Notes

Stock Sales. During the first half year of 1926 Manhattan Stock Exchange men traded 224,928,600 shares, a daily average of 1,509,587. This is a record. Maddening Steel. Speculators are puzzled in their attitudes toward the common stock of U. S. Steel. Many are certain that Judge Gary will resign and permit a stock dividend (TIME, July 5). Many think a 40% stock dividend will be declared. Others premise that the $100 par common stock will be doubled and put on a 4% or 5% dividend basis (the present rate is 7%). Still others suppose that the directors will issue a special cash dividend of $5 a share this very month. Meanwhile the real business of the U. S. Steel Corp. continues at a rate unusually high for July -- around 80% of capacity. The whole steel industry produced more than 24,000,000 tons the past six months, is scheduled to produce the like quantity the next six. For both this prosperity and the maddening promise of the never divided surplus, U. S. Steel common stock reached its highest recorded price last week--$144.50 a share. Nor was there an immediate reaction when George Fisher Baker, highly potent director of the corporation said last week: "I do riot take any stock in the rumors that the shares of the Steel Corporation will be split and put on a $4 or $5 basis." Ryan. Governors of an institution the joint resources of which total one billion dollars, the Board of Directors of the National City Bank of New York, last week sat in solemn conclave. The roster of the world's most potent bank includes the names of Capitalist N. F. Brady, Shipper P. A. S. Franklin, Soap Man W. C. Procter, besides many another bigwig. To this array was added the name of John D. Ryan, Chairman of the Board of the Anaconda Copper Mining Company, miner, friend of trusts, "combinations," high finance.

Two other famed Ryans:

Alan A. Ryan, who in February 1920 secured a corner on Stutz shares, only to have them left on his hands without a market when the stock was stricken from the New York Stock Exchange list.

Thomas Fortune Ryan, noted Chicago and New York street railway promoter, daring purchaser of the Equitable Life Assurance Society of U. S. in 1905.

Book of Detroit, Last week J. B. Book Jr., began another of his enormous Detroit buildings. He already has the Book-Cadillac Hotel and the Book Building. The new one, to be called Book Tower, will be the tallest structure in the world--81 stories, 873 ft. Quaker Oats. Dropsical watchmen have long importuned like unfortunates to avail themselves of some favored herb. Recently, perfumes, automobiles, Florida resorts advertised as among their purchasers New York and Philadelphia bluebloods. Most advertising managers forget that the majority of Americans are neither watchmen nor bluebloods; one astute man did not. Last week appeared an advertisement captioned "Everyday Folks and Their Breakfasts." It pointed out the peculiar delicacies of puffed wheat beneath the porttrait of J. P. Coogan (Jackie's grandfather), a New York Central station master.

The famed Quaker Oats Company of Chicago does not confine its knowledge of psychology to America. Realizing that worshiping Japanese ape their divinely-descended royalty, sagacious salesmen foisted puffed-wheat upon the slant-eyed public by a gift to the Crown Prince of an elaborately engraved box just the size of a carton containing three dozen packages of cereal. Exploiting Reputation. Last week a group of Manhattan bankers and labor leaders furbished up a new sort of bait to attract the $6,000,000,000 to $7,000,000,000 which U. S. labor accumulates each year. These men gained control of G. L. Miller & Co., a real estate investment house with branches in 20 cities and business connections with some 500 banks. They reorganized the company, appointed as president Luke J. Murphy, onetime executive vice president of the Brotherhood of Locomotive Engineers' Trust Co. of N. Y,, now offer to sell real estate bonds to workers especially. The sales appeal will be less the soundness of the security (which will be presumed) than the assumption that one worker ought to buy from another. The success of such trading on reputation is doubtful, for the labor men connected with this ingenious enterprise have joined it not as organization men, rather as wealthy individuals. Many of the entrepreneurs are directors of labor banks, but some have had no previous labor affiliations.

Most Depositors. The Bank of Italy (head offices in San Francisco) garners the dollars from 65 cities of California most industriously. It has, according to its semi-annual statement just issued, 611,688 depositors, more than any other bank in the U. S.; has deposits of $391,000,000, bonds of $124,000,000, invested capital of $47,000,000.