In General

Memorable, last week, was the sudden, unexpected burst of activity in the steel industry (see below).

Memorable, in a week of mid-year statements, were the sales figures of 36 chain stores; Jan.-June, 1928: $649,661,650; Jan-June, 1927: $554,208,176 (see p. 23).

Memorable was the July 19 balance sheet of the Bancitaly Corp., showing six months' earnings of $35,233,552, more than Bancitaly has ever earned in a full year. Holders of Bancitaly's 5,200,000 outstanding shares may expect, if the same level is maintained until January, that the corporation will have earned $13 on each share, twelve percent on the present market price of $111.

But they may not expect dividends of any such size. Paternal Amadeo Peter Giannini, creator of Bancitaly, fears speculation in his stocks, dislikes inflated values, foresaw the bear raid which last spring brought Bancitaly crashing from 223 to a low of 100. At in, Wall Street holds Bancitaly sound, unlikely to suffer another shakedown.