I seek the prolongation of my term," President figures of 12,000,000 pesos in loans, 11,000,000 in
Calks announced last Saturday. "My resolution sight deposits and 11,000,000 in fixed deposits. In
constitutes a positive and unchangeable fact, that general there is increasing public confidence in
never for any reason or under any circumstances, credit organizations."
The bases on which the Minister of Finance conshall I return to the Presidency of the Republic."
President Calles stated with great emphasis, more- siders Mexican economic and financial stability can
over, that the day of one-man rule of Mexico by be made permanent were summarized in a Mexico
means of a military dictatorship is a thing of the City dispatch to the New York "Times" as folpast. "The void created by General Obregon's lows: Mexico must comply loyally with her paydeath," he said, "brings into prominence needs and ments on foreign obligations; the National Railproblems, both political and administrative, and the ways of Mexico must be reorganized as a private enperiod in which we now find ourselves postulates terprise; extraordinary financial powers so often
every day with greater urgency the need to conduct voted to Mexican Presidents must be a thing of the
our Government along new lines and with new past, and the State's Departments must live strictly
methods. For the first time in Mexican history the within their budget appropriations without the viRepublic faces a situation whose dominant note is cious system of supplementary grants. "Senor de
the lack of a leader of military power, which is going Oca," the dispatch added, "in reviewing Mexico's
to make it finally possible for us to direct the policy money situation, emphasizes the efforts which have
of the country into truly institutional channels, been made to place before the International Comstriving to pass once for all from our historical con- mittee of Bankers the true local situation, detailing
dition of one-man rule to the higher, more dignified, how Federal salaries are now paid when due, how the
more useful and more civilized condition of a nation Government is paying cash for its merchandise, and
of laws and institutions." Regarding the appoint- how the Treasury has become financially sound, exment by Congress of a Provisional President, Senor cept for its foreign indebtedness payments." The
Calles urged that no effort be made to seek "out- further significant statement was made that "Stustanding or dictatorial persons, as there are none." dents of the financial situation see in de Oca's reFor his own part, he said he would be willing to port the first admission that Sir Henry Thornaccept a minor post, so as to continue to discharge ton, after a study of the railway situation, advised
the drastic remedy of the system being removed from
his duties "as a man of the revolution."
In the course of his address, President Calles also Government control to Private management. This
referred with obvious pleasure to the improved rela- recommendation has done much to clear up the mystions with the United States that followed the ap- tery of the report which it is known Sir Henry made
pointment, last December, of Dwight W. Morrow, as to President Calles after his detailed study of the
United States Ambassador.to Mexico City. "It is railway situation here."
my pleasant duty to inform the country," he remarked,"that at the end of my term of office,I leave
Relations between China and Japan, after an acrithe Governmentfree from any serious difficulty with monious exchange late in July and early in August
the neighboring Republic; the situation that was be- over the renewal of the Commercial Treaty of 1896,
fore so uneasy and tense, that even appeared for a appear to be definitely on the mend. The new Nanmoment grave and serious, has been settled in its king Government in .a) note to Tokio, had insisted on
fundamental issues. Relations with the United its right to abrogate the treaty, which right, in turn,
States, after the removal of mistrust and misunder- was denied by Japan. Tokio at the same time took
standing, have suffered a radical change and are steps to prevent the union of Manchuria, where
established now on the firm ground of understand- there are important Japanese interests, with the rest
ing, co-operation and sincere cordiality. The Govern- of China. The exchange of notes was carried furment at Washington provided an agent of good-will ther on Aug. 28 by Dr. C. T. Wang, Foreign Minand high aims, with full powers, to settle a long and ister of the Nanking regime, who sent a new and
useless contention. Not many months elapsed with- more conciliatory note to Tokio. Two important
out obtaining fruitful results." The message of points were emphasized in this document, accordPresident Calks was received with high praise ing to a Shanghai dispatch to the New York "Times,"
throughout Mexico, while the Army heads indicated namely, that Nanking's firm contention that Japan
that they would follow the recommendations and must, like other powers, agree to send delegates
refrain from political participation in the selection forthwith to negotiate a new commercial treaty, and,
secondly, that Nanking's abrogation of the present
of a Provisional President.
Almost equally as important as the declaration compact and declaration of provisional regulations
of the Mexican Executive, is the report on Mexican on July 7 "are not measures discriminatory against
finances submitted to the Mexican Congress Monday the Japanese, but promulgated for the maintenby L. Montes de Oca, Minister of Finance in President ance of political and commercial relations between
Calles's Cabinet. The report points out that in the China and all countries whose treaties with China
year ended July 31, 1928, the public finances im- have expired." This was followed Sept. 4 by an inproved considerably, reflecting accurately the favor- timation of the Nationalist Foreign Minister that
able general economic status of the Republic. A Mr. Yada, the Japanese Consul General, is return-
Slum 8 1928.]
FINANCIAL CHRONICLE
1295
ing to Shanghai with instructions to open conversations looking toward early settlement of the major
problems confronting Tokio and Nanking. Tokio
dispatches indicated at the same time that the
Japanese Government has decided to accept the Nationalist Government's demand that the question of
treaty revision be opened between the two countries. Consul General Yada, incidentally, recently
created a sensation in Japan by issuing a statement
taking China's side of the questions of treaty revision and Manchuria. His return to Shanghai,
therefore, is considered all the more significant.
the highest figure ever recorded by the Bank. Note
circulation the previous week aggregated 60,319,056,585 francs and the week before, 60,553,056,585
francs. On the other hand creditor current accounts
dropped 1,409,000,000 francs and current accounts
and deposits fell 1,271,000,000 francs. Gold holdings which dropped 10,330,825 francs during the
week, now total 30,351,342,290 francs. French
commercial bills discounted also showed a decrease
amounting to 735,000,000 francs while credit
balances abroad rose 177,676,744 francs, bills bought
abroad 534,000,000 francs, and advances against
securities 105,000,000 francs. Below we furnish a
No changes have been reported this week in dis- comparison of the various items of the banks return
count rates by any of the central banks of Europe. for the past three weeks.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Rates continue at 7% in Germany; 63/2% in Austria;
Changes
Status as of
54% in Italy and Norway; 5% in Denmark and
Sept. 1 1928. Aug. 25 1928. Aug. 18 1928,
for Wee*.
Francs.
Francs.
Francs.
Madrid; 43/2% in London, Holland and Sweden; 4% Gold Holdings—
Francs.
Gold holdings_ _ _Dec. 10,330,825 30,351,342,290
30,269,449,483
in Belgium, and 33/2% in France and Switzerland. Credit bale. abed_Inc. 177,676,744 14,241,299,169 30,361.673,115
14,064,322,425 13,567,864,069
commercial
In London open market discounts remain at 43i% French
bills discounted_Dec. 735,000,000 2,826,585,436 3,561,585,436 2,199,585,436
Bills
bought
abr'd_Inc. 534,000,000 17,707,626,030 17,173,626,030 16,916,626,030
for short and 43'4.@,4 5-16% for long bills, the same
Advs. eget.securs_Inc. 105,000,000 2,043,570,265 1,938,570,265 2,005,570,265
as on Friday of last week, and on the two previous Note circulation_Inc.1,087,000,000 61,386,056,585 60,319,056,585
60,553,056,588
current
Fridays. Money on call in London was 4h% on Creditor
accounts
Dec. 1,409,000,000 15,981,597,607 17,390,597,607 15.383,597,607
Tuesday, but down to 3
acets and
yesterday. At Paris Current
deposits
Dec.1,271,000,000 3,426,484,438 4,697,4/14,433 4,369,484,438
open markct discounts remain at 3h% and in
Switzerland at 3 7-16%.
In its statement for the fourth week of August, the
Bank of Germany reports an increase in note cirThe Bank of England continues to add to its gold
ulation of 703,437,000 marks raising the total of
reserve, another large gain being reported in this
that item to 4,673,034,000 marks. Note circulaweek's statement, given out by the Bank on Wednestion for the corresponding week last year amounted
day. Due to this gain, which amounted to £709,388,
to 3,934,724,000 marks and for the year before,
and a contraction in note circulation of £73,000, the 3,225,078,0
00 marks. On the other hand other
net addition to the reserve of gold and notes in the
daily maturing obligations dropped 67,368,000 marks
banking department amounted to £783,000. The
and other liabilities, 16,250,000 marks. On the
ratio of reserve to liabilities suffered a sharp decrease
other side of the account gold and bullion rose
this week, going from 52.54% down to 47.67%; at 7,221,000
marks bills of exchange and checks 636,this time last year the ratio stood at 29.85% and two
097,000 marks and advanced 101,746,000 marks,
years ago at 29.23%. Last week's percentage(52.54%)
while reserve in foreign currency dropped 16,504,000
was the highest for this year, comparing with a low marks,
silver and other coin 20,525,000 marks, notes
for the year of 21.95% on June 4. Public deposits
other
German banks 17,559,000 marks and other
on
fell off £742,000 for the week, but "other" deposits
assets 70,657,000 marks. Deposits abroad and
gained £14,081,000. Loans on Government securi- investments
remained unchanged. A comparison of
ties rose £8,595,000 and loans on other securities,
the various items of the banks return for three years
£4,013,000. The Bank's gold holdings, which now
past is given below.
total £176,576,650, are said to be the largest in the
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
history of that institution. In the corresponding
Week.
Aug. 31 1928. Aug.81 1927. Aug. 31 1928.
week last year the total was £151,880,444 and two Assets—
Reithssnarks.
Reichstnarks. Reichstnarks. Rrieharnarks.
Gold and bullion
Inc. 7,221,000 2,248,130,000 1,852,671,000 1,492,818,000
years ago, £155,393,226. Note circulation aggregates Of which depos.abr'd_ Unchanged
85,626,000
66,543,000 197,608,000
£135,367,000, against £137,026,035 in •1927. The Reevein for'n curl% _ _Dec. 16,504,000 194,908,0(10 157,309,000 497,606.000
Bills of exch.& checks.Ine. 636,097,000 2,608.408,000 2,661.635,000 1,251,509,000
Bank of England's discount rate remains unchanged Silver and other coin_ _Dec. 20,525,000 90,846,000 80,936,000 116,383,000
Notes o.oth.Ger.bks_Dec. 17,559,000
8,683.000
9,622,000
8,545,0000
at 43/2%. Below we furnish comparison of the vari- Advances
Inc. 101,746,000 128,882,000
67.057,000 100,088.000
Unchanged
ous items of the Bank of England return for five years. Investments
93,819,000
92,261,000
91,424.000
Other assets
Dec. 70,657,000 490,341,000 479,518,000 687,793,000
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1923.
1926
1925.
1924.
Sept. 6.
&Pt.7.
Sept. 8.
Sept. 9.
SOL 10.
£
b135,367,000 137,026,035 140,303,400 144,195,765
Circulation
124.731,730
13,486,000 21,177,701 13,005,014 13,232,361
Public deposits
10,842,481
109,384,000 94,745.086 108,161,230 115,771,427
Other deposits
111,395,944
37,736,000 57,437,780 31,993,159 37.910.890
Gov't securities_ _
40,758,443
47,458,000 42,141,700 70,605,107 72,431,077
Other securities
76,320,315
Reserve notes & coin 60,059,000 34,604,409 34,839,826 38,931,999
23,442,227
Coin and bullion_ 4176,576,650 151,880,444 155,393,226 181,377,764
128.423,957
Proportion of reserve
47.67%
to liabilities
29.85%
29.23%
281,4%
1034%
414%
Bank rate
434%
414%
414%
4%
a Includes, beginning with April 29 1925. E27,000.000 gold coin and bullion
previously held as security for currency note issues and which was
transferred to
the Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 1925, includes S27,000,000 of Bank
of England notes issued In return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note issue.
In its regular weekly statement issued Sept. 6, for
the week ending Sept. 1, the Bank of France reports
an increase in note circulation of 1,067,000,000
francs, raising the total to 61,386,056,585 francs
Notes in cireulatIon_Ine. 703,437,000 4.673,034,000 3,934,724,000 3,225,078,000
0th. daily mat. oblig _Dee. 67,368,000 564,628,000 723,820.000 541.874,000
Other liabilities
Dec. 16,250,000 220,202,000 375,345,000 119,341,000
There were numerous evidences in the New York
money market during the short week just ended, of
a continuance of the high rates for funds recently established. Daily borrowings continued to prevail at
7% to 8%, this figure contrasting with the 3% to
33/2% charge of this time last year. Renewals on
every one of the four days from Tuesday to Friday
were at 732%, and this rate remained in effect in
most of the trading, but 8% was charged for new
loans Tuesday and Thursday. Withdrawals were
substantial, amounting to about $25,000,000 Tuesday, $20,000,000 Wednesday, $20,000,000 Thursday
and $25,000,000 Friday. Time loans were officially
quoted at 63/2% in all sessions, but bankers showed
1296
increasing indisposition to put out funds in the time
loan market at this figure, a distinct trend being reported toward demand loans in preference to maturity
dealings. The banks are apparently reluctant to tie
up funds for long periods at the prevailing rate, and
this gave rise to predictions that higher time loan
rates would shortly appear. They were partially
borne out in the late trading Thursday and Friday,
when some deals in maturity funds at 69/s% were
rumored.
On top of these indications came the announcement
yesterday of higher interest rates on short-term
notes than have been paid by the Treasury since
1923. On nine-months notes the Treasury will pay
432%, Washington dispatches referring to this as
an "exceptional interest rate." Apart from these
developments, however,the impression gained ground
this week that efforts would be made by the Federal
Reserve authorities to avert any strain in the money
market incidental to the movement of crops and the
revival of trade in the fall. An expansion in credit
requirements of about $200,000,000 usually occurs
in connection with these developments, and it was
reported Wednesday that the Reserve banks would
meet these requirements through the purchase of
bills and securities. It was strongly intimated at
the same time that Federal Reserve policies had
not changed, and that any open market operations
that might take place would be only in connection
with the seasonal influences calling for increased
commercial credit.
Several compilations of loans to brokers and
dealers against stock and bond collateral were made
public this week, and both showed heavy increases
in this class of borrowing, despite the fact that the
total borrowings are already extremely high. The
monthly tabulation of the New York Stock Exchange revealed an increase for August of $214,062,826. The weekly report by the Federal Reserve
Bank of New York, which is based on returns by
45 member banks, showed an increase for the week
ended Wednesday night of $54,061,000. At the
beginning of this week the new Clearing House rules
governing "loans for account of others" were placed
in effect. These regulations provide for a minimum
of $100,000 in loans thus placed and for higher service
charges. As a result there was thought to be considerable shifting about of corporation funds, reports
indicating that some concerns were placing their
funds through institutions not connected with the
Clearing House. Gold exports for the week ended
Wednesday, as reported by the Federal Reserve
Bank, amounted to $227,000, while imports were
$251,000.
Dealing in detail with the rates from day to day
the renewal rate on Tuesday (Monday having been
Labor Day and a holiday) was 73/2%, but as the
day advanced the charge on new loans rose to 8%.
On Wednesday all loans were at 73/2% including
renewals. On Thursday the renewal charge was
still 732%, but some money was again loaned at 8%.
On Friday all loans were again at 732%. For time
loans the rate throughout the week has been 63/2%
for all Maturities from 30 days to six months with
the market dull and practically no offerings. For
commercial paper names of choice character maturing
in four to six months continue to be quoted at 53/2ig
5%%, with prime names of short maturity selling
at 53%. For names less well known the quotation
(Vol.. 127.
FINANCIAL CHRONICLE
is 53%. The rate for New England mill paper is
5M@5%%.
Rates for banks' and bankers' acceptances were on
Tuesday reduced N of 1% for bills of all maturities,
and the posted rates of the American Acceptance
Council for prime bankers' acceptances eligible for
purchase by the Federal Reserve banks are now
bid and 432% asked for bills running 30 days and also
for bills running 60 and 90 days,4%% bid and 4%%
asked for 120 days, and 5% bid and 47A% asked for
150 and 180 days. The posted rate of the Acceptance
Council for call loans against acceptances has continued at 63/2% throughout the week. Open market
rates for acceptances have also been reduced for the
longer maturities and are now as follows:
SPOT DELIVERY.
—180 Days— —150 Dave— —120 Days
Asked.
BM.
Asked.
BM.
Asked.
BM.
444
434
5
434
Prime eligible bills
436
5
—90Den-- —60 Dam— —30 Days—
Asked.
Md.
Asked.
BM.
Asked.
Md.
4(
434
434
Prime eligible bills
43(
434
434
FOR DELIVERY WITHIN THIRTY DAYS.
416 bid
Eligible member banks
434 bid
Eligible non-member banks
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
Federal Renege Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Franclico
Rage In &fleet
on Sept. 7.
a
5
5
5
a
6
5
a
434
434
434
434
Date
Zstablithea.
July 19 1928
July 13 1928
July 26 1923
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
Apr. 25 1928
June 7 1928
May 7 1928
June 2 1928
Prertous
Rate.
414
434
43.4
434
431
436
414
434
4
4
4
4
Sterling exchange has been dull throughout the
week and in Thursday's and Friday's market was
under pressure, when cable transfers sold at a new
8. The market on the
/
low for the year of 4.851
whole averaged fractionally lower than a week ago,
giving further indications that the seasonal pressure
against London was gathering force. The range this
week has been from 4.84% to 4.85 for bankers' sight,
compared with 4.843/i to 4.85 1-16 last week. The
range for cable transfers has been from 4.85% to
4.85 11-32, compared with 4.853's to 4.85% a week
ago. The decline this week makes the prospect of
gold imports- from England more likely. The gold
import point for sterling, figured at the Bank of England selling price for gold of 84s. 11 5-16d. per fine
ounce, and calculating loss of interest at 5% for 8
days, is 4.85084 for cable transfers. At the open market price for gold in London, the import point is
slightly higher. According to the "Wall Street Journal," the only factor preventing a general expectation
of gold imports from both England and Paris in the
coming weeks is the strong support which both units
have received recently from the central banks of England, France and the United States. Despite the fact
that sterling exchange this week, as during the past
three weeks, has been ruling lower than in the first
half of August, the rate appears to have been pegged.
Because of the seasonal pressure, Sterling would normally have worked considerably lower but for central
bank cooperation. Several times during the past few
weeks strong buying has appeared every time sterling
threatened to go below 4.853.. The market here believes that this buying did not come from sources
which usually indicate action by the Bank of England,
SEPT. 8 1928.]
FINANCIAL CHRONICLE
1297
but from institutions thought to be acting for the $227,000, of which $125,000 was shipped to Straits
Federal Reserve Bank. London advices frequently Settlements, $52,000 to Germany, and $50,000 to
stated during the past few weeks that the Federal Mexico. There was no Canadian movement of gold
Reserve banks have been increasing their holdings either to or from New York. Canadian exchange
of sterling bills. One London dispatch stated in continued at a premium throughout the week, rangregard to the buying of sterling bills for the Federal ing from 1-16 of 1% to 7-64 of 1%. Canadian bankReserve banks: "At first sight such purchases ers expect the usual rise in exchange to cause exports
might seem curious in view of the higher dis- of gold from New York to Montreal before the aucount rates at present ruling in New York. It has tumn export season in Canada closes. With normal
to be remembered, however, that owing to the dis- conditions, such would almost certainly be the case,
count on forward dollars, there is a gain on the but the money rate level in New York makes condi"swap" on exchange in favor of America, offering tions abnormal. It is believed that Canadian banks
American buyers of sterling bills the equivalent of an have large sums in the collateral loan market
in New
additional % of 1% per annum on their purchases." York, the withdrawal of which would force
exchange
However, aside from any prospect of gain in such higher. The money will be left in New York,
howoperations, it is believed that the Reserve banks ever, as long as collateral rates remain
high and the
would support sterling bills rather than see a return Canadian crop movements can be finance
d without
flow of gold to this country on a large scale. It its aid.
is even asserted in well-informed quarters that the
Referring to day-to-day rates, sterling was steady
American banking authorities have intimated that on Saturday last in an exceptionally
quiet market.
engagements of gold for import would not be wel- Bankers' sight was 4.84 29-32@4
.85; cable transfers
comed. Unless sterling is supported by central bank 4.85 9-32@4.85 11-32. On Monday
there was no
co-operation there can be no doubt that the rate market in New York,
owing to the Labor Day holiwould work much lower within the next few weeks. day. On Tuesday the market
was dull and steady.
High money rates continue to depress the exchanges, Bankers' sight was 4.8447(0)4.84
31-32; cable transalthough, as stated here last week, whatever funds fers 4.85 7-32@4.85 9-32.
On Wednesday the market
the London banks might have been disposed to place continued quiet and steady.
The range was 4.8447(44
in New York to take advantage of these rates, have 4.84 31-32 for bankers' sight
and 4.85 7-32@4.85 9-32
undoubtedly been lodged here some weeks ago. for cable transfers. On
Thursday sterling was under
The high rates certainly help, however, to keep pressure. The range was 4.84
13-16@4.84 15-16 for
American balances in London at a minimum. The bankers' sight and 4.85 3-16@4
.85% for cable transseason of greatest commercial pressure on sterling fers. On Friday the market was again
uNder pressure,
is just beginning. New York bankers state that selling down to a new low for the year.
The range
sterling grain bills have been coming into the market was 4.84%
3 @4.844
7 for bankers' sight and 4.851
4®
and that remittances from abroad for purchases of 4.85 3-16 for cable transfers. Closing
quotations yesacceptances or other types of investment here have terday were 4.84% for demand and
4.85% for cable
caused additional pressure. Bills rates in London transfers. Commercial sight bills
finished at 4.84%,
are lower than in New York, but the premium on 60-day bills at 4.80 15-16, 90-day bills
at 4.79 3-16,
sterling futures wipes out most of the advantages documents for payment (60 days)
at 4.80 15-16, and
of financing in sterling bills.
seven-day grain bills at 4.84. Cotton and grain for
This week the Bank of England shows an increase payment closed at 4.84%.
in gold holdings of £709,288. On Tuesday the Bank
of England received £750,000 in sovereigns from South
The Continental exchanges have been dull and ruled
Africa. On Thursday the Bank received £100,000 in fractionally lower than last
week. This applies only
sovereigns from Arabia and sold £10,000 to an un- in a small way to German
marks, and mark exchange
stated designation. On Friday the Bank of England has been in greater demand
from this end than any
exported £18,000 in sovereigns to Holland and £10,000 of the leading Continen
tals. Mark exchange has
in sovereigns to Spain. A cable dispatch to the "Wall been ruling from 23.813/
to 23.82 for bankers' sight
Street Journal" from its London bureau on Wednes- and at from 23.83
to 23.82M for cable transfers,
day stated: "Customs returns show that from Aug. which compares with
dollar parity of 23.82. The
30 to Sept. 3 exports of gold from England amounted weakness is partly in sympath
etic relation to sterling
to £183,994, of which £122,440 went to Germany. It exchange and is of
course partly seasonal. It is the
is believed that the £500,000 gold which was bought more surprising that
marks show weakness in view
by an unknown buyer in London open market on of the large increase
in gold imports by German
Tuesday was not taken for German account, but in interests during the
past few weeks. The German
behalf of one of the European central banks. Gold gold imports
were touched upon in the above discusarrivals in London next week will include £507,000 in sion on sterling
exchange. It will be noted that this
sovereigns and £410,000 in gold bars from South week $52,000
in gold was exported to Germany
Africa; and in the following week 005,000 in sover- from New York.
This makes the fourth consecutive
eigns and 009,000 in gold bars. It is expected that shipment of the same size
in the past four weeks from
the sovereigns will go direct to the Bank of England, New York. The latest Reichsb
ank statement shows
but with the exchanges in their present condition it an increase in gold holdings
of 7,221,000 marks,
is likely that the bars will be secured for shipment bringing the total to 2,248,100,000
marks, compared
to Germany or America."
with 1,852,671,000 marks a year ago. Last
week's
At the Port of New York the gold movement for increase in the bullion holdings
of the Reichsbank
the week Aug. 30-Sept. 5, as reported by the Federal by no means accounts for the
large importations
Reserve Bank of New York, consisted of imports of during the past month. London
comment on the
$251,000, of which $110,000 came from Ecuador, German gold imports says:
"It is true, of course,
$74,000 from Colombia, and $67,000 from miscel- that Germany's power to
attract gold is not based
laneous Latin American ports. Gold exports totaled on a genuine recovery of
her export
trade, but the
1298
FINANCIAL CHRONICLE
exchange is still being powerfully supported by
heavy short-term borrowings abroad. There is thus
a certain artificiality in the present position."
French francs, while showing some inclination
toward weakness, continue for the most part at the
recently prevailing price of 3.90M for cable transfers,
where the Bank of France support has been in evidence foe some weeks. Were francs any lower, gold
could come into this country from France with profit
to the importer. But, as in the case of sterling, the
central banks are working in concert to prevent this.
The premium on future francs is partly arbitrary,
being fixed by the Bank of France. Bankers state
that it has been. raised recently to discourage French
lending here. The buying of francs at 3.904 has
been proceeding from sources believed to be acting
for the Bank of France. That institution will probably continue to support the exchange,for its holdings
of foreign valuta are still unwieldy. Hence gold
imports from France, while highly probable, were
the exchange free, are not expected. This week the
Bank ef France shows a loss in gold holdings of
10,330,835 francs. Italian lire have been steady.
Bankers in close touch with Italy state that recent
small reductions in interest rates paid on deposit
accounts by Italian banks do not presage any further
reduction in Italian money rates, either in official
discount rates or in rates on various types of commercial loans.
The London check rate on Paris closed at 124.23
on Friday of this week, against 124.28 on Friday
of last weak. In New York sight bills on the French
centre finished at 3.903, against 3.90 5-16 a week
1 ,against 3.90 9-16, and
ago; cable transfers at 3.90/
commercial sight bills at 3.90, against 3.90. Antwerp
belgas finished at 13.90 for checks and 13.903 for
cable transfers, as against 13.90 and 13.90% on
Friday of last week. Final quotations for Berlin
marks were 23.82 for checks and 23.83 for cable
transfers, in comparison with 23.82 and 23.83 a
week earlier. Italian lire closed at 5.23% for bankers' sight bills and at 5.233' for cable transfers, as
7 . Austrian schillings have
Against 5.23% and 5.234
not changed from 14. Exchange 011 Czechoslovakia finished at 2.2615, against 2.96; on Bucharest at 0.61, against 0.61; on Poland at 11.25, against
11,25, and on Finland at 2.52, against 2.52. Greek
eiehange closed at 1.29% for checks and at 1.29M
for cable transfers, against 1.29 and 1.293.
The exchanges on the countries neutral during the
war hive been quiet and present no special new featpres having a bearing on the market. Holland guilders have shown greater fluctuation than the rest of
the neutrals and have ruled fractionally higher than
a week ago, leaving the rate a few points above dollar
parity. As stated here last week, pressure on
the guilder had continued more or less for several
weeks and is largely a seasonal tendency. In addition to this factor, the Amsterdam banks are sending
funds abroad to take advantage of higher money rates
in London, Berlin and New York, as well as in minor
European centres. The Scandinavian exchanges
have been dull, with Swedish exchange showing a
tendency toward ease as compared with recent weeks.
As noted here two weeks ago, the Swedish Riksbank
The
increased its rediscount rate from 4% to
developupward move was partly the result of the
ment of stringency in the United States, but was
probably due more to an unfavorable turn in the
[VOL. 127.
Swedish balance of trade. It will be recalled that in
the early part of the year Sweden enjoyed the stimulus of a low bank rate, the Riksbank maintaining its
rate in line with that of France and Switzerland at
33/2%. On April 30, however, the gradual falling
away of the exchange, together with the steady contraction of the Riksbank's holdings of foreign balances, forced the rate up to 4% and again to 432%.
Swedish exchange, while now below dollar parity, is
nevertheless at a premium over sterling. Labor
troubles in the staple industries have hampered the
export trade, while the upward movement of money
rates in New York has had a stiffening influence on
the Swedish money market. Recent changes in
money rates in Stockholm are interpreted as preparations for meeting the season of autumn pressure.
Spanish pesetas continue an object of speculative
trading and the Spanish foreign exchange committee
has difficulty in maintaining the rate. The peseta
closed yesterday a few points lower than a week ago.
Dispatches from Madrid stating that the cereal crops
in Spain are so small this year that heavy imports
will be required caused a moderate drop, but official
pegging operations prevent a sharp decline.
Bankers' sight on Amsterdam finished on Friday
at 40.073., against 40.07 on Friday of last week;
cable transfers at 40.093, against 40.09, and com2, against 40.04. Swiss
mercial sight bills at 40.043/
sight bills and at
bankers'
francs closed at 19.25 for
on with 19.2534.
comparis
3
%
in
,
19.25 for cable transfers
and 19.26 a week earlier. Copenhagen checks finished at 26.67 and cable transfers at 26.68, against
26.68 and 26.69. Checks on Sweden closed at 26.76
and cable transfers at 26.77, against 26.76 and 26.77,
while checks on Norway finished at 26.66% and cable
transfers at 26.673/2, against 26.68 and 26.69. Spanish pesetas closed at 16.57 for checks and at 16.58
for cable transfers, which compares with 16.603
and 16.613 a week earlier.
Argentine paper pesos continue under pressure,
and current quotations are near the level at which
gold can flow from Argentina to New York. The
gold point on the peso cannot be calculated with
accuracy, as there are factors in the expenses which
would vary with each shipment, due partly to interruptions in connection with withdrawals of metal
from the Conversion Office. The season of extreme
strength in Argentina is only a few weeks off. Meanwhile it is doubtful, even though exchange should
drop still lower, that gold will flow from Buenos Aires
either to London or New York. Argentine paper
pesos closed yesterday at 42.15 for checks, as compared with 42.15 on Friday of last week, and at
42.20 for cable transfers, against 42.20. Brazilian
milreis finished at 11.93 for checks and at 11.96 for
cable transfers, against 11.92 and 11.95. Chilean
exchange closed at 12.10 for checks and at 12.15 for
cable transfers, against 12.10 and 12.15, and Peru
at 3.98 for checks and at 3.99 for cable transfers,
against 3.98 and 3.99.
The Far Eastern exchanges have been steadier
than in several weeks. Japanese yen have on the
whole shown greater firmness than in other recent
weeks. However, the Japanese unit has a long way
to go before recovery to dollar parity of 49.85 can
be reached. While the yen is said to be firmer, it is
only by comparison with the extreme weakness
shown for months past. All the Far Eastern ex-
changes, though, are more buoyant than they were,
owing to an improvement in the Chinese political
situation. Neither this improvement, however, nor
the lessening of tension in the Chino-Japanese situation has proceeded far enough to promote international trade to a point where the exchanges might
show marked activity. Japanese interests continue
to send money abroad, owing to the low rates of
interest in Japan and to the superior attraction of
the security markets in London and New York.
Of course, this influence is in no way helpful to the
yen quotation. The silver exchanges have been
ruling fractionally lower, owing to the decline in the
price of spot silver. This decline is attributed partly
to Indian selling and to the improvement in the
political situation in the East. Part of the decline
is ascribed to the steady release of silver by France
in accordance with her stabilization plan. Chinese
centres continue to absorb all the silver offered and
these takings are attributed to the greatly improved
outlook for peaceful conditions there. Closing quotations for yen checks yesterday were 45.86@463/s,
against 45.42@45 on Friday of last week; Hong
Kong closed at 49.80@50 1-16, against 49.80@503/8;
Shanghai at 643.@)64%3, against 64 9-16(04y;
4, against 493
4; Singapore at 563, @
Manila at 493
563/
2, against 56 3-16@563/
2,
2; Bombay at 363/
against 363/2, and Calcutta at 363/2, against 363/
2.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT 01/ 1922.
SEPT. 1 1928 TO SEPT.7 1928, INCLUSIVE.
Country and Moneta
Unit.
1299
FINANCIAL CHRONICLE
SEPT. 8 1928.]
Noon Buying Rate for Cable Transfers to New York,
Value in Untied States Money.
Sept. 1.
EUROPF.$
.140796
Austria,schilling
.139055
Belgium, belga
.007197
Bulgaria, ley
Czechoslovakia, kron .029624
266815
Denmark, krone
England, pound ster4.852784
sterling
025173
Finland, markka
039040
France, franc
Germany, reichsmark .238259
.012940
Greece, drachma
.400883
Holland, guilder
.174207
Hungary, pengo
.052368
Italy, lira
.266798
Norway, krone
.112070
Poland, zloty
.045089
Portugal, escudo
.006113
Rumania,leu
.166119
Spain, peseta
.267652
Sweden,krona
.192561
Switzerland, franc
Yugoslavia, dinar- 017597
ASIAChina.658750
Cbefoo tael
.659583
Hankow tael
.645089
Shanghai tadl
677083
Tientsin tadl
Hong Kong dollar__ .497857
Mexican dollar..._ .466000
Tientsin or Pelyang
467916
dollar
464583
Yuan dollar
.362939
India. rupee
457208
Japan, yen
Singapore(S.Sjdollar. .560000
NORTH AMER.1.000512
Canada, dollar
.999812
Cuba, peso
477125
Mexico, peso
Newfoundland, dollar .998662
SOUTH AMER.Argentina, peso (101d) .957931
.119279
Brazil, milreis
120743
Chile. peso
1 023569
Uruguay. Peso
970900
Colombia, Peso
Sept. 3.
Sept. 4.
Sept. 5.
Sept. 6.
Sept. 7.
S
$
.140791
.139051
.007195
.029628
.266813
.140830
.139044
.007202
.029620
.266790
.140785
.139045
.007181
.029620
.266775
.140854
.139036
.007177
.029621
.266718
4.852400
.025176
.039045
.238298
.012944
.400886
.174319
.052364
.268798
.111975
.044880
.006112
.166086
.267648
.192559
.017589
4.852122
.025173
.039042
.238257
.012946
.400975
.174217
.042360
.266787
.112063
.044865
.006104
.165978
.267841
.192560
.017597
.851940
.025167
.039039
.238257
.012944
.400985
.174258
.052350
.268773
.112020
.044925
.00811)8
.165805
.267628
.192568
.017594
4.851160
.025163
.039041
.238257
.012947
.400915
.174194
.052330
.266715
.112015
.044862
.006093
.165670
.287606
.192559
.017594
.656875
.656875
.644732
.675208
.497321
.465500
.657500
.655833
.642678
.675833
.497500
.465500
.655208
.655625
.641428
.673541
.497500
.464250
.654583
.654583
.640803
.673750
.497678
.465000
.466250
.462916
.363041
.456275
.560000
.467083 .485833
.463750 .462500
.363037 .363050
.458166 .458900
.560000 .560000
.466250
.462916
.362938
.458888
.580000
HOLTDAY
1.000347
1.000000
.477333
.997937
1.000577 .000950 1.001019
.999875 .999750 .999312
.478000 .478166 .478668
.998250 .998656 .998625
.957609 .957034 .956678 .956868
.119254 .119220 .119210 .119209
.120865 .120738 .120736 .120698
1.022590 1.021569 1.021319 1.021444
.970900 .970900 .970900 .970900
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer
possible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saterdaa, Monday.
Sept. 3.
Sept. 1.
101,000,000
$
Holiday
Tuesday, Wednesd'y, Thursday,
Sept. 5.
Sept. 6.
Sept. 4.
128,000,000 111,000
Friday,
Sept. 7.
$
88,000,000 111,000,000
Aggregate
for Week.
Cr.529,000,000
Note.-The foregoing heavy credits reflect the huge maw 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 balancea,
however, reflect only a Dart of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New Yock 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 check!' 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:
Sot.8 1927.
Sept. 6 1928.
Banks of
Gold.
Silver.
Total.
I
Gold.
RUvet.
Total.
151,880.444
England_ - 176,576,850
176,570.650051,880,444
France _ - a242810738
242,810,7381147,260459 13,680,000180,940,559
Germany b 108,125,200 c994,600,109,119,800 89,306,400
994,600 90,301,000
_ _ 104,341,000 28,255,000132,596,0001103,902,000 27,930,000131,132,600
Italy
54,093,000
54,093,000 46,817,000 3,849,000 50,666,000
Netheri'ds 36,244,000 1,872,000 38,116,000 32,189,000 2.307.000 34,496,000
Nat'l Belg 22,993,000 1,250,000 24,243,000 18,807,000 1,177,000 19,984.000
SwItzeri'd. 17,976,000 2,145,000 20,121,000 17,739,000 2,680,000 20,419,000
12,285,2,00
Sweden_
12,761,000
12,761,000 12,285,000
Denmark _ 10,100,000
718,000 10,839,000
806,000 10,706,000 10,121,000
8,180.000
Norway.... 8,166.000
8,166,000 8,180,000
Tot. wk 794,186,588 35,122,600829,309,188,638,487,403 52,635,600691,123,003
Prey. week 792,367,897 35,062,600827,430,497'636,733,783 52.627,600689,361,383
a These are the gold holdings of the Bank of France as reported in the new form
of statement. 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.
d Silver is now reported at only a trifling awa.
Governor Smith and the Eighteenth
Amendment.
Political spokesmen of all shades of opinion appear to have agreed in regarding Governor Smith's
statement in reference to prohibition as quite the
most significant part of his speech of acceptance.
On none of the other topics which he discussed, with
the exception of the tariff, was any very marked
difference of principle or policy to be observed between his position and that of Mr. Hoover. Where
Mr. Hoover, however, stood for a -strict enforcement
of the Eighteenth Amendment, and held out no hope
of a modification of the present enforcement poticy
save in an intimation that atuses in the administration of the system would be investigated and corrected, Governor Smith came out unreservedly for
a change in the Eighteenth Amendment which would
radically alter the present system, and substitute Tor
Federal prohibition a qualified control of the liquor
business by the States wherever such control was
desired by a State. The Importance of the proposal
is so great, and the change of practice which it would
inaugurate so far-reachingz as to make worth while
a careful examination of the plan to which Governor
Smith stands committed.
The proposal itself may best be stated in Governor
Smith's own words. After declaring his belief in
temperance and reverence for law, and asserting
that "today disregard of the prohibition law is insidiously sapping respect for all law"
.
,he points out
that the remedy lies in "the fearless application of
Jeffersonian principles. Jefferson and his followers
foresaw the complex activities of this great, widespread country. They knew that In rural, sparsely
settled districts people would develop different de-
1300
FINANCIAL CHRONICLE
sires and customs from those in densely populated
sections, and that if we were to be a nation united
on truly national matters, there had to be a differentiation in local laws to allow for different local
habits." Gov. Smith accordingly suggests that
"some immediate relief would come from an amendment to the Volstead law giving a scientific definition of the alcoholic content of an intoxicating
beverage. The present definition is admittedly inaccurate and unscientific. Each State would then
be allowed to fix its own standard of alcoholic content, subject always to the proviso that that standard could not exceed the maximum fixed by the
Congress?'
Beyond this change, some change should also be
made in the Constitution. "I personally believe,"
said Governor Smith, "in .an amendment to the
Eighteenth Amendment which would give to each
individual State itself, only after approval by a
referendum popular vote of its people, the right
wholly within its borders to import, manufacture
or cause to be manufactured and sell alcoholic beverages, the sale to be made only by the State itself
and not for consumption in any public place. .. .
Such a change would preserve for the dry States
the benefit of a national law that would continue
to make inter-State shipment of intoxicating beverages a crime. It would preserve for the dry States
Federal enforcement of prohibition within their own
borders. It would permit to citizens of other States
a carefully limited and controlled method of effectuating the popular will wholly within the borders of
those States without the old evil of the saloon. .. .
I may fairly say even to those who disagree with me
that the solution I offer is one based upon the historic policy of the Democratic party, to assure to
each State its complete right of local self-government. I believe it is a solution which would today
be offered by Jefferson, or Jackson, or Cleveland, or
Wilson, if those great leaders were with us."
This is the Smith plan. Precisely what does it
contemplate, precisely how is it to be set in operation, and to what extent is it in accord with either
Demooratic theory or with any other sound conception of the constitutional relations between the
Federal Government and the States?
The proposal to write into the Volstead act a
scientific definition of the alcoholic content of an
intoxicating beverage is, frankly, absurd. Such a
definition presupposes a scientific definition of intoxication, and the medical profession, the only body
whose opinion on that subject could claim any scientific value, has consistently refrained from attempting to define the quantity of alcohol necessary to
produce intoxication. What is intoxicating for one
person may be without the least discernible effect
for another; what is intoxicating for one person
under certain physical conditions or circumstances
may have no intoxicating effect upon the same person under different circumstances. A man engaged
in strenuous physical exertion will often consume
and assimilate an amount of alcohol which, to a man
of sedentary occupation, would be disastrous. What
Governor Smith desires, of course, is an amendment
of the Volstead act which would permit the manufacture and sale of liquors with a higher alcoholic
content than is now allowed, but no such higher
limit, at whatever percentage point it might be fixed,
would represent any scientific treatment of the
problem of intoxication. It would be only a relaxa-
[vou 127.
tion, doubtless highly desirable, of the extreme rigor
of the present law, and in practice would represent
a concession to those who, while willing to see national prohibition continued in other directions,
desire the return of light wines and beer; but science
should not be asked to bear the responsibility for a
change which, if it were made, would mean nothing
more than a more generous application of'the rule
of thumb.
The second part of Governor Smith's plan, that
which proposes to allow the States to exercise a
measure of control over the manufacture and sale
of intoxicating beverages within their own borders,
is open to serious objections at a number of points.
What Governor Smith desires is, again, entirely
clear. He wishes to recover for the States the right
of self-government and control of sumptuary matters of which the Eighteenth Amendment deprives
them. To that extent his proposal makes a very
keen appeal to all those who see, in the expansion
of Federal powers, an encroachment upon the constitutional rights of the States which has gone far
to defeat the original purpose of the Constitution,
and which every believer in democracy feels should
be stoutly resisted. The change which Governor
Smith proposes, on the other hand, while one which,
if it were inaugurated, would obviously afford some
relief from the present rigor, is not only open to
objections on grounds of practicability, but would
itself, if it were adopted, continue identically the
same policy of Federal encroachment against which
Governor Smith, Governor Ritchie of Maryland, and
many other champions of State rights earnestly
protest.
If the proposal of Governor Smith were adopted,
we should then have in the United States two systems of liquor control, each of which is in essence
the negation of the other. The Constitution would
declare, in one and the same breath, that the manufacture, sale, transportation, importation or exportation of intoxicating liquors as beverages is prohibited throughout the United States and all territory subject to its jurisdiction, but that it is not
prohibited in any State whose people chow to adopt
a qualified system of manufacture and sale. It can
hardly need demonstration that such a declaration,
giving effect to two systems each of which is radically opposed to the other, would inevitably tend to
sharpen rather than allay the controversy over the
use of alcoholic beverages which has given us the
present prohibitory regime, and subject every State
that elected to exercise its constitutional option to
a continuance of the same campaign of political
pressure and propaganda which for more than a
generation has labored to make the country bone dry.
Governor Smith, in his speech of acceptance, declared that the method which he proposed "would
re-establish respect for law and terminate the agitation which has injected discord into the ranks of the
great political parties which should be standing for
the accomplishment of fundamental programs for
the nation." To us it seems that the method would
have the contrary effect. It would increase the
opportunities for breaking the Federal law, enormously increase the difficulties of adhering to national prohibition in States bordering on other
States in which the manufacture and sale of liquors
was permitted, and intensify an agitation which
already, in the present campaign, appears to have
relegated all other national issues to second place.
SEPT. 8 1928.]
FINANCIAL CHRONICLE
Constitutionally, however, there is a weightier
obiection. The basic criticism of the present system
is that it deprives the States of the right of selfgovernment in an important domestic matter. The
same criticism would still hold if Governor Smith's
remedy were applied. In place of the absolute prohibition now imposed upon the States, there would
be imposed another equally contrary to the constitutional intent. No State would be permitted, as it
was before the adoption of the Eighteenth Amendment, to deal with the liquor traffic as it saw fit.
It would be obliged in the first place, if it elected
to permit the manufacture and sale of intoxicating
liquors as beverages, to accept the "scientific" definition of maximum alcoholic content adopted by
Congress. The importation, manufacture and sale
thereafter carried on must be by the State itself,
presumably through agencies established for the purpose, and no sale could be made for consumption in
any public place. All of this qualified liberty, moreover, must be preceded by a popular referendum on
the question of accepting the constitutional alternative.
Obviously, these are very serious restrictions upon
the power of the States to control a business carried
on wholly within their own borders. Whether or
not a State dispensary system of some kind may not
be the best way of regulating the sale of intoxicating
liquors as beverages is, as everybody knows, a question regarding which there is much difference of
opinion, but even if its superiority were generally
conceded, the imposition of such a system upon the
States by a constitutional amendment would be, in
principle, as clear an invasion of the rights which
the Constitution reserves to the States as is the
Eighteenth Amendment. Constitutionally, the only
difference would be the substitution of one form of
encroachment for another. It is hard to understand
how Governor Smith can defend such a propoml RS
a "fearless application of Jeffersonian principles,"
or claim that it is "based upon the historic policy
of the Democratic party to assure to each State its
complete right of local self-government." There is,
in fact, nothing Jeffersonian about it, and as little
that accords with historical Democratic policy.
What Jefferson feared, and what his followers long
tried to prevent, was any encroachment whatever
upon the reserved sphere of self-government by the
States. It is not in support of a proposition which
would tie the hands of the States by compelling them
to deal with the liquor traffic in a particular way,
and under the overshadowing influence of a prohibitory system imposed by the Constitution upon
other States, that the names of Jefferson, Jackson,
Cleveland or Wilson should be cited.
We have already commented at length (see the
"Chronicle" for August 25, pages 995-997) upon the
practical difficulties which have always to be met
in amending the Constitution of the United States,
and have pointed out that a change in the prohibitory
system, if the country desires it, must be sought
through the election of Senators and Representatives
favorable to such a change, rather than in the championship of change by a Presidential candidate. It
is interesting to observe, in a recent statement issued
to its members by the Association Against the Prohibition Amendment, a recognition by that organization of the supreme importance of the Congressional and State elections in bringing about the
change which the Association deriires. We are una-
1301
ble to see that the new method of control which
Governor Smith has formulated would be any easier
of attainment than an outright repeal of the
Eighteenth Amendment itself. An amendment of
that Amendment would have to go through identically the same process that every other amendment
has gone through, and the same influences which put
prohibition into the Constitution would assuredly
exert themselves to prevent a change of the radical
character which Governor Smith has suggested. The
country could not have the Smith plan, or any other
plan, if it wanted it, without amending the Constitution, and the difficulty in amending the Constitution is the great obstacle in the road. An almost
equally insuperable obstacle would, we fear, be encountered if an attempt were made to enact a definition of the alcoholic content of an intoxicating beverage. The ultimate aim of prohibition, it should
always be remembered, is not merely the abolition
of the saloon, but the abolition of all use of intoxicants as beverages; and a change in the enforcement
laws which raised the percentage of alcohol in beverages allowed to be made or sold would unquestionably be regarded by prohibition advocates as only a
thinly disguised assault upon the citadel.
Governor Smith is certainly to be credited with
generous intentions. He is as emphatically opposed
to the return of the saloon as is Mr. Hoover, but he
sees the evils of the present situation, he dreads the
effect of a growing and widespread disregard of law,
and he earnestly desires to restore to the States a
power of control of which the Eighteenth Amendment has divested them. The loftiness of his motive
and the genuineness of his interest are in no way
to be impugned. It is the more regretable that, in
expounding his view of the matter, he should have
committed himself to proposals which it would be
extremely difficult to put into practice, and which,
if they were adopted, would still leave in as unsatisfactory a condition as now a large issue of constitutional rights.
Limitless Campaign Contributions.
We presume there are likely as many men in one
party as the other able and willing to give fiftythousand dollars to a campaign chest. But what
shall be said of four-million totals in an election? Is
so large a sum actually needed? Will it accomplish
any real good? What is it for and who receives it?
And what can be said of the "purity of the ballot"
so influenced? If we take the last first it must be
admitted that no expression of opinion in a democracy can be independent and free that has to be generated by the use of money. Even the least objectionable phase, that of "getting out the vote," results in a material rivalry that tends from election
to election to increase the amount needed. Take a
single precinct. If this year the democrats in
charge of the local machinery have more money for
carriages et cetera than the republicans, the next
time the republicans will not be found sleeping and
will try to have a marginal excess. The use of
money in any form is vicious.
But lest we expect too much of human nature we
may pass this feature of the legitimate expense account. Its evils might be minimized by the parties
joining in a common fund to bring out the vote, but
that is not likely soon to occur. Non-partisans
might unite in such a work; but then non-partisans
are not an interested group, as a rule. A second
1302
FINANCIAL CHRONICLE
prou 127.
fault in the use of money is that it tends to con- being "bought" under the very best of these methods
stantly enlarge the machinery. Thousands of "work- of campaign management. Buying the vote direct,
ers," national, State, county and municipal, are not as in the famous case of "blocks of five," it is beabove taking pay for their services. The managers, lieved is very greatly diminished. But to substitute
captains and soldiers increase constantly. The man- indirect methods for direct is not a step in the right
agers are judged by the effectiveness of their plans. direction. What is needed is suppression of all use
The captains are made responsible for their execu- of money to influence voters. It cannot be done by
tive ability and held to account for the results. And law. Men will give to help out a friend seeking office
the soldier-workers are not seldom of a character as long as public opinion sanctions it. But when
it is dangerous to defy. The spread of this system, political education teaches the many evils which atas long as money is available, is unlimited. It has tend the use of huge sums, the actual waste and fugone so far that in some instances workers called tility of these methods, revulsion and reform will
"watchers" are paid by the State. And there is come.
hardly an element in the practice that tends to eleThere is a spirit of American pride which can
vate the ballot.
always be appealed to. We have had the picture of
The larger aspects of so-called legitimate expen- our ballots "falling like snowflakes." It is a figure
ditures are decidedly questionable. We recall a gu- of speech that pleases. We are proud of our elecbernatorial campaign in another State when, in an tive system. Thus we guard our "liberty under law."
opposition paper on the morning of the election, a Thus we protect our indefeasible rights. Thus we
full page ad appeared setting forth the superior provide our system of popular rule. Thus we show
qualifications of a candidate the paper had fought forth the power of our representative democracy;
for months before. The page was marked "adver- and thus we control majorities that must respect the
tising." It was perhaps legitimate on the part of rights of minorities. Only by the free, thoughtful
the paper, the peculiar circumstances considered, expression of choice, only by the independent selecbut there was no time for an answering move. Lit- tion of principles, can this be done. The use of large
tle, it is believed, was accomplished by the trick. sums of money in any way in campaigns is a menace
Yet the incident shows that campaign advertising is to the purity and power of our elections. Public
subject to manipulation; and certainly, it is subject opinion should frown on four-million-dollar camto the use of money—the full purse "takes the cake." paigns now, lest we come to unwittingly embrace
To set forth the fitness of candidates is not in it- five millions, or more.
self objectionable—but, merely as news, thousands
of columns are devoted free by the various publicaWhen Vacation Time Is Over.
tions to this end. And with the growing indepenAmong our time-honored adages is: "All work
dent press, there will never be a dearth of this form and no play makes Jack a dull boy." We recall no
of education.
antonym to this saying. But we may ask, in these
There comes now into the picture for the first days of the fierce and swift pursuit of pleasures,
time on a large scale the new device of the "radio." what would all play and no work do to Jack? And
It is a costly method of "reaching the public." With so in these days of the early fall, as the wanderers
the addition of television it will become more costly. come home, the thought is borne on us that there
Thus we have the spectacle of expenditures on a vast is nothing so becoming about a vacation as the endscale and increasing all the time. Our modern pen- ing of it. Those who have suffered the discomforts
chant for organization, systematization, and even of a brief sojourn in "out-of-the-way" places, where
standardization, enters. An army of employees is at the mosquitoes bite more abundantly than the fishes,
the will of the respective "headquarters." Funds where tented habitations
are harried by the unwontare solicited over wide areas. It is useless to say ed noises of the
night, and where the lulling sound
that contributions are voluntary—solicitation need of the waves on
the shore mingle with the raucous
not be from person to person. There are other less music of the radio
and the siren calls of the hotdirect awl possibly more effective ways. And when dog venders, can
testify that when at long last the
the millions are gathered and dispersed, who son say leaves begin to fall,
there is no place like "Home,
what is actually accomplished? Publishing lists of Sweet Home"!
Even an old-fashioned rest in a
names and amounts does not justify the means.
rocking chair on the back porch, though reactionary,
What we have most to consider is the influence in and soporific, has its own appeal when vacation time
general on the electorate. Do these methods clarify is over. But Jack, the dear boy, older grown, it is
the mind or confuse? Do they teach the voter self- true, does nothing by halves. He works hard at
reliant investigation, or does he await the biased and his playing.
,i10/1
patented information thrust upon him by "canned"
Now it is superfluous, and thankless, to try to
voices, copy-righted points, and circularized pam- extract a little philosophy from our present cusphlets. The franked speeches of Congressmen at tomary modes of living. Why should we; and who
times have well nigh become a scandal. And what should care; and why should anyone worry? But
with cartoon, caricature, and movietone, the voter now that vacation is over, must we not admit that
is flooded with so-called "information" which when to come back to the old routine of "business" is a
not actually erroneous, is over-emphasized and over- relief? Suppose vacation was the rule rather than
solicitous. Can an independent and thoughtful elec- work,—vacation with all its anticipations that sometion proceed under this practice? If not, then the how never materialize, vacation with all its arduuse of money must grow apace, and four millions ous pursuit of adventure that so often never comes,
now may easily become ten millions by 1932.
vacation with its compelling duty of trying to exThere is already evidence of choosing managers tract pleasure and rest out of trial, disappointment
for their ability to •raise money,for their availability and disaster, vacation so longed for, so brief, and
to reach the mind, heart and pocket of wealth. So so quickly relinquished,—what would we do with
that it must appear that elections bear the taint of no home to come back to and no task to lake up
SEPT. 8 1928.]
FINANCIAL CHRONICLE
again? Verily, Jack is not so burdened as he might
be! Perhaps, and it is a dangerous thought to utter, vacations are chiefly valuable in that they teach
us, as nothing else can, the value of home and the
virtue of work. Routine, standardization, systematization and mass-production, are dull things in a
yearning and unsatisfied world, but applied to the
unwearied search for the novel in vacations that are
patterned on the same old games at the same old resorts, with the "same old crowd," are far more dull
and less gratifying.
Seers tell us that the earth has grown very small.
Voices come to us from the antipodes. Men now circle the earth in the air, and will soon fly from pole
to pole (when they do not fall in the sea), and what
can it be to the cooped and cabined clerk, to seek
the tame shades of the near-by wildwood, or to bathe
in the briny waters of the ocean, perchance only forty miles away? Progress is spoiling the only recreation we have; and even the baseball score on the
adjacent corner is making the bleachers costly, uncomfortable and superfluous. There is no doubt
whatever that home is a good place when we have
nowhere else to go. And if after two hectic if not
hilarious weeks "abroad" we do come back pacified
and quite willing to go to work in the same old way,
must we be blamed for thinking vacations not quite
what they are "cracked up to be"? No, like so
much of our magnificent "advance," we are convinced once every year that there is more pleasure
in pursuit than in possession. We all love "Jack."
As proprietors of industries and enterprise we most
cheerfully grant him the relief he asks in summer,
but it is too much to expect us to follow him in his
pilgrimage and see that he gets the worth of his va
cation time. We are perhaps trying to extract pleasure out of suffering ourselves—in a secure retreat
where there are no newspapers to vex and no tel&
grams to annoy. Vacations are to be borne, not
bought. And at best, they are gentle reminders that
all is not gold that glitters, and that frying bacon in
a skillet over a fire of fagots is better suited to trappers, hunters, prospectors and guides than to members of the Country Club or the Golf Club!
But we intended to be very serious, and our pen
runs away with us. We cannot ignore our dignified platitude that work is a blessing, not a burden. In our glorious inventive and machine age we
are in danger of forgetting that we have any work
at all to do. Our first quarter of the Twentieth Century, so wonderfully set forth by Mark Sullivan in
his voluminous work, is about to give us a complete
vacation from any and all work. We are daily made
acquainted with the fact,—but no one can tell us
what will be left for the next generation to accomplish. We do not much care so we have speed for
ourselves. From the race to annihilate time and
space we ask no vacation. In youth we worked hard
to ice the hillside track so that we could flash downward, belly-buster style, and we defy any sobersides
to stop us now. We may not be conscious that we
are sliding down hill in the noble race of life, but
who would ask a vacation in our machine-making
and our increasingly rapid contribution to scientific
discovery? "Tending store" and reading by the
"evening lamp" may have been all right for our
grandfathers, but of what avail when we can broadcast ragtime thousands of miles and by schooltaught and systematic advertising make men buy
goldfish when they only want mousetraps? No; the
1303
"old" is out-of-date, reactionary, deadening and dolorous. We want no vacation from the stress and
strain of buying every new trick device that comes
along and is eagerly bought by our neighbors.
We notice, by the way, that our candidates for
"the highest office in the gift of the people" in this
Anno Domini 1928 are taking frequent "short vacations" before plunging into the "hard work of the
campaign." But we have discovered no desire by
either to take a vacation from office holding. Perhaps it is the fault of an exacting and cruel people.
We do not know and do not say. But the fact, if
it is a fact, suggests the thought that there are some
occupations in this land of "equal opportunity for
all" that do not cry out for vacations. The humdrum of "service" therein is never shunned. And if
perchance there is an enforced vacation, it is arduously spent in trying to "get in again." It seems
that this form of work is never denounced. However, by the same token, one or the other in this
particular election will take a long vacation from
which there is no returning. And that by a roundabout way leads us back to our original thought that
vacation time for the most of us is about over.
And how pleasant it is that unorganized society
has fallen into the habit of "working for a living,"
and that throughout the length and breadth of the
land countless forms of interdependent business are
waiting for the vacation wanderers to return! What
would it be to come home to the old town with nothing to do and to a home as bare as Mother Hubbard's cupboard. The woods and the streams are
inviting, elevating, inspiring. But we have passed
the nomadic age when there was naught necessary
but to fold our tents "like the Arab" and silently
steal away. There are a few cranks who would return us all to nature in full fact and theory. But
after a slight taste of this we are satisfied with
even the small bedroom in the attic and the sound of
the "rain on the roof" is welcome music after the
bed of boughs and the canopy of the leaves. And
when the morning comes, catching the car on the
run is at least more purposeful than sitting around
in half soaked garments wondering if the sun will
ever deign to shine again. And then, when the shop
or store or factory or office is reached, and one sees
the old familiar faces again and receives a welcome
that is simple and unalloyed, and buckles down to
the task that though not wholly to one's taste is
far better than walking the streets hunting a job
with a prospect perhaps of sleeping in the park;
then we realize that the home-coming is the best part
of a vacation and that "work" and "business" combine to give us the best refuge man has so far conceived or established.
Dr. Wallas's Last Word to America.
To the great regret of the members of the Williamstown Institute, Professor Graham Wallas was
called back to England by the serious illness of his
wife. An arrangement was immediately made for
him to gather up the teaching of his course in a
last word before he left. This he did in a public
address in which his great strength and the earnestness that has characterized all his work were charged
with an emotional intensity that made it thrilling.
It took on the form of an appeal, the appeal of long
experience and maturest wisdom. We can give
only the barest outline of it.
1304
FINANCIAL CHRONICLE
He drove directly at the question: Shall we go on
feeling as our ancestors did that by the easy method
of gradual change through trial and error and accidental success things are to turn out right; or
shall we recognize that the world is to-day not only
made conscious of itself, but is absolutely a new
world, different from that which ever existed before?
What is our real conception of our relations with
its millions of our fellow men? To-day we talk together and hear together and now even see together.
We try to keep separate, but we are vigorously engaged in so unearthing and consuming nature's raw
materials of oil, coal, iron and the like, that, coupled
with the skill with which the world is being brought
under the industrial and economic organization of
the temperate regions, whole nations may of necessity be transported even to other continents to share
the life of the better circumstanced. The future of
civilization may depend upon the intensity and
earnestness with which the men and women of this
generation ask themselves this question of their relations, their ideas, their conceptions, their ruling
feelings towards other peoples.
Centuries ago a handful of Greeks after rolling
back the Persian hosts set themselves to thinking
out the conditions of the good life in the new world
that then opened. Here in America the men of
1776 had to get rid of ideas brought from the old
world, and build up a new set for our new world.
Once more, within two generations, conditions of
human life have changed, and to an unprecedented
extent, and we are challenged to revise our thinking. Is it sufficient for men to follow their simpler
instincts? Is the will of the people the voice of
God, if each man votes in accordance with his own
interests? When in 1823 Canning, writing from the
Council of Verona, said: "Things are getting into a
wholesome state again. Every nation for itself, and
God for us all," does that answer for us? Or did
Cobden in 1835 amplify it sufficiently for us when
he said "Let governments have as little to do with
one another as possible and let people have as much
to do in trade with each other as is possible"? Has
not that obviously ceased to be true? Commercial
relations necessitate political relations, and these
looked at from the point of self-interest alone produce the sacred egoism which leads to devastating
war, as we have so terribly experienced.
Ambiguous general principles are dangerous. The
ambiguity between legal rights and moral justification is harming the thinking of a whole continent.
Again, when you use the word "principle" it means
that you accept an easy generalization which you
have taken no trouble to understand, and treat it
as a simple and absolute word for all times; as at
this moment it is used in England in the hands of a
minister of state to settle the whole business of letting people into the country with the old-fashioned
simplicity of general principles which attracted ,our
ancestors of the 18th century. "Every nation for
itself and God for us all," sounds perfectly simple,
and one has only to say "It is best for the country,"
without a moment's thought of any disadvantage,
however great, you may inflict on any one else. He
would admit rich Americans to spend their money
among us but would reject St. Paul on the ground
that there was no demand for tent makers; and that
he was an undesirable person. It was in this way
easy to restrict the production of rubber in districts
we control, in the interest of a handful of growers,
Frou 127.
and think of no one else. It is simple, but it did. not
work. It is not that we have a monopoly of the
simple minded ideas of 150 years ago. It is a habit
of us all unless we make a terrific effort at thinking.
Fifty years go we got into the way of thinking
that progress is to come by the way of struggling.
Statesmen held that life is a continual conflict,
whether it is war or peace; that politics is only
war conducted with other weapons, and that advance
in the world must come by injuring other people.
In little things no less than in great, the thought is
intolerably dangerous. It fixes the tone and manner
of intercourse to-day at all frontiers. It is in the
air, and we little regard it. Call up the principles
you think most sacred and self-evident and ask what
they really mean. What did the men of Jefferson's
day mean by equality while they held slaves? What
do we mean when we deal with the people of Africa
or even the Chinese? Do we mean that we will do
what we can to secure to these people the comforts,
the advantages and opportunities of life equal to
our own; or if not, what do we mean? No one proposes absolute equality. But if we are going to use
the word, for decency's sake let us try to be clear
as to what we mean! ,
So with "liberty." It used to be as a principle
self-evident. It is evident that there are two kinds
of liberty: liberty of nations to do as they like,
and liberty of individuals to do as each likes. What
a change in the present relations of different nations
would be required if we held to the first. And as to
liberty of persons. What do we mean by that? Is
it freedom in service as some would make.it; freedom simply as a citizen limiting his operations to ,
his proper share in the body politic? The State
is supreme. But is one's duty limited; has he no
duty toward people nof belonging to his nation?
May not the State be wrong? If so, shall he not by
writing and talking have a duty to set it right?
That is no easy question. It involves "how much,"
"how little," "what kind," and all other thoughts
which are slowly discovered. We must build up a
new freedom of speech and of the press, and a social tolerance among ourselves to make room for
those who some day in refusing to conform may lead
the whole world.
Or take the political principle almost identical
in our minds with the idea of democracy, that the
majority shall rule. When in the League of Nations
we had to pay lip service to this, we had to create
the Council, in which every member has an absolute veto, and, since all sorts of reputations and customs limit and control the assembly, in fact the big
nations do not allow themselves to be outvoted by the
smaller ones. In the old days of the 1850's it looked
so easy. Tennyson could sing of the "Parliament of
the World," and "the common sense of most," holding "a fretful realm in awe." Yet in the face of the
changes that have been made in the League in its
enlargement, we have to ask: Are we ready to render the service which at this moment mankind most
needs? We have to examine not only our common
expressions and habits of thought, but our institutions as well, and see whether not only by national
efficiency but by the service they may do to the
peace and good of the world the existing Governments are to be judged. Everybody has an opinion
about autocratic rulers and their lands, but when
we look at ourselves how slow we are to amend our
FINANCIAL CHRONICLE
SEPT. 8 1928.]
inherited institutions! It has taken us in England
two years to adjust our House of Lords to meet present-day requirements. An English statesman, Sir
Henry Maine, said that the Senate of the United
States is "the one great successful invention in the
history of political science"; but is certainly is
proving a very uncomfortable body in its working in
connection with international affairs. Your diplomatic representatives have told me that they "had
to sign upon the dotted line"; for months afterwards
when the treaty comes before the Senate "heaven
only knows what will happen there."
One of the great discoveries of the 17th century
was Grotius's conception of international law. And
we have American Presidents and statesmen saying, one that the United States may in a case in
hand be forced "to exercise an international police
poker," and another that it is under international
obligation to recognize rights acquired under its
laws by citizens of another State." But is this true?
It might be good that there should be such an international law, but it cannot be until all the nations
concerned agree to it. Nations may need to act;
but it may be disastrous to call such action in accord with international law. If even your Supreme
Court is acepted as saying what is international,
and the Hague Court also defines international law,
there are two bodies defining it and two sets of law
on certain high questions of policy; and consequently no international law exists. President Coolidge
may say as he did a year ago that it is international
law that we have no right to interfere in the domestic dealings of other nations with their own
citizens, but equally established that our Government has rights and duties toward our citizens and
their property wherever thay may be located. This
may be stated as the policy of the United States,
but it is fatal if stated without qualification as international law. With two systems of international
law the armed vessels of two States searching vessels on the high seas may feel called, upon to act in
a way frightfully dangerous.
1305
It may be that safety lies to-day, in view of our
uncertainties, in the drawing together of the thinkers of the world. Every man of science reads every
discovery which every great scientist makes in any
land. By a splendid tradition such a discoverer
would disgrace himself if he did not with all reasonable speed publish his discoveries to the world.
That scientific organization is spontaneous; it has
no fleets, no law courts, no Government, but it may
nevertheless have more effect in developing human
life than any other form of international organization. Sir Ronald Ross at his microscope examining the infected mosquito knew that he was working
for all mankind. Why should not all nations make
their philosophies, their art, their history as good
as possible and as easy as possible for all mankind
to enjoy it?
Why should an American scientist, or chemist, or
physicist, or for that matter your press, be "first a
all American." In the service of mankind, every
American, and not your architects and your dramatists alone should be bound to pursue that beauty,
those ideas, those productions which to-day go so
easily around the world. You can talk to the world;
you can stir by the cinema and the autophone and
radio the minds and feelings and souls of children
and men of all kinds everywhere; why should it not
be their duty to see that artistic sincerity enters
into all business and all intercourse?
"Perhaps some time in the far future after the
great treaties have gone back into history, it may be
that the greatest service America has rendered the
world was when in some little village of the West, or
perhaps some slum in Chicago or Philadelphia, a
little boy was helped to grow up who thought with
such intensity and felt with such freshness that his
words went like flames round the world, and gave
the world a conception of the kind of life which it
is good for men to live."
Read all this as delivered with the intensity of a
great man, a statesman and a scholar, summoning
his soul as he strove to utter his last word.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Sept. 7 1928.
There is some improvement in general trade in this country.
That is plain. It is not very marked; in fact, it is only
moderate. But the Fall trade, retail and jobbing, is more
promising and the industries likewise. Cooler weather and
the opening of schools throughout the United States give a
stimulus to retail trade. That is especially true of drygoods,
clothing and shoes, as well as radio goods and hardware.
The great activity in the stock market with transactions
running above 4,000,000 shares a day, with notable advances
at times in prices are regarded by many as in some sort a
sign of the times. Certainly such activity does not seem to
indicate anything like uneasiness in the country. However,
excesses in stock speculation may be deplored, there is no
denying it indicates a feeling that the great industries of the
United States have a favorable outlook. The activity in
stocks seems the more remarkable in the face of call money
rates of 754 to 8%. It is noteworthy, too, that the feeling
in the country, even on the eve of a Presidential election, is
more cheerful than it was a year ago. At that time industry was ebbing. Now the tendency is rather to increase.
The prospects point to good crops of grain and cotton and a
corresponding increase in the buying capacity of the agricultural community. A straw which seems to show which way
the wind is blowing is the fact that the sales of ten chain
store organizations for August increased 7.2% over those of
last year and for eight months increased 10.3% over the
like period last year. There is a better business doing in
some descriptions of cotton goods, notably print cloths, and
prices are firmer.
This is partly due to the gradual rise of raw cotton prices
during the week. Prices are admittedly very irregular for
woolens and worsteds, as was shown by the opening of the
American Woolen Co.'s men's wear lines of semi-staple and
fancy woolens and worsteds for the spring of 1929. Woolens
are very little changed from the prices of last fall. Worsteds
are down 5 to 120. in some cases; in others they are unchanged or 5 to 20c. higher. Broad silks have met with only
a moderate demand. Raw silk has been quiet and somewhat lower. Speaking of textiles, it is worthy of note that
the plan to close down cotton mills for one week beginning
Sept. 4 in North Carolina and South Carolina is not being
carried out so generally as a similar plan was for the first
week in July and August.
The automobile industry is well to the fore in the rising
tide of business. This is accompanied by such significant
figures as the Detroit employment total. It is wp to a new
high level. It is now 298,744. This shows a gain for the
week of 5,300, while it is nearly 100,000 over last year, and
close to 60,000 over 1926. The activity in the shoe manufacturing industry is another noteworthy factor. Some of
the reports from the steel trade aro quite cheerful, though
as a rule there is no activity in new business. The pig iron
sales in the West still make a very good showing, and prices
1306
FINANCIAL CHRONICLE
in general are steady. August output was 63'% larger
than in the same month last year. There were more failures
in August than in the same month of 1927. But these
reflect past conditions. The outlook, as already indicated,
is for future betterment. The mail order sales in August
were 14.2% larger than in July and 21.7% larger than in
August last year. For the first eight months they were
12.3% larger than in the same time last year. The combined
total of both mail order and chain store sales for August
showed a gain of 10% over July, and 14.3% over August
last year, and for eight months increased 10.3% over the
same period of 1927. These are certainly suggestive figures.
There has been some recent decline in grain prices, but
this is at least partially offset by a notable rise in the prices
of live stock. Cattle prices are at the highest of the year.
Butter at Chicago is also at the high point of the present
year. There has been an advance in both eggs and hogs
also. The grain and cotton crops are being harvested on an
increasing scale, though the Spring wheat crop is moving
rather slowly and the cotton crop is a little late. The corn
harvest points to a total of over 3,000,000,000 bushels. The
Spring wheat crop is estimated at 325,000,000 bushels and
the Winter at some cases at 590,000,000 bushels. Cotton
during the week has steadily advanced, owing to heavy
rains, especially in the Carolinas and Georgia, and abnormally cold temperatures over very much of the belt. The
average of private crop estimates is about 14,500,000 bales,
against 12,955,000 bales raised last year and close to 18,000,000 the year before. The trading in cotton futures
during the week has not been large for the reason that most
people have preferred to await the publication of the Government report on Saturday. The carloadings for the fourth
week of August showed quite a sharp decrease as compared
with a year ago, but for the four weeks of that month the
falling off is only about M of 1%.
Rubber has been dull and about M lower with the factory
demand smaller and London prices down as Malayan exports make a bearish exhibit. Coffee has latterly advanced,
as Brazilian prices became stronger and the Defense Committee made it plain that it intended to support the prcie at
around 16.90c. for Rio. The spot demand for coffee is
also said to be somewhat better. Raw sugar has declined,
as it became plain that abandonment of crop restriction in
1929 is a foregone conclusion. The September notices of
delivery moreover were some 560 and they were not always
promptly stopped. Some large sales of Cuban sugar are
said to have been made at lower prices. Provisions have
advanced in a better cash demand and buying by packers
Mid with hogs up to $13.10. Wheat has declined somewhat, with good threshing returns from the Northwest
and hedging sales beginning to be felt somewhat although
receipts at the Northwest thus far seem small compared
with those of a year ago. Some farmers are said to be holding back because of relatively low prices. The export demand has not been brisk with America's and Canada's
big crop movement about to begin. The American crop
seems likely to be about as large as that of last year. The
corn crop is estimated in some cases at 3,070,000,000 bushels
against 2,773,708,000 harvested last year. Yet some
damage has been done in Nebraska and new crop deliveries
have held up well. September corn has been irregular
but purchases of December have been steady and prices
have in general been well sustained with occasional good
advances in September. Oat prices have also been steady
with a crop estimated by private statisicians at about
1,455,000,000 bushels against 1,184,000,000 last year.
The stock market has been very active and excited, at
times rising sharply and later in the week showing some
decline from the inevitable realizing of profits. Also the
persistency of high rates for money has not been altogether
without effect. Yet transactions have approximated $3,500,000 to 4,300,000 shares, and in general the tone has
been confident, not to say aggressive. On the 6th inst. an
increase in brokers' loans of $54,000,000 had a rather
sobering influence. Prices which earlier in the week had
advanced sharply now declined in some cases four to eight
points. Sterling exchange reached a low point of the
year, although the decline was far from marked. Some
stressed the falling off in carloadings. Apropos of the
high rates for money, Washington announced that the
Treasury had raised its interest rate to 43'% in making
an offering of $525,000,000 of certifcates of indebtedness
maturing in nine months. The funds so secured will be
used with those available from the third quarterly payment
[VOL. 127.
on income taxes, which will exceed $500,000,000, to meet
the maturity of some $970,000,000 of outstanding Third
Liberty Loan bonds which mature on Sept. 15, as well as
some other obligations of the Government.
To-day stock transactions were on a collossal scale in fact
approaching 5,000,000 shares or nearly 13,000,000 shares in
three days. Money was at 732%. The banks called $20,000,000, but it had no effect. Money was in good supply at
the price. Stocks were up 1 to 73 points including specialties. Conspicuous features were General Motors, Chrysler,
International Nickel—up 73/
2%—tobacco stocks, Montgomery Ward, Sears, Roebuck and some of the mining
shares, as well as other securities too numerous to mention
here. Forty stocks or more ran above their previous highs.
The ticker was generally 20 to 30 minutes late. The increase
in loans of $54,000,000 was smaller than Wall Street had
generally expected and there was no repressing the bullish
enthusiasm.
At New Bedford on Sept. 4th, after more than two months'
discussion the advisory committee of the New Bedford Cotton
Manufacturers' Association failed to reach any decision as to
the attitude the association will take toward the request for
a conference with the representatives of the labor unions on
strike settlement plans proposed through the citizens'
mediation committee with the approval and indorsement of a
number of the labor union leaders. New Bedford adviees
later said that settlement of the textile strike is generally
looked for by the end of next week. Charlotte, N. C.,
reported that the curtailment program for the first week in
September will not be adhered to as closely as it was in
August, but many mills have dropped night work and net
results will show in consumption figures. Spartanburg,
S. C., reported a good demand for October and May cotton,
but at a basis shippers were unwilling to sell. September
mill curtailment not so generally observed as in July and
August.
Montgomery, Ward & Co.'s sales for August were $17,007,642, an increase of 23% over August 1927. Sales for
the first eight months of this year were $127,552,116, an increase of 8% over the same period last year. Sears, Roebuck & Co.'s sales for August were $28,985,684, an increase
of 20.9% over August 1927. Sales for the first eight months
of this year were $201,361,086, an increase of 15.3% over
the same period last year.
In August there was another slight upswing in prices says
Bradstreet. Strength of meat-producing animals and their
products, beef and hog products in brief, bulked large in
producing the slight upward swing in the general commodity
price level, shown by Bradstreet's for Sept. 1. Additional
contribution to this strength made by butter, potatoes,
some varieties of iron and steel, lead and tin among the
non-ferrous metals, anthracite, coal, fir lumber, alcohol,
hides and jute. In the shorter list of products declining in
price were all the leading cereals, cotton, wool bituminous
coal and vegetable oils, all naval stores, rubber, tobacco
and cotton seed. In all, twenty-eight products advanced,
twenty-one declined and fifty-six were unchanged.
It was cooler early in the week with temperatures'here
67 to 74, at Chicago 64 to 70, Cincinnati 66 to 74, Cleveland
64 to 66, Detroit 62 to 66, Milwaukee 64 to 72, Kansas
City 66 to 72, Minneapolis, 66 to 70, Winnipeg 68 to 76.
On the 6th inst. temperatures here were 58 to 62 with rain
amounting to about M an inch, but so persistent during
the day it seemed more than that. There continued to be
very heavy rains in the Carolinas and Georgia and there
were the whole week, only subsiding on Thursday. On the
6th inst. the termperatures were 56 to 70 at Chicago, 60 to
74 at Cincinnati, 56 to 62 at Cleveland, 60 to 76 at Kansas
City, 60 to 64 at Boston, 56 to 72 at Milwaukee, 54 to 60
at Seattle, 58 to 78 at Minneapolis, 54 to 70 at Montreal,
and 54 to 60 at Philadelphia. To-day the temperatures
here were 61 to 70, against 62 to 80 a year ago. The forecast was for fair and warmer here to-night and Saturday.
New York Federal Reserve Bank's Indexes of Business
Activity.
The New York Federal Reserve Bank's indexes of business
for July continued to show mixed conditions as compared
either with the previous month or a year ago,says the Bank's
Monthly Review, September 1, It adds:
Mail order sales showed less than the usual July decline and were much
larger than a year ago; average daily car loadings of merchandise and miscellaneous freight increased somewhat above last year's volume; and
foreign trade declined less than usual from June to July. Life insurance
sales, and the average daily volume of department store sales, declined
SEPT. 8 1928.]
FINANCIAL CHRONICLE
after seasonal allowance, however,and car loadings of bulk freight remained
unchanged at a level below that of a year ago.
(Computed trend of past years-100 per cent: adjusted for seasonal variations)
1927
1928
July
May
June
F'rintary Distribution
Car loadings, merchandise and mIsc
Car loadings, other
Exports
Imports
Panama Canal traffic
Wholesale trade
105
93
104
111
96
101
105
96
104
105
84
100
101
91
101
99
80
93
103
91
1091)
1029
83
97
Distribution to Consumer
Department store sales, 2nd Met.
Chain grocery sales
Other chain store sales
Mall order sales
Life insurance paid for
Advertising
101
108
106
117
109
97
96
102
98
110
110
95
103
104
102
123
111
95
97
103
99
132
104
94
general Business Activity
Bank debits, outside of N. Y. City
Bank debits. New York City
Velocity of bank deposits, outside of
N. Y. City
Velocity of bank deposits, New York
City
Shares sold on N. Y. Stock Exchange-Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts. 36 states
Now corporations formed in N.Y.StateReal estate transfers
General price level
ni wanes
Onmnnaltwinclax
108
133
111
167
1307
Board, showed increases over both the previous month and a year ago
in the output of minerals and manufactures.
Commodity Stocks.
The index of stocks of commodities held at the end of July declined
seasonally from June and was the same as a year ago, a alight decrease
in raw materials being balanced by a slight increase in manufactured goods.
July
114
167
104
142
109
117
119
114
135
189
92
106
100
104
122
116
97
169
307
92
108
96
113
144
121
82
177
239
89
106
97
121
138
127
88
154
186
87
170
220
177
222
176
176
225
999
ii
101
126
iii
p Preliminary
Monthly Indexes of Federal Reserve Board.
The monthly indexes of production, employment, and
trade of the Federal Reserve Board were issued as follows
Sept. 1. It is noted that the terms "adjusted" and "unadjusted" used below refer to adjustments for seasonal variations.
Unfilled Orders.
The index of unfilled orders of manufacturers at the end of July Increased over both the previous month and a year ago. Gains over July
were in transportation equipment and lumber, the other groups remaining
unchanged. Compared with a year ago textiles and transportation equipment showed smaller orders, while iron and steel and lumber manufacturers
had larger orders on their books.
The index numbers of the Department of Commerce are given below.
together with the industrial production index of the Federal Reserve
Board.
1928.
1827.
Indez Numbers, 1923-1925=100.
Production
Raw materials
Animal products
Crops
Forestry
Industrial(compiled by Federal Reserve Board)
Minerals
Total manufactures(adjusted)
Iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes
Cement, brick, and glass
Nonferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity Stocks
Total
Raw materials
Manufactured goods
Unfilled OrdersTotal
Textiles
Iron and steel
Transportation equipment
Lumber
June.
July.
July.
118
52
97
109
87
88
109
65
89
99
110
112
109
93
117
92
119
105
112
115
153
145
126
101
111
121
101
89
--.
96
120
110
117
112
--156
125
100
106
103
118
114
95
84
113
111
106
136
124
109
109
102
119
104
94
117
104
95
116
75
67
75
69
84
76
67
75
71
91
72
85
se
as
72
74
(Monthly average 1928-28=100.)
1928 1928 1927
July June July
Industrial Praguenon. adjuredTotal
Manufactures
Minerals
Manufactures, adpatted-Iron and steel
Textiles
Food products
Paper and printing__
Lumber
Automobiles
Leather and shoes__.
Cement, brick. glass_
Nonferrous metals_ _ _
Petroleum refining__
Rubber tires
Tobacco manuf'ctures
Minerals,adjustedBituminous
Anthracite
Petroleum
Iron ore
Copper
Zino
Lead
Silver
Freight-Car Loadinn, adjustedTotal
Grain
Livestock
Coal
Forest products
Merchandise, I. C. 1
and miscellaneous.
109 108
111 *110
101
99
121 112
101 *109
93
89
___
117
96
92
120 119
109 105
117 112
112 115
155 153
156 *145
125 126
94
68
119
103
113
117
97
84
89
74
117
107
110
117
99
*93
102
109
80
88
89
102
89
80
90
88
109
107
1928 1928 1927
July June July
Building ContractsAdjusted
Unadjusted
lrholesale DistribuLion. adjustedTotal
Groceries
103 Meats
118 Dry goods
96 Men's clothing
114 Women's clothing- - _
95 Shoes
84 Hardware
113 Drugs
111 Furniture
Wholesale Distribu106
Hash unadjusted,
136
124 Total
109 Groceries
Meats
87 Dry goods
75 Men's clothing
124 Women's clothing.,,.
99 Shoes
101 Hardware
109 Drugs
116 Furniture
Dept. Store Sales94
Adjusted
Unadjusted
101
Dept. Store Stocks97 Adjusted
89 Unadjusted
Mail Order Howe
89
Sales94
Adjusted
107 Unadjusted
139
142
148
158
128
130
94
92
111
80
79
89
123
91
107
94
89
94
112
79
76
49
*82
*92
109
95
95
91
102
88
90
79
134
92
105
102
87
84
93
97
113 114
74
71
68
39
49
21
98 *77
90
95
102 *102
77
83
88
92
104
81
78
43
107
90
100
84
108
78
105
103
103
75
99
92
98
95
101
94
153
119
144
127
127
93
106
107
100
*Revised.
EMPLOYMENT AND PAYROLLS.
Unadjusted (1919=100).
Employment.
Total
Iron and steel
Textiles-Group
Fabrics
Products
•
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods,&c
Leather. am
Stone. clay, glass
Tobacco. Ac
Chemicals. &c
Payrolls.
July
1928.
June
1928.
July
1927.
July
1928.
June
1928.
July
1927.
88.5
84.6
84.5
86.2
82.2
86.7
71.7
141.0
106.1
84.4
81.2
112.8
73.4
73.9
89.6
85.0
87.4
88.6
85.9
87.4
72.7
141.1
106.1
84.2
77.6
114.9
77.5
75.1
90.7
85.4
91.0
94.8
86.2
91.2
78.2
109.9
106.3
86.7
85.3
119.5
80.3
75.0
100.1
89.3
88.7
90.2
86.9
96.4
76.5
166.0
144.6
101.4
82.6
136.1
78.1
103.4
103.5
93.7
93.5
94.2
92.6
99.4
81.3
169.5
146.7
101.3
76.3
141.3
82.5
106.1
101.1
86.7
99.1
102.8
94.6
101.1
83.0
125.2
145.4
103.1
90.2
143.7
85.7
Inn a
National Park Bank on Business Activity.
Discussing the present business situation, the National
Park Bank, under date of Sept. 4 said:
Increased Actisity.
Business activity has increased materially during the past month and
the recessions often witnessed in different branches of industry about midSummer have been much less of a factor this year. On the contrary, there
have been noteworthy increases in some lines with the steel industry operatof capacity and the automobile plants making an extraing at about
ordinary showing for this season. Recent estimates indicate that crop
values this year will be increased at least 8190,000,000 as compared with
similar revenues a year ago. Sentiment in the great farming states is
naturally more hopeful and the larger incomes of various groups of producers will add to the wealth of vast sections where people have often been
hard pressel for funds at this time of year. The rise in livestock prices has
been an important influence making for this betterment. Considerable
gains in various branches of trade have resulted from more favorable marketing conditions in different retail lines. These gains have not been spectacular but they represent large benefits that mean a considerable saving for
large and small dealers in different sections. The hand-to-mouth buying
policy is still favored by thousands of big and little merchants as well as by
various manufacturing interests which have avoided many pit-falls through
restricting purchases to immediate consumptive demands. So many
manufacturers and merchants have readjusted their affairs to this basis of
buying and selling that it is highly probable that the method will be adopted
permanently by those interests which have found it to work so advantageously during the last few years.
75%
Purchasing Power,
The better position of the farming groups has been a large factor in
building up the business of the great mail-order houses which have shown
some phenomenal gains. The position of these communities contrasts
sharply with conditions encountered in other presidential years and will
naturally have an important bearing upon election prospects next November.
Both parties are bidding eagerly for the farm vote and out of current discussions it is likely that a comprehensive program of sane legislation dealing
with farm problems will develop. This will be a great advance if it can be
accomplished, for agriculture is still our outstanding industry whose welfare is of first importance to the nation. Through the development of
well organized marketing associations the farmer is doing much better
than he formerly did, receiving a fairer profit margin than he secured in
the days when a haphazard sales policy was followed. The new order of
things is better for every one and if adhered to must result in stabilizing
the outstanding American industry and secure larger savings for both
producers and consumers.
Dun's Price Index Lower.
Monthly comparisons of Dun's Index Number of wholesale
Department of Commerce Monthly Indexes of Produc- commodity prices follow:
tion, Stocks and Unfilled Orders.
Sept. 1
Aug. 1
&Pt. 1
Groups1928.
1928.
1927.
indexes of the Department of Commerce, Breadstuffs
monthly
The
835.007 137.190 $33,745
Meat
issued Aug. 31 follow:
24.268
23.211
21.167
Production.
The marketings of crops during July were at a considerably higher
level than a year ago, according to the index numbers of the Department
of Commerce. Animal products were marketed in about the same quanwhile the output of forest products shows a slight
tities as in July
decline. Industrial production, as compiled by the Federal Reserve
1927,
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
Total
21.614
19.774
35.771
20.891
36.600
$193.925
20.761
19.612
36.051
20.770
36.537
$194.182
20.287
19.158
34.333
22.218
37.390
8188.298
Continued Increase in Detroit Employment.
An increase of 5,287 in Detroit industrial employment
during the week ended Sept. 4 brought the total number
reported by the Detroit Employers' Association up to
298,744, a new record high. This is the fifth successive week
in which a new record has been established. The present
total exceeds the 1926 peak by 24,345 and compares with
200,665 a year ago. Since the first of the year members of
the association have added 106,241 employees to their payrolls.
Production of Electric Power in United States in July
Increased About 10% Over the Same Month Last
Year.
The total production of electric power by public utility
power plants in the United States in the month of July
totaled about 7,136,487,000 k.w.h., an increase of approximately 10% over the output for the same month last year
when production was about 6,477,000,000 k.w.h., according
to the Division of Power Resources, Geological Survey.
Of the total for July of this year 4,063,784,000 k.w.h. were
produced by fuels and 3,072,703,000 k.w.h. by water power.
The "Survey" further shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
(-flange In CIWPTU
from Previous Year.
Totals by Fuels and Water Powers.
Division.
June.
July.
459,473 000 442.389.000 444.917.000 +4%
New England
0%
Middle Atlantic___ _ 1,799.435,000 1,722.130.000 1.729,082,000
East North Central_ 1,654.573,000 1,821,315.000 1.858,945.000 +8%
West North Central_ 416,213.000 406,344.000 420.255,000 +5%
895.236,000 895.088,000 897.801,000 +31%
South Atlantic
East South Central_ 276.290,000 260,838,000 241.027.000 -8%
West South Central_ 311,837,000 323.474.000 347,296,000 +18%
338.924,000 336.984,000 364,437,000 +12%
Mountain
978.005.000 1.000,587.000 1.032.727,000 +10%
Pacific
+6%
+3%
+13%
+6%
+34%
-14%
+20%
+17%
+9%
May.
Total In U.S
June.
July.
7.130,041,000 7,000.147,000 7,136.487,000
+8%
+10%
The average daily production of electricity by public utility power plants
in July was 230,200.000 kwh., 1;•5% less than the average daily output
In June.
The geasonal decline in output so far this year has been less than in 1927.
The lowest daily rate occurred in April this year and in July last year.
These comparisons apparently indicate that the demand for electricity
during the late spring and early summer of this year has been more satisfactory than in 1927.
The daily production of electricity by the use of water power in July
decreased as compared with June, owing to the usual seasonal decline in
the flow of streams. The output of electricity by the use of fuels for each
month from April to July In 1928 was approximately the same as in the
'corresponding months in 1927. but the output by the use of water power
for these months in 1928 was larger than in 1927-from 13% larger in
April to 27% larger in July. The unusually heavy rainfall in the Eastern
portion of the United States during August may have caused an increase
In the output by water power as compared with July. Under normal
conditions there is a decrease in production of electricity by the use of
water power from July to August. The figures of output by water power
• in August, which will be published the first of October, will therefore be
of considerable interest.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC UTILITY
POWER PLANTS IN 1927 AND 1928.
1927•
January
February
March
April
6.830.000.000
6,166,000,000
6.840.000,000
6.482.000.000
6,600,000.000
6,493,000.000
6.477,000.000
6.693.000.000
6.805.000.000
6.932.000.000
6.876.000.000
7,211,000,000
1928.
Increase
1928
Over
1927.
7,285,000.000
6%
6.871.000.000 bl1%
7.246.000,000
6%
6%
6.853.000.000
8%
T.130,000,000
8%
7.009.000.000
7,136,000.000 10%
-----------
Produced by
Water Power.
1927.
1928.
36%
37%
39%
40%
41%
39%
37%
36%
33%
34%
36%
38%
38%
38%
39%
43%
45%
44%
43%
--____
--
Lower Farm Prices for Crops in August.
The general level of farm prices received by producers on
Aug. 15 was 6 points lower than on July 15, according to the
monthly farm price report issued Sept. 1 by the United
States Department of Agriculture, but at 139 it was still
7 points higher than on Aug. 15 last year. The base period
taken as 100 is the five-year period 1909-1914. The Department also says:
Meat animals were 5 points higher in August than in July, dairy products advanced 1 point during the month, and poultry products 6 points,
but the month witnessed declines in the farm prices of all the important
groups of crops, grains declining 22 points, fruits and vegetables 19
of wheat went
points, and cotton and cottonseed 17 points. The farm price
Wholesale Trade During July as Reported to Federal
Reserve Board-at Fairly High Level for Midsummer.
Under date of Aug. 30 the Federal Reserve Board reports
that wholesale trade in July continued at a fairly high level
for the midsummer season. Sales of firms included in the
Federal Reserve Board's index of wholesale distribution were
about 4% larger than in June. Increases were indicated in
sales of dry goods, clothing, and boots and shoes, while sales
of meats and drugs were in about the same volume as in
June. Sales of groceries, hardware and furniture were from
5 to 8% smaller than in June. The Board's survey continues:
Compared with July a year ago, sales of the reporting firms were slightly
smaller. Sales of dry goods, men's clothing, boots and shoes,furniture, and
hardware were smaller than a year ago, while those of gorceries, meats,
women's clothing and drugs were larger. The largest increase, as compared with a year ago, was reported for sales of women's clothing, which
was due principally to an unusually large growth in sales of coats and suits.
A summary of the changes in sales, by lines, In July as compared with
June 1928 and July 1927. is given in the table:
CHANGES IN VALUE OF WHOLESALE SALES.
Percentage of Increase (+) or
Decrease(-)in Sales in July'28.
Compared with
Line.
Groceries
Meats
Dry Goods
Men's clothing
Women's clothing
Boots and shoes
Hardware
Drugs
Furniture
June 1928.
July 1927.
-4.5
-0.8
+5.0
+74.1
+132.4
+28.2
-6.0
-0.8
-7.6
+1.0
+8.5
-8.3
-13.4
+14.6
-8.6
-0.8
+1.8
-8.1
-1.0
+3.8
Sales of agricultural machinery and machine tools declined somewhat in
July from the level in June. They continued, however, at a much higher
level than a year ago. Reports from 75 agricultural machinery and farm
implement manufacturers to the Federal Reserve Bank of Chicago showed
an increase of 29%.as compared with July a year ago. Orders for machine
tools reported to the National Machine Tool Builders' Association were
58% larger than in July 1927.
Stocks of Wholesale Firms.-Stocks carried by reporting wholesale firms
were slightly larger at the end of July than in June and were In about
the same volume as a year ago. Stocks of groceries, dry goods, hardware.
h furniture
sanoea
weredfurniur were smaller than a year ago, while inventories of boots and
Total, 9 lines
Note.-A description of the new index of wholesale distribution and of the data
upon which this report Is based was published in the Federal Reserve Bulletin for
Dec. 1927, and the index numbers from 1919 to 1927, by months, were also given
In that Bulletin. Copies of this Bulletin may be had on request from the Division
of Research and Statistics of the Federal Reserve Board.
WHOLESALE DISTRIBUTION BY LINES.s
Mules numbers, based upon dollar value of sales. Monthly ante. 1923-1925=100.)
Month
FurDry Men's Wo- Boots HardTotal OroNine eerie, Meats. Goods. Cloth- men's and ware. Drugs saws,
Lines.
tag. Cloth' Shoes.
With adjustment for seasonal tartan on192798
104
92
112
- 94
113
84
93
human,
83
98
103
93
110
February__ 95
87
112
97
93
101
108
98
March.,__
97
96
96
101
90
108
96
106
94
April
94
93
111
87
95
88
98
104
91
May
110
95
109
87
97
87
102
106
92
90
June
93
104
98
88
90
102
105
92
July
134
95
91
102
88
90
109
112
97
111
August___ 100
101
102
109
97
103
114
99
104
91
109
92
94
September- 96
99
111
94
91
88
109
81
90
October.-- 91
100
112
100
105
November_ 95
89
105
88
94
89
106
97
101
December
87
93
109
93
92
1928.89
108
92
January.,
114
99
89
94
106
93
96
109
93
109
99
February._ 97
88
113
98
95
109
91
March _ _ 93
96
94
83
109
97
37
110
87
April
93
93
78
89
112
77
92
116
94
May
113
96
99
87
98
110
95
109
June
91
81
79
89
112
78
94
94
July
107
92
123
80
94
111
79
92
WellOta a (Mahn ensfor season
0071
192786
102
82
92
78
113
65
96
Januar,- 86
98
95
82
87
February
88
91
107
81
123
114
117
102
March
111
103
104
94
138
95
97
108
96
April
100
85
76
104
90
90
98
98
93
111
52
76
109
95
May-- --- 88
90
99
96
June
85
87
106
46
101
78
July
84
100
90
107
104
78 I
92
81
88
III
110
98
August_ __ 111
122
111
97
165 I
125
117
122
106
137
September_ 112
140
113
117
102
118
128
105
114
October._ _ 106
101
102
99
122
113 105
98
110
61 I
November_ 03
88
101
100
88
99
90
sa
48 I
70
103
90
December - 82
192878
106
82
94
76
85
106
85
January- -- 87
96
101
82
82
February
128 I
89
93
108
85
107
120
95
110
131
87
165
95
March---- 99
112
89
88
99
April
75
70
105
88
86
109
97
87
114
May
57
75
110
96
89
103
83
95
76
39
June
71
114
97
84
90
77
98
102
68
July
74
113
93
87
a Index nt mnolmicle ellyerinntinn Is described In the Federal Reserve Bulletin
for Dec. 1927. Index numbers by lines from Jan. 1919, to date are published In
that bulletin and may be had upon raven to the Federal Reserve Board.
II
I
II
II
.noogoowobanioce
owoonmmv
r.oto ftei 00(104mm .4comm.o.cal
---80.205,000.008
Total
a Revised totals. b Part of increase Is due to February 1928 beIng one day
longer than February 927.
of all
The quantities given in the tables are based on the operation
in generatPower plants producing 10.000 kwh.or more per month,engaged
railway
ing electricity for public use, including central stations and electric
the
plants. Reports are received from plants representing over 95% of
reports
total capacity. The output of those plants which do not submit
reas
consumption
fuel
Is estimated; therefore the figures of output and
ported in the accompanying tables are on a 100% basis.
[The Coal Division. Bureau of Mines. Department of Commerce, cooperates in the preparation of these reports.'
below one dollar a bushel for the first time in four years, and farm prices
of oats and barley on Aug. 15 were below pre-war level.
The 4% rise in the farm price of hogs during the month is largely
seasonal but is earlier than usual. Contributing to this situation are the
decrease in receipts of live hogs at markets and the decrease in storage
stocks of pork and lard. Receipts of hogs at 7 principal markets were
18% smaller in the four-week period ended Aug. 18 than for a similar
period ended July 21, while pork stocks were 10.4% less on Aug. 1 than
on July 1, and stocks of lard were 43% lower than on the first day of
July.
The price strengthening effect of the 36% reduction in car-lot shipment
of potatoes in the four-week period ended Aug. 18, compared with the
four-week period ended July 21, has been more than offset by the prospects of a large crop to be harvested. The decline for the country as a
whole was about 5 cents a bushel or 6% from the mid-July farm price.
iscinmo.ocenvvn,,
r...*mgcovo
b.nomowne.m.gow go4t.,Noo
May
June
July
August
September
October
November
December
[VOL. 121.
FINANCIAL CHRONICLE
1308
211
SEPT. 8 1928.]
FINANCIAL CHRONICLE
1309
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
A summary of the changes in retail sales in July 1928. compared with
FEDERAL RESERVE DISTRICTS.
•
-
AND BY
Increase (+1 or decrease(-) per cent.
Line and Federal
Reserve District.
Sales-July 1928
Compared with
June 1928.
July 1927.
Stocks-July 1928
Compared with
June 1928.
July 1927.
Groceries--4.5
+1.0
-3.0
-0.5
United States....
--8.8
BostonDistrict.
--4.8
+1.1
New York District
+2.6
--4.2
Philadelphia Diet.
+0.3
-0.9
--7.0
-0.8
Cleveland District
+4.6
+0.2
--6.5
+0.4
Richmond District
+1.5
-2.1
+5.3
--0.0
Atlanta District_ _
-10.2
--5.1
-2.6
Chicago District _
+2.0
--2.7
+1.6
St. Louis District_
-0.5
+9.7
--6.0
Minneapolis Dist_
+1.0
--I.0
+3.6
-1.9
Kansas City Dist_
-4.9
--6.9
District_
_
_
--3.0
Dallas
+9.4
--0.6
+2.0
Ban Francisco Dist
+4.0
--1.9
-4.4
Dry Goods-8.3
+5.0
United States_ _
+5.1
-1.4
+3.7
New York District
-15.5
-12.9
Philadelphia Dist _
-11.3
Cleveland District
+4.0
+4.2
-5.8
-1.7
Richmond District
-26.5
+1.4
+2.8
+9.2
Atlanta District__
-21.9
+4.3
+4.4
-2.9
Chicago District__
+2.8
--2.9
+3.3
+18.3
St. Louis District_
+1.8
-1.2
+17.0
Kansas City Dist_
+17.0
-13.7
+29.1
Dallas District_
-6.3
+2.5
+8.0
+5.3
Ban Francisco Dist
+4.7
+1.9
Shoes+282
United States.._.
--8.6
+6.8
+9.8
+1.2
Boston District_ _
--8.8
-5.1
+4.1
-2.7
i-5.4
New York District
-18.6
+1.9
-13.4
Philadelphia Dist_
--4.8
-32.6
Cleveland District
--0.3
+25.1
--6.5
Richmond District
--5.7
+2.7
Atlanta District_
-22.2
+7.2
Chicago District__
+17:i
--I2.8
+62.0
Bt. Louis District_
+10.2
+33.2
-20.0
Minneapolis Dist_
--16.0
+44.0
+0.0
+2.3
---0.1
Ban Francisco Dist
+4.6
+18.4
Hardware-0.8
--6.0
United States_ _--0.8
-3.2
-4.4
--19.1
New York District
+1.4
+12.6
--12.4
-5.1
Philadelphia Dist_
-1.0
--I.4
i-1.9
Cleveland District
+0.9
-16.9
--8.1
Richmond District
--0.3
Atlanta District_.
-3.7
+2.6
+8.2
Chicago District__
-4.8
--9.3
-2.8
-9.4
+0.2
St. Louis District.
+1.2
+1.6
+4.0
MinneapolisDist_
+1.0
+5.0
-3.0
-4.0
Kansas City Dist_
--8.7
+0.2
-4.5
Dallas District_ _ _
+16.3
-1-8.3
+2.9
+11.8
--14.5
Elan Francisco Dist
+1.8
-2.1
-6.5
Drugs-0.8
United States.--+1.8
+5.2
+7.0
-0.3
New York District
+2.4
+12.2
+12.4
-2.5
-0.0
Philadelphia Dist.
-1 0
-2.3
Cleveland District
-1.0
Richmond District
+1.1
-7.9
-1.5
Atlanta District_
-0.7
-7.4
Chicago District__
-1.2
St. Louis District_
+0.0
+0.4
-1.6
+3 0
Kansas City Dist_
+1.8
-0.6
Dallas District. _ _
+1.2
+1.3
-1.0
+0.3
+4.5
Ban Francisco Dist
+2.8
-6.0
Furniture-8.1
-7.6
United States_ _ - -0.1
-6.4
-39.1
+11.1
Richmond District
Atlanta District..
+12.8
+5.2
--25.8
Chicago District
-1.3
+19.6
Bt. Louie District.
+2.7
•=9-.77
-27.2
Kansas City Dist.
+2.3
+9.7
+3.4
San Francisco Dist
-22.7
+11.0
+3.7
-2.9
Agricultural Imp ementsUnited States or.
-8.0
+29.3
Minneapolis Dist.
+ 106.0
--ILO
Dallas District...
-18.1
-- 1.8
+32.6
-19.0
Paper and Matto neryNew York District
+18.0
Philadelphia Dist _
--3.9
+3.1
+4.5
Atlanta District..
+2.9
San Francisco Dist
-3.2
Automobile SupP lies+1.4
Ban Francisco Dist
+9.4
-2.0
Cotton Jobbers-2.0
New York District
+0.1
-17.7
Silk Goods--9.7
-16.9
New York District
b+25.0
Cotton Commissi on Houses--14.2
+0.2
New York District
Machine Tools-4.9
+57.7
United States c_
Diamonds-23.6
+4.2
New York District
Jewelry-39.2
New York District
--2.0
d+3.3
-26.5
Philadelphia Dist.
+5.8
-2.1
Electrical Suppli es--8.3
+6.1
+4.4
Philadelphia Dist.
-0.6
+2.0
+0.0
+0.2
Atlanta District_
-17.7
+11.3
-2.0
-3.1
Chicago District..
-8.3
+14.7
+39.0
+4.0
St. Louis
+10.6
+13.1
+8.8
+1.2
Ban Francisco Dist
+6-6
a Bales of agricultural implemet to for the tJni ed States are compiled uy the
Chicago Federal Reserve Bank. b Stocks at first of month-quantity not value.
C Based upon Indexes of orders furnished by the Nattonal Machine Tool Builders'
Association. d Includes diamonds.
Federal Reserve Board's Survey of Retail Trade in
United States-At Higher Level in July than
Usual.
Retail trade was at a higher level in July than is usual
in mid-summer, the Federal Reserve Board announces under
date of Aug. 31, its survey for the month, reporting further
as follows:
Sales of department stores and of mail-order houses reporting to the
Federal Reserve System, after allowing for the usual seasonal decline.
were larger than in June. The Federal Reserve Board's index of department store sales, adjusted for seasonal variations, increaed to 108 for
July, the highest for any month thus far this year, and the adjusted bides
of sales by mail-order houses was higher than at any previous time.
Compared with July of last year, sales of department stores were 3%
larger and those of mail-order houses 28% larger. Sales of the different
reporting chain stores, except cigar and tobacco chains, were from 5%
to 19% larger. Rapid growth in sales of chain stores reflects expansion
In the number of stores operated by the chain companies as well as changes
in the amount of sales. Mail-order houses are also opening chain stores
and other retail stores and the large increase in sales of these firms reflects
to some extent sales of these additional units.
July 1927 and of the number of stores reporting is as follows:
CHANGES IN VALUE OF RETAIL SALES AND NUMBER OF STORES
REPORTING.
P. C. of Inc.(+) or
Dec.(-) in Sales
Number of Stores.
in July 1928
Type of Store.
Compared with
July
June
July 1927.
1928.
1927.
Department stores
Mall-order houses
Chain stores:
Grocery
Five-and-ten cent
Apparel
Drugs
Cigars
Shoes
Candy
+3.3
+27.5
510
4
510
4
+19.2
+6.1
+14.7
+16.4
-9.6
+6.5
+50
29.259
3,049
1,184
1.008
3,546
663
327
28,803
2,850
1,000
852
3,432
603
277
Department Store Sales and Stocks by Federal Reserve Districts.
Department stores in nearly all Federal Reserve districts reported
larger sales than usual in July, after allowance is made for seasonal changes.
Compared with July of last year sales were larger in nine districts and
smaller in three. Increases over July of last year were largest in the
Chicago, St. Louis and San Francisco Federal Reserve districts.
Inventories of merchandise carried by department stores declined in
July to their low point for the summer. Compared with other recent
years, inventories of the reporting firms are lower than at any time since
in the summer of 1923. As a consequence of this reduction in stocks and
larger sales the rate of stock turnover of department stores is higher than
in 1927. For the year to date, January through July, stocks for all reporting stores were turned over 1.93 times, as compared with 1.90 times
In the corresponding period of last year.
DEPARTMENT STORE SALES AND STOCKS BY FEDERAL
RESERVE DISTRICTS.
(Index numbers. 1923-25 average equals 100.)
"-amnia KATM'06 111134711a 11/ 4171067.
U.S.
ti
2
3
4
5
6
7
8
9
10 *11 12
Sales (unadi uste 4111927-May___ 102 101 102 94 105 103 108 108 96 91 88 112 107
June__ 101 110 109 97 99 100 99 107 93 91 86 95 95
July... 75 74 74 65 78 72 76 82 68 75 68 69 89
1928-May... 107 101 109 94 106 106 114 122 104 90 94 116 116
June_-_ 103 111 112 95 100 102 98 114 94 84 84 98 101
July_ _ _
78 75 76 64 78 75 77 92 73 68 71 71 92
Sales (adjust ed)
1927-May___ 103 102 104 96 103 105 105 107 98 90 --__ 108 106
June.- 104 105 111 96 99 99 105 107 98 91.... 99 103
July__ 103 105 108 96 107 103 105 112 100 97 ____ 100 111
1928-May--- 104 98 107 92 100 104 107 116 103 85 ____ 107 111
June-. 105 106 114 94 100 101 104 115 99 84.... 103 109
July___ 108 107 111 95 106 107 106 126 108 89 ____ 103 116
Mocks (unad juste d)1927-May___ 103 106 105 98 102 104 103 101 102 91 112 90 107
June___ 97 99 98 92 98 98 92 95 97 84 104 83 103
July___ 04 95 9' 89 93 94 91 93 95 83 101 79 101
1928-May... 101 106 104 93 100 100 103 103 96 83 116 83 108
June___ 95 97 98 87 95 95 96 96 91 78 108 76 103
July __ _ 92 91 96 85 91 91 93 92 87 78 106 72 101
Stocks (ad.'s', ed)
1927-May... 101 105 105 98 98 103 102 100 100 88_... 89 106
June___ 100 103 103 97 99 102 97 100 101 87.... 89 106
July... 101 104 104 97 100 103 99 101 101 88 _-_ 85 105
1928-May... 99 105 104 93 96 99 102 102 94 80...... 81 107
June.- 98 101 102 91 96 99 101 101 95 81.... 81 1013
July_._
99 100 104 93 98 100 10i 100 93 83 ____
78 105
• Monthly average 1925 equals 100
xl Boston; 2 New York; 3 Philadelph a; 4 Cleveland' 5 Richmond; 6 Atlanta;
7 Chicago;8 St. Louis; 9 Minneapolis; 10 Kansas City: 11 Dallas; 12 San Francisco
SALES OF MAIL ORDER HOUSES AND CHAIN STORES.
(Index numbers. 1923-25 average equals 100.1
Mail
Chains of Stores.
Order
Houses Grocery 5 & 10 Apparel Drugs
Cigar
(4).* (34).• (14).• (9).* (13).* (4).*
Shoe
(7).*
Omar
(4).0
Unadjusted
172
135
1927-Apr... 120
199
144
113
150
136
171
May..
99
123
171
134
113
109
115
June_
107
178
123
172
136
109
118
114
93
121
July
166
157
141
111
109
112
115
1928-A pr_ _ _
202
135
195
154
100
130
130
115
M ay - 214
139
221
164
110
130
127
June.. 127
208
139
216
162
108
147
122
July _ _
119
198
128
180
164
100
116
117
Adjusted1927-Apr... 113
166
137
192
144
115
117
127
118
May -171
132
172
137
113
99
120
121
June_ _
135
178
175
138
112
108
121
127
July
139
176
199
144
114
124
119
117
1928-A pr _ _
203
167
205
161
105
109
125
May _ _
132
206
164
213
161
105
113
127
June.. 144
209
153
219
164
Ill
134
129
July
153
148
209
228
168
103
132
125
•Note.-Number of companies reporting.
CHANGES IN SALES 52 STOCKS OF DEPARTMENT STORES. JULY 1928.
(Increase (+)Or Decrease(-) Based on Value Figures.)
,
MOW C sn owes,.
l•flange en Om..
Federal Reserve
District and City.
Boston:
Boston
Outside Boston.
New Haven....
Providence
Total
New York:
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Other cities
Total
Philadelphia:
Philadelphia
Allentown
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington....
Other cities_
Total
31
July 31 1928
Jan. 110 July.
1928 Compared
Compared with
July 1928
Compared with with Jan. 1 to
July 311927. July 311927. June 30 1928.
July 1927.
Per Cent.
+6.5
-2.6
-3.3
-2.0
+2.7
Per Cent.
--2.5
-1.1
+0.6
-1.0
-2.0
Per Cent.
+4.8
+2.0
-1.3
+6.6
+3.4
-3.5
-4.1
+3.6
+1.1
-2.0
-2.7
+4.6
+0.5
-1.5
+1.1
+1.2
+1.0
-4.7
-1.5
+0.4
+3.9
-2.0
-3.7
+0.3
-3.1
-9.4
+0.9
+2.7
-1.1
-5.0
-5.8
--•2.4
+0.4
-7.3
-3.9
-4.0
-6.5
+1.9
-10.6
+1.6
-0.2
-6.3
-0.9
-0.1
+3.4
-5.6
-3.5
-5.2
+1.6
+10.6
-0.5
-23.6
-0.6
-0.4
-10.3
-13.7
+1.5
-6.0
-7.2
-4.7
-2.3
-4.8
-4.1
-8.9
-5.4
-7.0
-2.7
-3.0
-6.5
-2.9
-4.7
-7.6
-3_4
+3.1
-9.3
-4.8
+2.8
-1.4
+0.0
-4.1
+4.9
-1.9
-0.6
-3.3
-1.9
-7.8
-4.8
Per Cent.
-8.2
--I.4
-10.8
-7.6
-5.4
[VoL. 127.
FINANCIAL CHRONICLE
1310
Change In qnus.
Federal Reserve
District and City.
Cleveland:
Cleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown _ _ _
Other cities__._
Total
Richmond:
Richmond
Baltimore
Washington.-Other cities_
Total
Atlanta:
Atlanta
Birmingham __ _
Chattanooga__.
Nashville
New Orleans
Other cities._
Total
Chicago:
Chicago
Detroit
Indianapolis_Milwaukee
Other cities..
Total
St. Louis:
St. Louis......
Evansville
Little Rock_ _ _.
Louisville
Memphis
Total
Minneapolis:
MInneapolls
Duluth-Superior
St. Paul
Total
Kansas City:
Kansas City- - Denver
Lincoln
Oklahoma City_
Omaha
Topeka
Tulsa
Other cities_ _ ._
Total
Dallas:
Dallas
Fort Worth_ _
Houston
Other cities
Total
tan Francisco:
San Francisco._
Los Angeles.__
Oakland
Salt Lake City_
Seattle
Spokane
Other cities_ _ -Total
Change in Stocks.
July 31 1928
Jan. Ito July 31
Compared with
July 1928
1928 Compared
Compared with with Jan. 1 to
July 31 1927. July 31 1927. June 30 1928.
July 1927.
Per Cent.
Per Cent.
Per Cent.
Per Cent.
+3.7
+5.9
+4.3
+1.0
+3.9
-5.7
+4.9
-1.0
-6.5
-0.04
+1.9
+9.8
+1.4
+1.4
+0.4
-5.5
+5.9
-2.9
-0.8
-7.3
-0.7
-0.1
+42.5
+1.6
+3.8
+10.2
-9.4
-8.1
-11.3
-18.7
-4.3
- -2.0
-3.5
+10.5
+1.3
-1.0
-8.8
-7.0
-5.3
-9.5
-5.9
-4.7
-3.8
+2.9
+2.3
+7.2
-7.2
+3.1
+2.8
-1.2
+2.9
-6.0
+0.3
-3.2
-2.4
+0.2
-2.6
-0.2
-2.4
-7.6
-4.1
-4.3
+11.8
-0.8
-0.6
+7.0
+1.6
-3.9
+2.5
+15.3
+7.4
-2.9
+6.1
-2.9
-3.2
+2.8
+4.5
+0.1
-4.3
+12.0
-0.3
+2.9
+1.8
-5.3
-2.7
-0.2
-3.4
-0.8
-10.2
-3.6
+6.4
+17.5
+4.0
+2.0
+7.3
+8.1
+3.3
+15.3
-0.1
+0.4
+0.2
+4.8
+5.4
+4.4
+5.4
-3.2
-3.3
+2.3
-0.9
-0.4
-7.8
-2.8
-3.9
-1.9
+11.5
+13.4
-5.2
-0.3
+0.6
+0.9
+2.7
+1.8
+1.2
-2.2
+6.2
+2.7
-10.6
-3.7
+8.1
-7.8
-7.4
-7.0
-1.6
-4.9
-5.3
-11.3
-10.5
-4.0
-11.0
+0.0
-1.0
-4.0
-10.0
-4.0
-7.0
-4.0
-10.0
+9.0
-4.0
-3.0
-7.0
-1.0
-2.0
-1.0
+0.1
-3.1
+1.1
+1.1
-1.7
-0.3
-7.2
-1.2
+6.0
-1.5
-5.3
-3.4
-13.2
-6.5
-5.6
-2.0
-3.7
-14.7
2.2
-1.6
+1.1
-7.9
-9.3
4.2
-5.6
-2.5
-5.5
+1.6
+1.9
+9.3
+11.2
-7.7
-1.1
+1.9
+2.2
+1.2
+1.2
-3.1
+4.5
+3.4
-3.3
-1.3
-2.4
+4.8
-0.05
+7.0
+5.6
+5.0
-1.3
+3.3
+2.3
+3.5
+0.6
+2.8
+1.6
CHANGE IN SALES OF DEPARTMENT STORES, BY DEPARTMENTS
(Increase (+1 or decrease (-) In sales In July 1928 compared with July 1927.)
Federal Reserve District
Department.
Total.
Sotton.
Dal- San
St.
New Cleve- Rich- ChiYork, land. mend cago. Louis. las. Fran.
Piece Goods-Per Ct. Per CS. Per Ct. Per Ct. Per Ct. Per CV. Per Ct. Per Ct. Per Ct.
Silk and velvets__ -5.7 -0.7 -2.5 -10.7 -2.8 -9.2 -12.3 +14.1 -5.4
Woolen dress goods -25.4-23.7-42.5-23.9-36.1-54.8-34.2 +1.6 -15.6
Cotton wash goods +3.8 +8.3 +16.9 -3.6 +11.0 +13.1 +8.8-11.1 -7.6
Linens
-5.1 -4.3 -1.8 -12.2 -7.0 +4.9 +6.8 -0.6 -3.3
Domestles,muslins,
sheetings, &c...._ +2.5 +0.9 +4.0 +0.7 +4.1 +6.0 +7.6 -0.2 +3.5
Ready-to-Wear A ccessor tesNeckwear & scarfs -7.7 -15.8 +12.2 -5.3-12.1 -14.4 -27.9 +8.4 -7.0
+2.2 +6,0 -3.1 +8.6 +5.2 -0.1 -13.3 -5.6 -2.2
Millinery
Gloves (women's &
+2.9 +1.2 -11.7 +13.9 +6.0 +9.6 +19.7 +73.2 -3.1
children's)
Corsets&brassieres +2.8 -1.0 +2.5 +5.4 +1.8 +12.8 -6.8 -1.5 +1.1
Hosiery (women's
& chlldren's)
+0.5 +0.2 -1.5 +1.9 +3.3 -3.1 -1.3 -1.3 +3.1
Knit underwear
+1.9 +0.5 -3.2 +2.0 +13.4 +15.5 +2.8 +17.1 -5.7
SlIk&musiln underwr.(Inel.pettle.). +3.3 -2.0 +5.0 -0.9 +9.0 +13.0 +3.8 +12.7 +5.9
Infants' wear
+4.6 +1.3 +4.1 +4.6 +10.9 +6.0 +12.1 -2.6 +3.8
Small leather goods -0.7 -2.5 +1.3 -4.7 -4.2 +12.9 -4.5 +2.1 -1.5
Women's shoes._ +7.9 ___ +18.1 +3.0 +18.0 +10.0 +6.2 -11.1 +9.9
Children's shoes
+6.3 +4.5 +6.3 +12.6 +6.4 +21.1 +4.8 -1.8 -3.5
Women's & Min es Rea dy-to- Wear
Women's coats
+13.2 +25.7 -1.9 +11.4 +10.2 +0.4 +85.6 -3.2 +9.3
Women's suits
-8.4 ____ -12.3 -38.8 ____ -19.4 ____ -1.1 +263
Tot.(2 above lines) +11.1 +28.0 -3.2 +7.3 +23.2 -13.6 +84.8 -5.2 +11.8
Women's dresses
+6.7 +11.9 +5.2 +5.1 +0.5 +18.2 +10.4 +7.1 -2.3
Misses' coats and
suits
+18.7 +9.9 -0.8 +32.0 +29.8 +1.5 ____ -7.7 +42.0
Misses dresses... +8.2 +21.8 +4.6 -1.9 +0.5 +24.8 +27.8 -1.0 +29.5
Juniors' and girls
wear
+20.8 +47.2 +10.1 +14.2 +18.0 +30.4 +42.1 +6.7 +6.0
Men's and Boy's Wear
Men's clothing.... +3.6 +7.8 -1.8 -2.7 +17.5 +2.0 +26.7 -1.6 +9.9
Men's furnishings
(incirnen's hos'y,
gloves & und'w'r +5.2 -___ +9.2 +3.9 +7.4 +9.1 +1.0 +8.3 -0.4
Hen's hats 0, caps -1.3 _ .._ _ +2.1 -1.9 -5.1 +11.6 -2.9-17.9 -6•1
rot.(2 above lines) +4.8 +5.5 +9.0 +3.5 +7.4 +7.7 +1.1 +4.6 -0.7
Boys' wear
+3.9 -2.4 +3.2 +2.2 +7.6 +16.3 +17.2 +8.1 -2.1
Men'sdtboys'shoes +7.1 +6.1 +12.3 +3.7 +2.0 +13.0 +0.1 -6.4 +14.3
House Furnishin gsFueturettnel.beds,
mattresses&sp•gs -3.4 -8.8 -5.4 -8.8 -10.8 +15.3 +14.5 -48.1 +17.2
Driental rugs
1.6 ___. -20.0 +27.1 +4.8 +6.7 ---- ---- --Dornes.floorcover_ -4.0 -7.8 -2.1 -3.5 -3.7 -2.3 -28.7 +3.2 +4.9
Draperies, curt'ns,
upholstery
+4.4 ____ +9.1 -2.0 +10.4 +9.2 -0.2 +11.6 +6.3
Lamps & shades.._ +2.2 ____ +4.9 +3.2 -7.0 +10.3 -1.7 ____ -5.8
Tot.(2 above lines) +3.1 -2.1 +8.3 -1.3 +8.5 +8.7 -0.4 +10.9 +4.7
.-hina& Massware -1 7
1 u 4.54 4.44 5 -4-9.5 -1.9 -6.8 -10.8 -17.8
CHANGES IN STOCKS OF DEPARTMENT STORES, BY DEPARTMENTS
(Increase (+) or decrease (-) in stocks in July 1928 compared with July 1927.)
Federal Reserve District.
Department.
Total.
.
404.CZo
kiok ;-,
000a0
NNNO,OW
ia6kkE46
CON.P.4+.4
w.womoc.,00m=h7 tr.ocoot.
w-ic000.wwonDw
t,Dc.,co-4wowo
1oa
...
4t0
0m.c1.9
CMCINW., COOODC.00O
0Cc't.
"1"
..
.
CCICMSi
C'1
M,NAN
MtDNM.I•
San
DalSt.
New Clue- Rich- ChiYork. /and, mond. cogs. Louis. las. Fran.
Per Cs Per Ct. Per CI. Per CI. Per Cl. Per Cl.Per Cl. Per Cl. Per Cl.
Piece GoodsSilk and velvets__ -5.2 -17.2 +15.1 -8.0 -1.1 -2.4 -10.7 -13.2 -5.2
+0.7
-3.1
+2.4
+1.9
Woolen dressgoods -13.4 -23.6 -5.2-19.9 -15.6 +2.7 -10.9 -23.2 -5.4
-5.2
+2.2
+0.9
+3.1
Cotton wash goods -11.5 -19.5 -12.4 --4.9 .._47 -9.5 -4.8'-11.4-16.9
-4.8
-3.1
+3.4
-1.1
Lincns
-4.3
-15.2
1.7 -9.2 +4.7 -6.3 +12.9 +12.6 +2.8 -41.8 -1.2
+8.0
+7.6
-7.8
Domestles.muslIns,
+5.8
+9.3
+15.2
sheetIngs,
&e_
-0.8
-0.7
3.5 -12.7 +22.8 -5.5 -1.3 +2.7 +18.1 -16.3 -12.7
-2.0
-4.0
Ready-to-wear -A ccessor les-3 2
-9.7
+4.4
+0.2
Neekwear
&
-3.8
scarfs
-9.6
-16,1 +10.6 -10.3 -5.4 -6.7-21.5-12,0 -8.4
-1.3
+2.5
+4.7
Millinery
8.2 -12,5 +0.4 -0.6 -13.3 -10.4 -17.4 -19.7 -10.0
Gloves (women's &
-3.3
-2.2
+0.6
+3.1
United States_._ _
Children's)
+5.0 +8.1 +11 2 +7.3 +14.5 4-6.3 -12.3 -21.4 -1.3
Corsets& braesieres -2.8 -1.5 -7.0 -1.0 -1.3 +0.3 -8.9 -10.8 -2.4
Hosiery
(women's
STOCK TURNOVER OF DEPARTMENT STORES, JULY 1928.
and children's)_
+1.6 -2.1 +3.9 +1.7 +5.7 +18.6 -10.0 -4.2 -1.9
Knit underwear
-3.5 -5.4 +6.4 -0.5 -9.5 +9.9 -15.8 -9.7 -14.3
Slikdanuslin
underRate of Stock Turnover.*
Rate of Stock Turnover.*
wr•(lnci.net'cts). -6.1 -14.0 -9.0 -0.6 -1.7 -2.5 -1.1 -8.0 -14.6
Federal Reserve
Federal Reserve
+4.8 +1.5 +6.1 +6.5 +15.7 +122 -1.2 -15.8 +0.8
Jan.1-July 31 Infants' wear
Jan.1-July 31 District and .. July.
July.
District and
Small leather goods -7.7 -25.8 -6.7 -1.9 -0.6 +11.5 -14.6 +7.5 +0.9
City.
Oily.
Women's shoes
+0.02
____ +3.0 -1.3 -0.1 +1.4 +0.5 -5.6 -5.3
19274
1928.
1927.
1928.
1928. 1927. 1928. 1927.
Children's shoes_ +24 +4.9 +6.1 +1.1 +0.4 +13.4 -6.5 ---- -11.9
Women's rt Miss es Rea dy-to- 1Vear
Atlanta
(Con.)
BostonWomen's coats
+6.0 +5.1 +4.1 +13.8 -6.9 +22.8 ____ -30.5 -3.9
1.35
.16
.24 2.32 2.35 Chattanooga _
Boston
Women's suits
__ -19.9 +31.6
+6.0 ____ +40.8 +37.1 ____ -22.0
1.85
.20
.24 1.77 1.81 Nashville
OuteldeBoston
Tot.(2 lines above) +4.9 +1.8 +7.0 +14.7 -3.4 +15.2 -31.5
_- -15.6 +1.3
1.35
.16
1.66
New
Orleans
.24
1.70
New Haven__
Women's
-7.1 -10.9
-7.1
dresses
-1.5
-3.2
-3.7
-0.2
-28.9
+6.3
1.59
.21 1.65 1.68 Other citles
.20
Providence_ _ _
Misses' Coatsdrsults +13.1 +20.5 +48.4 +75-19.9 +17.0 ......-13.1 +26.2
1.58
Total
.19
.24 2.10 2.13
Total
Misses' dresses
+4,3 -3.4 -11.4 -2.6
-8.5
+5.0
+14.6
-4.0
+23.7
New YorkJuniors' and girls'
Chicago-.24 2.29 2.23
New York ___
wear
+6.7 +13.9 -7.1 +2.0 +26.3 +29.5 -5.2 -2.9 +1.0
2.12
.25
.34 2.01 1.92 Chicago
Bridgeport- -Men's and Boys' Wear
2.55
.31
.23 1.80 1.80 Detroit
Buffalo
Men's
clothing_ _ +0.2 +0.7 +17.1 -5.3 -15.4 +23.8 -6.1 -11.8 -6.2
.28
2.25
.24 2.25 2.18 Indianapolis-Newark
Men's furnishing
1.85
.23
.24 1.99 1.99 Milwaukee _ __
Rochester
(Inclanen
's bos'y
1.68
.21
.29 2.22 2.16 Other cities__
Syracuse
gloves dr und'w' -2.6 ........ -3.1 -6.7 -0.2 +8.9 -2.0 -10.2 +2.0
1.27
Total
.25
2.08
.18 1.34
Other clties..
Men's
hats
& caps. -3.5 ___ -5,0 -6.0 -2.3 +19.1 -13.2 -55 -7.3
St. Louis.24 2.17 2.12
Total
Tot.(2 lines above) -2.8 -4.5 -3.1 -6.7 -6.8 +10.6 -3.6 -9.5 +1.2
St. Louis
1.86
.19
Philadelphia
Boys' wear
-1.4 +1.0 +14.0 -9.4 +4.7 +10.1 -7.6 -3.8 -4.5
2.03
rvansville
.17
1.35
2.08
.21
Philadelphia__
Men's &boys'shoes +4.9 +2.7 +18.4 +6.6 +5.1 +16.4 -15.2 -23.6 -0.3
.17
1.37
.19' 1.35 1.53 Little Rock_.._
Mlentown_ __ House rural-Mtn gs_
_
.21
1.63
Louisville_
_
1.45
1.30
.22
Altoona
Furture(Incl,beds,
.20
1.54
.20 1.55 1.42 Memphis
Harrisburg_ - rnattresses&sp'gs -4.7 -5.8 +0.4 -9.2 -0.9 +12.4 -18.7 -10.5 +4.4
.19
Total
1.73
.16 1.52 1.41
Johnstown__ .0 __
Oriental rugs..... -1
0
.8
5 73
_ 2:6
2.
+0
1..0
4 -5
if
1.66
inneapolis
_2.9 _2.9 +
1.61
.22
Lancaster-Dornes.floor
cover..
T-6
4. -17.2 -20.5 -4.6
.40
3.12
.18 1.53 1.61 MInnea110118-Reading
Draperies, curt'ns.
1.90 Duluth-Sup•r_
.26
2.05
1.89
.24
3cranton
upholstery
-9.2 -21.0 -7.0
-7.6
-0.4
-4.4
+23.6
---.25
2.10
+0.3
1.98 1.86 St. Paul
.21
Trenton
Lamps & shades... +2.0 -._ +7.9 -0.8 +4.7 +5.2 -2.9.... -2.9
Total
.30
2.37
.20 1.62 1.58
Wilkes-Barre _
Tot.(2 lines above -0.3 -4.7 +20.4 -3.7 +1.3 -8.0 -8.4 -20-.9 +6.4
1.59
Kansas
City.
1.64
.21
Wilmington __
China & glassware -1.1 -5.2 +3.4 +1.3 +4.6 -2.5 +1.8 -18.4.-16.3
.19
1.68
.20 1.40 1.39 Kansas CUT
Dther cities....
.10
1.23
.21 1.91 1.89 Denver
Total
.19
Lincoln
1.37
Cleveland-.20
1.59
.22 1.88 1.91 Omaha
31eveland---Business Profits in Second Quarter of 1928-15%%
.17
1.33
.27 1.87 1.99 Topeka
kkron
.25
2.22
.00 0.00 0.00 Tulsa
-..lincimuttl____
Higher than in Same Period Last Year-Survey
.12
1.84
Other
0.86
cities
1.92
.25
331umbus_-_Total
.17
1.44
By New York Federal Reserve Bank.
.24 1.80 1.84
Dayton
Dallas.20 1.77 1.72
Pittsburgh ___
.15
1.46
.24 1.88 1.78 Dallas
According to the Federal Reserve Bank of New York,
Ceded°
.16
1.38
.23 1.86 1.68 Fort Worth___
Wheeling
"second
.20
1.73
quarter corporation earnings compared more
.26 2.26 2.17 Houston
Youngstown1.44
.18
.17 1.31 1.35 Other elties-.._
3ther cities__
favorably with a year ago than did earnings in the first
Total
1.51
.17
.22 1.84 1.81
Total
San Fran.quarter of this year, especially in the oil and steel industries."
1.48
San Francisco_
.19
Richmond1.87
.23
.22 1.07 1.86 Los Angeles.._
The bank's survey, in its September 1 Monthly Review,
ilehmond____
1.40
.18
.19 1.73 1.71 Oakland
ialtimore_ ___
goes on to say:
1.23
.16
.22 1.93 1.86 Salt Lake City
Washington __
1.80
.25
.18 1.35 1.46 Seattle
ither cities___
Reports of 222 industrial and mercantile concerns Indicated net earn1.07
.15
.20 1.77 1.75 Spokane
Total
ings about 15;i% larger than in the second quarter of last year, but it seems
1.11
Other cities....
.15
probable that this figure exaggerates the increase in corporation profits
1.59
Total
.20
Atlanta.25 1.85 2.13
during the period-profits of tire and rubber companies, which have been
Manta
.23 1.39 1.51 United States. .23 .22 1.93 I 1.90
owndnaham
greatly reduced by the decline in crude rubber prices this year, are not
reported quarterly in most cases and therefore could not be included in the
to
period
Bales
turnover
.1
the
ratio
of
given
during
•Figure for rate of 'took
tabulation; and them is a tendency for the reports that are Issued fairly
average gloats on hand.
BooIon,
NUMber.
Second
Quarter.
First
Six Months.
1927. 1928. 1926. 1927. 1928.
18
15
25
14
5
26
20
24
9
10
5
6
45
110
8
19
43
5
38
12
15
12
6
3
3
41
131
11
27
45
3
39
13
20
14
4
3
4
49
168
17
78
92
11
65
24
29
20
10
3
6
76
185
15
45
87
10
68
24
30
24
10
5
g
83
225
17
38
81
6
70
25
36
27
7
4
10
108
Total 13 groups
222
315
363
599
594
649
Telephone
Other public utilities
89
95
59
185
65*
203
103
359
117
391
128*
429
184
244
268*
462
508
557*
185
2.01
496
473
462
Motors
Motor accessories
on
Steel
Railroad equipment
Food and food products
Machine and machine mfg
Mining and smelting
Chemicals
Building supplies
Tobacco
Amusement
Miscellaneous
Total public utilities
Class I railroads
2
1,852, commercial failures in the United States last month
are 127, or 7.4%, above the total of 1,723 reported to
R. G. Dun & Co. for July, while there is an increase of
144, or 8.4%, over the 1,708 defaults in August 1927.
During that period, the number of failures was moderately
less than in July the same year, and there also was a decrease in August two years ago. For eight months of 1928
failures numbering 16,403 compare with 15,760 for the
same months of last year, or 4% more.
The increase in the August indebtedness is much more
marked than the rise in the number of defaults, the amount
involved being swelled to $58,201,830. That unusually high
aggregate resulted largely from several insolveneies of
exceptional size, particularly in the classification designated
as "other commercial," which includes brokerage, insurance
and other similar enterprises. The liabilities for last month
are far above those of the four immediately preceding
months, and establish a new maximum for the current
year. The next highest total is the $54,300,000 of March.
Comparing with $39,105,953 of August 1927, last month's
indebtedness shows an increase of more than 48%.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
33,684.647
1926.
June
May
April
1,947 1.833 1,708 29,827.073 34,465.165 29.407,523
2,008 1,852 1.730 36,116,990 37.784,773 33,543,318
1.818 1,968 1,957 37,985,145 53.155,727 38,487,321
33.869,468
Dun's Report of Failures in August.
Following the improvement revealed in July, the insolvency statistics for August disclose a higher business mortality. The rise occurred both in number of commercial
/allures and amount of liabilities, and the upward trend
is in contrast to the reduction shown a year ago. Numbering
1927.
August
July
Miscellaneous freight loading for the week totaled 424,627 cars, an increase of 7,829 cars above the corresponding week last year and 11,003
cars above the same week in 1926.
Coal loading totaled 173,098 cars, a decrease of 21.870 cars below the
same week In 1927 and 27,848 cars below the same period two years ago.
Grain and grain products loading amounted to 56,180 cars, a decrease
of 4,662 cars under the same week last year but 485 cars above the same
week in 1926. In the Western districts alone grain and grain products
loading totaled 40,497 cars, a decrease of 2,445 cars below the same week
In 1927.
Live stock loading amounted to 26,906 cars, a decrease of 3,284 cars
below the same week last year and 4,260 cars below the same week in 1926.
In the Western districts alone live stock loading totaled 19,954 cars,a
decrease of 2,351 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 257,243
cars, a decrease of 5,401 cars below the same week in 1927 and 6,707 cars
below the corresponding week two years ago.
Forest products loading amounted to 67,438 cars, 2,552 cars below the
ame week last year and 3,565 cars under the same week in 1926.
Ore loading totaled 66,007 cars, 2,176 cars above the same week in 1927
but 14,473 cars below the same week two years ago.
Coke loading amounted to 9,341 cars. 737 cars below the same week in
1927 and 2,358 cars below the corresponding week in 1926.
All districts reported decreases in the total loading of all commodities
compared with the same week last year except the Central Western and
Southwestern, which showed increases, while all except the Southwestern
reported decreases compared with the same period two years ago.
Loading of revenue freight in 1928 compared with the two previous
years follows:
1928.
1927.
1926.
3,447,723
3,686,696
3,756,660.
Four weeks in January
February
3,589,694
in
3.677,332
3.801,918
weeks
Four
4,752,031
4,805.700
4,982,547
Five weeks in March
3,738,295
3,862.703
3.875,589
Four weeks in April
4,006.058
4,145,820
4.108,472
Four weeks in May
4,923,304
June
5,154,981
4,995,854
in
Five weeks
3,942,931
4,148,118
3,913,761
Four weeks in July
4,230,809
4,388,118
4,249,846
Four weeks in August
32.630.845
1928.
$
$
$
1,852 1,708 1,593 58,201,830 39,195,953 28,129,660
1,723 1,756 1.605 29.586,633 43,149,974 29,680,009
Railroad Revenue Freight Loading Continues Above
1,000,000 Cars per Week, But Below Two Previous
Years.
Loading of revenue freight for the week ended on Aug. 25
totaled 1,080,840 cars, the Car Service Division of the
American Railway Association announced on Sept. 5. This
was an increase of 23,935 cars above the preceding week,
with increases being reported in the total loading of all
commodities except grain and grain products, which showed
a slight decrease. The total for the week of Aug. 25 was a
decrease, however, of 28,501 cars below the same week in
1927 and a decrease of 47,723 cars below the corresponding
week two years ago. Particulars follow:
Total
MobilWes.
Number.
1928. 1927. 1926.
Second quarter
March
February
January
First quarter
5,773 5,653 5,395 103,929,208 125,405,665 101,438,162
2.236 2,143 1.984 54,814,145 57,890.905 30.622,547
2,176 2,035 1,801 45,070,642 46,940.716 34,176,348
2,643 2,465 2,296 47,634,411 51,290,232 43.661,444
7,055 6,643 6.081 147.519.198 156.121.853 108.460.339
FAILURES BY BRANCHES OF BUSINESS-AUGUST 1928.
Liabilities.
Number.
1928. 1927. 1926.
MANUFACTURERSIron, foundries and nails__
Machinery and tools
Woolens, carpets & knit g'ds
Cottons, lace and hosiery_
Lumber. carpenters & coop_
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving
Milling and bakers
Leather, shoes & harness
Tobacco, &c
Glass. earthenware & brick_
All other
Total manufacturing__ _
TRADERSGeneral stores
Groceries, meat and fish_._
Hotels and restaurants
Tobacco &c
Clothing and furnishings_ _ _
Dry goods and carpets
Shoes, rubbers and trunks_.
Furniture and Crockery_..._
Hardware, stoves & tools._
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
All other
Total trading
Other commercial
Tntal 17nItad Atlas.
51.-•
lt,
..A.00
Crtt,D.
I ,
10000.-.N. 144•00.4,-.040
promptly after the close of a period to include an unduly large proportion
of companies whose profits have increased.
The largest percentage increase over last year was in the earnings of the
much
old companies, which during the first quarter of this year were
were
smaller than in 1927. Other groups to show relatively large increases
motor
the mining and smelting and motor accessories companies. The
threegroup continued to report the largest actual increase in profits, about
Motors
fourths of which represented the increase in profits of the General
second
the
in
than
earned
more
group
a
as
companies
Corporation. Steel
quarter of 1927; and chemical, amusement, machine and machine manufacturing, food and food products, tobacco and miscellaneous companies
all had larger second-quarter profits than last year. Railroad equipment
and building supply companies,on the other hand, did not earn as much as a
year ago.
For the completed half year, profits of these 222 companies were nearly
10% larger than in the corresponding period of 1927, and about 8% larger
than in 1926, but these increases also are probably larger than the actual
Increases for all corporations.
Net profits of telephone and other public utility companies both for the
second quarter and for the half year were around 9 to 10% higher than last
year. Net operating income of the leading railroads increased slightly
more than last year during the second quarter, but still remained somewhat
below that of 1927 and 1926.
(Net pf()fits in millions of dollars.)
Corporation Groups.
1311
FINANCIAL CHRONICLE
SEPT. 8 1928.]
1928.
1927.
1926.
4
23
3
2
43
52
6
3
5333,400
794,800
1,900,000
651,159
3,560,000
645,595
173,800
162,700
$297,716
1,570,400
300,000
35,315
3,252,334
411,530
97,800
864,000
$471.000
823,233
80,000
17,580
2,596,917
1.216,814
94.200
46,771
24
19
39
29
12
16
4
13
4
10
224 230
206,600
583,612
228,000
33,942
78,700
7,524,871
1,461,363
312,000
415,918
224,927
699,002
4,978,762
174.509
419,783
358,161
19.109
177,500
6,021,908
8
15
1
2
64
27
6
4
493 438 449 $16,877,179 614.921,067 $12,515,585
69 67
54
302 272 249
79 69
103
27
20
18
155 153 122
67 65
66
36
52
47
38
46
52
27 43
26
41
61
61
6
10
7
28
39
27
4
11
10
11
1
8
307 277 259
8826,784
2,092,833
2,147,335
108,571
1,898,265
935.488
510,858
1,073,700
507,304
618,850
118,000
576,000
101,116
61,609
7,526,704
6668,576
2,064,124
1,989,836
114,350
1,580,823
1,208,192
376,130
860,179
322,567
466,025
28,921
372,544
26,100
12,000
4,611,680
$792,838
1,667,634
741,918
240,208
1,293,145
1,064,238
488,357
886,262
748,460
299,339
105,417
407,898
871,047
127,922
4,360,860
1,247 1,174 1,071 $19,096,017 $14,702,047 $14,095,543
73 22,228,634 9.572,839 1,518,632
96
112
1 son 1 7I1R 1 1105 5115 901 5211 520 10110112 59.11 129 MO
Survey of National Association of Credit Men Finds
Business Unruffled as Election Nears.
The Presidential campaign is having slight effect on
business conditions, according to theAugustmonthly survey
of the National Association of Credit Men, which says that
the current of business is flowing smoothly, undisturbed on
the surface by either sluggish or turbulent movements usually present in a general election year. "The Presidential
year ghost seems to have been laid," the survey says. "With
the election only two months away,and with business in good
health, one is disposed to ask where are the 'throes of yesteryear?" The survey says that the business indices, taken
as a whole, are favorable. The survey, issued Sept. 4, also
says:
"The leading industries have not been seriously affected by seasonal production slumps, and crop conditions are, in general, most encouraging.
"Farm income promises to be materially larger than it was a year ago.
The farmers' increased buying power is estimated to be as much as $800,000,000.
"Wholesale trade is satisfactory in all but a few lines; and retail trade in
some parts of the country is noticeably buoyant.
"Production holds up well. Steel established a new record for July in
spite of the small amount of business received from the railroads.
"Motor manufacture has proc,eded so vigorously during the summer that
predictions are being made of 1928 totals in excess of all preceding years.
Textile operations are still below normal, but the shoe factories are more
active, the makes of rubber footwear Being particularly cheerful.
1312
FINANCIAL CHRONICLE
[VOL. 127.
.. ....
..
40-411..a..00WOOC*00*WOW-4..4
ow,wmac.w.&.-o.
6MO,6,6i.ziuW4,643
as.cacatcat..-00000.
.44.0oCCAO,
Z
1 .434,P.P..4•4
1928Jan
119.6 162.0 164.3 160.6 173.3
Feb
115.8 124.9 164.3 160.6 173.3
Max...... 112.7 107.2 162.5 160.6 173.3
ADM.__ 112.7 103.8 162.5 163.6 176.7
May.... 114.6 108.7 162.5 169.7 176.7
June... 115.2 112.5 164.3 172.7 176.7
July
117_7 12041 1845 1011 7 1787
oboCoioi.
.—NNNNNNNNNN
8;CZO.-,WWW..W!&4,
C4
642e1.
..ioi•ai.:66W66iob
NWN.-.0000s4...04-000
00,
1000t00000,
0„„„
co-ioc*oceo
otow,-ow
olow..ouptoma.c.
w000cuwwwwcuocoo&o:::.::
"Building construction continues at unprecedented levels. Construc- Review of Wheat
Situation by R. W. Dunlap, Acting
tion contracts in the 37 Eastern states aggregated $583,432,400 during July,
Secretary of Agriculture-Low Wheat Price This
the highest July total on record, exceeding the figures for July last year by
nine per cent.
Year Comparable With 1923-24.
"Contracts awarded during the first seven months of 1928 aggregated
Commenting on the wheat situation the present year,
$4.028.299.900, which is greater by eight per cent than the total for the
R. W. Dunlap, Acting Secretary of Agriculture, has the
first seven months of 1927.
"Car loadings went over the million mark for the week ending August 4. following to say under date of Aug. 23:
when 1,048,622 cars of revenue freight were loaded. Bank clearings in
The decrease in wheat prices this year has been associated with favorlarge cities for the week ending August 16 aggregated $6,266.427,000, a able crop
conditions. In the last month the wheat supply situation has
decrease of 2.4% from the preceding week, and of 7% for the corresponding materially changed,
and the outlook is for a world supply a little larger
week of 1927. Commodity prices rose slightly during August."
than that of last year. Forecasts in 20 countries of the Northern HemiIn a special survey of business conditions in Iowa, Kansas, sphere amount to 2,873 million bushels as compared with 2,800 million
Nebraska and South Dakota, the credit association found bushels produced last year. But this increase in supply will be largely
offset by an increased demand and by other factors. In fact, the wheat
business men particularly cheerful. "Reports from these supply situation is somewhat
similar to that of 1923, when the world harfour states reflect the cheerful frame of mind in which all vested the largest crop that had been harvested up to that time and prices
of the agricultural states now find themselves," the survey fell to a low point in the first part of the marketing season. The present
season may resemble that of 1923-24 in its wheat-price movements as well
says:
as in its wheat-supply position. It is well known that heavy marketings
at the beginning of a season tend to depress prices too much. That
is
what happened in 1923-24. In that season the farm prices of
wheat in
Index Numbers of Retail Prices of Food.
the United States reached their low point in August.
and ended the year
As was indicated in our issue of Aug. 18, page 884, tho considerably above the August level. It is reasonable to believe that the
of prices may follow the same trend this season.
retail food index issued by the Bureau of Labor Statistics course
In the long run the final governing influence
on prices is the law of
of the United States Department of Labor showed for supply and demand. No advantage
to the grower results when prices are
readjusted
upward
if the wheat has left the farm. But he may reap very
July 15 1928, an increase of one-tenth of 1% since June 15
advantage from an analysis of the situation which enables him
1928; a decrease of a little less than one-half of 1% since substantial
to time his marketing favorably. Last year, Just
as in 1923-24, wheat
July 15 1927, and an increase of 53.5% since July 15 1913. prices fell during the early marketing and then advanced
as the season
The index number (1913=100.00) was 153.4 in July 1927; progressed. The prospect that this development may have its counterpart during tho present season, at least for certain
classes of wheat, was
152.6 in June 1928, and 152.8 in July 1928. The index Indicated by the
Bureau of Agricultural Economics in a recent statement
numbers as made available by the Bureau follow:
on the price situation, which said, "Although the highest prices paid in
the past season may not be reached this season,
the soft red winter wheat
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES price level for
the year should work out about equal to the average for
OF FOOD IN THE UNITED STATES.
the past season."
In the last few weeks the market appears
to have been principally inYear and Sian Rond Rib Cleck Plate Pork BaButMontls. Steak Steak Roast Roast Beef. Clips con. Ham. Hens Alilk. ter. Ch'se fluenced by reports of increased production in the Northern Hemisphere
and expectations of average yields in
the Southern Hemisphere. Certain
1907
71.5 68.0 76.1
____
74.4 75.7 81.4 87.2 85.3
vital considerations on the demand side
should also be taken into our reck1908
73.3 71.2 78.1
____
76.9 77.6 83.0 89.6 85.5
oning. For example, the prospect of
an increase in t.te world supply of
1909
____
76.6 73.5 81.3
82.9 82.0 88.5 91.3 90.1
wheat as Compared with last year is
1910
80.3 77.9 84.6
____
94.5 91.4 93.6 94.6 93.8
offset largely by the prospect of a
1911
80.6 78.7 84.8'
smaller rye crop in Europe outside of Russia
____
91.3 89.3 91.0 95.5 87.9
Rye production this year
1912
91.0 89.3 03.6_
___
90.5 90.6 93.5 97.4 97.7
in all countries for which reports are available estimated
is
at only 557,000,100.0 100.0 100.0
1913
100.0
100.0 100.0 100.0 100.0 100.0 100.0 000 bushels,
compared
with
102.0 105.8 103.0
1914
649,000,000 bushels last year. The rye crop,
104.1
101.8 101.7 102.2 100.5 94.4 103.6
101.1 103.0 101.4
1915
100.0
99.8 07.2 97.5 99.2 93.4 105.0 of course. is an important factor in the total demand for bread grains and
107.5 109.7 107.4
1916
106.0
106.4 109.2 110.7 102.2 103.0 116.7 materially influences the price of'
wheat Cereal consumption in many
124.0 129.8 125.5
1917
129.8
151.9 142.2 134.5 125.4 127.2 150.4 countries is also
affected by the production of other food crops, notably
1918
153.2 165.5 155.1
170.2
195.9 178.1 177.0 156.2 150.7 162.4
potatoes.
Europe's
1919
164.2 174.4 164.1
potato crop seems likely to be smaller this year than
205.2 198.5 193.0 174.2 177.0 192.8
166.9
1920
172.1 177.1 167.7
151.2
103.7 206.3 209.9 187.6 183.0 188.2 It was last year. Another important element in the situation is the pros1921
152.8 154.3 147.0
118.2
158.2 181.4 186.4 164.0 135.0 153.9 pect that Russia this year may have
no wheat to export. These facts are
1922
147.2 144.8 139.4
147.4 181.4 169.0 147.2 125.1 148.9 weighty elements
105.8
on the demand side of the equation.
1923
153.9 150.2 143.4
106.6
144.8 169.1 164.3 155.1 144.7 167.0
Allowance
also
192.4
155.9 151.6 145.5
109.1
should be made for the fact that consumption of wheat
139.61 188.4 165.7 155.1 135.0 159.7
1925
159.8 155.6 149.5
114.1
173.01 195.5 171.8 167.3 143.1 186.1 in the form of flour is increasing, both in the United States and in other
1926
162.6 159.8 153.0
120.7
188.3 213.4 182.2 157.3 138.6 165.6 countries. In the United
States it is increasing at the rate of about 6,000,167.7 188.4 158.1
1927
127.3
174.8 204.5 173.2 158.4 145.2 170.1 000 bushels a
year. That the same tendency exists in Europe can be seen
from the fact that although European wheat production in 1927 was about
1927Jan
160.6 158.3 153.0
124.0
181.1 211.2 180.8 158.4 152.5 170.1 as large as in 1923, her imports of wheat were nearly 90,000,000 bushels
Feb
161.0 158.7 153.6
123.1
179.6 210.8 180.8 158.4 153.5 170.1 larger despite the
fact that prices were considerably higher. Poor quality
March_ 161.8 159.6 153.5
123.1
179.3 210.0 181.7 158.4 154.6 168.8 In the
crop of Canada and of some European countries was a factor in the
Apdl
164.6 163.2 156.1
125.6
178.2 210.8 182.6 157.3 152.5 167.9
higher
prices
May
186.5 185.5 157.6
last year but a material increase in the demand for wheat,
125.6
178.3 209.3 180.3 156.2 139.4 167.4
June
186.9 165.9 157.1
125.6
174.4 206.3 170.4 156.2 135.2 167.4 however, was also apparent
Since 1923 the world's demand for wheat
July
171.7 170.0 160.1
126.4
172.6 203.0 167.1 157.3 134.2 167.0 seems to have
increased at the rate of about 5% a year. This is duo both
Aug
172.0 170.9 160.1
128.4
172.2 201.9 166.2 158.4 134.2 167.4
172.4 170.9 160.6
Sept
128.1
172.2 200.0 166.2 158.4 139.4 170.6 to growth of population, and to increased per capita consumption.
It is also well to remember
Oct
172.0 170.0 161.1
130.8
172.8 199.3 167.6 159.6 145.4 173.3
that the United States produces different
Nov
171.3 169.5 181.1
133.9
171.5 197.0 167.1 159.6 147.3 174.7 classes of wheat which may
be affected in different ways by the world
Dec
172.8 171.3 163.6
138.0
167.8 192.9 167.6 160.7 152.5 176.5 situation.
Our August estimate indicated an increase over the previous
estimate of about 17,000.000
1928bushels in the soft red winter wheat producJan
174.8 173.1 165.2
142.1
185.2 192.3 172.8 160.7 150.9 177.4 tion of the United States.
This total, however, is still about 40.000,000
Feb
176.4 174.4 167.2
144.6
161.9 190.3 174.6 160.7 147.0 177.4 bushels less than
last year, and last year's crop was below our domestic
176.8 175.3 167.2
Mar
146.3
159.3 187.7 174.6 159.6 149.6 174.2
Apr
178.3 177.6 168.7
147.9
158.9 188.1 177.0 158.4 143.9 172.9 requirements. Producers of soft red winter wheat who are in a position
181.5 181.2 172.2
150.4
May
159.6 190.3 177.0 158.4 142.6 172.4 to stay out of the usual fall marketing rush ought to find that course profitJune_ _ _ 186.8 186.5 175.3
152.9
160.0 192.2 174.2 157.3 140.7 172.4 able
Our production of hard red
spring wheat is so largo that the market
195.7 196.9 181.8
Julv
157.9
162.6 198.5 172.3 158.4 141.8 173.3 for that kind
may be on an export basis, at least for a part of the crop year.
Hard red winter and durum wheats
likewise are abundant in supply. For
Weighted
these three classes of wheat,
Year and
Corn
PotaIr00(1
Go!therefore, the prices are likely to be deterMonth. Lard. Eggs. Bread Flour Meal Rice. toes. Sugar Tea. fee.
mined throughout the year by
Index.
world market levels. Nevertheless it is
possible that the world market as a
whole has overemphasized the bearish
80.7 84.1 ____ 95.0 87.6
1907
105.3 105.3
aspects of the supply situation
111.2 107.7
80.5 86.1 ____ 101.5 92.2
1908
and may later have to correct that overemphasis by an upward movement of
90.1 92.6 ____ 109.4 93.9
1909
112.3 1013.6
prices.
103.8 97.7 ____ 108.2 94.9
101.0 109.3
1910
93.0
Farmers who sell their crop immediately
after harvest without regard
130.5 111.4
1911
88.4 93.5 ____ 101.6 94.3
__,._
92.0
to the state of the market, may have
This hapcause to regret it later
105.2
115.1
1912
101.6
132.1
__
93.5 98.9
197.6
pened
with
cotton in 1926-27, when an extremely low price in the market100.0 100.0
100.0 100.0 100.0 100.0 100.0
1913
1-0-0.0
loom
ing season, based upon large production.
108.3 108.2
1914
98.6 102.3 112.5 103.9 105.11
99.7
102.4
was folltmed by a substantial
88.9 120.1
100.6
1915
93.4 98.7 125.0 125.8 108.4
101.3
advance in prices later. Comparatively
few farmers profited from this
158.8 146.4
100.3
111.0 108.8 130.4 134.6 112.6
1916
113.7
advance, because most of them marketed
t
252.7
heir
crop as soon as it was ginned.
169.3
101.4
174.9 139.4 164.3 211.2 192.2
1917
146.4
It is not too late for large numbers id
188.2 176.4
102.4
1918
210.8 164.9 175.0 203.0 226.7
168.3
our wheat 2r,,%sers. equipped to do
so. to protect themselves against what
223.5 205.5
1919
145.3
233.5 182.0 178.6 218.2 213.3
185.9
may be an unduly depressing Influ157.7
370.6 352.7
1920
203.4
186.7 197.4 205.4 245.5 216.7
ence now exercised on prices by overetuphasis
tin die supply side of the
121.8
1921
182.4 145.5
153.3
113.9 147,5 176.8 175.8 150.0
market.
Large
production
usually
121.1
has an unduly depressing influence on
1922
164.7 132.7
141.6
107.6 128.7 1.55.4 154.5 130.0
prices in the early part of the marketing
146.2
126.5
1923
170.6 183.6
112.0 134.8 155.4 142.4 136.7
season. and a subsequent upward
corrective tendency can generally be
145.3
1924
145.9
158.8 167.3
120.3 138.6 157.1 148.5 156.7
expected.
172.8
211.8 139.9
1925
157.4
147.5 151.0 167.9 184.8 180.0
No statement on the wheat situation
would be complete without direct
171.1
1926
160.6
288.2 125.5
138.6 140.6 167.9 181.8 170.0
reference
to
the
effect
the
combine harvester has had on heavy marketing
1927
162.1
155.4
223.5 132.7
122.2 131.0 166.1 166.7 173.3
of the crop at the beginning of the season
That. this is true is shown by
1927- _
the fact that in July of this year :35.400.0011 bushels
of wheat were received
Jan..
159.3
168.5
235.3 138.4
126.6 162.0 167.9 169.7 170.0
the Kansas City market as compared
at
with 18.800.000 bushels for the
Feb
156.0
167.4
124.1 128.1 167.9 169.7 170.0
223.5 136.4
same
month
a
year
ago.
Mar
The combine has revolutionized the harvesting
153.8
165.4
122.8 102.6 167.9 166.7 170.0
217.6 134.5
of wheat by reducing costs and the time necessary
April
153 6
163.8
120.9 98.3 167.9 166.7 170.0
217.6 132.7
to do the Job. At the
May _ _ 120.3 97.4 167.9 166.7 170.0
155.4
161.7
264.7 132.7
same time it has aggravated the early marketing
situation because storage
1601
June
158.5
119.0 97.1 166.1 166.7 173.3
352.9 132.7
space on farms is not adequate to permit farmers to practice orderly marketing.
July
153.4
159.7
119.0 107.0 166.1 166.7 173.3
247.1 134.5
Aug
152.4
119.6 121.7 166.1 169.7 173.3
159.1
200.0 132.7
Sept__. 121.5 141.2 166.1 166.7 173.3
154.0
158.7
188.2 130.9
Oct..... 124.1 164.1 166.1 166.7 173.3
150.1
150.1
176.5 130.9
Ex-European Wheat Imports Growing Rapidly.
Nov
156.5
123.4 178.8 166.1 163.6 173.3
160.4
176.5 130.9
Dec
121.5 172.8 164.3 163.6 173.3
155.9
161.4
176.5 129.1
The wheat and flour trode of countries
of Europe
176.5 129.1
176.5 129.1
200.0 129.1
205.9 129.1
194.1 130.9
170.6 132.7
IRA R 122.7
162.8
163.1
163.8
164.1
164.4
165.1
185.1
155.1
151.6
151.4
152.1
153.8
152.13
152.81
outside
receives little attention, but is becoming increasingly important, according to the Food Research Institute of Stanford University. In a publication issued by the University
it is stated that the average annual volume of ex-European
trade increased by some 45 million bushels between 190043.
FINANCIAL CHRONICLE
and 1921-26, an increase of 50 to 60%. From the same
source it is learned:
Over the same period European trade increased only about 30 million
bushels, or not much more than 5%. Growth of the Asiatic trade accounted for most of the increase in ex-European takings. Further growth
is likely: there are few ex-European areas where domestic wheat production shows promise of obviating the need for imports; and per capita
consumption of wheat is apparently increasing in most of these countries. Within a decade or so the ex-European trade may amount to as
much as a fourth of the international trade, as contrasted with an eighth
before the war.
European imports have always consisted chiefly of wheat, ex-European
imports chiefly of flour. In the post-war period, the flour trade of exEurope was almost as large as that of Europe. But flour tends to become a smaller fraction of the trade in wheat and flour combined, since
several important importing countries now protect their domestic milling
Industries. The United States remains the chief source of ex-European
supplies of wheat and flour, but has become relatively less important with
the more rapid expansion in the exports of Australia and Canada.
The ex-European demand appears to be rather less elastic than is commonly supposed. Year-to-year variations in the volume of trade have been
large in post-war years. They appear to have been due, however, quite
as much to fluctuations in the Chinese wheat crop and to a general trend
upward of wheat consumption as to variations in wheat prices and concomitant substitution of other cereals for wheat.
Survey of Indiana Limestone Co. Indicates New Building Operations During August of $600,000,000.
New building in the month just closed had a total value
of about $600,000,000, according to a nationwide survey
made public Sept. 5 by the Indiana Limestone Co. President A. E. Dickinson said it brings the year's aggregate up
to approximately $4,932,000,000. This is considerably
over the same period last year. "A new viewpoint is developing in the building industry," Mr. Dickinson said.
"Three years ago the volume of construction was regarded
by many able men as having reached boom proportions.
Yet activity has continued unabated," He adds:
•
"To-day the fact is becoming more and more apparent that building
has seen stabilized around present levels and that what seems like immense programs compared with former days are necessary to meet the
actual needs of commerce, industry and improved conditions in home life.
"For the past eight months the industry has shown a stability unparalleled in history. To-day there is less evidence of a recession than is usual
at this time of year. Unless a radical change in general business develops, which is extremely unlikely, this will be America's biggest building
year.
"One of the important factors in the huge building programs of the past
few years is the growing necessity of deriving the utmost income from
land that has increase in value. This tendency is particularly noticeable
In the largo-scale commercial, industrial and residential construction going
on to-day. Skyscrapers and giant apartment buildings and hotels are
paying a maximum return on the higher land values.
"In the geographical distribution of construction activity in the past
month, the fast pace set in the Middle West is an outstanding feature.
Chicago. hub of the Central West. has broken all records for total volume
so far this year. About 45% of all construction in this section was for
residential building, with commercial, public works and industrial construction also quite active.
"Southern States have chalked up new records, the largest volume of
construction being for public works, with residential building running a
close second.
"New York State and New Jersey have fallen off slightly from the high
figures of the same period last year. This is probably due to a small
recession in commercial building. New York City, however, shows an
increase for the year. Residential construction accounts for 50% of all
building in the section, and public works continue in large volume.
"A gain Is shown in the Middle Atlantic States, residential, public works
and commercial buildings bringing up the totals. While the Northwest
is still slightly behind last year, the improved agricultural situation in that
district will be an important factor in increasing building activity this
fall.,,,The Pittsburgh district is about keeping pace with last year."
Review:of Building Situation in Illinois during JulyN umber of Permits in July Greater Than in June.
-imois building activity as indicated by permits in 28
leading Illinois cities increased sharply during July, carrying the State total 7.3% above the June level and reversing the downward movement which has characterized every
July following 1921, says Sidney W. Wilcox, Chief of the
Ism oau of Labor Statistics of the Illinois Department of
L:ihi', in his review, issued July 10, of the building situin the State. The survey states:
eago office builders who applied for permits to construct new buildings costing $8,047,900 are to be credited with the July upturn. Residential construction in Chicago, however, and total Illinois construction
outside the city have both declined sharply when compared with a month
ago.
During the first seven months of 1928 building is $26,095,000 less
than in the comparable period of 1927. The index of Illinois building
activity indicates that construction activity is now lower than in any July
following 1924. Employment records of Illinois builders also indicate
that they are less busy then they were a year ago. Construction steel
factories report that new orders have declined and that the competition
for business has been increasing.
Prices of construction material have declined somewhat when corn'
pared with last year, according to the most recent information from the
Federal Bureau of Labor Statistics. In May the wholesale price index
of building materials in United States stood at 96.2 as compared with
97.8 in May 1927. The customary movement of wholesale prices during
the present season is downward. Labor costs as indicated by union wage
rates in Chicago have increased only slightly, for the majority of crafts
have experienced no wage decrease during the past year.
In the Chicago area non-residential construction has been going on at
an increasing rate. The iesuance of a permit for a $6,122,000 office build-
z
1313
ing is the outstanding feature, although many other large items appear
on Chicago's July building budget. Fifteen new factories are to be constructed whose estimated cost will be $1,072,000, and permits have been
issued for the construction of 6 schools costing approximtaely $1,450,000.
Apartment house building continues to decline-the past month's total
including only $1,420,000 worth of apartment house construction.
An increased volume of school construction in Evanston carried the totals
of that city from $718,250 to $1,050,000. The building of homes fol.
lowed the statewide movement with a sharp decline. Maywood and Cicero
are two other centers within the metropolitan area to report increases.
Wilmette, Berwyn, Blue Island, Glen Ellyn, Oak Park and Winnetka all
reported reductions.
In 8 of the 16 centers outside the metropolitan area building operations
increased during July. Joliet's budget of $584,067, most of which is to
be expended for stores, is the largest of any of the down-State centers.
Springfield comes second with plans for buildings, the estimated cost of
which is $434,188, and the third city on the list is Peoria with a program calling for $214,000 worth of residential construction and 8120,300
of non-residential projects. Aurora and Elgin and East St. Louis totals
also are higher than in June. As indicated by permits, construction in
Rockford, Waukegan, Moline and Freeport declined during the past
month.
The tabulations issued by Mr. Wilcox follow:
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
PERMITS ISSUED IN 28 ILLINOIS CITIES IN JULY 1928 BY
CITIES, ACCORDING TO KIND OF BUILDING.
Total
July 1928.
Cilia.
No. Estimated
Cost.*
131dgs*
June 1928.
July 1927,
No. Estimated
Cost.
Bldos.
Estimated
Cost.
3,558 537,071,267 3,674 534,554,231 527,902,973
Whole State
Metropolitan AreaChicago
1,806 30,009,643 1,773 26,902,135 21,399.430
97
420,700
169
810,000
343,000
33
32,953
45
103,470
221,500
52
514,427
57
362,751
313,803
92 1,050,050
Evanston
96
718,250
524,550
99,090
Glen Ellyn
24
26
146,875
136,700
Highland Park
26
221,750
31
204.280
185,560
44
Maywocci5
374,050
42
323.475
139,725
Oak Park
53
416,800
60
620.075
403,804
22
Wilmette
203.625
23
705,327
284,815
Winnetka
16
87,750
26
254,500
178,900
5I
Outside Metropolitan AaeaWI
325,356
Aurora
98
96
153,565
251,335
34,500
Bloomington
10
17
127,800
81,00C
1,500
Canton
2
4
1.025
4,125
56,288
Danville
24
19
125,134
83,65C
96
116
257,975
Decatur
420,385
400,47C
103
330,153
East St. Louis
89
185.803
458,777
92
183,890
Elgin
96
143,155
173,68C
111,599
30
91
127,150
75.35(
Freeport
51
55
584.067
Joliet
184,800
397,30C
99
110
128,805
Moline
209,177
86,511
Murphysboro
15,00(
147
401,840
155
Peoria
327,040
350.55(
22
35,360
Quincy
37
148,655
68.50(
376,475
205
139
573.775
Rockford
459.05(
94
135,583
106
151,566
Rock Mond
70,561
434,188
127
113
Springfield
293,653
300,83Z
89
Wrinkr•ffan
242.850
87
250.410
493.n
• Complete total figure exceeds detail figures by 44 buildings and 5374.050
since classified figures are not mailable for Maywood.
Berwyn
Blue Island
Cicero
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
PERMITS ISSUED IN 28 ILLINOIS CITIES FROM JANUARY
THROUGH JULY 1928, BY CITIES, ACCORDING TO
KIND OF BUILDING.
Total.
January-July 1928.
Cities.
Whole State
Metropolitan AreaChicago
Berwyn
Blue Island
Cicero
Evanston
Glen Ellyn
Highland Park
•Maywood••
Oak Park
Wilmette
W1nnetka
Jan.-Julp 9127.
Number
Buildinys.•
Estimated
Cost.*
Estimated
Con.••
24,607
$267,092,446
:293,187,439
13,060
813
295
314
610
173
223
292
539
180
157
216,412,343
4,319,800
676,544
2,155,528
6,382,775
1,145,437
1,664,180
1,935,185
5,515.684
1,834,826
1,390,325
233,214.105
5,160,200
768,930
3,126,679
11,240,445
964,650
1,247,286
1,331,270
4,422.344
1,318.936
1.360.780
Outside Metropolitan AreaAurora
Bloomington
Canton
Danville••
Decatur
East St. Louis
Elgin
519
94
17
135
778
665
641
222
382
545
1
867
228
990
643
702
520
1,971,255
1,778,310
640,800
591,400
15,475
115,170
441,613
651.850
2.372,140
3.578,720
1,725,105
3,186.698
1.623,912
1,142,651
Freeport
1,613,449
686,101
Joliet
2,096,240
1,635,700
Moline
715,654
540,942
Murphysboro
5,000
33,000
Peoria
1,946,555
1,814,195
Quincy
981,787
454,491
Rockford
2,956,443
4,191,086
Rock Island
633,811
907,132
Springfield
2,038,987
3,047,696
Waukegan
1.881,593
4,676.672
• Complete total figure exceeds detail figures by 292
buildings and 51,935,185
since classified figures are not available for Maywood.
••()wine to corrections in Danville totals, the January
-July 1927 grand and
Danville totals exceeds the January-June 1927 totals by
$2,700.
AMOUNT OF BUILDING IN ILLINOIS AS INDICATED
BY PERMITS.
1922=100.
Month.
January
February
March
AMU
slay
June
July
August
September
October
November
December
1928.
1927,
1926.
1925,
105.5
93.8
143.0
128.0
167.4
112.8
121.0
_
124.7
200.9
286.9
270.5
197.5
190.6
134.0
174.3
172.6
164.5
176.2
123.0
82.3
129.9
184.7
215.2
184.2
'zIkCo6bizobiAW
SEPT. 8 1928.]
.
_
____
178.1
175.0
216.3
172.8
291.5
168.7
154.9
1924.
1923.
1922.
63.3
88.2
132.7
162.3
156.8
96.0
139.0
159.2
302.2
163.5
41.6
68.9
98.5
89.1
141.9
143.0
92.2
99.2
68.8
80.8
108.4
1A0 A
154.8
102.4
98.1
112.1
101.0
119.2
138.6
86.1
104.4
135.6
142.4
140.7
1A0 9
1071
1314
FINANCIAL CHRONICLE
INDEX NUMBERS OF WHOLESALE PRICES OF BUILDING MATERIALS
IN UNITED STATES. 1922=100.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
1928.
1927.
1926.
1925.
1924.
1923.
1922.
93.4
93.6
93.6
95.2
96.2
100.3
99.0
98.0
97.7
97.8
97.3
96.4
95.6
94.8
94.2
92.8
93.0
105.2
104.7
104.0
102.9
102.0
101.7
102.3
102.4
102.4
102.4
103.0
102.1
106.8
108.2
106.3
104.0
104.3
102.5
102.2
103.5
104.0
104.2
104.4
104.8
108.1 110.2
108.7 112.6
108.5 115.4
108.0 118.8
107.3 117.6
103.7 114.3
102.1 112.0
102.6 110.2
102.8 108.4
102.7 108.7
103.4 107.9
104.7 106.6
94.2
93.7
93.1
93.5
95.6
98.8
.99.9
101.3
105.5
107.6
108.3
108.3
Union Wages Paid in Chicago Building Trades.
In the review of the building situation in Illinois during July, issued Aug. 10 by the Bureau of Labor Statistics
of the Illinois Department of Labor (and which we give
elsewhere in this issue to-day), we find the following,
compiled by the U. S. Bureau of Labor Statistics, showing the union wage rates in the Chicago building trade.
UNION WAGE RATES IN THE CHICAGO BUILDING TRADES.
Compiled by the United States Bureau of Labor Statistics.
Rates of Wages per Hour.
Year.
Cement
Bricklayers. Carpenters. Finishers.
*S0.62
*0.62
*0.67
0.67
0.67
0.72
0.75
0.75
0.75
0.75
0.75
0.75
0.87
1.25
1.25
1.10
1.10
1.25
1.50
1.50
1.62
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
$0.56
0.56
0.56
0.60
0.60
0.65
0.65
0.65
0.65
0.70
0.70
0.70
0.80
1.25
1.25
1.10
1.25
1.25
1.25
1.37
1.50
$0.56
0.56
0.57
0.57
0.62
0.62
0.65
0.65
0.65
0.65
0.67
0.75
0.80
1.25
1.25
1.10
1.10
1.25
1.25
1.37
1.50
Granite
Cutters.
$0.56
0.56
0.56
0.56
0.56
0.56
0.62
0.62
0.62
0.62
0.75
0.75
1.00
1.00
1.25
61.25
61.25
01.25
al.50
61.25
61.37
Plasterers.
$0.68
0.68
0.68
0.68
0.68
0.76
0.75
0.75
0.75
0.75
0.75
0.81
0.87
1.25
1.25
1.10
1.50
1.50
1.50
1.50
1.62
Rates of Wages per Hour.
Year.
Plumbers
Plasterers' and Gas
Laborers. Fitters.
Stone
Cutters.
Structural
Iron
Workers. Painters.
$0.40
$0.62
$0.50
$0.56
1907
$0.60
0.50
0.56
0.40
0.60
0.65
1908
0.55
0.56
1909
0.45
0.62
0.65
0.45
0.65
0.68
0.60
0.56
1910
0.60
0.62
1911
0.45
0.66
0.68
0.45
0.68
0.60
0.62
1912
0.68
0.65
0.62
0.48 •
0.68
0.75
1913
0.70
0.62
0.50
0.68
0.75
1914
0.50
0.70
0.62
1915
0.75
0.68
0.70
0.62
0.50
0.75
1916
0.68
0.50
0.75
0.72
0.70
1917
0.69
0.75
0.70
0.56
0.75
1918
0.70
0.62
0.81
0.84
0.87
1919
0.87
1.06
1.25
1.25
1.25
1920
1.25
1921
1.25
1.25
1.25
1.06
1.25
1.10
1.10
1.02
1922
0.78
1.05
1.10
1.02
1923
0.78
1.25
1.05
1924
0.78
1.25
1.25
1.25
1.25
1925
0.88
1.25
1.37
1.25
1.50
1926
0.03
1.50
1.50
1.50
1.37
1927
0.96
1.50
1.50
1.50
1.50
With the exception of bricklayers who worked 48 hours per week in 1907, 1908
and 1909, the standard working week has been 44 hours in all lines. a Forty hours
November to March.
Business in Cleveland Federal Reserve District Tending
Toward High Level of Fall Activity.
"Business in the Fourth [Cleveland] District is swinging
into the Fall at a high level of activity, supported by unusually heavy operations for this season in the iron and steel
industry." In thus indicating the situation in its District,
the Federal Reserve Bank of Cleveland in its September 1st
Review, further states:
A few weak spots exist, it is true,such as the sluggishness of the coal and
clothing industries and the very general complaint as to the difficulty in
making collections. But on the whole activity is undoubtedly greater than
a year ago, and conditions are more like the late summer of 1926, when
production of goods reached a high point after allowing for seasonal factors.
Heavy automotive demand has greatly benefited Fourth District steel
mills as well as parts manufacturers. A distinctly better situation now
prevails in the tire industry, with half-year deficits caused by inventory
losses a thing of the past and a better outlook apparent as a result of the
present stability of crude rubber prices and a strong demand for tires.
Orders for shoes for Fall delivery are in good volume. Building activity is
slightly less than a year ago, being held back here and there by high interest
rates. Retail trade in July exceeded that of a year ago. Crop conditions
have improved; corn is looking better, tobacco has been helped by dry
weather, and a very large oats crop is in prospect.
As to the tire and rubber industry the Bank says:
Since early July. Akron tire manufacturers have been in a much more comfortable position than in the first half-year. During the first six months
profits from heavy operating schedules were more than offset by inventory
losses, and as a result the semi-annual earnings statements of most tire concerns were disappointing. Now.however,inventory losses have been pretty
well taken care of, and the high level of activity of previous months has
been maintained or even increased as a consequence of large automobile
production and the normal midsummer peak of the touring season.
Crude rubber (first latex, spot) was just under 20 cents a pound in New
York on August 20, about the same as a month ago. The market has
changed but little recently.
(Vol,. 127.
World rubber stocks, as reported by the Department of Commerce, have
been steadily declining during the past six months. On February 1, they
amounted to 276,670 tons; on March 1, they were 269,572 tons; and on
April 1, they were 260,991 tons. Complete figures are not available since
April 1, but, a fairly close estimate based on partial figures put stocks at
249,000 tons on May 1; 233,000 on June 1; and 209.000 on July 1. The
latter figure represents a loss of 676670 tons, or 24%.in six months. Crude
rubber consumption in this country was at an unusually high rate in July
and August, amounting to some 40.000 tons in July.
Akron employment in July increased 2% over June, but was 1% less than
In July of 1927.
The clothing trade is reviewed as follows:
Conditions in the clothing manufacturing business in the Fourth District
are still unsettled. The depression which developed in the summer of 1927,
according to reports from various sources, has not yet run its course. There
are numerous evidences of deferred buying, reduced distribution and restraint in expenditures.
Prices of wool and woolens remain at reasonably low levels and production
costs have not increased to any extent. These two things express themselves in the ultimate selling prices of fnished garments, which now are at
levels low enough to promote ready sales by retailers. However, knowing
there is an overproduction, retailers are not placing many advance orders.
Due to the fact that customers can secure goods on short notice, handto-mouth buying is still the rule.
Slight improvement is reported in the knitwear business, sales being a
trifle ahead of 1927.
Sales in the retail branches of the clothing trade during July present a
somewhat more encouraging picture. Gains were reported in women's
coats, 11.4%; women's dresses, 5.1; misses' coats and suits, 32.0; juniors'
and girls' wear, 14.2; aprons and house dresses, 20.3; knit underwear, 2.0:
men's furnishings. 3.9; and boy's wear, 2.2. Men's clothing showed a
decrease of 2.7% from July of last year.
Moderate Improvement in Business In St. Louis Federal
Reserve District.
The Federal Reserve Bank of St. Louis States that
moderate improvement in business as a whole and increasing
confidence in prospects for trade and industry during the
coming Autumn and Winter were reflected in reports from the
various lines covering activities in this [the St. Louis] District during the past thirty days." From the Bank's
Monthly Review, issued August 31, we also quote as follows:
While in many lines investigated, volume of July sales was below that
of a Year ago, less than the usual seasonal decrease occurred, and in a number of important instances was entirely absent. Results obtained in the
iron and steel industry were better than expected, both in point of production and distribution, and at many plants unfilled orders on books weresuffident to maintain current rate of production for the next six weeks or two
months. Distribution of automobiles in July fell seasonably below June,
but was substantially larger than in July. 1927. Building operations of
all descriptions were maintained at the high rate of recent months, and demand for lumber, cement, glass, quarry products and other construction
material was brisk.
The more seasonable weather and improved crop prospects served to
stimulate the movement of merchandise through both retail and wholesale
channels. Wholesalers of groceries, apparel, dry goods, boots and shoes
and other goods for common consumption report that since the middle of
July orders have been arriving in good volume, and numerous buyers who
earlier in the year had been purchasing closely and with extreme caution,
are now seeking to provide more freely for future requirements. Depart-.
ment stores in the principal cities showed a gain in July sales of 6.9 per cent
over the same month last year, and good gains were also made by five and
ten cent stores, mall order houses and chain stores. Debits to checking
accounts in July declined 12.2% as compared with June, but were 5.0 Per
cent larger than in July, 1927, and for the first seven months of the year
the total is 6.8% larger than for the corresponding period last year.
The employment situation developed some unevenness, but the general
trend was upward. The heavy call for laborers in the harvest fields and
other outdoor occupations more than counterbalanced the number released
by reduced operations at industrial plants. A surplus of coal miners still
exists in all fields of the district, but employment in the lead and zinc areas
gained. Railroads,automobile plants and flour mills increased their forces,
and in other major industries only slight variation from the preceding thirty
days was noted. Crop prospects improved materially in July and early
August, but this favorable development was offset in largo measure by the
sharp decline in the price of cereals and other important farm products.
Conditions in the bituminous coal trade failed to register any improvement, demand from both industrial and domestic consumers continuing
dull. Competition between the several fields is unusually keen, and the
trend of prices was lower. Industrial stock piles are still large, and are
diminishing more slowly than had been expected. The abandonment of
the Jacksonville wage scale by the United Mine Workers injected a further
element of uncertainty in the price situation, and numerous consumers
were disposed to postpone commitments until the results of that policy are
more clearly defined. Contracting by retail dealers progressed slowly.
the principal reason being backwardness on the part of householders in ordering their fall and winter supplies. The domestic demand in the country
was reported generally quieter than at any similar period in more than a
decade. In the Illinois and Indiana fields mines were operating on an average of barely three days per week. Operators in western Kentucky reported
customers delaying contracting on account of labor developments in Illinois
and Indiana. Generally there were increasing complaints of accumulation
of loaded cars at mines for which no orders had been received. Purchasing
by the railroads was on conservative lines, and reserve stocks of a number
of western roads are still large. In the chief urban centers, retailers report
steadily increasing competition of fuel oil, coke and gas. For the country
as a whole production of bituminous coal for the present calendar year to
August 11, approcimaterly 185 working days, amounted to 285,098,000
tons, against 325,673,000 tons for the corresponding period last year and
324.847,000 tons in 1926.
Improvements in Crops in Dallas Federal Reserve
District-Distribution of Merchandise Affected
by Seasonal Influences.
In summarizing conditions in its District, the Federal
Reserve Bank of Dallas has the following to say in its Sept. 1
issue:
PS
FINANCIAL CHRONICLE
SEPT. 8 1928.]
The rapid improvement in the condition of growing crops following the
heavy general rains late in July stands out as the most important development in the business and industrial situation in the Eleventh Federal Reserve
District during the past thirty days. A good wheat crop has been harvested
and m,arketed at a fair price. The indicated yield of the corn Crop, while
less than in 1927, is substantially above the average production and the
yield of grain sorghums bids fair to exceed that of a year ago by a considerable margin. Likewise, most of the minor crops promise fair to good
yields. The cotton crop which is the district's largest cash (TOP, IS in
fair to good condition in all sections of the district except in South Texas
and isolated localities elsewhere. In fact, the Aug. 1 report of the Department of Agriculture indicates that the production this year will reach the
second highest total on record. Nevertheless, it must be borne in mind
that the fields in most sections of the district are infested with weevils or
other insects and while damage to date has been slight, except in a few
instances, the presence of the insects in large numbers presents a serious
potential danger to the crop which may serve to greatly reduce the final
yield. The outlook for this district, however is encouraging in view of
the fact that the condition of the crop in many of the other cotton growing
states is poor to only fair, which may serve to hold down the total production
for the United States.
Thelivestock situation haslikewiseshown a material changefor the better.
While conditions in some portions of the district had become acute prior
to the July rains, range grass in practically all sections of the district has
been revived and has made rapid growth in recent weeks. Livestock generally held up well during the dry period and since the improvement in
range conditions have been mending very fast.
Distribution of merchandise in wholesale and retail channels was effected
by seasonal influences. Sales of department stores were 27% less than in
the previous month, but were 3% larger than in July 1927. Wholesale
distribution was well sustained during the month and exceeded that of a
year ago by a substantial margin. While there has been no change from the
conservative policies followed by retail merchants, yet sentiment is steadily
improving and more interest is being manifested in the requirements for
fall trade.
The past month witnessed a substantial increase in the demand for credit.
Federal Reserve Bank loans to member banks rose to 829,637,609 on Aug.
15 which compares to $14,262.129 on July 15, and 811,480,168 on Aug.15
1927. While loans to country banks have shown a substantial increase,
the bulk of the Federal Reserve Bank funds has been absorbed by reserve
city banks. The combined deposits of member banks, which stood at
8884,601,000 on July 11, were $17,244,000 greater than on June 13, and
were 8102,921.000 larger than a year ago. Reports from 650 member
banks in response to.a questionnaire sent out by the Federal Reserve Bank
relative to financial conditions indicate that the returns from this year's
crops will enable most farmers, except in a few localities, to liquidate the
current season's borrowings and in a majority of instances will provide
a surplus to apply on carryover indebtedness or to serve as purchasing
power for current or future needs. This,together with the fact that member
bank deposits are at a record level for this season of the year, emphasizes
the strong finaneial position of the Southwest.
Construction activity reflected a further sharp decline during July.
The valuation of building permits issued at principal cities showed a decline
of 13% as compared to the previous month and was 7% less than in July
1927. In fact, the total for the month reached the lowest level in nearly two
years. The production, shipments, and new orders for lumber and the
production and shipments ofcement.on the other hand,showed a substantial
improvement as compared to the previous month and the same month last
year.
Wholesale Trade.
The distribution of merchandise in wholesale channels was well sustained
during July. While sales in some lines were smaller than in the previous
month, in all lines except dry goods they were larger than a year ago.
During the first three weeks of July buying was held in check due to the dry
weather over a large portion of the district which temporarily beclouded
the agricultural outlook. Following the rains late in July and the subsequent improvement in crop conditions, there has been a noticeable expansion in the demand for merchandise in both wholesale and retail channels.
While merchants are still following conservative merchandising policies
and are watching closely the progress of crops, recent developments have
been of a constructive nature and there seems to be a confident expectation
of good business during the fall. Collections in most lines during July
were seasonably slow.
The demand for dry goods has shown some improvement. Sales of
reporting firms exceeded those of the previous month by 29.1% due to seasonal influences, yet they fell 6.3% below those for the corresponding
month a year ago. The opening of the fall buying season in leading centers
early in August attracted a large number of buyers and while reports are
to the effect that buying has been on a large scale, yet there is a strong
disposition to keep purchases on a conservative basis. While buyers
are taking a large assortment of merchandise they are buying in small
Quantities. Collections were on about the same basis as in the previous
month. The outlook is reported to be favorable.
After showing substantial increases during May and June, the sales of
farm implements reflected a seasonal recession in July. While sales were
18.1% less than in June, they exceeded those in the corresponding month
last year by 32.6%. Recently business has been stimulated by the improvement in crop conditions, yet buying is on a conservative basis as farmers
are awaiting more definite information regarding the outcome of the cotton
amp before making heavy purchases. Reports from the trade indicate
that the outlook for fall business Is good in most sections of the district.
Prices remained generally firm.
1315
Retail Trade.
Summer quietude prevailed in the retail channels of distribution during
department
stores
in the larger cities reflected a seasonal
July. Sales of
decline of 27.0% as compared to the previous month, yet they were 3.3%
larger than in the corresponding month last year. The hot weather has
greatly stimulated the sales of summer merchandise. Reports indicate
that business during August Is holding up well and recently the stores
have been featuring "clearance sales" in order to clear their shelves of
summer merchandise in preparation for fall goods.
Stocks on hand at the end of July were 5.5% smaller than a month earlier
and were 7.9% less than a year ago. The rate of stock turnover for the
first seven months of 1928 was 1.61 as compared to 1.51 during the same
period in 1927.
Collections reflected a seasonal decline in July. The ratio of July colcollections to accounts outstanding on July 1st was 34.3% as compared to
36.1% in June and 33.5% in July, 1927.
Volume of Business in Richmond Federal Reserve
District During July Below That of Year AgoLabor Conditions-Wholesale and Retail Trade.
In its summary of business conditions in its District, the
Federal Reserve Bank of Richmond has the following to say
in its Monthly Review dated August 31:
Business in the Fifth (Richmond] Federal reserve district in July was
seasonally in less volume than in June, and on the whole seems to have been
somewhat below the volume of business transacted in July a year ago.
At the end of August conditions are quite spotted, with both favorable and
unfavorable factors in evidence. The credit facilities of the Fifth district
are being used much more extensively now than was the case a year ago,
but there was less expansion in credit demand in July and the first half of
August than occurs in most years. Prospects for agriculture are good
insofar as yields of most crop are concerned, but the price situation in cotton, tobacco, and some truck crops is less satisfactory than a year ago.
Tobacco prices especially are much lower than in 1927. Tobacco factories
are operating full time, but textile mills are working short hours and disposing of their output with difficulty. Construction work in the district
is in larger volume than a year ago, but much of it is of a type which requires
relatively few workmen and labor is not fully employed. Business failures
in the Fifth district in July were comparatively more numerous than in the
United States as a whole, and debits totals reported by the banks in leading
trade centers were below those of the corresponding period last
year. Retail trade in July as reflected in department store sales
was approximately 3% larger than the volume of trade in July
1927. but wholesale trade in most lines was in smaller amohnt than
a year ago. In the Carolinas and Virginia crops were more or less
damaged by floods around the middle of August. In view of poor prices
for tobacco, potatoes, peaches, and some other agricultural products, together with reduced payrolls at textile mills and the number of idle workers
in the district, the purchasing power of the district is probably lower this
year it was a year ago, which may have an unfavorable influence on fall
trade when it opens up in September and October.
The Bank states that the employment situation was complicated by
excessive rains and floods during the first half of August, and little progress
was made on street, road and other outdoor construction work. It adds,
however, repairment of the damage done by high water will give employment to hundreds of additional workers during the next few weeks, and will
further reduce the number of unemployed. Except for the changes brought
by flood conditions in Virginia and the Carolinas, there were few changes
in employment figures during the past month. Textile mills resumed
operations after a shutdown early in July, but most of them are running
only part time. The demand for coal continues seasonally slow, but production in July was higher than in June this year or July last year. Tobacco factories are running full time, and the curing and marketing of
tobacco has recently given employment to some workers.
As to wholesale and retail trade the Bank says:
Wholesale Trade
Wholesale trade in the Fifth reserve district in groceries was in larger
volume in July this year than in July a year ago, but sales by reporting firms
selling drygoods shoes,hardware,furniture and drugs were in smaller amount
during the 1928 month. In comparison with sales in June this year sales
In July were larger in shoes, furniture and drugs, but were smaller in groceries, dry goods and hardware. During the first seven months of 1928,
sales by the reporting grocery firms exceeded sales during the corresponding
seven months of 1927, but sales in all other lines were less this year.
Stocks of goods on the shelves of the reporting firms at the end of July
were larger in groceries and dry goods than stocks on July 31. 1927, but
shoe and hardware stocks were smaller last month. Grocery stocks
were smaller on July 31st than on July 30th, both this year, but dry goods,
shoe and hardware stocks increased during July.
The percentage of collections in July to accounts receivable on July 1st
were lower this year than last in all lines except dry goods and drugs, furniture experiencing the greatest decline. A comparison of the July collection
percentages with those of June this year shows declines in every line except
dry goods. Hardware and furniture percentages both showed marked
recessions from those of the preceding month.
Retail Trade
Retail trade in the Fifth reserve district in July, as measured by dollar
sales in thirty leading department stores, averaged 3.1% more than in
July 1927, but was seasonally below the volume of trade in June of this
A substantial improvement in the demand for hardware was noted during year. Total sales during the first seven months of this year averaged
the past month. Sales were 8.3% larger than in the previous month and 3-10ths of 1% above sales during the corresponding seven months last year.
exceeded those of the same month last year by 16.3%. Although buying July 1928 sales were 5.2% above average July sales during the three years
is somewhat backward in some sections, the outlook for the future is good. 1923-1925, inclusive.
Collections were seasonably slow in July.
Stocks on the shelves of the reporting stores, at retail prices, were 2.6%
While July is normally a quiet month in the wholesale drug trade, business less at the end of July 1928 than at the same time a year earlier, and were
sustained
well
this
year. Sales were 1.0% less than in the previous 4.3% less than stocks on hand on June 30th this year. the latter being a
was
month but were 1.3% greater than in the same month last year. While seasonal decline.
collections were slow during July due to seasonal factors, dealers are exThe percentage of sales during July to average stocks carried during the
pecting good collections during the fall. Late reports indicate that business month totaled 21.2%, and the percentage of total sales during the seven
showing
some improvement and prospects point toward good elapsed months this year to average stocks carried during each month was
in August is
176.3%, a slightly higher figure than 174.8% reported by the same stores
fall trade.
The sales of reporting wholesale grocery firms reflected a seasonal decline for the first seven months in 1927.
Collections by twenty-nine of the thirty reporting stores during July
of 3.0% as compared to the previous month but were 10.5% greater than
In the corresponding month of 1927. Reports indicate that buying has totaled 27.3% of outstanding receivables as of July 1st, a lower rate than
this
season
of
the
year
sustained
for
and,
due to the favorable was reported for June this year but higher than the average of 25.0%
been well
outlook for agriculture, prospects for fall business are good in practically collected in July last year. Baltimore, Richmond and Washington perall sections of the district. Prices remained generally steady. Collections centages of collections were higher this year than in July 1927. but the
were seasonably slow in July.
Other Cities group reported slower collections for July this year.
Details of conditions in the wholesale and retail trade are
furnished by the Bank as follows:
1316
FINANCIAL CHRONICLE
New Automobile Models Announced.
The Packard Motor Car Co. on Sept. 5 announced an
entirely new car, the "Packard Standard Eight," which will
appear in 10 new body styles and will be equipped with an
eight-in-line motor. This car will be offered in two wheelbase lengths-126 and 133 inches. The prices range from
$2,435 for the 5-passenger sedan to $2,835 for the sedanlimousine (prices at the factory).
Dodge Brothers, Inc., on the same date announced the
new "Senior Six" available in six body types at the following
prices:
[VoL. 127.
Wheat Price Cut by Canadian Pool Hits Buying in
New York—Reasons Advanced for 15 Cents Reduction Are Held to Favor Bear Account.
In the New York grain trade the Canadian Wheat Pool
announced reduction of 15 cents in the pool contract price
at which pool farmers are to sell their 1928 wheat crop to
that organization was regarded as the most bearish factor
of the past 10 days, said the "Journal of Commerce" of Sept.
4. In its further observations it stated:
Long absent from the market,the reappearance of resales of ocean freight
cover and of the grain so provided for, at Montreal and New York,followed
the cut in price announcement of President A. J. MacPhail of the SaskatcheThe sport sedan, $1,795; the sport coupe with rumble seat, $1,795; the wan Wheat Pool and of the Canadian Co-operative Wheat Producers, the
landau sedan, $1,845: these prices include 6 wire wheels and 6 tires. The central selling agency of all the divisional pools.
Victoria brougham, $1,575; the sedan, $1,675; the coupe with rumble seat.
Mr. MacPhall's announcement and explanation were given to the Cans$1,675. All prices are f.o.b. Detroit. Front and rear bumpers included.
Ian press at Regina on Wednesday, and the reletting of space in ocean tonThe price of the Dodge Brothers new Victory Six, recently nage and the resale of grain cargoes thus covered was for the first
in many months, according to the trade, in important volume
announced, ranges from $995:to $1,295, and the Standard time
on Thursday, Friday and Saturday. In his statement of the reducSix from $875 to $970.
tion from $1 to 85c of the minimum contract price on the basis
of Port William-Port Arthur delivery at which the pool undertakes the
Purchasing Power of Farm Products7Near High Point marketing of approximately six-tenths of the Canadian wheat crop, Mr.
MacPhail said:
of 1920—Livestock Situation Good—Crop SituaThe fact that it has been considered necessary to lower the initial payment to 85 cents and to abandon the level which has obtained since the fortion Impaired.
mation of the central selling agency is regrettable, especially when Western
With the purchasing power of farm products close to the Canada has recently suffered a more or less severe frost, the damage from
can scarcely be appraised as yet. Nevertheless, in a year like this,
highest point reached since 1920, the Bureau of Agricultural which
when there is a probability that there would be more bushels of wheat
harvested
Canada than in any previous year, it is of the very greatest
Economics, United States Department of Agriculture, re- importanceinthat
the pool place itself in the strongest possible financial
ports continued financial improvement in the livestock position.
Mr. MacPhail then referred to the agreement of the pool with the banks,
industries but lower markets for some of the major crops,
to maintain a 15% margin of safety over and above the initial payment.
in its monthly summary of the agricultural situation, made "It
is easy to see that when the price of wheat goes below $1.15 the margin
available Aug. 28.
has disappeared," says Mr. MacPhail. "While the responsibility for the
"Beef cattle producers are once again in strong position recent drastic decline in prices has been laid at the door of the pool by many
the statement.
after all their hard times," the bureau says. "Hogs are people, nothing could be further from the truth," saysreported
to pool
"When the business of the central selling agency is finally
apparently on the upswing of a price cycle. The dairy members it will be shown conclusively that the pool was in no way responindustry is in relatively good shape, with market milk prices sible for the decline." He then compared the Canadian grain in stock of
this year and that of 1927, showing that on July 1 it was more than double
at about the highest level since 1920, with feed prices easing that
of the year before.
off, and with cows at very high values. Even the sheep inIn the past three months the dollar value of Winni,deg and Chicgo wheat
dustry is still doing well in spite of all its expansion. The has declined almost 60%. Before that decline had reached what was
generally regarded as the irreducible minimum of $1.10 for the next future
widespread tendency now to raise more young stock is evi- delivery
in each market, the growing attractiveness of the stock market
dence of the relative prosperity of the animal industries."
brought about a general exodus of outside speculators in wheat. The
Discussing the crop situation, the Bureau reports "a very failure of wheat after a 60c decline to recover more than 6c of so great a loss
was generally attributed to the recognized difficulty of lifting up wheat
heavy movement of wheat to market, though more recently prices
to higher levels under such a weight of crop as must be marketed.
the lower prices have disposed farmers to hold their wheat
To that discouragement to buying, whether for speculaion, investment or
where they are able." Continuing it says:
the flour trade, the MacPhail statement, not of a forecast, but of market
"Conditions have not been very encouraging in the wheat sections condition affecting six-tenths of the Canadian crop, is regarded as adding
during the past month, the decline in prices having affected the income of an especial source of depression, although the pool will as heretofore doubtthousands of growers. Considerable winter wheat went to the elevators less realize returns much above its inside buying price and spread them in
last month at prices of from 75 to 85 cents a bushel to the growers.
premium payments over the year. The reduction, however, places the
"Wheat land is being fitted now for the next crop and sowing is under way "Street- or farm price of wheat on average at around 70c—a pre-war level.
in Kansas. Complaints of dry soil are quite general. Reports from about
20,000 farmers, made as of August 1, indicate intentions to decrease the
acreage of wheat this fall about 2% below that sown last fall. Experience
indicates that the acreage actually sown is usually about 6% less than is Immediate Outlook Favorable for the Sheep Industry—
intended on August 1. The chief reductions intended this fall are in the
Growers, However, Cautioned against Undue
Corn Belt and Oklahoma and Texas. Montana and the Pacific Northwest
Expansion.
indicate intentions to increase their wheat acreage.
"The declining market for wheat has been shared also by corn and PotaIncreased naarketings and slaughter of lambs, accomtoes. In the case of corn, the lowered price to the grower of cash corn is
panied
by an improved consumptive demand for lamb, and
offset, in part, by the gain to the livestock feeder. Potatoes, however.
are sold directly out of the agricultural community and a price of 25 or 30 a continued good world demand for wool are indicated
cents a bushel represents serious hardship to some of the large potato during the next nine months, according to the mid-summer
growing sections."
Agricul-
sheep and wool outlook report of the Bureau of
tural Economics, United States Department of Agriculture.
With reference to the long-time outlook the bureau says
"sheep production in the United States has been rapidly
expanding and suggests the need for considerable caution
in regard to further expansion."
"The lamb crop of 1928 as indicated by the June lamb
survey," the Bureau says on Aug. 5, "was 8% larger than
Canadian Wheat Pool Board Sets First Payment for in 1927. Practically all of the increase was In the western
1928-1929 Crop—Initial Instalment 85 Cents for lamb States. The largest increases in western lambs
were in the early lambing areas of these States and in
No. 1 Northern at Lakehead.
A Canadian Press dispatch from Winnipeg Aug. 27 in the late lambing States."
The keen demand for ewe lambs, as shown by the high
the Toronto "Globe" said:
The Central Board of the Canadian Wheat Pool, in an official statement reported prices current in the West, says the report, indiissued today by E. B. Ramsey, Secretary and Manager, anounces that the cates that few ewe lambs of desirable type for range
initial payment for the 1928-29 crop will be 85 cents a bushel, bais No. 1
breeding flocks will be shipped for slaughter this falL An
Northern, at Fort William.
"The Wheat Pool Board, in taking a consistent policy pursued from the increase of around 800,000 head of sheep and lambs, both
formation of the pool," Mr. Ramsey stated.
native and western, in shipments, either to markets or diMarket Conditions Considered.
rect to feed lots, from August to November seems likely.
The initial payment made by the Alberta Pool when it began operation.
This
increase of 800,000 head will be reflected in federally
141923 was 75 cents a bushel. The initial payment for the four subsequent
years was $1 a bushel. The initial payment has always been based upon inspected slaughter of sheep and lambs during the 9 months,
market conditions at the opening of the crop-year and bears no relation to August 1928, to April 1929. How this increase will be
the price per bushel ultimately received by the pool members.
We are starting the new crop year practically sold out. The rumors that distributed during this period depends upon the proportions
have been circulated during the past year in respect to the large stocks of of the western supply that go to immediate slaughter or to
wheat held by the pool are therefore entirely refuted.
feed lots. In view of the favorable prospects for an inMember's Faith Firm.
creased production of feed grains this year over last and
The recent pool interim payment, which brought the price already paid the
scarcity and higher prices of feeding cattle, a good
to our members for the last year's crop up to $1.40 a bushel, basis No. 1
Northern, Fort William, should have made any reference to such rumors demand for feeding lambs is anticipated this fall.
unnecessary. The endorsement of the pool by the great majority of grainSome improvement in the consumer demand for lamb is
growing farmers of Western Canada, who have signed up for another fiveindicated
according to the report, which states that "with
year term, is sufficient proof that the faith of our members in orderly
the probable purchasing power of consumers better than
marketing has not been shaken."
The Bureau's general index of purchasing power of farm
products, in terms of things that farmers buy, is placed at
93 for July, the five prewar years being considered as 100.
This is close to the highest point reached since 1920. The
bureau's index numbers are based on retail prices paid by
farmers for commodities used in living and production.
SEPT. 8 1928.]
FINANCIAL CHRONICLE
In the last 6 months of 1927, with smaller supplies and
higher prices of competing meats, and an apparent upward
trend in the demand for lamb, both per capita and that
due to population growth, a better consumer demand for
lamb seems probable during the last half of 1928 and early
1929 than during this period a year earlier." The report
also says:
The relatively high prices of live lambs this year as compared with
carcass prices may be largely attributed to the increase in wool and
pelt values. The present relationship between price and the quantity
of lamb moving into consumption indicates that the higher general price
level of all commodities may be a contributing factor in supporting the
present level of prices of dressed lamb.
Summarizing the wool situation, the report states:
The world demand for wool in 1929 seems likely to continue as good
or better than in 1928. Increased business activity, general growth
of population, a continuation of the economic recovery of European countries, and increasing industrialization of the Orient will tend to strengthen
the demand for wool. According to the latest reports, stocks of wool in
the important surplus producing countries are but slightly larger than
at the corresponding date last year. While the world's supply of wool
during the next twelve months, therefore, seems likely to be somewhat
larger than last year, the total supply will probably be little larger than
the supply available for the 1926-27 season.
Sheep producers are cautioned against undue expansion.
The increase in lamb slaughter has been largely offset by
the upward trend in the consumer demand for lamb with
the result that prices have been comparatively steady for
several years, hence the domestic market can absorb some
Increase in lamb production each year at least in line with
the normal increase in population.
The summary of the long-time outlook says that "slaughter during the past few years has been restricted or held
down due to the tendency to expand flock numbers and
when this tendency ceases it is to be expected that the
equivalent of the yearly increase in flock numbers during
the past few years will go to increase supplies of sheep
and lambs for slaughter."
Review of Meat Packing Industry by Chicago Federal
Reserve Bank.
In its Monthly Business Conditions Report issued September 1, the Federal Reserve Bank of Chicago states that
production at slaughtering establishments in the United
States showed a recession in July from the preceding month
and a year ago. Employment for the last payroll in the
period declined 0.2% in number, 3.3% in hours worked, and
2.8% in total value from the corresponding figures of June.
The Bank also makes the following observations:
Domestic demand improved for smoked and prepared meats, averaged
good for salt pork and lard, fair for fresh pork, a trifle irregular for lamb,
and remained rather slow for beef. The total value of sales billed during
July to domestic and foreign customers by fifty-six meat packing companies
In the United States was 0.8% less than in June and 8.5% greater
than last year. Domestic inquiry during the early part of August averaged
between good and fair. Chicago quotations for most products advanced
in July over the preceding month; prices of lamb, bacon, and a few of the
commoner cuts of beef eased. Inventories at packing plants and coldstorage warehouses in the United States were a little lower on August 1 than
at the beginning of July or last year, but slightly in excess of the 1923-27
August 1 average. Stocks of lard, lamb, and frozen pork were heavier
than a year ago.
July shipments for export were heavier than in June. Foreign demand
for meats showed a slight improvement, but inquiry for lard remained rather
quiet both on the Continent and in the United Kingdom. Consignment
stocks already abroad and in transit to European countries were indicated
as slightly larger on August 1 than at the beginning of July;some companies
reported a decrease. Lard prices continued somewhat below Chicago parity,
while quotations for meat were fairly well in line with those in the United
States.
Net Return Received in 1927 by Producer of Live Stock
Exceeds That of Previous Three Years-Decline in
Amount Paid For Freight.
The net return received by the producer of live stock,
after freight and other distribution costs have been paid,
was the greatest in the year 1927 for any similar period in
the last four years, according to a study just completed and
made public to-day (June 9) by the Bureau of Railway
Economics into the relationship of live stock prices to transportation costs. The distribution of each dollar paid by the
purchaser of live stock, which includes cattle and calves,
hogs, and sheep, follows:
ItemTo freight
To other distribution Costa
To the producer or shipper_
Total
1924.
1925.
1926.
1927.
5.6 cts.
4.5 cta.
4.3 eta.
3.8 cts.
3.0 cts.
2.5 cta.
2.3 cts.
2.2 cts.
91.4 cis. 93.0 eta.
93.4 cts. 94.0 cts.
100.0 cis. 100.0 cts. 100.0 cts. 100.0 cis.
The portion of the live stock purchaser's dollar accruing
to the producer or shipper, according to the study, increased
from 91.4c. In 1924 to 94c. in 1927. The proportion paid for
freight decreased from 5.6c. in 1924 to 3.8c. in 1927, while
that portion paid for other distribution costs, which include
feed and bedding en route, stock yard expenses and coin-
1317
missions, has been steadily decreasing from 3c. in 1924 to
2.2c. in 1927.
The study of the Bureau of Railway Economics is based
on sales made at ten large markets in 1924, 1925, 1926, and
1927. The ten markets are: Baltimore, Md.; Chicago, m.;
East St. Louis, Ill.; Ft. Worth, Tex.; Jersey City, N. J.;
Kansas City, Mo.; Lancaster, Pa.; Nashville, Tenn.; South
Omaha, Neb., and South St. Paul, Minn. The bulletin says:
"The average price paid by the purchaser for the three cLaPs of live
stock combined was $7.36 per hundred pounds in 1924, $8.93 in 1925,
$9.27 in 1926, $9.56 in 1927, and $8.65 over the four years. The average
amount absorbed by freight charges was 41c. per hundred pounds in 1924,
40c. in 1925 and 1926, 37c. in 1927, and 40c. over the four years. Other
costs of distribution averaged 22c. per hundred pounds in 1924 and 1925,
21c. in 1926 and 1927, and 22c. over the four years. The average net
proceeds to the seller at shipping point was $6.73 per hundred pounds In
1924, $8.31 in 1925, $8.66 in 1926, $8.98 in 1927, and $8.03 per hundred
pounds over the four years. Thus on a hundred-pound basis, the price paid
by the purchaser increased gradually each year and the combined freight
charges and other costs of distribution declined slightly each year, whereas
the net proceeds to the seller at shipping point increased gradually each
year. The increase over the four-year period in net proceeds per hundred
pounds to the seller at shipping point was both relatively and actually
greater than the increase in average price paid by the purchaser."
Department of Agriculture Announces New Section in
Office Grain Standards To Provide Separate Classification For "Cereal" Oats.
An order amending the official grain standards of the
United States for oats by adding a new section to provide a
separate classification for "cereal" oats was signed by
Secretary of Agriculture Jardine June 1 1928. The new
section, which becomes effective August 30 1928, is as follows:
"Section 16-Cereal Oats.-Cereal oats shall be oats which have been
sized with the result that their commercial quality is not reflected by the
numerical grade designation, including Sample Grade, alone. Cereal oats
shall be graded and designated according to the grade requirements of the
standards applicable to such oats if they were not cereal oats, and there
shall be added to, and made a part of, such grade designation the word
'Cereal.'"
American Tobacco Industry In 1927-Crop Exceeded A
Billion Pounds
The Department of Commerce announced on Aug.29 that
it will shortly issue the annual bulletin on Stocks of Leaf
Tobacco, etc., for 1927 (Census Bulletin No. 163). The
Bulletin assembles the quarterly reports of stocks of leaf
tobacco. It also contains data regarding the acreage in and
production of tobacco by States and by types; the prices
obtained for tobacco by the growers; the number of registered factories and bonded manufacturing warehouses of
class 6; the quantity of tobacco consumed; the quantities of
the several tobacco products manufactured; revenue collected on tobacco; the quantities of leaf tobacco and tobacco
products imported, exported, and stored in United States
bonded warehouses. The object of the bulletin has been to
assemble in one publication the statistics for the various
phases of the tobacco industry and to present them in convenient form for ready reference. In its announcement the
Department further says:
According to the bulletin, 1,576,800 acres were planted in tobacco in 1927.
while the production from that crop amounted to 1,211,301.000 Pounds.
There were imported during the year 102,753,626 pounds of leaf tobacco
valued at $74,616,389, as well as tobacco products to the value of $8,370,810.
while the exports of leaf tobacco amounted to 506.252,000 pounds valued
at approximately $139,000,000. and tobacco products valued at 516.527,000.
The combined production of cigars in registered factories and in bonded
manufacturing warehouses was 7,008,257.000; of cigarettes. 105,282,786.000;
and of chewing and smoking tobacco and snuff, 399,039,000. pounds.
There were 7,093,000,000 cigarettes exported during the year leaving about
98,000,000,000, factory made cigarettes for consumption in the United
States. Revenue collected during the year amounted to $375.000,000.
Of this total North Carolina contributed $185,728,000; Virginia, $57.775,000: New York, $26,237,000; New Jersey. $19.957,000; Pennsylvania.
517,919.000.
Of the total number of "large" cigars, (6,495,000.000) removed tax paid
during the calendar year 1926. 2,860,000,000, or 44% were intended to
retail for not more than 5 cents; 939,000,000. or 15%.for more than 5 cents
but not more than 8 cents; 2,555,000.000, or 39%,for more than 8 cents but
not more than 15 cents; and 140,000,000, or 2%, for more than 15 cents.
The character of the cigars manufactured in the several cistricts varies
greatly. About two-thirds of the total production of cigars in Florida was
intended to retail for more than 8 cents each. On the other hand, about
94% of the total production in Virginia was intended to retail for not more
tan 5 cents. West Virginia and the 23rd District of Pennsylvania, the
home of the "stogie," also show a very large percentage of the total production to retail for 5 cents or less.
Seasonal Decline in Canadian Exports of Pulp and
Paper During July-Higher. Than in 1927.
Canadian exports of pulp and paper in July were valued
at $15,122,162, according to the report issued by the Canadian Pulp and Paper Association. This was a decline of
$379,905 from the previous month, but the decline was
seasonal and the total for the month was $1,448,485 higher
1318
FINANCIAL CHRONICLE
[VOL. 127.
than for the month of July, 1927. The Toronto Globe,from
Opening by American Woolen Co. of Spring Lines of
which we quote, adds:
Men's Woolen and Worsted Wear—Mixed Price
Wood pulp exports in July were valued at $3,896,754 and exports of
Trend.
paper at $11,225,408. as compared with $3,939,810 and $11,562,257 respectively in June.
According to the "Journal of Commerce," an extremely
Quantities and values for the various grades of pulp and paper were as
mixed price trend, due to the vagaries of raw material costs
follows:
July, 1928
and keen competition, greeted clothiers and jobbers who enPulp—Tons.
Mechanical
$478,337 tered the men's woolen and worsted market on Sept. 4 for
17,006
Sulphide blchd.
1.732,910 fancy suitings
23,557
and coatings to be used in spring 1929 apparel.
Sulphite unblchd
823,397
16,719
Sulphate
821.670 In its further account of the opening of these lines, in the
13,934
Screenings
1,877
40,440
paper quoted, said:
Total
Paper—
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
73.095 $3,896,554
Tons.
167,456 $10,765,033
147.938
1,341
45.913
4.907
10,330
1,101
256,194
Total
$11,225,408
For the first seven months of the current year the total value of exports
of wood pulp and paper from Canada was $109,226.243. as compared with
a total of 398.683.491 in the corresponding months of 1927, an increase
for this year of $10,542,752. or nearly 11%'
•
Exports of wood pulp for the seven months amounted to $26,236,634 and
exports of paper to 82,989.609, as compared with 326.787.05 and $71.896,396 respectively in the seven months of 1927
Details for the seven moths are as follows:
Seven Months.
Pulp—
Tons.
1928.
Mechanical
103,927 82,827,380
Sulphide blchd
147,420 11,070,136
Sulphite unblchd
125,396 6.333,246
Sulphate
95,544
5,659,481
Screenings
17.077
346,391
Total
Paper—
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
489,364 826.236.634
Tons.
1928.
1.232,836 $79,469,925
9,371
1,026.819
36.243
302,821
26,967
2,825
1,163,077
Total
$82,989,609
Pulpwood exports in the seven months of this year amounted to 931.357
cords, valued at $8,917,914, which was a decline from the 1,038.988 cords,
valued at 810.088.884, exported in the seven months of 1927.
The American Woolen Co. headed a notable list of about 100 mill interests who formally opened new men's wear styles to the trade.
Buyers were about in numbers, but some of the large clothiers had been
placing business during the past week or two, so that they were nearly
through when smaller cutters returned from the holiday week-end to sample
new styles for lightweight distribution. Those who attempted to use the
leader's price list as a guide rule admitted that comparisons were confusing and that it would take them several days to fathom real values.
It is more difficult now than in years to place one's finger on the
pulse of the market. Merchants can say with some degree of certainty
that staples and semi-staples are from a few cents to as much as 121
/
2e.
or 15e. a yard below the opening lists of the current fall or last spring, but
few indeed can make any reliable comparison on fancy fabrics.
Fancies Show Firmness.
The change in prices on fancy woolens and worsteds ranges from 12e.
down to 6c. to unchanged and up to Sc. to 20c. per yard. The semistaples naturally are reduced more than the light colored silk or rayon
decorated medium worsteds in which quarter and three-eighth blood wools
are used, and the latter may be characterized as firm in price RS compared
with easing rates on suitings of a more staple nature. Woolens are about
unchanged, though cheaper lines appear quite firm in value.
T3 say that fancy goods are lower than last season world be misleading
as a general thing, but it. is a fact that some numbers in the American
line are reduced. On the other hand, quite a few numbers are advanced,
particularly medium-priced worsteds in mixture and twist constructions.
Since prices generally took an upward course at the last fall opening in
February-March, it rosy be said that values on the whole were either unchanged or slightly lower than last (fall 1928) season, and tam Sc. to 15c.
higher than a year ago (spring 1928).
Opening of National Raw Silk Exchange, Inc. on
West Coast Lumbermen's Association Weekly Report.
Sept. 11—Rates of Commission—Limitation of
Price Fluctuations.
Shipments of lumber from mills in the Douglas fir region
reached a new high level for the week ended Aug. 25, as
Work on the National Raw Silk Exchange has been virshown in reports from 176 major mills in Washington, tually completed and everything is in readiness for the openOregon and British Columbia. These mills reported to ing on Tuesday next, Sept. 11. The exchange is located in
the West Coast Lumbermen's Association as follows:
the Grace National Bank Building, at Hanover Square and
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
Water St. The opening ceremonies will be simple. Presi176 mills report for week ending Aug. 25 1928.
dent Paolino Gerli will make a few brief remarks and at 10.30
(All mills reporting production, orders and shipments for last week.)
Production.
Orders.
Shipments.
a. m. the Secretary, Alfred H. Krondorfer, will announce
170,140,753 feet.
153,261,270 feet.
178,967,062 feet.
100%.
9.92% under production.
5.19% over production. the opening call and America's first silk futures exchange
Shipments were 5.19% in excess of lumber production; orders were will begin operations. At 1 o'clock
the Board of Governors
9.92% below.
Reports from 226 identical mills in Washington, Oregon, and British of the exchange will be hosts at a luncheon at India House,
Columbia received by the association show that production at these plants which will be attended by representatives of the Japanese
was 12.40% under their normal operating capacity. These 226 mills,
and Chinese Governments, officials of the Silk Association
with a normal weekly operating capacity of 224,702,027 feet, reported a
production of 196,833,170 feet during the week ended Aug. 25, or 12.40% of America, bankers and presidents of neighboring exchanges.
under their normal operating capacity. For the 34 weeks of 1928 these
One of the novel features of the new National Raw Silk
mills report production as 16.54% under normal weekly operating capacity.
Reports from 100 identical mills show that during 1928 to date orders Exchange will be a moveable "ring" around which the
have exceeded production by 7% and shipments have exceeded production trading will be conducted. Instead of having the "ring"
by 5%. During the corresponding period of 1927 orders obtained by these a fixed part of the trading floor as is the case on the Cotton
mills exceeded their production by 5% and their shipments exceeded
and Rubber and other commodity exchanges, the Silk
production by 3%.
Exchange "ring," which weighs about a ton, can be readily
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
moved to any part of the floor without requiring structural
CAPACITY (226 IDENTICAL MILLS).
(All mills reporting production for 1927 and 1928 to date.)
alterations.
Average Weekly
Tickers for the quotations of the Silk Exchange have been
ActualProduction
Production 34
Average Weekly
Weekly
Week Ending
Weeks Ending
Production
Operating
installed
by the Commercial News Department of the
Aug. 25 1928.
Aug. 25 1928.
During 1927.
Canactfa••
196,833,170 feet
187,529,992 feet
189,404,648 feet.
224,702,027 feet Western Union Telegraph Co. The tickers are similar to
• Weekly operating capacity Is based on average hourly production reported for
the years 1925, 1926, 1927 and four months of 1928 and the normal number of those used by the New York Cotton, Rubber and other
operating hours per week.
commodity exchanges. Quotations will be given 'in the
WEEKLY COMPARISON FOR 152 IDENTIAL MILLS-1928.
dollar and cents price of raw silk per pound and will cover
(All mills whose reports of production, orders and shipments are complete for
the eight months actively traded in. The different months
the last four weeks.)
Week Ending—
Aug. 11.
Aug. 18.
Aug. 25.
Aug. 4.
will be designated by symbols.
Production (feet)
147,419.622 145,995,150 144,018,735 144,271,801
Fluctuations in the price of silk futures on the exchange
Orders (feet)
135,127,689 156,240,154 163,730,762 157,875,029
Rail (feet)
62.058,191 66,793,305 72,393,843 68,900,036 will be limited to 50 cents a pound from the previous day's
Domestic cargo (feet)
49,922,439 55,034.153 42,122,115 49,300,771 closing price. This compares
with a limit of two cents a
Export(feet)
16,544,853 26,606,383 34,784,111 26,649,951
Local (feet)
7,806,313 14,430,693 13,024.271 pound on cotton futures on the New York Cotton Exchange
6,602,206
Shipments
156,267,919 148,297,802 148,072,247 152,474,047 and 5 cents a pound on rubber futures on the Rubber ExRail (feet)
69,263,831 68,705,136 68,083,822 69,388,399 change of New
York. The wider fluctuations permitted on
Domestic cargo (feet)
51,898,411 48,182,532 47,570,834 50,552,816
Export(feet)
28,503,471 23,603.821
17,986.898 19,508,561 the National Raw Silk Exchange is due, it is stated, to the
Local (feet)
6,602.206
7,806,313 14.430,693 13,024,271 higher price of raw silk. Raw silk is now quoted around
Unfilled orders (feet)
501,104,996 525,260.458 508,179,523 514,158,976
$5 a pound, while both cotton and rubber are around 19
Hail (feet)
167,615,767 177,361,727 175.089,849 183,269,726
Domestic cargo (feet)
176,913.689 182,109,756 181.035,720 181,784,851 cents a pound. Rule 9, governing the daily limitation of
Export(feet)
156,575,540 165,788,925 152,043,954 149,104,399 price fluctuations on
the National Raw Silk Exchange
100 IDENTICAL MILLS.
follows:
mills whose
(All
reports of production, orders and shipments are
1927 and 1928 to date.)
week
Average 34
Ending
Weeks End'g
Aug.25'28. Aug.25'28.
Production (feet)
105.177.669 102,258,190
Orders (feet)
95,045,294 109.426,611
Shipments (feet)
113,221,295 107,826,840
complete for
Average 34
Weeks E nd'g
Aug.2727.
96,117,400
101,025,960
98.813,052
"Trades for future delivery in any month shall not during any one day
be made at prices varying more than 50 cents per pound above or below
the lowest price of the closing range of such month of the preceding business session of the exchange. For the purposes of this rule the prices
prevailing during the last thirty seconds of trading of every business !Weston shall constitute the closing range. For the purposes of this rule the
closing bid price of inactive months, or their nominal value as established
MO
1319
FINANCIAL CHRONICLE
SEPT. 8 1928.]
lowest price of
by the Committee on Quotations, shall be considered the
the closing range.
the current
in
trading
to
apply
not
shall
'The provisons of this rule
month on and after the fifteenth day thereof."
The rates of commission to be charged.on raw silk deliveries on the Silk Exchange will be based on three selling
prices. On each contract of five bales (650 pounds) calling
for delivery of raw silk based on a price below $6 per pound,
the lowest commission for buying or selling will be $6.25;
on contracts based on a price of $6 to $7 per pound the
commission will be $7.50 and on raw silk above $7 per pound
$9 commission will be charged. An announcement, Sept. 5,
said:
PERCENTAGE CHANGES FROM JUNE TO JULY.
Women's
Men's
Fullfashioned.
Production
Shipments
Finished stock end of month
Orders booked
Cancellations received
Unfilled orders end of month
-29.1
+7.1
-5.1
-28.1
+82.0
-9.8
FullSeamless. fashioned.
-9.3
+6.9
-3.5
+14.9
+97.2
+6.6
--20.1
--21.0
--1.9
--51.7
-57.9
--10.2
Seamless.
+23.8
-2.1
+15.7
+7.0
+206.2
+6.2
PERCENTAGE1CHANGES FROM JUNE TO JULY
Boys',
Misses'
Infants'.
and
Childrens'.
Athletic
and
Sport.
Total.
-12.3
-42.9
-12.0
These rates apply to members of the Exchange residing within the Production
+6.9
-14.9
-54.2
-29.5
-21.9
United States and Canada. For non-members residing within the United Shipments
-3.7
+1.7
+1.0
+15.9
States and Canada double the above rate of commission will be charged. Finished stock end of month
-25.0
-30.5
+38.4
-0.4
booked
Orders
An extra charge of $2.50 will be added to the above rates for members Cancellations received
+117.5
--4.5
-74.7
+205.8
-2.4
Canada.
4-83.5
4.574
4-17 1
TM II Ildati nraare and nt rrinnth
and non-members residing outside of the United States and
When the cost of reporting executions is in excess of the $2.50 additional
required on foreign business, such additional cost shall be charged in addition to the prescribed commission.
Trading on New York Rubber Exchange in Additional
For each five bales bought or sold by one member for another, giving
Grades of Rubber.
buyfor
the
brokerage
the
of
floor
day
transaction,
the
on
up his principal
contract, covering six additional
second
ing or selling contracts based upon a price below $6 per pound will be $1:
Trading in a
on a price of $6 to $7 per pound the brokerage will be $1.25, and above
on the Rubber Exchange
inaugurated
was
rubber,
of
grades
$7 per pound. $1.50 will be charged.
of New York on Sept. 4. The new contract is designated
as "BB" and the old contract as "A." It is expected
that the addition of the new grades will bring a large increase
in the volume of business on the exchange. With both
contracts in force, the grades tenderable on the exchange
give a range covering more than 90% of all the rubber used
by American manufacturers and include everything except
the very lowest grades. The "BB" contract covers the
following grades: A, B, C,and 33 blanket crepes and No. 1
and No.2 brown crepes. The first two grades are deliverable
at contract price and the other four at differentials which
are fixed monthly by the Adjustment Committee. The
proposed admission of the additional grades was noted in
these columns July 14, page 190.
August Figures of Raw Silk Imports, Stocks, Deliveries,
&c.-Imports Total 62,930 Bales, an Increase of
24,260 Bales Over July-Stocks Increase 12,109
Bales.
Imports of raw silk during the month of August increased
24,260 bales over the preceding month and 3,111 bales over
the month of August, 1927, according to figures issued by the
Silk Association of America, Inc. Approximate deliveries to
American mills in August, 1928, totaled 50,821 bales, an
increase of 3,779 bales over the corresponding month last
year, and 9,890 bales over the month of July this year.
Stocks of raw silk on Sept. 1, amounted to 50,975 as compared with 38,866 bales on Aug. 1 and 56,618 bales on Sept.
1 1927. The following statistics have been released by the Charges By Prof. Buell That Firestone Rubber Concessions in Liberia Served to Force Latter to
Silk Association:
Accept U. S. Loan Agreement-Denials By State
RAW SILK IN STORAGE SEPT. 11928.
Department and Liberia President-Herbert Hoover
York
New
in
City).-(Figures:in Bales).
(As reported by the principal warehouses
Not Connected With Negotiations.
European. Japan. All Other. Total.
5,367 38,866
705 32,793
Stocks, Aug. 1 1928
Charges made before the Institute of Politics at Willams298 59,491
3,141 62,930
Imports month of August, 1928x
Mass., on Aug. 29 by Dr. Raymond Buell, former
1,004 92,284
8.508 101,796 town,
Total amount available during August_ _ _
539 45.423
5,013 50.975 Harvard professor and research director of the Foreign
Stooks Sept. 1 1928z
465 46,861
3,495 50,821 Policy Association, to the effect that the Washington GovApprox.dolly.to Amer.mills during Aug.y
ernment forced Liberia to accept the loan agreement which
SUMMARY.
went with the Firestone rubber concession, as well as his
mentioning Herbert Hoover as a factor in an alleged American
Storage at End of Month. z
Imports During the Month. x
imperialism," brought a rejoinder from the
"economic
1926.
1928.
1927.
1928.
1926.
1927.
State Department at Washington on Aug. 30. On the latter
43,650
48.456
47,528
46,408
47,326
52,627
January
38,568
44,828
33.981
41,677
43,418 date, press accounts from Washington stated that William
43,753
February
31,930
50,520
38,600
40,186
35,948
33,116
March
Jr., Acting Secretary of State, counter-charged
31,450
46,485
35,483
36,555
30,122 H. Castle,
31,749
April
35.120
49.264
42.088
52,972
31,143 that there were an enormous number of inconsistencies in
35,527
May
42,809
35,612
41,127
45,090
29,111
37,024
June
37,842
38,670
47,856
38.866
27,528 Dr. Bud's statement, and that Dr. Buell had drawn infer43,841
July
48,421
69,819
62,930
50,975
28,006
56,618
August
52,475
50,415
34,4.59 ences which were not correct. President King of Liberia in a
---58,986
September
51,207
48,403
35,094 message to Secretary of State Kellogg, made public Sept. 1
---62,366
October
36,650
59,870
____
47,130
52,069
November
45,119
44,828
---53,540
52.478 declared that Dr. Buell's statement that the Liberian GovDecember
377,973 552,441 504,200
ernment was coerced by the United States Department of
Total
42-,241
46,037
42.017
36-,814
411:768
Average monthly- 47.246
State in the matter of the Firestone rubber concession and
the 7% loan of 1927 was without foundation. President
Approximate Amount in Transit
King further said that "neither directly nor indirectly, was
Approximate Deliveries
Between Japan & New York.
To American Mills. y
End of Month.
any influence brought to bear on the Government of Liberia
1927.
1926.
1928.
1928.
1926.
1927.
by the Department of State or any other department or
48,307
46,148
52,420
25,000
14,800 official of the United States." We give as follows his cable17,700
January
42,478
50,579
42,880
23,500
14,400
19,000
February
49,242
39,400
52.011
18,400 gram to the State Department:
19.200
21,700
March
41,258
46,357
46,051
40,931
50,821
47.853
45,486
41,312
41,039
47,042
50,107
47.827
46,947
43,357
37,276
34,099
37,644
39,425
45,943
43,962
47,768
47,634
39,771
28.500
24,000
17.600
32,300
32,300
25,000
22,900
26,600
29,000
28,400
21.500
18,500
26,900
33.500
18,700
18.000
18,300
23,000
24,000
23,900
32,400
19.700
26,500
Monrovia, Aug.30.
Secretary of State, Washington:
I have noted with surprise the alleged statements made in an address
delivered yesterday at Willimstown Political Institute by Professor Raymond D. Buell, particularly the suggestion therein made that the Liberian
Government was coerced by the United States Department of State in the
_
matter of the Firestone rubber concession and the 7% loan of 1927. This
suggestion is without any foundation in fact.
380,538 551,379 501,546
Total
The approach to the agreement was made by the private enterprise of
41,796
25:56 24,225 21;66i Mr.
45,948
Average monthly__ 47,567
Firestone and neither directly nor indirectly was any influence brought
of Liberia by the Department of State, or
x Imports at New York during current month and at Pacific ports previous to the to bear upon the Government
time allowed in transit across the Continent (covered by manifests 155 to 181). any other department or official of the United States, compelling the
of
at
held
railroad
end
at
bales
terminals
5,270
Includes
z
re-exports.
y Includes
granting of the Firestone concession.
month.
The fact that the negotiations between Firestone and the Liberian
Government were protracted over a period of two and a half years should
conclusively show that there was no coercion, but
that full conReport on Hosiery Industry in Philadelphia Federal sideration was given to the views of each party by therather
other.
Reserve District.
the
to
of
loan
In respect
1927. internal economic conditions growing out
of the World War dictated to the Government of Liberia the propriety
The following report compiled by the Bureau of the Census and necessity of funding its indebtedness and reorganizing its finances.
It was this which led to the offer of the United States Government in
showing the percentage change from June to July 1928 in
1921 to make available funds which, in the Wilson Administration, had
the activity of 141 hosiery mills in the Philadelphia Federal been allocated to Liberia during the war. This proposal did not meet
Reserve District, is made available by the Federal Reserve with the approval of Congress and the tentative agreement which had
been reached by the two Governments lapsed.
Bank of Philadelphia:
April
May
June
July
August
September
October
November
December
1320
FINANCIAL CHRONICLE
Up to the present, the effect of this loan, in addition to stabilizing our
finances, has been to give greater internal strength to the Government
of Liberia and to avert alien intervention in our domestic affairs upon
grounds which imperialists usually advance for this purpose. The country generally Is satisfied with the policy which has been pursued by the
Administration.
Besides this, there would seem to be historical fitness in a financial
project which links up Liberia with the United States. There have been
crises in our relations with the French Government growing out of undetermined frontiers.
Nevertheless, the need for reorganizaing Liberian finances still existed
and Liberia, like other States in similar circumstances, took advantage
of the opportunity offered by the American money market.
In the negotiations between the Government of Liberia and the Finance
Corp. of America there was no participation by the Department of State
and the only reference in the agreement to the Government of the United
States is the provision for the designation by the President of the United
States of a financial adviser.
But these have never been represented to us as a "menace" by the
United States Department of State. nor was the Firestone project represented to the Government of Liberia by that Department as the means
by which the menace could be removed.
On the contrary, when, in certain quarters opposed to the Firestone
scheme, it was suggested that the United States Department of State
was behind the Firestone proposals the Secretary of State of the United
States took occasion formally to notify the Government of Liberia that
the Administration was neither directly nor indirectly behind Firestone.
The statement of Professor Buell that the scheme involves the control of Liberia by American officials is untrue and mischievous. There
is under the loan agreement, as has already been pointed out, but one
official, the financial adviser designated by the President of the United
States upon the request of the Government of Liberia, and even this
designation is not final unless acceptable to the President of Liberia.
Liberia. like every other country, has suffered from an unemployment
problem.
The Firestone operation was an opportunity seized with alacrity by
the Liberian laboring classes. The Government has had no occasion
whatever to coerce labor and reports seem to indicate that far from suffering from a dearth of laborers. the Firestone plantations are suffering
from an embarrassment of riches in this respect.
Nothing in the Firestone agreement obligates the Government of Liberia
to impress labor for the company, even should an occasion to do so present
Itself, On this point the Government of Liberia would welcome an investigation on the spot by an impartial commission.
This apparent attempt to bring Liberian affairs in an unfavorable light
before the American people as a factor in the present political controversy
is much to be regretted. Most interesting to me is the fact that Professor
Buell is able to predict Liberia's future and impugn the soundness and
Integrity of its statesmen after a visit of only 15 days, during which he
could have seen but a few of our high officials and leading citizens.
(Signed) C. D. B. KING, President.
Acting Secretary of State Castle stated that Mr. Hoover
had nothing whatsoever to do with the Firestone concession
In Liberia nor the loan to the Liberian Government. He
said emphatically that Mr. Hoover was not connected with
the matter in any way. From the "Times" Washington
dispatch Aug. 30 we quote the following:
Mr. Castle gave a detailed explanation of the part played by the United
States in the Firestone concession of 1,000,000 acres, and asserted that It
was not monopolistic, amounting to only about 4% of the land in Liberia.
If nationals of other governments tried to get similar concessions, the
Washington Government would not try to stop them, Mr. Castle declared.
Referring to the Buell charges, Mr. Castle asserted that they were full
of inaccuracies. Dr. Buell's assertion that slave labor virtually existed
in Liberia was characterized as exceedingly unfair to Harvey Firestone,
who, according to the Acting Secretary of State. refused to hire laborers
through the Liberian Government or let that Government contract for
them. They came in from the country to work. said Mr. Castle, in greater
numbers than could be possibly used. They are paid directly, he added,
and never before received as good wages.
State Department Helped Liberia.
Mr. Firestone, the Acting Secretary continued, is seriously interested in
the development of Liberia and its people, and has long been a student
of social problems.
The State Department saw the contract for the concession before it was
put through,and,although the department had nothing really to do with the
matter, according to Mr. Castle. it felt a certain responsibility for Liberia
and suggested certain changes in the contract which it believed would be of
advantage to Liberia.
One proposed change was that the lease be made only for fifty years
instead of for ninety-nine years, the terms after its expiration to be changed
by agreement every five to ten years. Liberia rejected this change, Mr.
Castle said.
The department took no more part in the loan to Liberia, it was asserted.
than It does in any foreign loan, and never approved the Liberian loan.
It merely said, declared Mr. Castle, that from the point of view of national
policy it had no objection to the loan.
Regarding Mr. Buell's statement that it was a new loan at a higher rate
ef interest than the old loan, Mr. Castle said that when the loan was made
Liberia could not have obtained money anywhere at 5%,and that American
loans in well-established European countries were bringing 7% at the time.
Mr. Castle stated that he is the Financial Adviser to Liberia nominated
by the President of the United States, but that the President of Liberia
does not have to appoint him if he does not want to do so.
Adviser Situation Unchanged.
In some cases the Liberian Executive, it was recalled, has protested and
the man nominated has been changed. Dr. Buell failed to point out, Mr.
Castle continued, that the adviser situation under the new loan is the same
as it was under the old loan. He added that when the old loan was made
there were three financial advisers, one of whom was named by England
and one each by France and the United States. After the war the other
two Governments asked the United States if it would be willing to let its
nominee run the whole thing, which, it was explained, was of advantage
to Liberia, as it was less expensive.
Mr. Castle denied Dr. Buell's statement that people are appointed by
the adviser whom this Government wants appointed, adding that the
Financial Adviser looks for the best men he can find and that they are
appointed by the Liberian Government itself and are responsible to that
Government. Every cent of customs collected is turned over to Liberia,
Mr. Castle said.
The Acting Secretary was asked about a dispatch quoting Dr. Buell
as saying the State Department had encouraged a belief that the French
[Vor.,. 127.
were menacing the territory of Liberia and that without the loan the United
States could not be of any help to Liberia against the encroachments.
Explains Boundary Question.
The two things, said Mr. Castle, had no connection whatever. A commission was appointed many years before to define the boundary between
French and Liberian territory, on which commission there were both
French and American surveyors. The United States told Liberia Mr.
Castle said, that it would support it, not unfairly against France but to see
that it got justice.
It merely happened that about the time that Mr. Firestone was getting
the rubber concession France threatened to take over the little town of
Zinta before the boundary could be drawn, Mr. Castle said. Liberia
appealed to the United States and Ambassador Herrick was instructed
to say to the French Government that the United States hoped before
It made a move of that kind it would wait until the boundary commission
found out where the line really was.
This commission found when it drew the line that Zinta was in French
territory. Mr. Castle continued. The Liberians then turned it over
to the French without question. The action of the United States in this
Instance had no connection at all with the loan project or the Firestone
project, Mr. Castle said, but was simply a continuation of what this country
has been doing for Liberia for the last 50 years.
He added that since the original loan it has been true that the loan contract calls for nomination by the President of the United States of American
officers to control the frontier force of Liberia, and that this has been done
for the last 20 or 30 years, and is still being done.
Harvey S. Firestone, President of the Firestone Tire &
Rubber Co., in a statement issued at Akron, Ohio, Sept. 1,
reviewing the Firestone rubber project in Liberia, said:
"There is no closed door in Liberia. The door is open to-day the same
as it has been for over seventy-five years, but opposition to the development of the Firestone concession there, in the form of foreign propaganda
has raised the closed-door issue and still seeks by persistent efforts to
place obstacles in the way of legitimate American enterprise and play
into the hands of foreign interests."
Associated Press advices from Akron in further indicating
what Mr.Firestone had to say stated:
"There is really little need for me to make any comment on the situation," said Mr. Firestone, "as the statements of Pres. King of Liberia;
William R. Castle, Jr.. Acting Secretary of State, and Dr. Thomas Jesse
Jones, Director of the Phelps-Stokes Fund and the American Advisory
Committee on Education in Liberia, have completely exposed the charges
of Professor Buell, which closely resemble foreign propaganda attempting
to discredit our rubber development in Liberia.
"This consistent effort to prevent Americans from producing their own
rubber free from foreign rubber monopoly simply serves to bring the necessity of doing so more forcibly to the minds of the American people.
"Linking the name of Herbert Hoover with our enterprise in Liberia is
wholly without cause. While Mr. Hoover was one of the first to expose
the ramifications of the British rubber monopoly and recognize the necessity of America producing her own rubber, he never has had any connection with our undertaking in Liberia. His views on foreign policy may not
be exactly the views of many foreign nations, but it is my opinion that he
is, without question, outstanding among statesmen as to his knowledge
and experience of foreign relations."
First Entered Liberia tn 1923.
•
The Firestone company first went into Liberia in 1923 to open negotiations for an immense rubber plantation project. After two and a half
years the company was granted a lease on 1,000,000 acres of land. This
lease was approved by the Legislature of Liberia in 1926 and work started
under the lease to prepare the land for the planting of rubber trees.
Mr. Firestone also helped to arrange a loan for Liberia in 1927 in which
the Government obtained $5,000,000 at 7% interest. The loan was necessary to fund the country's debt and reorganize its finances. "In the short
time the Firestone company has been in Liberia it has given employment
to 15,000 natives, employing them directly and paying them directly," Mr.
Firestone said. There are 30,000 acres under cultivation. The trees will
produce rubber in five years from planting.
The following account of Prof. Buell's address is from the
Williamstown dispatch Aug. 29 to the "Herald Tribune":
Before a general conference of the Institute of Politics here to-day Dr.
Raymond Leslie Buell, speaking with the effectiveness which comes from
first-hand study and an array of facts, made a sharp attack upon the Firestone rubber concession in Liberia and upon the policy of the State Department in the negotiations which led up to it.
Dr. Buell's charges really fell into two distinct groups. On the one hand,
he declared that the concession was imposing upon the aboriginal tribes of
the Liberian hinterland, perhaps without the concessionaries themselves
appreciating it, a form of economic development which has been disastrous
to the natives wherever it has appeared in other parts of Africa and which
would tend to produce disastrous results for the natives of Liberia.
On the other hand, he charged that in securing the concession the Firestone company and the State Department had exacted from the small
minority of civilized Liberians who govern the country terms which are of
enormous advantage to foreign bondholders, which were secured by unjustifiable meansand which seriously compromise the liberty ofthe Republic.
On broader grounds. Dr. Buell attacked the whole policy of our Government in supporting its business men abroad—a policy
he said "which offers
the amazing spectacle of a Government closing the American market to all
foreign competitors and yet of attempting to 'capture' foreign markets for
American business men and of establishing a government-fed, artificiallysupported merchant marine to take away business from foreigners who
have no other way of earning a living. This is not a policy of international
co-operation: it is a policy of attempted domination. The Liberian case
is a good example of this
philosophy."
Criticizes Hoover Attitude.
Disclaiming any partisan motive, Dr. Buell laid some the responsibility
of
for this "philosophy" upon Herbert Hoover, Criticizing Mr. Hoover's
agitation against the British rubber control scheme, which encouraged Mr.
Firestone to secure the Liberian concession, Dr. Buell said that Mr. Firestone had gone to Liberia "with the blessings of Herbert Hoover and of
many million American automobile owners
who had been led by Mr. Hoover
to believe that the British rubber monopoly was charging them exorbitant
prices for tires."
The Liberians, he said, knowing Mr. Hoover's attitude, had in turn been
led to believe that Mr. Firestone was "a representative of the political
business interests of the United States whose demand they could reject
only at their peril."
Dr. Buell prefaced his remarks by saying that he had asked both Harvey
Firestone, Jr., and a representative of the State Department to come to
Williamstown to present the other side of the case. Neither was able to do
SEPT. 8 1928.]
FINANCIAL CHRONICLE
so. Yesterday Dr. Thomas J. Jones discussed the Firestone concession
before the institute in an address which, in part, met Dr. Buell's criticisms.
To Allow Liberia to Borrow.
1321
No Dutch Rubber Restriction.
Advices from Washington to the "Wall Street Journal"
of last night (Sept. 7) state:
ti It was decided at the Sept. 5 meeting of Dutch rubber producers to take
The Firestone agreements consist of planting contracts leasing 1,000.000
acres of land to the company, and a loan agreement under which Liberia no action on restricting production or on trying to make an
agreement with
will borrow $2,500,000. agreeing to accept various forms of financial and American rubber consumers. The producers adopted a
waiting attitude
Governmental control in order to stabilize the country.
and will prolong the existence of the committee representing Dutch proDr. Buell criticized the planting contracts because of the forced labor and clueing interests, the Commerce Department is informed.
disruption of family life which he fears that they will bring in spite of the
best intentions on Mr. Firestone's part, to the 1,500,000 aborigines.
The loan contract he criticized for its effect upon the Republic of Liberia, Oklahoma Oil Prorating Order Expected Next Weekwhich is in the hands of the 50,000 civilized Liberians of the coast, most
Corporation Commission Indicates It Will Fix State
of whom favor the planting concession but oppose the loan.
The Liberian Government, despite its position to the loan, nevertheless
Maximum Output at 700,000 Barrels Daily.
accepted it two weeks after its terms were known. The reason which the
conclusion of the hearing before Oklahoma CorporaAt
officials gave, Dr. Buell said, was that the American State Department
told them to do so. "Upon further investigation," he went on "I found tion Commission on Thursday (Sept. 6) to consider program
that the State Department did not definitely urge the Liberian Government
submitted by committee of operators seeking an order to
to accept this loan, but it did state that in its opinion the Firestone proposals offered a unique opportunity for the financial rehabilitation of limit the state to a maximum of 700,000 barrels daily, the
Liberia.
commission indicated it would issue the order requested,
"Under ordinary circumstances, the Liberian Government probably
Sept. t7. It adds:
would not have heeded this 'advice.' But in accepting the wishes of the says the "Wall Street Journal" of
Actual filing of the order is not expected until next week because a full
State Department and of Mr. Firestone, the Liberian Government believed
River is to be made Monday and
that it was obtaining not only the investment of American capital, but a test of productivity of wells in Little
Tuesday, with all wells there flowing wide open. Following this a previous
guarantee from the United States against attack by a foreign foe."
Little
River at a 125,000 barrels a day
fixing
Commission
order of the
maximum is to go into effect.
Authorized 40-Year Loan.
Numerous independent operators were present and protested against
The loan agreement signed in 1925 authorized a 40-year loan of $5,000.- the plan to limit State production. The proponents of the plan were mem000, of which only $2,500,000 are to be issued at present. Liberia stipulated bers of the shutdown committee, consisting of representatives of Standard
that Mr. Firestone himselfshould not take it up. But the American finance Oil of New Jersey, through Carter Oil Co., Barnsdall Corp. and others.
corporation which Dr. Buell described as "a mysterious body," apparently Several large operators did not attend the meeting.
"a subsidiary of Mr. Firestone and the National City Bank," was formed to
With Oklahoma production slightly above 700.000 barrels a day, no eftake the bonds.
fective proration of yield will occur immediately under an order fixing
These are 7% bonds, to be issued at $90. More than $2.000,000 of the
700,000 barrels as daily maximum. However, the order Is flexible in char$2,250,000 which they will realize must be applied to refunding the existent acter, so that later on, when winter season demand is smaller, the State's
3 and 5% debt. The agreement, said Dr. Buell "thus refunds a 5% issue maximum can be figured at any quantity under 700.000 barrels. Thus,
upon which interest regularly being paid and which would have
expired if combined purchases which pipe line companies are willing to make is
in 1952, with a 7% issue which will not expire until 1967."
600.000 barrels daily, the State maximum would be placed at that figure,
Moreover, said Dr. Buell, much of the old debt had been bought in by
under the order.
foreign bondholders for as low as $55. While the net result for Liberia will
Provisions of the order would not affect the old producing fields of the
be to increase and extend her debt charges, foreign traders will benefit in
State, but would limit yield in flush flowing areas. Seminole, St. Louis
some cases by 100%•
pool, Allen area and Logan County deep "pay" would bathe principal pools
Finally, Mr. Firestone stipulated that the new loan could not be refunded
affected when, as and if reduction under 700,000 barrels daily is ordered.
by Liberia without his consent for a period of 20 years. "In my opinion."
Regarding the issuance of a restraining order, Tulsa, Okla.,
Dr. Buell said, "this is one of the most iniquitous provisions ever inserted
in a loan contract."
advices Aug. 31, were announced as follows in the "Wall
According to an Associated Press dispatch from Richmond Street News";
Federal Judge Edgar S. Vaught, in the Oklahoma District Court, issued
Mass., Prof. Buell on Sept. 2 reiterated his charges before
an order restraining the Oklahoma Corporation Commission and Umpire
the Institute of Politics that Harvey Firestone's rubber con- Collins from enforcing the testricting proration plan in the Seminole area.
the Reiter-Foster
cession in Liberia will result in forced labor; that the new 7% This action followed the Commission's attempt to cite
Oil Corp. for violation of previous restrictions and the proration order
loan serves no productive purpose and that the State De- issued
on June 15 last.
partment was actively connected with the negotiations.
Umpire Collins has called a meeting here to-day at 10 o'clock to discuss
Judge Vaught's order. This is the first time that a legal controversy has
The dispatch went on to say:
Prominent legal authorities believe the CorHis statement is in reply to statements from President King of Liberia
and the State Department. These, Prof. Buell says, contradict each other
but do not contradict his fundamental position.
The State Department's claim that it took no more part in the loan than
in any other foreign loan "Is difficult to understand," Prof. Buell says,since
the agreement provides that the Department is to arrange with Liberia
for arbitration of disputes.
The further statement that the loan and the Liberian boundary dispute
with the French colonies are not connected, is answered, Prof. Buell
says.
by President King's remark to the effect that the loan has been "to avert
foreign intervention" and by the fact that the Liberian press believes the
country has secured the diplomatic support of the United States.
arisen on restriction plans.
poration Commission has full Jurisdiction under the Oklahoma Constitution.
It was stated in the "Wall Street Journal" of Sept. 5 that
Tulsa advices indicated that the local district court in Okla,
homa had vacated the temporary injunction obtained by
Reiter-Foster Oil Co., restraining the Corporation Commission of Oklahoma from enforcing its order fixing maximum
crude oil production in south Little River field, Seminole
area, at 1,600 barrels a day for each 40 acres.
Report Concerning New Colombian Oil Law.
United Press advices from Bogota, Colombia, were pubDaily Average Production of Natural Gasoline Again
as follows in the "Wall Street Journal" of Sept. 7:
lished
Shows Decline.
Secretary of Industry Montalvo said he was submitting to the Senatela
The production of natural gasoline in the United States in new oil law based on "the open door nationalization policy." The new
he hoped, would meet objections of foreign oil interests that the revised
July 1928 amounted to 143,200,000 gallons, or a daily aver- law,
Colombian oil policy was confiscatory.
age of 4,620,000 gallons, according to the Bureau of Mines,
The Government is investigating reports that oil men have invaded the
Department of Commerce. Although this represents only a former Barco Concession territory, entering from the Venezuelan border.
The Barco Concession to American oil interests recently was ordered
slight decline in daily average from the previous month, it invalidated.
was the third consecutive month in which a decline was
recorded. Daily average output in both California and in Petroleum and Its Products-Menace of Overproducthe Oklahoma-Kansas district increased in July but the outtion Again Worrying Industry.
put of tho remaining districts in general fell off. The heavy
With crude production in West Texas and Oklahoma
demand for gasoline made itself felt in natural gasoline stocks showing continued increase, notwithstanding the various
held at the plants, which declined from 27,202,000 gallons curtailment plans and the determined efforts on the part of
on July 1 to 20,044,000 gallons on July 31. The latter
leaders in theiindustry to effect stabilization through the
figure was less than half the stocks of a year ago. Blending
continued holding backr_of rdevelopment work, the problem
at the plants again showed a small increase over the preof over-production has/ again loomed large the current
ceding month. The Bureau further shows:
week. Forlthe first time inTnearly 10 months, production
OUTPUT OF NATURAL GASOLINE (IN GALLONS-000 OMITTED).
topped the two-and-a-half-million barrel mark, when daily
average output reached 2,503,250 barrels during the week
Stocks End
ending
Sept. 1.
Production.
of Month.
Leading oil executives are seriously concerned over the
Jan.present trend toward highee'production levels in view of
July
June
July
July
July
June
1928. 1928. 1928. 1927. 1928. 1928.
the expected seasonal decline in gasoline consumption.
5,500 6,200 59,400 8,400 1,913 3,120 This has already been reflected in a general weakening of
Appalachian
900 1,000 8,400 1,100
304
Indiana, Illinois. &c
307
51,300 49,800 363,500 48,200 10,479 13,429 the gasoline market, and Mid-Continent refiners have
Oklahoma, Kansas, &e
26,200 25,900 185,100 25,500 4,378 7,328
Texas
7,300 7,100 50,600 7.000 1,003 1,150 announced that they plan to curtail their runs of crude
Louisiana & Arkansas
3,600 3,800 25,600 4,100
633
Rocky Mountain
522
48.400
45,500 304,500 39,700 1,334 1,346 rather than add heavily to'their stored holdings of gasoline.
California
Any such curtailment will naturally result in the adding of
143,200 139,300 997,100 131,000 20,044 27,202
U.S.total
further quantities of crude to storage holdings of producers,
4,620 4,640 4.680 4,230
Daily average
something which operators'are trying to get away from.
1322
FINANCIAL CHRONICLE
During July there was a reduction of 1,508,000 barrels in
stored crude holdings east of the Rocky Mountains, practically all of which was in light oil with high gasoline content.
The effect of the recent advances in crude oil quotations
was reflected by the "Derrick's" report on August field
operations, showing 2,010 completions during the month in
fields east of the Rockies, an increase of 182 over July.
Initial production of these wells was 1,238,819 barrels daily,
an increase of 326,550 barrels over the initial daily output
of the July completions. There were 4,570 new rigs in
operation at the close of August, an increase of 214 over the
new work reported at the end of the previous month.
The new St. Louis field in Oklahoma continued to loom
as a formidable factor in the light oil situation. Production
of this field for the week ending Sept. 1 was reported
by the American. Petroleum Institute at 83,350 barrels
daily, against 76,450 barrels a day in the preceding week.
This field produces "sweet," or high gravity crude, with
high gasoline content.
The new Raccoon Bend field in Austin County, Texas,
was coming in for considerable attention during the week.
This field is producing about 5,000 barrels daily, gravity of
the oil shown thus far ranging from 22 to 29 degrees. The
deep discovery well in the field was showing about 25%
water, but this was believed to be coming in through the
casing. Earthern storage was being prepared to hold the
oil until steel storage can be erected.
Steel storage capacity of the.12 principal producing companies in West Texas of 46,266,500 barrels was reported
holding 30,438,903 barrels of oil as of Sept. 1. A total of
1,360,000 barrels of additional storage was reported under
construction.
Sinclair Pipe Line Co. is constructing a 35-mile line from
its tank farm and station near Burkburnett, Texas, to handle
the present over-production of high gravity crude in the
Grayback pool in Wilbarger County. The field produces oil
ranging 36-38 degrees. The pool is producing about 37,000
barrels daily.
The only price change in crude oil during the week was
an advance of 10 cents to $1.65 a barrel on Kentucky crude
in the lines of the Stoll Oil Refining Co. at Oil City, Ky.,
the advance being effective Sept. 1.
Pennsylvania
83.20 Bradford
$3.20 Illinois
81.55
Corning
---- 1.80 Lima
1.60 Wyoming, 37 deg_ 1.41
abell
1.45 Indiana
1.37 Plymouth
1.28
Wortham, 40 deg.. 1.56 Princeton
1.55 Wooster
1.67
Rock Creek
1.33 Canadian
2.00 Gulf Coastal "A" 1.20
Smackover,24 deg. .90 Corsicana, heavy_ 1.00 Panhandle,44 deg- 1.36
Buckeye
2.85 Eureka
3.00
Oklahoma, Kansas and Texas
0.9
$1.56 Elk Basin
$1.48
32-32.9
1.16 Big Muddy
1.33
44 and above
1.76 Lance Creek
1.48
Louisiana and ArkansasBellevue
1.25
32-32.9
1.16 West Texas, Markham
1.00
35-35.9
1.31 Somerset
1.70
Spindletop, 35 deg. and up---- 1.37
GASOLINE MARKETS WEAKEN.
Although principal refiners in Oklahoma and Texas contmued to quote U.S. Motor gasoline at Mc.a gallon, other
refiners were offering liberally at )ic. under this figure.
High gravity gasoline in particular was showing weakness,
due to the falling-off in export trading, export buyers remaining out of the market in anticipation of further declines. The situation in the East was without change,
although some sellers were reported booking in a small way
at a concession from the established market of 113Ac. a
gallon at prinicpal refinery points.
The Chicago gasoline market was quiet throughout the
week, with refiners still quoting Mc.,but an early reduction
was looked for.
Kerosene was steady in the East, but the market eased
off in the Southwest under the influence of heavier offerings.
The Department of Commerce report for July showed a
slight addition to refinery stocks. Chicago kerosene held
steady at 64c. a gallon throughout the week. Export
markets were firm with quiet trading. Pennsylvania refiners on Sept. 1 advancd kerosene prices )ic. a gallon to
the highest mark in 16 months.
Fuel oil was unchanged, but in better demand in the
East. Refiners were writing a large volume of contract
business for furnace oil for the coming winter season. The
Chicago fuel oil market was steady at 6254 to 674c. a
barrel, with sales reported large.
Tankwagon gasoline prices showed no changes at any
points during the week. Demand in the East suffered somewhat from adverse weather conditions, although gallonage
over the Labor Day weekend was heavy.
[VOL. 127.
Gasoline (U. S. Motor).
New York
.11
1134 Jacksonville
.1134 Tampa
Chelsea
.1234 *Oklahoma
AO%
0934 New Orleans
Tiverton
1034
.1234 Providence (deny.). .1334 Houston
Boston (delivered)__ .1334 Chicago
0934 California
.0934
Carteret
1134 North Texas
.1134 Marcus Hook
0934
Baltimore
12
.1134 Philadelphia
Portsmouth
1134
.1134 Norfolk
Note.-The above prices are f.o.b. refineries, tank car ots, unless otherwise noted.
Delivered prices are genera ly 10. a gallon above the refinery quotation.
*A number of the large refiners were still quoting 9510.
Gasoline tService Station).
New York
Charlotte
.25
Richmond
24
.20
Boston
Charleston
21
.24
.20 San Francisco
Baltimore
Chicago
17
.24
.24
Wheeling
Norfolk
New Orleans
1934
.21
.21
Parkersburg
Note.-The above prices are retail prices at service stations and include State
taxes In States where a tax is Imposed.
Kerosene.
New York
0634 I Philadelphia (delly.) .0934
0834 I Chicago
New York (delly.)... .09341Fhlladelphl%
.0834 I Oklahoma
.0634
Note.-The above prices are f.o.b. refineries, tank car lots, unless °nun be noted.
Delivered Prices are generally 10. a gallon above the refinery quotation.
Bunker Fuel 011
New York
New Orleans
.95
1.05
1.05 I Norfolk
Baltimore
.85
90 [California
1.05 'Charleston
Note.-The above prices are f.o.b. refineries: a charge of 5c. a barrel is made for
barging alongside.
Gas and Diesel Oil.
Gas oil, New York
2 00
.0534!Diesel. oil, New York
Note.-The above pikes are f.o.b. refineries.
Gasoline, New York, ca
Bulk
Gasoline, New York
Itxport Quotations.
2690 Kerosene, s. w., New York,ca.__ .1740
1865
12 1 W. w., New York, es
Tank Wagon Prices.
Kerosene. w. w., New York
.18
15
Crude Oil Production in United States Higher.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended Sept. 1 1928 was 2,503,250
barrels, as compared with 2,477,450 barrels for the preceding
week, an increase • of 25,800 barrels. Compared with the
output of 2,512,250 barrels per day for the week ended
Sept. 3 1927, the current figure shows a decrease of 9,000
barrels daily. The daily average production east of California was 1,874,250 barrels for the week ended Sept. 1
1928, as compared with 1,847,050 barrels in the preceding
week, an increase of 27,200 barrels. The following are
estimates of daily average gross production by districts for
the periods stated:
(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.
Sept 1 '28. Aug.25'28. Aug.1828. Sept.3'27.
699.050
703,800
809,950
681,400
100,850
102,350
102,200
104,700
63,550
98,450
63,150
62,700
95,100
95,300
84,200
93,850
55,750
55,450
55,300
65,950
334,800
361,250
169,600
343,950
23,000
22,550
31,150
20,900
25,550
25,450
20,850
25,250
39,700
54,000
40,200
39,800
102,150
88,050
86.500
87,450
105,250
127,650
105,550
106.050
15,950
23,300
23,350
24,700
113,500
113,500
113,500
113,000
49,650
57,200
50,750
57,350
14,850
10,100
9,850
9,850
7,550
7,500
7,400
7,760
2,400
3,000
3,600
3,600
630,700
635,400
630,400
629,000
2,503,250
2.477,450
2,444,500
2,512,250
The estimated daily average gross production of the Mid-Continent
field, including Oklahoma, Kansas. Panhandle, north, west central, weed,
east central and southwest Texas, north Louisiana and Arkansas, for the
week ended Sept. 1 was 1,554,600 barrels, as compared with 1.525,650
barrels for the preceding week, an increase of 28,950 barrels. The MidContinent production. excluding Smackover, Arkansas, heavy oil, was
1,498,150 barrels, as compared with 1,468,950 barrels, an increase of
29,200 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):
Sept. 1. Aup.25
OklahomaTonkawa
12,600 13,800
Burbank
28,550 28.750
Bristow Slick
20,900 20,950
Cromwell
9,200 9,250
Seminole
48,400 48,550
Bowlegs
52,300 52,450
Searight
P12.450 12,450
Little River
106,100 112,800
Earlsboro
94,050 88,300
St. Louis
83,350 76,450
Allen Dome
19,950
Panhandle TexasHutchinson County ____ 33,750 33,600
Carson County
6,650 6,700
Gray County
21,600 20.950
Wheeler County
950
750
North TexasWIlbarger
36,350 36,600
Archer County
20,050 20,100
West Central TexasShackelford County
10,750 10.700
BrOWEI County
12,000 11,700
West Texas-Reagan County
18,350 18,300
Pecos County
77,450 85,000
Crane dr Upton Coe__ 60,450 70,600
Winkler County
185,100 173.800
East Central TexasCorsicana Powell
10,000 10,300
950 1,000
Nigger Creek
Southwest TexasLuling
13,650 13,500
Laredo District
8.600 8,600
Sept. I. Aup.25
North LouisianaflayneavIlle
Urania
A rkansasSmackover, light
Smackover, heavy
Cham pagnone
Coastal TexasWest Columbia
Pierce Junction
Hull
Spindletop
Coastal LouisianaVinton
East Hackberry
Sweet Lake
Sulphur Dome
WyomingSalt Creek
MontanaSunburst
CaliforniaSanta Fe Sprints
Long Beach
Huntington Beach
Torrance
Dominguez
Rosecrans
Inglewood
Midway-Sunset
Ventura Ave
Seal Beach
5,900
6,900
5,900
6,900
7,300 7,250
56,450 56,700
13,200 14,600
7,200 7,800
10,450 10.550
10,550 10,500
37,900 37.500
4,350
3,700
3,800
3,200
4,350
3,650
3,800
3,200
28,500 38.450
8,000
8,000
38,000
194,000
53,500
17,500
11.000
6,000
29,500
74,000
48,000
28,000
38,000
192,000
53.500
17,700
11.000
6,000
29,700
73.500
50,000
30,000
SEPT. 8 1928.]
FINANCIAL CHRONICLE
Crude Petroleum Production in July Increases Over
Preceding Month-Stocks Decline.
According to reports received by the Bureau of Mines,
Department of Commerce, from companies which operate
gathering or lead lines, the production of crude petroleum
in the United States during. July 1928 amounted to 75,426,000 barrels. This represents a daily average of 2,433,100
barrels, an increase over the daily average output in June
of 15,500 barrels. The majority of the States, including
the important producing States of California and Oklahoma,
reported decreased output in July, but these declines were
more than overbalanced by the West Texas district where
the daily average output increased approximately 50,000
barrels. The various fields of the West Texas district produced an average of 365,000 barrels per day in July as compared with 262,000 barrels per day for the Seminole district.
The slow decline in crude stocks east of California was
continued in July, when the total was reduced from 370,751,000 to 369,243,000 barrels, a net withdrawal of 1,508,000
barrels. Practically all of this decline was recorded in stocks
of light crude held in Oklahoma. Total stocks of all oils
declined approximately 1,100,000 barrels as compared with
a decrease of approximately 500,000 barrels in June. In
spite of the continued heavy withdrawals from gasoline
storage, total stocks of all refined oils showed a small gain in
July. This resulted almost entirely from the increase in fuel
oil stocks, a large part of which was diverted to unfinished
oil stocks, presumably for use as cracking stock. The
Bureau continues:
1323
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS (INCLUDING
WAX, COKE, AND ASPHALT IN THOUSANDS
OF BARRELS OF 42 U. S. GALLONS).
July
1928.
New SupplyDomestic production:
Crude petroleum:
Light
Heavy
June
1928.a
July
1927.
Jan.-July Jan -July
1928.
1927.6
1
67,665
7,761
64,940
7,586
69,121
9,659
455,981
54,733
451,950
67.504
75,426
3,409
228
72,526
3,317
231
78.780
3.119
214
510,714
23,741
1,607
519,454
21,953
1,504
Total
Daily average
Excess of daily average domestic
produe. over domestic demand
Imports:
Crude
Refined
79,063
2,550
76,074
2,536
82,113
2,649
536,062
2,517
542,911,
2,561
150
213
414
308
437
7,878
781
6,553
712
4,823
1,05
45,884
7,229
30,818
8,754
Total new supply all oils.
Daily average
87,722
2,830
83.339
2.778
87,989
2,838
589,175
2.766
582.483
2,748
c1,111
c5361
7,530
24,890
51,156
8.833
2,866
83,860
2,795
80.459
2,595
564,285
2,649
531,327
2.506
1,669
12,769
74.395
2,400
1,879
12,284
69,697
2,323
1,089
10,080
69,290
2.235
10,349
83,344
470,592
2,209
8,628
72,336
450,363
2,124
318,004
51,239
319,267
51,484
276,871
47,507
318,004
51,239
276,871
47,507
18,215
95,663
19,197
94.234
25,301
93,011
Total crude
Natural-gas gasoline
Benzol
Change in stocks all oils
DemandTotal demand
Daily average
Exports: d
Crude
Refined
Domestic demand
Daily average
Stocks (End of Month)Crude:
East of California:
Light
Heavy
California:
Light
Heavy f
18,215,
95,6631
25,301
93,011
483.121 484,182 442,690 483,121 442,690
Total crude
992
992
4771
648
477
Natural-gas gasoline at plants
128,454 128,333 128,610 128,454, 128,610
Total refined
The feature of the month, from the standpoint of flush-producing areas,
was the increased output of the West Texas district. The daily average
612,052 613,163 572,292 612,052: 572,292
Grand total stocks all oils
production of this area in July was 365,000 barrels, an increase of nearly
228
214
219
221
231
Days' supply g
50,000 barrels over the daily average of the previous month. The cause
was
the
same
as
in
Bunker
oil
increase
previous
months;
(included
above
in
this
that
is,
of
the unusually
4,116
4,307
4,0771
29.4811
28,177
domestic demand)
high total initial production of the completed wells. These wells were
a Revised. b Final figures. c Decrease. d Inc tides shipments to non-con"pinched in" on the basis of the transportation facilities available. The
producers'
stocks.
f
Includes
fuel
oil.
g
Grand
tiguous
territories.
e
Exclusive
of
decline at Seminole was continued in July, when that district produced
total stocks divided by daily average total demand.
at the rate of 262,000 barrels per day. Nothing of particular interest
developed at Seal Beach or in the Panhandle. The Long Beach field re- PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALLONS).
ported 30 completions, with a total daily initial output of 42,000 barrels,
but this was scarcely sufficient to compensate for the decline of the older
June 1928.
JanuaryJanuaryJuly 1928.
wells.
July
July
Stocks of crude petroleum held in the Seminole field on July 31 amounted
1928.
Total. Daily As
1927.a
Total. Daily Av
to 17,389,000 barrels as against 17,995.000 barrels held there on July 1.
This decrease represented a large part of the July decrease in the national
Field85, 11 17,922,111 17,625,000
85,101 2,564,000
Appalachian
2,637,000
total of all oils.
159,000
5,300 1,020,000 1.110,000
5,100
159,000
Lima-Indiana
1,700
50,000
280,000
1,800
256,000
56,000
S.
Michigan
PRODUCTION (BARRELS OF 42 U.
GALLONS).
628,000
20,900 4.334,01/ 4,561,000
632,000
20,400
Ill.-S. W. Pnd
Mid-Continent ... 45,635,000 1,472,10043,586,000 1,452.800311,487.000310,473,000
June 1928.
.7uly 1928.
July 1927.
4,085,000 131,800 3,949,000 131,7001 26,104,000 31,230,000
Gulf Coast
79,600 2,426,000 80,900 16.852,0i 1 b18,584,000
Rocky Mounts'. 2,468,000
Total. Daily Avg
Total. Daily Avg
Total. Daily Am California
19,754,000 637,20019,164,000 638.800 132,715 s ii 135.615,000
Seminole
Panhandle
West Texas
Beal Beach
Long Beach
8,121,000
1,974,000
11,314,000
1,047,000
6,078,000
262,000
64,000
365,000
34,000
196,000
STOCKS AT SEMINOLE
8,298,000
1,966,000
9,483,000
1,105,000
5,831,000
277,000
66,000
316,000
37,000
194,000
14,720,000
3,460,000
4,040,000
1,791,000
2,868,000
475,000
112,000
130,000
58,000
93,000
BARRELS OF 42 U. S. GALLONS).
Producers' stocks
Tank-farm stocks
Totalstocks
July 1928.
June 1928.
July 1927.
371,000
17,018,000
364,000
17,631,000
380,000
9,565,000
17,389,000
17.995.000
0045.000
RECORD OF WELLS JULY ,1928.
.toun
Average
Initial
Initial
Drilling
Production. Production, July 31.
Dm.
(Slits.)
(bbls.)
10
22,000
600
90
7
2,500
100
131
37
745,000
7,500
387
1
1,400
1,400
3
2
1.400
'no
42.000
Completion,
Seminole
Panhandle
West Texas
Seal Beach
i nnc, laacholl
OB.
Gas.
34
19
99
1
30
2
9
3
-
Runs to stills once more reached a new high level in July,
when the daily average crude throughput was 2,603,000
barrels. The major portion of this increase was in domestic
crude, since daily average runs to stills of foreign crude
showed but a slight increase, according to the Bureau,
which further says:
Gasoline production again established a new high record in July, when
the daily average output was 1,061,000 barrels. Daily average domestic
demand for gasoline passed the 1,000,000-barrel mark in July for the first
time in history, when it amounted to 1,032,000 barrels. This represents
an increase over June of 65,000 barrels and over July 1927 of 72,000 barrels,
or 7.5%. Daily average exports of gasoline showed a small increase.
Stocks of gasoline again showed a material decline, decreasing in July from
34,393.000 barrels on the first of the month to 30,392,000 barrels on hand
July 31. At the current rate of total demand these stocks represent 25
days' supply, as compared with 30 days' supply on hand a month ago and
37 days' supply on hand a year ago.
The demand for kerosene rallied from the slump of the previous month,
but stocks showed a small increase. Both the daily average production
and daily average domestic demand for lubricants declined in July as compared with Juno. Stocks of wax again fell off and on July 31 amounted
to 84,476,000 pounds. The daily average domestic demand for this commodity in July was considerably below that for June.
The refinery data of this report were compiled from schedules.fo 334
refineries, with an aggregate daily crude oil capacity of 3.166,000 barrels.
These refineries operated during July at 82% of their recorded capacity
as compared with 326 refineries operating at 81% of their capcaity in June.
U. S. total.-- - 75,426.0002,433,10072,526,0002,417,600 510,714,i i 1 519,454,000
State2,809,000 90,600 3,088,000 102,9001 19,123,o # # 24,772,000
Arkansas
19,754,000 637.20019,164,000 638,800 132,715,000 135,615,000
California
225,000
7,500 1,621,000 1.724,000
8,000
247,000
Colorado
550,000
17,800
551,000
18,300 3,804,000 4,160,000
Illinois
2,800
87,000
2,900
88,000
585,000
482,000
Indiana
81,000
2,600
78,000
Southwestern
2,600
530,000
401,000
9,000
Northeastern...
7,000
200
300
55,000
81,000
3,267,000 105,400 3,257,000 108,600 23,516,000 24,433,000
Kansas
653,000
21,100 561,000
18,700 4,207,001 3,791,000
Kentucky
1,993,000 64,300 1,970,000 65,700 12,743,000 13,314,000
Louisiana
774,000
25,000
749,000
Gulf Coast...-.
25,000 3,633,000 2,904,000
39,300 1,221,000 40,700 9,110,000 10,410,000
Rest of State-. 1,219,000
Michigan
56,000
1,800
50,000
1,700
280,000
256,000
293,000
9,40
301,000
Montana
10,000 2,326,001 3,070.000
New Mexico
89,000
2,900
65,000
2,2
521,000
843,000
New York
202,000
6,500
227,000
7,600 1,403,000 1,282,000
Ohio
616,000
19,900 623,000
20,800 4,211,000 4,500,000
Central & East. 464,000
15,000
473,000
15,800 3,246,000 3,471,000
150,000
Northwestern _
152,000
4,900
5,000
965,000 1,029,000
Oklahoma
19,142,000 617,600 19,045.000 634,800135,590,000 156,012,000
14,557,000
1,588,000
52,900
Osage County.
141,464,000
Rest of State..
17,457,000 581,900
Pennsylvania_ _ _ _
827,0001 27,600 5,673,i 1 i 5,512,000
827,000
26,700
28,000
100
30,000
2,000'
Tennessee
6,000
200
Texas
22,509,000 726,10020,175,0001 672,500 145,619 161 123,163,000
Gulf Coast
3,311,000 106,800 3,200,000 106,700 22,471,611 28,326,000
Rest of State.... 19,198,001 619,300 16,975,0001 565,800123,148,000 94,837,000
15,700 3,365,000 3,539,000
West Virginia
474,000
15,600
485,000
59,300 1,835,000 61,200 12,384,000 12,943,000
Wyotnhag
1,839,000
41,800 8,452,000 9,012,000
38,600 1,253,000
Salt Creek_
1,196,000
19,400 3,932.''' 3,931,000
20,700
Rest of State...
643.O00
'
Classification by
Gravity(approx.)
67,665,000 2,182,70064,940,000,2,614,700 455,981,000451,950.000
Light crude
TT vv enula
7 751 min 210.4011 7.586.0001 252.900 54.733.000 67.504.0110
a Final figures: ncludes approximately 2,500,000 barrels consumed on leases. &c.,
not Included in 1928 preliminary figures. b Including Alaska.
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce.)
July 1928.
Total,
Daily
Arge.
June 1928.
Total.
Daily
'loge.
JanuaryJuly
1928.
JanuaryJuly
1927.x
ImportsFrom Mexico
1,496,000 48,200 1,704,000 56,800 9,842,000 15,716,000
From Venezuela
4,808,000 155,100 3,727,000 124,20026.757,000 9.067,000
From Colombia
1,271,000 41,000 880,000 29,300 7,635,000 4,218,000
From other countries. 303,000 9,800 242,000 8,100 1.650,000 1,817,000
Total imports
7,878,000 254,100 6,553,000 218,400 45,884,000 30,818,000
Exports aDomestic crude oil:
To Canada
1 377,000 44,400 1,463,000 48,800 8,176,000
To other countries_ 292,000 9,400 416,000 13,800 2,166,000 7,117,000
1,511,000
Foreign crude oil_
_
1,000
Total exports
1.669.000 53.800 1.879.000 112 Gm 10 14.2 nnn
No crude shipments to territories dur ng July. z Final figures.
0 500 nekn
1324
FINANCIAL CHRONICLE
STOCKS OF CRUDE PETROLEUM HELD IN UNITED STATES(BARRELS)
At refineries (and in coastwise transU thereto)
Reported by location of storage:
East coast-Domestic
Foreign
Appalachian
Indiana. Illinois, dte
Oklahoma. Kansas, deo
Texas-Inland
Gulf coast--Domestio
Foreign.
Arkansas and Inland Louisiana
Louisiana Gull Coast-Domani°
Foreign
Rocky Mountain
Ads,31
1928.
June 30
1928.
July 31
1927.x
8.698,000
5,203,000
2,186,000
3.053.000
5,688,000
1,863,000
8,152,000
150,000
840,000
4,462,000
1.194,000
1,440,000
8,328,000
5,482,000
2,242,000
2,957,000
5,662,000
1.927,000
8,469,000
102,000
881,000
4,149,000
970,000
1,488,000
8,999.000
2.671.000
1,785,000
2,561,000
4,428,000
1,450,000
6,657,000
226,000
454,000
4,559,000
1.373,000
1,382,000
Total east of California
42,929,000 42,657,000 36,545,000
Elsewhere than at refineriesDomenic-Reported by field of origin:
Appalachian-N. Y., Pa., W. Va., Gross 6,235,000 6,361,000 7,156,000
eastern and central Ohio
Net
5,942,000 6,064,000 6,883,000
Kentucky
Gross 1,268,000 1,221,000 1,324,000
1.139.000 1,087,000 1,199,000
Net
Lima-Indiana
Gross 1,513,000 1,447 000 1,098.000
1,333.000 1.267,000
Net
899,000
Illinois-S. W.Indiana
Gross 12,551,000 12,702,000 12,669.000
Net
12,049,000 12,200.000 12.184,000
Mid-Continent-Oklahoma, Kansas, Gross 247,483,000 249,543,000 205.042,000
central, north and west Texas
Net 235,083,000 236,725,000 193,217,000
Northern Louisiana and Arkansas._ Gross 29,698,000
. .
Net 28,502,000 26,543,000 27.791.000
Gulf coast
Grote 17.689,000 17,525,000 18,395,000
Net 17,235,000 17,028,000 17,985,000
Rocky Mountain
Gross 26,990,000 27,078,000 27,434,000
Net 26,949,000 27,038.000 27,377,000
Total pipe-line and tank-farrafGross 343,427,000 345,385,000 304,475,000
(Net 328,232,000 327,952,000 287,535,000
stocks east of California
Foreign crude petroleum on Atlantic coast__
Foreign crude petroleum on Gulf cowl
40,000
42,000
91,000
51,000
42,000
256,000
82,000
142,000
298,000
Total refinery. Pine-line, and tank-farm
stocks of domestic and foreign crude
369.243,000 370,751,000 324,378,000
petroleum east of California
Classification by Gravity (Approximate)East of California:
318,004,000 319,267,000 278,871,000
Light crude (24 deg. and above)
51.239.000 51,484,000 47,507,000
Heavy crude (below 24 deg.)
18,215,000 19,197,000 25,301,000
California-Light
95,663,000 94,234,000 93,011,000
Heavy (including fuel)
z Final figures.
NUMBER OF PRODUCING OIL WELLS COMPLETED.
July 1928.
June 1928.
Jan.-July 1928.
Jan.-July 1927.
6,623
1.096
1,056
29,318
y For States east of California. from "Oil & Gas Journal"; for California, from
the American Petroleum Institute. z Final figures.
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES (BARRELS).
July 1928.
Crude oil
Gasoline
Gas oil
Fuel oil
Lubricants
Tops
Asphalt
June 1928. Jan.-July '28. Jan.-July'27a
242,000
182.000
1,891,000
5,967,000
1,745,000
362,000
2,000
1,000
95,000
1,000
1,589,000
9,034,000
1,444,000
711,000
227,000
95,000
15,000
6,503,000
2,261,000
4,865,000
145.000
80.000
3,000
7,000
1_572.000
Total refined products 2.205 non
11.625.000
13.781.000
a Final figures.
STOCKS HELD BY THE REFINING COMPANIESIN THE UNITED STATES
JUNE 30 1928.
(Barre14East coast
Appalachian
Indiana, Ill., dtc
Oklahoma. Kansas, ..te
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Total June 30 1928
Texas Gulf coast
T .....1.1.n. C11111 resant
Gasoline.
Kerosene.
Gar & Fliel
Lubricants.
Oils.
4,857,000
1.021,000
4,103,000
2,190,000
4,273,000
1,035,000
1,694,000
11,219,000
1,418,000
345,000
1,146,000
620,000
1,363,000
1,676,000
284,000
1,618,000
8,669,000
1,068,000
2,689.000
6,196,000
12,383,000
5,131,000
1,274,000
30,392,000
8,470,000
237,410,000
7,667,000
34,393,000
3,663.000
Of111.000
8,370,000
1,273,000
11158.000
a36,015,000
9,924,000
4.335.000
7,832,000
1,655,000
114000
Wax
(Lbs.).
East coast
Appalachian
Indiana, Illinois. deo
Oklahoma. Kansas. ate
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Total June 30 1928
Texas Gulf coast
2.598,000
1,160,000
756,000
487,000
1,642,000
118,000
140,000
776,000
01461
Finished UnleashCoke
Asphalt Froducia ad OW
(Tow). (Tons). ()ibis.). (Bbis.).
27,467,000 31,000 115,700 127,000 8,537.000
4.300
12,425,000
700
70,000 1.262,000
18,536,000 59,300 39.300 557,000 3,827,000
1.700
90,000 2,546,000
2,637,000 53,800
8,300
12,000 10,429.000
4,235,000 115,800
72,000 2,427,000
9,747,000 63,500 25,400
8,500
41,000 1,277,000
9,429,000 57,200
51,800 231,000 69,342,000
.
84,476,000 384.900 251,400 1,200,000 39,647,000
c91,989.000 343,700 270,800 1,130,000 36,999,000
8,200
5.000 9,104,000
3,937,000 101,700
o 747 nnn 112.900 25.300
65.000 2.114.000
a East of California. b Includes 1,143,000 barrels tops in storage. c Revised.
Edward A. Brennan Appointed Secretary of National
Metal Exchange, Inc.
The appointment of Edward A. Brennan, formerly of the
U. S. Steel Corporation, as Secretary of the National Metal
Exchange was announced Aug.26 by Pres. Erwin Vogelsang.
Mr. Brennan has had a quarter century of experience in the
naming and shipping fields and in executive organization
work. For nineteen years he was in the mining and transportation department of the Steel Corporation. During the
war, Mr. Brennan was Cashier and paymaster for the Steel
[vol. 127.
Corporation subsidiary, the Federal Shipbuilding Co. at
Kearny, N. J. He was also executive assistant in the New
York office of the Emergency Fleet Corp., serving first under
A. F. Mack and later under V.-Pres. W. J. Love. When
Mr. Love retired, Mr. Brennan became district director of
New York. Mr. Brennan, for a time, was treasurer of the
Green Star Steamship Co., but resigned some time before
the company retired from the shipping field. An item regarding the Metal Exchange appeared in our issue of Aug.
11, page 760.
Steel Production Continues at High Rate-New Record
Likely-Pig Iron and Steel Prices Remain UnChanged.
Buyers of both pig iron and steel are covering their needs
more liberally, the "Iron Age" of Sept. 6 says in its market
summary. To escape price advances pig iron consumers
generally have been contracting for their fourth quarter
requirements. Users of finished steel are accomplishing the
same purpose, in a measure, by specifying heavily against
expiring contracts, adds the "Age," continuing:
In shapes, bars, plates and sheets the higher quotations announced for
next quarter, together with the fixing of Sept. 10 as the closing date on
releases against current contracts, have had the effect of driving In an
unusually large volume of specifications. In sheets, specifying has been
further stimulated by the reduction in the cash discount, which goes into
effect Oct. 1.
It is beginning to appear that an earlier closing date for specifications will
fail to achieve its purpose of preventing a large carryover into the next
quarter. The full extent to which buyers will anticipate their forward requirements will depend on the amount of steel released for rolling in the
next four days. If present Indications are borne out, buyers not only will
specify fully but. In some cases, will overspecify.
For sheets, as well as the heavier rolled products, there has been a rather
steady increase in specifications since Aug. 1. While steel consumption
may have gained in the same period, it is likely that a growing tonnage
has been going into stock. At Chicago it is estimated that many consumers
of sheets will be able to supply their needs from stock through October and
possibly November.
A real test of price advances for fourth quarter is necessarily deferred.
While there is little interest in contracts for that period, some of the large
buyers who have sounded out the mills on prices are confident that business
In bars, plates and shapes will be accepted at 1.95c., and possibly 1.90c..
Pittsburgh, as contrasted with the announced quotation of 2c. Although
a failure to achieve advances aimed at would be repeating previous experiences of the mills this year, a price of 1.90c. would be $1 higher, and of
1.95c., $2 a ton higher, than the prevailing contract figure for the present
quarter.
The extent to which mills may succeed in increasing prices remains in
doubt, but the volume of bookings, chiefly in specifications, leaves little
to be desired. Although tin plate output has shown a seasonal decline
to 75% of capacity, steel production as a whole is holding its own and may
possibly gain in the course of the month. In sheets the American Sheet &
Tin Plate Co. had the largest August bookings and shipments since 1917.
Taking into account the rising scale of demand and production in July
and August and the assured high rate of operations this month, a record
third quarter steel production is looked for.
Contrasted with evidences of buying to circumvent higher prices are pressing demands for steel for early consumption, notably from automotive
plants Several Michigan motor car builders have increased production
on new models and are taking more steel. The Industry as a whole has set
out to make 400,000 cars and trucks this month.
Rising consuming needs are seen in mounting business in machine tools.
August sales were larger than in July, and some Cincinnati plants are operating at the highest rate since 1919
Another sign of expanding industrial activity Is the increasing melt of
foundries, as indicated by shipments of coke and pig Iron. The buying
movement In pig iron is still under way,for both large and small foundries.
Sales of foundry and malleable grades at Cleveland totaled 40.000 tons.
following bookings of 310,000 tons in the month of August. Buffalo
reported 60,000 tons of pig iron sold, while the totals for the week at Philadelphia and Chicago were close to 50,000 tons each. At Chicago, where
the market was riased to $18, furnace, last week, another increase of 50c.
a ton is an early possibility.
Pig iron production in August, compiled from returns to the "Iron Age,"
was 3,136,570 tons, or 101,180 tons per day, against 3.071.824 tons, or
99,091 tons per day in July-a gain of 2,089 tons or 2.1% in the daily
rate. There was a net loss of two active furnaces In the month. However
the daily operating rate of the 183 active furnaces as of Sept. 1 is estimated
at 98,730 tons, compared with 98,445 tons for the 185 stacks in blast
Aug. 1, indicating a higher output per furnace. The loss in active furnaces was wholly in steel works stacks, merchant furnaces having shown a
net gain of one.
Both of the "Iron Age" composite prices remain unchanged, that for
pig iron at $17.34 a ton and that for finished steel at 2.348c. a lb., as the
following table shows:
Finished Steel.
Pig Iron.
Sept. 4 1928. 2.348e. a Lb.
Sept. 4 1928. 317.34 a Gross Ton.
One week ago
2.348e. One week ago
$17.04
One month ago
2.848e. One month ago
17.04
One year ago
18.04
2267e. One year ago
10-year pre-war average
1.689e. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates.
Based on average of basic iron at valley
wire, rails, black pipe and black sheets. furnace anti foundry irons at Chicago,
Oonstituting 87% of the United States Philadelphia, Buffalo. Valley and Biroutput of finished steel.
mingham.
High.
Low.
Lots.
Hob.
1928_2.364c. Feb. 14 2.314o. Jan. 8 1928..217.75 Feb 14 $17.04 July 24
1927__2.453o. Jan, 4 2.293o. Oet. 25 1927._ 19.71 Jan. 4 17.54 Nov. 1
1926_.2.453o. Jan, 5 2.403o. MAY 15 1926_ 21.54 Jan. 5 19.45 July 13
1925_2.560e. Jan. 6 2.596c. Aug. 18 1925.. 22.50 Jan. 13 18.90 July 7
1924__2.789o, Jan. 15 2.450c. Oct. 14 1924- 22.88 Feb. 26 19.21 Nov. 3
1923-2.524o. Apr. 24 3.4460. Jan. 2 1923_ 50.86 Mar.20 20.77 Nog.20
Steel prices and tonage, both emerging from summer in
an unusually strong position, are approaching a test, according to the "Iron Trade Review," Sept. 6, in its market
review of the iron and steel industry. After this week steel
bars, plates and shapes are to cost $2 per ton more. Fourth
SEPT. 8 1928.]
FINANCIAL CHRONICLE
quarter contracts for sheets, strip and other finished products will shortly be solicited at higher prices. Advances
announced by producers in recent weeks have strengthened
the market sentimentally, but now they must undergo the
pressure of buyers, continues the "Review," which further
states:
Not for several years, if ever, have many producers experienced a July
and August of such proportions in bookings and production. It has been
generally believed that this material was passing directly into consumption,
represented an expansion of summer rather than an anticipation of fall
requirements, and was not artificially stimulated by the threat of higher
prices. Now, with the summer holidays and vacations past and business
supposedly normal, the sureness of the market's footing will soon be revealed.
Labor day caused little impairment of steel production. On a daily basis
new business, though featureless, has been equal to the August rate.
The aggregate of small orders from widely diversified sources is surprisingly
high, while tonnage requirements from the automotive industry hold up as
increased schedules of some manufacturers offset the curtailment of others.
Several important pipe lines, one requiring 42,000 tons, may be placed
this week. As the mills acquire moderate backlogs they are able to schedule
rollings more economically.
Pig iron has kept step with this buoyancy in steel by registering an increase in production in August, thereby reversing the downtrend since
May. With a daily rate of 101.161 tons. August gained 2% over the 99,120
tons of July and 6% over the 95.183 tons of last August. The August total
of 3,136,008 tons compares with 3.082,340 tons in July and 2.950,674 tons
In August, 1927.
The gap between last year's production is rapidly being closed, the
eight-month total for 1928 now standing at 24,719,182 tons, compared with
25,334,526 tons a year ago. Excepting 1926. August production was the
best for that month in five years. At the end of the month 182 stacks, or
three fewer than on July 31, were in blast.
Freight car builders are greatly encouraged by the edict of the American
Railway association against the use of wooden equipment after Jan. 1
1931. Because of the surplus of cars not all of the existing 300,000 wooden
cars may be replaced, but it is expected that a large part will be. Considering that car orders have been averaging about 60,000 annually in
recent years, several active years may be opened up for the car building
industry. Preliminary estimates placed August awards at 677, compared
with 582 in July and 1.181 last August. Thus far in 1928 only 29,593 cars
have been bought, against 45,641 a year ago. Chesapeake & Ohio has
opened bids on its 45,500 tons of rails.
Confidence in the country's steel requirements is evidenced by lower
lake steelworks which within the past week have increased their shipping
instructions for Lake Superior iron ore this season by 500,000 tons. Larger
producers in the Pittsburgh district are averaging 80 to 85%. Chicago
steelmaking operations are unchanged at about 80%. Only twice before
this year have 114 of the 127 independent sheet mills been active in the
Mahoning valley: this compares with 105 units a week ago. One additional
open-hearth furnace has been lighted at Youngstown. Tin plate mills in
the Mationing valley have given a little ground, both seasonally and because
of crop damage by storms. Steel corporation units are at 76% this week, a
loss of one point, and the entire industry is at 74%.
Not only were August sales the best of the year for many pig iron producers but shipments also were heavy enough to reduce stocks at the
furnaces materially, With order books satisfactory, furnace interests are
disposed to stand firmly on their recent price advances. One result has been
to scale down buying somewhat. August sales of foundry and malleable
iron at Chicago totaled from 250,000 to 300,000 tons, necessitating the
blowing-in of two merchant stacks shortly. Pittsburgh district producers,
after much quiet selling, are asking 25 to 50 cents more for most grades,
and in some cases getting it. At Cleveland sales and shipments in August
were the best of the year and last week's selling, totaling 46,000 tons, was
good considering the holiday. Heavy sales were made in the East.
According to cable dispatches from London, British orders for iron and
steel are small but aggregate well. Belgium makers have been booking
good export orders from China, Japan and India. French and German
markets are quieter.
The "Iron Trade Review" composite of 14 leading iron and steel products
is up 1 cent this week to $35.11. For three consecutive weeks this index
has been rising moderately.
1325
between independent steel making companies and merchant
furnaces. Four Steel Corporation stacks, three independent
steel company furnaces and two merchant stacks were shut
down. This is a net loss of three furnaces for the Steel Corporation and a gain of one merchant furnace.
Actual data for the August pig iron production will be
published next week.
Subcommittees of Illinois Coal Operators and Miners
Sign Wage Cut Agreement.
Subcommittees of the Illinois Coal Operators Association
and of the Illinois District of the United Mine Workers of
America signed a four year agreement at Chicago on Sept. 1
under which it is stated the miners accepted a decrease
in wages of about 16% for tonnage workers and 19% for day
workers.
Associated Press accounts from Chicago on Sept. 1 stated:
The agreement, subject to a referendum vote of the Illinois miners,
provides for 91 cents for tonnage men, compared with the old Jacksonville
scale of $1.08 a ton. and $6.10 a day for day workers, compared to the old
$7.50 rate. The agreement, effective Sept. 16, lasts until Mar. 31 1932.
In addition to about 34,000 miners in the State who have been operating on the Jacksonville wage scale under independent agreements with
operators, officials estimated that 20,000 more of the State's 80,000 will
go back to work under the new agreements as soon as the mines are ready
to operate.
The agreement in Illinois also was expected to have a bearing on settlements in Indiana, Iowa and Pennsylvania. The settlement marks the
end of more than a month of negotiation, following abandonemt of a demand for retention of the Jacksonville scale of prices by the miners. It
also marks the conclusion in Illinois of more than two years of intermittent
disputespetweenIthe miners and operators.
ProductionTofiCoal in Illinois, Kentucky, Arkansas
and Oklahoma in 1927.
Final returns received by the Bureau of Mines from operators in the State of Illinois for the year 1927 show a total
production of 46,848,224 net tons, of which 42,757,667 tons
were loaded at mines for shipment, 3,379,701 tons were
sold to local trade or used by employees, and 710,856 tons
were used at mines for steam and heat. The total value of
the product, f.o.b. mine, was $101,356,000, an average of
$2.16 per ton.
The total output in Kentucky in 1927 was 69,123,998 net
tons, of which 67,579,996 tons were loaded at mines for
shipment. The total value of the product was $119,249,000,
an average of $1.73 per ton.
The total production in Arkansas in 1927 was 1,548,834
net tons, of which 1,515,330 tons were loaded at mines for
shipment. Total value of product was $5,393,000, an average of $3.48 per ton.
The total output in Oklahoma in 1927 amounted to 3,818,054 net tons, of which 3,698,285 tons were loaded at mines
for shipment. The total value of product was $11,570,000,
an average of $3.03 per ton.
Production7ofiBy-Product and Beehive Coke in July.
Lower furnace requirements during July, shown by a
The "American Metal Market," in its weekly review, says: decline of 3.5% in the daily production of pig iron, caused
With the quadrennial election only two months distant chances of dis- a continued decrease in the output of both by-product and
turbance to trade are greatly reduced but not eliminated. Thus far the
beehive coke, according to the Bureau of Mines, Department
Presidential year has been making new records in various lines.
The possibility of a pre-election setback to trade is, however, not ignored, of Commerce. Total coke production in July was 81,186
but there are also possibilities of a trade revival definitely associated with net tons less than in June. The total output of by-product
the election. There are many who feel that industry at large has not been
doing as well as steel, which would indicate room for improvement in coke for the 31 days of July was 3,911,082 tons, a decrease
some lines.
of 50,186 tons, or 1.3%, when compared with June. The
Sellers of steel seem to have been employing fourth-quarter price ad- daily
average amounted to 126,164 tons, as against 132,042
vances largely for the purpose of accumulating backlogs, orders for delivery
at mill convenience being commonly accepted at prices lately ruling for tons for the 30 days in June, a decrease of 4.5%. The 80
early deliveries. In the average of all prices actually realized on shipments active plants produced about 81% of their capacity. The
there has been a slight upward trend this year.
output of beehive coke was 271,000 tons in July, as compared
with 302,000 tons in June, and with 467,000 tons in July of
Estimated Pig Iron Output in August Higher.
1927. The average per working day declined from 11,615
Production of pig iron in August, from data collected tons to 10,840 tons, a decrease of almost 7%. The Bureau
largely by wire by the "Iron Age," on Sept. 4, show an in- also issued the following statistics:
crease in daily rate over July but a net loss in furnaces. In MONTHLY PRODUCTION OF BY-PRODUCT AND BEEHIVE COKE AND
PIG IRON.
most cases actual data were furnished by the producing
(Figures for coke in net tons; for pig Iron in gross tons.)
companies. Total coke pig iron output last month was
Total
estimated at 3,136,570 gross tons, or 101,180 tons per day,
Beehive
By-Product
Pig Iron
Coke.
Coke.
Coke.
(a)
as contrasted with 3,071,824 tons, or 99,091 tons per day in
Monthly TotalJuly. This is an increase for August of 2,089 tons or 2.1%. July
3.657,706
467,000
1927
4,124,706
2.951,160
302,000
1928
3,961,268
4,263,268
3,082,000
In July there was a decrease of 3,642 tons per day or 3.2%. June
3,911,082
271,000
July 1928
4,182.082
3.071.824
The August daily rate last year was 95,073 tons, which was a
Daily Average117.991
18.680
July 1927
136.671
95,199
decline from July of that year of 126 tons per day.
132,042
11,615
June 1928
143,657
102,733
126,164
10,840
137.004
00 001
The preliminary returns indicate that there were 183 July 1928
a Figures from the "Iron Age."
furnaces active on Sept. 1, with an estimated operating rate
Production for the Year to Date.
of 98,730 tons per day. This compares with an operating
The cumulative output of both pig iron and beehive coke for the firs
rate of 98,445 tons per day for the 185 furnaces active on 7 months
the
year
of
shows a decrease when compared with the correspondAug. 1. Of the 7 furnaces blown in, one was a Steel Corpo- ing period of 1927. By-product coke, however, is about 7%
greater than
ration stack, with the remaining six equally distributed during 1927.
FINANCIAL CHRONICLE
1326
CUMULATIVE PRODUCTION OF COKE AND PIG IRON, CALENDAR
YEAR TO JULY 31.
(Figures for coke in net tons; for pig iron in gross tons.)
By-Product
Beehire
Total
Pig
Coke.
Coke.
Coke.
Iron.
First 7 months of 1928
1927
1926
1925
1924
27,582,618
25,770,781
25,774,000
25,877,000
19,903,000
2,541,000
4,886,000
8,053,000
6,181,000
6,969,000
30,123,618
30,656,781
33,827.000
32,058.000
26,872,000
21,592,745
22,381.838
23,071,799
21,675,972
19,219,000
Production by Regions.
There has been a slight increase in the output of by-product coke in the
Eastern and Middle Western regions in 1928 when compared with the
corresponding period of 1927. In the Alabama-Tennessee and NorthwestFar West regions production declined. The beehive districts all show a
decided drop in comparison with 1927.
MONTHLY PRODUCTION OF COKE BY GROUPS OF STATES (Net Tons).
Cal. Year to July 31.
Region.
July
1928.
June
1928.
July
1927.
By-Product CokeNew England, New Jersey and
N. Y. east of Buffalo Dist_ 343,785 332,247 341,761
Penna., Buffalo Dist., Ohio
2,131,048 2,102,839 1,882,744
and adjacent plants_a
344,645 362,551 360.200
Alabama and Tennessee
Ill., Ind., Mich. and Missouri 922,233 1,000,320 895,140
169,371 163,311 177,861
Northwest and Far West_b
1928.
1927.
2,363,448 2,349,343
14,478,847 13,201,604
2,600,355 2,664,930
6,976,963 6,348,745
1,163.005 1.206,159
3,911,082 3,961,268 3,657,706 27,582,618 25,770,781
Total
Beehive Coke185,000 212,000 333.000 1,813,000 3,831,000
Pennsylvania and Ohio
45,000
67,000
395,000
532,000
45,000
West Virginia and Kentucky_
144,000
206,000
20,000
21.000
28.000
Virginia
7,000
11,000
65.000
95,000
7.000
Ala., Tenn. and Georgia
14,000
17.000
28.000
124,000
222,000
Colo., Utah ei Washington
,r.-s-si
271.000
302.000
467.000 2.541.000 4.886.000
a Includes Sparrows Point, Md.; Ashland, Ky.. and three plants in northern West
Virginia. b Includes Wisconsin, Minnesota, Washington, Colorado and Utah.
Coal Consumed.
The quantity of coal consumed at coke plants during July amounted to
about 6,046,000 tons, of which 5,619,000 tons were charged in by-product
ovens and 427,000 tons in beehive ovens.
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFACTURE OF COKE (NET TONS).
consumed In
Consumed In
Twat coat
By-Product Ovens. Beehive Ovens.
Consumed.
1925 monthly average
1926 monthly average
1927 monthly average_a
4.759,000
5,304,000
5,259,000
1,452,000
1,602,000
920,000
6,211,000
6,906,000
6,179,000
May 1928
June 1928
mi. 1095
5,891,000
5.691,000
5 619 000
593,000
476,000
427.000
6,484,000
6,167,000
6.046.000
a Preliminary figures.
Preliminary Estimates of Production of Coal and Beehive Coke for the Month of August 1928.
The following preliminary estimates for the month of
August, as given in the United States Bureau of Mines
report, are subject to slight revisions, which will be issued
n the weekly coal report about the 15th of this month.
All current estimates will later be adjusted to agree with
the results of the complete canvass of production made
at the end of the calendar year. The figures as now reported show that 41,041,000 net tons of bituminous coal
were produced in August 1928, an increase of 4,765,000
net tons over the previous month and a decrease of 664,000
net tons as compared with the figure for the month of
August 1927. Anthracite production during the month
under review showed an increase of 2,314,000 net tons as
compared with the preceding month, but was 905,000 net
tons under the total for the month of August 1927. The
statistical tables as given by the Bureau of Mines are
appended:
Total for
Month
(Net Tons).
August 1928 (prelirninary)-a
Bituminous coal
Anthracite
Beehive coke
July 1928 (revised)Bituminous coal
Anthracite
Beehive coke
August 1927Bituminous coal
Anthracite
Beehive coke
a Slight revisions of these estimates will
about the middle of the month.
Number of Average per
Working Work'g Day
Days.
(Net Tons).
41,041,000
6,789,000
291,000
27
27
27
1,520,000
251,000
10,780
36,276,000
4,475,000
271,000
25
25
25
1,451,000
179,000
10.840
41,705,000
27
1,545,000
7,694,000
27
285,000,
500,000
27
18,520
be issued in the Weekly Coal Report
Bituminous Coal and Anthracite Production Higher.
According to the United States Bureau of Mines, production of bituminous coal during the week ended Aug. 25
amounted to 9,274,000 net tons, as compared with 8,959,000
tons in the preceding week and 9,742,000 tons during the
week ended Aug. 27 1927. Output of anthracite during
the week ended Aug. 25 1928 is estimated at 1,732,000 net
tons as compared with 2,092,000 tons during the corresponding week last year and 1,416,000 net tons in the week ended
Aug. 18 1928. The Bureau of Mines report is as follows:
BITUMINOUS COAL.
The total production ofsoft coal during the week ended Aug.25,including
lignite and coal coked at the mines, is estimated at 9,274,000 net tons.
[VOL. 127.
Compared with the revised estimate for the preceding week, this shows an
Increase of 315,000 tons, or 3.5%. Production during the week in 1927
corresponding with that of Aug.25 amounted to 9.742,000 tons.
Estimated United StateS Produaion of Bituminous Coal (Net Tons), Ina. Coal Coxed.
1927
1928
Cal. Year
Cal. Year
Week.
Week.
to Date.a
to Date.
Aug. 11
325,673,000
9,002,000
9,093,000
285,094,000
Daily average
1,500,000
1,516,000
1,720,000
1,505,000
-Aug. 18- b
334,813,000
8,959,000
9,140,000
294,053,000
Daily average
1,493,000
1,714,000
1,523,000
1,505,000
Aug. 25_c
9,274,000
344.555,000
9,742,000
303,327,000
Daily average.,
1,712,000
1,506,000
1,624,000
a Minus one day's production first week in January to equalize number of days in
the two years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present calendar
year to Aug. 25 (approximately 201 working days) amounts to 303,327,000
net tons. Figures for corresponding periods in other recent years are given
below:
1927
344,555,000 net tons
1924
297,116,000 net tons
1926
346.412,000 net tons
1923
369,622.000 net tons
1925
309,439,000 net tons
1922
231,430,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Aug. 18
amounted to 8,959,000 net tons. This is a decrease of 43,000 tons as compared with the output in the preceding week.
The following table apportions the tonnage by States, and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by Stales (Net Tons).
Week Ended
Aug. 1923
StateAug.18'28. Aug. 11 '28. Aug.20'27. Aug. 21'26. Average.a
Alabama
271,000
289,000
364,000
383,000
397,000
Arkansas
37,000
35,000
46,000
25,000
26,000
Colorado
146,000
150,000
185,000
190,000
173,000
Illinois
814,000
728,000
161,000 1,129.000 1,383,000
Indiana
266,000
223,000
293,000
430.000
440,000
Iowa
48,000
51,000
10,000
68,000
100,000
Kansas
27,000
22.000
31,000
70,000
84,000
Kentucky-Eastern. 987,000 1,005,000 1,141,000
765,000
957,000
Western
257,000
245,000
217,000
460,000
267,000
Maryland
52.000
51,000
44,000
58.000
55,000
Michigan
11,000
12,000
21,000
14,000
12,000
Missouri
60,000
52,000
61,000
31,000
47,000
Montana
55,000
52,000
59,000
50,000
51,000
New Mexico
54,000
53,000
58,000
49,000
46,000
North Dakota
16,000
12,000
13,000
20,000
20,000
Ohio
298,000
307,000
138.000
871,000
444,000
Oklahoma
48.000
48,000
63,000
55,000
44,000
Pennsylvania
2,237,000 2,260,000 2.269,000 2,723,000 3,734,000
Tennessee
101,000
104,000
91,000
108,000
118,000
Texas
17.000
19.000
24,000
20,000
24,000
Utah
73,000
68.000
89,000
99,000
83,000
Virginia
225,000
235.000
250,000
265,000
248,000
Washington
41.000
36,000
40,000
49.000
47,000
W.Va.-Southern b_ 1,983,000 2,040,000 2,270,000 2,071,000 1,652,000
Northernc
746,000
788,000
867.000
759,000
838,000
110,000
Wyoming
116,000
111,000
105,000
154,000
Other States
1,000
1,000
4,000
5,000
4,000
Total bituminous__ 8,959,000
Pennsylvania anthra_ 1,416,000
9.002,000
1,389,000
9,140,000 10,440,000 11,538,000
1,585,000 1,770,000
1,928,000
Total all coal
10,373,000 10,391,000 10,725,000 12,210,000 13,484,000
a Average rate maintained during the entire month. b Includes operations on the
N. & W., C. & 0., Virginian, K. & M., and Charleston division of the N. & O.
c Rest of State, including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended Aug. 25 is
estimated at 1,732,000 net tons. Compared with the output in the preceding week, this shows an increase of 316,000 tons. Production during the
week in 1927 corresponding with that of Aug. 25 amounted to 2,092,000
tons.
Estimated United States Production of Anthracite (Net Tons).
1928
1927
Cal. Year
Cal. Year
Week.
to Date.
Week EndedWeek.
to Date.
1 416,000
1,585,000
Aug. 18
45,159,000
50,254,000
46,891,000
2,092,000
Aug. 25.a
1,732,000
52,346,000
a Subject to revision.
President Roome of Excelsior Savings Bank Says Slower
Progress Has Been Made by Savings Banks in
Services to Depositors Than by Other Financial
Institutions-Contends That Savings Banks Are
Walled in by Legislative Restrictions.
Bankers and banking officials of the country must start
working now to achieve the kind of savings bank of 1935
which depositors need, declared Reginald Roome, President
of the Excelsior Savings Bank, of New York, on Aug. 31.
Savings banks have made slower progress than any other
financial institutions in meeting the needs of those who use
them,says Mr. Roome, because of the deadening restrictions
which started as supervision for safety. Mr. Roome says:
"The type of mutual savings bank which will be needed in 1935 and is, in
fact, needed now,cannot be developed unless all concerned begin immediate
active measures. The savings banks have always needed at least ten
years to effect changes for the benefit of their depositors which any other
type of institution could accomplish in a year. This is because the savings
banks are protected to death. They have not for many years been permitted to give their depositors the service so urgently needed and unless
action is begun soon, it may be too late.
"While the savings banks have been walled in by legislative and supervisory restrictions, unsupervised and superficially regulated financial
methods have been allowed to play havoc with the savings of the 'unwealthy.' Fraudulent securities, loan sharks and similar criminal destroyers of the people's resources are obviously undesirable competition for
the savings banks. But the less obvious competition, even when honest
and laudable in many ways, had diverted funds from the savings bank to
investments often having a considerable element of risk. The so-called
protection of the savings banks has been one of the greatest disservices to
the great masses of the people rendered by the State governments. What
was certainly meant well has turned out to be real harm.
"The saN lugs bank of 1935 must be able to offer all people of limited
means exactly the same services which other financial institutions offer
those who have more. The personal and family finances of the poor are
just as important and need just as careful counsel and management as
those of the rich-perhaps more. They need Just as much service in investment, the financing of education and other vital activities, and the
conservation of estates as the more fortunate; and it is the duty of the
savings bank to give such service. The savings bank of 1935 will do so,
If we plan for It now."
SEPT. 8 1928.]
1321'
FINANCIAL CHRONICLE
Current Events and Discussions
Banks.
Federal
The consolidated statement of condition of the
Federal
the
by
public
made
5,
Sept.
on
Reserve banks
Reserve Board, and which deals with the results for the
week
12 Reserve banks combined, shows increases for the
of $41,300,000 in holdings of discounted bills, of $2,500,000
in bills bought in open market, of $50,000,000 in Federal
Reserve note circulation, and of $4,700,000 in member
bank reserve deposits, and decreases of $2,600,000 in holdings
of United States securities, and of $17,600,000 in cash reserves. Total bills and securities were $41,300,000 above
the amount held on Aug. 29. After noting these facts, the
Federal Reserve Board proceeds as follows:
increases of
The Week with the Federal Reserve
Sept. 5 1928. Aug 29 1928
The principal changes in holdings of discounted bills were
$57.700,000 at the Federal Reserve Bank of New York and $15,300,000
$5,500,000
at San Francisco, and decreases of $25,500,000 at Chicago and
open market
at Cleveland. The System's holdings of bills bought in
declined
Increased $2,500.000, while holdings of United States bonds
$900,000, of Treasury notes $1,200,000, and of certificates of indebtedness
$500,000.
circulaAll Federal Reserve hanks report a larger Federal Reserve note
$15,700,000 at the
tion than a week ago, the principal increases being
Federal Reserve Bank of New York, 17,300,000 at San Francisco, $6,900,000 at Chicago, $5,300,000 at Boston, and $3,700,000 at Dallas.
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 1359 and 1360.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Sept. 5 is as follows:
or Decrease
+)During
Increase (
Sept.7 1927.
Loans to brokers and dealers (secured by
stocks and bonds):
906,779,000 792,766,000 1,046,074,000
For own account
1 521,723,000 1,535,163,000 1.233,328,000
For account of out-of town banks
1,860,707,000 1,907,219,000 921,986,000
For account of others
(—)
Year.
Week.
—$17,600,000 —2377,900,000
Total reserves
—380,500,000
—9,700,000
Gold reserves
+327,700,000
+41,300,000
Total bills and securities
+630,600,000
+41,300,000
Bills discounted, total
+410.100,000
+47.700.000
Secured by U. B. Government obligations.+220,600.000
—6,400.000
Other bills discounted
+2,500,000
—10,500,000
Bills bought in open market
—293,100.000
—2,600,000
U. S. Government securities, total
—183,800,000
—900,000
Bonds
—21,600,000
—1,200,000
Treasury notes
—87,700,000
—500,000
Certificates of indebtedness
—19,700,000
+50.000,000
Federal Reserve notes in circulation
—62.200.000
—19,100,000
Total deposits
—45,100,000
+4.700,000
Members' reserve deposits
—11,900,000
—18,400,000
Government deposits
4 289,209,000 4,235,148,000 3,206,299,000
Total
3481,887.000 3,417,938,000 2.402,020,000
807.322.000 817,210,000 804,279.000
On demand
On time
Chicago-43 Banks.
2,035,532,000 2,051,421,000 1,954.649,000
Loans and Investments—total
1,564,447
1,579.518
1,499,249
13,250,000
Secured by U.S. Govt. obligatiorui...._
784,177,000
Secured by stocks and bonds
767,020,000
discounts
and
Anotherloans
14,352.000
786,116,000
779,050,000
16,191.000
801,381,000
681.677,000
471,085,000
471,903,000
455,400,000
209,518,000
U.S.Govt.securities
Other bonds,stocks and securities_ _ _ _ 261,567,000
180,930,000
Reserve with F.R.bank
16,853,000
Cash in vault
216,022,000
255,881,000
196,565,000
258,835,000
174,519,000
15,970,000
181,176,000
20,182,000
Loansand discounts—total
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F.R.bank—total.
Secured by U.S. Govt.obligations_
Ali other
1,244,682,000 1,222,552,000 1,311.125,000
677,547,000 680,421,000 615,414,000
597
9,918,000
7,932,000
160,398,000
340,642,000
142,739,000
336,870.000
148,203,000
385,930,000
41,924,000
71,165,000
2.485,000
34,685,000
7,239,000
59,969,000
11,196,000
1,955.000
530
of the Federal
Complete Returns of the Member Banks
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
635, 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 Aug. 29.
of635 reporting member
The Federal Reserve Board's condition statement
shows increases for the week of $31.banks in leading cities as of Aug. 29
loans and discounts, of $45,000.000 in net demand deposits,
Returns of Member Banks for New York and Chicago 000,000 in
and decreases of $30.000,000 in Governand $16,000,000 in time deposits,
in borrowings
Federal Reserve Districts—Brokers' Loans.
ment deposits, 53.000.000 in investments, and $23,000,000
banks.
Beginning with the returns for June 29 1927, the Federal from Federal Reserve
States Government obligaLoans on stocks and bonds. including United
Reserve Board also began to give out the figures of the tions,
were $6,000.000 below the Aug. 22 total at all reporting-banks,
and $10.000.000 in the
district
member banks in the New York Federal Reserve District, decreases of $14,000.000 in the New York
district being partly offset by increases of 513.000.000 in the Cleveas well as those in the Chicago Reserve District, on Thurs- Boston
district and $7,000,000 in the Kansas City district. "All other"
York district and
days, simultaneously with the figures for the Reserve banks land
loans and discounts increased $36,000.000 in the New
Governthemselves, and for the same week, instead of waiting until $38,000.000 at all reporting banks. Holdings of United States
stocks, and
bonds,
other
of
and
declined $1,000,000
securities
ment
statistics
time
before
which
the
Monday,
the following
securities $2.000,000.
a
covering the entire body of reporting member banks—now
Net demand deposits were $45,000,000 above the amount reported
week ago,the principal increases by districts being: New York 541,000.000,
635—cannot be got ready.
deposits
Time
San Francisco $6.000,000, and St. Louis $5.000,000.
The following is the statement for the New York member Increased
the
$10,000.000 in the San Francisco district, 55.000,000 in
banks and that for the Chicago member banks thus issued New York district, and $16,000.000 at all reporting banks. All districts
of $30.000,000 in Government deposits.
in advance of the full statement of the member banks, which participated in the reduction
banks were
The principal changes in borrowings from the Federal Reserve
district and
latter will not be available until the coming Monday. The decreases
of $37.000,000 at reporting banks in the New York
in the
New York statement, of course, also includes the brokers' $11,000.000 in the Chicago district, and increases of $12,000,000
$5,000,000 each in the Philadelphia, Kansas City.
loans of reporting member banks, which this week again Cleveland district and
San Francisco districts.
show an increase, this time of $54,061,000, the grand aggre- andA summary of the principal assets and liabilities of 635 reporting member
the year ending Aug. 29
5
being
total
Sept.
on
this
loans
$4,289,209,000;
gate of these
banks, together with changes during the week and
1928, follows:
is only $274,031,000 below the record total of June 6.
Increase (%) or Decrease (—)
During
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
Year.
Week.
Aug. 29 1928.
RESERVE CITIES.
$
$
$
Sept. 51928. Aup.291928. Sept. 71927.
00
+1,403.677.0
+28.865,000
0
22,134,464,00
Loans and investments—total
$
+976.275,000
New York-45 Banks.
+31,412.000
0
15,729,207,00
al
7.260.913.000 7,138.313,000 6,633,967,000 Loans and discounts—tot
Loans and investments—total
+864,000
—731,000
Secured by U.S. Govt. obligations 125,147,000
5
5,386.488,000
4,835,020,000
,274,559,000
6.522,925.000 —5,624,000 +493.893,000
Loans and discounts—total
Secured by stocks and bonds
9.081.135,000 +37,767,000 +481.518,000
discounts
and
loans
All
other
48,736,000
36,666,000
45,796,000
6,405,257,000 —2,547.000 +427,402,000
Secured by U. S. Govt. obligations_
2,502,291.000 2,383,390,000 2,233,015,000 Investments—total
Secured by stocks and bonds_
2,835,461,000 2,845,373,000 2,565.339.000
—751,000 +405,431,000
All other loans and discounts
2,908,200,000
U. S. Government securities
+21.971.000
1,874,425,000 1,863,754,000 1,798,947.000
Other bonds, stocks and securities.. 3,497,057,000 —1,796,000
Investments—total
—26.234,000
--7,221,000
1,025,049.000 1,001,914,000 878,643,000 Reserve with Federal Reserve banks_ 1,660,784.000
U. S. Govt. securities
—6,722,000
+896.000
246,947,000
Other bonds, stocks and securities __ 849,376,000 861.840,000 920,304.000 Cash in vault
685,552,000 690,825,000 726 734,000 Net demand deposits
12,870,985,000 +.44.629,000 —509,533,000
Reserve balances with F. It. bank
52 377 000
53,429.000
69.255.000 Time deposits
6,912,285,000 +15.574,000 +592,445,000
Cash in vault
+77.555.000
117.866,000 —30.313,000
5,109.733.000 5,032,980,000 5,209,161,000 Government deposits
Net demand deposits
1,161,977.000 1,003,120.000
1,171,794,000
—117,872,000
Time deposits
—35,189.000
1,007,772,000
banks
from
Due
15,700.000
886,000
19,631,000
Government deposits
2,964,321,000 +3.933,000 —373,083,000
Due to banks
86,074,000
83,967,000
77,695,000
Due from banks
1,135,353,000
R.
F.
banks—total.
1,174,269,000
1.080,871.000
774.366.000 —23.325,000 +533,990.000
from
Borrowings
Due to banks
260,205.000 197,824.000 132,096.000
Borrowingsfrom F.11.bank—total
+591.000 +323.874.000
Secured by U.S. Govt. obligations 479.506.000
294,860.000 ---23.916.000 A-210.116.000
All other
115,645,000
86 450 000
Secured by if. S. Govt. obligspons___ 187,870.000
revised.
figures
72.335.000
• Aug. 22
82,179,000
' 0
45.648:00
All other
1328
FINANCIAL CHRONICLE
Summary of Conditions in World's
Markets According
to Cablegrams and Other Reports to
the Department of Commerce.
The Department of Commerce at Washingt
on releases for
publication Sept. 8 the following summary
of market conditions abroad, based on advices by cable
and radio:
[VOL. 127.
PHILIPPINE ISLANDS.
With continued quiet and overst
ocked export markets, the past week
saw little change in the prevailing busine
ss inactivity. There was slightly
more Interest manifested in
abaca trade in the early part of the week,
but prices remain unchanged and
receipts continue heavy. Arrivals of
copra from the provinces are also
heavy and all cocoanut oil mills are in
operation. The provincial equivalent
of resecado (dried copra) remains at
12.25 pesos per picul of 139 pound
s delivered at Manila, with slight reductions in the Hondagua and
Cebu prices, which are 1154 and
Pesos
respectively, the latter quotations
being f. o. b. Cebu.
AUSTRALIA.
Some improvement is shown in season
al trade. Rain is reported needed
at this time in most wheat areas. The Victor
ian Government has allocated
POLAND.
751,000 pounds sterling for State roads for
the fiscal year 1928-29, of which
According to preliminary
217,000 is to be used for main roads and the
data published by the Central Statistical
remainder for developmental Bureau, foreign trade
for
July closed with an adverse balance of 86,673
work. Activity in aviation in Australia
is increasing. The German zlotys (par value
,000
20.1122). imports totalling 288,195,000 zlotys
Dornier Wal Is negotiating for a Sydne
against
y mail and passenger service to 201,552,000 zlotys of
exports. Compared with the preceding month
New England. Sultana raisin producers
are asking for an investigation represents a decline
, this
•-4
of 10,876,000 in the amount of the advers
of California prices with a view to the applic
e balance,
ation of anti-dumping tariffs. accounted for chiefly
by an increase of 9,561.000 zlotys in export
since departmental estimates now indica
s, while
te that Australian production of imports decreased by
raisins this year is only about one-halfthat
1,315,000 zlotys. Foreign trade operations for
of last year.
the
first seven months of the
current year resulted in a debit balance
of 649.221,000 zlotys, with imports
BULGARIA.
aggregating 2,053.582,000 zlotys and exports,
1,404.
The Budget for 1928-29, as recently voted
by Parliament, shows a de- this 361.000 zlotys. Compared with the respective period of 1927.
shows an increase of 419,67
crease in both revenues and expendituresfrom
the previous year. Revenues
4,000 zlotys in the adverse, balance composed
are estimated at 6,788,000.000 lova and expend
of 405,035,000 of greater
itures at 6,747,000.000
exports. The bulk of the increa imports and a decrease of 14,539,000 in
lee-a, as against a balance of receipts and expend
se in imports comprises mainly raw mater_
itures at 6.993.000.000 ials,
leva for 1927-28. For 1928-29 the budge
t of "special funds" has been and semi-inanufatured products and manufactures used for agricultural
added to the ordinary budget at the suggestion
industrial purpose. The larges
of the Financial Commission' tiles
t increases occurred in imports of texof the League of Nations. This item amoun
(110.000,000), machinery (67.00
ts to 777.000,000 lova, but is
0.000), and automotive vehicles
not included in the above total of estimated receip
(25,000.000).
ts. (Lev.equals 50.0072)
YUGOSLAVIA.
CANADA.
Government receipts during
The Canadian Wheat Pools have announced
the first 11 months of the 1927-28 fiscal
an initial payment of 85 year (Apr. 1-Mar. 31)
cents per bushel on No. 1 Northern wheat
totaled 9,592,224,400 dinars and expenditures
of the new crop. This com- 9.443.885,000 dinars,
indicating a surplus of 148.338,800 dinars
pared with an initial payment of Si per bushel
. Budget
on No. 1 Northern for the estimates of revenues and
past four years. In general, harvesting weathe
r has been ideal. August 521.105,800 dinars. (Dina expenditures for this period balanced at 10.r equals 50.0176).
movement from the Head of the Lakes has been
at a substantially higher
rate than last year, stocks at Fort William and
Port Arthur on Aug. 24
were reported as having been reduced to
6,055,000 bushels. Receipts at Completion of Four Years Transitional Peri
od under
Motreal, which were five million bushels under
the 1927 figure on Aug. 1,
Dawes Plan—Germany's Annu
are now nine million bushels in excess of receip
al Payments Here-.
ts to Aug. 29, 1927. Emafter About $600,000,000.
ployment in the Dominican continues to exceed
any previous record, with
August returns indicating unusual gains in
construction and manufacturing.
Sept. 1 marked the beginning
All provinces apparently share in the increase,
of the standard annuity
although Ontario and the under the
western provinces show the greatest relative
Dawes plan under which the German Gove
advance.
rnment
will be called on to make
CZECHOSLOVAKIA.
annual payments of 2,500,000,000
•
mark
s,
Czechoslovak industry and trade contin
about $600,000,000, to the credi
ues
tor powers. Assoactivity. The coal output is increasing and to maintain a high level of ciated Press
improving conditions prevail
ad vices from Berlin in noting this said:
in the elecrical and chemical industries.
The cotton mills are slack, but
With
the
completion of the four years' transit
an improvement is expected. Effect
ional period prescribed
ive Sept. 1, exports of fodder molasses in the expert'
s plan, Germany hae made
are subjected to license restrictions on
total payments in progressive anaccount of the feed shortage. As nual levies of
the result of a smaller area, the sugar
crop is estimated at 30% below last volume of the 5,470,000,000 marks in cash and deliveries in kind, the
year; the sugar beets have been retard
latter showing a steady increase of requisi
ed by the drought. Cereal crops are creditor
tions by the
nations for industrial, commer
above average except oats; the flax
cial and agricultural commodities.
and potato crops are reported poor.
The
latter
The money market is easy with funds
total
does
not
includ
e
paymen
gold
ample for the requirements of the Britain and
ts made to France, Great
hops harvest now beginning. The
Belgium before the adoption of the
National Bank's foreign exchange also run
Dawes plan. While these
holdings have increased despite gold
well up into the billions, they
purchases in London amounting to ju.sted
have been the subject of unad•
33,000,000 crowna.
controversies between the Germa
n Government and the allied
creditors.
DENMARK.
The four-year period
Commercial and industrial conditions in
of
so-call
ed
probation has elapsed without InDenmark continued to show a flicting appare
slow steady improvement during Augus
nt menace to German economy or the
t. The industries were satisfac- German
Reich's currency.
critics, however, say that repara
torily occupied and unemployment showe
tion payments, since the exd a further decrease, from 39,000 pert's plan
for July to 37,000 for August. The
became operative on Sept. 1 1924, have
labor market in general continued to through
chiefly
been met
show a steady improvement. Shippi
recourse to foreign loans of which Germa
ng was generally active with no idle
ny has absorbed more than
10,000,000,000 marks during
tonnage. Weather conditions impro
the past four ybars.
ved crop outlook. The production
While
and export of agricultural products remain
ed high with prices firm; those prompt Germany's payments during this period have been rendered with
for hogs showed a slight advance. The
ness and she has also
fulfilled other requirements of the plan,
money market during July showed
German passimism
a slight improvement over June and
stressed the fear that unless the practice
was generally satisfactory. The
of floating
loans abroad is allowe
decline in deposits discontinued during
the month while loans and discounts
d to prevail, the first standard annuit
y year will
at the National Bank were also
lower. The note circulation was again also fail to serve as a reliable criterion of the stress
impose
lower and the gold cover correspondin
d on her
budget
by an annual payment
gly increased by 2% to 65%. The
of 2,600,000,000 gold marks.
crown exchange was firm during
As the experts' plan
the month. The bourse was quiet
provid
es
for
due
consideration of Germany's ecoand nomic condit
price levels showed a slight upwar
ion
d tendency. Foreign trade contin
ued a few financi in so far as it is affected by her reparations obligations,
active during July but the result
al writers believe that
was not so favorable as in the 2 month
s mining the
the most effective test for deterearlier. Trade for the month showe
d an import surplus of 11,000
.000 dependence Reich's ability to meet the standard annuity would be rigid
crowns as against a practically balanc
ed foreign trade in June.
on its own economic resour
ces without recourse to foreign
financial aid. Such
a test, they declare, would soon demons
ESTONIA.
trate the
necessi
ty
of
applying the safety valve suppli
Conditions in Estonia remain genera
lly satisfactory. The money mirket which allows
ed by the experts' scheme
for an increase or decrea
in particular reflects the favorable situat
se
ion. The foreign loan receiv
in
repara
annual
tion payments
ed in accordance with the index of the
early in the year tended to eliminate
nation's prosperity.
the uncertain feeling and during the
With the advent of
first seven months of the year activities at
the first standard payment year, Germa
the commercial banks showed giving
ns are
renewed attention to the
steady growth and with the rapid accumu
frank recommendation of S. Parker Gilbert
lation of
credit situation has been relieved. Foreign exchan deposits the strained the Reparation Agent-General, that
Germany's ultimate reparations liage
Bank have also shown a steady expansion. Agricultureholdings at the State bility should be definitely determ
ined, both for the benefit of her
remains satisfactory own economy
but abnormal weather conditions have damaged the
and in the interests of
crops. The production
the creditor powers.
and export of dairy products continue to grow and
According to a Berlin messa
are substantially above
ge
to the "Times" from Berthose of last year. Budget receipts for the first eleven
months of the fiscal lin Sept. 1, the
advent of the crucial date was signalled
year are above those for the corresponding period of the
year earlier. Both the
by
imports and exports are above those of last year but
statement issued on behalf
the surplus of imports
of Parker Gilbert, ReparaIs greater. The railways show increased activities
tions Agent-General, to
and earnings.
the effect that throughout the
fourth year, ending Aug.
JAPAN.
31, all the German payments had
Business in Japan is dull and featureless. The impor
been
made "fully and punct
t trade is spotty,
and exports are quiet. Money Is tight and firm rates
ually, as they became due."
for call money are Mr. Gilbert adde
stiffening and the stock market is reported adversely
d:
affected by uncertain
Political situations. Continued bad weather in the Kwant
"Tran
sfers have been made durin
o district indig the year to an amount
cates that the rice crop may prove to be below normal
. Some agitation substantially equivalent to
the year's receipts."
has been started for the removal of rice import restric
tions.
From the "Times" accou
nt we also quote as follows:
NORWAY.
This tribute to the
Reich's past performances offers
A slight seasonal dullness was noticeable in indust
no evidence, howry and commerce in ever, that the total reparational
Norway during August. Shipping was rather
levy will be forthcoming.
The tone of the
quiet although orders for
German press, which limits itself
new ships were increasing, thus further stimul
to vague and inating the ship building in- conclusive commentary,
is pessimistic. The "Berliner
dustry. Agriculture remains undatisfactory with
Tageblatt" declares
crop prospects discourag- that neither the Federa
ing. The situation of the fisheries remain
l and State finances, nor the countr
satisf
y's business
s
actory and large catches conditions are "adequ
ately prepared" for full paymen
are reported by the whaling fleets. Indust
t. The "Deutsche
rial activity was rather low Allgemeine Zeitung"
during the month but the labor
takes
the
Germa
n Government severely to task for not
situation showed further improvement. defining publicl
y its reparations policy
The number of unemployed showe
and for not voicing its ultimate
d a further reduction and was estimated determination to
at 25,000 for the month as
obtain a downward revision
against 26,000 for July. No outstanding
of the Dawee plan.
change was noticeable in the
money market. The note circulation was
Payment Called Dubious.
somewhat lower on Aug. 15 than
During the coming year
on July 15. The bourse was fairly active
Germany is supposed to deposit to the Agentand quotations were higher
following a downward tendency in June. General's account 1,250,
Prices was stable. Both
000,000 marks from the budget; 290,000,000
imports and exports were lower during July than from the proceeds of the
transfer tax; 300,000,000 interest on her industrial
during the month earlier
and with a marked reduction in the former, the debentures, and
660,000,000 interest on her railroad bonds,
import surplus was less than
a total of
half of that for June.
2,600,000,000 marks.
SEPT. 8 1928.]
FINANCIAL CHRONICLE
Whether the payment will be made nobody can foretell. Fiscal and
political authorities have repeatedly expressed the nation's resolve to
carry out the plan if it is possible to do so, but they have been extremely
consulted
non-committal about the possibilities of fulfillment. Experts
by newspapers are unanimously dubious about the payment. Even if
the
the scheduled sum is paid, the feasibility of its being transferred to
allied treasuries is negatived by most students of the subject here.
Transfer obstacles in the end will wreck the whole Dawes system, according to accepted German opinion.
In this connection, therefore, it is significant to note the circumstance emphasized in Mr. Gilbert's statement to-day, that of 1,746,000,000 marks collected during the year that ended yesterday, all but 7,000,000 was transferred successfully. Moreover, 943,000,000, or over 54%
of the total, reached the Reich's creditors in the form of foreign currency, the balance being liquidated by deliveries in kind or payments in
marks to the occupation forces on the Rhine, or to various allied commissions in Germany.
Customs Increases Predicted.
Through the British and French Reparation Recovery acts, and the
special arrangement with the United States, which country received
30,000,000, about 380,000,000 was obtained. Cash shipments abroad
aggregated 460,000,000 marks.
There is nothing to show that a greater amount of cash could not have
been sent out of the country without disturbing the national equilibrium,
so that no estimate of the amount that can be transferred in the current
year can be formulated. Certainly, however, it should be a comparatively
simple matter to transfer at least as much as last year, and doubtless a
lot more.
Where the hardest pinch comes, as regards collection, is in the German
budget, which from now on must produce annually 1,250,000,000 Instead
of 600,000,000 marks. The nation's past revenues, newspaper commentators agree, afford no guarantee whatever that so heavy a burden can be
borne by the State Treasury. To meet the obligations, it is argued, taxes
must be raised to a level absolutely crushing to the economical structure of the Reich, and the duty on imports must be dangerously increased.
How it proposes to pay seven-twelfths of the nominal annuity falling
due within Germany's current fiscal year, which ends March 31 next, has
never been clearly elucidated by the German Government. The present
Cabinet, headed by Hermann Mueller, Socialist, has dodged public discussion of the whole reparations problem as much as possible.
The small balance on the fourth year's debt is not yet actually on deposit
In the Agent-General's account, and about 4,000,000 marks will be forthcoming this month, Mr. Gilbert reports.
1329
bank is 7%,having been at that figure throughout the present year. These
rates measure to some extent the relative level of short-term interest rates
in the two markets.
As a result of recent political and banking developments the French appear to have a large measure of confidence in the German market. As
far as can be learned, the transfer question is not be:ng considered an
obstacle to the free flow of French shortterm capital into Ge many. The
result is that the French are not only in a position to t ke the place of the
United States in the German short-term capital rrarket, ut are quite
willing to assume this role.
Thus far, practically no important issue of long-term bonds has been
made in France by German borrowers. It is not expected that largescale financing by German borrowers will be resumed in the New York
market within the near future, although several issues have been primed
for offering here. At the same time the yield on long-term bonds in the
French market has been steadily declining of late, so that the yields of 7%
and better available on many German external bonds of the better grade
may shortly result in German offerings in Paris. There still remains a
substantial discrepancy between short-term and long-term rates in France.
Germans Expectant.
An indication of what the German market is coming to expect of Paris
is given in the current review of the Reichs-Kredit-Gesellschaft of Berlin
which says:
France is the third of the great capital exporting countries. She hae
fa_
for some time equalized her balance of trade (the current year is thus sh:
slightly adverse) and this suggests that the substantial surpluses which
achieves through tourist traffic and from her foreign investments enabr
her to lend considerable volumes of capital abroad. To this must be added
the reparation payments, which exceed the annuities payable on the interallied debts.
France's ability to export capital has been indicated by the development
of the Bank of
of French short term interest rates. The rediscount rate nations.
Since
France is the lowest to be found among the great creditor
has now
the uncertainty regarding the stability of the French currencyexpression
find
also
should
capital
available
of
volume
the
been removed,
in long term interest rates, as has already been suggested by the trend of
France will soon
the last few months. It may therefore be exepcted thattherefore
perform
again become and important lender of capital and will
great services in the reconstruction of Europe and the rest of the world.
Plans of Berlin Boerse—Negotiations for Lower Commissions on Stock Sales to Increase Trading.
From the "Times" we take the following Berlin advices
Aug. 31:
Bankers and workers in this market are negotiating to reduce commissions on sales or purchases of shares on the Stock Exchange. Such reform
would lead to more active trading. Abolition of the mid-month settlements, which has already been decided upon, is expected to have a similar
Reich Stand on International Debt—Holds Problem effect, because the hi-monthly settlement system compel]; dealers in futures
Has Nothing to Do with Reparations.
to pay commissions twice during the month. With the abolition of the
adjustment, the commissions will be paid only once each
not
the
consider
time ripe for dis- mid-month
That Germany does
month.
the week, cercussing the question of connecting reparations with the inter- In the generally firm but irregular Berlin stock market ofsteel,
coal and
of shares declined while others, particularly
groups
tain
from
apparent
is
problem
the
debt
national
attitude of the potash, rose. The large demand for bank stocks toward the week-end
Foreign Office at Berlin, according to a wireless message was due tp rumors of impending increase in capital of various institutions.
Therewas particularly heavy trading in shares of the Berliner Handels
Sept.5 to the "Times" which also has the following to say:
Bank.
Germany has expressed without equivocation that she takes a firm Geselschaft
stand on the thesis that reparations are purely and solely a European
problem and that the international debt problem has nothing to do with L. I. Estrin of American Exchange Irving Trust Co.
the Reich. To try to make either one dependent on the other is sure to
Finds Substantial Improvement in Conditions
result in disaster, it is argued.
Reparations concern her since she is the one obliged to do the paying.
Abroad—Likelihood of Austria and Germany
The Reich plays no part in the international debt problem and bolds that
Uniting.
to try to make evacuation and reparations dependent on debt settlements
is the same as trying to add dissimilar quantities and express the total
Substantial improvement in the economic conditions of the
as a single quantity.
countries of Central Europe was reported in an interview
The German Foreign Office again expresses its determination not to
purchase freedom of the Rhine. From the political standpoint further Sept. 5 by L. I. Estrin, Assistant Vice-President of the
occupation is wrong, it is argued, In view of the conclusion of the Locarno American Exchange Irving Trust Co., who has just returned
Treaty and the Kellogg Pact. Morally, keeping foreign troops on German
from a three months' business trip abroad. In expressing
soil works counter to the spirit of peace.
Again the Reich stresses that the Versailles Treaty provides for early his views Mr. Estrin said:
evacuation provided Germany Is fulfilling her obligations, which has been
During my visit in Germany I wsa impressed by the remarkable progress
the case, and that besides the other nations hold guarantees for the future. made since 1926, the date of my last visit. The outstanding element in
The fact that Chancellor Mueller had little to report after his confer- this situation is that the unemployment problem, which was exceedingly
ence with M. Briand tonight in Geneva caused little surprise since political acute two years ago, has now largely been solved. The solution was not
circles here do not regard the Reich's chances as favorable as long as M. along the old-fashioned trade union idea that the less the individual works
Poincare holds the balance of power over M. Briand in the present Govern- the more work is left for others, but along the modern American plan of
ment. When the new French Parliament reassembles, giving more sup- speeding up individual production, increasing the earning power off the
port to the Brand policies, Germany will make a greater effort with hope individual and by building up in this manner a greater internal market,
of success.
providing more work for the unemployed.
The fact that M. Briand was overruled recently by the Premier by 7 to
The position of German industries, so far as working capital is concerned.
not
Is
Minister
in
Foreign
position
at this League has also been substantially improved, not only through money borrowed
4 votes shows that the
session to make proposals amounting to concessions in the eyes of M. abroad but also through substantial earnings in the last couple of years,
Poincare and have the backing of the French Government,
which are only being shown in part in the published balance sheets on socount of heavy taxation and which are being plowed back again into the
business.
Closer French-German Financial Ties Looked for—
The Germans continue to complain about the crushisg taxation burden
it seems that they are, on
Deutsche Bank Opening Office in Paris, Report— and the reparation payments, but in spite of this,
the whole, better off economically than most of their European neighbors.
Word Received Here of Conference of Bankers.
The outstanding fact about the Austrian situation is that union with
From the "Journal of Commerce" of Sept. 8 we take the Germany is being very seriously discussed and is regarded as a practical
possibility of the comparatively near future. Industry and agricutlure are
following:
of this year Austria will provide within
Word has reached banking circles here that closer relations have been developing, and with the good crop
requirements in the way of foodstuffs.
established between leading French and German banking groups as a its own borders a major part of its
The atmosphere in Budapest Is very optimistic in expectation of an
result of a conference recently held in Paris. The eventual result of these
this year, which promises much both as to quality
closer relations, it is expected, will be that Paris will take the place of New unusually good harvest
quantity.
and
York as the chief purveyor of capital to the German market.
Czechoslovakia also has made remarkable progress and continues to be
In this connection, it is reported here that the Deutsche Bank has decided
the outstanidng example of political stability in Europe, being the only
to open an office on Paris. This will be the first German bank to take such
country where the President, Prime Minister and Foreign Minister have
a step in the post-war period, and it is believed that similar action will be
not been changed since the war. The friction between the Czechs and the
taken by several other leading German financial institutions.
Germans has largely been eliminated and the German elements are now
No German Financing Here.
represented in the government. The outstankIng industrial problem in
There has been a virtual cessation of German issues here since the middle Czechoslovakia is that connected with sugar refineries, which are hard hit
of June. German financing reached abroad a new high record level in the sec- by the new British tariff which discriminates in favor of raw sugar as against
ond quarter of 1928, when more than E175,000.000 of new capital was raised refined. It is felt, however, that new markets can be developed and that
by Germany in foreign financial centers, for the most part in New York. internal consumption can be increased.
One outstanding comment of bankers in that part of the world Is that
This total was exceeded for a similar period only during the last quarter of
financial re1924, but this included the Dawes plan issue, which is not properly com- conditions in Russia have become much worse and that the
issues.
of the Russian Government have become very much reduced. I
German
sources
other
parable with
Paris is now the lowest rate short-term capital market in the world. was informed by several institutions, which formerly discounted Russian
are beim
The discount rate of the Bank of France is 3%%, while that of the Relicts- acceptances, that they no longer do so and that credits generally
1330
FINANCIAL CHRONICLE
allowed to run off without being renewed, this in the face of the fact that
most of these countries appear to have found business with Russia rather
profitable. It is remarked that Russia. a large grain exporter before the
• War, now is importing wheat, wheras in other parts of Europe the harvests
.are unusually good. This shortage of wheat for export seems to be due in
part to the fact that the peasants are not planting on as large a scale as
formerly and in part to their unwillingness to sell for export, preferring
apparently to feed any surplus to the hogs rather than to let It get into
World trade channejs.
None of my Informants upon the Russian situation suggested anything
In the way of a real political revolution, the fact apparently being that the
suggestion of power expressed in the Soviet military establishment is sufficient to dampen the ardor of anyone attempting anything in the direction
Of an overthrow of the government. The difficulty clearly is economic and
beyond doubt is serious. I was told that the Internal depression of Russian
Currency has gone on apace and that the Soviet regime is regarded now as
being in more serious difficulties than any time in recent years.
Comment frequently encountered throughout the Central European
countries suggests that in spite of the active efforts of the International
Chamber of Commerce. commercial movement between these nations is
still seriously embarrassed by customs and other regulations which seem
entirely out of line with the generally accepted modern theory of International economic relations. Progress toward the elimination of these
economic absurdities is being made, but in general the problem of the
frontiers remains to be solved.
Myron T. Herrick, Ambassador to France, Arrives in
in United States for Vacation.
Myron T. Herrick, Ambassador to France, arrived in
the United States on Sept. 4 on the French liner Be de
Prance. In indicating that he had come to enjoy a vacation, Ambassador Herrick said, "I was ill last year, and
returned to duty three months sooner than my doctor
wished me to, so it is really the first vacation I have had
in two years."
• The'Ames," in reporting his arrival, said:
[Vol,. 127.
adhere, than that the Soviet Government wishes to keep its fingers in al
international efforts in any manner relating to disarmament.
May Aid Stand at Geneva.
It Is agreed here that M. Litvinoff at the next disarmament session at
Geneva would be robbed of much of his moral force if he had to admit
that Moscow had completely rejected the widely accepted treaty renouncing
war. On the other hand, if Moscow accepts even in quasi-fashion M.
Litvinoff will be able to point to this as evidence of good faith and demand
even more insistently that the next step be a wholesale, definite slashing of
armaments of all categories. This appears to be a logical reason for the
Soviet Government's decision to Join the rapidly growing circle of war
renouncers.
There is also a second explanation of the Soviet Government's reversal.
This is that Moscow has availed itself of a rare opportunity to annoy Great
Britain. M. Litvinoff painstakingly took a shot at Great Britain's recently
announced "Britannic Monroe Doctrine." demanding special rights in
regions where the British Empire's welfare is concerned. By declaring that
Moscow wishes to know exactly where British freedom of action begins and
ends, the Soviet Government is thought to have served notice that it Is
ready at any time to deny justification for this freedom of action, and once
Soviet Russia adheres to the compact she will have a perfect right to
question British motives on almost any occasion—especially wherever
British interests clash with Russian.
Effort to Win Recognition.
Another joker is seen in M. Lltvinoff's note where he asks a condemnation of a refusal to renew normal relations between the signatories or a
rupture of diplomatic relations. "Le Temps" remarks that the obvious
Intent of this is an "obligation for all nations signatories of the compact to
recvnize the Soviet Union and re3tore relations with it. This theory is
simply absurd."
The newspaper adds that Moscow is attempting to manouver so that the
reservations formulated by such powers as Great Britain and France and
accepted by all the signatories to date should not hold water for the Soviet
Republic. It is certain that both France and Great Britain will oppose
any special privileges or understandings for the Soviet Government and will
even favor disregarding these items as reservations and dismissing them
merely as "observations."
Mr. Herrick spoke with great enthusiasm of the Kellogg treaty re- Soviet Russia's Declination to Join League of Nations
nouncing war, characterizing it as one of the great events of modern times.
Conference to Control Manufacture of Arms.
' "During the war," he said, "Cardinal Mercier mobilized the spiritual
Elsewhere in our issue to-day we refer to the acceptance by
forces of the world. Now, despite critics. I feel that we are mobilizing
another one of the greatest forces in the world, public poinion. We will the Russian Soviet
Government of the invitation to join the
see the results during our life."
Ambassador Herrick, who is a Republican, indicated without mention- multilateral treaty for the renunciation of war. The fact
that the Soviet Government declined to participate in the
ing Mr. Hoover's name, that he was strongly in favor of his election.
"I feel that the most important thing for the United States to do is discussions of
the League of Natoins to control the manucaring for its own interests and synchronizing them with the rest of the
world," he said. "The United States is like a big railroad, or like this facture of arms was noted in Associated Press accounts from
spendid steamer. If one of these were to change its organization com- Geneva, Aug. 28, which said:
With Soviet Russia telling the League of Nations that attempts to control
pletely it might get a good one, even one as good as that which it has, but
for a time it would not be running smoothly. I can't help thinking that the manufacture of arms are useless, the Advisory Commission, which is
the United States at the present moment, when we have so much that trying to draft a convention on this subject, struggled unsuccessfully to-day
to reach an accord on the text. The meeting finally adjourned, without an
is pretty good, should not change its management."
agreement being reached.
While the proceedings were under way a telegram from Maxim Litvinoff,
Bank of France Likely to Continue Importing Gold Assistant Soviet Commissioner for Foreign Affairs, arrived and was read
at the meeting. The message announced that Russia had declined to parAccording to Bank of America, N. A.
ticipate with the commission because she was convinced that no good
The Bank of France, despite the passage of the French could be achieved there, explaining that this was so because the general
banking law on June 25, viill probably continue to import League Disarmament Commission has rejected the Soviet plan of total
disarmament.
gold, although in smaller amounts than heretofore, accordThe United States and Canada strove together to-day to secure the
ing to the monthly review of the Bank of America, N. A. widest kind of publicity concerning the manufacture of armaments.
Their representatives, Ambassador Hugh Wilson for the United States
On the subject of general business in the United States the and
Dr. W. A. Riddell for Canada, voiced their disapproval of a draft
review expresses the belief that trade during the autumn project reported
to the commission which is trying to frame a convention
months will be in large volume for the financing of which a for the control and manufacture of arms, on the ground that it did not go
far enough.
very considerable amount of credit will be sought. The
Both delegates favored giving the same publicity to arms manufactured
review says:
by Governments as to arms made in private factories.
"That the passing of the French banking law on June 25, by which the
Dr. Riddell declared that countries depending largely on private manu'value of the franc was legally fixed, the gold standard adopted and other facture should not be
expected to furnish statistics if countries depending
important reforms making for financing stability effected, marks the end of upon Governmental
manufacture were permitted to withhold such figures.
the period of gold purchases by the Bank of France is an opinion freMr. Wilson said that he had grave doubts whether the American Governquently expressed by those who, hoping to conserve our own gold reserves, ment would accept
the publicity portion as framed. He said he thought the
make the wish father to the thought. A less biased view of the case, how- Government might
deem it a retrogression rather than a step in advance.
ever, seems to indicate that there is no reason for drawing any such conThe draft provision will be sent to the Council of the League with reclusion. Even after the very great accomplishments of the past two years, servations attached,and
the Council and the Assembly must decide whether
It is apparent that France is not yet in any position to rest upon her laurels. with the project subject to
differences of opinion it Is feasible to convoke an
but must continue to make every effort to conserve her financial strength international conference for its discussion.
and maintain her exchange between the gold export and import points.
For this purpose she doubtless will require not only the gold already on
hand, but quite conceivably additional amounts from time to time, although Soviet Russia Accepts Multilateral Treaty for Renunit is improbable that gold imports will continue at the high levels recently
ciation of War—Declares, However, Universal
established.
Disarmament Essential—Takes Exception to
"The heavy gold reserve accumulated within the last few years has
Placed France in a very strong position in the international money market.
British and Other Reservations.
The relatively low level of French money rates has made it possible recently
Answering the invitation, extended through France, to
for Paris to offer an increasing amount of competition to New York in
foreign banking, and it is believed that further progress along this line adhere to the multilateral treaty for the renunciation of war
may be expected."
as an
France Annoyed At Soviet Terms On Peace Treaty—
Qualified Acceptance Seen As Red Effort To Keep
•
On Meddling In Arms Issue.
• From the "Herald-Tribune" we take the following Paris
(copyright) advices Sept, 1:
Once again Maxim Litvinoff, the Zoviet Russian Government's Assistant
Commissioner for Foreign Affairs, has dexterously tweaked the ears of
British, French and other European statesmen for failing to make progress
In genuine disarmament. The first reaction here to Moscow's qualified
acceptance of the Kellogg treaty for the renunciation of war as an instrument of national policy is that the Soviet Government is seizing on treaty
adherence as an excuse to reemphasize its own ideas of armament limitation,
and that the acceptance note sounds as though M. Litvinoff had handed it
out with his tongue in his cheek.
The French can see little other reason for the Moscow Government so
,quickly forgetting all its criticizing of the 13riand-Kellogg treaty in the
last3 months.making a complete about face,and declaring its willingness to
instrument of national policy, Soviet Russia has signified its acceptance of the invitation to join in the pact, at the
same time stating that in assenting it [the Soviet Government] avails of a chance "to put before all the participants
of the compact a question most important for peace, the
question of disarmament, the solution of which is the only
guarantee of prevention of war." The answer of the Soviet
Government was addressed to Jean Herbette, French Ambassador at Moscow, and was signed by Maxim Litvinoff,
Vice-Commissar for Foreign Affairs. The note was made
public at Moscow Aug. 31. In giving the text of the note
Associated Press advices from Moscow observe:
The note declares that from the very beginning of its existence the Union
of Socialist Soviet Republics took the securing of permanent universal
peace as the basis of its foreign policy. In pursuance of this, the note
recalls. Russia proposed to the Preparatory Disarmament Commission
a program of complete disarmament. When this was rejected by a com.
SEPT. 8 1928.]
FINANCIAL CHRONICLE
1331
ations for the Pact of Paris and the
Government to participate in the negoti ct. In the same way were net
compa
elaboration of the very text of the
interested in guaranteeing peace
invited also powers which were indeed
isobjects of attacks (Turkey and Afghan
the
been
have
they
either
e
becaus
inthe great Chinese people). The
tan) or are so now (the re_)ublic of
as transmitted by the French Government
vitation to join in the compact
nment
could allow the Soviet Gover
also does not contain conditions which
er,
document signed in Paris. Howev
to influence the very text of the
axiomatic premises that under no conthe Soviet Government puts as
sigright which Governments already
ditions can it be deprived of that
realize, and in exercise of this right
natory to the pact realized or could
comthe
d
towar
de
Great Britain must first make several remarks concerning its attitu
In taking exception to the reservations of
the British pact itself.
that
s
state
nt
rnme
Gove
t Obligation.
the note of the Soviet
Absence in Paris Pact of Disarmamen
a series of
rd
n
towa
actio
of
dom
fail to express its deepest
free
cannot
a
nment
ves
Gover
reser
nt
Soviet
rnme
the
Gove
(5) First of all
says:
of Paris of any obligations whatsoever
and
e,
Pact
the
erat
in
enum
e
even
absenc
not
the
to
as
does
regret
regions which it
Soviet delegation to the Preparatory
an atGovernment cannot but consider as
in the domain of disarmament. The
the chance to declare that
This reservation the Soviet
of imperialistic policy.• * * Commission for Disarmament already has had
ment
instru
an
as
itself
pact
ding war with the full realization
tempt to use the
agree with any other reservations only the culmination of a compact forbid
cannot
also
nment
Gover
Soviet
The
real effect in guaranteeing universal
for war, particularly with reservations of universal disarmament can give
dding war"
which can serve as justification
the pact peace and that on the contrary an international treaty "forbi
ve
effecti
keep
to
order
in
ce
ponden
tee as limitation of
which are made in said corres
e of Nations and the and unaccompanied by even such elementary guaran
Leagu
the
with
tion
affilia
t real
by
withou
ed
and resolutions entail
will remain a dead letter
incessantly growing armaments
Locarno agreements.
some participants of the Pact of
of
ations
declar
public
t
ssed by the meaning. Recen the inevitableness of further armaments even after the
The following is the test of the note addre
Paris concerning
groupings
m this. New international
tte:
Herbe
or
ssad
Amba
to
nt
conclusion of the agreement confir
rnme
in connection with ths
Soviet Gove
ed at the same time, especially
appear
have
which
situation.
this
ined
M. Jean Herbette:
have still more underl
to bring officially to my cognizance, question of renewal of armaments,
time
On Aug. 27 you were so kind as
the compact reveal at the present
by
d
that
create
signed
ions
pact
condit
the
ateral
ore
, the multil
Theref
es in the domain of
under instruction of your government
ity of taking resolute measur
United
necess
the
ic,
n
the
Republ
ever
Germa
than
more
the
,
nment
same day in Paris by your gover
n and her dominions, Italy, Japan, disarmament.
Government
States of America, Belgium, Great Britai
the compact itself the Soviet
the signatory nations underpact
this
ess
(6) Considering the text of
By
cia.
solval
Czecho
insufficient definiteness and clearn
Poland and
the
of
out
ment
point
instru
to
ary
an
as
it
necess
war
thinks
ons to
l
wars itself,
took not to resort in their mutua relati
formula for the prohibition of
the
only
ning
them
concer
en
betwe
arising
first
clause
the
in
eement
ons.
national policy, and to settle any disagr
various and arbitrary interpretati
this having the effect of permitting
l war must be forbidden not only
by peaceful methods.
chtplained its history. It believes on its part that internationa
having
and
g
pact
that
of
copy
a
me
d
policy" but also a method servin
Having hande
al
nation
the
of
of
ment
tion
limita
instru
the
as so-called "an
informed me that
ents,
sion, liberative national movem
you, M. Ambassador, also kindly
oppres
ce,
and
instan
States
(for
United
ses
the
of
purpes
idea
other
an
number of the original participants was
ns and purposes of the quick- &c.).
there must be forbidden not
corresponded only to practical consideratio
In the opinion of the Soviet Government ng of this word but also such
it had always been kept in view
(A)
that
but
pact.
est realization of the
meani
al
Juridic
s
of
the
people
form
the
cooreration of all
only wars in the
occupaof its final shaping to guarantee immediate
intervention, blockade, military
with the same advantages which military actions, as, for instance,
recent years had
of the world on the same conditions and
n ports, &c. History in
foreig
ry,
n
territo
foreig
of
tion
.
were granted to original participants
kind which have brought enormous
known several military actions of this
You explained, too, that—
Republics themselves have been
Soviet
The
had
s.
s
nation
States
the United
calamities to variou
(B) in correspondence with your Government
0,000 Chinese suffer from similar
400,00
now
g
and
s
joinin
attack
of
us
such
of
s
desiro
s
nation
the object
authorized it to accept declarations from all
ry actions often grow into big wars
attacks. More than that, similar milita
hile these most
in the agreement.
countries, which it is already absolutely impossible to stay. Meanw
n
foreig
all
in
States
United
the
of
the preservation of peace are
(C) That representatives
ies which had already important questions from the viewpoint of
countr
those
in
ves
entati
of the compact
of
repres
ion
clause
with the except
the same first
to communicate to the Govern- silently passed over. Furthermore, international disputes and conflict&
signed the pact, and received instructions
g all
solvin
of
Paris;
ity
in
necess
signed
the
pact
ns
the
of
text
mentio
nment
ments to which they were accredited the
this connection the Soviet Gover
States expresses its readiness exclusively by peaceful means. In
forbidden by the compact
(D) That the Government of the United
that among the unpeaceful means
ers
;
l
consid
States
norma
same
and
ul
those
peacef
from
nce
now to accept adhere
refusal to re-establish
undertook through you. M. Am- must also be included such as the
because such
(E) That the French Government
these relations between peoples,
of
of
e
ance
ruptur
cogniz
the
the
to
or
ns,
bring
to
relatio
,
nment
dispute]and
bassador, mediation with this Gover
of peaceful methods in solution of
the text of the aforesaid pact and actions mean the suspension
creation of an atmosphere favorthe Union of Socialist Soviet Republics
very existence contribute to the
their
by
ent;
agreem
the
in
join
ask that it consent to
you, M. Ambassador, are authorized able to the breaking out of wars.
(F) That in case of positive answer
British Reservation.
for transmission to Washington.
this
in
g
joinin
of
pact
the
accept
to
diplomatic correspondence
t note the reply of the Government
the reservations made in the
Among
(7)
Communicating to you by the presen
the
ct, especial attention of the
ons. I have
compa
your
questi
to
the
of
ics
ipants
Republ
partic
l
Soviet
st
between the origina
of the Union of Sociali
by the reservation of the British Government
you kindly transmit to your Governhonor, M. Ambassador, to ask that
Soviet Government is drawn
reservaMay 19 this year. By virtue of this
United States the following:
in Paragraph 10 of its note of
ment and ask it to transmit to the
action toward a series
Government reserves a freedom of
"
nt
to
Peace.
British
Adhere
ant
the
"Const
tion
ment
already
ces
Soviet Govern
it means provin
it does not even enumerate. If
very beginning of Its existence as a basis of regions which
Dominions,they are already included
its
or
e
Empir
h
(1) Having taken from the
Britis
the
the
to
belonging
and security of universal peace,
attacked, so that
for its foreign policy the preservation
are foreseen cases of their being
everywhere acted as a constant ad- in the compact in which
them must seem at
Soviet Government has always and
the British Government regarding
of
this
ation
in
reserv
nation
the
other
every
meet
to
y
the partieulpants
herent to peace and has gone halfwa
However, if other regions are meant,
Soviet Government has considered and least superfluous.
where the freedom of action
y
exactl
know
to
direction. At the same time the
d
entitle
are
of a plan for universal and full dis- of the comapct
British
begins and where it ends. But the
considers now that the carrying out
of preventing armed conflicts, because of the British Government
ry attack
armament is the only actual means
om of action not only in case of milita
freed
es
the
reserv
nment
of
Gover
ition
every
ent
compet
sh armam
ference,"
in an atmosphere of general feveri
at any "unfriendly act" of socalied "inter
war, which is the more destructive the more on these regions but even
arbitrary definition of what IS
powers inevitably lead to
disarmament while it obviously reserves the right to an
t
for
full
projec
The
ents.
armam
ncemens
of
comme
perfect is the system
act" of "interference," justifying
and proposed by the delegation of the Soviet considered an "unfriendly
the British Government.
has been worked out in detail
of
part
the
on
the
action
of
ry
ence
t
milita
of
mamen
Confer
for
Disar
ssion
h Government would mean justiUnion in the Preparatory Commi
Recognition of such a right of the Britis
unately it did not gain the support of the
for the other parLeague of Nations, but unfort
powers fication of war and could be a contagious example also
of
those
ves
ed
entati
includ
repres
which
of
ty
of their equality, might take the
commission, the majori
pact just signed in l'aris. The ticipants to the compact who, in virtue
the
of
ipants
no
partic
l
s
origina
which are
s, and in result perhap there would be
hstanding that its acceptance and realization same right regarding other region
be
project was declined, notwit
regarding which the compact could
globe
rial
terrest
the
on
place
peace.
such
of
tee
nment contains an
would have meant a real guaran
, the reservation of the British Gover
Indeed
d.
applie
this
from
t
ipant to act as exemp
Soviets Prpposal for Partial Disarmament.
invitation addressed to every other partic
any chance to contribute to the reduction of the exaction here and in other regions.
(2) Not desiring to omit
the
nment cannot but consider as an
l for the peoples and masses of the world,
This reservation the Soviet Gover
burden of armaments, painfu
listic policy.
had its proposal for complete disarmament attempt to use the compact itself as an instrument of imperia
having
after
,
nment
Gover
Soviet
has not been
to discuss partial disarmament, but through However, inasmuch as the note of the British Government of the compart
rejected, not only did not refuse
al
atory Commission came itself with a project communicated to the Soviet Government as an integr
its delegation to the Prepar
ered obligatory for
al disarmament, worked out in detail. How- pact or its supplements, it therefore cannot be consid
for partial but very essenti
contained in the
must state regretfully that this project also the Soviet Government. Similarly, other reservations
nment
Gover
Soviet
the
ever,
en the original
thy of the Preparatory Commission, thus diplomatic correspondence concerning the compact betwe
did not meet with the sympa
in
s
Nation
e
of
of
the
ss
Leagu
weakne
over.
the
full
in
passed
participants may be
demonstrating once more
is the strongest guarantee of peace and the
Other Reservations.
the cause of disarmament, which
ion of war. There was obvious resistance
abolit
of
d
metho
ul
powerf
most
cannot agree with any other reservations
also
first
nment
Gover
which
the
of
all
States
almost
The Soviet
and
to the Soviet proposals from part
for war, particularly with reservations
cation
justifi
as
wars.
of
ition
serve
prohib
for
can
pact
which
effective the comgave their signatures to the
mament which are made in said correspondence in order to keep
disar
the
of
of
e
cause
defens
atic
system
the
with
(3) Together
tion with the League of Nations
signed Pact of Paris arose, the Soviet pact and resolutions entailed by affilia
newly
the
of
idea
the
before
long
other powers a proposal anent the and the Locarno agreements.
Government also addressed to the
said above, one must state the absence
ial compacts not only of wars fore(8)Summarizing what has been
, which is the only
prohibition by the conclusion of bliater
and of the compact of obligations concerning disarmaments
other,
one
the
upon
s
all
attack
of
wars
but
Paris
of
insufficiency and indefiniteness
seen by the Pact
, such as Germany, Turkey. essential element of peace guarantee, the
States
Some
ever.
whatso
ts
conflic
and the existence of several
all armed
ed the same proposal and con- of the formula itself for prohibition of war
Afghanistan, Persia and Lithuania, accept
hand the suspension of even any
before
object
their
as
States
other
g
having
pacts;
pondin
ations
nment corres
reserv
cluded with the Soviet Gover
cause of peace.
and evaded reply, but a third of the States appearance of obligations toward the
ively imposes certain
passed silently this proposal
, inasmuch as the Pact of Paris object
that unconditional
ation,
e
heless
explan
strang
Nevert
this
with
al
propos
opinion and gives the Soviet Govdeclined the
atible with their obligations toward the obligations on the powers before public
incomp
was
attack
of
prohibition
before all the participants of the compact
however, did not prevent the same powers from ernment a new chance to put
League of Nations. This,
for peace, that is the question of disarmament,
ant
ct
import
compa
very
text
in
the
of
the
e
most
on
silenc
full
questi
a
a
guarantee of prevention of war—the
signing the Pact of Paris with
the solution of which is the only
of the said obligations.
4'
concerning the inviolability
nment expresses its willingness to sign the Pact of Paris.
Gover
Soviet
that
fact
the
of
able
proof
have the honor to hand over to you.
ned facts are irrefut
In consequence of this assent I shall
(4) The above-mentio of wars and armed conflicts as a matter of interg
joinin
its
in
sion
g act of my Government
M. Ambassador, the correspondin
the very idea of suspen
basic idea of Soviet foreign INDULT. Nevertheless the
as the formalities connected with this are ended.
soon
as
ct
compa
this
national policy is a
in
Paris did not deem it necessary to invite the Soviet
initiators of the Pact of
anti-war
was composed of signers of the
mission, a majority of which
plan.
t
mamen
disar
partial
forbidtreaty, Russia offered a
Russia proposed bilateral treaties
signed
When this, too, was rejected.
continues, but the powers which
note
the
ts,
conflic
armed
itional
ding all
the strange explanation, that uncond
the Paris treaty declined "with atible with their obligations toward the
incomp
prohibition of attack was
League of Nations."
it is strange
for peace, the note suggests that
In view of Russia's activities
for the Paris
d to participate in the negotiations
the Soviets were not invite
anyway.
treaty, but is disposed to sign
1332
FINANCIAL CHRONICLE
[VOL. 127.
Report of Proposed $75,000,000 Greek Loan.
Inc., in recognition of the "eminent services" rende
red by
The following Associated Press advices were reported
from Mr. Hines as an arbiter of certain international disputes in
London Sept. 3:
Europe following the World War. An announceme
nt in
An Exchange Telegraph dispatch from Athens
states that an agreement the matter says:
has been
reached between the Greek Government and the Seligm
an banking house of New York for a loan of 375,000
.000. The money would be
used for productive works. The dispatc
h says the agreement probably
Will be signed this week.
The peace treaties had provided that numero
us important and difficult
questions as to allocation of river
shipping on the international rivers of
Europe as between the Allied countri
es and the ex-enemy countries should
be decided by an arbitrator designated
Wilson designated Mr. Hines as such by the United States. President
arbitrator and this designation was
med by the Conference of Ambassadors.
Economic and Industrial Conditions in Denmark dur- confir
Mr. Hines assumed those duties In
October 1921, and for a large part of June 1920, residing in Paris until
ing July.
that time having also a branch office
Vienna. He rendered various
In the statement regarding the economic and industrial in
decisio
France and Germany, and as betwee ns on these questions as between
n Czechoslovakia, Yugoslavia and
conditions in Denmark during July issued Aug.30 by the Rumania on the one hand, and German
y, Austria and Hungary on the
National Bank of Copenhagen and the Danish Statistical other hand. All of his decisions were accepte
d and put into operation by
es affected.
'Department, we find the following concerning banking and theIncountri
1923 the League of Nations requested
Mr.
financial conditions:
gation of conditions of navigation on the Danube Hines to make an investiand Rhine,and he devoted
In the three private principal banks the outstanding loans have
in- his vacation that year to make this study with the aid of Major Somervell
creased about 15 Mill. Kr., while the deposits have decreased about
13 of the United States Army, who acted as his assistant. The report on this
Mill. Kr. These transpositions, which are the result of very
different subject was submitted to the League of Nations in August 1925.
Mr. Hines has two other decorations
'movements on the balances of the three banks, as regards foreign countri
in recognition of his services as
es arbitra
•are caused partly by the opening of reimbursements, partly
tor
by increased mandeu respecting questions of river shipping in Europe. lie is Comr de la Legion d'Honneur of France and
'loans on the cash credit account. The decrease in the deposits, however
is
,
of the White Eagle, First Class, of the Kingdom a member of the Order
.is of a more formal character, and is to a certain degree
caused by the Slovene
of the Serbs, Croats and
s.
lhalf yearly statement (payment of interests due) and by
the regulation
made by the bank in cashing coupons. The difference between the
increase in the loans and the decrease in the deposits has been met
by a President Calles in Addressing Mexic
an Congress Deloan from the National Bank, by increase of deposits from
other banks
clares He Will Not Again Serve in Presi
and savings banks, by use of the bond and stock fund, etc.
dencyAt the same
time the three banks together have been able to increase
Urges
Representation in Congress of Minority and
their foreign
assets 5% Mill. Kr., which almost corresponds with the amount
Reactionary Groups.
, with
which the foreign valuta fund of the National Bank was diminis
hed.
His
"uncheageable resolution not to occupy again the
On July 31st the National Bank closed its fiscal year 1927-28
. Of
the surplus 4.9 Mill. Kr. are used in regulating the loss
caused by the Presidency of the Republic" was emphasized by President
rise of the Krone, which loss was entered on the "joint
account of the Calles in his message delivered at
the opening of the new
Government and the bank," after which this account is
withdrawn from sessio
n of the Mexican Congress on Sept. 1. President Calles
the statement. Furthermore, current amounts have been
written off and
the year thereafter closes with an account gain of 589,000
Kr., which further declared that he would not seek prolongation of his
together with a subsidy from the stockholders' dividen
d-regulation fund present term by acecpting an appoi
ntment as provisional
has made possible a dividend payment of 8% to the
stockholders.
President. In his address, he referred to
The transactions on the Copenhagen Stock Exchan
the death of
ge for bonds and
stocks were in July for bonds 2.4 Mill. Kr. (June
2.3) and for stocks 1.8 President-elect Obregon as "an irreparable loss," and he
Still. Kr. (June 1.6). In July 1927 the corresp
onding figures were re- said that "for the first time in Mexic
an history the Respectively 2.7 and 1.2 Mill. Kr.
public faces a situation whose dominant note
The index figure for bonds remained unchan
is the lack
ged during July at 92.8
(July 1914-100), while the stock index dropped
from 100.4 to 99.8. of a leader of military power, which is going to make it
compared to July 1928 most of the groups were
relatively high this year, finally possible for us to direct the policy
of the counthe index for banks being 86.3 (July 1927: 82.6)
shipping stocks, 115.4 try into truly
institutional channels." He observed that
(108.3), industrial stocks 91.3 (91.6) other
companies 103.6 (86.8) and
"It is needless to recall how the dictators stood
the total index 99.8 (92.8).
in the
We also quote fromfthe statement as
of true national progress," and he advised that
way
"the rulers
The Danish export of agricultural products wasfollows:
for July 1928 somewhat who may arise either by your appointment or who
may be
lower than during the corresponding month last
year, as the average weekly elected by the peopl
e . . . not be chosen . . • en
exportations amounted to: Butter, 3,007,200 kilos
(July 1927, 3,134,000 acoun
t
kilos); eggs, 965,400 scores (1,087,300 scores)
of
their personal strength, but on account of . .
; bacon, (4,858,600 kilos
.
(6,053,200 kilos); beef and cattle, 942,200 kilos
their ability to legislate and rule." The Associ
(1,023,400 kilos).
ated Press in
The prices on the export products were for most
its
accou
product
nt
s
except
of
eggs
the speech said:
higher than in July last year. The average weekly
President Calles, in his speech
800 Br. (July 1927, 264 Kr.) per 100 kilos; eggs, quotations were: Butter,
to Congress, advised that all minority
1.21 Kr. (1.27 Kr.) per and reactionary groups,
kilo; bacon, 1.64 Kr. (1.40 Kr.) per kilo; beef and
"even the clerical reactionaries," have represencattle, 63 ore (62 ore) tation in Congress.
per kilo on the hoof.
"Taking into consideration
The trade balance with the foreign countri
preparation of the organization which the
es during June amounted to revolutionary party
188 Mill. Kr. for imports and 187 Mill.
now has, it is much less dangerous to accept minorit
Kr. for exports, so that there groups of all kinds,
y
was an import surplus of 1 Mill. Kr.;
giving
them
voice in this Parliament, than to persist
for the months January-June incl. with extreme
political intolerance and absolute control
the import surplus was 57 Mill. Kr. this year
by one group.
against 39 Mill. Kr. in 1927.
"My advice is based upon
The Statistical Department's wholesale index
the conviction of admitting into Congress
was the same in July as representatives of reactio
In June, 155; concerning the fluctuations
nary groups even from clerical reactionaries,
in the separate groups should which should not alarm
be mentioned, that animal food stuffs
true
rose 4 points during the will be shared by the great revolutionists because the new ideas presently
previous month, rose 6 points during thiswhich
majority of Mexican people. So any electoral
month,
while
district
s
hides, leather and
where political or clerical
foot wear rose 3 points; the decreas
reactionaries might be victorious over
e was especially in vegetable
men
represe
nting
the advanced social movement
food
stuffs, namely S points, and wood and
of Mexico must be only
paper, 2 points. The increase
minorit
a
y.
in
the animal food stuffs has caused a rise
during the month in the index
"Then the post election
figure for export products from 134
and revolutionaries and reactionists will all
to 140, while the index figure
the import products has remained station
for support the person lawfully elected. Thus it will
give him a greater
ery at 151. By this a
better sense of responsibility and succeed in establishing
relation has been established In the
an honest capable Gooforeign trade balance.
errirm
"
re
nt.
n ea
The freight rate figure rose from 97.8
In June to 99.6 in July; in
port of the Foreign
June
1027 the figure was 107.2.
Office presented to the opening session of
Congress after the Preside
The percentage of unemployed was at
nt's address, betterment of external relations
the end of July 18.6 against
of
Mexico
with
all
the
17.2
In July 1927; in the real industr
nations of the world is stressed. Special paraial professions the percentage
was re- graphs take note of the influences of Ambass
spectively 15.4 and 18.8.
ador Morrow's stay in this
capital and of the visit of
The Government's revenue from
consumption taxes was in July 21.5 is called to the reciprocal Colonel Lindbergh to Mexico City. Attention
mm. Kr., of which 10.2 Mill. Kr. were
visit of Captain Carranza to the United States.
custom revenue taxes proper. In
Referring to Ambassador
July 1927 the corresponding figures
Morrow, the report said:
were 23.0 Mill. and 10.8 Mill.
"Washington has sent to
Kr.
Mexico an agent of concord, good-will and
high aims, empowered to
settle and terminate the prolonged, the useless
discord which had existed
Decorations Conferred by Poland
between Mexico and the United States. He
on New York Federal had not been here
many months before the good
Reserve Bank Officials.
results, policies began
to be apparent, showing that
it is easy for a government and
It was announced on Sept. 5 that
to
the President of Poland, understand each other when efforts are made for mutual co-operPeople
ation."
acting
According
through Jan Ciechanowski, Minis
to the "Times," President
ter of Poland to the stanti
Canes spoke subUnited States, has conferred the
ally as follows:
highest rank of the order
"The death of Preside
of Polonia Restituta, the grand
nt-elect Obregon Is an irreparable
cross
loss. It
leaves the country in a
jamin Strong, Governor of the New with star, upon Ben- Obregon
particularly difficult situation. With
General
's disappearance, the
York
Feder
al
Reser
country has to face one of the gravest
ve and most vital
Bank. Deputy Governors Case
problems, not merely of a politica
and Harrison received the
l character, but affecting
the very life of the nation.
Knight Commander's cross of the same
order and Assistant
"The void created by General
Deputy Governor J. E. Crane the
Obregon
's
death
brings into prominence
officer's cross of the order. needs and problems both political and
administrative, and the period in
which we now find ourselv
es postulates every day with greater
urgency
the need to conduct our
President Masaryk of Czechoslovakia
Government along new lines and with new
Confers Cross of methods.
Grand Officer on Walker D.
orthe first time in
Hines of Cotton
Mexican history the republic faces a situation
Textile Institute, Inc.
whose dominant note is the
lack of a leader of military power, which Is
going to make it finally
The Cross of Grand Officer of the
possible for us to direct the policy of the comp
Czechoslovak Order of try into truly institutional channel
s, striving to pass once for all from
the White Lion has been awarded by
historical condition of
President Masaryk to our
one-man rule to national law and Institutions.
"The
Walker D. Hines, President of the Cotto
ding solemnity of this hour
calls
n Textile Institute, patrioticoutstan
unselfish and
consideration, and places the preside for the most
nt
under an obligation to
SEPT. 8 1928.]
FINANCIAL CHRONICLE
the moment, but rather into
look, not merely into the circumstances of
and political life. Exact
the very nature of our present governmental
point out the way we
understanding and fair estimation of facts may
and future peace, thus safemust go if we are to make secure immediate
with the blood of thousands
guarding the gaps of revolution made sacred
of our countrymen.
Declaration."
Makes "Unalterable
to make a
"Before analyzing present conditions I deem it necessary
it my word of honor to the
final and unalterable declaration. I make
nations.
national Congress, to the country and to the family of civilized
have been made
But let me say beforehand that suggestions and promises
the aspect of
to me, even a certain pressure exerted, all disguised under
considerations of patriotism and the country's good, for me to continue
consider
in power. But on account of the moral principles involved, I
to a govit necessary to pass from a system of government by one man
solemnly,
ernment of institutions. Therefore I have decided to declare
that my words may not be misinterpreted, that I shall not seek prolongation of my term by accepting an appointment as provisional president.
To Continue in Public Service.
This does not mean the remotest intention on my part of abandoning
civic duties nor retirement from the life of struggle and responsibility
which are the lot of every soldier. I know there are plenty of situations
in the military, administrative, political, or civic field which I can occupy
and which, no matter how modest they may seem in comparison with the
presidency I now hold would mean for complete acceptance of the re:
aponsibilities and dangers involved and could give me opportunity to
discharge my duties, as a man of the revolution.
Thus eliminating all possibilities, as far as the present moment is concerned, of preserving in Mexico the traditional policy of indispensible
men, this is an opportunity to present in all clearness, sincerity, and courage,
the problem of the future in order that the nation may understand the
seriousness of this hour.
1333
any other occasion, we should avoid a heated and undignified contest
which might slowly but surely lead us into fields of enmity, disorder and
violence.
"To conclude, I want to address myself to the Mexican Army, I speak
in the triple capacity of a member of the Revolutionary Party, General
of Division and as Supreme Chief of the Army, which I am as President
of the Republic.
Warns Army to Guard Prestige.
"Never as to-day, after my unchangeable resolution not to occupy again
the presidency of the republic, but I felt more sure in vouching for
the unselfish and noble conduct of the army. The sacrifices of all
kinds which have been necessary tend to dignify this institution, to place
it at the admirable height to which it has now risen and to give the
glory and name which it has deservedly made for itself both at home
and abroad—all this, I say, demands that each of its members watch
zealously and maintain untarnished that position and that prestige.
"Let all members of the National Army, with full understanding of the
a real
important role they must play at this moment, become imbued with
and noble conception of their loyal standards and aims.
the
"Let them shut their ears and condemn with all their strength
draw
wicked and hidden insinuations of, politicians who might attempt to
treason
and
disloyalty
them into their wake and let them choose between
satisfaction
to their country in this most solemn hour of our life and the
reof duty well dons, with nowt from abroad and the gratitude of the
public."
Mexico Budget Cut by 21,000,000 Pesos—Debt Settlement Urged—Mexican Economist Says Present
Situation Harms Country—Suggests a 60-Year
•
Payment Plan.
It was officially reported Sept. 5 that Mexico's budget
eximnditures next year have been calculated in round figures
at 270,000,000 pesos (about 6128,500,000), as against
291,000,000 for the current year, and that this reduction
of 21,000,000 pesos will result completely from the new
financial system established by Minister Montes de Oca
and his insistence that the Governmental departments must
continue to live within the limits allotted them by the
financial experts. The foregoing is from a Mexico City
cablegram Sept. 5 to the New York "Times," which said:
Calls Hindsight Too Harsh.
"The historical judgment, being in every case posteriori, is frequently
harsh and unfair. That is so because many circumstances determining
attitudes and actions at the moments when events took place may later
be forgotten. We shall not, then, try now to analyze the history of
Mexico from the beginning of its independent life with the idea of
casting all blame and responsibility on those men who ruled as dictators. We know that the inert condition of the rural masses and the
regrettable civic indifference of the middle classes, both now fortunately awakened by the revolution, made them dictators and regarded
them, through conviction, flattery or cowardice, as indispensable.
From this unusually good financial statement one is able to foresee
"It is needless to recall how the dictators stood in the way of true
what may be the Mexican intentions on the renewal
national progress; how they were obstacles, perhaps unconscionsly but to a certain extent
of their foreign obligations. Betio. Bollado, in his new
in reality, to the rise, formation and development of men of national of the payment
publication "Economista," has some pertinent observations to make in
calibre to whom the nation might turn in times of domestic or foreign
connection under a heading to the effect that Mexico should not
crisis; how they thwarted, against their own inclinations at times, but that
"Up to
pay more than her economic capacity permits, he says in part:
always as a matter of fact, peaceful evolution in Mexico as an instituhave not reached
this moment the Mexican Government and its creditors
tional country in which men should not be anything but mere incidents an agreement and the exchange of opinions still continues. On this point
without real importance in themselves when compared with the eternal both the New York bankers as depositaries of the bondholders and the
the primary
and august serenity of institutions and laws.
Mexican Ministry of Finance have considered it necessary, as
provide
basis of any arrangement for payments, that the agreement must
Warns Against "Outstanding Men."
indebtedforeign
on
interest
of
settlement, not only of the payment
the
for
"Regarding the appointment by Congress of a provisional president, ness, but also for progressive amortization."
Washingmay I say that it is useless to seek outstanding or dictatorial persons,
Senor Bollado emphasizes that European nations indebted to
as there are none? It would be neither wise nor patriotic to try to tion have arranged extended payments on a basis of 60 years, and that
painful
one
from
any
to
foreign
form them, as our past history has taught us they arise only
although Mexico's indebtedness really is not limited
or violent struggles. We also know that outstanding leaders, even those Government, the situation of his country as a debtor nation is the same
with such exceptional qualities as those of him whose death we lament, as the war debtors. Senor /3ollado regrets the lack of publication of the
who was truly patriotic, able and sincere, have all implied dangers for report of the international bankers on Mexico after the visit of their experts
the country, the least of which may be, as is the case at present, be- to study the economic situation here on the spot.
wilderment and the possibility of anarchy brought about by the eliminaHe goes on to say that the prevailing moratorium on foreign interest
tion of the leader.
payments does Mexico no good, and insists that to get to the bottom of
"It is not the man himself but the exaltation of the law that can the matter and dix a new and permanent agreement there must be an
and must be the source of strength, prestige, loyalty and authority for his early solution.
With regard to any new agreement with international bankers there
success as chief executive of the nation.
reports cir"In the concrete case before you your solution will result in the ap- Is another point of importance to consider. It arises from
from the
pointment of a provisional president who will receive all the material culated locally that many Mexican bond issues have passed
into those
and moral support of my government as well as the material and moral sup- hands of the original holders, who were bona fide purchasers,
at an immense discount
port of the army, which at present, I assure you, fulfills and dignifies its of a group of speculators who probably bought them
declaration that Mexico
noble and only mission as the guardian of the dignity and safety of the and now await the fulfillment of President Calles'
premium which critics
the
collect
nation, its institutions and its legitimate government. If we are all will comply with her obligations in order to
Mexican bonds have passed
united in this common aspiration, that of directing Mexico under a say they are not entitled to. Whether the
affect the national oglibations,
government genuinely constitutional, and if your resolution is inspired into the hands of speculators or not.does not
such bonds are outstanding. Mexico
only by patriotic considerations, it will receive the unanimous backing of but some see no reason why, if any
should not buy in its own paper.
the revolutionary family.
Pleads for Real Parties.
"May the solemnity of this hour as well as the great responsibility
which is yours, may the conscience and eense of duty of the army, may
the clamor of victims asking that their sacrifice be not in vain, may
the figure of the great leader who has fallen and whose life, had it been
spared, could onl yhave contributed to strengthen Mexico's course toward
institutional life—I assure you, that was his fondest hope—may the
unanimous accusation, the relentless cry, the vigorous condemnation of
public opinion of any one who might rise and try to stand in the way of
this reform which, for you, should have all the meaning and strength of an
absolute need for the redemption of Mexico; may all these facts and
factors help you to a final realization of these ideals: the final entrance
of Mexico into the sphere of law and institutions and the establishment of
real national parties to regulate our political life.
"Let the rulers who may rise either by your appointment or who may
be elected by the people, be they civilians or military men, not be chosen
by surprise, nor appointed, nor their election be on account of their personal
strength, but on account of their civic virtues, their ability to legislate
and rule.
Wants Real Representatives.
Decree on Mexican Gold Shipments.
It was stated in the "Wall Street Journal" of Sept. 6 that
President Calles of Mexico has issued a decree regarding export of coin and bar metals. All exporters of bar metal,
required to reimport in gold the equivalent of all metals
exported by them, may do so within 30 days. The advices add:
Mexican silver coinage will be
In addition the free exportation of old
permitted with no other requisite than customs examination.
exclusively by the Bank of
Gold transportation permits will be granted
currency. Any
Montreal, which is charged with the stabilization of the
bars, for transportation withpublic carrier who accepts gold in coin or in
be fined 2% of the value of
out the permit of the Bank of Montreal, will
the shipment.
Legal Facilities to Oil Industry Offered by Mexican
"When this comes to pass, then the chosen men, no matter how humble
Minister of Industry.
they may have been, will be real representatives of the nation.
advices from Mexico City Sept. 5 stated:
Press
takes
Associated
"If the National Congress takes into consideration any plan and
Dr. Jose Manuel Puig-Casauranc, Minister of Industry and Commerce.
steps which my experience, my sincerity and my absolute unselfishness
that he was ready to give all kinds of legal facilities to
propose it will be a clear obligation of the army, of political leaders, of announced today the oil industry who were willing to abide by the
oil
and of all citizens to rally around the man parties engaged in
the whole revolutionary family
laws. The industry, he said, will be viewed hereafter as a public utility.
whom Congress appoints to strengthen his administration.
any
by
hostile
action
oil
consider
not
would
he
that
companies
for the election of a president to He added
"I also want to state that the contest
be carried otu in a spirit or other parties who, exercising the legal rights granted to them by law
complete the period from 1928 to 1934 must
for the suffrage. More than OD filed an appeal with the President against any decision he might make
respect
of true democratic freedom and
1334
FINANCIAL CHRONICLE
Redemption of Portion of Republic of
Colombia Bonds
—Bonds in Definitive Form Available.
Hallgarten & Co., and Kissel, Kinnicutt
& Co., fiscal
agents for the $35,000,000 Republic of
Colombia 6% external
sinking fund gold bonds, dated April
1 1928, have redeemed
through purchase in the open market for
the first sinking
fund $190,000 principal amount of bonds
leaving outstanding
$34,810,000 par value of bonds.
Hallgarten & Co., and Kissel, Kinnicutt & Co.,
also
announce that definitive bonds of the $35,000 000 Repub
lic
of Columbia 6% external sinking fund gold bonds
, dated
April 1 1928 are ready for delivery in exchange for and
upon
surrender of interim receipts at the office of National Bank
of Commerce, 31 Nassau St., New York City.
Construction Starts on Bolivian Government's
$35,000,000 Railroad Project.
Construction has just begun, it was announced Sept.
4,
on the first part of the Bolivian Government's $35,0
00,000
railroad project, under contract with Kennedy &
Carey,
New York. The first 100 miles of track between
Cochabamba and Santa Cruz, a total distance of 350 miles over
extremely broken country, will be completed in two years
. The
announcement states:
[Vou 127.
also had been heavily oversubscribed, subscripti
ons in
excess of $25,000,000 having, it is said, been recei
ved.
This is the second large block of Republic
of Chile bonds
to be offered here this year, the previous finan
cing (referred
to in our issue of Jan. 28, page 515) havin been
g
floated
in the form of $45,912,000 of 6% bonds of
the Republic of
Chile Railway, of which the major part
was used for redeeming the two issues of 8% dolla bonds
r
. The previous
issue was offered at 93J
, and the bonds since then have
sold as high as 97 in general trading
on the New York Stock
Exchange. As in the case of the
present issue, the previous
offering was made by the National
City Co., investment
affiliate of the National City
Bank of New York, which
is fiscal agent for the Republic.
As to the purpose of the
present issue, it is stated:
The proceeds of the presen
t loan, as well as of the £2,000,000 being
offered simultaneously in the
London market by N. M. Rotshchild &
Sons, will be applied to the
construction of public works, including railwa
irrigation works, port works,
ys.
sewerage and water works, and public buildings, as well as to the redemp
tion of $7,000,000 of bank loans advanced
for such public works and
the redemption of a .C500,000 5-year note issue
maturing Nov. 1 1928. The
Government of Chile is now carrying out a
comprehensive plan of public
works, as authorized under Law 4303, which
provides for an expenditure
of 200.000.000 pesos ($24,332,500) In
1928.
of which amount 25,000
Internal loan, the remain .000 pesos have already been raised through an
der to be provided for from the proceeds of the
present dollar and sterling
issues.
It is also stated that:
The new railroad will be of great national import
The bonds of this loan,
ance to Bolivia. At
authorized by Laws 4303 and 4386 of the Chilean
present the easiest natural access to its rich eastern
districts lies through Congress, dated Feb. 16 1928 and Aug. 9 1928. respectively,
Brazil and Paraguay, while the industrial and
will be direct
obligat
ions
of
the
commercial centers of BoRepublic of Chile, which agrees that
if, in the future.
livia, around La Paz, can be reached from
Santa Cruz only by difficult It shall sell, offer for public subscription or in any manne dispos
e of any
r
mule-train marches. The new railroad will provid
e the first direct rail bonds or contract or create any loan, internal or external, secure
d by lien
contact between the rest of Bolivia and the
Department of Santa Cruz, or charge on any revenue or asset of the Republic, the bonds
of this loan
with its 200,000 inhabitants and 140,000
square miles of fertile land. The shall be secured equally and ratably therewith.
railroad will therefore aid in unifying the
A cumulative sinking fund
whole country.
The Santa Cruz district lies low on the
will operate to redeem the
eastern slope of the Andes, entire issue
by drawings at par. The Republic reser
which rises westward to more than 12,000
feet elevation. The gradual
ves
ascent provides marked changes in
the
right
to
increase the semi-annual sinking fund payments.
climate, from wholly tropical to temperate, producing varied agricultural
products. The Santa Cruz district The bonds, coupon, in
denominations of $1,000 and $500,
produces sugar cane, mahogany, cotton,
coffee and rubber and affords will be
registerable as to principal only. Principal and
splendid cattle grazing land. Petrol
eum deposits have eben found in it
and it also contains salt, gold,
intere
st (M. & S. 1) payable in Now
tin, coal and copper mines.
York City in United
Upon completion of the new railroa
d, the development of this eastern States gold coin of the prese
nt standard of wiehght and
portion of Bolivia is expected to
be rapid.
fineness, witho
New York Trust Co. Reports Unpr
ecedented Prosperity In Argentine.
With a background of four years of
unprecedented prosperity, the Argentine Republic is
enjoying a highly satisfactory condition in both business and
finance, according
to THE INDEX published by The
New York Trust Company. It says:
"For four consecutive years revenu
es have exceeded expenditures and
the balance of trade (but not the
balance of international payments) has,
on the whole, been favorable with
only small deficits in 1925 and 1926.
against larger surpluses in 1924
and
alone equalled the total foreign trade1927. Last year the country's exports
in 1913."
ut deduction for any present or future Chilean
taxes, at the head office
of the National City Bank of
New York. Interest also collec
tible, at the option of the
holders, in London, Engla
nd, either at the city office of
the National City Bank
of New York or at the office of
N. M. Rothschild & Sons,
in pounds sterling, at the fixed
rate of $4.8665 per pound sterli
ng.
Advices from Don Pablo Ramir
ez, Minister of Finance
of the Republic of Chile
,
Natio
to
the
nal City Co., state:
Chile, with a
population now estimated at over 4,200,000. has an
area
of 290.000 square miles.
The leading industries are agriculture and mining.
Agriculturally the countr
y is self-supporting and its mineral output averages
approximately $200,000
.000 per annum. American capital invested is
estimated at over
$500,000,000, with a similar amount of investments by
British capital.
The Chilean Gover
nment is carrying out, with modifications,
a program
of administrative reform
outlined by the Kemmerer Financial Commission
In 1925. This has
resulted in the stabilization of the curren on a gold
cy
basis, the establishmen
t of a central bank of issue, a general budget law
with a balanced budget
, and the installation of an independent ComptrollerGeneral. Various
measures have been passed to stimulate the economic
development of the
effected by a reductcountry, taxation has been reorganized and economies
ion of personnel and control of expenditures
.
The gold and gold
exchange held by the Banco Central de Chile on May 5
1928 was $69,465,133,
providing a ratio of gold to cover notes outstanding
and deposits of 111.6
%.
The ordinary revenu
es for 1927, excluding loans, as reported by the
Comptroller-General
totalled $110,607,000, as compared wtih ordinary
expenditures of
$110,1
place ordinary revenu 85,555. Budgetary estimates made early in 1928
es at $116,688,890 and ordinary expenditures at
$114,689.865, while the
actual ordinary revenues for the first six months
of 1928 were $70.88
0,676, compared to ordinary expenditures totalling
$68.388.589. The surplu
s of ordinary revenues over ordinary expenditures
for the current year is
now
The total funded debt estimated at $2,433,000.
as of Dec. 31 1927. including all guaranteed
obligations. was
$335,484,769. of which $226,068,104 was a direct debt
of the Government.
It is pointed out that the Repub
lic is one of the largest
holding countries in the world
. On March 31 of this year
these holdings amounted to
629,485,000 gold pesos (the
gold peso is worth about 96 cents
), and the gold holdings
of the Conversion Office alone
showed a ratio of gold to
notes of about 80% as compared
with 64.3% at the end
of 1914. Exports in 1927 amounted
to 1,008,179,000 gold
pesos as compared with 792,179,00
0 in 1926. The favorable balance of trade amounted to
151,569,000 gold pesos.
Although the volume of exports was
less in the first half of
this year than in the first half of last,
there was an increase
In value. The net result is a substantia
l increase in customs
receipts, the chief source of revenue.
Agricultural products constitute about 95%
of the country's total exports, and this dependence
upon crop conditions, causes a considerable fluctuation in the
trade balance
The balance of international payments
, on the whole,
shows a deficit which has been met by addit
ional foreign Brokers Loans on New York
Stock Exchange Increase
borrowings.
$214,089,826 in Month—Again
Go Over Five Billion
Dollar Mark.
Offering of $16,000,000 6% Bonds of Republic
Increasing by $214,
of Chile—
089,826 during the month, brokers'
Issue Oversubscribed—Books Closed.
loans on the New York
Stock Exchange reached a total of
The National City Co. offered on Sept.4 at 94 and
interest, $5,051,437,405 on Aug. 31, according to the figures made
to yield 6.64% to final maturity, 816,000,00
publi
c
by
the Exchange on Sept.
0 Republic of
4. This is the second time
Chile external loan 6% sinking fund gold
bonds, dated that the loans have exceeded five billion dollars—th previous
e
Sept. 1 1928 and due Sept. 1 1961. Simul
occas
ion
having been May 31 this year,
taneous offering
when
the total
of X2,000,000 of the bonds was made in Lond
on by a banking reached $5,274,046,281. The Aug. 31 total is made up of
group by N. M. Rothschild & Sons at 95
$4,09
3,889
,293
and interest.
demand loans and $957,548,112 time loans.
Announcement was made the same day
(Sept. 4) by the At the end of August tho Stock Exchange loans totaled
National City Co. that subscriptions had
$4,837,347,579, of which $3,767,694
been
,495 represented demand
excess of the issue of $16,000,000 and the books received in loans and
$1,069,653,084 time loans. Commenting on the
were
close
d.
Advices from N. M. Rothschild & Sons,
London, announced figures made public this week the "Times" of Sept. 5 said:
An increase in the loan
that the issue of £2,000,000 made in the
total had been predicted generally in Wall Street,
London market but the size of
the expansion was far greate
r than most forecast. had made
FINANCIAL CHRONICLE
SEPT. 8 1928.]
stock market,
it. It was based largely on the strength and activity in the
new high levels for the
particularly in the last week. Many stocks reached
in the
conditions
Such
scale.
Year last week and trading was on a large
of brokers'
past have been accompanied almost always by mounting totals
loans.
Federal Reserve's Figures.
brokers' loans
The weekly figures of the Federal Reserve Board en
compilations,
usually furnish a guide to the movement of the Exchange's
weeks from
four
the
In
but they reflected contrary trends last month.
reduction of
net
a
showed
figures
Reserve
Aug. 1 to Aug. 29 the Federal
having been
524,248,000, a moderate increase at the start of the month
followed by total declines of more than 570.000.000 in the two succeeding
of the
weeks and an increase of more than 334,000,000 in the final week
month. It was pointed out a week ago, however, that special conditions
were affecting the Federal Reserve figures, and that the Stock Exchange
report probably would throw a clearer light on the amount of stock market
credit outstanding. One of the factors responsible for this was that many
corporations were readjusting their loan activities in anticipation of the
new Clearing House rules which went into effect yesterday. These rules
fix a minimum of 8100,000 for loans placed for "others." For a week or
more corporations having funds out on call have been withdrawing them
and making new loans through organizations which are not members of the
Clearing House and whose operations are not covered in the Federal Reserve
figures. If it were not for this, it was said, last week's Federal Reserve
loan figures would have shown a much larger increase than was the case.
1335
parable period the weekly totals of brokers' loans actually showed a reduction of $24,000,000. This would indicate that more and more loans were
being granted to brokers through banks and institutions which are not members of the Federal Reserve System or the New York Clearing House
Association.
Market Value of Securities Listed on Chicago Stock
Exchange Approximately Eleven Billion Dollars.
The growing importance of Chicago as a financial market
is evidenced by the fact that stock of 96 companies have
been added to the trading list of the Chicago Stock Exchange
during the first eight months of 1928. The total number of
shares of stock listed on the Chicago Exchange since Jan. 1
of this year are 37,874,715. The present market value of
these securities is $2,564,280,000. These new 1928 additions
bring the total market value of the securities on the Chicago
Stock Exchange up to approximately eleven billion dollars.
Clearing House Committee Recommends
in Loan Charges to Confprm to N. Y.
The following is the statement issued Sept. 4 by the Stock
Clearing House Rates.
Exchange:
Associated Press advices from Chicago yesterday (Sept.'7)
Total net loans by New York Stock Exchange members on collateral, contracted
said:
aggregated
31
Aug.
1928,
for and carried in New York as of the close of business
$5,051,437,405. The detailed tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New York
$3,419,802,772 $840,256,084
banks or trust companies
(2) Net borrowings on collateral from private bankers.
brokers, foreign bank agencies or others in the
117,292.028
674.086,521
City of New York
54.093,889,293 $957,548,112
$5,051,437,405
Combined total of time and demand loans
The scope of the above compilation Is exactly the same as in the loan report issued
by the Exchange a month ago.
Chicago
Change
Adoption of a higher charge on demand loans of corporations and individuals placed by Chicago banks has been recommended by the Chicago
Clearing House committee. Final approval by the Clearing House membership is regarded as a certainty.
The new rate, if authorized, will be M of 1% interest annually on the
amount of funds placed on call. This is the charge authorized by the New
York Clearing House on Aug. 3, and placed in effect Sept. I. It replaces
the old charge of 5% of the interest received on the loan.
In addition the Chicago Clearing House Association contemplates the restriction of loans by corporations and individuals to $100.000 or multiples
thereof.
The compilations of the Stock Exchange since the issuance of the monthly figures by it, beginning in Jan. 1926, Brokerage Firm of H. G. Lane & Co., Oakland, Cal.,
follow:
Placed in Receivership.
Total Loans.
Time Loans
Demand Loans.
1926—
H. G. Lane & Co. (head office Oakland,
of
The
$3,513,174,154
permit
$966,213,555
$2,516,960,599
Jan 30
3.535.590,321
1,040,744,057
2,494,846,264
Feb. 27
a stock and grain brokerage business has
to
conduct
Cal.)
3,000,096,167
966,612.407
2,033,483,760
Mar.81
2,835,718.509 been suspended by the California Commissioner of Cor865,848.657
1,969.869,852
April SO
2.767,400.514
780.084,111
1,987.316.403
May 28
2.926,298.345 porations, according to advices from San Francisco on
700.844,512
2,225.453.833
June 80
2.996,759.527
714.782,807
2,282.976,720
July 31
Later Samuel M.
778.286,686
3,142,148,068 Sept. 4 to the "Wall Street News."
2.863,861.382
Aug. 31
8,218.937,010
799.730.286
2,419,206,724
by the Federal
Sept.80
firm
the
for
receiver
named
was
821.746.475
3.111.176.925 Shortridge
2,289,430.450
Oct. 81
8.129.161.675 Court. The action of the State Commissioner of Corpor799,625,125
2,329.536,550
Nov.30
3.292.860,255
751,178.370
2,541.682,885
.Dec. 31
ations followed, the advices said, an audit of the company's
1927—
8,138.786,338
810,446,000
2,828,340,338
Jan. 31
exceeded the
3,258,459,379 books in which it was found that liabilities
780.961.250
2,475.498,129
Feb. 28
3.289,781.174
785,093,500
not be known until
2.504.687.674
will
amount
Mar. 31
what
to
although
assets,
3,341,209.847
799,903,950
2.541,305,897
April 30
3357.869,029 all the branch offices are checked. The firm consisted of
783.875,950
2,673,993,079
May 31
3.568.966.843
811,998,250
2.756,968.593
June 30
3,641.695.290 H. G. Lane, George A. Horal, R. H. Blanchard, J. J. M.
877.184,250
2,764,511,040
July 30
3,673,891,333
928,320.545
2,745.570.788
Aug. 31
maintained offices in San
3,914,627,570 Martin and George Butler, and
896,953,245
3,107.674,325
Sept.30
3,946,137,374 Francisco, Portland, Ore., and Salt Lake City and Ogden,
922,898,500
8,023,238,874
Oct. 31
4,091.836,303
957.809.300
3,134.027,003
Nov. 30
4.432.907.321 Utah. Although preliminary estimates were that the firm
952.127,500
8,480.779.821
Doe. 31
1928pay 50 cents on the dollar, the dispatch stated, "it
4.420,352.541 would
1,027.479.260
8.392.873.281
Jan. 31
1,028.200,260
Feb. 29
4,322,578.914 is now thought that conditions may be much better." The
8.294,878.654
4,640,174.172
1,059,749.000
3,580.425,172
Mar. 31
4.907,782,599 following statement issued by Mr. Shortridge the Receiver
8.738,937,599
1,168,845,000
Aprll 30
5,274,046,281
1.203,687.250
4,070,359.031
May 31
was contained in the dispatch:
4.898.351.487
1,156,718,982
3,741,632,505
June 30
It now appears that a number of asserted claims are of very doubtful
validity. If this be so the liabilities will be materially reduced. Any shortage
in the assets of the company to pay creditors can be made up by recourse
to the partners,some of whom are apparently solvent and anxious to effect
New York Clearing House Association Puts Into Oper- a reorganization. This will mean satisfactory settlement with the creditors.
I think matters should be allowed to rest just as they are at present.
ation Measures Adopted With View to Curbing
and that it would be inadvisable to attempt to force the company into
Loans.
bankruptcy, because the company would undoubtedly resist such proto pay valid claims.
Incident to the putting into effect of the newly adopted ceedings on the grounds that the assets are sufficient
and because it would probably kill all plans for reorganization.
New York Clearing
July 31
Aug 31
3,767,694,495
4,093.889.293
1,069,653,084
957.548,112
4,837,347,579
5.051.437,405
House Association
measures of the
In reporting the failure of the company on Sept. 1 in its
(referred to in our issue of Aug. 4, page 627) designed to
of Sept. 2, the San Francisco "Chronicle" stated that
issue
curb loans by corporations and others than banks on Stock
failed with liabilities of approximately $500,000 and
firm
the
the
"Herald-Tribune"
of Sept. 5 had
Exchange collateral,
assets
of $200,000. Thousands of clients, stockholders
with
the following to say:
caught in the crash "which
The first day during which the new Clearing House rules designed to curb and creditors, it was said, were
brokers' loans for "account of others" were in effect produced no significant is attributed by the State Corporation Commission to
outward change in Wall St., yesterday. The new service charge of 3§ of 1%
mismanagement." From this paper we take the following:
supplanting the old rate of 5% of the interest proceeds, went into effect
Carl
yesterday along with the rule which prohibits clearing banks from making
call loans for "others" unless they are at least 8100,000 in amount. The
% increase in the interest paid by banks on corporation deposits went into
effect on Aug. 6.
About$25.000.000 to 830.000.000 in loans was called by local banks to care
for demands upon them caused by the return of checks by which interest and
dividends were paid, and money went to 8%, but for the most part such
withdrawals were counteracted by increased discounting at the Federal
Reserve. Since any immediate results produced by the new rules might also
have been counteracted for the present by increased discounts at the Federal
Reserve, it will be impossible to measure definitely their effectiveness until
after the appearance of the weekly reserve statement on Thursday afternoon.
It has been previously estimated that 375,000,000 to 885,000,000 of brokers'
loans would be cut down by the rulings. This money could be pooled and
lent by the banks, however, and this step is regarded as probable.
The rate on 5 and 6 month bankers' bills was again reduced by dealers
yesterday, to give those who were looking for signs of easier money some
encouragement. Time money was firm at 63i% bid, however, and commercial paper continued steady.
by New York banks which are
The loss of control of the money market
members of the Federal Reserve System, in spite of and possibly in some
to cut loans made for "account of
cases as a direct result of their action
of 5214.000,000 in Stock Exothers" was demonstrated by the increase
August. During the nearest comduring
change members' "Street loans"
Citations charging conspiracy to commit grand theft were issued for
Hendrickson and Frank Horal, employes of the company, by the District
Attorney's office.
An attempt was made to get in communication with H. G. Lane, former
head of the company, who, the Commission was told, speculated heavily
in grain and lost. Lane is reported to have resigned last week and to have
gone to Florence, Col.
The company's financial condition first came to light earlier in the week
when A. Brizzolari complained that a check for 51.975 be received from the
company and which he presumed was for profits was returned by the
bank marked "not sufficient funds."
The check later was made good, but when he demanded a return of
money and stocks he had sent the company, he alleges it was refused. It
was out of this episode that the grand theft citations were issued.
The State Corporation Commission late Friday night (Aug. 31) after a
4-day audit of the company's books, issued notice to H. G. Lane & Co.
that its license had been suspended. Consequently, doors of the main
offices in San Francisco and branches in Oakland. Los Angeles, Salt Lake
City and Portland, Ore.,failed to open yesterday morning.
Later United States District Judge Louderback appointed Samuel
Shortridge, Jr., Receiver for the company on petition of R. H. Blanchard
of Portland. one of the partners, the petition to the Federal Court because
Blanchard's residence is Oregon and Lane's address, 1930 Sacramento at..
San Francisco.
1336
FINANCIAL CHRONICLE
According to Deputy Corporation Commissioner Howard C. Ellis,
auditors found that the books of the company had not been posted since
July, that the company was in a bad financial condition due to mismanagement, that its responsible executives had resigned or were missing and that
the concern did not have money to meet settlements with its clients or even
the current payroll of its employees.
"In going over the Lane company's books this department found no
evidence to substantiate rumors that the concern's troubles dated from the
recent slump in Bank of Italy stocks. We found that one trouble was that
the company was carrying customers on improper margins and in many
cases on no margin at all.
"One account with no margin was for $30,000 and another was for about
$40,000, I believe. The chief trouble was bad speculations in the grain
market to the extent of several hundred thousand dollars. The books were
in a chaotic condition.
"Guy Wolf, the company's assistant manager in Oakland, tells me that
$100,000 or thereabouts Is available to clients on the sold out margin
accounts and that there will be a little over that to take care of the customers.
"Wolf has taken up the matter with the District Attorney's office here
and it will be brought before the San Francisco Grand Jury next Tuesday
night. He will take similar action in Alameda County, he tells me."
The petition for receivership was filed for Blanchard by Attorney C. W.
Haswell. In it Blanchard stated that he is a co-partner with Lane in the
company and that J. J. Martin, San Mateo financier, also is a co-partner,
but denies co-partnership by reason of an alleged dissolution June 29 last.
The petition says that Lane is absent from the State and from the Jurisdiction of the Federal Court here, and that because of this and because the
company has liabilities in excess of its assets, its license has been suspended.
The assets comprise stock of fluctuating value, Blanchard said, and on his
Information and belief the assets are about $200,000. He was unableto
venture what the liabilities are, but are said unofficially to approximate
some $500,000.
[VOL. 127.
practice under the act, the subcommittee finds. The report goes on to
state:
"We find that practice under the act does not in fact prevent fraud in
cases enough to justify the delays, expense and trouble incident to the
great majority of cases, and in the principal cases where the law has been
invoked its operation has been so slow, ponderous and uncertain that inestimable loss has resulted and that instead of preventing fraud it has resuited in many cases in glaring injustice to the public.
"Your committee does not believe that you can legislate against the speculative spirit of mankind and that the attempt ends in a hodgepodge of rules
and regulations under the doubtful police power of the state and a maladministration of the legislative, executive and judicial functions of government. This is further borne out by the language of the Delaware Court of
Chancery in the case of Mau, a citizen of California, vs. Montana Pacific
Oil Co. et. al., not yet reported, but in which the court said:
"'It does not believe that California intended by its enactment to declare
void the stock issue of any corporations other than those of its own creation;
that no doubt the courts of California if called upon to construe the section
in question would restrict the application of its admittedly general language
to the field of its appropriate domestic application
.'
"If personal stock issued under some other state jurisdiction
is not void
in the state of issue then no legal bar can be placed
on its sale by its owner
anywhere under his Constitutional right. Whether
the California act is
broad enough to make illegal the sale in California
by the owner of stock
validly issued in other states in view of the decision
in State vs. Pace or
whether this state can legislate on matters affecting interstate
business is
not for our committee to decide, but we find
the effect of these decisions
and the state of the law is to make remedies
uncertain and nullify the
corporate securities act,and its attempt to regulate business
in the face of the
uncertainties described results in driving business out of the
state or encouraging owners of foreign issued stock to use
the possible defense set up by
and suggested in the effect of the Page decision.
Works Hardship.
"It puts upon innocent business the appearance
of being penalized to
Northwest Lending Money to East—Contrast With promote the operation of an act admittedly ineffective
and uncertain in its
basic features. We again quote the same
Former Financing of Northwestern Harvest in
eminent authority as cited above
the remarks 'on the Pace case. He
says:
Through Eastern Credit.
'"Supervision of the few frauds probably does
not equal the burden to
Noting that "time was when a Northwestern harvest innocent business imposed by the act.' He says further: 'That in 19
out of 20 cases supervision would be
unnecessary
.'
could not be financed without large advances of Eastern
"Your committee desires to emphasize
position, namely, that while
credit," the Aug. 27 Review of the Northwestern National the act is bound to anticipate some fraudthis
its consideration as a fraud preBank of Minneapolis observes that "now, on the contrary, ventative measure is of vastly less importance to the State of California
than the
that it is a burden to all businesses that come under its scope,
the Northwest is lending money to the East." "It is safe a positivefact
menace to some and a fatal obstacle to many, especially to those
to say," the bank adds,"that there is an increase in deposits enterprises dealing with the developme
nt of raw materials and mineral
of all Northwestern banks over a year ago, although cella- resources.
"The Commissioner's office asserts
that
plete information is not available,—not a large increase in ment of new businesses and exploration it is favorable to the develops. We do not doubt the sincerity
deposits, but still substantial." In its comments on condi- of the Commissioner in this assertion but our conclusions are that the claim
is not borne out by the facts. We find
that its rules and arbitrary policies
tions generally, the Bank states:
applicable alike to all enterprises coming before it result in a type of
standIndividual bits of current information concerning conditions
in the ardized business that defeats the intentions of the act, dampens inspirations
Northwest are largely of favorable import; pieced together these
which
on
pioneer
fragments
businesses are founded, ties their hands and graciously
make a convincing picture of improvement. The main immediate
draw- destroys them. While apparently giving them birth it strangles them with back is that one of our sources of new wealth, grain, is coming to
market recitations, conditions and restrictions which confuse and discourage the
at lowered prices; production, however, is large and the quality
Investor and
f make
ake
newit impossible
terp
is good. sponsors
their securities, and dishearten the
to float the
Current items of banking information give evidence of solidifying
the
a
prosperity. If people of this district have been suffering
"The
committee
find that the proportion of companies which have lost
from a feeling of
inferiority as to our relative position in the national league of
trade terri- their permits for failure to finance under the conditions imposed is much
tories, they may as well forget it. This is not saying
that our agricultural. too great but that this phase of loss to the state Is insignificant in compariindustrial, commercial and other interests are necessarily
booming, but son to the vast volume of new business that either lies undeveloped because
they are now established on a foundation that has been
reinforced grad- of the conditions imposed or has gone to other states for organization and
ually to an extent sufficient to absorb all shocks which may
reasonably finance. The loss in the latter case is incalculable. If this type of loss
be expected. A few months ago country banks in this reserve
district could be balanced against the small percentage of frauds prevented and
reached a new low point in volume of borrowings
from the reserve bank; funds recovered, it would show conclusively the impotency and undesiratheir deposits maintained with city correspondent
banks touched a new bility of the act.
high figure; and their holdings of investment securities
were the greatest
Powers Coercive.
ever recorded. Midsummer is a period when
"Your committee finds that the
the aggregate income of
regulatory phases of this act as practiced
farmers is smallest and when they can be
expected to draw most heavily give the Commission autocratic and coercive powers
without the correspondagainst reserve funds; consequently the same
period is the one in which ing checks and balances needed; that
while the courts are open to an agcountry banks liquidate their security
grieved applicant for a permit
holdings to the greatest extent
only the abuse of discretion can be reviewed
Security holdings of these banks, however,
have been liquidated this by the courts, and that in practice this
takes so much time and money that
summer by a surprisingly small amount. Because
of the softened bond It virtually compels the abandonment of the enterprise.
market, it is now an inauspicious time to
"Your committee finds that
dispose of securities; alternatives,
the
penal provisions of the act are not as
if funds are needed and investment holdings are
not liquidated, are borrow- effective in the punishment of crimes
already committed as are the existing
ings at the reserve bank or from city correspond
ents. Borrowings at the statutes and laws of the state which are
better known, more readily underreserve institution by country member banks have
been, however, less than stood and applied.
they were last year, and the demand for credit
from city correspondents
Recommendations.
Is in no wise out of the ordinary. Simultaneously with
the retention of
"The committee recommends that
investment holdings and borrowings held down to a
there be substituted for the present act
very moderate scale, an act modeled upon the
country banks (if conclusions may be drawn from
Colorado
securities act.
data furnished to the
"This act is not paternalisti
reserve institution by reporting member banks) have
c.
It
does not attempt to decide for the inincreased their loans vestor how he shall
spend his money. It creates no officer to say what the
to local customers and at the same time have maintained
deposit levels in investor may or may not
do. But it does provide the investor with the
a very satisfactory manner.
means to protect himself against
fraud. It gives him a real opportunity to
ascertain the real facts concerning
any security offered him.
"Under the present California
Repeal of California Corporate Securities Act Urged
Corporate Securities Act all information
gleaned concerning a security is
locked in the files of the Commissioner of
in Report of Committee Inquiring Into Law.
Corporations and is not open to the
public
upon his special permisThe repeal of the California Corporate Securities Act, and sion. The public never gets possession ofexcept
the real facts from an official
source. There is no way in
the enactment of new provisions modeled after the Colorado from
which the small investor can inform himself
a reliable source at reasonable
cost. Despite the expense incurred In
Corporation Act is recommended by the subcommittee ap- Informing the Commission
er the little fellow cannot avail himself of it.
pointed by James S. Bengett, Chairman of the Committ
ee
Colorado Law Cited.
on the Corporate Securities Act of Regulatory Commissi
"Under the Colorado law the
investor is given the means of acquiring
ons official
information without expense. Briefly the law
Committee of the State Bar of California, to study its proprovides under
penalty that within 12 months
next before selling or offering for sale any
posed repeal and its substitution by some other type of
law. security the Issuer shall issue a prospectus which shall
contain:
Los Angeles advises to the "Wall Street News" regardin
" '(a) The name of the issuer
with the address of his, or its principal
g and head
office, both within and without the
the findings of the subcommittee state:
State
of Colorado, the date
when the issuer commenced
business and the date of the prospectus.
The committee finds that it does not prevent fraud as
"'(b) If the issuer is an
intended, that there
individual, his occupation; if the issuer is a
is no provision for the extension of its scope or jurisdiction to
regulate cor- partnership, the individual names of the partners; if the issuer is not an
porations issuing securities or to the development of a
individual or a partnership, the
prosecution
s'
particulars of the act or instrument under
department or department of research and public relations,
that it is which the issuer is constituted and operating, or a description of the organiactually burdensome and harmful to organizations coming under
ition.
its scope
and has actually driven financial and corporate business in huge
"'(c) The location, or the
amounts
proposed location, of the undertaking of the
from the state and that it has created unnecessary barriers to new business Issuer.
and modern financial operations.
"'(d) If the issuer Is other than an individual
or partnership, the names.
addressee and occupations
Called Harmful.
of the directors, trustees, principal officers, proposed principal officers or other
4
persons acting in similar capacities.
The convictions for fraud and other law violations have not been numer"'(e) The nature of the business or proposed business of the issuer, and
ous or Important enough to outweigh the harmful effect of the regulatory If the Issuer is a
corporation a concise statement of its powers and objects.
.41
SEPT. 8 19281
FINANCIAL CHRONICLE
(f) If the issuer is other than an individual or partnership, the authorized capital, the issued capital, the paid up capital, the amount and particulars of all securities which are issued or authorized and are already or
may thereafter become a charge on the assets and undertaking of the issuer.
"'(g) The number and classes of securities into which the capital is
divided and the par value of securities in each class, a description of the respective voting rights, preferences, rights to dividends, profits or capital
of each class with respect to each other class.
"'(h) If the issuer is other than an individual or partnership, the manner in which the issuer's capital has been paid in, whether in cash or property, or by any other consideration: the amount paid in cash, in property
and for other consideration, stated separately, with a description of the
character and value of the property, and consideration other than money,
received by the issuer for such payments.
" (i) The amount of the proposed issue and details of the principal purposes and uses to which the proceeds of the issue will be applied.
Discusses Issue.
"'(,j) If the issuer has not been carrying on business for more than three
years, the amount or the estimated amount of the issuer's preliminary and
organization expenses and the names and addresses of and the amount
paid or payable to, any person, in consideration of the organization or promotion of the undertaking of the issuer, and or for the sale of the securities,
with particulars ofthe services rendered by each such person.
"'(k) If the issuer has been carrying on business for more than three
years, the name and address of, and the amounts paid or payable to, any
person in consideration of the issue, sale, or offering for sale of the securities, and the particulars of the services rendered by each such person.
The amount and description of securities issued or proposed to be
"
Issued as fully paid, for any consideration other than cash, and the particulars of such consideration.
(m) The names and addresses of the vendors of any property purchased
or acquired or proposed to be purchased or acquired which is to be, or has
been, paid for, wholly or partly, out of such issue or the proceeds thereof, or
the purchase or acquisition of which has not been completed at the date
of the statement.
"'(n) The amount, if any, paid or payable, as purchase money, in cash.
securities or otherwise, for any property mentioned in the next preceding
clause, specifying the amount, if any, paid or payable for good-will, patent
right, copyright, trade-mark, process or other intangible asset, and the nature of the interest of the issuer in such property, stating whether it is absolute, or conditional ownership under lease, option to purchase, or license of
occupation, and where there is more than one vendor, or the issuer is a subpurchaser, the amount payable to each vendor, provided that members of
firm shall not be regarded as separate vendors.
"'(o) Full particulars of the nature and extent of the interest, if any,
of every director in the promotion of, or in the property proposed to be acquired by the issuer, or, where the interest ofsuch director consists in being a
partner in a firm, the nature and extent of the interest of the firm, with a
statement of all sums paid or agreed to be paid to him or to the firm in cash
or shares, or otherwise, by any person, either to induce him to become or
to qualify him as a director, or otherwise, for services rendered by him or
the firm in connection with the promotion or formation of the issuer.'
Advertising a Factor.
"This prospectus must be signed by the issuer or its principal officers
and two copies filed with the Secretary of State. Every advertisement
of the security must refer to the act, the date of the prospectus, that it is
filed and open to public inspection and an offer to send a copy to any person
requesting it.
"Full civil remedies protect the investor by providing that he is deemed
to have relied upon all of the representations in the prospectus.
"Sufficient penal remedies are provided by making any violation of the act
subject for a first offense to a fine of $2,000 and imprisonment in the state
penitentiary for two years and for subsequent offenses 35,000 and five
years.
"Your subcommittee recommends the adoption of the following resolution:
"Resolved that the regulatory and permissive provisions of the California Corporate Securities Act be repealed and that new provisions modeled
after the Colorado Corporation Act be substituted therefor.
"Respectfully submitted,
"E. D. FOSTER, Chairman.
"KIMBALL FLETCHER, Vice Chairman.
"EZRA NEFF, Secretary."
to Increase Limit of Savings Deposits to
$10,000 Opposed by Brooklyn Savings Banks.
Opposition to the proposal that the deposit limit of savings banks be raised from $7,500 to $10,000 was expressed
by representative Brooklyn savings bankers, says the Brooklyn "Eagle" of Aug. 28. The paper quoted states:
Proposal
The proposal was discussed at the last annual convention of the Savings
Banks Association of New York at Buffalo last May, and questionnaires
have been sent to various member banks of the association, but no action
is expected before next month's meeting of the association's executive
committee.
It is pointed out that large accounts are "investment" accounts rather
than "savings" accounts, and are virtually always allowed to remain on
deposit for the full interest period. When a withdrawal is made, it is
usually the entire deposit, thus placing a strain on the bank's liquid
funds. Bankers assert that it is the small account, to which deposits
are made at regular intervals, that enables the banks to pay dividends
of 4%%, since the entire account does not draw interest for the full
period.
"Savings banks are designed for the small depositor," Laurus E. Sutton, Vice-President of the Brooklyn Saving Bank, declared. "It is our
purpose to encourage thrift and to help the person of small income accumulate funds to buy a home or for other purposes.
"The investor account is of no value in the savings bank scheme for
the reason that an accumulation of these accounts would mean the possibility of forced liquidation if there was a large demand from such depositors, which would, of course, work an injustice on the little saver."
Edwin A. Ames, President of the Dime Savings Bank of Brooklyn, expressed a similar view, declaring that the present $7,500 limit was too
large.
"When a man has $10,000 to invest," Mr. Ames said, "he can usually
take care of himself. He doesn't need us to invest his money for him."
Henry R. Kinsey, Comptroller and Trustee of the Williamsburgh Savings
Bank, said he would prefer not to express an opinion until he had studied
the subject.
1337
Average of Twenty-five Insurance Stocks Up to 72%
in Twenty Months According to Survey by Gilbert
Eliott & Co.
Stocks of the 25 leading fire and casualty insurance companies are selling at an average price of $530 a share, as
compared with an average selling price of $309 a share in
January 1927 and a high of $616 last May, according to a
survey of the insurance stock market made by Gilbert
Eliott & Co., specialists in bank and insurance stocks. Be—
tween January 1927 and May 1928 insurance stocks, it is
stated, appreciated on the average about 99% but later lost.
27% of this gain with the result that today at current mar—
ket levels, making due allowance for stock dividends, rights,.
etc., the average value of these shares is $530 or a 72% ap-preciation above the January 1927 levels. The bankers
point out:
"It is Interesting to note that during the above period the rate of appre-elation has been similar to the rate of appreciation which has prevailed for
the last ten years. During the period 1918-1927 a representative group.
of fire and casualty insurance stocks showed an average gain to shareholders of 55.04% per year (including market appreciation and d1videncis7.,
Such companies as City of New York,Continental, Fidelity Phenix, Boston,
Northwestern National, St. Paul Fire & Marine. Continental Casualty.
Maryland Casualty, Fidelity & Deposit, American Surety show average
gains to stockholders of between 50% and 75% per year during this ten
year period, while Globe & Rutgers, Providence-Washington and North
River Insurance showed average gains of from 118% to 182% during the
same period."
The year 1928 is proving an even better year so far than
the record-breaking 1927, from an underwriting standpoint.
Last year was the first in seven years in which the companies as a whole were able to show a profit from underwriting operations. In the first seven months this year fire
losses are slightly lower even thanfor thesame period in 1927.
High Call Money Rates Due to Risk Involved, Says,
A. D. Langwell of Wilfred E. Boughton & Co.
The current high rates for call money loaned on securities
are not due to an actual scarcity of funds, according to.
Arthur D. Langwell, Vice-President of W. E. Boughton &
Co., Inc. (43 Exchange Place) but to the risk.presentedby
the ruling level of prices for active stocks and bonds. "It is
evident from recent events," said Mr. Langwell, "that there
are ample funds available on call at a price no matter how
high the total of stock exchange loans or quotations may go.
That is why rates of from 7% to 10% for call money have
been followed by over-night declines to 4% and 5%."
He continues:
These violent fluctuations and the generally higher level cf rates are
caused by the inherently greater risk involved in lending money on securities at the price level where they are today rather than by the altitude of
the present loans total.
The wealth of the nation has grown so enormously that old measuring
instruments are no longer useful; it is not possible, therefore, to compare
accurately the relation of loans and stock prices of the present with similar
ratios of five or ten years ago, but that prices are unusually high is an
obvious fact and one that must have its effect.
To prove the statement in regard to the reason for costly stock market
money it is onlynecessary to contrast the call rates of from 7% to 10% with
those ranging from 54% to 5%4 % on commercial paper and rates from 4,4 %
to 534% on bank acceptances. The commercial loans, however, are selfliquidating and almost non-fluctuating whereas security borrowings are not
—the difference in the risk entailed causes the variation in the interest rate.
The fact that money can always be obtained if the borrower will pay the
price accounts in part for the apparent indifference of stocks to costly
money and the absence of general liquidation. Another factor in the situation is the exceptionally large margins carried by the average broker's
customers. As a consequence the customers generally have not suffered
any serious harm from interest levies because a charge of 7% on a 50%
margin against a given debit, is actually less than one of 6% where only a
40% margin exists.
Action Against Minneapolis Federal Reserve Bank
Alleging Coercion in Par Collection of Checks De-.
cided In Favor of Reserve Bank.
We are giving below the text of a decision handed down on
June 8 by the Supreme Court of Minnesota, in which it
is held that there was no evidence to justify the jury in findindthat there was coercion on the part of the,Federal Reserve Bank of Minneapolis in attempting to collect at par
checks drawn on the First State Bank of Hugo, Mimi.
The findings of the State Supreme Court as given herewith,
are from the July number of the Bulletin issued by the
Federal Reserve Board:
In 1925 the First State Bank of Hugo, Minn., a nonmember bank, idstituted suit in the State court against the Federal Reserve Bank of Minneapolis for damages alleged to have been sustained by reason of the action
of the Federal Reserve Bank in attempting to collect at par checks drawn
on the First State Bank of Hugo. It was alleged in substance that the
Federal Reserve Bank, in order to coerce the First State Bank to remit
at par during the year 1920, presented checks over the counter by means
of an agent until the First State Bank finally surrendered and agreed to
remit at par, which it continued to do until October 1, 1924.
The case
came to trial in the lower court and a verdict was rendered by the jury
against the Federal Reserve Bank. A motion was thereupon made
to the
court by the Federal Reserve Bank for a judgment in its favor notwith-
1338
FINANCIAL CHRONICLE
[Vol,. 127.
standing the verdict of the jury or,in the alternative,for a new trial. Upon
4. Negotiations were carried on by defendant, by correspondence, with
this motion being overruled by the lower court, the case was taken to the plaintiff in the matter. On July 311919. defendant sent plaintiff a circular
Supreme Court of Minnesota. On June 8. 1928, a decision was rendered letter, stating that it was making a final appeal and that, if no reply was
by the Supreme Court of Minnesota holding that there was no evidence to received, it would be assumed that plaintiff preferred to have checks drawn
Justify the jury in finding that there was coercion by the Federal Reserve on it and received by defendant presented at plaintiff's counter for payment
Bank and that, therefore, the Federal Reserve Bank was entitled to a di- in cash. On March 30 1920, defendant wrote to plaintiff stating that, as
rected verdict and to Judgment notwithstanding the verdict of the Jun'. it has received no reply to a letter of March 10, it assumed that plaintiff
The supreme court accordingly reversed the decision of the lower court would remit at par, and that on April 15 it would commence sending
with a direction that Judgment should be entered for the Federal Reserve regular remittances with the understanding that plaintiff would remit
Bank.
In payment without exchange charges. A par list was issued by the Reserve
There is printed below the opinion which the Supreme Court of Minne- Board under date of April 1 1920, stating that the Reserve Bank would
sota rendered in this case.
receive for collection and credit items on all banks in Minnesota. Upon
receipt of defendant's letter of March 30, plaintiff wrote on the bottom
(Opinion of the Supreme Court of Minnesota.)
The First State Bank of Hugo. Minn.,respondent, v. The Federal Reserve thereof the statement that it did not wish to be on the par list and would
continue to charge exchange, and return such letter and statement to
Bank of Minneapolis, appellant.
defendant. The exact date when this was received by defendant does
Syllabus.
not appear. On April 12, the defendant wrote to plaintiff acknowledging
1. To sustain an action for damages on the ground of coercion there receipt and expressing regrets. In this letter defendant called attention to
must be some wrongful or unlawful act, acts, or co4duct on the part of the the fact that the Reserve Bank was prohibited from paying exchange,
defendant, sufficient to constrain the plaintiff, against his will, to do or re- and stated that where a nonmember bank refused to remit at par the
frain from doing something which he has a legal right to do or refuse to do, Reserve Bank would be forced to seek some other method and through
and resulting in damage to him.
some agency present checks and drafts at the bank's counter for payment
2. A Federal Reserve Bank is required to receive on deposit for collection in cash. The letter further stated that it had been said that it was deat par, from member banks of the Federal reserve system, checks payable fendant's practice to hold back items until they amounted to a considerable
on presentation drawn upon any member bank in its district. It is au- sum and then, for the purpose of embarrassing the bank, present them
thorized but not required to so receive checks upon nonmember banks on one day. It assured plaintiff that this was not the case and that it
Within its district. Federal reserve banks are not authorized to pay ex- had no desire to cause any unnecessary inconvenience; that it might be
possible, if it received items amounting to less than $100 on one day, that
change on checks collected by them.
3. Sttite banks, not members of the Federal Reserve system, are not It would hold such items for a day or two to save unnecessary expense.
affected by the provisions of the Federal Reserve Act against charging The defendant then, on or about April 17, adopted the method of turning
exchange, and may continue to demand exchavge on remittances made by over checks in its hands on the plaintiff bank to the American Railway
them.
Express Co. for collection. That company, as part of its business, collects
4. Where a nonmember bank declines to remit at par. the Federal Re- and transmits money for compensation. A few days later, on or about
serve Bank may present checks for payment at the counter of such bank April 28, it changed agencies and employed the postmaster at Hugo to
and employ proper agencies for so doing, subject to the limitations that it collect and transmit such collections by mall. These two agencies premay net delay presentation so as to accumulate checks in a body in a large sented checks on plaintiff bank, coming into defendant's hands, daily at
amount for presentation at one time for the purpose of coercing or injuring plaintiff's counter from April 17 to 30, inclusive, and received payment
the bank, or employ other unreasonable and oppresive means or threats in therefor in cash. The evidence tends to show that defendant was willing
the collection thereof.
to receive drafts on plaintiff's correspondent bank instead of cash,if plaintiff
The publication of a list, known as a par list, stating that defendant had so requested. Plaintiff's correspondent bank, at the time, was the
Reserve Bank will receive for credit and collection checks upon all banks in First National Bank of St. Paul, located adjacent to Minneapolis and
Minnesota, held not wrongful or oppressive, although not all banks in the somewhat nearer to plaintiff's place of business than Minneapolis. The
State had consented to remit at par.
amount of checks So presented varied from day to day and ran in amounts
5. Held, that there Is no evidence to sustain a finding of coercion in the from $100 to $1,200. On April 30 plaintiff wrote to defendant that it
present case.
might discontinue sending checks to be cashed over the counter; that
Reversed.
plaintiff had decided to remit at par by draft, and that defendant might
Opinion.
send the checks by mail in the usual way. Thereafter plaintiff continued
Defendant appeals from an order denying its alternative motion for Judg- to remit to defendant at par, by draft on its correspondent, for checks and
items sent to it by defendant by mall from day to day until Oct. 1 1924.
ment or a new trial.
•
The action was brought to recover damages from the defendant for the On September 25 1924, plaintiff informed defendant, by letter, that on
alleged coercion of plaintiff thereby compelling and forcing plaintiff against Oct. 1 it intended to again charge exchange. Thereupon defendant ceased
its will to agree to and remit to defendant for all checks sent to plaintiff by to accept for collection checks on plaintiff bank and, on the par list issued
under date of Oct. 1, plaintiff was listed as withdrawn from the list. During
mall, drawn upon plaintiff bank, without making any exchange charge.
•
The defendant is a Federal Reserve Bank located at Minneapolis,in this the 10 days that defendant had its checks presented for payment in cash
State. Plaintiff is a small State bank with a capital of $10,000, located in at plaintiff's banking house, no difficulty arose. The presentation was
the village of Hugo, about 25 miles from Minneapolis. and the only bank courteous and orderly; so far as appears plaintiff suffered no injury or
In that village. It is not a member of the Federal Reserve system, but embarrassment; relations were apparently friendly.
There is evidence that the Reserve Banks were conducting what is called
is located in defendant's district.
Plaintiff recovered a verdict. Defendant contends that there was no a campaign to induce non-member banks to agree to remit at par; that
placing
Minnesota banks on the par list resulted in bringing to defendant
evidence presented justifying the submission of the question of coercion to
the jury; that there was no evidence of any wrongful or unlawful conduct bank a large number of checks drawn on,nonmember banks and on this
on its part; and no evidence that plaintiff acted under coercion or duress plaintiff; that the gathering of such checks in defendant's hands and prein the matter, hence defendant was entitled to a verdict and judgment in sentation thereof at plaintiff's counter for payment required plaintiff to
keep a larger cash reserve on hand otherwise necessary and resulted in the
It,favor.
1. The term "coercion" is somewhat difficult to define with sufficient loss of interest which it could have earned by keeping more of its reserve
exactness to apply to all cases. It is said to be compulsion,force, or duress. in its correspondent bank. It is urged also that plaintiff feared and had
It is said to exist where one, by the unlawful act of another, is induced to cause to fear that on some days so large an aggregate amount of cheeks
do or perform some act under circumstances which deprive him of the might come to the Reserve Bank and be presented for payment in cash
exercise of his free will. (11 C. J. 946, 947.) This definition is adopted in that the plaintiff would be unable to pay them and be forced to suspend.
State ex rel Young,. Ladeon, 104 Minn.252, 116 N. W.486. In State ex rel As evidence of that, it is shown that during the four and a half years that
Smith v. Daniels, 118 Minn. 155, 136 N. W. 584, coercion is stated to be plaintiff remitted to defendant at par there were two days on which checks
either physical force, used to compel a person to act against his will, or im- aggregating slightly over $8.000 each day were mailed to it by defendant
plied legal force, where one is so under subjection of another that he is con- for payment by draft on plaintiff's correspondent; and on a number of
strained to do what his free will would refuse, and that coercion is usually other days checks aggregating over $3,000 were so received. The answer
accomplished by indirect means, such as threats or intimidation. Coer- to that is the uncontradicted evidence of defendant's officer that it would
cion, as a misdemeanor, is defined by section 10431, G. S. 1923, which readily have accepted drafts on plaintiff's correspondent bank instead of
provides that every person who, with intent to compel another to do or cash at any time if inconvenient for plaintiff to pay in cash. It is further
Abstain from doing an act which such other person has a legal right to do, to be noted that plaintiff's place e business is not over 20 miles distant
or abstain from doing,shall wrongfully and unlawfully attempt to intimidate from its correspondent bank in St. Paul, where it carried its reserve, and
such person by threats or force, shall be guilty of a misdemeanor.
funds available from that source within an hour, if needed.
To sustain an action for damages on the ground of coercion, there must
The case of American Bank & Trust Co. v. Federal Reserve Bank of
be some wrongful or unlawful act, acts or conduct, on the part of the de- Atlanta, 262 U.S.643,67 L.ed. 1153,is of intereet. In that case a number
fendant sufficient to constrain the plaintiff, against his will, to do or refrain of State banks in Georgia brought suit to enjoin the Reserve Bank from
from doing something which he has a letal right to do or refuse to do. and publishing their names in the par list and to enjoin it from collecting checks
resulting in damage to him. The acts or conduct complained of need not be on them by presenting such checks by its agents for payment at the counter
unlawful in the technical sense of that term. It is sufficient if same is of these banks in cash, or collecting such checks otherwise than in the
wrongful in the sense that it is so oppressive under given circumstances as usual way, which was alleged to be by mailing them to the bank upon which
to constrain one to do what his free will would refuse.
drawn and accepting remittance therefor by draft, less exchange. We
2. Federal Reserve Banks are required to receive on deposit at par from Infer there was the usual prayer for other and further relief. The Federal
drafts
upon
any of its member District Court dismissed the case for insufficiency of the complaint and the
member banks and Reserve Banks checks and
batiks. They are authorized to so receive checks, payable on presentation, decision was affirmed by the Circuit Court of Appeals. The case then came
upon any bank within their respective districts, whether such bank is a before the United States Supreme Court, reported in 256 U. S. 350. 65 L.
member bank or not. No exchange charge can be made against the ed. 983. It was there held that the complaint stated a cause of action
Reserve Banks by member banks, and the Reserve Banks are not to pay In that it alleged that defendant intended to accumulate checks in large
exchange. The result is a system of par clearance of checks and items amounts and present them at one time in a body for the purpose of injuring
among member banks and between such banks and the reserve banks.
and coercing the plaintiff and breaking down its business, and the decree
3. These provisions as to exchange are held not to apply to nonmember of dismissal was reversed. The case was then tried in the district court
State banks, and such banks are not compelled to forego any rights they and is reported in 280 Federal, 940. The trial court granted an injunction
may have under State laws and may continue to charge exchange. Where restraining the defendant from including the names of plaintiffs in the par list
checks on a nonmember bank were presented to a Reserve Bank for deposit and denied any other relief. It was held that the Reserve Dank, .n the
and collection, the Reserve Bank could not accept or clear such checks unless exercise of its clearing-house functions, was authorized to accept any and
either the nonmember bank agreed to remit therefor at par, without charg- all checks payable on presentation, when deposited with it for collection;
ing exchange, or the Reserve Bank, at its own expense, employed other that checks so accepted must be collected by it at par; that it was not
agencies to collect same by presentation for payment at the banking house permitted to accept less than full face value; that it was authorized to
of the nonmember bank. In this situation the Federal Reserve Board and adopt any reasonable measure for these purposes; that, if the drawee bank
Reserve Banks sought to have a system of par clearance agreed to and refused to remit without exchange charge, the Reserve Bank had power to
adopted by the nonmember State banks so as to include all banks and employ any proper agency to collect the checks from the drawee bank
banking institutions in the United States. Letters and circulars were sent and to pay the necessary cost of such service; that the daily collection
out by the board and the Reserve Banks explaining the system and urging of such checks did not constitute any accumulation thereof and was lawful;
nonmember banks to agree to remit to Reserve Banks without exchange that it was proper for such bank to publish a par clearance list, but not
charge. Many State banks agreed: others refused. Par lists were pre- to place thereon the name of a nonmember bank without its consent,
pared and sent out by the board through the Reserve Banks, showing The court further found that there was no evidence to sustain any charg
towns and cities where all banks remitted at par, and, where not all so that the Reserve Dank had acted illegally or exercised any of its rights so
remitted, the names of banks not so doing were given. Where all banks as to oppress or injure the plaintiffs. This decision was affirmed by tix.
n a State so remitted, the name of the State was given.
Circuit Court of Appeals. 284 Federal, 424. It came again before th
FINANCIAL CHRONICLE
SEPT. 8 1928.]
1339
made it apparent that such an accomUnited States Supreme Court, 262 U. S. 643. 67 L. ed. 1153, and was gold In recent months, however,
impossible, if the success of the issue was to be assured.
affirmed. In that decision it is stated that the decree left the Reserve Bank plishment was
was fixed after a series of conferences
offering
to-day's
on
quoted
rate
The
free to publish in its par list that it would collect at par checks on all banks
Under-Secretary Hills and officials of the
In any town, that is, it might name the town or city as one wherein it between Secretary Mellon.
Board. The credit conditions were carefully studied and
collected checks at par, although there were banks in that town or city Federal Reserve
the rate of interest below the mark finally fixed
which would not remit at par, so long as it did not publish the names the possibility of shading
of such banks. Here, in our present case, the par list complained of did was discussed.
Treasury officials did not seem to feel that the jump in the rate on this
not even name the town in which plaintiff bank is located, but named
issue, which will be retired in nine months, was of any great
merely the State of Minnesota as a district in which defendant would col- short term
in regard to the future, but it was with reluotance, nevertheless,
lect checks at par. The court further states that Federal Reserve banks Importance
interest on an offering must go above 4% again.
are authorized to collect for member banks and affiliated nonmember that they admitted that
The nature of to-day's offering was taken here as an indication that the
banks checks on any banks within their respective districts, if the checks
anticipate any great easing of money rates in the open
are payable on presentation and can in fact be collected consistently with Treasury did not
the legal rights of the drawee without paying an exchange charge, that, market for some time.
In announcing the new offering, Secretary Mellon stated
within these limits, reserve banks have ordinarily the same right to present
checks to the drawee bank for payment over the counter as any other that the Treasury will accept in payment for the new certifithat
bank, State or national, would have. The limitations referred to are
Loan bonds maturing Sept. 15
the Reserve Bank may not accumulate checks for presentation or make cates, at par, Third Liberty
other unreasonable or oppressive demajads or threats in connection with 1928. Subscriptions for which payment is tendered in
the collection for the purpose of injuring the drawee bank or compelling it
Third Liberty Loan bonds will be allotted in full. We give
to agree to remit without exchange. The court states that the advantages
increased
Secretary Mellon's statement:
herewith
in
created
steady
a
flow
offered by the Reserve Banks have
The Treasury is to-day announcing its September financing, which takes
volume of checks on country banks to the Reserve Banks, and that collectcertificates of ining such checks over the counter will subject the country banks to certain the form of an offering of nine months 4%% Treasury
1928 and maturing
losses of exchange and interest, but that country banks are not entitled debtedness, dated and bearing interest from Sept. 15
or thereabouts.
to protection against legitimate competition and such losses are of the June 15 1929. The amount of the offering is $525.000.000
The Treasury will accept in payment for the new certificates, at par.
kind to which business concerns are commonly subjected when improved
for which
Subscriptions
facilities are introduced by others, or a more efficient competitor enters Third Liberty Loan bonds maturing Sept. 15 1928.
payment is to be tendered in Third Liberty Loan bonds maturing Sept. 15
the field.
It is urged that the Reserve banks had adopted a plan to coerce and 1928 will be allotted in full up to the amount of the offering.
About $970,000,000 of Third Liberty Loan bonds are still outstanding
compel country banks to remit at par and that defendant. in what it did.
was engaged in carrying out such unlawful purpose, and that plaintiff and become payable on Sept. 15 1928. Also about $70.600,000 in interest
was thereby coerced and compelled to act against its free will. A wrongful payments on the public debt become payable on that date.
purpose or intent alone can not constitute coercion. There must be threats
The final redemption of the Third Liberty Loan brings to a close the vast
or oppressive acts or conduct sufficient to overcome the will and constrain operations begun by the Treasury in 1927, which, in the course of 18
the one coerced to go against his free will. There were here no threats, months, have resulted in the refunding or retirement of over 5 billions of
wrongful publication of par lists. accumulation of checks or other oppressive Liberty Loan bonds accompanied by important reduction in interest
conduct.
charges. Of $5,264,000,000 of Second and Third Liberty Loan bonds outBrookings State Bank,v. Federal Reserve Bank of San Francisco, 277 Fed. standing In February, 1927, all but $20,000,000 of which bore a 4%
430, 281 Fed. 222, was a acse where the Reserve Bank treated checks as rate of interest, about $1,300,000,000 wlll have been retired from sinking
dishonored where plaintiff refused to remit at par by mail, and so informed fund and surplus. The balance have been replaced by bonds bearing
Its clients. This was held wrongful and defendant enjoined from sending 334% interest, by three 5-year notes bearing 3;4% interest, all with
letters to its clients advising them that they must look to plaintiff bank maturity or call dates convenient for sinking fund purposes, and by short
for protection for its failure to protest the checks.
term certificates, including the Issue now offered, all maturing on quarterly
Farmers & Merchants Bank of Catlettsburg v. Federal Reserve Bank tax payment dates.
of Cleveland, 286 Fed. 610, is cited. A mere reading of the statement of
The new certificates are designated Series TJ-1929. They
facts in that case shows that the collection of checks there was accompanied by such disturbance, threats, armed messenger, interference with will be in bearer form in denominations of $100,$500,$1,000,
the bank's customers and business, public display of checks and claims $5,000, $10,000 and $100,000. The certificates will have
against the bank, espionage and such words and acts of oppression as
coupons attached, payable Dec. 15 1928 and
to clearly render the defendant's conduct wrongful and unlawful. The two interest
holdings of the Federal district court that defendant should be enjoined June 15 1929. Third Liberty Loan coupons dated Sept. 15
from continuing to so collect checks drawn on plaintiff bank and from 1928, which become payable on that date, are to be detached
advertising that it would collect such checks free of charge, must be held
any bonds of the Third 43.s in coupon form tendered
to be limited to the facts in the case. That case was decided by the District from
Bank
Supreme
Court
the
in
by
the
decision
Atlanta
for the new certificates, and the coupons colfinal
payment
the
in
Court before
Case.
holders in regular course.
the
by
lected
The case of Farmers & Merchants Bank of Monroe v. Federal Reserve
circular offering the new certificatesfollows:
official
The
the
Bank of Richmond, 262 U. S. 649, 67 L. ed. 1157. was decided at
United States of America, 434% Treasury certificates of indebtedness.
same time and the opinion written by the same justice as in the Atlanta
and bearing interest from Sept. 15 1928. Due June
Bank case. It does not change or modify the holdings in that case. The series TJ-1929. Dated
question there decided was the constitutionality of a State statute authoriz- 15 1929.
The Secretary of the Treasury, under the authority of the Act, approved
ing State banks to pay their checks, when presented by a Federal Reserve
amended, offers for subscription, at par and accrued
Bank or Its agents, in exchange drawn on the reserve deposits of the drawee Sept. 24 1917. as
Federal Reserve Banks, Treasury certificates of inbank. This permitted the State banks to deduct exchange. The law was interest, through the
TJ-1929, dated and bearing interest from Sept. 15
held constitutional. While the Federal Reserve Act is construed as applied debtedness of series
1929. with interest at the rate of 434% per annum;
to that situation. It Is so construed in harmony with the Atlanta Bank case. 1928. payable June 15
Primarily, the benefit from having cheeks cleared at par goes to the payable on a semi-annual basis.
Applications will be received at the Federal Reserve Banks.
makers of such checks, the customers of the bank upon which they are
Bearer certificates will be issued in denominations of $100, $500, elem.
drawn. If such a customer can send his check to another city or place in
The certificates will have two interest
payment of his debts or purchases and have the check cleared at par, he $5,000. $10,000 and $100,000.
15 1928 and June 15 1929.
saves money and inconvenience, saves purchasing a draft and paying the coupons attached, payable Dec.
The certificates of said series shall be exempt, both as to principal and
exchange thereon. He can not compel his debtor or obligee at the other
hereafter imposed by the United States.
end to accept his check subject to exchange charges. His bank is, to that Interest,from all taxation now or
any State, or any of the possessions of the United States, or by any local
extent, favoring him, and, incidentally, attracting customers to itself.
or inheritance taxes, and (b) graduated
5. This case has been fully and fairly tried. Our conclusion is that there taxing authority, except (a) estate
and excess-profits
Is no evidence justifying the jury in finding that there was coercion. De- additional income taxes, commonly known as surtaxes.
nd war profits taxes, now or hereafter imposed by the United States, upon
fendent, therefore, was entitled to a directed verdict and to judgment
or corassociations
partnerships,
the income or profits of individuals,
notwithstanding the verdict.
The order appealed from is reversed with direction to have judgment porations. The interest on an amount of bonds and certificates authorized
by said Act approved Sept. 24 1917. and amendments thereto'. the principal
entered for defendant.
of which does not exceed in the aggregate $5,000, owned by any individual,
partnership, association, or corporation, shall be exempt from the taxes
provided for in clause (b) above.
September
Department's
Financing—Offer
Treasury
The certificates of this series will be accepted at par during such time and
Treasury Certificates— under such rules and regulations as shall be prescribed or approved by the
ing of $525,000,000
Secretary of the Treasury, in payment of income and profits taxes payable
Final Redemption of Third Liberty Loan Bonds.
at the maturity of the certificates. The certificates of this series will be
An offering of $525,000,000 (or thereabouts) of Treasury acceptable to secure deposits of public moneys, but will not bear the circertificates of indebtedness bearing interest at the high rate culation privilege.
The right Is reserved to reject any subscription and to allot leas than the
of 43/2% was announced on Sept. 6 by Secretary Mellon. amount of certificates applied for and to close the subscriptions at any time
The issue is of a short term nature, the notes running for without notice. The Secretary of the Treasury also reserves the right to
make allotment in full upon applications for smaller amounts, to make
nine months,from Sept. 15 1928 to June 15 1929. The rate reduced
allotments upon, or to reject, applications for larger amounts, and
is
notes
the
the
Governby
highest
borne
paid
on
of interest
to make classified allotments and allotments upon a graduated scale: and
ment securities for some time.in 1923 several issues of Treas- his action in these respects will be final. Subscriptions in payment for which
Third Liberty Loan 4JI% bonds of 1928 (hereinafter referred to as Third
ury Certificates, and one issue of five-year Treasury notes, 4hs)
are tendered will be allotted in full up to the amount of the offering.
were put out at 434%.
Allotment notices will be sent out promptly upon allotment, and the basis
The June financing of this year was made up of two series of the allotment will be publicly announced.
Payment at par and accrued interest for certificates allotted must be
of Treasury certificates, one for six months carrying 4% made on or before Sept.
15 1928. or on later allotment. After allotment and
while an upon payment, Federal Reserve Banks may issue interim receipts pending
interest and the other for nine months at 37
qualified depositary will be
offering the following month (in July) consisted of Treasury delivery of the definitive certificates. Anycertificates
allotted to it for
permitted to make payment by credit for
Regarding this week's of- itself
Bonds with interest at 33
and its customers up to any amount for which it shall be qualified in'
fering a Washington dispatch Sept. 6 to the "Times" stated: excess of existing deposits, when so notified by the Federal Reserve Flank of
of the Third 4les. maturing on Sept. 15 1928, will be
As high as 6% was paid on short-term certificates maturing in 1921, but Its district. Bonds
that and in more recent offerings the accepted at par, in payment for any certificates of the series now offered
the interest rate slowly receded after
be
shall
subscribed for and allotted, with an adjustment of accrued
which
effort has been to put the rate as close as possible to 3%.
interest, if any,on the certificates of the series so paid for.
The present offering was delayed until the last practical day, as the
ponds of the Third •Ies tendered in payment for any certificates of the
Treasury Department had hoped to keep the interest rate below 4%, The
series now offered should be presented when the subscription is tendered.
unusual conditions in the money market, caused in no small measure by
and the heavy export of The bonds must be delivered at the expense and risk of the holder. Coupons.
the speculative activities on the stock exchanges
434%
4%,
4%.
1340
FINANCIAL CHRONICLE
dated Sept. 15 1928, which become payable on that date, should
be detached from any bonds of the Third 431s in coupon form
so tendered,
and such couponsshould be collected by the holders thereofin regular
course.
Third 43is in registered form tendered in payment for certificates subscribed
for must be duly assigned to "The Secretary of the Treasury for payment,"
In accordance with the general regulations of the Treasury Department
governing such assignments. Final interest due Sept. 15 1928, on registered
bonds of the Third 4;is so tendered will not be paid by interest
checks
in regular course but will be covered by payments to be
made simultaneously
with the delivery of the certificates (or interim receipts) upon allotted
subscriptions. Facilities for transportation of bonds by registered mail insured
may be arranged between incorporated banks and trust companies and the
Federal Reserve Banks, and holders may take advantage of such arrangements, when available, utilizing such incorporated banks and trust companies as their agents. Incorporated banks and trust companies are not
agents of the United States under this circular.
As fiscal agents of the United States. Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments on
the basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve Banks of the respective districts.
A. W. MELLON,
Secretary of the Treasury.
[VOL. 127.
It is noted in the "Herald-Tribune" that besides the
General Motors Corp. and E. I. du Pont de Nemouri3 & Co.,
Mr. Sloan is a director in some 25 industrial and financial
institutions, including the Chase National Bank and the
Empire Trust Co. of New York.
Foreign Holdings of
United States Steel Corp. Shares
Decline.
United States Steel Corp. shares, both common and preferred, held abroad at the close of the second quarter of
this year were less than the holdings as of Mar. 31 1928.
Common shares held by foreign stockholders on June 30
1928 aggregated 180,829 shares, against 187,006 shares on
Mar. 31, and preferred shares totaled 110,023 shares on
June 30 1928 as compared with the holdings abroad on Mar.
31 1928 of 112,385 shares. The decline as compared with
the period before the war is of course very striking. On
President Sloan of General Motors Corporation in Dec. 31 1914 common shares held
abroad were no less than
Favor of Herbert Hoover'for President.
1,193,064 shares, while preferred holdings totaled 309,457
Samuel Sloan, Jr., President of the General Motors Corp. shares. Below we furnish a detailed statement of
the foreign
sees nothing to justify a change in administration, and de- holdings at various dates since Dec. 31 1914:
clares that "therefore I am for Mr. Hoover, and always have FOREIGN HOLDINGS OF
SHARES OF U.S.STEEL CORPORATION.
been." In giving the statement issued on Sept. 3 by Mr.
June 30 Dec. 31 Dec. 31 Dec. 31 Dec.
Sloan in support of Herbert Hoover, the Republican candi31 Dec. 31 Dec.81
1928. 1927. 1926. 1925. 1924.
1923. 1914.
date for President, the "Herald-Tribune" said:
Common Stock.
Africa
177
178
125
125
139
2
190
Algeria
____
340
Argentina
-- 17:1
--io
-i56
s
--do
, --,-18
Australia
185
189
27
-I51
120
3
107
Austria
3,022 4,095 2.737 2,364
2.080 1.636
690
Belgium
2,498 2,502 2,290 2.388
2,346
2,318
3,509
Bermuda
147
150
100
200
46
196
191
Bolivia
1
1
Brazil_
261
-551
164
-id
-----British India
Canada
53,174 42.0i 26,1§i 237.§W 22':d5d
237oiN 54,259
Associates' Actions His Cue.
Central America
391
244
260
322
243
226
382
345
In fact the statement indicated that it was because of the alignment Chile
328
235
165
230
209
8
China
30
34
50
48
141
172
with the Smith forces of Mr. Raskob, who was nominally a Republican; Colombia
18
1
1
1
1
1
1
---the stand of Pierre S. du Pont, Chairman of thte boards of both General Denmark
36
36
28
26
26
28
---Motors and the Du Pont Company, and also a Republican, in favor of Ecuador
3
3
2
2
2
2
---Egypt
60
60 ------------60
Governor Smith solely on the prohibition issue, and the recent declaration England
- _ -43,407 46,513 29,385 26,217 100.9
68 101,118 710,621
for Mr. Hoover of Lammot du Pont, President of the Du Pont Company Finland
4
4
---,
13,1645 14-.515 9,937 9.990 10,921_ 11,203
and a director of the General Motors Corporation, that Mr. Sloan felt France
64,851
Germany
968
1,271
663
632
2,664
520
291
impelled to declare himself.
Gibraltar
00
Both Mr. Raskob and Pierre du Pont were granted leaves of absence Greece
--a§
--5i
---8
---13
---i
---8
_1
48,330 48,991 36,168 40.285 45.806 51,054
from General Motors in order to devote themselves entirely to furthering Holland
342,645
India
14
14
35
147
127
Governor Smith's candidacy, while Lammot du Pont and Mr. Sloan re- Ireland
96
_ _ -267
250
134
184
228
399 2,991
stricted themselves to stating their political preference without any indica- Italy
704
734
500
388
146
461
317
Japan
tion they expect to take an active hand in the campaign.
47
46
24
19
23
66
5
Java
i
------i
11
Like Mr. Sloan, who also is a Republican, Lammot du Pont based his Luxembourg
15
1
1
1
decision on the belief that continued prosperity is the real issue of the Malta
56
56
40
40
40
--11-$
40
Mexico
25
election and that prohibition is a secondary consideration.
24
92
211
225
300
340
Norway
74
84
60
60
60
70
60
Peru
14
Mr. Sloan's statement follows:
5
5
33
---Poland
1
553
-do8
-,
503
3
"I have received a considerable number of inquiries from associates Portugal
o
-----._
-ido
in business, members of various organizations with which I am connected Rumania
9
8......_
Russia
4
and from other sources. It seems necessary that I should state my per- Scotland
4
3
3
3
s
--id
2,884 3.814 3.037 2,781 2.489 2.199 4,208
sonal viewpoint on the political situation.
Servia
8
8
8
„,
"I am in favor of the election of Mr. Hoover for President. In making Spain
1,242 f,ioi
-1115
642
561
232 1,225
575
that statement I want to emphasize that it is my position as an individual Sweden
557
385
157
104
178
1
Switzerland_
_
2,133
2,076
2.229 3,409 2,793 2,473 1,470
and has nothing to do with any business enterprise in which I may be Turkey
218
218
199
199
197
197
19
connected.
Uruguay
__"I am for Mr. Hoover because I believe in him personally, his record, Venezuela
____
Wales
his experience and what he represents; also in the organization behind West
Indies
er,i§e
Oof
a7,did arrid8 ar.diA SA§ 1,872
him. History demonstrates that this country has been more generally No address
---3
---------------prosperous under Republican administration and as a result of Republican
Total
180,829
policies.
177.452 123,090 119.414 198,010 203.109 1.113,014
"We have never been so prosperous as a whole as under the administraPreferred Stock
tion of Mr. Coolidge. I am confident that Mr. Hoover can he counted upon Africa
392
392
59
393
839
89
116
Algeria
to carry forward all the policies and principles which have contributed to Argentina
75
15
15
15
11
15
--i8
i8
this prosperity. As a matter of fact, that is his policy. He has the ex- Australia
60
80
90
484
90
113
90
Austria
perience and capacity to do this constructively. Likewise, he has
476
483
410
the Azores
28 2,086
422
428
120
120
ability to recognize that we must adjust our course from time to time on Belgium
120
120
120
_
120
604
619
814
-697
many questions as evolution and experience may dictate.
292
257
192
Bermuda
747
747
747
21
349
430
476
"To my mind, picking out the Chief Executive for any Government- Brazil
91
174
168
36
the greatest business in the world-is no different in principle from British India
81
Canada
28
,15e6
27-A80
. 28-,1-708
picking out an executive for any other business. I believe I should pin Central America
- 286 28-.151iii 27:/4.
4
. 84,673
24
146
74
140
182
my faith on the ability, integrity, honesty of purpose and principles
Chile
--id
--id
that China
15
12
15
41
15
Executive
the
stands for. I do not think that I should be led astray even
136
138
139
42
139
106
10
Colombia
5
5
If in some detail I may differ. No executive or administration can
5
s
5
5
satisfy Denmark
255
260
260 ' 85
--io
50
70
all the people all the time on all questions.
Egypt
140
England
"Would the stockholders of any business the management of which
38,i17 28.098 42.039 44.693 45174,906
has France
1/
1
46:8
.
41
16.137 17.156 14.337 16,317 14,170 15.644 86,749
built up generous profits, made liberal disbursements In dividend%
in- Germany
1,006 1,080
961 1,134 1.374 1,101 3,252
creased prestige and the value of the corporation's securities,
Greece
18
brought Holland
18
is
5
5
38
5
prosperity to the organization, be likely to change that
10,949 11.120 11,040 10,210
management? Hungary
10,616 10,742 29,000
75
75
stockholders
the
in
As
United States have we not received excellent divi- India
---616
818
-did
-doi
-302
dends In the way of reduced taxes, improved standards of living,
-§(5
563
with Ireland
523
756
971
989
939 Clio
Italy
quite general prosperity? Why, then, is a change logical?
1,527 1,579 1,724 1,884
1,880
1,878
1,958
Japan
1
1
"I appreciate there are problems unsolved, some of them important. Luxembourg
1
1
1
1
81
63
63
63
23
23
There always will be. Prohibition is one of these. Having been intimately Malta
23
50
so
so
so
so
-idd
connected with Industrial problems for many years, I am thoroughly con- Mexico
II
66
66
154
114
56
235
116
Morocco
vinced that prohibition has increased our national efficiency, has added to Norway
r
12
12
12
12
21
•12 --ii
the purchasing power of the people and given us an advantage in our Poland
Peru
competition for foreign trade.
22
4 :.::
"At the same time I recognize that conditions respecting the observance Portugal
120
Russia
7
9
43
9
15
-18 13,747
18
of the law are far from satisfactory and time may prove the necessity for Scotland
1,405 1,305 1.648 1,438 1.318 1.4
48
some adjustments. If so, I am for having those adjustments brought Serbia
220
Spain
537
737
shoot by an Executive in sympathy with the economic benefits that the Sweden
847
877
WM 1.068 1,137
432
753
753
749
64
102
84
closest possible adherence to the prohibition idea is sure to bring about.
Switzerland _ _
3,785 3,804 2,606 3.159 2,745
2,817
2.772
therefore,
Turkey
that
we
me,
should ask ourselves whether this
"It seems to
105
105
too
115
105
105
105
Wales
or any other problem is likely to be any more constructively handled under West
1,068
Indies
3,389 3.387 3.042 2.045 1•;586
874
1556
.thange in administration. I see nothing to justify any change. ThereTotal
fore I am for Mr. Hoover and always have been."
110.023 111.282 112.562 113.848 111.759 113.155 309,457
Mr. Sloan's statement of his position accentuates the differences in the
personal political opinions of high officials of the General Motors Corporation and the closely affiliated E. I. du Pont de Nemours & Co., upon
which public attention was focussed in July when John J. Raskob, VicePresident, Director and Chairman of the Finance Committee of General
Motors and a Director of the du Pont Company, accepted the post of
Chairman of the Democratic National Committee and became Governor
Smith's campaign manager.
at
SEPT. 8 1928.]
FINANCIAL CHRONICLE
In the following table we also show the number of shares of
the Steel Corporation distributed as between brokers and
investors as on June 30 1928 and June 30 1927:
June 30 1928.
0,111771071Brokers, domestic and foreign_ _1,622,381
Investors,domestic and foreign-5,493,854
PreferredBrokers, domestic and foreign-- 212,797
Investors,domestic and foreign _3,390.014
Ratio. June 30 1927. Ratio
22.79
1,887,593
26.53
77.21
5,228,642
73.47
5.19
94.09
195.832
3,406,979
The "Times" adds:
"Mr. Warburg was closely in touch with Mr. Hoover in the latter's relief
work abroad, especially in connection with the Jewish Joint Distribution
Committee, which was one of the most important relief factors in Eastern
Europe. Through his philanthropic work in America Mr. Warburg has
been further in touch with Mr. Hoover's child welfare work and other
efforts to bring about better living conditions."
5.43
94.57
The following is of interest as it shows the holdings of
brokers and investors in New York State:
June 30 1928. Ratio. June 30 1927. Ratio.
Common1,521,271
21.37
1.797,791
25.26
Brokers
24.15
1,690,583
23.71
1,718,419
Investors
Preferred183,025
5.08
169,544
4.70
Brokers
1.463,832
40.62
1,466,196
40.69
Investors
PREFERRED.
COMMON.
Date.Shares. Per Cent.
Shares. Per Cent.
Date.8.67
1,285,636 25.29 Mar. 31 1914
312,311
Mar. 31 1914
312,832 8.67
1 274,247 25.07 June 30 1914
June 30 1914
1,193,064 23.47 Dec. 31 1914
309,457 8.59
Dec. 31 1014
1,130,209 22.23 Mar. 31 1915
308.005 8.55
Mar. 31 1915
303,070 8.41
957.587 18.84 June 30 1915
June 30 1915
826,833 16.27 Sept. 30 1915
8.26
297,691
Sept. 30 1915
696,631 13.70 Dec. 31 1915
274,588 7.62
Dec. 31 1915
634,469 12.48 Mar. 31 1916
262,091 7.27
Mar. 31 1916
171,096 4.75
Sept. 30 1916-- 537.809 19.o8 Sept. 30 1916
502,632 9.89 Dec. 31 1916
156,412 4.34
Dec. 31 1916
494,338 9.72 Mar. 31 1917
Mar. 31 1917
151,757 4.21
481,342 9.45 June 30 1917
June 30 1917
142,226 3.94
477,109 9.39 Sept. 30 1917
Sept. 30 1917
140,039 3.59
484,190 9.52 Dec. 31 1917
Dec. 31 19t7
140,077 3.S8
485,706 9.55 Mar. 31 1918
'Mar. 31 1918
140.198 3.90
491.164 9.66 June 30 1918
June 30 1918
149,032 4.13
495.009 9.73 Sept. 30 1918
Sept. 30 1918
147,845 4.10
491,580 9.68 Dec. 31 1918
Dec. 31 1918
148,225 4.11
493,552 9.71 Mar. 31 1919
Mar. 31 1019
149,832 4.16
465,434 9.15 June 30 1919
June 30 1919
146,478 4.07
Sept. 30 1919..-.. 394.543 7.76 Sept. 30 1919- - 143.840 3.99
368.895 7.26 Dec. 31 1919
Dec. 31 1910
138,566 3.84
348,036 6.84 Mar. 31 1920
Mar. 31 1920
127,562 3.54
342.567 6.74 June 30 1920
June 30 1920
124,346 3.46
323,438 6.36 Sept. 30 1920
Sept. 30 1920
118,212 3.28
Dec. 31 1920
292,835 5.76 Dec. 31 1920
111,436 3.09
289.444 5.69 Mar. 31 1921
2.96
Mar. 31 1921
100,781
288,749 5.68 June 30 1921
June 30 1921
105,118 2.91
Sept. 30 1921
285,070 u.60 Sept. 30 1921
103,447 2.87
Dec. 31 1921
280,026 5.50 Dec. 31 1921
128.81f1 3.58
Mar. 31 1922
280,132 5.51 Mar. 31 1922
128.127 3.55
June 30 1922
275,095 5.41 June 30 1920
123.844 3.43
Sept. 30 1922
270.794 5.32 Sept. 30 1922
123,710 3.43
Dec. 30 1922
261,768 5.15 Dec. 30 1922
121.308 3.36
M
Mar. 29 1923
239.310 4.70 Mar. 29 1923-- _- 119,738 3.32
June 30 1923
3.27
207,041
4.07 June 30 1923-..--- 117.631
Sept. 30 1923
210,799 4.14 Sept. 30 1923
118,435 3.29
Dec. 31 1923..- 203.109 3.99 Dec. 31 1923
113,155 3.10
Mar. 31 1924
3.14
201.636 3.93 Mar. :11. 1924
112,521
June 30 1924
203,059 3.99 June 30 1924
112,191
3.12
Sept. 30 1924
2.11,691
3.97 Sept. 30 1924
111.557 3.01
Dec. 31 1924
198,010 3.89 Dec. 31 1924
111.7.39 3.19
Mar. 31 1925
111,463 3.10
195,689 3.85 Mar. 31 1925
June 30 1925
111.800 3.10
12,.335 2.50 June 30 1925
112.679 3.12
Sept. 30 1925
127,078 2.50 Sept. 30 1925
113,843 3.16
Dec. 31 1925
119,414 2.35 Dec. 31 1925
112.844 3.13
Mar. 31 1926
122,0PS 2.4Q Mar. 31 1926
111.908 3 10
June 30 1926
129,020 2.53 Juno 30 1926
112,822 2.12
Sept. 30 1926
123,557 2.43 Sept. 30 1926
112,562 3.14
123,090 2.52 Dec. 31 1926
Dec. 31 1920
113,478 3.15
Mar. 31 1927
120,348 2.37 Mar. 31 1927
113,432 3.15
168,018 2.36 June 30 1927
June 30 1927
111,262 3.08
177,452 2.49 Dec. 31 1927
Dec. 31 1927
112,385 3.12
Mar. 3. 1928
187,006 2.62 Mar. 31 1928
180,829 2.54 June 30 1928
June 30 1928
110,023 3.06
President Coolidge Raises Tariff Duty on Sodium
Silicofluoride.
On Aug. 31 President Coolidge, under the terms of the
flexible tariff law, adjusted the duty of sodium silicofluoride
from 25% ad valorem on the foreign market value to 25% ad
valorem on the American selling price. Superior (Wis.)
advances to the "Times" Aug. 31 state:
The action was based on a recommendation of the Tariff Commission,
which has been investigating production costs in this country and Denmark and which reported that these costs could be equalized only by the
change indicated.
Sodium silicofluoride is a white soluble chemical compound produced
from the fumes resulting as a by-product from the conversion of phosphate
rock into fertilizer acid phosphate. Domestic production began about
twenty years ago and expanded largely during the World War.
The chief uses of sodium silicofluoride are as an ingredient in acid rinses
In laundries, in the manufacture of iron enamelware, and in the production
of opalescent glass. It is used also to some extent in the manufacture of
sodium fluoride and other fluorides. The domestic consumption of sodium
sllicofluoride amounts to about 5,000,000 pounds a year and imports have
ranged from about 2,000,000 to more than 3,000,000 pounds annually for
four years.
Thetariff change is effective fifteen days from the date of the proclamation, which was dated Washington. Aug. 31, and signed by J. Rueben
Clark, Acting Secretary of State, as well as by the President. President
Coolidge's course will probably be contested in Congress.
Felix M. Warburg Declares His Faith in Hoover.
Felix M. Warburg, hanker and philanthropist, declared
on Aug. 30 for Herbert Hoover, Republican nominee for
President, in a statement made public through the HooverCurtis Campaign Committee. In telling why he was for
Mr. Hoover, Mr. Warburg, it is learned from the "Times,"
said:
"I am not only for Mr. Hoover, but I am an enthusiastic supporter of
his. My conviction is based on my personal acquaintance with him. I
have been associated with him in a number of ways, from which I have
been able to satisfy myself that his heart has always promptly responded
to people in need, that his judgment in matters American and international
has been excellent and that his leadership is irresistible. I am sure I am
only one of many who admire him because they have worked under him.
"I am not influenced entirely by the fact that Mr. Hoover is unquestionably the ablest man we have to administer the business affairs of the
nation. It is important that our material prosperity continue and in.
crease, but it fa far more important that the well-being of humanity in
general be furthered. Mr. Hoover has the advantage of•having done this."
1341
Mortimer L. Schiff for Hoover.
Mortimer L. Schiff, a partner in the firm of Kuhn, Loeb
& Co. and a member of the New York Stock Exchange,
who recently returned from a three months' business and
pleasure trip in Europe, was reported in the "Wall Street
Journal" as stating that he will support Herbert Hoover in
the Presidential campaign. Mr. Schiff declared that Mr.
Hoover is singularly well equipped to be President of the
United States.
F. J. Lisman Explains Causes of Lack of Prosperity in
Northwest.
The fact that the least prosperous railroads of the 'United
States are in the northwestern section of the country is
explained by F. J. Lisman in a statement issued yesterday
as due to the following fundamental causes:
(1) Competition with Lake Superior, a natural waterway, 18 feet
deep in its shallowest part, which makes it possible to transport freight
from Duluth to Buffalo via the Lakes at less cost than by rail from Chicago
to Buffalo.
(2) The Hoch-Smith resolution which prevents the Inter-State Commerce Commission from allowing advances on farm products as long as
the farm is not prosperous.
(3) Lack of good crops in northwestern States for many years, with
the exception of 1927 and present favorable outlook for 1928.
(4) Restriction of immigration, checking steady annual growth of
population.
(5) Loss of traffic to the Panama Canal which offers cheaper rates for
heavy commodities, such as lumber, canned goods, &c.
(6) Enforcement by the Canadian Parliament of very low railroad rates
on wheat originating in the Canadian Northwest, which creates unrest in
the mind of the American farmer.
"Legislation," says Mr. Lisman, "is no remedy for hard
times; the only cure for them is an adjustment to changing conditions on the part of practically everybody. The
railroads of the Northwest, as a whole, are splendidly managed because they must be. There is no likelihood of any
rate advance but, if given an opportunity to economize in
every direction, they may gradually become more prosperous especially if the Northwest should have several seasons
of good harvests. The farmers and the railroads depend
on each other as much as the arms and legs depend on each
other. The farmer grows, more or less, with his arms
and, figuratively speaking, the railroads are the legs which
take his products to market."
Pointing to the change of the railroads' place in the Wall
Street market, Mr. Lisman recalls that until about 1900
Wall Street was occupied almost exclusively in dealing in
railroad securities and railroad bonds were practically the
only type of investment outside of government and municipal
issues. At the present time, he says, the railroads come
fourth in their requirements, being exceeded by public
utility, foreign and industrial issues in varying order.
"Passenger rates since the war are on an average of
20% higher than previous to 1914. Freight rates are about
30% higher; wages per man per year are about 120%
higher and the average cost of materials is probably 60%
higher. It would take about 20% of the railroad companies'
gross earnings to pay 6% on the capital invested and the
average surplus or net earnings of the railroads applicable
to interest on capital has been around 15%.
"The railroads have been able to maintain some surplus earnings above operating expenses and taxes by getting greater efficiency out of men and supplies. The increase of about 20% in freight tonnage is handled with
rather less freight trains than formerly. The number of
pounds of coal consumed per thousand tons of freight
moved one mile has decreased nearly 20%; terminal and
other expenses have been reduced by the use of all kinds
of mechanical contrivances, &c. All these economies have
been accomplished, a little at a time, and under meticulous attention to details on the part of everybody concerned.
"When demagogues shout for substantial reduction in
freight rates they either do not know or do not want to
realize that a reduction of 15% in freight rates all around
would wipe out all earnings applicable to capital and that
thereafter the railroads would be unable to render any
service. They would be in the position of the Irishman's
horse which died just when it had become used to doing
without feed."
1342
FINANCIAL CHRONICLE
[VoL. 127.
CLASS 1 RAILROADS-UNITED STATES.
Net Operating Income of United States Railroads for
Month of July.
July and the Seven Months.
1928.
1927.
Total
operating
revenues
8512.953,453
$509.678,377
According to the Bureau of Railway Economics at Wash- Total operating expenses
375,489,900
383,913,386
Taxes
ington, D. C., class 1 railroads in July had a net railway Net
32.592,568
31,308,317
railway operating income
95,220,267
85,135,153
operating ineome amounting to $95,226,267 which, for that Operating ratio
73.20%
75.32%
4.34%
3.97%
month, was at the annual rate of return of 4.34% on their Rate of return on property investment
Seven Months Ended July 31st.
property investment, according to reports just filed by the
1928.
1927.
Total operating revenues
$3,419,809,817
carriers with the Bureau of Railway Economies and made Total
$3.534,617,731
operating expenses
2,581.155.648
2,694,463,568
public today. In July 1927, their net railway operating Taxes
214.465.224
216,682,203
Net railway operating income
557,251.433
858.133A95
income was $85,135,153 or 3.97% on their property invest- Operating ratio
75.48%
76.23%
of
return
Rate
on
property
investment__
4.36%
4.47%
ment. Property investment is the value of road and equipment as shown by the books of the railways, including materials, supplies and cash. The net railway operating income Presidential Candidates, Hoover and Smith, Asked By
is what is left after the payment of operating expenses, taxes
Chairman of Security Holders' Committee To
and equipment rentals but before interest and other fixed
Give Consideration to Subject of Fair Return in
charges are paid.
Western Trunk Line Territory.-Test Seen of
This compilation as to earnings in July is based on reports
Transportation Act.
from 185 class 1 railroads representing a total mileage of
The Presidential candidates are asked in a letter under
239,994 miles. Gross operating revenues for the month of under date of Sept. 4 to give consideration to the situation
July amounted to $512,953,453 compared with 8509,678,377 of the railroads in Western trunk line territory where, it is
in July 1927 or an increase of 6-10th of 1%. Operating ex- said, impairment of their credit through an inadequate
penses in July totaled $375,489,900 compared with 3383,- rate structure,is resulting in a gradual confiscation of railroad
913,386 in the same month in 1927 or a decrease of 2.2%. property. W. Emlen Roosevelt, Chairman of the Security
Class 1 railroads in July paid $32,592,568 in taxes, an in- Holders' Committee, for a Fair Return, which represents
crease of 4.1% over the same month in 1927. This brought 8635,000,000 bonds of these railroads owned to a large
the total tax bill of the class 1 railroads for the first seven extent by savings bank and life insurance companies, says:
Because of a gradual impairment of the credit of these roads the necessary
months in 1928 to $214,46,224, a decrease of $2,216,979
development of railroad facilities in this territory is threatened, and income
or 1% below the corresponding period in 1927. Twenty-one cases
even a breakdown
present facilittes. The possible strike of
class 1 railroads operated at a loss in July of which six were trainmen and conductorsofonthe
which a strike vote is now being taken, is
but
one
evidence
Eastern,
in
the
five
Southern
and
the
in
and ten in the Western
one result of the unsound rate conditions in this
territory. Affecting as it does nearly one third of the nation's railroad
district.
mileage and involving the development of 12 great States, there is no more
Class 1 railroads for the first seven months in 1928 had vital domestic problem confronting the Federal Government.
a net railway operating income amounting to $557,251,433,
The political cry which has been raised that the Northwest
which was at the annual rate of return of 4.36% on their is too poor to pay adequately
for its transportation, is said
property investment. During the corresponding period of by Mr. Roosevelt to be absolutely
false. He presents figures
the preceding year, their net railway operating income to show that the States comprising
this territory as measured
amounted to $558,133,495 or 4.47% on their property in- by wealth per capita, wealth per mile of railroad,
demand for
vestment. Further details follow:
railroad service and development of tonnage, are amply able
Gross operating revenues for the first seven months in 1928 amounted to to pay for
their railroad service on the same basis as other
$3,419,809,817 compared with $3,534,617,731 during the corresponding
period in 1927 or a decrease of 3.2%. Operating expenses for the first sections of the country.
seven months period of 1928 totaled $2,581,155,648 compared with $2."I beg to direct your attention," he writes, "to the follow694,463,568 during the corresponding period the year before or a decrease ing
facts which have been demonstrated by sworn testimony
of 4.2%.
Net railway operating income by districts for the first seven months with in recent proceedings before the Inter-State Commerce
the percentage of return based on property investment on an annual basis Commission:"
follows:
New England Rion
Great Lakes Region
Central Eastern Region
Pocahontas Region
$21.203,549
1(14,732,868
127.427,634
38,752.691
4.45%
4.77%
4.72%
6.69%
Total Eastern District
$292,116,742
4.91%
Total Southern District
$70,670,890
4.03%
$55,092,945
91,546,375
47,824,481
3.45%
3.34%
4.324
Northwestern Region
Centraiwestern Region
Southwestern Region
Total Western District
United States
$194.463,801
3.82%
1557,251,433
4.36%
Eastern District.
The net railway operating income of the Class 1 railroads in the Eastern
District during the first seven months in 1928 totaled $292,116,742 which
was at the annual rate of return of 4.91% on their property investment.
For the same period in 1927 their net railway operating income was $308.325,034 Cr 5.30% on their property investment. Gross operating revenues
of the Class 1 railroads in the Eastern District for the first seven months
in 1928 totaled $1,696,063,092, a decrease of 5.4% under the corresponding
period the year before while operating expenses totaled $1.270,147.987 a
decrease of 6% under the same period in 1927.
Class 1 railroads in the Eastern District for the month of July had a
net railway operating income of $48.479,077 compared with $46,617,981
in July 1927.
Southern District.
Class 1 railroads in the Southern District for the first 7 months in 1928
had a net railway operating income of $70,670.890 which was at the annual
rate of return of 4.03% on their property investment. For the same period
in 1927 their net railway operating income amounted to $78,390,228 which
was at the annual rate of return of4.60%. Gross operating revenues ofthe
Class 1 railroads in the Southern District for the first seven months in 1928
amounted to 1448,130,367, a decrease of 6.6% under the same period the
year before while operating expenses totaled $343.983,580. a decrease of
6.1%.
The net operating income of the Class I railroads in the Southern District
In July totaled $8,263,091 while in the same month in 1927 it was 19.177.338.
Western District
Class 1 railroads in the Western District for the first seven months in 1928
had a net railway operating income of 1194,463,801 which was at the annual
rate of return of 3.82% on their property investment. For the first seven
months in 1927, the railroads in that district had a net railway operating
income of $171,418,233 which was at the annual rate of return of 3.45%
on their property investment. Gross operating revenues of the Class 1
railroads in the Western District for the first seven months this year
amounted to $1.275,616,358, an increase of 1.1% above the same period
last year while operating expenses totaled $967.024.081, a decrease of 1%
compared with the first seven months the year before.
For the month of July, the net railway operating income of the Class 1
railroads in the Western District amounted to $38,484,099. The net
railway operating income of the same roads in July 1927 totaled 129,339,854.
Inadequate Return on Property Value.
The eight typical western trunk line roads (Chicago & Northwestern;
Chicago, St. Paul, Minneapolis & Omaha; Chicago, Burlington & Quincy;
Minneapolis, St. Paul and S. S. Marie; Minneapolis & St. Louis; Chicago
& Alton; Chicago Great Western, and Chicago, Milwaukee,
St. Paul &
Pacific) have for the 7 year period (1921-1927) had a return on their property
value averaging only 3.29%. This calculation is made on the basis of the
Inter-State Commerce Commission's own figures in accordance with the
basis adopted by the Commission in the well-known O'Falion decisions basis which, to say the least, Is extremely conservative. This condition
of inadequate return has shown no real improvement. The figures for the
past four years are:
1924
3.47%
1926
3.74%
1925
3.68%
1927
3.35%
Receiverships.
Practically all the recent railroad receiverships in the country have occurred in western trunk line territory. The largest receivership in the
history of the country-the Chicago, Milwaukee & St. Paul-has recently
occurred in this section. Two other roads in the territory-the Chicago
& Alton and Minneapolis & St. Louis--still remain in receivership after
six and five years respectively, and their reorganization is being indefinitely
delayed bemuse of lack of revenues.
Destruction of Values.
The market value of the securities (stocks and bonds taken together) of
the roads primarily dependent on this depressed rate territory have decreased
by hundreds of millions of dollars in the past fifteen years, notwithstanding
the investment of hundreds of millions in the property during that period
which normally should have increased the security values. As recently
proved before the Inter-State Commerce Commission $760,000,000 of the
property of the above eight typical western trunk line roads was yielding
no return whatever in the year 1925; and this condition now persists.
Impairment of Credit.
The continued deprivation of a fair return on property values, coupled
with the vast destruction of security velum consequent thereon, has had
its inexorable result in the impairment of the credit of this group of roads.
Not one of the eight typical western trunk line roads has increased or resumed a dividend in the past seven years. Not one of these eight typical
roads has during that period sold a share of common stock, and not one except the Burlington which is a peculiar cse because of radical under-capitalization, has the slightest prospect of selling any such stock under present rate
conditions. The supply of first mortgage bonds having been mainly used
up, practically the only source of future railroad financing in that territory
is the sale of junior bonds. The most Conservative investors are refinancing
rather than increasing their holdings ofjunior railroad bonds in this territory.
The largest sources of railroad capital are the insurance companies and the
savings banks. The five largest life Insurance companies regard this territory unfavorably for railroad investment, and during the past few years
have cut down their investment in securities of the typical western trunk
line roads to a point which almost amounts to an embargo on investment
In that section. The member banks of the New York Savings Bank Association, representing 55% of the savings bank resources of the country, decreased their holdings of western trunk line bonds, during four years ending
Ile
SEPT. 8 19281
FINANCIAL CHRONICLE
1343
1926 nearly $5 000 000, although their total resources increased more than
$1.000,000,000 and their total holdings of all railroad bonds increased
more than $100,000,000.
ceedings commenced October 28 1926. On December 1 1926, decision
was reached granting an increase of 7%%•
Immediately following the eastern settlement, the Unions made request
on lines in southeastern district, and, on February 1 1927, settlement was
The Wage Question—Threatened Strike.
reached granting a 73 % increase.
The problem is aggravated by the wage controversy which has gone on
While negotiations were being conducted in the East and Southeast,
for 2 years in this territory. This has culminated in a now threatened the same class of employees in the Western
district made request for instrike of trainmen and conductors. No matter how this controversy event- creases. On March 1 1927. conferences began
between a committee of
uates, the result must be serious of disastrous. If the employees are denied railroad officials and chief executives
of Unions, assisted by their general
the increase, they will be discriminated against with relation to similar chairman. Failing to reach settlement, dispute
was mutually referred to
employees in other sections. If they win any increase, the confiscation arbitration under the Railway Labor
Act, and, on June 25 1927, a decision
of railroad property now going on will be accentuated through a further was rendered granting yardraen a
73. % increase. Board held the fact
reduction of the rate of return. Moreover, there must result a further that road conductors
and trainmen on eastern and southeastern lines
destruction of values and a further impairment of credit. There is only one had been granted
an increase was no reason why an advance should be
answer to this situation, namely, an upward revision of railroad rates granted to that
class of employes in western territory as they were earning
which will require this section of the country to pay as much for its railroad
from 6% to 734% more than men in the East and Southeast, notwithservice as other sections do for similar service, and which will thus give
standing the latter two groups had received a 734% increase, and because
the railroads sufficient revenue to pay their employees as well as other railof the fact the roads of the western group were earning relatively much
road employees and yet maintain a reasonable credit.
smaller net returns than those in the East and Southeast, they could not
That the destruction of railroad values and credit in western trunk line
afford to pay an advance. This decision continued under the act until
territory has been due wholly to an unduly low rate structure cannot be
March 1 1928: however, in November 1927. conductors and trainmen
disputed. There is ample tonnage, if carried at a fair price, to produce
renewed their demands upon the western railroads for advances.
non-confiscatory revenues. No one denies that the roads are honestly
Because of wage negotiations that were pending between western railand efficiently managed. It is low rates alone that are producing the crisis.
roads and their engineers and firemen, negotiations with conductors and
The political cry has been raised that the Northwest is too poor to pay
trainmen were not begun until July 16 1928. Meantime, firemen secured
adequately for its transportation. This is false as measured
either abso- an advance of 634% by arbitration, and the engineers accepted settlelutely or by comparison with other sections , for example, the South and
ment on same basis without arbitration. Failing to reach settlement
Southwest where the railroads are in sound financial condition. That
the with conductors and trainmen, committee of managers requested mediaStates comprising western trunk line territory as measured by wealth
per tion, and the Honorable John Williams was assigned, and through his
capita, wealth per mile of railroad, demand for railroad service
and development of railroad tonnage, are amply able to pay for their railroad service efforts, the managers committee proposed a 634% increase, or same increase granted engineers and firemen without any change in working rules,
on the same basis as other sections is subject to proof by official figures.
or, an increase of 734% with the elimination of what is known as the Double
Header Rule. A 634% increase would raise their wage rates and earnings
the highest in history, that is, the rates established by the United
Mace Plan of Mediation Board for Settlement of above
States Railroad Labor Board in 1920. The representatives of the emGrievances of Western Train Men under Con- ployees refused to accept either of these propositions, but insisted,
as a
sideration—Strike Vote Incident to Wage De- minimum, upon the retention of the rules and an advance of 734%. Arbitration was then proposed by Mr. Williams, to which the railroads unmand's—Position of Railroads.
hesitatingly agreed. The employees' representatives refused to arbitrate
It was announced in a dispatch from Chicago to the and proceeded to take strike vote.
On several western lines, conductors and trainmen are now receiving
"Times" that conferences were brought under way on Sept.4 a rate
in excess of the present eastern and southeastern rates.
exto determine what policy will be adopted by conductors ample: Conductors in through freight service in the East and For
southand trainmen of the group of 55 western railroads with a eastern territories receive for 100 miles or less an average of $6.62, brakemen $5.20. The average through freight rate paid Southern Pacific
view of settling their grievances on wages and working con- (Pacific
System,) for 100 miles or less is $6.55 for conductor, and $L56 for
ditions. Members of the Association of General Commit- brakemen. What is true of the Southern Pacific. is also true to a greater
or
lesser
degree of the Denver & Rio Grande, Colorado & Southern, Lou
tees of lines affected, are taking part and the dispatch which
Angeles & Salt Lake, Oregon Short Line. Oregon, Washington Railroad
stated further:
& Navigation Co., Northwestern Pacific and Santa Fe.
E. P. Curtis, head of the conductors' organization, and
Conductors and brakemen average the following monthly earnings:
A. F. Whitney.
of the trainmen, called conferences immediately after a
Conductors.
Brakemen.
counting of ballots
revealed that an overwhelming majority of the 70,000 men
Passenger
service
$245.00
9176-00
affected had
voted to leave the whole matter of the settlement in the hands
Through
service
freight
256-00
217_00
of the union
leaders. Authority was voted the union chiefs extending
263_00
223_00
even to the Local freight service
eventual calling of a strike. If they consider this to be proper.
It is seriously to be doubted whether or not the western railroads are
A peace plan was worked out at Washington last week by representatives justified in offering a 634% wage increase without any change in rules:
of the union, the roads ar d of the Federal Board of Mediation. Details
of however, they are willing, in the interest of harmony, to make this conit have never been revealed, but it has been presented before the
commit- cession, but they are not willing to grant a 734% increase in wages and
tees. The series of meetings is for the purpose of accepting
or rejecting continue the doubleheader rule which was forced upon the railroads in the
this plan, it was declared.
West in 1903 on threat of strike. This rule, which has never been adopted
As soon as a decision is reported, Curtis and Whttney
will call J. W. by the eastern and southeastern railroads, restricts the tonnage of freight
Higgins, head of the roads' committee, into conference and
make known trains on western lines beyond the capacity of one engine. In other
to him the result. This action may not be reached until early
next week, words, when two engines are coupled to a freight train of more than 40
it was indicated by union officials tonight.
cars, no use can be made of the second engine in hauling tonnage. The
is, that as many engines as necessary may be used to life a train
As to the peace plan proposed by the Mediation Board, exception
over certain grades. Organizations insist, however, on reducing the
Associated Press advices from Washington Aug. 28 said:
number of grades where two engines can be used to the least number and
Differences between western railroads and employees
strongly oppose the use of a second engine for the purpose of hauling tonBrotherhood Railroad Trainmen and the Order of Railwayorganized in the nage on any grade of 1% or less. One per cent represents
an incline of
Conductors are
expected to be reconciled by an agreement announced
here today by the 52.8 feet per mile. The rule, as applied on some western lines, restricts
United States Board of Mediation, which has been discussing
the questions the number of tons that may be hauled in a train.
at issue with representatives of both groups since July 22.
This rule does not serve any good purpose, but, on the contrary, it
The proposed settlement, details of which cannot yet
be made public restricts the length of trains, causes the employment of additional ununder the law, must be ratified by the Association of
General Committees necessary men, creates a wasteful operation, thereby preventing the econoon behalf of the railway employees before it goes into effect.
A. P. Whit- mies so essentially necessary.
ney, President of the Brotherhood of Railroad Trainmen,
Result of strike vote now in progress will be made known to a committee
will present it
to the association at a meeting in the Midwest in the near
future. He of railroad managers at Chicago, September 4th. The unions having
signed it for his organization, and E. P. Curtis signed it as
refused
to arbitrate under the Railway Labor Act, the general impression
President for
the Order of Railway Conductors.
is that should the President appoint a committee to investigate under the
Announcing the agreement, Samuel E. Winslow, Chairman
of the Board Railway Labor Act, they will decline to participate.
of Mediation, said denial of approval by the employee
The unions hold that having arbitrated the same wage dispute In 1927.
representatives
would continue the dispute as heretofore, with it having "to
be treated in they have complied with the Railway Labor Act, and it is not necessary
accordance with law." He revealed, however, that the
employee organiza- for them to postpone action in declaring strike pending the appointment
tions had agrred to allow the Board of Mediation "a reasonable
opportunity and investigation of committee, should one be appointed by the President.
to proceed under the law:so far as the calling of a strike
The committee issuing the statement consists of F. H. Knickerbocker.
before any further
action has been initiated on the part of the employees."
General Manager, Union Pacific; J. H. Dyer, General Manager, Southern,
Wages and working rules were the major questions involved
Pacific:
W. K. Etter, General Manager, Atchison, Topeka and Santa Fe,
in the dispute, which affected 70.000 employees of eighty railroads
covering 98% and E. W. Mason, Vice-President and General Manager of Western Paof the mileage west of Chicago. Proposals of the
employees for pay in- cific.
creases ranging from 10 to 18% brought an offer by the
railroads for increases averaging 7%%,providing that certain working rules
be abandoned.
While accepting the wage compromise, the employees had
declined
to drop A. P. Giannini of Bancitaly Corporation Returns from
the working rules.
The distribution of strike ballots among employees of
the
western roads was reported in our issue of Aug. 18,
page
909. Other items bearing thereon appeared in these columns
Aug. 25, page 1057.
A memorandum incident to the present wage demands of
conductors and trainmen of western roads, was issued
as
follows under date of Aug. 30:
Abroad.
A. P. Giannini, President of the Bancitaly Corporation
and founder of the Bank of Italy, National Trust & Savings
Association, of San Francisco, returned from abroad on the
French liner Be de France, which reached New York en
Sept. 4. Mr. Giannini, who had spent about four months in
Europe, left yesterday (Sept 7) for San Francisco. Upon
reaching New York he gave out a statement saying:
What are known as wage districts established by
employees, have been
I have in mind certain definite recommendations, which I intend to
recognized for several years, as follows:
make for the benefit of our stockholders, but the proposals are of such a
Eastern District.—All lines east of Chicago and north of the
Ohio River
nature that they must be passed on by the Board of Direstors and it
Southwestern District.—All lines in southern territory.
would
4
be premature to discuss them now.
Western Distria.—All lines west of Chicago.including Texas and
Louisiana.
During my absence I have kept closely in touch with events here at home
For some weeks prior to October 28 1926, a Committee of
General and have not been at all surprised with the midsununer stock market
Managers, representing the railroads in the eastern district, and
Chief slump. As far back as last January we warned against speculation and adExecutives, Conductors and Trainmen's Unions, assisted by their
General vised those who held our stocks on margin to sell enough to get themselves
Chairman,representing employees, held conferences on demands for
wage in the clear.
increases. Failing to reach settlement, it was mutually agreed to
refer
At that time we pointed to the possible danger that existed for any
dispute to arbitration under the Railway Labor Act. Arbitration
pro- one who was in a position to be forced to sell at an unfavorable time and we
1344
FINANCIAL CHRONICLE
told the public frankly that we did not recommend purchase at the high
prices then prevailing.
What happened during the summer fully confirmed our advice and stockholders who heeded our warnings have not been hurt. Our institutions
themselves were never in better condition than at present and earnings for
the past half year have been much better than at any previous time. Our
Job is to operate the business and make it earn profits, rather than concern
ourselves with market fluctuations—induced by speculators—over which
we have no control.
Business in general is good. The country as a whole is enjoying prosperity, and with the added volume of trade which should come during the
Fall I can see no reason why we should not go into the winter better off than
at any time in recent years.
[Slot- 127.
Mosier Safe Co. and safe deposit boxes will be available. A
feature of the branch is that the tellers counter screen is
manufactured of fireproof steel. The Central National Bank
has a capital of $2,500,000, surplus and undivided profits,
$765,000; deposits, $12,000,000, and total resources of
$18,000,000.
The Guaranty Company of New York announces the opening of an office in St. Louis, located in the Boatmen's Bank
Building. Ira A. Wight, Jr., and Daniel E. Wight, are the
representatives in charge of the new office, and will operate through the Company's Chicago Office.
• ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
J. C. Parkes has resigned as an Assistant Vice-President
Clare Walker Banta, Vice-President and in charge of the
western business of the Bank of America, this city, has left of the Chemical National Bank of this city for the purpose
for the Pacific Coast for a trip through the principal states of going into private banking. The announcement was
made on Aug. 31 at a dinner given in honor of Percy H.
in his territory.
4
Johnston, President of the Chemical National Bank at the
Leonard J. Wyeth was appointed an Assistant Vice-Presi- Metropolitan Club.
dent of the Bank of the Manhattan Co. of this city on
The Chatham-Phenix National Bank & Trust Co. of this
Sept. 6.
city on Aug. 29 leased space in the new building to be
Herbert P. Howell, for ten years Vice-President of the erected on the site of its present quarters at Seventh Ave-National Bank of Commerce in New York has been selected nue and Thirty-ninth Street. The new lease is for 21 years.
as the senior executive of the new Commercial National Bank
S. Brown Richardson, Vice-President and one of the
& Trust Co., the organization of which was referred to in
organizers of the National Exchange Bank of Carthage,
779.
Mr.
Howell's
experience
page
Aug.
11,
these columns
N. Y., died suddenly at his home in Lowville, N. Y., on
and reputation in banking confirms the opinion in financial
Sept. 1. Mr. Richardson, who was 75 years of age, was also
circles that the new institution would be headed by an a
Director of the Lewis County Trust Co. of Lowville and
outstanding figure in the banking world. Mr. Howell is
of the Northern New York Trust Co. of Watertown, N. Y.
at present a director and member of the Executive Committee
He was reputed to be the oldest cheese manufacturer in New
of the Bankers Trust Co. and of the Equitable Life AssurYork State.
ance Society of United States, a trustee of the Franklin
Savings Bank, and President of Peierls, Buhler & Co., the
The Manufacturers & Traders-Peoples Trust Co. of
latter among the largest and oldest factors in New York.
Buffalo, N. Y.announces the election of Edwin C. Andrews,
Before coming to New York, Mr. Howell was for many John R. Oshel and Luther E. Wood as members of its Board
years with the Carnegie Steel Co. in Pittsburgh and in 1901 of Directors, all 3 prominent Buffalo business men. Mr.
he became head of its Credit Department. He was elected Andrews is President of the Jacob C. Dold Packing Co.;
a Vice-President of the National Bank of Commerce in New Mr. Oshel is President of the nico Products Co., while
York in Nov. 1912 and was made a Director in 1915. He Mr. Wood is connected with the Wood & Brooks Co.
resigned in May 1922 to become President of Peierls, Buhler
& Co., Inc. Mr. Howell will immediately devote his time
With reference to the proposed dividend of 2.07% to be
to the further organization and personnel problems of that paid to depositors in the commercial department of the
bank. Mr. Howell will remain a director of Peierls, Buhler defunct Cosmopolitan Trust Co. of Boston (indicated in the
& Co., Inc. and will become Chairman of the Executive "Chronicle" of Aug. 111928, page 780) the "Boston News
Committee. He will be succeeded in the presidency by Bureau" of Sept. 6 stated that Judge Crosby in the Supreme
Robert G. Blumenthal, Vice-President of the Company.
Court has authorized Roy A Hovey, Bank Commissioner of
The capital and paid in surplus of the Commercial National Massachusetts, to pay the commercial department deposiBank & Trust Co. will total $14,000,000, equally divided tors the dividend of 2.07% on total claims of $5,830,737
between capital and surplus. It is reported that the bank against that department, which will require $120,696.27,
has taken for temporary quarters the entire building at The paper mentioned went on to say:
Commercial department depositors have already been paid dividends
56 Wall Street, which will be remodeled by Cross & Cross.
36%. Depositors in savings department have been paid dividends
The Bank plans ultimately to erect a building of its own totalling
totalling 92.04% of claims, and liquidation of savings department has been
for permanent headquarters. No offering of the stock of the closed. As of July 28, when petition for allowance of this 2.07% dividend
new bank will be made, as it is understood that the entire was filed, the bank commissioner had on hand $124,584.40.
The Cosmopolitan Trust Co. was closed the latter part
amount of the capital stock has been subscribed by the
of 1920.
Directors who include the following:
Wm.H. Albers, President of the Kroger Grocery & Baking Co.; Harold
0. Barker of Jesup & Lamont; Albert Blum of United Piece Dye Works;
George Blumenthal; Rogers Caldwell of Rogers Caldwell & Co.; Elmer
Schlesinger of Chadbourne, Stanchfield & Levy; Waiter Chrysler, President
of Chrysler Corp.; S. Sloan Colt, Vice-President, Farmers Loan & Trust
Co.; Edward P. Farley of American Hawaiian Steamship Co.; Jacob
France, President Mid-Continent Petroleum Corp.: Samuel L. Fuller of
Kissel, Kinnicutt & Co.; George R. Hann, Attorney. of Pittsburgh, Pa.;
John W. Hanes, Jr., of C. D. Barney & Co.; H. P. Howell, President,
Continental National Bank & Trust Co.; Richard Hoyt of Hayden, Stone
& Co.; Henry Ickelheimer of Heidelbach, Ickelheimer & Co.; E. C. Jameson, President, Globe & Rutgers Fire Insurance Co.; Sidney R. Kent,
General Manager and Director of Famous Players Lasky Corp.; C. M.Keys,
President of Curtiss Aeroplane & Motor Corp.; Wilfred Kurth, VicePresident of Home Insurance Co.; Robert Lehman of Lehman Brothers;
Wm. G. McCullough of Collins & Alkman Corp.; M. W. Newton of Hallgarten & Co.; Charles F. Noyes of C. F. Noyes & Co.; Wm.B. Scarborough
of Hitt, Farwell & Co.; D. A. Schulte, President of Schulte Retail Stores
Corp.; H. Nelson Slater, President, S. Slater & Son, Inc.; Harold E.
Talbott, Jr., President, Dayton Securities Co. and Wm Wrigley, Jr.,
Chairman of the Board of Wm. Wrigley, Jr. Co.
At the special meeting of the shareholders of the National
Rockland Bank of Boston, held Sept. 6, the proposed increase in the bank's capital from $1,000,000 to $1,500,000 was
approved, according to the "Boston News Bureau" of Sept.
7. The new stock, consisting of 5,000 shares of the par value
of $100 a share, will be offered to stockholders of record
Sept. 18 at the price of $350 a share in the proportion of one
share of new stock for every two shares of old stock held.
Reference was made to the proposed increase in the bank's
capital in our issue of Aug. 11, page 780.
Vincent C.Stanley,President of the Gamewell Co.,has been
elected a Director of the Beacon Trust Co. of Boston to
succeed George H. Bullard, deceased, according to the
Boston "Herald" of Sept. 6, which furthermore stated that
the directors had just declared the regular quarterly dividend
The Banco Commerciale Italiana Trust Co. of this city of $3.75 a share, payable Oct. 1 next to stockholders of record
on Aug. 25 absorbed the private banking firm of Di Sesa Sept. 15.
& Di Sesa, 114 Mulberry St. The office of Di Sesa & Di
Stockholders of two Norwich, Conn. banks—the Micas
Sesa will be maintained by the Banca Commerciale Italiana
National Bank and the Merchants' National Bank—have
Trust Co. as a branch office.
ratified a merger agreement recommended by their respective
The Central National Bank of the City of New York whose directors some time ago, according to a dispatch from that
main office is located at Broadway and 40th St. and which place on Sept. 6 to the "Wall Street Journal." The connow operates two branch offices in the Bronx will open in solidation will become effective Oct. 1, the dispatch said.
the Yorkville section of the City, at 1577 First Ave. corner
The Boston National Bank, Boston, Mass., has elected to
82nd St. on Monday, Sept. 10. This office is equipped with
its
directorate Moe Cohen, proprietor of the Haymarket
vault
the
manufactured by
the latest type of safe deposit
SEPT. 8 1928.]
FINANCIAL CHRONICLE
1345
Hardware Co., and Felix Forte, Associate Professor of BosThe consolidation of the 3 Philadelphia banks, the Tradeston University, according to the Boston "Herald" of Aug. men's National Bank, the Guarant
ee Trust & Safe Deposit
30th.
Co., and the Chelten Trust Co. (all the stock of which is
owned by the Guarantee Trust& Safe Deposit Co.),under
the
On Sept.4 the National Rockland Bank of Boston, Mass., title
of the Tradesmen's National Bank & Trust Co., will
opened in new and larger quarters at 50 Congress St. that
become effective Sept. 15, according to the Philadelphia
city. The institution received its original charter in 1853.
"Ledger" of Sept. 4. The new bank will begin business with
Its downtown office was established in 1925. Deposits were
more than 1,000 stockholders and with total resources in
then about ,000,000. To-day the deposits aggregate more
excess
of $55,000,000. The directorate of the consolidated
than $21,000,000 an increase of nearly 145% in three years.
bank has been strengthened by the election recently of
During its 75 years of existence it has had only 4 Presidents.
Lessing J. Rosenwald and Julien L. Eysmans to the Board
The New York State Banking Department on Aug. 31 of the Tradesmen's National Bank and of Charles A. Tyler
approved the plans whereby the capital of the International and John M. Thomas to the Board of the Guarantee Trust
Union Bank of this city will be increased from $250,000 to & Safe Deposit Co. These four will become members of
$500,000 and the par value of the stock will be changed from the Board of the enlarged bank, it was stated. The paper
$100 to $25. An item reporting the ratification of the plans mentioned continuing said:
All-inclusive service was the main purpose which brought about
the conby the stockholders of the bank appeared in these columns solidation, according
to officers of the two banks. In forming the TradesSept. 1, page 1206. The increase in capital becomes effective mens National Bank and Trust Co. another organizati
on was chartered,
under the name of Tradesmens Corp., to give full service, in
at the close of business Sept. 27.
cooperation
with the bank.
In addition, title insurance will be continued, that service
having been carried on by the
Trust Co., all the stock of which is
According to the Newark "News" Vice Chancellor Backes owned by the Guarantee TrustChelten
& Safe Deposit Co.
According
to the plans of its officers, the Tradesmens National Bank
of New Jersey, tentatively approved on Sept.4 the proposed
& Trust Co. will provide facilities for complete banking
transactions for
settlement between Harry H. Weinberger, former President all
lines of business handled by trust companies, in addition,
the wide scope
of the New Jersey Bankers Securities Co., and that corpora- of service which the Tradesmens Corp. will offer to customers
of the bank.
Out last reference to the proposed union of these important
tion, but continued until the week after the annual election of
officers, jurisdiction of the case in which receivership was banks appeared in the "Chronicle" of Sept. 1, page 1206.
asked. John J. Stamler, who has been acting as President
on the suggestion of the Vice Chancellor, submitted this
A special meeting of the stockholders of the Erie Na1st as candidates for Directors at the stockholders' meeting tional Bank of Philadelphia will be held
on Sept. 11 to vote
Sept. 18.
on a proposed increase in the bank's capital from $250,000
United States Senator Edwards; Bernard L. Stafford,
Chairman of the to $500,000.
Board of the Lincoln Trust
Co. of Paterson; John J. Roegner, Dr. Robert
Armstrong, county physician and freeholder of Passaic
County; William
W. Evans, James F. Minturn, Justice of the State Supreme
Court; Stuart
0. Ross, Assistant Treasurer of Worth & Co.. New York;
Abraham Jelin.
State Highway Commissioner, and John F. McCormick,
a
George E. Morrissey, insurance underwriter of New York. publisher, and
The paper quoted also says:
If this ticket goes through. Senator Edwards will be President
and Mr.
Jelin, Vice-President and Manager.
Four on Old Board.
Senator Edwards, Justice Minturn and Messrs. Roegner and
Evans are
Directors and were also on the Board during the Weinberger regime
which
the Vice Chancellor said was responsible for "the disaster."
Because of
their experience and because they are guarantors to the extent
of $50,000
each that Mr. Weinberger will carry out his agreement to return
$2,500,000
to the company, the Vice-Chancellor expects they will make good
Directors.
Of the more than 14,000 stockholders, only two publicly appeared
in
Chancery Court to ask questions about the settlement.
The Vice Chancellor explained that there was a question
whether the
charges could be sustained; that there was some shadow of right
of the company to deal in its stock; that a compromise was to be preferred
to long
litagation and that it appeared wise business judgment to
settle.
The Southwestern National Bank of Philadelphia on Aug.
29 awarded a general contract for the erection of a new
bank building at the Southeast corner of Broad and South
Streets, that city, at an estimated cost of $200,000, according to the Philadelphia "Ledger" of Aug. 30. According to the plans, it was stated, the proposed building will
be of limestone, brick and steel, fireproof construction, three
stories, mezzanine and basement, on a site 42 by 120 feet,
and will contain all the improvements of modern bank designing and construction.
The election of Charles J. Long of Philadelphia, a State
bank examiner, as Treasurer of the Liberty State Bank &
Trust Co. of Wilkes-Barre, Pa., was announced by that institution on Aug. 29, according to the Philadelphia "Ledger"
of the following day. Mr. Long succeeds George resko,
A previous item regarding the affairs of the institution the bank's founder, who has
resigned as Treasurer, but who
appeared in our issue of Aug. 25, page 1060.
will continue with the institution as outside represen
tative
and as a member of the Board of Directors.
The proposal to merge the Guardian Trust Co., New Jersey, at Newark, with the Broad & Market National Bank of
On Sept. 5 the respective stockholders of the Broad
Newark will be acted upon at special meetings of the stockStreet
holders of the respective instiutions to be held Sept. 27. An National Bank, the National Bank of North Philadelphia,
item regarding the plans appeared in these columns Aug. and the Oak Lane Trust Co., all of Philadelphia, approved
the proposed consolidation of the institutions,
11, page 780.
according to
the Philadelphia "Ledger" of Sept. 6. At each
of
Frank B. Adams, Vice-President of the National Newark meetings, it was said, the merger was approve the three
d by unaniBanking
Co.
of
Newark
Essex
&
died on Sept. 4 at his sum- mous vote. The stockholders of the fourth bank
particip
mer home in Avon, N. J. Mr. Adams was 72 years of age. ing in the merger, the Queen Lane National Bank, atacted
He entered the employ of the Essex County National Bank favorably on Aug. 24. The resulting institution
will
be
on July 1 1872, he was later advanced to the Vice-Presidency known as the Bank of Philadelphia & Trust Co.
It will
and remained in that capacity when the bank was merged have a capital of $2,300,000, surplus of like amount,
and
with the National Newark.
total resources of $24,000,000. There will be ten offices
and the bank will offer complete banking, title insuranc
e
—On Sept. 6, former Mayor Harry Bacharach of Atlantic and trust service.
Dr. Charles E. Beury, now President of
City, N. J., was appointed by Vice-Chancellor
Robert the National Bank of North Philadelphia, and President of
H. Ingersoll Receiver for the Atlantic Union
Securities Temple University, will be Chairman of the Board of
Co. of Atlantic City, an organization formed
Directors of the new institution, while L. A. Lewis,
now
months ago to establish a labor bank in thatsevers, Presiden
t of the Broad Street National Bank and of the Oak
city,
according to a dispatch to the New York "Times"
on that Lane Trust Co., will be President. The directorate
of the
date from Atlantic City. Vice-Chancellor Ingersoll
was consolidated institution will be composed of forty-one men
advices
reported in the
as saying that "the Atlantic
selected from the present boards of the four uniting
banks.
Securities Co. is being conducted at a great loss andUnion The consolid
ation will go into effect on Oct. 6. Our
great
last
prejudice to the interest of creditors and stockholders
referenc
the
to
e
proposed
and
merger of these banks appeare
d
cannot be safely conducted to the interest and advantage of in the "Chronicle" of Sept.
1, page 1207.
the stockholders." Since the stockholders have already voted
to dissolve the firm, the dispatch went on to say, the Receiver
Henry Chalfant, prominent in banking and
industrial ciris ordered to dispose of the assets in accordance with the law. cles of Pittsburgh, Pa.,
died suddenly on Aug. 27
ordered
to post a bond of $35,000. ritz, Switzerland.
at BiarMr. Bacharach was
Mr. Chalfant, who was 62
years of eat,
The petition for a receiver was filed by William J. Crane and was a director of the
First
National Bank of Pittsburgh
others. It was alleged in the petition that only $69,000 was and the People's
Savings & Trust Co. of that city.
received on $180,000 worth of stook issued.
He was
Cha,irman of the Board of Smug,
Chalfant & Co.
1346
[voL. 127.
FINANCIAL CHRONICLE
With reference to the affairs of the closed Downer's Grove
State Bank & Trust Co. of Downers' Grove, Ill. (the closing
of which on Aug. 17 resulted from the financial difficulties of
its President, Roy C. Toombs, a Chicago broker and St.
Louis insurance executive) we learn from the Chicago
"Journal of Commerce" of Sept. 1 that a claim of $115,000
by the J. J. Dunnegan Co., contractors, of Fort Wayne,
Ind., against the institution, has complicated the work of
reopening the bank unless a release can be obtained, according to an announcement by State Auditor Nelson, in
whose hands the bank has been placed. The Chicago paper
went en.to say:
The bank is in the hands of the auditor while the International Life
Insurance Co. of St. Louis and the investment firm of Toombs & Daily.
both of which Toombs was President, are in receivership.
it
The auditor disclosed that the Dunnegan Co. has notified him that
had deposited $120.000 Lansing, Ill., special assessment bonds with the
through
them
of
sale
the
for
bank under a trust agreement which provided
Toombs & Daily. He explained that he had learned that Toombs had
borrowed $95,000 on the bonds from the Great Southern Insurance Co. and
had sent the contractors $5,000.
Attorney Eugene McGarry. representing Toombs, said his client would
explain the bond deal in due time. Criminal charges are pending against
of the
Toombs in St. Louis in connection with his handling of the funds
Insurance company.
Directors of the Continental National Bank & Trust Co.
of Chicago and of the Illinois Merchants Trust Co. of that
city met yesterday afternoon (Sept 7) to take formal action
on "the billion dollar consolidation" of these institutions,
according to advices from that city, printed in New York
evening paper last night. An Associated Press dispatch
printed in the Brooklyn "Eagle" reported that officials of
the banks involved refused to comment pending the outcome
of the directors' meetings, but financial circles took it as a
foregone conclusion that the merger on which the banks have
worked for weeks would meet with the formal approval of
the directors, who would vote to submit it to their respective
stockholders. George M. Reynolds, Chairman of the Board
of the Continental National, it was understood, the dispatch
said, was slated to become Chairman of the executive or
finance committee of the merged institutions, with Arthur
Reynolds, now President of the Continental, expected to
become Chairman of the Board of the new institution, and
Eugene M. Stevens, President of the Illinois Merchants
Trust Co. continuing in the same position under the merger.
There were some reports, the same dispatch went on to say,
that the Illinois Merchants stockholders would receive $100
a share and the Continental stockholders around $30 a share
in the form of "melons" as a result of the Illinois Merchants
bank turning in its building at $15,000,000 and the Continental bank building being sold.
Advices by the Associated Press from Chicago the same
date, Sept. 1, appearing in the New York "Times" of the
following day, stated that a new bank with capital and
surplus of $100,000 each had been organized, according to an
announcement by State Auditor Nelson, to succeed the
Downer's Grove State Bank, and that the new institution
The election of Edwin M.Starke as a Vice-President of the
would assume $700,000 in liabilities of the closed bank. Foreman Trust & Savings Bank of Chicago was announced
The closing of the bank was noted in the "Chronicle" of this week by the Board of Directors of that institution,
Aug. 25, page 1061.
according to the Chicago "Journal of Commerce" of Sept. 6.
Mr. Starke, who recently was connected with the firm of
Advices from Noblesville, Ind., on Sept. 1, to the Indian- Redmond & Co., will be associated with the bank's investapolis "News," stated that Robert G. Hartman, receiver for ment department, it was stated.
, had anthe defunct First National Bank of Noblesville
nounced the payment of a 10% dividend to depositors. When
this payntent is made, it was stated, depositors will have
received 85 cents on the dollar, and, according to Mr. Hartman, another small dividend will be paid before the business of the institution is finally closed up. The First National Bank of Noblesville, as noted in the "Chronicle"
of June 5 1926, page 3168, failed on May 24 1926,
P.
From the Indianapolis "News" of Sept. 1 we learn that
idenTed Campbell, who for the past seven years has been
Indianapof
Co.
Trust
&
Savings
tified with the Fletcher
Street
olis, the last three years, as Manager of the Thirtieth
charge
in
Cashier
made
been
has
institution,
Branch of the
Street
of the Irvington State Bank at East Washington
and Ritter Avenue, which was acquired by the Fletcher
Savings & Trust Co. In April last. Mr. Campbell has SUCeffecceeded Clemont E. Kelley, whose resignation became
Assistant
been
has
who
Hulsman,
George
1.
Sept.
on
tive
Manager of the Thirtieth Street branch since June 1924,
has succeeded- Mr. Campbell in the management of that
branch, while Elmer Sleeth has taken Mr. Hulsman's place
as Assistant Manager of the Thirtieth Street Branch and
Paul Jordan has assumed Mr. Sleeth's duties. The appointments, it was stated, were announced by Evans Woollen,
President of the Fletcher Savings & Trust Co.
Union
The following news item has been received from the
Trust Co. of Detroit:
—4—.
That the Security National Bank of Fargo, North Dakota,
with deposits of approximately 81,000,000, failed to open
for business on Aug. 30, was reported in press advices from
that city on Aug. 31, appearing in the "Wall Street News"
of the same date, which furthermore stated that a notice
had been issued by the directors stating that the bank's
affairs had been placed in he hands of the National Banking Department
The Memphis "Appeal" of Aug. 29 stated that announcement was made the previous day by R. W. Hall, liquidating
agent of the defunct Liberty Savings Bank & Trust Co. of
that city, that he had made collections totaling approximately $1,000,000 in cash and offsets and that an initial
dividend estimated at from 30 to 40% would be declared
about Oct. 9 next. Checks will reach the depositors about
Nov. 1, Mr. Hall believes. The Liberty Savings Bank &
Trust Co. closed its doors on June 28 last. The failure was
noted in the "Chronicle" of June 30, page 4033, and the
bank's affairs referred to in our issue of July 28, page 504.
The Atlanta, Ga., branch of the Hibernia Securities Co.,
Inc. (bead office New Orleans), because of its constantly
increasing business, and the consequent need of larger quarters, has moved to the Atlanta Trust Buildbtg, that city.
R. S. Hecht is President of the Hibernia Securities Co., Inc.,
with John A. MacLaren, Manager of the Atlanta Branch,
and Miss W. M. Ivey, Assistant Manager.
the Union Trust Company
Earl Adams Clark has joined the staff of
Department, according to John A.
of Detroit, in the Business Extension
That the First National Trust & Savings Bank of Whittier,
Mr. Clark is
department
Reynolds, Vice-President in charge of that
ComCal.
Tryst
Union
has been absorbed by the Merchants' National Trust
the
to
comes
well known in financial circles for he
he
where
Indiana,
Indianapolis,
of
&
Savings Bank of Los Angeles, was reported in the following
pany from the City Trust Company
relations, and advertising activities
had charge of the new business, public
dispatch
from Los Angeles on Sept. 5, printed in the "Wall
deal of erperience in new
of that institution. Mr. Clark has had a great
industries
Street News" of the same date:
such diverse
business departments of various types, including
Merchants National Trust & Savings Bank of Les Angeles has anuired
Indianapolis Telephone Comas Berry Brothers, varnish manufacturers, the
Dickinson Trust Com- First National Trust & Savings Bank of Whittier. The latter is capitalized
pany, and his trust company experience with the
City Trust Company of at $250,000 and has surplus and undivided account of $519.788. DePosita
Whittier
pany of Richmond, Indiana, and later with the
the staff of the aggregate $4.800,000 and resources $5,700,000. Acquisition of theBadly is
Indimapolfs. Mr. Clark was also for several years on
W.
advertising repre- bank gives Merchants National 37 banks and offices. F.
Detroit
time,
some
for
was,
and
Palladium
Richmond
published the President and A. C. Maple, Executive Vice-President.
sentative for the Lawrence Publishing Company, which
Michigan, Ohio and Pennsylvania "Fanner."
publishing army
During the World War, Mr. Clark suggested the idea of
Frank C. Mortimer, Vice-President of the Citizens' NaSecrenewspapers In each of the army camps. This idea was adopted by
Angeles, has been
Mr. Clark became tional Trust and Savings Bank of Los
tary of War Baker. The papers were published and
the 84th placed in charge of the Banks and Bankers Division of the
When
in
Kentucky.
Taylor
Zachary
Camp
at
paper
the
of
editor
succeeds
details
or Lincoln Division was sent to France, Mr. Clark worked out the
institution in addition to his other duties. He
and financed the plan for publishing a division newspaper at the request K. C. Vogelsang, Assistant Vice-President, who has been
of General Harry C. Hale, Division Commander. He served overseas
Heights
the transferred to the management of the Lincoln
with the 84th Division as division editor, historian, and member of
has been
Mortimer
Forces.
Expeditionary
American
Mr.
the
of
Broadway.
Section
Branch, 2601 North
Intelligence
Mr. Clark is a well-known member of the Financial Advertisers' Asso- with the Citizens' Bank since 1924, prior to which time he
York.
ciation, and is, at present, serving as chairman of the Research Comwas an officer of the National City Bank of New
mittee on Financial Publicity of that organization.
SEPT. 8 1928.]
FINANCIAL CHRONICLE
A. H. Neiter, Assistant Cashier, of the Los Angeles First
National That & Savings Bank, addressed the luncheon
meeting of the Culver City Exchange Club, August 22. His
subject was "Staff Management." Walter J. Marshall,
Manager of the Culver City Branch, Los Angeles First
National Bank and Vice-President of the Culver City Exchange Club, acted as Chairman at the meeting.
From the Portland "Oregonian" of Aug. 31 we learn
that control of the First National Bank of Silverton, Ore.
has been acquired by the Pacific Bancorporation of Portland
(an organization formed last July for the purpose of acquiring
banks and acting as a holding company for their stocks,
making the sixth institution in that system, according to
an announcement on Aug. 30 by Charles Hall, President
of the Pacific Bancorporation. T. P. Risteigen, President
of the Silverton institution, will become Supervisor of all
banks of the chain, Mr. Hall said. He will, however,remain
President of the purchased bank, which, it was stated,
had a capital of $35,000 with surplus and undivided profits
of $22,085 as of Feb. 28, last, and total assets of approximately $700,000. Figures pertaining to the deal, it was
stated, were not made public. Mr. Hall stated that combined resources of the six banks of the Pacific chain now
approximate $6,000,000. The institutions are the Portland
National Bank, Portland, American Bank of Marshfield,
Ore., Farmers' & Merchants' Bank of Coquille, Ore., Bank
of Myrtle Point, Myrtle Point, Ore., First National of
Gardiner, Ore., and the First National Bank of Silverton.
In addition to Mr. Hall, Marshfield banker and State
Senator, the directors of the Pacific Bancorporation are:
Walter C. Smith, Portland, capitalist; George W. Joseph,
Portland, attorney and State Senator; John A. Davis,
Portland, Executive Vice-President Portland National Bank,
and John E.Ross, Coquille, President Farmers'& Merchants'
Bank of Coquille.
1347
yrospect of substantial increase in the near future. The Indian Bazaars
have taken but little interest.
Indications do not point to any important changes in prices. The stocks
in London continue ample.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 13th instant to mid-day on the 20th instant,
ImportsExportsBelgium
£146,319 British India
£153,100
263,444 Other countries
Prance
39,125
Germany
18,422
10.294
Netherlands
British West Africa
26.250
30.711
U. S. A
162
Other countries
£495,602
£192.225
INDIAN CURRENCY RETURNS.
July 31. Aug. 7. Aug. 15.
(In Lacs of Rupees.)
18157
18081
18079
Notes in circulation
10300
10379
10313
Silver coin and bullion in India
Silver coin and bullion out of India
id
Had
2976
Gold coin and bullion in India
Gold coin and bullion out of India
i§o
4273
:i.
2.5
Securities (Indian Government)
532
532
517
Securities (British Government)
The stock in Shanghai on the 18th instant consisted of about 47.600,000
ounces in sycee. 89,100,000 dollars and 5,820 silver bars, as compared with
about 48,200,000 ounces in sycee. 85,400,000 dollars and 8,080 silver bars
on the 11th instant.
Bar Gold
-Bar Silver per Oz. Std.per Oz. Fine.
2 Mos.
Cash.
84s. 11d.
27 5-16d.
27 3-164.
Aug. 16
84s. 113id.
27 5-16d.
27 3-16d.
Aug. 17
84s. 11;0.
27 3-16d.
273d.
Aug. 18
84s. 11;id.
27 5-16d.
27 3-164.
Aug. 20
84s. i1d.
27X d.
27;4d.
Aug. 21
84s. 11;4d.
27 5-16d.
27 3-16d.
Aug. 22
84s. 11.4d.
27.281d.
27.166d.
Average
The silver quotations today for cash and two months' delivery are re.
spectively 1-164 and ;id above those fixed a week ago.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
There has been a further manifestation of strength and
activity in the New York stock market the present week
and the flood of buying has been enormous. Brisk upturns
took place in some of the industrial shares and motor issues;
the so-called specialties have also enjoyed further advances,
and there has been a moderate demand for railroad securities
and oil stocks. Brokers' loans reported by the Federal
Advlces from London, Ont., on Aug. 29, appearing in the Reserve Board after the close of business on Thursday showed
fluctuated between
Toronto "Globe" of the following day, stated that on Aug. an increase of $54,000,000. Call money
interest
Speculative
the
week.
throughout
8%
7%
and
28 Charles H. Houston of Chatham, Ont., President and
stocks during
motor
toward
the
directed
generally
was
General Manager of the Dominion Sugar Co., Limited, had
Saturday, though numerous new
been elected a director of the Canada Trust Co. of London the two-hour session on
some
of the more active issues. Genattained
by
were
tops
to succeed J. G. Kerr, K. C., of Chatham, who recently was
eral Motors opened on a block of 3,000 shares at a price
elevated to a Judgeship.
slightly higher than the preceding close and gradually extended its gains to a new high for the current movement
above 204, but subsequently lost its gain. Hupp, Chrysler
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of and Studebaker also moved into new high ground. Copper
Samuel Montagu & Co. of London, written under date of stocks were again in the forefront, Chile Copper raising its
top above 51, followed by Cerro de Pasco and Anaconda
Au6. 22 1928:
both of which again reached their previous high levels
GOLD
The Bank of England gold reserve against notes amounted to £171,439. Radio Corp. was another outstanding strong feature and
445 on the 15th instant (as compared with E171.677,330 on the previous large blocks of stocks changed hands at prices ranging up
Wednesday), and represents an increase of 717.533,130 since the 29th
to 221. Erie shares lead the upswing in the railroad group,
April 1925-when an effective gold standard was resumed.
The amount of gold available in the open market this week-about followed by Missouri Pacific, St. Paul pref., Chesapeake &
£17,000-was absorbed by India and the Trade, who obtained the balance Ohio and Southern Pacific. On Monday the New York
of their requirements from the Bank of England.
The following movements of gold to and from the Bank of England have Stock Exchange was closed in observance of Labor Day.
been announced, showing a net influx of £626,000 during the week under
The market opened strong on Tuesday and many issues
review:
pushed
into new high ground. United States Steel common
Received.
Withdrawn.
nil
August 16
nil
sold up to 1553, but closed at 153%. General Motors
nil
August 17
nil
opened above 203, as compared with its previous close at
August 18
'£81,000
nil
August 20
£600,000
r £12,000
2013,
and Hupp Motors extended its gain to 733( in the
August 21
nil
£43,000
nil
August 22
nil
early
trading,
but slipped back to 70 8 at tkeclose. Chrysler
The receipts on the 18th and 20th instant werein sovereignsfrom Arabia
raised
its
top
to 1033
4, but closed somewhat helew this
and South Africa respectively. The withdrawals were in bar gold.
The following were the United Kingdom imports and exports of gold figure. Packard was also strong and Graham-Paige moved
registered from mid-day on the 13th August to mid-day on the 20th August, into new high ground with an advance of over two points.
ExportsImports£1,146,673 Germany
British South Africa
£673,000 Railroad stocks were higher, New York, Chicago & St. Louis
Austria
269.050 reaching a new high on the recovery when it crossed 128.
Switzerland
15,438
Other countries
14,698 Delaware & Hudson sold above 200 and Norfolk & Western
£1,146,673
£972,186 advanced to 185%. Merchandising stocks were strong,
The following figures (in lacs of rupees) relate to India's foreign trade
particularly Kroger Grocery, which moved to its highest
during July last:
pace on
Imports of merchandise on private account
1873 peak since listing. Speculative activity set a furious
Exports, including re-exports, of merchandise on private account
2683 Wednesday, the mechanical facilities being taxed to such
Net imports of gold
Net imports of silver
375 an extent that the tickers were about 20 minutes behind at
Net imports of currency notes
3
Total visible balance of trade, in favor of India
389 the close. General Motors continued to lead the upward
Net balance on remittance of funds, in favor of India
85 swing and sold up to 207 at its high for the day, but was
The following was the composition of the Indian Gold Standard Reserve
forced down to 2064 and closed with a net gain of 33i
on the 31st'July 1928:
In India
nil
points. Delaware & Hudson was in demand at higher
d-Cash at the Bank of England
£3,682
Gold.- - - --------------------------------------------- 2,152,334 prices and both Union Pacific and Nickel Plate displayed
as
on
Bills-Value
July
31
1928
British Treasury
8,648,356 i substantial improvement. Other strong stooks included
Other British and Dominion Government securities-Value as
on July 31 1928
29.195,628 such favorites as Consolidated Gas, Warner Bros. Pictures,
£40,000,000 Victor Talking Machine, National Power & Light, New
SILVER
York Central and Chrysler. The largest gain of the day
The market this week has been unusually devoid of interest. China has was made
by Radio Corp. which bounded forward seven
been a languid buyer, and supplies have been easily forthcoming without
undue pressure,for Continental sales have not been heavy, nor is there any points to 222.
1348
FINANCIAL CHRONICLE
Heavy trading again characterized the movements of the
stock market on Thursday, the total sales of the day reaching
approximately 4,500,000 shares. Opening prices were somewhat irregular, though there were numerous active stocks
that continued to move briskly forward. United States
Steel common was a strong feature in the early trading, but
slipped back later in the session and closed at 1543/2 with a
net gain of 134 points for the day. Republic Iron & Steel
also improved and closed with a four point gain at 693/s•
Bethlehem Steel improved a point or more. Aeroplane
stocks moved vigorously forward, Curtiss scoring a gain of
10 points, followed by Wright with an advance of six points.
Oil shares continued in moderate demand, though the only
noteworthy gain was in Tidewater Oil which reached a new
high for the year at 24M. Briggs Body was one of the outstanding strong features and ran up to a new high for the
year at 4734, but closed at 4634 with a gain of 334 points.
On Friday the pace was again fast and furious and at the
close the tickers were 38 minutes behind the transactions
on the floor. The outstanding feature of the day was the
strength of United States Steel common which climbed
.to a new high for the year at 15834. Montgomery Ward
also was strong and made a spectacular gain of nearly 20
points to a new high in all time at 242. Motor stocks were
'irregular, General Motors fluctuating uncertainly in the
-early part of the session and finally closing at205 WI with a
net gain of 134 points. Chrysler, Packard and Studebaker
were also higher. International Nickel moved up six points
,to 12234, Radio Corp. sold up to 224, making a gain of about
six points, and Wright Aero made a further gain. Except
for Missouri-Pacific, which advanced close to its top, railroad shares made little progress. Consolidated Gas was
the strong issue of the public utilities and there were numerous advances ranging from one to five points among the socallecLspecialties. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Week Ended Sept. 7.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bales of
New York Stock
Exchange.
Stocks, No. of shares,'
Bonds.
Government bonds--State and foreign bonds
Railroad dc misc. bonds
Total bonds
Stocks,
Number of
Shares.
Railroad,
eke..
Bowls.
Mate;
Municipal ce
Foreign Bonds.
2,119,860
$2,696,000
HOLIDAY
4,580,000
5,864,000
5,955,000
5,778,000
81453,000
8639,000
3,724,850
4,420,920
4,489,320
4,622,000
2,365,500
2,541,000
2,028,000
1,383,070
849,000
1.080,000
677,000
228,000
19.376.950
824.873.000
89.770.570
83.473.000
Week Ended Sept. 7.
1928.
1927.
United
Stases
Bonds.
Jan. 1 to Sept. 7.
1928.
1927.
19,376,950
10,922,055
518,567,148
376,144.718
83.473,000
9.770,570
24,873,000
84,417,250
12,335,500
29,016.600
$140,217,750
550,876,135
1,649,256,176
8214,557,800
574,693,800
1,519,497,650
$38,116.570 845,769,350 82,340.350,061
2.308,749,250
[VoL. 127.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Sept. 7 1928.
Philadelphia.
Baltimore.
Shares. Bond Sates.
Sales. Shares. Bond Sales. Shares. BoniI,Salem
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey week rpvIRM
.24,987
$10,000
*58,261
*59,908
*54,994
24,188
12,000
35,000
17,000
8,000
a15,139
$8,800
HOLI DAY
028,364
45,000
a62,381
16,000
a44,879
25.500
a24,291
36,000
222.338
882,000
175,054
$131,300
16,509
$79,500
544.500
MN All0
100122
ISM Allfi
19 100
tlIn onn
643
$9,500
1,805
3,982
5,178
4,901
10,700
13,100
28,200
18,000
* In addition, sales of rights were: Tuesday, 2,656; Wednesday, 1,012;1Thursday. 514.
a In addition, sales of rights were: Saturday, 900; Tuesday, 900; Wednesday.
80; Thursday, 5,900; Friday, 1,900.
THE CURB MARKET.
A strong tone was displayed at the opening this week in
Curb Market transactions but apprehension over the Federal Reserve Board's report on brokers' loans caused a reactionary tendency. Despite this a number of issues sold
higher. Bancitaly Corp. rose from 140% to 148%, reacted
to 144% and recovered finally to 146%. Auburn Automobile dropped from 95% to 81 and closed to-day at 87. Bohn
Aluminum & Brass eased off from 76% to 71 and sold finally at 73. Carnation Milk Products com, advanced from
51 to 581/2 but subsequently reacted to 56%. Celanese Corp.
sold down from 68% to 60%. Industrial Rayon was conspicuous for an advance from 83% to 125, the close to-day
being at 120/
1
2. Internat. Printing Ink com. moved up from
44/
1
2 to 51%, easing off finally to 50%. Nichols & Shepard,
corn., gained over six points to 75 and sold finally at 72%.
Utilities for a time showed strength, but later reacted.
Amer. Gas & Elec. corn rose from 170% to 175% and reacted
to 173. Elec. Bond & Share Securities ran up from 114%
to 126% and ended the week at 121%. Electric Investor
advanced from 67 to 72% and closed to-day at 70%. Puget
Sound Power & Light corn, sold up from 85% to 95. Oils
continued strong, but without special features. Gulf 011
gained seven points to 128 and closed to-day at 124%.
A complete record of Curb Market transactions for the
week will be found on page 1378.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended
Sept. 7
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
BONDS(Par Value).
*STOCKS(No. Shares).
Indus. &
Miscell.
Total.•
309,750
31,360
350,315
490,295
602,440
503,350
64,605
68,920
105,870
79,020
29,400
Holiday
89,790
67,800
47,210
76,630
Foreign
Domestic. Government.
370,510
$688,000
$183,000
504,700
627,015
755,520
687,100
1,624,000
1,801,000
1,800,000
1,768,000
335,000
400,000
321,000
442,000
Total
2,256,150 349,775 304,830 2,944.845 87,681,000 81,681,000
*In addition, rights were sold as fol ows: Saturday, 600; Monday. holiday; Tuesday. 1,300: Wednesday, 4,000; Thursday, 5,800; Friday, 7,100.
Course of Bank Clearings.
Bank clearings the present week will show a satisfactory
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, Sept. 8) bank exchanges for all the cities
of the United States from which it is possible to obtain
weekly returns will be 12.0% larger than for the corresponding week last year. The total stands at $9,581,002,940,
against $8,557,747,485 for the same week in 1927. At this
centre there is a gain for the five days ending Friday of
28.0%. Our comparative summary for the week follows:
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 Sept. 1. For
that week there is an increase of 4.8%, the 1928 aggregate
of clearings for the whole country being $10,417,137,287,
against $9,944,763,884 in the same week of 1927. Outside
of this city, the clearings show a decrease of 3.1%, the
rer
bank exchanges at this centre recording a gain of 9.6%.
Clearings-Returns by Telegraph.
Cent,
1927.
1928.
Week Ended ScPtember 8.
We group the cities now according to the Federal Reserve
54,872,000,000 83,805,000,000 +28.0
New York
470,114,465 +21.0 districts in which they are located and from this it appears
569,122.719
Chicago
-1.2 Ihat-in-the
343,000,000
339,000,000
Philadelphia
New York Reserve District (including this city)
+8.9
303.000,000
330,000,000
Boston
108,378,089
93,576,167 +15.g there is an increase of 9.6% and in the Cleveland Reserve
Kansas City
+4.8
89,700,000
94,000,000
St. Louis
+2.1 District of 6.2%, but the Boston Reserve District shows
155,600,000
158,923,000
San Francisco
141,263,000
+5.5 a
148.978,000
Los Angeles
-decrease of 9.4% In the Philadelphia Reserve District
+5.1
109,400,131
114,921,897
Pittsburgh
121,916,930 +12.6 the totals indicate a loss of
137,302,389
Detroit
9.4%, in the Richmond]Reserve
+3.5
81,382,531
84,203,029
Cleveland
68,780,215 +10.2 Reserve District of-11.5%, and in the Atlanta Reserve
75,805,016
Baltimore
51,110,170 -11.1
45,438,103
New Orleans
District of 7.5%. The Chicago Re-serve District has a
$7,078,072,242 85,834,842,609 +21.3 gain tits
Thirteen cities,5 days
credit of .1.0%, but the St. Louis,Reserve Dis-0.8
913,307,025
906,096,875
Other cities, 5 days
t ict suffers gloss of 5.2%; and the MinneapolisReserve
r
+18.3
$6,748,149,634
$7,984,169,117
Total all cities,5 days
1,809,597,851 -11.7 District of1,596,833,823
All cities. 1 day
6.5%7In the IcanTas 'City-,Reseric District
.larger by 10.9%"i
89.581.002.940 $8,557,747,485 +12.0 'the tote.i
Total all cities for week
Dallas heserve DisComplete and exact details for the week covered by the tract by 5.2%, and in_the San Francisco'Reserve District
foregoing will appear in our issue of next week. We cannot by 0.6%.
am.
SEPT. 8 1928.]
FINANCIAL CHRONICLE
SUMMARY OF BANK CLEARINGS.
1928.
1Veek Ended Sept. 7 1928.
1927.
Inc.or
Dec.
1926.
1925.
$
$
$
Federal Reserve Diets.
$
%
•
443,067,089
488,998,512 -9.4
453,612,335
412,100,076
1st Boston_ _ _ _12 C1t1139
6,723,490,287 6,133,424,163 +9.6 5,214,478903 5,252,086,076
2nd New York_11 "
481,655,205
563,599,495 -14.5
561,418,078
622,266,711
3rd Philadelphial0 "
388,867,612
366,271,280 +6.2
368,651,686
358,757,753
4th Cleveland__ 8 "
166,780,390
188,422.832 -11.5
212,110,437
207,530,893
5th Richmond _ 6 "
149,480,483
161,517.897 -7.5
187,104,920
261,006,032
6th Atlanta_ _ _13 "
922.881.199 +1.0
932,453,439
7th Chicago__ _20 "
907.668,266
948,218,729
195.973,834 -5.2
185,695,871
206,828.643
200,982,348
8th St. Louis__ 8 "
121,797,594
130,260,484 -6.5
9th Minneapolis 7 "
137,355,552
121,825,510
239,564,568
216,058,396 +10.9
10th Kansas City12 "
229,839,879
224,570,291
78,445,592
74,514,902 +5.2
5 "
11th Dallas
74,544,902
76,832,719
505,839,157
602,991,791 +0.6
12th San Fran_ _17 "
536,825,439
497,592,048
129 cities 10,417,137,287 9,944,763,884 +4.8 9,075,508,738 9,205,225,523
Total
3,906,802,624 3,928,559,121 -3.1 3,984,414,778 4,074,086,429
Outside N. Y. City
- .
1349
BANK CLEARINGS AT LEADING CITIES.
August
Jan. 1 to Aug. 31
1927. 1926. 1925. 1928. 1927. 1926. 1925,
8
8
$
$
$
$
$
25,379 21,675 20,219 251,540 207,259 195,694 185.456
2,971 2,801 2,682 24,985 23,965 23,739 23,540
1,872 1.871 1.662 17.117 16,994 16,477 14,472
2,270 2,180 2,237 18,799 18,672 19,545 19,020
591
601
598 4,965 4,892 4.998 - 4r006
737
732
695 6.155 6,287 6,040 5,819
819
782
776 7,587 6,422 6,525 6.050
311
297
287 2,618 2,555 2.586 2,432
475
495
478 3,562 3,754
4.038 3.758
652
617
579 4,722 4,865 4,724 4,555
523
500
481 4,459 4,266 4,058 3,928
234
221
223 1,910 1,905 1.982
1,247
338
322
350 2,689 2,376 2,628 2.752
140
145
129 1,284 1,226 1.205 1,161
735
759
692 6,556 5.793 5,874 5,443
187
166
175
1,441
1,495 1,460 1,363
692
718
622 7,009 6,269 5,878 5,106
53
54
47
532
464
452
466
183
167
174 1,528 1.375 1,401
1,448
222
210
239
1,829 1.792 1,815 1,790
121
122
129 1,034
982 1,059 1,051
101
97
71
806
806
791
583
147
146
147 1,168 1,086 1,078 1,112
214
196
231
1,467 1,616 1,710 1,791
76
77
70
694
666
749
686
198
197
185 1,674 1,532 1,560 1,404
69
54
58
529
490
623
551
71
604
70
73
572
580
544
(000.0008
1928.
omitted.)
$
New York
26,979
Chicago
2,931
Boston
1.808
Philadelphia
2,083
St. Louis
613
Pittsburgh
734
San Francisco
871
Cincinnati
294
Baltimore
416
Kansas City
690
Cleveland
558
New Orleans
210
349
Minneapolis
Louisville
142
Detroit
867
Milwaukee
179
Los Angeles
821
Providence
57
Omaha
206
Buffalo
235
St. Paul
131
98
Indianapolis
Denver
153
Richmond
181
Memphis
70
Seattle
208
Hartford
57
Salt Lake City_-75
We also furnish to-day a summary by Federal Reserve
Districts of the clearings for the month of August. For that
month there is an increase for the whole country of 3.9%,
the 1928 aggregate of the clearings being $45,648,478,820,
and the 1927 aggregate $43,952,370,655. Althpugh this
year's total for the month of August of $45,648,478,820 does
Total
42,016 40,376 36,279 34,307 379,329 330,443 319,197 303,192
not establish a new high monthly total, it is the highest Other
cities
3,632 3,576 3.626 3,729 29.964 29.656 31,218 29,988
total ever reached in the month of August in any year.
Total
45,648
all
43,952 39,905 38,036 409,293 360,099 350,415 333,180
New York City is responsible for the greater part of the
increase, its gain being 6.3%. Outside of this city the Outside N.Y.CIty.18,669 18,573 18,230 17,818 157,753 152,840 154.720 147.724
increase is only 0.5%. In the New York Reserve District
Our usual monthly detailed statement of transactions on
(including this city) the totals for the month are larger by the New York Stock Exchange is appended. The results for
6.3%, but in the Boston Reserve District the totals show Aug. and the eight mos.of 1928 and 1927 are given below:
a shrinkage of 3.7%, and in the Philadelphia Reserve DisEight Months.
Month of August.
trict of 7.7%. The Cleveland Reserve District enjoys a
Description.
1927.
1927.
1928.
1928.
small increase-only 0.8%-but the Richmond Reserve
District suffers a decrease of 11.9% and the Atlanta Reserve Stock, number of shares_ 67,191,023 51,205,812 522,054,264 301,382,730
District of 7.5%. The Chicago Reserve District shows a Railroad and misc. bonds $124,829,000 8165,304,000 $1,374,853,650 $1,478,589,050
foreign, acc., bonds 44,111,000 63,567,900
540,541,425
556,797,300
gain of 2.6%, the St. Louis Reserve District of 1.2%, and State,
U. S. Govt. bonds
136,744,750
9,925,000 12,793,250
208.012,850
the Minneapolis Reserve District of 3.8%. In the Kansas
Total bonds
$2,052,139,825
8241,665,150
$178,865,000
$2,243,399,200
City Reserve District improvement reaches 10.4%, in the
Dallas Reserve District 4.8%, and in the San Francisco
The volume of transactions in share properties on the
Reserve District 8.1%.
New York Stock Exchange each month since Jan. 1 for
years 1925 to 1928 is indicated in the following:
Federal Reserve Mats.
1st Boston_ _ _ _14 cities
2nd New York _14 "
3rd Philadelphial4 "
4th Cleveland_ A5 "
6th Richmond _10 "
6th Atlanta..._18 "
7th Chicago_ _ _29 "
8th St. Louis_ _10 "
9th Minneapolls13 "
10th Kansas City16 "
11th Dallas
12 "
12th San Fran_ _28 "
August.
1928,
August.
1927.
Inc or
Dec.
August.
1926.
August.
1925.
$
2,039,218,422
27,652,721,135
2,255,469,141
1,784,960,655
758,519,168
778,382.552
4,471,714,858
921,902,362
564,234,069
1,367,019,228
612,208,863
2,542,128,367
$
2,118.043,788
26,026,324,529
2,444,222,202
1,769,922,010
861,014,291
841,078,022
4,357,861,670
910,778,337
543,367,439
1,238,702,922
488,895,434
2.352,110,011
%
-3.7
+6.3
-7.7
+0.8
-11.9
-7.5
+2.6
+1.2
+3.8
+10.4
+4.8
+8.1
8
2,092,154,659
22,270,873,277
2.348,917,314
1,718,905,52A
864,002,218
864,129,463
4.199,544,675
916,681,766
525,177,240
1,274,878,752
531,629,723
2,298,799,509
$
1,994,427,647
20,818,003,128
2,446,023,850
1,646,367,270
877,712,617
1,079,001,668
3,962,028,123
889,651,391
502,935,409
1,175,846,201
491,674,461
2,193,715,259
1928.
Month of January
February
March
First quarter
flanarls
Month of July
1 clO am qpn -4.924
1 aril Kce get
•
•
....., .........
,
We append another table showing the clearings by Federal
Reserve districts for the eight months back to 1925:
80,474,835
82,398,724
*63,886,110
1927.
Federal Reserve Discs.
1st Boston_ _14 cities 19,334,777,823 19,020,145,578
2nd New York_14 " 257,181,648,367 212,650,312,059
3rd Philadelphial4 " 20,265,276.925 20,124,970,003
4th Cleveland_ _15 " 14,865,018,961 14,692,105,070
6,464,306,265 6,832,157,360
5th R1chmond _10 "
6,880,504,273 7,128,903,603
6th Atlanta__ _ _18 "
7th Chicago_ _ _29 " 36,924,028,459 35,057,094,867
7,695,181,961 7,625,796,677
8th St. Louis. 10 "
4,396,261,512 3,986,142,657
9th Minneapolls13 "
9,913,045,085 9,748,811,130
10th Kansas C1ty16 "
4,010,594,971 4,105,979,753
12 "
11th Dallas
12th San 1"ran_28 " 21,362,120,135 19126,997,864
Inc.or
Dec.
1925.
34,275.410
44,162,496
49,211.663
38,987,885
35.725,989
52,271,691
41,570.543
32,794,453
38,294,393
49,781,211
46,597,830
47,778,544
30,326,714
23,341.144
38.254,575
24,844,207
36,647,760
30.750.768
226,759,669 144,157,585
91,922,433
92,242,735
415,662,003 271,807354 218,907.998 204,902,127
39.197.238 38,575,576 36.691.187 32.812.918
67.191.022 51.205.812 44.491.314 33.047.248
*Largest single day's transaction in the history of the Exchange WOK place on
Tuesday. June 12, when 5,052,790 shares were traded in.
The following compilation Covers the clearings by months
since Jan. 1 in 1928 and 1927:
Eight Months.
1928.
1926.
188.902,334 127,649,569 126,985.565 112.659.393
Second quarter
Six months
1 MO MO MO
56.919,395
47,009,070
84,973,869
Month of April
May
June
193 cities 45,648.478,920 43,952,370.655 +3.9 39,905,694,050 38,036,385,824
Total
18,549,428,913 18,572,783,775 +0.5 18,22%714,351 17.817,867.469
Outside N. Y. City
90 ottlaa
1927.
No. Shares. No. Shares. No. Shares. No. Shares.
MONTHLY CLEARINGS.
1926.
Clearings, Total All.
1925.
1928.
+1.7 18,501,015,196 16,453,297,419
+20.9 200,973,171,885 193,209,414,563
+0.7 20,950,964,330 20,789,616,422
+1.2 14,223,092,915 13,670,528,692
-5.4 7,280,461,813 7,046,545,806
-3.5 8,549,255,431 8,198,734,174
+5.3 34,890,437,318 33.925,543,811
+0.9 7,782,922,298 7,612,365,743
+10.3 4,318,028,158 4,442,143,719
+1.7 9,680,642,269 9,414,528,007
-2.3 4,198,012,657 4,014,265,389
+11.7 19,037,406,675 17,322,476,057
193 cities 409,292,764,737 360,099,416,621 +13.7 350,415,315,946
Total
157,753,228,896 152,840,384,995 +3.2 154,720.598,936 333,180,458,892
Outside N. Y. City
147,724,263,063
29 cities 15,628,877,672 12,321,153,125 +26.8 11,157,262,098
Canada
10,138388.273
Clearings Outside New York.
oath.
1927.
%
1928.
1927.
%
$
$
$
$
Jan___ 51,537,529,645 45,198,288,595 +14.0 20,494,049,716 19.636,375,125 +4.3
Feb___ 44,605,291,181 40,397,006,347 +10.4 17,781,165.115 17.337,789,024 +2.6
ar __ 55,568.771,916 48,940.295,438 +13.4 20,114,936,827 20.212,540.589 -0.9
IsI en. 151 711 592742 134535590 380 +12.868.390,151,658 57,186,704.738 ,+2.1
A ult._ 51,757,139,127 45,713,507,044 +13.2 19,717,278,654 19.248,046,393 +2.4
ay- 57,933,847,751 43,971,807,058 +31.7 21,228.860.884 19,228,686,629 +10.4
Juas. 55,276,581.886 47.689.198,950 +15.9 20,537,839,874 19,8/3.451,614 +3:7
flu. 164 967568 764 137 374513052 +20.1 61.483,979.412 58.290.184.636 +5.5
6 mos. 316679 161 506 271 910 103432 +16.5 119874 131 070 115476889374 +3.8
ly __ 46,965,124,411 44,236,942,534 +6.2 19.209,666,913 18,790,711,846 +2.2
A am __ 45.648.478A20 43.0,62 um 855 +3.9 18.669.428.913 18.572.783.775 +0:5
The course of bank clearings at leading cities of the country
We now add our detailed statement showing the figures
for the month of August and since Jan. 1 in each of the last for each city separately for August and since Jan. 1 for two
four years is shown in the subjoined statement:
years and for the week ending Sept. 1 for four years:
CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 1.
Month of August.
Clearings at1928.
1927.
.
Inc.or
Dec.
$
$
First Federal Rese rve District.- -BostonMaine-Daruor
2,756,319
3,294,246
Portland
15,151,593
17,200,464
Mass.-13oston
1,807.893,095 1,872,000,000
5,817,642
Fall River
8,551,131
2,303.703
Holyoke
3,499.076
4,959,867
4,962,770
Lowell
4.335,585
5,036,459
New Bedford
21,061,149
Springfield
20.755,948
13,663.388
14.764,836
Woroester
69.049,708
57.413.267
Conn.-HartfOrd ---34,532,530
33.010,813
New Haven
9.926,200
10,379,700
Waterbury
56,996,100
53,052,900
R. I.-Providence_ _
2,407.984
2,535.737
N.38.-Manchester
%
Eight Months.
Week Ended 801.1.
1928.
1927.
Inc. or
Dec.
$
$
%
-16.3
24,182.705
27,973.694 -13.6
-11.9
130,613,768
129.063,428 +1.2
-3.4 17,117,088.289 16,994,830.430 +0.7
-32.0
59,771,695
68.045,584 -12.2
-34.2
23.700,625
30,105,168 -21.3
-0.1
42.119,140 -2.1
41,222.022
-13.9
47,123.352
41,570,388 +13.4
+1.5
187.332,567 +4.1
195,017.367
-7.5
123,375.462
125,362.540 -1.6
-16.9
623.067,625
529,355.618 +17.7
+4.6
304.959,694
267.152.755 +14.2
-4.3
88.641,700
87.252,400 +1.6
+7.4
464,361,600 +14.5
531.868.400
-5.1
24.145,119
25,620,266 -5.8
Total(14 cities).- 2,039,218,422 2.118,093,788 -3.7 19,334,777,823 19.020.145,578 +1.7
1928.
1927.
$
$
623.576
3,333,394
396,000,000
981,530
Inc.or
Dec.
1926.
%
$
686,831 -9.2
748,378
3,734.955 -10.8
3,783.919
437,000,000 -9.4 405,000.000
1,586,960 -38.2
1,520,490
1925.
5
760,240
3,784,197
361,000,000
1,844,738
1,019,866
952.582
4.251,337
2,679,793
13,525,170
7,854,786
1,067,783
1,059,782
4,880,819
3,007.822
15,945,970
7,577,797
-4.5
-10.1
-12.9
-10.8
-15.2
+3.7
931,210
1,023.524
4,978,295
3.247,609
14.179,256
7,298,949
1,212.992
1,200,465
5,924.658
3,281.053
13,442,032
7,683,313
11,232.800
612,255
11,634.500 -3.5
815,293 -24.1
10,139.900
786,805
11.202.100
844.288
453.618.335
412.180.076
443.067.089
488.998.512
-9.4
[vol.. 127.
FINANCIAL CHRONICLE
1350
CLEARINGS-(Continued).
1928.
1927.
$
$
Week Ended Sept. 1.
Eight Months.
Month of August.
CledfiAOS at-
Inc.or
Dec.
1928.
1927.
Inc. or
Dec.
1928.
1927.
219,383,265 +0.4
6.424,276
220.193.457
5,174,936
+0.7
44,385,964 +7.0
1,162,286
1,010,144
+13.9
47,505,954
51.688,597
50,563.521
+5.9 1.828,574,958 1.792,153.714 +2.0
37,046.376 +3.6
910.233
859,161
38.388,238
+19.1
48,943,508 -6.5
45,756,225
1,072,625
-3.0
1,198,577
+6.3 251,539,537,841 207,259,031.626 +21.3 6,610,334,663 6,016,204,813
40,994,640 +31.7
54.003,003
+32.3
481,125,098 +5.4
507,104,970
12,955,656
11,286,272
-2.3
224,985.155 +3.2
6,641,555
232.250,742
5,134,088
+3.0
132,098,553 +6.7
3.094,674
141.020,278
3,629,299
+7.8
30,375,329 +2.0
788,646
613,252
30.979,291
-16.4
898,827,940 +11.2
999.146,943
+13.9
1.439,169,124 1,386,751,008 +3.8
32,480,802
33,136,734
54,209,883 +7.0
58,017,343
+6.5
Total(14cities).- 27,652,721,135 26.026.324.529
+6.3 257,181.648.367 212.650,312,059 +20.9 6,723,490,287 6,133,424,163
Total(14 cities)-- - - 2,255,469,141 2,444,222,202
Fourth Federal Re serve District -Cleveland29,053,000
34,416,000
Ohio-Akron
13,723,172
18,147,620
Canton
311.432,992
294,236 530
Cincinnati
523,084,953
558,163,119
Cleveland
78,181,800
69.420,400
Columbus
3,820,992
5,962,480
Hamilton
1,936,086
1,799,208
Lorain
8.575,648
8,371,090
Mansfield
21.795,626
25,233,131
Youngstown
3.423,564
3,049,300
Pa.-Beaver County_
956,298
1,380,198
Franklin
5.667,871
5,799.609
Greensburg
737,733,557
734.395,041
Pittsburgh
7,656,232
6,106,254
Ky.-Lexington
18,830,583
18.530,281
W. Va.-Wheeling_
Total(15 cities)-__ _
1.184.960,655 1.769,922,010
Fifth Federal Rese eve District- Rich mond5,294,1)37
5.203,132
W. Vs.-Huntington
29.672,673
19,468,374
Va.-Norfolk
213,790,000
181,081,000
Richmond
10,620.099
9.450,429
N.C.-Raleigh
8,250,000
7.406,824
S. C.-Charleston.- _
8,691.616
7.753,425
Columbia
475,551,848
415,747,428
Md.-Baltimore
2,038,683
2.001,966
Frederick
3,524,130
3,356,745
Hagerstown
103,580,305
107,049.845
D. C.-Washington
Total(10 cities).- -
758,519,168
58,842,052 -8.0
53,417.746
-7.6
153,925.800 +4.9
161,480,821
+36.1
48,658,972 -8.0
44,275,307
-14.4
164,138,946 -3.1
159,085,821
-3.0
76,695.429 +1.5
77,836.994
-9.4
22,552,475 -4.0
21,611,318
-13.4
31,778,008 +10.8
35,212,158
-1.9
-8.2 18.799,000,000 18,672,000,000 +0.7
147,040,059 +0.1
147,443,985
-10.1
215,304,871
+3.7
223,218,503
-6.5
141,178,301 -3.0
136,902,589
-7.7
62,988,431 +12.4
70,823,053
+5.6
97,147,649 -9.3
88,072,920
-2.6
233,519.010 +5.5
+1.4
248,395.710
1925.
+18.4
+2.4
-5.5
+6.7
-11.2
+56.0
-7.1
-2.4
+15.8
+12.3
-30.9
+2.3
-0.5
-20.2
-1.6
239,428,000
147,616,613
2,617.531,273
4,459,422,427
599,205,200
40.108,587
14,498,116
66,878,392
202,251,438
24,997,751
9,755,098
51,362,878
6,154,781.036
71,629,983
165.552,169
43,072,063
1180.040,613
1,466,715,964
84,457,050
78 004.079
73,365,826
3,561,584.523
16.046,556
28,759.752
932,259,839
-12:9
-22.7
+17.3
-22.2
13,263.705
7,057,187
2,955,904
1,668,530
13,080,269
6.358.796
3,488,514
742,916
33,513,117
30,650,517
+9.6 5,214,478,003 5,252,086,076
1,368,850
3,942,570
1,185,988
1.734,706 --21.1
3,984,694 --1.1
1,370,847 --13.5
1,652,578
4,684.202
1,494,987
1,623,252
4.322,759
1.599,087
1,344,784
2.085,252
1,982,509
2,591.571
454.000,000
3,536,817
4,652.282
3,451.697
1.641,882
533,000,000
3,500,833
5,816,920
4,237,818
1,798,566
-14.8
+1.0
-20.0
-18.6
-18.7
528,000.000
3.859,805
6.589.849
4,690,875
1,924,824
589,000,000
3,774,121
6,735,003
3,997,098
1,924,396
6.069.859
+7.6
6,538.449
6,699.424
481,655.205
563,599,495 -14.5
561,418,078
622,266711
222,918,000 +7.4
143,241,456 +3.0
2.555,521 284 +2.4
4,266,176,738 +4.5
608,104,400 -1.5
32,305,933 +24.2
15,581,847 -7.0
69,344,074 -3.6
193.863,879 +4.3
25,105,136 -0.5
10,790,030 -9.6
50,047,094 +2.6
6,286,956,363 -2.1
65,049,977 +10.1
147,099,059 +12.5
6.405,000
3,516,911
61,242,878
126.357,333
13,289,100
5.298,000 +20.9
3.550,274 -0.9
66,952.601 -8.5
112,767,624 +11.9
16,428,600 -19.1
5,232,000
3.649,073
66,385,754
109,137,405
16,130.200
5.462,000
3,873,494
66.339,612
112,706,307
14,655,300
6,530,335
1,691,199
5,432.960
1,613,296
4,940,082
+10.0
1,803,643
5,101,744
1,989,369
5.286,354
170,931,231
154.720,803
+ii5
161,211,867
148.355.317
+1.2
388,867,612
366,271,280
+6.2
368,651.686
358,757,753
45,668,517 -5.7
207,120,999 -13.1
1,615,900,272 -9.2
90.956,872 -7.1
78,540,784 -0.7
67,315,195 +9.0
3,754.892,727 -5.1
16.772.642 -4.3
28,368.539 +1.4
926,620,913 +0.6
1,079,853
3,695,560
42.707,000
1.227,845 -12.1
4,460.700 -17.2
48.964.018 -12.8
1,478,701
7.778.881
46,599,000
1.542,364
6,839,950
51,982,000
+0.8 14,865,018.961 14,692.100.070
--1.7
--34.4
--15.3
--11.0
--10.2
--10.8
--12.6
--1.8
--4.8
A-3.3
6.809,347
7,123,724
-19.5
1.076,400
1,202,400
-13.1
58,262,167
54,259,321
-2.2
915,816
1.090,729
-5.6
562,240
1.249,426
-11.7
+9.9 5,091.093.960 5.131,139,094
+0.7
-7.7 20,265,276,925 20,124,970,003
1,542,852
2.061,901 -26.0
1,974,390
2.063 686
95,938.533
105,857482 -10.2
129.456.573
120,287,535
21.816,592
25,850,877 -15.6
24,822,892
24,815,358
6.464.306.265
6,832,157,360
-5.4
166,780,390
188.422,832 -11.5
212,110,437
207.530,803
273,723,945
114,332,647
771,710,904
1.688,278,391
67,075.604
35.912,064
68,696,381
710.096,268
198,688.415
170,472,114
836,262,593
68,382.474
52,644.738
61,831.901
58.025.589
33,978,044
13.732,700
1,905,058,831
+6.2
+2.4
-0.7
+0.4
-6.2
+3.1
+7.1
-18.5
-46.3
-24.4
-1.0
-14.7
+6.3
-16.4
+20.5
-12.1
+1.8
+0.1
6.441,000
2.850,417
18,506,570
41,409,648
1.510.027
7.026,269 -8.3
3,154.000 -9 5
20,991,037 -11.3
46.824,852 -11.6
2,747,440 -14.4
6,290,951
2,981.592
19,259,705
48,947,399
1,937,864
6,146,434
3,266,957
20.857,464
72,143,015
2,289,671
1,786,122
11.863.750
1,377,000
2.359.383 --24.3
14,744.842 --19.5
3,687,000 --62.7
1,818,202
19,356,898
6,107,805
2.748,066
28,843,807
30,263,943
-11.5
-6.1
+3.1
+11.5
-25.2
+10.4
-10.5
290,525,821
117,112,719
765,974.103
1,694.519,795
62,941,641
37,028.905
73,541,790
578.592,369
106,627,000
128,861,850
828,306,268
58,342,552
55.948.494
58,720,000
69 937,344
29,857.242
13,982,486
1,909,683,894
20,190,526
1,380,080
23,519,462
1,952.971 -29.3
24,197,299
1,966,860
25,244.399
2,190,488
1,307.000
1.577.734 --17.2
1.368,325
1.418.000
253.318
40.605.025
386.865 -44.5
32,606,042 +24.6
340,419
52.529,601
696,611
64,807,197
-7.5
6.880,504,273
861,014,291 -11.9
Sixth federal Rese rve District-Atlanta32,451,272
33.553.868
Tenn.-Chattanooga _
13,610,814
13.610,949
Knoxville
100,322,100
92.267,530
Nashville
201.581,732
201,794,956
Georgia-Atlanta__ _
6.806,197
7.823.786
Augusta
4,500,669
4.278,093
Columbus
9.083,842
9,837,798
Macon
69,619,056
57,088,257
Fla.-Jacksonville _ _ _
Miami
7,833,000
15,076.000
12,088,253
Tampa
17,685,670
101,690,347
96,987,572
Ala.-Birmingham__ _
6,731,195
Mobile
7,602.053
Montgomery
6.699,733
6,289,992
7,059,000
6.848.700
Miss.-Hattiesburg _ _
7,570,111
Jackson
6.788,112
4,064,351
3,038,775
Meridian
1.573,850
1,425 940
Vicksburg
209,750,580
234,426,421
La.-New Orleans._ _
1920.
%
Second Federal Re serve District-New York24.881,274
25.055,647
N.Y.-Albany
5,656,085
6,442.604
Binghamton
221,774.250
234,834,858
Buffalo
4.250,794
5,062,055
Elmira
5,634,418
5,467,536
Jamestown
26.979,049,907 25.379,586,880
New York
5,162,920
6,8.50,154
Niagara Falls
56,284,146
54,983,216
Rochester
25,836,854
26,612,633
Syracuse
17,980,397
19,379,776
Conn.-Stamford.._
3,354,852
2,803,439
IC J.-Montclair_ _ _ _
103,447,566
117,834,674
Newark
166,377,796
161,844,730
Northern N.J
6,126,297
6,521.906
Oranges
Third Federal Res erre District-Philadelphia
7,727,444
7,141,525
Pa.-Altoona
16.403,513
22,328,188
Bethlehem
6,066.989
5,192.769
Chester
21,004,340
20,367,604
Harrisburg
8,962,367
8,120,576
Lancaster
2,763,592
2,393,824
Lebanon
4,055,247
Norristown
3,978,730
2,083,000,000 2,270,000,000
Philadelphia
17,485,007
15,723,122
Reading
25.778,380
24,113,073
Scranton
18,446,483
17,038.205
Wilkes-Barre
8,118,115
8,570,924
York
10,911,152
10.629,820
N.J.-Camden
26,499.573
26.870,781
Trenton
Inc.or
Dec.
+3.4
+0.1
+0.1
-13.0
+5.2
+8.3
-18.8
-48.0
-31.7
7,128,903.603
-3.5
149,480.483
161,577.897
-7.5
187,104.920
261.006,032
Seventh Federal R eserve Marie t-Chicago922,033
1,085.698
Mich.-Adrian
4,219,919
4,303,964
Ann Arbor
735,889,239
866,941,706
Detroit
17,575,231
18,906.783
Flint
34.416,360
42,870,257
Grand Rapids
7.878,252
8,689,431
Jackson
12,223.150
111358,272
Lansing
12.608,997
13,077,334
Ind.-Ft. Wayne__ _ _
25,217,325
26,747,163
Gary
101,007,000
97,909,410
Indianapolis
13,010,400
13.761,700
South Bend
22,052,957
20,894.687
Terre Haute
14.388,286
13.386.422
Wis.--4Madbon
187.053,171
178,917,139
Milwaukee
4,642.936
4.372.908
Oshkosh
12,721,189
12,203,335
Iowa-Cedar Rapids.
42,072,443
53,772,908
Davenport
40,317,501
42,749,703
Dee Moines
2,034,976
1,901.329
Iowa city
25,850,444
30.991,294
Sioux City
5,301.001
6,019,441
Waterloo
7.236,587
5,873,640
Illinois-Aurora
6,791,827
7,785.056
Bloomington
2,931,188.421 2.971.088,320
Chicago
6,236 946
5,733.064
Decatur
20.556,667
21,253.072
Peoria
13,603,604
14,224,559
Rockford
10.781.244
11,739,829
Springfield
8,674,724
-15.1
9,353,080
38.394.040
+2.0
33,122,241
+17.8 6,555,549.866 5,793,044,476
116,854,901
+7.6
132,227,301
277,019,039
+24.6
291,833,803
64,660,153
+10.3
72,080,011
90,361,556
+19.9
103,260,318
102,096,874
+3.7
113,540,263
209,318,432
+6.1
198,969,635
805,774.410
-3.1
805,578.292
106,806,280
+5.8
106,967,857
203.948,709
-5.3
186.805,986
125,164.493
-7.0
127,406.827
+4.4 1.440,560,128 1,495,277,813
34,300,319
-5.9
35.339.614
97,957,420
-4.0
102,577,582
350,246,502
+27.8
407.716,814
346,229,548
+6.0
347,961,541
16,909,370
-6.6
16,764,398
218,039,068
+19.9
239,008,952
44.576,284
+13.6
47,425,599
57,598.893
-18.8
47,057,682
55,161,060
+13.4
64,014,408
23.965,129,183
-1.3 24,985,049,261
47,431,154
-8.1
45,504,183
170.274,809
+3.4
187,108,085
121,138,618
+4.6
125,187,401
95.006.739
+8.9
96,057,345
+7.8
-13.7
+13.2
+13.4
+5.3
+11.5
+14.3
+11.2
-4.9
-0.1
+0.1
-8.4
+1.8
-3.7
+3.0
+4.7
+16.4
+0.5
-0.9
+9.6
+6.4
-18.3
+16.1
+4.3
-4.1
+9.9
+3.3
+1.1
194,363
806.097
176.866,656
F 254,163 -23.0
930,740 -13.4
157,586,162 +12.2
202.762
698,513
158.781.605
251,257
686,545
153,000,481
7.301.704
8,150,400 -10.4
8,277,481
9,265,257
3,053.364
2.995,118
3,129,531 -2.4
2,619,817 +14.3
2,599,047
3,071 449
2,716,362
2.768,034
19.570,000
2.775,600
3,999,838
20,423,000 -4.2
2,732.400 +1.6
4,870,082 -17.9
22,610,000
3 106,000
5,077,741
15,665,000
2,819.927
5,039.619
35,353.910
38.919,260
-9.2
39,141,085
39,210,142
2,684,772
2.930,001
-8.4
2,753,014
2,823,532
8.627.000
9,174,608
-6.2
10,634,310
11,100,443
6,817.268
1.101.244
5,851.405 +16.5
1,231,459 -10.6
6,036,636
1,270,976
6,561,424
1,280,247
1,762,783
647,489,747
1.152.863
4.558.980
3,014.360
2,327,772
1,590,678 +10.8
650,238,984 -0.4
1,609,735 -20.4
4,965,008 -8.2
3,152,313
2,521,452 -7.7
1,685,579
629,623,430
1,273,608
4,862.335
3,087,056
2,875,639
1,824,933
681,152,635
1,482,731
5,285,829
2.767,381
2.518.730
Total(29 citles)_ - - 4,471,714,858 4,357.861,670
+2.6 36,924.028,459 35,057.094,867
+5.3
932.453.439
922,881,199
+1.0
907,068.266
948,218.729
5.102,213
5.202.523
-1.9
5,361,246
5,058,962
122,300,000
30.486.645
384,092
129,500,000
30,834,927
367,978
-5.6
-1.1
+4.4
133,400.000
29,661.267
331 583
135.500.000
29,279,344
358,629
17.624,000 -13.7
10,452.157 +2.6
434,461 -24.1
1.557,786 -26.0
18,379,515
11.778,244
441,633
1.628.860
20,978,748
13,482,500
523,972
1,646.496
Total(18 cities) _
778,382,552
841,078,022
Eighth Federal Re serve District -St. Louis24,486.207
24,868,288
Ind.-Evansville
804,566
558,745
New Albany
591.597,976
612,670,936
Mo.--St. Louis
145,031,674
141.954.377
Ky.-Louisville
1.458,968
1,731,027
Owensboro
8.590,847
10,881,522
Paducah
76.300.113
70,001,722
Tenn.-Memphis...53,978,985
51,255.320
Ark.-Little Rock__ _
1,920,127
1.666,223
Ill.-Jacksonville _ 6,608,874
6,314,202
Quincy
Total(10 pities') -
921.902.362
910.778.337
--5.0
--13.2
--4.5
164.494.054
5,921.437
4,964,590,063
1,284,294.467
13,745,211
81,224,725
666,463,281
448.933.089
12,269,261
53,246,373
205,196.973 -19.8
6,770,984 -12.5
4,891.721.186 +1.5
1.226,056.717 +4.8
13.045,955 +5.4
76,090.943 +6.7
693,534.977 -3.9
446,393,787 +0.6
13,769.526 -10.9
53,215,629 +0.1
+1.2
7.695,181.061
7.625.796.677
+1.6
-30.6
+3.6
-2.1
+18.7
+26.7
+0.9
15,219.019
10.722.006
329,730
1,152.166
185.695.871
195.973.834
+5.2
200.982,3481 206,828,643
SEPT. 8 1928.]
FINANCIAL CHRONICLE
1351
CLEAR!NGS-(Concludecn.
Month of August.
Clearings at1928.
Eight Months.
1927.
$
$
Ninth Federal Res erve District Minneapolis-Minn.-Duluth
29,024.616
31,947.774
348,748,150
Minneapolis
337,702,962
Rochester
2,785,098
2,796,922
St. Paul
130.582,383
120,783,495
No. Dak.-Fargo
8,294,504
8,479,176
Grand Forks
5,979,000
5,988.000
Minot
1,975,295
1,527,771
S. D.-Aberdeen_ _ - 6,114,485
5,577,766
Sioux Falls
6,756,718
7,400,168
Mont.-Billings
2,885,484
2,471,415
Great Falls
5,169,645
4,391,956
Helena
15,144,461
13,613.499
Lewistown
774,230
686,535
Total(13 cities)
564,234,069
Eleventh Federal Reserve Distr
ict-DallasTexas-Austin
7,879,572
5,939,724
Beaumont
8,345.000
8,454,000
Dallas
209,277,120
192,633.169
El Paso
21,970,439
20.250,035
Fort Worth
56,837,544
46,881,085
Galveston
24,119,000
27,614,000
Houston
147,428 034
151,774,318
Port Arthur
2,210,123
2,808,061
Texarkana
2,113,186
2,458,224
Wichita Falls
10,382,000
9,728,800
La.-Shreveport
21,646,845
20,354.018
512,208,863
1928.
1927.
%
$
$
488,895,434
Week Ended Sept. 1.
Inc. or
Dec.
1928.
1927.
Inc. or
Dec.
1926.
$
$
%
$
%
-9.1
+3.3
-0.4
+8.1
-2.2
-0.2
+29.3
+9.6
-8.7
+16.8
+17.7
+11.2
+12.8
244,884,044
2,688,520,251
21,568,423
1 033.949,968
67,440,476
45,251,000
13,018,098
45,234,606
57,838,050
21,978,805
38,924,799
112,103,804
5,549.188
239,671,129
2,375,800.966
20,968,246
981,754,500
63,081,795
44,944,000
10,398,986
39,205,375
57,835,951
19,629.923
29,901,641
98,034,384
4,915,731
+3.8
543,367,439
Tenth Federal Res erve District -Kansa
s CR
Neb.-Fremout
1,675,271
1,745,499
Hastings
2,565,466
2,620,29
4
Lincoln
19,863,348
22,063,822
Omaha
205,501.902
182,819,272
Kan.-Kansas City_ _
8,821,783
10,574,981
Topeka
15,963,801
14,299,873
Wichita
43,600,856
36,887,6
11
Missouri-Joplin _ _
5,389,863
7,310,067
Kansas City
690,082,521
616.792,408
St. Joseph
32,042,038
28,857,906
Okla.-McAlester
Oklahoma C5ty_ _ _
122,846,051
107,414,
979
Tulsa
52,792,510
47,926,515
Colo.-Soi. Spgs
6,124,306
5,937,527
Denver
153,424,366
147,385.918
Pueblo
6,325,146
6.066,250
Total(16 citles)
1,367.019,228 1,238,702,922
Total(12 cities)._.
.
Inc. or
Dec.
+2.2
+13.2
+2.9
+5.3
+6.9
+0.7
+25.2
+15.4
+0.1
+12.0
+30.2
+14.4
+12.9
1925.
$
7,204.267
78.619.823
6,618,541
+8.8
87,674,051 -10.3
6,424,080
81,221.637
9,362,325
91,908,926
29,180,538
1,557,636
28,882,112 +1.0
1,887,436 -17.5
27,718,820
1,767 467
29,201.413
1,809,009
1,387.662
1.570,488 -11.6
1,394,780
1.634,479
569.668
604,856
-5.8
563 266
578.938
3,023,000 + 8.4
2,735,460
2,860,482
-6.6
121,825,510
137,355,552
344,682
562.599
4,164,576
45,399,348
294.312 +17.2
P06,446 -7.2
5.184.877 -3.6
40.834,363 +11.2
332,426
550,019
3,603,166
36,466,372
384,045
682,850
5,699,445
38,407.905
2,949.473
8,959,147
2,545,069 +15.9
7,554,781 +18.6
2,712,247
8,353.774
3,232.325
8,200,701
142.500,447
6,652,452
128.300,716 +11.1
6,108,074 +8.9
142,602,476
6,264,675
134,736.646
7.148,106
25,516,898
23,564,150
3,278,000
4.396.261 512
3,986,142.657 +10.3
y-4.0
-2.1
-10.0
+12.4
-16.6
+11.6
+18.2
-26.3
+11.9
+11.0
14,513,216
18,893,963
170,037,419
1,528.170,438
71,371,748
128,868,881
324,522,551
46,657,954
4,721.644,154
243,190,429
+3.3
+15.6
+0.3
+11.2
-12.1
+15.8
+13.9
-14.0
-2.9
+8.1
+14.4
+10.2
+3.1
+4.1
+4.3
983.077,290
398.435,181
46,777,690
1,168,318,789
48,565,382
14,048,925
16,351.666
169,552,688
1,374.537,451
81,190,707
111 322,858
285,014,068
54.254,803
4,864,542,635
224%990,287
666,406
980,124,158
399.688,299
41,371,162
1,086,269,168
44,885,849
+0.3
-0.3
+13.1
+7.6
+8,2
24,966.000
922.334
a
1,308,086
727,931 +26.7
a
a
1.121,897 +16.6
+10.4
9.913.045,085
9,748,811,130
+1.7
239.564,5C8
216,058,396 +10.9
+32.7
-1.3
+8.6
+8.5
+21.2
-12.7
-2.9
-21.3
-14.0
+6.7
+6.4
57,524,774
68,155,000
1,673,046,254
186,585,643
446,249,378
167,693,000
1,095.402,664
19,079,453
19.710,164
89.205.013
187,943,628
51,139,205
69,143,000
1,610,751,319
162,009,722
402,205,126
306,334,000
1,185,229,013
21,359,656
19,607,731
100.283,274
177.917,707
+12.4
-1.4
+0.4
+15.2
+11.0
-45.3
-7.6
-10.7
+0.5
-11.0
+5.6
+4.8
4,010,594.971
4,105,979,753
121,797,594
2,044,623
130,260,404
22,779,930
+9.6
2,407,911 -15.1
1,050,116
1,327.739
a
a
1,611,891
1,186,379
229,839,879 224,570.291
2,407,911
1.759,702
53,781.645
50,191,992
+7.2
50,191,992
47,822,397
11.279,139
7,366,000
10,213,761 +10.3
6.038,000 +22.0
10.213,761
6.038,900
11,016,915
9.779,000
3,974,185
78,445,592
5,693,238 -30.2
74.544,902
+5.2
5,693,238
6.454,705
74,544,902
76,832,719
1+-
.40.—
L.166,..b.-:445.-WWW
WWW WWWWbWWW*,..
111 -F-Ftt141+-Ft+-Ft1I++++1.
wwoon:o!;,p,00
Twelfth Federal R eserve Distric t-San
Franc iscoWash.-Bellingbam _ _
.3,400,000
3,497,000 -2.8
28,562,000
32,128,000
Seattle
208,080,509
198,475,589 +4.8 1,674,470,038 1,532,305,410
44,435,187
Spokane
44.976,975 -1.4
45,050,166
59,223,000
46,797,838
56,404,000 +5.0
451,098,000
419,6 0,000
12,128.000
Yakima
13,239,000 -8.2
12,133,000
6,394,278
12.299.000
5,265,437 +21.4
47.736,419
44,929,622
Idaho-Boise
1,500,591
1,455.043 +3.1
1,526,054
5,669,365
1,978.797
5,086,970 +11.4
40,791,6
37,416,659
82
Ore.-Eugene
2,200,600
2,184,000 +1.2
16,147,856
17,498,750
Portland
168.348,591
169,138,549 -0.5 1,272,192,249 1,279,525,135
34,959,2
Vtah-Ogden
84
38,736,3
-9.8
72
41,026,9
30
9,122,034
38,698.043
7,572,289 +20.5
54,371,195
47,633.795
Salt Lake City
74,943,305
70,093,513 +6.9
604,437,483
572,554,377
15.908,997
Nev.-Reno
15.807.070 -0.6
17.061,624
3,357,500
16.707.256
3,033,295 +10.7
23,223,982
23,677,4
Ariz.-Phoenix
16
14,069,000
10,475,000 +34.3
123,930,000
96,512,900
Calif.-Bakersfield..6,100,650
5,137,576 -0.7
43,546,608
42,625,07
Berkeley
22,229,357
21,337,473 +4.2
176,489,694
169,807,05
Fresno
15,874,320
18,346,320 -13.5
123,800,903
129,598,105
Long Beach
3,684,829
4,223,561 -12.8
35,620,476
4.615,579
4.884,519
30,124,964 +18.3
279.096,
247,425,263
Los Angeles
7,282,025
5,744.806 +26.8
821,276,000
6,315,854
718,031,000 +14.4 7,009,24 743
6,194,02
9,000 6,268,821,000
165,588,000 161,355,000 +2.6 178,415,000 138.107, 3
Modesto
4,179,173
3,735,552 +11.9
000
31.506,320
Oakland
28,391,650
79,288,186
77,982,772 +1.7
643,249,394
691,916,761
Pasadena
16,915.089
16,776,987
24,865,475
+0.8
20,061,0
25.692,469 -3.2
51
20.517,0
17
237,516,
522
241,373,219
Riverside
4,752.061
5.879,136 -19.2
3,933,441
5,433,694
4,286.399 -8.2
5,001,670
37,319,159
41,060,204
Sacramento
32,059,543
31.261,504 +5.4
262,283,
444
252,009,
854
San Diego
5,348,743
6,183,667 -13.5
25,976,449
22,269,312 +16.6
8,319,752
10,855,816
196,360,895
201,869,454
San Francisco
4,370,032
870,738,900
4,625,990 -5.5
819,944,000 +6.2 7,586,73
5.286,686
4,875,700
6,961 6,422.211,925
San Jose
180.909.400 175,125.000 -3.3 182,096,000
15,118,156
12.869,183 +1.75
181,971,
000
110,290,
92,654,618
110
Santa Barbara
3,932,783
3,222,677 -9.0
7,273.574
6.198,336 +1.73
3,099,823
3,045,546
59.250,008
49,728,684
Santa Monica
1,383,79
0
9.655,823
1,278,55
4 +7.5
9,782,225 -1.3
1,338.290
1,476,91
5
77,877,3
77,282,774
63
Santa Rosa
1,830,146
2,457,964
1,897,753 -3.8
2,007,684 +22.4
3.096,6313
2,077,708
17,440,999
16,145.699
Stockton
10,754.800
11,877,600 -9.5
90,441,200
92,957,100
1,910,200
2,464,200 -22.5
1,949,300
2.904.200
Total(28 cities)
2,542,128,367 2,352,110,011
+8.1 21.362,120,135 19.126,9
97,864 + 11.7 505.839,157 502,991,791
+0.6 536,825,439 497,592.048
Grand total(193 cities) 45,648,478,820 43.952.370.655
+3.9 409,292,764,137 360,096,416,621 +13.7
10417137,2K 9.944,783,884
+4.8 9,075,508 738 9,205,225,523
Outside New York.-- 18,669,428,913 18,572,783,775
+0.5 157,753,226.896 152,840,
384,995 +3.2 3,806,802.624 3.928,559,121 -3.1 3,984.414,778
4,074,086.429
CANADIAN CLEARINGS FOR AUGUS
T, SINCE JANUARY 1, AND FOR WEEK ENDI
NG AUG. 30.
Month of August
Clearings at-
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
3arnia
Eight Months Ended August
1928.
1927.
Inc. or
Dec.
$
$
%
614,305,313
564,142,487
275,150,008
89,840,177
31,940,049
28,289,793
15,905,617
27,941,885
53,547,065
11,968,542
11.357,732
13,501,382
28,981.979
27,286,237
3,528,543
3,664,922
13,024,984
6,138,253
5,524,169
4,714,644
3,769,333
2,000.230
3,716,737
4,115,706
4,903,083
23.010,392
2,227,567
4,021,864
3,847,279
3,240,019
3,486,574
492,518,250 +24.7
457,351,114 +23.3
219,249.237 +25.5
79,892,492 +12.5
28,621,232 +11.6
27,799,372 +1.8
12,845,879 +23.8
22,738,707 +22.9
35,664,112 +50.6
11,272,874 +6.2
10,273,975 +10.5
12,756,697 +5.8
24,217,917 +19.7
22,528,093 +21.1
2,836,747 +24.4
2,630,227 +39.3
10,917,662 +19.3
5,721,392 +7.3
4,909,563 +12.5
4,765.368 -1.1
3,746,603 +0.6
1.314,604 +52.2
3,361,898 +10.8
4,156,926 -1.0
4,642,307 +5.6
20.300,287 +13.4
1,802,717 +23.6
3.857.603 +4.3
3,627,055 +6.1
3,314,637 -2.2
2,864,743 +21.7
1926.
$
5,222,281,792
4,946,318,808
2.065,544,291
725,248,119
271,357,341
227,461,236
121,590,651
222,067.963
416,746,301
98.970,798
88,352,086
118.154,537
222,258,840
177,256,251
21,565,893
24.820,310
83,370,518
43,560,526
48,060,928
36,284,153
28,478,930
15,389,531
31.104,976
32,901,637
42,861,353
167.156,559
15,275,131
31.421,199
29,823,309
27,471,621
23.722,084
1Veek Ended Aug. 39
1925.
Inc. or
Dec.
1928
1927.
Inc. or
Dec
1926.
$
%
$
$
%
$
4,032,887,350 +29.5
3,908,583,876 +26.5
1,578,106.084 +30.9
594,018,277 +22.1
230.671,367 +17.6
220,905.531
+3.0
103,355,344 +17.6
189,668,935 +17.1
254,241,764 +63.9
87,201.592 +13.6
75,751,707 +16.6
105,480,569 +12.0
175,946,998 +26.3
142,046,351 +24.8
18.673,339 +15.5
17,747.188 +39.9
64,380,910 +29.5
40,788,596 +6.8
39,274,990 +22.4
31,779.789 +14.2
27,750.621
+2.6
9,663.588 +59.3
28,816,698 +7.9
31,422,007 +4.7
38,322,099 +11.8
155,804,045 +7.3
12,724,776 +20.0
29,388,614
+6.9
26,936,531 +10.7
26,668.365 +3.0
22,145,224
+7.1
Total MI eltlaal_ _ _ _ 1.889.092,559 1,542.400,380 +22.5
15.626,877.672 12.321.153.125 +26.8
a Manager refuses to report weekly figures. • Estimated.
112,826.408
111,816,843
50.160.500
18,701,457
5,878.305
5.578,643
3,101,360
5,745,055
9.275,610
2.215,228
2.313.725
2,527,554
5.998,429
5,895,822
655,626
738,686
2,509.987
1.363,908
1.081,385
919,640
828,711
406,614
746,549
831,342
1,015,894
5,582,796
482,545
800,195
743,067
587,575
572,700
361,902,159
123,860,330 -8.9
112,028,118 -0.2
47,370.809 +5.9
16,567,688 +12.9
6,061,074 -3.0
5,934,418 +6.0
2,451,331 +26.6
4,958,672 +15.9
7,389.159 +25.5
2,109,142 +5.0
2.265,679 +2.1
2,873,285 -12.0
4.649,580 :1-29.0
4,678,358 +26.0
575,836 +13.9
632,878 +16.7
2,051,224 +22.4
1,181,323 +15.5
1,161,896 -6.9
945,649 -2.8
749,732 +10.5
273,873 +48.5
722,997 +3.3
801,385 +3.7
1,006,765 -1-0.7
4,437,125 +25.8
374,049 +29.0
736,071
+8.7
858.709 -12.5
698,407
15.9
513.520 +11.5
360.921.982
+0.3
121,976.978
99,343,332
42,605,696
15,358,713
6,013,552
7,310.314
2,642,542
5,549,506
5.326,361
2,515,467
2,203,844
2,433,822
4,632,392
3,759,146
540,815
606,172
1,873,626
1,187,053
1,107,902
1,029,655
727,623
293,385
953,034
893,461
868,242
4,356.457
366,937
764.164
517,644
657.947
674,706
339.090.308
1925.
$
95,877,236
92,861,433
38.057.454
14.968,500
7,309.207
6.636,772
2.887,347
5,289.758
6.347,605
2,349,191
1,843,638
2,678,789
4,866,077
4,254,838
529,449
765,050
1,606,834
1.029,352
908.448
804,962
659,157
298.980
727,927
750,483
1,109,121
3.340,999
280,111
790,260
773,085
300,601,163
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Holdings in U. S. Treasury June 1 1928. July 11928. Aug.1 1928. Sept. 1 1928.
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat.,
Sept. 7.
Sept. 6.
Sept. 5.
Sept. 4.
Sept. 3.
Sept. 1.
26H
26 9-16
Silver, Der oz.d. 26 11-16 2611-16 26 11-16 26%
Gold, per fine
84.11H
84.11H
84.118
84.11(
s 84.11H
84.113.
ounce
56
56
56
x5634
x56 H
Consols, 2Hs_ _
1028C
.102.
1025
102%
102H
British,
993.4
983.5
983.4
953.4
985
British, 43.55
French Rentes
68.05
68.40
68.25
68.45
68.55
(in Paris)_ fr. ---French War L'ia
94.45
94.75
94.55
94.50
94
(in Paris).fr. ___-
The price of silver in New York on the same days has been:
Silver In N.Y., per on. (cts.):
Holiday
5834
Foreign
5834
583.
5734
573.4
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net national bank notes__
Net Federal Reserve notes
Net Fedi Res. bank notes
Net subsidiary silver
Minor coin, &c
$
337,802.942
18,574,705
4,499,870
18,075,454
1,321,445
64.966
3,308,638
4,926,112
$
313,920,118
15,105,541
3,021,104
19,526,096
1,576,535
101,210
2,802.145
16,196,244
$
330,130,615
12,725,164
2,927,601
22,093,921
1,076,462
150,110
2,742,050
6,388,867
$
326,408,336
14,653,596
3,217,488
18,542,931
1,054,735
92,140
2,806,320
4,320.031
Total cash In Treasury_
Loss gold reserve fund....
388,574,132
156,039.088
372,248,993
156,039,088
378,234,790
156,039,088
371,095,577
156,039,088
Cash balance in Treas'y
Dep.In spool depositories,
acct. Treasury bonds,
Treasury notes and certificates of Indebtedn'ss
Dep. In Fed'I Res. banks_
Dep. In national banks:
To credit Treas. U. S._
To credit disb. officers_
Cash in Philippine Islands
Deposits in foreign dentsDep. In Fedi Land banks
232,535,044
216,209,905
222,195,702.
215,056,489
18,706,000
56,679,695
245,754,000
23,959,959
96,727,000
28,331,644
165,012,000
34,054,394
7,118,984
19.553.454
623,620
431,188
7,043,957
19,902,070
760,834
526,122
7.128.950
19,101,288
897,436
469,845
7.634,700
17,862,670
837.930
510,497
Net cash In Treasury
and in banks
Deduct current liabilities_
335,647.985
280,816,283
514,156,847
248,629,866
374,851,865
258,101,580
440,968,679
250,820,461
Available cash balance_
04 831.702
265.526.981
116.750.285
190.148.218
Preliminary Debt Statement of the United States
Aug. 31 1928.
The preliminary statement of the public debt of the
United States Aug. 31 1928, as made upon the basis of the
daily Treasury statement, is as follows:
BondsConsols of 1930
Panama's 01 1916-30
Panama's of 1918-38
Panama's 01 1961
Conversion bonds
Postal savings bonds
First Liberty Loan of 1932-47
Third Liberty Loan 01 1928
Fourth Liberty Loan of 1933-38
Treasury bonds of 1947-52
Treasury bonds of 1944-54
Treasury bonds of 1946-56
Treasury bonds of 1943-47
Treasury bonds of 1940-43 (see footnote)
$599,724,050.00
48,954,180.00
25,947,400.00
49.800,000.00
23.894.500.00
15,875,560.00
5769,195,690.00
$1,939,154,150.00
971,868,750.00
6,284,041,600.00
Treasury NotesSeries A-1930-32, maturing Mar. 15 1932
Series 11-1930-32, maturing Sept. 15 1932
Series C-1930-32, maturing Deo. 15 1932
Adjusted ServiceSeries A-1930
Series A-1931
Series B-1931
Series A-1932
Series A-1933
Civil ServiceSeries 1931
Series 1932
Series 1933
Foreign Service-Series 1933
• Includes Sept. 1 57,498.132.20 silver bullion and $2,474,559.71
not included in statement "Stock of Money."
9,195,064,500.00
3,136,986,600.00
513,101,246,790.00
$1,215,153,200.00
615,095,700.00
607,399,650.00
Treasury CertificatesSeries TD-1928, maturing Dee. 15 1928
Series TD2-1928, maturing Dec. 15 1928
Series TD3-1928, maturing Dec. 15 1928
Series TM-1929, maturing Mar. 15 1929
Series T542-1929, maturing Mar. 15 1929
Treasury Sayings Certificates (a)Series 1923, issue of Sept.30 1922
Series 1923, issue of Dec. 1 1923
Series 1924, issue of Dec. 1 1923
Total Interest-bearing debt
Matured Debt on Which Interest Has CeasedOld debt matured-Issued prior to Apr. 1 1917_
Second Liberty Loan bonds 01 1927-42
334% Victory notes of 1922-23
434% Victory notes 01 1922-23
Treasury notes
Certificates of Indebtedness
Treasury savings certificates
Debt Bearing No InterestUnited States notes
Leas gold reserve
28,500,000.00
53,500,000.00
70,000,000.00
123,400,000.00
123,900,000.00
31,200,000.00
14,400,000.00
36,800,000.00
365,000.00
Two Months
-Month of August1927.
1928.
1927.
1928.
Receipts.
$
5
$
$
Ordinary52,797.381 52,982,314 97,388,164 103,463,778
Customs
Internal revenue:
34,692,556 39,695,284 67,295,845 72,866,116
Income tax
111,264,785
Miscellaneous Internal revenue 53,472,349 51,026,146 103,473,628
\1 lscellaneous receipts:
Proceeds Govt.-owned securitiesForeign obligations53,425
27,425
Principal
10,028,970
10,000,000 10,000,000 10,019,360 30,099,392
Interest
959,804
294,275 26,226,867
Railroad securities
239,462
113,748
132,663
41,265
All others
Trust fund receipts (reappro11,137,090
10,384,943
4,742,512
4,572.759
._
priated for Investment)..
1,121,861
2,483,179
287,656
808,616
Proceeds sale of surplus prop
4,418,115
4,254,930
2,342,208
2,674,915
Panama Canal tolls,&c
Receipts from miscellaneous
sources credited direct to ap826,278
2,204,438
314,683
1,108,793
propriations
13,031,717 14,404,450 29.775,134 30,632,995
Other miscellaneous
Total ordinary
253,661,000.00
201,144,500.00
192,871.500.00
360,947,000.00
211,784,000.00
16,819,161.05
23,340.920.15
94,133,719.75
2,919,213,550.00
1,220,408,000.00
Expenditures.
Ordinary (Checks and warrants
paid, &c.)177,994,600 173,643,796 348,317,150 326,428,774
General expenditures
6.308,579 21,899,309 21,737,002
5,893,159
Interest on public debt a
Refund of receipts:
3,467,982
3,323,768
1,489.988
1,615,895
Customs
19,578,813 15,754,329 28,530.216 30,602,652
Internal revenue
8,000,000
10,000,000
8,000,000
10,000.000
Postal deficiency
1,502,640
1,334,176
819,451
732,733
Panama Canal
Operations in special accounts:
37,271
910,223
43,431
918.108
Railroads
9249,265
9153,713
9125,164
508,765
War Finance Corporation
5,455,531
3,541,883
2,416,777
1,783,130
Shipping Board
856,202
9147,816
904,856
9138.298
Allen property funds
188,671 91,354,766
981,469 91,127,044
Adjusted service certificate fund_
160,143
20,023.429
278,084
916,567
Civil service retirement fund c_
Investment of trust funds:
10,903,307
10,136,969
4,804,011
4,585,298
.
.
Government Lite Insurance_
222,701
187,876
Dist. of Col. Teachers' Retire't
146,906
197,600
994
Foreign Service Retirement c_ 11,082
60,098
961,498
012,539
General Railroad Contingent__
134,293,800.95
34,270,970.26
346,681,016.00
156.039,088.03
$196,641,927.97
and
Deposits for retirement of national bank
Federal Reserve bank notes
Old demand notes and fractional currency
unclassiThrift and Treasury savings stamps,
fied sales, drc
Total ordinary
42,346,979.50
2,045,485.77
3,523,155.71
238,557,548.95
$17,647,990,660.16
outstanding.
a Net redemption value of certificates
STATEMENT.
COMPARATIVE PUBLIC DEBT
statements.]
[On the basis of daily Treasury
Aug. 31 1919
July 31 1928.
When War Debt Aug. 311927.
Last Month. Aug. 311928.
Was al Its Peak. A Year Ago.
$
17,526,219,471 17,647,990,860
26.596,701,648 18,379,912,226
Gross debt
190,148,218
116,750.284
70,286,709
Net bal.In gen.fund_ 1,118,109,534
Gross debt less net
16 17,409,460,187 17,457,842,441
bal.ln gen.fund.25,478,592,113 18,309,625,5
Treasury Money Holdings.
the daily GovThe following compilation, made up from
of the Treasholdings
ernment statements, shows the money
June, July,
of
first
the
on
business
of
beginning
the
ury at
August and September 1928:
173,494,626 202,182,208 328.353.173 376,152,067
Excess of ordinary receipts over
total expenditures chargeable
against ordinary receipts
Excess of total expends, chargeable against ord. receipts over
135,099,605 56,998,944 258,860,621 86,607,645
ordinary receipts
$17,375,162,140.95
2,010,470.26
25,095,400.00
22,150.00
2,110,700.00
1,610,500.00
545,100.00
2,876,650.00
minor coin, &c.:
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for August 1928
and 1927 and the two months of the fiscal years 1927-28
and 1928-29.
6758,984,300.00
1,036,834,500.00
489,087,100.00
493,037,750.00
359,012,950.00
Total bonds
Total gross debt
[VoL. 127.
FINANCIAL CHRONICLE
1352
221,867,882 213,149,502 447.429,394 407,928,062
Public debt retirements chargeable against ordinary receipts:
86,726,350 46,010,650 139,773,900 54,810,650
Sinking fund
Purchases and retirements from
foreign repayments
Received from foreign Governments under debt settlements
Received for estate taxes
Purchases and retirements from
franchise tax receipts (Fed.
Res..and Fed. Intermediate
Credit banks)
21,000
10.500
21,000
Forfeitures, gifts, kc
86,728,350 46,031,650 139,784,400 54,831,650
Total
Total expenditures chargeable
462.759,712
against ordinary receipts.... _ 308,594,231 259,181,152 587,213,794
included.
are
July
In
the
Treasury
reaching
Receipts and expenditures for June
1929 to date
a The figures for the month include $72,803.42 and for the fiscal year
series, and for
$132,021.18, accrued discount on war savings certificates of matured
and $257,088.55.
the corresponding periods last year the figures Include $123,007.72
respectively.
O Excess of credits (deduct).
of $19,950,000 for the
c The amount of the appropriations available July 1 1928
for tho Foreign Service
Civil Service Retirement and Disability fund and $213,000
Treasury notes maturing
Retirement Fund were invested in special Issues of 4%
established for Investments
June 30 1933, in accordance with the procedure already
Variations in working cash
for account of the Adjusted Service Certificate fund.
above.
balance account for any difference In amounts charged
SEPT. 8 1928.]
FINANCIAL CHRONICLE
1353
Treasury Cash and Current Liabilities.
National Banks.-The following infor
mation regarding
The cash holdings of the Government as the items stood natio
nal banks is from the office of the Compt
Aug. 31 1928 are set out in the following. The figur
roller of the
es are Currency, Treasury Department:
taken entirely from the daily statement of the Unite
d States
Treasury as of Aug. 31 1928.
APPLICATION TO ORGANIZE
RECEIVED WITH
AssetsGold coin
Gold bullion
TITLE REQUESTED.
Capital.
Aug. 29-The Hamilton County Nat'l
Bank
Wells, New York_ - $50,000
Correspondent, William B. Ronalof
d, Wells, N. Y.
APPLICATION TO ORGANIZE APPR
OVED.
Aug. 29-The Wilton Nat'l tank, Wilton
N. H
50,000
Correspondent, H. D. Cheever,,Wilton
. N. H.
CURRENT ASSETS AND LIABILITIES.
GOLD.
696.400,603.47 Gold ctfs. outstan
_ _1,468,760,699.00
2 491.042,641.34 Gold fund, F. R.. ding
Board
(Act of Dec. 23 1913.
as amended June 21
1917)
1,392,274,209.77
Gold reserve*
CHARTERS ISSUED.
156,039,088.03
Gold in general fund_ __ _ 170,369
,248.01 Aug. 28-The First National Bank
of Bellerose, N.Y
Total
$100,000
3.187,443,24481
President, Rufus E. Smith.
Total
3,187,443,244.81
*Note.-Reserve against $346,681,016 of U. S.
Aug.
28
notes
-The
and
Hyde
Park National Bank of Chicago,Ill
81,299,600 of Treasury
notes of 1890 outstanding. Treasury notes
500,000
of 1890 are also secured by silver
Conversion of the Hyde Park State Bank
in the Treasury.
dollars
of Chicago, Ill.
President, John A. Carroll; Cashier,
Frank L. Johnson.
SILVER DOLLARS.
Aug.
Assets-Belle
31
ville
Nation
al Bank, Belleville, Ill
$
100,000
Sliver dollars
President, John N. Wilbret: Cashier,
480,812,990.00 Silver ctfs. outstan
F. Wm. Beiner.
ding_
Treas. notes of 1890 out- 472,357,926.00 Aug. 31-The Dunbar National Bank of New York,
500,000
standing
President, J. D. Higgins; Cashier, Geo. C.N.Y
1,299,600.00
Loomis.
Silver dols.in gen.fund_
7,155,464.00
Total
CHANGE OF TITLE.
480.812,990.00
Total
480,812,990.00 Aug. 27-The Pennsylvania National Bank of Pottsville.
"The Pennsylvania National Bank & Trust Pa., to
GENERAL FUND.
Co. of
AssetsPottsville." LiabilitiesGold (see above)
170,369,248.01 Treasurer's checks
VOLU
NTAR
LIQU
Y
outSilver dollars(see above)
IDATIONS.
7,155,464.00
standing
United States notes__5,439,500.51 Aug.27-The First National Bank of Richey. Mont
3,217,488.00 Deposits of Govern
ment
Federal Reserve notes__
Effective June 11928. Liquidating Agent, Axel Nelson $25,000
1,054.735.00
officers
:
,
Fed. Res. bank notes__
Sidney, Mont. Absorbed by First State Bank
92,140.00
Post Office Dept
of Richey,
National bank notes_
Montana.
4.398,500.50
18,542,930.50
Board of trustees,PosSubsidiary silver coin_ -2,806,319.78
Aug.
tal Savings system:
28-The First National Bank of Finley, N. Dak
Minor coin
2,474,559.71
50,000
5% reserve, lawful
Effective Aug. 16 1928. Liquidating Agents
Silver bullion
, E. H.
7,498,132.20
money
Gilbertson and J. B. Oxton. Finley, N.Dak.
Unclassified-Colleens,
7,609,3
Succeeded
62.53
Other deposits
by
Steele
Count
Nation
y
al
&o
Bank
of
Finley
432,192.39
. No. 13190.
1,845,471.54
Postmasters, clerks of
Depositsin F. R.. banks_ 34,054.393.82
Aug. 31-The Bayside National Bank, Baysid
courts, disbursing
e, New York, N. Y- 100,000
Deposits in special deEffective at close of business Aug. 15
officers, eco
1928.
Liquidating
positaries acc't of sales
44,688,528.77
Committee, Elmer G. Story and
Mable Vaughan,
of ctfs.of indebtedness 165,012,000.00 Deposits for:
Bayside, New York, N. Y., and Rober
Redemption of F. R.
M.
t
Deposits in foreign deJamaica. N. Y. Succeeded by the Baysid Catharine,
notes (5% fund,
e Bank. Baypositaries:
side, New York, N. Y.
gold)
To credit of Treasurer
159,480
,523.20
Redemption of nat'l
Aug. 31-The First Nat'l Bank of Whites
United States
tone, New York, N.Y... 100,000
66.207.95
bank notes(5% Id.,
Effective close of business Aug. 15 1928.
To credit of other
Liquidating
lawful money)
Agents, Edwin P. Roe, J. W. Stanle
Government officers
26,815,735.88
y and Henry C.
444,288.64
Retire
ment
Ducke
of
,
add.
all
of
'
Deposits in nat.
Whites
tone, New York, N. Y. Succeeded
!banks:
circul
ating notes
by the First Bank of Whitestone.
To credit of Treasurer
Act May 30 1908_
United States
2,430.00 Aug. 31-The Flushing National Bank. Flushi
7.634,699.79 Uncollected items,
ng, New York,N.Y. 200,000
exTo credit of other
Effect
ive at close of business Aug.
changes, 840
1928. Liquidating
Govt. officers
1,953,687.04
Committee, Clarence M. Lowes, 15
17,862,670.30
Charles H. Roberts.
Deposits in Philippine
and Carl E. Meyer, all of Flushing. New York.
N. Y.
Treasury:
250,82
0,460.
Succee
82
ded
by
the Flushing Bank. Flushing. New York,
Net balance,
To credit of Treasurer
190.148,218.35
N. Y. The liquidating bank has one branch
.
United States
837,929.93
Total
440,968,679.17
Total
440,968,679.17
a Includes receipts from miscellaneous
sources credited direct to appropr
Auction Sales.-Among other securities, the follo
iations.
Note.-The amount to the credit of d sbursin
wing,
g officers and agencies to-day
8381,614.423.01. Book credits for which
was not actually dealt in at the Stock
obligations of foreign Govern
Exchange, were sold at auction
held by the United States amount to $33,23
ments
are
6,629.05.
New
York, Boston, Philadelphia and Buffalo on Wednesin
Under the Acts of July 14 1890 and Dec.
23 1913, deposits of lawful
the retirement of outstanding nationa
l bank and Federal Reserve bank money for day of this week:
paid into the Treasury as miscellaneous
notes are
receipt
s,
and
these
obligations are made,
under the Acts mentioned, a part of
By Adrian H. Muller & Sons, New York:
tions to-day was 842,346,979.50. the public debt. The amount of such obliga$488,215 in Federal Reserve notes and
Stocks.
Shares.
$18.428,399 in national bank
8 per sll. Shares. Stocks.
the Treasury in process of redemp
notes are in
S per eh.
Leverich Realty Corp. Pref.:
200 Industrial Acceptance Corp.
respective 5% redemption funds. tion and are charges against the deposits for the 1216 Levertc
h Realty Corp. corn.:
corn. stk. v. t. c., no par
35
$3.500 demand note Leverich
300 Pike Hill Mines
85 lot
Realty corp.. dated Mar. 1
1928. Int. 6%
8510 lot
goinmercial antpl1.Usceilanton
sRM3
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per :h. Shares. Stocks.
$ per sh.
6 Amer. Trust Co
475
1 unit First Peoples Trust
10 Old Colony Trust Co
45334 50 Merrimac Chemical Co.. par $50 5434
10 First Nat. Bank
90
466
5
New
Englan
d Power Assn., pref..
3 American Trust Co
475
9854 & div.
370 Parker Mills common
4
49
Ludlow
Mfg.
Associa
tes
Merchandise Movement at New York.
67 Nonquitt Spinning Co
200%
17
25 Western Massachusetts Cos
Customs Receipts
10 Gosnold Mills. pref., cif. of dep_ 91,4 20
6634
units First Peoples Trust
at New York.
Arena.
5 Farr Alpaca Co
Imports.
5534
110
Exports.
11
Plymou
th Cordage Co
69
27 Border City Mfg. Co
9-9)4 71 Lowell Elea. Light Corp. v. t.e.,
1927.
25 York Mfg. Co
1925.
1927.
19%
par $25
1926.
1927.
56-57
1926.
10 Naumkeag Steam Cotton Co..
69 Old Colony Trust Associa
_ 5254
1381,4-1383-4 115 Sullivan Machinery Co_ tes_
July
_ _ _ 55 44-58
Peppere
ll Mfg. Co
158,169,597164,794,382 138,284,513 132,903
4-8
1434
50
Easter
,105
n Utilities Associates. corn. 4134
26,620.038 24,619,552 20 Naumkeag Steam Cotton
August_ _ 166,332,013 161.973,351 142.661
Co
.747 116.821.090 30.852.625
-138 34 22 Plymouth Cordage Co
September 172,707,698 182.914.678
126,772,088 151,629,613 32.593.222 29,188,549 2 Grat011 & Knight Co., pref
72)4 16 Nor. Bost. Ltg. Prop.. common 69)4
October- _ 175,855,280 177,239,687
137,849,733 123,823.326 31.626,401 32,000.997 5 Craton & Knight Co., corn
v t. c
November 179,611,688185,959,035 156,060
Quincy Mkt. Cold Storage & 11%
9954
31,369
5
,820
100 Gildland 011 Co.. corn. tr. 004
December.157,075.741 178.172,957 157.87 ,057 149.662.955 29,487,856 30,431.596
Warehous Co., pref
4.443150,344,551 24.267.557
72
100 GLUlland 011 Co.pref. v.t.a.,
26,823.969 18 Blackstone Val. G. & El. Co.,
common, par $50
$70 lot
1928.
1927.
148
1928.
11 Coasters' Crean Co., wet., par
1927.
January -- 168,712,467 176,319.795
1928.
26 L.S. Envelope Co.. corn
1927.
148,120,044 155,804.975 25,495.311
249%
310;1 Coll.Credit Co.cam....$2 on pref.
February _ 173,826,482 154.108.688
Colony
Old
25
24.880
Tr.
,299
Associa
tes--521,4-53)4
March ___ 185.264.893185,002.299 135,898,816 129.846,153 25,128,590 23,681.705 168 Sullivan Machinery CO
541,4
1,768150.660,298 26.742
BondsApril
Per cent.
165.919.118188,933.508 168,89
25,675,460 320 Great Northern Paper Co., par
130.785,040 164.037.393 24.102,317
$2,000 Trustees of Rite-Arllngton
May
157,560,673 163.149.501 150,186
.748 26,635,472
$25
82-89
,285
%
Trust
139.49
let 6s, Sept. 1946
7,479
June
23.853
.273
93
144.666,805 165,089.895 147,075,3901
27.325,100 22.868,179 24,059,482
27,940,184
Total...2005902455 2083657 766
By R. L. Day & Co., Boston.
1740459924 1692356 038 323,63
8.117 328,272,085
Shares. Stocks.
$ per oh. Shares. Stocks.
Movement of gold and silver for the
25 Nat. Shawmut Bank
330 1,000 Trinidad Oil Fields, Inc $ per6eh.
twelve months:
15 Atlantic Nat. Bank
309% 30 Terminal Hotel Trust common- 95
10 Nat. Shawmut Bank
330% 30 Old Colony '1 rust Associates
Gat Movement at New York.
5234
7 Old Colony Trust Co
453
30 Great Northern Paper Co., par
BEver--Nstro York,
5 Liberty Trust Co
243
225
Month,
Imports.
5Farr
Alpaca
8234
Co
Exports.
109m 18 New England Power Aran
I Imports. I Exports. 5 Naumkeag Steam Cotton Co...J38
10 George E. Keith Co., Let prof., 84;4
1927.
1926.
10 Nashua Mfg. Co.. prat__ _86 & My.
1927.
1926. I
1927. I 1926.
100 & dlv.
3 Western Massachusetts Cos
66)4
9 units First Peoples Trust
$
I
2
52)4
I
$
BondsI
8
5.215.929
July
Per ant,
8 speciai units Flint Peoples Trust_ _ 3.:5 $100
846.7621 1.090,7391 1.698,5
Boston Lodge B. P. 0.
491 1.554.118 3,470,003 300 Carr Fastener Co.,corn..
August..- 6,107,889
662.4661
883.6181 21,154,9141 1.492,026
par $20 33)4
No. 10, 2d M.65, April 1940.5E.
September 1,714.31
9.8 InS.
972,6171 24.166,9811 21,675.3221
2,727,989
2,154,70
October...
4,450,040
495,91
623,9791 9.147,1181 1.013.7
991 1,796,403 2,402.
727,412
November
Barne
652.8881 84,200,3611 1,463,
By
s
&
Lofla
526
nd,
Phila
delph
908
ia:
2,007.426 2,988,534
487.049 6,622.9
December
71,982.9031 6.766.464I
708.777 4.804,479 Shares. Stocks.
$ per sh. Shares. Stacks.
2 Springfield Nat. Bank (Delaware
per oh.
1927.
1928.
4 Phila. Nat. Bank
1928.
1927.
1928.
County)
750
1928.
795,991 17.840,866 50.866.191 14.466,637
January
150% 10 Textile Nat. Bank
420
February. 5.763.918 14,060.641 24,536,938 2.084,371 2.819.736 8,913,573 25 Colonial Trust Co.. par $50_ -.250
Rights1.662,4
Banker
99
s Trust Co., par $50_ _ A30
$ per Right,
March ......
4.325.121 70
899.714 1,512,363 96.975.664 1,628,544
40
Belmon
t
Trust
Co
2,050.259 3.769,747 10 United Security Life Ins. &
28%
April
3,873.068 3,853.05 94,843.016 1.928.63
20 Behnont Trust Co
1,819,08
Trust Co
27
May
551,762 27,257,66 82,603,409
240
5 Franklin Trust
756,245 1,127,725 4,049.989 8 Mitten Sf. & M. Bk.
3,724,
&
June
150%
8.031,123 97,939.50
Tr.
039
877.84
Co.
67
Frankl
in Trust Co
932.10
2,762,894 3,432,299
kstamped), par $50
Pa
150
120
Bonds
19 Security 'I itie & Tr. Co., par $50 70
Total
Per Cent.
27,510,78 32,537,881I580,236,434 75,459,5381
$4,000 Bond and mtge.
21.945.6491 44.058.339 10 Hatboro(Pa.)Tr. Co., par $50_2
02
Lots 7 & 8 of Block 3, covering
28 Phila. Bourse,com., Par 850_ _ 34
Brookline,
Delaware County, Pa
$500 lot
FOREIGN TRADE OF NEW
YORK-MONTHLY
STATEMENT.
011,
[VOL. 127.
FINANCIAL CHRONICLE
1354
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable
Books Closed
Days laclusios
Miscellaneous (Continued).
14
$1.50 Oct. 1 Holders of rec. Sept.
r) corn. Mar.)
PreferredOar d Foundry,.
Am.
Sept.14
1% Oct. 1 Holders of rec. Sept.15
(quar.)
134 Oct. 1 Holders of rec.
American Cigar, pref.(quar,)
30e. Oct. 1 Holders of rec. Sept.15
Amer. Cyanamid. corn. A & B (quar.)
be. Oct. 1 Holders of ree. Sept.16
Common A & B (extra)
Oct. 1 Holders of rec. Sept.15
134
Preferred (quar.)
"$1.50 Oct. 1 *Holders of rec. Sept. 14
Amercian Express (guar.)
Oct. 1 *Holders of rec. Sept.20
Amer. Furniture Mart Bldg., pref.(qu.)
*75c. Oct. 1 *Holders of rec. Sept.20
Amerclan Seating, corn. (guar.)
Oct. I Holders of rec. Sept.14a
3
American Snuff, corn. (guar.)
1% Oct. 1 Holders of ree. Sept.14rt
Preferred (guar.)
of rec. Oct. 1
Amer. Steel Foundries, corn.(quar.)_.... •7553. Oct. 15 *Holders of rec. Sept.15
Books Closed
When
Per
"1% Sept.29 *Holders
Preferred (guar.)
of rec. Sept.20
*Holders
Inclusive.
Days
1
Oct.
"$1.75
Payable.
Cent.
American Wholesale Corp., prof.(quar.)
Name of Company.
•3734c Sept.29 *Holders of mt. Sept. 18
Art Metal Construction (quar.)
of rec. Sept.17
"Holders
Sept.29
•50c
Associated 011 (anar.)
Railroads (Steam).
•50c. Oct. 1 *Holders of rec. Sept.14
Atlas Imperial Diesel EngineBeech Creek (anal.)
*Holders of roe. Aug. 20
of rec. Sept. 15
Holders
1
1
*3734c
Sept.
Oct.
8744c
B
(guar.)
&
A
(quer.)
Class
common
Valley,
Lehigh
"1254c Sept. I *Holders of rec. Aug. 20
$1.25 Oct. 1 Holders of rec. Sept. 15
Class A & B (extra)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Beacon Participations. Inc.St. Louis Southwestern. pref.(quar.)15
Sept.
rec.
Sept. 1 Rolders of rec. Aug. 15
of
*Holders
I
Oct.
•3
preferred
ctf
tr.
participating
A
Class
Southern Ry. M. Jr 0.stock
Oct. 15 Sept.22 to Oct. 13
Borne Scrymser Co
Oct. 15 Sept.22 to Oct. 13
Extra
Public Utilities.
Oct. 1 *Holders of rec. Sept.15
Brillo Mfg., class A (guar.)
American Community Power15
Sept.
Sept.29 *Holders of rec. Sept. 14
$1.50 Oct. 1 Holders of rec.
Butte & Superior Mining (quar.)
1st preferred (No. 1) (guar.)
Sept. 15
rec.
of
Holders
Oct. 1 *Holders of rec. Sept. 15
1
Oct.
$1.50
Iron
Cambria
Preference (No. 1) (guar.)
ref. Sept.26
Oct. 1 Holders of rec. Sept. 14
Canadian Car & Fdy., pref.(quar.)--- 4.1% Oct. .10 Holders of rec. Sept. 10
American & Foreign Power, pref.(gu.).- $1.75 Oct. I *Holders of rec. Sept. 14
Sept.15 Holders of
"6154c
_
(guar.)
pref.
Ltd.,
Canadian
Bakeries,
allot.
(guar.)
certificates
Pref.
Sept. 17
rec.
of
14
Sept.
rec.
Holders
of
1
Oct.
*Holders
1
Oct.
$1
'7834c
Certaln-teed Products, corn.
Pref. allot. ctfs. 45% part. pd.(m.)
1 Holders of rec. Sept. 13
154 Oct. 1 Holders of rec. Sept. 17
Preferred (guar.)
American Power & Light,$6 pref.(gu.)_ $1.50 Oct. 1 Holders of rec. Sept. 13
of rec. Sept.20
*Holders
1
Oct.
6234c.Oct.
*500.
(guar.)
Club
Utensil
(guar.)
Aluminum
$5 preferred, series A
1 Holders of rec. Sept. 15
154 Oct. I Holders of rec. Sept. 20
Cluett, Peabody & Co.. pref.(quar.) -Amer. Superpower Corp., 1st pref.(qu.) $1.50 Oct. 1 Holders of rec. Sept. 15
6255c. Oct. I Holders of rec. Sept.15
$1.50 Oct.
Cohn-Hall-Marx, tom.(quar.)
$6 preference (guar.)
21
Sept.
rec.
of
*Holders
1
Ia. 2'29 Holders of rec. Dec. 15
Oct.
6254c.
•154
Common (guar.)
Barcelona Tree. Lt.& Pr., part. pf.(en.)
62,540. Ap.1'29 Holders of rec. Mar. 15
Common (quar.)
Belgian National Railways*Holders of rec. Sept.10
•$4.14
Jul 129 Holders of rec. June 15
Sept.20
62%c.
shares
Common
(guar.)
American
Panic. preferred
•$1
Oct. 1 *Holders of ref. Sept. 18
134 Oct. 1 Holders of rec. Sept.12
Coleman Lamp & Stove (quar.)
Becton Elevated Hp., corn.(guar.) 90c Oct. I Holders of rec. Sept. 150
334 Oct. I Holders of rec. Sept.12
Commercial Invest. Trust, corn. (quar.)
Second preferred
1 Holders of rec. Sept. 15
Oct. 1 Holders of roe. Sept. 154
Oct.
131
7%
first preferred (quar.)
Calgary Power. Ltd. (guar.)
Oct. 1 *Holders of rec. Sept.10
1% 7/ct. 1 Holders of roe. Sept. 164
634% first preferred (guar.)
Central Maine Pow.7% pref.(guar.).- '134
Oct. 1 *Holders of rec. Sept.10
ept.15 *Holders of rec. Sept.14
"15.4
*43%.
pref.
Merchandising,
Cense'.
Automatic
Six per cent pref.(guar.)
51.74 Jct. I Holders of rec. Sept. ma
- *75c Oct. 15 *Holders of rec. Sept.29
.
Cigar, corn. (guar.)
Consolidated
Central & S. W.Utilities, corn.(guar.)
14
10
Sept.
25c Oct. 1 Holders of rec.
*50c Jet. 1 'Holders of rec. Sept.
Consolidated Dairy Prod.(guar.)
Central States Elec. Corp., corn.(guar.)
Holders of rec. Sept.10
Cresson Cons. Gold Min.& Mill.(guar.)
Common (payable in corn. stock)_ _ _ f 234 Oct. 1
Sept.
15
rec.
of
10
rec.
*Holders
of
Sept.
Holders
21
1
Oct.
134
Detroit & Cleveland Navigation (quar.)- *20c Jct.
Seven per cent pref. (guar.)
of re:. Sept. 21
134 Oct. 1 Holders of rec. Sept.10
Devoe & Raynolds, Inc., corn.A&B (au.) •60c Jct. 1 *Holders
Six per cent pref.(guar.)
Sept. 21
rec.
of
*Holders
10
Sept.
of
1
rec.
"11.75
Oct.
*Holders
1
_Mt.
'20c
Common A & B (extra)
Central States P.& L..67 pref.(au.) *1,4 Jct. 1 *Holders of rec. Sept. 21
of rec. Sept.15
First and second preferred (guar.).
Chic. North Shore & Milw., pref.(guar.) *134 Oct. 1 *Holders
15
1% Jct. 1 Holders of rec. Sept.
*134 Oct. 1 *Holders of rec. Sept.15
Dominion Glass, corn. & pref.(guar.)
Preferred (guar.)
1
rec.
of
Sept.
15
Sept.
*Holders
*50c
$1.21. Jet. 1 Holders of roe. Sept. 15
Dominion Textile, corn.(anar.)
Cities Service Pow.& Lt.$6 pref.(mthly)
Sept.29
rec.
154 Jct. 15 Holders of
•58 1-3c Sept.15 *Holders of rec. Sept. I
Preferred (quar.)
$7 preferred (monthly)
of rec. Sept.15
$1.13 Oct. I *Holders of rec. Sept.18
Douglas(W. L.) Shoe, pref. (quar.)- - 1% Jet. 1 Holders
City & Subur. Bell Telep. (guar.)
Sept. 200
Oct. 11
37%1 Oct. I Holders of rec. Sept. 22
Eastern Rolling Mill(quar.)
Commonwealth Power, corn. (guar.)- - *75c Nov. 1 *Holders of rec.
of rec.
•1%
*Holders
I
11
rec.
Oct.
Nov.
of
Oct.
1
*134
*Holders
Eastern
(au).pf.
Steamship Lines, 151
Six per cent pref. (guar.)
Sept. 22
rec.
of
120
*Holders
1
Sept.
rec.
Oct.
of
I
Holders
Oct.
'87341
$1.10
Second preferred (guar.)
Continental Gas & Elec., corn. (qu.)
131 Oct. 1 Holders of rec. Sept.20
134 Oct. 1 Holders of rec. Sept.120 Emerson Electric Mfg., pref. (quar.)
7% prior preference(quan)
rec. Sept. 20
of
Holders
1
154
Sept.
rec.
Oct.
of
Holders
1
$1.25
Oct.
75c
dlecfoetrre
Enpr
t Jdoh(nqtruoarn.C)
Denver Tramway, prof
COM •(anar.)-20
131 Oct. 1 Holders of rec. Sept. 5
Oct. 15 Holders of rec. Sept. 20a
2
Detroit Edison Co.(guar.)
Sept.15 *Holders of rec. Sept.
Oct. 1 Holders of rec. Sept.14
Ewa Plantation (extra)
Duluth-Superior Tract., pref. (quar.)- - 51
Sept.14
roe.
of
Holders
1
15
Oct.
Sept.
rec.
of
50c
Holders
I
234 Oct.
Faultless Rubber (guar.)
Eastern Mass. St. Ry.. ad). Stook
rec. Sept.20
37340 Oct. 1 Holders of rec. Sept. 20
134 Oct. 1 Holders of rec. Sept. 14
First National Stores, corn,(guar.)
Eastern Texas Electric Co., pref.(qu.)
Sept. 15
154 Oct. 1 Holders of
First preferred (guar.)
Empire Gas & Fuel,8% pref.(monthly)• 662-3c Oct. 1 *Holders of rec.
roe. Sept. 8
of
Holders
15
Sept.
50.3
581-Sc Oct. 1 *Holders of rec. Sept.15
Fogenfs
eb
rreedB
e (rqouta
hrors
) Co.. Pitts., com
Sept. 8
7% Preferred (monthly)
• 541-Sc Oct. 1 *Holders of rec. Sept. 15
134 Sept. 15 Holders of rec. Sept.20
ref.
634% preferred (guar.)
of
'Holders
1
Oct.
*30c
15
Sept.
rec.
of
•50c Oct. 1 *Holders
Foote Bros. Gear & Mach.. ccm•
6% preferred (monthly)
'- *1 M Oct. I *Holders of rec. Sept.20
Preferred (guar.)
Aug. 31
Erie Lighting-Dividend passed.
Sept. 10
•1% Oat. 1 *Holders of rec. Seta. 10
General Bronze, pref.(quar.)
Illinois Power & Light.6% pref.(qu.) •$154 Oct. 1 *Holders of rec.
$1.25 Oct. 1 Holders of rec.
154 Oct. 1 Holders of rev. Sept. 5
General Railwaylr
uyfIgnal,com.(guar.)._
a
gar
10
Sept.
Indianapolis Power & Light, pref.(qu.)
rec.
of
1% Oct. 1 Holders
rec. Sept. 15
International Power, Ltd., 7% pf. (cm.) 134 Oct. 1 Holders of
Oct. 1 Holders of rec. Sept. 15
$1.75 Oct. 1 Holders of rec. Sept. 10
n.eA
Gepr
rred
fem
waunar
er. T
k Car, coin.(guar.).--- $1
15
Sept.
rec.
Interstate Power,$7 pref.(guar.)
of
Holders
1
Sept. 17
1% Oct.
.
Jersey Central Pr.& Lt..7% Pf•(guar.). IM Oct. 1 Holders of rec.
*I
Oct. 26 *Holders of rec. Sept. 21
134 Oct. 1 Holders of rec. Sept. 17
General Electric, common (guar.)
(guar.)
21
Sept.
rec.
prof.
of
*Holders
26
Oct.
19
Sept.
•15c
6%
•50e Sept.29 *Holders of rec.
Special stock (quar.)
Lone Star Gas (guar.)
Holders of rec. Sept. 15
SIpdrein
134 Oct.
n.A
lel
(
G.
C
Co.-Dividend o mitted
ngc
&
Blu
oa
(m
er.)
anpar
Long Island Ltg., series A.7% pl.(pi.)_
rec. Sept. 10
of
'Holders
Sept.20
52.50
Sept.15
*
rec.
of
Holders
134 Oct.
Series B 6% pref. (guar.)
*Holders of rec. Sept.20
*50c Oct.
*Holders of rec. Sept.20
Globe Grain & Milling.corn.(qnar)
Manhattan fly., quar. stock (quar.)_.. •154 Oct.
*Holders of rec. Sept.20
'4354c Oct.
Holders of rec. Sept. 15
154 Oct.
1st preferred (guar.)
Nassau & Suffolk Ltg.. pref.(quar.)_ _
*Holders of rec. Sept.20
Oct.
*500
Holders of rec. Sept.20
2d preferred (guar.)
National Elec. Power,8% pref.(quar.). 134 Oct.
Sept. 1 *Holders of rec. Sept. I
Sept.20
rec.
of
*50c
Holders
Oct.
134
Golden
Gate
prof.
Ferries,
(guar.)
7% preferred (guar.)
*Holders of rec. Sept. 15
17
Oct.
Sept.
'$1.25
rec.
Holders of
c
Go
ar
omm
odye
i
T(
on
Rub..Canada, pf. MU.) .31
Nat. Public Service Corp., pref. A (au.) 134 Oct.
*Holders of rec. Sept.15
Oct.
*Holders of rec. Sept. 15
*$1.50 Oct.
re
extra)
New England Power, pref. (guar.)
Holders of rec. Sept. 15
15
Oct.
Sept.
rec.
11%
of
•144
Oct.
*Holders
Preferred (qua?.)
New York Cent. Elec.. pref.(guar.).of rec. Sept. 15
'Holders
15
*1% Oct.
Holders of rec. Sept.
GulfGraloecru
134 Oct.
N.Y. Central Elec. Corp.,7% pf.
r.), 1st pf.
aors
Mot
(qu
"Holden of rec. Sept.20
3710 Oct.
"Holders of rec. Sept.20
o gpe.
Ca
-P
North Amer. Light Jr Power,56 M.(an.) 41.50 Oct.
of rec. Sept. 15
*Holders
Oct.
15
Sept.
rec.
of
•13‘
Holders
Gulf States Steel, 1st pref.(quar.)
134 Oct.
North West Utilities 7% Dr.lien,(
111.)-(
Sept. 18
*11.7 Sept.2 "Goldoni of rec. Sept.21
134 Oct.
Holders of rec. Sept.15
Granite City Steel, pref.(wan)
Northport Water Works, pf.(guar.) -Holders of rec.
Sept.&
•150
rec.
Sept.15
of
Holders
Oct.
$1.25
Hawaiian Pineapple (extra)
Penn Central Lt. dr Pr.,$5 pref. (quar.)_
Sept. 25
to
16
Sept.
Sept.
2.
2
Oct.
"Holders of rec. Sept. 10
*$2
Hercules Powder, corn. (guar.)
Philadelphia Traction
204
500 Sept.2. Holders of rec. Sept.
Holders of rec. Sept.15
194 Oct.
Homestake Mining (Monthly)
Porto Rico Rye.. pref.(guar.)
rec. Sept. 5
of
Holders
I.
Sept.
*ace
'$1.60
of
rec. Aug. 31
Sept.1 *Holders
Honolulu Consol. 011 (guar.)
Public Service Co.of N.H.$6 prof.(qtr.)
5
Sept.
rec.
of
Holders
*250 Sept. 1.
•81.25 Oct.
*Holders of rec. Sept.15
Extra
$5 preferred (guar.)
Holders of rec. Sept. 11
•50c Oct.
2
Oct.
Sept. 25 to Oct. 1
Humble 011 & Refg.(qua?.)
Public Serv. Co. of Okla.. corn.(quar.)
Sept. 1 1
rec.
of
Holders
1
Oct.
*20c
134 Oct.
Sept. 25 to Oct.
Extra
7% prior lien stock (guar.)
Sept.15
•50o Sept.& Holders of rec. Sept. 18
134 Oct.
Sept. 25 to Oct. 1
Humphreys Mfg.,corn.& pref.(guar.)6% prior lien stock (guar.)
rec.
•75c Oct. 1 *Holders of
Oct.
Holders of rec. Sept.10a Inland Wire & Cable (guar.)
Savannah Elec. & Power, 1st pf. A (MI.) 2
Sept. 5
rec.
of
Holders
134 Oct.
5% Oct. 1
Holders of rec. Sept. 10a Insurance Securities Co., Inc. (guar.)
First preference, ser. B (guar.)
Holders of rec. Sept. 15
*Holders of rec. Sept.15
Internat. Buttonhole Sew. Mach.(q41) •20c. Oct. 1 *Holders of rec. Sept. 15
Southwestern Gas& Elec., pref.(au.). _ _ •134 Oct.
1
500. Oct.
*Holders of rec. Sept.15
International Shoe, corn. (guar.)
Southwestern Light & Pow., Prof.(cm.). •$1.50 Oct.
rec. Oct. 1
•750. Oct. 15 Holders of
Holders of rec. Sept.15
Johns-Mansville Co.. corn. (quar.)
Sept. 17
Springfield Gas Jr Elec.. pref. A (quar.)- 1% Oct.
131 Oct. 1 Holders of ref. Sept. 15
Oct.
Holders of ref. Sept.12
Preferred (guar.)
Twin City R. T., NlInneap., Prof.(qu.). 134
rec.
of
*Holders
Oct. 1
Holders of rec. Sept.15
Johnston (R.F.)Paint,8% pf.(guar.).- *2
Sept.20
United Gas .5r Elec. Corp., pref. (rm.)... 131 Oct.
rec.
Oct. 15
*50o. Oct. I *Holders of rec. Sept.20
Kavnee Co., corn.(guar.)
United Lt.& Pr., corn. A & B,old (M.). •600. Nov. I *Holders of rec.
•1254c Oct. 1 *Holders of rec. Dec. 20
•12c Nov. 1 *Holders of rec. Oct. 15
Common (extra)
New common, A a: B (quar.)
of
*Holders
51234c Jan 1'29
*Holders of rec. Sept.15
•$1.63 Oct.
Common (extra)
rec. Mar.20
Preferred A (guar.)
•1251c Aprl'29 *Holders of rec. June 20
Oct.
"Holders of rec. Sept.15
"SI
Common (extra)
Preferred B (guar.)
*1254c July1'29 *Holders of
Sept.15
rec.
Oct.
of
*Holders
•51.50
Common
(extra)
(qu.).
pref.
$6
Utilities,
Public
United
of me. Sept.19
Oct.
'Holders of rec. Sept. 5
Keith-Albee-Orpheum Corp., pref. (qu.) .1.1% Oct. 1 *Holders of rec. Oct. 6
Utah Power & Light, $7 pref.(quar.)- - $1.75 Oct.
Holders
Holders of rec. Sept. 5
$1.50
Keystone Steel & Wire, Corn. (guar.).-- *75e. Oct. 15 *
5
$6 preferred (guar.)
of
5.1% Oct. 15 *Holders rec. Oct. 17
w50c Oct.
Holders of rec. Sept. 14
Preferred (quar.)
Utilities Power & Light, class A (gu.).- w20c Oct.
Holders of rec. Sept.
Holders of rec. Sept. 14
Kimberly-Clark Corp.,corn.(qu.)(No:1) 62140 Oct. 1 *Holders of rec. Sept. 20
Class B (guar.)
'1% Oct. 1
Holders of rec. Sept. 14
134 Oct.
King Phillip Mills(quar.)
Sept. 17
Seven per cent pref. (guar.)
•$1.25 Oct. 1 *Holders of rec. Sept. 17
Holders of rec. Sept.24
Oct.
Lambert Co. (guar.)
West Kootenay Power & Light, pt.(qu.) 154
•50o Oct. 1 *Holders of rec. Sept. 15
154 Oct. 1 Holders of rec. Oct. 10
Extra
rec.
Western Power Corp. 7% pref. (guar.).
of
Sept.29 *Holders
•2
Lawrence Portland Cement(qnar.)
14a
40c Oct. 1 Holders of rec. Sept. 15
Life Savers, Inc. (quar.)
flanks.
50c Sept.29 Holders of rec. Sept.
Oct. 1 *Holders of rec. Sept.
*1
Loew's,
Inc.,
corn.
(guar.)
Assn.
America (Bank of) Nat.
*Holders of rec. Oct. 18
1
Nov.
8
Sept.
*400
1
rec.
Oct.
of
*Holders
*1234c
Loose-Wiles
Biscuit, corn.(quar.)
(quar.)Bnkme
Corp.(guar.)
•1% Oct. 1 "Holders of rec. Sept. 18
334 Oct. 1 Holders of rec. Sept. 130
1st preferred (guar.)
Chase National (guar.)
•1% Oct. 1 'Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 130 Lorillard (P.) Co., pref.(quar.)
$1
Chase Securities Co. (guar.)
of rec. Sept. 15
13
Sept.
rec.
of
*Holders
1
Oct.
.4
Mack Trucks, Inc.,common (guar.).- - $1.60 Sept.30 Holders
Chatham dr Phenix Nat. (quar.)
of reo. Sept. 30
Oct. 1 *Holders of rec. Sept. 14
12
Maillnson (H. R.) & Co., Inc., pt.(au.) 154 Oct. 1 Holders
Chelsea Exchange (guar.)
Holders of rec. Dec. 20
2'29
Jan
Sept.25
1%
rec.
of
1
Holders
Oft.
4
Preferred (guar.)
Seaboard National (guar.)
d.
Manhattan Electric Supply. Dividend omitt
rec. Sept. 17
1% Oct. 1 Holders of rec. Sept. 29
Manhattan Shirt, pref.(guar.)
Trust Companies.
1 Holders of rec. Sept. 14
50c Oct. 10 Holders of rec. Sept. 15
Margay Oil(quar.)
of
Amer. Exchange Irving Trust (guar.)- - 334 Oct.
Holders
3734c. Oct. 1
734 Oct. 1 Holders of rec. Sept. 14
Maytag Co.(guar.)
Sept. 15
Bankers (quar.)
Oct. 1 *Holders of rec. Sept. 29
Sept.29 Holders of rec. Sept. 14
4
Merchants Or Mfrs. See.. pref.(qua?.)... "37%
Guaranty (guar.)
4,1% Oct. 15 'Holders of rec.
Oct. 1 *Holders of rec. Sept. 15
'5
Prior preferred (guar.)
Sept. 14
rec.
of
Holders
Manufacturers (guar.)
Oct. 1 *Holders of rec. Sept.20
•$15
Metropolitan Paving Brick. prof.(qu.). 131 Oct.
rec. Sept. 19
U. S. Trust (guar.)
Oct. 1 *Holders of rec. Sept. 191
Midland Steel Products,common (qu.)- - $1
of
Holders
*
1
•49c Oct.
Common (extra)
Sept. 191
Fire Insurance.
Oct. 1 *Holders of roe.
52
'$1.50 Oct. 1 *Holders of rec. Sept. 14
Preferred (quar.)
Holders of rec. Sept. 200
Hessler (quar.)
Morgan Lithograph, common (guar.).- - $1.2 Oct.
rec. Sept. 154
of
Holders
65c Oct.
Mountain Producers (guar.)
Miscellaneous.
*Holders of rec. Sept. 24
eyie Oct.
Holders of rec. Sept. 15
131 Oct.
Mt. Diablo Min.& Devel.(monthly) Holders of roe. Sept. 12a
Alberta Pacific Grain, pref.(guar.)
4354 Oct.
Holders of rec. Sept. 18
62c Oct.
National Candy, common (guar.)
Holders of rec. Sept. 12a
Aloe (A. S.) Co., corn.(guar.)
1% Oct.
Holders of rec. Sept. 18
154 Oct.
1st and 2d preferred (quar.)
Holders of rec. Sept. 14
Preferred (guar.)
Oct.
15
Sept.
$1
rec.
of
*Holders
.754 Oct.
National Tea, common (guar.)
Holders of rec. Sept.14
American Bakeries ,class A
'Holders of rec. Sept.15
37% Sept.2 Holders of rec. Sept. 7
'154 Oct.
Nevada Consolidated Copper (guar.).Preferred (guar.)
I 62% Sept. I
Holders of rec. Sept. 12a Ohio Confection,class A (quar.)
50c Oct.
Amer. Bank Note, corn.(guar.)
12a
Holders of rec. Sept.
134 Oct.
Preferred (quar.)
SEPT. 8 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Orpheum Circuit, pref.(guar.)
*50c. Oct. 1 *Holders of rec. Sept. 19
Owens Bottle Co.. common (quar.)•750. Oct. 1 *Holders of rec. Sept. 15
Pacific Nat. Co.(No. 1)
"25c. Oct. 1 *Holders of rec. Sept. 25
Ponder (D.) Grocery, Cl. B (guar.)
*25c. Oct. 1 *Holders of rec. Sept. 15
Class B (extra)
•250. Oct. 1 *Holders of rec. Sept. 15
Penick & Ford, pre/ (guar.)
'131 Oct. 1 *Holders of rec. Sept. 14
Penney (J. C.) Co., pref.(guar.)
•134 Sept.29 *Holders of rec. Sept.20
Peoples Drug Stores, Inc. (quar.)
"25c Oct. 1 *Holders of rec. Sept. 8
Pet Milk, common (guar.)
3734c. Oct. 1 Holders of rec. Sept. 10
Preferred (guar.)
13( Oct. 1 Holders of rec. Sept. 10
Pratt & Lambert,Inc.,common (guar.)- *750. Oct. 1 'Holders of rec. Sept. 15
Price Bros. & Co.. corn- Mari
33 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
133 Oct. 1 Holders of rec. Sept.15
Raybestos Co., common (quar.)
"80c. Oct. 1 *Holders of rec. Sept. 15
Reece Buttonhole Sew. Mach.(guar.)- - •350. Oct. 1 "Holders of rec. Sept. 15
Reece Folder Machine (guar.)
*35c. Oct. 1 *Holders of rec. Sept. 15
Reliance Mfg.. preferred (guar.)
*134 Oct. 1 *Holders of rec. Sept. 21
Reynolds(R.J.) Tob.. com.&com.B(gu) $1.25 Oct.
Holders of rec. Sept. 18
Richfield Oil, preferred (guar.)
"433ic Nov. *Holders of rec. Oct. 5
Russ Mfg.(guar.)
*50c. Sept.3 *Holders of roc Sept.28
St. L.Rocky Mtn.& Poe.Co.,com.(gu.)
34 Sept.2 Holders of rec. Sept. 150
Preferred (guar.)
134 Sept.2 Holders of rec. Sept. 15a
Salt Creek Consol. Oil (guar.)
*Holders of rec. Sept. 15
"20c. Oct.
Schiff Co.,cony. pref.(guar.)
•134 Sept.1 "Holders of rec. Aug. 31
Seventeen Park Ave.. Inc.. lard
Sept.15 Sept. 1 to Sept. 16
3
Sher-Williams Co.. Canada,
134 Sept.30 Holders of rec. Sept. 15
corn. (qu.)
Preferred (guar.)
131 SePt.30 Holders of rec. Sept.15
Smallwood Stone (quar.)
6214c Sept.15 Holders of rec. Sept. 5
Smith (F. H.) Co.,734% preferred
334 Sept.15 Holders of rec. Sept. 5
7% Preferred
333 Sept.15 Holders of rec. Sept. 5
Standard 011(KY.)(quar.)
Sept.29 *Holders of rec. Sept.15
411
Sparks-Withington Co.,corn.(guar.)- - 75c. Sept.29 Holders of rec. Sept.19
Preferred (guar.)
134 Sept.15 Holders of rec. Sept. 5
Standard Commercial Tobacco(guar.)- 250. Oct. 1 Holders of rec. Sept.20
Standard Royalties Wewoka Co.
Preferred (monthly)
•1 Sept.15 *Holders of rec. Aug. 31
Swedish Amer.Inv. Corp.,corn.(quar.)- Si 6234 Oct. 1 Holders of
rec. Sept.15
Participating preferred (guar.)
51 6233 Oct. 1 Holders of rec. Sept.15
Tide-Water Oil,corn. Mari
"20c. Sept.29 *Holders of rec. Sept. 17
Traymore, Limited, coin. (guar.)
12340. Oct. 1 Holders of rec. Sept.15
Preference (quar.)
131 Oct. 1 Holders of rec. Sept.15
Traveler Shoe(quar.)
4,3734e Oct. 1 *Holders of rec. Sept. 15
Truscon Steel, corn.(guar.)
•30o. Oct. 15 *Holders of rec. Oct. 5
Union Guarantee Mtge.(quar.)
$1.50 Oct. 1 Holders of rec. Sept.15
Quarterly
$1.50 Jan2'2 Holders of rec. Dee. 15
Extra
$1 Jan2'2 Holders of rec. Dec. 15
Union Mortgage,COM. MEMO
$2 Oct.
Holders of rec. Sept. 15
Quarterly
$2 Jan2'2 Holders of rec. Dec. 15
Extra
$2 Jan2'2 Holders of rec. Dec. 15
6% preferred (guar.)
134 Oct.
Holders of rec. Sept.15
Quarterly
134 Jan2'29 Holders of rec. Dec. 15
Union Tobacco,class A (guar.)
$1.75 Oct. 1 Holders of rec. Sept.14
U.S.Tobacco,corn.(quar.)
750. Oct. 1 Holders of rec. Sept. 17
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.17
Utah Copper(quar.)
$2 Sept.29 Holders of rec. Sept.14
Walgreen Co.,pref.(guar.)
1.6234 Oct. 1 *Holders of rec. Sept.20
Warren-Quinlan Co., corn. (qu.)
500 Oct. 1 Holders of rec. Sept.126
Preferred (guar.)
133 Oct. 1 *Holders of rec. Sept. 120
Warren Bros. Co., corn.(quar.)
*al Oct. 1 *Holders of rec. Sept.17
First preferred (guar.)
*750 Oct. 1 *Holders of rec. Sept. 17
Second preferred (quar.)
•87340 Oct. 1 *Holders of rec. Sept.17
Wescon Oil& Snowdrift, corn.(qu.)".$1 Oct. 1 *Holders of rec. Sept. 17
West Coast 011(guar.)
"$1.50 Oct. 5 *Holders of rec. Sept.25
Extra
•$3 Oct. 5 *Holders of rec. Sept.25
West Point Mfg.(guar.)
Oct. 1 Holders of rec. Sept. 15
2
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
1355
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Public Utilities (Concluded).
California-Oregon Power, coin. (guar.). 134 Oct. 15 Holders of rec.
Sept. 30
7% pref.(guar.)
131 Oct. 15 Holders of rec. Sept.30
6% pref.(guar.)
134 Oct. 15 Holders of rec. Sept.30
Central Ill. Pub.Sem.. pref.((Mari
•31.50 Oct. 15 •Holdere of rec. Sept. 30
Central Public Sem. Corp.. cl. A (qu.)_n '439(c Sept.15 "Holders of rec. Aug.
26
$6 Pf.(gu.)(No.1)
•$1.50 Oct. 1 *Holders of rec. Sept. 100
Chicago Rapid Transit (monthly)
*65c. Oct. 1 *Holders of rec. Sept.18
Monthly
"600. Oct. 1 *Holders of rec. Sept.18
Coast Cos. Gas & Elec.. let & 2d Pf.(gu.) "134 Sept.15 "Holders of rec. Sept.
1
Columbus Elec. & Power, corn. (guar.). 50c. Oct. 1 Holders of rec.
Sept. 101
Second preferred (quar.)
134 Oct. 1 Holders of rec. Sept.104
Preferred, series B faller.)
134 Oct. 1 Holders of rec. Sept. 10/
Preferred, series C (guar.)
134 Oct. 1 Holders of rec. Sept. 10/
Consol. G. E. L.& P., Balt., corn.(qu.) •75c. Oct. 1 "Holders of rec. Sept. 15
Preferred A (guar.)
•134 Oct. 1 "Holders of rec. Sept.15
Preferred D (guar.)
*134 Oct. 1 *Holders of rec. Sept.15
Preferred E (guar.)
'134 Oct. 1 'Holders of rec.
Consolidated Gas, N. Y.. corn.(guar.).- $1.25 Sept.15 Holders of rec. Sept.15
Aug. ea
Consumers Power Co.6% pfd.(guar.).- 133 Oct. 1 Holders of rec. Sept.15
6.6% preferred (quiz.)
1.65 Oct. 1 Holders of rec. Sept. 15
7% preferred (guar.)
134 Oct. 1 Holders of rec. Sept.15
6% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
5543. Oct. 1 Holders of rec. Sept.15
Elec. Power & Light, pref.(guar.)
$1.75 Oct. 1 Holders of rec. Sept.13
Elec.Pow.& Lt.,allot.ctft., full pd.(qui 134 Oct. 1 Holders of rec. Sept.186
Allot.ctts.40% paid (guar.)
700. Oct. 1 Holders of rec. Sept.13a
Electric Public Service, prof.(guar.)
134 Oct. 1 Holders of rec. Sept. 12
Electric Public Utilities, pref.(auar.)
81.75 Oct. 1 Holders of rec. Sept. 12
Engineers Public eery.,cony. pi.(qu.).. $1.25 Oct. 1 Holders of rec. Sept. 5a
FederalLight & Tree., corn.(quar.)..
200. Oct. 1 Holders of rec. Sept. 13a
Common (payable in Corn,stock)
1150. Oct. 1 Holders of rec. Sept. 136
Galveston-Houston Elee. Co., pre
Sept.15 Holders of rec. Sept. 4
General Gas & Elec.. coin. A (quar.).... 3733c. Oct. 1 Holders of rec. Sept.121
$8 preferred class A (guar.)
Oct. 1 Holders of rec. Sept. 120
52
$7 preferred class A (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 12a
Preferred class B (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 12a
Great Western Power, pref. (quar.)---- *1% Oct. 15 Holders of rec. Oct. 1
Gulf States Utilities. $6 pref.(gdar.)
$1.50 Sept.15 Holders of rec. Sept. 5s
$5.50 preferred (quar.)
$ 1.3734 Sept.15 Holders of rec. Sept.
Illinois Bell Telep.(guar.)
*2
pt.29 "Holders of rec. Sept.28
Illinois Power Co.,6% pref.(quar.).
134 Oct. 1 Holders of roe. Sept. 15
Seven per cent preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Indianapolis Water Co, pt. A (quiz.)-.
134 Oct. 1 Holders of rec. Sept.124
K.C.Pow.& Light, 1st pf B (quar.)S1.50 Oct. 1 Holders of reo. Sept.14a
K.C.Public Serv.. pref.A (guar.)
. 1 Holders of rec. Sept.15
Kentucky Hydro Elec. Co., pf.(quiz.)_ •134 Sept.20 *Holders of rec. Aug. 31
Laclede Gas Light, corn. (guar.)
234 Sept.15 Holders of rec. Sept. la
Louisville Gas & Elec., corn. A & B (qu.) 4344c. Sept.25 Holders of rec. Aug. 316
MemphisPower & Light,$7 pref.(qui- $1.75 Oct. 1 Holders of rec. Sept. 15
te preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
Middle West Utilities, prior lien (guar.). 2
Sept.15 Holders of rec. Aug. 31
$6 Prior lien (guar.)
81.50 Sept.15 Holders of reo. Aug. 31
Monongahela West Penn Pub.Serv.7% Preferred (guar.)
43310. Oct. 1 Holders of rec. Sept.15
Montana Power,corn.(guar.)
134 Oct. 1 Holders of rec. Sept.146
Nat. Public Service, corn, A (quar.).
400. Sept.15 Holders
rec. Aug. 27
New England Pub.Sem.,corn.(guar.) _ •450. Sept.30 *Holders of
of rec. Sept.15
Prior lien (Quiz.)
41 75 Sept. 15 *Holders of rec. Aug. 21
$7 Preferred(quar.)
'51. 75 Oct. 15 *Holders of rec. Sept. 30
$6 preferred (guar.)
*El 50 Oct. 15 *Holders of rec. Sept.30
Adjustment, pref.(guar.)
411 66 Oct. 15 *Holders of rec. Sept.30
New England Telep.&Teleg.(guar.).- - 2
3ept.29 Holders of rec. Sept 10
N.Y.& Queens Elec. L.& Pow.(qu.) '
8734c Sept. 14 "Holders of rec. Aug. 31
New York Steam Corp..$6 pref.(guar.)- $1.50 Oct. 1 Holders of rec. Sept. 15a
$7 preferred (guar.)
81.75 Oct. 1 Holders of rec. Sept. 15a
New York Telephone. prof.(quar.)
154 Oct. 15 Holders of rec. Sept.20
New York Water Service, pref.(quari_
$1.51 Sept.15 *Holders of rec. Sept. 5
North American Co., common (quar.)
1234 Oct. 1 Holders of rec. Septa 56
Preferred (quar.)
75c Oct. 1 Holders of rec. Sept: 50
North Amer. Utility Securities Corp.First preferred (auar.)
Sept.15 Holders of rec. Aug. 81
First preferred allot. ctfe. (quiz.)....
Sept.15 Holders of reo. Aug. 31
Northern Liberties Gas
4ept.12 Aug. 5 to Sept.11
Northern Ohio Pow.&
7% PE.(qu)
Oct. 1 Holders of rec. Sept. 15
6% preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
Northwest Utilities, prior lien pfd.(qu.)
Oct. 1 *Holders of rec. Sept.13
Oklahoma Gas & Elec., pref. (guar.)3ept.1 "Holders of rec. Aug. 31
Pacific Telep. & Teleg., cam.(quiz.).... 13( Sept.29 Holders of rec. Sept.20a
Preferred (guar.)
134 Oct. 15 Holders of rec.
29c
Penn Central Light & Pow., pfd.(qu.)- *$1.21 Oct. 1 *Holders of rec. Sept.
Sept.15
Penn. Gas & El. Corp.,7% pref.(qu.)- *Ix Oct. 1 *Holders of rec. Sept.20
$7 preferred (guar.)
'51 71 Oct. 1 *Holders of rec. Sept.20
Pennsylvania-Ohio P.& L.. $8 pt.(qu.) 81.51 Nov. 1 Holders of
ree. Oct. 20
7% preferred(guar.)
131 Nov. 1 Holders of rec. Oct. 20
7.2% preferred (monthly)
60c Oct. 1 Holders of roe. Sept.20
7.2% preferred (monthly)
600. Nov. 1 Holders of rm. Oct. 20
6.6% Preferred (monthly)
55c Oct. 1 Holders of rec. Sept.20
6.6% preferred (monthly)
550. Nov.
Holders of rec. Oct. 20
Pennsylvania Water &Pow.(guar.)---- 6234v Oct. 1
1 Holders of rec. Sept.14
Peoples Light & Pow.Corp. corn A(qIL)- P60c Oct. 1 Holders of
rec. Sept. 8
Philadelphia Electric (guar.)
50c Sept.15 Holders of rec. Aug. 310
Portland Elec. Power,6% pref.(qu.)._ 134 Oct. 1 Holders
rec. Sept. 15
of
7% prior preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Power Corp. of Canada,6% Pr.(gu.)
75c )ct. 15 Holders of rec. Sept. 29
Public Service Corp. of N.J.. aim.(qu.) 50c Sept.29 Holders
of rec. Sept. la
6% Preferred (monthly)
50c *pt.29 Holders of rm. Sept. la
7% Preferred (guar.)
194 Sept.29 Holders of rec. Sept. la
8%preferred(quar.)
Sept.29 Holders of rec. Sept. la
2
$5 Preferred (guar.)
81.25 Sept.2 Holders of rec. Sept. 1
Public Service Elec.& Gas.6% pfd.(qu.) 133 *pt.2i Holders of
rec. Sept. la
7% Preferred (guar.)
134 Sept.28 Holders of rec. Sept. la
Public Serv. of Okla.,7% pref.(quar.)
Oct. 1 Sept.25 to Sept. 30
13'
6% preferred (guar.)
134 Oct. 1 Sept.25 to Sept. 30
Radio Corp. of America. pref. (qui
- 8734c Oct. 1 Holders of rec. Sept. la
San Joaquin L.& P.,7% pref.A
(quar.)-- •13f Sept.15 *Holders of rec. Aug. 31
6% Preferred (guar.)
*1.31 Sept.15 *Holders
rec. Aug. 31
Southern Calif. Edison.7% pf.ser.A(qu 433(c Sept.15 Holders of
of rec. Aug. 20
i
6% pref.series B (guar.)
Sept.11 Holders of rec. Aug. 20
Southern Canada Power, pt.(guar.) ...- 3734'
134 Oct. 16 Holders of roe. Sept.20
Southern Colo.Power, pref.(Quar.)
13( Sept.15 Holders of rec. Aug. 31
So'west Gas Util.. pref.(qu.)
S 1.6254 Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
1.6233 Fob l'2( Hold.of rec. Jan.2(1'29
Preferred (guar.)
1.8234 M'yl'21 Hold.of roc. Apr.20'29
Standard Gas& Elec.8% pref.(qui
$1 Sept.16 Holders of rec. Aug. 3Ia
--Superior Water L. & Pow., peel.
tau.) - 1)( Oct. 1 Holders of rec. Sept.15
Tennessee Elec, Power Co.
first
5%
preferred (guar.)
13( Oct. 1 Holders of rec. Sept. 15
6% :Ira preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
7% first preferred (guar.)
13( Oct. 1 Holders of rec. Sept. 15
7.2% preferred (guar.)
1.80 Oct. 1 Holders of rec. Sept. 15
6% first preferred (monthly)
500. Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (monthly)
Oct. 1 Holders of rec. Sept. 15
60o
Union Natural Gas(Canada)
•35c Sept.10 'Holders of rec. Aug. 31
United Gas Improvement (guar.)
$1
Oct. lb Holders of rec. Sept. 150
Utah Gas & Coke, pt. & panic. pt.
(au.) 13' Oct. 1 Holders of rec. Sept.15
Virginia Elec.& Pow..7% pre/.(qu.)
13( Sept.21 Holders of rec. Aug. 3I6
6% preferred (guar.)
134 Sept.20 Holders of rec. Aug. 316
West Penn Elec. Co.. class A (guar.)
- 13( Oct. 1 Holders of rec. Sept. 156
West Penn Rys..6% pref.(guar.) .
134 Sept,1. Holders of rec. Aug. 25
Western Power Corp., 7% pref.(guar.).
Oct. 15 Holders of rec. Oct. 1
Winn pleg Elec.Co.. prof.(guar
Holders of rec. Sept. $
Wisconsin Power & Light, pref.(guar.). •15,, Oct. 1 'Holders
of rec. Aug. 31
Sept.15
6% pref. (No. 1)
S 34 Oct. 15 *Holders of rec. Sept.30
Wisconsin Pub. fiery. 7%. pref. (guar.)
13( Sept.20 Holders of rec. Aug. 31
preferred
634%
(guar.)
134 Sept.20 Holders of rec. Aug. 31
6% preferred (guar.)
134 Sept.29 Holders of rec. Aug. 31
Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Railroads (Steam).
Alabama & Vicksburg
3
Oct. 1 Holders of rec. Sept. 8a
Bangor & Aroostook, common (quar.)
880. Oct. 1 Holders of rec. Aug. 31e
Preferred ((mar.)
Oct. 1 Holders of rec. Aug. 31a
Boston & Albany (quar.)
2
Sept.29 Holders of rec.
31
Canadian Pacific. corn.(guar.)
234 Oat. 1 Holders of rec. Aug.
Aug. 316
Preference
2
Oct. 1 Holders of rec. Aug.
Chesapeake Corporation (guar.)
750. Oct. 1 Holders of rec. Sept.31
86
Chesapeake & Ohio.coin.(guar.)
234 Oct. 1 Holders of rec. Sept. 86
Preferred series A
33( Jan 1'29 Holders of rec. Dec. 80
Chic. RI.& Pacific. corn.(guar.)
134 Sept.29 Holders of rec. Sept. 70
Consol. RRs. of Cuba. pref. (quar.).,,.__
134 Oct. 1 Holden; of rec. Sept. 106
Cuba Northern Rys., corn.(No. 1)
$4.40 Sept.28 Holders of rec. Sept.284
Cuba RR.. preferred
3
Febl'29 Holders of rec. Jan 15'29
Delaware & Hudson Co.(guar.)
234 Sept.20 Holders of rec. Aug. 286
Erie & Pittsburgh (quar.)
8733c Sept. 10
of rec. Aug. 316
Fonda Johnston & Gloversv, pt.(guar.). 134 Sept.15 Holders
Holders of rec. Sept.106
Gulf Mobile & Nor.,6% pref.(guar.)._
133 Oct. 1 Holders of rec. Sept. 156
Hooking Valley, corn.(guar.)
234 Sept.29 Holders of rec. Sept. 8a
Maine Central, common (guar.)
1
Oct. 1 Holders of rec. Sept.15
MIssouri-Kansas-Texas, pref.(guar.)
.
- 13f Sept.29 Holders of res.
Sept.15a
New York, Chicago & Bt. Louis, corn.&
preferred (guar.)
134 Oct. 1 Holders of rec. Aug.
N.Y. N. H.& Hartford, corn
1
Oct. 10 Holders of rec. Sept.15a
10a
Preferred (guar.)
Oct. 1 Holders of rec.
100
Norfolk & Western, corn.(guar.)
Sept.19 Holders of reo. Sept.
Aug.
illa
Old Colony (quar.)
13( Oct. 1 Holders of roe.
150
Pere Marquette. corn. (guar.)
134 Oct. 1 Holders of rec. Sept.
Sept. Ta
Prior preferred & preferred (guar.)._ 13( Nov. 1 Holders
of
rm.
Oct.
50
Bessemer
Pittab.
& L. E.,corn.(guar.)__ 0750 Oct. I
of rec. Sept. 15
Mat.. Ft. Wayne & Chic., 00E0.(quar.) 134 Oct. 1 *Holders
Holders of rec. Sept. 100
Preferred (guar.)
134 Oct. 2 Holders of rec.
100
Reading Co., first pref. (guar.)
500. Sept.13 Holders of rec. Sept.
Second preferred (quar.)
500 Oct. 11 Holders of rec. Aug. 23a
Sept.
20a
St. Joseph South Bend & Sou, corn
Sept.15 Sept.11 to Sept. 14
Preferred
234 Sept.15 Sept.11 to Sept. 14
St. Louis-San Francisco,(fem.(qu.)
13( Oct. 1 Holders of rec.
la
Common (extra)
25e. Oct. 1 Holders of rec. Sept.
Sept. la
6% preferred (quar.)(No. 1)
134 Nov. 1 Holders of rec.
Oot. 8a
6% preferred (guar.)
134 Feb.129 Hold. of rec. Jan.
7 '29a
Southern Pacific Co. (guar.)
133 Oct. 1 Holders of rec. Aug.
Texas & Pacific (guar.)
134 Oct. I Holders of rec. Aug. 240
Union Pacific. corn.(guar.)
310
234 Get.
Holders
of rec. Sept. la
Preferred
2
Oct.
Holders of rec. Sept. la
Vicksburg Shreveport & Pacific, corn_ _ 234 Oct.
Holders of rec. Sept. 8a
Preferred
234 Oct.
Holders of rec. Sept. 8a
Public Utilities.
Amer.Public Mil.pt.& panic pf.(qu.)_ _ *$1.75 Oct.
"Hold= of res.
Amer. Telep. & Teleg.(gum.)
234 Oct. 15 1101.(leTB Of TOO.Sept. 15
Sept. ktia
American Water Works & Electric$6 first preferred (quar.)
$1.50 Oct.
Holders of rec. Sept.120
Associated Gas & Elec., orig. ser. pt.(q.) 18730 Oct.
Holders
of
rec. Aug. 31
$6 preferred (quar.)
$1.75 Oct.
Associated Telco. Utilities, $7 pf.(qu.). $1.75 Sept.15 Holders of rm. Aug. 31
Holders of rec. Aug. 31
$6 preferred (guar.)
$1.50 Sept.15 Holders of rec.
Aug. 31
Bell Telep. of Canada (guar.)
2
Oct. 1 Holders
Bell Telco. of Pa..634% prof.(guar.).- _ •144 Oct. 1 *Holders of rec. Sept.22
Brooklyn-Manhattan Tran..ler. A(gu.) $1.50 Oct. 1 Holders of rec. Sept.20
of rec. Oct. la
Preferred series A (quar.)
$1.50 an15'29 Holders of rec. Dec.
31a
Preferred series A (gum.)
$1.50 Am1519 Hold, of rec. Apr.
1 '29a
Brooklyn Union Gas (quar.)
$1.25 Oct.
Holders of reo. Sept. 6a
Buffalo Niagara & East. PowerBanks.
Common and class A (guar.)
"300. Oet.
*Holders of reo. Sept. 15
Old preferred (quar.)
‘0400. Oct.
*Holders of reo. Sept. 15
Commerce (Nat. Bank of) (guar.) ----1 434 Oct. 1 Holders of res. Sept.144
First preferred Mari
*$1.25 Novi "Holders of reo. Oct. 15
Public Nat.Bank & Trust(quiz.)
.4
Oct.! 1 *Holders of reo. SeZ.1L
134
131
2
1'
Name of Company.
Trust Companies.
Equitable (quar.)
Title Guarantee dr Trust (extra)
Fire Insurance.
Universal of Newark (quar.)
Wizen
Per
Cenr. Payable.
$3
6
Books Closed
Days Inclusive.
Sept.29 Holders of rec. Sept. 15a
Sept.29 Holders of reo. Sept 22
8799c. Sept.15 Holders of rec. Sept. 1
Miscellaneous.
.
60c. Sept. 15 Holders of rec. Sept. I
Acetol Products, Inc., cl. A (qua?.)
199 Sept.29 Holders of rec. Sept. 15a
Adams Express, com.(quar.)
194 Sept.29 Holders of rec. Sept.lba
Preferred (quar.)
134 Oct. 1 Hoiders of rec. Sept. Ila
Allied Chem. dr Dy, pref. (quar.)
500. Sept.30 Holders of rm. Sept. 15a
Aluminum Manufactures. corn. (quar.).
50c. Dec. 31 Holders of rec. Dec. lba
Common (guar.)
159 Sept 30 Holders of roe. Sept. 15a
Preferred (qua?.)
159 Dec. 31 Holders of rec. Dec. 15a
Preferred (quar.)
Amer. Art Works,com.& pf.(guar.) - 199 Oct. 15 Holders of roe. Sept.30
50c. Oct. 1 Holders of rec. Sept. 120
American Bank Note. common (quar.)
75c, Oct. 1 Holders of rec. Sept. 12a
Preferred (qua?.)
154 Oct. I Holders of reo. Sept. 14a
Amer. Can, pref.(quar.)
1345 Sept 29 Holders of reo.Sept.d19a
Amer. Chain. pref. (quar.)
911.75 Nov. 1 'Holders of rec. Oct. 20
Amer. Chatilion Corp.. Pf.(011.)
750. Oct. 1 Holders of rm. Sept. 15a
American Chicle, common (quar.)
154 Oct. 1 Holders of rec. Sept. 15,
Prior pref.(guar.)
•1 ti Oct. 1 "Holders of rec. Sept. 15
6% preferred (qua?.).
35c. Sept.29 Holders of rec. Sept. 12
American Colortype, corn. (qua?.)
750. Sept.28 Holders of rec. Sept. 12
Amer. Encaustic Tiling (quar.)
American Hardware Corp.
Oct. 1 Holders of rec. Sept.15a
$1
Quarterly
Jan1'29 Holders of rec. Dec. 150
$1
Quarterly
25c.
Oct. 1 Holders of rec. Sept. 14a
Products
(monthly)
American Home
Sept. I "Holders of rec. Aug. 20
Amer.Laundry Machinery. corn•(qua?.) "El
199 Oct. 1 Holders of reg. Sept.200
Amer. Linseed. pref.(qua?.)
154 Jan2'29 Holders of rec. Dec. 215
Preferred (quar.)
Sept.29 Holders of rec. Sept.13a
$2
Amer. Locomotive, corn. (quar.)
Sept.29 Holders of rec. Sept. 13s
154
Preferred (guar.)
Oct. 1 Holders of rec. Sept. lba
1
American Manufacturing, com.(quar.)
Dec. 31 Holders of roe. Dec. lba
1
Common (qua?.)
199
Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
13.4 Dec. 31 Holders of rec. Deo. 15a
Preferred (qua?.)
Amer. Potash dr Chem. Corp.(No. 1)- - *50c. Sept.29 'Holders of rec. Sept.21
American Radiator, common (auar.) - $1.25 Sept.29 Holders of reo. Sept.15a
$1.50 Sept.29 Holders of rec. Sept.15a
Amer. Railway Express (guar.)
$1 Oct. 1 Holders of rec. Sept. 10a
Amer. Safety Razor (quar.)
250. Oct. 1 Holders of rec. Sept. 10a
Extra
75e. Oct. 1 Holders of rec. Sept. 20
American Seating Co.com.(qua?,)
2
Nov. 1 Holders of rec. Oct. 15a
Amer. Shipbuilding, corn. (qua?.)
194 Nov. 1 Holders of rec. Oct. 15
Preferred (quar.)
Mc. Oct. 1 Sept. 16
to
Oct. 1
Amer. Stores (guar.)159 Oct. 2 Holders of rec. Sept. ba
Amer. Sugar Refg.. Pref. (qua?.)
194 Oct. 1 Holders of rec. Sept. 10a
Amer. Tobacco, pref. (qua?.)
20c. Oct. 15 Holders of rec. Oct. 5
Angle Steel Tool (qua?.)
154 Oct. 1 Holders of rec. Sept. 10a
Armour dr Co. (Ill.), pref. (qua?.)
Armour & Co. of Delaware. pref.(quar.) 134 Oct. 1 Holders of rec. Sept. 100
"3799c Oct. 1 'Holders of rec. Sept. 17
Armstrong Cork (quar.)
"123.4c Oct. 1 *Holders of rec. Sept. 17
Extra
75c Oct. 1 Holders of rec. Sept. 210
Artloom Corp., com. (quar.)
75c Jan 1'29 Holders of rec. Dec. 215
Common (qua?.)
159 Dec. I Holders of rec. Nov. 16a
Preferred (quar.)
Atlantic Gulf & West I. S. S. Lines75c. Sept.29 Holders of rec. Sept. 10a
Preferred (qua?.)
75c. Dec. 31 Holders of rec. Dec. Ila
Preferred (qua?.)
1
Sept.15 Holders of rec. Aug. 21a
Atlantic Refining (quar.)
1
Sept 15 Holders of rec. Sept. 5
Atlantic Terra Cotta. Pref.(quar.)
Sept. 10 Holders of re'. Aug. 3Ia
$I
Atlas Powder,common (qua?,)
*2
Sept.15 'Holders of rec. Sept. 15
Autocar Co., pref. (quar.)
Oct. 1 Holders of rec. Sept. 100
750.
(qua?.)
-Auto Strop Safety Razor, cl. A
159 Oct. 1 Holders of rec. Sept. 200
Babcock & Wilcox Co.(quar.)
151 Jan 1'29 Holders of rec. Dec. Ma
Quarterly
159 Aprl'29 Hold, of rec. Mar. 20'29a
Quarterly
'250 Oct. 1 'Holders of rec. Sept.20
Balaban & Kate (monthly)
•159
Oct. I *Holders of roe. Sept.20
(quar.)
Preferred
Bamberger (L.) & Co.
134 Dec. 1 Holders of rec. Nov. 10a
Preferred (qua?.)
Bancroft(Joseph) & Sons Co.,corn.(qu.) 62990. Sept.29 Holders of rec. Sept.15
Oct. 15 Holders of rec. Oct. 1
Bankers Capital Corp.. pref. (quer.)--- $2
$2
Jan15'29 Holders of rec. Dec. 31
Preferred (quar.)
50c. Oct. 1 Holders of rcc. Sept. 190
Barker Bros., com.(quar.)(No. 1)._
194 Oct. 1 Holders of rec. Sept. 19a
634% pref.(quar.)
51.75 Oct. 1 Holders of rec. Sept. 206
Bastian Blessing Co. pref.(quar.)
•250. Oct. I *Holders of rec. Sept.29
Beaton & Caldwell Co.(monthly)
60e. Oct. 10 Holders of rec. Sept.25
Beech-Nut Packing. corn. ,quar.)
159 Sept.15 Holders of rec. Aug. 31
Belding Corticelli, Ltd., pref.(quar.)._
134 Oct. I Holders of roe. Sept. la
Belgo Canadian Paper, pref.(quar.)_ _ _ _
•50c. Oct. 1 'Holders of roe. Sept. 15
Bendix Corp.. class A 'qua?.)
75c. bept.15 Holders of rec. Aug. 29a
Best & Co. iquar.)
151 Oct. 1 Holders of rec. Sept. la
Bethlehem Steel, pref. (quar.)
10e. Sept.15 Holders of rec. Sept. 1
Bishop 011 Corp
Bloch Brothers Tobacco. corn.(quar.)-- 3799c Nov. 15 Nov. 10 to Nov. 14
134 Sept.30 Sept. 25 to Sept.29
Preferred (qua?.)
199 Dec. 31 Dec. 28 to Dee. 30
Preferred (quar.)
50c. Oct. 1 Holders of rec. Sept. 150
Bmth Manufacturing, el. A (qua?.)
$1
Oct. 30 Holders of rec. Oct. 15a
Bon Ami Co., class A (quar.)
"50c. Oct. 1 *Holders of rec. Sept. 28
Class B (quar.)
*2
Sept.30 *Holders of roe. Aug. 31
Boise Chico, 011. class A (No. 1)
9,75e. Oct. 1 'Holders of roe. Sept.15
Bohn Aluminum & Brass (quar.)
"$1
Oct. I *Holders of roe. Sept.20
Borg Warner Corp., corn. (qua?.)
1)..._.
•
$2.10
Oct. 1 "Holders of rec. Sept.20
Oct.
12
to
June
Pref.(for period
$1.50 Sept.15 Holders of rec. Sept. 1
Boston Woven Hose & Rub, corn.(qu.)
$1
Sept.29 Holders of rec. Sept. 19
Bristol-Myers CO.(qua?.)
$1
Dec. 31 Holders of rec. Dec. 21
Quarterly
British-Amer. Tub.. ordinary (interim)_ (r) Sept.29 IIciders of coup. No. 124?
191 Oct. 1 Holders of rec. Sept. 100
(quar.)
pf.
cony.
BroCkway Motor Truck
259 Sept.29 Holders of coupon No.50
British-Amer. Tob. preference
Sept.15 Holders of rec. Aug. 17
$1
Buckeye Pipe Line (qua?.)
250. Oct. 1 Holders of rec. Sept. 80
Bucyrus-Erie Co.. common (qua?.)
194 Oct. 1 Holders of rec. Sept. 8a
Preferred (qua?.)
8299c Oct. 1 Holders of rec. Sept. 80
Convertible preference (qua?.)
159 Oct. 1 Holders of rec. Sept. 13a
Burns Bros., pref.(quar.)
Machine
Burroughs Adding
75o. Sept.10 Holders of reo. Aug. 240
No par value stock (quar.)
*50c. Nov. 1 'Holders of rec. Oct. 5
Bush Terminal,corn.(quar.)
"fl
99 Nov. 1 *Holders of rec. Oct. 5
stock
Corn.(payablein corn.
.
191 Oct. 15 *Holders of rec. Sept.28
Debenture stock (quar.)
•151
Oct. 1 "Holders of ree. Sept.17
)
Bush Terminal Bldg., Pref. (quar.
50c. Sept.20 Holders of rec. Sept. ba
By-Products Coke Corp., com.(qu.)- _ '3799c Oct. 1 *Holders of rec. Sept.20
California Ink, el. A & B (qua?.)
•1299c Oct. 1 *Holders of rec. Sept.20
Class A & B (extra)
Sept.15 Holders of rec. Aug. 310
$1
California Packing (quar.)
250. Oct. 1 Holders of rec. Sept. 7a
(quar.)__
corn.
Petroleum,
California
$1.50 Sept.24 Holders of rec. Sept. 70
Calumet az Arizona Mining (guar.)----500. Sept.15 Holders of rec. Aug. 31s
Calumet & Elects Consol. Copper(qu.)_.
154 Sept.30 Holders of rec. Aug. 31
Canada Cement. pref. (qua?.)
37990. Sept.15 Holders of rec. Aug. 31
Canada Malting, Ltd.
Oct. 1 Holders of rec. Sept. 15
3
Canada Permanent Mtge.(quar.)
159 Oct. 1 Holders of rec. Sept.15
Canadian Gen'l Elec., pref. (quar.)
011Canfleld
Sept.30 Holders of rec. Sept.20
2
Common,(quar.)
Dee. 31 Holders of rec. Dee. 20
• 2
Common (quar.)
154
Sept.30
Holders of rec. Sept.20
Preferred (qua?.)
151 Dec. 31 Holders of rec. Dec. 20
Preferred (qua?.)
199 Sept.15 Holders of rec. Sept. 10
Carter (William) Co.. pref.(quar.)
•199 Oct. 1 *Holders of roe. Sept. 10
Case (J. I.) Thresh. Mach.,com.(quar.) •14 Oct. 1 'Holders of rec. Sept. 10
Preferred (quar.)
159 Oct. 1 Holders of rec. Sept. 14
(qu.)
prior
pf
Amer.,
Celanese Corp.
9.750. Oct. 1 *Holders of roe. Sept.15
Celotex Co., com.(qua?.)
•159 Oct. 1 'Holders of rec. Sept.15
Preferred (qua?.)
500. Oct. 10 Holders of rec. Sept. 250
Central Alloy Steel, com.(qua?.)
134 Oct. 1 Holders of rec. Sept. 130
Preferred (qua?.)
•37390 Oct. 1 *Holders of rec. May is
(quar.).__
cl.
A
Corp.,
Investors
Central
•37990 Jan2'29 *Holders of reo. May la
Class A (qua?.)
[VOL. 127.
FINANCIAL CHRONICLE
1356
Name of Company
When
Per
Cent, Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued,.
75e. Sept.30 Holders of rec. Sept. la
Certo Corporation (qua?.)
25c. Sept.30 Holders of rec. Sept. la
Extra
25c. Nov. 15 Holders of rec. Nov. 1
Chelsea Exch. Corp., A dr B (qu.)
25c. Fb15'29 Hold, of rec. Feb. 1 '29
Class A dr B (quar.)
25c. My15'29 Hold. of rec. May 1 '29
Class A dr B (quar.)
Chesebrough Mfg. Co.(quar.)
51 Sept.29 Holders of roe. Sept. 10
25c. Sept.29 Holders of rec. Sept. 10
Extra
Chic. Jefferson Fuse & MCC.. COm. (411.) •6299c Oct. 1 *Holders of rec. Sept.20
•191 Oct. 1 'Holders of rec. Sept.24
Chic. Mill & Lumber. pref. (quo?.)
25c. Oct. 1 Holders of rec. Sept.20a
Chicago Yellow Cab Co.(monthly)_ - Monthly
250. Nov. 1 Holders of rec. Oct. 19a
Monthly
25e. Dec. 1 Holders of rec. Nov. 20a
75c. Oct. 1 Holders of rec. Sept.104
Chickasha Cotton Oil (quar.)
750. Jan 129 Holders of rec. Dec. 10a
Quarterly
75c. Apr 1'29 Holders of rec.Mar 9'29a
Quarterly
Quarterly
75e. Jul 129 Holders of rec.June10'29s
Childs Company,common (quar,)
60e. Sept. 10 Holders of rec. Aug. 27a
159 Sept. 10 Holders of rec. Aug. 27
Preferred (qua?.)
6299c Sept.29 Holders of rec. Sept. ba
Chile Copper Co. (qua?.)
75e. Sept.29 Holders of rec. Sept.17a
Chrysler Corp., common (quar.)
2
Sept.29 Holders of rec. Sept. 17a
Preferred (quar.)
2
Jan2•29 Holders of rec. Dec. 17a
Preferred (quar.)
99
Oct. 1 Holders of rm. Sept.15
Cities Service, common (monthly)
Common (payable in corn. stock).., 199 Oct. 1 Holders of rec. Sept.15
99
Oct. 1 Holders of rec. Sept.lb
Preferred and preferred B B (mthly) be. Oct. 1 Hoiders of rec. Sept.15
Preferred B (monthly)
Cleveland Builders Supply & Brick (qu.) 50c. Sept.15 Holders of rec. Sept. 1
Coats (J. & P.) Ltd.
(t)
Sept.29 *Holders of rec. Aug. 20
Amer. dep. Ms.for ord. stk
51.50 Oct. 1 Holders of rec. Sept. 12s
Coca-Cola Co..common (quar.)
Coca Cola Internat. (quar.)
Oct. 1 Holders of rec. Sept.12
$3
Colt's Patent Fire Arms Mfg.(guar.)- - '50c. Sept.29 'Holders of rec. Sept. 12
Commercial Credits,corn.(quar.)
25c. Sept529 Holders of rec. Sept.10a
159 Septd29 Holders of rec. Sept. 10a
634% 1st preferred (quar.)
7% preferred (quar.)
4354c Septd29 Holders of rec. Sept. 10a
8% pref. class B (quar.)
50e. Septd29 Holders of rec. Sept. 10a
Commercial Solvents Corp.(quar.) ---. $2 Oct. 1 Holders of roe. Sept.20a
Congress Cigar (guar.)
Sept.29 *Holders of rec. Sept.14
911
Extra
*25c. Sept.29 *Holders of rec. Sept.14
Consumers Co.. prior pref (quar.)
*199 Oct. 1 *Holders of rec. Sept. 15
Container Corp. of Amer., com. A (qu.)
300. Oct. 1 Holders of rec. Sept. 10a
Common class B (quar.)
15c. Oct. 1 Holders of rec. Sept. 10a
Preferred (quar.)
.5134 Oct. 1 'Holders of rec. Sept. 10
Continental Baking, pref.(quar.)
2 Oct. 1 Holders of rec. Sept. 17a
Cookeville Shale Brick, Ltd., pref.(au) 1
Sept.15 Holders of rec. Aug. 31
Cosgrave Export Brewery (quar.)
139 Sept.15 Holders of rec. Sept. 10
Coty, Inc.(quar.)
$1 25 Sept.30 Holders of rec. Sept.18a
Crane Co., common (quar.)
3799e Sept.15 Holders of rec. Sept. 1
Preferred (mum)
D
tieepet..3
11
5 Holders of rec. Sept. 1
Crosby Radio (stock dividend)
e4
154
Crosby Radio Corp.(qua?.)
25c. Oct. 1 Holders of rec. Sept. 20a
Quarterly
25e. Jan 129 Holders of rec. Dec. 200
Crowley Milner & Co.. corn.(quar.)_
"50c. Sept.30 *Holders of coo. Sept. 10
Crown Willamette Paper, 1st pf. (qua?,) $1.75 Oct. 1 Holders of rec. Sept. 130
2nd preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 13
Crucible Steel, pref.(quar.)
154 Sept.30 Holders of rec. Sept. 150
Cuban-Amer. Sugar. corn. (quar.)
25c. Sept.29 Ifolders of rec. Sept. 10
14 Sept.29 Holders of rec. Sept. la
Preferred (quar.)
Cuneo Press, pref. (quar.)
194 Sept.15 Holders of roe. Sept. la
Curtis Publishing Co., corn. (extra) _
50c. Sept. 10 Holders of rec. Aug. 20
*50c. Oct. 2 *Holders of rec. Sept.20
Common (monthly)
*154 Oct. 1 *Holders of rec. Sept.20
Preferred (qua?.)
50e. Sept.15 Holders of rec. Sept. la
Curtiss Aeroplane & Motor,com.(qu.)._
870. Sept. 15 Holders of roe. Sept. 40
Cutler-Hammer Mfg. (quar.)
25e. Oct. 15 Holders of rec. Sept.29
Darby Petroleum (quar.)
David & N'rere, Ltd. (Montreal)Mc. Sept.15 Holders of rec. Aug. 31
Common class A (quar.)
*3191c Oct. 1 *Holders of rec. Sept.20
Davis Industries, class A (qua?.)
.31990 Jan 1'29 "Holders of rec Dec. 20
Class A (quar.)
*3194c Oct. 1 "Holders of rec. Sept. 20
Class It (quar.)
*3191c Jan 1'29 *Holders of rec. Dee. 20
Class B (qua?.)
1
Sept.22 Holders of rec. Sept. 8
Davis Mills, common (qua?.)
Decker (Alfred) & Cohn, corn. (qua?.),- *50c Sept.15 "Holders of rec. Sept. 5
$1.50 Oct. 1 Holders of rec. Sept.15
Deere At Co., common (quar.)
2 Sept.15 Holders of rec. Aug. 350
Diamond Match (quar.)
'
134 Oct. I *Holders of rec. Sept.20
Doehler Die-Casting, pref. (quar.)
.
87990 Oct. 1 *Holders of rec. Sept.20
7% pref. 50% paid (guar.)
Oct. 1 *Holders of rec. Sept.20
911
Dolese & Shepard Co.(extra)
25e. Sept. 1 Holders of rec. Aug. 15
Dominion Oil, Ltd., class A (quar.)
51
Oct. 1 Holders of rec. Sept. 1
Draper Corporation (quar.)
Oct. 15 Holders of rec. Oct. la
Dunhill International (quar.)
$1
lan15'29 Holders of rec. Dec. 31a
Quarterly
Ap15'29 Hold. of rec. Apr. 1 '290
$1
Quarterly
Dupont(E. I.) de Nem.& Co.,com.(qu) $2.50 Sept.15 Holders of rec. Aug. 31a
199 Oct. 25 'folders of rec. Oct. 10
Debenture Stock (qua?.)
Eastern Bankers Corp., preferred (qua?.) 134 Nov. 1 Holders of reo. Sept.30
159 Feb 1'29 Holders of roe. Dec. 31
Preferred (qua?.)
$1.25 Oct. 1 Holders of rec. Aug. 31s
Eastman Kodak,common (quar.)
750. Oct. 1 Holders of roe. Aug. 31a
Common (extra)
199 Oct. 1 Holders of rec. Aug. 31
Prof. (qua?.)
194 Oct. 1 Holders of rec. Sept.200
Eisenlohr(Otto)& Bros., pref.(qua?.)- 14 Sept.15 Holders of rec. Sept. Is
EitIngon Schild Co., pref.(quar.)
$1.25 Oct. 1 Holders of rec. Sept. 20a
Electric Controller & Mfg.(quer.)
Electric Storage Battery, corn.& pt.(qu.) $1.25 Oct. 1 Holders of ree. Sept. 8a
50e, Sept.24 Holders of reo. Sept. is
Emporium Capwell Corp.. COM.(guar.)_
Eqult. Off. Bldg. Corp. new corn.(N o.1) 50e. Oct. 1 Holders of rec. Sept.15o
14 Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
"$1
Sept.15 *Holders of roc. Sept. 5
Ewa Plantation (extra)
200. Oct. 1 Holders of rec. Sept. 200
Fair (The), cow. (monthly)
75e. Sept.29 Holders of reo. Sept. 12a
Fairbanks, Morse & Co.. corn. (quar.)....
250. Oct. 1
Fanny Farmer Candy Shops,com.(qM.).
25e. Jan 129
Common (quar.)
50c. Nov. 30 Holders of roe. Nov.311a
Fashion Park, Inc.. COM.(quar.)
Federal Mining & Smelting159 Sept.15 Holders of roe. Aug. 24a
Preferred (quar.)
200. Oct. 1 Holders of reo. Sept. 15a
Federal Motor Truck (quar.)
299 Oct. 5 Holders of reo. Sept. 1511
Stock dividend
*2
Sept.29 *Holders of rec. Sept.19
Federal Terra Cotta. pref.(qua?.)
160. Oct. 1 Holders of reo. Sept.14a
Fifth Avenue Bus Securities(quar.)
First Federal Foreign Invest. Trust (qu) $1.75 Nov. 15 Holders of rec. Nov. 1
2
Oct. 1 Holders of rec. Sept. 13a
First National Picture, pref. (quar.).
75e. Oct. 1 Holders of ree.Bept.d15a
Flelschmann Co., corn. (qua?.)
"199 Oct. 1 'Holders of roe. Sept. 5
Florsheim Shoe,6% pref. (qua?.)
*50c. Sept.15 'Holders of roe. Sept. 8
Follansbee Bros.. corn. (qua?.)
*51.50 Sept.15 *Holders of rm. Sept. 8
Preferred (qua?.)
*30c. Oct. 1 *Holders of rec. Sept.20
Foote Bros. Gear & Mach.(quar.)
250. Oct. 1 Holders of reo. Sept.15
Forhan Co., com.(quar.)
400. Oct. 1 Holders of rec. Sept.15
Class A participating stock (qua?.)
25e. Oct. 1 Holders of rec. Sept. Ma
Formica Insulation (guar.)
100. Oct. 1 Holders of rec. Sept. lba
Extra
250. Jan1'29 Holders of rec. Dec. 165
Quarterly
10o. Jan1'29 Holders of rec. Dec. 16a
Extra
Fuller(Geo. A.) Co. panic, prior pf.(O11) 14 Oct. 1 Holdels of rec. Sept. 100
.5$1.25 Sept.15 *Holders of rec. Sept. 5
Gamewell Co.(quar.)
General Motors, common (qua?.)
$1.25 Sept.12 Holders of ree. Aug. 130
199 Nov, 1 Holders of rec. Oct. 80
6% preferred (qua?.)
14 Nov. 1 Holders of rec. Oct. 80
7% preferred (qua?.)
199 Nov. 1 Holders of rec. Oct. 80
6% debenture stock (qua?.)
Gladding, McBean & Co., monthly
25c. Oct. 1 Sept.21 to Sept.30
Monthly
250. Nov. 1 Oct. 21 to Oct. 31
Monthly
25c. Dee. I Nov. 21 to Nov. 30
Glidden Co., prior pref.(qua?.)
$1.75 Oct. 1 Holders of roe. Sept. 14a
Globe Grain & Milling. com.(guar.)._
*2
Oct. 1 *Holders of roe. Sept. 20
9.2
Oct. 1 *Holders of roe. Sept.20
Eight per cent preferred (quar.)
Seven per cent preferred (quar.)
'13.4 Oct. 1 *Holders of reo. Sept.20
Goldberg(S. M.)Stores,Inc., pf.(No.1) $1.75 Sept.15 Holders of roe. Sept. 1
Goodrich (B. F.) Co.. pref.(quar.)
194 Oct. 1 Holders of rec. Sept. 10a
Goodyear Textile Mills(qua?.)
•$1.75 Oct. I *Holders of ree. Sept.20
Goodyear Tire de Rubber let pref.(qu.) 154 Oct. I Holders of rec. Sept. la
159 Oct. 1 Holders of rec. Sept. 1
Preferred (quar.)
Goodyear Tire & Rubb. of Calif.
•$1.75 Oct. 1 *Holders of roe. Sept.20
SEPT. 8 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
1357
Books Closed
Days Inclustre.
Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (antinued).
Gossard (H. W.) Co.. corn. (monthly)._ 33 I-3c Sept. I Holder
s of rec. Aug. 21.
Common (monthly)
33 1-3c Oct. 1 Holders of rec. Sept. 200 Park & Tilford (guar.)
75c. Oct. 14 Hollders of roe.
Stock dividend (guar.)
Common (monthly)
33 1-30 Nov. 1 Holders of rec. Oct.
el
Oct. 14 Holders of rec. Sept.20s
Quarterly
Common (monthly)
33 1-3c Dec. 1 Holders of rec. Nov. 190
75c.
Ja 1429 Holders of rec. Sept. 20a
200
Stock dividend (guar.)
Dec.
Common (monthly)
33 1-3c Jan1'29 Holders of rec. Dec.
el
Ja
14'29 Holders of rec. Dec. 29.
Quarterly
Gotham Silk Hosiery (guar.)
29s
623,4c. Oct. I Holders of rec. Sept.20
75e. Ap14'29 Hold.of rec. Mar.
120
Stock dividend (quar.)
Grasse(11 Chemical, corn.(guar.)
29'29a
67c. Sept.29 Holders of rec. Sept.dI4
el
4p14'2
0
Hold.
of rec.Mar. 29 '29a
Pennsylvania-Dixie Cement, prof.(qua!'.)
Preferred (quar.)
114 Sept.29 Holders of rec. Sept.
Sept.15 Holders of rec.
d14
Great Western Sugar, corn.(guar.)
700. Oct. 2 Holders of rec. Sept. 15a Perfection Stove (monthly)
3714c. Sept. 30 Holders of rec. Aug. 31.
Monthly
Preferred (guar.)
Sept. 20.
Oct. 2 Holders of roc. Sept. Ma
3714c. Oct. 31 Holders of ree.
Monthl
Greene Cananea Copper (quar.)
y
$1
Oct. 1
3714e. Nov. 30 Holders of rec. Oct. 204*
Monthly
Greenfield Tap & Die Corp.,6% pt.(qua IM Oct. 1 Holders of roe. Sept. 140
Nov.20,
3714e.
Holder
Dee,
s
31
of
reo.
Holders
Sept.1
5
of rec.
Pettibone-MillikenCo.,1st&2nd pf
8% preferred (quar.)
2
Oct. 1 Holders of rec. Sept. 15
°(qu.) •14i Oct. 1 *Holders of rec. Dec. 20.
Phillips
Greif Bros. Cooperage A (guar.)
Petrol
Sept.2
eum
0
(guar.)
80c. Oct. 1 Holders of rec. Sept.
3714c Oct. 1 Holders of rec.
d14 Pickrel Walnut Co.(guar.)
Group No. 1 011
$100 Oct. 15 Holders of roe.
50e. Oct. 1 Holders of rec. Sept. 140
Sept. 15
Pilgrim Mills (guar.)
Gruen Watch. common (quar.)
Sept.2
0
50c. Dee. 1 Holders of rec. Nov.
.$1
Sept.15 'Holders of rec. Aug.
200 Pittsburgh Plate Glass (quar.)
Common (guar.)
23
50c. Marl'29 Holders of rec.Feb
.2
Oct. 1 *Holders of rec.
.19'290 Pittsburgh Steel Foundry. pref.
Preferred (guar.)
13.4 Nov. 1 Holders of rec. Oct.
(quar.)
M Oct. 1 *Holders of rec. Sept. 15
200 Port Alfred Pulp & Paper Corp., pt.(qu.)
Preferred (guar.)
Sept.1
144 Febl'29 Hold, of rec. Jan.
13.1 Sept.15 Holders of rec. Sept. 5
19'29a Pressed Steel Car, pref. (guar.)
Guantanamo Sugar, pref.(guar.)
1
2
Oct. I Holders of
151 Sept.29 Holder
third (Charles) & Co.. Ltd., corn
75e. Oct. 1 Holders of rec. Sept. 15. Pro-phy-lao-tic Brush, pref. (guar.)._ $1.50 Sept.15 Holder s of rec. Sept. 1
rec.
s of rec. Aug. 31
Preferred (guar.)
Prudence Co., Inc., pref.(guar.)
114 Oct. 1 Holders of rec. Sept.15
114
an15'2
J
9
Holders
Sept.1
of
Hall (C. M.) Lamp (guar.)
5
rec. Dec.
Pure 011.8% prof.(guar.)
*250. Sept.15 *Holders of roe.
*2
Oct. 1 *Holders of rec. Sept.31.
Sept. 1
Hamilton United Theatres. Ltd-pf.(ciu.)
6% preferred (quar.)
10
154 Sept.29 Holders of rec. Aug. 31
•114 Oct. 1 *Ilolders of rec. Sept. 10
Hanes(P. H.) Knitting, pref. (quar.)___
554% met. (guar.)
1'% Oct. 1 Holders of rec. Sept.2
•114
Oct.
1
*Holde
rs
of rec. Sept. 10
Harbison-Walker Refrac., pref. (quar.)_
0
Quaker Oats, corn.(guar.)
114 Oct. 20 Holders of rec.
"51
Oct. 15 'Holders of rec. Oct.
Oct. 10a
Hawaiian Comm'l & Sugar (extra)
Preferred (guar.)
•25c. Oct. 5 *Holders of
'134 Nov.30 Holders of me. Nov. 1
Extra
Quissett Mills, preferred
I
.3
*25c. Nov. 5 *Holders of rec. Sept. 25
Dec. 1 *Holders of rec. Nov. 21
Oct. 25
Hawaiian Pineapple (extra)
Rapid Electrotype (guar.)
0200. Sept.30 *Holders of rec.
37140. Sept.15 *Holders of rec.
rec. Sept.21
Hecla Mining (guar.)
Regal Shoe, pref.(quar.)
Sept. 1
•15c.
*144
Oct.
1
*Holde
rs
Helme (George W.) Co., corn. (quar.)._ $1.25 Sept.15 *Holders of reo. Aug. 15
of
rec. Sept.2
Remington-Rand Inc. 1st pref.
Oct. 1 Holders of rec. Sept.
(au.)-- 2
Oct. 1 Holders of rec. Sept. 0
Preferred (quar.)
2c1 preferred (quar.)
Oct. 1 Holders of rec. Sept. 100
Oct. 1 Holders of rec. Sept. 10.
1FIthhard, SpeneeralartlettarCo.(mthly)_
113a
Preferred (guar.)
100
35c. Sept.28 Holders of
8714c.
Oct.
1
rec.
Holders of rec. Sept.140
Hollinger Consol. Gold Mines(mthly.)Remington Typewriter, 1st pf.(guar.). _
100. Sept. 8 Holders of rec. Sept.21
13.1 Oct. 1 Holders of rec. Sept. 15.
Holly 011 (guar.)
Second preferred (guar.)
25e. Sept. 30 Holders of rec. Aug. 20s
2
Oct.
Holder
1
s
Hudson Motor Car (guar.)
of
Sept.
150 Reo Motor Car (guar.)
rec.
ila
$1.25 Oct. I Holders of rec.
20e, Oct. 1 Holders of rec. Sept.
Sept. 110
Hydraulic Press Brick, pref. (quar.).-._
Sept. 10.
Extra
114 Oct. I Holders of
30e, Oct. 1 Holders of rec. Sept.
rec. Sept.22
Illinois Brick (Quar.)
Republic Investing Corp.(quar.)
10,
60e. Oct. 15 Oct. 4
*35c
Holder
to
s of rec. Oct.
Oct. 15
Illinois Safety Razor, cl. 13 (No.1)(qu.)_ *50c
Ruberold Company (guar.)
•81 Sept. 15 *Holders of rec. Sept. 1
Imperial Tobacco (Can.), ord. (interim) 714c. Oct. 1 *Holders of rec. Sept. 19
St. Joseph Lead (quar.)
Sept.28 Holders of rec.
50e. Sept.20 Sept. 9 to Sept.21
Preferred
Sept. 7
Extra
0
3 Sept.29 Holders of
25c.
Sept.20 Sept. 9 to
rec.
India Tire & Rubber, pref.(guar.)
Quarterly
0
Oct. 1 *Holders of rec. Sept. 7
50c. Dec. 20 Dec. 9 to Sept.2
Insurance Securities Co. (guar.)
Dec. 20
Extra
35c. Oct. 1 Holders of rec. Sept.20
25c.
Dec.
20
Dec.
Internat. Business Machines (quar.)_ _ _ _ $1.25
Sept.15
9 to Dec. 20
St. Maurice Valley Corp.. pref (qua
Oct.
10
--- 144 Oct. 1 Holders of rec. Sept.1
Holders of rec. Sept. 220 Sangam
International Cement,corn.(quar.)
o Elec.Co.(quar.)
5
__
$1
*50c Oct. 1 *Holders of rec. Sept. 10
Internal.Comb. Engineering.Pref•(qu a- $1.75 Sept.28 Holders of rec. Sept. Ila Sanitary Grocery Co.,
(guar.)
$2
Sept.15 Holders of rec. Sept. 5
Internat. Equities Corp.. class A (quar.) 8714c Oct. 1 Holders of rec. Sept. 150 Savage Arms, 1st pref.corn.
.1%
(guar.)
Oct.
1 Holders of
Oct. 1 *Holde
International Harvester corn. (guar.). _ $1.50
Second preferred (quill%)
Oct. 15 Holders of rec. Sept.20
•1y.i Nov. 15 *Holders of rec. Sept. 15
International Nickel, corn. (guar.)
rs of rec. Nov. 1
75c Sept.29 Holders of rec. Sept.25a Schulte Retail Stores. corn. (quar.)
87 Mc Dec. 1 Holders of rec. Nov. 15a
Internat. Paper,7% pref.(guar.)
rec. Sept. 100
Commo
n
(payabl
e in corn. stock)
134 Oct. 15 Holders of rec. Sept.
u3.4 Sept. 1 Holders of rec. Aug. 15
Six per cent pref. (guar.)
200
Common (payable in corn. stock)
114 Oct. 15 Holders of
Dec.
1135
1 Holders of rec. Nov. 15
Internat. Safety Razor, c1.11 (870.1)(qua
Common (payable in corn. stock)
50c. Oct. 1 Holders of rec. Sept.200
e134 Mar '29
rec. Sept. 19
Internat. Shoe preferred (monthly)
Preferred (quar.)
50c. Oct. 1 Holders of
2
Oct. 1 Holders of rec. Sept. 120
Preferred (monthly)
50e. Nov. 1 Holders of rec. Sept. 150 Scoville Mfg.(quar.)
•75c Oct. 1 'Holders of rec. Sept.
Preferred (monthly)
21
50c. Dec. 1 Holders of rec. Oct. I50 Sears, Roebuck & Co.rec.
International Silver, pref. (quar.)
Quarterly (payable in stock)
Oct. 1 Holders of rec. Nov. 15a
el
Nov. 1 Holders of rec. Oct. 15a
Interstate Iron & Steel, corn.(quar.)... $1
Sept. 120
Quarter
ly
(payab
le
Oct.
stock)
in
15
Holders of rec.
el Febl'29 Hld. of rec. Jan.15
Common (guar.)
Quarterly (payable in stock)
$1
J'n15'29 Holders of rec. Oct. 5a
el
Myl'29 Hold. of rec. Apr.13'29a
Intertype Corp., 1st pref. (guar.)
Jan.5'29a Seeman Brothers, Inc. (extra)
$2
Oct. 1 Holders of
50c Sept. 15 Holders of rec. Aug.'29a
Isle Royale Copper Co
Extra
31.
75C. Sept.15 Holders of rec. Sept. 14
50c 3-15-29 Hold'rs of rec.
rec. Aug. 31
Jewel Tea, corn. (guar.)
Segal Lock & Hardware corn. ((plan)
klera'
$1
Oct. 16 Holders of
.250 Sept.15 Holders of rec. Aug. 294
Preferred (qua!'.)
Preferred 'guar.)
31
144 Oct. 1 Holders of rec. Oct. 20
134 Oct. 15 Holders of rec. Sept. 30
rec. Sept. 14a Shell Union Oil (guar.)
Jones & Laughlin, pref. (guar.)
154 Oct. 1 Holders of
35c Sept.30 Holders of rec. Sept.
Kelsey-Hayes Wheel corn. (quar.)
500. Oct. 1 Holders of rec. Sept. 15a Shepard Stores, Inc., el. A (guar.)
75o Nov. 1 Holders of rec. Oct. 644
Kennecott Copper (qua!'.)
Class A (guar.)
$1.50 Oct. 1 Holders of rec. Sept.20a
75c Febl 29 Hold. of rec. Jan.20 20
rec.
Kirby Lumber, crmmon (guar.)
Aug.
31a
29
Class
A (guar.)
IN Sept. 10 Holders
75c
Mayl 29 Hold. of rec. Apr.20 29
of
rec.
Aug.
Common (quar.)
Shubert Theatre Corp.(guar.)
13.4 Dec. 10 Holders of rec. Nov.31
$1.25 Sept.15 Holders of rec. Sept.
Kraft-Phenix Cheese (qua!'.)
Skelly
30
011
(quar.)
114 Oct. 1 Holders of
50c Sept.15 Holders of rec. Aug. la
Stock dividend
•114 Oct. 1 *Holders of rec. Sept. 10a Sloss-Sheffield Steel dr Iron,com.(qu.) _
114 Sept.20 Holders of rec. Sept.154
rec.
Kresge (S. S.) Co., corn. (guar.)
Preferred (guar.)
10a
30e. Sept.29 Holders of rec. Sept.10
134 Oct. 1 Holders of rec. Sept.2
Sept. 100 Sonatron Tube (quar.)
Preferred (qua!'.)
144 Sept.29 fielders of
•50c Oct. 1 *Holders of rec. Sept.2 0.
Lake Shore Mines, Ltd
0
20e. Sept. 13 Holders of rec. Sept.10a South Penn Oil (guar.)
*50c
Sept.2
9 *Holders of rec. Sept.1
rec.
Landers, Frary & Clark Mara
Extra
75c. Sept. 30 Holders of rec. Sept. 1
•25c Sept.29 *Holders of rec. Sept.1 5
Quarterly
Sept. 210 South Porto Rico Sugar,corn.
5
750.
Dec.
31
(quar.)
50c
Holder
Oct.
s
1
of
Holder
s of rec. Sept.10a
Lawyers Title Guaranty
Common (extra)
214 Oct. 1 Holders of rec. Dec. 22a
25c Oct. 1 Holders of rec. Sept.10a
rec. Sept. 20a
Lehigh Portland Cement, pref (qu.)_
Preferred (guar.)
114
2
Oct. 1 Holders of rec. Sept. 10,
Liggett & Myers Tobacco. pref. (qu.)_. 144 Oct. 1 Holders of rec. Sept. 14a South West Pa. Pipe Lines
Oct.
(quar.)
1
holder
s
$1
Oct.
1 Holders of rec. Sept. 11,
of rec. Sept. 10a Spalding(A.
Ludlum Steel (guar.)
G.),k Bros..corn.(qu.). _ $1.25 Oct. 15
*500.
Holders of rec. Sept.29
Mathieson Alkali Who., corn.(guar.)... $1.50 Oct. 1 *Holders of rec. Sept.20
Common (extra)
Oct. 1 Holders of rec.
$1
Oct. 15 Holders of rec. Sept. 29
Preferred (quar.)
Sept. 17a Spencer Kellogg & Sons Inc. new
Oct.
13.4
1
•400. Sept.29 *Holders of rec. Sept.1
Holders of rec. Sept.
May Drug Co.(guar.)
Sperry
17a
Flour,
• 3714c. Oct. 2 *Holders of
pref. B.(qua!'.)
•114 Oct. 1 *Holders of rec. Sept.15
McLellan Stores. class A &II(No.2)_
Standard Milling, corn. (au.)
5
10c. Oct. 1 Holders of rec. Sept.15
13.4 Sept.29 Holders of rec. Sept. 17a
Mergenthaler Linotype (quar.)
rec. Sept. 200 Standard Milling, pref. (quar.)
$1.25
Sept.29 Holders of
13.4 Sept.29 Holders of rec. Sept. 17a
Extra
25e. Sept.20 Holders of rec. Sept. 5a Standard 011 (Calif.) (guar.)
Sept.1
6234e
5
Metro-Cloldwyn Pictures pref. (guar.).
Holders of rec. Aug.
47140 Sept.15 Holders of rec. Sept. 5a Standard Oil (Indiana)(quar.)
'623.40 Sept.15 *Holders of rec. Aug. 17s
Meyer-H anke Co., pref.(No. 1)
Extra
.114 Oct. 1 *Holders of rec. Aug. 25a
*25e. Sept.15 *Holders of rec. Aug. 16
Midvale Company (guar.)
16
Standard 011 (Nebraska) (guar.)
•500. Oct. 1 *Holders of rec. Sept. 15
63c
Sept.20 Aug. 26 to Sept.2
Miller (I.) & Sons corn. (qua (No.
Extra
5Gc. Oct. 1 Holders of rec. Sept.15
1)25c Sept.20 Aug. 26 to Sept.2 0
Minneap.-Honeywell Regulator.
Standard 011(N. J.) par $25 (guar.)
0
Pf•(qu) 114 Nov. 15 Holders of rec. Sept.15
25c
Sept.1
Mitchell (J. S.) Co., pref. (guar.)
5
rec. Nov. 3
Holders of rec. Aug. 250
$25 par value stock (extra)
13.1 Oct. 1 Holders of
123.4e. Sept.15 Holders of rec. Aug.
Mohawk Carpet Mills corn
rec. Sept. 15
8100 par value stock (guar.)
25a
$1
Sept.
Montgomery Ward dr Co., cl. A (guar.). 6214c Oct. 1 Holders of rec. Sept. 100
15
Holder
s
of
rec. Aug. 25.
$100 par value stock (guar.)
$1.75 Oct. 1 Holders of
50c Sept.15 Holders of rec. Aug. 252
Montreal Cottons, Ltd., corn. (guar.)._
114 Sept.15 Holders ot rec. Sept. 20a Standard 01101 N.Y.(guar.)
40e Sept.15 Holders of rec. Aug. 17.
Preferred (quar.)
Aug. 31
Standard 011 (Ohio), corn
154 Sept.15 Holders of rec.
623.4e,
Oct.
Montreal Loan & Mtge.(guar.)
roe. Aug. 31
1
Holders of rec. Sept. 7
Stromberg Carburetor of Amer.(guar.)
3
Sept. If Holders of
.
50e Oct. 1 Holders of rec. Sept. 12.
Morris (Philip) & Co., Ltd.. Inc.(qua
Stroock (8.) dc Co.(guar.)
250. Oct. 15 Holders of rec. Aug. 31
-075c Oct. 1 *Holders of rec. Sept.II
Quarterly
rec. Oct. la
Quarterly
25c.Ja
n.
1619
Hold,
of
rec. Jan. 2 '29a Sun 011
*75c Dee. 22 "Holders of rec. Dee. 10
Morris Plan Bank (Va.). (quar.)
623.40.Oct. 1 *Holders of
Co.. common (quar.)
25e Sept.15 Holders of rec. Aug. 25
Motor Wheel Corp., corn. (guar.)
Swift de Co. (quar.)
50c. Sept.20 Holders of rec. Sept.20
2
Common (extra)
Oct. I Holders of rec. Sept. 10
25e. Sept.20 Holders of rec. Sept. 104 Sylvestre Oil, corn. (quar.)
•15e Oct. 1 *Holders of rec. Sept. 10
Corn.(payable in corn. stock)
J25 Oct. 15 Holders of rec. Sept. 10a Telautograph Corp., pref.(quar.)
Oct.
81.75
Murphy (O. C.) Co.(guar.)
•
I *Holders of rec. Sept.29
rec.
Sept. 10. Tennessee Copper & Chemic
250. Dec. 1 Holders
al 0:ma
Nachmann-Springtield Co.(No. I)
25e. Sept.15 Holders of rec. Aug. 312
of roe. Nov. 21
Texas Corp. (guar.)
National American Co., Inc.(quar.)____ *50e. Oct. 1 *Holders of rec. Sept. 15
75e. Oct. 1 Holders of roe. Sept. 70
TIMM
Gulf
sulphu
50c. Nov. 1 Holders of
$1
National Biscuit, corn. (guar.)
Sept.15 Holders of rec. Sept. la
rec. Oct. 15. Texon 011 de Land r (guar.)
$1.50
10e. Oct. 15 Holders of rec. Sept. 15
National Breweries. Ltd., corn.(qu.)_ $1 Oct. 15 Holders of rec. Sept.28. Thompson Produc
ts, class A (quar.)
Oct. 1 Holders of rec.
300.
Oct. 1 Holders of roe. Sept.20
Preferred (guar.)
--Sept.1
5
Class A (extra)
13.4 Oct. 1 Holders of rec.
National Casualty (Detroit)(quar.)_ _ *3
100. Oct. 1 Holders of roe. Sept.20
Class B (quar.)
Sept.15 *Holders of rec. Sept. 15
30c. Oct. 1 Holders of rec. Sept.20
Nat. Dairy Products, COM.(quar.)
Aug.
Class
31
B
(extra)
The. Oct. 1 Holders of
100. Oct. 1 Holders of rec. Sept.20
Preferred A & B (guar.)
*$1.75 Oct. 1 *Holders of ree. Sept. 4a Tidal Osage Oil Co. (guar.)
*50e. Sept.15 *Holders of rec. Sept. 5
National Lead,common (quar.)
Sept. 4. Todd Shipyards (guar.)
$1.25 Sept.29 Holders of reo.
*21
roe. Sept.14a Toddy Corp.. class
Preferred class A (guar.)
Sept.20 "Holders of rec. Sept. I
A (quar.)
13.1 Sept.15 Holders of
60e. Oct. 10 Holders of rec. Sept.20
Preferred class B (guar.)
114 Nov. 1 Holders of rec. Aug. 31s Traveler Shoe(guar.)
National Standard Co. (guar.)
53734c Oct. '"Holders of rec. Sept. 15
reo.
Traymo
Oct.
re.
19a
Ltd.,
corn. (guar.)
*75c. Oct. 1 *Holders of
• 12 Ne. Oct. 1 *Holde
National Sugar Refining (guar.)
rs of rec. Sept.15
Trix Food Products. common
144 Oct. 1 Holders of rec. Sept.20
National Surety (guar.)
25c. Oct. 1 Holder of rec. Sept.15
Underwood-Elliott Fisher
214 Oct. 1 Holders of rec. Sept. 4
Co.,eom.(au.) $1. Sept.29 Holder s
National Transit (extra)
rec.
s of ree. Sept. 14,
Sept.
Prof.
and
18a
pref. B (quar.)
*25c. Sept.15 *Holder, Of
Nauhelm Pharmacies, Inc.. pref.
81.75
Sept.2
rec. Aug. 31
9 Holders of rec. Sept. 140
Union Carbide & Carbon (guar.)
Nelson (Herman) Corp., stock div((Mara 6214o. Nov. 1 Holders of rec. Oct. 17
$1.50 Oct. 1 Holders of roe. Sept. 7a
Unto'
storage
(guar.)
el
Oct. 1 Holders of rec.
Neptune Meter corn. A 'guar.)
Sept. 18. United Cigar Stores of Am.,corn.(guar.) 6234e Nov. 10 Holders of roe. Nov. 1
*50c. Sept.15 *Holders of rec.
25e. Sept.29 Holders of rec. Sept.12a
Newberry ,J. J.) Co. rota.(ou.)
United Dyewood, pref.(guar.)
Sept. 1
(No. I) 30c. Oct. 1 Holders of
New England.Equity Corp., pref.
154 Oct. 1 Holders of rec. Sept. 13a
rec.
United Fruit 'qua!',)
(qu.)
2 Oct. 1 Holders of rec. Sept.15
81
Oct. 1 Holders of rec. Sept.
New York Auction Co.(guar.)
United Milk Crate, class A (guar.)
3714c Sept.15 Holders of rec. Sept.15
'50c. Dee. I 'Holders of rec. Nov. la
New York Transportation (guar.)
United Paperboard, pref.(quar.)
15
50c. Sept.28 Holders of rec. Sept. 1
21.50
Nichols Copper, common
Oct.
15 Holders of rec. Oct. la
Preferr
Sept. 13a
ed (guar.)
50c. Dec. 15 Holder
81.50 JanO'29 Hold, of rec. Jan. 2 '29a
North American Provision. pref.
Preferred (quar.)
(guar.). '134 Oct. I *Holde s of rec. May 24
$1.50 Ap15'29 Hold, of rec. Apr.
rs of rec.
Ohio 011 (quar.)
United Piece Dye Works,614% pf.(qu.
1 '290
*50c. Sept.11 *Holders of rec. Sept. 10
)114 Oct. 1 Holders of
Omnibus Corp., pref.(guar.)
84% preferred (guar.)
Aug.
rec. Sept. 20.
Oct. 1 Holders of rec. Sept. 14
134 Jan2'29 Holders of
Ontarlo Mfg. corn. (qua!'.) (No. I)._ $2
Bond
dr
Share,
U.S.
rec Dee. 202
140
commo
n
(extra)_ .$2.50 Dec.
•450. Oct. 1 *Holders of
Preferred (guar.)
1 •Holders of rec. Nov. 15
participating preferred (extra)
ree. Sept. 15
*81.75 Oct. 1 *Holders of reo. Sept.1
Otis Elevator. pref.(guar.)
U.8. Cast Iron Pipe & Fdy., corn.(q.). •50c. Dee, 1 *Holders of roe. Nov. 15
5
134 Oct. 15 Holders of reo. Sept.
23.4 Sept.15 Holder
Otis Steel, prior pref. (quar.)
Common (guar.)
214 Dec. 15 Holders of rec. Sept. 30
134 Oct. 1 Holders of rec. Sept,29s
Packard Motor Car Co.(monthly)
Preferred (guar.)
19a
25e. Sept.29 Holders of roe.
IN Sept.15 Holders of rec. Dec. la
Monthly
Preferred ((mar.)
s of rec. Sept. la
Sept.
IS.
25e. Oct. 31 Holders of reo.
154 Dec. 15 Holders of rec.
Monthly
15. United States Freight (guar.)
Dec. la
*75e. Sept. 10 *Holders
25e. Nov.30 Holders of rec. Oct.
Palmolive Peet, corn.(in stock)
Nov. 151 U.S. Gypsum, corn.(guar.)
of rec. Aug. 17
•
*40e.
3214
Ser4.3 "Holders of rec.
'Holders of rec. Aug.
ParaffIne Co.., Inc. (quar.)
Preferred (guar.)
Sept. 15
,
1.1X
•75o. Sept.27 *Holders of rec. Sept. 10
Sept.3
*Holde
Industr
Extra
rs of rec. Sept.15
ial Alcohol. Pt. (quar.)
U.S.
17
_
•25o. Sept.27 *Holders of rec. Sept. 17
13.4 Oct. 15 Holder
Paragon Refining. prof.(No. 1)
U.S. Leather, prior met.(quar.)
134 Oct. 1 Holders of rec. Sept.29a
•$3
Oct. 1 *Holders of rec. Sept. 15
H.8. Playing Card, (guar.)
Param't Famous Lasky Corp. coM.(q
s of rec. Sept.10a
*21
u.)
$2
Oct.
Oct.
1
1
Holder
s of roe. Sept. 7. U. EL Print. & Lith. 2d prof.((Mira
*Holders
Park-Utah Consol. Mines
(guar.)
134 Oct. 1 Sept. 21 of roe. Sept.20
200. Oct. 1 Holders of rec. Sept. 116
Second preferred (guar.)
to
.Janl'29 Dec. 22 to Sept-30
Dec. 31
154
144
154
'154
154
134
rvume of 4.4mpany.
[VOL. 127.
FINANCIAL CHRONICLE
1358
When
Per
Cent. Payahle.
Books Cloud
Days Inclusive.
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 Aug. 31:
Miscellaneous (Concluded).
Si Sept.15 Holders of rec. Aug. 22a
U.S. Realty tic Improvement
1 *Holders of reo. Sept. 15
U.S. Realty & Invest.(Our.)(No. 1) •3734c Oct.
Oct. 1 *Holders of rec. Sept. 21
02
U.B.Sheet & W.G., pref.(quar.)
G OF BUSINESS
Holders of rec. Aug. 300
Sept.29
134
0.8. Steel Corp.. corn. (quar.)
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSIN
Oct. 1
to
Oct. 1 Sept. 16
2
Universal Pictures lot pref. (guar.)._
ENDED FRIDAY. AUG. 31 1928.
Holders of rec. Oct. 150
WEEK
1
FOR
Nov
$1.75
(On.)
pref.
Radiator.
&
Universal Pipe
750. Sept.20 Holders of rec. Aug. 31
Vacuum Oil (quar.)
NATIONAL AND STATE BANKS-Average Figures.
114 Sept 17 Holders of rec. Sept. 14
Valvoline 011 common (quar.)
Sept. 10 Holders of rec. Sept. la
134
(quiz.)
Vapor Car Heating, pref.
la
Dec.
ree.
of
Holders
10
Dec.
1.34
Preferred (quar.)
Oct. 1 *Sept. 21 to Sept. 30
OtherCash Res. Dep.. Dep.Other
Victor Monaghan. pref.(quiz.)
Gross
Oct. 20 Holders of rec. Oct. 90
Including N. Y. and Banksand
Vulcan Detinning, pref. & pref. A (qu.) 134 Oct.
20 Holders of rec. Oct. 9a
hl
Gold. Bk.Notes. Elsewhere. Trust Coe. DeposUe.
Loans.
Pref. (acct, accumulated dIvidenda)
14
of rec. Sept.
Holders
1
Oct.
$1
Wabasso Cotton (guar.)
$
s
$
$
$
134 Oct. 1 Holders of rec. Sept.30
$
Manhattan-.
Wagner Electric. pref.(quar.)
00
30o. Oct. 1 Holders of rec. Sept. 15
148,406.900 19,500 2,078.300 15,102,800 1,441,900 141,592,8
of U.S
Waltt gc Bond, class B (mar.)
0
20.428,00
of rec. Sept.200 Bank
Holders
1
632,000
Oct.
710,000
8,300
37340
0
19.867,00
Bronx National
Waldorf System. corn. (quar.)
20
Sept.
1,990,900
roe.
of
Holders
1
20e. Oct.
188.100
Bryant Park Bank 1,917,600 69,800 157,700
Preferred (guar.)
19,767,000
*Holders of rec. Aug. 31
15
Sept.
659,000
•50c.
1,616,000
____
0
u.)
20,462,00
Bk_
Chelsea
Exch.
&Worts(q
ooderham
Walker(ifiram)-G
•25o. Sept. 15 Holders of roe. Aug. 31
89,365 1,319,290 1,701.880 15,132,482
6,000
Extra
5a *Grace National.. 17,497,555 20,000
30e. Septd10 Holders of rec. Sept.20
834,000 4,119,000 705,000 35,875,000
Harriman Nat'l__ 33,275,000
Walworth Co.. corn.(guar.)
3,903,400
*Holders of roe. Sept.
Sept.29
178.200
•75c.
95.000
31,5(x)
Morris
Port
4,383,500
Preferred (quiz.)
Oct. 1 Holders of roe. Sept.130 Public National__ 111.387,000 20,000 1,822,000 6,609,000 2.593,000 105,010.000
$2
Ward Baking, corn. A (quiz.)
1.31 Oct. 1 Holders of rec. Sept.13a
Brooklyn-(quiz.)
Preferred
17,495,200
•500. Oct. 1 *Holders of rec. Sept. 12
First National__ 19,661,200 31.700 454,000 1,952.000 263,400 50.950,60
Warner-Quinlan Co.. common (quar.)_ _ *134 Oct. 1 *Holders of rec. Sept. 12
0
s
55.269.000 310,000 1,442,000 7,018.000
% preferred (quar.)
Holders of rec. Sept.15a Mechanic
29,000 43,518,200
Sept.29
3.876,900
21
1,338.200
21.500
0
(quar.)
cora.
Municipal
45,839.80
Inc.,
r,
Weber & Helibrone
Nov. 1 Holders of rec. Oct. 15a Nassau National_ 22.154,000 85.000 280,000 1,849,000 288,000 18.991,000
1.34
Preferred (guar.)
000
56,000 8
•35e. Sept. 15 *Holders of rec. Aug. 31
689,000
3,500 146,000
Peoples Nat onal. 8.458,050
'255,
t............
on Ann
on. non
Western Canada Flour Mills. own.(qu.) •1 5i Sept. 15 *Holders of rec. Aug. 31
00 ono
0 non nett,
Trade...a Tre••1••••••••
Preferred (quar.)
15
Aug.
rec.
of
Holders
15
Sept.
4
Western Oil& Refining, pref
50e Oct. 31 Holders of roe. Sept.290
•Clearing non-member.
Westinghouse Air Brake (quiz.)
Oct. 31 Holders of rec. Sept. 280
Meetinghouse Elec.& Mfg. corn.(guar.) SI
SI Oct. 15 Holders of roe. Sept. 280
TRUST COMPANIES-Average Figures.
Preferred (quiz.)
15
Sept.30 *Holders of rec. Sept.
*21
Westland Oil
Sept.29 Holders of rec. Sept.d14
White Motor Securities, pref.(quar.)--- 134
15a
Sept.
rec.
of
250. Sept.29 Holders
Res. Dep., Dep. Other
White Motor (quar.)
Gross
50o. Oct. 1 Holders of roe. Sept.12
N. Y. and Banks and
White Rock Mineral Bog.. corn. (qu.).. lit Oct. 1 Holders of roe. Sept.12
Elsewhere. Trust Cos Deposits.
Cash.
Loans.
First preferred (quiz.)
12
Oct. 1 Holders of roe. Sept.
214
Second Preferred
$
$1.75 Oct. 1 Holders of roe. Sept.20a
$
$
•$
S
ManhattanWire Wheel Corp. of Amer., prof.(qu.) $1.75 Jan1'29 Holders of rec. Dec. 20
22,508 52,624.400
713.800 9,918,800
50.546,200
American
Preferred (guar.)
of rec. Oct. 1
Holders
15
8
Oct.
22,157,37
3730.
(quar.)
1,350,382
581,421
Bronx County
22.441.079
Woodworth. Inc., corn.
1
238,568,000
6234c. Sept.15 Holders of rec. Sept.20
Central Union
Preference (quar.)
235,442.000 *27.974,000 4,808,000 3,023,000 70,085,300
25c. Oct. 1 Holders of rec. Sept.
_
(mthly.)_
3,088,000
corn.
Co.,
3,301,700
0
Jr.
0
*4,455,70
(Wm.)
73,745,50
Empire
Wrigley
15,730,800
25e Nov. 1 Holders of roe. Oct. 20
58.100
827,000
Bank of Europe & Tr
Common (monthly)
16,412,200
25e Dee. 1 Holders of rec. Nov. 20
258,188 17,359,800
204.008 1,282,623
Common (monthly)
17.307,756
of roe. Sept. 7a Federation
I
Holders
Oct.
15,755,300
21
(quiz.)
*119,400 2,117,100
Fulton
18,158,800
Yale & Towne Mfg.
00
•30e Oct. 1 *Holders of tee. Sept. 15
277,590,000 2,446,000 33,737.000 1,808,000 252,873,0
Yarns Corp. of America class A 1qu.)-- 8 2-3e Oct. 1 Sept.28 to Sept.30
Manufacturers
0
67,670.00
(mthly)
A
Cab,
corn.
6,520.000
Checker
&
0
4,083,333
United States
Yellow
81,621,20
Oct. 31
to
28
1
Oct.
Nov.
2-3c
6
)
Commonclass A (monthly
Brooklyn6 2-3c Dec. 1 Nov. 26 to Nov.30
63,952,700
9,336.100
1,336.000
Common class A (monthly)
0
Brooklyn
60,688,30
.14
Sept. 30 *Holders of rec. Sept
24,519,040
Youngstown Sheet dc Tube, corn. (qu.). *$1.25
Kings County
26,518,084 1,781.982 2,290,667
*Holders of rec. Sept. 14
Series A preferred (quar.)
Bayonne, N.I.9492.1391
201.420
.117
700
274 021
stock
124
that
407
0
ruled
has
Exchange
Stock
Mechanics
•From unofficial sources. t The New Yorkand not until further notice.
The
will not be quoted ex-dividend on this date
Union,
$27.exCentral
quoted
be
not
follows:
will
as
stock
Bank
that
Reserve
•
ruled
has
Includes amount with Federal
New York Curb Market Association
163.000: Empire, $2.784,000; Fulton, $1,922,800.
dividend on this date and not until further notice.
stock.
in
Payable
e
n.
Correctio
a Transfer books not closed for this dividend. d b On account of accumulated
Payable in common stock. g Payable in scrip.
dividends. I Payable in preferred stock.
Boston Clearing House Weekly Returns.-In the
payable In cash or in class A stock as
Associated Gas & Electric dividends A stock: on $6.50 pref., 3.61-100 shares
the items in the
follows: On 26 pref 3.33-100 shares class of a share of clam A stock; on 27 pre- following we furnish a summary of all
elan A stock: on original preferred, 2.26-100
a series of weeks:
for
ent
statem
weekly
Boston Clearing House
ferred, 3.95-100 of a share of class A stock.
m 21.50 for each $100 paid in.
S.
MEMBER
HOUSE
share.
NG
BOSTON CLEARI
rate of one-fortieth of a
is Payable either In cash or class A stock at
l common A stock at rate of 1-50th
p May be applied to the purchase of additiona
Aug. 22
per share.
Aug. 29
Caangesfrom
Seyt.. 5
Of a share for each share held at rate of $30
in
1928.
1928.
is 10d, per share. All transfers received to
IPreetot4.t Week
1928.
r British American Tobacco dividend will
of dividend
payment
for
time
in
be
3
Sept.
order in London on or before
s
$
$
2
transferees.
84,150,000
84,150,000
84.150.0001 Unchanged
dividend is Is. Bd. per share, less Capital
00
108,448.0
00
108.448,0
s Imperial Tobacco of Great Britain & Ireland
d
Unchange
108,448.0001
Surplus and profits
1.105,277,000 1,113,418,000
deduction for expenses of depositary.
Loans, discle dr invesrts. 1,094.442,000 -10.835.000 853,080.000 854.836,000
depositary.
00
+7,315.0
f Dividend is 9d. per share less expenses for
00
860.375.0
Individual deposits
130,018.000
payable % quarterly.
138,889,000 +8,421,000 128,448,000 283,874,000
Due to banks
is Shulte Retail Stores declared 2% In stock, of one-fortieth of a share.
283,801.000 -1,348,000 285.147,000
o Payable either in cash or class A stock at rate
B Time deposits
32.843.000
class
0
share;
th
24.697,00
one-fortie
of
00
rate
at
-2,388,0
stock
United States deposits__ _
22,329.000
w Payable either in cash or class A
22,765,000
22.382,000
one-fortieth share.
35,368.000 +12,984,000
Exchanges for Clg. House
payable eitherin cash or class B stock at rate of
77,853,000
0
71,212,00
00
+9.654,0
0
Due from other banks_
80.8613,00
79,714,000
80,141.000
+849,000
- Fles've in legal deposiries 80,990.000
9.449.000
9.730,000
-98,000
Weekly Return of New York City Clearing House.
9,634.000
Cash in bank
433.000
818.000
+840.000
House
g
000
46:1
1
Res've excess in F.R.Bk_
Mar. 31, the New York City Clearin
Beginning with
sly
Association discontinued giving out all statements previou
The
House
issued and now makes only the barest kind of a report.
Philadelphia Banks.-The Philadelphia Clearing
with
figures
along
ative
s,
compar
deposit
the
but
g
nothin
with
1,
shows
Sept.
return for the week ending
new return
e
full:
for the two weeks preceding, is given below. Reserv
the capital and surplus. We give it below in
System
e
Reserv
NG HOUSE
CLEARI
YORK
NEW
Federal
THE
OF
S
the
MEMBER
of
s
for
THE
member
requirements
STATEMENT OF
AY SEPT. 1 1928.
s, all
ASSOCIATION FOR THE WEEK ENDING SATURD
are 10% on demand deposits and 3% on time deposit
in vaults"
"Cash
Bank.
e
Reserv
to
Federal
the
with
be
kept
Time
•Surplus vt Net Demand
not
Deposita
Deposits
*Capital. Undivided
is not a part of legal reserve. For trust companies
Clearing House
Average.
Average.
Profits.
Members.
Reserve System the reserve required
Federal
the
s
of
member
$
$
$
$
"Reserve with
8.235.000 is 10% on demand deposits and includes
54,950,000
_ 6,000,000 12.875,200
31,444.000
Bank of N. Y. gc Trust Co_ __. 12,500,000 19,228,500 139,787.000
"
51,975,000 legal depositaries" and "Cash in vaults.
Bank of the Manhattan Co_
25,000,000 37,009,900 129,588,000
14, the
Bank of America Nat. Assoc__ 90,000,000 73,981,000 6833,599,000 188.835,000
Beginning with the return for the week ending May
6,375,000
National City Bank
00
0
124,925,0
20,014,50
g
8.000.000
showin
inued
discont
0
tion
Chemical National Bank
40,433,00
25,000,000 46.295,200 316,768,000
Philadelphia Clearing House Associa
43,834.000
National Bank of Commerce_ 13,500.000 14,888,400 158,839.000
or below requireChat.Phenix Nat.Bk..tTr.Co. 5,000,000 28.702,400 115,294.000
2,946,000 the reserves and whether reserves held are above
28,988.000
Hanover National Bank
queries at the end of the
11.000,000 17,782,700 185,076,000
8,208,000 ments. This will account for the
Corn Exchange Bank
10,000,000 25,069.500 113,832,000
0
11,765,00
National Park Bank
10,000.000 87,588,200 243,525.000
50,039.000 table.
First National Bank
40,000,000 52,522,200 352,185,000
Amer. Exchange Irving Tr.Co.
Continental Bank
Chase National Bank
Fifth Avenue Bank
Garfield National Bank
ieaboard National Bank
Rate Bank & Trust Co
Bankers Trust Co
12.5. Mortgage & Trust CO..
litie Guarantee & Trust CoGuaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan dc Truat Co
Equitable Trust Co
3olonial Bank
1,000,000
60.000,000
500,000
1,000.000
9,000.000
5,000.000
25,000,000
5.000,000
10,000,000
40.000,000
4.000.000
3.000.000
10,000.000
10,000.000
30,000,000
1,400,000
1,438,900
77,828.700
3,158,700
1.899.000
12,351,100
6,631,700
75,000,000
5,951.400
21,857,400
59,231,700
3,848,500
3,845,200
24,009,500
22,149.200
25,591.000
3,705,800
6.100,000
b547,124,000
23,159,000
14,278,000
118,008,000
34,260.000
c324.069.000
55,935,000
36.824,000
4443.059,000
38,684.000
20,000.000
135,807,000
e108.113,000
1314,904,000
27,128,000
600,000
88,255,000
703.000
450,000
7.251,000
59.668.000
81,446,000
4,998,000
2.447.000
74,938,000
5,115,000
2,476,000
28,973.000
19.870,000
37,659.000
7,143,000
Week Ended Sept. 1 1928.
Two Ciphers (00)
omitted.
Trust
Members of
F.It. System Companies.
1928.
Taal.
Aug. 25
1928.
Aug. 18
1928.
84.290,0
64,290.0
84,290.0
9,500,0
54,790,0
Capital
191,100,0
18,293,0 190,831,0 191,100.0 1.139.032
172.538,0
Surplus and profits.0
1,138.327,0
,0
1,139.615
104,850,0
.0
1,034,785
&
Loans, discts. invest.
30,987.0
28,789,0
35.109,0
791.0
34,318,0
Exch. for Clear. House
88,542,0
80,295.0
85,514,0
514,0
85.000,0
Due from banks
123,513,0
3.896,0 124,062,0 123.577,0 647,407.9
120,3138,0
Bank deposits
48.207,0 1342.773.0 635,919,0 238,135.0
Individual deposits-. 594.588.0
29,199.0 233,332.0 235,644,0 1,009,055.0
204,133,0
Time deposits
81,101.0 1,000,168.0 995,140,0
919,0135,0
Total deposits
8,188.0
7,7913.0
8,750,0
8,750.0
Res, with legal depos_
88,929,0
68,004,0
66,193,0
86.193,0
Res. with F. R. Bank_
11,564,0
11,279,0
11,020,0
Clearing Non-Member.
5,743.000 Cash In vault•
2,390,0
3.416,000
773.900
8,630.0
86 681.0
500,000
85,079,0
dechanics Tr. Co.. Bayonne_
85,963.0
11.140,0
74.823,0
Total res. & cash heldego Aln nnn
rinn
Aen Ann nAA /49 0A7 90A A 007 AQA
Reserve required
reserve and cash
30 1928. State, June 30 1928. Trust Excess
in vault
• As per official reports: National, June
Companies, June 30 1928.
$51,(e)
Reserve member's
(a) $280,702.000: (b) $13.857:000:
•Cash In vault not counted as reserve for Federal
Includes deposits In foreign branches: 0; CO 2110,353,000.
1300,000: (4) 282.080.000: (e) $2,172,00
FINANCIAL CHRONICLE
SEPT. 8 1928.]
1359
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Sept.6,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns forithe
latest week appear on page 1327. 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 SEPT. 5 1928.
Sept. 5 1928. Aug.29 1928. Aug.22 1928. Aug. 15 1928. Aug.81928. Aug. 1 1928. July 25 1928. July 18 1928. Sept. 7 1927.
RESOURCES.
$
5
S
$
3
$
$
$
3
1,082,429,000 1,093.837,000 1,107.113,000 1,117,450,000 1,107,601.000 1,117,466,000 1,119,717,000 1,130,963,000 1,579,526,000
Gold with Federal Reserve agents
Tress_
66,351,000
73,465.000
U.
S.
with
65,243,000
71,555.000
43,238,000
fund
72,563.000
63,309,000
71.406,000
redemption
66,020,000
Gold
Gold held exclusively agst. F. R.. notes 1,148,780,000 1,159,080.000 1,173,133,000 1,189,005,000 1,180,164,000 1,180,775,000 1,191,123,000 1,204,428,000 1,622,764.000
751,338,000 724,889.000 715,244,000 694,976,000 695,550,000 690,048,000 680,561,000 661,912,000 694,143,000
Gold settlement fund with F.R.Board
Gold and gold certificates held by banks_ 709,031,000 734,840,000 725.611,000 728,611,000 729,702,000 728,715,000 732,347.000 733,252,000 672,786,000
2,609,149,000 2,618,809,000 2.613,988.0002,612.592.000 2,605,416,000 2,599,538,000 2,604,031,000 2,599,592,000 2,989,693,000
138,148,000 146,085,000 147,414,000 150.699.000 150,042,000 156,027,000 157,154.000 159,244,000 135,549,000
Total gold reserves
Reserves other than gold
2,747.297.0002,764,894,000 2,781.402,000 2,763,291.000 2,755,458,000 2,755,565,000 2,761,185,000 2,758,836.000 3,125,242,000
Total reserves
52,296,000
65,096,000
45,596,000
64,517,000
Non-reserve cash
53,241,000
60,172,000
57.582,000
60,354,000
58,337,000
Bills discounted:
Secured by U. S. Govt. obligations_ 682,032,000 604,316,000 584,184,000 566,854,000 603,944.000 655,500.000 596,385.000 615,027,000 241,953,000
428,085,000 434,457,000 453,262.000 435,680,000 457,341,000 430,276,000 428,724.000 396,730,000 207,531,000
Other bills discounted
Total bills discounted
Bills bought In open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
Total U. S. Government securities
Other securities (see note)
1,080,117,000 1,038,773,000 1,037,446,000 1,002,534,000 1,061,285,000 1.085,776,000 1,025.109,000 1,011,757,000
186,796,000 184,299,000 183,600,000 189,902,000 161,847,000 165,879,000 169,083.000 181,035.000
449,484,000
197,306,000
53,883.000
87,026,000
65,476,000
54.764.000
88,251,000
65,949,000
54,599,000
85,651,000
66,660.000
54.819,000
85,622.000
85.972.000
55,259,000
87,641,000
64,968,000
55,099,000
87,677,000
68,887,000
55,044,000
87,206,000
65,391,000
56,024,000
89,505.000
63,813,000
237,700,000
108,603,000
153,166,000
206,385,000
990,000
208,964.000
990,000
206,910,000
990,000
206,413,000
990.000
207,868,000
490,000
211,663,000
490,000
207,641.000
490.000
209,342,000
490.000
499,469,000
320,000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,474,288,000 1.433,026,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,025,275,000 4,941,248,000 4.954,310,000 5,028,750.000 4,907,779,000 5,000,197,000 4,924,182,000 5,038,074,000 5.097,990,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,305,577,000 2.324,682,000 2,325,830.000 2,323.493,000 2,334,410,000 2,402,194,000 2,346,116.0002,349.042.000 2,367.759,000
615,257,000 562,768,000 584,711,000 665 639,000 547,270,000 587,799,000 574,543,000 672,160,000 636,403,000
144.924,000 144,860,000 144,854,000 144,695,000 143,057,000 143,009,000 143.024.000 143,116,000 130,668,000
233,319,000 233,319,000 233,319.000 233,319,000 233,319,000 233,319,000 233,319.000 233,319.000 228.775,000
25,183,000
13,670.000
19.574,000
24,623,000
22,982.000
20.598,000
23,829,000
22,137.000
21.186,000
571,000
681,587,000
60.255,000
8,981,000
574,000
615,468,000
60,132,000
8,913.000
428,948,000 1,399,839,000 1,431,490,000 1,463,808,000 1,402.323.000 1,402,624,000 1,146,579,000
574,000
636,859.000
60,134,000
8.813,000
575,000
735,573,000
60,125,000
8,993,000
574.000
593,054,000
60,123,000
8,743,000
573,000
651,501,000
60,115.000
8,463,000
573.000
626,843,000
60.113,000
8,828.000
573,000
740,451,000
60.063,000
8,431,000
12,267,000
689,215.000
59,579,000
19.512,000
1,701,035,000 1.650.996.000 1.641.967.000 1,638.622.000 1,627,586,000 1,612.690,000 1.606,582,000 1,618,863,000 1,720,715,000
2,273,343,000 2,268,682,000 2,280,860,000 2,285,180.000 2,265,606,000 2,343.504,000 2,299,893,000 2,306.632,000 2,318,415,000
8,946,000
27,324,000
20,803,000
9,307,000
13,735,000
17,331,000
42,277,000
20,331.000
29,970,000
6,347,000
9,799,000
5,487,000
10,057,000
8.953,000
8,724,000
9,140.000
8,651,000
9,523,000
16,941,000
18,877.000
23,054,000
18,618,000
20,053,000
17,803,000
18.599,000
17,241,000
19,197,000
5,025,275,000 4,941,248,000 4.954,310,000 5,028,750,000 4,907.779,000 5,000.197,000 4,924,182.000 5.036,074.000 5.097,990,000
Total liabilities
Ratio of gold reserves to deposits and
73.2%
65.5%
65.1%
65.9%
65.8%
64.3%
F. R. note liabilities combined
65.9%
65.9%
64.7%
Ratio of total reserves to deposits and
76.4%
69.5%
69.5%
69.9%
68.6%
69.5%
F. R. note liabilities combined
68.6%
69.7%
69.6%
Contingent liability on bills purchased
279.049.000 277,897,000 289.353,000 290,180,000 305,018,000 306.285,000 305,452,000 305,186,000 174,107,000
for foreign correspondents
Tristribusion by Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market 16-30 days bills discounted
. of Indebtedness
16-30 days U. S. certif.
16-30 days municipal warrants
81-60 days bills bought in open market _
81-60 days bills discounted
81-60 days U. S. certif. of Indebtedness
81-60 days municipal warrants
51-90 days bills bought in open market _
61-90 days bills discounted
. of Indebtedness
61-90 days U. S. certif.
51-00 days municipal warrants
over 90 days bills bought in open market
Over 90 days bills discounted
. of indebtedness
Over 90 days certif.
Over 90 days municipal warrants
5
3
$
90,527,000
899.167,000
2,115,000
$
80,174,000
854.964,000
2,535,000
75,725,000
850,533.000
3,280,000
77,748.000
823,346,000
1,955,000
$
51,655,000
883,129,000
1,235,000
$
52,006,000
896,105,000
1,210.000
$
57,426.000
844,643,000
805,000
$
76,020,000
828,869,000
405,000
$
113,661,000
361,766,000
82,055,000
29.577,000
57,716,000
36.280,000
53,014,000
36,924,000
48,386,000
37,618,000
44,542,000
37,852,000
40,727,000
30,364,000
41,986,000
36,340,000
38,675.000
29,072.000
40,928,000
30,297.000
26,909.000
4,429,000
37,230,000
78,090,000
41,153,000
83.138,000
41.387,000
86.953,000
39,414,000
79,650,000
40.716,000
80,142,000
42.714,000
81.514,000
44,314,000
71,495,000
44,012.000
68.759,000
33,759,000
37,927,000
22,860,000
36,717,000
20,965,000
37,542,000
22,794,000
41,200,000
27,693,000
42,491,000
26,143.000
45,324,000
25.519.000
51,540,000
25,410,000
57,393,000
24,602,000
59,333,000
20,000
17,029,000
18,647,000
6,802,000
8,427,000
63,361.000
5,727,000
10,115,000
63,414,000
6.770.000
10,374.000
63.380,000
7,429,000
12,505.000
64,017,000
5,481,000
11,963,000
63.733,000
6.276,000
14,631,000
67.787,000
5,593,000
12,903,000
64,586,000
7,329,000
13,868,000
63,408,000
2,560,000
4,235,000
66,682,000
F. R.. notes received from Comptroller
F. R. notes held by F. R. Agent
2,811.418,000 2,800,498,000 2,807,420,000 2,816,638.0002,819.200.000 2,825,782,000 2,822,202,000 2,831.152,000 2,889,860.000
766,585,000 778,870,000 780,020,000 799,980.000 804,820.000 806,970.000 799,770,000 796,880,000 814,315,000
Issued to Federal Reserve Banks
=How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
2,044,833,000 2,021,628,000 2.027.400,000 2.016,658,000 2,014,380,000 2,018,812,000 2,022.432,000 2.034,272.000 2,075.645,000
341,321,000 338,820,000 348,620,000 352,827.000 350,977,000 348,477,000 352,477,000 352,476,000 421,876,000
92,994,000
94,621,000
95,355,000 102,006,000
88,153.000
91.446,000
89.541,000
94,652.000
99.796,000
648,114,000 660,396.000 668,952,000 676,470,000 661,972,000 669,193,000 675,794,000 683,132,000 1,055,644,000
1,226,166,000 1,183,121,000 1,189.770.000 1,155.853.000 1,191,942,000 1,213.595,000 1,160.789,000 1,157,472,000 616.489,000
2,208,595,000 2,276.958.000 2.2e0 Rfig nrul 9 972 gng nun 2 200 R42 nnno 221 um unn 9 920 ana (inn 2 252 425 nnn 2.196.015.000
Total.
NOTE.-Beittaning with the statement of Oct. 7 1925, two new Items were added In order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed to
“Otber securities." and the caption -Total earning Smuts" to "Total bUls and securities." The latter term was adopted as a more accurate deseriulon of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, t was stated. are the only Itemsincluded therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 5 1928
Two ciphers (00) omitted.
Federal Reserve Bank of-
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta, Chicago. St. Louts. Minneap. Kan.City. Dallas. San Pros,
3
RESOURCES.
3
Oold with Federal Reserve Agents 1,082,429,0 109,873,0
66,351,0 4,725,0
Dold ran]fund with U.S.Treas.
$
s
$
s
3
3
$
3
$
$
$
175,091.0 77.781,0 142,352,0 18,713,0 66,207,0 214,449,0 14,868,0 44,489,0 46,480,0 15,355,0 156,771,0
18,025,0 6,868,0 5,197,0 2,730.0 4,383,0 7,919.0 6,025,0 1.922,0 2,955,0 1.955,0 3,647,0
Gold nem excl. eget. F.R.notes 1,148,780,0 114,598,0
()old settler fund with F.R.Board 751,338,0 81,681,0
709,031,0 26,872,0
Wild and gold certificates
193,116,0 84,649,0 147,549,0 21,443,0 70,590,0 222,368,0 20,893,0 46,411,0 49.435.0 17.310,0 160,418,0
157,728.0 39,360,0 77,112,0 32,149,0 12,034,0 211,139,0 29,301,0 19,617,0 42,131,0 18,131,0 30,955,0
484,487,0 26,018.0 42,801.0 6,174,0 3,425,0 50,866,0 10,918,0 4,993,0 7,112,0 12,280,0 33,085,0
2,609,149,0 223,151,0
138,148,0 11,159,0
835,331,0 180.027.0267.462,0 59,766.0 86,049,0 484,373,0 61,112,0 71.021,0 98,678,0 47,721,0 224,458,0
24.822,0 6,554,0 14,225.0 9,530,0 15,016,0 17,708,0 16,519,0 1,838,0 5,132,0 4.782.0 10.883,0
Total gold reserves
Reserve other than gold
2,747,297,0 234,310,0 860,153.0 158.581.0281,687,0 69,296,0 101,065,0 502,081.0 77,631,0 72,859,0 103,810,0
Total reserves
62,296,0 5,130.015,877,0 1,712,0 3,603,0 3,499,0 4,107,0 6,922,0
Ron-reserve cash
3,345,0
993,0 1.838,0
discounted:
Bills
obligation!)
652,032,0
31,651,0 253,190,0 80,464,0 42,888.0 21,689,0 20,213,0 78,482,0 28,524,0
Govt.
Sec. by U.S.
10,850,0
10,533,0
428,085,0 24,531,0
97,012,0 24,951,0 33,212,0 37,133,0 58,445,0 33,582,0 39,756,0 8,253,0 13,998,0
Other bills discounted
1,080,117,0
56,182.0
350,202,0 105,415.0 76,100,0 58,822,0 78.658,0112,064,0 68,280,0 18,786,0 24,848,0
Total bills discounted
188,796.0 22,823.0
47,113,0 11.355,0 18.193,0 8,124,0 11,870,0 15,201.0
11,0 8,579,0 10,604,0
Bills bought In open market
U. S. Government securities:
53,883,0 1,548,0
4,292,0 1.126,01,460,0 1,153,0
241.0 19,927,0
4,809,0 9,899,0
Bonds
87,026,0 2,841,0
13,071,0 9,723,0, 28,226,0
594,0 3,289,0 5,677,0
4,312,0 3,091.0
freasury notes
16,473,0 11,340,0 5,550,0 1,529,0 1.893,0 8,832.0
65.476,0 4,427,0
2,214,0 4,327,0
:ertifleates of indebtedness
n..... rr 0 rInv't Rarnritlefl
206.385.0
8,816.0
33.836.0 22.18g n 25 92R 0
2 972 n
5 422 0 24 42R 0
It 99g 1 17 217 n
52,483,0 235,341.0
1,985,0 3,285,0
13,496,0 60,052,0
16,418,0 40,794,0
29,914,0 100,848.0
10,635,0 24,288,0
8,444,0
984,0
3,393,0 12,809,0
3,964,0 4,027,0
15 SOLO
1R 720 0
[Vox.. 127.
FINANCIAL CHRONICLE
1360
IllSOURCES (Concluded)Two Ciphers (00) omitted.
Total.
Other eecuritles
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
New York.
Boston.
$
990,0
5
5
500,0
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Cify. Dallas. San Fros.
$
s
$
s
5
3
S
490,0
$
$
S
431,651,0 138,959,0 129,529,0 68,222,0 95,951,0 161,701,0 68,291,0 39,190,0 52,769,0 56,350,0 143,854,0
52,0
25,0
47,0
14,0
18,0
17,0
35,0
215.0
21,0
69,0
21,0
178.656,0 53,047,0 64,440,0 53.207,0 24,531,0 83,593,0 33,557,0 15,558,0 45,212,0 28.146,0 38,574,0
16,675,0 1,752,0 6,806,0 3,486,0 2,838,0 8,720,0 3,902,0 2,202,0 4,308,0 1,907,0 3,835,0
531,0
621,0
1,588,0
292,0 1,343,0
416,0 1,255,0 1,021,0
503,0
322,0 1,007.0
1,474,288,0 87,821,0
37,0
571,0
681,587,0 63,066,0
60,255,0 3,824,0
82,0
8,981.0
Total resources
5025,275,0 394,270,0 1,504,815,0 352,390,0 487,460,0 198,151,0 229,768,0 764,107,0 187,069,0 131,823,0 208,458,0 141,419,0 425,545,0
LIABILITIES.
F R. notes in actual circulation_ 1,701,035,0 153,261,0 359,216,0 132,669,0 199.687.0 58,067,0 127,507,0 287,544,0 57,129,0 55,002,0 60,769,0 36,015,0 174,169.0
Deposits:
Member bank-reserve acc't 2,273,343,0 150,719,0 866,874,0 132,146,0 185,841,0 68,142,0 61,973,0 343,875,0 79,184,0 50,917,0 91,335,0 63,382,0 178,955,0
624,0
366,0 2,478,0 1,030,0 1,321,0
30,0
77,0
161.0
Government
8,946,0
827,0
209,0
554,0 1,269,0
655,0
473,0
1,823,0
598,0
321,0
447,0
Foreign bank
6.347,0
265,0
221,0
876,0
227,0
271.0
170,0
50,0 1,143,0
149,0
16.941,0
235,0
6,994,0
121,0 1,112,0
Other deposits
45,0 5,685,0
463,0
300,0
644,0
Total deposits
Deferred availability items
Ziapital paid in
3urplus
A/1 other liabilities
875,768,0
150,207,0
48,908,0
63,007,0
7,709,0
2 305,577,0 151,457,0
615,257,0 60,041,0
144,924,0 10,034,0
233,319,0 17,893,0
25,163,0 1,584.0
133,418,0
48,553,0
14,369,0
21,662.0
1,719,0
188,005,0 71.090,0 63,389,0 347.184,0 80,472,0 52,656,0 92,415,0 64.475,0 185,248,0
58,923,0 49,243.0 22,169,0 74.220,0 32.616,0 12,964,0 41,235,0 27,497,0 37,589,0
14,301,0 6,080,0 5,240,0 18,213,0 5,400.0 3,017,0 4,200,0 4,304,0 10,858,0
24,021,0 12,324,0 9,996,0 32,778,0 10,397,0 7,039,0 9,046,0 8,527,0 16,629,0
2,523,0 1,347,0 1,467,0 4,168,0 1,055,0 1,145,0
601,0 1,052,0
793,0
5,025,275,0 394,270,0 1,504,815,0 352,390,0 487,460,0 198,151,0 229,768,0 764,107,0 187,069,0 131,823,0 208,458,0 141,419,0 425,545,0
Totalliabilities
Memoranda.
72.7
76.9
69.6
58.8
.53.7
68.6
52.9
65.5
Reserve ratio (percent)
52.2
79.1
56.4
67.7
67.7
contingent liability on bills pur79,207,0 26,441,0 28,946.0 14.195,0 11,690,0 38.688,0 11,968,0 7,515,0 10,020,0 9,742.0 19,762.0
chased for foreign correspond'ts 279,049,0 20,875,0
IF. R. notes on hand (notes reed
from F. R. Agent less notes in
343.798.0 20,849,0 101,026,0 23,212,0 29,928,0 14,456.0 28.179.0 36.572.0 10 994 0 7 noon 8 Rn7 n 68711.0 55.306.0
simulation
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS SEPTEMBER 5 1928.
Boston.
Total.
Federal Reserve Agent at-
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran,
$
$
$
$
$
S
5
$
S
s
s
721,722,0 178,081,0 264,145,0 93,772,0 222,296,0 441,486,0 85,693,0 78,075,0
101,556,0 59,157,0 325,475,0
261,480,0 22,200,0 34,530,0 21.249.0 66.610,0 117,370,0 17,570,0 15,474,0 31,980,0 16,272,0 96.000,0
New York.
S
$
Two ciphers (00) omitted.
F.R.notes ree'd from Comptroller 2,811,418,0 239,960,0
F. It. notes held by F.It. Agent__ 766,585,0 65,850,0
F. R. notes Issued to F.It. Bank_ 2,044.833,0 174,110,0
Collateral held as security for
F. R. notes issued to F. It. Bk.
Gold and gold certificates__ 341,321,0 35,300,0
92,994,0 16,573,0
Gold redemption fund
648,114,0 58,000,0
Gold fund-F.R. Board
1,226,166,0 78,985,0
Eligible paper__
460,242,0 155.881,0 229,615,0 72,523,0 155,686,0 324,116,0 68,123,0 62,601.0 69,576,0 42,885.0 229,475,0
_ 2.308,595,0 188,858,0
566.594,0 174,588,0 234,644,0 80,226,0 156.635.0 341.561.0 83.1240 69.541.0 61.612.0 55.690.0 281,302,0
Total collateral
153,161,0
50,000,0 6,690,0 27,100,0
12,303,0
7,600,0 14,167,0
16.930,0 11,104,0 12,352,0 7,023,0 3,607,0 1,449,0 1,268.0 2,322,0 3.620,0 2,052,0
5,000,0 68,877,0 80,000,0 5,000,0 35,500,0 213,000,0 6,000,0 28,000,0 42,860,0 1,000,0
385,503,0 96,807,0 92,292,0 61,513,0 90,428,0 127.132,0 68,256,0 25,052,0 35,332.0 40,335,0
35,000,0
14,694,0
107,077,0
124,531,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following Is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resource
and liabilities of the 635 member banks from which weekly returns are obtained. These figures are always a week behin d
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 1327, immediately following which
we also give the figures of New York and Chicago reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 29 1928 (In thousands of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta, Chicago. Si, Louis. MInneap. Kari.City. Dallas. San Fraa,
Loans and investments-total
s
$
$
$
$
22,134.464 1,507.651 8,349,303 1,247,705 2,205,985
Loans and discounts-total
15,729,207 1,063,107 6,050,422
8
S
$
$
s
s
$
$
719.436
373,015
684,236
452.756 1,987.016
843,943 1,468,274
679,990 7 638,454 3,288,917
_
521,552 503,758 2,411,415
510,755
238,266
443,440
334,501 1,339,774
125,147
Secured by U. S. Gov't obliga'ns
6,522,925
Secured by stocks and bonds
All other loans and diseounts____ 9,081,135
47,703
10,446
378.300 2,778 717
674,361 3,224,002
8,627
463,802
371,514
13.114
666,013
789,147
3,206
183,038
335,308
4,289
20,428
133,620 10,52,947
365,849 1,338,040
4,326
215.341
291.088
2,377
73,979
151,910
3.338
129,744
310.358
2,236
86,232
246,033
5,057
361,192
973,525
6.405,257
444,544 2,298,881
403,762
737.711
158,438
134,696
877 502
208.681
134,749
240,796
118,255
647.242
U. S. Government securities_ _ _
2,908,200
Other bonds, stocks and securities 3.497,057
166,080 1,095,111
278,464 1,203,770
122.097
281,665
323.537
414,174
70.779
87,659
61,919
72,777
378,332
499,170
73.420
135,261
73,464
61,285
114,966
125,830
80,122
38,133
348,373
298,869
756,471
66,093
76,438
13,230
130.782
29,986
40,337
11.700
38.196
9,921
246,901
39,488
45,684
7.260
23,140
6,361
57,146
11.747
32,932
9.319
114,508
22,891
349,465
246,971
3,675
309,924 1,812,262
238,440 1,258,546
6,870
16.479
373,034
240,909
2,607
210,828
129,965
1,599
499,494
170,634
2.760
Investments-total
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,660,784
246,947
98,249
18,945
12,870,985
6.912,285
117,866
885,324 5,591 622
491,323 1,705,272
22,673
23,650
707 202 1 034.324
302,883 977,473
14,374
13,588
1,007,772
2,964,321
41,546 110,414
125.801 1,138,704
54,175
155,407
94,249
212.785
42,728
92,032
63,482
89,950
214,465
472,124
42,718
107.000
45,353
80,819
112,684
218.197
54,824
87,251
283,166 814,340
128,218 1,016,651
5,691
3,900
131,134
184,251
Borrowings from F. R. Bank-total
774.366
34,406
233,633
74,029
64.984
30,607
47,509
113.010
43,635
12,835
20,311
20,076
79,301
Secured by U. S. Gov't obliga'ns _
All other
479,506
294,860
16,215
18,191
146,978
86.655
55,839
18,190
37,770
27,214
12,589
18.018
12,394
35,115
87,999
25,041
16,605
27,030
6,950
5,885
11,034
9,277
13,100
6,976
62,033
17.268
635
36
78
49
70
64
31
921
29
24
64
44
54
Number of reporting banks
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Sept. 5 1928, in
comparison with the previous week and the corresponding date last year:
Sept. 5 1928. Aug. 29 1928. Sept. 7 1927.
ResourcesGold with Federal Reserve Agent
Gold redemp,fund with U.S.Treasury.
175,691,000
18,025,000
175,175,000
19,149,000
261,312,000
13,148,000
Gold held exclusively agst F.R.notes_
Gold settlement fund with F.It. Board_ _
Gold and gold certificates held by bank
193.116,000
157,728,000
484,487,000
194,321,000
200,959.000
495.623,000
274,460,000
234,844,000
455,513.000
Total gold reserves
Reserves other than gold
835,331,000
24,822,000
890.906.000
26,693,000
964,817,000
23,815,000
Tota. reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations_ _ _
Other bhis discounted
860,163,000
15.877.000
917,599.000
17.462,000
988,632.000
10.894,000
253,190,000
97,012,000
186,845,000
105,677,000
110,545,000
66,143,000
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
350,202,000
47,113.000
292,522,000
45.042,000
176,688,000
78,844.000
4,292,000
13,071,000
16,473,000
4,292,000
14,101,000
16,893.000
39,900.000
22,805.000
37,700,000
Total U.S.Government securities.- -Other securities
33,836,000
500.000
35,286,000
500.000
100,405.000
Total bills and securities (See Note)---
431,651,000
373,350.000
355,937,000
Resources (Concluded)Gold he.d abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
LiabilitiesFed', Reserve notes in actual circulation_
Deposits--Member bank, reserve acct._
Government
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fed'i Rye note liabilities combined_
Contingent liability on bills purchased
for foreign correspondents
Sept. 5 1928. Aug. 291028. Sept. 7 1921'
$
3
3
215,000
178,656,000
16,675,000
1,588,000
218,000
165,389,000
16,568,000
1,795,000
3,573,000
193,850.000
16,276,000
8,585,000
1,604,815,000 1,492,381,000 1,577,747.000
359,2113.000
866.874.000
77,000
1,823,000
6,994,000
343,565,000
877,231,000
3,106.000
3,487,000
7,530,000
374,708,000
904,180,000
1,169,000
1,845,000
16,231,000
875,768,000
891,354,000
923,425,000
1a.11g7
8,Z0
63.007,000
7.709,000
1g.,81)?1;210)
1;3:32::::
2:0::
14
61(
:0
ag,yr:oog
7
1,504.815,000 1,492,381,000 1,577,747,000
69.6%
74.3%
76.2%
79,207.000
75,386,000
54,272,000
abroad and amcunts due
NOTE.-Beginning with the statement of Oct• 7 1925, two new items were added in order to show separately the amount of balances held
debentures, was changed to
to foreign correspondents. In addition, the caption. "All other caring assets." previously made up of Federal Intermediate Credit Bank
description
of the total of
-Total
bins
assets"
to
and
accurate
earning
securities."
a
more
The latter term was adopted as
"Other securities," and the caption. "Total
items included
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act. which. It was stated, are tile only
therein..
SEPT. 8 1928.]
FINANCIAL CHRONICLE
Aankers'
antic
Wall Street, Friday Night, Sept. 7 1928.
Railroad and Miscellaneous Stocks.-The reivew of the
Stock Market is given this week on page 1347.
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 Sept. 7.
Sales
for
Wee/c.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest. 1 Highest.
1361
New York City Realty and Surety Companies.
(AU prices dollars per share.)
Bid
Alliance Wits 72
Amer Surety_ 285
Bond & NI GJ 440
Lawyers Mtge 358
Lawyers Title
3: Guarantee' 385
Ask
85 Mtge Bond__
295 N Y Title at
450
Nfortgage. _
365 US Casualty_
Bid
155
652
415
395
Ask1
Bid
170 Realty Assoc's
(Bklyn)eom 275
656
lot pref____ 98
425
2d pref....... 93
Westchester
Title AL Tr_ 650
ASA
287
99
95
--
New York City Banks and Trust Companies.
(All prices dollars per share.)
Banks-N.Y. Bid
America
209
Amer Union*. 247
Bronx Bank*. 625
Bryant Park* 230
Central
212
Century
240
Chase
605
Chath Phenix
Nat 13k &Tr 592
Chelsea Ezell* 280
Chemical____ 915
Colonial•____ 1275
Commerce___ 666
Continental._ 575
Corn Exch___ 72.5
Cosmopolit'n. 500
Fifth Avenue_ 2250
First
4300
Garfield
Grace
400
Hanover
1300
Harriman
975
300
Liberty
Manhattan... 800
National City 854
Park
705
Penn Emil
178
Ask
212
257
700
300
217
250
611
Banks-N.Y. Bid
Port Morris_ 675
Public
t218
Seaboard__. 820
Seventh
263
Seward
180
State*
815
Trade*
290
Yorkville_ _
250
600 Yorktown•__ _ 210
290
935
Brooklyn.
First
480
671 Globe Exch•_ 275
625 Mechanics'.. 377
735 Municipal•_ _ 445
Nassau
440
2350 People's
950
4370 Prospect
170
600
Trust Cos.
1320
New York.
1025 Am Ex Iry Tr 440
320 Banes Comle
805
Italtana Tr _ 450
860 Bank of N
710
dr Trust Co 730
186 Bankers Trust 975
Ask ITr. Cos.-N.Y. Bid
725 Bronx Co Tr_ 400
224 'Central Union 1720
830 'County
625
268 'Empire
458
185 Equitable Tr_ 486
825 Farm L & Tr_ 805
310 Fidelity Trust 415
290 Fulton
585
240 Guaranty--I 670
Intl Germanic 234
Interstate
288
515 Lawyers Trust -325 Manufacturers
382
New $25 par 234
455 Murray HilL. 260
455 Mutual(West-'
chester)
350
150 N Y Trust
758
Times Square 190
Title On & Tr 815
U Nitge & Tr 575
445 United States 3200
Westchest'rTr 1000
Brooklyn.
475
Brooklyn _ _
1125
745 Kings Co....2500
983Midwood
275
44
450
1735
675
165
491
815
425
600
675
239
295
Par. Shares S per share.
per share. $ per share. $ per share.
RailroadsAlabama & Vicksburg___
10 122 Aug 6 122 Aug 6 120
Aug 12534 June
500 75 Aug 7 7534 Aug 6 58
Boston & Maine
100
Feb 83
May
40 98 Aug 7 98 Aug 7 94
Buff Roch & Pitts pf _100
Mar 1054 May
100 108 Aug 1 106 Aug 1 106
C C C & St Louis pfd_100
Apr
Sept 120
100
10 8634 Aug 6 8631 Aug 8 84
Cuba R R pref
Marl 94 June
Havana Elec Ry
* 600 934 Aug 1 934 Aug 1 7
Aug 1734 June
100
Hocking Valley
20 360 Aug 5 360 Aug 5340
July'440
May
Minneap & St Louls_100 500 24 Aug 1 234 Aug 6 136 May 634 May
50
10 83 Aug 7 83 Aug 7 8231 Aug" 89
Morris & Essex
239
June
30 17335 Aug 5 17334 Aug 517134 Aug 2044 May
Nash Chats & St L_ _ _10
270
Nat Rys of Nlex 1st pf100 800 634 Aug 4 74 Aug 4 334 Feb' 836 Apr
20 14036 Aug 6 140% Aug 6 125
New on Tex .3, Mex_100
Apl
400
May
100 8434 Aug 6 8434 Aug 6 8134 Aug 14834
Northern Central_ _ _50
765
9034 June
100
Pat Coast 1st pf
20 40 Aug 4 40 Aug 4 40
195
May 70
Jan
100
2nd preferred
20 2034 Aug 6 2031 Aug 6 2034 Aug 39
835
May
1010434 Aug 4 1044 Aug 410434 Sept1125 June
Pitts C C & St Louls_100
600
20 148 Aug 1 151 Aug 1 148
Pitts Ft W & Chicago 100
3300
Sept 155
Apr
260 134 Aug 1 137 Aug 6 100
So Ry M & Oafs_ 100
1100
Jan'159% Jan
700 894 Sept 6 8934 Sept 4 8734 Aug 102% Apr
Abitibi Pow & Pap pf 100
500 10231 Sept 6 1034 Sept 7 102
Am Pow & Light prof _*
1225
July
May
Archer-Daniels Midi rts_ 3,200 34 Sept 7 334 Sept 4 34 Aug 10734
2700
334 Aug
• 900 284 Sept 7 30 Sept 7 2656 Aug 32%
Barker Bros
230
June
Brockway Mot Trucks_• 17,400 6131 Sept 5 6434 Sept 7 4534 June 65
Aug
100
Preferred
300 130 Sept 7 132 Sept 7 110 June 132
Sept
'State
banks.
1
New
stock.
x
Ex-dIvi
lend.
e Ex-stock dlv. y Ex-rights.
Bucyrus-Erie pref(7) 100
100 11534 Sept 1 115% Sept 111034 Mari 117
Apr
Cannon Mills
• 4.600 46 Sept 5 174 Sept 6 46
Sept
!
48
Aug
Cent Alloy Steel pref _100
United States Liberty Loan Bonds and Treasury
90 110 Sept 711034 Sept 5 107 June 11134
May
Chickasha Cotton 011_10 2,300 493.4 Sept 5 51 Sept 1 4531 June
Certificates on the New York Stock Exchange.July
Coml.Inv Trust war_100 1,200 636 Sept 1 934 Sept 7 634 Aug 5634
936 Sept Below
we furnish a daily record of the transactions in LibConley Tin Foil stpd • 200 1 Sept 5 14 Sept 1
y, Jan 334 May
Cons Film Indus pref • 4,700 2534 Sept 6 2634 Sept 4 23
2634 Aug erty Loan bonds and Treasury certificates on the New York
Container Corp Cl A--2 4,400 25 Sept 7 2634 Sept 4 2134 July
M
36
Apr Stock Exchange.
Class B
The transactions in registered bonds are
• 8,900 124 Sept 4 13 Sept 1 1036 M
1931 Apr
Cushman's Sons pref • 110 110 Sept 5111 Sept 4 110
given in a footnote at the end of the tabulation.
Sept
Cutler-Hammer Mfg JO 3,800, 58 Sept 6 6334 Sept 4 52 June 11634 Mar
6334 Sept
Debenhatn Securities_5o
300 4234 Sept 6 424 Sept
404 Aug 4934 May
Drug Inc
30,50011074 Sept 7 11734 Sept 1 80
Mar 118
Aug Daily Record of U. S. Bond Prices. Sept. 1. Sept. 3. Sept. 4. Sept. 5. Sept. 6. Sept. 7.
Durham llos Mills p1100
10, 3634 Sept 7 3634 Sept 7 35
May 4634 Jan
Elsenlohr Bros pref__100
0074
884
Sept
1
8851
Jan
10036
Feb First Liberty LoanHigh 991.81
99iits 99"as 99aa
"
99"at
• 4,300,1 3334 Sept 5 3674 Sept 7 334
334% bonds of 1923-17.._{Low_
09",,
Aug 404 June
9934. 99"as 99"as 99"as
100 1.00010234 Sept 6104)4 Sept 710134 Aug
Preferred
(First 334)
Close 9914”
114% June
991,
" 991.22 991,u 991.3,
Elk Horn Coal pref _ _50
50, 1234 Sept
13 Sent
units....
Total
$1,000
sales
in
1
3
1236 Sept 19
98
101
Feb
16
Gen'l Ice Cream
1,900, 76% Sept 7 78 Sept 1 7434 July 8234
Converted 4% bonds of{High
____
July
Gen'l Motors deb (6).100
100 10936 Sept 5109% Sept 5 10931 July 113
1932-47 (First 4s) _ _ _ _ Low_
Apr
Gen Ry Signal pre(__100
20 104 Sept 5 104 Sept 5 104
Close
---Aug 1154 Feb
Glidden Co rights
34 Sept 7
2.800
Total sales in $1,000 nnits___
31 Sept 7
34 Sept
54
Graham-Paige Mot ctfs * 3,300 39 Sept 1 414 Sept 6 2634 Jun 41% Sept
Converted 43.4% bondsrigh 1100'°,,10u
o
1.
101
100"u 101
Sept
Grand Stores
100 2,600 76 Sept
0
80 Sept 6 6531 Jun 8134 Aug
of 1932-47 (First 148) Low_ 100.
.
100.0u 101
10029
.100,5u
Grand Union
16,100 31% Sept 4 3334 Sept 6 2634 July 3334 Sept
Close 100:0”
101
101
1002." 101
Preferred
35,800 5334 Sept
Total sales in $1,000 untts___
58% Sept 6 4834 Aug 58% Sept
1
14
1
7
30
Gulf States St 1st pf-100
1010834 Sept 610834 Sept 6 104
Second converted 44% High
____ 1002133 101433
---Jan 110
Apr
Hackensack Water pt_25
20 2831 Aug 5 28% Aug 6 254 July 3831 June
bonds of 1932-47 (First( Low_
____
____ 100"a: 100at
Internet Nickel pref _100 400 110 Aug 411134 Aug 5 108
Second 4345)
Close
____
____ 100"aa 100..at
Aug 125
--- _
Rights
122530 534 Aug 5 634 Aug 7 4% Aug'6% Aug
Total sales in $1,000 units__
_ _
____
1
106
Jut Paper ctfs
2,300 68 Aug 4 6934 Aug 4 6634 Aug 724 Sept Third Liberty Loan
Hig99",,993in 9931:2 99.1”
July
Preferred ctfs _ __100 600 9834 Aug 4 99 Aug 1 9734 Aug 103
Low_
434% bonds of 1928
99"z:
9931n 9931n 9931n
July
Johns-Manville pref _100
100 120 Aug 5 120 Aug 5 119
(Third 4344)
Close 59"aa
99"as 99"as 99"as July 122
Apr
Keith-Albee Orpheum-• 199200 2234 Aug 1 28 Aug 8 1.534 May 28
Total sales In $1,000 units__
2
27
1
14
Sept
Preferred
100 3,200 80 Aug 4 90 Aug 7 7534 May 99
Fourth Liberty Loan
{High 101,33
101.
133 101433 101.12 101.
May
Kelvinator Corp
•14,700 934 Aug 4 934 Aug 1 731 July
04% bonds of 1933-38_ Low_ 101'33 HOLI 1012,3 101233 101
2234
100"1:
Apr
Bolster Corp
72,900 6831 Aug 5 7334 Aug 7 514 Aug 7334
(Fourth 434s)
Close 101,at DAY 101',, 101,as 101
100"n
Sept
Kuppenheinier Co
5
10 46% Aug 7 4831 Aug 745
Total
sales
units__
31,000
In
18
13
132
237
Feb59
1138
Apr
Lehigh Portland Cem_50 900 46 Aug 4 46 Aug 4 4434 Aug
{High 112
112sas 112,:s 112"a 111213:
Mar Treasury
200 110 Aug 611034 Aug 6108% May 54
100
Preferred
436s, 1947-62
1.4w_ 111213,
112233 11241: 112912 111nu
110% May
Loew's preferred
• 1,900 102
112
Close
1106% Aug 69934 Ma
1128,1 112.3, 11210: 111,41
McKeesport Tin Plate-* 65.600 70 Aug 1 7434 Aug 7 6231 June 110% May
Total sales in $1,000 units__
27
56
77
6
7434 Sept
4
Macy rights
500 268 Aug 6270 Aug 5243
(High
107.33 107233 1072:1 106n,.
---Aug
• 7.100 45 Aug 1 4734 Aug 7 4034 Aug 275
Maytag pref
Is, 1944-1954
107,
8 1074ts 1062% 106”..
Aug
52
May
• 100 91 Aug 7 91 Aug 7
Prior preferred
(Close
107831 107.8 1062si 106"3,
Aug 101
---May
•51,400 35 Aug 1 3774 Aug 4 904
Mengel Co
Total scde.s in $1,000 units__
114
254 July 3734 Sept
5
54
5:
Mil El Ry & Lt pref _100
20 99 Aug 7 99 Aug 7 99
1032333
{Mai
1041233
1042433 104.3, 104
Sep
111
June
Mohawk Carpet MIlls_• 4,500 40 Aug 4 404 Aug 1 3934
3345, 1946-1956
Low. 103",,104
104',,104231 104
Aug 4234 Aug
•18,200 128 Aug 4 13734 Aug 7 94
Motor Products
Close 1032033
10410:1 104,ss 104,at 104
July 13734 Sept
Total sales in $1,000 units__
5
400
286
!
1
National Supply pt_ 100 320 114 Aug 5 116 Aug 7 114
illig
____
____ 992.3
Sept
99",
99
119
Jan
p1100
&
K
Norwalk Tire
40 4256 Aug 4 45 Aug 4 33% Jan
34s, 1943-1947
____ 9910. 99.ln
99
45
Jan
Pacific Lighting
900 75 Aug 5 764 Aug 6 75
'Close
____
99"a
Sept 85% June
---99.as
99
Pacific Tel & Tel pt_ _100
30 120 Aug 4 120 Aug 4 115
Total sales in 31.000 units__
____
---61
2
Jan 12531 May
1
Penns Coal & Coke _50 400 8% Aug
831 Aug 1 8
i Mg
99.33
99'33
99"a
Aug 1436 Jan
99,as
---.
Pettibone Mull 1st p1100
10 110 Aug 6 110 Aug 6 9931 NI
*3
%s.
1940-1943
Low. 99
99731
994
. 999"
110
Sept
Phillips Jones Corp-- _ _•
200 53 Aug 4 5334 Aug 1 38
Close 9943,
99,33
99..
9S273
ApIl 54
Aug
100
Preferred
20 95 Aug 5 95 Aug 5 85
Total sales in 11.000 units
575
175
30
11
AptI 99
May
Pierce Arrow pf new_100
200 70 Aug 1 7031 Aug 1 70
Aug
704
Sept
Class A
1,700 24% Aug 5 26 Aug 4 2436
Sept 2634 Aug
Note.
Postal Tel & Cable_ _100 1.300 10136 Aug 11023.4 Aug
-The
includes
table
above
only
sales
of
coupon
7100% Aug 103
July
Reynolds 'l'ob class A.25
10 183 Aug 7 183 Aug 7
bonds. Transactions in registered bonds were: 1st 332s,
1
M
195
May
Spang Chalfant &
4,000 31% Aug 5 3274 Aug 7 6534
26
July 32% Sept 5,000 at 99 9-32; 4th 43<1s, 3,000 at 100
Stand San Mfg
• 3,800 36% Aug 1 3674 Aug 534
30-32@101.
Jun 4234 May
Stanley Co
•92,900 47 Aug
5134 Aug 5 36% Aug 5416 Sept
The Fair pref
100
90 110 Aug 5111 Aug 4 10
Tobacco Prod div ctf A_ 7,800 22 Aug 5 25 Aug 1 434 Jan 111% July
Foreign Exchange.19
A
Class B
100 22 Aug 4 22 Aug 4
To-day's (Friday's) actual rates for sterling exchange were 4.84%0
5% June
Trice.Products
• 5,700 3836 Aug 6 3934 Aug 4 1931 Aug 24
for checks and 4.85% 04.85 3-16 for cables. Commercial on banks
4.8434
Jun
3234
4334
United Paperboard _ _100
Aug
100 1731 Aug 7 18 Aug 7
1736 Aug 2774 Apr silibt 4.84 9-1604.84%; sixty days. 4.80%04.80 15-16; ninety days,
Universal Leaf T pfd _100
200 1224 Aug 712234 Aug 7 122
1-16
4.
©4.79 3-16, and documents for payment, 4.79% ©4.80 15-16;
I
9
May
124
USCasP&Fpf ctfs_100
May
100 124% Aug 512434 Aug 5
June cotton for payment, 4.84, and grain for payment, 4.84.
U S Express
100 1,200 3% Aug 5 434 Aug 5 124 Jun 128
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90%0
3
July 6
Jan
Vulcan Det A nref _ _100
90 Aug 7 90 Aug 7 83
May 90
Sept 3905-16 for short. Amsterdam bankers' gullders were 40.0634 ©40.0834
Warner Bros Pictures *104,800 95% Aug 1 1
213.4 Aug 6 8034 Aug 12134 Sept for short.
Exchange at Paris on London, 124.23 francs; week's range, 124.23 francs
Bank. Trust & Insurhigh and 124.28 francs low.
ance Co. Stocks.
The range for foreign exchange for the week follows:
Bank of Commerce. 100
30670 Aug 4670 Aug 4 550
Sterling, ActualFeb 770 June
Checks.
Bank of Manhattan _100 300 781 Aug 1 807 Aug
Cables.
4 560
Feb 940
4.85
Corn Exch Bank_ _ 100
4.85 11-32
May High for the week
110 719 Aug 4 730 Aug 5660
May 753 NIay Low for the week
4.84%
4.85%
Equit Tr Co of NY -100
10 496 Aug 5 496 Aug 5410
Paris
Bankers'
Francs
Jan 399
May
High for the week
3.9034
*No par value. a Shillings. y-Ex-Rights.
3.90 9-16
Low for the week
3.90%
3.9034
Amsterdam Bankers' GuildersHigh for the week
40.09
40.10%
Low for the week
40.06
Quotations for U. S. Treas. Ctfs. of Indebtedness,
40.09
Germany Bankers' Marks&c. High
for the week
23.83
23.83%
week
the
Low
for
Int.
23.80
23.821
%
Int.
masurvy,
Bid.
Rate.
.. cf.
Afalurfty.
Rate, Bid, Asked,
Dee. 15 028_ aq % 991%3 99221 Sept.15
The Curb Market.-The review of the Curb Market
1930-32 356% 873,3,, p733.
is
Dec. 15 1928___ 4%
69",, 99..n Mar. 15 1930-32
33.4% 97.'3: 972.3, given this week on page 1348.
mar. la 1929___ 334% 99". Nun Dee, 15 1930-32
356% 97.0os insly
A complete record of Curb Market
Mar.15 1929_ 336% 992%1 99"3I
week will be found on page 1378.
transactions for the
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Friday,
Tuesday, Wednesday, Thursday,
Monday,
Saturday,
Sept. 7.
Sept. 6.
Sept. 5.
Sept. 4.
Sept. 3.
Sept. 1.
$ per share 8 per share
19418 1948
*10412 105
168 16812
11313 11432
80 80
7412 7412
0111 114
6658 668
91
*90
4433 47
*33 48
213 2144
*303 335
18834 18934
1124 1178
1818
18
42
*40
6114 6114
1334 14
292* 305
39
38
5432 5632
86% 8714
*13712 141
12534 12682
*10812 109
*10012 102
115 115
72
*70
5_ _
75
76
7612
198 198
•13434 1353
57
57
*314 38
7
*6
Ws 56
Stock
5878 5914
*5514 561
100 lOO's Exchange
97 97
2113 2132 Closed48
48
*99 10012 Labor
5652 57's
Day
*8914 92
*142 14212
*138 145
47
*45
*80 82
[4352 4358
i 5914 5973
1 694 6912
10212 10334
144 144
*87
9214
4614 4614
5
*4
*15 20
*4412 45
12
*10
49
*48
•78 84
*634 6512
4314 4372
105 105
734 7412
12213 124
3
3
17534 17612
12512 126
10472 10472
*272 274
6114 6178
*113 11312
2714 2814
•844 014
37
*35
181 184
*85 86
99
99
9782 974
•20 27
6434 65
33
*32
*130 133
*97 98
*9513 98
148 149
10404 105
4315
*42
*47 50
71
7112
11773 1174
97
97
109% 1117
*89 93
15
15
18
*17
126 12612
152 15378
100 100
192 19234
33 33
*4114 42
.85 102
19614 19814
*8034 844
83 8412
97 97%
93 93
45 4534
*44
46
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Singe Jan. 1.
Os basis of 100-share lots
Highest
Lowest
8 per slats $ per share $ per share
Par $ per share
Railroads.
8 per share $ per share $ per share $ per share Shares
Atch Topeka & Santa Fe...100 18238 Mar 2 19718 Apr 27 16154 Jan 2130 AUg
19334 19578 19434 19638 19414 19434 19414 19514 15,200
10812 Apr 9
9932 Jan 1064 Dec
5
Jan
10213
100
Preferred
1.600
104
104
10412
10412
10412
10412 10412 10412
1694 16912 2,200 Atlantic Coast Line RR-_ _100 163 Aug 14 19112May 7 1747s Apr 20512 Aug
170 17012 170 170
16834 169
100 10334June 19 11978 Apr 12 10613 Jan 125 Oat
Baltimore
&
Ohio
99,700
11434
1163
4
1163
4
115
11814
116
11814
114
7314 Jan 83 June
100 78 Aug 6 85 Apr 4
400 Preferred
*80 81
81
*80
*80 81
80
80
64 Jan 10312 May
50 61 June 12 8414 Jan 11
1,500 Bangor & Aroostook
72
7218 7214 7114 7114 71
72
72
31 10112 Jan 122 Juni
1153
4May
7
110
July
Preferred
100
30
114
*11212
112%
11212
112
112
*112 114
58 Aug 7078 Jai
28,000 Bklyn-ManbTranvtc_Nopar 5312 Jan 17 7734May 3
6912 71
6933 71
67 6772 6712 71
No par 82 Jan 4 9532May 3 7812 Oct 88 Jar
400 Preferred v t a
9112
*91
91
9112 91
9138 9112 *91
712 Oct 1982 Dee
4
4778Sept
Jan
5
1412
Sec_100
Brunswick
Term
&
Ry
25,300
46
4518
4638
45
477
45% 47
4653
60 Alix 68 June
100 4812May 2 5634 Apr 26
Buffalo & Sus(' pref
47
*33
47
47 *33 47 *33
*33
19 22334May 8
19512June
Canadian
100
Pacific
18,200
21234
214
21532
21218
216
214
218
21312
Central RR of New Jersey_100 29714 Feb 17 375 May 7 2811 Jan 343 June
*31014 311 •305 335 "305 335 *305 335
100 17512June 19 20514 Jan 6 15134 Jan 21812 Oct
190 19132 19112 1920t 190% 19212 5189 18934 10,200 Chesapeake & Ohio
Pe Jan 105* JUDI
638 Jan 30 1834May 2
Chicago
dz Alton
100
2,500
1034
103
4
1112
10%
1112 1112 11% 104
77 Feb 20 2638May 2
7% Jan 1832 July
100
1634 1714 1678 16% 3.900 Preferred
16% 18
1712 18
3013 Jan 51 July
100 Chic dz East Illinois RR__.100 37 Feb 28 4814May 10
43
43 *40
43 *40
43 43 *40
43 Jan 8472 Oct
100 58 Aug 15 7638May 4
600 Preferred
6134 6178 61% 6134 *60 62 *6012 62
812 Jan 2212 Mal
94 Feb 8 1633May 2
100
1312 134 6,400 Chicago Great Western
1312 14
14
1334 1414 14
__ ____ 4478 June
3218May
2
20
2013
Feb
100
Preferred
12.100
2912
287
8
3018
29%
8
307
3114 3018
30
Jan 1934 Dec
_9
404
Apr
26
5
Mar
2214
38% 3714 3818 378 3734 19,900 Chicago Milw St Paul & Pac__
3712 3878 38
_.- --- 3713 Dee
37 mar 2 5612Sept
5534 535, 5412 535* 545* 72,500 Preferred new
544 5812 54
Jan 974 Sem
9414May
19
7852
41
June
78
Chicago
dt
Western_100
North
17.700
8714 847e 86
8612 8814 87 88% 86
100 137 Sept 5 150 May 2 12414 Jan 150 Oei
400 Preferred
138 138
13712 13712 137 137 *139 141
6812 Jan 116 Jul,
125 12634 125 12614 512212 12312 12,900 Chicago Rock Rd &Pacifio-100 106 Feb 18 127 Sept 4
125 127
100 10614 Feb 9 11112May 31 10214 Jan 11134 Del
200 7% preferred
10834 10834 *10812 10914 10834 10934 *107 109
9514 Jan 104 Nol
100 100 Feb 24 105 May 31
300 6% preferred
10018 10012 101 101
*10012 102 *10012 102
84 Jan 18734 July
100 105 Aug 15 126 May 3
400 Colorado & Southern
1221$ 123 *110 120 *110 120
120 120
70 Jan 78 Dee
100 67 July 3 85 Apr 10
30 First preferred
70
7014 7014 70
72
72
*70
72
Ool
68 Jan 75
Second preferred
100 7212 Jan 8 85 May 9
75
75 •_--- 75 •____ 75 *
*72
66 Aug 77 May
100 69 Apr 12 87%June 1
5,600 Consol RR of Cuba pref
78
80
7612 7618 7612 78
76
76
100 1684 Feb 10 226 Apr 26 17112 Jan 230 June
19934 20212 15,700 Delaware dr Hudson
199 20334 203 207 198 200
1,200 Delaware Lack dr Western_100 129 Feb 20 150 Apr 9 13012 Oct 173 Mar
13414 135
*134 13534 135 13614 13414 137
6112 Jae 6784J u nt
5734 5734 *5734 5812 1.100 Deny & Rio Or West pref 100 504 Feb 20 6534 Apr 28
5712 5834 5834 580
772 Dee
252 Apr
634 Jan 5
3 Aug 3
100
600 Duluth So Shore & Atl
314 314 *3,4 34
•312 378
354 304
4 Mar 1114 Dee
912May
2
19
8June
Preferred
43
100
7
"612
7%
*7
*7
71
*6
7
3912 Jan 69114 Sept
100 4834June 19 6613 Jan 4
54% 5512 5618 57 57.700 Erie
545, 5612 547k 56
5283 Jan 6614 Aug
100 60 June 18 6378 Jan 7
5912 12,700 First preferred
59
5912 58% 592* 59
59
597
49 Jan 6412 Aug
100 4914June 20 62 Jan 6
100 Second preferred
*55
5634
56
5634 56
5634 *56
*54
7038 Jan 1034 Seta
9,500 Great Northern preferred 100 9312 Feb 6 109 May 14
100 100
10053 10214 100 100
9934 100
8512 Mar 101 Sept
100 9112 Feb 7 10534May 15
9712 9734 9752 9918 9714 9714 9712 9712 2.700 Pref certificates
18 July 28% Sept
25
Jan
24
1914June
12
par
2114 2314 2218 2278 2218 2234 2214 2318 28,300 Iron Ore Properties...No
3518 Jan 76% July
100 43 Aug 6 6178May 10
4812 3,000 Gulf Mobile & Northerti
4838 5013 4712 4814 *46
49
48
Jan 11214 Apt
105
1
May
109
16
Aug
Preferred
99
100
700
1003
4
10012 10012 100 10012 100 100 *100
404 Jan 6572 May
100 61 Jan 3 7313 Apr 24
574 5778 5712 5812 58 6134 6012 6212 20,600 Hudson & Manhattan
78 Jan 904 May
26
Apr
9312
16
Jan
Preferred
300
88
100
86%
86%
87
8714
*8414
92
92
*84
100 1314 Jan 11 14834May 9 12118 Jan 1394 Oa
14214 14278! 143 14414 14314 14414 14312 1445, 3,900 Illinois Central
400 Preferred
100 18012 Jan 13 147 May 15 12072 Jan 110 Oc
1424 14214
142 142
14134 14134 *140 150
23 Apr 4212 Oa
4578 4578 4534 4534 1,400 Int Rye of Cent America-100 3612Mar 16 51 June 16
4572 457
*4484 48
62 Apr 7414 Otr
6972 Jan 3 82 May 2
Preferred
100
20
8172 8178 *80 82
*80
82 *80 82
3012 Aug 5212 Tel
457 46% 4414 455* 6,200 Interboro Rapid Tran v t 0_100 29 Jan 6 62 May 3
4212 4273 4272 47
4114. Jan 704 lull
100 43 June 13 6338Sept 5
6152 63 46,700 Kansas City Southern
58
5972 5953 6333 614 63
6472
Jan 7812 Dm
Apr
20
77
600 Preferred
100 6612 Aug 10
70
*138
70
*68
70
6972 6972 *68
88% Oct 13712Juni
50 8418 Feb 20 116 Apr 26
105 10534 4,500 Lehigh Valley
102 10514 10434 10634 10334 105
128
3
2
Jan 15912 00
15912May
10
13912July
21
Louisville
900
100
&Nashville
145 145
14412 14412 144 145 1454 146
7814 Dec 90 Fel
Manhattan Elevated guar-100 76 Jan 9 96 May 4
*8712 90 *8712 90
*87 9213 *87% 92
61114 Dec 5478 Fel
100 AO Jan 10 64 May 3
495
504 10,300 Modified guaranty
495 5012 50
46
4612 46
673 Jun,
438 Nov
100 Market Street Rallway-___100
712May 15
814 Apr 3
438 45,
5
*4
*414 5
*4
5
18 Feb 2512 Jun,
Preferred
100 21 Apr 17 2912May 3
*18
26
26
20 *18
*15 20 .515
41%
Feb
59
34 Aul
4May
4
543
Aug
23
Prior
4313
200
preferred
100
45
4412 4412 *44
4412 4412 *4414 45
1113 Oct 1712Jun,
814May 24 1618May 4
Second preferred
100
*10
15
15
12 "10
•10
12 *10
27 Jan 5612 De
100 Minn St Paul dc 55 Marie_100 60 June 21 5248 Jan 6
*48
49
49
49 *48
4812 4812 *48
50 Ain 88% Des
Preferred
100 75 Feb 7 8734May 16
*79
83
80
•79 82 *79 84 •79
5814 Mar 71 Not
20 Leased lines
100 6312July 17 7113 Jan 9
*6312 6434 643 643 6412 6412 *6312 64%
3112 Jan 5812Juni
4212 4372 4214 431
No par 8013June 13 44 Aug 31
4153 4272 4158 4232 52,900 Mo-Kan-Tex RR
9534 Jan 10912 De
100 10112June 12 109 Feb 8
10513 10512 10434 104*i 105 1054 *105 10533 1,300 Preferred
3778 Jan 62 40
100 4172 Feb 7 7434 Aug 31
7012 733* 7314 41 72,700 Missouri Pacific
7252 731
7212 74
9015
Jan 118% Nei
Aug
31
12438
20
105
Feb
Preferred
100
24,800
12218 124
1205* 1237 12118 12334 12118 l23s
314 Or
14 Aug
54 Apr 26
2 Feb 17
312 385 11,000 Nat Rye of Mexico 2d pref_100
312 37
3
3% 358
35*
100 156 Feb 16 19112May 10 13714 Jan 1714 Oe
41,100 New York Central
17512 1777* 17412 17614 1745s 176
17412 178
0110
June
2404
Mai
11
148
May
Aug
28
NY
123
Chic
&
St
Co...100
Louis
8,700
127
129
127
12938
128
12932
126 128
400 Preferred
100 10412 Aug 24 110 Jan 4 102 Mar 110 De,
10618 10618 *105 10614 *105 10614 10534 10524
60 168 Jan 3 606 Apr 20 167 Dec 185 Ap
150 N Y dr Harlem
275 285 280 283 265 283 *275 285
4152 Jan 6314 DOI
100 5438June 19 13833May 2
615 625* 61% 617s 6034 611i 12,900 N Y N H & Hartford
6118 62
118 July 21 117 May 8 11018 Oct 11438 Not
113 11312 11312 11312 113 11312 *113 11382 1,600 Preferred
2314 Jan 41114 Sep
2
39
May
20
Feb
24
N
Y
Ontario
&
7,400
Western-100
28
28
2712
28
2873
2814 2812 2812
452 Deo 1534 Jai
514 Jan 24 13 May 3
200 NY Railways prel ctft.No par
84 83
844 *834 914 *834 914
85
37% Jan 6412 Jun,
100 32 June 12 4913 Jan 11
100 Norfolk Southern
3712 3712 *35
38
3712 *3712 38
*35
156
Jan 202 Nol
May
9
197
19
June
175
Norfolk
A
Western
100
1,800
184 1841
18534 18534 184 185% *18414 185
Preferred
100 794 Apr 26 90 June 12 83 June 90 Jul:
*85
86
86
*85 86 "85
86
*85
Jan 10218 De
78
10512May
15
7
Feb
923
8
100
Northern
Pacific
7,000
9812
99
99's
9712
99% 10014
9852 99
tid July 9978 Do
100 9048 Feb20 101114May 16
3,600 Certificates
97
964 9753 9673 9772 9634 9752 97
Feb 314 De
log 1912May 14 3478May 28
1514
Pacific
Coast
25
*16
•20
27
27
*26
27
•20
564 Jan 68 Oa
50 6178June 19 7213 Apr 27
15,200 Pennsylvania
64% 6518 634 644 6412 65
6478 65
20 Jan 6634 Jul:
100 26 Mar 12 37 May 1
Peoria & Eastern
33
33 *30
33 •30
33 *30
*32
1144
Jan 1404 Ma:
Apr
11
146
Feb
9
1247
2
Pere
100
Marquette
400
132
x132
132
13012
1317s
13174
•130 132
10144M81
93
Jan 994 Do
28
9
97
June
100
Prior preferred
*97
98
98
*97
98
*97
98
.97
892* Jan 9712 De
100 94 Aug 2 10034 Mar 30
Preferred
*mu 9634 09512 9634 *9512 °pi *9512 963
Jan 174 Ma:
161
Apr
12213
9
Feb
20
12114
West
Va
100
Pittsburgh
&
500
147 148 *146 149
•14612 1483g'148 149
94 Jan 12334 Jun
50 9414 Feb 7 11938May 10
8,000 Reading
10212 103
103 10712 10534 1077s *103 107
4312 De
Jan
4012
46
Apr
9
42
July
16
50
4383
First
preferred
*42
4312
*42
43%
*42 43% *42
4334 Jan 60 Fe]
50 44 Jan 26 5972May 1
400 Second preferred
5034 *474 504 4912 491
50
50
*49
8111 Jan 69 Ma:
100 50 Feb 21 7214May 18
200 Rutland RR pref
71
7012 *68
*139
71
*69
71
*68
4,20081 Louls-San Francisco...A00 109 Feb 7 122 Mar 23 10084 Jan 11714 JIM
11552 116
116 116
11711 11773 11714 115
100 9572July 17 101 May21-2,900 1st pref paid
9812 971
9634 97
97
2 97
97
Jan 93 JIM
Louis Southwestern...AN 574 Feb 8 11173Sept 1
10838 11034 10678 108% 10612 10834 21,100 StPreferred
10754 111
7678 Jan 94% Da
100 89 July 14 95 Jan 3
100
90% 90% *9012 904
93
*90 93 •90
2818 Mar 6114 Fe
100 113233u 3 8012 Jan 3
1512 3,600 Seaboard Air Line
1434 144 15
1434 15
15
15
100 17 Aug 4 88 Jan 3 8212 Apr Ws Jai:
500 Preferred
18
18
18
*1714 18 *17
•1712 18
100 11753 Feb 7 13114May 9 10614 Jan • 12672 De
123% 12578 12,900 Southern Pacific Co
12514 12714 124 126
12518 127
Southern
Railway
100 139% Feb 8 165 May 7 119 Jan 169 De
9,200
152
15384
1531
8
152
8
15312 15378 153 1537
94 Mar 10114 De
Preferred
100 9814June 19 10214 Jan 17
500
100 100 •100 10014 100 100
*9812 99
6372 Jan 10378 No
Pacific
Texas
&
100 994 Jan 3 194 Aug 29
2,900
18812
18812
18511
18514
190
187
189 191
2834 Aug 41 Fe/
4612May
8
Jan
10
Avenue
2818
Third
100
400
33
3334 3334 33
34
*33
34
*33
Nov 6514 Fe
45
5,300 Twin City Rapid Tramfit-100 3214Sept 5 56 May 8
*3312 35
373 40
3334 34
3214 37
APr 108 Ma
99
107
Feb
10
14
102
July
Preferred
100
10;
102
102
102
*95
*95 102
*80 102
Jan 19784 De
1694
9
20434May
6
Union
Feb
Pacific
6,300
100 1864
196111 19878 19712 1995* 19612 197% 19614 137
77 Mar 854 Ds
Jan 20
874
Aug
15
Preferred
825
100
300
8414
"84
8418
84
847
8
*84 8472 *84
81 JUe
Jan
4012
11
9614May
18
Wabash
61
Feb
14,400
100
8234
833t 82
81
8412 8312 8512 82
76 Jan 101 Jun
2001 Preferred A
100 8812 Feb 7 102 May 18
97
09614 971 *9514 9612 *95
*961. 98
66 Jan 98 Jul
18
9913May
4
87
Feb
Preferred
13
100
200
7
93
93
93
*93
94
93 *93
.91
1334 Jan 6778 Jut
Maryland
100 812* Feb 8 5434May 10
4312 4512 4418 4552 433 4412 43% 447 13,900I Western
23 Jan 674 Jur
Second preferred
100 Ws Feb 8 6472May 10
46
*43
45
46 *43
*44
•44
46
shares Of
-ta• a Ex-Rights. S Ex-div. Of 144 the
•BM and asked prime: no sales on nils day. s Ex-dividend. a Ex-dividend and ex-rige
PER SHARE
Range for Prestos's
Year 1927.
Lowest
Highest
131
Chesapeake Corp, stock
1363
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding
,
HIG' AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. I.
Monday,
Sept. 3.
Tuesday, 1 1Vednesday, Thursday, i
Sept. 6.
Sept. 5.
Sept. 4.
Friday,
Sept. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
Onbasis of 100-share lots
Lowest
Railroads (Concluded).
g per snare 5 per share $ per share $ per Share $ Per share $ per share Shares
100
400 Western Pacific new
32
32
3212 3212
33
*32
33
*32
*33 4134
100
800 Preferred new
/
4 584
5812 561
5934 5934 *5714 5734 *56
60 /3.60
$ per share
284 Feb 7
5212 Aug 15
Highest
PER SHARE
Range for Preston.
Year 1927
Lowed:
Htgiteet
$ per share $ per snare $ per Sheri
2518 Apr 4712 June
3712 Jan 13
55
Apr 781
/
4 Feb
8218 Jan 6
Industrial & Miscellaneous.
5,000 Abitibi Pow &Pap newNo par 47 July 30 85 Apr 62
4938 50
491
/
4 50
50
49
4978 49
49
4978
100 Abraham &Straus____No par 90 June 19 11334 Aug 29
10
15
112 10
1 014
111 111 *11034 111 *10834 110 :1
*10914 111
100 11012Mar 8 11412June 18
130 Preferred
11212
111
111
1103
4
111
11213
11034 11034
100 195 Jan 4 378 Apr 17
2,600 Adams Express
350 360
340 350
345 345
340 344
*338 3481
/
4 Mar 28
100 93 Jan 16 991
Preferred
*9434 9612 *9434 9612 *9434 9612 09434 9612
*9434 9612
100 1112 Feb 8 5014June 6
4318 45/
1
4 9,200 Advance Rumely
1
4 4314 44
4418 4512 4312 44/
4438 45
1
4 Jan 17 6712June 6
100 34/
54/
1
4 5418 5678 2,400 Preferred
5612 54
5512 5712 55
5612 57
534 Mar 20
234 Jan 17
1
314 312 9,800 Ahumada Lead
333 31
/
4
3,2 334
3/
1
4 3/
1
4
4
4
771
/
4 80
78
7914 13,300 Air Reduction, Inc, newNo par 59 June 19 8158Sept 4
79
811
/
4 7812 79
79 1 81
712June 12 1438 Jan 24
No par
812 8/
812 8/
1
4
812 8/
1
4 7,400 Max Rubber, Inc
1
4
838 9
8/
1
4 9
514Sept 7
1 Jan 5
4
418
4
514 75,600 Alaska Juneau Gold Min__ 10
4/
1
4 414
1
4
3/
1
4 3/
*312 3/
1
4
2512 2512 2512 2512 2538 2512 2514 2512 1,610 Albany Pert Wrap Pap_No par 23 Mar 15 3114 Jan 28
25121j2512
1113
4 Mar 14
Jan
17
9812
100
Preferred
---- ---19612 200
19914 20012 198 200
197 19912 27,100 Allied Chemical & Dye_No par 148 Feb 18 205 Au g31
199 20214
4
/
1
4May
127
12012June
28
100
200 Preferred
123 123 *12312 124 *12312 124
•12234 125
*122/
1
4 123
100 11518 Feb 18 14112Sept 4
13612 13678 6,000 Allis-Chalmers Mfg
139 14112 13634 13834 13514 137
139 14034
Apr
19
163
4
12
1018June
par
Amalgamated
Leather_No
1034
10
/
1
4
10
/
1
4
1034
1012
11
1012
2,000
1118
*10
1012
69 Mar 2 90 Apr 19
500 Preferred
7312 7312 75
*75
80
*73
80
76
80
*73
/
4 Feb 20 3834 Mar 31
No par 271
30/
1
4 3078 3114 3214 3134 3212 12,000 Amerada Corp
3014 31
3018 3012
1912 2118 2034 2134 2112 2214 2112 22
23,300 Amer Agricultural Chem_ _100 1538 Feb 20 2314May 24
*1934 19/
1
4
1
4 Feb 20 7012 Aug 21
100 55/
1
4 7214 7334 7212 7312 8,300 Preferred
71
7412 7212 74/
71
i 71
10 7434 Jan 17 159 May 9
131 133
12712 128
129 129
128 130
1,700 Amer Bank Note
I 130 131
50 61 Feb 10 6578 Jan 3
Preferred
*611
/
4 8312 *6178 6312 *6118 6312 6118 6312
*8118 6312
2234 23
2212 23
23
23
2314 .5,700 American Beet Sugar__No par 1434 July13 2412 Aug 28
23
" 23
23
100 36 Feb 17 61 June 16
*57
581
/
4 5912 5912 5912 591 *5912 60
500 Preferred
, *58 1 60
1
4 Feb 18 41 June 4
3112 32
/
4 32
32
3278 311
311
/
4 3234 7,200 Amer Bosch Magneto__ o par 15/
3212 3278
1
4 Jan 27
1
4July 17 49/
43
43
4334
Brake
newNo
par 39/
43
/
1
4
4212
4312
Am
Shoe
&
F
4212
4,600
43
42
42
*1241
/
4 12818 *1241
/
4 12818 *12418 12818 12418 12418
100 12418 Jan 4 128 June 12
100 Preferred
*1241
/
4 12818
10/
1
4 Apr 27 2614May 21
151
/
4 1518 1684 151
1318 1338 13
/
4 1638 16,200 Amer Brown Boyer! El_No par
1314 1334
.55
52
52
5734 5212 5212
*51
56
100 4014 Apr 27 8578May 21
170 Preferred
56
*51
10858 110/
1
4 10634 10914 10618 10778 1071
25 7012 Jan 18 11214 Aug 31
/
4 110 135,900 American Can
10918 11114
*140
140
140
*140
141
Preferred
100 13834 Jan 10 147 Apr 30
141
100
*140
141
142
•140
9734 5,100 American Car & Fdy_ _No par 88'1 July31 11112 Jan 31
1
4 94
9514 9873 9812 99/
9812 97
9414 05
1171
/
4 118 *11712 125 *11712 125
*117 118
100 11038 Aug 1 137121sIar 31
500 Preferred
117 117
*102 105 *102 105 0102 105 *102 105
100 9914 Mar 71 105 June 4
100 American Chain pref
102/
1
4 102/
1
4
87,4 8714 8612 8714 85
861
/
4 85
No par 69 Jan 121 90 Aug 22
87/
1
4 4,300 American Chicle
8714
87
*11112 112 *11112 112 *111 112
•11112 112
No par 107 Jan 5 114 May 21
20 Prior preferred
11112 11112
12
1214 12
12
1218
1218 1134 12
11 Feb 18 1512 Apr 10
11,100 Amer Druggists syndicate__lb
1218 121
1
4 7078 7012 7078 2,400 Amer Encaustic Tiling_No par 53 Jan 4 75 Apr 25
7114 7112 70/
70
71
71
71
230 230
235 235 *225 233
100 169 Jan 10 236 Sept 1
23412 23412
500 American Express
236 236
4514 47/
1
4 49
41
4312 43/
1
4 451
1
4 Feb 28 49 Sept .5
/
4 4634 87,300 Amer & Forn PowerNo par 22/
384 3935
10612 10612 107 10712 10712 108
No par 10434June 25 110 May 24
1,500 Preferred
108 108
*10612 107
9434 96
95
96/
1
4 9612 97
No par 81 Feb 24 100 Sept 7
9634 100
5,600 2d preferred
9412 942
10
10
1
4 Feb 1
934 Aug 10 15/
11
11
*1114 1134 *1114 1134
300 American Hide & Leather_100
*10
10'2
*4312 4714 4434 45
1
4 Feb 1
4234 43
100 40 June 13 67/
400 Preferred
*45
*4112 43
46
78Is 7934 781
/
4 79/
1
4 7818 7978 *78
7812 791
7834 13,600 Amer Home Products_ _No par 59 Feb 18 8134May 31
1
4 Aug 6
43
43/
1
4 4214 4314 4212 43
No par 28 Jan 10 46/
4312 441
/
4
4234 4314 9.000 American Ice new
*96
98
98
98
98
93
100 90 Jan 7 9912May 9
*96
*98
600 Preferred
98
97/
1
4
10712 11138 10612 11112 10814 11014 41,300 Amer Internet Corp___No par 71 Jan 5 125 May 17
10814 110
111 112
778May 7
6
614 612
5/
1
4 Jan 12
612
638 634
614 638 3,800 Amer La France & Foamite_i
612 634
*69
*694 73
71
*6834 73
Stock
100 56 Jan 10 74 Mar 27
71
200 Preferred
71
72
•88
125 130
123 132
122 135
100 5838 Jan 13 135 Sept 4
12518 13112 28,500 American Linseed
12178 12212
124 124 *122 127
100 8812 Jan 13 1301aJune 25
200 Preferred
•120 128 Exchange *124 128 *124 128
9812 9734 98
1
4 98
9712 98/
98
9818 10,300 American Locomotive_No par 87 June 21 115 Jan 31
9758 97/
1
4
118 118
116 117
100 114 June 26 134 Mar 24
118 118
900 Preferred
115 11518 Closed- *115 116
14414 14412 *144 148 *14612 14812 *14612 14812
200 Amer Machine & FdyNo par 12912June 19 180 Mar 26
•144 14734
11112Mar 1 116 Jan 13
*114 115 *114 115 *114 115 *111 11378
I.abor
Preferred ex-warrants
*114 115
49
4838 491
/
4 4812 4878 48
47/
1
4 481
/
4 4,900 Amer Metal Co Ltd___No par 39 Mar 13 51 June 4
4912 50
100 109 Aug 8 11712May 14
11118 113
*11012 112 *110 111741 111 111
Day
600 Preferred (0%)
111 111
121
/
4July 19 25 Feb 7
*1612 17
No par
1612 1612 *1612 17
*1612 17
100 Amerlcan Piano
*1612 1734
100 5018July 12 90 Jan 3
*5312 55
54
57
5412 5412 57
140 Preferred
55
*54
5412
Jan 11 95 May 14
6214
Light__No
par
8412 8678 8612 8012 8712 90
87,3 89/
8458 8518
1
4 36,700 Am Power dr
25 13018 Jan 18 16112Sept 5
15812 16114 160 16112 157 15934 15778 159
19,000 American Radiator
15734 159
11012
Jan 4 13834 Feb 21
Express___100
•12112 125 *12112 125 *12112 125
Railway
12112 12112
Amer
•12112 126
100
5114 Feb 7 85 Apr 12
65
6678 65/
/
4 6878 67
1
4 67,2 661
6834 13,700 American RepublicsNo par
8518 66
7234 7218 7312 731
69
7078 73
69/
1
4 7238
/
4 7434 51,400 American Safety Razor_No par 56 Jan 10 7434 Sept 7
No par 2918July 16 45 May 14
3212 32
3212 3212 321
3212 3212 32
33
33
/
4 1,500 Amer Seating v t c
412 412
312 Aug 9
414
412 412
4/
1
4 4/
61
/
4May 28
1
4
1
4
414
4/
1
4 4/
1,600 Amer Ship & Comm_ _ _No par
90
*89
90
•89
90
Shipbuilding_
_ _100 8412 Aug 4 119 Jan 6
90
American
90
90
•88
70
90
24878 24934 243 24878 240 24178 242 24678 15,800 Ame,Smelting dr Refin1ng_100 169 Feb 27 25214 Aug 30
248 248
136 136
136 136 0136 138 *136 138
/
4 Jan 9 142 Apr 20
100 1311
136 136
1,100 Preferred
170 170 *16934 170
16912 16934 16712 16814
100 141 Jan 5 17412 Apr 13
167 168
900 American Snuff
•10712 11212 *107 11212 *107 108 *107 108
100 102 Jan 5 120 June 5
Preferred
•107 11212
6012 6212 59
5934 58/
1
4 5934 5912 6012 35,800 Amer Steel Foundries_ No par 50I8June 13 7038 Jan 11
57/
1
4 6014
*111 11214 11214 11214 *112 113
100 109 June 19 120 Feb 29
11212 11278
•111 11214
60 Preferred
711
/
4 7234 7214 7234 7212 73/
100 55 Feb 18 7814 Jan 12
71
711
/
4
1
4 73
7712 39,000 Amer Sugar Refining
•10818 10858 106 108 *10618 1071
/
4 *10618 1071
100 100 Feb 17 11012May 31
•10734 10812
/
4
300 Preferred
69
69
71
7012 6812 70/
1
4 Feb 27 7338Sept 7
No par 47/
1
4 69/
1
4 73/
68/
1
4 6934
1
4 36,200 Am Sum Tob v t c
2112 2112 22
22
22
22
211
/
4 2112 1,000 Amer Telegraph & Cable_ _100 z21 Aug 31 32 Jan 17
2112 2112
18178 18234 182 183
181 183
181 18234 21,600 Amer Telep dr Teleg
18134 182
100 172 July 24 211 May 17
*165 166,2 16514 16612, 16612 169
1
4
17014 17334 6.600 American Tobacco com____50 152 June 15 176 Jan 3
16434 164/
165 165/
1
4 16514 16634 167 16934 17014 17414 17,600 Common class 13
1644 16514
50 152 June 19 177 Jan 3
*117
11734
*117
*117
118
119
117 117
*117 118
100 117 July 24 128 Apr 20
100 Preferred
11712 118 *11514 118
11512 11512 *115 118
*115 116
/
4 Aug 10 12684 Jan 3
300 American Type Founders 100 1091
•1091
/
4 110 *10918 110 *10918 110
110 110
109 109
1
4 Jan 7 115 Mar 31
100 107/
70 Preferred
58
6072 61
6312 61
63
5812 5834
1
4May 4
61
6212 28,300 Am '(Vat Wks & El newNo par 52 June 11 70/
*9978 101
*99/
1
4 101
*991
/
4 101
*991
lot preferred
/
4 101
1
4 101
*99/
100 July 3 106 Apr 13
17
1714 17
1718 1614 17
1618 1718
/
4 Feb 14
*1614 1612 2,000 American Woolen
100 14 July 27 241
4014 4078 40/
1
4 4114 4014 4034 40/
4014
40
1
4 4012 3,5(10 Preferred
100 39 Aug 31 6214 Feb 14
*1112 111
/
4 1134 1134 12
12
•11
1134
*11
12
1012June 20 1912 Feb 9
200 Am Writing Paper ctfs_No pau
37
37
*37
40
*354 37
46
3512 3512 _, 300 Preferred certifi*ate_ _100
*37
34 June 12 4834 Mar 1
3314 3414 3012 3358 3038 311
/
4 31
32/
1
4 3378
3112 F35.soo Amer Zinc. Lead & Smelt_ _ _25
638 Jan 10 3414 Sept 4
9212 9312 9112 9212 9238 9238 9018 901
93
93
25 40 Jan 16 98 Apr 11
/
4 2,800 Preferred
754 7673 75
76
74
75/
1
4 74/
76,4 97
1
4 75/
1
4 138,100 Anaconda Copper Mining_ _50 54 Jan 18 77 Aug 31
7814 7814 7712 78
77Is 78
7912 7912
771
/
4 7814 2,400 Archer. Dan'Is, Mbili'd_No par 5514 Feb 20 97 May 9
*11312 114
11312 114
•11312 114
11412 11412 *11312 11412
1
4 Feb 20 11514 Mar 16
140 Preferred
100 112/
95
95
*95
9514 *95
9514 95
0514
*95
9514
500 Armour dr Co (Del) pref __ _100 8638 Jan 3 9712JUne 7
2012 21
2012 2078 2014 2034 2034 2218 134.100 Armour of Illinois class A
1
4 2114
20/
1114 Jan 16 2212 Aug 27
25
1012 10/
1
4 10/
1
4 11
10/
1
4 101
/
4 1058 11
1038 1034
33,900 Class 13
638 Jan 10 1312May 11
25
881
/
4 89
8818 8312 8812 8834 88,4 8812
•88
8812
1,800 Preferred
/
4 Jan 12 9112.1une 6
100 671
39
3978 3934 4234 42
44
3812 3914
4214 4334 47,800 Arnold Constable Corp _No par 3514July 23 5134 Apr 2
*2838 30
*2834 30
*2834 30 •2834 30
•28/
1
4 30
Art Metal Construction_ ....10 2512 Jan 10 3434 Apr 19
35
3514 34
34
*3134 3412 *3134 35
*34
3634
300 Artloom C op
No par 29 July 20 4438 Mar 30
•194/
1
4 110 *10412 110 *1041
/
4 110 *10434 110
*10414 115
Preferred
100 107 July 25 114 Mar 19
47/
1
4 48
4634 4838 4734 4818 47/
4718 471
/
4
1
4 5134 44,300 Assoc Dry Goods
No par 4014June 13 5134Sept 7
*100 103 *100 103 *100 103 *100 103
*98 104
let preferred
1
4 Apr 3
100 9912 Aug 30 113/
*109 110 .109 110 *109 110 *109 110
•108 110
2d preferred
100 109 Aug 29 11912 Jan 27
4812 4812 *4812 51
4812 48/
1
4
4912 52
5112 53/
1
4 1,210 Associated 011
25 3712 Feb 18 5338SePt 7
50
51
495
8
523
8 5212 5434 55
501
/
4 511
/
4
501
/
4May 21
/
4 21,700 All G & W 285 Line_ _No par 371
/
4 Feb 18 591
5514 554 5512 5678 56
*5412 5512
56/
1
4 57
5878 8,100 Preferred
100 38 Feb 27 5878Scpt 7
168 17012 16614 1691
/
4 16612 17112 1671
/
4
16914 1711
/
4 169/
1
4 41,200 Atlantic Reflu[ng
100 9534 Feb 9 17134Sept 1
*115 116 *114 116 *114 1151
*115 116
/
4 *114 115
Preferred
100 115 July 21 11814 Jan 3
*82
82
83
82
8214 8214 82
8014 8014
82
500 Atlas Powder
No par 63 Jan 3 101 Mar 23
*104 105 *104 105
104 105
•104 105
105 105
50 Preferred
100 102 July 24 11012May 31
14/
1
4 1538 15
15/
1
4 1418 15
15
15
14
14
No par
814 Jan 5 17381'411e 6
2,000 Atlas Tack
512 5/
1
4
*512 0
51
/
4 6
6
512 614 4,000 Austin,Nichols&Co vtc No par
61
/
4
4/
1
4 Jan 3
914May 14
28
28
*28
2912 *28
28
2912 *28
*26
200 Preferred
2912
100 25 July 13 31. Jan 21
641
/
4 6438 6414 6412 6312 6312 •63
6412
•62
6414
300 Austrian Credit Anstalt
60 July 18 75 May 9
12
121_
•12
121*
1214 121
12
914 1218
12
612 Jan 18 17/
No par
1,600 Autosales Corp
1
4May 25
30
311
/
4 3018 31 1 3018 3178 3018 3018 2300
32
*30
Preferred
,
50 25 Aug 31 3734May 25
45
*44/
45
1
4 4612 *4412 4612 4612 4612
*441
/
4 45
300 Autostr Sat Razor "A"_No par 4318 Jan 10 5212May 1
275 27712 *245 275 1'245 275 *245 280
275 275
700 Baldwin Locomotive Wks_100 235 June 11 285 Mar 31
•117 118 •116 118
11678 11678 *117 118
•117 118
100 Preferred
1
4 Apr 11
100 11638 Aug 23 124/
10738 10753 *107 10734 108 109
109 109
•107 109
400 Bamberger (L) & Co pref100 10758Sept 4 1111
/
4 Jan 5
24/
1
4 25 I 25
25 I *2334 25
*2312 25
24
24
No par 2312 Aug 20 521
400 Barnett Leather
/
4 Feb 1
2918
30
I
30
30
317
8
/
1
4
3212
29
3118
2718
3214 409.100 Barnsdall Corp class A
25 20 June 12 3212Sept 6
*2912 3012 3038 301
/
4 30/
1
4 30/
1
4 *3114 321 2
30
*28
600 Class B
25 20 June 14 3034Sept 6
1
• Bid and asked prices: no sales on this day. z Ex-dividend. 0 Ex-righte.
1
4 Nov
-fii/
1
4 Mar 118/
1
4 Feb
109 Aug 113/
124
Jan 210 Nov
94/
1
4 Nov 9818 Dec
7/
1
4 Oct 1534 Feb
2218 Oct 4514 Nov
81a Sent
234 June
-712 June
1 June
18
Apr
96 June
131
Jan
120 Mar
Jan
88
111
/
4 Nov
68 Dec
27/
1
4 Apr
818 Apr
2814 Apr
41
Jan
5812 Jun
151.1 Oct
35 Dec
13 Jan
351z May
11714 Feb
514 Aug
40 Aug
43/
1
4 Mar
Jan
128
95 July
1
4 Oct
124/
/
4 Dec
981
Jan
36
90
9/
1
4
3838
127
18/
1
4
8612
1334
214
32
102
Mar
Feb
Sept
Sea
18914 Set/
124 Aug
118/
1
4 Deo
2418 Feb
108
Feb
3731 Feb
211
/
4 Dee
724 Dec
98 Nov
65 8491
2334 Mae
8018 Jan
2834 Oct
68 July
128 Mar
3912 Jan
98
Feb
7732 Dec
14134 Dec
111 Dec
1343,June
103 Bepl
743, Nov
Jan 110 DeC
1
4 Not
Apr 15/
Aug 5712 Nov
Jan 183 Nov
Dec
Feb 31
Feb 109/
1
4 Dee
-731, -Apr -1-17s Oct
1
4 July
48 Mar 66/
301
/
4 Jan 71 NIIV
25/
1
4 Oct 32 Aug
9812 May
84
Jan
37 Mar 7234 Dec
10
Jac
4 June
6018 Dec 9018 Jan
2018 Apr 7212 Nov
/
4 Nov
46/
1
4 Mar 921
9914 Oct 116 May
11912 Feb 127 July
/
4 Dec
73/
1
4 Jan 1881
3-6-18 Nov
19
/
1
4 -Dec
2012 Dec
84 Nov
54
Jan
11012 Jan
87/
1
4 Apr
3518 Jan
42 July
3878 Oct
212 Oct
Jan
SO
132/
1
4 Jan
11914 Mar
11938 Jan
94/
1
4 Jan
4112 Apr
11014 July
8514 Nov
104 Nov
4112 Jan
26
Apr
149/
1
4 Jan
120
Jan
11914 Jan
4314 JunI
110/
1
4 Mai
73/
1
4 0,11
147/
1
4 Sept
11614 Not
8212 Dee
64/
1
4 No*
51 July
634 Jet
12334 Not
1883, Dee
133 Dee
146/
1
4 Not
1061
/
4 Oct
7234 Dee
Jar
115
9534 Mal
11612 Mal
68/
1
4 Oly
363, Ass
1
4 Go
185/
189 Nol
186 Not
11018 Jan 120 Dei
11973 Nov 146 Fel
10714 Feb 118 Sep
48 Aug 7218 iiisp
9972 Oct 10312 DOI
1
4 Jam
1812 June 33/
/
4 Jai
41678 June 861
9/
1
4 May 2414 Orr
25/
1
4 Apt5714 Act
5/
1
4 Sept 1014 Fel
Oct 5114 Fel
35
/
4 Del
414 June 601
38 Mar 63 Del
Jan 11312 Dee
106
1
4 Pet
Oct 98/
79
1574 Jam
8/
1
4 May
91a Jai
5 Dec
/
4 Jai
80 Apr 861
Apr 5512 Not
21
22
Jan 32 Jun
4034 Dec 5434 Jai
10912 Nov 11412 No,
3912 Feb 5338 No,
9718 Mar 112 De,
105 Mar 114 De
OctUN Pet
35
30/
1
4 Ma
1312 No
411
/
4 No,
2934 Ma
1
4 Au
104 Dec 181/
11512 Feb 119 Au
/
4 Mar 70 Jun
581
Jan 107 Jul;
98
121a AD
714 Jun
1014 Jai
41, Mar
Jai
2312 Dee 81
7214 Dec 8034 No
II De
4/
1
4 Ma
28 May 424 De
1
4 No
43 Nov 46/
1
4 Sep
14318 Jan 255/
116
Jan 1254 Jul,
106/
1
4 Mar 11072 De
/
4 Fe
60
Jan 591
1
4 Fe
2034 Oct 35/
2012 Oct 3212 Fe
1364
New York Stock Record-Continued--Page 3
For sales during the week of stocks not recorded here. see third page preceding
HIGH AND LOW SALE PRICES--PER SHARE, NOT PER CENT.
Saturday,
Sept. 1.
Monday,
Sept. 3.
Tuesday,
Sept. 4.
Wednesday, Thursday,
Sept. 6.
Sept. 5.
Friday,
Sept. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARI!
Range Since Jan. I.
Os basis of 100-share lots
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share g per share shares Indus,& misceii.(con.) Par $ per share
$ per share
*104 108
No par 98 June 20 14012 Mar 1
*102 110 *102 108
105 10934 11012 11134 3,300 Bayuk Cigars. Inc
*106 10612
80 First preferred
100 104 June 19 110% Mar 28
10512 10612 *10512 10612 *10512 10612 *10512 10612
163 16%
No par
16
1612 1612 178 1712 1778 1714 1772 37,600 Brecon 011
1214 Mar 16 2014 Apr 25
1,500 Beech Nut Packing
*7812 7912
*7734 79
78
20 7038July 13 8312 Feb 9
7812 7912 78
79
80
1453 1434
2,400 Belding Hem'way Co__No par 13 July 26 22 Jan 12
1478 15
1518 1518
1412 1434 1434 15
700 Belgian Nat Rys part pref___
8812
*8712 8812
/
4 *88
8814 8814 891
8434 Aug 14 9212May 14
8818 8814 •87
772 794
No par 53% Jan 19 8678 Sept 7
8478 8414 8678 39,600 Best & Co
1
4 8278 8512 82
8214 83/
6238 6312
/
4 66,900 Bethlehem Steel Corp
100 5178June 19 6938 Apr 14
6112 63% 6114 624 6134 6312 6234 641
Steel
*118 120
Beth
700
Corp
of (7%)_100 11818June 29 125 Apr 13
11812 11812 11814 11814 11612 11612 *117 118
3.000 Bloomingdale Bros____No par 3358July 23 444 Jan 5
*304 37
363 36% 3714 3812 38% 4012 3914 40
Preferred
•10712 110
•10912 110 *10912 110 *10912 110 *10912 110
100 10912 Jan 11 11134July 3
190 Blumenthal dr Co pref
*9978 103
105 105
9734 9734 100 100
*9714 110
100 87 June 27 105 Sept 7
800 Bon Aml class A
7378 7378
7314
No par 6514 Jan 3 7834 Jan 27
1
4 7314 *7278 7334 73
7334 7334 73/
8
818
8
8
81
/
4 8i8
818 4,900 Booth Fisheries
8
8
8
No par
514 Jan 4
912 Aug 9
200 1st preferred
55
*5212 55
54% 5478 *53
53
100 4114 Mar 14 61 Aug 9
5512 53
*53
2,000 Borden Co
170 171
168 16912 16634 16634 16534 166
50 152 June 19 187 Jan 11
169 170
Botany
Cons
*10
1312
12
500
*1212 14
Mills class A_50
15
1512
*11
*1014 15
834 Aug 23 23 Jan 4
4234 4312
4738 4914 489.300 Briggs ManufacturIngsNo par 2118 Feb 4 4914 Sept 7
4314 475
4378 4112 428
42
44 412 *334 512 1,400 British Empire Steel
612 612
6
6's
61
100
/
4 614
14 Jan 10
914May 2.5
*712 8
758
758
2001 2d preferred
712 712 2.712 812
*818 912
100
214 Jan 5 12 Feb 1
200 Brooklyn Edison Inc
*252 257
*251 257 *250 25618 257 257 *25814 265
100 20634 Jan 10 26814 Apr 13
500 Bklyn Union Gas
*14912 151
150 15012 x14934 1493 *146 150
No par 139 June 13 15914 Apr 14
150 150
1,400 Brown Shoe Inc
47
•4614 4712
46% 4713 47
4612 47
No par 4518June 11 554 Apr 5
*4634 48
5514 58 170.600 Brunsw-Balke-Collan'r_No par 2712 Feb 20 58 Sept 7
4612 4678
4918 5258 5114 54
4614 49
0,000 Bucyrus-Erie Co
3814 393
3834 3938 3718 3838 3718 3834 x3718 38
10 2412 Feb 1: 5078June 2
473
47
4778
457 46% 457 461z x457s 4658 6.800 Preferred
46
10 333 Feb 17 545851ay 14
120 120
400 Burns Bros new clAcomNo par 9312 Feb 17 12512.1une 2
11934 11934 *119 11978 11978 1197 *118 120
3
New
200
*3014 31
33
class B com___ _No par
. 30% 301 *32
311
*30
*30/
1
4 33
1578 Mar 8 4338June 4
10578 10578
50 Preferred
10534 106 *10534 106 - *1054 106 *1058 106
100 9734 Feb 21 11014June 11
15314 15378 15414 15412 1544 159
15434 15434
2,800 Burroughs Add Mach_No par 139 Jan 14 175 July 18
•153 154
800 Bush Terminal new__ __No par 50 June 20 6714 Apr 13
5412
5434 *54
54
54
5434 5434 54,2 54,2 54
240 Debenture
10538 10614
10634 107% 107 107
10512 10634 106 107
100 1047 Aug 16 115 May 21
0117 118
114 114
80 Bush Term Bldgs pref
11612 117 *114 1161, 5114 116
100 111 Aug 1 11912June 15
914
912 36,800 Butte Copper & Zino
8/
1
4 834
8
8%
812 912
8%
8
5
418 Jan 1
10 May 28
45
4412 4534 4312 44
2,100 Butterick Co
451
/
4 4512 46
45
45
100 40 July 13 6712May 15
10
1014
10
1014 1014 1012 1038 10% 5,600 Butte & Superior Minlng.10
1014 10
8% Aug 6 1634May 21
3,000 By-Products Coke
74
71
74 7334 78
71
x731
/
4 74
7114 73
No par 65 Mar 1 8014May 24
10918 113
35,100 Byers & Co(AM)
11112 114
110 11212 107 110
108 11434
No par 9012 Jan 16 11712 Jan 27
*11118 11312
10 Preferred
•11118 11312 *Ill's 11312 *11118 11312 1114 11118
100 108% Apr 13 11412 Aug 11
5.400 California Packing
72% 7354
7334 7212 7314 737 737
72
7314 73
No par 6812June 18 7934 Apr 13
*31
32
•35
4,000 California Petroleum
36
36
3112 3214 3212 3314 35
25 2514 Mar 16 36 Sept 0
278
3
278 278 4,100 Callahan Zinc-Lead
278
3
2% 3
278 3
53 Apr 30
10
1114 Mar 8
103 1047
105 10632 104% 10534 104 10514 x102 10312 19,200 Calumet Arizona MinIng
10 89 Feb18 12014 Jan 3
7
291478
Calumet
3278
146,100
31%
323
30
4 33
33
3134 31 1/
2934
& Reda
45
2018 Jan 10 3378Sept 6
7714
77% 7612 7812 7,700 Canada Dry Ginger Ale-No
77% 7833 7712 7812 77
NovPee 5472 Jan 5 8612May 8
346 35712
34012 35934 353 354
12.100 Case Thresh Machine
350 35612 3564 361
100 247 Jan 21 361 Sept 7
*121 125
•121 125 •121 125 *121 125 *121 125
Case Thresh Mach pref_ _ _100 12432June 28 13512 Mar 30
4078 4112
4012 4112 4018 403
4018 4218 4212 437 144,300 Central Alloy Steel.
No par 2818 Mar 27 43785cpt 7
*1118 1112
1112 1112 *111
/
4 1112 1114 1114
11
1114
600 Century Ribbon Mills_No par
11 Aug 14
1758 Apr 4
*7634 81
77
80
78
7912 77
81
797 797
270 Preferred
100
8012 33,600 Cerro de Pasco Copper_No par 77 Aug 24 92 May 15
82
8278
8112 8212 8018 817s 7958 803* 80
584 Jan 3 8278 Aug 31
4514 45%
4612 4434 45% 16,600 Certain-Teed Products_No par 4034May 24 64% Apr 28
44% 4534 4434 4558 45
*9412 9612
7% preferred
*9412 9612 *9412 9612 *9412 9612 *9412 9612
100 9412 Aug 14 100 May 21
•77
79
*74
*71
C,erto Corp
78
76
76
•74
*75
77
No par 71 May 3 7912 Aug 23
11
1138
1114 1158 1118 1112 1118 1114
1034 1118 10,700 Chandler Cleveland blotNopar
54 Feb 29 1312May 15
2312 2334
23
2214 2234 8,000 Preferred
2314 23% 23
2334 24
No par
14 Mar 13 2538blay 15
6834 7012
Stock
7212 7014 718
6812 7034 x6812 6912 14,300 Chesapeake Corp
70
No par 62%July 13 8172 Jan 6
•11218 11212
*1124 116
115 117
700 Chicago Pneumatic Tool__100 111 Aug 15 141 14 Jan 30
11218 11314 113 113
•324 33 Exchange
*3238 3312 *3212 33,2
*3258 33
20 ChIcago Yellow Cab
33
33
No par 297 Aug 1
43 Jan 14
51
5118
/
4 30,700 Childs Co
5278 5278 5412 527 541
52
51 14 52
No par 37 Apr 19 5412Scpt 6
51
5214 Closed4934 4814 4934 50,900 Chile Copper
5034 5134 2488 504 48
25 3732 Mar 5 5214Scpt 1
*81
90
Christie-Brown tem etfsNo par 79 June 20 131 Jan 23
92
*85
9234 *8514 9234 *85
92
*89
101% 10338
Labor
101 10334 10058 10414 10158 10412 10318 10538 670,200 Chrysler Corp
No par 5434 Jan 16 10538Sept 7
Preferred
No par 11352 Jan 9 117 Mar 12
2 i...;512 -5-3-7g
ibiT2 -ii78
io city stores class A
;83/4 /3.7; '532 53i8 5312 -5-3-1Day
No par 511
/
4 Jan 19 5414June 11
35
4,100 Class B
8534
•8412 8538 84
8412 8334 8334 8434 89
No par 62 Jan 5 102 June 8
74
74
75
73
7734 3,100 Cluett Peabody & Co No par 69 Aug 13 1095 Apr 5
75
73
73
7312 75
•12012 121
20 Preferred
•12012 121 *12012 121
12012 12012 *12012 121
100 11818 Mar 21 12434 Mar 19
16712 168
1
10,200 Coca Cola Co
168 17278 17134 175
1737s 17378 172 174
No par 127 Feb 20 17734May 15
5614 5712
564 5734 5614 57
55% 56% 5614 56% 14,600 Collins & Alkman new.No par 50 June 25 1115 Jan 3
*9312 96
1,000 Preferred
93/
1
4 93/
93
1
4 9012 9314 *91
*91
93
100 0014July 6 109 Jan 3
/
4 6712 17,500 Colorado Fuel & Iron
6778 651
65
661
/
4 6678
6612 6412 66
65
100 5212June 25 8412 Jail 31
*9014 9112
91
9112 91
9414 924 9312 9478 9734 12,600 Columbian Carbon v t cNo par 79 June 12 9814 Jan 24
11914 120
119% 12514 122 1241 12112 124% 12218 12412 101,500 Colum Gas & Elec new_No par 8912 Mar 15 12514Sept 4
*107 108
1074 1074 107 108
817 Preferred new
107 107
108 108
100 106 June 19 11012 Jan 3
86
864
86
87
13.000 Commonwealth Power No par 6214 Jan 11 8734 Aug 30
8512 8658 8518 8612 84
85
3258 33
3312 337
8,300 Comlnerclal Credit__ __No par 21 Feb 20 3538May 4
3278 3312 32% 33
328 33
•24' 2434
23% 24
24
24 .2312 2434 *2312 2434
90 Preferred
25 23 Feb 3 27 May 8
•2518 2514
*2514 2534 .254 2514 *2514 2512 *2514 2512
Preferred B
25 23 Feb 7 2734May 11
89
8912
90
90
100 1st preferred (6 Si %)._ _100 85 June 12 96 Mar 16
8814 881
/
4 *88
92
88
88
1048
4
22,900 Comm Invest Trust_ _No par 555
9034 92
8912 9012 8812 92% 92
8812 917
Mar 1 10434Sept 7
•10512 109
•10512 109 *10512 109 *10512 109 *10512 109
7% preferred
100 99 Jan 27 109 May 14
•96
988
.9612 97
•96
97
*9612 97
Preferred (8)4)
*964 97
10()
923
8June
10 9812 Aug 20
188 19212 35,200 Commercial Solvents_No
18014 184
17534 177
175 17814 175 183
par 13778June 19 19212Sept 7
*63
6338
*63
64
64
64 .63
6334 64
300 Conde Nast Publica___No par 48 Jan 14 65 June 2
64
2512 25%
2412 257
2452 2514 2412 247
2412 2478 20,900 Congoleum-Nalrn Inc_No par 22 June 12 3112 Apr 17
732 75
73% 757
7318 73,8 72
72
725 7318 5,100 Congress Cigar
No par 87 Feb 18 81% Jan 3
9212
/
4 9138 93
9012 911
92
91
5,100 Consolidated Cigar
90
91
92
No par 794 Jan 20 99 June 4
98%
3197
*96
9814 9714 9814 9812 98%
*9712
..n.n..._ ---8!_l? coPrnsoefickirractded
..,_,7 104
n,,.... .
96,
18
4.1j
ua
nn
e 26
18
1 102
3114r,A
Apr
1
(D
fnistrib'ersNo 1p0Cl
ar
7912
79
7. 8C4 -'7W34
7.'i8 -8Wl2 7884 ;.,8 80.2 ec,2 399,300 Consolidated Gas(NY) No par p74 Aug 28 17014May 7
975 9734
975 98
973 98
977 977
14,300 Preferred
977 98
No par 971
/
4 Aug 31 105 Mar 28
25
*234 27
2%
234 272
234 214
234 24 2,100 Consolidated Textile_ _No par
214
5% Mar 28
16
3314 3112 3258 3114 3112 3118 3178 2,900 Continental Baking cl-ANo par 2612 Aug
33
33
33
Apr 10 534 Jan 13
5
538
5
514 512
514
5
5
514 11,500 Class B
53*
No par
3114 Apr 10
6 Jan 13
82
8214 82
81
82
8134 8134
81
8112 82
1.000 Preferred
100 73 Apr 10 Ms Jan 20
12518 1287s 12412 12714 12214 1253s 123 125
1242 127
89,000 Continental Can Inc__ _No par 80/
1
4 Jan 10 12878 Sept 4
12414 12434 *1243 128 *12434 128
•12434 126
•12424 126
20 Preferred
100 123 Jan 5 128 Mar 26
8312
833
4
4,400
8334 83
83
84
8312 8412
834
85
Continental Ins temp ctfs__10 75 Feb 15 9478May 15
1112 1212 1272 1324 70,800 continental
1112 1158
1112 1114
1112 1178
Motors____No par
10 Mar 13
1472May 8
823 8314 82,2 837
82/
1
4 82%
30,300 Corn Products RefinIng____25 64% Jan 3 85% Aug 22
8218 83,2 82,4 84
*14012 145 *14012 145 *14012 145 *14012 145
*14014 145
Preferred
100 13812 Jan 16 14634 Apr 10
201 203 200 20012 noo 201
20314 206
200 201
4,400 Cots, Inc
No par 123
/
4 7978 4,000 Crucible Steel of America_ 100 6914 Jan 3 206 Sept 4
7812 7912 791
79
7978
78% 80
7812 79
July 3 93 Feb 7
116 116
*114 118
100 Preferred
•114 118 *114 118 *114 118
100 11212Mtu.16 121 May 11
/
1
4
237
8
23%
23
24
2314
3,300
2314
Cuba
2312 24
24
Co
2312
No
par
22
Apr 4 2878May 8
47
47
47
47
434 434
900 Cuba Cane Sugar
4% 5
5
5
No par
488July 31
712May 12
1712 1712 178s 1758 1758 18
18% 1838
2,300 Preferred
1712 18
100 15 July 31
3232 Jan 12
7
7
2,200
1712
1752
18
17
Cuban-American Bugar____10 1618 Aug 13 2414May 25
179 1734
18
17
1734 18
100 100
200 Preferred
*9812 10012 9818 9818 •92318 10012 •99 10012
9818 Sept 5 108 Feb 1
100
Cuban Dom'can Bug newNopar
8% 5734 834
5734 834 *734 834 *75
*734 834
734 Augt 1
12 Jan 4
7,584
37,900 Cudahy Packing new
72
7278 715 7318 7218 732 7212
72
72
50 54 Jan 8 7814 Aug 21
14634 151 128,300 Curtis Aer dr Mot Co__No par 5312 Feb 27 192%May 16
1237 12934
130 13412 131 13534 136 149
Preferred
---- -- -- ---- -- - 100 11734 Jan 5 14312 Apr 18
Cushman's Sons
oioo- 2-66*iiii" 2-17;3 - tioi. 2-65- *191 200 *191 200
No par 144/
1
4 Jan 13 202 Aug 24
10 Cushman's Sons prof (7)__100 114 Jan 11 130 Aug 3
*12314 12934
*12314 12934 *12314 1295 *12314 12934 12934 12914
5714 5878 57
5734 5,700 Cuyamel Fruit
5014 5014
5012 5312 5338 56
No par 49 July 27 55178Sept 6
5518 55,2
5513 57% 5612 5714 36,200 Davison Chemical vi 03-No par 345 Feb 18 59348ept 4
573 5934 571 585
125 125
125 125
50 Deere & Co prof
125 125
*125 126
•125 126
100 11512 Feb 1 126345fay 15
100 Detroit Edison
*205 208
205 205 *2o2 206 *203 206 *203 205
100 1664 Jan 11 210 Aug 25
545
8,300 Devoe & Reynolds A__No par 40 Jan 3 61 Apr 16
533 537
534 54
554 5412 5514 .53
54
11312 11312 11312 11312
110 1st Preferred
11434 1143
11434 114% *1134 114
100 108 Jan 9 120 May 16
190 Diamond Match
*162 16212
160 160 *160 16012 *160 16012 160 16312
100 134% Jan 18 165 Aug 25
2014 2034 2012 2078 3,900 Dodge Bros Class A____ No par
204 20%
2038 2012 2018 203
12 June 11 241s Jan 4
1031
/
4 10414 104 10518 6.800 Preferred certlf
10112 103
101 104
10134 102
No par 6312June 19 10518 Sept 7
13,000 Dome Mines. Ltd
*812 85
878 10
9
812 834
9'4
9%
9
No par
8 June 13 134 Jan 6
57%
5814
8
2,200
/
4
58/
Dunhill InternatIonal_No par 5518 Jan 9 76 Mar 29
1
4 5812 58
57
5812 581
57
581
10114 10114
goo Duquesne Light let pref___100 10018 Aug 22 11612 Mar 3
101 101
/
4 10114 .10012 102
100/
1
4 10014 1011
1843
8
2,700
183
184 1847
Eastman
183
1843*
183%
Kodak Co__No par 163 Feb 20 19414July 30
184 1848 18118
*3612 40
40 Preferred
125 125 *12.5 129 *125 129
125 125
100 12312 Aug 31 134 Apr 3
55
56,s
5338 SA 527 5378 5234 56% 29,200 Eaton Axle & Spring_ _No par 26 Jan 11 51$34Sept 7
54/
1
4 557
390
3901
392
/
4
2,500 El du Pont de Nem newNo par 310 Jan 10 40512June 4
39112 392
38912 39212 392
38878 390
•115 11512
1,100 6% non-vol deb
/
4 11712 11534 11534
115 116 *115 11712 *1151
100 114 July 18 12112May 8
• Bid and asked prices: no sale, on this day. Z Ex-dividend. a Ex-rights.
Ex-warrants.
SilPBR SHARI
age for Previous
Year 1927
Lowest
BlitheSi
$ per share $ per oars
4912 Jan 109 Dec
Jan 110 Anil
101
Oct 1814 June
14
5014 Apr 7414 Nov
1512 July 2714 Jan
-4-9% Aug -5918 Nov
4314 Jan 6612 Sens
10434 Jan 120 Dee
34 June 5272 Nov
10912 Jan 114 Nov
Jan 95 Dee
44
5318 Jan 69% Deo
832 Ape
412 Sept
36 Sept 5714 May
16712 Dec 169 Dee
18 May 304 Se91
1912 Scot 36% Feb
2 Dra
12 Apr
74 Dee
1 AM*
Dee
14812 Feb 225
89% Apr 15712 Deo
304 Feb 5014 Dee
2572 July 387/ Jan
____ ---- ---- ---__ ----- -- -1512 June 12-514 Jan
1614 Mar 3434 Jan
Jan
90 June 100
x90 Mar 145 Dee
29% Jan 09 Nov
911, Jan 11172 Dee
103% Feb 120 Aug
35 Mar
54 May
Oct 61% Feb
44
11% Jan
7% Nov
Jan 9212 June
66
1
4 Dee
Jan 102/
42
105% May 11212 Dee
6014 Apr 79 Dee
---- -- -- - rr - ---258 Jell
114 Sept
6112 June 1234 Dee
1414 July 24% Dec
Jan 6012 Aug
36
Jan 3831s Oct
132
111 Feb 129 Dee
Apr 33 Apo
24
IP, Aug
1012 Jan
70
Jan 88% Dee
58 June 7312 Dec
42
Jan 55% May
-- --rr ,-85 -Doe -787s -Aug
14 Ma/
44 Nov
13 June 201
/
4 May
6434 June 86% Oct
1204 Jan 137/
1
4 Ma/
Oct
38 July 47
68% Mar 65% Aug
June
444
3 Dee
3318
3472 Jan 9071 Dee
3812 Jan 634 Dee
102% Apr 116 Dee
6614 Mar 64 Dec
614 Apr
51 June
1111
/
4 Jan
29612 Apr
86 Aug
10212 Sept
425 Jan
6672 Jan
8272 Feb
994 Jan
4858 May
14 June
17 June
1878 June
69 July
4112 May
044 Sept
86% July
145 Nov
39 Aug
1714 Jan
47 Mar
74/
1
4 001
644 Dee
84/
1
4 Oct
12514 Nov
1994 Apt
113% Dec
109% Dee
96% July
1011
/
4 Nov
93% May
11018 Dee
78% Oct
244 Dee
241
/
4 Sept
25 Dee
8958 Deo
02 Dee
102 Dee
9814 Dee
203 Sept
53 Dee
29% Deo
8812 Dee
86% July
12 Oct
94 Mar
93 Mar
312 Mar
3312 Apr
6 May
72 Apr
581 Ayr
Jan
120
744 Doc
8% Nov
4672 Jan
Jan
128
Jun
56
7612 Oct
Jan
103
184 Aug
6% Oct
283* Nov
1878 NOV
9712 Nov
1012 Nov
213 Feb
12534 Dee
103 Dec
74 Jung
7474 Jan
1014 Jan
97% Nov
8672 Dee
126 June
93% Doc
13% Jan
68 Nov
14214 Dee
123 Doe
981,4 Mar
115 Sept
3414 Jan
1034 Jan
150,
4 Jan
2812 Jan
107 Aug
Jan
18
4312 Apr
CPA Nov
ill Nov
103 Apr
Apr
107
30
Apr
2614 Apr
10512 Jan
1334 Jan
364 Aug
Jan
101
115 Feb
1314 Oct
5612 Oct
7 June
49 Aug
1144 Mar
12614 Jen
/
4 Jan
1191
2114 OCl
Jan
168
1054 Feb
5834 Hen
6934 •De.1
118 Dec
Oct
152
125 Deo
554 Oct
484 Dee
1254 Nov
17012 Dee
427k Dee
1141g Deg
147% Seel
274 Jan
85 Feb
14/
1
4 Dee
6214 Oti
117% Ne•
17514 Sent
18113 Oct
29% June
$.13/
1
4 Oct
118 Del
New York Stock Record-Continued-Page 4
1365
For sales during the week of stocks not recorded here. see fourth page preceding
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 1.
Monday,
Sept. 3.
Tuesday,
Sept. 4.
Wednesday. Thursday,
Sept. 6.
Sept. .5.
Friday,
Sept. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share 3 Per share 5 per share $ Per share $ Per share $ per share Shares Indus.& Mlseel.(Con.) Par
22
2078 214 1913 2014 5,600 Eisenlohr & Bros
2278
22
2278 2112 211
25
9318 984
954 97
9714 9914 9612 99
9614 102 121,900 Electric Autolite
No par
10
10
9,
4 9,
9,
4 94
4
978 978
No pa;
4,500 Electric Boat
9,
4 11
3614 37
36,
4 394 3818 4078 39
4078 3914 49
No par
85,200 Electric Pow dc Lt
108 108
1074 10818 108 10814 108 108
108 108
No par
700 Preferred
Electric Refrigeration_ _No par
-8314 834
-837.8 -9-1-14 8712 -66;
5 -8734 167
; x882g 91 - -9-7-J00 Elec Storage Battery
No par
6,
4 6,
*654 7
4 *6,
6,
4 6,
4
4 7
300 Elk Horn Coal Corp__ _No par
•634 7
08
10
•814 9,
8
8
*8
4 *84 9,
9
100 Emerson-Brant Class A.No par
4
*2614 31
*2614 31
*2658 31
*2614 31
*2658 31
Emporium Corp
No par
*77,
4 7812
7712 7712 7714 7812 7914 7914 7812 78,2 1,500 Endicott-Johnson Corp____50
*12334 12712
*1234 12714 •12354 12714 *12384 12718 *12334 12718
Preferred
100
414 42
4014 41,4
4138 42
41
4212 4114 41,2 9,000 Engineers Public Serv__No par
98
984
9812 985s .98
9812 98
98
98
98
1.600 Preferred
No par
Erie Steam Shovel
5
3213 -3-21-2
3212 32,
324 33
4 3212 33
33
33
4,800 Equitable Office Bldg_ _No Par
64
64
634 644 6312 6438 63
6314 6314 6312 3.300 Eureka Vacuum Clean_No par
•2112 22
*2112 22
*2112 22
2112 2112 *22
2214
100 Exchange Buffet Corp-No Par
4312 4312
4314 43,4 4214 424 42,
4 434 43
4312 4,000 Fairbanks Morse
No par
113 113
•109 113 •109 113 *112 113 *112 113
10 Preferred
100
142,
4 144
143 14412 14412 14618 144 14634 144 146
82,000 Famous Players-Lasky_No par
54
54
54
5512 55
5512 *54
554 *5378 5512
900 Federal Light & Trac
15
•1024 104
*10234 106
104 104 .10234 104 •10212 104
10 PreferredNo par
145 145
*135 149 •135 149
135 135 *135 147
200 Federal Mining & Smelt'g_100
4'99 105
•99 105 •100 105 *100 10212 *100 102
Preferred
100
2034 21
2018 2018 18
2012 1834 2018
1914 20
13,600 Federal Motor Truck_ _No par
894 894
8911 89,
4 8912 8912 8884 8834 8612 89
2,000 Fidel Phen Fire Ins N Y new 10
•1258 14
14
14
•125, 14
1234 1234
1378 14
340 Fifth Ave Bus
No par
45
,
4 464
45
4678 4514 4534 4434 4534 4412 4512 12,500 First Nat'l Stores
No par
1218 124
1112 121
1114 1134 1114 115s 11
111 4 9,600 Fisk Rubber
No par
•70
7412
75
751
7012 7012 69
69
68
69
1,200 1st preferred stamped___100
72
.70
69
70
70
70
*69
70
*69
70
700 1st preferred cony
100
7514 76
7412 755
74
7478 734 7412 74
7458 35,300 Fleischman Co new __ __Nn par
3712 39
*3814 40
39
39
3814 3912 3924 3924 61.100 Foundation Co
No par
9l58 95
95
994 9912 106
1024 10512 109 10912 486,200 Fox Film Class A
No par
614 6212
624 637
61
63
614 6278 6158 624 61.000 Freeport Texas Co
No par
•10512 106
106 106 •108 109 *105 107
10534 106
400 Fuller Co prior pref ___ _No par
24,
4 2512
2414 2558 2334 2434 2234 2312 2278 2312 12,000 Gabriel Snubber A
No
Par
9,
4 10
10
1012 10
1012 10
1018
10
1012 7,400 Gardner Motor
No par
7914 79,2
78,
4 7912 78
79
787s 78
7812 79
Gen Amer Tank Car__ _No par
12,200
110 110
11018 11018 *109 111 *109 111 *109 111
200 Preferred
100
754 76,
7612 78
s
7712 784 77
80
774 79
27.700 General Asphalt
100
•118 120
116 116 •117 120
119 120 *11614 120
Preferred
100
500
•138 141
•138 141
138 141
141 141
13912 13912
40 General Baking pref___No par
2612
*25,
26
4 2612 26
7178 2612 2712 2712 2834 8.200 General Cable
No par
72
694
7014 7014 70
26
71
71
7114 7312 4,300 Class A
No par
*6214 63
63
6312 6318 6312 6212 6278 6212 63
1,500 General Cigar. Inc new_h'o par
•11414 12012
*11414 120 *1144 120 .11414 120 *11414 120
Preferred (7)
100
•49
,
4 50
50
51
52
52
52
52
5178 52
11,500 Gen Outdoor Ad, A__ _No par
33
3312
3412 37
38
40
3912 414 39
3912 11,200 Trust certificates___ _No par
16612 1678
16534 16734 1653, 16858 16412 16758 16514 1674 36,000 General Electric
No par
•114 1114
1114 1114
1118 1114 1118 1114
114 1118 6,800 General Electric special_ ___10
*58
5912
5812 60
5858 59
584 5858 58
General Gas & Dec A _ _No par
5812
2,100
•110 115
*111 115 •111 115 .10912 125 *111 115
Gen Gas & Elec pf A (7) No par
•119 124
•119 125 •119 125 •115 125 *120 125
Preferred A (8)
No par
•104 107
.104 108 *104 108 .104 106 *104 108
Preferred B (7)
No par
Stock
20114 2047s
20138 201
20014 207
20258 206
20334 2064 743,000 General Motors Corp new 25
125 125
12412 125
124,
4 1244 12412 125 *124 1244 1.400 77 preferred
100
100
,
4 102 Exchange 101 108
105 10878 10514 10678 105 10612 54,300 Gen Sty Signal new__ _No par
52
52,
4
*52
5214 51
527s 52
51
5012 5112 1,400 General Refractories_ __No par
10414 1054 Closed- 1034 10438 10312 1044 10312 10412 10312 10412 8,100
Gillette Safety Rszor__No par
54
554
534 55
54
No par
547,2 5314 544 53
54
6.000 Gimbel Bros
*9112 97
Labor
*95
97
*9512 97
9612 9612 96
9612
100
400 Preferred
2658 27
2612 27
2612 26,
2612 1/2514 2512 7,900 Glidden Co
4 26
No par
10258 103
Day
*10112 1025, 10278 1024 10278 103 *10212 103
100
230 Prior preferred
10258 10358
10214 108
107 11078 106 10914 10818 10934 154,700 Gold Dust Corp v t e___No par
784 814
7758 80
804 8238 8012 81
7818 82
No par
33,100 Goodrich Co (1) F)
*11134 114
•111,
4 114
1114 111,
100
4 *11112 114 *11112 114
100 Preferred
631,
62
6314
6112
64
62
6278 6458 6318 6378 22,700 Goodyear T dr Rub _ __ _No par
*97
98
*97
9712 97
97
9712 1,100 let preferred
No par
974 97,4 97
8512 867s
854 8612 8518 86
84
8512 84
8514 8,500 Gotham Silk Hosiery _ _ _No par
8514 8614
85
86
86
85
,
•84
4 8414 85
No par
85
3.400 New
•117 11912
•115 119 •115 11958 •118 120 *118 120
100
Preferred New
•110 112
•110 112
110 110 .110 112 *110 112
20 Preferred ex-warrants _100
712 712
712 7,2
711 712
7,
4 8,4 •814 81
No par
1,300 Gould Coupler A
4278 4712
45
4612 4412 4578 4234 4412 44
45 145,300 Graham-Paige Niotors_No par
39,
4 60
5914 6018 5918 6014 59
60
5918 594 17,300 Granby Cons M Sm & Pr_100
*3312 33
,
4
3312 3312 33
34
33
3312 3318 34
7,200 Great Western Sugar newNo par
•11634 116
1154 116 •11514 11534 11578 116 •11512 116
100
90 Preferred_
12012 12138
11911 12258 11712 11918 11458 11834 11738 11978 24,800
Greene Cananea Copper 100
6
6
6
6
554 5
,
4
54 618 •54 6
700 Guantanamo Sugar__ __No par
101
101
*99
*99
*99 101
*99 101
.99 101
Preferred
100
*6212 6312
6338 6358 624 6278 634 6412 6514 68
3,300 Gulf States Steel
100
10244 25
*2478 25
*24,
4 2478 24,
4 24,
4 •24,
4 247s
25
20 Hackensack Water
734 7478 73
74,
4 75
7458 73,
4 7458 73
74
860 Hanna 1st pref class A_.__100
*24
•24
*24
25
25
25
*24
25
25
25
100 Hartman Corp class A_No par
1858
1812
185
8
184 1858
1812
1818 1818 184 2058 3,400 Class B
No par
116 116
115 115
•114 118
116 116 •112 118
25
300 Helme(0 W)
125 125 •12312 _ .1234
•12112 •12312
100
10 Preferred
*53
535s
524 -5i753
52
8 5312 55
5512 58
6,600 Hershey Chocolate__ __No par
77,4 774 7614 7712 7714 7814
7612 77
78
79
4,300 Preferred
No par
•10112 10214 •10112 10214 •10112 10178 *10112 102
•10112 102
Prior preferred
100
4 2012 21
*2012 21,
*2012 22,
4
•1912 20
*19
20
No par
200 Hoe(R)& Co
2712 2712 26,
*2512 26
4 26,
4 224 3512 274 2738
700 Hollander & Son (A)__ _No par
75
75
75
75
75
•75
76
7514 754 7514
100
600 Homestake Mining
75
75
7338 744 74
76
7612
7518 7412 7518 11,800 Househ Prod.lne.tem ctf.Vopar
1424 146
14234 14512 14258 14784 144 145,
142 143
8 18,700 Houston Oil of Tex tern etts100
6038 61
594 6014 58,
60
604
4 594 5814 59,
4 10,700 Howe Sound
No pa
8478 8111 8314 81
83
8358 84,
82,
4
4 8118 8382 83,100 Hudson Motor Car__ No pa
70
,
4 7478 7214 7412 7118 73,
6912 704
4 71,
4 7312 335,000 Hupp Motor Car Corp__ --10
25
,
4 2612 2658 27
25,
2758 28,
4 2578
8 2712 2778 23,100 Independent 011 & Gas_No pa
3012 3012 304 31
*3012 32
294 29,
4 *2712 28
No pa
600 Indian Motocycle
103 103
•10314 107
•10314 107
102 102 •10212 105
20 Preferred
100
34
3258 33,8 33
33
3312 334
34,
8 32,
4 3334 25,200 Indian Refining
10
314
32
3178
314
3114
3158 32,
3114
8 324 3218 19,600 Certificates
10
*220 250 *230 250 .235 250 *235 250
.230 250
Preferred
100
9112 9112 92
Q2
.91
92,
4
931 4 9314 924 9238
400 Ingersoll Rand new__ __No pa
87
4 8712 66,
6712 66,
674
67
4 6712 674 6812 14,100 Inland Steel
No pa
eferred
100
247
-Z5i;
2
24
1"
FA
2412
2414
23't 2474 2313 243 16,500 Inspiration
Cons Copper___2
P
912 978
978 1038
10
10
912 934
938 912 4,200 Intercont'l Rubber___ _Ns pa
154 1638 1618 1618 1618 164
1534 16
16
1712 4,900 Internet Agricul
No par
' 7812 7834 7834 79,
78
*77
80
4 •79
7934 80
Prior preferred
100
130 13014 12714 12912 12818 13078 13018 1324 1,500
*129 131
8,400 Int Business Alachines_No par
6178 624 624 6212 634 6412 65
62
02
6912 11.900 International Cement__No.Par
Preferred
100
-6 14 -137-7,
7
667, -6-8-1-2 683 71 3-2-5-,000 Inter
8
-itUt WI;
Comb Log Corp__ No par
•1054 10912 107 10712 *106 10912 .106 10912
*10578 16912 i
Preferred
100
200
29714 297,
4 291 294
291 29412 293 29634
295 295
International
100
14058 14058 •14012 14112 •14012 14112 14012 14012 4.500 Preferred Flarvester
*1404 14112
10(8
400
4,
4 44
434 5
5
434 5,4
5
5
514 2,300 t Mercantile NfarIne
100
344 354 354 35,4 35
3514
35
3814 3612 3712 12,700 Preferred
100
10812 11.1
1014 10812 107 10778 107 11012 35,100 International Match pref__35
1084 110
117 120
11512 11834 116 119
118 • 12034
11712 125 214,000 International Nickel (The)_25
694 7012 70
70
6958 70
6858 69
69
69
3,000 International Paper___No par
10
Preferred (8%)
085* 0858 *9812 99
984 983 -58511
0812 -911-2
-1-,4615 Preferred (7)
100
5418 5418 56
57
•57
58
*5418 56
57
57
100
International Salt
230
•14312 14912 •14312 148 •143 14812 •14312 14812
•14311 148
International Silver
•1224 12712 •12234 12712 •12284 12712 •1224 1274
•122 12214
12
Preferred
4 18524 18234 186
1843, 18714 182,
1864 18812
18112 184
16,500 Internet Telep & Teleg-100
-aiTa 66
131d and asked pricer no sales 00 this day. S Ex-d1Vidend
a Ex-rbeitin
PER SHARE
Range Since Jan. 1.
On basis of 100-ehare lots
Lowest
i
per share
1218 Jan 3
60 June 25
834 Aug 15
2834 Jan 10
10612 Jan 10
111
/
4 Feb 6
89 Feb 20
6 June 19
54 Feb 21
26 Aug 25
7514June 12
12114 Jan 27
33 Feb 18
97 Aug 14
334 Feb 20
3114July 20
594 Aug 11
1934July 17
3212 Jan 5
104 Jan 9
11114 Jan 16
42 Jan 10
98 Jan 6
120 Apr 17
9114 Jan 3
1658 Aug 1
7514June 12
11% Jan 9
28 Apr 4
84 Aug 13
5812 Aug 11
56,
4 Aug 11
65 June 19
37 Aug 17
72 June 12
55 July 23
10318 Mar 17
15 Mar 23
714June 12
6078 Feb 20
10914June 23
68 June 12
11018June 1
134 Jan 28
21 Feb
56 Feb
5912June 1
1154June 1
4!) Aug 15
2912 Aug 1
124 Feb 27
1118July 1
3514 Jan 1
1084 Jan
12214 Mar 22
1054 Jan 1
130 Jan 1
12312 Jan 28
8414June 2
4512June 13
9718June 19
3418 Mar 6
87 Mar 8
2033 Jan 27
95 Jan 4
71 Jan 16
6812June 1
10912 Feb 17
4518June 25
924 Mar 16
75 June 13
75 June 19
112 Aug 6
109 Jan
7 June 23
164 Feb 1
394 Feb 1
31 Jan 28
112/
1
4 Feb 20
8June 1
89,
54 Aug 29
90 July 11
61 Jan
23 Jan
59 May 25
2312 Aug
1658 Aug 6
103
,
4June 13
121 Jan 3
3014 Jan 31
7014 Feb 6
10014 Aug 17
19 July 13
25 Aug 25
67 Jan 4
6418 Feb 21
119 June 19
4058 Feb 18
75 Jan 16
29 Jan 16
211
/
4 Feb 20
27 Aug 3
10014 Jan 3
9 Feb 18
8/
1
4 Jan 16
101 Jan 4
90 Feb 18
46 Mar 3
115/
1
4 Jan
18 Feb 25
818July 2
13 Feb 24
4858 Mar 28
114 Jan 16
56 Jan 3
1081:Jan 4
4614 Feb 20
103 Mar 21
22454 Feb 18
13614 Mar 1
4Mar 26
3,
3418June 12
9318 Jan 3
7358 Feb 24
66 June 19
96 Aug 21
9812 Aug 29
491r Max 28
126 June 20
122 Aug 23
139/
1
4 Feb 20
Highest
PER SHARI
Range for Prestos.
Year 1927
Lowest
$ per share
391
23;
e Aug3
skar1 1
10
,
4 Nov
102 Sept 7
17
,
8June 6
4512May 14
1613 Jan
1101:Mar 8
Jan
96
1713 Mai 19
5
,
4 Nov
9114Sept 4
6314 May
7 Dec
1512J
9 j
ua
nn
e 4
1
3 Oct
33 Mar 1
30 July
64/
85 A10 17
1
4 Jan
127 May 18 116/
1
4 Jan
4614/s,lay 7
211
/
4 Jan
99 Aug 9
24/
384 Jan 23
1
4 Jan
3334July 3
79 Jan 3 -66- Aug
1518 Jan
2278May 7
54 Apr 19
3014 Nov
11424May 14 107 Dec
92 July
1464 Sept 6
4May 2
371: Jan
56,
109 Apr 19
9111 Feb
145 May 15
80 Feb
100 Aug 28
7512 Jan
17 Dec
2578May 8
9412May 16
10 Nov
1514May 10
1914 May
4712 Aug 30
14% Oct
17/
1
4 Jan 4
Jan
81
9112 Jan 10
9411 July
9714 Jan 5
461
: Feb
7714 Aug 28
35 Nov
554May 16
50 June
10912Sept 7
3414 Jan
10914 Jan 11
10978 Apr 23
2812 Jan 5 -2-2 - Dec
ub
g 31
2
612 Jan
7
16
,
3
142 A
Fe
Jan
46
111,
4May 15 1064 Mar
65 Aug
9478 Apr 30
1414 Apr 30 10714 Aug
150 June 8 11812 Apr
3.512 Apr 28
807811,1er 20 -6E;
1 Dec
Jan
754 Feb 2
52
130 Apr27 116
Jan
5472 Apr
584 Jan 3
37
52,
8 Jan 7
Jan
6
17
1412
2 JA
un
per 17
81
Jan
11 June
6014 Aug 2
34
Apr
118 May 10 100
Jan
144 Apr 18 11314 Mar
11478May 16
Jan
96
210 May 7 11314 Aug
12712 Apr 12 1181:Mar
8218 Jan
12358 Jan 3
38
Jan
82 Jan 3
11218 Apr 13
96/
1
4 Nov
354 Dec
5978June 14
15
, 91 Nov
101
30 JAuu
ng
e2
141
:May
10478June 1
86 Aug
62 Ma.
11078 Sept 5
n 4
1
42/
19
1534
1
4 Jan
9
,
8N ay
95 Jan
ia
1
4 Aug
48/
724 Jan 4
994 Jan 13
9210 Nov
9378 Apr 14
574 Jan
93 Apr 14
Jan
68
130 Apr 12 104
Jan
112 May 7
124 Feb 2
Oct
4
4612Sept 4
6012 Aug 30
Jan
38 Jan 7
3518 Dec
120 Jan 3 1161: Feb
1641: Jan 4
2914 Jan
9/
1
4 Jan 4
7 Oct
107 Jan 7
9572 Jan
40
69 June 1
Oct
30 Jan 31
22 Aug
66
79,
4 Jan 19
Jan
221
2758 Feb 3
: Oct
1812 Dec
254 Jan 27
1184 Feb 20
76% Jan
134 May 28 11814 Jan
347: Dec
84 Apr 26
82 Apr 16
704 Dec
105 Apr 14
9958 Dec
22
Jan
304 Jan 20
314 June
3878 Apr 13
1514 Sept 7
Jan
60
4314 Jan
1
604 Jan
67
1 A
Aug
pr 39
17
4 July
34,
6284May 28
4814 Jan
994 Mat 16
16
Oct
7478Sept 4
17/
317a Apr 30
1
4 May
13 Mar
70 Apr 27
Jan
116 Apr 12
92
7/
394July 9
1
4 May
37i July 9
74 June
99
250 Aug 27
Oct
874 Nov
98 Apr 16
61 Feb
6812Sept 7
Jan
118 Feb 18 111
12/
254May 28
1
4 June
11 Nov
21% Jan 4
61
/
4 Apr
207811,1ay 17
8012.1une 18 33 Mar
1473, Feb 3 5318 Jan
7412May 16 4514 Jan
11071 Apr 26 100
Oct
7288June 6 401a Oct
109 May 16 101
Oct
297,
4 Sept 4 135/
1
4 Jan
/
4 Jan
147 May 1 1261
31: Oct
7118May 9
: Oct
4458 Jan 17 321
12178May 14 62 Mar
125 Sept 7 3814 Jan
8May 14 0394 May
86,
107 Apr 12 851,July
961r Jan
108 Jan 1
63 Sept
n 24
1
4 Jan
18
98
6,
1
4 Mar
135/
131 Jan 27 109 Mar
1974June 2 12214 Jan
Highest
Per share
161: Feb
12.1;
3211 Dec
109 Nov
37/
1
4 Jan
79/
1
4 Jan
15/
1
4 May
13 Apr
371: Mai
8114 Dec
125 Sept
39/
1
4 Oet
354 Dec
777 Nov
23 Dee
43/
1
4 May
112 Mer
115/
1
4 Dec
47 May
100 Anc
187 June
97 Mar
307s Jet
-117
;May
30 Feb
20 Apr
100 Sept
102 Sent
714 Dec
884 Apr
8512 Dec
1061: Dec
19- Aug
1512 Dee
64/
1
4 Dee
1121
:Sept
96/
1
4 Mar
144% May
160
Oct
De;
74/
1
4 Dec
136 &pi
59/
1
4 Nov
58/
1
4 Nov
146/
1
4 Bens
11/
1
4 Jan
47/
1
4 Feb
11018 Oct
123/
1
4 Nov
10518 Dec
141
Oct
1253, Dec
15314 Sens
81 Dec
1091: Oct
59 Sept
1084 July
22 Mat
101 June
7834 Dec
9611 Deo
1111
/
4 Dec
69
,
8 Dee
984 Dee
8558 Dec
851
: Dec
122 Beal
1114 Nov
£5 May
1
4 Sept
44/
123 Sept
1511
: Dec
1114 May
106 Dec
64 Feb
27 July
1
4 Dec
72/
2714 Mar
1
4 APT
29/
126
041
130 July
40/
1
4 Dec
751
: Del
103 Dec
617
:July
4014 Oel
75
Oct
70/
1
4 Nov
175
Oct
48/
1
4 Dec
911: Aug
36/
1
4 Dee
2244 Feb
47 Dec
102/
1
4 Dee
121
:Sept
12 Bent
112 Mai
9611 AD/
62/
1
4 Dec
118
OM
25/
1
4 Jul
26 Nov
164 Des
:May
661
119
,
4 Dee
4534 May
113 Dec
64 Mu
10514 Dee
2554 Dee
139 Dec
8
,
4 May
65/
1
4 May
951: Dee
891
/
4 Dee
811
/
4 Nov
106 Dee
112/
1
4 Dec
75 Dee
192 Nov
128
Oct
1587a Sept
New York Stock Record-Continued-Page 5
1366
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,
Sept. 1.
Monday,
Sept. 3.
$ per share $ per share
*24
26
*4912 5012
127 129
*124 12512
1355 13734
*120 12114
•30
3112
912
*9
*109 11214
70
704
187 1912
•65 66
•60 65
3412 35
*10212 108
9834 9914
*39 41
9214 9238
6712 6814
7838 7934
.311278 11412
•23 2412
•70 85
*105 109
11538 1184
*250 265
•10012 105
31
31
11638 11778
2038 205s
54
5458
3012 3012
*92 9212
9114 9173
*138 145
42 42
744 7.578
58/
1
4 597
974 1114
*3112 3478
8114 8314
41123 12312
291y 2938
•95 98
1334 14
•8712 89
3638 36/
1
4
6212 6312
*45 48
0122 126
*81
8378
954 96'z
147 1477
2314 234
5554
55
2378 237
Stock
•9714 101
*2712 30
*4415 4834 Exchange
*32 34
34/
1
4 3472 Closed3718 3778
1614 1614
Labor
3658 3718
Day
6454 6514
20
2078
145 147
*122 125
85 8612
23 23
*71
73
•98 102
*10312 106
*11012 125
*25
26
2912 3013
2134 22
29 29
*10914 1123,
412 452
*318 414
235 2393k
2213
22
*14212 1671
22114 2247
712 738
258 23
Tuesday,
Sept. 4.
Wednesday, Thursday, I
Sept. 8.
Sept. 5.
Friday.
Sept. 7.
Sales
for
the
Week.
STOCKS
NEW YORK SVOCK
EXCHANYE
PER SHARE
Daggs for Previous
Year 1927
Highest
Lowest
8 Per share I Vet Share 8 vet WWI
$ per share $ per share $ per share 5 per share Shares Indu,. & Miscel. (Con.) Par S Per /hare
194 Jan 8918 Juni
No par 2414 Sept 7 3812 Jan 20
100 IntertyPe Corp
2414 2414
*2412 26
*2414 28
*2414 26
1812 Mar 07 Sept
Island
61 May 14
4712
Aug
7
Creek
Coal
1
2,500
5312
52h
55
53
493 50
5114
5038
771g
5312
Jan 88 Dee
Aug
20
133
Jewel
Tea,
Mar
1
Inc
No par
1,100
127 12712 126 126
12714 128
128 128
Preferred
100 120 Jan 18 125 Ma 28 11112 July 13512 Mat
*124 126 *124 127 *124 127 *124 127
2._
Aug
31
Johns-hlanvIlle
50,900
140
19
No
par
984June
13114
1343
4
13538
13414 1374 13414 13634 131
160 Jones & Laugh Steel pref__100 11918July 2 12414MaY 7 ili -Feb 1-20- Oa
121 12114
120 120
*120 12114 *120 121
3452 Dee
Jan
105
Jones
Bros
Jan
10
Tea,
Ine_
4034
255s
Mar
31
No
par
800
3312
334
32
33
3112
3112
3112
*28
1258 July 224 Jan
No par
1.100 Jordan Motor Car
84 Aug 10 1518May 31
812 9
94
9
913 94
9
914
30 Kan City P&L lst pf B No par 108 Aug 2 114 Apr 28
110 110 *109 114 *109 114
110 110
Kayser
(J)
Coy
119- Apr -13-54 14:
t
c
5,600
764
Mar
30
Jan
5
No
par
623*
703
8
6938
7014 7034 7012 7034 6934 7034
94 Jan 8214 Nov
25 15 Feb 17 273* Jan 8
1872 1934 1838 1934 1838 1914 184 1912 6,200 Kelly-Springfield The
Feb 102 Sept
8%
85
preferred
200
84
Jan
6
5514
Feb
17
100
85
65
66
*6412
65
85
66
*65
8%
44
Jan 974 Sept
Jan
26
preferred
80
88
Feb
17
85
100
*80
65
*60 65 •60 65 .60
19 Oat 27 An
371
/
4 3814 51,200 Kelsey Hayes wheel___No par 2212 Jan 10 8812May 18
377
3512 36
3434 3514 34
Preferred
110 Dec
Mar
40
July
11018
106
8
100
103
Jan
5
108
108
108
103
*10212 108 *10212
60 Feb 901e Dec
No par 8018 Feb 20 10014 Sept 4
978 9834 72,600 Kennecott Copper
9914 10014 984 998 9714 997
No par 377 Aug 15 52 Jan 19
100 Kinney Co
4984 June 45 Jell
39
39
*39
39
41
*39
40
*37
110 Preferred
56 June 93 Des
100 8718 Mar 22 100 Apr 11
92
9018 9134 *91
92
924 9212 *91
25 5312 Mar 31 78 May 17
49 June 6274 Fel
68 6812 6734 6978 6812 6934 68713 6912 25,300 Kraft Cheese
.10 6058 Feb 24 8178 Aug 24
657e Jan 7714 Sept
7858 7912 784 7878 7734 7834 7738 7812 13,700 Kresge (8 8) Co new
100 11014June 14 118 Apr 27 11018 Feb 118 July
20 Preferred
/
4 115
*11275 11478 *11278 1144 11412 11412 *1121
10 June 18 Dec
1,400 Kresge Dept Stores____No par 1312 Jan 18 2714 Feb 29
23
2312 *22
*23 2412 2238 2314 23
100 51' Feb 1 75 Aug 31
68 Nov 80 Jan
100 Preferred
*68
80
75
75
*70 85 *68 85
No par 87 Feb 20 11412Mar 29
200 Kress Co new
59 Jan 1054 9.91
*103 107 *103 10712 *104 10712 106 107
11712 1207 11918 12038 11818 11978 1187 12138 101,700 Kroger Grocery dcBkg_No par 7314 Mar 27 12138 Sept 7
Laclede Gas L (St Louls)._100 200 Jan 10 260 Feb 2 1-713* Jan Mir,June
*240 265 *220 260 *220 260 *250 275
Preferred
100 100 Jan 5 1244 Jan 26
96 Jan 130 May
*10012 112 *102 104 *102 112 *102 112
204 Jan 8784 Nov
3114 3112 3212 3212 3212 3232 1,700 Lago 011 & Transport_No par 2738 Feb 20 3918 Apr 17
31
31
7912
Jan
10
No
par
60 Jan 884 Oil
12212Sept
7
Lambert
Co
70,000
12012
12212
12238
110
11612
11712
119
11612
No par 1714 Jan 3 2412May 1
7 Jan 1811 Del
1912 2012 1912 1934 1912 19'2 3,300 Lee Rubber & TIre
1918 20
No par 38 Jan 17 6138Sept 5
8238 Apr 33 Nov
5412 5918 5812 6132 5614 5914 5734 6038 81,400 Lehn & F1nk
2014 Sept 8414 Dee
No par 2812 Aug 15 384 Feb 7
600 Life Savers
3078 31
30
30
30
304 3012 30
1,800 Liggett & Myers Tobacco_ _25 8318.1une 22 12212 Jan 3 *8712 Feb 128 Bea
93 94
9114 9114 *9112 93
93 94
25 8014June 19 12312 Jan 3 •81338 Feb 128 Col
914 9112 9112 9214 9214 938g 11,900 Series B
9112 927
100 134 Aug 2 147 Apr 11 12434 Jan 160 Dec
100 Preferred
138 138
*138 145 *138 145 "138 145
69 Oct Ws API
No par 38 July 27 6578May 14
600 Lima Loc Works
4312 4312 4314 4314 4314 4314
43 43
1
4 Dec
65
,
4 Sept 78/
7414 7578 7512 787612 7834 7612 7737 31,700 Liquid Carbonic certifs_No par 6312 Feb 20 78 Sept 8
687s Jan 687a Mai
1
4 63 86,500 Loew's Incorporated-No Par 4918June 19 77 May 9
1
4 62/
/
4 63/
60 8112 614 6412 '611
534 Feb 9 1938 Aug 27
74 Jan
5 Oct
No par
1312 1212 1312 1218 1314 168,300 Loft Incorporated
958 1132 11
2512 Deo 63 Mar
No par 26 Jan 3 3534 Feb 8
100 Long Bell Lumber A
3234
3234 *32
3234 3234 *32
34
*32
7814 7812 8218 135,900 Loose-Wiles Biscuit new___25 4414Junc 19 84 Sept 4 8354 July 5714 Dec
7634 7934 75
7712 84
118
Jan 123 Noy
125
May
9
11712
Aug
17
100
1st
preferred
30:
*123
12312
12312 123 123
*123 12312 *123
231k May 674 jolt
25 23341une 12 4678 Apr 19
33 51,500 Lorillard
2978 3012 3134 32
2912 29
29
100 93 July 13 114 Mar 13 107 June 11312 Jae
200 Preferred
97
97
97 *9612 97
95 95 *98
10 Oct 12 Atis
958 Feb 21 1934 Mir 30
35,800 Louisiana 011 temp ctts_No par
1538 1,512 1612 1512 16
1378 1418 14
8514 Dec 97 Vet
100 78 July 24 98 Apr 80
Preferred
*8712 89 •8712 89 *3712 89 *9712 89
2338 Jan 304 Dec
11,400 Louisville 0 & El A._ _No par 28 Feb 7 41 May 16
wig 3638 3638 3678 3658 37
3612 37
20 Oot 834 Mai
No par 2352 Jan 11 6812May 24
5,200 Ludlum Steel
6114 6378 8134 63
62
62 6218 61
43 Nov 5814 Del
000 MacAndrews & Forbes-No par 44 Aug 28 5784 Apr 14
4778 4634 471
4658 4658 4612 4612 47
Mackay Companies
100 1081:Mar 2 134 Mar 20 105 June 186 Anil
*122 126 •122 126 *122 126 *122 126
87 Aug 74 And
100 6814 Jan 13 84 Mar 19
100 Preferred
/
4 8234 8112 8112 *8112 82
*811
/
4 8234 *811
No par 83 Apr 17 10778 Jan 3 8814 Jan 11814 Ma
9838 58,300 Mack Trucks, Inc
9838 9434 9638 95
96
9734 96
No par y134 Aug 28 382 Aug 27 124 Jan 3431 Nov
14514 14714 144 14638 14334 14512 14418 l44s 8,200 Macy Co
2012 Aug 2818 Can
No par 2214 Jan 9 34 May 7
2312 2334 2312 2334 2312 2378 2312 2334 2,900 Madison So Oarden
2912 Feb 583* Dec
No par 4384 Feb 27 61 Scut 5
59
59/
1
4 54,900 Magma Copper
5778 50
5534 8038 59 61
114 Apr 2034 Dee
1,800 Mallinson (H R)& Co_No par 16 Jan 20 288 Apr 12
2314 2234 23
2212 24 *23
23 24
664 July 95 Dee
100 874 Jan 30 106 Aug 1
160 Preferred
101 101 *101 104
101 10312 *101 104
27
Nov 46 Fet
41
Jan
14
Aug
1
2912
Manati
100
Sugar
*274 30
*2712 30 *2712 30
*2712 30
68 Oct 8034 Doe
Preferred
100 4934 Aug 9 138 Jan 17
*4514 48 *4558 48 *4558 48
*4514 48
394 Dec 4914 6111
4018 Jan 24
No par 32 June 2.
200 Mandel Bros
35
35
35 *32
35
*32
35 *32
43 Oct 132 A111
3212 2912 3034 18.800 Manh Elec Supply__ No par 29 Sept 8 6638June 8
29
337
3212 3338 32
2614 Jan 8544 Dec
25 3134 Feb 18 43 May 14
3834 3912 3738 38% 3612 3814 14,600 Manhattan Shirt
39 40
12 Oct 2214 Jaz
Apr28
2512
Feb
20
124
par
400
Maracaibo
Expl___No
3
011
1612 174 1714 1834 1778 18
1678 17
31 June 1181, Jaz
3834 3912 59,300 Marland 011
3812 3912
No par 33 Feb 17 444 Apr 17
3612 3712 37 38
27
Jan 567a Mx
Aug
28
67
6
Mar
45
14
Marlin-Rockwell
par
2,700
No
4
633
4
633
6214
623
4
64
65
6412 6518
1512 Deo 2634 Bet
No par 1218 Mar 12 254June 4
9038 2284 2234 2314 2238 2234 8,900 Martin-Parry Corp
20
20
82 Jan 13214 Dec
5,800 Mathieson Alkali Workallo par 11714June 19 147 Aug 31
143 14458 14212 14412 14034 142
14214 146
I Preferred
100 116 Jan 12 130 Apr 27 103 Jan 120 Dec
*122 125 *122 125 *122 125 *122 125
/
3
4June 9011 Nol
66
8678Sept
4
July
17
75
18,400
May Dept Stores new
25
1
4 8512 86h
8412 86711 85 8638 8512 86/
No par 1712 Aug 14 2334 Aug 30
2212 2314 2234 2278 2258 2314 224 2312 7,500 Maytag Co
-- -.
-Aug
1
7434
Feb
3
58
McCall
Corp
par
600
No
72
72
7134 72
7112 72
•70
72
400 McCrory Stores class A No par 77 Feb 15 105 Aug 25 -85 iiii -10 -Del
100 100
100 100
100 100
*9813 104
5612 Mar 9034 Del
400 Class B
No par 8012 Mar t4 112 July 20
10612 10612 10614 10638 *104 10612 *104 10534
07 Mar 11612 Seel
I Preferred
100 109 Feb 8 117 July 19
*11012 126 *11012 125 *11012 115 *112 115
2412 Mar 28/4 Ord
100 McIntyre Porcupine Mines...5 2012 Aug 20 284 Mar 16
2312 2312
300
Metro-Goldwyn
245
8
Aug
30
pf_27
Pictures
2534
2431 Jan 2613 F31
2718MaY
29
•2514
2554
2534 2534 2558 2534 *25
914 Pet
8 Aug
Oa Jan 19 89 May 14
3018 3114 72,400 Mexican Seaboard 01I-No par
2834 30
2712 29/
/
4 30
1
4 281
181y June 2034 Del
9,300, Miami Copper
5 1714 Jan 5 221s Aug 17
2134 22
2158 2178 2134 22
2154 22
Jaz
8931
Oct
2512
28
Mid-Continent
52,800
8314
Apr
Petro__No par 251/ Feb 20
3234
2912 3038 2934 301
31
3012 31
97 Apr 105 Pet
Mid-Cont Petrol pref
100 10314 Feb20 11514May 11
*110 120 •110 115 *110 115 *110 115
334 Juni
DI Jan
7118May 10
2$2 Jan 8
Vs 434
412 478 13,500 Middle States OS Corp.- _10
412 434
438 458
234 Juni
lle Jan
314 314 1,900 Certificates
312
314 314
314
314
578May 10
14 Jan 3
10
32
235 23514 238 2394 23834 239 239 24934 5,200 Midland Steel Prod pref...100 193 June 19 290 Jan 6 106 Apr 315 Des
8814
API
Nov
1712
8
Miller
27
Jan
1812
Aug
13
2,200
Rubber etre
No par
2234
22
23
2218 23
22
23
23
8111 Jan 10918 Ool
IMontana Power
100 10214 Jan 10 175 May 3
*14212 168 *14212 168 *14212 168 *14212 168
220 22414 218 22234 22018 223 22312 242 82,900 Monte Ward & Co III CorplO 117 Jan 19 242 Sept 7 601a Feb 112816 Dec
Ws Jai
734 714
74 734
a Jun
712
718 712
738 4,500 Moon Motors
53* Feb 6 1112May 11
No par
Me Jaz
Pm Oot
418May 14
234 278
234 278
25* Aug 10
258 278 6,100 Mother Lode Coalition_No par
234 2744
812 0598 1685 32111
300 Motion Picture
5 Mar 29 11 May 9
No par
9
*8
9
*8
9
*8
9
9
Agri
31441
Nov
17
1712 1778 17
No par 18 Mar 22 3314 Jan 12
1714 1612 1714 *1614 164 3.300 Motor Meter A
2014 Jan 9774 Ma
4518 46
4512 4678 46/
45/
1
4 46
No par 251y Jan 12 4078Sept 7
1
4 4978 56,600 Motor Wheel
Dec
7914
Jan
10
Mullins
3,600
9414
Apr
13
19
par
824
804 8112 7912 8132 79
8P14June
Mfg
No
80
Co
8014
*10638 11078 *10638 11078 *107 11078 *107 11078
Preferred
100 10414 Jan 17 11014 Jan 9 80 Jan 11014 Dec
351g May 53 Noi
49
4912 4834 4934 4912 4912 1,300 Munsingwear Inc
*50
51
No par 4834 Mar 5 6212May 18
564 5732 6634 5678 5418 5838 54
1614 Oet al Fit
22,500
Murray Body new.__ _No par 2112 Feb 1 5834June 1
5512
92,500 Nash Motors Co
934 9438 924 934 9278 95
93 96
No par 8014 Feb 20 10118 Jan 3 6014 Apr 1017a Dec
711 08
5 Feb
1512 1512 1534 1512 15514 1512 1638 8.300 National Acme stamped _.10
15
74 Jan A 1914May 2
3118 SePt 4611 De
9038 89
9234 2,400 Nat Bellas Bess
90
91
9012 9058 90
No par 41 Jan 8 95 May 4
8514 8*91 97 AD
Preferred
*105 106 *10412 106 *10412 106 *10412 108
100 9014 Jan 8 111 May 7
904 Jan 187 De
35 15912July 12 182 Jan 27
178 18212 177 17934 177 17934 17714 17878 7,900 National Biscuit
Preferred
100 1371: Feb 29 150 Apr 11 180 Jan 162 Da
*142 145 *142 143 *142 143 •142 143
3978 Jan 513e De,
1
Nat
123,100
Sept
Cash
8714
8038
4714
Jan
16
Register
Awl
No
par
855
,
861z 8873 8512 88/
8673
1
4 83
594 May 6871 At11
1
4 9438 9512 9234 947
934 9534 44,100 Nat Dairy Products_ _ _No par 6412 Jan 5 9838 Aug 31
29538 96/
2711 Ma
2014 Jun
1,300 Nat Department Stores No par 2178 Jan 5 29 June 4
26
26
27
27 *26
26
26 *26
89/
1
4 July 944 All
200 1st preferred
*9358 95
94 94 *9332 95
100 91 Jan 10 102 May 2
*9334 94
17 Feb60 013
4212 4378 43 4334 4218 4258 4138 4214 4,600 Nat Dlidill Prod ctfa_ _ No par 2914June 12 6812 Jan 9
43 Mar 6911y Jun
300 Preferred temp ette._No par 5114June 13 71.13 Jan 9
63
63
65 6514 .60 65 *60 65
191a Apr Ws J1111
314 3378 334 3334 3334 3538 3518 3738 31,000 Nat Enam & Stamping---100 2314 Mar 28 37h Apr 12
0918 Apr 917a Jul:
Preferred
100 9018 Mar 28 99118tay 15
May 2023* Ma:
895
600
*124
12514
124 125
127
125
National Lead
,r1214 127
100 115 July 11 138 Jan 31
*14218 144 *14212 144 *14212 144 *14212 144
Preferred A
100 189 Jan 3 14714May 18 11312Jun 13934 De
Ion
•8
9
16
17
4518 46
81
81
*10638 1107
51
*49
5614 5738
9434 9634
15h 1512
90 90
*105 107
18012 182
*141 145
8712 89311
9614 97
26
2612
5933* 94
434 4438
*85 66
3078 3118
-•12514 127
*14212 144
--- Preferred B
*12012 ___
100
*12012 . *12012 ___ *12012
.
35 -314 3834 -38
_364 -37
National Pr & Lt etfs__No par
--7e 3618 37 151,400
*1201235 -3-53-4
1,200 National Radiator----No par
194 1914 1914 1914 18
19
20
20
1914 1978
70 *58
70
70 *58
*58
Preferred
No par
70
*58
*58
70
900 National Supply
98
98
97
50
97
977
97 9734 97
*97 98
790 atIonal Surety
100
31212 319 31814 324 314 32012 31214 31812
3114 31114
tional Tea Co
No par
275 275 272 272 273 27434 274 27914 1,500
276 276
1
4 2814 48.700 Nevada Consul Copper-No par
1
4 2614 2678 2534 2612 25/
2658 26/
2634 27
45/
1
4 4614 4558 45/
1
4 230,400 NY Air Brake
No par
4412 4738 4558 47
4212 4412
New York Dock
4812 *47
49 *47
*47
48
49
100
*47
*474 4812
89
89 *85
*85 89 *85
Preferred
100
*85 89
*85 89
140 NY Steam prof (8)___ _No par
101 10118 101 101
*101 10114 101 101
*111h 114
60 let preferred (7).._No par
1133 1135 *11134 1131z .31.118 11312 11312 h132
*101 10212
Niagara Falls Power p-fnew_25
---- ---184 -i9-12 7534 7738 7514 -7638 7518 -7578 59:800 North American CO
10
75
78
400 Preferred
5212
5134 5134 *52
50
5278 527 x5278 527
*5212 53
191 1014 1.900 No Amer Edison pref__No pa
101h 10138 101 10138 101 101
*101 102
*5014 51
*5014 51
*5014 51
Northwestern Telegraph-50
*5014 51
*5014 51
538 814
653 7
55
578 10,100 Norwalk Tire & Rubber---10
63e 7
7
738
Normally Co (The) __No pa
*7
912 *712 912 *712 91
9
9
*7
*8
1810 and asked prices: no sales on We day. z Et-dividend, a Er-rights.
PER SHARD
Range Since Jan, 1.
On basis of 100-ekarefots
Hilliest
Lowest
11212 Mar 20
3158 Jan 16
14 July 25
60 July 24
8414June 12
2874June 13
160 Jan 17
1714 Jan 18
40 June 19
47 Aug 14
8518 Aug 15
9914 Jan 3
102 Jan 30
nie Apr 17
5811 Jan 5
5134Sept 6
10014June 29
50 Jan 5
21s Mar 15
73* Aug 31
122 July 17 10474.711116 11614 Del
1914 June 2614 BID
38 Sept 5
8614 Nov3911 No'
40/
1
4 Jan 9
96 Nov98 De
9812 Jan 17
76 May 9778 De
110 Apr 19
370 May 15 6218 July 373 Be
28612 Aug 6 108 Apr 180 De
1282 June 201s De
6012 Feb 16
391a OM 60 Jun
5014 Feb 10
111 Jan 8531 No.
8414 Jan I
7218 Feb 9315 No
95 Jan 4
9311 Feb 10311 Oa
10512May 16
115 Apr 19 105 Jan 11412 Oe
273* Jan 291* MI
2912May 17
655 Jan 6412 Ot
7912Sept 4
651311aY 16
60 Jan 65 Au
Ws Jan 106 04
10157s Feb 7
6784 Jan 60 Bet
55 May 15
Pa Bs
lia June
712Sept 4
85* Den 18 Ja
18 May 14
New
York Stock Record-Continued-Page 6
1367
For sales during the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Wednesday, Thursday,
Friday,
Tuesday,
Monday,
Saturday,
Sept. 6.
Sept. 7.
Sept. 5.
Sept. 4.
Sept. 3.
Sept. 1.
$ per share
2314 2314
*100 10014
1114
11
•96
96%
7212 7212
-- ---_ --- ---219 21912
*12612
-2628 27
0684 9634
96
96
83
8312
-W IA
14
112
150 150
831s 8412
394 3912
4014 4012
*17
1712
144 1418
85
*81
8234 84
10% 1072
734 778
2714 2814
3314 354
1614 1684
2918 2934
1484 15
*76
78
183 18484
*165 170
48
48
5312 53%
30
3034
2
;NT* 17-1394 394
2614 2614
*9712 98
1412 1518
644 644
24 214
si8% 22
4
44
421 4334
*115 117
4538 47
85
85
•8014 88
*2814 30
*6712 72
67
67
3018 31
7184 7238
2472 25/
1
4
78% 7812
*24
25
4211 45
•13412 69
63
64%
*107 108
*12414 126
*138 148
•10612 10814
844
83
*2514 2544
2378 234
1134 11314
10284 10578
____
130 130
216 22212
5612 56's
3884 3834
94
*93
*784 812
2614 27
93
93
94
*93
284 2918
8512 6612
•106 107
11
11
143 14312
4814 4912
178 180
58% 58%
4328 4414
4718
46
284 234
8114 6114
6112 62
•121 12212
•1334 14
14978 15112
13232 134
*51
5212
2612 2634
20/
1
4 2034
66
6634
2512 26/
1
4
*10712 108
2934 303*
*114 118
•1534 16
4412
*43
4138 4178
'13612 140
4914
49
3414
*33
1312
13
*115 116
1218 1211
*8314 87
3812 3878
4 II"
6712 6814
67
67
11914 11914
103 103
5838 5812
4434 45
3514 3534
*334 4
*1712 19
lei,i8 1-0-1-4
52
52
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
*
$ per share Shares Indus. & MlsEel.(Con.) P2
S per share 8 per share
ar
g
2514 2512 5,300 011 Well SuPiNx
2314 2334
loo
50 Preferred
9934 9984
100 100
par
No
Corp
Omnibus
.11
111
/
4 6,500
1112 1272
100
Preferred A
*96
.98
9712
972
*7212 7212 1.400 OPpenheini Collins & CoNo par
7212
72
1
Inc
Orpheum Circuit.
*7812 80
100
400 Preferred
*81
83
7812 7812 797 80
go
Otis
Elevator
2,200
216
218
216
219
216
217
5i.7714 2-1-714
100
_ •12612
80 Preferred
*12611 __ 12612 12612 *12612
No par
2614 2634 2628 -2112 2918 16-3-4 81,300 Otis Steel
26 -2-7
100
*971 9812
98
9712 97
GOO Otis Steel prior prof
9712 *97
*97
No par
1,100 Outlet Co
97
98
97
9712 9912 98% 98% 98
25
8212 8314 8214 8234 82
8212 1,600 Owens Bottle
83
83
100
Preferred
25
52
5312 5212 5314 14,400 Pacific Gas-Elec new
4912 4914 503
49
No par
P8
118
118
118
114
11
/
4
I%
11
/
4 10,000 Pacific 011
100
152 154
250 Pacific Telep & Teleg
*15012 15012 15012 15012 151 151
10
84
85% 8372 8512 8214 8412 8232 8513 14,300 Packard Motor Car
50
4212 42
3.900 Pan-Amer Petr & Trans
42
39
3912 394 3934 40
50
4232 4134 42/
397 4072 41
1
4 40,600 Class B
391 401
10,200 Pan-Am West Petrol B_No par
17
1734 171 1734 1712 l8s 1772 18
15
15
157
15
1514 1534 3,800 Panhandle Prod & ref__No par
1412 16
100
200 Preferred
*85
98
*83
90
*83
90
83
85
83
8732 86
8674 47,200 Park & Tllford tem etfs_No par
8734 85
8284 84
1
1034 11
1034 11
1014 11
10% 1034 10,700 Park Utah CM
No par
7,8
7
734
678 738
638 738
712 133.900 Pathe Exchange
28
2972 30
32
27% 28
301
/
4 3132 48,200 Pathe Exchange A new_No par
3384 3512 34% 35
36
3514 368 35
44,400 Patino Mines & Enterpr____20
50
1432 1512 3.000 Peeless Motor Car
1584 1534 *1512 16
•1512 17
No par
3012 30% 32
295 3012 2934 3012 30
7,800 Penick & Ford
No par
1434 1534 1484 148 1412 1472 2,500 Penn-Dixie Cement
1414 15
100
Preferred
*75
80
80
*75
7612 *75
*75
80
18412 188
188 188
187 187
3,200 People's GI L & C (Chic)_ _100
188 189
*165 170 *165 170 *165 170
168 168
100 Philadelphia Co (Pittsb)_ _ _50
60
*48
*48
50
*48
50
*48
50
10 5% preferred
50
54
50
*5312 54
3.5334 54
100 6% preferred
*5313 5334 '
3012 3032 3032 313
3034 3114 3072 33% 22.600 Phi% & Read C & I.._ _No par
Certificate.' of bat__ No par
-N- lit; -ii" If" "ii- -1778
- -ii- lii; - -4-,(300 Philip Morris & Co.. itd 10
No par
4014 41
3912 4014 394 4014 4012 41
22,000 Phillips Petroleum
2512 26
5
*2512 2612 *2672 27
2512 2512
500 Phoenix Hosiery
98
*9812 98
9612 9712 98
100
*98
70 Preferred
98
14+2 1514 14% 1434 1414 15
1412 1484 21.200 Pierce-Arrow Mot Car_No par
64
8478 *6312 6424 *6312 6434 6312 8312 1,600 Preferred
100
212 234
212 234 15,300 Pierce Oil Corporation
24 212
214 214
25
2284 2134 2134 2134 2134
1812 1812 19
100
900 Preferred
412 414
412
4
4% 414 7.900 Pierce Petrol'm tern etfa No par
4
414
4312 445s 4272 4334 42% 4272 42% 4272 7,200 Pillsbury Flour Mills--No par
*11512 11712 117 117 *115 11712 116 116
100
400 preferred
4528 4538 4612 4634 4555 4612 46
100
49% 5,700 Pittsburgh Coal of Pa
*85
88
88
100
*85
*85
*85
88
88
400 Preferred
*8014 88
*8014 88
100
*8014 88
*8014 88
Pittsburgh Steel prof
29
29
•2814 29
100
2814 3118
*2814 30
800 Pitts Terminal Coal
*6914 73
6914 6914 *6914 73
100
*6914 72
20 Preferred
8534 6534 6514 6512 1,000 Porto mean-Am Tob el A_100
68
6614 6614 66
2834 2884 2714 2812 4,900 Class B
No par
29% 291
2928 31
7028 7172 70% 71% 103,500 Postum Co, the
No par
Steck
72
7278 7138 72
2572 24% 2512 247 2512 22,700 Pressed Steel Car new_No par
2484 25% 25
7934 8114 7912 8034 2,400 Preferred
82
100
7812 7984 79
Exelaaate
2412 2412 2628 2514 2534 8,700 Producers & Refiners Corp_50
2414 24
24
*4212 44 .4212 44
50
Cleied4212 4212 4212 44
10 Preferred
6912 68
*68
6912 *68
68
69
69
60 Pro-phy-lac-tic Brush_ _No par
84% 6612 6412 6614 6412 6812 174,000 Pub Ser Corp of NJ newNo par
63/
1
4 65
Laher
100
10712 10712 10712 11)714
108 108 *107 108
500 6% preferred
100
bay
*12414 12572 *124% 124% *12414 12572 *12414 1257
7% preferred
*138
143
100
*138
143
143
*138 145 *138
8% preferred
*10612 108 *10012 108 *10612 108 *10612 108
Pub &try EIN & Gas ph1-100
No par
85
8612 8514 8612 8412 8614 8314 7512 36.800 Pullman Co new
251z
60
251
/
4 2514 *25
*2514 2544 25%
2514
300 Punta Alegre Sugar
2434 24
25
24
2372 2414 231s 2414 24
29,900 Pure 011 (The)
113 113
100
11318 11372 •11312 114 .11312 114
40 8% preferred
106 10812 100 10732 10612 11534 11612 11984 33,600 Purity Bakeries
No par
- -- - - --- Class B
'""'' "- -r- 13812
---- 132
- -r- 132
132 In
------ 132
142 1-45
--'2,500 Preferred new
214 21884 216 22012 216 224
219 225% 224.800 Radio Corp of Amer___No par
.5634 57% 5684 5684 *5612 5712 5672 5672
50
300 preferred
37
37
3712 37
10
40
3712 384 37
9,400 Real Silk Hosiery
*93
94
*93
94
*93
94
*93
100
Preferred
94
9
*8
88* 83
712 712
812 882 1,000 Reis (Robt) & CO
No par
2618 2612 2584 26
25
2534 2512 257 16,700 Remington-Rand
No par
*9272 94
9172 94
*9034 94
*92
100
94
100 First preferred
*93
94
*93
94
*9114 94
*92
100
94
Second preferred
2912 3214 3134 3214 30
3134 3032 32 234.600 Rao Motor Car
10
65% 6672 6534 6684 6614 7014 70% 7234 73,500 Republic Iron & Steel__ _ _100
104 106 *104 107 *10414 107
107 107
100
300 Preferred
11
1138 104 1138
11
11
1078 1114 7,700 Reynolds Spring
No par
14234 14312 14318 14512 23,800,Reynolds (RJ) Tob class B_25
143 14312 143 143
492 51
49% 5034 4834 ra)
5012 51 164,400 Richfield 011 of California....25
180 18112 178 182
183 186
18612 192
25
6,000IRossia Insurance Co
59
5912 69
5912 5812 598 5814 5814 4,500iRoyal Dutch Co(N Y ehares)_
47
4434 4478 45
4718 48
r46
4634 43,700ISt Joseph Lead
10
49
4584 4784 46
4534 481
45% 47
71,700:Savage Arms Corp__ __No par
284 312
234 332
2/
1
4 27
No par
*284 3
8,100,Seneca Copper
6238 6478 62% 64
6184 62
6184 637
8,200'Shubert Theatre Corp No par
6012 61
8034 62
6014 6114 601z 61
No par
36.400 Schulte Retail Stores
*121 12212 *12112 12212 3.12012 121 *12012 121
Preferred
100
1328 1328 1338 1312 1334 1334
1334 14
No par
1,300 Seagrave Corp
1494 15114 14914 15034 14712 1503* 148 157 136,500ISears, Roebuck & CoNopar
13114 13414 12912 1317 125 129
129 13184 13,800 Shattuck (F 0)
No par
6114 5114 - - - *51
52
- - *5012 52
1001Shell 'Transport & Tracling_£2
27
2634 27
2734 x2634 .2/72 2678 274 30,000,1311a Union Oil
No par
2012 207 4.2o12 21
21
217
2112 2134 5.000:Simms Petroleum
10
65
6634 6428 6532 65
6634 657 6784 26,900113immons Co
No par
26
2714 2612 2732 27
28
2714 281, 199,3001Sinclair Cons 011 Corp_No par
*10712 109% *10712 109
10712 1071. •10734 108
100
100 Preferred
30% 3112 3134 317
3134 323
321 32h 27.200,Skelly 011 Co
25
113 113
112 118
115 121
120% 12112 1,700'Sloss-Sheffield Steel & Iron 100
16
1634 16
17
1512 16
No par
•154 1614 6,000 Snider Packing
*44
4412 4438 4412 43
441
43
*44
No par
5001 Preferred
4112 4178 4184 4212 4114 424 4134 4378 14300
So Porto Rico Sug new_No par
,
*13612 140
13612 140
13612 140 *136% 140
100
1 Preferred
4834 5032 4834 5012 498* 501* 5012 51
25
38,900I5outhern Calif Edison
3284 34
3212 34
3414 35'2 344 35
5.000 Southern Dairies cl A.-NG par
1228 13
13
134 133 14
1334 1374 6,800 Class B
No par
•115 116
115 115 '115'115
Bros 1st pref_
100
80 Spalding__
12
12
12
12
11
-1-2No par
12
-12810 Spear & Co
80
83
8314 *80
80
85
*80
100
85
50 Preferred
3814 39
3784 3812 3714 38
38
No par
4012 27,400 Spicer Mfg Co
100
Preferred
-51 -6i- -6.554 ii(8 "554 -311-8 -53-34 34 6.900 Stand Comm Tobacco_No par
89
7078 694 7078 6912 7014 6812 69% 39.700 Standard Gas & El Co_No par
6684 6714 6684 874 67
67
50
67
6714
1,800 Preferred
11714 11912 115 11712 11612 1167 116 116
100
3,600 Standard Milling
*103 104
103 103 *10014 103 *10014 103
100
Preferred
30
5828 60
5858 59
5834 6038 5912 6014 42.900Standard Oil of Cal new No par
4532 4512 46% 4512 4584 102,800 Standard 011 of New Jersey_25
4484 4532 45
35% 3578 3534 3618 384 37
384 3634 95.700 Standard Oil of New York__25
4
4
*34 4
4
4
384 4
600 Stand Plate Glass Co_ _No par
*17% 19
19
19
1872 197s 197 213*
100
630 Preferred
No par
- Sterling Products
-,-,
--- 10128 105
- --- 10112
- 100
100
---8
10338 10414 62,165 Stewart-Warn Sp Corp_No par
- --- 1017
*524 5312 5112 523
5212 53
521 5214
1,200 Stromberg Carburetor_No par
$ per share $ per share
2532 2614 2514 2512
97
*97 10014 97
3214 1232 1112 1214
9712
9612 *96
*96
7212 7272
7212 73
'Bid and asked prime; no Nies on this day. s Ex-dividend
a Ex-rights
0 fix-dIvldend and ex-rignts
ran llHARE
Range Since Jan. 1.
Oa Oasts of 100-rhar/loht
Lowest
1127
0 4Jaukli
ne 1 3
97 June 14
978 Aug 23
90 Jan 11
6734 Aug 17
18 May 9
75 May 9
14718 Feb 20
119% Jan 24
1012 Jan 18
82% Jan 10
MONS
FBA SHARE
PAW for Previous
Y642/' 1927
Lowest
Blokes;
145 June 13
4428 Jan 20
37 Mar 16
37 Aug 10
2 Jan 18
5434June 19
4972 Feb 18
11872June 28
10 Feb 18
8218 Jan 16
8012 Feb 17
3926 Jan 24
2314 Feb 8
1812 Feb 20
5524June 19
1782 Feb 20
1024 Jan 4
25 Fe
Feb 15
102 June 23
12% Jan 6
43 Sept 6
3212 Feb 181
133 Feb 11
8424r
1 8
A:
I 31 g P
ger
1141"
J&D
"$ 887 "'s
Del
pell
11012 Jan 11 10284 Mar 110 RIM
1514MaY 10
11 Mar 171s Juni
9932JUDe 12
81
Jan 9912 May
8812 Jan 7
684 Feb 8228 Dee
2412 Jan 9
2334 Dec 35 API
102 Jan 5 10234 Nov 10812 Jun1
222 A111331 s103 Feb 15534 Oet
12634Ju1Y 19 103 Feb 1204 Aug
2934 Sent 7
1212 Jtme
714 Feb
98 Sept 6
614 Feb 91 Nov
9918sept 4 524 Jan 99 DIN
9578 Apr 18
73 Dec 851s Dee
117 Mar 16 107 Jan 120 Nov
5334MaY 4
31 Feb 50 Dee
214 Apr 27
17s kW
I May
160 May 17 124 Mar 162 Dee
8572Sept 4
3334 Apr 62 Dee
5334 AN 3
604 Dee 6578 Jan
5432 Apr 30
4014 Dec 6622 Jan
1884 Oct 3778 Jan
281* Apr 28
211
/
4May 14
8 Apr 1878 Jan
10614May 15
54 Sept 83 Nov
20
Jan 4634 Oct
8734Sept 6
1012 Dee
8 Jan
1412 Jan 6
912May 10
334 Dec 12 June
34 Aug 8
1812 Dec 4314 June
1812 Aug 274 Feb
42 Apr 30
Jan
20
Apr 32
2572 Mar 18
1912 Sept 2772 MN
37 Apr 17
211, Dec 39% Jan
31 May 2
9634 Apr 25
91 Sept 100 May
Jan 16834 Nov
1894 Feb 2 126
1741
/
4May 4
8614 Jan 16313 Du
49 Aug 18
40
Jan 61 Dee
50
67 Mar 29
Jan 5312 Sept
3734 June 474 MN
3984 Jan 3
38 Jan 12
3714 June 47 MN
18 Sept 6118 Jan
2512May 28
4434 Apr 30
3644 Oct 6014 Feb
351g Dec 6272 Aug
38 May 8
10314 Feb 14 103 Jan 10784 July
1838May 31
918 Oct 2334 Ms r
3784 Oct 102% Jaa
657s Aug 24
514 Apr 27
14 June
14 Mar
804 Apr 26
1812 Mar 24 June
513 June
21 Mar
658 API 27
45 Aug 1
304 Nov 8712 Alla
12012May 14 104 Aug 109
Oel
55 July 6
3234 Mar Ws Jane
7032 Mar 98 Sept
8812 July 9
Jan
94 Dec 101
96 Feb 9
3678 Mar 20
3012 Apr 55 June
82 Mar 13
74 Apr 8412 Dee
65 Aug 91% Jan
7972 Jan 6
3512May 13
15 Aug 5278 Dee
13612May 31
9234 Mar 126% Dec
364 Feb 7814 Dee
2672 Jan 3
7812 Feb 9212 May
88 Jan 4
2834June 6
1634 Jan 3372 May
3672 Jan 50 Feb
49%June 6
55 Feb 71 Sept
91 Feb 17
82 Jan 4674 Sept
8812Sept 7
9812 Feb 105 Nov
115 May 4
12912May 31 10812 Jan 12014 Nov
150 May 4 126
Jan 13514 Nov
Jan 1104 Des
11012 Apr 25 102
94 May 15
7334 Aug 8434 Dec
3472 Jan 3
27
Oct 1167s Jan
25 Oct 8312 Mu
271,Jan 5
119 June 6 1114 Jan 11512 DN
11934Sept 7
___
171 Apt 12 1184 Jan leg Nov
145 Sept 7
22612Sept 5
Os -Apr foi Nov
60 May 16
69 May 57 API
4038 Aug 17
2012 Nov 49 Mai
95 Aug 3
80 June 99 Dee
13 May 15
538 July
9 Awe
aelzmay 31 2012 Nov 474 Dee
98 June 2
8712 Nov 10212 Ap1
100 Jan 24
90
Oct 110 Ay!
3384June 4
2512 Dec 2678 Dec
7234Sept 7
53
Oct 7578 Mat
112 Feb 61 9634 Jan 106 May
1478June 4
13 Dec
4 Feb
16112 Jan 3
9812 Feb 162 Dec
53 May 15 1 2632 Dec 28112 Dec
233 May 4
Oal
76 Jan 194
644 July .3414 Fell
5912Sept 4
36 May 4.334 Mal
49 May 18
4912 Aug 31
-1 June
412May 23
iSe Jac
55 Aug 7478 Nov
6934 Jan 9
67
Jan 67 Sept
6712 Apr 14
129 Apt 11 11614 Jan 123 Aug
1712June 18
884 Sept 1585 Deo
61
Jan 911k Dee
157 Sept 7
5655 Jan 10112 Oct
135% Aug 31
4185 Oct 4778 Feb
5114 Sept 5
2432 Oct 314 Feb
31 Apr 30
144 July 2632 Dee
26 Mar 30
3312 Jan 6484 Dee
73 Apr 4
1
4 Jan
16
Oct 22/
3014 Apr 30
Jan 1044 Dec
97
10912 Apr 26
244 June 374 Feb
34 Apr 30
134 Feb 6 11014 Nov 13414 Apt
1114 June 1634 July
20 AN 30
524 JulY
44 Nov
60 Jan 11
8372 Aug ‘2112 May
4932May 24
1441,Aug 9 1181* Mar 137 Noy
4312 Jan 6
2412 Jan 25
9 Jan 23
109 Jan 7
11 Sept 6
79 Feb 25
2311 Jan 12
110 Apr 11
26 June 22
6772 Jan 12
66 Jan 3
100 Jan 5
10012 Jan 3
63 Feb 20
371
/
4 Feb 18
2884 Feb 17
214 Jan 3
10 Jan 18
13414 Feb 28
7714 Feb 18
44 Jan 3
5414May
6028May 2
30 Apr 2
120 Apr
20 Feb 2
9234 Feb 2
4214May 1
11332June
13712Mar
7434May
7112May 1
127 Apr 2
112 Apr 2
6372 Apr 3
49 Apr 3
4112 Apr 3
778 Feb 2
40 Feb 23
150 Jan 26
105 Sept 6
7434June 4
81 June 19
7412 Jan 8
11434 Jan 3
4312 Feb 28
114 Aug 25
145 June 12
6614 Feb 18
3814 Feb 20
3784 Feb 20
1512July 23
1112 Feb 11
70 Feb 21
84 Mar 10
9 Aug 15
2 Feb 8
812 Feb 9
234 Jan 3
14/
1
4Sept 7
224 Jan 7
14't July 18
78 Aug 1
15134 Jan 8
145 Mar 24
4512 Mar 15
62 Jan 3
2732June 13
27 Mar 13
15 Mar 1
3514 Feb 20
25 Aug 24
96 Jan 9
104 Feb 18
3978 Feb 16
12 Mar 3
164 Feb 20
34 Feb 16
3234 Feb18
108 Jan 6
3618June 12
81 May 1
83 July 13
26 Feb 10
69 Aug 14
5384 July 6
234 Aug 15
6132July 17
18 June 13
70 Aug 29
16 Feb 17
41 Feb 20
63 Aug 24
6112 Jan 9
10338 Jan 6
118 Jan 21
134 Jan 7
107 Aug 7
7812 Aug 15
2314 Aug 2
19 Feb 1
108 Mar 15
75 June 15
9614 Jan 8
105 July 12
8514 Feb 20'
6412 Jan 4
2478 Jan 17
13012July 12
54 Feb 23
284 Jan 20
9114 Aug 16
9212 Aug 13
2212 Jan 21
4912June 19
102 June 25
814 Feb 18
128 Apr 24
2312 Feb 17
31/8 Jan
16 May
85 0ct.l
JanI
103
88,MayI
73 FebI
2012 Jan
104 Feb
.. - -14- lan
6712 JanI
7014 JanI
84 JanI
504 Aprl
3612 AprI
2924 Junel
2 Marl
10 Marl
904 Jan
1544 Mail
2618 June
ab
I- a e
MK. Jbil
20
Jan
11212 Nov
16 Dee
88 Dee
287$ May
11112 Nov
IP;iu
-nti
6612 Nov
10422 Dee
103 Dee
60/
1
4 Jan
el% Feb
3618 Jan
44 June
1678 June
16312 Nov
8734 Nov
88 Sept
New York Stock Record-Continued-Page 7
1368
For sales during the week of stocks not recorded hare,see seventh page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 1.
$ per share
7934 8132
*125
3% -31s
5312 5478
*10514 108
64 64
*2414 25
.16
17
*44 412
*12
1312
•1818 1812
1434 15
6218 63
7312 7418
1334 1378
2314 2378
*2512 26
*4814 4878
3834 3834
*6058 62
2012 2078
8812 8812
*2512 2612
*8712 89
134 135
9912 102
*11212 11314
732 734
*4712 49
7012 7172
*123_
*3612 -37
17114 17278
*5018 5014
*113 115
4412 4434
*11614 123
3012 3112
105 105
---- ---1-3 ii,3 -71137 137
7872 79
9858 99
2014 2034
8772 102
*240 245
*125 129
•1612 17
•78
8012
50
5018
12272 12412
*12038 121
4538 4572
6412 85
*10612 107
83% 84
3814 3914
7218 7214
504
50
5412 5412
154 15512
14072 14072
•92
95
*129 134
*145 195
4012 4034
77
783s
1912 1912
5914 5914
7432 7634
110 11214
*108 109
1312 14
4958 5012
*94
95
*25
35
5214
*50
•1512 1618
*80
85
31
31
*7818 89
*24
25
2318 2338
*16
1814
95
95
2112
21
90
90
954 9672
40
4038
13180 167
*54
55
1712 1712
69
*68
*101 10212
150 152
4638 467
10534 10734
105 106
2112 2112
*3212 3312
*10412 105
*112 113
•100 101
*115 11512
*1054 111
64
*BO
28
28
2412 2434
4272
42
3912 3912
36
36
*8311 54
224 2314
98
*97
1338 1338
28
28
6852 6858
19938 20034
3914 4014
•52
55
*4714 48
176 183
7978 8114
67
67
3614 3S58
92
*90
9112 9232
Monday,
Sept. 3.
Tuesday,
Sept. 4.
Wednesday
Sept. 5.
Thursday, I
Sept. 6.
Friday,
Sept. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share Shares Indus• & Mlscel.(Con.) Par
289.000 Studeb'rCorp(The) new No par
792 8134 7812 8032 7758 7934 7812 80
290 Preferred
100
_ _ 125 125
*125 _ _ 125 125 *125
No par
1
34 312 2,600 Submarine Boat
3 4 -3-12
318 312
*318 -3-%
23,300 Sun Oil
No par
5478 5434 5912 5612 5878 564 57
54
Preferred
100
•105 108 *105 106 *105 108 *105 108
No par
634 718 18,700 Superior Oil
612 678
612 634
612 678
6,700 Superior Steel
100
28
2418 2478 25
24
24
*2312 25
50
1932 8,200 Sweets Coot America
1612 1634 *1614 1634 1812 1712 18
400 Symington
No par
5
*414
5
5
412 412
412 412
700 Class A
1314
No par
1414 1414 *13
15
14
*1312 14
900 Telautograph Corp
No par
18
1818 1832 1814 1814
18
1838 18
No par
1452 1478 1412 1472 1412 1434 5,100 Tenn Corp dr C
1412 15
Texas
381,100
Corporation
25
683
8
6914
6814
707
8
70
645
8
6412
63
64,900 Texas Gulf Sulphur new No par
7158 7318 7178 7178 7118 72
7318 74
1414 8,400 Texas Pacific Coal & OIL
10
1334 1378 1378 1414 1378 1478 14
2434 2612 2458 2558 85,500 Texas Pac Land Trust new A
2434 26
2314 25
25
22
2472 3,200 Thatcher Mfg
No par
2558 25
2514 2512 25
100 Preferred
No par
*4814 4878 *4818 4814 4814 4814 *4818 4812
39
3914 4,300 The Fair
No par
3812 39
3812 3812 3812 39
200 Thompson (J R) Co
25
*6114 6112 6112 6112 6112 6112
62
*61
2312 2438 2378 25 696.500 Tidewater Assoc 011___No par
2012 208 2012 24
2,800 Preferred
100
8934 90
8912 90
89
89
89
80
2912 7,800 Tide Water Oil
100
2712 2932 29
26
2534 2534 26
400 Preferred
89
9014 9012
100
8712 8712 89
*8712 89
48,900 Timken Roller Bearing.No par
12912 13338 13214 140
13234 13478 132 134
10018 10114 9912 10012 9,500 Tobacco Products Corp
100
10012 10118 10018 101
300 Class A
11212 11278
100
113 113 *112 113 *112 113
31,800 TranseTI Oil temetfnewNo par
75* 778
734 8
734 8
712 778
400 Transue & Williams St'l No par
47
48
47
*47
48
*47
48
48
69,4 7078 7,600 Under.Elliott Fisher Co.No par
7032 7158 6938 7078 8958 70
_ __ ___ ___
_ *123
Preferred
___ *123
100
___ 41123
•I23
3658 3-8
*3612 -3-7700 Union Bag & Paper Corp....100
*3612 -37
3612 -37
17114 17312 170 17212 16812 17278 216714 17034 30,600 Union Carbide & Carb_No par
5114 51
5278 5114 5112 8,300 Union 011 California
25
5012 50
60
SOO Union Tank Car new____100
11334 11334 *11112 11334 11334 11334 11414 115
4414 4434 4434 4418 4478 1,200 United Biscuit
44
No par
*4312 45
Preferred
•11614 123 *11614 120 *11614 120 *11514 120
100
2914 2972 52,500 United Cigar Stores new-___10
30
2878 2958 29
2934 31
400 Preferred
105 105 *105 10512 10512 10534 *10534 107
100
United Druz
100
1st Preferred
50
*73
74
*7278 74
United Dyewood pref
*7278 74
.7272 74
100
13612 13712 135 13512 13514 13734 3,700 United Fruit
13612 138
No par
2,700 Universal Leaf Tobacco No par
77
78
78
7812 76
79
791278
180 Universal Pictures let pfd_100
9834 9834 9812 9834
99
99
99
99
14,200
Universal Pipe & Itad No par
2058 2114 2012 2112 1914 2038 2038 21
*97 100
*97 102
99 10012 1,900 Preferred
99
99
100
U S Cast Iron Pipe & Fdy_100
•240 249 *225 250 *240 245 *231 247
*12312 129 •124 129 *125 129 *125 126
Preferred
100
1638 1634 2,800 US Distrib Corp new__No par
17
1714 1612 1612 1818 1658
100 Preferred
*7712 78
8112
81
81
*80
*7712 81
100
1,400 II S Hoff Mach Corp vtcNo par
4918 5034 485 49,8 4938 4912 *4912 50
121 12334 12012 122
11958 12112 12018 12178 20,600 U S Industrial Alcohol
100
20 Preferred
121 121
12038 12038 •12032 121 *12038 121
100
4358 4414 4358 4414 12,200 U S Leather
4514 4514 4414 45
No par
15,000
Class A
64
6438 6312 8414 6318 6314 6318 6314
No par
100 Prior preferred
Stock
*10612 10714 *10612 10714 *107 10714 107 107
100
2,500 US Realty & lmpt new.No par
83
8212 8272 *8212 8312 8278 83
83
Exchange
3814 3938 3712 38,2 38,4 3834 3812 3878 19,200 United States Rubber
100
2,700 1st preferred
7118 72
72
73
7012 73
72
100
71
4914 4912 4918 4958 4,300 US Smelting, Ref & Mln___50
5034 4938 50
50
Closed700 Preferred
5412
54
54
5412 *53
50
6312 5312 54
Labor
153 15514 152 15334 15278 15612 15558 15858 541,800 United States Steel Corp new
1,500 Preferred
141 14112 141 1417s 141 141
141 141
100
U S Tobacco
*92
95
95
*92
95
•92
95
*92
No par
Day
20 Preferred
131 131 *131 134
100
•129 134 *131 134
Utah Copper
•145 180 *170 195 *110 195 *170 195
10
45 135,300 Utilities Pow dr Lt A__No par
4434 43
4012 4238 4218 4438 43
44,500 Vanadium Corp
84
82
7712 794 7612 79 m 7912 83
No par
1,000 Van Raalte
21
21
21
2078 208 21
20
20
No par
270 let preferred
5934 5934 5912 5912
54
100
5514 5512 60
7538 46,000 Vick Chemical
75
7738 75
7618 743 7632 74
No par
1143
4
154,000
112
8
Victor
1093
4
1147
10934
Talk
__ 11112
Machine__
_No
par
_ 11014 115
____ ____
___ ___ __ __ ------ 6%
preferred
No par
900 7% prior preferred
*115812 iiii
109 109
109 1-0912 109 109
100
1412 1512 15
1578 15
1534 1514 1558 22,000 Virg-Caro Chem
No par
5334 10,500 6% preferred
5112 53
5234 5338 5318 5378 53
100
3,300 7% preferred
96
96
96
96
9534 96
9512 96
100
40 Virginia Iron Coal & Coke.100
*23
35
*25
35
35
*23
35
*25
5214 *5012 5214 *5012 5214
*5012 5214 *50
Preferred
ioo
16
16
1512 165 1518 1512 1512 1512 1,100 Vivaudou (V)
No par
85
*78
85
*78
85
*78
85
*78
Preferred
100
31
3478 3472 3534 3434 353
3212 3434 1,050 Vulcan Detinning
100
340 Preferred
89
99
98
98
*92
98
*92
98
100
280 Class A
2712
2514 2812 •26
2678 *28
2712 *26
100
10,200 Waldorf System
23
2312 2212 2318 2272 23
2234 23
No
18
1814 1814 z15
154 1672
1678 1712 4,100 Walworth Co etts
o pa
par
780 Ward Baking Class A No par
95
95
9478 9478 9478 9478 9478 9512
191s 20
1858 1934
20 1 21
1918 1934 7,600 Class B
No par
400 Preferred (100)
90
90
*8812 90
8978 8978 *8812 90
No par
11414 11012 118 122 151,100 Warner Bros Pictures A _ __10
113 127
9734 118
40
4078 4012 4184 4112 4234 4158 4234 47,100 Warner Quinlan
NO par
1.000
169 169
165 16514 165 165
16412 166
Warren Bros
No par
55
*54
55
*54
55
*54
55
*54
1st preferred
50
1712 1712 1712 1734 1714 1712 1738 18
1,800 Warren Fdry & Pipe_ __No par
6713
6772 68
1,700 Weber & Dellbr. new e_No par
*84
68
6712 6712 6712
200 Preferred
•101 10212 101 101 *101 102 *101 102
100
15134 15234 15114 15212 15178 15212 15014 15114 8.700 Western Union Telegram 100
46
48
4638 473A 454 4614 4512 4614 15,800 Watnghse Air Brake newNo par
imp8 10712 72,800 Westinghouse nee & Mfg-_50
10534 10752 10512 10734 10452 107
250 1s1 preferred
106 108
108 109 *10812 109
105 105
60
21
21
2131 2,100 Weston Elec Instruml_No par
2212 21
22
22
22
3312
3312 *33
Class A
*3212 3312 *3212 3312 *33
No par
60 West Penn Elec cl A vtf No par
107 107 *107 10712
105 10612 107 107
190 Preferred
1114 1127s 112 112
112 112
11172 112
100
140 Preferred (6)
10018 10078 9934 10014 10014 10014 9934 10078
100
320 West Penn Power pref
11612 11812 1164 11612 11818 11618
115 116
100
6% preferred
*1054 111 *1054 111 .10558 110 *10552 110
100
300 West Dairy Prod cl A_ _No par
61
*59
5634 5912 5912 5912 *5912 63
2714 2712 2718 2734 2.500 Class 13
284 2814 2734 28
No par
2578 2534 2612 8,400 White Eagle OU ds Refg _No par
25
25
25
*2412 25
4014 37,700 White Motor
3652 4238 3838 3934 39
4172 43
No par
38
1,400 White Rock Min Sp ctf
38
38
38
39
3958 3872 39
60
3578 3518 38
9.800 White Sewing Machine_No par
3614 3614 364 3612 38
200 White Sewing Mach pt_No par
*5312 5378 53i2 5312
54
54
*5312 54
120,600
257
8
254 2538
2514 25
Willys-Overland (The)
6
23
2334 23
300 Preferred
98
*97
9714 *9712 98
100
9712 97
*97
1212 1278 1278 1278 2,200 Wilson & Co Inc, new _No par
1318
13
1318 1314
2738 2712 4,000 Class A
No par
2714 2734 2834 2758 2612 27
1,700 Preferred
69
6912 6912 6912 89
100
6834 6912 68
19538 19812 26,100 Woolworth (F W) Co
25
19818 20114 198 19914 19538 198
4012 4272 13,000 Worthington P & M
100
4178 4018 4034 3912 41
40
200 Preferred A
5634
5934 *56
100
5934 *51
.51
5412 56
500
49
Preferred 13
100
4814 4812 4712 4712 4714 4714 *47
18524 19112 41,800 Wright Aeronautical_No par
173 184
17634 182
180 184
No par
7812 7934 7834 7978 32.400 Wrigley(Wm Jr)
80
8178 7873 80
1,300 Yale & Towne
68
25
67
6734 x68
66
6612 6612 68
49,100 Yellow Truck & Coach Cl B.10
36
37
3632 37
3658 37
3834 38
92
Preferred
93 .85
100
*85
93
*85
93
*85
15,600 Youngstown Sheet & T _No par
94
92
914 9112 9114 92
9114 92
• Bid and asked prices; no sales on this day. z Ex-dlvidend. a Ex-rights. • No par value.
PER SHARE
Range Sines Jan. 1:
On basis of 100-skarelots
Highest
Lowest
8 per share
57 Jan 10
12112 Feb 25
3 Feb 14
8112 Jan 9
100 Jan 6
212 Feb 17
18 Jan 18
1152 Feb 8
4 Aug 20
10 Aug 20
1514 Jan 28
1012 Jan 16
50 Feb 17
6218June 12
1218 Mar 1
20 June 13
22 Jan 5
47 Apr 13
34 Jan 3
5614June 13
1434 Feb 20
8172 Mar 15
1958 Mar 7
8834July 26
11238 Mar 3
93 Aug 6
19978 Aug 7
014June 13
4534 Jan 3
63 June 13
119 Mar 1
3612 Feb 20
13818 Feb18
4234 Feb 11
113345ept 4
3412 Apr 30
11214 Mar 22
2278 Aug 4
105 Aug 28
190 Jan 5
59 Feb 28
4534 Jan 20
PER SHARE
Range for Prestos'
Year 1927
Lowest
Highest
8 per share 8 per stare $ per share
49 June 6312 Sept
8238May 25
127 June 19 118 Feb 12512 Nov
812 Ma,
212 Feb
614 Mar 21
5912Sept 5 , 30 Mar 344 Jan
10912 Apr 26
99 Aug 1014 Dee
612 Feb
318 Dec
9I2May 16
Oct 28 Ma,
18
28 Sept 7
7 Apr 14 Dee
1938Sept 7
8 Jan
212 Sept
7 May 8
Oct 1534 Nov
6
1938 Apr 27
1112 Mar 1714 Nov
2238May 17
84 June 1214 Jan
163sMay 28
Jan
Apr 58
45
7078Sept 6
Jan 8132 Sept
49
804 Jan 4
12 Apr 1872 June
1712 Apr 30
1512 Jan 40 JUDO
3034 Apr 27
1612 Aug 2812 Sept
3912May 8
43 Aug 5012 NOV
5358June 1
4338May 16
2414 Jan 36 Aug
Jan 8554 Dee
47
7134June 4
153s Oct 194 Jure
25 Sept 7
Oct 9034 Jure
85
90 May 2
19 July 294 Jan
2912Sept 7
9018 Sept
85 Nov
9412May 4
Jan 1424 Aug
78
140 Sept 7
9234 Oct 1174 Dee
11812 Apr 16
Apr 1234 Dee
128 Feb 14 108
10Ie NOV
334 Apr
1012 Jan 12
10 May 50 Des
6912 Feb 7
Dee
70
Jan
45
7538May 16
Jan 125 Dee
126 Apr 13 120
3812 Jan 784 JUDO
4934 Feb 1
9918 Jan 15412 Nov
173125e01 4
394 June 5812 Jan
57 Apr 16
Jan 12712 Dec
94
12818May 8
3912 Dec 404 Deo
4812 Aug 18
121 Aug 18
- -- ----- - --32-% -Dec -3812 July
3432 Feb 10
11418 Apr 5 104 July 109 Jure
Jan 20012 Nov
210 Mar 17 159
5812 Jan 61 Dee
80% Jan 4
Jan
49
3614 July
7478 Aug 8
13112June 12 14814May 7
6038June 13 8512 Apr 5
93I8May 7 100 Feb 24
1558June 12 28 Apr 13
8778 Sept 1 102 Jan 12
19018 Feb 27 300 Apr 9
115 Mar 10 137 Mar 19
13I2June 22 2014 Jan 4
79 Apr 5 9032 Jan 16
4818June 18 6838 Jan 23
10218June 19 12478 Aug 31
119 Jan 13 12214May 28
22 Jan 18 51 May 7
52 Jan 5 72 Apr 25
10414June 2 10912May 14
8114 Feb 4 9338May 4
27 June 27 6314 Jan 4
55 July 2 10938 Jan 13
3912 Feb 20 52 June 4
51 Jan 26 5514May 2
13238,Tune 2 15858Sept 7
13858 Jan 514714 Apr 26
88 June 18, 105 Apr 16
11312 Jan
6018 Nov
9834 Dec
2418 Sept
8134 Jan
1904 Aug
112 Mar
1414 May
81 May
Oct
24
69 Mar
10714 Apr
14 July
2734 June
89 July
64 Apr
3714 June
8534 June
333 Jan
254 Jan
111% Jan
Jan
120
Jan
67
150 SeDI
744 Dec
10338 API
3714 Mal
98 Dee
266 May
125 Nov
2284 July
9614 8e08
6332 May
11112 Dec
121 Dee
254 Nov
5612 Dot
10612 Nov
6974 Dec
1174 Feb
11132 Api
4874 Dec
54 Dec
1604 BM
14114 Dec
9718 Dee
1311 June 7
165 Aug 6
4534May 31
96 Mar 15
21 Sept 6
60 June 25
7878 Aug 30
115 Sept 6
20212May 7
111I2Mar 28
1634 Feb 10
55I2July 25
97 Apr 27
50 May 22
1325
,Jan 13
2532 Jan 4
100 Jan 28
4334 Jan 11
99 Sept 4
38 Jan 11
Jan
123
111 Feb
Jan
27
Jan
37
534 Sept
4214 Dee
Jan
48
32 July
Oct
87
9814 Oct
712 May
2612 Apr
73 June
36 Dec
824 Dee
2014 Dec
95 Dec
1812 Jan
Jan
90
Jan
16
127 No,
162 Dec
34 May
674 Dec
1438 Fit
64 Fet
8332 June
5458 Dee
11132 Dec
10212 Dee
154 Bell
4834 Dec
91 Nov
Jan
51
7612 Alla
3914 June
11812 June
80 Alla
125 Au5
5934 Aug
iTc
814 D
17
894 Apr
1712 June
84 Apr
1814 Dec
24 June
Jan
85
43 Aug
Oct
18
6514 Dec
10134 Nov
14412 Jan
Oct
60
8732 Jan
82 Mar
11 Sept
30 July
977e Jan
Jan
102
101 Dec
Jan
111
10012 Jan
5312 Dec
2414 Dec
20 Dec
AeptI
24
512 F
11834 001
334 Fell
1004 Nov
4513 Jam
344 Dec
180 Nov
71 Dee
27 June
7512 Aug
103118 Aug
176 Dec
5012 Beni
9434 Dee
10372 Dec
1832 Feb
3434 Apt
Aug
111
112 Sepl
10134 Dec
118 MO
Dec
111
57 Nov
2832 Nov
274 Feb
5811 Feb
411 2 Sept
5314 Aull
Jan
59
2434 Mal
98 Ana
1750 Feb
3272 Feb
84 Feb
19812 Dee
26 Aire
614 June
544 June
9434 Dec
7234 Dec
844 Aug
40 Aug
9032 July
10012 Ds(
12712 Jan 14
139 Jan 17
2812 Feb 20
80 Jan 18
752 Jan 7
4372 Jan 6
58 Jan 17
524 Jan 3
10834 Jan 3
10112 Jan 6
12 June 12
4432 Jan 18
8812 Jan 16
27 Aug 16
50 Aug 2
1134June 26
78 June 22
22I2June 13
74 June 21
1912June 29
9
17
9 May 16
14
31
1 Aug 8
3 2
9012 Aug 23 123 Feb 2
1512July 27 2h38 Jan 13
88 Aug 2 974 Jan 10
22 Jan 5 12712Sept 5
28 Feb 17 4234 Sept 6
140 June 20 19212 Apr 11
50 Jan 8 81 Apr 16
13 June 12 251s Apr 14
5918June 12 71 Aug 30
99I2June 19 103 Jan 3
13912.July 11 17712 Jan 3
4218June 4 5738 Jan 27
8812 Jan 5 112 Mar 31
9534 Jan 5 110 Mar 31
1212 Jan 8 2812J11ne 7
3034 Jan 3 4012May 22
103 June 22 112 Apr 9
108 June 13 1151.4 Apr 9
9812July 21 10412 Apr 10
114 Apr 9 118 June 27
103 June 28 113 Jan 5
5312 Jan 6 78 Apr 11
2038 Jan 5 411 Apr 12
2012 Feb 21 2858 Aug 1
3014 Feb 21 4334June 1
344 Jan 19 4458May 11
33I4June 13 45 Mar 7
5134 Aug 21 5514June 6
1734 Jan 16 284 Apr 9
9234 Jan 3 10112May 25
1112 Jan 3 18 Feb 14
22 Jan 3 35 May 15
66 Jan 3 7734 Feb 11
17512 Feb 20 20434 Aug 27
28 Jan 5 44 Aug 3
4814 Jan 19 61 Aug 3.
41 Jan 4 52 Aug 3
69 Feb 27 245 May 16
88 July 26 84 Aug 31
65 Aug 3 8412 Apr 25
2732 Feb 28 40 May 8
8732 Jan 9 08 Apr 20
8312June 19 10672 Jan 28
3014 Nov
Jan
26
214 Mar
48 Feb
1312 Oct
87 June
10 May
164 May
Apr
58
11734 Jan
204 Jan
44 Dec
Oct
37
244 Apr
507s Jan
7014 Jan
Jan
25
834 Aug
804 Oct
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1369
Jan. 1 1909 the gratings ?method of90018no bonds was changed and prices are now "and interest"—ercept for income and defaulted bonds
Price
Friday;
Sept. 7.
BONDS
N.Y. STOCK EXCHANGE
1,•••• Week Ended Sept. 7.
Week's
Range or
Las; Sales
Ask
814
U. S. Government.
First Liberty Loan
3D 991.n Sale
334% of 1932-1947
Sale
3D 99
Cony 4% of 1932-47
Sale
Cony 434%of 1932-47
D 101
of 1932-47
3D
2d cony 4
Third Liberty LoanM S 99.132100
4(4% of 1928
Fourth Liberty Loan451% of 1933-1938
AO 100",, Sale
1947-1952 AD 111.1,, Sale
Treasury 43.48
1944-1954 3D 1062..5 Sale
Treasury 48
1946-1956 MS 104
Treasury 340
Sale
1943-1947 3D 99
Treasury 3348
Sale
Treasury 3348 June 15 1940_1943 3D 9210,2 99
si%
State and City Securities.
kylf
89
8818
9634
9618
96
9434
95
0434
95
9912
9912
9912
9938
9912
9912
9912
9938
9938
9518
9214
97
9678
8878
102.8
89
8812
98
97
9678
9512
9512
9614
95
9934
6
9612 Sale 9612
115 Sale 11478
110 Sale 110
10512 Sale 10434
10012 Sale 10018
10758 Sale 10712
10618 Sale 1057e
11358 Sale 11314
100 10012 10012
9912 Sale 9918
104% 106 10378
10558 Sale 10514
9814 Sale 9734
10018 Sale 9934
1941 J D
Brazil(U S of) external 8a
External f 634a of 1926 1957 A 0
Extle f 634e of 1927
1957A 0
1952 3 E
78 (Central Railway)
730(coffee occur) (flat).1952 A 0
Bremen (State of) extl 75-1935 DA s
1957
Brisbane (City) B f 5s
Budapest(City) ext.'s f 68-1962
D
Buenos Aires (City) 634..._.1955 y y
1960
Extls l613 ser 0-2
1960 A 0
Ext151 tla ser C-3
Buenos Aires (Prov) extl 68_1961 m s
Bulgaria (Kingdom) 5 1 713_1967 j j
108% Sale 10812 109
9612 Sale 95%
0612
9614 Sale 05%
9612
100% Sale 100
10078
10412 10812 10458 10458
10112 Sale 10114
1011 2
9234 Salo 92
9234
8514 Sale 85
5812
10012 Sale 98
101
9914 9984 99 Aug.28
98% 9834 9838
99
94 Sale 94
9412
9014 Sale 0014
9014
Caldas Dept of(Colombia)7348'46 jy
1931 A 0
Canada (Dominion of) 5s
1929 F A
10-year 5345
5a
19
93
52
6M
F N
4340
A
1954 jj
Carlsbad (City) 8 1 88
Cauca Val (Dept) Colon' 7%8'46 A 0
Central Agile hank (Germany)
Farm Loans I 70 Sept 15 1950 NI S
Farm Loan a I Os_July 15 1960 j j
Farm Loan 5 1 6s_Oct 15 1960 A 0
Farm Loan 68 ser A_Apr 15'38 A 0
F A
Chile (Republic of)—
20-year external e f 78_ _1942 M N
External sinking fund 68_19
96
60
1 F
AO
A
External s f 65
19611 j
Sty ref 02[1 a f Os
Chile Mtge Bk 6348 June 30 1967 1 D
t 6Ne of 1926_300e 30 1961 J D
Apr 30 11)61A 0
Guar t Gs
Chinese (1Iukuang Sty) 58-1951 I D
Christiania (Oslo) 30-yr a 1 68 '54 M 5
100 Salo 9912
10038 Sale 10014
10012 Salo 10018
10434 Sale 10412
9814 Salo 085,
10712 10784 108
10112 Sale 10112
102 Sale
9414 Sale
9414 Sale
9418 Sale
9812 Sale
99 Sale
9318 Sale
3014 Sale
10014 10034
Cologne (CIty)Germany 6%81950 m 8
Colombia (Republic) 68____1961 j y
External ri f 68 of 1928—_1961 A 0
Colombia NItg Bank of 6348_1947 A 0
Sinking fund 78 of 1926___1946 m 4.4
Sinking fund 7if of 1927-1947 F A
Copenhagen (City) 55
it/
NH
25-yr g 434e
Cordoba (City) exti If 78_1957 F A
f 78 Nov 15 1937 m N
External
Cordoba (Prov) Argentina 7a1942 j j
Costa Rica (Repub) 0211 76_1951 M N
1944M
Cuba 5801 1904
External 55 of 1914 ser A.1949 F A
External loan 4345 aer C 1949 F A
Sinking fund 534s_Jan 15 1953 jJ
9812 Sale 9812
9178 Sale 9058
9112 Sale 9012
9012 9034 90
9412 Sale 9378
94
9412 93
9714 Sale 97
8934 Salo 89
97 Sale 9612
97 Sale 9612
100 Sale 100
9618 Sale 9512
101% 105 10178
103 _ _ _ _ 10284
99
99% 98
10258 Sale 10258
1,3
cue basis of 15 10 the 4 sterling.
9914
9014
8914
9134
1
3
14
12
10
6
31
59
4
45
10018 55
9978 23
9978 56
9978 54
9984 53
99% 103
100
51
9934 59
9.512 25
9214
9
98
28
9758 113
8978 36
10318 23
Bavaria (Free State) 630...A945 F A
Belgium 25-yr ext s 1 7345 g-1M
20-yr s f 88
25-year external 634s
1949 M
1955 j
External s I 63
External 30-year a 178
1955 j LI
Stabilization loan 78
1956 NI N
Bergen (Norway) a f 85
1945 M N
15-year sinking fund 65_1949 A 0
Berlin (Germany) s f 630_1950 A 0
'
. 8 f_138_1945 A 0
Bogota (City) ext
Bolivia (Republic of) esti 88_1947 M N
1958j j
Ext'l sec 70
Bordeaux (City of) 15-yr 68_1934 MN
9912 Sale
9018 91
90 Sale
9212 Sale
Week's
Range or
Last Sale.
.2
Rases
Mace
Jos 1.
Bid
Ask Low
High No. Low
High No. Low
High
High
Cundinamarca (Dept-Col) 75 346 J D 100 Sale 9978
100
38
9312 100
Extl s f 63-Os
1959 M N 91 Sale 91
99'.22 219 9910 101,.,,
92
76
9012 92
1 99 1010.5 Czechoslovakia(Rep of) 8s 1951 A 0 108 10834 109
99
110
5 108 112
101.12 53 100,152103"s5
Sinking fund 8s ser B
1952 A 0 10812 110 10858 10978
4 108 112
101.22 107 102.2: 10211.2 Danish Cons Municip 85 A1946 F A 111 Sale 11012 111
23 11018 1124
1946 F A 11114 Sale 111
Series B 5 I 8s
11114
8 110 1117s
99845 9911111 44 9911„1002.5„ Denmark 20-year extl 6s
1942 J J 104% Sale 10434 105
14 103 10638
Deutsche Bk Am part etf 68_1932 M S 97% Sale 9758
9
97
7 19
99
07
973
,4 3
12
3
100,
.:2 101.22 523 100'n 104
Dominican Rep Oust Ad 534e '42 M S 9812 99
98
111..22 112.82 170 1091.51116.n
1st ser 534 of 1926
98 97 Aug'28 ---1940 A 0 96
95 10054
106..22 107.22 226 1041.351111'n
9412 guts
2d series sink fund 5348_1940 A 0 96 Sale
12
96
96
103..221041.n 707 102932 1081.ss Dresden (City) external 78..1945 M N 10012 Sale 10015
4 100 1024
10012
99
991.s2 88 98,85 103"s2 Dutch East Indies extl 68.1947 3 3 10378 Sale 10378 104
10 103 10532
1962 M 5 10334 Sale 10334
981622 991322 893 98
10412 10 103 10512
40-year external els
9911,5
____ 10278 Aug'28
1953 M 5 103
30-year external 535s
10154 10414
1953 M N 10314 Sale 10314
10314
30-year external 534s
2 10114 10411
Foreign Govt. & Municipals.
1947p A 8918 8912
Agile Mtge Bank 8 I 6s
Apr 15 1948 A 0 8812 89
El 1 6s A
Antioquia (Dept) Col 7s A__1945
J 98 Sale
External a I 7s ser B
1945
j 9612 Sale
1945 j j 9614 Sale
External of 7s series C
1945 j j 9512 Sale
External 5 1 78 ser D
External e f 78 1st ser
19
96
57 A 0 95 Sale
Extl eke f7a 2d ser
9514 Sale
Lxt1 sec s f 78 3d ser
1957A 0 9458 95
Argentine Govt Pub Wks 651_1960 A 0 9934 Sale
Argentine Nation (Govt 00—
Sink fund 6s of June 1925_1959 J D 9912 Sale
Extl 5 1 613 of Oct 1925
1959 A 0 99% Sale
Sink fund 65 series A
1957 M S 9778 Sale
External Os series 13__Dec 1958
D 9934 Sr le
Extl f 6s of May 1926
1960 M N 9912 Sale
Externals f Os (State Ry)_1960 M
9912 Sale
Extl 68 Sanitary Works
1961 F A 99% Sale
Ext 6s pub wke(May'27)A961 M N 9934 Sale
Public Works extl 5348_1962 F A 9514 Sale
Argentine Treasury 59 C
1945 m S 9114 9214
Australia 30-yr 58 __July 15 1955
9912 Sale
External 5,01 1927__Sept 1957
97 Sale
Extl g 4325 of 1928
88% Sale
Austrian (Govt) 8 I 78
1943 3 D 10258 Sale
Price
Friday.
Sept. 7.
991122
99
100022
1001.22
9912 Aug'28
10312 June'28
-F3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.
Low
NYC 334% Corp st__Noy 1954 MN
9012 July'28
334% Corporate st__May 1954 MN
9012 July'28
45 registered
1936 MN
9934 NI ar'28
1956 MN
4s registered
9812 June'28
1957 MN 94
4% Corporate stock
98
9918 July'28
1957 MN 101 10378 10614 June'28
434% Corporate stock
1957 MN 100 105% 10418 Aug'28
434% Corporate stock
4% Corporate stock
1958 MN 94
9812 9812 July'28
4% Corporate stock
1959
9812 97% Aug'28
N 94
1960 M
9812 100 100
4348 Corporate Stock
100
Stock..
Corporate
_ _ _ 1964 MS 99 10214 10234 June'28
4345
1966 AO 99 10214 103 June'28
4318 Corporate stock
1972 AO 99 10314 10012 Aug'28
4345 Corporate stock
1971 3D 102 10612 10812 June'28
434s Corporate stock
1963
434s Corporate stock
B 102 106 10534 July'28
1965 3D 102 10612 107 June'28
4%s Corporate stock
4345 Corporate stock_JulY 1967 3, 102 10634 102 Aug'28
New York State Canal 45___1960
Mar 1962
4s Highway
Ranee
Since
Jou. 1.
9712
115
11078
10512
10012
108
106%
11378
10012
99,2
10578
105.8
9812
10018
18
71
10
20
83
31
85
8
2
29
12
73
95
23
21
92
67
16
1
23
12
10
7
20
32
6
100,4 15
10012 16
1003,8 41
10514 364
98% 51
108
2
102
4
99% 26
91
24
90
112
9212 65
10112 10212 14
94
9414 212
94
9412 324
94
9414 416
9712
9812 20
99
100
28
9212
9414 34
3012
3214
5
102 Aug'28
99
9178
9112
99
9534
9314
9714
8978
97
97
100
9612
103
103
9918
10258
54
66
56
1
24
52
34
47
5
7
2
28
10
2
11
16
El Salvador (Repub) 8s
1948 J J
Finland (Republic) extl 6s 1945 M S
External sink fund 7s
1950 M 5
Externals 163.48
c 1956 M S
Extl sink fund 5348
1958 F A
Finnish Mun Loan 6345 A 1954 A 0
External 6345 series B
1954 A 0
French Republic ext 734s
1941 J D
External 7s 01 1924
1949 J D
German Republic ext'l 78_1949 A 0
1954 M N
Gras (Municipality) 88
Gt Brit & Irel (UK of) 5348_1937 F A
10-year cony 5345
1929 F A
4% fund loan £ op 1960_51990 M N
5% War Loan £ opt. 1929_1947 J D
Greater Prague(City) 734s _ _1952 M N
Greek Governments f sec 78_1964 M N
Sinking fund see 6s
1968 F A
111
110 11112 110
9
6
9712 Sale 97
9784
101
101 Sale 100
15
99
0838 9812 9814
20
9212 28
9214 Sale 9112
9812 9712
9734
98
4
9744 9814 98 Aug'28 --_266
11434 Sale 11412 115
10714 Sale 10634 10714 100
10612 Sale 10614 10634 135
14
10214
10214 Sale 10214
10418 Sale 10418 10412 66
11812 19
11814 11812 11814
8
01718
r8578 8614 c86
59914 July'28 ---c9778 99
24
107
10614 Sale 10614
99
12
98
9814 99
85
89
88 Sale 8734
10712 114
9518 10082
9918 10212
9744 11)141
91
96
9712 101
98 101
113 1197
1051, 10912
1047e 10754
101 10414
10334 10654
11654 119
r8518 90262
59858 9988
10444 10914
9638 100%
8418 92
9912 10514 Haiti (Republic) 5 f 68
1952 A 0
10312 10312 Hamburg (State)68
1946 A 0
Heidelberg(Germany)ext 734e 50 3 3
Hungarian Nlunic Loan 7348 1945 3 1
External 8 f 75....Sept 1 1946 J J
Hungarian Land 731 Inst 734a '61 MN
Hungary (Kingd or) of 7348_1944 F A
89
95
8818 8912 Irish Free State extls. 81. 5s..1960 M N
9412 10038 Italy (Kingdom of) ext'l 7s 1951 J D
Italian Cred Consortium 7s A1937 M
9458 99
Extl see s I 75 ser B
94
9834
1947 j
M 7
Italian Public Utility ext 78_1952
9458 96
1931 J 3
9344 997$ Japanese Govt £ loan 45
30-year s f 634a
1954 F A
9318 9812
9414 9612 Leipzig (Germany)51 7s_1947 F A
gg 10012 Lower Austria (Prov) 7348_1950 D
Lyons (City of) 15-year 68. _1934 M N
99 10034
N
99 10058 Marseilles (City 01) 15 yr 68_1934
99 10114 Mexican Irrigat Asstng 4348_1943
9878 10118 Mexico(US)extl 5s of 1899£ '45
_
Assenting 58 of 1899
1945
99 10034
Assenting 58 large
9858 101
Assenting 45 01 1904
99 10118
Assenting 4001 1910 large.....
99 101
Assenting 45 01 1910 small_ _
9412 9714
Trees 6s of'13 assent (large)'33
9118 93%
4
Small
9558 99
Milan (City, Italy) ext'l 6345 '52 A.-0
9534 99
8634 923g Montevideo (City of) 7s____1952 3 D
102 10438
Netherlands 6s(flat prices)_ _1972 M 5
1954 A 0
30-year external Os
98
9912
New So Wales (State) ext 55 1957 F A
114 116
External s I 55
Apr 1958 A 0
109 11134
1943 F A
10314 10914 Norway 20-year extl 6s
1944 F A
20-year external 65
9872 10112
1952 A 0
30-year external 68
10614 109
1965 J D
40-year s f 5348
10414 10814
External s 1 58_ ___Mar 15 1963 M 5
11234 113%
Municipal Bank extl Sf 53_1967 J D
9858 102
Nuremberg (City) extl 6s_1952 F A
97 100
Os.,.1955 M N
10314 108% Oslo (City) 30-year
Sinking fund 5348
1946 F A
10312 108
9384 9812
99 1011s Panama (Rep) eat' 534s.,...._1053 J D
Extl sec s I 634s
1961 J D
Ext1 a 153 ser A __May 15 1963 M N
107 11334
92
9912 Pernambuco (State of) ext. 78 '47 M
95
9912 Peru (Republic of)
Extl s I sec 734s (of 1926)_1956 M 5
97 103
103 108%
Extla f sec 78
1959 M S
Nat Loan extl 5 I Os
1960
10014 10312
D
1940 A 0
90% 95% Poland (Rep of) gold 6s
8212 8978
Stabilization loan a f 7s 1947 A 0
Ext sink fund g 8s
100 10214
1950 3 3
9634 101
Porto Alegre (City of) 8s
1961 J D
96
Extl guar sink fd 7345._ 1966
9934
J
93
97
8984 93% Queensland (State) extl s f 781941 A 0
25-year external Os
1947 F A
Rio Grande do Sul extl of 85_1946 A 0
98 102
Extl s f 7s of 1926
100 10212
1960 M N
997g 10214 Rio de Janeiro 25-yr of 8s
1946 A 0
Extl s f 6348
10418 109
1953 F A
98 10172 Rome (City) extl 634s
1952 A 0
105 10934 Rotterdam (City) extl 68_1964 M N
98% 103 • Saarbruecken (City) 68
1953
Sao Paulo (City) of 8s__Mar 1952 MN
99 10114
Extl s 16 348 011927
1957 M N
8634 9334 San Paulo (State) extlsf 85_1936 J J
External sec sI 88
86,2 9354
1950 J J
Externals I 78 Water L'n_1956 M S
89
96
Santa Fe (Prov. Arg,Rep.)7s 1942 M
Seine, Dept of (France) extl 75 '42 J J
10058 104
9158 9738 Serbs, Croats & Slovenes 8s '62 M N
Soissons (City of) ext.' 6s
9158 97
1936 M N
Styria (Prov) extl 73
1946 F A
9318 97
1939
9514 9934 Sweden 20-year 68
D
External loan 534s
1954 M N
9634 101
91
Swiss Conted'n 20-yr s f 8s 1940 J J
95
2518 3458 Switzerland Govt ext 5348_1946 A 0
Tokyo City 5s loan of 1912_1952 M S
99% 102
Extl 515340 guar
1961 A 0
9814 99%
1947 M N
8834 9554 Tolima (Dept of) extl 7a
9088 9512 TrondhJem (City) 1st 5348_1957 M N
1945 J D
8884 9334 Upper Austria (Prov) 7s
External s t 6343__June 15 1957 J D
9218 98
Uruguay (Republic) extl 8s_1946 F A
92
98
External s 1 60
1960 M N
9534 101
87% 8978 Vienna (City of) eat! 5,1 60....1952 M N
Yokohama (City) extl 6s
1961
D
95 101
95 100
98 1014
9412 9934
9971 10234
10012 10314
96 10014
10112 1051a
9978 Sale 9934 10038 51
9814 26
9814 Sale 97
10438 10412 104312 Aug.28 ---11
99
99 Sale 99
955, 96
9512
5
95
9712 9834 98 Aug.28
10158 Sale 10112 10214 22
9512 Sale 9514
9512
8
192
98
9734 Sale 9734
11
9734
97 Sale 97
13
9614
4
9
98
96
714 331
73
384 Sale 963
Sale
93
9234 9278 9234
8
10134 Sale 10134 102
135
10012
10018 Sale 100
4
9712 99
99
98
100 Sale 9934 10004
9
9944 102
9412 9918
10814 10814
9758 101
9711
94
9712 101
10012 103,2
9714
95
9614 10011
9514 997s
9
9614
4 10
00
14
10018 Sale
9912 10018 15
494
33132 Aug'28 --__
Jan'28 ---_
3838 3912 3612
3878 15
3914
18
39
2518 Sale 251g
2512 12
2612 Sale 2634
2712 27
25
2478 Sale 2412
91
4118 Sale 3918 Aug'28
40
034 Sale 39
23
9234 43
93 Sale 9212
10278 103 10214
10278
8
99 10118
31
8784
49% 4954
35
6334
30
4338
2234 3418
25
3272
221, 31
3712 467a
365, 4614
9112 9582
102 105
10412
— 10412 10412
1
101 10178 101
10134
3
9478 15
9414 Sale 9414
9434 45
9418 Sale 9418
10258 Sale 10218 10258 13
10212 Sale 10214
103
29
10212 Sale 10212 103
15
10034 Sale 10012 101
12
97 Sale 9634
9718 36
93
9212 9312 03
1
9012 91
9134 Aug.28 ---10112 Sale 10114
18
102
100 10014 10014
10012
3
105%
10084
93
93
10112
101
101%
9818
94
9111
8912
9934
99
109
10314
96
96
10312
1044
1035,
102/
1
2
98
9312
9344
103
103
10214
10234
9514
9434
10112
102
93
94
104%
10414
97
9812
9012 9312
90
9312
9984 10038
9812 10054
99112 10134
10614 108%
10418 10878
9812 10104
9778 10134
9934 102%
10234 10512
103 10532
10012 105
10812 109%
10534 10984
107 10984
102 110%
Sale 102
10238
4
10278 10234 Aug'28 ____
9514 52
Sale 9412
Sale 94
9512 26
10614 Sale
10214 Sale
9058 Sale
84 Sale
8914 Sale
9934 Sale
10612 109
102 103
10614
10214
905s
84
8938
100
10634
10212
9114 9444
10014 10514
96
934 10212
1
99
1011s
33
19
89
5
89
73
1
6
10318 10734
100 1047s
89,8 194
017,
8012 87
88
917s
95%
1041, 109
10154 Mei
114 Sale 11378
114
13
10614 Sale 10614
1
10614
106114
10618 Sale 10618
8
98 Sale 9734
98% 34
108
10714 Sale 10714
17
9618 21
9512 9614 9512
9312 Sale 9314
937e 103
104 10412 10412 Aug'28
9012 9212 93 Aug'28
11512 Sale 11514
11512
3
9658 Sale 9654
97
18
106 10614 106
1063s
4
107 Sale 107
3
10714
101 Sale 10012 101
7
9814 Sale 98
99
14
105 Sale 10412 10514 37
9812 33
9812 Sale 98
9912 Sale 9954
9934 16
9218 9312 9212
9212
2
10318 Sale 10212 10318 13
10312 Sale 1035, 10438 32
11112 112 11134 112
14
10438 Sale lO3ts
10438 29
8012 Sale 8012
5
81
91 Sale 9014
91
61
11214 1157s
104 10812
10514 10814
9715 10012
10554 11014
9312 9714
9114 9614
10284 109
9012 941
11214 120
9612 10014
105 1(1858
106 10954
100 10414
9454 10018
10314 10644
9034 10112
98 102
92
97
10212 105
10212 1055,
10944 11311
1017a 1054
7818 84
8718 95
9314 Sale
97 Sale
9714 Sale
8718 Sale
109 Sale
9838 Sale
8838 Sale
9614 Sale
10512
10112
8918
8334
89
9934
10634
102
9314
97
9714
8718
0838
98
88
9578
9334
97
9714
6
109
8Th
9878
8812
96%
9
5
36
21
23
8
7
9
94
33
14 97
998
31
4
963k 9914
10714
59
9614
8734
94
994
1101
100
8812
100
New York Bond Record—Continued—Page 2
1370
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 7.
13
Price
Sept. 7.
Bid
Rasp's
Sines
Jan. 1.
Week's
Range or
Lail Bale.
Ask Low
High Chic Milw & St P (Concluded)—
Gen & ref ser A 4%s_Jan 2014
1932
Debentures4Sis
1925
Debentures 43
105% 10814
25-year debentures 4s
1934
9213 98
100 100% Chic Milw SIP & Pao 5s_1975
Cony ad) 58
Jan 1 2000
87
914
89
9518 Chic & N'wmt gen g 3%8_1987
Registered
9234 99
General 4s
1987
7514 8411
Registered
91111 99
Stpd 4s non-p Fed In tax '87
90 9614
Gen 44s stud Fed Inc tax _1987
8814 943,
Gen Is stpd Fed Inc tax__ _1987
91
9134
Registered
8734 94
Sinking fund 68
1879-1929
88
94
Registered
8314 94
Sinking fund bs
1879-1929
945
Registered
-is517t 96
8614
Sinking fund deb 5s
1933
Registered
9614 10444
10-year secured g 78
1930
107 10711.
15-year secured g 6Sis_
1936
97 10034
151 ref g 5s
May 2037
102 10714
lst & ref 44is
May 2037
91 94
91
9834
93, 974 Chic R I & P Railway gen 48 1988
Registered
96 104
Refunding gold 4s
1934
8814 9534
Registered
7414 86
Secured 4338 seriesA
1952
8514 75%
8512 92% Ch St L & NO Mem Div 40_1951
Gold 58
June 15 1951
97 10214
Registered
Gold 3338
June 15 1951
91
98
92
166 Ch St L & P 1st cons g 58._ _1932
9612 101
Registered
98 1004 Chic St PM & 0 cons &I.__ _1930
Cons68 reduced to 3335__ _1930
100 105
Debenture 58
1930
103 110
Stamped
10612 112
91
2711 Chic T H & So East let 58_1980
Inc gu as
Dec 1 1980
1014 1071
.
8212 914 Chic US STIVn let gu 4348 A.1963
1s1 55 series B
1963
100 1054
Guaranteed g 55
1944
1024 10414
let guar 63Is series C
1963
83% 9334
6812 72 Chic & West Ind gang 611_0932
Consol 50-year 48
1952
95
98
let ref 53388er A
1962
97
94
97 97 Choc Okla & Gulf cons 58_ 1952
1937
82 8213 Cln & D 2d gold 4338
C I St L & C 1st g 45_Aug 2 1936
Registered
Aug 2 1936
93 96
Cln Leb & Nor let con 20143 1942
79% 88
9412 9778 Clearfield & Mah let gu 5s__1943
100 10652 Cleve Cin Cl,& St L gen 48_1993
20-year deb 4338
1931
9013 984
General bs Series B
1993
102 10312
Ref & lmpt 68 series A
1929
Ref dr impt 6s ser C
1941
108 11073
Ref & impt Is ser D
1963
97 10214
Cairo Div 1st gold 48
1939
9812 101
Cin W & M Div Ist g 48._1991
96781024
St L Div let coil tr g g 48-1990
11014 117
Bur & Col Div 1st g 413_ _1940
11518 123
WW Val Div let g 4s1940
9678 103,4
Ref & impt 440 ser E
1977
8558 92
1934
98 1014 CCC&Igenconsg63
9814 9514 Clev Lor & W con 18t g 58-1933
1938
80
905s Cleve & Mahon Val g 58
1935
100 10612 Cl & Mar 1st gu g 433s
107 10934 Cleve & P gen gu 434,ser B.1942
Series A 4338
1942
9312 95
Series C 3339
1948
79
90
Series D 313s
1950
1081s
106
100 10714 Cleve Sher Line 1st gu 4348-1961
10034 10414 Cleve Union Term 1st 55is _ _1972
lets f 5s ser B
1973
100 10214
lsta f guar 414sserC
1977
105 108%
103 10414
1945
9312 984 Coal River Ry 1st gu 48
105 109 Colorado & South lst g 48._ _1929
Refunding & eaten 4338___1935
1034 1034
1948
103 10678 Col & H V 1st ext g 48
1955
8312 8831 Col& Tol 1st ext 48
98 10054 Conn & Paasum Itly 1st 48 1943
Conaol Ry deb 48
1930
10012 102
Non-cony 4s
1954
10814 11912
Non-cony deb 4s____J&J 1955
10914 11812
Non-cony deb 48____A&O 1956
94
99
Non-cony debenture 48
1956
8914 9612
1942
92
94 Cuba Nor Ry 1st 5338
99 9914 Cuba RR 1st 50-year 55 g_..1952
lard 7338ser A
1936
911s 9514
let lien & ref 68 ser 13
10012 10612
1936
High No. Low
Railroad
Ala Gt Sou 1st cons A 5s_-__1943 J O 95 105 10513 June'28
94
194.3 J O 9214 9834 94
1st cons 48 ser B
100
10014 100
Ala Mid 1st guar gold Ss__ —1928 MN
Alb & Susq 1st guar 3338
1946 *0 8214 90 90 July'28
1998 * 0 87 90 90 Aug'28
Alleg & West 1st g gu 4s
9312 97 9234 July'28
1942 M
Alleg Val gen guar g 48
76
79 76
Ann Arbor 1st g 48._ _ _July 1995 Q J 75
9414
Atch Top & S Fe—Gen g 45_1995 * 0 94 Sale 9312
90 Aug'28
*0
Registered
8812
Adjustment gold 48—July 1995 Nov 8712 89 88%
9134 June'28
Nov
Registered
8914
July 1995 ▪ N 89 Sale 8812
Stamped
1955 ID 8914 9212 8912 Aug'28
Cony gold 48 of 1909
8914
1955 ID 8914 9112 8914
Cony 45 of 1905
Cony g 4s issue of 1910-1960 ID 8918 9078 9334 Jan'27
9114 July'28
J
Rocky Mtn Div let 4s___ _1965
'
3 9018 ---- 90 Aug'28
Trans-Con Short L let 421_1958
99
Cal-Arts let &ref 4Sie AI962 MS 99 Sale 99
Atl Knoxv & Nor 1st g 53 1946 3D 102 -- 107 Mar'28
Atl & Chart AL let 4338 A_..1944• J 9678 99 97 Aug'28
18t 30-year bs series B__1944 3, 10238 105 102 Aug'28
9312 June'28
1951 ii 87
Atlantic City 1st cons 4s
97
Atl Coast Line let cons 4s July '52 MS 9414 9434 92
93 Aug'28
M
Registered
9912
1964 3D -9813 9984 97
General unified 444s
91
L & N coll gold 4s-___Oct 1952 MN 91 Sale 90
7413
1948 J J 7412 765s 74%
Atl & Dav 1st g 4s
70
1948 J J 70 Sale 6912
2d 4s
86 85% July'28
1949 A0 80
AU & Yell 18t g guar 43
100 98 Aug'28
Austin &N W let gu g 53-1941 3,
3
4
_
72
1
13
6
2
29
28
23
1
5
Balt& Ohio let g4sJuly 1948 A 0
July 1948 Q
Registered
1933 M
20-year cony 43s
111
Registered
Refund dr gen 53series A-1995 J D
July 1948 A 0
let gold Se
19953
Ref & gen 6s series C
PLE&W Va Sys ref 48-1941 M
1950 J .1
Southw Div let 58
Tol & Cin Div 1st ref 48 A.1959 3 J
2000M S
Ref & gen bs series D
Bangor & Aroostook 1st 5s-1943 J J
19613 3
Con ref 48
Battle Crk dr Stur 1st gu 35-1989 3 D
Beech Creek let gu g 46—.1936 3 J
Registered
J J
19363 J
2d guar g 5s
Beech Crk Eat 1st g 340_
1951 A 0
Belvidere Del cons go 3%3_1943 J J
1944 J D
Big Sandy 1st 48 guar
1927 J J
Bolivia Ry 1st 5s
Boston drN Y Air Line lst 431955 P A
Bruns & west 1st gu 48-1938 -1 3
Buff Roch & Pitts gen g 58-1937 MS
1957 MN
Consol4%s
Burl C R & Nor ist & coll 5s 1934 A 0
9212
9314 61
2
9212
9212
9834 116
98
98 June'28
Sale 10158 10278 62
9
10413 Sale 10412 10412
44
109 Sale 10714 109
9212 11
9212 95 9212
10212 31
10238 Sale 102
6
8514
8612 85
85
10134 Sale 10118 10214 41
10338 July'28
84% 13
8434 Sale 8414
62-- 6812 Feb'28
1
96
96 Sale 96
95 Aug'28
97 Jan'28 _1-82 Aug'28
7958
86
92 9412 93 Aug'28
3712
8112 8312
9412 96 9413 Aug'28
101 10214 10034 10034 20
9314 14
9314 Sale 93
102 10212 10212 Aug'28
Canada Sou cons gu 5s A _ —1962 A 0
Canadian Nat 4335-SePt 15 1954 M
5-year gold 4338Feb 15 1930 F A
19573
30-year gold 433s
Canadian North deb a f 7s..1940 J D
25-year f deb 6%8
19463 J
10-yr gold 4553--__Feb 15 1935 F A
Canadian Pac Ry 4% deb stock__3 j
Col tr 433a
1946 M S
Carb & Shaw 1st gold 4t..._..1932 M S
Caro Cent 18t cons g 4s
1949 J J
Caro Clinch &0let 30-yr 58_1938 J D
1st & COO g 08 ser A_Dec lb '52 J D
19813 D
Cart & Ad 1st gu g 48
Cent Branch U P 1st g 4s_.-1948 J D
Central of Ga 1st g 5s_Nov 1945 F A
Congo]gold 55
1945 M N
Registered
MN
10-year secured 6s_June 1929 J D
Ref & gen 53e series B___1959 A 0
Ref & gen 58 series C
1959 A 0
Chatt Div pur money g 43_1951 J D
Mao & Nor Div 1st g 5s_ _ _1946
Mid Ga & Atl div pur m 5s 1947 J
Mobile Div 1st g 58
1946 3
1
Central Ohio reorg 1st 44,14-1930 M 5
Cent RR & Bkg of Ga coil 58 1937 M N
Central of N J gen gold 5s-1987 3
Registered
1987 Q J
General 4s
1987J J
Cent Pac 1st ref gu g 4s
1949P A
Registered
if A
Mtge guar gold 3336_ _Aug 1929 j D
Through Short L lst gu 45_1954 A 0
1960 F A
Guaranteed g 5s
10512 10638 10812 Aug'28
9734 9712 Aug'28
97
42
99
99 Sale 9878
97% 76
9748 Sale 9714
112 Sale 11113 1121s 57
5
116% 1184 11612 116%
7
9734
9718 Sale 9718
8712 38
87 Sale 8634
22
99 Sale 9814 100
_
96 9814 Apr'28
8312
2
- 8318
104 Aug'28
Aug'28
109 10812
9313 Mar'28
82 91
8012 8512 79 Aug'28
104 Sale 105 Aug'28
101 Aug'28
1004 Aug'28
looTs gale 10018 1004 11
105 10514 10512 Aug'28
117
104
104 10414 104
____ 9378 9312 June'28
101 108 105 June'28
105 108 10318 Apr'28
105 108 103 July'28
3
8518
85,8 87 8518
9614 9812 98 July'28
101 10114 101 June'28
2
10913 Sale 10913 10912
10914 Aug'28
94 Aug'28
9312 9
9214 52
9214 Sale 91
92 June'28
2
99
99
9914 99
9154 9458 9212 Aug'28
10214 Sale 10134 10214 14
Charleston & Savn'h let 76_1936 J 3
Chez & Ohio fund & lmpt 68-1929 J
1939 MN
let consolgold 58
1939 M N
Registered
1992 3A s
General gold 4s
Registered
M 8
1930 F A
20-year cony 4%11
Craig Valley 1st 5s_ _MaY 1 '40 J J
Potts Creek Branch 1st 48_1946 j 1
1989 3 .1
R 34 A Div 1st con g 4s
19893
20 consol gold 45
Warm Springs V 1st g 58-1941 M S
Chesap Corp cony bs Maylb 1947 M N
Chic & Alton RR ref g 33.-1949 A 0
Ctf dep stpd Apr 1928 int----Railway first lien 333s- - —1950 j11
-Certificates o deposit------
11938 Aug'27
11318
4
100 Sale 99% 100
10338 106 99% Aug'28
103 July'28
9958 25
99 Sale 99
9654 July'28
9912 53
9914 Sale 99
1
101
101 Sale 101
1
9012
9012 Sale 9012
9438 July'28
92% 9258 July'28
100 101 1007s July'28
9912 179
99 Sale 9854
8
72
7218 73 71
7234 74 7033 Aug'28
1
62
62 6412 62
62 6312 60 Aug'28
9212 Sale
9812 Sale
4
8612
Chic Burl &(3—Ill Div 3%0_1949 3
8612 Sale 8612
8958 Feb'28
• j
Registered
13
94
9334
Illinois Division 45
1949• J
4
94
General 4s
1958 M
9258 9312 93
9338 June'28
Registered
M
lat &ref 4%sserB
9
1977 F A 9834 Sale 9814
8878
9
let & ref bs seriee.A
1971 ✓ A 10548 107 1055* 10543
Chicago & East Iii 1st 68.......1934 * 0
_ 104% 10312 Aug'28
8812 33
C & E III Ry (new co) con 58_1951 ▪ N 8534 sate 8512
4
Chic & Erie 1st gold 58
1982 MN 10338 10558 10434 10434
Chicago Great West 1st 48_1959 M
6934 96
6918 Sale 6918
Chic Ind & Louisv—Ref68_1947
.8 108 118 116 Aug'28
Refunding gold Is
1947 ii 9978
10512 July'28 Refunding 4s Series C
1947 3,
8838 July'28 _
1st &gen bs ser A
6
1986
N 101 Sale 10014 101
let & gen 68 ser B___May 1966
10978 10912 Aug'28
Chic Ind & Sou 50-year 4s 1956
'3 9214 -___ 91 June'28 _
Chic L S & East 1st 4%s__1989• D 9434 ___- 994 June'28
_
Ch M & St P gen g 4s A _May1989 .1 .1 86 Bale 86
6
8618
Registered
9258 July'28 -(33
Gong 3445 ser B___May 1989 33 7612 78 80 Aug'28 _Gen 445 series C_May 1989 3' 964 98 9638
96% 10
ResrInterwl
100
Gen 4 lie series E. _ __May 1989 33 9614 Sale 9613
9658 214
I Due Feb e Due May. p Due Des.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 7.
lisi"
10118
10212 10734
103 106
9738 106
9634 10214
9818 10112
101 102%
90 934
9418 95%
9118 9234
100% 10212
9614 100%
694 74
734
69
6875 7234
69
7112
Day & Mich 1st corm 4348_1931
Del & Hudson let & ref 48_1943
30-year cony 53
1935
15-year 5%s
1937
10-year secured 78
1930
D RR & Bldge let gu g 48.-.1936
Den & R G let cons g 48.-1936
Consol gold 4348
1936
Den AR G West gen 5s_Aug 1955
Des M & Ft D lst gu 4s
1935
Temporary ctfs of deposit-Des Plaines Val let gen 4348_1947
Det & Mae let lien g 48
1995
Gold 4s
1995
Detroit River Tunnel 434s 1961
Dui Missabe & Nor gen 58_1941
Dui & Iron Range let bs.__ _1037
Registered
Dul Sou Shore & Atl g 5s.. _ _1937
East Ry Minn Nor Div 1st 48'48
East T Va & Ga Div g Ss__ __1930
Cons 1st gold Etei
1956
Elgin Joliet & East let g 58_1941
El Paso 54 W 1st 50
1965
854 91%
894 9014
92% 9834
9814
88
931s 93%
9614 1027s
1041, 11014
1034 10741
8314 93 Erie let consol gold 7e ext_1930
1034 11214
1st cons g 48 prior
1996
724
66
Registered
1996
let consol gen lien g 4s _ _ 1096
11514 1184
Registered
10518 108
1996
Penn coil trust gold 48__..1911
8838 8838
50-year cony 4s series A_ _1953
100 10714
Series B
109 1114
1953
Gen cony 4s series D
964
91
1953
Ref &!rapt 58
9934 10212
1907
8812 9312
Erie & Jersey 1st sf 68_ __ _1055
Genessee River 1st 8 I 58_ _1957
82% 9138
7658 8154 Erie & Pitts gu g 3338 ser 13_1040
Series C 3338
95 10414
1940
Ityl 10012 Est RR exit 5 f 78
1954
9272 974
Price
prides.
Sept. 7.
Week's
Range or
Last Sale.
Bowe
Place
Jos. 1.
High No.
Ask Low
---- 7314 elar 28
75 Mar 28
7178 Feb'28 __-_
7214 Feb'28
98 606
Sale 9412
7734 968
764
7834 sa e 7612
4
80
7712 ---- 7978
78 June'28
____
8
92
90 91% 8934
94 Apr'28
8934 100 89 Aug 28
10213 10534 10214 Aug 28
2
109 11134 10812 110
113 mar 28
10438 10418 13
1014
10114 May 28
99%
9978 Sr e 99%
---- 100 May 28 .-.102 Aug 28 -.-ioii2
1001 Aug'28 ---10284 Sale 10234 10314 12
11012 11078 10913 11013 24
10518 1064 104% 10548 18
9875 32
____ 985s 9812
Bid
----
HUI
Low
7233 7478
701s 75
71
7334
704 73%
9214 9812
6178 79%
754 86
78
846s
89
98
94
94
89
9614
102 113
10414 117
118 118
101% 10213
10114 10114
99 10114
100 10018
9978 10818
1001,1021,
102% 106%
10812 11414
104% 114
9558 1941s
8
90
9434 Sale_ 8912
91 May'28
945 95 9412 95 209
9514 May'28
84
95
94 Sale 94
8514 -- 9234 May'28
10518 los 107 July'28
107 Apr'28
8334 -- 8412 Jan'27
9934 June'28
10214
10158 June 28
5
10118
10012 101' 101
9612 June 28
9813-1
9818
_- 9754
9734 9834
9734 100 100 Jan'28
9958 14
9814 100 993s
5
94
9312 95 9212
4
9918
9834 Sale 981s
3
105
10512
10548
4
10238 Sale 1024 10212
11612 Sale 11612 11712 80
10218 10238 102 June'28
14
88
88 8812 87
104 Sale 103% 10412 20
10458 _- 10534 May'28
9512 10012 9558 Aug'28
9512 98 9858 July'28
9714 Feb'28
8-1,1 1i1-2 8814 Aug'28
Ms 96
91
921
,
9314 9534
95 9514
91
9714
92 92%
105% 10813
10518 107
100 10412 100 July'28
90 92 90 Aug'28
9834
100 10034 9834
112
- 112 Aug'28
10012 gide 10012 10058
107 Aug'28
10414
- 48 9812 10112
10138 16295
- 95 Aug'28
8518 July'28
_
9212 8818 Aug'28
-55
92 981a 9654 Mar'28
9358 94 July'28
90
9812
98% Sale 98
10634 107 July'28
10018 Aug'28
loofa
10118 May'28
100 Nov'27
964
101$4 Mar'28
98
98 1-01-12 100 July'28
9012 --- 9014 Apr'28
8934 --- 8948 May'28
97 1-0012 99 Aug'28
108 10912 10712 108
105 Sale 10412 105
10078
9914 1007s 100
100 100
8838 .5712
9738 10034
10834 110
100 103
10314 1081s
9812 10512
9634
95
8518 9312
81318 9443
9713
96
94
9612
9612 10032
107 10813
1001s 1044
101i8 1011e
6
17
21
4
2
91 Aug'28
9934 16
994
96
97
8
93 June'28
91 Aug'28
90 May'28
-- 9518 June'28
7334 Aug'28 -95347318 7512
3
7312
7315 7712 7312
735 - -- 8112 June'28
7312
5
73
s-75
7318
954 16
9518 Sale 9412
9714 29
9612 9712 9612
4
10612 107 10612 106%
Aug'28
99
_--- 9934
91
-9914 Sale
97 Sale
904
9014 95
992712
Sale
102
9712 Aug'28
9212
94
4
Aug'
10328
46
11
103
3
3812
4 Aug'28
14
044 2
354 1
103
93 ____ 9614 Aug'28 —
72
91
91 Sale 90
93% 94% 9318 Aug'28
103
9212
9012
92 Sale
29
29
ia"
3012 324 July'28
29
Sale 29
Feb'28
u2
g
00
214 A
18
-791 7514 July'28
9913 98 Aug'28
____ 10312 Aug'28
__ 10012 July'28
- - 10018 May 28
85's 8578 Aug 28
957 July 28
_ 9978 99 Aug 28
1.054 10534 1084 Aug'28
10018 10438 1004 Aug'28
1024 110 106 Aug'28
9758
10318
10034
84
Cl9i4 fare
10148 101%
98 1031s
9612 98
9712 10012
100 100
9638 103%
9118 9878
9733 wai2
103 107
10134 105
114 1194
10178 105111
8414 931s
1027s 1057s
105/4 107%
9512 100
9735 9855
9714 9714
87
9364
Hag 1-613-4
100 100
9014 9014
8935 8958
99 10612
10314 11012
1004s 1073*
99 100%
91
9312
984 1001s
9518 100
9272 96%
91
9534
90
90
9518 9012
7218 8215
8612
72
8112
80
73
851s
9414 9814
m y 1001a
10512 110
98 1014
Ims 10012
9014 964
100 1034
10312 101
103 107
9614 964
8714 96
9314 9824
87
97
2714 35
26
31112
10214 10314
.75
82
70 80
97111 103
10311 10318
99% 10812
tools 10371
81is 90
95
99
99 10414
105 11012
9912 10208
100 10934
8 19212 105%
10212 Sale 102% 1034
8314 91
854 35
8534 Sale 8448
86 86
- 86 Jan'28
7712 8634
153
7012
8012 Sale 80
7612 874
—.May'28
10013
104
10018 101 10014 Aug'28
33 8912
92
514
8
8
93
58
14 24 80
834 Sale 8
8012 8912
3
8234
83 85 8212
36 8812
86 Aug'28
93 9534
146
_ 111 116
8
ly:228
113
2114
2 JAuus
_ 11218 115
_ 102 102
102 Feb'28
9014 96
June'28
8548 ____ 91
10312 103% 1034 10348 24 10014 104711
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 7.
Pries
Friday.
Sept. 7.
Week's
Range or
Last 8a1e. •
Range
8tnee
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.
ck.
1371
Prtee
Maas.
Sept. 7.
Rift*
RIngeor
..
Last Sale.
Jan,
• m1.
BM
Ask Low
ENO No.
Moo No. Low SUR
Ask Low
BM
N
___ 10212 10212 10
100
_ 9934 100
99 10212 Louisville & Nashville 5s_ ___1937
31
Fla Cent & Penn 1st ext g 59_1930
1021295
9512 95
951
4
Unified gold ts
100 Aug'28
9818 10354
1940 1
1943'3 100
1st consol gold 58
_
10112 Aug'28 ____
2 96% 1011,
9678
9678
Collateral trust gold 5s__ _1931
Florida East Coast tat 4325_1959 D 96% Sale 944
M
W
BI
N
%4
10
0
2
10334
102%
103
12
8
10
-year
sec
7s__May
15
1930
8314
91%
8512
8418
Sale
MS
1974
let & ref Is series A
10612
7
let refund 134s seriesA 2003 A 0 106 10612 1053
45
62
Fonda Johns & Cloy let 43281952 MN 454 46 4612 Aug'28
4
9934 Apr'28
1st & ref 5s series B
2003 A 0 10512 Sale 10478 1054
984 9954
Fort St U D Co 110 g 4325-1941'3
10412
Aug'28
1054
108
0
let & ref 432s series C
2003 A 0 99 100 994 Aug'28 ____
105'8
10854
W & Den C 1st g 5328
1961
N 0& M 1st gold 65
104 10711
1930 J J 100 10112 100 Aug'28 ____
IFrem Elk & Mo Val 1st63-1933*0 10412 10614 1044 Aug'28
2d gold 6s
1930 J J 10012 10112 10012 July'28 _
9914 10214
GH&S A M drP 1st 58-1931 MN _-__ 10034 100 Aug'28
9958 100 Aug'28
Paducah & Mem Div 48_1946 F A 9134 9612 954 May'28
9914 1015,
1931.9' 99
2d extens 55 guar
S 70
__ 70 Aug'28 ___
9712 10014 June'28
St Louis Div 2d gold 3s 1980
98 10012
Galv Hous & Rend 1st 56.-1933*0 96
3
Mob & Montg 1st g 442_1945 M 5 98 foo 10034 June'28 ___
86 10132
8712
Ga & Ala Ry 1st cons Is Oct 1945 33 8612 89 87
South By joint Mononts _1952 J J 8712 89 87 Aug'28
9672 1004.
Ga Caro & Nor 1st gu g 5s 1929 3, 9714 9912 9914 Aug'28
N 921 95 9114 Aug'28
Atl Knoxv & Cmn Div 4s_ _1955
1946 *0 744 7814 7418 Aug'28
7412 79
Georgia Midland 1st 3s
9534
Lousy Cin & Lax Div g 448'31 MN 98 100 100 May'28 ___
9534 20 96 101
Or R & I ext lst gu g 432s-1941 3'
9 111 117
Mahon Coal RR 1st Is
1934 3 .1 9914 102 9914 Aug'28 ___
Grand Trunk of Can deb 68_1940 *0 11212 Sale 11258 11314
N 73
7612 7412
747
5
1936 MS 106 Sale 10534 1063s 30 105 10912 Manila RR (South Lines)48_1939
I5-years a f 6s
1947 JO 961s ---- 99 June'28
let ext 48
9814 9972
1959 MN 7514 8012 81 Aug 28 -__
Grays Point Term 1st 55
997 998 Aug'28
Manitoba S W Coloniza'n 55 1934• D 99
Great Nor gen 7s series A-1936 3' 11212 Sale 11212 1124 73 111 116
11412 Apr'28
3'
1141 11412 Man GB&NW lst 3322_ _ _1941 J j 84 .90 88 July'28 __Registered
100
1
9612 14
J 9634 Sale 96
1st & ref 445 series A-___1961
9518 10211 Mich Cent Det Jr Bay City 58231 IN 5 100 101 100
Q M 98 101 10054 Apr'28
3 10518 11514
108
1952'3 11212 Sale 108
General 532s series B
Registered
___
Mich Air Line 4s
- 10458 10458 Aug'28
1973
10312 209
General 55 series C
1940 J 3 91,8 ---- 99271538
July'28
9778 25
General 445 series D
1976 3' 9712 9812 9712
9612 10114
Registered
8138
8158
1
97 9712 9712
1977 3
General 4325 series E
lst gold 34e
9578 101116
9734 21
1952
9912
4
86 Mar'28
86
20-year debenture 45
865.
Green Bay & West deb etfe A. Feb 8518
1929 A 0 9912 Sale 99,2
Feb 2614 Sale 26
2614 42
Debentures ctfs B
2214 2014 Mid of NJ let ext 58
1940 A 0 9118 95 9212 Aug'28 -__
_ _ 9578 Mar'28
Greenbrier Ry let gu 4s
1940 MN 9312
95% 9572 Milw L & Westimp g 5s_ _ _1929 F A 100 10014 100 Aug'28 _-2 10334 1071. Mil & Nor 151 ext 432s(1880)1934 J D 94 98 98 May'28 --104
104
Gulf Mob & Nor 1st 53111-1950 *0
9612 97 July'28 _ _ _
1950*0 ibois Sale 99
lstMssserlesC
10018 14
Cons ext 434s (1884) 1934 D
99 104
S 92
9234 9514 May'28 _-3 10712 10812 Mil Spar & N W 1st gu 4s
Gulf & 13 I let ref & ter g 55_61952 33 10814 - - 10838 1084
1947
J 9918 1-01-12
Hocking Val 1st cons g 4328_1999
9714 1074 MOW & Sta. Line 1st 334s_ l941 J .7 ____ 90 90 Apr'28 --.1
494
2
15212 Ma-y1999
'28
Registered
10212 1044 Minn & St Louis 1st cons 58_1943 MN 49 Sale 49
M N 4738 5034 4712 Aug'28 --1937 MN 9712 ____ 9814 July'28
Housatonic Ry cons g 53
Temp Ws of deposit
9814 10154
1612 55
9918 Sale 9918
9918
let & refunding gold 45_ _1949 II El 157 Sale 1514
H & T C 1st g 55 Int guar---.1937
983 10418
102 10313
1514
_ 101 102 May'28
1514
8
Waco & NW div let 68—...1930 MN
Ref & ext 50-yr Is ser A._1962 J F 1518 17
89
6
___- 10212 Aug'28
Houston Belt & Term let 56-1937 3'
98 10212 M St P & S S NI con g 4s int gu'38 J J 8878 8934 8812
10012 Aug'28
Houston E & W Tex 1st g 56_1933 MN
10014 10078
lst cons58
1938 J J 95 96 99 Aug'28
9814 Sale 98181
1933 MN 9918 Sale 9918 Aug'28
9918 10214
9914
1st guar Is red
8
1st cons 53 gu as to Int
1938 J
10054
7
9978 56
9738 10312
Hud & Manhat let 52 ser A 1957'A 9934 Sale 9858
10-year coil trust 634s
1931 M S 10054 Sale 100
10112
J
J
101
10212
Aug'28
Adjustment income Is Feb 1957 *0 8914 Sale 8834
-_let & ref 62 series A
8912 59
8614 9512
1946
SI 8 My 931 25-year 512s
9212 Sale 9112 Aug'28 - _
9112 9914
Illinois Central let gold 48-1951 J
let Chicago Term s f 4s
1949
41 MN 931: ____2-9518 June'28
J
95 May'28 - _
Registered
95 95
J 84
88 8612 June'28 - _
1951
99% 99 Aug'28 ---lst gold 332e
1949 J J 99
844 0015 MississiPO Central 1st 55
J J
8534 July'28 - _
Registered
8734 139
8554 8554 Mo Kan & Tex lst gold 45_ _1990 J D 8714 8718 8714
Extended 1st gold 3326-1951 *0 84 88 8612 June'28 -- _ _
20
8612 8812 Mo-K-T RR pr lien 55 ser A.1962 J J 1004 Sale 1001s 101
B 7318
1951
76 July'28 let gold 35 sterling
40-year 4s series B
76
76
8814 39
19
97
68
2 J 3 8712 Sale 87,4
J 3 94
Collateral trust gold 4s 1952 *0 90 92 9212 July'28 _ _ _
9458 9312
95
Prior lien 4 s ser D
137
8834 9614
MN
1955
9334 24
93 Sale 9238
lot refunding 4s
Cum adjust Is ser A Jan 1967 A 0 10434 Sale 104% 10454 33
90% 9812
Purchased lines 3325
1952 3' 83 8814 8418 Aug'28
8354 901s Mo Pac let & ref Is ser A
1965 F A 101% Sale 100% 10158 25
3'
Registered
S 7834 Sale 78
85 Apr'28
7914 238
General 4s
85 85
1975
Collateral trust gold 45._1953 MN -8878 891 8938
S 100 Sale 9912 10038 142
9018 14
1st & ref 5s ser F
8818 94
1977
MN
9014 May'28
Registered
9014 9014 Mo Pac 3d 72 ext at 4% July 1938 MN 9934 Sale 93 July'28 ____
10312
MN
Riff 103 Aug'28
Refunding 58
1955
103 11078 Mob & Bir prior lien g 5s
1945• J -___ 103 103 Aug'28 ___
11018 111 110
15-year secured 645 3----1936
4 10812 1141.
J J--------100 Apr'28
11014
Small
40-year 44s
Aug 1 1966 FA 9978 Sale 9934 10012 33
___ 87 Aug'28
98 10244
lst m gold 4s
1945 J
9612
_
1950 JO
____
85-84 8434 May'28
8618 July'28 -Cairo Bridge gold 4s
Small
Ws 974
1945 J
3 7458 79 784 June'28 _
Litchfield Div 1st gold 3s.1951
781s 8212 Mobile & Ohio gen gold 4s-1938 M S 96 Sale 9412 June'28
Louley Div & Term g 3325 19533' 8012 8312 80 Aug'28
80
gj
Montgomery Div 1st g 5s_1947 F A 9934 10434 101 Aug'28 ____
7538 July'28
Omaha Div 1st gold 3s
1951 FA 7438 76
Ref & impt 432s
75.18 NM
9814 24
1977 M S 9414 955 9512
7458 78 7614 July'28 _
St Louis Div & Term g 38_1951 3
72
Mob & Mar 1st gu gold 4s
90
1991 DA S 8514 95 90 July'28 ___
J 108% Sale 111 June 28 ___
8038 87 8578 June'28 _
Gold 3325
1951 3
8458 8954 Mont C 1st gu 6s
1937
_ _ 88 00'27 _ Springfield Div 1st g 3346_1951 J
1st guar gold 513
1937 J J 101 10512 10454 Jan 28 ___
9112 June'28
2818-93
Western Lines lat e 48
'Hi; WI; Morris & Essex 1st gu 348 2000 J D 8014 8054 804
8014
2
1951 FA 89
FA
92 Apr'28
Registered
90
92
9154 35
13 Central & Chic St L & N ()—
Nash Chatt & St L 4s Ser A_1978 F A 91% Sale 9112
D 10214 Sale 10214 10234
7 101% 10814 N Fla & Slat gu g 52
Joint 1st ref 52 series A___1963
1937 F A 99% 101 thus Aug'28
18 July'28 ____
9912 39
99 Sale 9858
1963 J
1st &ref 4)-Is ser C
Nat Ry of Mel pr lien 449_1957 J
96 101
.1 3 1712 ___ 1834 July'28 ___July 1914 coupon on
13 Sale 13
9218 July'28 _ _
Ind Bloom & West 1st ext 48_1940 *0 864
15
36
Assent cash war rct No 4 on
92% 9218
91
1950 3, 903s -9312 91
1
8712 Aug'25
Ind II!& Iowa 1st g 45
Guar 70-year s f 48
91
97
1977
18 15 17
Ind & Louisville let gu 4s 1956 J
17
8414 88 88 July'28
4
Assent cash war rct No 5 on
88
92
10114
___ 3812 July'27
100 June'28 _ _ 100 105
Ind Union Ry gen Is set. A 1965 1
_
Nat RR Mex pr 1 432s Oct 1926
1965'3 10114 10212 10412 Feb'28
211221
Gen & ref 58 series 13
23 2014
20% ---5
Assent cash war rct No 4 on
10412 10412
_1952 3, 107 Sale 10612 10738 26 104 10812
[at& Oct Nor 1st 68 ser
1st consol 45
1951 -0 1312 ___ 22 Apr'27
_ 9414 Sale 9312
Adjustment (is ser A July
A_- 1952
13 Sale 12
9414 57
1212
Assent cash war rct No 4 on
1
85
9914
Stamped
7712 Feb'28
1954 1W783s 8412 8618 Nov'27
7712 7712 Naugatuck RR 1st g 45
1956 3' 96
1st Is series B
9712 9612
9714 29
98
1
10178 New England RR Cons 5s__1945 J J 9818 102 98
944
1958 3J 97 9834 9712
1st g Is series C
2 9578 102
87% 93 88 July'28 ____
974
Consol guar 4s
1945 J
[at Rys Cent Amer let 5s 1972 N 86,8 87 8612
87
3
8912 July'28 ___
7 9212 N 3 June RR guar let 4s..— A986 F A 88
81
1941 MN 964 Sale 96
let coil tr 6% notes
1
9612
98
12
9454 9978 NO&NE lst ref & imp 4;IsA'52• J 9418 -974 9612
1947 FA 98 Sale 9738
1st lien & ref 6345
22
98
New Orleans Term 1st 4s__ _1953 3 1 89% 90 89 Aug'28
91 100
1938 JD 41
Iowa Central 1st gold 5s
997 9714
43 41
2 38
42
9714
4
N 0 Texas & Mex n-c Inc 5s_1935 A 0 99
52
Certificates of deposit______
39
47 42
42
377 49
7
let 53 series B
9834 28
1954 A 0 983s Sale 9814
1951 MS 1212 15
Refunding gold 45
1214 Aug'28 _
F A 100% 10434
1st Is series C
1956
10% 19
195566
94 90 Aug'28 _ _ _
James Frank & Clear 1st 4s-1959 JD 89
F A 96% 97% 97
881 owe
1st 43is series D
97
1
1938 3, 9938
KaA&GRlegugfo
- 103 May 27
1st 535s series A
_
4
1954 A 0 103 10412 10434 106
1990 *0 8614 8712 86
Kan&Mlstgug4s
86
5
95i; 11312 N & C Bdge gen guar 4345_1945 J .1 9634 -___ 9634 Aug'28
N YB&M B lateong 5s_-_1935 A 0 99 100 99
99
1
KG Ft S & M Ity ref g 4s....1936 *0 93 Sale 9238
934 78
N Y Cent RR cony deb 68_1935 14 N 10534 Sale 10584 107
9218
3
KO&MR&Bliftgu5s 1929 AO 100
_ _ 9912 Aug'28
9912 1093712
Registered
N--------107 Apr'28 ____
Kansas City Sou 1st gold 38_1950 *0 74 Sale 74
74
4
7258 7984
Consol 4s series A
92
33
1998 F A 9112 Sale 9012
Apr 1950 3 3 9918 Sale 9878 100
Ref & Impt Is
40
97 10314
Ref & im pt 44e series A-2013 A 0 100 Sale 9934 10112 18
Kansas City Term 1st 4s--__1980'3 9012 91
9014
9053 18
Ref & impt 55 series C2013 A 0 10612 Sale 106
8812 0624
10612 35
Kentucky Central gold 4s_-_1987 3
9214 9314 914
9118
5
9118 0612
A 0 ____
10614 June'28 __-Registered
8912 9334 90
Kentucky & Ind Term 4345.1961 J
90
6
90
9612
1961'3 91
Stamped
93 9212
9212 10
90% 968 N Y Cent & Hud Riv M 332s '97 J .1 8114 82 8114
814 17
j
1961
98
Plain
98
98
10
Registered
98
8012 19
1997 3 J 8038 8434 7914
9858
100 10114 9934 Aug'28
Lake Erie & West 1st g 58 1937
N 9638 Sale 9618
Debenture gold 42
9985 10614
964 20
1934
1941
J 9758 10118 100 June'28
2d gold 55
9718 Apr'28
Registered
N
100
1047
s
Lake Shr & Mich S g 334L-1997 JD 8318 8612 834
8318
1
30-year debenture 43
9878 93 Aug'28
81
8712
1942• J 93
1997 JD 81
Registered
85
8112 June'28
Lake Shore coil gold 3328_1998 F A 7838 8012 7912
8112 86
7934
3
1928 MS 9934 100 9934 Aug'28
Debenture gold 42
Registered
77
1
98 100
1998 F A 77 80 27
1931 MN 9758 Sale 9712
25-year gold 4s
97 100
9778 178
Mich Cent coil gold 348._1998 F A 7814 83 79 Aug'28 ____
MN
Registered
9934 Apr'28
Registered
9934
—__
77
July'28
____
F
A
765
8
9914
1998
Leh Val Harbor Term gu 5s-1954 FA 10338 10455 10338 Aug'28
103 10713 NY Chic & St L 151 g 4s
9538
1
1937 A 0 9558 Sale 9558
9938 - - - 10134 June'28
Leh Val N Y lst gu g 4411-_1940
Registered
101 10212
9612 Feb'28 ---1937
Lehigh Val (Pa) cons g 4s— -2003 MN 88 Sale 8634
8814 72
9313
9858
25
-year
8654
A142'28
____
oiT4
debenture
48
934
.
1931
MN
Registered
89 June'28
2d 68 series A B C
89
91
N 10118 10134 10012 10134
8
1931
2003 MN 9938 Sale 9938
General cons 4328
9938
1
Refunding 512s series A__ _1974 A 0 10612 Sale 10614 10654 12
9654 102%
MN
Registered
95 Aug'28
95 10012
Refunding 534s series B1975• J 10618 --_- 10614 10612
6
NY Connect 1st gu 4,345 A_1953 F A 0614
9512 Aug'28 _Lehigh Val RR gen 55 serles_2003 MN 10658 11114 1054 Aug'28
10418 11114
1st guar 55 series B
1-04 104 Aug'28 __
1953 F A _
Leh V Term Ry 1st gu 58-1941 *0 10012 1071z 10012 Aug'28
10014 way N 'V & Erie 1st ext gold 4s
N9134 1_ _ _ 9212 Apr 28 ____
1947
*0 _
Registered
10378 Feb'28
10372 10372
3d ext gold 43Is
S 9712 00 9958 June'28
1933
Lab & NY let guar gold 4s__1945 M
8818 -0178
- 89 Aug'28
4th ext gold 5s
87
9212
1930 A 0 99 100 10054 May'28 - Lax & East 1st 50-yr 5$ gu-1965 AO 10538 110 10514 Aug'28
105 115% N Y & Greenw L gu g 5s__1946
N 93
98
94 Aug'28 ____
A__1962
Miami
gen
45
Ser
MN
Little
8818 92 88 Aug'28
88
96% NY & Harlem gold 343_2000 M N
8618 Mar'28
1935 *0 103 106 10612 July'28
Long Dock consol g 65
Registered
10611 10912
M N 78% ____ 8518 Apr'28 _ _
Long Ield 1st con gold 55July 1931 Q J 100
100 July'28
100 102 NY Lack & W Ist & ref gu 5s1973
N 1001
- 80 July'27 _ _
1st consol gold 48---July 1931 Q J 964 161-4 9712 Aug'28
9412 9954
First & ref gu 432s con____1973 ▪ N
21CT6 9918 July'28
1938 JD 92
General gold 45
98 9234 July'28
92
9612 NYLE&Wlst7sext
M S-1930
106 Fes*27
1042
1032
JD
4s
96
Gold
92 June'28
92 10012 N Y &Jersey 1st 55
1932 F A loir2
_
1949 MS 8712 9338 91 July'28
Unified gold 4s
90 938 NY & N E Bost Term 45_1939 A 0 --------90"1934 SD 9812 100 99 Aug'28
Debenture gold Is
98 10014 N Y N H & H n-c deb 4s
IN
1947
it
July'28
-_-_-_
87
8312
1937
MN
55
9814 99,4 9914
30-year p in deb
9914
Non-cony debenture 34s_1947 IN 8 7678 8134 86% July'28 ____
97 10112
Guar Sh B 1st con gu Is Oct'32 MS 9018 9112 9138
91%
5 90
Non-cony debenture 3325_1954 A 0 72
9434
7654 71 Aug'28
Nor Sh B 1st con gu 52.0ct '32 Q
9934 Aug'28
9934
Non-cony debenture 4s
99%
102
1955 J J 8312 Sale 804
8312
8
8712
Lou & Jeff Bdge Co gd g 4s 1945 MS 8758 1612 8712
Non-cony debenture 4s
8714 9412
1956 M N 8012 Sale 8012
1
8012
Cony debenture 34s
1956 ▪ J 7212 74'2 7114 Aug'28
Cony debenture 65
1948 J J 1121? Sale 112
11311 37
Registered
J
108 Aul'28 —
Collateral trust68
1940 A 0
103k 10458 34
Debenture 48
N 74
7418
2
1957
74
76
1st & ref 434s ser of 1927...1967
9034 45
90 Sale 8934
Harlem R & Pt Ches 1st 45195411.2 N 90
9012 90 Aug'28 ----
41..1
102
--
Due Feb. 1
--
Low
HOR
102 106
9354 9914
100 10212
10212 1051s
10458
02 109
1011
973 10414
100 10354
10012 10214
96
9613
8834 71
1004 10278
864 9414
9012 9812
100 10014
9914 10312
69% 7914
7518 8234
9958 1014
88
88
9918 102%
10054 10178
9785 9718
9
77
212
8 8
99
214
9812 100
9212 994
98% 10058
98
9914
We 9912
9514 974
90
90
42
01
40
57
14
2324
1112 21
9212
87
93i2 10012
98 101
997 1034
100 10314
92% 96
951s 9614
98 100
85
9214
99 10414
86
9212
9012 Me
10118 10912
9912 1037
764 834
98 10255
93 974
103 103
9954 100
8414 9812
84
925s
9412 9554
101 10532
9212 '9954
88
9715
ill 1127
10454 10454
7934 88
90
10118
18
1814
12
964
1041
18
1834
17
11"
--1412 2314
-954 167*
98 10234
88 93
88 100
95 102
8812 9511
9512 102
95 10112
100 106
93 100%
102 106
9654 100
99 101
105% 10952
107 107
8954 9712
9818 10418
10412 11034
10614 10614
797 873s
7732 6512
931 9914
9718 V842
9134 99
7714 tool
7812 8278
78
87
77 8314
9212 9814
96% MI
9512 10013
10012 10312
105 10752
10414 10734
9512 10212
10012 1054
9212 924
99% 10014
10054 10054
94 100
864 8712
85% 854
-9A 119
10134
-$2i2
7678
701g
788*
79
7012
112
10
93
83
14
2
.
00
884
8134
8612
802
SO
11E12
10
16
578
7218 8258
87
904
9385
89
New York Bond Record—Continued—Page 4
1372
BONDS
1.1. STOCK EXCHANGE
Week Ended Sept. 7.
iv
33
1%
',a.
Price
Friday.
Sept. 7.
Bid
Ask
N Y0& W ref let g 4e_June 1992 M S 7482 77
Reg $5,000 only June 1992 M S
General 4s
1955 .1 D 7112 73
NIT Providence & Boston 45 1942 A 0 .8738 ____
A 0
Registered
92
N Y & Putnam let con gu 46 1933 A 0
8438
N Y Susq & West 1st ref 55.19373 J 81
7978
2d gold 454e
1937 F A 74
General gold be
1940 F A 6812 Sale
1943 M N 9912 101
Terminal let gold be
N Y W-ches& B 1st ser 14543 '46 J J 86 Sale
1950 A 0 102 Sale
Nord Ry ext'l 6 f6%a
Norfolk South 1st & ref A 58_1961 F A 90 Sale
91
Norfolk & South let gold 58_1941 M 18 90
Wars
Range
Since
Jan. 1.
Range or
Last Sale.
10318 Aug'28
10478 Aug'28
103 July'28
9214
93122
9618 Apr'28
9534 0218 9214
2
175 July'28
-6212 -9312 92
10778
- 108 Aug'28
9938 Aug'28
102
95
95
9138
-913 Sale 9014
88 Aug'28
67
67 Sale 6611
6412 Aug'28
100
98
99 100
11318 Sale 11214 1131s
104 110 10358 Aug'28
104 10434 10458 10438
___ 10934 June'28
1093
10514 107 June'28
102 4-
10238 103
__
104
103 105
9318 Sale
1930 J
North Wisconsin 1st 65
Og de L Cham 1st gu g 4s___ _1948 J J
Ohio Connecting Ry 1st 48_ _1943 M S
1938 J D
Ohio River RR let g be
1937 A 0
General gold be
Oregon RR & Nay con g 4s_ -1946 J D
Ore.Short Line 1st cons g 68.1946.3 J
1946.3 J
1929.3 D
Guar refunding 48
Oregon-Wash 1st & ref 4.3_ _1961 J J
Pacific Coast Co 1st g Es_ _ _ _1946 J D
Pao RR of Mo 1st ext g 46_1938 F A
1938.3
2d extended gold be
Paducah & Ills 1st a 14546_ _ _1955 J J
Paris-Lyons-Med RR ext168_1958 F A
Sinking fund external 76_ _1958 M
Paris-Orleans RR 6 f 76
1954 MS
External sinking fund 550 1968 M 8
Paulleta Ry let & ref f 7e
1942 M
10214 101 Aug'28
8514 8414
8414
9538 Nov'27
---- 104 Apr'28
99 10312 10112 June'28
2
913
9138
4
105
106 169 105
106 11014 10614 July'28
103
99 Sale 9838
99
2
89
8834 Sale 8834
77
77 Aug'28
75
9214 9412 9214 Aug'28
9812
102 May'28
9934 10058 July'28
9912 29
-9918 Sale 9918
34
10338 Sale 10314 104
9513 96 10234 Aug'28
96 Sale 9578
9614 71
2
10212
10212 Sale 102
Pennsylvania RR cons g 48- _1943 MN
Consol gold 48
1948 MN
48 sterl stpd dollar-May I 1948 MN
Consolidated e f 45423
1960 FA
General 454e series A
1965• D
General be series B
1968 J O
10-year secured 721
1930 AO
15-year secured 6348
1936 FA
FA
Registered
40-year secured gold be_ _ _1964 MN
Pa Co gu
s coll tr A reg_1937 MS
Guar 354e coil trust ser B_1941 FA
Guar 354e trust Ws C_ __ _1942 J O
Guar 354e trust ctfe D.__ _1944 J O
Guar 15-25-year gold 48___1931 AO
Guar 4e ser E trust We_ __1952
N
Pa Ohio & Det 1st de ref 450.4'77 AO
Peoria de Eastern let cons 46_1940 AO
Income 46
April 1990 Apr,
Peoria & Pekin Un let 5548-.1974 FA
Pere Marquette 1st ser A 58_1956.3,
1st 48 series B
1956.3'
2
2
1
38
9
7
29
10
99
82
9734 July'28
9312
94
4
1
94
94
8
102
101
9978 10038 27
11
10634 107
10278 10314 64
77
11018 111
_
112 Apr'28
joi Sale 10312 10434 17
91 June'28
8734
8738 Aug'28 _
8714 -90
90 Apr'28
_
8812 July'28
8718
4
9734
-- 9738
5
9018
9018 Sale 9018
98
9714 9812 98
8514 88 8438 Aug'28
40 Aug'28
37
42
103
1
103 107 103
10318 Sale 10318 10334 19
9178 12
9138 9534 9138
9313
_
9214 Vi
10118 102
10014 Sale
107 Sale
10314 Sale
11014 Sale
Phila Balt & Wash let g 4e_ _1943 MN
General 58 series B
1974 FA
Philippine Ry 1st 30-yr 3f 481937• 1
Pine Creek registered 1st 68_1932
11
PCC&StLgu45423A
1940 AO
Series B 4%6 guar
1942 AO
Series C 4546 guar
1942 MN
Series D 48 guar
1945 MN
Series E 354e guar gold
1949 FA
Series F 4s guar gold
1953
D
Series G 48 guar
1957 MN
Series H con guar 4s_ ___ _1960 FA
Series I cons guar 414a._ 1963 FA
Series„I cons guar 454s
1964 MN
General M 51/ series A
1970 3D
3D
Registered
Gen mtge guar 56 series B.1975 AO
AO
Registered
9334
105%
41
40
10212 1051
100 1001
10678 Sale
997
99
991
98
9718
Pitts McK & Y 1st gu 66-- —1932 3,
1934 J J
24 guar 68
1940 AO
Pitts Sh & L E let g 5s
1943I,
1st consul gold be
1943 MN
Pitts Va & Char 1st 48
1948 3D
Pitta Y & Ash 1st 436er A
1962 FA
1st gen 58 aeries B
1974
1st gen 53 series C
D
Providence Secur deb 46 —1957 MN
Providence Term 1st 45
1956 MS
Reading Co Jersey Cen con 48 '51 AO
AO
Registered
Gen & ref 4543 series A ___1997 1 .1
1948 MN
Rich & Meek lift g 45
Richm Term Ry let gu 5/3_ _1952 .1 .1
Rio Grande June 1st gu be__ _1939 J D
Rio Grande Sou let gold 4,_1940 j
Guar 48 (Jan 1922 coupon)'40 J
Rio Grande West 1st gold 43_1939 J J
1st con & coil trust 48 A_ 1949 AO
R I Ark & Louis let 4546._._1934 MS
1949 J J
Rut-Canada 1st gu g 46
1941 I
Rutland 1st con g 4545
105 _--- 106 May'27
10112 106 10338 June'28 _
10018 -- jpp% 10018
100%
- 10014 Aug'28
Oct'27
95
9018 -9214 99
95 June'28
108 June'28
103
95 Aug'28
10514 Aug'28
8
41
4038
104 June'28
190 July'28
1
107
107
10134 June'28
97 Aug'28
9718 June'28
97 Aug'28 - 97 _
96 July'28
qv
:
971s July'28
9812 10113 101 July'28
6
9958 10112 9934 100
10612 10714 10612 Aug'28
11338 Jan'28
12
10678 109 10678 107
11312 Jan'28
71 Aug'28
7212 75
9118 June'28
8358 92
9212 92 Aug'28
92
9454 June'28
99% Sale 9834
9938
8212 7918 May'28
9912 102 10412 June'28
104 10012 June'28
5 May'28
414 ____
712 Apr'28
"oil 16-4 9114 Aug'28
84
8512 84
84
96
96 Sale 9514
7928 Aug'28
7918 84
90
9334 94 July'28
St Joe & Grand Isl 1st g 4a 1947• J 8612 Sale 8612
1996 ii 100
St Lawr & Adll let g be
100
2d gold 68
1996•0 10512
106
1931 • j 9658 97% 96%
St L & Cairo guar g 4a
St L Ir Mt &El gen con g 56_1931 AO 9978 Sale 9934
Stamped guar 58
1931 AO
10134
Unified & ref gold 48
3 9834 99
1929
9834
Riv &0 Div let g 43
1933 MN 9414 Sale 9424
St.I. M Bridge Ter gu 558 --1930 A 0 100 Sale 100
Due May. •Due June. 5 Due August,
18
8612
Aug'28
Aug'28
Aug'28
10014
Dec'27
99
9438
100
1
14
Prim
Fridav.
Sept. 7.
.7
._
2
22
5
46
_
22
31
4
Week's
Range or
Lase Sale,
Basel
Mesa
Jars.'.
High No. Low
Bid
Ask Low
High
901/ 139
8734 Sale 87%
St L-San Fran pr lien 46 A _ 1950
831s 93
9038 394
8738 931e
1978 MS 8934 Sale 8814
Con M 454e series A
98% 10412
10138 58
1950 J , 100 Sale 10118
Prior lien 55series B
9918 10213
10114 92
Income series A 68__July 1960 Oat, 10114 Sale 10114
100 105
St Louts & San Fr By gen 68-1931 J J 101% 103% 10212 Aug'28
2
9914 10313
100
1931 3, 100 Sale 100
General gold 55
_ 10434 105 June'28
105 111
1948 3,
St L Peor 3t N W let gu 58
9782 97%
1931 MS 9813 Sale 97% Apr'28
St Louis Sou let gU g 4s
3
79
87
9314
St L S W let g 4e bond ctfe 1989 MN 8638 90 87
82
85 82 Aug'28
87%
2d g 48 Inc bond ctfs_Nov 1989 3.3 82
94% 99
1932 3D 96 Sale 9514
9612 67
Consol gold 48
6 96% 1031a
9912
1st terminal & unifying 58_1952 J J 9812 Sale 98
9538 18
911g 98
St Paul & K C Sh List 4345_1941 FA 95% Sale 94
99 99
1931 FA 99 1003/ 99 July'28
St Paul 8: Duluth 1st be
9312 Aug'28
9018 9614
1968 3D 9312 95
1st consol gold 4s
95 100 97% June'28
97% 9736
10238 10512 St Paul E Cr Trunk let 4%6_1947 J
10478 107
95% 9833
95
•
J
_1933
9712 951 July'28
St
Paul
Minn
&
Man
con
48
103 10634
3 10311 11113
1933 3, 10312 10612 10312 10312
lst consol g 6s
8978 98%
0634 Mar'28
J 103 106
10634 106%
Registered
95% 9612
1 9613 10114
98
68 reduced to gold 4
_ -1933 I' 98 Sale 98
92% 95%
3, 96% 9913 991z Jan'28
9913 991s
Registered
175 19011
951z
July'28
3D
94% 98%
92
953
Mont
1937
4
ext
1st
gold 4s
9114 97%
8813 94.
Pacific ext guar 48 (sterling)'40 3' 8814 9212 8818 Aug'28
10784 108
10434 10614 0434 Aug'28
10412 109%
98% 101% St Paul Un Dep let & ref 53_1972 J
8912
9018 561
87% 9484
9018 91
S A & Ar Pass let gu g 48_ _1943 J
95 103
1 100 104
100
89
97% Santa Fe Pres St Phen 1st 5s.1942 MS 100 Sale 00
AO
0014
Aug'28
1934
160%
109
104
Say
Fla
&
6s
West
1st
g
88
97
10712 10712
1st gold 58
1934 * 0 9934
- 0712 May'28
6212 7211
9212 98
- 93 Aug'28
6412 6971 Scioto V & ist E let gu g 4s---1989 MN 9212
75 Aug'28
75
85%
82
Seaboard All Line let g 46
1950 * 0 76
97 105
5
74
72
Gold 48stamped
1950 AO 74 Sale 74
88%
111 117%
4312 25
40
821,
Afjustment be
Oct 1949 FA 4234 Salo 4234
113% 10911
57
7211
5812 12
Refunding 4s
1959 AO 5812 Sale 58
/..1238 1098
,
73
96%
81% 109
_1945 MS 8112 Sale 77
let & cons 65; series A _
107 110%
M
78%
85
Mar'28
S
85
Registered
105 107
2
8834 95
90
90
Atl & Birm 30-yr 1st g 48.41933 MS
69% 947a
36
75
7
7,-4- gale 71
100 102% Seaboard All Fla 1st gu 68 A _1935 P A
1
70
94%
74
74
Series B
80
1935 FA 70
7818 8814
98 10053
2
98
98
Seaboard & Roan let be extdI931• .1 98 100
9912
1017.
9912
Aug'28
MN
So
99%
10112
Car
&
Ga
let
ext
5548-1929
fa"
100 105
N Ala cons gu g 58
1936 P A 10018 102% 10018 Aug'28
lova 1041. S &Gen
114% 115
10812 11458 May'28
cone guar 50-yr be
1963 * 0
9114 96
102 110%
8772 95
90% 24
10614 111% So Pao coil 4s (CentPao co11)'49 JD 89% Sale 89
88
88
J D 8538 8938 88 Mar'28
Registered
98 100
98% 100
9912 81
June 1929 MS 9914 Sale 9918
861/2 941
: 20-year cony 4s
99 104
let 4546(Oregon Lines) A_I977
100 10134 99 Aug'28
88%
77
4 100 10314
20-year cony 56
1934 3D 100 10212 10014 10014
9134 9553
95% 100%
9834 67
Gold 45521
97 Sale 97
1968 M
102 102%
88% 96
1
San Fran Terml let 43
89%
8958
1950 * 0 8958 91
10058 101%
8934 90
90 July'2
AO
Registered
96 10078
105 108
10113 10513 So Par of Cal 1st con gu g 56_1937 MN 1023 1048 1065 June'28
9713 971e
3,
_ 9738May'28
101 10411 So Par Coast 1st gu g
91
9813
9314 47
93 Sale 9258
1955 J
93
96% So Par RR let ref 4s
96
96
•
1
96
Apr'28
Registered
10114 1041,
11038 16 108 119%
Southern By let cons g 5e... _1994• J iioTa 1-15 110
110 115%
11518 Apr'28
3' 104
Registered
_
97% 9914
85% 93
Devel & gen 4s series A ___1056 * 0 8834 Sale 8814
88% 15
93 100
Develop &geniis
1956 A0 11512 Sale 11414 11512 12 11313 121
9218 99
5 11734 127
Develop & gen 6546
1956 * 0 8814 89 12012 12012
100 107
106 .; 11318
Mom Div 1st g 55
108 July'28
102
1996 1
9778 10478
8778 94
8778 Aug'28
St Louis Div let g 48
1951 J
8818
10434 115
10414
10512
M
East
10518
Aug'28
Tenn
reorg
lien
g
be_
_1938
102% 1057i
91% 06%
Mob & Ohio coil tr 45
1938 MS 61
9334 92 Aug'28
10878 115%
112 112
81
90
87
101% 10571 Spokane Internal let g bs _1955 J J 87 Sale 87
Staten Island By let 4%8_ _ _1943 3D
85 Nov'27
8772 93
961,
-61
Sunbury
&
3,
95
Apr'28
Lewiston
_1936
1st
46_
8718 92
9972 9972
9978 Apr'28
8914 9014 Superior Short Line let 58._31930 MS
9912 102%
881z 90% Term Assn of St L let g 4346_1939 * 0 101 102 10114 Aug'28
101% 107
let cons gold bs
1944 P A 19121
10134 Aug'28
96% loo
94
87
Gen refund sfg 48
J 86 -88% 8712 Aug'28
1953
90
951/
101%
10712
Texarkana
P
A
&
Ft
S
_
10418
Aug'28
1st
1950
51i
s
A
1033
4
1053
4
9514 102
Tex & N 0com gold 56
10011 10313
.1 100 102 10013 July'28 _
1943
8358 92
10712 115
2000 3D 10734 11134 10713 10712
8712 5013 Texas & Par let gold 55
10224 1081, 2d Inc5.3(Mar.28cpon)Dec 2000 Mar
100 Aug'27
_
Gen & ref 58 series B
4
-1;
1977 AO ioi gale 100% 10214 58 100's 110013 1051
:
La Div B L let g 56
9912 10172
ggil ga%
1931'3 9912 100
9912
9912
Tex Par-Mo Pac Ter 5546...._1964 MI 10858 Sale 10812 108%
105 10914
5
Tol& Ohio Cent 1st gu 56_1935 1
10011 1031.4
94% 100
101
-- 101 Aug'28
Western Div 1st g be
9814 103
1935 * 0 9812 1-03 100 Aug'28
105 114
General gold 5s
100 10153
1935 3D 99 101 100 June'28
40
4213
Toledo
3,
Peoria
&
West
let
48_1917
106
15
Nov'27
_
19
104
Tol St L & W 50-yr g 48
"OF -0;
1950 *0 19978 102
_ 90% Aug'28
98% 100%
1931 J
100 10213 To1WV&Ogu4543A.
973
4 9912 985s Jaly'28
36T418t
guar
4
97% 108%
3'
%a
series
B
1933
10134 10213
9734 __ _ 9734 Aug'28
1st guar 46 series C
1942 MS 94% - _ _ 957 June'28
97
99
144 945*
9458 June'28
97
9713 Tor Ham & Buff let g46_ _1946 • D 9334 -95
97
97
5613 76
10
1928 3D 621
3
812 663
96
9718 Ulster & Del let cons g
1 69
62
63
Certificates of deposit......
July'
6328 _
9718
97
411
1st refunding g 46
32
1952
3813 40
101 10511
3838 Aug'28 -99
Union Pacific 1st RR & Idgt 46'47
9314
9512
19
98 105
Sale
95
9734
9113 9712
Registered
J 9113 9313 9112 Aug'28
10414 11413
let lien & ref 48
8913 9838
June 2008 MS 9014 91
92
4
11338 113%
91
Gold 450
9534 10114
.1 9713 9712 97%
1967
98
25
10438 1151s
lst lien & ref be
11312 11313
June 2008 MS 100 10933 10978 110
5 108 11534
40-year g 45
8518 89
1968 3D 8813
88% 107
89 Sale 8818
U N J RR & Can gen 43
93% 9913
1944 MS
94 July'28 -97
& Nor let ext 48
.1 92
1933
idife 107 Utah
971, 9834 Nov'27
Vandalia cons g 48 series A 1955 FA 941 9834 9514 Aug'28 -581.2 1110014 105
Cons f 48 series B
96
4925
lows 1°014
1957 MN 94%
96 June'28
Vera Cruz & P assent4%6
174 23,4
1934
19
8
1812 2O3s 19
10014 10113
Virginia
Mfd be series F
1931 MS 977
9411 lifti
100% June'28
_
General be
1936 MN 19
3 100 103%
10012
108 10813
- 100
0812
0 10112
Va & Southw'n 1st gu Se..._2003 J
100 10714
100 Aug'28
95 103%
let cons50-year be
6
1958 * 0 9518 -43-4 95
71- 8034
9512
40 104 10973
91
9114 Virginian By let be series A 1962 MN 10514 Sale 105
106
L0611
10218
Wabash
MN
1st
gold
bs
6
1939
91% 97
10314
10214 Sale 10224
2d gold Se
9814 10412
1939 FA 100 10312 9812 Aug'28
9434 9514
Ref f 55421 series A
102%
1073
8
12
1975 M
98 104%
10378
103 1037 103
Ref & gen 5s series B
97% 105
1976 P A 997 10058 9912 10038 19
7928 8214
Debenture B 66 registered _1939
10414 10413
May'27
887
8
l02'2_
861, 89
1st lien 50-yr g term 4e
1954 3' 8238 887
10014 101%
; 89 Juno 28 -Del & Chi ext 1st g be_ __.l941• J 10112 ____ 10534 July'28
us%
4% 5
Des Moines Div 1st g 46...1939
9118 931s
Apr'28
5
712
_635,2 91% 9258
Omaha Div lst g 3548..._1941 A• G
83% 88%
90
9512
8338 Aug'28
87
Tol & Chic Div g 48
89
9511
1941 MS 8918 _ _ 8918 Aug'28
_
83% 96153
Ref & gen 4546Ser C
8858 9414
59
1978 AO 9134 4
913
91
9913
gale 91
7928 8478
83
83
9653 Warren 1st ref gu g 3543-2000 P A
_— 83 83 Mar'28
93
Wash Cent 1st gold 4s
9038 90%
1848 QM
90 9058 Mar'28
Wash Term let gu 3546
8313 91
1945 FA 8314 85 8318 Aug'28
86
92
1st40-year guar 45
88% 66
1945 FA 89%
100 10034
- 96 July'28
9858 101
W Min W & N W 1st gu 58 1930 P A 9914 166 9914 Aug'28
106 108
7842 8714
1952 A0 8018 Sale 80
80% 79
96
9878 West Maryland 1st g 48
9312 10813
let
&
ref 550 series A
1977
9812 10
9814 10214
9812 Sale 9812
100 104
WestNY&Palstgba
1937 3' 101 102 101 Aug'28
88% 94%
2
Gen gold 43
8912
1943 * 0 8912 90
8913
98 1-gl58
9713 201
9914 30
97% Western Par let ser A be. _1946 M
94
99 Sale 9814
9718 9718
M
Registered
— 97% Aug'28
9813 1004
8413
934
8
West Shore let 43guar
8712 Sale 864
8712
2361 J
83% 93
Registered
8512 10
2361
8514 Sale 85%
High
High No. Low
Low
14
7234 305,
76
75
7615 78
7612 Apr'28
70
8034
7434 Aug'28
8738 96
8738 Aug'28
8934 89%
8934 Jan'28
88
96.
3
88 Aug'28
8014 9212
8014 Aug'28
80
8311
8278 May'28
68
4
801/
6814
6812
.
9912 1021
9912 Aug'28
16
8312 92
86
8518
10158 10214 49 100 103
4
90
97
91
90
9812 103
2
98513
9858
N
Norfolk & West gen gold 681931
Improvement & ext 6s____1934 FA
New River 1st gold 6e ___1932, AO
N & W Ry let cons g 4a —1996 AO
Registered
1996 AO
Dly'l 1st lien & gen g 48_ _1944 J J
10-yr cony 6s
1929 MS
1941 J D
Pocah C & C joint 4s
North Cent gen & ref be A _ _ _1974 MS
Gen &ref 454e ser A stpd 1974 MS
A 0
North 011lo let guar g be
North Pacific prior lien 46_ _ _1997
1997
Registered
Gen lien ry & Id gt 3e_Jan 2047
Registered
Jan 2047
Ref & impt 454e series A__2047
Ref & impt 68 series B _ _2047
Ref & impt be series C _ _ _ _2047
Ref &impt 56 series D___ _2047
Nor Par Term Co 1st g 66_ _ _1933
Nor Ry of Calif guar g 56-___1938 A 0
BONDS.
N. Y.STOCK EXCHANGE.
Week Ended Sept. 7.
New York Bond Record—Continued—Page 5
BONDS
114 Y. STOCK EXCHANGE
Week Ended Sept. 7.
i
* v
t
Price
Friday.
Sept. 7.
Week's
Range or
Last Sale.
co Jo'
Range
Since
Jan. 1.
Ask Low
BM
HOD No. Low
High
Wheeling & Lake Erie—
100
100
Ext'n & Rapt gold 55
1930 FA 100
100 1004
Refunding 43.4e series A.._1960 MS 90% 9112 92 July'28
92 1024
98 Aug'28
9614 102
Refunding 55 series 13
1966 M
98 102
92
92
92
1949 MS 91
RR 1st consol 4s
91
94
1942 ID 6712 7334 67%
67%
Wilk & East let go g 5s
6712 7914
Will & SF 1st gold 6s
1938 ID 10014 104 10334 May'28
10334 104111
9112 92 June'28
Winston-Salem Sit 1st 4s.__1960• J
92
93
W15 Cent 50-yr 1st gen 45...1949 21 83
86
85
85
8134 92%
Sup & Dul div & term let 4836 MN 8812 Sale 8812
8812
88
931s
1943 J J 8514 8513 92% Mar'28
Wor & Con East 1st 4%s
92
9231
INDUSTRIALS
Adams Express coil tr g 4s_ _ _1948 MB
Max Rubber let 15-yr f 8s.1936 J o
Alaska Gold M deb 613 A_ _1925 MS
Cony deb 68 series 13
1926 MS
Allis-Chalmers Mfg deb 55_ _1937 MN
Alpine-Montan Steel let 78_ _1955•S
Am Agile Chem let ref s f 7345 '41 FA
Amer Beet Sug cony deb 613_1935 FA
American Chain deb 5165_ _.1933 AO
Am Cot Oil debenture be_ _ 1931 MN
Am Cynamid deb 58
1942 AO
Am Mach & Fdy s fat'
1939 * 0
American Natural Gas Corp—
Deb 6345 (with porch warr)'42 AO
Am Sm & R 1st 30-yr ba ser A '47 A 0
1st M 68 series D
1947 * 0
J
Amer Sugar Ref lb-Yr 60- --A937
8834 8934 89
10314 104 10314
612 10
74
612 612 6
9914 Sale 984
93% Sale 93%
105 Sale 105
8934 Sale 89%
10134 Sale 10134
0814 101
9814
9414 Sale 92
104 10414 106
Aug'28
10318
July'28
July'28
9914
94%
105%
90
1013,
Aug'28
9414
Aug'28
0810 Sale 07,
4
101 Sale 101
10714 10712 10714
10334 Sale 103,
4
98%
102
10712
10412
Am Telep & Teleg coll tr M..1929
Convertible 40
1936 M S
1933M S
20-year cony 4tis
30-year coll tr 58
1946 J O
J O
Registered
35-yr s f deb bs
1960 II
213-year s f 5tis
1943 MN
1940 AD
Ant Type Found deb as
Am Wat Wks & El col tr bs_ _1934 A0
Debg6seerA
1975 M N
Am Writ Pap 1st g as
1947 1 J
Anaconda Cop Min let 68._ _1953 F A
Registered
15-year cony deb 713
1938 F
Andes Cop Mln cony deb 78.1943
Anglo-Chilean of deb 7o._ 1945 50 N
Antilla(Comp Azuc) 7tis_ 1939
Ark Re Stem Bridge & Ter 58_1064 M
Armour & Co 1st 4%13
19391 D
Armour & Co of Del 5tis
1943
Associated Oil6% gold notes 1935 M S
Atlanta Gas List 58
1947 1 D
Atlantic Fruit 78 ctfs dep_ _ _1934 2 0
J D
Stamped ctfa of deposit
9914 Sale 99
9914 84
94
96
9414
9414
6
9934
9934 10034
2
10412 Sale 104
104% 30
1043 Feb'28
10434 Sale 104
104% 70
107 Sale 10634 10712 31
10510 10578 105
10510
9
0913 Sale 9912 10010 23
103% Sale 10313 104%
8612 14
8512 8633 8612
5
10514 Sale 10434
105% 134
10512 Mar'28
_
13234 Sale 13014
136
729
13112 Sale 131
134
289
10030 Salo 100
102
77
90 Sale 90
9018
9
10112 10212 10110 10112
1
9170 Sale 9134
92
47
9312 Sale 9334
9334 67
10210 Sale 10234 102% 29
10312
107 June'28
1233
16 July'28
12% --__ 15 JtAy'28
Atl Gulf& W I SS L col tr 58_1959 1
Atlantic Refg deb bs
1937
Baldw Loco Works let be._ _1940 M N
Baregua (Comp Az) 7tis_ _ _1937
Barnsdall Corp 60 with warr_1940 J D
Deb 65(without warrant) _1940
Batavian Pete gen deh 4340_1942 1
Belding-Hemingway 65
1936
Bell Toler)of Pa 5s series B_ _1948
1st & ref bs series C
1960 A 0
Berlin City Rice Co deb 6tie 1951 J D
Berlin Elec El & Undg 6348 _1956 A 0
Beth Steel 1st & ref 55 guar A '42 M N
30-yr p m & imp s 15s_ _ _ _1936
1
Cons 30-year 6s series A..1948 F A
Cons 30-year 5Sis ser 13_ _ _1953 F A
1950M
Bing & Bing deb 6tis
Botany Cons MI110 634*
1934 A 0
Bowman-Bilt Hotels 78
1934 M S
B'way & 7th Ay let con 58._1943
Brooklyn City RR 1st 5s.. 1941
Bklyn Edison Inc gen ba A_ 1949 1 I
J J
Registered
General 60 series B
1930 1
7814 Sale 7734
7812 27
1003.• Sale 100
10114 27
107 10714 107 Aug'28
103 10312 103
103
106
10712 851
10678 Sale 105
92% 102
9034 Sale 9013
94
9334 Sale 9334
60
91%
91% 9414 9133
7
106
10534 10612 105
38
108 111 10733 108
2/
9412 Sale 9414
9434 35
9412
9414 9412 0334
9
10434 Sale 10034 10112 12
100
9934 Sale 99
18
105
10412 Sale 103
61
10212 Sale 10214 103
24
98 Sale 98
98
2
69
69
70
6914 18
103 10334 103
10312 11
72% Sale 73%
7334
5
93
91
91 Aug'28
10334 105 1033,4
105
6
1058 Mar'27
101% 10212 101%
10212
3
Bklyn-Man R.T sec 6s
1968 J J
Bklyn Qu Co & Sub con gtd 58'41 M N
let 58 stamped
1941 I
Brooklyn R Tr let cony g 48_2002 .1
3-yr 7% secured notes_ _ _ _1921 J J
Bklyn Un El 1st g 4-53
1950 FA
Stamped guar 4-55
1950 FA
Bklyn 1ln Gas 1st cons g Si.. _1945 MN
1st lien & ref (3s series A_ _ _1947 MN
Cony deb 5tie
1936'I
BUB& Susq Iron let ef bs_ _ _1932 ID
Buzh Terminal let 95
1952 * 0
Coruiol 5.9
1955
Bush Term Bldg;58 go tax-ex '60 * 0
By-Prod Coke 1st 5345 A...1945• N
Cal()& E Corp unit & ref 58_1937 MN
Cal Petroleum cony deb e f 581939 FA
Cony deb s f tis
1938 MN
Camaguey Sug 1st s f g 70._ _1942 AO
Canada S S List & gen 6s._ _1941 AO
Cent Dist Tel let 30-yr 5a _..1943 3D
Cent Foundry let e f as May 1931 FA
-38
8
22
2
1
41
23
64
13
43
98% Sale
137
984
99
70
70
2
-.
7-034 6
88
2 90 May'28
_
8814 Nov'27
105
13612 Nov'27
_
9312 -96
9312
9312
3
93
9512 93 Aug'28
10512 107
Oa
1013
9
112
11634 July'28
_
270 Sale 279
282
47
9412
9413 June'28
_
1030 90%
90% 10
9914 10012 9912
3
9913
100% Sale 1007
1007s
6
1014
101 Aug'28
_
10314 1-0312 10314 Aug'28
10114 Sale 98
10114 74
10114 Sale 101
10214 84
99
99% 99
99
5
101% 102 10113 101%
2
105 105 July'28
974 July'28
9611 97
Central Steel lat g f 813
1941 5.1 N 12434 12512 124 Aug'28
rtaln-teed Prod 534e A_ _ _1948 MS 9312 Sale 92
9312 63
Cespedes Sugar Co 1st s f 7)45'39 M S 9910 1043.
, 100
10012
1
Chic City & Conn Rys 5aJan 1927 * 0 61
6113 Aug'28
Ch G L & Coke 1st gu g 50_1937 I .1 10034 fof 10038 Aug'28
Chicago Rye let 5s
1927 FA 8212 Sale 8112
82)2 15
Chile Copper Co deb 65
1947 • I 9514 Sale 9412
9514 164
'
3 - _ 88
Clearfield Bit Coal let 48___ _1940
90 Apr'28
1943 FA
Colo F &I Co gen sr 5a
iio.
99
10112
100
11
Col Indus let & coil 59 gu._ _1934 FA 05 Salo 95
95
6
Columbia G & E deb 55
1952 MN 99% Sale 9934 100
124
Columbus Gas let gold 5s._ _1932 J J 9712 98
98 Aug'28
Columbus Ry P & List 434e 1957 2
94
9414 9414
9412 58
Commercial Cable let g 48..2397 Q
87
88
88 Aug'28
Commercall Credits!6s. _ 1934 MN 9812 100
9812
9812
1
1935 J J 924 9312 924 Aug'28
Col tr f 5%% notes
Cornin'l Invest Tr deb 65_..i948 MS 9512 Sale 9512
9512 31
Computing-Tab-Rec of 6s._1941 3' 105 Salo 105
10534
5
Conn Ry AL let&refg4)4s_ _1951 J 2 994 Sale 199 Aug'28
1951
'I 97% Sale 9913 Aug'28
Stamped guar 4%8
Consolidated IIydro-Eles Works
'
3 9714 98
of Upper Wuertemberg 70_1956
97
9712 15
Cons Coal of Md lat & ref 53.1950 J O 7812 Sale 78
79
11
Consol Gas(NY)deb 5lis..1945 FA 10512 Salo 105
10614 53
Consumers Gas of Chic go 513 1936 J O 10112 - - 101 July'28
Consumers Powerlst 50._ _ _1952 SIN 10334 1-04-12 10334 10334
1
1946 3D 10110 Salo 100
Container Corp 1st 60
10112 13
1943 3D 9312 Sale 92
lb-yr deb gold Os
9312 36
Cont Pap & Dag Mills 6%0..1994 FA 05% 9734 9533 Aug'28
_
1950 * 0 9934 100 100
Copenhagen Telep ext 6s
100
4
orn Prod Refg 1st 25-yr s f 5s'34 MN 10112 10214 10112 Aug'28
87
100
34
3%
98
93
104
79
101
9612
92
104
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.
Crown Cork & Seal s f 6s_ _ _ _1947 J O
Crown-Willamette Pap6s _ _ _1951 II
Cuba Cane Sugar cony 75 _ _ _1930 J J
Cony deben stamped 8%_1030 I2
Cuban Am Sugar 1st coil 8s_1931 MS
Cuban Dom Sug lot 7tis_ _ _1944 50 N
Cumb TAT 1st & gen 5s---1937 J J
Cuyamel Fruit let sf68 A _ _ _1940 * 0
Denver Cons Tramw 1st 5s...1933 A0
Den Gas & N L 1st & ref a f g 5s'51 MN
N
Stamped as to Pa tax -----1951
Dery Corp(D G) let s f 78. _1942 MS
Detroit Edison 1st coil tr 53_1933 II
S
1st & ref 5s series A_July 1940
Gen & ref 5s series A
1949 AD
1st & ref 6s series B__July 1940 M
Gen&ref5sserfl
1955 ID
Series C
1962 FA
Det United lot oons g 4tis_ _1932 J J
Dodge Bros deb 6s
1940 MN
Dold (Jacob)Pack let 6s_ .,_.1042 MN
Dominion Iron & Steel 55.._1939 let S
Donner Steel 1st ref 75
1942 I I
Duke-Price Pow 1st Co ser A '66 MN
Duquesne Light 1st 4345 A 1967 A0
1373
Price
Fridav.
Sept. 7.
Week's
Range or
Last Sale
Bid
Ask Low
9934 Sale 9934
103 Sale 102
76 Sale 7512
7914 Sale 7818
10512 Sale 105
9814 Sale 9814
101% 10210 10112
9934 10012 9938
76
ioois Sale 100
10014
10014
5978 -7-678 7010
10012
10(112
103% Sale 10310
104 10418 103
107% Sale 107%
10315-108
10414 1041
- 0 10414
9612 Sale 9612
9812 Sale 9814
8410 87
85
97 __ _ _ 97
98 Sale 98
10514 Sale 10434
101 Sale 10013
Range
Sines
Jas, 1.
FRIO
Low
Hiall
10014 19
9812 1004
8 10114 10311
103
8
76
6914 93
7914 13
6514 97
10512
2 105 108
9
99
9712 10112
Aug'28
99% 10412
9934 14
9813 101
Dec'27
Aug'28
99 103
2
99 103
10014
1
70%
504 75
2 1014 10318
10012
3 102 10534
103%
5 10214 10634
10312
10812 13 10614 1094
Aug'28
10178 107
5 10212 1074
10414
3
95
9612
9714
9812 428
8634 99
85
1
8072 8814
85 101
Aug'28
19
98
90
9912
5 1034 10672
10514
41
101
98 104
96
10934
10
10
102',
964
1061:
93
1044.
1024
97
97
East Cuba Sug 15-yr of g 73is'37 MS 9612 Sale 96
106
Ed El III Bkn lot con g 4s.. _1939 13 94
9612 95 Aug'28
1995 J J 10834 114 11434 July'28
9714 9914 Ed Elec III 1st cons g 55
100 102,
9534
95
4 Rice Pow Corp (Germany)634s'50 MS 9512 96
9312
10654 1094 Elk Horn Coal 1st & ref 6348.1931 JO 91% 9314 92
Deb 7% notes (with warr'ts '31 J O 77
774 7712 Aug'28
10212 106
Equit Gas Light 1st con 50.1932 MS 9834 100
99
99
9612
Federal Light & Tr lot Ss.. _1942 MS 9834 100 902
9812 1013
1st Hen of 58 stamped_ _ _1942 MS 001s 97 95 Aug'28
92,
4 1001:
97
99
,
4 10212
MS
964
1st lien Csstamped
10412
Aug'28
1942
10314 106 30-year deb 65 ser 13
100
1954 J O 100 Sale 100
1044 1044 Federated Metals s f 7s
9734
1939 ID 9712 9812 9712
Flat deb 7s(with warn)
10318 109
1946 J J 106 110 105% 107
Without stock porch warrants_
104,
4 110
93
9214 93
9234
Fisk Rubber 181 f 85
10312 106
1941 17d-i 11314 115 11314 11314
97% 101% Ft Smith Lt & Tr lat g 5s_ _ _1936 MS 10433
10433 Aug'28
103 1094 Frameric Ind & Deb 20-yr 734s'42
10334 Sale 10512 10630
83
9314 Francisco Sugar lot of 7tis_ _1942 MN 10513 106 10512 Aug'28
103 10611 French Nat Mail SS Lines 7s 1949 J O 10212 Sale 10210 10234
10514 10514 Gas & El of Berg Co cons g Sal949 ▪ D 1014
_ 105 July'28
Gen Asphalt cony 6s
11014 137
1939 AO 109 10014 10812 Aug'28
Gen Electric deb g 31is
120 140
1942 FA 9412.- -- 9412 Aug'28
9610 10514 Gen Flee(Germany) 78 Jan 15'45• J 102 10312 103
103%
S f deb 6 Sis with warr__ _ _1940 J O
120 117 Aug'28
85
MK
10112 104
Without vraretsattach'd '40 J O ii613 Sale 10014 100%
20-year s f deb(Ss
904 9414
1948 MN 94 Sale 9334
9412
8712 94
102 10311 Gen Mot Accept deb 68
103
1937 FA 10214 Sale 10214
10314 107
Genl Petrol 181 s f 5s
1940 FA 10012 Sale 10010
10034
Gen Rein let si 6s ser A
1214 16
1952 FA 10212 10412 10312 Aug'28
15
Good Hope Steel A I sec 7s 1945 A0 9812 Sale 98
99
15
107 Sale 107
Goodrich(B F) Co 1st6;is_ _1947 3
107,
4
N
9214
9214 Sale 9112
7224 824 Goodyear Tire & Rub 1st Is _1957
07% 1034, Gotham Silk Hosiery deb 6s _1936 J O 1003s 10034 10033 10033
7014 Sale 70
107 10814 Gould Coupler 1st s f 6s
1940 FA
70%
103 10834 Gt Cons El Power(Japan)78_1944 FA 9912 Sale 99
9914
95
Ist&gensfatis
9912 107
1950 J J 95 Sale 94%
N 1044 10614 10534 July'28
90
93% Great Falls Power 1st sf 5s_ _1940
98
90% 94
Gulf States Steel deb 5tis.._1942 ID 9733 Sale 97
88
90
9914 Hackensack Water 1st
8813 July'28
_1952 J J _
9512 May'28
104 1094 Hartford St Ry 1st 4s
1930 MS OLI2
87
10718 113
84 Aug'28
Havana Elec consol g 5s_ _ _ _1952 FA 83
70
94
70
70
Deb 534s series of 1926_ _.1951 MS
98
03
972
: Hoe(R)& Co 1st 6tia'ser A _1934 * 0 9212 Sale 91
9212
09% 104% Holland-Amer Line as(IOU) _1947 MN 103
103 Aug'28
99 103
90
Hudson Coal let s f 55 ser A.1962 ID 89 -8612 89
10212 10874 Hudson Co Gas lst g 5s
1990 MN 105 106 105 Aug'28
10112
9912 105
Humble Oil& Refining 534s_1932 2I 10112 Sale 10114
Deb gold 55
1937 AO 9934 Sale 99%
964 09
9934
68
10412
834 Illinois Bell Telephone 5s_ _ _1956 ID 103% Sale 103%
99 10817 Illinois Steel deb 43-40
98
98
1940 A0 97% 98
68
Ilseder Steel Corp a f 78
1946 AO 10012 10112 100% 100%
81
9118
91 Sale 9012
904 9812 Indiana Limestone 1st of 65_1941 MN
,
4 Sale 97
101 1064 Ind Nat Gas & 0115s
,
4
9818
1936 MN 97
103
10533 105% Indiana Steel 1st 5s
1952 MN 103 10312 103
2 9212 93 102 Aug'28
101 104% Ingersoll-Rand 1st Is Dec 31 1935
93
Inland Steel 1st 43413
1978 * 0 9234 Sale 9112
9614 10044 Inspiration Con Copper 634s 1931 M
10012 10158 10038 100%
6412 72
784 Sale 7830
80
90
Interboro Rap Tran let 50_1966 J
7910
'
3 7914 Sale 7830
Stamped
7914
Registered
83 Apr'28
93 100
1932 A 0 7913 Sale 79
10 year 6s
797k
93
994
10-year cony 7% notes_ _ _1932 M 5 9914 Sale 9814
9934
104 111
90
9312 9312 July'28
Int Agile Corp lot 20-yr bs _ _1932 M N
116 11934
Stamped extended to 1942 ____ M N
7712 807s 707e Aug'28
250 288
1948M N 9674 Sale 9614
Int Cement cony deb 513
9714
Internat Match deb 55
9314 102
9818
1947 SIN 98 Sale 9734
88
9412 Inter Mercan Marine s f 65_1941 * 0 10312 Sale 10314
10312
9514 103
International Paper Is ser A _1947 1 .1 99 Sale 99
99
9914 105
Ref f Baser A
104
1955 MS 103 Sale 10218
100 10311 Int Telep & Teleg deb g 4SO 1952 31 94% Sale 9414
95
10314 105
Kansas City Pow & Lt 55_ _ _1952 MS 10312 104 .10312 104
4 102
95
,
10014 10212 10014 Aug'28
let gold 4tis series B
1957 J
95 1044 Kansas Gas & Electric 6s _1952 MB 10418 10512 1044
10512
0812 10114 Kayser (Julius) & Co deb 534o '47 MS
11412
116 113
10012 1034 Keith(B F) Corp 1st 65
91
91 Sale 9012
1946 M
1044 10512 Kelly-Springf Tire 8% notes 1931 MN 1084 Sale 10810 1084
974 9912 Keyston Telep Co 1st 5s_ _ _1935
'
I 9312 95
95 Aug'28
Kings county El & P g Is .A937 A0 1033 Sale 10334 10334
120 126
Purchase money as
1997 A0 12610 ____ 125% 12533
8912 97
82
Kings County Elev lot g 4.9..1949 FA 82 Sale 82
9834 105
Stamped guar 4s
8013 82 824 Aug'28
1949 FA
6113 69
Kings County Lighting 53_ _.1954 1
103 10334 10033 10033
100 104%
First & ref 6340
11712 1163 July'28
1954 J J
78% 88
Kinney (GE)& Co 734 %notes'36 J O 10514 10612 10514 Aug'28
9314 9734 Kresge Found'n coil tr 6s_ ..1936 ID 10312 Sale 10314
10312
874 90
Lackawanna Steel 1st 5s A _1950 MB 10112 Sale 10112 10133
99 10214
94
9814 Lac Gas Lot St L rehtext 5s_1934 A0 10112 Sale 10112 10112
9814 1014
Coll & ref 53-45 series C...._1953 FA 10434 Sale 104% 10434
9412 10014 Lehigh C & Navel 434e A_ _1954
'
3 10014
10012 Aug'28
9112 100
Lehigh Valley Coal 1st g 5s._1933• J 101 10114 101
101
Registered
7732 8834
I2
100 Aug'28
98 10110
let 40-yr gu lot red to 4% _1933 I2 9212 -6i- 97 Aug'28
92
1sta:refs(55 •
1934 FA 101
10110 Aug'28
97
96
1944 FA
1001 10912 Aug'28
97
1st & ref s f 5s
104 10612
09
1954 F A 97
9912 Aug'28
1st& ref sf 5s
9512
lst&refaf 5s
961 9512
9833 103
1964 FA 04
1974 FA
98 102
9613
97
1st dr ref a f 5s
3714 May'28
Lea Ave & P F 151 gu g 58_ _ _1993 M S
12012 12012
96 10012 Liggett & Myers Tobacco 7s _ 1944 AD 1261s1
1041 10114
1951 FA
76
8334
10258
58
1941 FA 133 Sale 128
10434 107
134
Liquid Carbonic Corp 6s_
10012 10314 Loew's Inc deb 6s with warn _1941 A0 11212 Sale 111
1144
101,
4
102 1051g
Without stock pun warrants_ AO 10034 Sale 10034
1944 AD 109 Sale 109
109
98,
4 102% Lorillard(P) Co 73
91
1951 FA 8934 Sale 8934
9013 9812
59
9114 Sale 9010
1937 J
79
91%
974
Deb 5413
100 10214
100 102%
10012 -J.6.-
0'3,73
14
13
5
8
7
7
4
25
11
1
7
21
9
6
58
225
76
_
35
67
55
5
6
15
6
9
3
5
20
15
54
34
1
10
9
4
3
29
23
75
48
13
80
132
118
37
23
86
7
28
4
3
1
1
5
2
14
5
7
4
3
1
8
10
11
175
60
44
1
10
14
93 1054
934 99
1144 1174
94
9912
92
99
704 91
9912 10212
96 10312
95 1014
100 105
,
1
99 105
95
99
10014 119
91
98
110 120
8911 10454
105 1104
10512 11072
101 10312
105 10712
106 117
9412 ge
102 10618
117 12612
98 101%
93
9523
10114 1044
9614 10213
102 1084
98 103
10643 1084
89
,
4 96
10038 103
6912 8218
97 1014
9234 98
105% 106%
9614 101
8813 92%
9512 9512
81
98
70
7834
90
9914
100% 10412
86
95
1004 109
10058 10314
99 10112
10314 10574
96 10112
9872 10212
90 10114
97% 10013
10212 105%
101 104
9110 93
100 1024
744 8614
7412 864
764 83
70
90
9614 10314
90 100
77
86
85314 100%
9630 10012
10212 1064
97% 102%
10114 10514
9213 984
10213 1054
10014 1054
10414 1061/
10514 122
88 MI
10614 1094
944 99
103 10711
120 13382
9117
82% 904
100 1073.
11434 120
105 IOR
10212 1054
1004 10617
99 1114,,;
102,
8 105
100 1014.
97 10211
100 101
97
97
101 102
99,
4 1041:
96,
4 10114
94 1001
,
94
9144.
35
3714
120 127
9978 1053,
113 133
10534 11354
99 1024
109 11811
88,
4 9814
90
974
New York Bond Record-Concluded-Page 6
1374
353
BONDS
VI. Y. STOCK EXCHANGE
Week Ended Sept. 7.
t
Price
Priam,
Sept. 7.
Week's
Range or
Last Sale.
Range
Since
Jan. 1,
•ONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.
e.
Price
Friday,
Sept. 7.
Week's
Range or
Last Sale.
81.2
Rowe
Since
Jan, 1,
High
Hick No. Low
Ask Loss
Bid
Iligk
9712 10112
Hick No Low
Ask Low
Biel
FA 99 Sale 9813
9912 36
2 1004 101138 Pure 011 at 556% notes___1937 J J 95 Sale 9412
95
924
7
8
1023
IC2%
10314
8
MN
1023
95
58_1952
&
Louisville Gas El (Ky)
9812 Purity Bakeries s f deb 5s_ _.1948 MN
95
97 101
7
9612 Aug'28
99
99 Sale 98
1937
Louisville Ry let cons 55____1930:3' 9612 98
Remington Arms its
92
974
46
8
957
4
943
MN
Sale
95
'47
war
with
Lower Austrian Hydro El Pow8714 9112 Rem Rand deb 556e
9934 10518
8812 11
8
101
*0
10014
1944 FA 8812 Sale 8812
1st sr 650
9858 10238 Repub I dc S 10-30-yr Is 81_1940 J J 1004 Sale 10012 10314
9
9912
9914
8 10012 105
Sale
10314
_1953
McCrory Stores Corp deb 55041 J D 994 Sale 04
A.
series
550
gen
&
Ref
3 10178 10934
10538 11312
10414
:3 106 10712 10534 Aug'28
'
Menet' Sugar let sf 7.56& 1942 * 0 104 Sale 6814
6718 7718 Reinelbe Union 7s with war 1946
5
6918
88 102
9
9814
':3 98
981
: 98
Nfanhat Ry (N Y) cons g 48_1990 AO 69 Sale
Without stk purch war_ _1946
7114
3
00
6312
16 1004 104
MS
10112
10114
102
2013 J D 5312 6312 6312
8
1013
26 4$
A
75
1950
136 1031, Rhine-Main-Danube
25
1024
10018
98
98
18
MN
M
4
8
1013
1017
10134 Sale
Manila Elec Ry & Lt at 53_1953
Rhine-Westphalia Elec Pow 78'50
100 102
8912 94
Aug'28
19
91
Marion Steam Shove sr 68.. A947 AO 9912 9934 02
1952 MN 91 Sale 9034
Direct mtge 65
9434 98
3
FA
9614
96
in
944
96
partic
of
ctfs
Mfrs Tr Co
1055
Rima Steel let s f 7s
104 108
Aug'28
6 10714 114
110
MS
A I Namm & Son 1st 68_1943 J D 104 10412 04
9734 10012 Rochester Gas & El 78 ser 8_1946 /51 S 110 Sale 110
12
98
974
10518 ____ 10514 July'28 ---- 104 10812
Market St Ry 7s ser A April 1940 Q J 98 Sale 9812
1948
Gen nitge 556ss e.rles C
9614 10032
9018
5
99
00
---Sale
9812
AO
MN
June'28
90
1957
Meridional El 1st 75
Roch & Pitts C&Ipm 5s_ _1946
2 10014 105
9512 0812
0112 10134
10134 102
9512 Aug'28 ---9512 98
Mete Ed let & ref Is ser C._1953
1937 MN
84; St Jos Ry Lt & Pr let 55
78
8112 7912 Aug'28
Metr West Side El (Chic) 45_1938 FA 78
9612 103
1
98
98
984 99
9512 96
'a 9858 _ _ 9858 Aug'28
Miag Mill Mach 7s with war_1956
8912 4,812 St Joseph Stk Yds 1st 450_1930
8
93
7972
9212
76
12
JD 9212 93
17
77 Sale 76
Without warrants
7 10412 10614 St L Rock Mt & I'5s stmpd_1955 J
9813
10518
93
05
Sale
10518
MS
93
Aug'28
__1940
92
9612
Mid-Cont Petrol lot 656s_
St Paul City Cable cons 5s 1937
1024
4
983
33
29612
10018
1094
9934
Sale
3
4
a
'
10734
Midvale Steel &0cony s118 1936 MB 993
1
9712 1003, San Antonio Pub Sery 1st 68_1952 FA 10612 10714 107
994 1034
99
99
10012 18
Mllw El Ry & Lt ref & ext 450'31 • J 9834 99
10212 1054 Saxon Pub Wks(Germany) 7s'45 MN 100 Sale 100
98
99
0212 Aug'28
1024 103
9514 51
95 Sale 9414
General & ref Is series A__1951 J
1951
ref
Gen
guar
toas.
6.5613
11
9914
1054
4
1003
00
10012
10
103
1961 J D 10014 Sale
1st & ref 59 series B
1946 J J 103 Sale 102
59 10112 lows Schuico Co guar 6363
104
105
0318
100
104
1
10318
.1
.1
AO
3
:
076
199
214
0
:
1
:
1943
A
Sale
5s
103
Montana Power 1st
1946
Guar s 656s series B
99 195
10012 16
9512 98
9
1962 ID 993a 9934 99
Deb Is series A
Sharon Steel Hoop s f 5565_1948 MN 9612 Sale
9338 9612
9618 68
a2
54 S9
1e14 95
Montecatinl Min & AgricShell Pipe Lint's I deb 5s
1952 MN 92
128 1004 120
1133
4
1118
9478 10012
Sale
11114
68
J
MN
Deb 75 with warrants__ 1937
9418 10112 Shell Union 011 5 t deb I8.. 1947 J O 9712 Sale
16
98
914 8612
• J 9614 Sale 9614
1
02
92
Without warrants
El
1st
6568..1952
Pow
Shinyetsu
1024
6
9814
9914
9934
9472
88
Sale
9914
17
J
J
D
•
8818
8912
58__1941
ref
dr
1st
Tram
874
Sale
Montreal
98 1014 Shubert Theatre 13s_June 15 1942
99 104
98 June'28
11
':3 10012 101 101
101
Gen dr ref s f Is series A___1955 A 0 9838 1935
99 1004 Siemens & Halske s f 78
9934 May'28
28 19412 112
MS
1955 AO 985s
10518
10614
Sale
Series B
10614
5
1951
Deb
f
656s
8518 8832
8634 33
1939:31 8634 Sale 86
10634 32 10458 107'4
Morris & Co 1st s f 4565
S 61-Is allot ctfs 50% pd __'51 MS 10612 Sale 106
824 821
8212 Jan'28
9818 105
92
FA
10634 20
Mortgage-Bond Co 48 ser 2._1966 AO 82
9678 9164 Sierra & San Fran Power 58.1949 FA 10038 Sale 10038 Aug'28
9734 Aug'28
9234 96
3 9712 100
'
1932
4
933
10-25-year 58 series 3
2
9058 9834 Silesia Elec Corps f 633s...1040 FA
9812
96 102
9812
9812
9814
JO
78
1934
9914
98 Sale 9712
Murray Body 1st 650
Silesiap-Am Exp coil tr 7s._.1941
103 1117
8 10412 Aug'28
9814 10813
88
102
MN
0012
Mutual Fuel Gas 1st gu g 58.1947 MN 100 1043 10434 July'28
Sale
101
Simms
Petrol
6%
1929
notes
1024 1044
10414
100
MN
47
1941
10218
M
5%
at
0114
ext
68
gtd
Mut Un Tel
1014 Sale
Sinclair Cons 011 15-year 78_1937
9714 9934
23
9878
9812
Narnm (A I) & Son-See Mfrs Tr
1st lien coll Os series D
1930 MS
56
65
12
954 10212
601
Sale 60
54
8
997
D
8
987
8
997
Nassau Elec guar gold 45....1951 :33 60 Sale 9734
Sale
1st
lien
6568
1938
series D
9578 9934
964 9934
9812 123
9814 29
J J 9778 Sale 9712
Nat Dairy Prod deb 550....1948 FA 9812 10212 10114
101 10412 Sinclair Crude 011556s ser A_1938 AO
9734
93
8
94
93
Nat Enam dr Stampg 1st 55_1929 J o 101 Sale 8738 MaY'28
Sinclair Pipe Line a f Is
1942
8112 101
5
8 95'8
8834
017
16
1947 FA 8712
9212
MS
9218
Nat Radiator deb 630
Sale
31142
92
1939
100 10034 Skelly 011 deb 55is
1034
10014
Aug'28
101
:3
'
8
0325
lg
271;2 A u
07
Nat Starch 20-year deb 5s 1930
2 102 10518 Smith (A 0) Corp 1st 65613_1933 MN
102
-.102
106 1104
1952 MN joiis
National Tube let a f 5s
77'1822 89a
°928
108
81:4
South Porto Rico Sugar 7s_ _1941 JO 10
102 108
3 10238 10612
,J 10278 Sale 0278 10314
Newark Consol Gas cons 55_1948 J O 10212 11:8
11118 South Bell Tel & Tel 1st at 581941
2
10518
106
4
1073
1064
10618
ID
6 102 1074
New England Tel & Tel 5s A 1952
Southern Colo Power 65 A..1947 J J 10412 Sale
9912 100
1004 37
1961 MN 10038 Sale 10014
338 1031 26 10214 10712
lat g 450 series 13
&west Bell Tel let & ref 5s 1954 FA 10358 Salo 03
2
95
1013
12
9712
9678
Sale
9678
AO
New On Pub Sem, let 5e A 1952
9534 10111
3
9912 10212
9634
8 __
278
1955 JD 9634 9738 9634
,
'
9
078 Aug
,
9
0
First & ref Is series /3
Spring Val Water 1st g 6.1._1943 MN 9914 _ _
00
14
9912 10112
84
85
8434
N Y Dock 60-year let g 412_1951 FA 8478 86
9934 9978
1930• N
Standard Milling 1st 58
94
1044
88
---------10214
9012
AO
90
1933
Serial 5% notes
10318 104 10234 Aug'28 1st dr ref 550
1945 M
11412 18 113 119
1024 104
0
40
1294
8
1027
A
•
10
NY Edison let & ref 6.568 A_1941 A 0 11411 115 11438
Sale
4
1023
Stand 01101 NJ deb 58 Dee 15'46
106
7
10314
10412
Sale
1047
8
984
4
933
10412
AO
1944
series
B
58
1st lien & ref
3 10538 11114 Stand 011 of N Y deb 456s_ _1951 JO 9514 Sale 95
93,2 love
10612
5:12
90
10
:3 100 Sale 99
N Y Gas El Lt HA Pr g 58_1948 J O 10612 Sale 10618
'
Stevens Hotel 1st 6s series A.I945
1011,
110 110
9784
110 Apr'28
9
9912
99
MS
Registered
99 Sale
4 Sugar Estates (Oriente) 78..1942
9218 98,
9312 28
9312 Sale 9278
2 iso 110
100
Purchase money gold 413_1949 FA
103 100
1929 FA
Superior Oil 1st 51 75
10258 Oct'27
5 105 110
106
NYLE&WC&RR 550_1942 MN
Syracuse Lighting let g 58..1951 • D 105 10634 106
ioo"
10184 10638
Aug'28
4
1013
J
N YLE&WDock& Imp 581943:3' 10012 ____ 100 Aug'28
1 1014 1034
9878 10172 Tenn Coal Iron & RR gen 58_1951 * 0
10118 1154
NY&QE1L&Plstg 58_1930 FA 9912 ____ 100 Aug'28
10712 10812 10812 Aug'28
1941
6234 6234 Tenn Cop & Chem deb 6s
105 1084
6234 Apr'28
17
107
10614
13
'
N Y Rye let R E & ref 4s___1942 .1 J
Sale
10612
Tennessee Elec Pow let 6s..1047
60
73
58
66
Junh'28
58
___
13
6812
Certificates of deposit
6812 Sale 6758
Third Ave 1st ref 4s
1960 .1
5584 7272
218 4
4 Mar'28
1
15
3
3142 123
7
5
9
46
34
7
9
6
AO
Sale
30-year ad) Inc 5s____Jan 1942 AG 566412
1960
Ad)
Jan
Inc
58 tax-ex N Y
9512 10112
212 4
Mar'28
4
9
3
J
deposit
9634 Sale
Certificates of
Third Ave Ry 1st g 55
1937
98 10072
11
90
9834 Sale 9844
1955 M
134 32 Toho Elec Pow 1st 7s
98 100
2318 23
2312 23
9914 51
I 9918 Sale 99
'
N Y Rys Corp Inc (is__ _Jan 1965 Apr 23
8% gold notes___Auly 15 1929
764 9412
7
8614
8712
8412
8412
':3
1985
Prior lien 68 series A
Tokyo Elec Light Co, Ltd9214
2 104 109
90
10514
9118
91
3D
Sale
9112
NY & Richm Gas let Gs A 1951 MN 105 106 10514
1953
1st
6s dollar series
GO
47
99 1014
7
8
4734
91)18 195
9912
9978 100
N Y State Rys lst cons 4568_1962 MN 4734 Sale 47
1930 J
4
Toledo
Tr
notes
1943
&
L
743
8
5878
15
P533%
1074
59
8
587
57
_
June'28
1962 MN
let cons 6565 series 13
1949 MB 101 107 10434
11 105 10914 Trenton 0 & El 1st g 5s
1024 - - 18 101 1034
102
MN
NY Steam 1st 25-yr 6s see A 1947 MN 166 sale 10534 106
9914 10312 Trumbull Steel 1st s f 68.._ A940':3 10214 Sale 59
65
5018 6812
59
65
60
NY Telep 1st dr gen 81450_1939 ION 100 Sale •994 10038
58_1962
9872 1014
St
ref
1111,
Twenty-third
Ry
4
,
9
109
1
10012
30-year deben 8 f 6s Feb 1949 FA 110 11014 10934 11014
Tyrol Hydro-Elec Pow 750.1955 MN 100 10012 1001z
10712 11 106 109
20-year refunding gold 65.1941 AO 107 Sale 107
4 100 1034
98 103
101
1
994
1946 J O 10014 Sale 10014
N Y Trap Rock 1st 63
9834 9912 99$8
1945 M
9512 9534
1 1001g 104+4 Uligawa El Pow 5 1 75
_
9534 Mar'28
99
Niagara Falls Power 1st 58_1932• J 10114 Sale 10112 10134 33 104 1064 Underge'd of London 456&_1933 .1 .1 94
4 103
1003
105,
4
10412
Sale
105
AO
1932
Jan
Ref & gen 6s
10114
10434 Union Dec Lt & Pr (Nlo) 58_1932 MS
12 100 103
i9958 - 101 Niag Lock &0 Pr let 58 A._1955 *0 1024 10312 10234 10312 19 101
1933 MN 10078
Ref & ext 55
10118 10414
'a
Norddeutsche Lloyd (Bremen)10312
102
Un E L&P(111)1st g 550see A_'54
94
8912 94,2
92
64
94
8912 Aug'2S
1947 MN 93 Sale 93
20yref 6s
Union Elev Ry (Chic) 5s
1945 * 0 8912 90
7512 93
0938 102
7612 34
Nor Amer Cem deb 6568 A_1940 MS 76 Sale 76
1931 JJ 10112 103 10134 July'28
99 10371 Union 011 1st lien a f Is
11218
141
108
8
100
1007
Sale
10018
MB
deb
ser
58
A.1957
No Am Edison
30-yr 138 series A___May 1942 P A 11018
9712 102
8 100 1074
973
1034
14
1947 MB 101 Sale 101
Nor Ohio Trac dr Light 6s
1st lien sf5s series C_Feb 1935 AO 9738 Sale 9712 9978 104
7
99 10211
9912
99
Nor States Pow 25-yr Is A 1941 * 0 101 10234 10034 10134
N
Ill
100
9912
United Biscuit of Am deb 68.1942
8 104 107
95 10014
9614 65
1st & ref 5-yr 6s series B 1941 * 0 103 106 10434 1051
United Drug nets 25-yr 5s__.1953 MS 9578 Sale 9812
0712 100
854
81
9712 July'28
9712
North W T 1st fd g 4565 gtc1.1934 .1
J 8412
_ 8412 Aug'28
9038 9414 United Rye St L 1st g 45.__.1934
95 101
9134 20
Aug'28
Norweg Hydro-El Nit 550-1957 MN 9114 Sale 91
97
N 97
9714
United
ss
1937
6s
Co
15-yr
1163
4
11412
54
9
904
115
July'28
114
Ohio Public Service 7568 A 1946 AO
D 924 9234
Un Steel Works Corp 6568 A_1951
8984 974
1 116 1114
1947 FA ii•IT8 116 1154 11518
9212 47
let & ref 7s series 13
J0 92 Sale 02
With stock pun warrants
108
10412
06
1
90
10514
10514
I
10612
2
8
1053
1948
9I38
925s
Ohio River Edison 1st 68._
93
Series C without warrants Jo 92
9512
87
5
9314
on 974
2
1944 FA 9314 Sale 93
92
Old Ben Coal let 65
9214 92
With stock pur warrants JD 91
_ 10112 1061,
1943 FA 101 103 103 Aug'28
Ontario Power N F 1st 58
United Steel Wks of Burbach
1044
105
10214
100'8
1
1014
1013
4
101
5
MN
10012
105
Ontario Transmission 1st 58_1945
8334 9612
Esch-Dudelange sf 75....1951 * 0 104 Sale 104
964 105
30
100
110
89
11,53 MS 9958 Sale 9914
Oriental Devel guar 65
S Rubber let dr ref Is ser A 1947'3 884 Sale 88
1064
8
14
903
4
93
100
8
9118
917
'23
Sale
8
MS
917
10112
_1063
Is.
El
Wks
e-xt1
Oslo Gas &
10-yr 756% secured notes_1930 FA 10114 Sale 01
9748 101
36
35 106 10934
10078 Sale 9934 101
108
1941 M
Otis Steel let M 6s set A
07
10514 U S Steel Corpf Coupon Apr 1963 NI N 107 Sale 10512 Aug'28
10512 10812
Pacific Gas dr El gen & ref Is 1942:3' 10112 Sale 10112 10214 65 1004
s f 10-60-yr5511tegisApr 1983 MN 104 10412
9912 1011
23
8
4
1003
1003
894 96
Sale
FA
10034
7
0014
90
Pac Pow & Lt 1st & ref 20-yr 58'30
90
8912
deb
1936
Os
had
&
Plpe
Universal
944 10043
105
8
1023
13
96
1937 I' 103 Sale 10238 Aug'28
Pacific Tel & Tel 1st Is
Utah Lt dr Trac 1st & ref 55._1944 A 0 95 Sale 95
102 108
4 1034
20
983
4
103
1033
17
8
MN
1033
1034
5
1017
1952
A
Is
Ref mtge series
A 1004 Sale 100
1944
Utah
Lt
Power
&
1st
58
10238
10874
10514
33
105
10234
10212
Sale
Pan-Amer P dr T cony a I 68_1934 MN 10212
105 10678 105 Aug'28
1034 105/, Utica Elec L & P 1st s f g 58_1950
1 10512 112
1930 FA 10412 10434 1044 Aug'28
10612
10612
1st lien cony 10-yr 7s
10618
9814 Utica Gas & Rice ref & ext 581957
914
101
10
97
9312
95
46
Sale
9312
10
•
99
100
Pen-Am Pet Co(of Cal)cony 68'40
09 Sale
9912 104
Vertientes Sugar let net 78._1942
55
48
_
48 July'28
Paramount-13'way 1st 550._1951 ':3 10134 Sale 10134 102
5114 53
1953
98 1024 Victor Fuel 1st g 1 55
9178
81
82
994
101
2
Sale
J
10012
83
621.1947
Paramount-Fern's-Lasky
82 Sale 82
8012 102'4 Va Iron Coal & Coke let g 581949
13
9912 102
08
10078 19
10014
Park-Lox 1st leasehold 650_1953 J J 98 Sale 9712
Sale
8
1007
Va
&
55
Ry
1934
ref
&
1st
10712
Pow
102
105 108 105 Aug'28
Pat & Passaic G A: El cons 55 1949 M
811;
50
119
82
004
80
N 78 Sale 78
87 Aug'28
Pathe Each deb 781 with ware 1937
88
9312 102
Walworth deb 1350 (with war)'35 AO 87
14
80
964
97
1
84
1941 MS 9534 Sale 95
0 84 Sale 84
Penn-Dixie Cement 68 A
1st tank fund 6s series A___1945
11334 1153,
1074
10512
115
July'28
33
_
0
*
100
68_1943
106
Peop Gas & C 1st cons g
8412 95
9 102 10818 Werner Sugar Actin 1st 75_1941 JO 106 Sale 8614
5
874
1947 MS 103 Sale 10278 104
Sale
J
Refunding gold 58
J
8718
let
Warner
Sugar
7s___1939
Corp
104
104
104 105
104 Apr'28
MS
10114 104 104 July'28
Registered
97 1016 Wash Water Powers f 55__1939
2 105 1094
9914 198
9834 Sale 984
10512 Sale 10512 10512
Philadelphia Co sec 58 ser A_1967 J
9712 1041, Westehes Ltg g 58 stmpd fad 1950
2 101 105
10312
4
1023
1967• N 10018 Sale 0018 .10038 31
M
103
Philo, Elec Co 1st 450
10178
West
58..1946
A
Penn I'ower set
15
914 102+
102 108
94
95
Phila & Reading C dr I ref 58.1973':3 95 Sale 9134
10258 10478 10212 Aug'28
1st 68 series E
1963 M
914 9434
9214 61
1014 lows
1039 ID 9212 Sale
Phillips Petrol deb 5.44
1953 *0 10478 105
1st 550 series F
9012 108
3
108
lova 105
0718
13
Sale
10712
M
10314
10212
881943
deb
Sale
Car
Mot
103
Pierce-Arrow
1956
1st see Is scrim G
10412 0.64
so so
July'28
064
103
60
J
10718
60 Sale 50
Pierce 011 deb 5 f 8s_ _Dec 15 1931
1950 1
9 10312 1011' West Va C & C 1st 68
0312 10412
111 nog 100
8
1033
4
1023
Sale
8
*0
1033
Pillsbury Fl Mills 20-yr 613...1943 AO 10312 10412
1944
5s
deb
Western
Elearic
994 113
1054
1
100
10612
0612
21
4
1073
10314
PAN
10612
10234
J 103 Sale
Pirelli Co (Italy) cony 78. _..1952
9312 9612 Western Union coil tr cur 53.1938
1
964 10318
9612
2
98
9712 Sale 9712
Pocah Con Collieries 1st a1581957 J J 0612 Sale 9612
Fund dr real est g 450._ 1950 MN
1 1034 10634
10834 11273
4 10334
21
033
Sale
11038
4
1033
FA
110
8
1103
A
F
A.1953
110
6s
Dk
&
Can
Port Arthur
1936
15-year 650
10412 106
13 1014 1054
06 July'28 _ •
1953 FA 10334 105
1st M 6s series B
1951 JO 1024 Sale 10112 10212 48 1014 Ins
25-year gold 5s
7 100 10534
101 14
4 104
Portland Elec Pow let Os B..1947 MN 10114 Sale 01
80
9012
99 1031, West'h'se E & NI 20-yr g 5s._1946 MS 104 Sale 1023
3
40
994
994
Sale
9012
994
90
I'
9012 Sale
1935
Portland Gen Elec 1st 5s
994 10434
9734 9954 Westphalia En El Pow 65..19.13 1
1
9734
10078 49
Portland Ry lot & ref U....1930 MN 9734 9814 9734 Aug'28
98 10134 Wheeling Steel Corp 1st 5.5313 1948 J J 10073 Sale 100
99
4
1043
8
FA
887
58_1942
P
&
ref
L
1st
Ry
Portland
934 9872
7 190 10478 White Eagle Oil& Ref deb 5568'37 MS 9678 Sale 9612
13
10118
97
let lien & ref 6s series B__.1947 MN 10018 Sale 00
With stock parch warrant&
123 13111
3 10638 108
10712
July'28
07
1st Ilen & ref 7568 series A_1945 MN 10712 108
White Sew Mach 6s (with war)'36 jJ ____ 130 124
9814 106
974 105
2
29
1004
8812
8812
994
9914
10014
J
99
J
9812
Porto Rican Am Tob cony Os 1942
374
9538
Without warrants
28
03
_
9514 110
35 Aug'28
J 9514 Sale 94
Postal Teleg & Cable coil 58.1953
36
28
90
994 Wickwire Spen St'l 1st 713.....1935'3 3558 39
8
10
96
3514
3512
95
Sale
:3
9512
'
Sale
3514
MN
5s._1933
Car
cony
Pressed Steel
g
116
Wickwire Sp St'l Co 7s_Jan 1935
10112 10312
111
35
50
10212
4
1103
4
3
110
102
Prod & Ref s f Is (with war)_1931 • D 11118
.-1933 MS 102 Sale 10114
1104 1124 Willys-Overland s f 6568
10112 47 100 1054
Without warrants attached.._ ID 11034 111 1104 Aug'28 2717 116 150
Wilson & Co 1st 25-yr s f 88_1941 *0 10112 Sale
2 104 1034
10714
Pub Ser.,Corp NJ deb 4563_1948 FA 150 Bale 13912 150
Arms756s '41 *0 10714 Sale 10714
8
Repeat
1055
Winchester
102
100 2 161 9914 mg
Aug'28
J 10038 Sale 100
Pub Sem,El & Gas 1st & ref 58 '65 ID 103 10412 10212
Youngstown Sheet dr Tube 581978
100 107
10018
99 100
Punta Alegre Suber deb 78_1937 31 93
SEPT. 8 1928.]
FINANCIAL CHRONICLE
1375
Outside Stock Exchanges.
Boston Stock Exchange.-Record of transactions at
the Boston Stock Exchange, Sept. 1 to Sept. 7, both inclusive, compiled from official sales lists:
Railroad100 180
BO8t0I1 eh Albany
100 8455
Boston Elevated
100 106
3c1 preferred
Bost & Maine corn unst 100
Ser A lot pr pt unstpd 100 8715
Ser D lot pref unstpd100
Prior ore stamped_ _100
Ser A lot pfdstpd _..100
Negot receipts 70%paid
East Maas St Ey Co...100 3115
100
Preferred B
100
1st preferred
100 54
Adjustment
100
Maine Central
84
Preferred
N YN H & Hartford_ _100 61
100 1354
Oid Colony
50 644
Pennsylvania RR
7447,S;4eig4g4lifigg2.147.V:4 0,.°4"Critlfi4g4E441'.g Pg.
42''ggMta.`,'LL'Sg?.'?,44'..1g.;114F.E6,14
a'47X
t4AX =
AA xXXx
X X
XX g A
A
AA X
A g
A4
8
g
.0.0.11PWMMW.00..1./WW.CW.I.WWWCIWN
.0..
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'
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8
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0.CDI.ZW0.1.1M.10 WW11.41.41.4600 .0C.AWi0. .MM..00
WWW.100.1.10000.1.40.100W..0°W.I.1.10W000.M0
.
4,
2 .',*
1,000
1.000
g
2,000
74,4E;ntugggcivA.g%gaagagq04ggElg
EA E
.
NO.
KIWM
0
Mo...
0 WM
100
643.5 6455
618
98
0.4
:,10
100
644
08
115 1,180
535 3,839
494
650
7.355
3335
2151 3,472
3
1.910
315
325
4,909
315
536
5431
234 3,720
651 4,514
14
430
275
135
1,200
13.4
.50
100
.60
240
59
1,461
2934
940
.12
400
52
84
140
315
28,274
5
938
234
1815
1,825
15
445
46
11,839
31%
565
.5' 1,860
.50
100
411 1,139
1.,
1,300
155
154
8Xxg8X
'"gX X4gXg=
`
155
5
4855
2934
2015
215
254
251
4933
2015
4
1
14
155
.50
.55
5635
29
.10
52
315
455
2
16
124
4035
30
.40
.50
335
134
154
X512,X= 8.
4
700
40
1,035
25
740
30
49
2,614
1,738
99
195
34
3,060
370
10
5
20
35
100
414
25
545
32
140
10
2,760
480
78
72
1.770
2,000
505
2,645
911
63
555
3,150
345
100
30
732
t)- ,-,
4355 44
103 103
103
294 2815 2935
2555 2515
6555 6815
94
94
1055 104
104
955 1055
1015
14155 139 143
77% 773-5 784
100 100%
100
335 43,5
335
4055 3915 4135
2515 254 25%
41
1
98
98
101 1024
10455 106
.25 .25
1444 144 145
51
51
51
2655 2534 27
174 17
174
1915 2055
2055
11
11
31
34
34
1394 142
142
13215 134
134
129% 129 132
454
4
415
1835 1814
1415 15
144
62
6135 63
7331 75
74
31
3115
744 80
79
8% 1134
11
224 2355
23
84
84
1655 17
17
163 170
167
Friday
bates
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
25
Acme Steel Co
Adams Royalty Co com_ *
All-Amer Mohawk "A"....5
American Colortype. corn •
Amer Pub Serv pref_ _ _ _100
Am Pub CBI part Did_ _100
Amer Shipbuilding_ _100
Amer States Sec Corp A-•
Class B
•
Warrants
Armour d. Co pref
100
Art Metal win Inc prat_ _•
Assoc Investment Co__ •
Atlas Stores Corp corn.....*
Auburn Auto Co com____•
Balaban & Katz v t a._ _25
Bastian-Blessing Co com_•
Baxter Laundries Inc A...•
Beatrice Creamery com.50
Bendlx Coin Class B_ _ _ 10
Borg-Warner Cory com_10
Preferred 7%
Brach & Sons(E J) corn..
Butler Brothers
20
Bunte Bros, corn
10
N
N
.
..
..
.
.
...DN..) 000NNW 0.10
04.
,
11W
...M. ..1Wel101....6.bW1
.....0M.0410..1,04..W.MPON0.
.4 41041.4.0W
4. 0.4 .1
245
320
210
1,485
745
596
85
186
60
885
10
150
100
650
4,138
900
148
106
167
335
100
1,175
25
893
579
215
60
High.
Mar 102
Sept
Sept
July
Sept
Aug
Aug
Jan
100
10315
93
104
10315
115
Sept
Jan
JuneFeb
Feb
May
May 94
Sept 8635
Sept 9955
June 103
Aug 99%
July 103
Jan
MarSept
Jan
Aug
Jan
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange, Sept. 1 to Sept. 7, both inclusive
compiled from official sales lists:
11
1...111..
•
..1..
...•
4.....110...1•0.41.
3
3
34
15
15
1555
47
47
4851
18211 18151 1834
194
1835 194
89
92
89
944 944 95
115
112 115
82
83
154 15
154
128
128 128
6
6
6
251 251
155 94
94
1
151
47
4734
101 1021,4
1455 15
15
278
278 281
36
3334 36
75
76
75
12
Ii 34 1231
1855 184
2854 30
10355 10315 104%
434
43
16
1635
Low.
• No par value.
Stocks-
Mining135
Arcadian Cons Mln Co_ _25
54
5
Arizona Commercial
10 4815
Bingham Mines
25 32
Calumet & Hecht
25 2015
Copper Range Co
255
East Butte Copper Mln_10
Hancock Consolidated_ _25
1
355
Coal
Co
Hardy
I 5355
Island Creek Coal
25 21
Isle Royal Copper
25
5%
Kennenan Copper
25
La Salle Copper Co
14
25
Lake Copper Corp
5
Mason Valley Mines
25
Mass Consolidated
Mayflower & Old Colony 25
25 57
Mohawk
6 2915
New Cornelia Copper _ _ _.
New Dominion Copper__ _ __ _ _ __
52
New River Co prof
5
N1pLssing Mines
15
4%
North Butte
211
25
Oilbway MIntng
25 1611
Old Dominion Co
144
•
Co
Pocatiootas
C.
P.
25 4235
Quincy
St Mary's Mineral Land.25 30
10
Shannon
Superior & Boston
5
4
Utah Apex Milling
14
Utah Metal & Tunnel__ _ _ 1
155
25
Aictoria
BondsBritish & Ilungary Bk. Ltd
1962
73.4s
East Mass Street ER1948
4155 series A
1948
os ,....,,-.. 11_
High
111
513
135
5
72
105
18
15
6
225
5
33
320
684
67
700
39
717
M..
Wt.
M
.41...1.1.0.W..00.
MiscellaneousAmer PneuMatio Service 25
50
Preferred
50
let preferred
100
Amer Tel & Tel
•
Amoskezg Mfg Co
Bigelow-Hartf Carpet----*
Brown & Co
Continental Securities Corp
Preferred
Crown Cork & Scorn stk...
Dominion Stores Ltd_ __ ...
10
East Boston Land
Eastern Manufacturing_5
Eastern SS Lines Inc_ _ __20
Rights
*
Preferred
100
lot preferred
Economy Grocery Stores..
100
Edison Elec Ilium
Galveston Hone E1e0_100
100
Preferred
•
General Alloy Co
German Invest Corp
•
Gilchrist Co
Gillette Safety Razor Co.'
Greif Coop'ge Corp cl A___
Georgian Inv pfd el A__20
Hethaways Bakeries, IncClass A
Preferred
•
Hood Rubber
10
Insurance Sec
International Corn_
KIdder,Peab Accep A pf100
Libby McNeill & Libby _16
25
Loew's Theatres
Massachusetts Gas Co.100
100
Preferred
Mergenthaler Linotype 100
10
National Leather
Nat Mfrs & Stores Corp_ _.
Nelson Corp(Heron) tr ctf5
New End l Equity Corp..
100
Preferred
•
New Eng Pub Serv
100
Prior preferred
New End l South Mills._ *
New Eng Tel & Tel_ ___106
Northern Texas Elec pt 100
100
Pacific Mills
10
Reece Button Hole
Ross Stores(The) Inc._ _ _.
So New Endl Ice
Ster See Corp of allot Ws._
Swedish Am Inv pf tr ctf100
100
Swift & Co
25
Torrington Co
Tower Mfg
Traveller Shoe Co J C_
5
Union Twist Drill
•
United Elec Coal
United Shoe Mach Corp.25
25
Preferred
US Brit Inv $3 pt allot ctt_
Venezuela Holding Corp__
•
Waldorf System Inc
Waltham Watch pref. _100
20
Walworth Co
50
Warren Bros
180 182
84
85
105 106
75
75
87
89
165 165
11015 1104
784 7814
105 105
314 32
65
65
73
734
53
54
6535 70
83
84
614 6235
134 13551
6374 6535
Low
Range Since Jan. 1.
Fisk Tire Fab Co 645 '35_
102 102
5,000 1014
Fox New Engl Theatres1943
100 100
30,000 100
6340
Hood Rubber 75
1936 10034 100 10015 3,000 100
lsarco Hydro Elec Co 7552
9115 9155 2,000 9155
Miss River Power Co 55'51
1004 10055 2.000 102
New Engl Tel St Tel 5s '32.
1004 10055 6,000 100
PC Pocah Co 75 deb_ _1935 10951 10951 10934 2.000 106
Saarbriechen Mtge Bank91
91
2,000 91
68 series B
1947
Seaboard Air 6s
1945
7814 784 10,000 7855
9955 9955
Sevilla Blitmore Hotel 755s
1,000 99;5
101% 101%
1,000 101
Swift & Co 5s
1944
Util Service Co 615s_ _1938 99% 9934 99% 10,000 994
1004 1004 4.000 100
Western Tel & Tel 55_1932
Range Since Jan. 1.
00 a
00 0
gg g
Stocks-
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High Shares
Bonds (Concluded)-
Frulay
Last Week's Range Sales
for
Sale
ofPrices.
Price. Low. High. Week.
Campb Wyant& Can Fdy•
Castle & Co(AM)corn._ 10
•
Celotex Co corn
Preferred
Central Gas & El 37 ilf.-.
Central Gas & El, $655 13f•
Central III Pub Ben pref.'
Central Pub Serv Corp A _•
•
C,entral S W Util corn
•
Prior lien prel
•
Preferred
•
Chain Belt Co corn
Chic City & Con Ry pt sh_•
•
Preferred
Chia Rap Tr pr pf A___100
Chic RyS part ctfs ser 2_100
100
Part Ws 4
Chic No Sh & Mil
100
Prior lien pref
100
Preferred
Chrekasha Cotton 011_10
•
Club Alum Uten Co
Coleman Lamp & St com..•
CornmonwealthEdison_100
Consol Aut Mdse corn_.5
•
Cum cony pref
Consul Film Ind Inc pref.*
Consumers Co common_ _5
Warrants
25
Crane Co common
100
Preferred
105
1955
30
9951
11
13
455
3335
49
844
80
3835
26
7634
155
1033,5
10215
20
2335
214
51
5814
95
9735
9935
4111
155
Range Since Jan. 1.
Low.
10735
2834
214
3335
104
101
11755
1334
1755
6%
9134
35
44
51
1414
82
4036
32
'434
1614
106
103
224
2834
26
49
51
67
88
98
95
9735
294
86
105
99
414
135
1615
101
3
X
5454
5855
69
92
10455
100
10034
31
98
112
1054
4334
2
2234
10235
355
35
May
Sept
May
Aug
May
May
Apr
Aug
May
May
Jan
Aug
Feb
Jan
Jan
May
Aug
July leo
Aug 65
June 56
Aug 39
July 66
Jan 189
Aug 1055
Aug 48
Feb 2655
Jan 164
Feb
104
Mar 474
Jan 12155
Apr
Jar
July
Jan
May
Feb
Sept
Aug
June
Apr
174
1,600 124 Aug
880 25
Feb 34
400 30
Feb 4235
1,650 1854 Jan 28
254 Jan 144
3,590
Feb 105
185 99
30 9835 Aug 10135
56 9535 Aug 99
35 10855 Feb 11355
2,800 1815 Jan 30
20,290 4715 Jan 8335
Jan 2415
10,800
3
Jan 62
4,400 43
Jan 345
110 245
Apr 45
10 39
Mar 255
15,300 54
30,150 2934 June 383.4
195 3951 Feb 4631
Jan 181
50 134
Feb 2931
18,100 12
1.400 4234 Feb 50
Aug
174
6,000
1
Sept 70
115 56
June
May
May
Sept
Apr
May
May
July
May
May
Sept
Sept
Apr
May
Apr
Sent
June
Apr
Apr
Sept
May
Sept
Jan
44
56
534
135
13%
96
5411
6435
55
57
1834
53
13
32
3.536
4435
60
224
55
25
102
169
1254
1004
108
13034
11034
Apr
May
Sept
May
Jan
Jan
June
Sept
Sent
Apr
5135
5835
67
8915
98
95
9755
30
88
105
100
4155
2
18
10135
3
51
2,100 35
8,700 4274
230 49
180 80
10 9435
10 94
60 934
300 2015
470 76
60 100
140 9914
750 41
2,050
1
1,000 1135
74 10035
115
16
125
4
99
100 934
97
52
52
32 50
52
3,300 45
5034 50
28% 2854 2955 1,850 27
5715 62
2,250 5615
61
184 1841,5
184
494 165
734 1055
852
715
4755 4756
500 4715
26
25
26
100 22
1451 144 154 18,850
735
755
755 8
550
34
4714 4655 4715
273 45
121% 1213.4
10 119
99
•
1334 14
Davis Indus Ina "A"
3035 31
Decker (Alf) & Cohn Inc.., 31
324
Eddy Paper Corp (The)_ _* 3235 32
27
28
El Household Utll Cori:Li° 27
14
Elec Research I.ab Inc._ _• 1334 12
993.41003-1
Empire G&F Co 7% pf.100 10051
9835 9815
100
654% preferred
6% preferred
100 9655 96
964
111 11111
100
8% preferred
Foote Bros G & M Co_....6 2834 2635 284
84
Galesburg Coulter-Diso..• 8335 80
2051 244
Godchaux Sugar, Ina. el B. 2455
55
5655
Gossard Co(H W)com__• 55
285 295
Great Lakes D & D._ _ _100 288
424 4251
Greif Bros Coop "A"com_•
193 255
Origsby-Grunow Co corn.' 253
3535 3755
Bars-Carter Co conv pf._• 36
Hartford Times part pref_• 4315 4315 4334
160 160
Hart Schaffer & IQ arx._100
2335 2955
Benner Motor Co_.• 29
48% 50
Preferred
• 50
Rights
1
135
135
Hibb-Spen-Bart Co,com 25 56
56
56
Illinois Brick Co
25 40
Indep Pneu Tool v t c_ _•
Inland WI & Cable com_10 53
Kalamazoo Stove com___• 123
Kellogg Switchbd corn_ _10 114
Preferred
100 78
Kentucky Utiljr cum pf_50 52
Keystone St di WI com_ _ _• 6434
Kimberly Clark Corp,com• 55
Kup'heimer & Co(B) Inc 5
•
Leath & Co corn
Cumulative preferred'
Libby McNeill & Libby _10 11
• 28
Lion 011Ref Co coin
• 34
Loudon Packing Co
•
McCord Rad MM A
MeQuay-Nonis Mfg
• 50
Meadow MR Co corn_ _ • 134
Preferred
50
Mer & Mfrs Sec, pt Did._25
•
Metro Ind Co etfs
Middle West Utilities__ __• 157
100 12134
Preferred
• 9734
gs cum preferred
•
$6 cum prior lien
Prior lien preerred_Aos
Midland Steel Prod com__• 105
High.
Jan
994 10934 6,860 83
20
20
950 19 June
17% 2011 3,950 134 Aug
30
800 234 Feb
29
20 974 blar
9951 993.4
924 9254
20 9255 Sept
92
40 88
Aug
92
Jan
4
104 11
4,052
1251 1354
450
43.4 Jan
44 2,275
4 Jan
4
8835 8854
130 6634 Jan
33
3334 2,250 28 June
Jan
4,3% 44
50 36
June
4751 50
5,170 27
Sept
78
94
3,370 78
764 804 6,500 5974 Jan
33
Feb
3831 14,000 24
25
2635
4,650 21
June
70
7634 2,525 64 June
151 156
May
5,850 106
99 106
66,050 70 June
10115 10235
500 1014 Aug
20
20
350 1631 Jan
2331 2435 7,810 20
Apr
2155 2135
200 15
Jan
3955 40
300 39
45 474
4934 4935
52% 5334 4,700 26
120 128
9,15
85%
715
8
13
14.850
76
78
88 75
52
52 5074
524
6154 6435 16,349 433.4
544 55
1,200 52
48
48
100 45
600 14
1711
17
5131 52
250 51%
1035 11
700
834
2551 284 6,150 2455
3355 34
440 3055
42% 4234
50 40
49
.5135
750 234
1334 1555 2,650 1034
4955 50
150 4415
18
18
20 15%
101 102
170 100
156 160
3,600 1234
120% 122
371 11655
97
98
260 9355
10035 101
84 99
12411 12455
75 12235
99 107
1,080 84
June
Feb
Feb
Feb
June
July
Aug
Jan
Jan
Aug
Jan
Aug
June
Aug
Aug
Aug
Feb
Feb
Feb
Jan
Jan
Aug
Mar
Feb
June
July
Mar
June
Jun
Apr
June
June
Feb
Jan
Jan
Jan
Jan
June
Jan
Jan
Jan
Mar
June
June
Sept
Apr
Aug
May
June
July
Jan
May
May
May
June
July
Aug
Aug
Mar
Mar
June
Apr
Sent
Aug
Sept
Aug
May
Mar
Mar
Apr
Jan
July
Aug
June
Ida
,
MSS
Aug
Apr
May
Aru
Mar
May
May
May
May
May
May
Ma,
Jar
FINANCIAL CHRONICLE
1376
bum(
Friday
Last Week's Range
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Midland UtilPreferred 7% "A"..._ 100
Prior preferred
100
Miller & Hart Inc cony pf_•
Minneap Honeywell Reg_•
100
Preferred
Modine Mfg cons
•
Mohawk Rubber
Monighan Mfg Corp A__ _•
Monsanto Chem Works_'
Morgan Lithograph cnm_•
Nachman Springfilled com•
National Carbon pref _ _100
Nat Mee Power A part..__•
National Leather com _ _10
•
Nat Standard corn
Neve Drug Stores, com
*
Convertible"A"
•
Nobblitt-Sparks Ind com.•
North American Car corn_•
Northwest Eng Co coin .•
Novadel Process Co com.•
Preferred
Oak & Prod class A
Class B
Okla Gas & El,
_100
Ontario Mfg Co corn
•
Penn Gas & Elea A cora_ _•
Perfect Circle (The) Co--•
Pines Winterfront A com_5
Pub Sem of Nor III•
Common
Rights
Common
100
Q-H-S Music Co corn_ ___•
•
Quaker Oats Co corn
100
Preferred
Range Since Jan. 1.
Low.
High.
424
244
3634
34
45
444
2034
47
47
404
46
36
39
10934 10934
30
31
2234
3631
38
120
120
43%
25%
36%
35%
54
46
21
4834
5034
414
1094
31
2236
3934
125
107
107
524
45
112
55
187
36
75
8734
36
139%
42
6
6734
33%
43
4434
54
5034
23
48%
504
41%
115
31
27%
39%
128
Sept
Mar
July
May
May
Aug
Aug
May
Aug
Apr
Sept
Apr
May
May
May
Apr
May
May
June
May
May
Sept
Sent
Sept
Mar
Aug
May
Sept
Aug
176
154
17634
12435 116
310
120
120
123 15934 Jan 191
178
154 15,143 15
Aug
154
12 13934 Jan 191
17634
5,200 3834 Jan 126
126
90 262
31534
Apr 327
310 111
120
Jan 128
Aug
Aug
Aug
Sept
Apr
Apr
103
40
10234
47%
164
28
73%
71%
35
37
434
43
2535
36%
34%
45
103
101
514
3734
1024
46
160
27
72
71
31
135
3434
103
102
52
40
102%
51
180
28
7334
724
36
135
3734
15%
10 984
55 9851
1.550 504
520 30
10 95
2,895 314
475 160
450 2444
1,000 88%
1,100 844
6,785 28%
25 132
3,260 2734
2,100
34
950 373.4
150 244
100 33
2,050 28
8,410 324
250 29
285 104
800 28
10,325 314
11,000 3134
50 10834
1,825 26
500 20
4.200 3154
8,260 5434
54
9,900 41
49
52
Raytheon Mfg Co
2,000 30
Ross Gear & Tool com___* 3431 3434 35
250 14
1434 14%
Ryan Car Co(The) com_25 144
31
400 29
30
Sangamo Electric Co_ _ _ _• 30
11,900 2434
46
64
Sonatron Tube Co com__ _• 64
190 23
So Colo Pow El A com_ _25 24% 2334 2434
126 99
So'w G & El 7% pref...100 1014 100 1014
6334 4,350 50
Spiegel May Stern COM__ _• 6335 58
150 83
634% preferred
100 9135 97% 91%
15
15
100 14
Sprague Sells Corp cl A_ _30
Standard Dredge cony pf_• 34% 3434 35% 2,55o 30%
100 49
162 162
25 162
Steel & Tubes Inc
200 774
105 105
Stewart-Warner Speedom •
84
Studebaker Mall Or comb 1334 12% 13% 4,900
14,350 45
7235 79
Super Maid Corp nom__ _ _• 77
2,400 22
2334 25
Sutherland Paper Co comb0 25
1,100 124%
132 134
100 134
Swift & Co
25,150 26
15 3334 3231 34
Swift International
Thompson (J R) corn... _25
12th St StoreStock pur warrants
Unit Corp of Am pref..._• 32%
United Lt & PowerClass"A"preferred_---* 99
Cla.ss"A"common__ _ • 25%
Un Repro Corp part pt A _• 3831
20 614
El Gypsum
1734
Rights
45
Products
corn•
Utah Radio
Vorclone Corp part pref __• 424
• 16
Wahl Co corn
Walgreen CoCorn stock purch warr_• 24
100
634% preferred
Ward(M)& Co• 126
Class A
Y
Waukesha Motor com
• 38
Wayne Pump, corn
Williams 011-0-Matic com•
Winton Engine con pref....• 47%
28
Wisconsin Parts corn
34
Woodworth Inc pref
Wrigley(Wm Jr) Co corn _•
Yates-Amer Mach part Pf• 2134
Yellow Cab Co the (Chic)• 32%
Zenith Radio Corp corn.. _• 118%
6134 614
Sept
54
3734 May
2034 Jan
41
May
64
Sept
264. Apr
104% Mar
65% May
June
107
Feb
20
5434 may
Sept
162
Aug
102
Aug
14
79
Sent
28 June
May
136
3434 Feb
584 June
70
160
5,850
24 Aug
23 June
May
7
39;4 May
334
33
98%
25%
3734
60
17
354
4034
15
107
99
25%
100
8,15
40
62
2,76
18
4,51
45
22,85
434 8,95
1634
2,100
95
14
3734
55
14
21
40
8%
June
Jan 1023( Apr
Jan 274 July
Sept 414 Aug
Aug 100 June
18% July
Aug
Sept
Aug 45
Aug 434 Sept
Mar 19% May
1,700
5
Jan 2534 May
5 100% Feb 110
Feb
52 121
125 126
29
138% 140
68
200 32
34% 38
8
15
8
634
424 47% 7,600 424
6,500 27
2734 30
200 33
35
34
1,000 684
7934 8034
3,700 12
22
20
80
324 33
3034
108 11934 25.05
3534
Bonds9534
95
Amer Lt Pub Sem 5301948
101 101
Cairo Edge dr Term 64547 101
624
62
Chic City & Con Ry 5s1927
84% 84%
Chic City Ry 55
1927
83% 834
Certificates of deposit._
8334 834
Chic Rys 55 ctf of dep_1927
42
Chicago Rys 55ser B _ _ 1927 41% 41
41
41
Purchase money 53_1927
Commonw Edison 55_ A943 104% 1044 10434
Com'Ith Sub Corp 5343.'48 9734 97% 97%
Cooper River Bdge 65_1958 954 954 9534
99
99
Fed Util(Md)5348__ _1930 99
100 100
Guard Title Mtge 534S 1938
9934
99;4
1st
68'43
Nat
Gas
Memphis
89% 90%
Northwestern Elev 58.1941 90
95
95
St.Louis Gas & Coke 6s'47 95
99
99
Mil Elkhorn Coal 65..1948 99
9934 100
Vicksburg Br & Ter 6s 1958 100
9834
9834
9835
West Util Corp lot 534s'48
99
99
1931 99
3yr 534s
Aug
June
May
Aug
July
Aug
Aug
Aug
Aug
July
Apr
Feb
Feb
May
June
July
Jan
Jan
100
3
31
2234 24
107 107
July
Aug
Aug
Feb
May
June
Sept
Apr
Jan
June
July
Aug
Jan
Jan
Jan
Sept
June
June
Jan
Jan
Mar
Mar
Aug
Aug
Jan
July
Jan
July
Jan
Mar 130
Mar 150
June 38
Jan
10
Sept 47%
Aug 30
Jan 40
July 82
Apr 24
June 43
Feb 1194
June
Apr
Sept
Apr
Sept
Sept
May
Aug
May
Jan
Sept
84,00
95
Sep
95%
2,000 99
Jan 102
8.000 60 Jun
70
1,000 834 July 8834
3,000 83 Jun
874
2,000 79
Aug 8734
20,000 39 Jun
47
5,000 41
Sep
47
1,000 103% Jun 109
2,000 97
Aug 97%
2.000 9534 Sept 974
2,000 99
Jan 100
5,000 100
July 100
25,000 9934 Bent 9954
23,000 89% July 95%
2,000 94
Aug 98
2,000 99
July 99
5,000 994 Mar 102
2.000 9834 June 9834
2,000 90 June 99
Sept
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Sept
May
Apr
July
Sept
Mar
Mar
July
May
June
June
•No par value.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Sept. 1 to Sept. 7, both
nclusive, compiled from official sales lists:
Stocks-
So es
Fr Way
Lae! Week's Range tor
Week.
rices
So e
of!
Par. Prize. Low. High. Shares
12%
• 14%
Almar Stores
American Stores
794 76
Bell Tel Co of Pa pref_.100 1164 116
Blauners All Ctf
5834 5834
19
Budd (E G) Mfg Co
• 19
Preferred
52
50
Camden Fire Insurance_._
31% 3131
Cramp Ship & Eng _ _ _ _ 100
334
334
Elec Storage Battery _ - _100
83%
tire Association
49
10 49
Flom dr Hard't(NY) com _•
53%
Insurance Co. of N A_ _ _10 80% 8034
Keystone Telep pref___ _50
14
Lake Superior Corp_ _ _-100
6%
Lehigh Coal & Nay
50 139
1384
Lit Brothers
10 25
2434
Menu!Cas Ins ex rights _ ...... 45%
Mark (Louis) Shoes Inc__*
44
North East Power Co_ _ _•
2734
7934
Penn Cent L de P cum pref•
Pennsylvania RR
63%
50
Pennsylvania Salt Mfg_ _50 9534 95
Range Since Jars 1
Low.
High.
Feb
1134 June 20
1,500
14%
Jan 80% Sept
8934 22,556 64
Mar
94 114% July 118
11634
May
June 60
100 58
5835
Jan
Aug 23
600 17
20
Mar
Aug 73
505 41
52
1,900 27 34 Jan 49% May
33
Jan
14
1% Feb
650
331
9034 4,274 69% Jan 9034 Sept
Apr
494 1,600 46% July 85
Mar
Feb 64
100 52
53%
Aug 10434 May
2,100 68
83
Jan
21
Jan
100
12
14
934 May
3 June
900
7
June
141%
3,300 10534 Feb 154
1,100 2234 Jan 294 June
25
49
2,300 2734 Jan 64% Aug
July 224 Jan
3
4
100
29%
1,100 2034 Mar 30% May
May
July 82
80
55 78
Apr
2,800 6134 June 72
65
Jan 10934 Jan
110 92
9534
[VOL. 127.
Sates
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par. Price, Low, High. Shares.
Range Since Jan, 1.
Low.
Piffle Dairy Prod pref
20 90
9034 904
Phila Electric of Pa
25
300 5534
70
70%
Phila Elec Power recta_ _25 2974 2934 297% 2,800 22
700 5054
Phila Rapid Transit _ _ _.50 5534 55
554
7% preferred
50 504 5034 5034
300 50
40 2834
Phila& Reading C & I Co_•
31
31
Philadelphia Traction _ _ _50 60
5834 60
2,800 55
Reliance Insurance
1,138 25
10 2836 26
2836
354 2,900 18
Shreve El Dorado Pipe L 25 3434 34
Scott Paper Co
49
49
500 4034
*
10 100
110 110
100
Preferred
15 100
6345 pref B
10034 10034
7,480 304
Stanley Co of America ___• 52
474 54
20 2634
Tacony-Palmyra Bridge_ _ _
264 26%
4 2,600
31
4
4
Tono-Belmont Devel _._l
1,200
434
434 41l
1
Tonopah Mining
431
Union Traction
50 3834 3834 3834 2,300 3754
United Gas Improvem't _50 1434 140 14334 22,400 11434
2,500 15
25
26
United Lt & Pr"A"com__*
5636
U S Dairy Prod class A _ _ _• 5634 53
1,603 3734
755 25
Victory Insurance Co _ _ _10 2634 2534 284
11034 11434 4,900 52
VictorTalkMachlnecom__•
100 102%
10836 10831
7% cumulative pref___ *
%
1
1
2,705
Warwick Iron &Steel _ _ _10
1
356 3334
W Jersey & SeashoreRR.50 38
38
36
RightsIns Co of N A
Menu Casualty
BondsAtlantic City RR 4s..1951
1929
5348
Elec dr Peoples tr ctts 45'45
Lake Sup Corp 5s_ _ _ _1929
Phila Elec (Pa) 1st 5145'68
1st 4348 series
1967
1st lien & ref 5s_ _ _ _1960
1st 58
1966
1st lien & ref 534s...1947
181 lien & ref 534s._1953
Phila Elec Pow Co 534872
Strawbridge & Cloth 55'48
036
034 1034
1554
1334 1536
6,800
3,700
9034 904
994 9934
59
58
20
20
95
95
95
10034 99 10054
10334 103 103
1644 105%
105% 106
106 106
106
10434 1044 105
1004 10031
07 tt 07 l4
1,000
3.000
11.000
6,000
15.000
3,000
11.000
13,300
13,000
1,000
12,000
17,100
9000
59
Mar
Jan
Jan
May
Apr
Feb
Aug
June
Mar
May
July
July
May
Aug
July
Jan
Jan
Jan
Feb
Jan
July
June
Jan
Jan
Jan
731 July
134 Spet
9034
9936
55
15
92
984
1024
104
10534
106
104
9934
071i
Sept
Sept
June
June
Feb
July
Aug
July
Sept
Mar
Aug
June
Sent
High.
. 9434
74%
3034
61
52
3854
64
3734
35%
6031
11336
1004
544
264
2
5
46
14934
27%
6254
34
11431
110
134
3934
Apr
May
July
Apr
May
Jan
May
Jan
Sept
May
July
Sept
May
Aug
Jan
July
May
May
July
May
Jan
Sept
may
Apr
Jan
1054 Aug
1534 Sept
9034
9934
66
50
954
103%
106
10936
1074
10731
108
1014
102
Sept
Sept
May
Apr
May
Mar
Mar
Apr
June
Jan
May
June
Feb
• No par value.
Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange, Sept. 1 to Sept. 7, both inclusive, compiled from official Sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par, Price, Low. High. Shares
Range Since Jan. 1.
Low,
Jan
Sept
Jan
Apr
Jan
Aug
Mar
Aug
Feb
Sept
May
Mar
Mar
Apr
Mar
May
May
Aug
Aug
Jan
May
Mar
Jan
Aug
Ma
Mar
July
Feb
July
May
Jun
Feb
Feb
Ma
Aug
Aug
Apr
Jan
Mar
Aug
Jan
Jan
May
Jan
Jun
Jul
Fe
59
190
9934
6334
111
45%
75
24
55
140
39
50
43%
55%
23
35
28
49
10934
98
185
16
28
4334
July
Jan
Feb
Sept
Apr
74
34%
264
2434
93
109
88
105%
38
47
32%
9%
10634
256
22
3834
155
3334
1,21
4 10234
654
25
10 106
50%
9
14
28
3
34
53
1,70
45
22
42
42%
10
5 285
25
1
Jan
Aug
June
Aug
Jan
June
Aug
July
Mar
Jan
Feb
Jan
Feb
Feb
Aug
Aug
Jan
Feb
Aug
Feb
May
Aug
Aug
Mar
Jan
Feb
Feb
June
Jan
May
19%
39
354
3034
100
1144
100%
1084
61
90
404
16%
135
343
29
47
215
50
10734
80
1094
71
35
8
165
57
44
49
305
27%
4.00 100
3,000 101
Feb
May 101
Feb 1014 May
18 July
2634 Jan
33% June
Aug54
154 June
283.4 Mar
10934 Jan
3634 Feb
27
Aug
Jan
104
110 June
102
May
Jan
359
24
Aug
1834 Sept
1124 Jan
54% Jan
44 Feb
Apr
15
July
30
Jan
32
Jan
109
Aug
108
21
20
34
3691
35
35
54
31
1734 18
414 4134
111 1114
54% 65
27% 28
122 122
111 111%
102% 104%
365 366
2434 2476
1834 19
16034 160%
60
60%
84 834
20
20
3234 3234
33
33
109% 110
108% 109
• 57%
Godman Shoe
Gen Tire & Rub,corn ...25 170
Goodyear T & R, pfd
-•
Grasselli Chemical,corn _ • 62
160 109%
Preferred
Orel/Bros Cooperage,com *
Hanna M A let pfd _ _100
Harris-Seybold-PoUr,com •
India Tire & Rub,corn
* 51
Interlake Steamship,corn •
Jaeger Machine,corn ..100
• 18
Jordan Motor, pfd
•
Kaynee,corn
Kelley Island L & T,corn.*
Lake Erie Bolt & Nut,com
@FedFRASER