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The Mutual Life Insurance Company of New York Record of 1911 The close of the 69th year of the oldest company in America shows an increased amount of insurance in force, $1,504,974,662—a gain of $40,950,266—and an increased amount of new insur ance paid-for during the year, $141,014,371, including restorations, increases and divideno additions —a gain of $20,281,205. Other notable features of the year’s record are: Admitted Assets, $587,130,263.05 Policy Reserves, 473,282,808.00 Total Income, 84,913,851.25 Total Disbursements, 68,388,137.13 Payments to policyholders, $57,353,726 13, include dividends paid to the amount of $13,631,857 73; while the sum of $15,146,685 72 has been apportioned for dividends payable in 1912—an increase over the amount paid in 1911 of $1,514,827 99, and a larger sum than has ever been apportioned for dividends«in a single year by any other company in the world. Balance Sheet December 31st, 1911 ASSETS LIABILITIES 00 Real Estate___________________________ $23,657,975 90 Net Policy Reserves_______________ $473,282,808 8,294,145 14 Mortgage Loans_______________________ 139,649,737 05 Other Policy Liabilities____________ Loans on Policies__________________ 76,048,489 89 Premiums, Interest and Rents paid in advance 1,875,885 44 454,124 71 Bonds, amortized value________________ 295,725,485 65 Miscellaneous Liabilities___________ Stocks, market value___________________ 38,833,442 00 Estimated Taxes, Licenses, etc., payable 1,164,125 63 Interest and rents, due and accrued_______ 6,162,660 68 in 1912________________________ 15,146,685 72 Premiums in course of collection_________ 4,124,314 02 Dividends payable in 1912_________ Cash ($2,189,409 62 at interest)__________ 2,530,846 12 Reserve for future Deferred Dividends. __ 75,601,868 03 11,310,620 3 Deposited to pay policy claims__________ 397,311 74 Reserve for Contingencies_________ Total Admitted Assets.......... $587,130,263 05 Total Liabilities .......................$587,130,263 0 BOARD OF TRUSTEES GEORGE F. BAKER JAMES M. BECK CHARLES S. BROWN JOSEPH H. CHOATE Jr. EMORY W. CLARK ' *' JAMES C. COLGATE CYRUS H. K. CURTIS JULIEN T. DAVIES •* ' ' WILLIAM B. DEAN http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis WILLIAM P. DIXON H. RIEMAN DUVAL FREDERICK H. EATON WILLIAM F. HARRITY AUGUSTUS D. JUILLIARD WILLIAM H. LAMBERT WAYNE MacVEAGH emory McClintock ALFRED E. MARLING EDWIN S. MARSTON GEORGE P. MILLER JOHN J. MITCHELL THOMAS M. MULRY CHARLES A. PEABODY WILLIAM H. PORTER HERMAN RIDDER JOHN G. SHEDD STEWART SHILLITO ALFRED M. SHOOK LEROY SPRINGS LOUIS STERN HENRY W. TAFT BENJAMIN F. TRACY WILLIAM H. TRUESDALE CORNELIUS VANDERBILT JAMES H. WILSON ROBERT B. WOODWARD Lee, Higginson & Co. BOSTON NEW YORK CHICAGO HIGGINSON & CO., London Investment Securities Letters of Credit Foreign Exchange Messrs. Messrs. Messrs. Messrs. Messrs. Drawn on N. M. ROTHSCHILD & SONS, London COUTTS & COMPANY, London MORGAN, HARJES & COMPANY, Paris M. M. WARBURG & COMPANY, Hamburg GEBRUDER SCHICKLER, Berlin Members NEW YORE, BOSTON, PHILADELPHIA and CHICAGO STOCK EXCHANGES KOUNTZE BROTHERS BANKERS Letters of Credit To those about to travel abroad we shall be We are offering and recommending Railroad pleased to send our Booklet describing the and Municipal Bonds suitable for Individuals, method of issue as well as the advantages of our Trustees and Savings Banks. Our list may be Letters of Credit. had upon application. We buy and sell Foreign Exchange. We also buy and sell Government Bonds Collections and execute orders in other securities for the We have unexceptionable facilities through a usual commission. large list of active correspondents, both Foreign and Domestic, including those in Cuba, Porto Rico, and the Philippines, by which we are Accounts of Corporations enabled to make collections promptly and at the Firms and Individuals solicited, interest allowed minimum of cost. on deposits. Transfer of Funds made by cable, mail or Make Loans against approved collateral. telegraph to all parts of the world. Securities for investment 141 BROADWAY, NEW YORK http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The Canadian Bank of Commerce HEAD OFFICE, TORONTO. CAPITAL PAID UP, RESERVE FUND - - - - - $11,000,000 $9,000,000 WM. GRAY AND H. P. SCHELL, AGENTS, NO. 16 EXCHANGE PLACE, NEW YORKBRANCHES OF THE BANK IN CANADA. British Columbia and Yukon. Chilliwack Cranbrook, Creston. Cumberland Dawson, Duncan, Fernle, Golden, Greenwood, Kamloops, Kelowna, Ladysmith, Mission City, Nakusp. Nanaimo, Nelson, New Westminster, Penticton, Prince Rupert, Princeton, Revelstoke, Salmon Arm, South Hill, Stewart, Vancouver, (6 offices), Vernon, Victoria, (2offices). White Horse, North Granum, Western Prov. Grouard, Hardisty, Bassano, Bawlf, Hawarden, Herbert, Beaver Lodge, High River, Bengough, Biggar, Humboldt, Bounty Innisfail, Innlsfree, Brandon, Kamsack, Brier Crest, Kerr Robert, Broderick, Calgary, (4 offices) Kindersley, Canora, Kitscoty, Langham, Carman, Lanigan, Carmangay, Lashburn, Champion, Claresholm, Le Pas, Lethbridge, Crossfield, Lloydminster, Cud worth, Dauphin, Lougheed, Delisle, Macleod, Marcelin, Drinkwater, Edam, Medicine Hat, Edmonton, Melfort, Elbow, Melville, Milestone. Elfros, Milk River, Elgin, Mirror, Elkhorn, Monarch, Gilbert Plains, Moosejaw, Gleichen, Moosomin, Grandview, Morse, Nanton, Neepawa, New Dayton Nokomis, North Battleford, Nutana, Olds, Outlook. Pincher Creek, Ponoka, Portage La Prairie, Prince Albert, Provost, Radisson, Radville, Red Deer, Regina, Rivers, Saskatoon, (2 offices) Shellbrook, Stavely, Stony Plain, Strathcona, Strathmore, Swan River, Swift Current, Transcona, Treherne, Tugaske, IN THE New York, Vegreville, Vermilion, Virden, Vonaa, Wadena Warner, Watrous, Watson, Wetaskiwin, Weyburn, Wilcox, Willow Bunch, Winnipeg, (7 offices), Yellowgrass, Yorkton, Ontario and Quebec. Ayr, Barrie, Belleville, Berlin, Blenheim, Brantford, Cayuga, Chatham, Cobalt, Collingwood, Crediton, Dresden, Dundas, Dunnville, Exeter, Forest, Fort Frances, Fort William, Galt, Goderich, Gowganda, Guelph, Hamilton, Kingston, Lindsay, London, Montreal (2 offices) Orangeville. Ottawa (2 offices), Paris, Parkhill, Parry Sound, Peterboro, Port Arthur, Port Perry, Quebec, Rainy River, St. Catharines, Sarnia, Sault Ste. Marie, Seaforth, Simcoe, South Porcupine, Stratford Strathroy, Thedford, Toronto (14 offices) Walkerton, Walkerville, Waterloo, Wiarton, Windsor, Wingham, Woodstock, Maritime Provinces Alberton, Amherst, Antigonish, Barrington, Bridgewater, Charlottetown, Halifax, Middleton, Montague, New Glasgow, Parrsboro, St. John, Shelburne, Souris, Springhill, Summerside, Sydney, Truro, Windsor. UNITED STATES. Seattle, Wash. San Francisco, Cal., BRITAIN. IN MEXICO London: 2 Lombard Street, E. C. Mexico, D. F, BANKERS IN GREAT BRITAIN. The Bank of England, The Bank of Scotland, Lloyds Bank, Limited. The Union of London & Smiths’ Bank, Limited. CORRESPONDENTS. Portland. Ore., INI GREAT Belgium—Banque D’Anvers. France—Credit Lyonnais. Germany—Deutsche Bank. Holland—Diaconto Maatschappij. India, China, Japan and Philippine Islands—The Chartered Bank of India, Australia and China. Australia and New Zealand—Union Bank of Australia. Limited ; Bank of Australasia. South Africa— Standard Bank of South Africa, Limited ; The Bank of Africa, Limited. Sterling and Continental Exchange Bought and *old Commercial and Travelers’ Credits Issued. Collections made at all points. Banking and Exchange business of every description transacted with Canada, where the Bank’s 237 Branches give it Unsurpassed Facilities. BROWN BROTHERS & CO., NEW YORK, PHILADELPHIA, 60 State St 59 WALL ST. 4th and Chestnut Sts. BOSTON, AND ALEX. BROWN & SONS, Baltimore and Oalvert Streets, Baltimore. ALL CONNECTED BY PRIVATE WIRE. Hembers of the New York, Philadelphia, Boston and Baltimore Stock Exchanges. Investment Securities International Cheques Certificates of Deposit Bills of Exchange Bought and Sold. Commercial Letters of Credit and Travelers’ Letters of Credit issued, available in all parts of the world. Collections made on all points; Telegraphic Transfers of Money made between this Country and Europe. Deposit Accounts of Banks, Bankers, Firms and Individuals received upon favorable terms. Brown, Shipley & Co., London, Head Office: Founders’ Court, Lothbury, E. C., http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Office for Travelers: 123 Pall Mall, S. W. Wm. A. Read & Co. Bankers 31 Pine Street, New York Dealers in Municipal, Railroad and other Investment Securities. List of Current Offerings upon application Members of the New York, Chicago and Boston Stock Exchanges. BOSTON LONDON, E. C. CHICAGO 19 Congress St. 6 Austin Friars 234 S. La Salle St. J. S. Farlee W. S. Tarbell H. L. Finch CT. S. -FJkZRLZEZE & oo. ESTABLISHED 1882 ZBoxtcLs MEMBERS OF NEW YORK STOCK EXCHANGE ii Wall Street NEW YORK Conn. Mutual Life Building HARTFORD, CONN. Securities for Conservative Investment Always on Hand GEORGE LEASE. JULIAN W. ROBBINS. EDWIN M. LEASK, GEORGE LEASK &. - m — — .J MEMBERS OF THE NEW YORK STOCK EXCHANGE, Bankers, 37 WALL STREET, NEW YORK. Stocks, Bonds and Investment Securities Bought and Sold on Commission. INTEREST ALLOWED ON BALANCES, SUBJECT TO DRAFT. DEALERS http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis IN COMMERCIAL PAPER Mississippi Valley Trust Company ST. LOUIS Efficient Financial and Fiduciary service through Six Complete Departments. Especially Equipped to Act as Your Agent in St Louis and the Southwest. Capital, Surplus and Profits, $8,500,000 INVESTMENT SECURITIES Bonds and Guaranteed Stocks for Savings Banks, Institutions, Estates and individual Investors Lists of Investment Offerings Sent Upon Application SIMON BORG & COMPANY, BANKERS, ^Members New York Stock Exchange 20 NASSAU STREET, NEW YORK CITY ESTABLISHED 1869. BOODY, McLELLAN & CO. members new tore stock exchange 111 BROADWAY, - - NEW YORK Securities bought and sold for cash or on margin. Interest allowed on deposits. BRANCH OFFICES: BROOKLYN, N. Y. WATERBURY, CONN. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis HARTFORD, CONN. 6 Thomas St., NEW YORK. BRIDGEPORT, CONN. STAMFORD, CONN. BANK OF MONTREAL (Established 1817 A CAPITAL (PAID UP)_________________________ $15,413,000 00 REST____________________________________________ 15,000,00000 UNDIVIDED PROFITS____________________________ 1,855,00000 Head Office—Montreal. Rt. Hon. Lord Strathcona and Mount Royal, G.C.M.G-G.C.V.O.—Hon. President R. B. Angus_________________________________________________ President Sir Edward Clouston, Bart_______________________________ Vice-President H. V. Meredith_______________________________________ General Manager NEW YORK AGENCY: 64 WALL STREET. R. Y. HEBDEN, 1 W. A. BOG, 1 Agents J. T. MOLINEUX J The Bank of Montreal has Branches in the Principal Cities and Towns of Canada, from the Atlantic to the Pacific; in St. Johns, Newfoundland; in New York, Chicago and Spokane, in Mexico and in London, England. It issues Commercial and Travelers’ Credits, also Travelers’ and Limited Cheques, available with its Correspondents in all parts of the World, makes Collections at all points, and Buys and Sells Sterling and ContinentaLExchange andfCable Transfers. London Office, 47 Threadneedle Street. F. WILLIAMS TAYLOR, Manager. W. EUGENE KIMBALL. LEEDS JOHNSON. R. J. KIMBALL & CO., BANKERS AND BROKERS, MEMBERS OF THE NEW YORK STOCK EXCHANGE SINCE 1869- 8 NASSAU STREET, - NEW YORK, (HANOVERBBANK BUILDING.) BERTRON, GRISCOM & JENKS NEW YORK PHILADELPHIA! PARIS TFe waiwtatw a large and thoroughly equipped organization for EXAMINING PURCHASING OPERATING the properties of public service corporations public service corporations public service corporations ?SELLING public service corporation securities As such companies are operated and financed under our direct supervision, we are thoroughly familiar with their properties and business, and we can therefore confidently recommend their securities to our customers. Circulars, copies of mortgage and legal opinion will be.mailed upon request. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis T. W. STEPHENS & CO. BANKERS 2 WALL STREET, - - - - NEW YORK Investment Securities INTEREST ALLOWED ON ACCOUNTS OF CORPORATIONS FIRMS AND INDIVIDUALS, SUBJECT TO CHECK AT SIGHT MAYNARD C. EYRE, MILTON J. WHITELY. WILLIAM A. JENNINGS. ARCHIBALD F. MoLIESH. M. R. CAMPBELL, Special. PRINCE & WHITELY, BANKERS AND BROKERS, No. 52 Broadway, New York, AND 15 CENTER ST., NEW HAVEN CONN. 803 MAIN ST., HARTFORD, CONN. All Classes of Railway Stocks, also Grain, Provisions and Cotton, Bought and Sold on Commission. INVESTMENT SECURITIES A SPECIALTY. Direct Private Wires to Boston, New Haven, Hartford, Chicago, Pittsburgh, Baltimore, and Richmond, Va. AUGUST BELMONT & CO., 3 5 A. TV K E J £ S , No. 43-47 Exchange Place, New York MEMBERS OP NEW YORK STOCK EXCHANGE Agents and Correspondents of the Messrs. ROTHSCH I LD, LONDON, PARIS AND VIENNA DRAW BILLS OF EXCHANGE and Make Telegraphic Transfers to Europe, Cuba, the Other West Indies, Mexico and California. ISSUE LETTERS OF CREDIT FOR TRAVELERS AVAILABLE IN ALL PARTS OF THE WORLD. COLLECTIONS IN ALL COUNTRIES Receive deposits of corporations and individuals, subject to check or by special arrangement, and allow interest. Securities and other, realfand personal, property received and managed. Coupons, dividends and interest collected and remitted, or invested under careful advice. Special attention given to investments of all kinds. Execute orders for purchase and sale of bonds and stocks in all markets, domestic and foreign. Accounts and Agency of Banks, Corporations, firms and individuals handled on favorable terms. Dividends and interest collected and remitted. Act as agents for corporations in paying coupons and dividends; also as transfer agent Bonds, Stocks bought and sold on commission at the New York Stock Exchange or elsewhere. Sterling Exchange and Cable Transfers bought and sold. Represent Land Mortgage Companies, both as Financial Agents and in the care of Investments, either Mortgages or Real Estate. DRAW ON BRITISH LINEN BANK http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis LONDON KNAUTH, NACHOD & KUHNE BANKERS New York City, N. Y. Leipzig, Germany LETTERS OF CREDIT AND TRAVELERS CHECKS For Domestic and Foreign Use FOREIGN EXCHANGE CABLE TRANSFERS COLLECTIONS DEPOSIT ACCOUNTS, SUBJECT TO CHECK, RECEIVED ON FAVORABLE TERMS INVESTMENT SECURITIES MEMBERS OF THE NEW YORK STOCK EXCHANGE PARKINSON & BURR 53 STATE ST. BOSTON 73 PEARL ST. HARTFORD 7 WALL ST. NEW YORK INVESTMENT SECURITIES MEMBERS BOSTON AND NEW YORK STOCK EXCHANGES. ARTHUR O. SLAUGHTER. FRANK W. THOMAS. PHILIP W. SEIPP A. O. SLAUGHTER & CO., BROKERS, C New York Stock Exchange, New York Produce Exchange, I New York Cotton Exchange, MEMBERS : New York Coffee Exchange, Chicago Stock Exchange, Chicago Board of Trade, , St. Louis Merchants’ Exchange. 110 WEST MONROE STREET, NEW YORK LIFE BUILDING, CHICAGO HIGH-CLASS INVESTMENT SECURITIES. PRIVATE WIRES TO NEW YORK, BOSTON, PHILADELPHIA AND OTHER PRINCIPAL POINTS. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Maitland, Coppell & Co. 52 WILLIAM ST., NEW YORK. ORDERS EXECUTED FOR ALL INVESTMENT SECURITIES BILLS OF EXCHANGE, TELEGRAPHIC TRANSFERS -ON- Union of London & Smiths Bank, Limited, London, Messrs. Mallet Freres & Cie., Paris, -AND ON- Banco Nacional de Mexico, Mexico, and its branches. NTEREST ON DEPOSITS, SUBJECT TO CHECK TRAVELERS’ LETTERS OF CREDIT United States Bonds, Bailroad, IhZCuLTi.ici'pal AND OTHER Investment Securities. HARVEY FISK & SONS 62 Cedar Street, NEW YORK REPRESENTATIVES PHILADELPHIA, BOSTON, MASS., JAMES H. CHAPMAN, JOHN B. MOULTON, 421 Chestnut Street. 35 Congress Street. OUR LIST OF http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CHICAGO, ILL., D. K. DRAKE, 206 South La Salle Street INVESTMENT SECURITIES SENT ON APPLICATION The Financial Review. Finance. Commerce, Bailroads. WILLIAM B. DANA COMPANY, PUBLISHERS COMMERCIAL AND FINANCIAL CHRONICLE Front, Pine and Depeyster Streets, New York. ■Copyrighted in 1912, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. 0 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis X LIBRARV APR 1 9 1921 .faff !9,‘P !fd3 CONTENTS. . Events, Money Market, Stock Market and Foreign Exchange Page. _ 11 _ 17 LISTINGS OF SECURITIES ON THE NEW YORK STOCK EXCHANGE _ 42 CLEARINGS AND SPECULATION IN 1911__________________________ Sales of Stocks________________________________________________ _ _ 44 45 BUILDING OPERATIONS IN UNITED STATES AND CANADA.. . 46 FAILURES IN 1911_________________ _______________________ Failures by Branches of Business_____________________________ Yearly Failures Since 1857_________________________________ Detailed Statement of Failures in United States and Canada in 1911 _ _ . _ 48 49 49 50 BANKING, FINANCE AND CURRENCY________________________________________________ ______ ______ 51 Call Money Rates for Every Day in 1911_____________ _______ _____ ___________ ____ _______________ 52 Money Market for Three Years___________________ 51-52 New York City Clearing-House Banks—Averages for Week and Actual End of Week_____________________ 53 New York City Clearing-House Trust Cos.—Averages for Week and Actual End of Week____________________ 53 New York City Clearing-House Banks and Trust Cos. Combined—Averages for Week and Actual End of Week___ 54 State Banks and Trust Cos. not in Clearing-House—Weekly Returns___________________________________ 54 All Banks and Trust Cos. Combined—Loans and Money Holdings_______________________________________ 54 New York City Clearing-House Banks—Individual Returns Beginning and End of Year____________________ 55 New York City Clearing-House Trust Cos.—Individual Returns Beginning and End of Year________________ 55 CROP AND OTHER PRODUCTIONS—OUR HARVESTS IN 1911______________________________________ 56 The Crops for a Series of Years____________________________________________________________________ 57 Pig Iron Production and Prices___________________________________________________________________ 58-59 Anthracite Coal Production______________________________________________________________________ 59-60 GOLD AND SILVER—Review of Gold and Silver Production_______________________________________________ 61 Product of Gold in United States, Africa, Australasia, Russia, &c_______________________________________ 62-63 World’s Gold Production since 1881_________________________________________________________________ 62 World’s Silver Production since 1891_________________ ______________________________________________ 63 Silver Quotations in London, Monthly, from 1837 to 1911_______________________________________________ 64 GREAT BRITAIN—BANKS AND TRADE_________________________________ ________ ___ ____________ 65 Review of the Year’s Influences and Events____________________________________________________ _____ British Imports and Exports______________________________________________________________________ Statements of Bank of England and Bank of France—Also Money Rates at Continental Cities_________________ 65 66 70 TRADE AND COMMERCE—Our Foreign Trade in 1911—Calendar Year_____________________________________ Values of Exports and Imports by Fiscal years, 1880-1911__________________________________________ ____ Exports of Leading Articles of Domestic Produce for Three Years________________________________________ Imports of Leading Articles of Merchandise for Three Years________________________________ ____ _______ Comparative Prices of Merchandise, 1860, 1879 and 1908-1912_________________________________ ____ ____ 71 73 73 74 74 FOREIGN EXCHANGE—Daily Prices in New York in 1911_________________________________________________ 7" 7; UNITED STATES DEBT, MONEY AND SECURITIES—Debt of the United States, 1793-1911. Detailed Statement of Public Debt on December 31 1911_______________________________ 'Treasury Money Holdings_______________________________________________________ Stock of Money in Country_____________________________________________________ Highest and Lowest Prices of United States Bonds, Monthly, 1860-1911-------------------------- . 76 . 76 .77-81 FOREIGN GOVERNMENT SECURITIES—Highest and Lowest Quotations, Monthly, 1907-1911 . 81 STATE SECURITIES—Highest and Lowest Quotations of State Securities, 1860-1911------------------- -----------------82-84 Prices of State Securities, Monthly, for Year 1911-------------------------------------------------------------------------------- 84 RAILROADS AND THEIR SECURITIES—Railroad Statistics for the United States---------------------------------------- - 85 Mileage, Capitalization, Wages, Passenger and Freight Statistics----------------------------------------------------------- 85-88 Earnings, &c., Fiscal Years Ending June 30 1893-1910--------------------------------------------------------------------------87-88 Railroad Earnings in calendar years 1910 and 1911---------------------------------------------------------------------------- 88-92 Railroad and Industrial Dividends for Ten Years___________________ See Railway and Industrial Section pages 7-9 Railroad and Miscellaneous Bonds in New York, 1907-1911—Highest and Lowest Prices Monthly................ ..92-123 Railroad and Miscellaneous Stocks in New York, 1907-1911—Highest and Lowest Prices Monthly.................. 123-137 Railroad and Miscellaneous Bonds in Boston, 1911—Highest and Lowest Prices Monthly----------------------------- 187-138 Railroad and Miscellaneous Stocks in Boston, 1911—Highest and Lowest Prices Monthly--------------------------- 138-140 Railroad and Miscellaneous Bonds in Philadelphia, 1911—Highest and Lowest Prices Monthly------------------ ..140-141 Railroad and Miscellaneous Stocks in Philadelphia, 1911—Highest and Lowest Prices Monthly--------------------- 141-142 Railroad and Miscellaneous Bonds in Baltimore, 1911—Highest and Lowest PricesMonthly------------------------142-143 Railroad and Miscellaneous Stocks in Baltimore, 1911—Highest and Lowest PricesMonthly------------------- —143-144 Railroad and Miscellaneous Bonds in Chicago, 1911—Highest and Lowest Prices Monthly----------------------144 Railroad and Miscellaneous Stocks in Chicago, 1911—Highest and Lowest Prices Monthly-------------144 RAILWAY AND INDUSTRIAL SECTION—(Issue of Feb. 24 1912 bound up with the Review)------------------- Appendix http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Volume and Course of Trade. ANNUAL AND MONTHLY RESULTS. RETROSPECT OF 1911. The year 1911 will be remembered as one of unsatis factory business conditions. It showed a further re action in trade, following the retrogressive movement of the latter part of 1910. The reaction, however, was only of ordinary proportions. Compared with the tremendous setback that occurred in 1908, follow ing the panic of 1907, it was really insignificant. The consumptive wants of a population of over 90,000,000 are necessarily very extensive. That ensures fair activity in any event, except when a financial revul sion or other catastrophe completely suspends all activities and interrupts the normal course of affairs. During 1911 there was no panic or mercantile or finan cial upheaval, and the ordinary course of affairs was in no way interrupted. Yet it was a disappointing period in every way. While the loss was relatively slight and the amount of business was large—in ac cord with the size of the population—the aggregate was not up to a full volume, and there was no progress, no forward movement. Growth is the natural order everywhere, and where this growth is not maintained and a retrograde movement sets in, however slight, the fact denotes larger or smaller depression in business and a correspondingly unsatisfactory state of trade. The situation might be summed up in a nutshell by saying there was a complete lack of enterprise, such as is necessary to carry trade to new heights. Confi dence was absent in a degree and to an extent that has not been witnessed since the closing years of the Administration of Mr. Roosevelt. The causes, too, were the same, namely politics and Governmental action of one kind or another. Men of large means, those who direct important undertakings and deem it necessary to keep in close touch with things, found the outlook dubious and hazardous, and accordingly re frained from engaging in new ventures of any great magnitude. Indeed, to embark upon undertakings requiring large outlays appeared to be so risky, in view of Congressional and Governmental activity, that there was a marked disinclination to make com mitments of any kind that could by any possibility be avoided. Both in the railroad world and in the industrial world the developments of the twelve months were dis turbing in the extreme. There seemed positively no inducement whatever for capital to enter either field in the prosecution of new work or the development and improvement of existing undertakings. In the rail road field entirely new conditions were imposed by the amendment to the Inter-State Commerce Law made by Congress the previous year. This vested the Inter-State Commerce Commission with new and almost autocratic powers over the affairs of the roads. It placed the railroad-carrying interest, with its enor mous capital investment of 818,000,000,000, completely at the mercy of this body of seven men. The Com mission had never in the past shown the slightest re gard for railroad interests, it always acting as the champion of the shippers; but it was hoped that with increased powers and responsibility it would now become http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis conservative and proceed in a judicial and judicious manner. Unfortunately such hopes were quickly dashed. When the year opened the Commission still had under consideration the new rate schedules of both Eastern and Western roads, which provided for mod erate advances in rates to offset the tremendous addi tions to the expenses of the roads resulting from the advances in wages the managers had been forced to agree to in 1910. It had been planned originally to put these higher freight schedules into effect the previous summer; but at the instance of the Commerce Commission the date had been repeatedly postponed. In January 1911, as the roads were still awaiting the pleasure of the Com mission, a further postponement had to be agreed to— this time until March. In February, after eight months of delay, the Commission at length announced its de cision. The outcome was not only a complete dis appointment, but it was stupefying and bewildering. The Commission declined to sanction any general in creases whatever, either in the case of Western roads or Eastern roads. Some had contemplated the possi bility that the carriers would not get the full amount of the increase asked for, and some there were who imagined that possibly one set of roads or the other might have to forego the right of making higher rates; but no one was prepared for a veto, such as the Com mission handed down, of all rate increases whatever. The result in these cases was not unnaturally taken as an indication of the attitude of the Commission towards other applications of the same kind, and in this sense was highly discouraging and depressing. Not only that, but in the elaborate opinions handed down in the two cases, such a marked bias against the roads was displayed and such a mass of misleading statistics and erroneous inferences and deductions based on the same was submitted that all chance and likelihood of securing fair treatment at the hands of the Commission seemed to be gone. The Commission sought to make it appear that the railroads every where were, and had been, enjoying unwonted pros perity, and that they could take care of wage advances without rate increases and without in any way im pairing their assumed prosperity. In a series of articles which we published at the time we showed that there was’no warrant whatever for such a conclu sion, and that the margin of profit had been seriously diminished even before the advances in wages occurred. Whatever expectations had previously been enter tained of a revival in business during 1911 disappeared with the announcement of these decisions and the sub mission of the two opinions in the cases. The im portance of the matter to the roads immediately con cerned will be seen when we say that, in the case of the Eastern trunk lines, calculations showed that the added outlay per year from the higher wage schedules would reach 834,338,358, while the added revenue from the higher freight rates proposed would have been only 827,171,444. This compensation of 827,000,000 through higher rates these trunk lines were now obliged to forego. The Western roads in like 12 RETROSPECT. manner were deprived of the chance of recouping them selves, through rate increases, for wage advances. More than that, the opinions in the cases dealt largely with general statistics relating to the United States railroad system as a whole, and it was made very apparent that the Commission would not consider wage advances anywhere a justification for higher rate schedules. According to the best estimates that could be made, it appeared that for all the railroads in the United States the added outlay from higher wages would reach between $100,000,000 and $150,000,000. Hence these decisions were notice to in vestors and the general public that this loss of $100,000,000 to $150,000,000 would have to be made up through retrenchment and economy, or surplus en croached upon, or dividends reduced. The managers at once began to curtail outlays in order to reduce the loss in net income to a minimum. As a result of the economies thus introduced orders for supplies by the railroads were heavily reduced, and this will account for a good part of the year’s general depression in trade. But railroad activity was also diminished in another direction. With the stability of railroad in come put in jeopardy, it was no time for extension and development work in the railroad world. Nor was there inducement for new capital to flow into the rail road field. Accordingly, hundreds of millions that might have gone into reproductive railroad work, if conditions had been wholly favorable, were withheld. Thus in a double way railroad orders for supplies, for equipment, and everything else, were reduced and diminished, prostrating the iron and steel industry during certain parts of the year. Moreover, there were constant reminders all through the period of the fact that the Commission, by reason of its enormous powers and the free way in which it was using them, was holding absolute sway over the pros perity and welfare of the roads. Week after week there came announcements that the Commission had suspended proposed special advances in rates made by one road or another and applying to this commodity or that. In July the Commission promulgated a new order in the so-called Spokane or inter-mountain rate cases which had been pending before the Com mission for years. This order was entirely different from that which the Commission had drawn up twelve months before. It embodied a wholly arbitrary sys tem of zone rate-making, apparently having nothing in its favor, and which threatened to be exceedingly disturbing, not alone to the carriers themselves but to the jobbing districts and jobbing centres in many parts of the country, all of which were called upon to adjust their business to new conditions. Fortunately the Commerce Court later in the year issued an in junction, as noted below, restraining the Commission from putting its order into effect. The courts also— in some instances the U. S. Supreme Court itself— reversed other decisions where the Commission had exceeded Constitutional limits or proceeded in dis regard of the same. These reversals, though in their nature very assuring, served nevertheless to emphasize the fact that to almost a despotic extent the carriers were subject to the authority of the Commission. The crippled state of the railroad industry would alone have sufficed to keep the country’s industries in check. In addition, business was dealt a serious blow from another direction. We have reference to the policy pursued by the Federal Administration with regard to trust prosecutions. That was one of the distinctive characteristics of the year, finding its http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis only parallel in the action of the Roosevelt Adminis tration Not only did the Government initiate many new trust prosecutions, but President Taft and Attor ney-General Wickersham declared themselves in such a way as to convey the impression that all large com binations would, under the operation of the Anti-Trust Law of 1890, fall into the condemned class. Through these utterances fear was instilled that all large com binations would have to be dismembered and resolved into small units, thereby making the carrying oh of commerce according to modern-day requirements impossible. Apprehensions on this point were made all the more acute by reason of the fact that two big industrial organizations, the Standard Oil Co. and the American Tobacco Co., were actually forced to go through a process of disintegration because of the judgment of the U. S. Supreme Court. Anxiety regarding the trust question prevailed at the very beginning of the year, and was intensified as the year progressed through the action of the Adminis tration. In January the U. S. Supreme Court, now having its full membership, heard arguments in the American Tobacco Co. and the Standard Oil Co. cases. There was naturally much anxiety as to the conclu sions of the Court in these cases. It was then supposed that until these conclusions were announced the Gov ernment would not undertake any further trust prose cutions of importance. As a matter of fact, however, several new suits under the Anti-Trust law were started. In May the Standard Oil decision was an nounced, and later in the same month the judgment in the American Tobacco case was handed down. The decisions in both cases were adverse to the companies, the combinations embodied in the same being con demned and the concerns ordered to disintegrate and reorganize so as to conform with the requirements of the law. The decisions nevertheless were not unfavorably re garded as concerns their bearing upon other industrial combinations. This was because the Court, in its carefully-prepared opinions, took pains to state that the “rule of reason” must be used to determine whether a combination is or is not a violation of the statute, and seemed to imply that restraint of competition was not necessarily tantamount to restraint of trade; and, fur thermore, took occasion to declare that “normal and usual contracts to further trade” are not forbidden. There was likewise an intimation that the size or mag nitude of a combination was not an offense against the statute, nor yet the fact that many different corpora tions might be united together. Another favorable feature was that the action of the Court showed plainly enough that even where a combination was actually found to be in conflict with the statute, the law would be so applied as to inflict a minimum of injury aside from giving effect to its provisions. The feeling in trade circles would doubtless have im proved after the announcement of the decisions in these cases except for the manifestations of further activity in trust prosecutions on the part of the Gov ernment. Several of these suits were announced in June and some more in July. It was not, however, until August, when rumors began to circulate that the Government contemplated proceedings against the Steel Corporation, that anxiety became intense and real alarm began to be felt concerning the policy of the Administration. Rumor then had it that both the Harvester Co. and the Steel Corporation had been ne gotiating with Government officials and contemplated reorganization and disintegration so as to avoid prose RETROSPECT. cution by the Government. These rumors brought from the Steel Corporation an emphatic statement the latter part of September that the Corporation had been organized for business reasons, had always scrupulously observed the law and recognized the rights of com petitors and consumers, and that no negotiations what ever had been in progress with the Department of Justice; furthermore, that the directors did not con template dissolution or disintegration, and had no belief that the Corporation was subject to dissolution or disintegration by legal action. In the meantime Congress, then in extra session, undertook, through special committees, investigations of the Steel Corporation and the American Sugar Re fining Co., and mapped out other similar work, all involving added agitation of the subject. Worst of all, President Taft the middle of September started from Boston on a 13,000-mile trip across the country (subsequently increased to 16,000 or 17,000 miles), and expressed himself in his numerous speeches in such a way as to produce a feeling of deepest alarm. The effect of the speeches was to engender a fear that the Anti-Trust law was so sweeping in its scope as to make all large combinations subject to condemnation at the instance of the Government. In a speech at Detroit on Sept. 18 he repeated a statement made by him in a special message to Congress in January 1910 and which then had caused the deepest consternation. The passage quoted was: “It is the duty, and the purpose, of the executive to direct an investigation by the Department of Justice, through the Grand Jury or otherwise, into the history, organization and pur poses of all the industrial companies with respect to which there is reasonable ground for suspicion that they have been organized for a purpose, and are con ducting business on a plan, which is in violation of the Anti-Trust law.” After quoting this statement, the President added the following words: “I wish to re peat this now, and to say further that the AttorneyGeneral has instituted investigations into all the in dustrial companies above described, and that these are in various stages of completion.” The President also intimated that it would be well for the leading companies not to wait for the Government to attack them in the courts, but to begin voluntary dismember ment at once. The President made many other similar speeches, and as he proceeded further West he re iterated his views with increasing emphasis. Concurrently Attorney-General Wickersham was doing his part to intensify anxiety and to convey the impression that there was hardly an industrial under taking in the United States that was secure against prosecution by the Government under the Sherman law. He gave out numerous interviews to newspaper men, all calculated to cause the gravest anxiety. One interview in particular, however, worked infinite mis chief. The utterance in this interview, which bristled all through with startling remarks, that excited espe cial comment was his statement that a casual exami nation of a list of the industrial companies had con vinced him that there were about 100 companies that bore “prima facie evidence” of being liable to prose cution, “in addition to the number against which we have already begun suits.” These statements and utterances were not alone deeply disturbing in the stock market, causing a shrinkage in the value of all industrial securities, but they exercised an unsettling effect upon trade itself, casting a sort of blight over the whole industrial situa tion. Mr. Wickersham would not at this time state http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 13 whether a suit against the Steel Corporation was really contemplated, but the next month (October) suit was actually begun. The Steel Corporation is quite gen erally regarded as one of the most meritorious of mod ern industrial undertakings, and the first effect of the definite announcement of the filing of a bill of complaint against it was exceedingly depressing. But this soon gave way to a more hopeful view. It began to be felt that the Government had now done its worst and that whatever other trust prosecutions might be instituted, little additional harm could result. The relatively smooth course of the American Tobacco reorgani zation plan also had reassuring elements in it. Attor ney-General Wickersham opposed only minor features of the plan, and in November the judges of the Circuit Court approved it in all its essential features, notwith standing the objections of the independent tobacco interests and others. From what has been said it will be seen that politics, as reflected in Government action and also to an ex tent in Congressional proceedings, was the bane of the year. Court decisions were among the most important of the year’s events. These were mostly of a quieting nature, tending to show that our courts were holding fast to the moorings of the Constitution, and also strengthening the confidence that has always been felt in this country in the impartiality and integrity of the judiciary. Court rulings bearing on railroads and in dustrial affairs were numerous, and, except for their reassuring nature, panicky conditions might easily have arisen out of the action of the Inter-State Com merce Commission and the course pursued by the Ad ministration. One decision not entirely to the liking of the business community was that handed down by the U. S. Supreme Court in March upholding the valid ity of the Federal Corporation tax. This, however, was not an unmixed evil, as its effect was to fill Gov ernment coffers. With that exception the decisions were generally favorable, as far as concerns their bear ing on the industrial welfare of the country. We have already referred to the decisions in the Tobacco and the Oil cases. We have also alluded to the action in November of the U. S. Commerce Court in enjoining the order of the Inter-State Commerce Commission seeking by arbitrary methods to equalize rates on through traffic as between Pacific Coast terminal points and inter-mountain territory. This last was consid ered a court judgment of great moment (though it has yet to be sustained on appeal to the U. S. Supreme Court) in showing that, though the Commission was vested with great and extraordinary powers, it would not be allowed by the courts to have its own way when it transgressed legal bounds. Our monthly narrative of events on subsequent pages will furnish full information as to the various court rulings. We shall make only passing reference here to some of the more important cases. In April Judge Sanborn in the U. S. Circuit Court at St. Paul confirmed the findings announced the previous Sep tember of the Master in Chancery and held invalid the passenger and freight rates prescribed by the Minne sota authorities. In June the U. S. Circuit Court for the District of Utah dismissed the bill of complaint brought by the U. S. Government in January 1908, by which it was sought to compel the Union Pacific to dispose of its interest in the Southern Pacific Co. In March the N. Y. Court of Appeals, in an opinion noted for the vigor of its language, held unconstitutional one of the workmen’s compensation laws of this State em- 14 RETROSPECT. acted in 1910. In April the U. S. Circuit Court of Ap peals reversed the judgment for damages obtained in 1910 in the celebrated Danbury Hatters case, and in May the U. S. Supreme Court set aside the imprison ment sentences imposed by the lower Court upon Samuel Gompers and other labor leaders in the case of the Bucks Stove & Range Co. In both cases the re versals were on technical grounds and did not touch upon the fundamental principles involved. In fact, special pains were taken by the Court in each instance to make that circumstance clear. For example, in the Bucks Stove & Range Co. case the contention of the labor leaders, that to punish as a contempt the pub lication of certain utterances about the Bucks Co. for bidden by the courts would be an abridgement of the liberty of the press, was held untenable. In April the U. S. Circuit Court of Appeals in the case of the Kan sas Natural Gas Co. affirmed the decision of the lower Court granting an injunction restraining the enforce ment of the Oklahoma law of 1907 intended to prevent the piping of oil and gas out of the State. Judge San born held that this was an interference with the carry ing on of inter-State commerce. Reference should also be made to the decision of the N. Y. Court of Ap peals in November in holding, in the suit involving the reorganization plan of the Third Avenue RR. of this city, that the Public Service Commissions of this State are not authorized to interfere with the reorganization of bankrupt railroads to the extent of exercising a veto on the putting out of new securities where the aggre gate of such securities does not exceed the total of securities originally issued. Unfavorable conditions were manifest in many dif ferent lines of trade. In the early part of the year the leather trade went through a period of intense depres sion. In the cotton goods trade curtailment was necessarily practiced the greater part of the year, owing to the high price of the raw material. Middling up land cotton in this market touched 16.15 cents in Mav, and even at the close of July still commanded 12^ cents. In December the low point of the year was reached at 9.20 cents, with the close 9.25 cents. In the iron and steel trades conditions most of the year were decidedly unsatisfactory, but with a change for the better in the closing months—at least as far as the volume of business was concerned. One of the trades in which considerable improve ment occurred as the year progressed was the copper trade. In the early months of the year the state of things regarding this metal was still extiemely unsatis factory. During the first five months the product each month ran in excess of the deliveries for domestic con sumption and for export, and as a result the stock of marketable copper increased from 122,030,19o bis. on Jan. 1 to 165,995,932 lbs. on May 31. After that, however, improvement in the demand occurred and, with at the same time a curtailment of the output, stocks at the end of December were down to 89,454,695 lbs. This change brought with it a very great improvement in price. In May electrolytic copper was quoted at less than 12 cts. a lb. and Lake coppei commanded but little above that figure. In Novem ber and December a decided rise occurred, and at the end of the year Lake copper was quoted at about 14J4 cts. and electrolytic at 14^ cts. The year was free from labor troubles of large mag nitude. Indeed, except for the strike of the shopmen on the Harriman roads (the Illinois Central, the Union Pacific, the Southern Pacific, &c.), which began Sept. 30—and which arose out of the fact that the vari http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ous crafts, each of which had had its own distinct union, sought to form a general federation of all crafts with a view to bringing more effective pressure to bear for enforcing their demands—there was really no labor controversy of prominence during the year. In this the situation in the United States was in sharp contrast with that in Great Britain, where in June an inter national strike of seamen occurred, followed in July and August by strikes of dockworkers and others, and eventuating Aug. 18 in a general strike of railway employees all over the United Kingdom, completely dis organizing both internal and external trade. When this stage was reached, the intervention of the Government brought a settlement on the night of Aug. 19. At the very close of the year a labor conflict in another branch of industry developed in Great Britain, namely a lockout of the cotton-mill operatives in Lancashire. Foreign happenings and events were all through the year of unusual importance, and some of them exerted world-wide influence. Great Britain went through what was termed a Constitutional crisis arising out of the fact that Premier Asquith insisted on pushing through Parliament his veto bill, depriving the House of Lords of the greater portion of its power over legis lation. Several other highly important legislative projects of far-reaching consequence were also pushed through by the Asquith Ministry. This included the bills introduced by David Lloyd-George, the Chancel lor of the Exchequer, for State insurance against sick ness and unemployment on the part of the laboring classes. Great Britain became involved in a most dramatic fashion in the Moroccan controversy between Germany and France. The Moroccan crisis developed a number of acute stages in both the relations between Germany and France and between Germany and Eng land, but in the end this prolific source of trouble was settled on the basis of Germany’s elimination from Morocco, she getting as compensation a large slice of the French Congo. Other foreign political developments were also note worthy. They included the overthrow of President Diaz in Mexico; the declaration of war against Turkey by Italy because the Ottoman Government would not yield up control of Tripoli, and the revolutionary up rising in China. As far as the United States is concerned, an im portant event in the country’s foreign relations was the provisional trade agreement entered into between this country and the Dominion of Canada. Congress was called in extra session in April to enact the neces sary law for carrying the agreement into effect; but the Canadian people voted overwhelmingly against the arrangement in September. While the Moroccan imbroglio remained in acute stages, considerable financial tension developed abroad. The peasants in both France and Germany, fearing an outbreak of war, withdrew their deposits from the banks to an enormous aggregate. The banks in turn were forced to sell securities to call loans. At this time the New York money market, which was in a state of extreme ease, was called upon to render finan cial assistance. Usually European capital seeks in vestment here, and it was a unique experience for our money lenders to employ their funds abroad. It was estimated that aggregate borrowings here for account of Germany and France, and in small measure also for Great Britain, at one time amounted to between $50,000,000 and $100,000,000. A further feature was that in October $13,000,000 of Prussian Treasury bills were placed in this market. Earlier in the year United RETROSPECT. States bankers established large credits abroad through the placing of new loans of United States railroads and industrial corporations. Some of these credits were for a considerable time allowed to remain in Europe, money being so superabundant at this centre, instead of the funds being transferred to this side. The agricultural yield fell short both in the United States and in Europe. Extreme heat attended by drought was the cause. In this country hot waves of marked severity followed one another in rapid suc cession from early May until late in July over nearly the entire regions of the Mississippi Valley and the Atlantic Coast. The Weather Bureau expresses the opinion that probably during no previous similar period of sixty days in the last half century was the tempera ture so continuously and largely above the average over so extensive a region. The result was that the corn crop and the oats crop were cut down in a marked degree . The wheat crop proved smaller even than in the preceding year, when it fell considerably below the average. Combining corn, wheat, oats, barley and rye, the aggregate product in 1911 was only 4,268,000,000 bushels, against 4,910,000,000 in 1910. In addi tion, the potato crop was deficient, and the hay crop was the smallest since 1895. On account of the deficient agricultural yield there was no modification of the high cost of living. Indeed, in Europe there was such a rise in the prices of food products that in certain countries, more particularly Germany and France, riotous demonstrations oc curred. In this country there was a decline in com modity prices in February, which seemed likely to modify somewhat the occasion for complaint as to the cost of living. There was a marked decline at that time in grain prices, induced in part by the proposed reciprocal trade arrangement with Canada, which, among other things, would have removed the duty of 25 cts. a bushel now levied on Canadian wheat, pota toes, &c., and seemed likely to cheapen other articles of food. But this Canadian trade agreement failed, and the crop shortage later in the season further dis appointed expectations. Coffee and sugar both adranced to extraordinarily high figures. Granulated ?ugar, which in July had sold at 5 cts. a lb., in Septem ber advanced to 7J4 cts. a lb. The close was 5.75@ 5.80 cts. In the case of coffee, Santos No. 4 reached 16^4 cts. in October, a rise of 3 cts. since Jan. 1 1911, and comparing with 9 24 cts. in July of the previous year. The close was at 1524@1 6cts. It must not be supposed, however, that, outside of articles of food, prices generally were maintained at high levels. On the contrary, iron and steel products reached the low est level in years, while—as another indication—crude Para rubber, which in 1910 sold at S3 a lb., dropped to only $1. In the money market there was a superabundance of funds all through the year, and money rates ruled extremely low except for a sudden upward spurt in call loans on Nov. 29 and Dec. 1, on both of which occasions the rate touched 6%, soon falling back, how ever, to 3 @4%. The first ten months of the year, barring a few days at the beginning of January, the rate was never higher than 224% and frequently was less than 2%, the minimum on one occasion being as low as 1%. On time it was difficult most of the year to obtain 324% per year on six-months loans. In December the level of rates was higher all around. The spurt in call money at the close of November was not at first understood, but when the Clearing-House http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 15 return appeared on Dec. 2 it was found that, according to the statement of actual condition, a surplus of 88,952,000 above the 25% requirement reported for Nov. 25 had been converted into an actual deficit of 86,146,000. Money holdings of these institutions had during that week declined from 8346,633,000 to 8320,093,000. The known movements of money were not sufficient to account for any such loss in cash. The explanation offered was that, aside from the gold directly shipped to Canada, large amounts had been set aside or “ear-marked” for the Canadian banks, so that these latter could count the same as on hand in their returns for Nov. 30. In subsequent weeks the discrepancy was in part removed. A large number of trust companies were admitted to Clearing-House membership during’the year, and it should be under stood that with the reserves of the trust companies included there was no deficit in the week referred to, nor was there any deficit even for the banks alone on the basis of the figures of averages. In the first six months of the year the money holdings of the banks, not including the trust companies, almost steadily in creased, rising (according to actual figures) from 8307,787,300 Jan. 1 to 8410,895,000 June 24; the minimum was reached on Dec. 2 at 8320,093,000 and the aggre gate Dec. 30 was 8350,553,000. Maximum surplus reserves were also reached on June 24, when the amount was 851,222,750; from this there was a drop to a deficit of 86,146,000 Dec. 2; on Dec. 30 there was a surplus of 817,489,500. The reduction in money holdings and in surplus reserves the last six months was in part due to the transfer of money into Government vaults. The U. S. Government in June sold 850,000,000 Panama Canal 50-year 3% bonds, and the proceeds of this sale went into sub-treasuries in this and the next month. As a result money holdings in sub-treasuries, which had fallen from 8320,587,059 Jan. 1 to 8304,878,139 June 1, in creased to 8370,530,717 Aug. 1; from this latter there was a decline again to 8354,591,895 Dec. 31. Na tional bank circulation secured by bonds increased from 8693,370,056 Dec. 31 1910 to 8714,363,068 Dec. 31 1911. The course of foreign exchange was decidedly irregu lar from month to month. At the beginning of Janu ary the tone was weak, so much so that gold imports appeared not improbable. But with the development of pronounced ease in money at this centre, exchange rates advanced. The upward movement continued with larger or smaller fluctuations through February. The latter part of March a sharp downward turn oc curred, due to the placing abroad by our bankers of numerous large new loans. In April there was an upward reaction again, followed in May and part of June by a renewed downward turn, owing to a pressure of security bills against new loans placed in Europe. The demands for July remittance caused a rise the lat ter part of June and the early part of July. The rest of July and through August there was much weakness, due to considerable purchases of American stocks on European account, induced by the decline which was taking place on the Stock Exchange. The latter part of August and throughout September and October the course of exchange was strongly upward, and in the latter month gold exports would have been feasible if inducements had been offeied abroad. The rise was due to the development cf monetary tension abroad RETROSPECT. 16 and the borrowing here on an enormous scale for Euro pean account. A higher level of money rates at this point weakened sterling again in November and during a portion of December, though in this last month there were several ups and downs. In February the Bank of England rate was reduced from 4% to and that of the Bank of Germany from to 4. In March the Bank of England re duced still further to 3%. In September, at the time of monetary tension, the Bank of Germany advanced its rate from 4 to 5%, and the Bank of England from 3% to 4%, while the Bank of France, which had been quoting 3% since early in 1908 and seldom changes its official charge, moved up to 3^%. On Sept. 30 81,500,000 gold was taken here for export to France, and Monday, Oct. 2, 82,000,000 more was taken. In May, in July and again in November there were con siderable shipments of gold to Canada. A little gold also went to South America in November and the be ginning of December. Below we bring together some general statistics for 1911 and 1910, affording an interesting contrast be tween the two years. GENERAL SUMMARY FOR TWO YEARS. 1911. 1910. Ooln and currency in U. S. Dec. 31_____ 5 *3,618,353,798 *3,509,356,855 Bank clearings in United States________ $ 159,999,959,528 164,095,229,999 191,061,665 201,757,097 Business failures_______________________ S 127,207,258 164,150,061 Sales at N. Y. Stock Exchange------shares 1,533,067,130 1,562,904,151 Imports of merchandise (12 months)------$ 2,092,526,846 1,866,258,904 Exports of merchandise (12 months)------$ 20,262,110 447,696 Net imports of gold (12 months)----------- $ 2,826,571,890 2,857,570,374 Gross earnings 554 roads (12 months) 3,918 est. 3,000 Railroad constructed_______________ miles 621,338,000 635,121,000 Wheat raised___ bushels 2,531,488,000 2,886,260,000 Corn raised______________________ bushels 922,298,000 1,180,513,000 Oats raised______________________ bushels al4,885,000 12,132,332 Ootton raised______________________ bales 23,649,344 27,303,567 Pig iron produced (tons of 2,240 lbs.)..^.26,094,919 Steel rail production (gross tons)-----------(?) £32,130,411 £42,628,758 Lake Superior ore shipments (gross tons) . 1,431,938,338 1,452,122,120 Copper production in U. S__________ lbs. 69,954,299 64,905,786 Anthracite shipments,.(tons of 2,240 lbs.) 501,596,378 Coal of all kinds______ (tons of 2,240 lbs.) est. 475,000,000 209,556,048 Petroleum production (whole U. S.),bbls. est. 217,000,000 d781,000 1,071,885 Immigration Into U. S--------------------- No. *A revised estimate of stock of gold coin was adopted Aug. 1 1907, a reduction of $135,000,000 being made, a Agricultural Department’s esti mate, which does not include linters. That item would be between 300,000 and 400,000 bales, d Partly estimated. £ These are shipments by water; in 1910 the "all rail” shipments were 813,639 tons in addition. In the case of the stock market, it may be a sur prise to hear—in view of the many adverse develop ments against which the market had to contend— that for the great majority of stocks closing prices Dec. 31 show no very great changes from opening prices (Jan. 2) at the beginning of the year. This is due in the first place to the fact that there was a tremendous decline in security prices in 1910, so that 1911 started with values at a low level. But it is due in still greater degree to the circumstance that a most determined effort was made on the part of leading finan cial interests to raise prices to a higher basis in face of the unfavorable developments that kept fast accumu lating, month by month. Apparently some bull cliques of limited resources were active during the first six or seven months in boosting special stocks, but had not powerful support been extended by leading finan cial interests, it would have been impossible to main tain prices so well, and even to advance them, during this period of time. The market encountered many reverses and received numerous severe blows, during which prices tumbled badly; but up to August it was taken firmly in hand again after each break and prices moved up once more. The object, presumably, was to restore confidence in the railroad and financial world, and thereby bring a revival in trade. In January stock prices evinced an improving ten dency. In February business was on a small scale, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis but with values on the whole firm until the announce ment of the decisions of the Inter-State Commerce Commission, denying permission to the railroads, both East and West, to advance rates. Then a tremendous slump occurred. In March there wTas recovery in a staggering sort of a way. In April price movements were irregular, though no setback was permitted. During all this time the volume of trading remained small. In May the Supreme Court decisions in the Tobacco and Oil cases were used to stimulate tempo rary activity and bring about a sharp advance. The latter part of this month there came the cut in steel by the Republic Iron & Steel Co. From that time on iron and steel prices generally began to weaken. Never theless a distinct upward turn took place in June, notwithstanding that crop conditions were not prov ing at all satisfactory; a favorable influence was the announcement that the Government had lost its suit to compel the Union Pacific to give up control of the Southern Pacific. The most was made of this news. In July there was a perfect avalanche of depressing events. The Inter-State Commerce Commission an nounced a new decision adverse to the railroads in the celebrated Spokane rate cases; torrid weather condi tions were doing enormous damage to the crops; numer ous new suits against trade combinations were insti tuted under the Anti-Trust law; special Congressional committees were conducting investigations in sugar and in steel; and a very acute situation developed in Eu rope concerning the relations between Germany and France and between Germany and England, arising out of the Moroccan controversy. Despite it all, no de cline in the stock market was permitted, and closing prices July 31 were actually a trifle higher in most cases than opening prices July 1. In August, however, further efforts to maintain prices were abandoned. It seemed to be realised that the task was a hopeless one. Support having been withdrawn, the market went all to pieces. Some stocks in this one month lost the whole of the gains established in the preceding twelve months. The next month (September) utter demoralization ensut u as a result of the speeches of President Taft and tiiv utterances of Attorney-General Wickersham. In Oc tober there was a tendency towards recovery, but the announcement, after the close of business Oct. 26, that the Government had actually brought the suit against the Steel Corporation which it had been rumored for the preceding three months was to be brought, led to a renewed slump in values. That was the end of the decline. From this time on there was a recovery. The feeling now was that all the bad news was out and nothing worse could be in prospect. Then, also, the Attorney-General’s attitude in not antagonizing the essential features of the plan for the reorganization of the American Tobacco Co. was considered distinctly encouraging. Certain rulings by the new U. S. Commerce Court, restraining several orders of the Inter-State Commerce Commission, served further to revive hope, and at the same time increasing activ ity developed in the iron and steel trades. In the cop per trade the improvement was such that a marked rise occurred. We show below the low and high points for the year and the opening and closing prices for each of a large number of stocks,arranged in groups: RETROSPECT. RANGE OF LEADING STOCKS IN 1911. Open ing. Lowest. Highest. Clos ing. Trunk Lines—Baltimore & Ohio. ______ 105 Vi 93 Vi Sept 29 109 54 July 14 103 5» April 21 226 Boston & Albany_____ . . 224 219 Feb 15 221 Clev Cine Chic & St Louis. . 65 y2 48 Vs Sept 15 66 Jan 18 60 Erie . ___________ ___ 27% 27 Vi Jan 11 38 54 July 1 31 % £99 Vs Sept 21 115 % Feb N Y Cent & Hud River__ lit 3 108 N Y Chicago & St Louis__ 65 48 Sept 14 65 Jan 19 56 2 123 Pennsylvania___________ 128 % 118 54 Sept 25 130% Feb Wabash.. _ . _ ______ 16 % 6% 554 Dec 19 18 54 Feb 23 Coal Roads— Aug 24 320 Dec 26 318 Central of New Jersey. .. 270 % 260 505 Sept 25 Del Lacka & Western. . . 534 570 Nov 10 540 Delaware & Hudson ... 164 V, 159 Vi Sept 20 174% June 8 168 Sept 14 186% Dec 26 180 % Lehigh Valley. . ________ 175 Vs 151 N Y Ontario & Western__ 41 Vs 37 54 Sept 25 46 % July 22 38 Reading ________ __ . _ 134 Sept 25 161 % June 3 151% 151 Western and Pacific—3 247 Canadian Pacific. ______ 195% 195 54 Jan July 21 242 15 Aug 28 31 Vs May 23 18 Chicago & Alton.__ ____ 30 4 133 Vi Feb Chicago Milw & St Paul__ 123 Vs 10554 Oct 7 109 % Chicago & North Western. 142 % 138 ^8 Sept 1 150 % June 12 143 Sept 23 60 Colorado & Southern_____ Jan 18 47 56 Vs 43 Denver & Rio Grande.__ Feb 15 19 28 Vi 17% Dec 22 35 Sept 25 140 June 8 127 Great Northern preferred 123 Vi 119 132 Jan 3 147 July 31 1 10% Illinois Central. . ______ 132 Minn St Paul & S S M __ 132 Vi £124 %Sept 22 152 Vi Meh 30 135 Northern Pacific__ ______ 116% 110 54 Sept 25 137 Vs June 8 118 V Rock Island Company___ 29% 22 54 Sept 22 34 54 June 14 25 60 48 Preferred. . .. _______ 43 54 Dec 22 68 % June 14 Southern Pacific Co . 114 Vi. 104 % Sept 25 126 54 June 26 111 % Dec 28 24 54 Feb 8 14 Toledo St Louis & Western 23 % 12 Union Pacific. _______ __ . 170 % 153 % Sept 25 192 54 July 22 171 5't Southwestern— 99% Sept 27 116 54 June 5 106 % 101 Atchison Topeka & S Fe. 28 32 Kansas City Southern__ __ 2514 Sept 25 37 54 June 13 Sept 26 38 % June 14 29 Missouri Kansas & Texas . 31 Vi 27 Oct 17 64 % Preferred . ______ . 65 62 54 Sept 25 70 Feb 15 Missouri Pacific _______ __ 47 54 33 Vi Sept 14 63 39 % Sept 25 49 Vi July 19 40% St L & San Fran 2d pref__ 38 Vi 37 Jan 13 34 24 Feb 4 St Louis Southwestern___ 26 31 54 20 55 Texas & Pacific._____ ____ 25 Vi 19% Dec 21 30 Vi Feb 21 Southern Roads— 8 Chesapeake & Ohio.. . .. 80 Vs 68 % Sept 25 86 54 Feb 73 54 Louisville & Nashville___ 144 54 136 Vi Sept 14 160 54 Nov 24 155% Norfolk & Western . .. . 1 00 3% 99 54 Sept 25 111 Vi Nov 24 108 % 28 % 26 Vs 24 54 Sept 28 33 54 July 19 Southern Railway, b 61 % Jan 11 75 % July 29 62 Preferred b__ - 70 54 Miscellaneous— 66 Amalgamated Copper __ 61 54 44 54 Sept 25 71 54 June 19 54 Amer Car & Foundry. .. 50 Vi 42 54 Sept 28 58 % July 19 46% 59 American Cotton Oil__ __ 41 54 Nov 2 62 54 Feb 28 36% American Locomotive.__ 38 Vi 32 Vs Oct 27 43 54 May 22 Amer Smelting & Refining. 73 v 56 54 Sept 25 83 % June 15 72 54 112 Vi Sept 25 122 Vi Feb 27 115% Amer Sugar Refining_____ 115 Amer Telephone & Telegr. 140 Vi 131 Vi Aug 30 153 % June 8 137% Sept 25 41 % June 13 37% Anaconda Copper c. ___ 38 Vs 29 72 Sept 13 84 % July 20 76% Brooklyn Rapid Transit__ 75 Sept 23 36 54 Feb 6 26 % 25 Colorado Fuel & Iron_____ 31 Sept 22 168 54 May 29 153 General Electric __ __ 151 % 142 16% Interboro-Metropolitan__ 19 % 13 % Sept 22 20 54 Feb 10 International Harvester__ 109 99 Vs Sept 20 129 54 May 5 108 9 Sept 9 13 54 Jan 31 12 Vi International Paper__ __ 9% 131 Vi Sept 22 142 Vi Jan 19 135 Manhattan Elevated______ 139 Feb 2 54% National Lead 56 % 42 Vi Sept 25 59 Oct 24 76 Feb 4 56 New York Air Brake ____ 70% 45 Pacific Mail Steamship____ 28 54 23 Vs April 10 33 54 Nov 24 31 % Jan 19 103 54 105 Vi 101 Vi Aug 22 109 People’s Gas Lt & Coke__ Sept 25 37 54 June 21 33% Pressed Steel Car. 30 Vi 25 6 26% 31 V 18 Oct 27 35 Vi Feb Republic Iron & Steel_____ 37 Vi 30 % Sept 25 48 Vi Dec 16 United States Rubber 47 54 67% 72 50 Oct 27 82 Vs Feb 6 U S Steel Corporation____ 4 111 Oct 27 120% Feb Preferred . . _______ 116 Vi 103 April 18 84 Vi May 24 78 % 73 Western Union Telegraph. 71 54 b Voting trustee certificates stamped extended. c Par value is $25 per share and price is dollars per share; not per cent, x Ex-dividend. SALES AT THE NEW YORK STOCK EXCHANGE SINCE 1893. Railroad and Railroad and Miscellaneous Miscellaneous Stocks.* Bonds- Government Bonds. State Bonds. Shares. $ S 8 49,075,032 339,950,250 4,345,400 10,929,900 1894 ________________ 499,758,080 5,583,200 7,480,250 1895 _____ __________ 66,583,232 54,654,096 363,158,820 26,494,150 2,284,000 t896 .. _____________ 77,324,172 529,843,960 10,394,950 2,004,950 897 ________________ 888,747,630 24,581,980 3,642,700 ±898 ________________ 112,699,957 2,013,200 826,711,400 10,582,180 1899 ________________ 176,421,135 569,159,000 7,012,080 2,082,200 1900 ________________ 138,380,184 2,502,800 994,235,400 1,892,670 1901________________ 265,944,659 879,749,150 1,378,050 3,675,900 1902 ________________ 188,503,403 470,600 684,300,400 1,162,050 1903 ________________ 161,102,101 24,652,575 681,180 1904 ________________ 187,312,065 1,014,812,700 815,716,200 1,189,120 £207,513,450 1905 ________________ 263,081,156 605,554 200 1,809,800 67,588,850 1906 ________________ 284,298,010 456,116,300 69,196,100 858,050 1907 ________________ 196,438,824 999,025,800 81,713,500 521,820 1908 _______________ 197,206,346 771,200 37,115,700 1909 ________________ 214,632,194 1,279,404.100 591,769,200 359,200 42,594.450 1910________________ 164,150,061 3,467,500 96,755.400 794.987 200 1911 ................. 127,207,258 * This includes all stocks (except bank stocks) and also trust certificates, &c , sold in the •‘unlisted” department, except petroleum certificates sold by barrels. x Largely Japanese bonds. JANUARY.—Current Events.—There were many new evi dences of the slackening in trade which had been such a grow ing feature the latter part of the previous year. The tone, nevertheless, seemed much better. The attitude of the pub lic was necessarily a waiting one. pending determination by the U. S. Supreme Court of the cases involving the construc tion of the Anti-Trust Law and pending action by the InterState Commerce Commission on the proposals of the Eastern and Western roads for higher freight rates—proposals which the Commission had had under consideration for practically all of the time since the amendment of the Inter-State Com merce Act the previous June. The Commission heard argu ments during the month in these rate cases, and announced that it would be unable to reach-a conclusion before Feb. 1, the date to which the going into effect of the higher rate sched ules had previously been postponed. Accordingly the rail roads acquiesced in a new postponement, this time to Meh.15. On Jan. 3 the new justices of the U. S. Supreme Court, Joseph R. Lamar and Willis Van Devanter, were sworn in, making the membership of the Court complete for the first time in a long while. The Court then began to hear argu ments in all the more important cases awaiting adjudication, more particularly the actions against the American Tobacco Co. and the Standard Oil Co., involving interpretation of the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 17 Sherman Anti-Trust Law of 1890, the suits regarding the va lidity of the Federal Corporation Tax and likewise the con tempt proceedings against the labor leaders in the case of the Bucks Stove & Range Company. On Jan. 4 news came that the Federal Government had filed a bill of com plaint in the United States Circuit Court for the Southern District of New York against the International Mercantile Marine Co. and other trans-Atlantic steamship companies and their agents, alleging violation of the 1890 Anti-Trust Law, through an agreement entered into in London on Feb. 5 1908 for the division of steerage business between the partici pants, each line receiving a stated percentage of the total under penalty for every passenger carried in excess of the allotment. This action, however, had no disturbing effect, there being a growing confidence that the Supreme Court would construe the Anti-Trust Law in a rational way. In local banking matters there were some adverse developments which might have had far-reaching ill results, except for the intervention of J. P. Morgan & Co. On Saturday morning, Jan. 7, the Carnegie Trust Co. of this city was closed by the State Superintendent of Banking. Certain of the directors of the Carnegie were members also of the Madison Trust Co., the Nineteenth Ward Bank and the Twelfth Ward Bank—all up-town institutions in this borough. Fears immediately arose lest the Carnegie failure should lead to heavy with drawals from these other institutions and possibly cause their embarrassment too. In the interval, however, before the following Monday morning, leading banking interests exerted themselves to prevent trouble, and arrangements were con cluded for the absorption of the Madison Trust Co. by the Equitable Trust Co., while J. P. Morgan & Co. agreed to pro vide financial assistance for the two banks. This proved efficacious. In trade one of the industries which showed marked reaction was the leather trade. Word came that the U. S. Leather Co. would shut down all its tanneries—hem lock, oak and union leather—for an indefinite period. This company is one of the subsidiaries of the Central Leather Co., and it was announced that the latter’s other subsidiaries would also shut down, with the result that “not a hide would be placed in the vats of the 75 or 80 tanneries controlled” for two or three months. Subsequently dispatches came from Boston stating that the Howes Bros. Co., one of the largest sole-leather selling companies in the United.States, had caused to be closed for an indefinite time the 14 tanneries which it controls. Furthermore, the National Tanners’ Association held a meeting in New York on Jan. 10, and this developed a consensus of opinion that production of leather should be rigidly restricted. Altogether there was a curtailment of the sole-leather output for the time being at the rate of 88,000,000 to 89,000,000 a month. General action was also taken to curtail the production of cotton goods. The Arkwright Club of Boston, representing corporations operating some 10,000,000 spindles, at a meeting on Jan. 18 recommended to the New England mills a curtailment of 25%, to begin at once. The previous day the South Carolina Cotton Manufacturers’ Association, representing 4,000,000 spindles, decided to cur tail to the extent of five weeks, between April and September. A little earlier a somewhat similar move had been made by corporations operating over 1,000,000 spindles in Georgia. Notwithstanding this action, and notwithstanding that the Census ginning returns pointed to a much larger cotton crop than the estimate of the Agricultural Department, the price of cotton was maintained at high figures. Middling upland spot cotton in this market closed Jan. 31 at 14.95cts. after having been 14.75 cts. Jan. 23 and comparing with 15 cts. the previous Dec. 31. Print cloths at Fall River ruled at 3% cts. throughout the month. In the iron and steel trades the lack of activity was pronounced, but with some slight signs of a revival towards the close. The U. S. Steel Corp, re ported a reduction of 85,656 tons during the previous month in the aggregate of unfilled orders on the books of the subsidiary cos., leaving the total of such orders Jan. 1 1911 only 2,674,757 tons, as against 5,927,031 tons Jan. 1 1910. But on Jan. 31 Chairman Gary, of the Steel Corp., in giving out the company’s return for the Dec. quarter, showing net earnings of only 825,990,978, as against 837,365,187 in the Sept, quarter and 840,170,960 in the June quarter, made the assuring statement that up to and including Jan. 27, the bookings of new orders for Jan. (not including some large or ders for rails subsequently received) had been 30,000 tons per day, as against only 22,000 tons per day in Dec. and in Nov. At a dinner given Jan. 11 by Mr. Gary to representatives of the independent steel interests, following a conference at his office, the opinion reached was that existing prices for steel and its products were low enough and that nothing was to be gained by reducing them further. W. E. Corey resigned as Pres, of the Steel Corp., and it was announced he would be succeeded by James A. Farrell, of Brooklyn, then Pres, of the U. S. Steel Products Co., the export department of the Corp. This change was construed as emphasizing Judge Gary’s pol icy of maintaining price stability. An advance of 81 per ton in wire products was made effective Jan. 20. The state of the copper trade continued disappointing. The Dec. return of the Copper Producers’ Assn, reported a further diminution in unsold stocks in this country from 130,389,069 lbs. to 122,030,195 lbs., but the Jan. statement issued the next month showed stocks increased again from 122,030,195 lbs. to 142,439,490 lbs. Grain prices at first advanced, mainly on fears of damage from cold weather to the growing winter wheat in the Southwest, but there was a subsequent downward turn, owing to a more favorable crop outlook and also to the pro- A 18 RETROSPECT. posed reciprocity treaty with Canada, which contemplated the removal of the duty of 25c. a bushel on Canadian wheat. At Chicago the May option for wheat rose from 96%c. at the close of the previous month to $1 02 %c. Jan. 12 and then dropped to 95)4c. Jan. 31. May corn at Chicago advanced from 48 )4c. to 50 %c. and then reacted to 49 )4c. May oats at Chicago, after rising from 34c. to 35)4c. (Jan. 9) declined to 33)4c. Jan. 31. Government cash in sub-treasuries was re duced from $320,587,059 to $310,978,312 and Govt, deposits in the banks fell from $47,135,285 to $46,695,234. National bank circulation afloat on bonds decreased from $693,370,056 to $692,939,203. A political event of great importance was the conclusion of arrangements looking to a trade agreement between the U. S. and Canada. The agreement arrived at was submitted simultaneously to Congress and the Dominion Parliament on Jan. 26. It proposed to abolish the duty of 25c. a bushel on Canadian wheat and potatoes, and to remove various other taxes on food products. There was provision fo” the mutual f ee entry of livestock, agricultural products and of fruits and fish. Concessions in rates were also granted on certain classes of agricultural implements and a few iron and steel products, and there were sundry other reductions in rates. Pres. Taft did not present the proposals in the form of a treaty, as that would have required a two-thirds vote of the Senate, but submitted them as a mere tariff measure, in which shape a majority vote in the two branches of Congress would suffice to secure adoption. Public sentiment in favor of the agreement rapidly crystallized in this country, and on Feb. 14 the House of Representatives passed the McCall Bill embody ing the reciprocity agreement by a vote of 221 to 93. In the Senate difficulties developed as noted under the events for Feb. N. Y. City on Jan. 24 disposed of $60,000,000 4)4% 50-yr. bonds. The loan was oversubscribed several times, 571 bids being received for an aggregate of $324,933,030. The award was at an average of 100.90, an income basis of 4.207%. At the sale the previous year (Meh. 21 1910) of $50,000,0004)4% 20-50-yr. (optional) bonds, the average price was 101.28. There were also numerous large new loan flota tions by railroad and other corporations. These are enumer ated in the paragraph below, but it may be mentioned here that the Penn. RR. announced that shareholders would be asked on Meh. 14 to authorize $100,000,000 of new stock with a present issue of about $41,000,000. Quite an event was the submission by Sen. Nelson W. Aldrich to the National Mone tary Comm, of the outline of a plan for banking and currency reform. This embodied many excellent features and quite generally elicited favorable comment, though it was recog nized as being merely a tentative plan. Quite a number of the States ratified the proposed income tax amendment to the U. S. Constitution. On Jan. 3 the new Postal Savings Bank system, created by Congress, was definitely inaugurated with the opening of banks at 48 post-offices which had been desig nated to receive such deposits. With this as the beginning, the number was rapidly extended from month to month there after. The U. S. Supreme Court handed down some import ant decisions. It held that the Federal Govt, could not main tain its libel suit against the Press Pub. Co., which publishes the “New York World.” The action was begun under the administration of Pres. Roosevelt. The “World” had made unwarranted and highly offensive allegations against Charles P. Taft and others with reference to the Panama Canal negotions, and Mr. Roosevelt, in a special message to Congress in Dec. 1908, had described the publications as a “libel upon the U. S. Govt.,” and denounced it as “blackening the good name of the American people.” On Meh. 4 1909 a grand jury in the Circuit Court of the U. S. for the Southern District of N. Y. found an indictment against the Press Pub. Co., charging the commission of criminal libels. The case went to trial, but after the Govt, had introduced its evidence, the lower court sustained a motion to quash the indictment. The U. S. Supreme Court by a unanimous vote sustained this ruling, holding that the Federal statute did not contemplate prose cution in such cases by the Federal Govt., hut by the State Govt. The U. S. Supreme Court also upheld the validity of the Bank Deposit Guaranty Laws of Oklahoma, Kansas and Nebraska. It held that the collection, under a State statute, from banks existing under State laws of assessments upon de posits, for the purpose of creating a depositors’ guaranty fund to secure the full re-payment of deposits in case any such bank becomes insolvent, is a valid exercise of the police power and cannot be regarded as depriving a solvent bank of its liberty or property without due process of law. The Court said that the police power of a State extends to the regulation of the banking business and even to its prohibition, except on such conditions as the State may prescribe. The U. S. Supreme Court also upheld (in a case against the Atlantic Coast Line RR.) the constitutionality of the Carmack Amendment of June 29 1906 to the Inter-State Commerce Act, whereby the initial carrier in inter-State commerce is made liable on through bills of lading for damages to shipments occurring through the negligence of the forwarding carrier. In the N. Y. Supreme Court in Kings County in an action begun by the Albro J. Newton Co. against certain labor organizations affiliated with the United Brotherhood of Carpenters & Join ers of America, Justice Blackmar decided that employees may not conspire by strikes or otherwise to injure the busi ness of an employer. The decision was later affirmed by the Appellate Division. He argued that an employer has a right to carry on business as absolute as the right of the workmen to control their own time and labor. This right, he said, was a property right, and “good-will” (or the relation of a dealer http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis to his customers and to the trade generally) is property which the law is bound to protect. Justice Blackmar averred that to bring an “obstinate” manufacturer to erms an attack on his good-will would be fully as effective as to tear down his factory or to smash his machinery. J. P. Morgan executed a new voting trust agreement in the majority stock held by him in the Equitable Life Assurance Society, naming Morgan J. O’Brien (one of the original trustees), Lewis Cass Ledyard and George W. Perkins (until Jan. 1 a member of the firm of J. P. Morgan & Co.) as the new trustees. Mr. Morgan reserved to himself the right to cancel the agreement at any time when a plan for the permanent mutualization of the in surance company should be devised. Almost simultaneously Paul Morton, the President of the Equitable, was on Jan. 19 stricken with cerebral hemmorrhage and died. He was suc ceeded in April by former Vice-Pres. Wm. A. Day. Under a process for adjustment of real estate values, the Dept. of Taxes & Assessments in N. Y. City raised the assessed values of real estate for taxation purposes almost $900,000,000, or from $6,578,783,074 in 1910 (not counting public ser vice corporations) to $7,476,411,572. The action elicited wide protest, but without any great effect, as in the final revisions the aggregate for 1911 was fixed at $7,377,822,064. The authorities of the new republic of Portugal had a strike of the railway employees to contend against which for a short while brought railway service completely to a standstill. The trouble, however, was overcome by the Government without the necessity of a resort to violent measures. The U. S. Government accepted the compromise offer of $700,000 made by the American Sugar R'ef. Co. in settlement of drawback claims alleged to have been fraudulently obtained by the company on syrups exported through the port of New York. The Government had demanded $865,000. An involuntary petition in bankruptcy was filed against the N. Y. Stock Ex change firm of Sig. H. Rosenblatt & Co. The Pullman Co. announced a general reduction in sleeping car rates all over the U. S., both in upper and lower berths. The reductions were said to be voluntary except as regards three or four spe cific rates passed upon by the Inter-State Commerce Commis sion, and except also that the company accepted the ruling of the Commission that the charge for the upper berth should be less than for the lower berth. The Appellate Division of the N. Y. Supreme Court dismissed the appeal of Clarence M. Cohen to be reinstated as a member of the N. Y. Stock Ex change after having been expelled from membership in the Exchange in January 1909 for an alleged “misstatement upon a material point” made by him at the time of his application for admission in 1900. Railroad Events and Stock Exchange Matters.—A general im provement occurred in values on the Stock Exchange. At first transactions were on a limited scale, but towards the close of the month, under the continued rise in prices, the volume of business increased considerably. Can. Pac. was favorably affected by the announcement that the dividend declaration the next month would be at the rate of 10% a year—an advance from 8%. On the other hand, Penn. RR. shares suffered a setback on the proposed issue of new stock. The latter part of January, under the more favorable accounts regarding the steel trade and good returns of net earnings for the previous December from the transcontinental lines in the western half of the country, additional strength was im parted to the whole list and most leading shares on Jan. 31 touched the highest figures of the month. The good state ments of earnings by Western roads were due to compariso’ being with very bad weather and with other unfavorable co-. ditions in the previous year. In the eastern half of the coun try comparisons of net income were much the same as in the months preceding, and the Pennsylvania particularly showed heavy losses. Mil. & St. P. com. rose from 123 Jan. 3 (the first business day of the year) to 130)4 Jan. 31; Gt. North, from 123 Jan. 12 to 129)4 Jan. 31; Nor. Pac. from 116 Jan. 3 to 124-x Jan. 31; Reading com. from 150)4 Jan. 3 to 158%-x Jan. 18, with the close Jan. 31 157)4: U. P. com. from 169)4 Jan. 3 to 178)4 Jan. 31; Sou. Pac. from 114)4 Jan. 3 to 120)4 Jan. 31; New York Central, opening at 111 Jan. 3, sold at 109)4 Jan. 16 and advanced to 113)4 Jan. 31; Penn, declined from 129)4 Jan. 4 to 125)4 Jan. 12 and closed Jan.31 a 128)4; Steel com. rose from 71)4 Jan. 3 to 80 Jan. 31; Amal. Cop., after moving up from 61 Jan. 3 to 65)4 Jan. 7, closed Jan. 31 at 64-x; Buff. Roch. & Pitts, increased its s.-a. div. on com. from 2% to 2)4%; Gen. Chem. Co. increased its quar. div. on com. from 1)4% to 1)4%. New loan flota tions in this and the next month were on a considerable scale. Speyer & Co. sold $7,000,000 gen. lien 5s of the St. L. & San Fran, n New York, London and Berlin. Del. & Hud. Co. sold $6,000,000 1st & ref. 4s. Chic. Rys. (local traction) sold $15,000,000 1st 5s. Bankers offered $5,000,000 1st 4s of the West. Maryland Ry. Philadelphia bankers placed pri vately $7,000,000 6% notes of the “Ohio Syndicate,” organ ized to finance certain Ohio public service properties. Swift & Co. of Chicago offered stockholders $15,000,000 new stock at par. Amer. Tel. & Tel. Co. sold $10,000,000 col. tr. 4s. The Money Market.—In money the tendency was towards pronounced ease. Money holdings and surplus reserves of the Clearing-House banks heavily increased. Call loans the first two business days (Jan. 3 and Jan. 4) temporarily touched 6%, this following because in the preceding month day-to-day facilities had been very abundant and some bor rowers had failed adequately to prepare for the demands inci dental to the large 1st of January interest and dividend dis bursements. Rates, however, quickly declined and on Jan. RETROSPECT. 20 some money on call was loaned at 1 %%. The range Jan. 31 was 2%@2%%. Rates for time accommodation were low throughout. The latter part of the month it was hard to get better than 3%% per annum on six months’ loans. This led some influential bankers, who felt that these low rates would not continue, to resort to an uncommon method of utilizing part of their idle supplies. Instead of making six months’ loans at 3%%, they agreed to lend for Aug .-Sept, maturity on the basis of the average rate each day for call loans, the rate, however, to be not less than 2% nor more than 6%. At the close nominal rates on time were 3 for 30 and 60 days; 3%@3% for 90 days; 3% for 4 mos.; 3%@3% for 5 and 6 mos. and 4@4% for 12 mos. Commercial paper closed at 3% @4 for 60 to 90 days endorsed bills receivable and prime 4 to 6 mos. single-name bills and 4% @4% for less desirable names. Money holdings of the Clearing-House banks rose from $307,787,300 Dec. 31 1910 to $370,362,100 Jan. 28; surplus reserves, which were only $6,185,725 Dec. 31, increased to $39,282,450 Jan. 21 and were $37,358,000 Jan. 28; deposits, after falling from $1,206,406,300 Dec. 31 to $1,197,148,700 Jan. 7, advanced to $1,332,016,400 Jan. 28, and loans, after being reduced from $1,238,174,600 to $1,215,542,700, increased to $1,299,430,800. Money holdings of the trust companies and State banks outside the Clearing House increased from $138,716,800 Dec. 31 to $139,215,800 Jan. 7, but were only $135,466,400 Jan. 28. Loans of these insti tutions fell from $1,107,623,500 Dec. 31 to $1,067,169,400 Jan. 14 and then recovered to $1,072,944,900 Jan. 28. Foreign Exchange, Silver, &c.—Foreign exchange pursued a somewhat erratic course, but with the tendency mostly up ward. At the beginning weakness was at times so pro nounced that gold imports appeared not improbable, espe cially in view of the purchases of American securities on European account and the prospective subscriptions to the N. Y. City loan and other new flotations. Speculative selling on the announcement of this city’s bond offering caused a sharp break in sterling on Jan. 10 and Jan. 11, but the fact that the Bank of England did not reduce its discount rate Jan. 12, as expected, led to a quick recovery. The rate was reduced Jan. 26 from 4% to 4, causing a lowering also of open-market discounts. With the ease, however, in money at this centre the tendency of exchange was upward. It was estimated that $10,000,000 to $15,000,000 of the N. Y. City loan would ultimately find its way abroad, but the exchange operations incidental to these purchases were not all con ducted during January, partly because of the desirability of carrying the bonds here for the time being. The Bank of England was able to procure a good part of the new gold offering in London each week, and there was also a large re turn flow of gold from internal circulation, so its bullion hold ings ran up very fast, notwithstanding it was obliged to meet some considerable demands for the metal for Egypt, India, the Continent, &c. Sight bills Jan. 3 were 4 8510@4 8515, which was the minimum for the month. The high point was Jan. 7 and Jan. 25 at 4 86@8610, which also was the figure Jan. 31. Cable transfers, however, were at their highest Jan. 25 at 4 8665@4 8670, with the close Jan. 31 at 4 8635@ 4 8640. Open market discounts Jan. 31 were 3% for 60 days and 3 9-16 for 90 days at London; 2% at Paris and 3% at Berlin. Silver at London, opening at 25 %d., reached 25%d. Jan. 9, but declined, and closed Jan. 31 at 24%d. FEBRUARY.—Current Events.—The event of overshad ow. ng importance this month was the announcement by the Inter-State Commerce Commission of its conclusions on the applications of Eastern and Western roads for sanction to put into effect somewhat higher freight schedules. The decisions had been anxiously awaited all through the month. They were reached apparently Feb. 22, but not promulgated until after the close of business Feb. 23. They proved a complete surprise. The general expectation had been that.at least some additions to rates would be permitted, even if only slight, though opinions differed as to which class of roads stood the best chance of being favored in that way. No one had ventured to think that all advances whatsoever would be prohibited, but that is precisely what happened. The Com mission put both Eastern and Western systems in the same category and refused to accede to general increases of any kind. It was absolutely unanimous in both sets of cases. It was evident that the changes in the personnel of the Com mission made with the beginning of 1911—when Chairman Knapp was promoted to a position on the new Commerce Court and the term of ex-Senator Francis M. Cockrell ex pired and two new men were appointed in the persons of C. C. McChord, formerly Chairman of the Kentucky RR. Commission and author of the McChord law of that State, and B. H. Meyer, at one time connected with the Wisconsin RR. Commission—had served to solidify the radical element in the Commission. Very large bodies of roads were repre sented in both groups of cases. The “Eastern” roads com prised the lines and systems in what is technically known as Official Classification Territory, a stretch of country bounded on the north by Canada, on the east by the Atlantic Ocean, on the south by the Potomac and Ohio rivers and on the west by the Mississippi River. The “Western” roads, on the other hand, comprised the lines and systems in Western Trunk Line, Trans-Missouri and Illinois Freight Committee territories, the whole taking in the States of Wisconsin, Min nesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska, Kansas and Montana. The denial of the right to make any general increases in rates over this vast area was http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 19 viewed with grave apprehension. These were the first cases coming before the Commission since it had been vested with authority, under the law of 1910, to decide as to the propriety of contemplated advances in rates before allowing them to go into effect, and that the test should have yielded such un favorable results for the carriers was not regarded as offer ing a very hopeful portent for the future for any class of roads. At the same time the immediate prosperity of the companies directly involved in the groups of cases decided was at stake. Authority to put up rates was desired to offset in part the tremendous additions to expenses occasioned by the advances in wages which the carriers had been forced to grant during 1910. Calculations made by the attorney for the Inter-State Commerce Commission from figures furnished by the railroads with regard to the carriers in Official Classi fication Territory showed that the added outlay per year on these roads from the higher wage schedules would reach $34,338,358. As against this the added revenue from the higher freight rates proposed would have been only $27,171,444. But the roads in other parts of the country also had big and general increases in wages to provide for. It was estimated that for the whole railroad system of the United States the added outlay from higher wages would be between $100,000,000 and $150,000,000. Deprived of the opportunity to get added revenue by higher freight schedules, the only alter native for the carriers was to introduce new economies in management and develop efficiency to a much higher point than ever previously attained, or else to face the possibility of a decided impairment of net income, and the subsequent course of events showed that poth results were taking place. The apprehensions felt in that regard explain the break in security values which occurred on the stock exchanges abroad and in this country after the conclusions of the Commission were made public. It should be added that the Commission followed up its action in these particular cases by numerous suspensions of contemplated rate increases on particular articles or on particular roads. Other developments during the month had been on the whole encouraging. Greater ac tivity was noted in the iron and steel trade. The aggregate of unfilled orders on the books of the U. S. Steel Corp, in creased from 2,674,757 tons Dec. 31 to 3,110,919 tons Jan. 31 and 3,400,543 tons Feb. 28. In the case of the copper trade the record was not so encouraging, unsold stocks of the metal having increased from 122,030,195 lbs. Jan. 1 to 142,439,490 lbs. Jan. 31 and 156,637,770 lbs. Feb. 28. The foreign visible supply of copper, however, declined somewhat. Perhaps the most gratifying feature of the month was the decline in commodity prices. This was looked upon as modifying somewhat the occasion for complaint as to the high cost of living. In Chicago the May option for wheat almost steadily declined, and on Feb. 27, the last business day of the month (Feb. 28 having been a holiday at that point on account of the primary elections), the price got down to 88% cts., against 97% cts. on Feb. 2. The proposed removal of the duty of 25 cts. a bushel on Canadian wheat was cited as one factor in the drop in price, though favorable accounts regard ing the condition of winter wheat operated to the same end. The House of Representatives at Washington on Feb. 14 passed the McCall Bill embodying the Canadian tariff agreement by a vote of 221 to 93. May corn in Chicago fell off from 50% cts. Feb. 2 to 47% cts. Feb. 27 and May oats at Chicago from 33% cts. Feb. 1 to 30% cts. Feb. 27. There was a growing belief (which was confirmed the next month when the final ginning report of the Census Bureau showed a yield of about 12,000,000 bales) that the 1910 cotton crop would prove in excess of previous estimates; at the same time the high price of the staple induced further curtailment of pro duction of cotton goods. In this market middling uplands dropped from 14.95 cts. Jan. 31 to 14 cts. Feb. 15, with an upward reaction to 14.45 cts. by Feb. 28. Print cloths at Fall River remained at 3% cts. National bank circulation secured by bonds increased slightly—from $692,939,203 to $693,119,715. Money holdings in sub-treasuries were re duced from $310,978,312 to $308,284,813 and Government deposits in banks decreased from $46,695,234 to $46,667,651. Announcement was made at the beginning of the month of the proposed double-tracking of the Union Pacific and South ern Pacific lines at a cost of $75,000,000, the work to extend over five years. A number of new railroad loans, mostly undertaken before the Inter-State Commerce Commission announced its decisions, were also floated during the month, as noted below. An event in the railroad world was the conclusion of arrangements for giving control of Missouri Pacific to new interests. It was originally provided that Paul M. Warburg, of Kuhn, Loeb- & Co., should enter the board, also Edgar L. Marston of Blair & Co., and E. D. Adams, representing the Deutsche Bank. The purpose of the new interests was to rehabilitate the property and de velop it. It was supposed at the time that the effect would be to virtually eliminate George J. Gould from further par ticipation in the management, but when the election took place the next month, while the changes here indicated were carried out, it appeared that Mr. Gould still wielded con siderable influence in the company’s affairs. This became strikingly evident in April, when the Gould interests suc ceeded in getting the board to endorse his candidate for the Presidency, namely B. F. Bush, thereby leading to the resig nation of Mr. Warburg and Cornelius Vanderbilt. In a suit by E. L. Mottley and wife against the L. &N. RR., the U. S. Supreme Court held that railroads cannot issue passes for inter-State. transportation, even on contracts made before the 20 RETROSPECT. passage of the Hepburn Law. The Mottleys had been in jured on the road in 1871 and to settle their claim for dam ages the road agreed to carry them free so long as they lived. After the passage of the law of 1906, however, the company refused to continue the passes. The Supreme Court, speak ing by Justice Harlan, said it could not add an exception based on equitable grounds when Congress had foreborne to make such an exception. The Court said the Act of June 29 1906 expressly prohibits inter-State carriers from demand ing, collecting or receiving “a greater or less or different compensation” for the transportation of persons or property, or for any service in connection therewith than that specified in its published schedule of rates, and hence such carriers cannot make a valid contract to issue annual passes for life in consideration of the release of a claim for damages. Furthermore, the Court held that a contract of that kind, though made prior to the enactment referred to, was rendered unenforcible by the prohibition in the same. In another suit brought by the United States against the Chic. Ind. & Louisv. involving a contract made with the Frank A. Munsey Co., publishers of “Munsey’s Magazine,” it was held that transportation cannot be issued by an inter-State carrier in return for advertising, even if the railroad company derives its corporate powers from a State statute authorizing the company to issue transportation in payment for printing and advertising. Attorney-General Hogan of Ohio on Feb. 20 instituted quo warranto suits in the State Circuit Court de manding the ouster from the State of the Ches. & O. Ry., the L. S. & Mich. So., the Hock. Val. and Kan. & Mich., the Tol. & O. Cent, and the Zanesv. & West, for alleged viola tion of the State Anti-Trust Law. The complaint charged conspiracy to destroy competition in transporting bituminous coal through the organization of the Ohio Coal Traffic Assn., stock jobbing, &c. The following Aug. Attorney-Gen. Wickersham began an action against the same defendants under the Sherman law. Congress adopted a joint resolution which President Taft signed Feb. 15, naming San Francisco as the place for holding the Panama-Pacific International Exposition in 1915. New Orleans had been a strong com petitor for the Exposition. The resolution proposing an amendment to the U. S. Constitution so as to provide for the election of U. S. Senators by direct popular vote instead of their being chosen by the State legislatures was defeated in the Senate on Feb. 28, the vote being 54 ayes to 33 nays, or less than the required two-thirds. The matter again came up in April and June. The Senate ratified a new treaty between the United States and Japan. The treaty deals primarily with tariff arrangements between the two coun tries, but also covers immigration. At first, as the text of the treaty had not yet been published and it was not generally known that Japan had entered into a supplementary agree ment to maintain the status quo in regard to immigration, strong opposition to the treaty became manifest and the Cali fornia Senate on Feb. 22 passed a unanimous resolution urg ing “the President of the United States to withdraw said treaty from further consideration by the Senate of the United States” and appealing to the Senate “to withhold and refuse its assent to a compact fraught with so much danger to our citizens, to our industrial development and to our civilization.” When it appeared, however, that there was a supplementary understanding with Japan for the con tinuance of the restriction on the emigration of Japanese coolies to this country, which had been theretofore main tained by the Japanese Government, opposition was molli fied. The treaty was ratified by Japan early in April and was then made the occasion for the exchange of congratu latory cable messages between the Japanese Emperor and President Taft. The French Ministry of M. Briand tendered its resignation Feb. 27 as a result of a vote of want of confi dence against it the previous week. Technically the Min istry suffered defeat on the question of the religious organiza tions, it having been attacked on the ground that it had not enforced the laws against the congregations, as set forth in the Separation Act. Actually, however, the- Ministry’s fall seems to have been connected with its attitude towards labor, more particularly its action some time before in suppressing the strike of the railway employees. This invited the bitter hostility of the Socialistic parties, who thereafter never lost an opportunity to vote against the Ministry. President Fallieres called M. Antoine Ernest Monis to form a new Ministry. King George V. formally opened Parliament—the first of his reign. In the House of Commons the so-called Veto Bill, intended to deprive the House of Lords of a con siderable portion of its powers in the matter of defeating legislation, passed its first reading on Feb. 22 by a vote of 351 to 227. A proposal to list Chic. Mil. & St. Paul stock on the Berlin Bourse evoked considerable hostility in German Parlia mentary circles and led the Prussian Minister of Commerce & Trade to inform the bankers engaged in the attempt that the German Government would oppose it. The move seemed to have been prompted entirely by considerations relating to German internal affairs, it being desired to retain German capital at home as much as possible. Russia gave notice of its intention to make a military demonstration against China because of alleged violation of the Treaty of 1881. The next month the Russian Government pressed the question to a definite conclusion, and China capitulated unreservedly. A revolutionary uprising slowly developed in Mexico and fur nished occasion for anxiety. In London a writer for a Social istic paper who printed an article declaring that King George had been married to the daughter of a British Admiral be http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis fore he became the Heir-Apparent to the Throne, was tried, and, being found guilty of having maligned the King, was sentenced to a year’s imprisonment. The King forwarded an emphatic denial that he had ever contracted a matrimonial alliance before his marriage with Queen Mary. In this coun try the Standard Oil Co. brought a magazine writer and pub lisher to task for having charged it with selling poisonous candy. Being threatened with a suit for libel, this magazine admitted the falsity of the charges and made a full retraction. Subscriptions were opened simultaneously in New York, London and Amsterdam for the third and final installment of $5,500,000 of a 4%% loan of the Republic of Cuba. The loan was largely over-subscribed both in this country and in Europe. The report of the committee appointed the pre vious year to investigate legislative corruption in N. Y. State was presented to the Legislature. The report stated that “no definite and substantial charge, verified upon knowledge of corrupt practices or official misconduct in connection with legislation or the Legislature, or with any matter or proceed ing before any State Department, board, body or officer, was filed with the committee.” The committee recommended an amendment to the Penal Law requiring any member of either House of the Legislature to report at once to either branch, and to the District Attorney of the county, any at tempt to bribe or improperly influence his vote—on severe penalties for non-compliance. The International Paper Co. inaugurated a departure among industrial organizations by taking steps to safeguard the issue of commercial paper. It made arrangements by which all commercial paper bearing its signature, either as maker, endorser or acceptor, was to be registered by the Bankers Trust Co. of this city as registrar. The Diamond Match Co. assigned the patents it held on the ingredient used in the making of non-phosphorus matches to trustees so as to permit the general use of the ingredient. This was a voluntary act done in the interest of labor em ployed in outside match factories with the idea of eliminating for the future the danger of phosphorous necrosis. President Taft had recommended the enactment of a law prohibiting the use of white phosphorus in match manufacture. A re call election was held in Seattle Feb. 7 which resulted ad versely to Mayor Hiram C. Gill, who had been elected the previous March. He was defeated by a Public Welfare League candidate. The First Nat. Bank of this city estab lished a pension fund in the interest of its employees. The Chatham & Phoenix Nat. Bank of this city began business as a consolidation of the Chatham Nat. and the Phoenix Nat. Dealings in Virginia-Carolina Chemical Co. com. stock began on the Coulisse of the Paris Bourse. An offering of $3,000,000 5% bonds of the California-Idaho Co. was made in Paris by La Banque Franco-Americaine. Railroad Events and Stock Exchange Matters.—The stock market was a small affair until after the decision of the InterState Commerce Commission denying the application of Eastern and Western roads to advance rates. That event completely changed its character and tone. At the beginning of the month the market was strong and prominent issues generally recorded advances. Thereafter business remained small, with the fluctuations on the whole quite narrow, though special properties, like Mil. & St. Paul com., at times dis played weakness; on the other hand, Can. Pac. and its allied properties manifested an advancing tendency. The pros pective change in the control of the Mo. Pac. caused a pr nounced upward turn in that stock and in some of the ot’ Gould properties. Several of the industrial stocks likewise moved upward. Just before the Commerce Commissi-, .i an nounced its decision the tone was somewhat unsteady, with out, however, any pronounced movement of prices either up or down. The conclusions of the Commission were not known until after the close of business Thursday, Feb. 23, and ac cordingly did not affect the market on that day. On Fri day morning many leading issues opened from 3 to 7 points below the closing prices of the previous day, with the market completely demoralized. At London—where, owing to the difference in time, the market opened earlier—an even more noteworthy slump occurred. The drop here might have reached still larger proportions if it had not been for the put ting in of supporting orders. These orders not only checked further decline, but served to cause a rally. The rest of the month more or less of an upward reaction occurred, several of the industrial stocks being sharply boosted upwards, and this affected favorably the rest of the list. Mil. & St. P. com., opening at 130Feb. 1, reached 133% Feb. 7, touched 122-x Feb. 28 and closed at 122%; Reading com., opening at 157%, reached 161% Feb. 7, declined to 152% Feb. 24 and closed at 156%; U. P. com. moved up from 178% at the open ing to 181% Feb. 6, dropped to 174% Feb. 24 and closed at 176%; So. Pac. com. was 121% Feb. 2, 114% Feb. 24 and closed at 116%; N. Y. Cent., opening at 113%, reached 115% Feb. 3, fell to 107% Feb. 27 and closed at 108%; Penn, from 130% Feb. 2 dropped to 125-x Feb. 24 and closed at 126%; Gt. North, from 131% Feb. 1 dropped to 122 Feb. 24 and closed at 125%; Steel com. from 80 at the opening rose to 82% Feb. 6, dropped to 76% Feb. 24 and closed at 78%; Amal. Cop. from 67% Feb. 6 declined to 62% Feb. 24 and closed at 63%; Cleve. Cin. Chic. & St. L. omitted the semi annual dividend on common; the Southern Ry. resumed on its pref., declaring 1% payable April 24; Int. Harvester Co. increased the quar. div. on com. from 1 to 1%%; Sears, Roe buck & Co. made a stock div. of 33 1-3%; Nat. Biscuit Co. increased'its quar. div. on com. from 1% to 1%%; B. & O. sold $10,000,000 4%% notes due June 1 1913 to retire notes RETROSPECT. maturing Meh. 10 1911; Erie sold $12,500,000 3-yr. 6% notes to redeem notes due Apr. 8 1911; bankers offered $12,000,000 4%% notes of the N. Y. N. H. & H. RR. due Feb. 1 1912 and another block of $10,000,000 4%% notes due Meh. 1 1912; the syndicate which in April 1910 underwrote $43,686,000 conv. deb. 4s of Atch. Top. & S. F. Ry. sold the unplaced portion to a syndicate of American, London and Continental bankers; Reading Co. sold $18,811,000gen. M. 4s to retire a like amount of underlying 6s and 7s on the Phila. & Reading; a syndicate of bankers agreed to extend for 18 mos. at 6% the loan made by the Wabash to retire the $8,000,000 Wheel. & L. E. notes which matured the previous Aug., the obligation amounting to about $9,500,000; Kuhn, Loeb & Co. negotiated with a syndicate of French banks $50,000,000 (250,000,000 francs) Central Pacific 4% 35-yr. bonds and 125,000,000 francs were at once offered in France; bankers offered $8,000,000 Ch. Burl. & Q. gen. mtg. 4s; Chic. R. I. & Pac. sold $10,000,000 St. Paul & Kan. City Short Line 4%s; the issue was offered in New York and Lon don and oversubscribed. Bankers offered $5,000,000 ref. & impt. mtg. 5s of the Kan. City Sou. Ry.; bankers offered here and in London $13,500,000 7% cum. pref. stick of the Studebaker Corporation, just incorporated; $5,000,000 4% bonds of the Winston-Salem Southbound Ry. were placed; the Consolidation Coal Co. disposed of $9,000,000 5s, in part to take up maturing issues; the N. Y. N. H. & H. purchased from the N. Y. Cent. $2,352,050 of that company’s holdings of $4,704,100 pref. stock of the Rutland RR., total issue, $9,057,600, and the following December arranged to acquire the other half; the Cin. Ham. & Dayton Ry. sold to J. P. Morgan & Co. $11,000,000 Pere Marquette RR. com. stock and the latter arranged for the issue of $8,000,000 5-yr. 6% notes, secured by double the amount of 50-year 5% bonds. The Money Market.—Money was fractionally higher at the very beginning of the month, but this did not last long. Large offerings with only a limited inquiry quickly brought about a decline. In fact rates got down to figures where cer tain influential institutions discontinued lending. These would not make call loans at less than 2%%. Notwithstand ing, however, the withdrawal of these lenders, the market continued over-supplied with both call and time accommo dation. The range on call during the month was 1@2%. Time money at the close was 2%@3 for 60 days, 3@3% for 90 days, 3%@3% for 4 mos., 3% for 5@6 mos. and 4@ 4% for 12 mos. Paper was quoted at 4@4% for double names and the best single names, while good single names were 4%@5. Money holdings of the Clearing-House banks increased from $370,362,100 Jan. 28 to $383,614,500 Feb. 25, and surplus reserves from $37,358,000 to $41,278,350. De posits moved up from $1,332,016,400 to $1,369,344,600 and Ioans from $1,299,430,800 to $1,324,598,500. Money hold ings of the trust companies and the State banks not in the Clearing House were $136,607,100 Feb. 25, against $135,466,400 Jan. 28, and their loans were $1,111,022,000, against $1,072,944,900. Foreign Exchange, Silver, &c.—The Bank of England on Feb. 16 reduced its discount rate from 4% to 3%% and the Bank of Germany Feb. 18 from 4% to 4%. The Bank of England obtained each week a large portion of the new ar rivals of gold from South Africa, and made further large ad’’tions to its bullion holdings, which Feb. 23 were £38,197,3, against £31,355,545 the previous Dec. 29. Foreign exchange was irregular. In the early part of the month, wher discounts abroad were still firm and money was worth more in London than here, exchange advanced. Then a marked drop occurred, in part on speculative operations, in part on lower discounts in Europe, a very favorable foreign trade statement for January, and the break in commodity prices, which it was supposed would stimulate European buying of goods and merchandise in this country. The minimum for sight sterling and cable transfers was reached on Feb. 16, the day the Bank of England rate was reduced, but a sharp recovery ensued before the close of that day and the latter part of the month the tendency was generally up ward; from 4 86@4 8620 Feb. 16, sight bills rose to 4 8655@ 4 8660 Feb. 27, with the close Feb. 28 4 8645@4 8655. Open market discounts at London Feb. 28 were 2 11-16 for spot bills and 2% for bills to arrive, 2at Paris and 3% at Berlin. Silver in London continued its downward course and touched 23 ll-16d. Feb. 9, but there was a recovery to 24 7-16d. by Feb. 25, with the close Feb. 28 24 %d. MARCH.—Current Events.—The old Congress expired March 4 without the Senate having taken action on the bill which had passed the House of Representatives providing legislation for giving effect to the reciprocity agreement with Canada. President Taft thereupon issued a proclamation convening the new Congress in extraordinary session for April 4. As an aftermath of the Inter-State Commerce Com mission decisions of the previous month, denying to the carriers permission to advance rates, the N. Y. Cent. RR on March 8 reduced its quarterly dividend from 1%% to 1%%. At the same time returns of railroad earnings as received for the month of February showed considerable losses in net in the case of the Eastern trunk lines, as also the more prominent Pacific systems, like the Un. Pac. and the So. Pac., though on the other hand some leading Western systems were able to present fairly satisfactory exhibits by reason of the control exercised over the expense accounts. A new element of uncertainty was injected into affairs on Tuesday, Meh. 7, by an official announcement from Washing http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 21 ton—of which there had previously been not the slightest intimation—that some 20,000 American troops had been ordered to San Antonio, Tex., and other points near the Mexican border. At first the public was informed the move was for the purpose of “extensive maneuvers to try out organization and equipment,” and it was also stated that the scheme contemplated joint action with the navy at Galveston. These official explanations (President Taft himself remained reticent) were not, however, generally accepted. It was seen at once that the action must have some reference to the disturbed state of things in Mexico arising out of the insur rection in that country, which had been steadily growing in importance. As the troops were dispatched to the scene of action in great haste, warships rushed South, militia officers asked to watch the maneuvers, and even hospital corps organized, it was not surprising that rumors of actual warlare and actual interference should have gained credence. To remove any ground of apprehension on the part of the Mexican Government, President Taft finally felt obliged to assure President Diaz that no steps hostile to Mexico were contemplated. Mystery regarding this large military move ment was soon removed, however. On Thursday, Mcli. 9, the staff correspondent of the Associated Press, who was accompanying the President on the latter’s holiday journey to Atlanta, announced that the troops had been sent to form a solid military wall along the Rio Grande in order to stop filibustering and to see that there was no further smuggling of arms and men across the international boun dary. Senor Limantour, the Mexican Finance Minister, was temporarily in New York at the time on his way home from Europe. Shortly after his arrival in the City of Mexico and a conference with Pres. Diaz, the news came that the entire Mexican Cabinet had tendered their resignations. This was taken as an attempt to placate the rebel chief, Francisco I. Madero. On Monday, Meh. 27, the names of the reconstructed Ministry were announced, showing that Senor Limantour in the Finance Department and Gen. Manuel Gonzales Cosio in the War and Marine Department were the only members of the old Cabinet who had been retained. The decision by the U. S. Supreme Court up holding the validity of the Federal Corporation tax imposed under the Tariff Law of 1909 was also one of the events of the month. The decision was handed down Meh. 13. In declaring the law Constitutional, the Court—all the judges concurring—took precisely the same ground as President Taft when he urged acceptance of the provision upon Con gress; that is, that the tax answers to the definition of an excise tax and hence comes within the powers conferred upon Congress. It appeared after the close of the month that pig iron production for March had been 2,188,161 tons, against 1,794,509 tons in February and 1,759,326 tons in January. But this was on the expectation of an improve ment in the iron and steel trades which, unfortunately, did not come. The Steel Corporation reported unfilled orders Meh. 31 of 3,447,301 tons, an increase for the month of (6,758 tons, but business decreased as the month progressed. The bookings of new orders were stated to have averaged only 35,000 tons per day during March, against 40,775 tons per day in February. Chairman Gary the next month gave out a statement saying that the railroads usually buy about 30 to 33 1-3% of the company’s entire products, but for some time past had been buying only about 7@8%. The copper statistics showed a further accumulation of stocks. Tnere was also wide restriction of coal production. The “En gineering & Mining Journal” Meh. 18 reported that the bi tuminous mines in West Virginia, Pennsylvania and Colo rado were being operated at only about 50% of their ca pacity, those of the Southwest at about 60%, Alabama about 65%, and of Ohio, Indiana and Illinois at only about 40%. Supplies of coal on hand were stated to be unusually large. Government money holdings increased from $308,284,813 to $315,030,226, but Government deposits in the banks changed only slightly. National bank circulation secured by bonds was $693,261,786 Meh. 31, against $693,119,715 Feb. 28. The final cotton-ginning report of the U. S. Census for the season of 1910-11 was issued Meh. 20 and indicated a cropof, roughly, 12,000,000 bales—11,941,563 running or standard bales, including linters, repacks, &c. The result was in accord with current opinion and hence was without much influence on price. From 14.45 cts. Feb. 28 and 14.60 cts. Meh. 1 middling upland cotton in this market declined to 14.20 cts. Men. 6, then reached 14.65 cts. Meh. 11 and again Meh. 16, touched 14.35 cts. Meh. 28 and closed at 14.40 cts. Meh. 31. Print cloths at Fall River ruled at 3% cts. until Meh. 18, when there was a reduction to 3% cts. A further sharp decline occurred in wheat. This was in part on the good prospects for the growing winter-wheat crop, but also in part on the large reserve stocks of cereals in farmers’ hands shown in the report issued by the Department of Agriculture on Wednesday, Meh. 8. From 89% cts. Feb. 28, the May option for wheat in Chicago advanced to 92% cts. Meh. 6, but Meh. 31 saw the price down to 85% cts. Rich ard A. Ballinger, Secretary of the Interior in President Taft’s Cabinet, resigned, and was succeeded by Walter Lowrie Fisher of Chicago. In accepting Mr. Ballinger’s resignation, Mr. Taft wrote him a letter in which he declared him to “have been the object of one of the most unscrupulous con spiracies for the defamation of character that history can snow.” Congress before adjournment enacted a number of very important laws. One of these permits collectors of customs and of internal revenue to receive for duties on im- 22 RETROSPECT. ports and internal taxes certified checks drawn on national and State banks and trust companies under such regulations as the Secretary of the Treasury may prescribe. Another confers upon the Secretary of the Treasury authority to issue gold certificates against deposits of foreign gold coin and gold bullion, but the amount of gold bullion and foreign gold is not to exceed at any time one-third of the total amount of gold certificates outstanding. Another im portant measure enacted was the Moon bill, codifying the laws relating to the Federal judiciary. This increases the salaries of the judges of the U. S. Supreme Court—the Chief Justice from $13,000 to $15,000 and the Associate Justices from $12,500 to $14,500. It also eliminates the Federal Circuit Court, leaving only the District Courts, the Circuit Courts of Appeal and the U. S. Supreme Court. . The bill proposed by Sec. of Treas. MacVeagh authorizing the issue of new Panama Canal bonds minus the circulation privilege also became a law. Mr. MacVeagh had also recommended in a communication to Congress, Feb. 6, the repeal of the ex isting laws requiring the establishment and maintenance of a sinking fund for the reduction of the U. S. debt; but nothing came of this. Another important Administration measure which failed was the permanent tariff board bill. The bill originally passed in the House, but was amended in the Sen ate, and when it came back to the House was killed by fili bustering. An appropriation, however, of $200,000 was made by Congress for the old tariff board and its member ship increased from three to five. Provision for the fortifi cation of the Panama Canal, concerning which there had been much controversy, was made in an appropriation of $3,000,000 for commencing work on the Panama defenses, inserted in the Sundry Civil bill. In a joint resolution adopted by Congress provision was made for the appointment of a com mission to investigate the cost of transporting and handling second-class mail matter. This was the result of a recom mendation made by President Taft following the opposition which developed among magazine publishers towards the in crease in postage rates on second-class mail matter as con templated in the Post Office Appropriation bill. It had been proposed to make the rate of postage 4 cts. per lb. on such parts of such publications as contained advertising matter, as against the regular rate of 1 ct. per lb. This provision was stricken out by the Senate and provision made for a com mission to examine into the matter. One of the three mem bers of the commission, it was provided, should be a judge of the Supreme Court, and President Taft appointed Associate Justice Charles E. Hughes as such member. The other two members originally appointed were A. Lawrence Lowell, President of Harvard University, and Lawrence Maxwell, formerly Solicitor-General of the United States; but the lat ter subsequently resigned and was succeeded by Harry A. Wheeler of Chicago. The Scott bill prohibiting future deal ings in cotton failed of enactment. The bill had passed the Lower House the previous June and in February 1911 had been reported in a modified form to the Senate by the Senate Committee on Inter-State Commerce, but attempts to bring it up for a vote in the Senate were defeated. An amendment to the Erdman Act for the settlement of labor disputes on inter-State carriers became a law, providing that the Presi dent of the United States might from time to time designate any member of the Inter-State Commerce Commission or of the Court of Commerce to exercise the powers conferred and the duties imposed upon the Chairman of the Inter-State Commerce Commission, to act with the Commissioner of Labor as mediator in controversies which might arise be tween carriers and their employees. President Taft named Martin A. Knapp, presiding Judge of the Commerce Court, to exercise the functions referred to. The attempt to unseat William Lorimer of Illinois as U. S. Senator on charges of bribery in connection with his election proved unsuccessful, the resolution receiving 40 votes in the affirmative and 46 votes in the negative. A new investigation was started the following June. State Senator John Broderick, one of those charged with bribery, was subsequently acquitted by a jury in one of the Illinois courts. The U. S. Supreme Court on Meh. 6 handed down a decision concurred in by all the judges in an action which had been pending many years, holding that West Virginia must assume its just share of the indebt edness of Virginia outstanding in 1861 before West Virginia was detached from the parent State and constituted a sep arate Commonwealth. The Court found West Virginia lia ble for $7,182,507 of the original principal of the debt as compromised by Virginia with her creditors, and left the question of interest for adjustment between the parties. Attorney-General Wickersham Meh. 3 filed a suit by the United States against the Gen. Elec. Co., the Nat. Elec. Lamp Co. and about thirty other companies, including the Westinghouse Elec. & Mfg. Co. in the U. S. Circuit Court, at Cleveland, O., claiming violation of the Sherman AntiTrust law. The specific charge was that the Nat. Elec. Lamp Co., which it was stated controlled 97% of the busi ness, was promoted by the defendants for the purpose of monopolizing the manufacture, sale and prices in carbon fila ment electric incandescent lamps. The following October the defendants consented to having a decree entered in favor of the Government. The N. Y. Court of Appeals in a case against the South Buffalo Ry., by a unanimous vote, on Meh. 24 held unconstitutional one of the workmen’s com pensation laws of the State enacted the previous year. Under this law it was only necessary to show that the injury to an employee arose through the risk or danger of the employ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ment “without serious or wilful misconduct” on the employee’s part, and not to establish that the employer was at fault. Prior to the enactment of the new law the employer could plead contributory negligence. The Court of Appeals held the law invalid in that it would take property without due process of law and contravene- both the Federal and State constitutions. The opinion was by Judge Werner, and he said: “If such economic and sociological arguments as are here advanced in support of this statute can be allowed to subvert the fundamental idea of property, then there is no private right entirely safe because there is no limitation upon the absolute discretion of legislatures, and the guaranties of the Constitution are a mere waste of words. If it is com petent to impose upon an employer who has omitted no legal duty and has committed no wrong a liability based solely upon a legislative fiat that his business is inherently danger ous, it is equally competent to visit upon him a special tax for the support of hospitals and other charitable institutions upon the theory that they are devoted largely to the alle viation of ills primarily due to this business.” The U. S. Circuit Court of Appeals at St. Louis on Meh. 29 affirmed the decision of the U. S. Circuit Court for the Western District of Oklahoma, rendered in 1909, granting the railroads pass ing through Oklahoma an injunction restraining the enforce ment of the 2-cents-per-mile passenger rate prescribed by the Constitution of Oklahoma which went into effect Nov. 16 1907, and the reduced freight rates fixed by the Oklahoma Corporation Commission. The rates were held to be con fiscatory and in violation of the 14th Amendment to the Fed eral Constitution. In the British Parliament the Minister of Foreign Affairs, Sir Edward Grey, in the course of a debate, announced that he would welcome a proposal from the United States along the lines of President Taft’s sweeping proposition for enlarging the scope of international arbitration so as to embrace questions of every character and description, even those involving the national honor and dignity. The leader of the Opposition in the Lower House, A. J. Balfour, also enthusiastically expressed himself in favor of the suggestion. Later, practically all classes of the British population in dicated approval of the idea underlying the thought, and numerous meetings were held and speeches made in support of the same. In Germany, however, Chancellor von Bethmann-Hollweg expressed himself in a way to imply that his views were not in accord with the suggestion, which he char acterized in the nature of “ideals impossible of realization.” The stock of the Philadelphia Co., controlling traction and gas properties in Pittsburgh and vicinity, was listed on the Parquet of the Paris Bourse, being the first American stock on the “official market” as distinguished from the “Coulisse” or outside market. Arrangements were concluded for the acquisition by local interests in New York City of a large block of the Bank of Commerce stock from the Equitable Life Assurance Society and the Mutual Life Insurance Co. As a result Frank A. Vanderlip, F. L. Hine and Albert H. Wiggin, the presidents, respectively, of the National City Bank, the First Nat. Bank and the Chase Nat., were added to the board of directors of the Bank of Commerce. Such of the latter’s shares, however, as passed under the immediate control of the National City Bank wrere disposed of the following November. Alvin W. Krech, Pres, of the Equitable Trust Co., purchased from the Equitable Life Assur. Society a controlling interest in the capital stock of the company and then distributed tl" stock in such a manner that the company would remain v.u absolutely independent concern and so that there would ’ e no paramount influence in any one banking direction. ? The West. Un. Teleg. Co. put into effect a “day letter” system at a rate 1% times that for the night letters introduced the pre vious year. These letters are transmitted at the convenience of the company some time during the business hours of the day, full rate telegrams, of course, having priority of trans mission. Railroad Events and Stock Exchange Matters.—In the stock market there was a recovery in a staggering sort of way from the fall sustained at the end of February, as the result of the decisions of the Inter-State Commerce Commission, but the course of prices was decidedly irregular, with business at a very low ebb, there being dulness almost to the verge of stag nation. Among the strong features were Can. Pac. and its allied properties, namely the “Soo” road and Wis. Cent.; also Atchison and Norf. & West. Among the weak special ties was Mo. Pac. Steel com. closed at precisely the figure at which it opened, namely 77%, after having been meanwhile 74% Meh. 4 and 79% Meh. 28. Mil. & St. P. com. was 123 Meh. 1, 119% Meh. 3, 123% Meh. 15 and closed at 120% Meh. 31; N. Y. Cent., after selling at 109% Meh. 1, touched 105% Meh. 4 and closed at 106% ex. Meh. 31; Penn, closed at 126 as against 126% at the opening; Reading com. was 155% at the close, against 156% at the opening, after having been 153% Meh. 4 and 158% Meh. 21; U. P. com., opening at 174%, got down to 170% Meh. 4, advanced to 178% Meh. 29 and closed at 176%; Nor. Pac. closed at 123%, against 123% at the opening and Gt. Nor. at 126%, against 125%; Amal. Cop., opening at 64, got down to 61% Meh. 2r advanced to 65 Meh. 15 and closed at 62%. We have re ferred above to the reduction in the quar. div. on N. Y. Cent, from 1%% to 1%%. The public offering in Paris of 125,000,000 frs. of Cent. Pac. 4% 35-yr. bonds guar, by So. Pac., proved very successful. Kuhn, Loeb & Co. and Nat. City Bank offered at 95% and int. $25,000,000 1st 4s of the Chic. Milw. & Pug. Sd. Ry. guar, by Chic. M. & St. P. The N. Y. Cent, placed $25,000,000 3-yr. 4%% notes. L. S. & Mich. RETROSPECT. So., through J. P. Morgan & Co., sold 60,000,000 frs. of 1-yr. notes in Paris, to provide for the payment of 44,000,000 frs. 1-yr. notes which fell due Meh. 15 1911, and for various im provements; these notes bore no int.-, the int. being discoun ted in advance. Mo. Kan. & Tex. sold to Speyer & Co., and the latter re-sold here and in Europe, $12,500,000 2-yr. 5% secured gold notes to take up $10,000,000 5% notes and for other corporate purposes. Pub. Serv. Corp, of N. J. (street ry. and light properties) sold $13,850,000 gen. mtge. 5s to J. P. Morgan & Co. and Drexel & Co. Minn. St. P. & S. S. M. Ry. offered to shareholders at par $2,187,400 new pref. and $4,374,800 new com. stock. Amal. Cop. Co. sold $12,500,000 2-yr. 5% notes to supply the means for the absorp tion of the United Metals Selling Co. Bankers placed with in vestors in Canada and London,as well as in the U.S., $15,000,000 1st M. 5% bds. of the Miss. Riv. Pow. Co., the price being $875 for $1,000 bond and $200 common stock. * The Money Market.—There was continued weakness in money. At least four leading national banks and two influ ential trust companies refused to compete for business in the call-loan branch during the period that 2M% was the prevail ing rate, nor did these institutions undertake to put out time money at the lowest levels. The effect of this action was re flected in a slight stiffening of rates at the close of the month, when preparations were making for the 1st of April payments. These latter requirements were, otherwise, without influence. On call the range for the month was 1M@2M%- On time, rates at the c'ose were 2M@2M% for 60 days, 2%@3% for 90 days, 3@3M% for 4, 5 and 6 mos. and 4@4M% over the year. In commercial paper business in prime 4 to 6 mos. single names and in 60 to 90 days endorsed bills receivable was done at 3%@4%, while less well-known paper was quo ted at 4J4@4%%. Money holdings of the Clearing-House banks fluctuated considerably and were $374,310,700 Apr. 1, against $383,614,500 Feb. 25. Between the same two dates surplus reserves dropped from $41,278,350 to $26,397,600. Loans increased from $1,324,598,500 Feb. 25 to $1,354,896,300 Apr. 1. Deposits at the latter date were $1,391,652,400, against $1,369,344,600 Feb. 25. Money holdings of the trust companies and of the State banks not in the Clearing House were $132,965,800 Apr. 1, against $136,607,100 Feb. 25, and the loans of these institutions were $1,121,889,600, against $1,111,022,000 Feb. 25. Foreign Exchange, Silver, &c.—After considerable irregu larity up to the 21st of Meh., a distinctive feature was weak ness towards the close of the month, when many dealers had expected a sharp rise on preparations to meet the 1st of April ayments to European holders of American securities. As it appened, the inquiry for remittance was below the normal for the end of the quarter. The explanation was that very large credits had been established abroad by our bankers through the placing since Jan. 1 of numerous large new loans in Europe the proceeds of which had not been remitted to this country, owing to the fact that with rates for money so exceedingly low here, it was more advantageous to allow the funds to remain abroad for the time being. Then, also, a considerable trade balance was accruing in favor of the U. S. on the merchandise movement. While exchange was ex tremely dull most of the month and speculation at a mini mum, there was, nevertheless, some short selling the latter part by speculators who counted on being able to cover their commitments in April at a profit. The Bank of England on Meh. 9 reduced its rate from 3% to 3%. In the early days of th month more or less liquidation in stocks for European acco. , was noted as a result of the previous month’s decisions of the Inter-State Commerce Comm. Open market discounts in London were decidedly lower, with rates at the close 2M% for spot bills and 2% for bills to arrive. At Paris the open market rate, after having been 2M%> fell back to 2M- Ber lin bankers at the close were quoting 3% for bills to arrive and 3)4% for spot bills. Silver in London did not fluctuate widely, with the price Meh. 31 the same as Feb. 28, namely 24^d. APRIL.—Current Events.—Congress convened in extra session Apr. 4 and the Democrats, as the majority party in the House of Representatives, laid down a program of legis lation for the session. This included, among other things, the passage of the Canadian reciprocity agreement and bills for general tariff legislation; the submission of a Constitu tional Amendment for the election of United States Senators by popular vote, legislation requiring the publicity of cam paign contributions before and after Congressional elections, and the passage of resolutions providing for the investigation of the various executive departments. The Canadian Reci procity Bill passed the House Apr. 21 by a vote of 264 to 89. The resolution proposing a Constitutional Amendment for the election of U. S. Senators by direct popular vote was adopted in the House on Apr. 13 by 296 to 16, and the resolution calling for an investigation of all the executive departments of the Federal Govt, was adopted Apr. 20. The bill amend ing the Act of June 25 1910 with reference to campaign con tributions passed the House Apr. 14. Debate was also begun on a Farmers’ Free List Bill, an omnibus measure providing for the removal of duties on a long list of articles in which farmers are supposed to be peculiarly interested. This passed the next month (May 8) by a vote of 236 to 109. It placed on the free list agricultural implements, cotton bagging, cot ton ties, leather boots and shoes, fence wire, timber, lumber sewing machines, salt, &c., &c. There were further ev dences of dulness and trade reaction. The Steel Corpora http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 23 tion, after the close of the month, reported that its new or ders had averaged only about 25,000 tons a day, against 35,000 tons a day during Meh., 40,775 tons during Feb. and 35,000 during Jan. Unfilled orders on its books Apr. 30 were 3,218,704 tons, a decrease of 228,597 tons during Apr. The latter part of the month a reduction of 50c. a ton from the 1910 price of iron ore was made by one of the ore-produc ing concerns, and was followed by the other producers. The Steel Corporation’s statement for the Meh. quarter was given out Apr. 25, and showed the dividend on Steel com. for this quarter to have been fully earned, notwithstanding the unsatisfactory condition of the iron and steel trade; but net earnings for the three months aggregated only $23,519,203, against $37,616,876 in the same three months of 1910, and it was not found possible to make any appropriation out of earnings for new construction and additional property, as had been done in other periods. That the reaction in trade also extended to other departments of business activity was evident from the fact that the H. B. Claflin Co. reduced the quar. div. on the $3,829,100 of com. stock from 2% to 1)4%On Apr. 7 the George W. Jackson Co. of Chicago, one of the largest contracting and engineering concerns in the country, turned over its affairs to a committee representing the unse cured creditors. A further sharp decline occurred in the price of rubber. In Apr. of the previous year fine Para rub ber sold at $3 per lb. By Jan. 1911 the same grade had dropped to below $1 80 per lb., the latter part of the current month (Apr. 1911) the price broke to $1 12, though a slight recovery occurred before the close of the month. The slump was attributed to the curtailment of the demand for rubber on the part of American manufacturers, to the use of lower grades and of substitutes for rubber and to increased Ceylon production. There was a renewed rise in the price of cotton, and middling uplands in this market advanced from 14.40c. Meh. 31 to 15.45c. Apr. 29. Grain prices, after a decline at the beginning of the month, also made sharp recovery, not withstanding that the conditions regarding the coming crop in this country were nearly all highly favorable. July wheat at Chicago, which had closed at 86Me. Meh. 31, got down to 84%c. Apr. 7, advanced to 88)4c. Apr. 22 and closed at 88c. Apr. 29. July corn at Chicago, after having closed at 49Mc. Meh. 31, touched 48Mc. Apr. 3, advanced to 52%c- Apr. 24 and closed at 52 Me. July oats at Chicago advanced from 30Me. Apr. 1 to 32Mc. Apr. 15 and closed at 31 Me- Na tional bank circulation secured by bonds decreased from $693,261,786 to $691,468,720. Govt, deposits in the banks fell from $46,732,832 to $46,393,015 and cash in sub-Treasuries was reduced from $315,030,226 to $313,974,372. On account of the constant accumulation of money at New York and other centres, and the limited trade inquiry for funds, owing to the reaction in general business, there was a marked resumption of the buying of standard bonds and short-term notes by financial institutions. Some large new issues both of notes and bonds were announced and were quickly absorbed. The daily transactions in bonds on the Stock Exchange also increased. New York City 4Ms, which were brought out in Jan. at 100.90, sold up during Apr. to 103)4 and in May brought 104)4- There were some further takings of securities of American corporations by Europe. Speyer & Co., with a group of French banks and bankers, brought out a second French series of 15-20-year 5% gen. lien gold bonds due 1927 of St. L. & San Fran. RR., this series covering 35,000,000 francs (in part to take up 7-year notes). A group of American bankers offered here and abroad $19,000,000 ref. 4% bonds (chiefly to refund $14,651,000 coll. tr. bonds due May 1) of the Seaboard Air Line Ry. and $10,000,000 of the bonds were asked for in Lon don and Amsterdam. Ches. & Ohio sold $16,000,000 of 3-yr. 4)4% gold notes (in part for refunding) and a considerable portion of the notes was sold abroad. An event of consid erable moment was the decision of Judge Sanborn in the U. S. Circuit Court at St. Paul, Minn., confirming the findings announced the previous September by the Master in Chan cery, Judge C. E. Otis, who had held invalid the new passen ger and freight rates prescribed by the Minnesota authorities. Judge Sanborn decided that these rates prohibited a fair return upon the value of the lines in Minnesota, took the properties of the companies without just compensation, violated the 14th Amendment to the Constitution and also violated the commerce clause of the Constitution, inasmuch as the natural effect of the rate schedules which the State sought to impose was to burden inter-State commerce, and to attempt to regu late the latter is outside the province of a State. Incidentally it was also held that a net income of 7% per annum upon the value of railroad property used in the State is not more than the fair return to which the railroads are entitled under the 14th Amendment. Another important decision during the month, which attracted wide attention, was by the U. S. Supreme Court, and applied the principles of the common law to a case of restraint of trade. . This decision dealt a blow at attempts to regulate prices of goods or commod ities after the producer has parted with them. The case was that of the Dr. Miles Medical Co. against the John D. Park & Sons Co. The purport of the decision ap pears to be that while the manufacturer is left perfectly free to fix the price in the first instance and has the right to refuse to sell to any one not satisfied with the price named, he can not go further and say at what figure those who buy from him shall dispose of the articles after he himself has parted with title to them. The U. S. Circuit Court of Appeals for ihe Second Circuit reversed the judgment obtained before 24 RETROSPECT. Judge Platt at Hartford Feb. 4 1910 in the celebrated Dan- resolution r to withdraw the limitation placed in 1908 upon the bury Hatters’ case. This was the case where the firm of £area in which genuine champagne could be produced, the D. E. Loewe & Co. had brought suit against Martin Lawler wine-growers a in the Department of Marne, the home of the and 200 other members of the local Hatters’ Union to recover beverage, 1 immediately proceeded, apparently by prearrange damages to the firm’s trade from the boycott inaugurated ment, i to destroy the establishments of alleged spurious con by the Union and the American Federation of Labor (of cerns c in the Epernay and Ay districts, and though large bodies which the local Union is a subordinate organization), and in , of < troops were rushed to the scene, great damage was never which the jury fixed the damages sustained at $74,000, which theless 1 done. Later the decision of Premier Monis to refer amount was trebled under the provisions of the Anti-Trust the 1 modification of the delimitation law to the Council of Law of 1890 (the U. S. Supreme Court in February 1908 ■ State, ! the Supreme administrative court, had a pacifying having rendered a decision upholding the principle that the , influence i and ended the rioting. France was again called boycott came within the provisions of the 1890 Law). The upon i to quell disorders in Morocco and protect foreigners, Federal Circuit Court of Appeals reversed the judgment and t the action caused renewed fears of possible friction with upon the ground of errors in the conduct of the trial. One Germany. < The consummation of the negotiations with of the errors "was that “the trial court assumed the function \ irespect to the proposed $50,000,000 loan to the Chinese of the jury in passing upon the credibility of witnesses and \ Government, ' first announced the previous October, was weighing conflicting testimony.” Judge Lacombe, who reported. j The loan was originally arranged with a group of wrote the opinion, also dissented from the argument that \ American . financiers, but was subsequently divided so as to membership in and contributions to the United Hatters I allow : the participation of British, French and German bank make persons principals as to the acts of any and all agents 1 <ers. An impressive meeting was held in the Guild Hall, that the Union might employ. As to the legal character of London, presided over by the Lord Mayor and attended by the acts themselves, Judge Lacombe said that a combination high i Government officials and representatives of all branches of individuals “to induce a manufacturer engaged in inter- \ of the British Empire’s activities, at which a resolution was State commerce to conduct his business as they wish it should ' passed “cordially welcoming the proposal of the United States be” is a violation of the Sherman Law and that “when such in favor of a general treaty of arbitration between that obstruction is shown to have brought about an injury to a country and the British Empire and pledging support to the person’s business, recovery may be had, although the im principles of such a treaty.” The Federal Grand Jury at pelling motive of the combination was an effort to better the Cleveland, O., on Apr. 26 handed down eleven indictments condition of the combine, which, except for the Anti-Trust charging conspiracy and rebating in violation of the Elkins Act, might be proper and lawful.” The U. S. Supreme Court Law against the Penn. RR., the L. S. & Mich. So., the N. Y. handed down a decision elucidating still further the provisions Chic. & St. Louis and the Bessemer & Lake Erie, besides five of the so-called Commodities Clause of the Hepburn Rate dock companies and three individuals representing the rail Law. The Supreme Court had in May 1909 construed the roads and the ore interests involved. The railroads were Commodities Clause as prohibiting only the transportation charged wdth rebating to the dock companies and the latter by railroad companies of commodities owned at the time of to the shippers. President McCrea of the Pennsylvania RR., transportation—that it did not prohibit them from transport however, issued a statement explaining that if there was any ing commodities manufactured, mined or produced by them violation of the law at all, it was only technical and wholly previous to such transportation, but which were not owned unintentional. Bangor, Me., on Sunday, Apr. 30, suffered by them at the time of transportation. The Court also had a great conflagration, which consumed a large part of both held that the provision did not apply to the transportation the business and residential sections of the city. The loss of commodities owned by other corporations in which the was estimated in excess of $3,000,000. transporting railway company may have a stock interest. Railroad Events and Stock Exchange Matters.—Transactions It was the application of this latter point that was amplified on the Stock Exchange during the first half of April were the on the present occasion, the Government being permitted smallest in years and fluctuations generally were without to amend its complaint in the suit which sought to establish much significance. Can. Pac., however, made a new high that the relation between the Lehigh Valley RR. and the record. About the middle of the month the market devel Lehigh Valley Coal Co. constituted a violation of the Com oped more activity, with the course of prices generally down modities Clause referred to. Chief Justice White said “it ward, some leading shares showing a decline of 2 to 4 points. must be held that while the right of a railroad company as a Substantial recovery quickly ensued, and the latter part of stockholder to use its stock ownership for the purpose of a the month there was an evident purpose to boost the market bona fide separate administration of the affairs of a corpora all around in the absence of the Supreme Court decisions ad tion in which it has a stock interest may not be denied, the verse to the validity of large trade organizations. The con use of such stock ownership in substance for the purpose of gested condition of the money market and the inability to destroying the entity of a producing, &c., corporation, and of ! employ loanable funds at remunerative rates was favorable commingling its affairs in administration with the affairs to that end. The growing strength of the bond market faciliof the railroad company so as to make the two corporations I! tated efforts at a rise in shares. Gen. Elec., Gt. North., No. virtually one, brings the railroad company so voluntarily : Pac., Reading and some other leading stocks were prominent acting as to such producing, &c., corporation within the | in the upward reaction. Mo. Pac. throughout the month prohibition of the Commodities Clause” (V. 92, p. 956). : followed a course of its own, influenced by the peculiar cir The Supreme Court of New Jersey on Apr. 8, in overruling cumstances that had developed in reference to that property. the demurrer in the suit of the administrator of one Quigley, Milw. & St. P. com. sold down from 121)4 Apr. 3 to 117 Gt. Nor. declined from an engineer, against the Lehigh Valley RR., declared valid Apr. 18 and closed Apr. 29 at 121 the Ackerman Employers’ Liability Law of New Jersey 128)4 Apr. 5 to 123)4x Apr. 22 and closed at 126)4; Nor. Pa- . enacted in 1909. This law makes employers liable for in was 126)4 Apr. 6, 120%x Apr. 24 and closed at 123)4, juries caused by the acts of fellow servants, thus changing the Pac. sold up from 2213^ Apr. 1 to 233)4 Apr. 29, and < m. rule of the common law. The 1909 law, however, was super Elec, from 148 Apr. 3 to 158)4 Apr. 29; Reading com. de seded the following July 4 by the yet more drastic Edge Law clined from 157 Apr. 3 to 149)4 Apr. 23 and closed at 154)4; enacted by the New Jersey Legislature of 1911. The U. S'. U. P. com. dropped from 177)4 Apr. 3 to 173)4 Apr. 22 and Circuit Court of Appeals at St. Louis on Apr. 7, in the case of closed at 177)4; So. Pac. was 116)4 Apr. 5, 113)4 Apr. 24 the Kansas Natural Gas Co., affirmed the decision of the and closed at 115)4; N. Y. Cent, was 107)4 Apr. 3, 104)4 lower court granting an injunction restraining the en Apr. 18 and closed at 107; Steel com. opened Apr. 1 at 77)4; forcement of the Oklahoma Law of 1907 intended to prevent touched 78% Apr. 3, fell to 72)4 Apr. 24 and closed at 75)4, the piping of oil and gas out of the State. Judge Sanborn Amal. Cop. declined from 62)4 Apr. 1 to 59)4 Apr. 18, ad in his opinion held that the law prevents inter-State com vanced to 64)4 Apr. 25 and closed at 63)4- We have re merce in natural gas by obstructing the building of pipe lines ferred above to the new loans brought out during the month across public highways to transport gas out of the State and which were taken in whole or in part abroad. In addition the violates the Constitution of the United States and must St. L. & San Fr. RR. sold to American banking houses therefore be held to be void. It was his view that the right i| $5,000,000 N. O. Tex. & Mex. Div. 1st 5s. Penn. RR. of private citizens by means of ownership or mining leases offered to shareholders the right to subscribe at par for $41,to draw gas or oil from beneath the surface of the ground 261,400 new stock. It was announced that participants in is property and the prevention of the sale of that property in the Chic. Milw. & Pug. Sd. 4% bond syndicate had been inter-State commerce is in violation of Article V of the !I called on for payment of about 60% of their subscription, the Amendments to the Constitution and is not justified by the j bonds not having met with a very active demand. Chic. & power of a State to conserve its natural resources. Con Nor. West, sold $7,500,000 of gen. M. 4s. Interb. Rap.Tran, tinuing, he said: “The State may refuse to allow foreign sold to J. P. Morgan & Co., and the latter re-sold to institucorporations to do business within its borders, but may not J[ tions at 100)4, $10,000,000 1-yr. 4)4% notes. L. & N. sold prevent them from carrying on inter-State commerce. The $10,000,000 Atl. Knoxv. & Cin. Div. 4s. The Nat. Rys. Co. State has power of taxation and the power of inspection over of Mexico sold to a syndicate $10,000,000 2-yr. 4)4% notes, corporations, but may not use those powers to interfere with | secured by a block of its prior lien and gen. mtg. bds. Amer. inter-State commerce.” In a bitterly fought political con Woolen Co. purchased and canceled $10,000,000 of its com. test, Carter H. Harrison, who had made a demand for 70- stock, reducing the amount outstanding from $30,000,000 to cent gas his main issue, was chosen Mayor of Chicago, leading $20,000,000. N. Y. N. H. & H. acquired from N. Y. Cent, to a sharp decline in the stock of the People’s Gas Light & a half interest in the net pecuniary results to accrue from the Coke Co. An election held April 18 at Tacoma, Wash., re operation of the Bos. & Alb. RR. by the Central under its sulted in the recall of Mayor C. V. Fawcett and the election of lease of that company, thus making it an object for the New W. W. Seymour. Mayor Fawcett had served only eleven Haven Co. to transfer as much business as possible over to the months out of a four-years term. At another election the B. & A. The Southern Iron & Steel Co. defaulted Apr. 1 in next month (May 16) the Commissioner of Public Safety and the int. on $6,810,000 1st & ref. mtg. bds., after having de the Commissioner of Light & Water were recalled. Serious faulted Feb. 1 on $1,200,000 6% deb mtur s. disturbances in the wine-growing districts of France again |I The Money Market.—Money holdings and surplus reserves curred. The French Senate having on April 11 passed a of the Clearing-House banks again heavily increased and rates http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RETROSPECT. for money on time made a new low record for the year. Several leading banks and trust companies continued out of the market because of these low rates, and there was a very active demand for mercantile paper. On call the extreme? for the month were 2@2^%. Time rates at the close were 2^% for 60 days, 2^@2% for 90 days, 2^@3 for 4 mos., 3% for 5 mos., 3@3^% for 6 mos. and 3%@4% for over the year. Commercial paper was 3%@3%% for double names and for prime single names, with 4@4^% for paper of other grades. Money holdings of the Clearing-House banks increased from $374,310,700 Apr. 1 to $393,432,700 Apr. 29, and surplus reserves from $26,397,600 to $40,452,500. De posits and loans varied somewhat from week to week, but the former were $1,411,920,800 Apr. 29, against $1,391,652,400 Apr. 1, and loans were $1,356,251,300, against $1,354,896,300. Money holdings of the trust companies and the State banks not in the Clearing House were $136,121,800 Apr. 29, against $132,965,800 Apr. 1, and loans of these institutions were $1,154,070,300, against $1,121,889,600. Foreign Exchange, Silver, &c.—The tendency of foreign ex change was upward most of the month. The sharp upward turn at the beginning was caused in part by the fact that dis count rates in London, contrary to expectations, were dis tinctly higher, owing mainly to the large shipments of bullion to the interior of Grt. Britain on account of the Easter holi days, and in part also to a covering movement by speculators who had sold short in Meh. in the belief that sterling would rule lower in April because of the large European takings of new American loans, and also the large merchandise exports from this country. About the middle of the month discounts in London became weaker, and as this diminished the induce ments to American bankers to maintain large balances on the other side, exchange evinced a declining tendency for a time. Speculation in exchange, however, continued very much in evidence, and rumor then had it that certain operators had gone long of cable transfers, for which, now that the Apr. 1 and the Apr. 15 settlements had both been made, there was no special market. Later, exchange manifested strength again as the fortnightly settlements imparted firmness to dis counts in London and money proved dearer in Berlin, too. Another circumstance was that the needs of tourists were un usually heavy, owing to the exodus caused by the coming coronation of King George. Gross manipulation of the mar ket continued, but speculators appeared to be working at cross purposes. The close was at come concession from the highest figures of the month. Sight bills, which were 4 8610 @4 8815 Apr. 1, moved up almost without interruption day by day to 4 8655@4 8660 Apr. 17, when there was a break to 4 8635@4 8845 Apr. 20, but a quick recovery followed again to 4 8655@4 8660 Apr. 22, and the same prices were quoted Apr. 24 and Apr. 26. The close Apr. 29 was at 4 8645@4 8650. Open market discounts in London at the close were 2 7-16% for both spot bills and bills to arrive. Paris quoted 2%%, while at Berlin the rate was 2%% for .spot bills and 3% for bills to arrive. Silver in London at one time during April got up to 24 15-16d., but the close was at 24 9-16d. MAY.—Current Events.—-Tho. U. S. Supreme Court de cisions interpreting the Sherman Anti-Trust law of 1890 were announced this month. There were two, one in the Standard Oil case on May 15 and the other in the American Tobacco Co. c~ ' on May 29. They had been looked forward to with dr but, as it happened, their immediate influence was exh rating, though the judgment in both cases was adverse to the companies. The Court construed the 1890 statute more liberally than had been deemed likely. Chief Justice White, who wrote both opinions, took the view that the law must be interpreted “in the light of reason” or “by the rule of reason.” Only “by unduly restraining competition or unduly obstructing the due course of trade” would the stat ute be contravened. It was this last fact that tended so much to relieve anxiety, for had the opposite view prevailed, practically every industrial combination would have been condemned in advance. The Court was absolutely unani mous in its judgment against both companies, but Justice Harlan refused to concur in the reasoning and arguments of Chief Justice White. In a dissenting opinion he took the ground that the Court had read the words “undue” and “un reasonable” into the Anti-Trust Act and had thus “usurped the Constitutional functions of the legislative branch of the Government.” An additional feature of encouragement was the circumstance that the Court made it clear that even where any agreement or combination was found to be in con travention of the law, the latter would be so applied as to in flict a minimum of injury while giving effect to its pro visions. In the Standard Oil case six months was allowed the company in which to conform to the requirements of the decree instead of the 30 days the Court below had proposed to allow, and it was pointed out that “one of the fundamental purposes of the statute is to protect, not to destroy, rights of property.” Furthermore, Chief Justice White said: “It does not necessarily follow that because an illegal restraint of trade or an attempt to monopolize or a monopolization resulted from the combination and the transfer of the stocks of the subsidiary corporations to the New Jersey corporation (the Standard Oil Co. of New Jersey) that a like restraint of trade or attempt to monopolize or monopolization would necessarily arise from agreements between one or more of the subsidiary corporations after the transfer of the stock by the New Jersey corporation.” This clearly indicated a way in http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 25 which some of the benefits growing out of concentrated con trol might be obtained after the dissolution of the combina tion. The case of the American Tobacco Co. presented much more complicated features; a period of six months was allowed with leave to the lower court to extend the time for another sixty days, the lower court also to determine the.methods of reorganization to be pursued. The decree provided that the Court below should hear the parties “by evidence or other wise, as it may be deemed proper, for the purpose of ascer taining and determining upon some plan or method of dis solving the combination and of re-creating out of the elements now composing it a new condition which shall be honestly in harmony with and not repugnant to the law.” It was provided that if within the time allowed “a condition of dis integration in harmony with the law” should not be brought about, then it would be the duty of the Court “either by way of an injunction restraining the movement of the products of the combination in the channels of inter-State or foreign com merce, or by the appointment of a receiver, to give effect to the requirements of the statute.” In the opinion in the To bacco case the point was emphasized that to construe the statute according to its purpose and spirit, rather than its strict letter, was really to extend its application. Chief Justice White made it clear that portions of the varied and complex arrangements by which the Tobacco Co. had man aged to secure a monopoly of the trade would undoubtedly be legal if regard were had to the mere wording of the statute, thus enabling the combination perhaps to continue its monop olization, whereas by interpreting the law according to its assumed purpose and spirit the whole combination with all of its ramifications could be condemned. Accordingly the Supreme Court found it possible to go much further than the lower courts had gone in visiting condemnation; its decree was far more sweeping and was made to apply to the numerous individual defendants named in the bill of complaint and likewise to the two foreign cor porations, the Imperial Tobacco Co. and the British Ameri can Tobacco Co., and to the domestic corporations controlled by the latter, as to all of which the bill had been dismissed in the Court below. The two decisions made it apparent, however, that the statute does “not forbid or restrain the power to make normal and usual contracts to further trade by resorting to all normal methods, whether by agreement or otherwise, to accomplish such purpose,” and furthermore that “the words 'restraint of trade’ should be given a meaning which would not destroy the individual right to contract.” There was also an intimation in the Tobacco case that the magnitude of a combination, or, as Chief Justice White ex pressed it, “the vast amount of property aggregated by a combination” was not an offense against the statute, nor yet the fact that many different corporations might be united together. These Supreme Court decisions incited temporary activity and rising prices on the Stock Exchange, but never theless the country’s industries remained in an unsatisfactory state. In the iron and steel trade an unexpected unfavor able development occurred the latter part of the month. The Republic Iron & Steel Co. on May 24 announced a cut of $3 a ton in steel bars at Pittsburgh, and marked the quotation down from the nominal figure of $1 40 per 100 lbs. to $1 25. It was announced that these reduced figures would hold good to jobbers until Oct. 1 and to general consumers until Jan. 1 1912, while in the case of agricultural implement makers they would apply until July 1 1912. The cut was met by the other independent steel producers and also by the U. S. Steel Corporation. Chairman Gary then called the steel manu facturers to dinner in this city on May 29. The result was a general downward revision in prices of finished steel products with the exception of wire products, tin plate, rails, hoops and tubular goods. At the close of the dinner Judge Gary gave out a statement of the new prices effective June 1 1911 for shipment prior to Oct. 1 as follows: plates and structural steel, $1 35 per 100 lbs.; black sheets, 2 cts. per lb. for No. 28 gauge; galvanized sheets, 3 cts. per lb. for No. 28 gauge; blue annealed sheets, $1 50 per 100 lbs. for No. 10 gauge; steel bil lets 4 inches square and larger, $21 per gross ton; sheet bars, $22 per gross ton, all at Pittsburgh. The cuts amounted to $1 a ton on plates and shapes, $1@$2 a ton on billets and sheet bars, $2 a ton on blue annealed and $4 a ton on black and gal vanized sheets. Recrudescence of political activity in Con gress, directed against certain large industrial undertakings, tended to renew apprehensions in trade circles. On May 16 the House of Representatives passed a resolution introduced by Augustus O. Stanley of Kentucky calling for investigation of the U. S. Steel Corporation and its relations or affiliations with the independent producers. The committee appointed for the purpose began its sessions on May 27, and one of its first witnesses was John W. Gates of the Republic Iron & Steel Co., who testified to the facts relating to the absorption by the U. S. Steel Corp, of the Tenn. Coal, Iron & RR. Co. during the panic of 1907, and gave quite a number of details relating to the inception of the Steel Corporation. Mr. Gates was not friendly to the Steel Corporation and the sensational newspapers made much of what he said. The next month Chairman Gary of the Steel Corporation was among the wit nesses examined. Other similar investigations were also mapped out. The House passed a resolution providing for a committee to ascertain whether there had been violations of the Anti-Trust law by the Amer. Sugar Refining Co. and other sugar producers. In the grain markets a feature was a note worthy rise in May contracts in wheat at Chicago. The Agri cultural Bureau at Washington May 8 made the condition 26 RETROSPECT. of wheat May 1 86.1, against 82.1 May 1 1910 with the area to be harvested 6.6% larger. Evidently, however, there was a considerable outstanding short interest in the May option. On May 29, owing to the effort of these shorts to cover, the price got up to $1 03%, comparing with 90j54c. on May 1. On May 31 (after the Decoration Day holiday on May 30) the moveme'nt proceeded still further, and the May option at the close touched 81 04%; contract grade wheat was at this time selling at 92 cents in carload lots on the track, only about ten feet away from the pit in the Chicago Board of Trade, where May delivery wheat was bringing 12 cts. a bushel more. The next month a committee of the Chicago Board of Trade, after an investigation, reported that the evidence showed there had been no attempt by holders of wheat artifically to advance the price. There was a sharp advance also in oats on hot, dry weather, and the July option at Chicago sold up from 31% cts. May 9 to 36% cts. May 26, with the close May 31 35% cts. July corn at Chi cago, after selling down to 51% cts. May 9, ad vanced to 54% cts. May 26 and closed at53% cts. In cotton also there was a renewed rise. Middling uplands in this market, after declining from 15.45c. Apr. 30 to 15.35c. May 4, touched 16.15c. May 19, with the close May 31 15.85c. Print cloths at Fall River remained at 3%c. An event of the month was the action of the N. Y. Clearing House in adopting an amendment to its constitution providing for the admission of the trust companies to membership. The con ditions were that these companies, besides keeping 15% cash in their own vaults, must carry an additional reserve of 10% on deposit with members of the Association holding 25% cash reserves. It was also required that the trust companies make a weekly report of their condition to the Clearing House, the same as the banks themselves. They also subjected themselves to a new rule similar to that in vogue in other cities, adopted simultaneously by the Clearing House, under which a general system of Clearing-House examinations of members was put in force. In Mexico events followed each other in quick succession until at the end of the month the Diaz Government had been completely overturned. An ar rangement was finally reached by which President Porfirio Diaz and Vice-Pres. Corral both agreed to resign, and Fran cisco L. de la Barra, the Minister of Foreign Relations, became acting President under the Constitution, to hold office until a new President could be elected. At the end of the month President Diaz, having resigned his office, was on his way to Europe. David Lloyd-George, the British Chancellor of the Exchequer, introduced what seemed likely to become an epoch-making bill in Parliament, providing for State insur ance against unemployment and against sickness. The bill became a law the following December. It was estimated that 8,000,000 to 9,000,000 men and about 4,000,000 women would be compelled to insure under it, the contribution being a joint one by employee, employer and the State. The benefits are medical attendance, a small sum towards maintenance during illness, a small life pension on be coming infirm and an allowance during unemployment except during strikes. The insurance against unem ployment is a venture along untrodden paths, but at first will be very limited in scope and be more or less experimentally applied. There was also a departure in the fact that the Budget contained a proposition to pay members of Parlia ment, who had always served without pecuniary reward, the sum of £400 per annum, an appropriation of £’250,000 being made for the purpose. This later became a law. The Veto Bill, depriving the Lords of most of their powers, passed its third reading in the House of Commons May 15 by 362 to 241 votes. The U. S. Govt, presented to Great Britain, and also to France, a draft of a general arbitration treaty, providing for the settlement of all disputes through peaceable means. In an aviation contest in France a series of deplorable accidents occurred on Sunday, May 21. Some 200,000 persons had assembled in the aviation field near Paris to witness the start of a race from Paris to Madrid, when Emile Train, one of the competitors, lost control of his monoplane and dashed into a group of Govt, officials and other distin guished visitors. The French Minister of War, Henri Mau rice Berteaux, was killed, the Premier, Antoine Monis, was very seriously injured, and his son slightly hurt. Pres. Theodore N. Vail of the Am. Telephone & Telegraph Co. an nounced on sailing from London for New York that he had concluded negotiations whereby the cables of the West. Un. Tel. and the Anglo-Am. companies would be worked inter changeably. Jacob M. Dickinson, Sec. of War in President Taft’s Cabinet, resigned, and was succeeded by Henry L. Stimson, who had been defeated as a candidate for Governor of New York State at the previous Nov. election. The first general election under the Republican regime in Portugal occurred May 28 and resulted in an overwhelming majority for those who had instigated the revolution and had been ad ministering affairs since then. Senator Aldrich, in a speech at the banquet in this city on May 5 given under the auspices of the Trust Company Section of the American Bankers’ Association, announced important modifications in his plan of banking and currency reform, so as to give admission to State banks and trust companies instead of seeking to sup plant the same by the creation of new classes of Federal in stitutions endowed with similar functions. The Currency Commission of the American Bankers’ Association made recommendations to the same effect, and the Executive Council of the Association adopted a resolution endorsing the Aldrich plan as thus modified by the Currency Commis http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis sion. George C. Van Tuyl Jr. of Albany was made State Supt. of Banks by Governor Dix of this State, succeeding O. H. Cheney. The Great Northern Ry. executed its “first and refunding” mortgage to secure a total authorized issue of $600,000,000 bonds (the largest amount ever recorded in any corporate mtge. in this country), in order to provide for the company’s wants over a long term of years; $20,000,000 of these bonds, bearing 4%% interest, were immediately of fered by bankers and quickly sold, and later $15,000,000 more were disposed of. National bank circulation se cured by bonds increased from $691,468,720 to $693,665,285. Govt, cash in Sub-Treasuries was reduced from $313,974,372 to $304,878,139, while Govt, deposits in the banks increased from $46,393,015 to $49,828,771. There was a further decline here in crude rubber, and fine Para rubber, which had sold at $3 the previous year, got down to $1; the next month there was a drop to 92c., with a recovery to 98@ 99c. A new Public Utilities Law went into operation in New Jersey. The U. S. Supreme Court set aside the imprison ment sentences imposed by the lower court against Samuel Gompers and other labor leaders in the celebrated Bucks Stove & Range Co. case. The reversal was upon technical grounds, the Bucks Co. rather than the Court below being looked upon as the injured party. It was expressly stated, however, that this was “without prejudice to the power and right of the Supreme Court of the District of Columbia to punish, by a proper proceeding, contempt, if any, committed against it,” and that Court immediately began a formal inquiry to that end. The contention of the labor leaders that, to punish as a contempt the publication of certain utterances about the Bucks Co. forbidden by the Court, would be an abridgement of the liberty of the press, was held untenable. A law was passed in Michigan reducing passenger rates in the upper peninsular to two cents a mile. In the Federal Court at Little Rock, Ark., the temporary injunction granted by Judge Van Devanter, now a Supreme Court Justice, restrain ing the enforcement of the freight rates promulgated by the Arkansas RR. Commission and the two-cent passenger rate enacted by the Arkansas Legislature in 1907, was made per manent. The U. S. Circuit Court of Appeals in the case of the Wheel. & L. E. RR. restrained the Ohio RR. Commission from reducing from 90c. to 70c. a ton the freight rates on coal from the Eighth Ohio Mining Dist. to the Lake Erie ports of Huron and Cleveland, to be re-shipped to other ports on the upper lakes. The Court held that the coal in question was an article of inter-State commerce and hence the State Com mission was without authority to act. Railroad Events and Stock Exchange Matters.—The Stand ard Oil decision caused a marked revival in speculation and a sharp advance in prices. The decision was not announced until after the close of business May 15, and hence had no in fluence on that day; but the next day the whole character of the market changed. The buoyancy, however, lasted hardly more than a week. The volume of transactions then began to contract again and a slow recession in values occurred. On May 24 there came the announcement of the cut in steel bars by the Republic Iron & Steel Co., followed by similar action by other steel producers. In response to a call from Judge Gary of the Steel Corp., a general conference of steel producers to consider the whole subject of steel prices took place May 29. The outcome, however, was not known until after the close of business on that day. Nor was the Supreme Court decision in the case of the Amer. Tobacco Co. ma^0 public until after business hours on that day. The ne y (May 30) was Decoration holiday, and when the Ex ge opened on May 31 sentiment was pretty well mixed.jme construed the action of the Supreme Court in the Tobacco case as favorable to industrial corporations generally, while others took the opposite view. The general cut in steel prices was of course a distinctly unfavorable development. Railroad shares, as a rule, opened higher, and in the case of Un. Pac. com. the advance was 1% points. Industrial prop erties in most instances opened fractionally lower, while Am. 'fob. com. stock in the curb market suffered a tremendous break. As the morning advanced a general and large decline in prices occurred all through the list, the declines in the case of many leading properties reaching several points. In the afternoon a determined effort was made to bring about a re covery, with the result of causing a decided and general up ward reaction, leaving the tone at the close good. Am. Tob. com. sold on the curb on May 29 at 510 and the previous week (May 23) had sold at 520, the highest point ever reached; on May 31 the price got down to 418, with the close at 430, while the beginning of the next month (June 2) there was a drop to 397. Standard Oil shares, on the other hand, were comparatively little affected. Milw. & St. P. com., opening at 121 May 1, got down to 119% May 6, advanced to 125% May 18 and closed May 31 at 123%; Gt. Nor. sold at 126% May 13 and at 131 May 31; Nor. Pac. was at its lowest May 3 at 123% and reached 130% May 31; Reading com. from 154% May 1 advanced to 161% May 22 and closed May 31 at 157%; U. P. com., opening May 1 at 177%, sold at 176% May 10 and touched 186 May 31; Sou. Pac. was 115% May 1, 114% May 15, 120 May 18 and closed May 31 at 118%; N. Y. Cent, from 106% May 1 moved up to 109% May 22 and closed at 107% May 31. Steel com. from 74% May 6 ad vanced to 81% May 22, but on account of the cut in steel suffered a break and closed at 76% May 31; Amal. Cop. from 62% May 10 reached 68% May 23, with the close May 31 65%• Bos. & Me. RR. reduced its quar. div. from a basis of 6% p. a. to 4% and the Vandalia RR. from a basis of 5% to • RETROSPECT. 4%. We have referred above to the execution by the Gt. Nor. Ry. of a mtge. for $600,000,000 and the sale of $35,000,000 bonds thereunder. The Un. Pac. RR. sold $25,000,000 1st & ref. mtg. 4s of the Or .-Wash. RR. & Nav. Co. At a public offering of these bonds in N. Y. and London at 93 by the bankers who had purchased them, the bonds were many times oversubscribed. Mo. Okla. & Gulf Railway ar ranged to sell in France $7,000,000 bonds to be issued under a new mtge. Speyer & Co. met with great success in placing $20,000,000 3-yr. 5% notes (at a price yielding 5)^% income) of the Mo. Pac. Ry. A syndicate of bankers headed by J. P, Morgan & Co. disposed of $11,927,000 1st mtge. 4s of the Cent New Eng. Ry., guar by N. Y. N. H. & H., at 93)/£ and int. Deere & Co. (mfrs. of steel plows, &c.) sold $5,000,000 serial 5% gold notes maturing from 1912 to 1916. A public offering was made of $5,000,000 7% pref. stock of Hart, Schaffner & Marx (Inc.), of Chicago, wholesale manufac turers of men’s clothing. The Money Market.—A powerful group of lenders succeeded in bringing about a temporary stiffening of quotations equal to about )4% (all except in the case of mercantile paper) after the U. S. Supreme Court decision in the Standard Oil case on May 15. The revival of Stock Exchange speculation was in part responsible for this fractional advance, but the speculation proved short-lived, and the next week institutions which had refused to lend 6 mos.’ funds below 3J^% now accep ted 3%. In mercantile paper the demand for high-grade bills all through the month far exceeded the limited supplies, and some transactions were put through below the previous minimum of 3)4% • Paper of inferior quality was not wanted by local institutions or in any considerable volume by out-oftown buyers. The range for call loans during the month was 2 @2)4%. Time loan rates May 31 were 2)4@2%% for 60 days, 2% for 90 days, 2%@3% for 4 and 5 mos., 3@3)4% for 6 mos. and 3)4@3>4% for loans extending beyond the end of the year. Quotations for paper were 3)4@3%% for choice double names and for prime single names, while good single names were quoted at 4@4)4%. Money holdings of the Clearing-House banks were only $384,217,300 June 3, against $393,432,700 Apr. 29. Surplus reserves increased from $40,452,500 Apr. 29 to $46,838,200 May 20, but were only $36,013,225 June 3. Loans declined from $1,356,251,300 Apr. 29 to $1,330,689,600 May 20 and then increased to $1,344,820,400 June 3. Deposits fell off from $1,411,920,800 Apr. 29 to $1,385,799,100 May 13 and then increased to $1,392,816,300 June 3. Money holdings of the trust companies and of the State banks not in the Clearing House increased from $136,121,800 Apr. 29 to $144,268,900 May 27 and then were re duced to $143,890,400 June 3. Loans of these institutions moved up from $1,154,070,300 Apr. 29 to $1,217,046,300 May 27 and were $1,212,528,400 June 3. Foreign Exchange, Silver, &c.—Fluctuations in exchange during May were compassed within a narrow range; but though quotations showed considerable stability, transactions at times were of considerable magnitude. There were oppos ing influences at work and supply and demand pretty well balanced. Requirements for letters of credit by American tourists and by visitors to the prospective coronation of King George were of unusual magnitude. On the other hand, in ternational bankers drew a considerable amount of French exchange against the placing of new securities by American corporations in Paris. There was a marked decline in open market discounts at London and Berlin, but this was without r ’•» influence, owing to further weakness in time money hsrv. The rise on the N. Y. Stock Exch. following the Stand ard Oil decision was attended by some liquidation in this market by foreign holders of American securities. Trade in Canada continued active and about $8,000,000 gold went from N. Y. to the Dominion during the month. The high point for sight bills was 4 8650@4 8655 May 2 and the low point 4 8620@4 8630 May 31. Open market discounts May 31 were 2 1-16% at London, 2% at Paris and 2J4% at Berlin. Silver in London closed May 31, the same as at the end of April, namely 24 9-16d. The range for the month was 24 7-16d. to 24 ll-16d. JUNE.—Current Events.—A sale of $50,000,000 Panama Canal 50-yr. 3% bonds by the U. S. Govt, attracted much attention. As the bonds by their terms were not available as security for national bank circulation (this being the first offering of that kind since the Civil War), an opportunity was afforded of testing the value of such bonds on their merits. The result proved eminently satisfactory. Over 10,000 bids were received and the issue was subscribed for more than three times. The bids accepted ranged from 102.2167 to 110 and the average price realized was 102.5764, making the yield to maturity 2.905%. This last was a lower interest basis than that commanded in the market by English consols, French rentes or German Government bonds. Another favorable event was a Court decision sus taining Union Pacific’s control of Southern Pacific. It was handed down Saturday, June 24, at St. Louis, Mo., by the U. S. Circuit Court for the Eighth Circuit (District of Utah). The suit had been brought in January 1908 by the Govern ment to compel the Un. Pac. to dispose of its large interest in the So. Pac. Co. and the San Pedro Los Ang. & Salt Lake RR. and its minor holdings in the Atch. Top. & S. Fe and other roads. The Court, in a carefully prepared opinion, dis missed the bill of complaint. The result was the more noteworthy as being the first defeat which the Government had sustained in recent times in any large suit under the Anti-Trust Law. One of the Circuit Judges (Judge William http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 27 C. Hook) filed a dissenting opinion, but the three other Judges joined in the majority opinion, these including Judge Elmer B. Adams, who wrote the opinion, Judge Sanborn and Associate Justice Van Devanter of the U. S. Supreme Court. The latter had sat at the argument of the case and it was expressly stated that he concurred in the opin on. The decision seemed to imply application of the “rule of reason” which the U. S. Supreme Court in the Standard Oil and Tobacco cases had stated must be employed in interpreting the Anti-Trust Law. No direct reference, however, to the rule of reason appeared in the opinion itself. This decision had perhaps less influence than it would have had, because a few days earlier there had been a decision in favor of the Government in another case under the Anti-Trust Law. On June 21 the U. S. Circuit Court for the District of Delaware upheld the Government contention in the suit begun in July 1907 against the du Pont Powder Co. (the E. I. du Pont de Nemours Powder Co.), this company, together with 27 other companies and individuals, being declared guilty of maintaining a combination in restraint of inter-State com merce in powder and other explosives. In this suit the Circuit Court directly applied the rules laid down in the Oil and Tobacco cases; indeed, in its decree against the Powder Co. it used the identical language employed by the Supreme Court in the Tobacco case. Judge William M. Lanning, who wrote the opinion (Judges George Gray of Wilmington and Joseph Buffington of Pittsburgh concurring) emphasized the distinction between “restraint of competition” and “restraint of trade,” saying that “restraint of inter-State trade and restraint of competition in inter-State trade are not inter changeable expressions.” The Court fixed Oct. 16 (the time was subsequently extended until after the close of 1911) as the date for a hearing as to the nature of the injunction which should finally be granted, the object being “to ascer tain and determine upon a plan or method for such dissolu tion which will not deprive the defendants of the opportunity to re-create out of the elements now composing said combi nation a new condition which shall be honestly in harmony with and not repugnant to the law.” The Government’s suc cess in this action invested with greater importance the other trust prosecutions which the Government was now inaugu rating. On June 23 the special Federal Grand Jury at Chi cago, Ill., returned indictments against 14 members of the Lumber Secretaries’ Bureau of Information, organized in Chicago, covering 23 States, and said to represent 20,000 retail dealers in lumber. The defendants were charged with having a system of espionage and a black list with the in tention to prevent the sale of lumber to consumers except through retail dealers, and not directly by wholesalers or manufacturers. This suit was the counterpart of a civil suit begun here in the East on May 19 1911 by U. S. DistrictAttorney Wise in this city, against the Eastern States Lum ber Dealers’ Association and upwards of 150 individuals, charging unreasonable restraint of trade in lumber and lum ber products, the points involved being practically the same as those covered by the criminal indictments in Chicago. Furthermore in August similar suits were begun against the Michigan Retail Lumber Dealers Association, &c., in Sep tember against the Colorado & Wyoming Lumber Dealers’ Association, and in October against certain parties and asso ciations in Minnesota. On June 26 a Grand Jury in the U. S. Circuit Court in this city returned an indictment against a large number of boxboard manufacturers, corporations (in cluding the United Boxboard and American Strawboard companies), copartnerships and individuals composing, it was stated, the Eastern Boxboard Club (organized Oct. 15 1910), for alleged conspiracy to restrain trade and commerce in violation of the Anti-Trust Law. On June 27 U. S. Dis trict-Attorney Wise filed a suit in this city against the Peri odical Publishing Co. (the so-called “Magazine Trust”) and others, to enjoin alleged violation of the Sherman Law. Among the defendants were a number of well-known maga zines, including the “Review of Reviews” Co. It was charged that these concerns had established a clearing-house with a view to maintaining an official price list which was to govern the agents in making sales, and had provided an elaborate scheme of fines to inflict on such agents as failed to live up to the list. The publishers on their part insisted that “the clearing house is merely an association of periodical publishers formed to maintain fair and equitable conditions among the subscription agencies. Every publisher fixes the price on his own publications, and the clearing house does not fix the prices on any publications, even those in its own mem bership.” Nor did the U. S. Steel Corporation escape. On June 29 the Federal Grand Jury in this city found indict ments against 35 corporations and 84 individuals connected with nine associations which, it was stated, controlled from 70% to 95% of the business in the various lines of wire prod ucts and horseshoes, for alleged violation of the Anti-Trust Law. President William P. Palmer of the Amer. Steel & Wire Co., a U. S. Steel subsidiary, was among the persons indicted and it was charged that he was connected with seven of the so-called pools for fixing prices, limiting output, &c. The pools were alleged to have been formed in June 1908 and it seemed to be admitted that most of the agree ments under which the pools operated had expired or been dissolved. The Stanley Committee continued its investigat’on of the Steel Corporation’s affairs. Early in the month, Chairman Gary of the Steel Corporation testified before the Committee and was subjected to a rigorous cross examinationidn which he gave expression 28 RETROSPECT. to some views regarding the relations of corporations and the Government which attracted wide attention. Judge Gary declared in favor of enforced publicity and Governmental control, even as to prices. It so happened that news came about this time of the conclusion of negotiations for the pur chase by the Steel Corporation, through the H. C. Frick Coal Co., of 17,000 acres of coking coal land from the Pittsburgh Coal Co. On the last day of June the Bureau of Cor porations in the Dept. of Commerce & Labor made public the preliminary text of its report on the steel industry, cov ering several years’ investigation of the Steel Corporation. The main facts in the report were, on the whole, quite fa vorable to the Steel Corporation, but the Commissioner, Herbert Knox Smith, made some strictures on the original capitalization of the company which, at the start, he claimed, exceeded the assets by $700,000,000, though by the end of 1910 the deficiency of assets had, through surplus earnings, been reduced to $280,000,000; and he alleged that the under writing syndicate and the syndicate managers, J. P. Morgan & Co., had realized large profits and received big commis sions. He estimated the ore properties as worth only $100,000,000 at organization, while the Corporation itself valued them at $700,000,000. Some anxiety regarding the proba ble action of Congress on tariff matters developed. The Senate Committee on Finance on June 13 reported the bill to promote reciprocal trade relations with Canada. The bill carried Senator Root’s amendment relative to print pa per and wood pulp, but the committee was divided and made no recommendation as to the bill itself. On June 26 the Root amendment (which provided that before any of the features of the agreement with respect to print paper and wood pulp should be effective, all of the Canadian Provinces would have to remove all restrictions on export trade in wood pulp and pulp wood) was rejected without a formal roll call. Owing to the antagonism felt to reciprocity by Senator La Follette and others of the so-called Republican “Insurgents,” a complicated tariff situation developed. On June 20 the Underwood bill, reducing the tariff on raw wool to about 20% ad valorem, as against an average duty of a little over 44% under the existing law, was passed by the House of Rep resentatives by a vote of 221 to 100—the majority containing 26 Republicans and 1 Socialist in addition to 194 Democrats. The general impression had been that this bill, when it reached the Senate, would remain buried in committee. But on June 21 the Republican Insurgents in that body combined with the Democrats and succeeded in passing a mo tion offered by Senator Gore, instructing the Finance Com mittee of the Senate to report the Wool Bill not later than July 10. The Finance Committee accepted the challenge and on June 22 decided to present the bill at once to the Sen ate without the formality of hearings on the same, and ac cordingly the Wool Bill, together with the so-called Farmers’ Free List Bill, which had passed the House on May 8, was reported to the Senate on that day, with an adverse recom mendation. All this opened up visions of general tariff legis lation and was looked upon as likely greatly to prolong the special session. Legislative efforts at Albany also proved more or less disturbing. On May 31a new law had gone into effect altering the reserve requirements of State banks, and trust companies in New York. This law was evidently in tended to widen the demand for New York City bonds. It provided that in computing the cash reserves to be held, the aggregate of deposits on which the percentage of reserve was to be figured might be reduced by the market value (not exceeding par) of bonds and other obligations owned of the State of New York or the City of New York. This meant that the amount of cash to be held might, at the option of the in stitutions, be very materially cut down. The trust com panies which had just joined the Clearing House had been admitted to membership under the provisions of the old law, and the Clearing House did not deem it wise to modify its requirements to accord with the changes made. Senator Grady, the author of the new law, accordingly on June 22 had the State Senate pass a resolution calling upon the State Supt. of Banks to investigate the circumstances and condi tions under which State banks and trust companies in the City of New York had placed themselves under the rules and regulations of the New York Clearing-House Association, and whether such regulations affected any of the laws of the State of New York in their application to such institutions. The State Supt. was required to report not later than June 27. He was prompt in complying, and on June 26 submitted his report to the Senate, which, while setting out in clear terms the value and advantages of Clearing-House membership, at the same time dwelt on the harm that might result from the exclusion of a bank or a trust company, and wound up with the statement that “it would seem clear that we owe some protection to the institutions of our own creation which comply with the State law and requirements—even the unintentional injury of uncontrolled power.” This in duced Senator Grady to make a further move against the Clearing House. He introduced another bill, seeking to amend the banking laws by adding a new section which would make it illegal for any bank or trust company to con form its management and business to any requirements not specified and embraced in the State banking law. But the new bill evoked vigorous opposition and never had any chance of success. There was a little greater activity in the steel trade, mainly induced by lower prices. The Steel Corporation’s statement for June 30, issued July 10, made the aggregate of unfilled orders 3,361,058 tons, against 3,113,- http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 187 tons May 31. At the end of June the Corporation re ported its steel ingot capacity employed to about 68%, as against 58% at the close of May. The Am. Steel & Wire Co. made a reduction of $2 per ton on wire products (includ ing wire, wire nails and painted and galvanized barbed wire), effective June 21, bringing the prices back to the level of the previous Jan.; but it was claimed that the reduction was merely formal, inasmuch as deliveries the previous two months had been $2 a ton below official quotations. In copper, purchases exceeded the new supplies, bringing a re duction in stocks, and this led to improvement in prices, which June 30 were 12% cts. for electrolytic and 12% cts. for Lake copper, as against 12% cts. and 12% cts. at the be ginning of the month. There was very decided deterioration during June in all the leading cereals, winter wheat, spring wheat, oats and corn (as shown by the Government report issued after the close of the month) and a sharp and general advance in grain prices occurred. In wheat, however, there was some tumble in prices after the first few days, caused by the extensive liquidation of long wheat by holders who had not succeeded in getting rid of their extensive loads on the bulge at the close of May. Sept, wheat in Chicago advanced from 87% cts. June 1 to 91% cts. June 5, then dropped to 86 June 12, then advanced again on reports of hot dry weather and further damage, so that June 22 saw the price back to 91%. The close June 30 was at 89% cts. Sept, corn in Chi cago spurted up from 53% June 1 to 61% June 30, while Sept, oats in Chicago rose from 35% cts. June 1 to 45 June 30. The damage to oats had the more influence as it was known the hay crop would also be decidedly short. In cotton con ditions continued very favorable, and middling uplands in this market declined from 15.95 cts. June 7 to 14.75 June 26, with the close June 30 14.80 cts. Print cloths at Fall River remained at 3% cts. Govt, money holdings increased heav ily on part payment for the Panama Canal bond sale and the large receipts from the corporation tax; they rose from $304,878,139 to $337,451,970; Govt, deposits in the banks rose from $49,828,771 to $56,620,782. Nat. bank circulation se cured by bonds increased from $893,665,285 to $695,025,073. Atch. Top. & S. Fe com. stock in amount of $10,000,000 was admitted to regular trading on the official market, or parquet, of the Paris Bourse. Later in the month an initial block of $30,000,000 stock of the Amer. Tel. & Teleg. Co. was also admitted, but an untoward incident occurred, inasmuch as simultaneously there came announcement of a contemplated issue of $50,000,000 new stock by the company. Here it was well known that additional stock was to be issued, but abroad the event seemed to create an unfavorable impression and militated apparently against further listings of American se curities for the time being. A public offering was made of the £6,000,000 Chinese Govt. 5% railway loan at New York, London, in Germany and in France, £1,500,000 being allotted to each country. The loan was quickly over-subscribed. In Europe the great event was the Coronation of George V. as King. This occurred June 22, which, together with June 23, was observed as a holiday. The event was celebrated with great pomp and ceremony and brought distinguished visitors not only from Great Britain itself and the British possessions, but from all parts of the world. In France another change of Ministry occurred, the Cabinet of M. Monis being defeated on a minor side issue relating to the question of the ultimate command of the French army. The Minister of Finance in the fallen Cabinet, Joseph Caillaux, was called upon to f~ ' a new Ministry. The leader of the successful Mexicar lution, Francisco I. Madero, made a triumphal entry into the City of Mexico June 7; after that the pacification of the Mexi can republic seemed to be very rapid. Portugal was formally proclaimed a republic by the newly elected constituent Assembly on June 19, and on June 21 Anselmo Braacamp was elected President. An important occurrence was an inter national strike of seamen which began at British ports June 14 and extended to many other ports. The ship-owners mani fested a disposition to meet the seamen half way and after a few days it seemed as if the trouble would be quickly over. But the laborers on shore felt disgruntled and new strikes broke out, leading to great disorganization of steamship traf fic on many lines. The failure of the Birkbeck Bank in Lon don was announced on June 8. Its liabilities were reported as over $40,000,000. It was a sort of building and loan so ciety, and the event had no influence in financial circles. Arrangements were at once concluded for paying depositors half the amounts due to them. A treaty between the United States and the Republic of Nicaragua for refunding the public debt of the latter was signed June 6. A law was enacted in this State providing for the collection of taxes in New York City twice a year instead of annually. Another law enacted permits the City Comptroller to make corporate stock payable in the currency of foreign countries, with the idea of enlarging the foreign market for N. Y. City securities. Under still an other law the City Comptroller is authorized to issue short term notes to provide funds pending the sale of corporate stock. The city charter was also amended so as to require banks and trust companies which may be designated as de positories for city moneys to deposit with the Comptroller bonds or other obligations of the city as security for such de posits. The proposition for an amendment to the U. S. Con stitution so as to provide for the election of U. S. Senators by direct popular vote passed the Senate on June 12, but in dif ferent form from that in which it went through the House the previous April. It was altered so as to reserve to Con gress the power to prescribe the time, places and manner of RETROSPECT. holding such elections. The House refused to accept the amendment in its altered form and a conference committee of the two Houses was appointed for reconciling the differ ences between the two chambers. No further action resulted. In Wisconsin the Legislature passed a joint resolution declar ing that Senator Stephenson of that State had resorted to bribery to secure his seat in the U. S. Senate and asking that body to investigate his election. The National City Bank of this city organized a security company under the name of the National City Co. with a capital of $10,000,000 and de clared a cash dividend of 40% on the bank’s $25,000,000 capi tal so as to pay for the stock of the new company. No sepa rate certificates were issued, the evidence of the beneficial in terest being stamped upon the shares of National City Bank stock. The action aroused much criticism, and the following November the bank, in deference to public opinion, disposed of the new company’s holdings of shares in other banks. A law was passed in this State amending the previous law im posing a tax of 2 cents per $100 on sales of stock so as to make it apply also in cases where stocks are merely “transferred.” The Chicago Board of Trade adopted an amendment to its rules intended to prevent “corners.” Under the new regu lations, in the event of defaults on future contracts a commit tee is to be named to determine as nearly as possible the true commercial value of the commodity on the day of the matur ity of the contract, and to this a penalty of not less than 5% and not more than 10% is to be added as liquidated damages. Railroad Events and Stock Exchange Matters.—The stock market was more or less irregular, but with a distinct upward turn the latter part of the month on the announcement June 24 that the U. S. Govt, had lost its suit to compel the Un. Pac. to give up control of Sou. Pac. At the beginning of the month an advance occurred which was well maintained for a time, though on a small volume of business, with Gt. Nor., Nor. Pac. and Milw. & St. P. the strong featuies. Denv. & Rio Gr. shares were weak at this time because of the uncertainty as to whether the div. on pref. stock would be continued. It was later determined to omit it, and then the shares declined still further. The copper stocks were nearly all higher, but the general drift of prices after the first ten days seemed to be downward. The Un. Pac. decision June 24 completely changed the tone again, causing great ac tivity and a rise of 5 to 6 points in Sou. Pac. and Un. Pac. This carried the whole market up for one or two days, but after Monday, June 26, business was greatly reduced and some of the copper stocks and also some other industrial shares suffered declines. Amer. Tel. & Tel. stock dropped over 4 points on June 20 with the proposed issue of $55,000,000 new stock; from 148% at the opening June 1 the shares sold up to 153% June 8 and the close June 30 was 139% ex the quar. div. of 2% and also ex the right to take the new shares at par, which right was quoted at about $7 per share. Reading com. was 157% June 1 and, 161 % June 3, with the close June 30 159%; Un. Pac. com. was at its lowest June 22, namely 183%, from which there was an advance to 190% June 26, with the close June 30 188%; Sou. Pac. from 118 June 1 got up to 126% June 26, with the close June 30 123% ex quar. div. of 1%%; Gt. Nor. sold at 130% June 1 and 140 June 8, with the close June 30 137%; Nor. Pac. was 130% June 1, 137% June 8 and closed at 134%; Milw. & St. P. com. was 122% June 1, 130 June 12 and closed at 126%. N. Y. Cent, sold at 107 June 1 and 111% June 19 and closed at 109%; Steel com. moved up from 75% June 1 to P0 June 15 and closed at 78%; Amal. Cop. advanced from 65% June 1 to 71% June 19 and closed June 30 at 69%; Denv. C. Rio Gr. pref. dropped from 70% June 2 to 55% June 22, and June 30 was 57 bid. Chic. & Alton decided to omit the July div. on its pref. shares; Ill. Brick Co. omitted the div. on its pref. shares, this following the long shut-down because of the brickmakers’ strike in Chicago and the generally unsettled labor conditions. Dominion Steel Corp, declared an initial div. of 1% on its stock. An advance offering was made of $30,000,000 3-yr. 5% notes of the Chic. Elev. Rys.,constitu ting an amalgamation of the elevated railroads in Chicago; an offering of $10,000,000 Atl. Knoxv. & Cin. Div. 4% bonds of the L.&N. HP.was quickly oversubscribed; Bos. &Me.RR. sold $5,000,000 1-yr. 4% coup, notes; Ill. Cent. RR. disposed of $10,000,000 4% ref. bds. to Kuhn, Loeb & Co.; Clev. Cin. Chic. & St. L. Ry. placed $10,000,000 20-yr. 4%% debs.; Jones & Laughlin Steel Co: sold $10,000,000 1st mtge. 30-yr. 5s; Baldwin Locom. Works sold $20,000,000 7% cum. pref. stock; U. S. Motor Co. offered $6,000,000 6% bonds. The Money Market.—There was continued ease, notwith standing the approach of the end of the half-year, and not withstanding that in the last week of the month large amounts were withdrawn from the N. Y. banks in making payment for a considerable amount of the $50,000,000 Panama Canal bds. sold by the U. S. Govt. At the opening of the month there was a slight advance in rates for time accommodation, but this did not last long. The range for call money during the month was 2@2%%. Time loans at the close were 2%@2% for 60 days, 2%@3 for 90 days and 4 mos.; 3 @3% for 5 mos.; 3%@3% for 6 mos., and 3%@3% for over the year. Rates for commercial paper were 3%@4 for double names, 3%@4 for prime single names and 4% and above for less well-known varieties. The admission of the trust companies to the Clearing House greatly enlarged all the items in the weekly Clearing-House return, but taking the figures on the old basis, money holdings increased from $384,217,300 June 3 to $410,895,000 June 24, and then declined to $381,436,000 July 1. Surplus reserves increased from $36,013,225 June 3 to $51, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 29 222,750 June 24 and then fell to $20,054,000 July 1. Depos its increased from $1,392,816,300 June 3 to $1,445,528,000 July 1 and loans from $1,344,820,400 to $1,401,633,000. Foreign Exchange, Silver, &c.—Exchange fluctuations dur ing June were not wide, but two distinct movements may be said to have occurred. During the first 20 days, while there were many ups and downs, the tendency was generally towards a lower basis, but the latter part of the month there was an upward turn, though with a downward recession again at the close. Security bills were mainly responsible for the early downward movement. Some gold might then have been imported from Paris, but the Bank of France was not in clined to facilitate exports of the metal. In the fore part of the month open market discounts in London declined to a new minimum for the year, namely 1 15-16, but later dis counts advanced both at London and Berlin. The rise in exchange the last ten days was caused by arrangements for the remittance of funds in connection with the first of July requirements for int. and divs., but recovery was also pro moted by covering by an extensive short interest. The new regulation imposed by the Bank of Germany, under which those who ask for facilities in the last three days of each quar ter must pay an extra charge in addition to the regular rate, was stated to have checked the custom of drawing by cable and remitting by mail. Sight bills from 4 8615@4 8620 June 1 got down to 4 8575@4 8580 June 19, then advanced to 4 8620@4 8630 June 28 and closed at 4 8605@4 8620 June 30. Open market discounts at the close at London were 2%% for 60 days and 2% for 90 days in the case of bills to arrive and 2 5-16 in the case of spot bills. The rate at Paris was 2%%, while at Berlin it was 3% for spot bills and 3 @3% for bills to arrive. Silver in London continued to fluctuate within a narrow range and closed at 24 5-16d. JULY.—Current Events.—Great damage resulted to the crops. Intense heat prevailed the early part of the month and many of the principal crop-growing sections also suffered from long-continued drought. A remarkable feature was that the extremely high temperatures extended to practically all parts of the country, and for nearly two weeks no relief appeared in sight. Here in New York the Weather Bureau reported a maximum of 98 on July 3, and for many consecu tive days the high point was 90 or above, while at Chicago over 100 was registered, and from numerous points of the West and South the records showed even higher tempera tures. After the first two weeks a sharp drop in tempera tures occurred, and relief also came in very general rains over the West and Southwest. Much of the early damage, how ever, was beyond repair. It appeared, too, from the crop report of the Government, issued July 10 and recording the condition July 1, that serious impairment of all the leading crops (excepting only cotton) had already occurred in June. The latter half of July there was no repetition of the severe heat for which the first half of the month will always remain memorable; indeed, the thermometer now dropped very low, and in the northern peninsula of Michigan the unusual ex perience of snow in July was encountered. In the grain markets there was a wild speculation for higher prices. The condition of winter wheat July 1 was placed at 76.8, against 80.4 June 1; of spring wheat 73.8, against 94.6, and of oats 68.8, against 85.7, while corn was put at 80.1, against 85.4 at the same date the previous year. Hay was given as only 64.9, against 76.8 on June 1 1911 and 80.2 July 1 1910. This was before the further damage in July. Sept, corn at Chicago rose from 61 %c. July 1 to 67%c. July 13, but closed July 31 at 63%c. Sept, oats at Chicago advanced from 44% July 1 to 47%c. July 13, but got down to 39%c. July 26, with the close July 31 40%c. Sept, wheat at Chicago closed July 31 at the same figure as June 30—89%c., but in the meantime had been up to 92%c. July 8 and down to 86%c. July 19. For cotton, however, the indications pointed to a crop of unusual dimensions, and middling upland cotton in this market dropped from 14.85c. July 5 to 12.50c. July 31. Some sharp cuts in prices of cotton goods were made the latter part of the month, and although this quickened trade in special lines of goods, its general effect was to increase hesi tation among buyers. Print cloths remained at 3%c. The Inter-State Commerce Commission also again proved a dis turbing influence. Late on July 24 it handed down another decision in the long-standing cases involving rates to Spokane, Reno, Salt Lake City and other points in what is known as inter-mountain territory in their relation to Pacific Coast rates. It had long been the practice to make rates from Eastern points of origin to these Pacific terminals lower than the charge to intermediate points, like Spokane, Reno and Salt Lake City, since the Coast cities get the benefit of water competition. The custom had been to increase the Coast rate by the amount of the local charge back to the interior point, though often there would be important modifications of this rule—the addition in the case of Spokane, for exam ple, having been very much less than what would be called for by this rule. In July of the previous year the InterState Commerce Commission had indicated its dissatisfac tion with the practice of charging more to intermediate joints than to far distant points, and had presented a very engthy schedule of commodity rates for adoption by the trans-continental lines, intended to lower the differences be tween the two sets of places. No order, however, was then made, and, owing to the intricacies of the matter and the opposition which the proposed schedules evoked, both from the railroads and from the localities which would be ad E 30 RETROSPECT. versely affected, and the further fact that the amended Inter-State Commerce Law of 1910 had gone into effect, giving the Commission much wider latitude in applying what is known as the “long-and-short-haul” clause, the Com mission took the whole question under re-consideration. It now announced its final conclusions. As an indication of how the amended short-haul clause was to be interpreted, the new ruling was as important as its application to the par ticular cases under review, from which the reason for the significance attached to it will be evident. By the 1910 amendment, the words “under substantially similar cir cumstances and conditions” in the prohibition forbidding carriers from charging any greater compensation for a shorter than for a longer distance over the same line and in the same direction, was stricken out, and it was made illegal to charge more to an intermediate point than to a far-distant point, ex cept with the permission of the Commission. Commis sioner Lane, who wrote one of the two opinions in the cases, indicated the view entertained by the Commission as to how the law must now be construed by saying: “The in tendment of the law is to make its prohibition of the higher rate for the shorter haul a rule of well-nigh universal appli cation, from which this Commission may deviate only in special cases, and then to meet transportation circumstances which are beyond the carriers’ control.” Applying this view to the question of Pacific Coast rates, an entirely new basis of rate-making was now announced, involving more important departures from the old schedules than had been proposed twelve months before. The Commission divided the country into five zones. In Zone 1, covering practically the whole Western half of the country (it embracing all terri tory west of a line extending from Grand Portage, Minn., and Superior, Wis., down along the west side of the Kansas City Southern Ry. to the Gulf of Mexico), it was held that no higher charge could be made to any intermediate point than to Pacific Coast terminals. The meaning of this was that from St. Paul the rate to Spokane might be no higher than the rate to Portland or Seattle, all extra charge in this territory to represent the local haul back from the Coast to the interior point being abolished. In Zone II, embrac ing Chicago territory, it was held that 7% more might be charged. In Zone III, covering the territory bounded on the west by Buffalo, Pittsburgh and Wheeling, 15% more was allowed, and in Zone IV, embracing all territory on the At lantic Seaboard east of the Allegheny Mountains, the Com mission prescribed that rates toi ntermediate points should not exceed those to terminal places by more than 25%. The roads were given until Oct. and Nov. in which to readjust their rates, but the U. S. Commerce Court then granted an injunction against the order of the Commission. The Com mission on July 31 also announced its decisions in the matter of commutation rates for passengers entering New York City. The Pennsylvania RR. was ordered to reduce the commuta tion charge for its monthly sixty-ride ticket from New York to New Brunswick, New Jersey, from $12 per month to $10 per month, and to revise its schedule of commutation fares to other points to conform to the reduced rate to New Brunswick. The new 50-trip fares of the Erie, the Pennsylvania, the Lackawanna and the West Shore were also declared to be higher than they should be; though no order with respect to these latter was made, the Commission said it expected the roads to take those fares under advisement and to sug gest to the Commission the reductions which should be made in order to meet the general conclusions at which the Com mission had arrived. The 50-ride and 10-ride fares of the Central of New Jersey and the Lehigh Valley were not dis turbed. In the case of the complaints against the commu tation rates of the New Haven road, it was announced that the action of the N. Y. Public Service Commission would be awaited. Further trust prosecutions also played their part in repressing trade activity. On July 17 the Federal Govt, brought suit in the U. S. Circuit Court at Philadelphia under the Commodities Clause of the Hepburn Act to compel a complete disassociation of the Reading Ry. from the Read ing Coal Co., which had always been linked together in the past. Somewhat earlier the Govt, had filed an amended complaint at Philadelphia under the same Commodities Clause against the Lehigh Valley RR., to compel a separa tion of the coal-mining and the coal-carrying business in that case. The Inter-State Commerce Commission on its part ordered the Lehigh Valley RR. to reduce rates on anthracite coal from the Wyoming region of Pennsylvania to Perth Amboy, N. J., beginning Aug. 15, the rate on the prepared sizes being cut from $1 55 per gross ton to $1 40, on pea coal from $1 40 to $1 30 and on buckwheat coal from $1 20 to $1 15. Pleas of nolo contendere were put in by a considera ble number of the 84 persons who had been indicted the previous month (June 29) on the charge of complicity in 9 steel and wire pools. Judge Archbald, sitting in the criminal branch of the U. S. Circuit Court, said the acts charged were “what you might call a trade offense,” and that until lately there had been considerable uncertainty as to what the AntiTrust Law meant. Accordingly, he imposed money fines in all cases. In the Federal Court at Denver on July 20 the U. S. Govt, filed a suit against the Amer. Smelt. & Ref. Co. for $2,500,000 damages for alleged conspiracy and fraud in acquiring 2,415 acres of coal land in the Trinidad coal fields of the Pueblo Land Dist. The bill of complaint recited that the lands were acquired by means of 16 dummy entrymen act ing for the company. The lands had been filed upon July 1902. The Congressional committees conducting special investi http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis gations in sugar and in steel continued their proceedings. On July 26 the U. S. Senate also adopted a resolution offered by Senator Clapp of Minnesota directing an inquiry into the op eration of the Sherman Anti-Trust law. Developments abroad likewise exercised a disturbing effect. These had to do with the contest between the British House of Commons and the House of Lords over the Parliamentary Veto bill, and with renewed tension between France and Germany regard ing Moroccan affairs. The House of Lords amended the Par liamentary Veto bill as it came from the Commons in a num ber of important particulars, one of the principal changes be ing the insertion of a proviso that no measure affecting the establishing of a national Parliament or a body with legis lative powers in any part of the kingdom, or which in the judgment of a joint committee from the two Houses raised an issue of great gravity, should receive royal assent until it had been submitted to the referendum. In that form the Veto bill passed the Lords by 253 votes to 46. Premier As quith promptly let it be known that none of these amend ments would be tolerated; that when the bill was returned to the Commons the latter would promptly disagree with the amendments, and should the Lords insist on their position an appeal would be made to the King on behalf of the Gov ernment. In a note to Mr. Balfour, the leader of the Oppo sition, Mr. Asquith announced that the King would consider it his duty to act on the advice of the Ministry and create a sufficient number of new Peers to overcome the adverse ma jority in the Lords. This announcement created great bit terness of feeling on the part of the Unionists and Conserva tives arrayed in opposition to the Government. According ly, when Parliament convened on Monday July 24 turbulent scenes were enacted and there was an exhibition of political rancor the like of which has rarely been witnessed in England. The Unionists created such an uproar when the Prime Min ister sought to speak on the Veto bill, and kept up the din so long, that the Speaker of the House, for the first time in history, was obliged summarily to adjourn the session. Mr. Asquith took the unusual course of furnishing to the news papers a summary of the speech he had been prevented from delivering. All this naturally created great uneasiness and led to apprehensions that a grave Constitutional crisis might be impending. In the meantime Moroccan affairs had been approaching a critical stage, and the latter part of the month the anxiety in connection therewith overshadowed that re garding the British political situation. At this period Eng lish consols, which had several times been making new low records, eventually fell to 77%, the lowest point reached in eighty years (after some recovery an even lower figure was reached in Sept, and again in Dec.), and insurance was taken out with the Lloyds against Anglo-German war risks. France and Spain, having under the Algeciras Treaty of 1906 been entrusted with the policing of Morocco, France had earlier in the year been compelled to send an expedition to protect foreigners at Fez, owing to an uprising against the Sultan of Morocco, Mulai Hafid. Germany disliked the activities of France, and at the close of June had startled the Powers by dispatching a gunboat to Agadir, a strategic port on the southwest coast of Morocco, where troops were landed, osten sibly to protect German interests. France protested and diplomatic negotiations began between Berlin and Paris. Germany then sent another vessel to the same port. The German Government evidently counted on Great Britain being so absorbed in the Constitutional question at home that Germany would have a free hand in dealing with France." In this she made a grave mistake. Quite early in th'“ month (July 6) when a sort of war scare had broken out on the European bourses, Mr. Asquith took pains to point out that the British Govt, would look after British interests and might also be depended upon to fulfil its treaty obligations with France. His remarks then, however, did not arouse much attention, and when the Emperor of Germany embarked on a cruise in Norwegian waters apprehensions of trouble were temporarily allayed. On July 21 a speech made by the Chan cellor of the Exchequer, David Lloyd George, in which he bluntly declared that Great Britain would “at all hazards maintain her place and prestige among the Powers of Europe,” aroused a feeling of intense anger in Germany, be ing looked upon as a direct threat against that country. From this time anxiety kept daily growing in intensity. The Brit ish Premier promised an official declaration of the Cabinet’s attitude on July 27. This was awaited with great anxiety. It proved to be a re-affirmation of the determination of the British Govt, to protect British interests and to uphold France in its contentions. At the same time Mr. Balfour took occasion to disabuse the minds of those who imagined that because of the political differences at home there might be a failure on the part of the British people to present a united front against German demands. He said: “If there are any who supposed that we would be wiped off the map of Europe because we have our difficulties at home, it may be worth while saying that they bitterly mistake the temper of the British people and the patriotism of the Opposition.” This appeared to settle the matter, and, though the French continued warlike preparations, the feeling at the close of the month was that an amicable settlement would probably be arranged on the basis of allowing France to remain in Morocco and conceding Germany part of the French Congo. Mr. Asquith had expressly stated that, outside of Morocco, in any part of West Africa the British Govt, would not think of at tempting to interfere in territorial arrangements considered reasonable by those directly interested. One effect of the RETROSPECT. dispute was that the French banks, which generally have large sums loaned out in Germany, withdrew a considerable amount of French funds from Berlin. In the United States an important event was the passage by the Senate of the Canadian Reciprocity bill. The bill was finally passed in the precise form in which it came from the House, by a vote of 53 to 27. The President’s signature was attached July 26. Three Republican “insurgents,” namely Senators Brown of Nebraska, Poindexter of Washington and Works of Califor nia, voted for the bill, together with 18 regular Republicans and 32 Democrats. Three Democrats—Bailey of Texas, Simmons of North Carolina and Clarke of Arkansas—voted against the bill, along with 14 regular Republicans and 10 Republican “insurgents,” the latter being made up of Sena tors La Follette, Cummins, Borah, Bourne, Bristow, Clapp, Crawford, Dixon, Gronna and Kenyon. A part of the reci procity bill providing for the free admission into the United States of wood pulp and print paper not subject to export charges or other limitations upon exportation from Canada, went into immediate effect. The rest of the bill required the assent of the Dominion Parliament, and there the opposition to the Laurier Ministry had been practicing obstructive tac tics so long that Sir Wilfrid, feeling helpless in the matter, on July 29 dissolved Parliament and set Sept. 21 as the date for a new election, at which the Ministry was overwhelmingly defeated. The U. S. Senate on July 27 also passed a new Wool Tariff Revision bill, in substitution for the Underwood bill as it came from the House. This reduced the duty on raw wool to 35% ad valorem and made proportionate reduc tions in the duties on manufactures of wool. The compromise was carried through after Senator La Follette’s original bill carrying a duty on raw wool of 40% and the Underwood bill carrying a duty of 20%, had both failed to command the necessary votes. An event of some moment was an inter national conference in Brussels on July 5 and 6 of representa tives of the steel industry of the United States, Great Britain, Germany, France, Austria, Spain, &c. Elbert H. Gary, Chairman of the U. S. Steel Corp., presided, and outlined a plan for an international organization whose object, accord ing to his recommendations, would be the adoption of the Golden Rule in the iron and steel industry. The purpose apparently was not to abolish competition, but to keep it within bounds through conferences and friendly intercourse, a policy which the Steel Corporation had been successfully cultivating at home. A committee of thirty, representing the different national groups, was appointed to work out a plan for an international steel organization and to submit it at the next full conference to be called together by Mr. Gary, who was elected Chairman. The Steel Corporation at the close of the month had about 71% of its ingot capacity em ployed, showing a slight further increase. In copper, prices weakened in face of a continued active demand and quotations were about %c. lower, namely 12%@12% cts. for Lake and 12%@12% for electrolytic copper. In the strike of seamen and dock laborers at British ports the transportation com panies offered apparently satisfactory concessions to seamen early in the month, but at a number of places dock and other laborers remained to be placated. The sailing of vessels from several English ports as well as from Glasgow was more or less interfered with and food prices advanced at Liverpool, Newcastle, Hull and elsewhere, while numbers of cotton mills ran short of supplies. At Manchester the carters went out and at Hull serious rioting occurred. Still, thr compromises of one kind or another, the situation gracJual improved, only to break out the next month in a general s;rike of another class of transport workers, namely the railway employees. In the cotton goods trade in the United States leading manufacturers of prints, wash fabrics and similar goods took action towards removing the price restrictions under which their goods had previously been sold. M. C. D. Borden & Sons, selling agents for the Amer. Printing Co., formally announced that they had abandoned their policy of restrictive prices in order to comply with a decision of the U. S. Supreme Court, which declares such re strictions illegal. The firm, however, expressed the opinion that no one would be benefited by ruinous price-cutting and voiced the hope that each of their customers, although now at liberty to sell the American’s goods at such prices as they deemed proper, would voluntarily avoid cutting of prices. Because of payments on account of the $50,000,000 Panama bond sale the previous month, money holdings in U. S. sub-treasuries increased from $337,451,970 to $370,530,717. Govt, deposits, however, in the banks were reduced from $56,620,782 to $49,244,763. Nat. bank circulation secured by bonds increased from $695,025,073 to $701,427,086. An event of the month was a sharp break on the Stock Exchange in the price of the New York City 4%% bond issue put out early in the year (or rather in the temporary receipts for the same, the bonds themselves having never been admitted to the list, owing to a dispute over the engraving of the same), a drop of 1)4 occurring on July 18, sales being made on that day at 102%, against 104% July 17 and 104% July 7. The receipts subsequently recovered to 103%. The decline was generally attributed to forced liquidation by a dealer who had allowed his account to become over-extended. The next month the temporary receipts, which should long pre viously have been replaced by the bonds themselves, were stricken from the Stock Exchange list, and thereafter dealings were in the bonds themselves and were confined to the curb market. A sale of $10,000,000 50-year highway and $2,500,000 Palisades Inter-State Park 4% bonds was made by N. Y. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 31 State on July 20. The offering was over-subscribed five times and the bonds were awarded at an average price of 103.80—a basis of about 3.829. This was not quite so good as at the sale the previous April. The N. Y. Legislature on the recommendation of Gov. Dix, and to meet an expected deficit of $1,500,000 in the State Treasury on Sept. 30, passed a bill imposing a direct State tax of 6-10 of a mill. No such direct tax had previously been levied since the year 1905. N. Y. State also gave approval to the Federal Income Tax Amendment to the U. S. Constitution, the Assembly having ratified the resolution by a vote of 91 to 42. The Senate had passed the Amendment the previous April. The N. Y. Legislature on the recommendation of Gov. Dix like wise passed a new Inheritance Tax Law and a bill for a security tax on bonds, &c. The new Inheritance Tax Law reduces the excessive rates imposed under the amendment of 1910 and also removes the tax altogether as far as non residents are concerned, except in the case of tangible prop erty within the State. Under the 1910 law, introducing for the first time a graded rate of taxation depending upon the size of the bequest, the rate in certain cases ran as high as 25%. Under the new law the rate in the case of direct heirs runs from 1 to 4% and in the case of others from 5 to 8%. The law regarding the tax on secured debts is an extension of the principle embodied in the Recording Tax Law as re gards real estate mortgages and provides for a registry tax of one-half of 1%, after payment of which such securities are no longer subject to the local annual tax as personal property. The N. Y. Legislature also heeded the Governor’s recommendation in passing a law making important modifi cations in the Special Franchise Tax on corporations. An other law enacted allows life insurance companies an addi tional five years within which to dispose of their holdings of stocks, which under the Armstrong laws they were required to sell by Dec. 31 1911. In Wisconsin a State income tax law was enacted containing many unique features. It provides that any person in receipt of an income of over $500 a year must make a return to the assessor. If a person is un married the income (or wages) will be taxed when it exceeds $800, while in the case of married persons the excess of in come above $1,200 a year is taxed. The rate of the tax increases with the increase in income, starting with 1% and rising to 6% on amounts in excess of $12,000. Ten per cent of the revenue raised is to go to the State, 20% to the county and 70% to the town, city or village where collected. In Chicago the City Council passed an ordinance reducing the price for gas in Chicago from 85 cts., the prevailing figure, to 75 cts. for the first year, 70 cts. for the second and third years and 68 cts. for the fourth and fifth years. The People’s Gas Light & Coke Co. considered the new rates, which were to become effective after ten days’ publication, confiscatory. In the U. S. Circuit Court at Chicago the next month, Aug. 2, Judge Gibbons fixed the price at 80 cts. per 1,000 cu. ft. pending final disposition of the suit brought by the company. The Bankers Trust Co. of this city arranged to take over the Mercantile Trust Co., parties identified with the former having purchased the Equitable Life Assurance Society’s holdings of Mercantile Trust shares. The next month the Bankers Trust Co. increased its capital from $3,000,000 to $5,000,000 for this purpose. A large shortage was disclosed in the finances of the Peavey Grain Co. of Chicago on the suicide of James Pettit, the company’s President. F. H. Peavey & Co. of Minneapolis, who owned the stock of the Peavey Grain Co., also became embarrassed, but the next month arranged with Chicago and Minneapolis banks for the issuance of collateral trust notes to take care of its outstand ing obligations. Quite a number of cases of cholera, with about a dozen deaths, occurred at Quarantine in this city among passengers arriving from ports in Italy, where the disease again prevailed. The authorities here were success ful, however, in dealing with the trouble. The life of the Anglo-Japanese Treaty of Alliance, entered into Aug. 12 1905, was extended for another term of six years, but in view of the pending arbitration treaty between the United States and Great Britain the arrangement was modified so as to provide that “should either high contracting party conclude a treaty of general arbitration with a third Power it is agreed that nothing in this agreement shall entail upon such con tracting party an obligation to go to war with the Power with whom such treaty of arbitration is in force.” Railroad Events and Stock Exchange Matters.—'The Stock Exchange had many adverse circumstances to contend with in July, and yet closing prices were in the great majority of cases actually a trifle higher than at the opening. At the be ginning the torrid weather conditions and drought, with daily increasing damage to the crops, caused a downward drift, under which Can. Pac., Mil. & St. P., Gt. Nor., Un. Pac., So. Pac., &c., fell away 3@5 points. The copper stocks were strong on the improved condition of the copper trade, and the Steel shares were also firm. The unfavorable crop figures given out by the Dept. of Agriculture July 10 inten sified the weakness. A short-lived speculation in local trac tion shares, induced by subway developments, served for a time to impart temporary activity to the market, though of a very diminutive kind. The fact that the crop situation had meanwhile changed for the better also acted as a strengthen ing influence. In the resulting recovery Mil. & St. P., Gt. Nor., No. Pac., Un. Pac. and So. Pac. were especially promi nent. On July 24 came the decision of the Inter-State Com merce Coinmission in the matter of Pacific Coast rates, and the next day prices agai weakened, though there was no 32 RETROSPECT. such collapse as had occurred twelve months before, when the Commission announced its adverse decision in these same cases. Foreign liquidation in American securities also came in as an unfavorable influence. On the whole, however, the market displayed great strength in face of a notable series of untoward developments. At that time large financial inter ests were apparently still determined not to allow any con siderable slump in prices. The break did not come until the next month. Mil. & St. P. com. opened July 1 at 127, sold at 123% July 5, at 129 July 22 and closed July 31 at 127%; Un. Pac. com. opened at 188% and closed at 189%, after having been 184% July 5 and 192% July 22; Sou. Pac. opened at 123%, sold down to 120% July 5, got up to 124% July 22 and closed at 122%; for Reading com. the range was 160% July 13, 155% ex July 25, ith the opening 159% and the close 159% ex; Gt. Nor. closed at 134% ex against 137% at the opening, with the range 133% July 28 and 138 July 22; Penn, closed at 124% against 124% at the opening, after having been 123% July 5 and 125% July 19; N. Y. Cent, sold down from 109% July 1 to 107% July 27 and closed at 108% July 31; Steel com. opened at 78% and closed at 79%, after having been 77% July 5 and 80% July 22; Amal. Copper from 69% at the opening moved up to 70% July 8, then dropped to 66% ex July 28 and closed 67% ex July 31. Am. Steel Foundries passed the quar. div. of 1%% on its stock; the Amer. Shipbuilding Co. suspended divs. on its com. stock; Vir.-Caro. Chem. Co. declared only 3% for the year (1%% payable Aug. 15 and 1%% Feb. 15 1912), against 5% the previous year; Erie RR. Co. sold $5,400,000 4%% equip, notes. The Money Market.—Money holdings and surplus reserves of Clearing-House banks were heavily reduced during July because of the large payments into the U. S. Treasury on ac count of the $50,000,000 Panama bond flotation of the pre vious month. Accordingly, some of the principal lenders re fused to do business at the old quotations. Borrowers on their part manifested keener interest and made arrangements for fairly large blocks of money, with the result that the quotations for 6-mos. loans w re marked up to 3%@4%. Mercantile paper was also raised fractionally. Call loans remained on the same low basis, the range for the month be ing 2@2%, and this militated.against a demand for loans for short periods. Quotations July 31 were 2% for 60 days, 3 for 90 days, 3%@3% for 4 mos., 3%@3% for 5 mos. and 3%@ 4 for 6 mos. Quotations for double-named paper were 3% @4%, with prime single names 4@4% and good single names 4%@5. Money holdings of the old Clearing-House banks (not counting the trust companies) between July 1 and July 8 were reduced from $381,436,000 to $359,668,000. then there was an increase to $373,475,000 July 22 with a decrease again to $368,241,000 July 29. Surplus reserves dropped from $20,054,000 July 1 to only $3,853,500 July 8, recovered to $18,587,250 July 22 and were $12,255,000 July 29. The deposits were $1,423,944,000 July 29, against $1,445,528,000 July 1, and loans $1,390,134,000 against $1,401,633,000. Comparisons of the figures of the trust companies were impaired by the admission of some more com panies to Clearing-House membership. Foreign Exchange, Silver, &c.—Foreign exchange rates during the early part of July advanced. The legitimate de mands for July remittance were then heavy and there was covering by speculative shorts, who had misjudged the mar ket and were now obliged to provide for maturing obligations. After the 11th the tendency was generally downward. Dis counts at London became very easy, the rate at one time de clining to 1%%, and this induced international bankers to draw finance bills to get the benefit of such monetary condi tions. Later, discount rates moved up again. Subsequently the strained political situation in Europe served further to advance discounts, which at the close were 2%@2%. At the same time selling of American securities by European hold ers, owing to the foreign situation, obliged New York to re mit heavily. This brought a slight upward reaction in ex change, to be followed, however, by another downward turn. Sight bills were 4 8610@4 8615 July 1, 4 8640@4 8650 July 11,4 86@4 8610 July 24 and closed at 4 8605@4 8610 July 31. Open market discounts July 31 were 2%@2% at Lon don, 2% at Paris and 2%@2% at Berlin. There was a sharp decline in the price of silver in London the latter part of July, owing to anxiety regarding the Monsoon rains in India; from 24 7-16d. July 13 there was a drop to 23 15-16d. July 27, with the close July 31 24%d. AUGUST.-—Current Events.—Unfavorable features again predominated and tremendous liquidation occurred on the Stock Exchange, attended by a sharp break in prices. The collapse in the security markets was a new development at this time. Previously no extensive or prolonged declines had been permitted, even on very bad news, the market being sharply rallied after each temporary downward plunge. In the month preceding, for instance, notwithstanding the many adverse developments, prices for many leading stocks actu ally stood a trifle higher at the close than at the beginning. In August all this was changed. Support to prices was ap parently entirely withdrawn. The market, left to itself, went all to pieces. In addition there was heavy selling of American securities for foreign account. A new adverse fea ture sprang up in the possibility of trouble with railroad em ployees in the Western half of the country. Then, also, a number of large railroad systems, with the falling off in ton nage, now felt it incumbent rigorously to retrench. The http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Harriman roads were conspicuous, both the Un. Pac. and the So. Pac. having cut down their forces to the number of several thousand each. The possibility of a conflict with railroad employees arose out of the action of the shopmen representing various crafts, each of which had had its own distinct union in the past, in endeavoring to form a federated union, and in this way compel further increases in wages and force other concessions. Railroad officials felt that resistance was im perative, inasmuch as it was impossible for the rail-carriers to assume any additional burdens. The roads more immedi ately involved were the so-called Harriman lines, the Un. Pac., the So. Pac. and the Ill. Cent., though it was under stood similar demands had been made upon other large West ern systems. A point at issue at the very start was that the managers of the roads declined to receive representatives of the proposed new Federation, but would confer only with representatives of the separate unions, as in the past. The Federation leaders threatened to precipitate a strike on this point alone—the recognition of the Federation. All through the month there was talk of a strike; votes of the employees were taken to that end. On Aug. 28 Vice-Pres. Kruttschnitt of the So. Pac. and Un. Pac. gave out a statement summariz ing the demands of the Federation. He stated that at a meeting in Salt Lake in the summer the employees from all crafts on the Harriman lines determined to present to each line demands identical with those sent to the So. Pac., involv ing substantially the following points: (1) Recognition of the shop employees’ Federation representing all five crafts, namely machinists, boilermakers, car-men, blacksmiths and sheet-metal workers; (2) all present or future employees to join the Federated Association within thirty days, meaning an absolutely closed shop; (3) the company to agree that control and final settlement of differences with the employees to rest with a Federated committee, made up of representa tives of all five crafts instead of committees of individual crafts, as before; (4) to restrict the number of apprentices; (5) a flat increase of 7c. per hour for all mechanics, appren tices and helpers, equal to an increase of 15% to 28%, the average increase for the entire shop forces being 23%; reduc tion of hours without decrease of pay, and other demands, averaging 13% additional, and making the total increase from both sources 36%. Mr. Kruttschnitt stated that during the previous five years the employees in the shop crafts had had an average increase in their pay of 12%%, and that this fur ther increase of 36% would add about $7,000,000 annually to the shop pay-rolls of the Harriman lines; (6) no employee to work by piece, premium or bonus system; (7) no form of physical examination or personal record to be rendered by the employees; (8) if forces are reduced, employees themselves to indicate who is to be laid off; (9) no employee belonging to the Federation to be discharged or suspended without the previous consent of the Employees’ Committee. Compliance with these demands would not only have augmented the pay-rolls by an enormous sum annually, but would, in effect, have turned over control of the properties to the employees. In the case of the Illinois Central, a separate federation existed, which had been working independently of the other Harriman lines. This included also the Yazoo & Mississippi Valley lines and embraced nine trades. Estimates made early in the month indicated that for all the Western roads collectively the demands of the shop em ployees, if acceded to, would involve an annual drain on the treasuries of the roads of $50,000,000. The Standard Oil Co. and the Amer. Tob. Co. proceeded with arrangements to render obedience to the decrees of the U. S. Sup' 3 Co urt. It was announced that the Oil Co. had decided .istri bute pro rata to its shareholders about Dec. 1 its holdings in 33 of its subsidiary companies, so that instead of a single cer tificate of stock, Standard Oil shareholders would receive certificates for fractional amounts of the shares in these 33 other companies. The company ceased directing the affairs of the subsidiary companies with the close of business Aug. 31. The Amer. Tob. Co., on the other hand, sent a letter to its common stockholders, saying that, pending reorganiza tion, no dividends would be paid on their shares, and that the declaration of the payment due in September had for this reason been omitted. New trust prosecutions were also an nounced.- On Aug. 4, at Columbus, O., the U. S. Govt, filed a suit to break up an alleged trust in bituminous coal by the L. S. & M. S., the Ches. & Ohio, the Hock. Val., the Tol. & O. Cent., the Kan. & Mich, and the Zanesv. & West. In this city thirteen members of the Poultry Trust were con victed of conspiracy under Section 580 of the Penal Law of N. Y. State (said to have been on the statute book for forty years) after a long trial on the charge of fixing prices and being engaged in a conspiracy to monopolize and control a food product, and sentenced by Judge Rosalsky to serve three months in the penitentiary and pay a fine of $500. Counsel for the defendants succeeded in getting a stay pending appeal. Congressional activity along the same lines also continued. On the 19th inst. Senator LaFollette introduced a bill in the U. S. Senate adding six sections to the Sherman Law, to make it more drastic in its operation, while on the 21st inst. Senator Owen introduced a resolution authorizing the appointment of a committee to in estig te the panic of 1907 and determine the causes thereof. No action resulted on these measures, but they indicated the state of unrest prevailing. The Inter-State Commerce Com mission on its part kept handing down announcements of suspensions of proposed advances in rates. The Govt, crop report proved deeply disappointing (except in the matter RETROSPECT. of cotton) in indicating greater impairment from the extraor dinary heat and drought of July than had been commonly expected. The average for corn Aug. 1 was given as only 69.6, against 80.1 on July 1; spring wheat only 59.8, egainst 73.8, and oats only 65.7, against 68.8. Weather, however, during August seemed to be favorable, and the latter part of the month grain prices declined. Sept, wheat at Chicago, after rising from 89)4 cts. Aug. 1 to 93% cts. Aug. 10, de clined to 88% cts. Aug. 30. Sept, corn sold up from 63 Aug. 1 to 66 Aug. 12 and closed at 65% cts. Aug. 31. Sept, oats, after advancing from 39% cts. Aug. 1 to 43% cts. Aug. 4, closed Aug. 31 at the same figure. The report re garding cotton was extremely favorable, showing 89.1 for July 25, against 88.2 June 25, and middling uplands spot cotton in New York Aug. 31 was down to 11.60 cts., the lowest figure since June 24 1909, and comparing with 12.50 cts. July 31. The high point of the month was 13.15 cts. Aug. 25. Print cloths at Fall River were marked down from 3 % cts.to 3 % cts, being the first change since the previous Meh. 18. There was a further curtailment of cotton production, and Mr. Borden’s Fall River Iron Works Co. shut down com pletely after Aug. 4. It had been running on a four-day schedule for six weeks before, and prior to that had for six weeks been running in alternate weeks. On Aug. 23 a conference of Senators and Representatives from seven cot ton-growing States was held, at which planters were urged to hold their cotton for 13 cts. a lb. and the next month at a conference of Southern cotton-growers in Montgomery, a resolution was adopted declaring cotton to be worth 15 cts. a lb. and urging the farmers to hold it for that price. The steel companies seemed to be slowly adding to their business, notwithstanding the many adverse developments. Prices, however, weakened all around for the finished products of iron and steel. Wire at Pittsburgh was reported down $1 a ton, open quotations being made to conform to the quiet cutting in prices which had been in progress for some time. The cut at Pittsburgh was to 81 65 on wire nails and to SI 45 on plain wire—prices stated to be SI a ton higher than the minimum following the great break in 1909, but said to be, with this exception, the lowest prices reached in the wire industry since 1899. The U. S. Steel Corporation after the close of the month recorded unfilled orders Aug. 31 of 3,695,985 tons, against 3,584,085 tons July 31, 3,361,058 tons June 30 and 3,113,187 tons May 31. Pres. Farrell gave out a statement Aug. 29 saying the steel-producing plants of the corporation were operating to about 78% their capacity, while a number of the finishing departments were operating 85%. It was the general belief that this reflected an ex tension of the export business. There was a sharp rise in the price of sugar, mainly owing to the damage sustained by the European beet crop. Granulated sugar advanced from 5.65 cts. per lb. to 6.35 cts. and the next month advanced still further to 7% cts. In July the same grade had sold at 5 cts. Govt, money holdings in Sub-Treasuries were re duced from 8370,530,717 to 8365,539,471 and Govt, deposits in the banks fell from 849,244,763 to 848,684,242, owing to the excess of disbursements over revenues. Nat. bank cir culation secured by bonds further increased during August from 8701,427,086 to 8707,181,923. Congress took action terminating the life of the National Monetary Commis sion. Jan. 8 1912 was fixed as the date for it to file its report and March 31 1912 as the time for the dissolu tion of the Commission. Congress adjourned Aug. 22. The chief \ -k accomplished was the enactment of the Canadian R procity Bill for which the extra session had been called. It also passed the Campaign Publicity Bill, the bill reapportioning the membership of the House (increasing the membership from 391 to 433 on the basis of the new Census, and making provision for two additional members when Arizona and New Mexico become States), the Statehood bill for the admission of Arizona and New Mexico on condition that the voters of Arizona must elimi nate the provision in their Constitution allowing a recall of the judiciary. Pres. Taft had vetoed the previous State hood Bill on account of this provision in the Arizona Consti tution for the recall of judges, among other elective officers, on public petition, and Congress then passed a second bill making it obligatory for the State to strike out this pro vision antecedent to its admission. All the various tariff bills sent to the President by Congress were returned with out his approval and an effort to pass one of these bills over the veto failed in the House. These measures consisted of a bill to revise the duties in the woolen schedule, one known as the Farmers’ Free List Bill, and a bill for the revision of the cotton schedule, to which latter had been attached amend ments revising the steel and iron schedule and the chemical schedule. These were all vetoed on the ground that Con gress should await the action of the Tariff Commission, which was making a scientific investigation of the whole tariff question. The bills were all compromises entered into between the Democrats and the Republican “insurgents” in the Upper House, except the Cotton Bill, in which latter case the regular Republicans gave the Democrats control of the Senate for the time being in an effort to put an end to the dilatory tactics of Senator LaFollette and to break up the alliance which had existed between the insurgents and the Democrats. Senator LaFollette had planned to force the Democrats to accept his substitute cotton bill just as he had his wool bill, but when the substitute was offered, it com manded only the ten votes of the insurgents. The amendmenUto the chemical schedule—as well as most of the other http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 33 amendments—was tacked on without even having been con sidered in committee. The Wool Bill as it reached the Presi dent provided for a duty of 29% ad valorem on raw wool, while the Democratic or Underwood Bill as it had originally passed the House provided for a 20% duty only. An at tempt in the House to override the veto failed because of the inability to command a two-thirds majority, the vote having been 227 to 129. The Campaign Publicity Bill, which the President approved, requires the publicity of campaign contributions at Congressional elections before as well as after elections and extends the publicity features to primary campaigns and nominating conventions. Pres. Taft sent to the Senate for ratification arbitration treaties between the United States and Great Britain and the United States and Prance. These treaties differed from all previous arbitra tion agreements in that they removed the exceptions as to questions affecting the vital interests, the independence or the honor of the contracting parties. On this account they met with decided opposition and majority and minority re ports were made to the Senate by its Committee on Foreign Relations. The treaties, however, did not come to a vote in the Senate. The British Veto Bill depriving the House of Lords of most of its powers was accepted by the Lords on Aug. 10 by a vote of 131 to 114, thus obviating the necessity of creating a large number of new peers for the purpose of forcing the bill through the Chamber. The issue was much in doubt up to the very last moment, and many of the favorable votes were cast as a mere matter of expediency. Previously, the House of Commons had rejected by a majority of 119 Mr. Balfour’s vote of censure of the Government for their “gross violation of constitutional liberty” in obtaining from the King a promise to create a sufficient number of peers to pass the bill. The House of Lords, on the other hand, had endorsed a similar motion submitted by Lord Curzon by 282 to 68 votes. Labor troubles of a very serious character developed in Great Britain as the outgrowth of the seamen’s strike the previous month. In London the dock-workers went out early in the month, and, owing to that and other sympathetic strikes, the supply of provisions was curtailed to such an extent that fears ensued of a grave famine. Prices of provisions rose to extreme figures, and no beef, fruit or other edibles could be imported, owing to the com plete deadlock. At Liverpool the situation grew even worse, and the trouble eventually spread to practically all parts of the United Kingdom, assuming such proportions as seriously to cripple shipping interests on both sides of the Atlantic. Not only that, but on Aug. 18 a general strike of railway employees all over the United Kingdom was inaugurated, ! with the result of completely disorganizing internal trade ' and also cutting off much of the foreign trade,.though in the ' meantime the state of things at London had improved, the dispute of the carters and dockers having been adjusted. The sailing of most of the trans-Atlantic steamers was either delayed or had to be omitted. On Saturday, Aug. 19, owing to the continued strike of the railway employees, the situa tion became exceedingly threatening all over the British Isles. At Llanelly, Wales, the troops were obliged to fire on riotous strikers and a number of persons were killed or wounded. All this time the Govt, was active in seeking to bring about a termination of the strike, Premier Asquith and the Chancellor of the Exchequer, David Lloyd George, being very prominent in these moves. The negotiations proved successful Saturday night, Aug. 19. The settlement was on the basis of the reference of the dispute to a joint commission consisting of two members representing the employees, two representing the railway companies and the fifth a disinter ested outsider. Consent of the companies was obtained on a promise of legislation to permit an increase in railway rates to compensate for the higher cost of railway labor. An unaccountable anti-Jewish outbreak at Tredegar and other Welsh mining towns was an incident following the rail way strike, but after the settlement conditions quickly improved, and before the close of the month trade had resumed its normal course. Parliament had agreed to adjourn on the 18th, but as things were then at their most critical stage, the session was prolonged until the 22d. The distinguished Admiral of the Japanese Navy, Count Togo, paid a visit to the United States and for a time was the guest of President Taft. In this city, where he exchanged visits with the Mayor, in Washington, and everywhere else, he was received with unusual demonstrations of cordiality. Many popular receptions were tendered him. Speyer & Co. loaned 810,000,000 gold to Mexico through its Monetary Commission for two years from Sept. 1 at 4%%, the loan be ing represented by treasury bills of the Monetary Commis sion and being an obligation of the Mexican Govt, and en dorsed by the official Govt. Bank, the Banco Nacional de Mexico. Speyer & Co. were able very readily to dispose of the notes. European countries suffered from intense heat much more severely than did the United States. In this country relief came in most sections towards the close of July, but in Europe, and particularly in France and Germany, extraordinarily nigh temperatures were recorded both in July and Aug., the thermometer registering close to 100 deg. in both countries for long periods of time. The devastating heat, combined with drought, did great damage to the crops, and this resulted in very high prices for food products. These high prices caused much popular discontent and led to serious outbreaks on the part of the populace in many parts of France in this and the next month. Minor manifestations of the same kind also occurred in Belgium ^the beginning of 34 RETROSPECT. Sept. The Yorkshire Penny Bank was obliged to call upon the Bank of England for assistance. This was a sort of phil anthropic institution, paying a fixed interest of 2%% on deposits, and had over fifty branches and fifty sub-branches, and had accumulated deposits of 18 million sterling ($90,000,000). The decline in British consols and other highclass securities had left it in a weakened state, while the diffi culties experienced by the Birkbeck Bank some months be fore had created a feeling of alarm among depositors. Through the action of the Bank of England and other banks, a reorganized Yorkshire Penny Bank was created, to be con ducted on a strictly business basis. In this way what threatened to be a serious crisis was averted. Charles A. Hanna on Aug. 1 assumed charge of his duties as Chief Bank Examiner of the N. Y. Clearing House at a salary of $20,000 a year, and appointed a large body of assistants. The Liv erpool Bill-of-Lading Conference Committee completed ar rangements for the establishment on Sept. 1 of a Central Bureau in this city for the checking up of cotton bills-of-lading. The plan met with very determined opposition in the South, more particularly on the part of the New Orleans Clearing House and the New Orleans Cotton Exchange. Railroad Events and Stock Exchange Matters.—The stock market was almost continuously weak during August and became utterly demoralized as the month progressed. The causes have already been indicated. Selling was on a tre mendous scale and the market appeared to be almost en tirely devoid of any rallying power. Some stocks in this one month lost the whole of the gains established in the preceding twelve months. Holders seemed to be completely dis heartened by the continued harassing of the railroads and the renewed political agitation against trusts and large busi ness enterprises, besides which the railway labor situation was a disturbing feature. Unfortunately, too, there was nothing exhilarating about the crop outlook. In the case of Union Pacific much was made of the resignation of Henry C. Frick, the conclusion drawn being that this indicated friction in the management of the property. As a matter of fact, the resignation dated back two months. As rumor persisted, President Lovett of the Union Pacific finally gave out a statement asserting most emphatically that there were no dissensions whatever in the board of directors. This an nouncement was made on the 18th, but had very little effect, and the market became more and more demoralized, so that prices for the great majority of stocks on Aug. 31 were not far from the lowest of the month and year. Liquidation on European account greatly intensified the depression. U. P. com. dropped from 189% Aug. 1 to 165% Aug. 30 and closed Aug. 31 at 167%; So. Pac. fell from 122% Aug. 1 to 107% Aug. 30 and closed at 108%; Reading com. dropped from 159 Aug. 1 to 139% Aug. 26 and closed at 141%; Nor. Pac. declined from 131% to 114% and closed at 115%; Gt. Nor. fell from 134% to 120% and closed at 122%; Mil. & St. P. com.dropped from 127% to 111% ex and closed at 113%; Lehigh Valley went down from 176% to 155%, with the close 157; Steel com. fell from 79% to 69% and closed at 70%, and Amal. Cop. descended from 67% to 56%, with the close 57%. There were very few offerings of new loans of large magnitude, about the only one of importance being $17,200,000 of N. Y. West, & Bost. Ry. (electric) 1st 4%s guar, by the N. Y. N. H. & H. RR., which were successfully placed. U. S. Cast Iron Pipe & Foundry Co. omitted the quarterly dividend on its preferred stock. The Money Market.—The shipment of $3,500,000 gold to Canada at the beginning of August and some indication of a demand from the interior for currency to move the crops in duced the principal down-town institutions to hold their funds for somewhat better rates, and quotations for 6-mos. loans were marked up to 4%. The improvt. was maintained, however, with difficulty; the drastic liquidation on the Stock Exchange, with a generally light demand for accommoda tion, weakened rates again. There was more or less discrimi nation regarding collateral, mainly against industrial stocks. Call loans during the month ranged between 1% and 2%. Time money at the close was 3@3% for 60 days, 3% for 90 days, 3% for 4 mos. and 3%@4 for 5 and 6 mos. Paper was 4 @4% for double names and 4% @4% for the best single names, with 5% and upward quoted for names less widely known. Surplus cash reserves of the Clearing-House insti tutions (including trust company members) increased from $17,745,450 July 29 to $37,233,300 Aug. 26, and then de clined to $25,562,650 Sept. 2. Money holdings, after a de crease from $439,638,000 July 29 to $434,220,000 Aug. 5, increased to $448,356,000 Aug. 26 and then fell to $432,570,000 Sept. 2. Loans were reduced (always including trust company members of the Clearing House) from $1,997,752,000 July 29 to $1,924,679,000 Sept. 2, and deposits fell from $1,863,321,000 July 29 to $1,791,597,000 Sept/2. The money holdings of the trust companies and State banks not in the Clearing House declined from $77,937,900 July 29 to $75,792,400 Sept. 2, and the loans of these institutions fell from $635,307,800 to $618,455,800. Foreign Exchange, Silver, &c.—Exchange had a downward tendency the first half, but moved upward the second half. The early weakness was in part due to considerable purchases of American stocks on European account, induced by the de cline which had taken place on the Stock Exchange. Grain bills were also in considerable volume at this time, besides which finance bills were again in evidence on some weaken ing of the London discount rate. The second half of the month open market discounts in London became firmei http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis again, owing to the industrial troubles in Great Britain, and continued strong even after these troubles had been arranged. These same labor troubles, in interrupting steamship and railroad service, likewise served to curtail merchandise ex ports from the United States, thus diminishing the supply of exchange from that source. There was now also heavy liquidation in American securities for foreign account, and the decline in prices caused several small failures on the other side. The drawing of checks for 25,000,000 francs representing an installment on the Cent. Pacific bonds pre viously placed in Paris temporarily arrested the upward movement of exchange and caused a slight downward re action at the close. Demand sterling fell from 4 8605@ 4 8615 Aug. 1, to 4 8570@4 8580 Aug. 14, then advanced to 4 8610@4 8615 Aug. 23 and closed Aug. 31 at 4 86@4 8605. Open market discounts at London Aug. 31 were 2% for 60day and 2 15-16 for 90-day spot bills and 3 for 60-day and 3@3% for 90-day bills to arrive. At Paris the rate was 2%, at Berlin 3% for spot bills and 3% for bills to arrive. Silver in London fluctuated between 24 and 24 3-16d., with the price Aug. 31 24%d. SEPTEMBER.—Current Events.—Unfavorable develop ments came in rapid succession during Sept, and a renewed collapse in security values occurred. Pres. Taft on Sept. 15 started from Boston on a 13,000-mile speech-making trip over the country, in which he was to visit 115 cities and make speeches of great public import; the trip was subsequently increased to 16,000 or 17,000 miles. A trip of this kind, made in the autumn of 1909, had proved deeply disturbing. Mr. Taft advocated the same policies as on his previous trip. As he proceeded westward his utterances became more and more unsettling. At Detroit, at the Chamber of Commerce luncheon on Monday, Sept. 18, he spoke on the “trust” ques tion. The effect was to put business and financial affairs in a tremor. He repeated a statement made by him in his special message to Congress in Jan. of the previous year (1910), and which then had caused consternation. The passage quoted was: “It is the duty, and the purpose, of the Executive to direct an investigation by the Department of Justice, through the Grand Jury, or otherwise, into the history, organization and purposes of all the industrial companies with respect to which there is any reasonable ground for suspicion that they have been organized for a purpose and are conducting busi ness on a plan which is in violation of the Anti-Trust Law.” After quoting this statement Mr. Taft added the following words: “I wish to repeat this now, and to say further that the Attorney-General has instituted investigations into all the in dustrial companies above described, and that these are in various stages of completion.” Very naturally, the impres sion was created that there was hardly an industrial under taking in the U. S. that was secure against prosecution by the Govt, under the Sherman Law. As it happened, too, the very next day brought news of some more trust prosecutions. U. S. District-Attorney Wise began suit in this city for the dissolution of the Standard Wood Co. and others, known as the “Kindling Wood Trust,” for violation of the Anti-Trust Law, and in Boston the Federal Grand Jury returned an in dictment against several of the officials of the United Shoe Machinery Co. for violation of the same law. In his speech the President urged, as he had before, the enactment of a law for Federal incorporation of industrial companies, but even in that event they were not to be free from prosecution under the Sherman Law. Mr. Taft also intimated it woP ’■ be well for the leading companies not to wait for the ' to attack them in the courts, but to begin voluntary dismemberment at once. Close upon the heels of this pronouncement came the report that representatives of the International Harvester Co. had been in communication with Mr. Wickersham with a view to seeing if a plan of reorganization could be put through so as to avert suit against it. What proved most disquieting of all was rumors that the U. S. Steel Corp, was likewise considering the advisability of dismemberment. Mr. Taft reached Peoria on Friday, Sept. 22. Here he undertook to defend himself against the charge that he was lacking in progressiveness, and, after referring with a feeling of exultation to what had been done in restraining the freedom of the railroads, reiterated his previously expressed attitude regarding industrial combina tions, and declared that “now business has got to square itself with the law.” Yet more disturbing were the utterances of Mr. Wickersham. On Saturday morning, Sept. 23, the “World,” of this city, printed a lengthy interview with Mr. Wickersham, full of statements of the most sensational kind. Mr. Wickersham subsequently admitted the interview was correct except as to some minor items. The “World” re printed it Tuesday morning, Sept. 26, with these sentences stricken out. The interview having been confirmed by Mr. Wickersham himself, the alarm on the part of the business community deepened. What excited particular anxiety was Mr. Wickersham’s statement that a casual examination of a list of the industrial companies had convinced him that there were about 100 companies that bore “prima facie evidence” of being liable to prosecution, “in addition to the number against which we have already begun suits.” In view of the continued mention of the Steel Corp, as one of the concerns against which action would be taken, an insistent demand arose that the Attorney-General should declare his purpose in that regard. He declined to do so, and late at night Sept. 25, gave out the reasons that were influencing him in maintaining silence. The directors of the Steel Corp, now felt constrained to act. A meeting was held late Tuesday afternoon, Sept.26, RETROSPECT. in the library of Mr. J. P. Morgan, at which besides the direc tors there were present Francis Lynde Stetson, counsel for the corporation. At night a statement was given to the press signed by Mr. Morgan and Elbert H.Gary, as a committee of the board of directors, setting out what had been done. The statement said the Corporation had been organized for busi ness reasons and had purchased its various plants to promote such business and not to restrain trade or obtain a monopoly. In all its operations it had scrupulously observed the law and recognized the just rights of its competitors and the consum ers of its products. Counsel had advised that the existence of the company was not in violation of the Sherman Act as interpreted in the latest decisions of the Supreme Court. Ac cordingly the directors felt it their duty to their stockholders, their employees and the public that they should set at rest all rumors to the effect that they were contemplating the dis solution or disintegration of the Corporation or had any be lief that it was subject to such dissolution or disintegration by legal action. It was, furthermore, announced that no negotiations whatever had taken place between the Steel Cor poration and the Department of Justice having any such ob ject in view. This action had a decidedly reassuring effect, and the response was a sharp rise in Steel shares the next morning (Wednesday, Sept. 27) and throughout the stock list. Abroad events were also such as to occasion much anxiety. The negotiations between France and Germany re garding the Moroccan dispute were much protracted. All the indications pointed to a favorable outcome, but evidences of friction continued to crop up on occasion. Army maneuvers of a very extensive character, both in Germany and France, tended to intensify anxiety. These maneuvers were on an unprecedented scale, and in Germany Emperor William him self watched the more important operations. One large com mand of troops sought to force its way to the German capital, but was repelled with “brilliant success,” according to the news dispatches, and, as showing the feeling in Germany against England, the invading army was termed “the Eng lish” by the German populace. * In fear of war between Ger many and France, many peasants in Germany started to withdraw their deposits from the savings institutions, and these latter then began to enforce the rule requiring previous notice. There were also considerable withdrawals of French capital from Germany and some withdrawals from London. On the Berlin Bourse Sept. 9 a panicky state of things devel oped. Securities broke so sharply, despite assurances that a settlement of political differences was in sight, that the day was dubbed “Black Saturday.” That particular situation seems to have been quickly relieved, but decided uneasiness continued to pervade all the European financial markets. Germany was apparently disposing of large blocks of secur ities upon the European bourses. The continued decline in our own stock market at this juncture did not tend to reduce the difficulties involved in the task. On Sept. 15 British consols made a new low record at 77 3-16, and the following Wednesday (Sept. 20) they touched 76 7-16, the lowest figure since 1831. The Bank of Germany advanced its discount rate from 4 to 5% on Tuesday, Sept. 19. The Bank of Eng land raised its rate from 3 to 4% on Thursday, Sept. 21, while the Bank of France—which seldom changes its official charge, and which had been quoting 3% since early in 1908— moved up to 3J^%. The other European banks also raised their rates. The latter part of the month the Paris situation attracted more attention than that at either Berlin or Lon don. Conations there apparently demanded most careful handling. rench bankers were obliged to borrow on quite a large scale in New York and at quotations which these bankers very seldom find it necessary to pay. On Saturday, Sept. 30, 81,500,000 gold was exported from this point, and 82,000,000 more went the following Monday, Oct. 2. Owing to the continued ease in money here, our bankers made loans in large volume to Berlin and Paris, and to some extent even to London, which facilitated the outflow of gold from here. One event of the month was the suspension Sept. 26 of the Bank of Egypt, Ltd., with a London office and with branches at Alexandria, Cairo, Port Said, Khartoum and agencies in other Egyptian cities, but this was without much effect. Its deposits were reported at about £2,500,000. An entirely unexpected development was the outbreak of war between Italy and Turkey. About the middle of the month cable dispatches reported that Italy had decided to ask the Turkish Government to recognize Italian authority over Tripoli, and was determined, should Turkey fail to comply, to send an armed force to Tripoli, supplemented by a strong naval at tachment, with the view to occupying the territory and estab lishing an Italian protectorate. No great importance was attached to this news at the time. The Ottoman Govern ment made a pacific reply, but Italy on Sept. 28 delivered an ultimatum, giving Turkey 24 hours in which to assent to the military occupation of Tripoli and Cyrene. This assent not be ing forthcoming, Italy on Sept. 29 formally declared war on Turkey. Many other disturbing events occurred. In Ireland a general strike of railway employees broke out Sept. 21, but the railway companies came out successful in the end. In Spain, under the guise of a general strike, a widespread revolutionary movement was planned, and strong repressive measures had to be employed to quell the movement. In France there were further outbreaks of violence on account of the high price of food, and in Germany dissatisfaction over the high cost of living became so pronounced that the Govt, was obliged to consider plans for alleviation. In Russia the Premier, Peter A. Stolypin, was shot by a Jewish lawyer http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 35 named Bogroff at the opera at Kieff on Sept. 14, in the pres ence of the Russian Emperor, and died as a result of the wound. In China there was an uprising, first on the part of civilians, and later joined in by soldiers, against the Pekin authorities. The next month the outbreak developed into a regular revolutionary movement. Another event which could hardly be regarded with joy was the action of Canadian voters in rejecting the reciprocal trade agreement between the U. S. and the Dominion. The verdict against the agreement was most decisive, a Liberal majority of more than 40 under the Laurier Administration being transformed into a Conser vative majority of about 50. The agreement does not appear to have been rejected on its merits, but out of a fear of the political consequences that might possibly ensue. A strong appeal to national sentiment was made, and opponents of the Laurier Administration sought to inculcate the belief that ap proval of this trade arrangement with the U. S. was only a step forward in the process of ultimate annexation to this country. Rudyard Kipling entered the fray and wrote a pro test against reciprocity, warning Canada that “it was her own soul” that she was risking. One result of the defeat of reci procity was a sharp rise in wheat. The vote in Canada took place Thursday, Sept. 21. On Friday, Sept. 22, wheat sud denly ran up 4c. in Chicago, 5|^c. in Minneapolis and 7c. in Duluth. Barley advanced 7@8c. in Minneapolis. At Chi cago the range for Dec. wheat for the month was from 94%c. Sept. 1 to 99%c. Sept. 23, with the close Sept. 30 98j/gc. Dec. corn at Chicago advanced from 63)^c. Sept. 1 to 65c. Sept. 14, with the close Sept. 30 64c. Dec. oats moved up from 44%c. Sept. 19 to 48c. Sept. 30. The Govt, crop re port showed corn condition Sept. 1 as 70.3, against 69.6 Aug. 1; spring wheat at time of harvest only 56.7, against 59.8 Aug. 1; oats when harvested was stated at 64.5, against 65.7 Aug. 1. The Govt, cotton report, issued Sept. 1, indi cated striking deterioration in that crop, the condition Aug.25 being given as only 73.2, against 89.1 the previous month. This, however, received little credence, and middling upland cotton here, after advancing from 11.60c. Aug. 31 to 12c. Sept. 9, closed Sept. 30 at 10.35c. Print cloths at Fall River remained at 3)^c. Nothing overt happened in the contro versy between the Western railroads and their employees un til the latter part of the month, when small forces of clerks en tirely outside the shop crafts quit work at points on the Ill. Cent. This led some of the mechanics or shopmen to follow suit. The labor federations then ordered a strike, which went into effect Sept. 30, and extended to the Ill. Cent., Un. Pac., So. Pac., &c., and involved altogether 35,000 men. Pricecutting in the steel industry became widespread, and it was admitted that an absolutely open market for steel prevailed. The unfilled orders of the Steel Corp. Sept. 30 were only 3,611,317 tons, a decrease of 84,668 tons. Coffee prices during this and the next month advanced sharply, just as there had previously been a striking rise in sugar. There was talk of reduced crop estimates, of small available supplies concen trated in a few hands, but also of manipulation. Spot sales of Rio No. 7 at the close of Oct. were made at 16c. and Santos No. 4 at 16^c., a rise of about 3c. a lb. since Jan. 1 1911; Rio No. 7 in July 1910 had sold at 8%@8}^c. and Santos No. 4 at 9^@9|^c. Cash in U. S. Sub-Treasuries fell from 8365,539,471 to 8361,445,390. Govt, deposits in banks re mained substantially unchanged. Bank circulation secured by bonds increased from 8707,181,923 to 8708,976,455. At a conference of the “House of Governors,” at which Governors from 28 States were present, at Spring Lake, N. J., the Min nesota rate decision rendered by Judge Sanborn was the sub ject of an animated debate. One of the grounds for that de cision was that the reductions would burden and regulate inter-State commerce, and hence were unconstitutional. A committee was appointed, with Gov. Harmon as Chairman, to appear before the U. S. Supreme Court and urge objection to Judge Sanborn’s decision in behalf of the States. Trust companies were admitted to membership in the Cincinnati Clearing House. The N. Y. Stock Exch. firm of Van Schaick & Co. found itself obliged to suspend business. In Boston C. A. Putnam & Co. suspended, and in Philadelphia the Tradesmen’s Trust Co. closed its doors. This latter had done a large business in loaning money to builders and had become involved in that way. A serious naval disaster occurred Sept. 25, when the French battleship La Liberte was com pletely wrecked by explosions caused by fire, and over 300 men were either killed or injured, while several other war ships, which had sent seamen to assist in extinguishing the fire, also sustained damage and losses. Railroad Events and Stock Exchange Matters.—In the stock market utter demoralization ensued as a result of the speeches of President Taft and the utterances of Attorney-General Wickersham. There was tremendous liquidation by timid holders who feared that action would be begun by the Gov ernment for the dissolution of all the larger industrial under takings, and that in the resulting dismemberment the shares of such properties would lose the greater part or all of their value; furthermore, that competition on a very aggressive scale between the severed parts would be developed. There was no denial of the report that officials of the International Harvester Co. had been in communication with the law de partment of the Government, with a view of effecting re organization on a basis that would remove objections of the Attorney-General to the existing organization; and out of this there arose rumors that the U. S. Steel Corporation also contemplated dissolution. These latter reports proved more disturbing than anything else, and the downward movement 36 RETROSPECT. of prices was not arrested until the meeting of the Steel direc tors late Tuesday afternoon, Sept. 26, and the definite an nouncement that no negotiations whatever had taken place between the corporation and the Department of Justice. On this news the Steel shares the next morning opened at an ad vance of 5@6 points, and many other leading share prop erties registered similar advances. Owing to the appearance of some particularly poor statements of railroad earnings on that and the succeeding days, the recovery was not fully maintained, but the tone remained greatly improved the rest of the month and closing prices Sept. 30 showed a sub stantial improvement from the low figures of the month. Of course the other unfavorable developments of the month here and abroad played their part in depressing values at different times; Wabash shares the latter part were adversely affected by a rumor that receivers were to be appointed for the prop erty. U. P. com. sold down from 170% Sept. 6 (the market was strong the first few days of the month) to 153% ex-div. Sept. 25 and closed at 160% Sept. 30; So. Pac. sold down from 111 Sept. 6 to 104% Sept. 25 and closed at 109; Reading com. sold at 144% Sept. 6 and at 134 Sept. 25 and closed at 139%; Mil. & St. P. com. from 115% Sept. 6 dropped to 106 Sept. 27 and closed at 108%; No. Pac. declined from 118% to 110% and closed at 114%; Penn, declined from 121% to 118% and closed at 120%; Steel com. fell from 72 to 51% and closed at 61%, while the pref. went from 116% to 103% and closed at 110%; Amal. Cop. broke from 59% to 44, with a recovery to 50%. Maine Central reduced its div. from 2% quar. to 1%%. Rubber Goods Mfg. Co. paid 2% div. on com., against 1% in June and 2% in Meh. and only 1% in the whole of 1910 and 1% only in 1909. The next month the U. S. Rubber Co., which owns practically the whole of the com. stock of the Mfg. Co., resumed divs. on its com. stock, declaring 1% quar., being the first div. since Apr. 1900. Int. Nickel Co. increased its quar. div. on com. from 2% to 4%. Un. Pac. announced a new administrative policy in the management of the various railroads included in the system, five new Presidents being named to head the various roads, and the Director of Maintenance and Operation and the Director of Traffic being moved to New York. Judge Lovett retained chief executive authority over all the lines. The changes were with a view to localizing the management with respect to local matters. The Money Market.—Usually in September the agricultural demands bring a stiffening of money rates. On this occasion nothing of the kind occurred. The agricultural demand it self was lessened by the crop shortage, while the trade de mand for funds was curtailed by the business depression pre vailing. The severe liquidation in the stock market and the practical cessation of new issues of securities tended further to diminish the inquiry for accommodation. The time money division was so stagnant that quotations at the close were hardly more than nominal. Money holdings of the ClearingHouse banks and trust companies varied from week to week, but were only 8428,215,000 Sept. 30, against 8432,570,000 Sept. 2 and surplus reserves were 821,624,850, against 825,562,650. Deposits and loans also fluctuated; the former were 81,792,951,000 Sept. 30, against 81,791,597,000 Sept. 2, and loans were 81,920,206,000, against 81,924,679,000 Sept.2. The money holdings of the State banks and trust companies not in the Clearing House were 874,752,200 Sept. 30, against 875,792,400 Sept. 2. The range for call money during the month was 1%@2%%. Time money at the close was 3%@ 3% for 60 days; 3%@3% for 90 days and 3%@4 for 4, 5 and 6 mos. Commercial paper closed at 4%@4% for double names; 4%@5 for prime single names and 5% and upward for good single names. Foreign Exchange, Silver, &c.—The disturbed state of the exchanges abroad at first had little or no effect on sterling, and rates fluctuated within narrow limits. With the general marking up, however, of official rates of discount by the European banks (as noted above) and the higher discounts in the open market, exchange here responded with an up ward movement. The fact that New York bankers were loaning considerable amounts at the European centres of course played its part in stiffening rates. There was more or less anxiety the latter part of the month as to what might develop at the Berlin settlement. When it appeared on Sept. 29 that the settlement had been practically completed with only one unimportant failure, exchange took a sharp downward turn that day. Nevertheless 81,500,000 gold was engaged here for shipment to Europe the next day, Sept. 30, while the following Monday, Oct. 2, 82,000,000 more was taken for export. The Bank of England was able to obtain the bulk of tne new supplies of South African gold from week to week, but the last week sustained a heavy reduction nev ertheless of its bullion holdings, owing to the large takings of gold for Egypt, Turkey, South America, &c. Sight bills were 4 86@4 8610 Sept. 1 and 4 8655@4 8665 Sept. 26, with the close Sept. 30 4 8610@4 8615. Open market discounts Sept. 30 were 4% for spot bills and 4@4% for bills to arrive at London, 3% at Paris and 4%@4% at Berlin. Silver at London fluctuated between 24%d. and 24 5-16d. OCTOBER.—Current Events.—The thing long dreaded actually happened. On Thursday, Oct. 26, the Federal Govt, filed a bill of complaint in the U. S. Circuit Court at Trenton, N. J., asking for the dissolution of the U. S. Steel Corporation and its various subsidiary companies. This action proved highly disturbing, but nevertheless the tone improved very much by the end of the month. News of the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Steel suit did not appear until after the close of business on the day named, but the next day the stock market became badly demoralized and weak. A disposition quickly de veloped, however, to take a more hopeful view, in parton the theory that the worst was now known and in part because of favorable happenings in connection with certain other trust prosecutions. The defendants named in the bill against the Steel Corporation included 37 corporations and 18 individuals sued as officers and directors of the company or its subsidi aries, among the number being J. P. Morgan, John D. Rocke feller and Andrew Carnegie. Nearly all the acts in the his tory of the company were attacked, including the acquisition of the Tenn. Coal, Iron & RR. Co. and the lease of the Gt. Nor. iron ore properties. Before the suit was begun, the Steel Corp, had arranged to cancel the lease of the ore properties. This step was taken, apparently, for purely business reasons and not out of fear of proceedings by the Govt. On Oct. 17 the Finance Committee unanimously recommended the can cellation of the lease and on Oct. 26 the directors at a special meeting unanimously adopted a resolution providing for such cancellation. The lease can be terminated on Jan. 1 1915 on two years’ notice. At first the news concerning this move was regarded unfavorably and the company’s shares were adversely affected, but later the matter was viewed in its proper light. The directors also took action looking to a reduction of the rates for the transportation of iron ore on the Duluth Missabe & No. and the Dul. & Iron Range from 80 cts. per gross ton to 60 cts. There were many other evi dences of Government activity under the Anti-Trust Law. In the Federal Court at Cleveland on Oct. 5 the Grand Jury returned indictments against four wall-paper manufacturers and four wall-paper jobbers, charging them with conspiracy in restraint of trade in violation of the Sherman Law. Among those indicted was Winfield A. Huppuch, 1st V.-P. of the Standard Wall Paper Co. At Baltimore on Oct. 13 the U. S. Circuit Court handed down a decision in favor of the Government in the civil suit against 16 companies (among them the Standard Sanitary Mfg. Co.) and 34 individuals, constituting what was known as the “Bathtub Trust,” hold ing that they were guilty of violation of the Sherman AntiTrust Law. It was held that while the owner of a patent may monopolize what he invented for the period of the pat ent (being protected in so doing by Federal Statutes) he can not restrain trade or attempt to monopolize it in anything except what is covered by the patent, and that he is as much subject to the laws of the land as any other man. The developments as regarding the American Tobacco Co. at first were also such as to increase anxiety. An outline of the plan for the disintegration of the Tobacco Co. was given out quite early in the month and on Monday, Oct. 16, a petition was filed in the Circuit Court for the Southern Dist. of N. Y. asking approval of this plan, which provided for the distri bution of the business and assets of the company among three main companies and eleven subsidiary companies. The inde pendent tobacco interests, however, claimed that it did not go far enough in disrupting the combination and it was also opposed by the Attorneys-General of some of the States. Louis D. Brandeis, who had been prominent in the railroad rate cases of the previous year, appeared on behalf of several of the contesting organizations and also represented the State of Wisconsin. S. W. Williams, Attorney-General of Vir ginia, besides representing his own State, also spoke for the Attorneys-General of North and South Carolina. When the hearing occurred in Court on Monday, Oct. 30, - representa tive appeared even for Attorney-General Carm ly of N. Y. to protest against the plan. The North Carolina Farmers’ Union was also represented. Altogether the opposition ap peared very formidable. It was not known just what atti tude respecting the plan Attorney-General Wickersham would assume, but an idea developed that the Govt, also would oppose the plan. Here, however, an agreeable sur prise was in store. At the hearing Mr. Wickersham indi cated acceptance of the reorganization project except that he insisted upon further strictures against the United Cigar Stores Co. The Circuit Court, holding that it was bound by the decree of the Supreme Court, which did not find the United Cigar Stores Co. guilty of violation of the Anti-Trust law, denied all of these requests, setting off, however, the United Cigar Stores Co. entirely by itself with a new owner ship wholly distinct from that of the American Tobacco Co. Mr. Wickersham also argued that the Court should continue its jurisdiction over the reorganized proper ties, by injunction or otherwise, for a period of three or five years; but on the other hand he combatted the absurd propo sitions advanced on behalf of those who were seeking to defeat the reorganization plan and sought to prevent any pro rata distribution of securities among the owners. This action of the Attorney-General, so different from what had been feared, was regarded as a highly encouraging development. It also appeared at the very close of the month that the earn ings of the Steel Corporation were proving a great deal better than had been expected. All through the month prices for steel and steel products were apparently cut in all directions. It was admitted that these low prices had stimulated pur chases, but it was feared they left scarcely any margin of profit. Hence the Corporation’s statement of earnings for the Sept, quarter was deemed very encouraging. Pres. Taft in his speech-making tour continued to insist that no matter what the consequences, the Sherman Law must be enforced. For instance, in a speech at Lewiston, Idaho, on Oct. 7, he said the railroads had been put under control and though for a RETROSPECT. time they were defiant they now appeared to acquiesce. Similarly, the industrial combinations must be made to feel the weight of the hand of the law. But there were political developments also of the opposite character going to show that at length the business man was to receive some of; the consideration which was his due. At Red Bank, Monmouth Co., N. J., on Oct. 11, Gov. Woodrow Wilson discussed the trade situation at length and said every one knew that the trouble with business was “uncertainty.” He alleged Pres. Taft and his Administration were at fault and argued that “affairs should be taken charge of by some persons with definite opinions.” On Oct. 12 Senator Jonathan Bourne Jr. of Oregon, President of the National Progressive Re publican League, issued a statement to the newspapers in which he gave it as his opinion that what was needed was a trade yardstick. He said “a legislative Congress, not the Supreme Court, and assuredly not the President or the Attorney-General, must solve the problem and must evolve and clearly describe the yardstick.” On Oct. 16 the socalled Progressive Republicans had a national conference at Chicago and in a series of resolutions likewise declared solici tude for business interests. They also endorsed Senator Robert M. La Follette of Wisconsin as a candidate for the 1912 Presidential campaign. These resolutions, after assert ing that “the progressive movement is a struggle to wrest the control of the Government of the nation and States from the representatives of special privilege and restore it to the con trol of the people,” proceeded to speak as follows of the inter ruption of trade activity: “The present condition of uncer tainty in business is intolerable and destructive of prosperity. It is worse than idle to leave the question of whether great business enterprises are legal or not merely to judicial de termination.” Gov. Dix of this State also discussed business problems. Addressing the Bankers’ Club at Chicago on Oct. 14, he said the modern forces of combination and co operation had their origin in the spirit of American enter prise and national need and opportunity should not be anni hilated, but conserved and regulated in the people’s interest. On Oct. 19 Simeon E. Baldwin of Connecticut, speaking at a meeting of the Connecticut Business Men’s Association at Bridgeport, was sweeping in his condemnation of the policy being pursued by the Administration in using the Anti-Trust Law as a means of producing fright and panic in the business world. He commended the stand taken by the Steel Corpo ration and said that if the men behind it were not guilty and fought it out and won, it would be the turning point in 20th century business conditions. The strike on the Harriman roads continued throughout the month, but while disturbing as far as these particular lines were concerned, had little or no influence on general affairs. Grain prices after an early advance tended downward on good weather at the West for the movement of the crops, on favorable accounts regarding Argentina’s surplus, declining prices abroad, and on reports that the U. S. Govt, had started an investigation of the Chi cago Board of Trade and the operations of speculative cliques with large concentrated holdings at that point. Dec. wheat at Chicago declined from SI 02% Oct. 20 to 96% cts. Oct. 31; Dec. corn from 66% cts. to 62% cts. and Dec. oats from 48% cts. to 46% cts. Cotton prices dropped still lower, the ginning and cotton condition reports making it evident that the crop would be of exceptional magnitude. Middling up lands spot cotton in this market, which had closed at 10.35 cts. Sept. 30, touched 9.35 cts. Oct. 17 and closed Oct. 31 at 9.40 cts. 2Ant cloths at Fall River were marked down Oct. 20 from 3% cts. per yard to 3% cts. Mr. Borden’s Fall River Iron Works resumed operations Oct. 9 after hav ing been closed for nine weeks. A conference of the Govern ors of the cotton-producing States was held at New Orleans on Oct. 30 and Oct. 31. Resolutions were adopted recom mending that the unsold cotton be withdrawn from market and be marketed only gradually. It was also recommended that every farmer pledge himself to reduce his cotton acreage in 1912 to the extent of 25% below that of 1911. Cash in Govt, sub-treasuries was reduced from $361,445,390 to $358,154,552, and Govt, deposits in the banks from $48,568,692 to $48,200,874. Bank circulation secured by bonds in creased from $708,976,455 to $711,099,938. An event abroad which proved very unsettling was a revolutionary uprising in China. The uprising was directed against the Manchu dynasty, and massacres of the Manchus occurred at many points, while on the other hand the safety and rights of 'all foreigners were zealously protected. The Imperial Government found it necessary to recall to supreme military power Yuan Shi Kai, the creator of China’s modern army, who had fallen into disfavor on account of his influence over the troops. This leader refused to take office, save on his own terms. City after city fell before the onward march of the revolutionary army, and accordingly the Imperial au thorities evinced great anxiety to grant drastic concessions in the hope of being able to save the reigning dynasty. When the National Assembly met, it demanded the impeachment of Sheng Hsuan-Huai, Minister of Posts and Communications, and recognized as the ablest member of the Cabinet. The throne at once surrendered and the Minister of Posts was summarily dismissed on the ground that he was mainly re sponsible for the plan to nationalize the Chinese railroads, in consequence of which the rebellion arose. The demand of the National Assembly for a complete constitutional govern ment was also acceded to. On Oct. 30 an Imperial edict was issued apologizing for the past neglect of the throne and granting an immediate constitution with a Cabinet from http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 37 which nobles were excluded. At the very close of the month Yuan Shi Kai was appointed Premier of China, making him virtually dictator, and he favored the policy of opening ne gotiations and making terms with the revolutionists. This Chinese uprising exerted a widely depressing influence in many avenues of trade. Dispatches from Shanghai said that the financial and mercantile situation was grave, that native merchants refused to accept deliveries of cargoes that were arriving from European and American ports, that foreign merchants were unable to meet their drafts and that what trade was being done was on a small margin and on a com mission basis. On account of the war between Italy and Turkey, Constantinople likewise suffered from financial troubles, despite heavy shipments of gold to that point from London. The warfare on Tripoli proved successful as far as the naval movements were concerned, and on Oct. 26 Italy formally notified the Powers of her annexation of Tripoli. On the other hand, on land heavy losses were inflicted upon the Italian troops by combined forces of Arabs and Turks. Notwithstanding these happenings, there was a relaxation of the monetary tension in Europe which had prevailed the previous month; and conditions were gradually restored to the normal. One reason for the improvement was that New York sent financial assistance to Europe on a scale never be fore paralleled. In addition to having in this and previous months loaned sums to Germany and France estimated at $50,000,000 to $100,000,000, through the usual methods of transferring credits, a large block of German Govt, securities (Prussian treasury bills) running for six months was placed in this city; 52,000,000 marks ($13,000,000) was offered and in two days the whole was absorbed. The total issue was $16,000,000, but $3,000,000 went elsewhere. The British Parliament reassembled for its autumn session on Oct. 24 and quite a number of Cabinet changes were announced, the most important being the exchange of portfolios between Home Secretary Winston Churchill and First Lord of the Admiralty Reginald McKenna. The Presidential election in Mexico Oct. 1 resulted in the complete triumph of Francisco I. Madero. A basis of compromise was arranged of the con troversy over the American contracts with the German pro ducers of potash, the settlement being contingent upon the adjustment of a number of important matters. These were effected at the close of the year. Justice John M. Harlan of the U. S. Supreme Court died Oct. 14. Ex-Sen. Aldrich sub mitted to the Nat. Mon. Comm, a new draft of the plan for monetary reform outlined by him the previous Jan. The new draft made provision for the admission of State banks and trust companies to the Nat. Reserve Assn, upon their com plying with certain requirements as to capital, reserve, examination and reports. Some changes were also made intended to minimize the possibility of control of the Reserve Association by large financial interests or groups of banks. At the State election in California a Constitutional amend ment providing for women’s suffrage was adopted by a vote of 125,037 against 121,450. The Commerce Court, estab lished by Congress in 1910, handed down a decision setting aside the order of the Inter-State Commerce Commission re ducing the rate for the transportation of lemons from Cali fornia to Eastern points from $1 15 to $1 per 100 lbs., in car load lots. It was the view of the Court that the reduction had been made on the ground that unless the lower rates were put in force California lemons could not compete with similar produce imported from foreign countries. The Court denied the right of the Commission to issue an order on such grounds. The case was remanded back to the Commission, which, after a hearing, re-affirmed its action the ensuing December. The Commerce Court also granted an injunction restraining the Inter-State Commerce Commission from enforcing its order against the Goodrich Transportation Co. and the White Star Line operating steamers on the Great Lakes. The order of the Commission required the companies to adopt certain methods of keeping their accounts. The Court held that the companies are amenable to the law with respect to all inter state business in connection with railroads, but that the Commission has no authority to call for reports of transac tions relating exclusively to port-to-port inter-State business or to intra-State traffic. The Commission was directed to re cast the form of reports required from such transportation companies. The U. S. Circuit Court of Appeals affirmed the sentences of fine and imprisonment imposed by Judge Martin in the Circuit Court on Charles R. Heike, former Secre tary, and Ernest W. Gerbracht, former Superintendent, of the Amer. Sugar Refining Co. Police Magistrate Appleton in this city dismissed the charges brought in July against the Knickerbocker Ice Co. (the subsidiary which conducts the business of the American Ice Co. in New York State), which alleged that the company had put up prices and refused to sell ice to independent companies during the heated term early in the summer. The Magistrate said he had been unable to discover any evidence that would justify him in issuing a warrant for the arrest of anybody in connection with the complaint. In addressing bank clerks in this city U. S. Dis trict Attorney Henry A. Wise made some remarks reproach ing the bankers of New York for not giving employment to those clerks of the National Bank of North America who had testified against Charles W. Morse. He also intimated that it would be a good idea for bank clerks to form a league and go out on strike in certain contingencies. These remarks called forth strong criticism from both bank executives and clerks. The Philadelphia Clearing-House Association gave approval to a plan contemplating the admission of trust 38 RETROSPECT. companies having a capital and surplus of at least $500,000 to full membership in the Association. Railroad Events and Stock Exchange Matters.—The stock market, after early weakness, showed an improving tendency, the first half of October, though being dull and narrow. But the announcement that the Steel Corporation contemplated canceling the lease of the mines of the Great Northern ore properties caused a big slump in the certificates of the latter. It also made the Steel shares soft. The market was manifest ing weakness, though remaining dull, when the announce ment came after the close of business Oct. 26 that the Gov ernment had brought suit against the Steel Corporation. The following morning Steel com., which had closed at 58%, opened at a wide range—53 to 55—and subsequently dropped as low as 50, but there was a recovery to 52% by the close of the day. There was also a slump in other industrial properties, like the Amer. Smelt. & Ref. shares. Railroad stocks receded more moderately. The remaining days of the month a decided upward reaction developed, induced by the course pursued by Att.-Gen. Wickersham with reference to the plan for the reorganization of the Amer. Tob. Co. The extremes for Steel com. were 62% Oct. 2 and 50 Oct. 27, with the close Oct. 31 54%. Mil. & St. R. com. opened Oct. 2 at 108%, declined to 105% Oct. 4, advanced to 110 Oct. 14 and closed Oct. 31 at 108%; Reading com., opening at 139% Oct. 2, got down to’,135% Oct. 11, sold up to 141% Oct. 24 and closed Oct. 31 at 139%; U .P. com. from 160% Oct. 2 receded to 158% Oct. 9 and advanced to 164% Oct. 31; So. Pac. was 106% Oct. 4, 110% Oct. 16 and closed at 109%; N. Y. Cent, advanced from 102% Oct. 2 to 106 Oct. 16 and closed at 105%; Amal. Cop., openingat 50% Oct. 2, sold at 48% Oct. 5, advanced to 54% Oct. 20 and closed Oct. 31 at 52%; Inter Continental Rubber Co. suspended dividends on its com. stock. Diamond Rubber Co., on the other hand, declared an extra div. of 2%% in addition to the quarterly payment of 3%%. Amer. Beet Sugar Co. made an initial quar. div. of 1%% on its com. stock. Norf. & West, increased the quar. div. on com. from 1%% to 1%%. A number of small issues of new loans were put out during the month. Bost. Elev. dis posed of a new issue of $5,000,000 4%% bonds. Mich. Cent, paid off at maturity the 50,000,000 francs 1-yr. notes sold in Paris in 1910. Thiswas done with the proceeds of the $14,000,000 Detroit River Tunnel Co. 4%s from which the Mich. Cent, was reimbursed for advances. H. C. Frick Coke Co. of Pittsburgh placed $18,000,000 Pittsb.-Monongahela 1st lien purchase money 5s, guar, by the Steel Corporation. Asso ciated Simmons Hardware Companies sold $5,000,000 5-yr. 5% notes. Montreal Tramways Co. disposed of $10,000,000 1st & refund. 5s to a syndicate of bankers. The Money Market.—Money was almost unlendable, and large banks and trust companies preferred to buy German Government notes on a 4%% basis and to lend for a month to Berlin at better than 5% or to Paris or London at lower figures rather than employ their funds in the local market. The range for call loans during the month was 1%@2%. Time loans at the close were 3%@3% for all periods from 60 days to 6 months. Commercial paper was 4% @4% for double names and prime single names and 4%@5 for good single names. Money holdings of the Clearing-House banks and trust companies fell from $428,215,000 Sept. 30 to $419,747,000 Oct. 14 and recovered to $424,829,000 Oct. 28. Sur plus cash reserves fell from $21,624,850 Sept. 30 to $13,362,000 Oct. 14 and then recovered to $19,653,900 Oct. 28. Deposits were $1,792,951,000 Sept. 30, $1,767,607,000 Oct.21 and $1,784,194,000 Oct. 28. Loans were $1,920,206,000 Sept. 30, $1,905,465,000 Oct. 21 and $1,912,427,000 Oct. 28. The money holdings of the State banks and trust companies not in the Clearing House showed no very great changes. The loans of these institutions fell from $613,113,100 Sept. 30 to $601,293,800 Oct. 14 and then increased to $605,325,400 Oct. 28. Foreign Exchange, Silver, &c.—The course of exchange was strongly upward nearly all through October. The chief in fluence was the large loans made by American bankers to Germany and France, but there was also covering of contracts by operators who had sold short on expectations that an in creasing volume of cotton and grain bills would bring a de cline in rates, which latter were exceptionally high for the season of year. The inquiry was quickened by the placing here of the Prussian loan mentioned above. Owing to cheap money in New York and dear money abroad, American bank ers followed the plan of retaining long bills here with a view to holding them until maturity instead of forwarding them for immediate acceptance. Sterling ruled so high that gold exports from this side might have become feasible if either London or Paris had offered special inducements to that end; but both the Bank of France and the Bank of England re fused to attract the metal with offers to pay interest on ship ments while in transit. Sight bills were at their lowest Mon day, Oct. 2, at 4 8595@4 86, and at their highest Oct. 26, at 4 87@4 8710, with the close Oct. 31 4 8685@4 8695. Lon don had to meet very large calls for gold for Egypt, Turkey and South America, and the Bank of England's bullion hold ings were heavily reduced. Open market discounts at Lon don at the close were 3 7-16@3%% for spot bills and 3 9-16 for bills to arrive. At Berlin the open market rate was 4% for spot bills and 4% for bills to arrive, while at Paris it was 3% for commercial bills and 4% for financial bills. Silver in London on the disturbed situation in China (which occa sioned a keen demand for currency), and partly, also, owing to a belief in certain quarters that the India Government http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis would have to come into the market before long, manifested a rising tendency, getting up Oct. 26 to 25 3-16d., with the close Oct. 31 25 l-16d. NOVEMBER.—Current Events.—The improvement wit nessed at the end of Oct. made further progress, due to cer tain Court decisions having an intimate bearing upon the socalled trust problem and on the situation of the railroads. On Nov. 8 the U. S. Circuit Judges for this district gave their approval to the plan for the disintegration of the Amer. Tob. Co., subject to certain minor modifications which AttorneyGeneral Wickersham had asked. None of the requests made by the independent tobacco dealers or others was granted. The main request of Mr. Wickersham was also overruled, namely that the right should be reserved to the Govt, at any time within five years to come into court and attack the plan. The Court also rejected the request of the Attorney-General— a request in which the independents had joined—that the stock of the United Cigar Stores Co. held by the Amer. Tob. Co. and to be distributed under the plan to the common stockholders of the latter should be sold to others. In over ruling the contention in that regard, Judge Lacombe, who wrote the main opinion in the case, took occasion to make the following declaration: “Nowhere is there any authority for the proposition that this Court may seize the property of priv ate persons who may have offended against that statute and sell it under conditions which would preclude the holder of the title or the owner of the equity from bidding at the sale so as to compel the purchaser to pay a reasonable price for it, or from buying it himself if no one else will pay full value for it. This is confiscation.” The Court did impose certain restric tions upon the action and freedom of the reorganized proper ties. For instance, none of the 14 companies, during a period of 5 years, may acquire any stock in any of the other corpora tions or purchase or acquire their property or business, nor may any of the 14 corporations make any loans or otherwise extend credit to each other. Also, none of the new compan ies may for a period of 5 years have an officer serving as an officer of any of the other companies. Furthermore, the 29 individual defendants may not increase their holdings of stock in the new companies for 3 years. This, and the process of disintegration itself, made it plain that the courts would com pel compliance with the provisions of the statute. It was made equally plain that no unduly harsh or unnecessarily de structive policy would be insisted on in carrying out the pur pose of the law. Judge Noyes saw fit to enlarge somewhat upon the opinion of the Supreme Court in the Oil Co. case, to the effect that “one of the fundamental purposes of the stat ute is to protect, not to destroy, rights of property,” and after noting that the extent to which it had been necessary to tear apart the Tobacco combination ought to demonstrate that the Federal Anti-Trust statute is a drastic statute, which accomplishes effective results, said: “And, on the other hand, the successful reconstruction of this organization should teach that the effect of enforcing this statute against industrial com binations is, not to destroy, but to reconstruct; not to de molish but to re-create in accordance with the conditions which the Congress has declared shall exist among the people of the U. S.” It was this language and its application to this particular case that served so materially to encourage more hopeful views. Another Court ruling of the highest im portance was the issuing of a temporary injunction by the new U. S. Commerce Court against the order of the Inter-State Commmerc Comm, in the celebrated Spokane rate eases. The Commission in these rate cases had sought to take a step in the direction of equalizing rates as between ship ments to inter-mountain territory and shipments to Pacific Coast terminals. It had employed purely arbitrary methods for this purpose and sought to cover the whole U. S.by a sort of blanket arrangement, as noted under July events. The Commerce Court held that in seeking to enforce such an arrangement the Commission was exceeding its authority; that it could not lay down a hard and fast rule which should apply to every long and short-haul case wherever originating or whatever its destination; that by no device could the whole U. S. be made a “special case.” The Commerce Comm, at once arranged to take an appeal to the Supreme Court. The Supreme Court itself, however, handed down a decision over turning an order of the Commission. It held that the Com mission erred in attempting to prohibit railroads from paying to the operators of grain elevators compensation for “elevat ing grain in transit.” This decision grew out of the so-called Peavey case, which came into prominence in 1908, when the Inter-State Commerce Comm, decided that an elevator charge was a specific violation of the Inter-State Commerce Act. Its decision was set aside by the U. S. Circuit Court for the West. Dist. of Mo. on the ground that the Commission had no right to issue such an order. The Supreme Court affirmed this decision of the lower Court. Another decision of the highest importance came from the Court of Appeals of this State. In the case of the Third Ave. RR. reorganization plan, it affirmed the decision of the Appellate Div. of the Su preme Court in holding that the Public Serv. Comm, of this State are not authorized to interfere with the reorganization of bankrupt railroads to the extent of exercising a veto on the putting out of new securities where the aggregate of such securities does not exceed the amount of securities originally issued. A court ruling in a labor case also attracted favor able attention. This decision emphasized the doctrine that labor organizations, in seeking to advance the interests of their members, must not encroach upon the rights of others, RETROSPECT. either employers or non-union workers. The case referred to involved the principle of the open shop, and the U. S. Circuit Court of Appeals on Nov. 21 sustained the preliminary in junction which had been granted by Judge Coxe in the con spiracy suit brought by the Paine Lumber Co. of Oshkosh, Wis., against the United Brotherhood of Carpenters and the Amalgamated Society of Carpenters. These particular labor organizations had long been acting in a high-handed manner in seeking to prevent the employment of non-union labor. Much satisfaction was therefore derived from the fact that the Circuit Court of Appeals held that the restraining order was within the discretion of the trial Judge pending a determination of the case on its merits and that the discretion had not been abused. An odd incident of the month was the appearance of a lengthy article in “The Outlook” on the trust question from the pen of ex-President Roosevelt, which at first was looked upon as a rift in the political skies, portending a more con servative attitude towards large industrial concerns. Mr. Roosevelt criticised the Taft Administration for its action in bringing a suit under the Anti-Trust Law against the Steel Corporation and asserted that this suit “had brought vividly before our people the need of reducing to order our chaotic Government policy as regards business.” As the daily papers featured these remarks in glaring headlines, an im pression was momentarily created that conservative senti ment had found in the ex-President a refuge from the radical ism of President Taft. Perusal of the article, however, quickly showed that Mr. Roosevelt was simply reiterating the views expressed by him while in office, and which proved so disturbing at the time. He argued in favor of a Govern ment Bureau or Commission with powers similar to those vested in the Inter-State Commerce Commission as regards railroads and intended “to give the National Government complete power over the organization and capitalization of all business concerns engaged in inter-State commerce.” He went so far as to say: “We should enter upon a course of supervision, control and regulation of these great corpora tions—a regulation which we should not fear, if necessary, to bring to the point of control of monopoly prices, just as in exceptional cases railway rates are now regulated.” He also characterized the disintegration plan of the American Tobacco Co. as “lamentable from the standpoint of justice.” When all this appeared the hubbub created by his effusion quickly subsided. Iron and steel prices continued to rule low —in some instances even lower levels being reached than before—but the demand was very active and a feature was the appearance of orders on a liberal scale for equipment and supplies by the railroads for the first time in a long while. The copper trade continued to show improvement. The ginning returns of the Census Bureau reported unprecedented amounts of the staple ginned, removing all doubt as to the crop being of extraordinary proportions. Price, however, did not yield much further. Middling upland spot cotton in this market was 9.40c. Nov. 1 and 9.60 cts. Nov. 14, with the close Nov. 29 (Nov. 30 being Thanksgiving holiday) 9.30cts. Print cloths were reduced Nov. 11 from 3)4 cts. to 3)4 cts. Grain prices also fluctuated within a relatively narrow range. Dec. wheat at Chicago closed Nov. 29 at 93% cts., against 96% cts. Oct. 31, notwithstanding a state ment made by the Premier of Russia on Nov. 14 in the Duma saying there had been a complete failure of crops in twelve provinces and partial failure in eight others and that 8,000,06’0 of tYife-12,500,000 inhabitants in the affected territory were in urgent need of immediate relief. He added that the expenditure of $60,000,000 would be necessary, one-half to be used at once to defray the cost of supplies already dispatched and that the Imperial Exchequer would have to furnish $44,000,000 to cope with the situation. Dec. corn at Chicago closed Nov. 29 at 63c., the same as Oct. 31, with the price in the interval down to 61c. Nov. 3 and up to 64 %c. Nov. 22. Dec. oats at Chicago closed at 47%c. Nov. 29, against 46 %c. Oct- 31. Financial conditions abroad con tinued to improve and some of the money which timid bank depositors on the Continent had withdrawn and carried home in cigar boxes, small tins, &c., while tension in the relations between Germany and France and Germany and England existed, was returned, thereby strengthening the cash holdings of the Continental banking institutions. The Bank of France the latter part of the month did away with the extra charge which it had exacted for many weeks for discounting finance bills. At one time the discount rate on finance bills had been 4%, concurrently with a quotation of 3)4% for commercial bills, whereas now the quotation was 3)4% for both classes of bills. There were some interesting developments in European politics. On Nov. 21 the official report was made public of the secret sitting of the Budget Committee of the Reichstag on Nov. 17 when the German Foreign Minister, von Kiderlen-Wachter, gave his version of what transpired between the German and the British governments at the time of the Moroccan crisis. This showed that the language used on both sides had been sharp and that a peaceful outcome under the circumstances had been most fortunate. After this statement of the German Foreign Minister the speech which it was thereupon announced in Great Britain would be made on the same subject by Sir Edward Grey, the British Foreign Secretary, on Nov. 27, was looked forward to with unusual interest and some concern. Sir Edward’s version of what transpired differed in some respects from that of the German Foreign Minister and he took pains to state that “a good deal of http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 39 misunderstanding could have been avoided if Germany had made clear about July 4 that she had no intention of taking any part of Morocco.” With reference to the speech of Lloyd-George made on July 21 (anent the negotations then going on between Germany and France concerning Morocco), in which that official so emphatically declared that the English Government could not allow itself to be excluded from the “Cabinet of Nations”, where its interests were vitally affected, and which aroused such strong resentment in Germany, Sir Edward said that he found it “necessary (when asked for explanation) to inform the German Ambassador that the tone of his communication with regard to LloydGeorge’s speech made it inconsistent with Great Britain’s dignity to explain publicly the speech.” Sir Edward made it plain in his present speech that Great Britain was not pre pared to sacrifice any of its interests or its friendship for France, but harbored no feeling of hostility towards Germany. Sir Edward’s speech was endorsed in a whole-souled way by the Opposition in Parliament. The Rt. Hon. Arthur J. Balfour, who had so long held the leadership of the Con servative-Unionist Party, had earlier in the month resigned his leadership and been succeeded by A. Bonar Law. The latter, replying to the speech of Sir Edward, expressed his conviction that in the Anglo-German negotiations “every step had been taken with sole regard for British interests”. One outcome of the treaty agreement between Germany and France, and which excited so much dissatisfaction in Ger many, was the action of the German Government in assur ing the Reichstag that hereafter the German Parliament would be consulted as regards all treaties involving the acquisition or cession of colonial territory. The German Chancellor announced that a statute requiring the assent of the Reichstag and Bundesrath to any changes of such a nature would be accepted, though this would not apply to the already concluded Moroccan agreement. Another important development in foreign affairs was a formal demand by Russia upon Persia for the instant dismissal of W. Morgan Shuster, the American Treasurer-General of Persia. Mr. Shuster, together with four other young Americans, had at the request of Persia been recommended by President Taft and Secretary of State Knox, but, of course, the United States Government was in no way inter ested in Persian internal affairs. Mr. Shuster in his task of reform in connection with the Persian treasury had incurred the hostility of Russia. Considerable sentiment in favor of Mr. Shuster developed in Great Britain, induced in part by a long letter written by him to the London “Times”, but Sir Edward Grey said that the endeavor to get rid of Russian influence in Persia “was perfectly hopeless”, owing to the | Anglo-Russian agreement which existed and which was designed to prevent the two nations from trying to gain advantage over each other in Persia. The next month some sanguinary encounters between some Persians and the Russian troops occurred, but the Persians were finally obliged to yield to Russia and to dismiss Mr. Shuster. News regarding the Chinese revolution continued decidedly con flicting, but it was evident that the Government under the premiership of Yuan Shi Kai found it difficult to main tain its position, notwithstanding its panic-stricken conI cessions. In Mexican affairs, the United States authorities unearthed a plot for a new revolution which was being carried on on American soil, and the Mexican General Reyes was arrested at San Antonio, along with a number of his colleagues, for violating the neutrality laws of the United States. He returned to Mexico, and the next month, being defeated in a sortie against a detachment of Mexican troops, surrendered to the Mexican authorities. Government money holdings in sub-treasuries fell from $358,154,552 to $350,932,914 and Government deposits in the banks from $48,200,874 to $47,820,242. Bank circulation secured by bonds in creased from $711,099,938 to $712,115,338. Owing to the discovery of forged bills of lading in several Balti more banks as collateral for loans made to the firm of Pitt Brothers & Co., grain dealers of Baltimore, the firm was placed in receiver’s hands. The Kirwan Bros. Grain Co. of Baltimore later also encountered a receivership and for the same reason. Several of the officials of the latter were charged by the Grand Jury with having obtained money under false representations. The Guaranty Trust Co. of this city, which had previously opposed the Central Bureau for the registration of cotton bills of lading, decided in the future to co-operate with the same. It was reported that the National City Bank had also decided to work with the Bureau. A cotton brokerage house in this city proposed a scheme for aiding planters in holding cotton for higher prices by making an advance of $25 a bale, &c., &c. After being ridiculed it was the next month abandoned. It was announced that the National City Co., the security-holding company of the National City Bank of this city, had disposed of all the bank stocks held in other institutions in this country, including its interest in the National Bank of Commerce. There was a run on the Penny Bank of London, a building and loan society somewhat on the order of the Birkbeck, which had failed earlier in the year. The run was caused by a decision in the Birkbeck case saying the Birk beck was not a bank. The Bank of England, however, came to the assistance of the Penny Bank, removing cause for apprehension. The Appellate Division of the New York Supreme Court reversed the judgment of the lower Court given in 1909 against the directors of the defunct Trust Com pany of the Republic for loss sustained by the company upon 40 RETROSPECT. Ioans in connection with United States Shipbuilding Co. The ' lower Court had held the directors liable, but the Appellate ! Division reversed this judgment. William J. Cummins, formerly Chairman of the Executive Committee of the Carnegie Trust Co. of this city, was convicted by a jury of larceny and sentenced to a term in the State prison. In Massachusetts a constitutional amendment allowing the taking of more private property than actually needful in laying out or improving streets and highways was adopted by the voters, but a somewhat similar amendment proposed in New York State was defeated. In Pennsylvania the voters approved an amendment to the constitution to allow the city of Philadelphia in ascertaining its borrowing capacity to exclude debts incurred for subways or for wharves or docks owned or to be owned, and which produce revenue sufficient to pay the interest and principal of such debt. Railroad Events and Stock Exchange Matters.—A further decided recovery in prices ensued. Among the chief stimu lating influences were the action of the U. S. Circuit Court j in approving the Amer. Tobacco Co. reorganization plan and I the granting by the Commerce Court of an injunction re straining the Inter-State Commerce Commission from en forcing its order, which was about to go into effect, with reference to the equalization of freight rates as between inter-mountain points and Pacific Coast terminals. Stock Exchange prices, however, did not move uninterruptedly upward. The early advance was very pronounced, but this was followed by several days’ decline. Then the appearance of an editorial by Mr. Roosevelt with regard to trusts was hastily assumed to indicate a more favorable attitude towards the country’s large industrial organizations; at the same time the annual report of the Un. Pac. was made public, revealing gratifying results for the year ending June 30. Subsequently there was again a downward reaction. This was followed by a renewed upward turn on an increase in the Atlantic Coast Line RR. s.-a. div. from 3 to 3%% and the news that the N. Y. Court of Appeals had decided against the Public Service Commission in the latter’s attempt to frustrate the Third Ave. reorganization plan. At the close there was some evidence of weakness, but with most leading stocks substantially higher than at the end of October. Mil. & St. P. com. from 108 Nov. 1 sold up to 114% Nov. 11, with the close Nov. 29 110%; Reading com. from 139% Nov. 1 advanced to 154% Nov. 13 and closed at 149%; U. P. com. moved up from 164% Nov. 1 to 178% Nov. 27 and closed Nov. 29 at 176%; So. Pac. com. rose from 109% Nov. 1 to 115% Nov. 24 and closed at 113%; No. Pac. opened and closed at 117%, after having been 122% Nov.. 10 and 117 Nov. 29. Gt. Nor. was 124% Nov. 1, 129% Nov. 13 and closed at 127; N. Y. Cent, opened at 105%, touched 109% Nov. 24, dropped to 104% Nov. 29 and closed at 105%; Steel com. from 55% Nov. 1 got up to 65% Nov. 27 and closed at 64%; Amal. Copper advanced from 52% Nov. 1 to 64% Nov. 22 and closed at 62%. Vandalia RR. omitted its quar. div. Amer. Cot. Oil passed on common. Nat. Biscuit Co. paid 2% extra on com. in addition to the regular7% p.c.peran. Hock. Val. increased its s.-a. div. from 2% to 3%. Gen. Chem. Co. paid 5% extra in stock on the com. shares. United Fruit gave stockholders the right to subscribe to 10% of new stock at par and declared an extra div. of 10% to cover same. Del. Lack. & West, declared 35% extra, payable in stock of the Lackawanna RR. of N. J. The syndicate which in Oct. 1910 took $25,000,000 1st 4s of Chic. Mil. & Pug. Sd. was extended to June 1912. Kan. City Mex. & Or. sold 26,000,000 francs in Paris of a new issue of 100,000,000 francs 20-yr. 5% debentures. Nat. Rys. of Mex. obtained a loan of $13,000,000 for one year from international bankers, to take up a $5,000,000 loan due in London and for additions and new construction. Ore. Wash. RR. & Nav. sold $15,000,000 more 1st 4s, half in London and half here. Norf. & So. sold $5,762,000 1st and ref. mtge. 50-yr. 5s. Bankers offered $10,445,000 1st and ref. 5s of Montreal Tramways Co. Minn. St. P. & Sault Ste. Marie placed $6,000,000 1st Chic. Term. 4s. Standard Gas & Elec, sold $7,500,000 conv. 6s. M. Rumely Co. sold $8,000,000 7% cum. pref. stock. The Money Market.—Extreme ease prevailed until towards the very close of Nov., with 6 mos. loans made at 3%% p. a. and the inquiry only nominal even at that figure. On Nov. 27, however, the call-loan rate, which had been 2@3%, advanced to 3%, on Nov. 28 to 3% and on Nov. 29 touched 6%. The reason for this sudden advance was not understood at the time, but Saturday, Dec. 2, it appeared the ClearingHouse banks (not counting the trust companies) had lost no less than $26,540,000 cash during the week, and that for the first time since early in 1908 the Clearing-House return showed a deficit below the 25% reserve. There were no known movements of money to account for such an extra ordinary loss in cash, but it was suggested that certain of the Canadian banks with extensive balances here had had large amounts of gold “ear-marked” in order to be able to include the same in their statement of cash holdings for Nov. 30, the gold so taken being in addition to that withdrawn from week to week and actually shipped to Canada. The deficit given was on the basis of the actual figures. In the averages for the week there was no deficit nor was there a deficit even on the actual figures with the trust companies included. Including the latter, total money holdings fell from $424,829,000 Oct. 28 to $388,489,000 Dec. 2 and surplus cash reserve declined from $19,653,900 to $1,308,900. Deposits were reduced from $1,784,194,000 to $1,711,230,000. Loans, after first increasing from $1,912,427,000 Oct. 28 to $1,927,640,000 1 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Nov. 11, fell to $1,882,994,000 Dec. 2. The State banks and trust companies not in the Clearing House showed money holdings reduced from $75,249,600 Oct. 28 to $74,255,800 Dec. 2, but loans increased (after first having been reduced) from $605,325,400 to $609,886,400. Time loans at the close were 3%@4 for 60 days to 6 mos., wdiile commercial paper was 3%@4 for choice double names and prime single names and 4%@4% for good single names. Foreign Exchange, Silver, &c.—Foreign exchange remained quiet, with the range for sterling very narrow until the last few days of Nov. Then the rise in call money here brought a sharp break in exchange rates. Somewhat over $10,000,000 gold went to Canada and a little over $2,000,000 was exported to South America. Sight bills were 4 8680@4 S695 Nov. 1, 4 87@4 8705 Nov. 16 "and 4 8615@4 8635 Nov. 29. Open market discounts at the close were 3% for 60 days and 3% for 90 days at London; 3% for all classes and maturities at Paris and 4% for 60 days and 4% for 90 days at Berlin, Silver in London moved still higher and touched 26%d., with the close 25 9-16d. DECEMBER.—Current Events.—TheTtone further im proved. The report of the Railroad Securities Comm, was made public Dec. 11 and exercised a favorable effect by rea son of the conservative nature of its recommendations and the calm and judicial character of its discussions. On the same day the U. S. Supreme Court denied the request of the Leaf Tobacco Board of Trade of N. Y. and of the independent tobacco interests to review the decree of the IT. S. Circuit Court for the Southern District of N. Y. approving the reor ganization plan of the Amer. Tob. Co. Tnis removed the only obstacle remaining in the way of the carrying out of that plan. In iron and steel there was further development of activity, railroad orders being on a more liberal scale, per haps, than during any other period in the year. The Steel Corp, had its ingot capacity employed to about 80%. Prices also were somewhat higher. The Republic Iron & Steel Co. marked up steel bars from 1.10 to 1.15c. There was also further rise in copper, Lake copper going to 14%c. and elec trolytic copper to 14%c., but with a fractional recession at the close. Pres. Taft, instead of sending his annual message to Congress in the usual lengthy form, announced that there would be a series of messages to be sent in from time to time. The initial message dealt entirely with the subject of anti trust legislation. In this the President simply re-affirmed his previously announced views, indicated satisfaction with the operation of the Anti-Trust Law and urged that it should not be repealed or even amended in any of its essential parts, but expressed the opinion that it might be an advantage to have voluntarv Federal incorporation in addition. On Dec. 20 the Pres, forwarded to Congress the report of the Tariff Board on Schedule “K” (the wool schedule) and in his accompanying message commended the findings of the Board and advised a downward revision of wool duties. The Stan ley Committee of the House of Representatives resumed its investigation of the Steel Corp, and the Senate Committee on Inter-State Commerce began an investigation of the subject of anti-trust regulation and legislation. There were further trust prosecutions. On Dec. 4 the U. S. Govt, filed a bill in equity in the U. S. Circuit Court for the Southern District of Onio, at Cincinnati, against the Nat. Cash Register Co. and 28 of its officers and agents, alleging that about the year 1890 they had entered into a conspiracy to establish a monopoly in the manufacture and sale in inter-State commerce of cash registers and other registering devices. On Bee. 12 the Govt, filed a bill in the U. S. Circuit Court at Boston against the United Shoe Mach. Corp, and its subsidiary companies, as well as numerous individuals connected with the same, for alleged violation of the Sherman Law. On Dec. 18apetition was filed in the Circuit Court for the Southern District of Cal ifornia for the dissolution of the Pacific Coast Plumbing Sup ply Assn, (an unincorporated association) and others for vio lation of the Sherman Law. On Dec. 20 action was begun in the U. S. Circuit Court in Philadelphia against the Keystone Watch Case Co. and 7 officers and directors, charging viola tion of the Sherman Law. On Dec. 6 the trial of the Chicago meat packers on criminal indictments charging a conspiracy in restraint of trade in violation of the Sherman Law was be gun before Judge Carpenter in the U. S. District Court. On Dec. 15 the British War Office informed the agents of the in dicted packers that, pending the result of the proceedings against them, none of the concerns involved would be invited to tender bids for supplies for the British army. This was business that amounts to several million dollars yearly. On Dec. 1 a startling piece of news came from Los Angeles, Cal., in the announcement that James B. McNamara had confessed to the dynamiting on Oct. 1 1910 of the “Los Angeles Times” building, in which 21 lives were lost, and that his brother, John J. McNamara, Sec.-Treas. of the Internat. Assn, of Bridge & Structural Iron Workers, had confessed to wrecking the plant of the Llewellyn Iron Works of Los Angeles on Dec. 25 1910. The two were at the time being tried on in dictments charging them with blowing up the “Times” build ing, and two months had already been spent in the attempt to select a jury. These were the cases in which Samuel Gompers, head of the Amer. Fed. of Labor, and other labor lead ers, had sought to make it appear that capitalists were en gaged in an attempt to fasten a heinous crime upon innocent persons. The two defendants had stoutly maintained that they were free from guilt. The prosecution had, however, accumulated such a mass of evidence against the men that it RETROSPECT. was hopeless to continue the struggle. On Dec. 5 J. B. McNamara was sentenced to a life term in prison, and his brother, John J. McNamara, was sentenced to a maximum term of 15 years. Govt, money holdings increased from .$350,932,914 to $354,591,895. Govt, deposits in the banks were $47,820,242 Dec. 1 and $47,768,604 Dec. 31. National bank notes secured by bonds increased from $712,115,338 to $714,363,038. Grain prices were irregular, at first declining and then advancing again, with the net changes for the month not very striking. In the case of cotton the estimate of the Dept. of Agricul., given out Dec. 11, reported the crop as equivalent to 14,885,000 bales of 500 lbs., not including En ters—far surpassing the very heaviest previous yield. The price of the staple opened Dec. 1 and closed Dec. 29 at the same figure (taking middling upland in this market as the standard), namely 9.25c. The low point was 9.20c. Dec. 8 and the high point 9.65c. Dec. 20. Printing cloths at Fall River remained at 3%c. An unfavorable event at the close (Dec. 27) was the action of the Lancashire Cotton Spinners & Mfrs. Assn, in declaring a lockout of 160,000 cotton weavers because of a strike inaugurated at the Helene Mill at Accring ton by the union weavers, owing to the refusal of 2 operatives (a man and his wife) to join the union. The N. Y. Cotton Exch. adopted a resolution providing for more frequent re vision of differences between the grades of the staple. In stead of only two revisions, namely one in Sept, and another in Nov., there is to be still another, in Feb., but not until 1913. On account of continued popular agitation against the exclusion from Russia of American Jewish citizens, the House of Representatives by a virtually unanimous vote of 300 to 1, adopted a resolution that had been introduced by Rep. Sulzer of N. Y., Chairman of the House Comm, on Foreign Affairs, denouncing the treaty of 1832 between Russia and the U. S. The language of the resolution was offensive and disregarded diplomatic amenities. Accordingly, the Pres, took the mat ter in his own hands, and on Dec. 15 caused to be forwarded to the Amer. Ambassador at St. Petersburg a notification to Russia of the intention of the U. S. to terminate the treaty on 12 mos.’ notice. This notification was couched in courteous and diplomatic language. The President then, in a special message, asked Congress to ratify the action. Senate and House readily complied and a simple resolution to that effect was passed—the House accepting the Senate resolution in place of its own. The Sherwood Service Pension Bill, known as the “dollar-a-day bill,” granting increased pensions to veterans of the Civil and Mexican wars, passed the House of Representatives Dec. 12 by a vote of 229 to 92, the minority being made up of 84 Democrats and 8 Republicans. The Secretary of the Interior later made computations which showed that the measure would add $75,000,000 a year to ension expenditures, already of enormous proportions, they aving aggregated $157,980,575 in the fiscal year 1911. It became unlikely, therefore, that the Senate would give its support to the measure. At a dinner of the Canadian Society in this city on Dec. 8, Robert Laird Borden, the new Cana dian Premier, who had led the campaign against the recipro cal trade agreement between the U. S. and the Dominion, de livered a very felicitous address in which he had for his toast: “As long as the rivers shall flow to the ocean, as long as the mountains shall cast their shadows across the valley, as long as the heavens shall nourish the stars, let good-will, friendship and peace endure between these two great kindred nations.” In Chinese affairs the chief development was the abdication of Prince Chun, the Regent, and father of the child emperor. The Premier, Yuan Shi Kai, continued negotiations with the revolutionists, an armistice prevailing meanwhile, but no definite results had been reached by the end of the month, the revolutionists insisting on the formation of a republic and Yuan Shi Kai holding out for a monarchy. The French Parliament approved a new agreement drawn up between the Government and the Bank of France, under which the limit of note issue previous ly fixed at 5,800 milliard francs (a figure which had been closely approached in the recent period of tension) was raised to 6,800 milliard francs. In Great Britain Mr. LloydGeorge’s scheme for insuring the laboring classes against sick ness and unemployment passed both Houses and became a law. We have referred to its features above in the events for May. A most brilliant Durbar was held at Delhi, India, on Dec. 12, at the coronation of King George of England as Emperor of India. It was at the same time announced that Delhi would replace Calcutta as the capital of India. West. Union Teleg. Co. announced the inauguration of a special cable service at greatly reduced rates between the U. S. and Great Britain. Later a reduction in rates to Germany and France was also announced by the Mackay Cos. The Western Union then announced a reduction in rates, not only to Germany and France, but also to Portugal, Algeria, Canada, Australia and other British possessions. At Los Angeles, Cal., at the city election Dec. 5, Geo. Alexander, candidate of the Good Govt. Party, was elected Mayor by a plurality of 34,069 over Job Harriman, the Socialist candi date, the former having received 85,492 votes and the latter 51,423. The election attracted much attention because Mr. Harriman had been one of the attorneys for the McNamaras, and had been nominated by the Socialists, mainly, it was claimed, because of a speech made by him before the case was called for trial, proclaiming their innocence. The result was ascribed largely to the efforts of the women voters, who exer cised the suffrage for the first time. At the Arizona election of Dec. 12 the voters agreed to the requirement imposed by http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 41 Congress as a condition precedent to the admission of the Territory as a State, and expunged the provision in the Con stitution which provided for the recall of judges. In this State it appeared that the proposition submitted to the voters the previous month, providing for the issue of $19,800,000 bonds for barge-canal-terminal purposes, had been car ried by a small majority, but that the seven constitutional amendments submitted at the same time had all been defeated. Railroad Events and Stock Exchange Matters .—There was considerable irregularity in the course of prices during Dec., but, except in the case of special stocks, the noteworthy re covery of the previous month was well maintained and in some instances further advances were recorded. At the be ginning of the month the prospective readjustment of the Wabash caused a decline in the securities of that company, and this weakened Den. & Rio Gr. and some of the other Gould properties. Later the sharp rise in the Steel shares and the copper stocks carried the whole market up again. Great Nor. Ore certificates, however, were weak, and the close was rather ragged, a poor statement of earnings by the Un. Pac. for Nov. and the appointment of receivers for the Wabash having had an unsettling effect. Milw. & St. P. com. from 110 Dec. 1 rose to 111% Dec. 12, fell to 107% Dec. 29 and closed at 109%; Reading com. from 149% Dec. 1 fell to 146% Dec. 8, advanced to 154% Dec. 16 and closed at 151%; U. P. com. from 173% Dec. 1 fell to 169% Dec. 8, rose to 175% Dec. 16 and closed at'171%; So. Pac. com. opened at 111%, touched 109% Dec. 8, rose to 113% Dec. 16 and closed at 111%; No. Pac., after falling from 117 Dec. 1 to 115% Dec.8, moved up to 119% Dec. 14 and closed at 118%; N. Y. Cent., opening at 105%, sold at 104% Dec. 8 and 108% Dec. 30, and closed at 108; Steel com., after declining from 62% Dec. 1 to 60% Dec. 8, moved up to 69% Dec. 20 and closed at 67% Dec. 30. The copper stocks were strong and active nearly all through the month and Amal. Cop., after going down from { 62% Dec. 1 to 58% Dec. 8, rose to 67% Dec. 27 and closed at : 66. Tol. St. L. & West, passed its pref. div. Atl. Coast Line Co. increased its rate from 10% to 12% p. a. Int. Nickel Co. still further increased the div. on com., declaring a quarterly payment of 5%. Amer. Agric. Chem. Co. made ' an initial quar. div. of 1% on com. Baldwin Locom. Works declared a first div. of 1% on com. Rubber Goods Mfg. Co. again raised its quar. div. on com., this time to 3%. The Can. Nor. Ont. Ry. placed £7,000,000 3%% 1st M. deb. stock in London. Can. Pac. offered to ordinary shareholders $18,000,000 of new stock at 150. Can. N. W. Ry. offered $4,000,000 1st 4s at Brussels, Antwerp, Amsterdam and Geneva. Chicago Rys. Co. sold $6,000,000 more cons. mtg. Ser. A 5s. N. Y. Cent. Lines placed $15,000,000 4%% equip, trust certifs. N. Y. Cent, announced its intention of merging with L. S. & M. S. and Mich. Cent, and asked for the i consent of the holders of coll. tr. bonds secured by the shares of those roads. N. Y. Cent, also asked (and received) the permission of the Pub. Serv. Comm, to acquire the stock of the N. Y. & Harlem RR., a leased line. It also asked the right to acquire (from the N. Y. N. H. & H. RR.) a controll ing interest in the N. Y. Ont. & West.—the New Haven road in turn to get the remainder of the Central’s holding of Rut land pref. stock. The Minn. & St. L. arranged to purchase the Iowa Cent, and the Minn. Dak. & Pac. The Money Market.—Somewhat firmer money conditions ruled this month, though rates for call did not again touch 6% except on the very first day. On the last day for Stock Exch. loans (Nov. 29) the range on call was 3%@4. Closing rates for time money were 3%@4 for 30 to 90 days and 4% for 4, 5 and 6 mos., while commercial paper was 4%@5 for double names and prime single and 5%@5% for good single names. The Clearing-House banks quickly recovered their position, and money holdings (including trust company members) rose from $388,489,000 Dec. 2 to $415,083,000 Dec. 30, and sur plus cash reserves from $1,308,900 to $18,996,850. Deposits fell from $1,711,230,000 Dec. 2 to $1,672,949,000 Dec. 9 and then rose to $1,752,405,000 Dec. 30, while loans, after falling from $1,882,994,000 to $1,837,141,000, increased again to $1,878,347,000. Money holdings of the State banks and trust companies not in the Clearing-House increased from $74,255,800 Dec. 2 to $79,071,800 Dec. 30. Loans of these I institutions ran up from $609,886,400 Dec. 2 to $620,528,000 Dec. 9 and were $616,921,200 Dec. 30. Foreign Exchange, Silver, &c.—There was during Dec., as there had been in most of the other months of the year, more or less irregularity in the course of prices for sterling bills. Early in the month quotations were at the lowest level since the previous Aug. Then a sharp rise occurred on easier money here and preparations for the 1st of Jan. requirements. After the sailing of the French boat (La Provence} on Dec. 21, the last ship that could deliver sight exchange before the new year, a decline in rates again occurred. There was some re covery, however, before the close, mainly as a result of the sentimental influence exerted by the lockout of the cotton operatives at Lancashire, which suggested a possible curtail ment of cotton shipments from this side. Early in the month there was a further shipment of $500,000 gold to Buenos Ayres. Sight exchange was 4 8625@4 8630 Dec. 2, 4 8575@ 4 8590 Dec. 8, 4 8655@4 8660 Dec. 20, 4 8575@4 8615 Dec. 29, and closed Dec. 30 at 4 8630@4 8640. Open mar ket discounts at London at the close were 3% for 60 to 90-day spot bills and 3% for bills to arrive. At Paris the rate was 3% and at Berlin 5% for spot bills and 4% for bills to arrive. Silver was fractionally lower and closed Dec. 30 at 25 l-16d. 42 LISTINGS ON NEW YORK STOCK EXCHANGE LISTINGS ON THE NEW YORK STOCK EXCHANGE FOR THE YEAR 1911. The amount of securities listed on the New York Stock Exchange during the year 1911 falls far below the total of the two preceding years. The bonds repre senting new capital aggregated only 70% of the total for 1910 and less than 60% pf the aggregate in 1909. Early in the year new issues of stocks and bonds on account of improvements, additions and extensions were made on a pretty liberal scale, but even during that period temporary note issues (which are seldom listed) reached a large aggregate. In the second half of 1911 disturbed confidence at home and less favora ble money-market conditions abroad reduced the se curity issues of all kinds, notes as well as stocks and bonds, to within very narrow limits. Then, too, while the importance of having securities listed at this centre is recognized as never before, the listing of a considerable amount of each year’s output, and possibly this last year to a greater volume than usual, is deferred, for one reason or another, till after the period has closed. The note issues brought out during the year aggre gate more than 310 millions. Among them we note: ______ PRINCIPAL NOTE ISSUES SOLD DURING 1911. Int. Ann Arbor RR____________ Baltimore & Ohio RR_____ Boston & Maine RR_______ Chesapeake & Ohio Ry_____ Chicago Elevated Rys______ Columbus (Ga.) Electric Co Columbus (O.) Ry. & I,t. Co Coney Island & Bklyn. RR.. Denver Ry. Securities Co___ Denver Realty Co_________ Erie RR________ __________ do do do Fairmount & Clarksburg Trac. Federal Lt. & Traction Co___ Galveston-Houston Elec. Co Hocking Valley Rv_____ Idaho & Wash. North. RR Interboro .-Rapid Transit Co Lake Shore & Mich. Sou. Ry Maine Central RR_________ Memphis Union Station Co . Minneapolis & St. Louis RR . Kansas & Texas Ry Missouri Pacific Ry_______ Muscatine No. &So. Ry. (syn dicate) _______________ National Rys. of Mexico N. Y. Cent. & Hud. Riv. RR N. Y. N. H. & Hartford RR Northern Elec. Ry., California Oakland Railways_________ Pere Marquette RR___ Pittsburgh & Shawmut RR " Portland (Me.) RR_______ Puget Sound Electric Ry.._I St. Louis & San Francisco___ Scullin (John)_______ Springfield (Mo.) Ry. & Lt. Co United Rys. & Elec. Co., Balt. Waco Street Ry_________ ;.. Western Maryland RR_____ York (Pa.) Railways_______ Pale. 1 1 15 1 1 1 1 1 1 1 8 1 1 15 1 1 1 29 4 1 1 1 1 1 1911 1910 1911 1911 1911 1911 1911 1911 1911 1911 1911 1911 1911 1911 1911 1911 1910 1911 1911 1911 1911 1911 1911 1911 5% 4^% 4% 4J^% 5% 5% 5% 6% 6% 5H% 6% 5% 5% 6% 6% 4^% 6% 4H% None 4% 5% 6% 5% 5% May June June June July July June Jan. Nov. Oct. Apr. Oct. Feb. Feb. Anr. Nov. Dec. Apr. Meh. Apr. Nov. Feb. May June 6% 414% 4H% 414% 6% 6% 6% 6% 414%, 5% 5% Oct. 1 1911 June 1 1911 Meh. 1 1911 Feb.-Meh.’ll 1911 Sept. 1 1911 Meh. 1 1911 June 1 1911 Dee. 1 1911 Feb. 1 1911 June 1 1911 Sept. 30 1911 Nov. 1 1909 July 15 1911 June 1 1911 Jan. 1 1912 1911 6% 5% 6% 5% 6% Maturity. ♦May 1 1913 June 1 1913 1912 ♦June 1 1914 ♦July 1 1914 ♦July 1 1914 ♦June 1 1914 ♦Jan. 1 1914 May 1 1912 ♦Oct. 1 1913 ♦Apr. 8 1914 Oct. 1 1914 Feb. 1 1914 ♦Feb. 15 1913 Apr. 1 1914 ♦Nov. 1 1913 ♦Dec. 1 1915 Apr. 29 1912 Meh. 4 1912 Apr. 1 1912 Nov. 1 1913 Feb. 1 1912 ♦May 1 1913 ♦June 1 1914 ♦Oct. 1 1914 June 1 1913 Meh. 1 1914 Feb.-Mch. 1912 2 or 3 years ♦Sept. 1 1915 ♦Meh. 1 1916 ♦June 1 1913 ♦Dec. 1 1916 Feb. 1 1912 ♦June 1 1913 Oct. 1 1914 *Nov.’ll-Nov.’14 ♦July 15 1914 ♦June 1 1910 ♦July 1 1915 1-2 years Amount. $600,000 10,000,000 5,000,000 16,000,000 30,000,000 1,000,000 600,000 500,000 3,500,000 750,000 • 12,500,000 4,550,000 1,000,000 2,000,000 600,000 4,000,000 1,200.000 10,000,000 12,000,000 1,500,000 2,100,000 2.100,000 10,000,000 20,000,000 425,000 10,000,000 30,000,000 22,000,000 2,000.000 2,500,000 8,000,000 3.250.000 350,000 1,500,000 2,500,000 900,000 65,000 3,125,000 500,000 8,000,000 700,000 Tot.RR.& St. Ry. notes,&c ......... — -......................... .. $247,315,000 5% Apr. 1 1911 Apr. 1 1913 12,500,000 Amalgamated Copper Co___ Associated Simmons Hard ware Cos________ Ayer Mills_____________ ”1 Brooks-Scanlon Lumber Co Cambria Steel Co_________ Chicago Suburban Lt. & P.Co". Connecticut River Power Co Consolidated Gas Co. of N Y Croisic Realty Co________ Deere & Co_________ Denver Gas & Electric CoZZ” Empire District Electric Co., Joplin, Mo______________ Federal Sugar Refining Co._ Great Falls Gas Co______ Internat. Cotton Mills Corp.. Keystone Telephone Co .. Lake Supe rior Corporation.. Lake Superiorlron&Chem .Co Lincoln (Neb.) Gas & El.L Co Manufacturers’ Water Co Mitchell-Lewis Motor Co____ Packard Motor Car Co__ Sayre Electric Co..................... Seager Engine Works______ Sealshipt Oyster System____ Sierras Construction Co_____ Southern Timber Co.............. Symington (T. H.) Co______ Tremont Lumber Co_______ United States Lithograph Co. U. S. Smelt. Ref. & Min. Co.Waco Gas & Electric Co____ Warwick Iron & Steel Co.__ 5% 434% 6% 5% 534% 6% 5% 6% 5% 6% 1911 Meh. 1 1911 1911 1911 Feb. 1 1911 April 1 1910 Aug. 10 1911 April 1 1911 May 1 1911 Apr. 1 1911 1916 Meh. 19 ’16-’17 1912-1915 *1914 ♦Feb. 1 1916 ♦April 1 1915 Aug. 10 1912 ♦Oct. 1 1915 ♦Aug. ’12-’16 ♦Apr. 1 1914 5,000,000 2.000.000 750,000 2,000,000 2,000,000 314,000 5,000,000 200,000 5,000,000 2,500,000 6% 5% 6% 6% 5% 6% 6% 6% May 1 1911 Nov. 1 1911 Aug. 1 1911 July 1 1911 1911 April 1 1911 1911 1911 ♦May 1 ♦Nov. 1 ♦Aug. 1 ♦July I 1913 April 1 1916 ♦Aug. 1 6% 5% 6% 6% 5% 6% 6% 6% 6% 6% 5% 6% 6% Aug. Dec. Oct. May July Sept. Nov. Dec. Nov. Nov. Aug. June June 500.000 2,500,000 50,000 2,000,000 300,000 2,500,000 1,000,000 500,000 1 000 000 2,500^000 2,000,000 40,000 500,000 2,500,000 600,000 200,000 350,000 1,500.000 1,000,000 4,000,000 250,000 300,000 1912 1914 1913 1916 1914 1914 1 1911 Aug. 1912-1913 1 1911 Dec. 1 1916 1 1910 ♦Oct. 1 1915 1 1911 May 1912-1914 1 1911 July 1 1914 1 1911 Aug. ’13-July ’14 17 1910 ♦May ’11-Nov. ’13 1 1911 ♦Dec. 1 1913 1 1910 ♦May ’11-Nov. ’15 1 1911 ♦Nov. 1 1914 1 1911 Aug. 1 1914 1 1911 June 1 1916 1 1911 June 1 1914 $63,354,000 $3id;669;66o ♦ Subject to call at an earlier date at a certain price at company's option. This total of 310 millions contrasts with 187^ millions for the year 1908. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Following is our usual 10-year comparison. LISTINGS ON NEW YORK STOCK EXCHANGE. Issues for New Old Issues Replacing Capital, &c. Now Listed. Old Securities 1911 1910 1909 1908 1907 1906 1905 1904 1903 1902 397 ,563,800 571 526,800 712 ,734,963 648 869,500 246 733,914 x 303 ,112,000 569 079.000 429 ,810,500 a 191 ,515,050 197 516,313 35,122,000 52,008,300 8,479,000 95,794,000 72,362,000 12,304,500 20,000,000 1911 1910 1909 1908 1907 1906 1905 1904 1903 1902 255,897,215 304,681,590 297,253,037 123,977,900 159,106,244 237,479,600 125,123,300 120,635,050 172,944,200 251,069,400 38,000,000 467,175,700 363,701,600 248,780,200 321,056,300 16,440,700 99,889,200 12,798,000 2,878,000 38,791,600 11,462,300 148,148 184,627, 377,742, 128,294 101,717 256,482 390,947 105,269 376,975 333,124 5S0.834,400 808,162,500 ,098,956,500 872,958,000 420,813,000 : 571.S98.500 980,026,650 535,079,600 581,288,800 ; 533,519,300 349,717,615 643 ,614,830 467,644,255 1,239 ,501,54 j 664,571,448 1,325 ,526,085 141,169,350 513 ,927,450 95,869,506 576 032,050 408,849,150 662 ,769,450 308,422,400 533 ,434,900 55,231,750 175 .866,800 215,154,495 426 890,295 521,500.895 784 032,595 Note.—Applications for the listing of Trust Company receipts and of securities marked “assented” (if preparatory to reorganization), or of securities stamped "assumed” or “assessment paid”—the securities themselves having previously been listed—are not included In this table. a Not including 81,155,000,000 Imperial Russian State 4% certificates of rente. x Excludes ,$425,000,000 Japanese Government "bonds Year. 1911 ... 1910... 1909 ... 1908 ... 1907 ... 1906 ... 1905 ... 1904 ... 1903 ... 1902 ... STOCKS. BONDS. Railroad. 298,003,900 444.167.700 770.500.700 506,160,000 267,992,000 305,727,500 538,584,000 343,036,500 270,759,000 434.612,000 Street Ry. Miscell. 34,160,000 248,670,500 53,679,000 310.315.800 37,339,000 291.116.800 65,076,000 301,722,000 16,072,000 136,749,000 126,231,000 (1139940 000 29,650,000 411,792,650 17,118,000 174,925,100 52,042,000 258.487.800 12,780,000 £86,127.300 Railroad. Street Ry. Miscell. $ 141,226,600 9,763,500 14,002.500 2,417,600 20.443.400 188,210,100 58.274.400 $ 297,498,680 868,072,585 569,015,470 311,007,250 408,837,850 226,372,800 298,237,700 54,951,250 200,874.895 339,164,405 204.889.550 361,665,460 742,508,115 200,502,600 146.750.800 248.186.550 176.922.800 120.915.550 226,015,400 390,388,340 54", 479350 a Excluding $425,000,000 Japanese Government bonds. bonds, $1,155,000,000. £ Omitting Russian We see by the foregoing tables that the total list ings of stock during the year 1911 aggregated 50% less than in the years 1910 and 1909, but, as regards the amount in 1910, it should be remembered that this was extraordinarily swelled by the abolition of the unlisted department. For new capital the stock issues for the late year amounted to 255 millions, contrasting with 304 and 297 millions in 1910 and 1909 and with 124 and 159 millions in 1908 and 1907. The force of this comparison, however, is lessened by the fact that a few railroads and a handful of industrial corporations contributed the bulk of such new issues in 1911. The purposes on account of which the several blocks of bonds listed during the year were issued are seen from the following: LISTINGS OF RAILROAD BONDS. Company and Title of Loan— Amount. Purpose of Issue. Atch. Top. & S. F. conv. 4s, 1910 $15,933,000..Impts., extensions, &,c. Cent. New Eng. 1st 50-yr. gu. 4s. 11,967,000..Refund bonds and notes. Cent. Pac .-Through Short Line 1st guar. 4s__________________ 1,340,000..Equipment and improve’ts. Ches. & Ohio 1st consol. 50-yr. 5s 2,000,000..Retire 6s due Jan. 1 1911. do gen.4Hs_________ 1,500,000..Double-track. do do ..................... 339,000. .Additions. Chicago Burl. & Quin. gen. 4s__ 4,509,0 0__Retire old bonds. Chic. & E. Ill. ref. & impt. 4s____ 3,141,000..Equipment & betterments. Chic. Ind. & Lou. ref. 4s, ser. C_. 2,300,000..Retire 6s due Aug. 1911. Ch. Mil. & Pug. Sd. 1st guar. 4s.. 25,000,000..Construction of road. Chic. & North Western gen. 4s__ 18,851,000..Retire old bonds. do do do ______ 4,000,000..Impts., add’ns & equipt. Chic. R. I. & Pac. RR. 4s_______ 132,000..Exch. C. R. I. & P.Ry. stk. Chic. R. I. & Pac. ref. Ry.4s ._ .. 3,830,000.-Additions and tmprovem’ts. do do do ______ 1,494,000. .Retire ser. I coll. bds.Mayl Chic. St. P. Minn. & Om. con. 6s. 73,000.-Construction of road. do Sup. Sh. Line 1st 5s 1,500,000..01d bonds just sold. Chic. & West, Ind. cons. 50-yr. 4s 5,000,000.-Additions & improvements. Clev. Cin. Chic. & St. L. gen. 4s._ 106,000..Retire old bonds. do do do 1,000,000..Equipment, constr., &c. Colo. & Sou. ref. & ext. 4 j^s____ 2,913,000._Improv’ts, equipt., &o. Cuba RR. 1st 50-yr. 5s_________ 112,000._Ext’s., sta. bldgs. & equip. Dayton & Mich. con. 1st gu. 4 j^s 2,701,000..Old bonds extended. Dela. A Hudson 1st & ref. 4s____ 7,000,000..Additions & improv’ts. Denver & Rio Gr. 1st & ref. 5s__ 3,000,000.-Bett’ts, add’ns, exten., &c. Great Nor. 1st & ref. 4 Xs, ser. A. 20,000, 00__Gen. corporate purposes. do St. P. M. & M. con. 4s-26,000.-Exchange old 6s. Houston Belt & Term. 1st 5s___ 2,070,000..Acquisitions & improv’ts. Illinois Central ref. 4s__________ 2,740,000..Retire old bonds. do do _______ 10,000,000..Acquire Ind. Sou. RR. Iowa Central Ry. ref. 4s________ 395,000..Add’ns, impts. & equipt. K. C. Ft. Scott & M. guar. ref. 4s. 2,688,000..Refundlng old bonds. Kansas City South. 1st & ref. 5s._ 5,000,000_.Imprcvements & equipm’t. Kansas City Term. Ry. 1st 4s____ 5,094,000.-Additions & improvements. Lake Shore & Mich. So. 25-yr. 4s. 5,745,000..Retire 3-yr. 5% notes Feb. 1910. Long Island guaranteed 4s______ 1,600,000..Retire old bonds. Lou. & Nash.-Atl.K.&.C.div. 4s. 10,000,000..Add’ns, improv’ts, &c. Manila RR.-Sou. Lines 1st 4s___ 996,000..Construction of road. Nat. Rys. of Mexico prior lien 4 Hs 860,4001 Improvements. do do gu. 70-yr. 4s.. 466.500J New Orleans Term. 1st 4s_______ 10,000,000..Old bonds just listed, do do __________ 4,390,000..Additionsandimprovem’ts. N. Y. Ont. & West. gen. 4s______ 6,650,000.-Additions &. improvem’ts. Oregon-Wash. RR. & Nav. Co. 1st & ref. 4s_________________ 20,000,000..Acquis’ns, impts. & equip. Phila. Balto. & Wash. 1st 4s____ 4,500,000..Retire old bonds. Reading Co. gen. 4s____________ 1,532,000.. Impts. & acquisitions. do do _____________ 18,811,000..Retire old consols. St. L R. M. & P. 1st 50-yr. 5s._ 7,500.000..Acquis’ns, Impts. & constr. St. Louis & San Fran. gen. lien 5s 431,000..Retire old bonds. do do ref. 4s. 618,000.-Purchase Ft. W. & Rio Gr stock and bonds. do do do 5,000..Retire underlying bonds. LISTINGS ON NEW YORK STOCK EXCHANGE Company and Class of Stock— Amount. Purpose of Issue. Seab’d Air L.-Atl. Birm. 1st 4s._ $150,000_.Construct .5 miles of road. do do ref.4s_- 19,000,000-.Refund, maturing bonds, and improvements. South. Pacific RR. 1st ref. 4s____ 5,775,000..Retire $4,180,000 old 6s and $1,595,000 4 Ms. Southern Ry. 1st consol. 5s______ 1,500,000.-Retire old bonds. Virginia & S. W. 1st consol. 4s__ 430,000..Additions, better’ts, &c. Wabash RR. 1st ref. & ext. 4s_... 15,000..Retire old securities. Weatherford Mineral Wells & Nor. West 1st guar. 5s____________ 160,000. .Construction of road. Western Maryland 1st 50-yr. 4s.. 215,000..Impts., equipment, &c. do do do ._ 3,900,000..Retire old bonds. Winston-Salem Southbound guar. 1st 50-year 4s------------------------ 5,000,000..Construction & equipt. Total_______ _____ _______ ..$298/03,900 LISTINGS OF STREET RAILWAY BONDS. Company and Title of Loan— Amount. Purpose of Issue. Detroit United Ry. 1st cons. 4 Ms $1,066,000.-75% cost of impts. Havana El. Ry. consol. 50-yr. 5s. 700,000._General purposes. do do do do 1,147,000..Retire 1st 5s & 2d 6s. Pac. Gas & El.-Cal. G. & El. Corp. un. & ref. 5s-------------------------- 5,469,000.-85% better’ts & exten’ns. do do do 792,000..Refund underly’g bonds. Portl. Ry.,L.&P.-Gen. El. 1st 4s. 5,267,000..Old bonds just listed, do do do __ 2,219,000..Imp’ts. extens’ns, &c. Prov. Secur.Co. 50-yr. gu. deb. 4s 1,000,000..General purposes. P. S. Corp,of N. J.gen. 50-yr. 5s 9,860,000..Extensions, improv’ts, &c. do do do ____ 2,640,000...Acquire N. J. & H. R. Ry. & Ferry Stock. do do do ____ 4,000/00..Redeem notes. Total___________________ ...$34,160,000 LISTINGS OF MISCELLANEOUS BONDS. Company and Title of Loan— Amount. Purpose of Issue. Am. Agric. Chem. lstconv. 5s___ $4,000,000.-Improv’ts, exten’s, &c. Am. Cotton Oil Co. 20-yr. deb. 5s_ 5,000,000..Impts., extens. & wk. cap. Am. Ice Secur. Co. 20-yr. deb. 6s.. 330,900..Sold for cash. do do do ____ 14,100..Accurn. Am. Ice pref. divs. Am. Smelt. Sec. Co. 15-yr. f. s. 6s.l5,000,000..Repay adv.toAm.S.&R.Co. Am. Tel. & Tel. Co. coll. tr. 4s___ 25,000,000..General purposes. Am. Writing Paper Co. 1st s. f. 5s.15,429,000..Old bonds just listed. Baldwin Loco. Wks, 1st 30-yr. 5s.10,000,000..Exten’s & gen. purposes. Chino Copper Co. 1st convert. 6s. 2,500,000..Mostly subscribed at par. Consolid. Coal 1st &ref. 40-yr. 5s. 9,000,000..Retire $6,630,000 underly ing bonds & impts. to Elkhorn field. do do do ____ 4,000,000..Retire $4,000,000 underly ing treasury bonds. Cuban-Am. Sug. Co. coll. tr. 6s 1,049,000..Acquire subsid’y bds., &c Distillers’ Secur. Corp. conv. 5s 20,000..Acquire securs. subsid. cos. Gen.MotorsCo.lst 1. 6% 5-yr.notes 15,000,000..Pay debt & for work. cap. Internat. St. Pump 1st 1. 20-yr. 5s. 1,500,000.-Acquisitions, impts., &c. Kings Co. El. Lt. & P. conv.deb.6s l,355,000..Subscribed at par. Laclede Gas Lt. ref. & ext. 5s___ 2,182,OO0..Additions & improv’ts. Mich. State Telep. Co. 20-yr. 5s__ l,334,000..Extensions & improv’ts. N. Y. Dock Co. 1st 50-yr. 4s______ 750,000.-Improvements. Ontario Transm. 1st 40-yr. 5s____ 1,804,000.-Acquisitions & imprts. Pac. Tel. & Tel. Co. 1st 30-yr. 5s_ 2,445,000..Additions & improvements. Rep. of Cuba 4 M% ext.Ioan,ser.C 5,500,000..General purposes. Republic Ir. & St. Co. 10-30-yr. 5s 3,230,000..Construction & improvts. do do do ____ 8,206,000..Retire 1st M. & coll. tr.bds. Standard Milling 1st 5s__________ 2,926,000..Old bonds just listed. State of New York 50-yr. 4s------- 10,000,000..Improve highways. do do do____ 2,500,000..Improv. Palisades Inter state Park. do Canal Impt. 4s._ 20,000,000..Improve canals. Syrac.Lt. &P.-Syr.Ltg.coll.tr.5s. 5,506,500..Acquire Syr.Ltg. secur’s Texas Co. conv. deb. 6s-------------- 12,000,000..Mostly subscribed at par. U. S. Gov’t PanamaCanal 3s____ 50,000,000.-Build Panama Canal. Utica Gas & El. ref. & ext. 50-yr.5s 500,000..Extensions & improvem’ts. Westchester Ltg. Co. 1st 50-yr. 5s. 2,386,000..Additions & extensions. do do do ____ 95,000..Retire old bonds. Western Electric Co. 1st 5s_______ 5,025,000._Retire $5,000,000 coll. tr. 4Ms Jan. 1911. do do do ____ 1,225,000__Improvements. Western Un. Teleg. Co .-Mutual Un. Tel. guar. 30-yr. ext. 4s________ l,858,000._Old bonds extended. Total_______________________ $248,670,500 The three principal issues of railroad bonds sold, wholly or chiefly to finance extensions or additions, have this past year included, first, 25 millions first mortgage 4% bonds on the Pacific extension of the Chicago Milwaukee & St. Paul Ry. Co. (known as the Chicago Milwaukee & Puget Sound Ry.), which, for a new road, has shown such unusual earning capacity; second; 20 millions of the present issue of 35 millions “first and refunding” 4*4 per cents of the Great North ern Ry.; and, third, 20 millions “first and refunding” 4s of the Union Pacific’s new consolidated subsidiary, the Oregon-Washington RR. & Navigation Co., a fur ther 20 millions of which has been sold, largely abroad, but not as yet listed. Other noteworthy railroad issues are the 16 millions of Atchison convertible 4s, 14 millions New Orleans Terminal bonds (10 millions long outstanding, 12 millions first 4s of the Central New England Ry., guaranteed by the New York New Haven & Hartford RR. Co.; 10 millions Louisville & Nashville 4s (Atl. Knox. & Cine, division); 7 millions of Delaware & Hudson 1st and refunding 4s, and millions of St. Louis Rocky Mountain & Pacific Ry. 5s. Also, for refunding operations, we note 18^ millions of the Chicago & North Western general 4s and the same amount of the Reading Company’s general mortgage bonds, the annual saving in interest charges in the case of the latter amounting to about 8480,000. The constantly increasing importance of the public service company to the investing public is recalled by http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 43 the additions made to the bond list by the Public Ser vice Corporation of New Jersey, the Portland (Oregon) Railway, Light & Power Co. and the Pacific Gas & Electric Co. of San Francisco. Conspicuous in the industrial department are the notes of the General Motors Co. (the only exception this year to the rule that note issues, owing to their brief life, seldom arrive at a quotation on the official list), and the bonds of the American Smelters’ Securities Co., Republic Iron & Steel Co., American Telephone & Telegraph Co., Baldwin Locomotive Co., American Writing Paper Co. and Consolidation Coal Co. Government and State bonds are responsible for an addition of 82)X millions to the amount of securi ties representing new capital outlay. Included in this total are 50 millions Panama Canal bonds and 32|4 millions bonds of the State of New York for canals, highways and the Palisades Park. The several stock issues and the objects of each are embraced in the following compilation: LISTINGS OF RAILROAD STOCKS. Company and Class of Stock— Amount. Purpose of Issue. Atch. Top. & Santa Fe stock_____ $3,837,000..Exch. convert, bonds. Chic. & E. Ill., preferred-------------- 3,216,l00..Exch. E. & T. H. com. and Evansv. Belt Ry. stock. Clev. & Pittsb. spec, bett’t stock.. l,073,950..Improv’ts and equipment Minn. St. P. & S. S. Af., pref______ 2,187,4001 Subscribed at par to purch. do do common 4,374,800.) Wis.Cen .com .stk.,imps., &c do leased line certs._ 2,400..Exch.for Wis.Cent.pf.stock. Missouri Pacific stock___________ 18,000_.Exch. stks. cos. acquired. Nat. Rys. of Mex. 2nd pref______ 442,500..Exch. securs. props, consol. N. Y. N. H. & Hartford stock___ 40,462,100..Sold & issued for conv. bds. do do do ___ 33,500,000._Subscribed at 125. Norfolk Southern RR. stock______ 16,000,000..Exch. old bds. under plan. Norfolk & Western Ry. common.10,401,000..Exch. convert, bonds. Pennsylvania RR. stock________ 41,261,600..Subscribed at par. do do do ____ 1,850..Exchange div. scrip. do do do ___ 4,984,250..Exch. stks. cos. merged. Pere Afarquette common________ 39,0001 do do 1st preferred 12,2001.Issued under consol, plan. do do 2nd preferred 26,300} Pitts. Ft. W. & Ch. gu. bett. stk.. 3,338,300 .Impts. & equipment. Rock Island Co. common ______ 132,1001 Exch. Ch. R. I. & Pac. Ry. do do preferred______ 92,500; stock. St. L. & San Fran., common------- 29,000,000. .Old stock just listed. do C.&E.I.pfd.stk. tr. ctfs. 106.100_.Exch. C. & E. I. pref. stk. Union Pacific RR. common______ 283,100..Exch. convert, bonds. Wabash RR., common _________ 11,0001 .Exchange debenture “B” do preferred_________ 11,000/ bonds. Western Maryland Ry. common.. 10,075,000..Construct line Cumberland to Connellsville. Total ................ ................. ........... $204,889,550 LISTINGS OF STREET RAILWAY STOCKS. Inter-Met. com. vot. tr. ctfs.,ext $60,419,500. do pref. vot. tr. ctfs____ 28,784,100. N. Y. State Rys. 5% cum. pref__ 3,862,500. Philadelphia Co. common_______ 2,500,000. -Old certfs. extended. .Exchange preferred stock. .Exch. stk. controlled cos. .Exch. conv. 5% deb. isssued for improvements. Public Service Corp, of N. J. stock. 6,250,000. .Exchange convert, notes. do do do ____ 4,750,000. .Subscribed at par. do do do ____ 14,000,000. .Old stock just listed. United Rys. Inv. Co. stock_______ 1,000,000. .Acc’t purch. Sierra & S. F. Power Co. stock. irginia Ry. & Power Co. , pref__ 4,456,500/ Issued for old securities, do do com__ 7,450,500/ do under plan. do pref’d . do do 253,500. .Purch. Old Dom. Iron & Nail Works. do do do pref__ 3,000,0001 Exch. Norfolk & Ports do do do com__ 4,500,000/ mouth Trac. stocks. Total _ . ______ $141,226,600 LISTINGS OF MISCELLANEOUS STOCKS. Company and Class of Stock— Amount. Purpose of Issue. Am. Agric. Chem. Co. pref______ $258,000.. Exchange convert, bonds. do do do ______ 1,670,2001 Additions and improvem’ts. do do do common. 1,115,300/ Am. Ice Securities Co. stock______ 3,900.. Exch. Am. Ice Co. stock. Am. Malt Corp., common________ 6,200.. Exch. stock Am. Malt Co. Am. Telep. & Teleg. Co. stock_____ 15,660,100.. Exchange convert, bonds. do do do ______ 39,802,500.. Subscribed at par. Am. Writ. Paper Co. 7% cum. pfd.12,500,000.. Old stock just listed. Anaconda Copper Min. Co. stock.. 2,812,500.. Acc’t purch. Clark prop’s. Assets Realization Co., stock------- 3,500,000.. .Working capital. do do do ____ 6,500,000.. Exchange old stock. Baldwin Locomotive Works, pref.20,000,000.. Aquisitions and Improv’ts Central Leather Co. common____ 2,3001 Exch. U. S. Leather Co. stock. do do preferred__ 2,800/ Chatham & Phoenix Nat. Bank.l 1,800,000/ Purch. Phoen. Nat. Bank and new capital. N. Y., stock________________ / t Chino Copper Co. stock__________ 1,875,000. .Exch. Santa Rita Cop. stk. do do ___________ 1,625,000.. Sold for cash. Crucible Steel Co. of Am. pref____ 563,500.. .Ac’t pur. Halcomb St. Co. Cuban-Am. Sugar Co. 7% cum. pf.. 1,598,8001 Develop San Miguel Sugar do do common__ 639,500/ Co. property Detroit Edison Co. stock________ 294,000.. .Exch. conv. bonds. Distillers’ Securities Corp, stock .. 10,500. .Acquire Dis. Co. of Am.stk. General Electric Co. stock_______ 7,639,100.. Exch. convert, bonds. Gen. Motors Co. com. vot.tr.ctfs..14,914,0001 Exchanged for stock. do do pref. do ..13,097,800/ Granby Cons.M.,S.&P.Co. stock.. 150,000. .Acquisition. Ingersoll-Rand Co. common_____ 2,274,500. .Exch. pref. stock. do do do ____ 1,318,600. .25% stock dividend. Laclede Gas Light Co. common ... 1,000,000.. .Retire certfs. of indebt. do do do ____ 1,200,000. .10% stock dividend. May Dept. Stores 7% cum. pref ._ 5,000,0001 Acquisition of properties. do do common___ 15,000,000/ Mergenthaler Linotype Co. stock. 10,500. .Control foreign companies. Miami Copper Co. stock__________ 3,300,000. .Acquisitions & sold for cash do do ___________ 31,165. .Exch. 1st M. conv. 6s. Nevada Cons. Copper Co., stock.. 5,115. .General purposes. New Central Coal Co. (W. Va.)— 1,000,000. .Exch. stock Md. Co. Niagara Falls Power Co. stock___ 1,511,100. .Subscribed at par to retire Can. coll. debs. do do do ____ 49,100. .Exchange Ton. Power stk. Pittsburgh Coal Co., common____ 3,762,400. .Exch. Mon. Coal & C. com. Pittsburgh Steel Co. pref. stock .. 7,000,000. .Retire $3,750,000 6% bds. Jan. 1911 and improv’ts. 44 CLEARINGS AND SPECULATION. Company and Class oj Stock— Amount. Purpose o} Issue. Ray Consol. Copper Co. stock____ $5,000,000.. Property & bonus with bds. do do do ____ 3,000,000.. Conversion of bonds. do do do _____ 2.003.0O0-. Sold at $15 per $10 share. do do do •____ 1,991,750.. Exch. Gila Copper Co. stk. Sears-Roebuck & Co. common___ 10,000,000.. 33 1-3% stock dividend. Security Bank of New York, stock 750,000. Old stock as reduced. do do do do 250,000.. Subscribed at 150. South Porto Rico Sug. Co. pref 100,000] Purch. Central Romana st. do do do com.. 100,000 J Standard Milling Co. common__ 4,600,0001 Old stock just listed. do do preferred__ 6,900,000/ Underw’d Typew. Co.(Del.)7% pf. 5,000,000.. Sold for cash. do do do com. 8,500,000.. Exch. stock N. J. Co. United Fruit Co., stock__________ 2,075,800. Stock dividend. U. S. Indus. Alcohol Co.,pfd. stk __ 6,000,0001 For $2,500,000 cash and com. stk. 5,999,900/ prop, constit. cos. com. stk. 6,000,100. .Dis. Co. of Am. for guar anteeing pref. divs. Utah Copper Co. stock_________ 66,500. .Purchase property. Vlrginia-Carolina Chem., pref__ 2,000,000. Subscribed at 115. Westinghouse El. & Mfg. Co. as-1 13,750/ Pay debts and subscr. under senting_______________________ J . { plan. do do common__ 36,647,400. Exch. assenting stock. this miscellaneous group. Note the evidence of the dismemberment of the Tobacco Trust and the final steps in the reorganization of both the great surface railways of New York City. The reader will recall also the authorization by the Atchison of new con vertible bonds, none of which have as yet been sold, those mentioned in the table being the issue of 843,686,009 brought out in 1910. The offering at 150 in December last of 10% new ordinary stock by the Canadian Pacific is included, so far as paid for in full, in the form of subscription certificates. Total------------------------------- ..$297,498,680 CLEARINGS AND SPECULATION IN 1911. In studying bank clearings for such a year as 1911 it is important to bear in mind that clearings do not have their origin solely in mercantile or industrial transactions; that speculative dealings in share prop erties, &c., are also a factor to some extent in the mak ing of clearings. In some years—1901, 1905 and 1909, for instance—the clearings at New York have been noticeably swelled by speculative activity at the Stock Exchange. In other years important declines have occurred as a result of a decline in speculation. The year 1911 belonged in the latter category, a decline in the volume of stock transactions as com pared with 1910 having been shown in most months and the total for the full year falling below any similar period since 1898. This makes us ■ repared for the statement that clearings at New York for 1911 record a loss of 5% from 1910 and 10.8% from 1909. Comparing the 1911 figures with New York’s heaviest annual aggregate of clearings (that of 1906), a decline of 812,303,015,921, or 11.8%, is shown; but as against this stands the fact that the record in share sales was made in 1906, the par value of the shares traded in during that year hav ing been over double those for the latest twelve months. It is also to be remembered that financial transactions bear an equally important part with commercial trans actions in affecting clearings, and financial transactions were at a low ebb in 1911. Outside of New York a new high aggregate of clear ings was reached in 1911. The total at 67% billion dollars compares with 66% billions in the previous year, 62% billions in 1909 and only 53 billions in 1908. It is to be noted, moreover, that as a result of the better business during the final six months, the number of cities showing percentages of loss is fewer and de creases where shown are as a rule slight or very mod erate. On the other hand, gains of more or less im portance are exhibited at many leading centres, nota bly Baltimore, Los Angeles, Atlanta, Memphis, Port land, Ore., Milwaukee and San Francisco. Altogether 94 of the 141 cities outside of New York included in our compilation record larger totals this year than last. The aggregate of clearings for the whole country for 1911 was 8159,999,959,528, against 8164,095,229,999 in the previous year, or a loss of 2.5%; con trasted with 1909 there is a decline of 3.5%. If com PART-PAID AND TEMPORARY CERTIFICATES, FIRST TIME parison be made with 1908, an important augmentation QUOTED BUT NOT REGULARLY LISTED. Atch. Top. & S. Fe Ry., subscr. rets, for 4% convert, bonds, 2d and 3d is seen, as in that year the country felt the full effect installment paid. of the depression that followed the panic of 1907. Canadian Pac. Ry. subscr. rets, for full-paid stock. Imperial Chinese Govt, full-paid rects. for 5% Hukuang Ry. loan of 1911. Liggett & Myers Tob. Co. 7% bonds, “when issued.” Compared with 1907, also, there is a gain, the clear do do do 5% bonds “when Issued.” (P.) Porillard Co. 7% bonds “when Issued.” ings in the closing months of that year having been do do 5% bonds “when issued.” Metropolitan St. Ry. (N. Y. Rys.) ref. 4s “when Issued.” seriously affected by the decline in business activity. do do adjustment M. Income 5s “when Issued.” Third Ave. (N. Y.) 1st ref. M. 4s “when issued.” In the following table we show the clearings for New do do adjustment M. Income 5s “when issued.” do do stock “when issued.” York, the total outside of New York and the aggregate Some of the leading financial events of the year are for the whole country for the seventeen years 1895 brought to mind more or less sharply by the items in to 1911, inclusive: Of the 205 millions of railroadfshare capital here embraced, 181 millions was furnished by six companies. These were: (a.) N. Y. N. H. & Hartford, with 74 millions, of which 33% millions subscribed for by stockholders or their assignees at 125 in December 1909, but only in 1911 entirely full paid; and 40% millions sold privately or issued in exchange for convertible bonds; (6) Pennsylvania RR., 41 % millions, subscribed for at par by shareholders or their assignees in May last: (c) St. Louis & San Francisco, 29 millions old common; (d) the reorganized Norfolk Southern’s 16 millions stock, given in exchange for bonds of the old company; (e) Norfolk & Western, 10% millions issued in exchange for convertible bonds, and (/) Western Maryland, 10 millions, sold in connection with the build ing of the new line from Cumberland to Connellsville. The street railway stocks, of which there were added in the aggregate 141% millions, were similarly issued by six companies (but no more), notably 25 millions by the Public Service Corporation of New Jersey, 19% millions (partly preferred) by the Virginia Railway & Power Co. of Richmond, Norfolk, &c.; and 89% millions (voting trust certificates) by the InterboroughMetropolitan Co. of New York, 60% millions being the common extended certificates and 28% millions just issued against deposited preferred shares. The new industrial corporations figure prominently in the last of the tables above, the General Motors Co., a merger with 28 millions stock, and the Baldwin Locomotive Co., Underwood Typewriter Co. and May Department Stores, all three previously private enter prises, with a total of 53% millions, a part of the shares in each case being preferred. The U. S. Indus trial Alcohol Co. also has listed its 18 millions stock (one-third preferred) and the Sears-Roebuck (mail order) Co. of Chicago 10 millions for a stock dividend of 33 1-3%. The American Telephone & Telegraph Co. has added 15 1-3 millions, issued at 133%, for conversion of bonds and 39% millions of the 55 millions subscribed at par by shareholders last summer; and the General Electric Co. 7% millions, also for bond conversion, at par. There being now no unlisted department, the follow ing part-paid and temporary certificates have been given temporary lodgment on the regular list, pending the issue of the permanent certificates: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 45 CLEARINGS AND SPECULATION. New York Clearings. Year. 1911_____ 1910_____ 1909 _____ 1908 _____ 1907 _____ 1906_____ 1905 _____ 1904 _____ 1903 _____ 1902-----1901 1900 _____ 1899 _____ 1898 ........... 1897 _____ 1896 _ ____ 1895 ........... Clearings Outside New York. Inc. or Dec. $ % 92,372,812,735 —5.0 97,274,500,093 —6.1 103,588,738,321 +30.7 79.275,880,256 —9.1 87,182,168,381 —16.7 104,675,828,656 + 11.6 93,822,060,202 + 36.7 68,649,418,673 + 4.1 65,970,337,955 —13.6 76,328,189,165 —3.9 79,427,685,842 + 50.9 52,634,201,865 —13.4 60,761,791,901 + 44.8 41,971,782,437 + 25.6 33,427,027,471 4-15.8 28,870,775,056 —3.3 29,841,796,924 + 22.3 S 67,627,146,793 66,820,729,906 62,249,403,009 53,132,968,880 57,843,565,112 55,229,888,677 50,005,388,239 43,909,594,342 43,238,849,809 41,695,109,575 38,982,329,340 33,436,347,818 33,285,608,882 26,854,774,887 23,802.043,485 22,375,548,783 23,338,903,840 Inc. or Dec. Total Clearings. Inc. or Dec. % + 1.2 + 7.3 + 17.2 —8.4 + 4.8 + 10.1 + 13.9 + 1.3 + 3.8 +6.7 + 16.6 +0.5 + 23.9 + 12.6 + 6.4 —4.2 + 10.1 S 159,999,959,528 164,095,229,999 165,838,141,330 132,408,849,136 145,025,733,493 159,905,717,333 143,827,448,441 112,559,013,015 109,209,187,764 118,023,298,740 118,410,015,182 86,070,549,683 94,047,400,783 68,826,557,324 57,229,070,956 51,246,323,839 53,180,700,764 % —2.5 —1.0 + 25.2 —8.8 —9.3 + 11.0 + 27.7 +3.0 —7.4 —0.4 +37.6 —8.5 +36.6 + 20.2 + 11.7 —3.7 + 16.6 For the purpose of indicating the course of Stock Exchange speculation for a long series of years past, we present the following table: NUMBER AND VALUE OF SHARES SOLD AT N. Y. STOCK EXCHANGE. Year. Stocks, Shares. 1911.. 127,208,258 1910-. 164,051,061 1909-- 214,632,194 1908-- 197,206,346 1907-- 196,438,824 1906-- 284,298,010 1905-. 263,081,156 1904-. 187,312,065 1903 161,102,101 1902,. 188,503,403 1901-- 265,944,659 1900-. 138.380,184 Aver. Values Price. (approximate) 95.8 96.2 97.5 86.6 85.8 94.2 87.3 69.9 73.2 79.9 79.0 69.2 s 11.003,600,829 14,124,875,897 19,142,339,184 15,319,491,797 14,757.802,189 23,393,101,482 21,295,723,688 12,061,452,399 11,004,083,001 14,218,440,083 20,431,960,551 9,249,285,109 Year. Stocks, Shares. 1899.. 1898.. 1897.. 1896.. 1895.. 1894.. 1893.. 1892.. 1891.. 1890.. 1889.. 1888.. 176,421,135 112,699,957 77,324,172 54,654,096 66,583,232 49,075,032 80,977,839 85,875,092 69,031,689 71,282,885 72,014 600 65,173,106 Aver. Va/wes Price. (approximate) $ 78.6 13,429,291,715 72.7 8,187,413,985 67.0 4,973,553,065 65.2 3,329,969,940 60.3 3,808,338,604 64.2 3,094,942,769 60.3 4,550,260,916 63.5 4,874,014,262 57.1 3,812,247,419 60.2 3,977,664,193 61.0 4,059,231,891 62.5 3,539,519,143 While share dealings, as shown above, were quite appreciably less than in any recent year, a greater demand for bonds than in 1910 was in evidence in 1911. U. S. Government bonds of a par value of $3,467,500 were dealt in, against only $359,200 in 1910. State and city issues, moreover (including securities of the Japanese, Cuban, Mexican and some South American governments), were sold to the ex tent of $91,755,400 par value, against only $42,594,450 last year and 37J^ millions in 1909. Furthermore, railroad and miscellaneous bonds of a par value of $794,987,200 changed hands, against but $591,769,200 in 1910. It is to be said, however, that this year’s total makes a rather sorry comparison with the record sales of $1,279,404,100 in 1909. Transactions in bank stocks, largely confined to the shares of two or three institutions, were of record aggregate in 1911, reaching a total of $1,574,600 par value, and contrasting with $1,192,300 in 1910 and only $425,250 in 1909. The appended table shows the details of stock and bond and bank share sales at the Exchange for the last two years: Descrip tion. Twelve Months 1911. Par Value or Quantity. Actual Value. Twelve Months 1910. Aver. Par Value Price. or Quantity. Actual Value. Aver. Price. 164,150,061 1 Stock JSh’s. 127,207,2581 \Val. 11489,029,600/ $11003 600,829 95.8 $14729 554,525 J14174 875,897 96.2 754,011,294 94.8 591,769,200 $570,377,037 96.4 RR. bonds 794,987,200 359,200 383,803 106.8 3,467,500 3,586,959 103.4 Gov. bonds 91,755,400 91,276,997 99.5 42,594,450 42,495,789 99.8 State bonds 4,051,858 257.3 1,192,300 Bank stks. 1,574,600 2,530,761 212.2 Total___ $12380 814,300 $11856527,937 95.8 $15365469,675 $14790 663,287 96.3 There is little more to be said with regard to the transactions on the New York Stock Exchange during 1911, except that they were upon a slightly lower basis of value than in 1910, as the foregoing compila tion denotes. On the whole, the highest prices of the year were registered in the earlier months, and on most issues of stock the low level was reached in September; but the year closes with prices showing a more or less important recovery. The incidents that have adverse ly or favorably affected the stock market have been referred to from time to time during the course of the year and are fully set forth in the Retrospect of 1911, given on the opening page of this publication. Without further comment, therefore, we now present a table showing the dealings in stocks, month by. month and quarter by quarter, for the last two years: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE. 1910. 1911. M'th. Number. 01 Shares. Jan . 10,416,526 Feb . 10,194,217 Mcb, 6,823,868 Values. Par. $ 907,563,875 902,448,900 619,067,575 Actual. Number. 0/ Shares. Folaes. Par. Actual. $ 872,467,419 24,538,649 2,255,816,775 2,236,641,564 879,948,718 16,012,626,1,423,073,275 .,407,743,928 600,479,480 14,988,179 1,336,803,725 1,327,476,419 $ $ lstqr 27,434,611 2,429,080,350 2,352,895,617 55,539,454 5.015,693,775 4,971,861,911 April 5,639,350 May 11,115,578 June 10,508,400 471,409,900 983,924,050 951,730,450 456,396,404 14,089,639 1,279,487,675 1,256,488,974 971,047,984 11,918,978 1,055,491,350 1,004,681,480 940,178,916 16,292,870 1,452,455,025 1,385,474,622 2d qr 26,993,328 2,407,064,400 2,367,623,304 42,301,487 3,787,434,050 3,646,645,076 6 m’s 54,427,939 4,836,144,750 4,720,518,921 97,840,9418,803,127,825 8,618,506,987 July 5,476,559 503,137,300 486,492,746 14,254,713 1,284,761,925 1,235,461,645 Aug. 14,994,533 1,371,606,250 1,308,437,416 10,392,788 919,409,950 855,016,748 Sept. 17,395,957 1,594,873,875 1,401,457,498 7,673,529 666,140,100 600,999,980 3d qr 37,867,049 3,469,617,425 3,196,387,660 32,321,030 2,870,311,975 2.691,478,376 9 m’s 92,294,988 3,305,762,175 7,916,906,581 130161971 11673,439,800 11309,985,363 Oct . 10,936,901 1,003,848,325 942,988,876 13,452,381 1,228,154,700 1,229,096,411 Nov. 14,919,486 1,352,048,150 1,349,488,964 10,713,469 963,828,475 875,979,847 Dec. 9,055,883 827,370,950 794,216,408 9,822,240 864,131,550 759,814,276 4thqr34,912,270 3,183,267,425 3,086,694,248 33,988,090 3,056,114,725 2,864,890,534 Year 127207 258 11489,029,600 11003,600,829 164150061 14729,554,525 14174,875,897 At stock exchanges outside of New York we also find that transactions in shares in 1911 were as a rule much below those of 1910. Boston, for instance, re ports sales of 7,744,737 shares, against 11,679,572 shares in 1910 and 15,507,303 shares in 1909 and over 18 million shares in 1906. Chicago’s dealings reached 1,048,727 shares, against 894,362 shares last year and 1,623,495 shares in 1909, and transactions at Philadelphia only 5,618,764 shares, against 8,358,518 shares and 9,627,460 shares. At Baltimore the year’s sales foot up 563,266 shares, against 247,122 shares last year, 399,673 shares in 1909 and as much as 524,286 shares in 1906. Bonds, on the other hand, as at New York, met a better demand than a year ago. The dealings at Boston aggregated $15,547,220 par value, against $15,253,387 last year and totals in excess of 30 millions in 1909 and 1908; at Chicago the 1911 sales reached $13,702,000, against $7,342,500 the previous year and more than double that amount in 1909 and 1908, and Philadelphia reports $18,395,680, ag’ainst $14,628,436 in 1910 and very much higher totals in the two preceding years. Baltimore’s deal ings aggregated $33,655,852, against $21,585,219, which, in turn, was considerably less than in 1909. As already indicated, the total of bank clearings for the country outside of New York for 1911 exceeded that for any preceding year, and—what is still more important—the same is true of all the groups into which we have divided the returns, except only the “Other Western.” As to the individual cities, it is to be said that the exhibit is on the whole favorable, many of them recording quite conspicuous gains. This latter statement finds partial substantiation in the following table, which indicates the course of bank clearings at leading cities for December, as well as for the twelve months of the last four years: BANK CLEARINGS AT LEADING CITIES FOR DECEMBER AND THE YEAR. (000,000s 1911. 1910. 1909. 1908. 1911. 1910. 1909. 1908. omitted). S S S $ $ $ $ $ New York ______ . 8,112 8,025 9,907 9,266 92,373 97,275 103,589 79,276 Chicago _ ______ . 1,241 1,201 1,225 1,134 13,926 13,940 13,782 11,854 772 711 720 Boston. ______ . 731 8,340 8,299 7.339 8.440 700 865 747 571 7,692 7,690 Philadelphia____ 7,022 5,938 323 298 338 St. Louis _______ . 346 3,860 3,728 3,442 3,075 221 214 234 183 Pittsburgh _____ 2,520 2,587 2,361 2,065 203 194 152 San Francisco___ . 216 2,427 2,324 1,980 1,757 121 154 146 1,768 Baltimore_____ . 145 1,627 1,470 1,241 123 114 114 113 1,278 1,252 Cincinnati. ___ . 1,348 1,230 233 223 223 181 2,579 2,635 Kansas City_____ 1,848 2,396 85 83 67 89 1,013 Cleveland.............. 1,001 877 750 93 107 107 109 1,014 New Orleans ___ 987 904 786 114 103 107 98 Minneapolis_____ 1,068 1,156 1,030 1,057 68 64 60 61 675 Louisville_______ 675 654 580 77 71 60 88 Detroit ................ 969 925 768 668 52 60 55 61 697 Milwaukee______ 658 603 548 74 65 85 53 943 811 Los Angeles_____ 673 506 34 40 33 37 404 Providence______ 415 399 337 62 62 66 59 753 Omaha___ ____ 833 735 602 42 44 43 36 517 Buffalo ______ . 503 468 409 52 42 48 45 532 St. Paul_________ 576 518 484 41 41 38 37 441 Indianapolis ____ 467 421 380 42 41 41 41 459 493 Denver ................ 466 410 32 38 30 37 393 Richmond _ _____ 375 361 299 42 32 42 27 362 335 Memphis .............. 287 253 55 41 50 45 553 590 Seattle. _____ . 587 429 18 15 18 18 224 Hartford _______ 216 184 167 33 33 29 37 334 328 Salt Lake City___ 337 257 Total................. .13,089 12,885 14,901 13,621 148,114 152,701 156,102 124,545 967 774 11,886 11,394 Other cities. ____ . 1,116 1,078 9,736 7,864 Total all______ 14,205 13,963 15,868 14,395 160,000 164,095 165,838 132,409 Outside New York.. 6,093 5,938 5,961 5,129 67,627 66,820 62,249 53,133 46 BUILDING OPERATIONS. The clearings month by month for two years for Clearings in the Dominion of Canada were noticeably the whole country and outside of New York, and the heavier in 1911 than in 1910, and consequently an totals by quarters, are shown in the subjoined compila other new high record has been established. Alto tion, which also indicates the ratios of gain or loss for gether, our compilation covers twenty cities, but of each period: that number it is only possible to make proper com MONTHLY CLEARINGS. parison with the previous year for fourteen. At those Clearings Outside New York. Clearings. Total All. Month. fourteen the aggregate clearings for the latest year 1911. 1910. 1910. 1911. % % were 57,194,618,488, against only $6,115,159,896 in $ $ 8 S Jan — 14,476,209,784 17,174,732,652 —15.3 5,945,961,214 5,925,656,671 +0.3 1910, or a gain of 17.6%. Contrasted with 1909, the Feb — 12,251,508,563 13,133,952,233 —6.7 4,955,343,115 4,982,812,172 —0.6 Meh-. 13,451,984,608 15,053,917,520 —10.6 5,830,383,704 6,007,733,917 —2 9 gain reaches 38.5%. All the cities except Halifax and 1st qr. 40,179,702,955 45,362,602,415 —11.4 16,731,688,033 16,916,202,760 —1.1 St. John shared in the augmentation over 1910, with April . 12,382,727,993 14,045,487,677 —11.8 5,411,915,500 5,703,725,505 —5.1 the percentages of gain especially heavy at Edmonton, +3.2 5,548,078,310 5,371,635,283 13,178,504,840 + 2.5 13,505,702,320 May . June . 13,813,415,822 13,841,758,765 —D.2 5,597,880,955 5,477,437,653 + 2.2 Calgary, Regina, Victoria, Vancouver, Winnipeg and 2d qr. 39,701,846,135 41,065,751,282 —3.3 16,557,874,765 16,552,798,441 + 0.02 Hamilton. Stock speculation in Canada, as in the 6 mos 79,881,549,090 86,428,353,697 —7.6 33,289,562,798 33,469,001,201 —0.5 July . 13,050,997,907 13,312,852,487 —2.0 5,535,161,493 5,434,185,690 + 1.8 United States, was less active than in a normal year, Aug -- 12,645,891,029 11,537,521,793 +9.6 5,261,768,815 5,075,253,966 + 3.8 Sept-. 12,590,769,595 11,395,370,432 + 10.5 5,405,792,451 5,164,355,487 + 4.7 the dealings at Montreal aggregating 2,228,746 shares 3d qr. 38,287,658,531 36,245,744,712 + 5.6 16,202,722,759 15,673,795,143 +3.2 and $5,962,250 bonds, against 2,137,426 shares and 9 mos 118169,207,621 122674,098,409 —3.7 49,492,285,557 49,142,796,344 + 0.7 $6,115,480 bonds in 1910, with the 1909 transactions Oct -. 13.545,778,628 13,826,249,067 —2.0 6,035,574,738 5,922,160,013 + 1.9 much higher at 3,339,747 shares. At Toronto the Nov -. 14,080,295,949 13,631,598,476 + 3.3 6,006,420,236 5,817,294,390 +3.3 Dec -- 14,204,677,330 13,963,284,047 + 1.7 6,092,866,262 5,938,479,159 +2.6 year’s trading covered only 662,645 shares and $1,4th qr. 41,830,751,907 41,421,131,590 + 1.0 18,134,861,236 17,677,933,562 +2.6 998,230 bonds, comparing with 940,544 shares and Year . 159999,959,528 164095,229,999 —2.5 67,627,146,793 66,820,729,906 + 1.2 $2,829,220 bonds in 1910 and 1,443,346 shares and Considering the clearings for the year by quarters, $3,659,700 bonds in 1909. The Toronto record total there is not much to be said. The Middle group (ex of sales was in 1902—2,163,277 shares. A summary cluding New York) exhibited some gain in each quar of Canadian clearings by quarters for the last six years ter of the year, as compared with 1910, and the same is appended: remark applies to the Pacific and Southern divisions. New England fell behind in the first quarter, but suc First Second Third Fourth Clearings Reported. Total (000s omitted.) Quarter. Quarter. Quarter. Quarter. Year. ceeding periods revealed more or less augmentation. S S S S fS In the Middle West it was not until the third quarter 1911 — 1,548,486 1,768,056 1,744,066 2,134,010 7,194,618 that any increase over a year ago was recorded, and 1910— 1,370,488 1,465,522 1,524,949 1,754,201 6,115,160 ___ 1909-_ 1,088,570 1,220,420 1,245,681 1,635,641 5,190,312 the “Other Western” was all through below the Canada 1908.. 903,074 952,520 1,014,090 1,272,410 4,142.094 1907.. 1,004,009 1,070,924 1,087.591 1,162,154 4,324,678 level of last year. A slightly larger volume of stock 942,7b2 1,171,516 3,949,797 1906.. 907,606 927,913 transactions, coupled with a better general trade, ac counts for the gain at New York in the last half of the year, which reduced the year’s loss to a strictly BUILDING OPERATIONS IN 1911. moderate percentage. The table we now present In analyzing the returns of building construction gives the clearings by groups for each quarter of the operations in the United States for the calendar last six years: year 1911, the conclusion is forced upon us that the Total Fourth Third Second First Clearings Reported. Year. Quarter. Quarter. Quarter. Quarter. showing is, all things considered, quite satisfactory, (000s omitted.) S S $ $ S even though in the aggregate there is a small loss from 1911- 23,448,015 23,143,971 22,084,936 23,695,891 92,372,813 1910— 28,446,400 24,512,952 20,571,950 23,743,198 97,274,500 1910 and a greater decline from 1909. We drew New York_____ 4 1909.- 23,258,843 25,822,682 25,484,556 29,022,657 103,588,738 1908 17,147,346 17,811,268 19,524,685 24,792,581 79,275,880 attention last year to the fact that in what are called 87,182,168 1907.- 26,531.458 21.371.556 20,232,482 19,046,672 1906-- 27,939,858 25,152,486 24,403,559 27,179,926 104,675,829 good times there is usually more or less speculative 1911.. 3,533,152 3,676,891 3,481,234 3,706,015 14,397,292 or anticipatory building, and pointed out that there 1910-. 3,532,896 3,656,683 3,395,374 3,679,394 14,264,347 1909.. 2,925,964 3,191,864 3,198,910 3,719,869 13,036,607 Total other Middle______ 1908.- 2,680,911 2,734,726 2,803,691 2,890,939 11,110,267 was much of it in some localities in 1910 and even 1907.. 3,410,094 3,502,746 3,259,576 3,154,647 13,327,063 more in 1909. In the late year, however, there would 1906.. 3,392,123 3,415,476 3,166,438 3,563,196 13,531,233 seem to have been little of that class of work. 9,626,329 2,563,453 2,230,086 2,353,795 2,478,995 1911.. 1910 — 2,625,146 2,265,658 2,153,742 2,533,056 9,577.602 To illustrate the effect of over-anticipatory building, 1909,. 2.368,358 2,366,296 2,235,148 2,643,516 9,613,318 New England- 1908.. 1,993,691 1,985,226 1,999,174 2,386,106 8,364,197 1907.. 2 619,964 2,346,523 2,173,489 2,134,607 9,274,583 we cannot do better than take the Borough of Brooklyn I1906-- 2,456,888 2,277,983 2,138,411 2,572,452 9,455,734 as an example. For quite a few years prior to 1910 1911 — 4,932,889 5,022,571 4,952,002 5,207,450 20,114,912 1910— 5,048,470 5,091,076 4,787,959 5,061,566 19,989,071 building operations there were upon a relatively 1909.. 4,665,473 4,799,241 4,811,822 5,131,076 19,407,612 Middle West.. 1908__ 4,038,266 4,090,625 4,082,140 4,548,444 16,759,475 exceptional scale and far beyond the requirements, 1907.. 4,395,913 4,549,767 4,457,819 4,063,140 17,466,639 1906.. 3,978,641 3,935,899 3,844,656 4,346,612 16,105,808 even with population augmenting at a rather rapid 1911.. 1,363,337 1,422,866 1,444,845 1,603,071 5,834,119 rate. In consequence, many structures were awaiting 1910.. 1,345,534 1,411,831 1,382,950 1,475,833 5,616.148 Total Pacific___ 1909.. 1,052,661 1,180,092 1,236,306 1,387,942 4,857,001 occupants at the close of 1909 and this served as an 928.382 1.020,146 1,110,518 3,948,758 889,712 1908.. 976,668 4,513,607 1907.. 1,207,478 1,180,829 1,148,632 769,997 1,018,472 1,225,383 4,039,637 object lesson, causing operations to be carried on in a 11906-- 1,025,785 11911-. 1,748,655 1,662,093 1,670,023 1,968,510 7,049,281 much more moderate way in 1910 with a further 1910._ 1.838,775 1,779.187 1,757,791 1,994,815 7,370,568 Total It would seem, too, that building Other West__ 1909.. 1,471,337 1,467,696 1,511,813 1,881,996 6,332,842 decrease in 1911. 1908-. 1,249,712 1,215.742 1,282,922 1,536,626 5,285,002 1907.. 1,213,449 1,282,194 1,291,206 1,384,472 5,171,321 was overdone in the Bronx in 1909 and 1910—at least 11906- 1,035,241 1,012,388 1,028,123 1,275,512 4,351,264 there was a very considerable falling off last year. 11911-- 2,674,660 2,419,659 2,423,532 3,087,363 10,605,214 In some other sections of the country also a ten 1910— 2,522,222 2,351,524 2,195,979 2,952,769 10,022,994 2.738,506 9,002,023 Total Southern.. 1909.. 2,187,838 2,032,187 2,043,492 1908-. 1,926,684 1,719,081 1,754,425 2,265,079 7,665,269 dency had existed to count too much upon the future 1907.. 2,126,158 1,955,212 1,901,694 2,107,298 8,090,352 11906— 1,974,196 1,790,197 1,694,366 2,291,453 7,750.212 in carrying on building operations. The leading cities 1911__ 40,179,703 39,701,846 38,286,658 41,831,753 159,999,960 of the State of Washington are conspicuous instances; 1910— 45,359,443 41,068,911 36,245,744 41,421,202 164,095,300 1909.. 37,930,474 40,860,058 40,522,048 46,525,561 165,838,141 for, notwithstanding important growth in population, 1908.. 29,926.324 30,484.974 32,358,666 39,638,885 132,408,849 1907.. 41,504,514 36,189,727 34,463,766 32,867,726 145,025,733 building activity underwent very decided decline in 11906— 41,802,732 38,358,426 37,295,025 42,451,534 159,905,717 11911-- 16,731,688 16,557.875 16,201,722 18,135,862 67,627,147 1911, indicating that future demands had been largely 1910.. 16,913,043 16,555,959 15,673,794 17,677,934 66,820,730 New York___ 1909.. 14,671,630 15,037,377 15,037,492 17,502,904 62,249,403 anticipated by the building operations of previous 1908.. 12,778,978 12,673,706 12,732,981 14,947,303 53,132,968 Bearing in mind, therefore, the apparently 1907.. 14,973,056 14,818,171 14,231,284 13,821,054 57,843,565 years. 11906— 13,862,874 13,202,940 12,890,466 15,274,608 55,229,888 lesser amount of speculative building in the late year, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 47 BUILDING OPERATIONS. there would seem to be warrant for characterizing the 1911 results as quite satisfactory, especially as in a num ber of directions there is evidence of much activity. We have made special efforts this year, as heretofore, to secure returns from every city from which informa tion can be obtained, and the responses are very gratifying to us. All the States of the Union are not represented in our compilation, but this is due solely to the fact that from some no reports are obtainable, owing to the absence of laws for collecting building data. The missing States, however, number only six—Vermont, Mississippi, North Dakota, Idaho, Arizona and New Mexico. Altogether, we have comparative returns from 206 municipalities located in various sections of the country. We also have reports for a single year (1911) from several others, but these latter are excluded because of the absence of comparisons. The estimated expenditure under the permits issued in 1911 in the 206 cities reached $938,467,502, which contrasts with $962,896,905 in 1910, or a falling off of 2.5%; compared with 1909, the loss is 6.6%, that year’s aggregate having been $1,005,292,359, but there is an increase of 38.5% over the very small total of 1908 ($730,081,871). Our returns are grouped in such manner as to give prominence to leading cities in various sections of the country, Greater New York heading the table with nearly one-fifth of the whole aggregate. For all five boroughs of this city the construction arranged for in 1911 covered an approximate cost of $200,325,288 and showed a falling off of 6.4% from 1910, Man hattan exhibiting a gain of 3.3% and Queens of 48.2%. The Bronx, on the other hand, recorded a decline of no less than 46.3%, Brooklyn 5.5% and Richmond 30.5%. Contrasted with 1909, every borough, except Queens, records losses, with the general result a decrease of 25.3%, but, compared with 1908, Brooklyn alone falls behind, and the net outcome for the whole city is a gain of 14.6%. Outside of Greater New York our record for the Middle States comprises 48 cities, of which 30 dis played greater activity in building operations in 1911 than in 1910. Yetthe total for the forty-eight cities is only 1.1% above that for 1910 and nearly 5%% less than for 1909, but largely in excess of 1908. Turning to New England we find some decided con trasts, with the aggregate for the 35 municipalities that have favored us with information 2.1% greater than that for 1910, a little below 1909, but largely in excess of 1908, owing to the boom in building plans at Boston the past year. The exhibit the Middle West makes is, on the whole, better than for any other section of the country. Losses are infrequent and in no case large, and increases appear at many leading centres. For the 43 cities that have made reports to us the total outlay is in excess of that for 1910 by 13.1% and the increase is even heavier compared with earlier years. On the Pacific Slope, owing to the fact that future needs had been so largely anticipated at a number of points in 1908, 1909 and 1910, there is decided evidence of contraction. Every city in the State of Washington records important decline in activity in 1911. On the other hand, there were moderate gains at Los Angeles, Oakland and San Diego. The combined returns (15 in number) which we have from California, Washington and Oregon show a loss from 1910 of 10.7%, and from 1909 of 7.1%, with a moderate gain over 1908. The “Other Western” division, comprising the States west of the Mississippi River to the Pacific http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Slope, but not including Arkansas, Oklahoma, Texas and Louisiana, which appear in the Southern group, submit returns that indicate a general and quite important let-up in building activity in 1911. The aggregate for last year at Duluth was, of course, abnormally swelled by the plans filed by the United States Steel Corporation for a new plant to be erected there involving an expenditure of fully 10 million dollars. But aside from the consequent large decline at that point this year, there are numerious other decreases; in fact, losses are quite the rule. The average diminution at the 33 municipalities making returns is 20.9% as compared with 1910, nearly the same loss as contrasted with 1909, but with a small gain over 1908. For 31 cities of the South and Southwest the outcome for 1911 is a slight contraction. The total for this group of cities shows a loss of 3.7% from 1910, but increases over all earlier years. For the whole country outside of Greater New York there is quite close agreement in the totals for the last three years, they standing at 738% millions of dollars, 748% millions and 737% millions. Contrasted with 1908 the recovery is about 33%. Finally, separating the territory Wes; of the Mississippi River from the remainder of the country, including all of the Southern States with the latter, an interesting situation is disclosed. We find, for instance, that the total estim ated outlay for building at 48 cities west of the River in 1911 was only $193,604,202, against $230,500,014 in 1910 and $226,566,528 in 1909, or declines of about 15% in each case. The aggregate for the remaining 157 cities (not including New York), however, for 1911 was in excess of any former year. A table covering the last four years for some of the leading cities in each section, together with totals for the remaining cities in each State,and the aggregate of all,is herewith subjoined. M3J united states building OPERATIONS. 1911. 1910. Inc.orDec. 1909. 1908. New York City— i $ S % S $ Manhattan................ 111,290,408 108,643,095 +3.3 144,332,212 95,516,177 Other Boroughs____ 89,034,880 105,433,937 —15.5 123,682,969 79,241,442 Total........................... 200,325,288 Portland, Me............. 1,303,032 Manchester, N. H.......... 1,486,781 Massachusetts—Boston. 19,287,500 Other, 21 cities_____ 37,655,211 Connecticut—Hartford. 5,896,244 New Haven________ 5,868,519 Other, 6 cities______ 7,701,842 Rhode Island, 3 cities.. 6,578,500 New York—Rochester. 9,389,775 Buffalo______ 10,364,000 Other, 10 cities_____ 21,951,771 New Jersey—Newark.. 10,975,344 Other, 13 cities_____ 26,016,775 Penna.—Philadelphia .. 40,030,985 Pittsburgh____ ____ 11,678,544 Other, 13 cities_____ 14,224,907 Wilmington, Del........... 2,155,948 Maryland—Baltimore .. 9,704,648 Other, 2 cities______ 1,068,534 Washington, D. C____ 16,562,106 West Virginia, 2 cities_. 1,834,062 Ohio—Cleveland_____ 16,994,677 Cincinnati_________ 12,688,540 Columbus_________ 4,644,235 Other, 7 cities______ 9,867.476 Indiana—Indianapolis . 8,349,477 Other, 7 cities______ 6,628,270 Illinois—Chicago_____ ±05,269,700 Other, 11 cities_____ 10,980,293 Michigan—Detroit____ 19,015,819 Other, 5 cities______ 4,253,083 Wisconsin—Milwaukee _ 12,336,098 Other, 2 cities______ 2,084,535 Missouri—St. Louis___ 18,607,555 Kansas City............ 13,310,871 Other, 4 cities______ 2,009,690 Kentucky—Louisville . 6,575,657 Other, 3 cities______ 1,275,921 Minn.—Minneapolis__ 13,735,285 St. Paul...................... 8,915,009 Other, 2 cities______ 4,183,338 Nebraska—Omaha___ 5,426,863 Other, 2 cities______ 1,234,017 Kansas, 4 cities______ 5,080,766 Iowa, 7 cities________ 9,741,913 Colorado—Denver ___ 6,086,260 Other, 2 cities______ 956,674 Sioux Palls, S. D_____ 727,150 Reno, Nevada_______ 305,128 Salt Lake City, Utah... 3,159,600 Ogden, Utah_________ 719.729 Butte, Mont_________ 238,260 Cheyenne, Wyoming__ 467,578 Calif.—San Francisco.. 20,915,474 Los Angeles................ 23,004,185 Oakland___________ 7,132,566 Other, 7 cities______ 15,072,146 Portland, Ore________ 19,152,370 Washington—Seattle ._ 7,491,156 Spokane_____________ 3,314,780 Other, 2 cities______ 2,616,839 214,077,032 1,438,595 1,321,980 16,061,365 42,589,520 4,541,979 4,386,065 7,279,430 6,260,725 10,082 548 9,232,000 21,653,081 13,394,812 27,093.160 37,874,230 13,056,213 14,012,668 2,024,092 9,384,740 771,277 13,731,756 1,728,998 13,948,413 8.651.475 5,133,591 8,088,225 8,194,311 5,428,438 96,932,700 11,859,318 17,624,540 3,746,661 9,797,580 1,564,197 19,600,063 13.783,196 2,106,525 3,811,838 1,119,275 14,363,830 10,053,011 13,426,765 6,250,988 1,544,210 6,257,243 12,087,167 11,319.955 1,469,239 949,850 361,865 4,461,600 1.140,970 303,410 603,076 22,016,756 21,684,100 6,913,643 12,388,340 20,886,202 17,163,078 5,883,484 3,481,448 —6.4 —9.4 + 12.5 +20.1 —12.1 +29.9 + 13.3 + 5.8 + 5.1 —6.9 + 12.3 + 1.4 —18.1 —4.0 + 5.6 —14.5 + 1.5 + 6.5 +3.4 +38.5 +20.5 + 6.1 + 21.8 + 46.7 —9.5 +22.0 + 1.9 +22.1 + 8.6 —7.4 + 7.9 + 13.5 + 25.9 +33.2 —5.1 —3.4 —4.6 + 72.5 + 13.9 —4.4 —11.3 —68.8 —13.2 —20.8 —20.7 —19.4 —46.2 —34.9 —24.6 —16.6 —29.2 —36.9 —21.5 —22.5 —5.0 + 6.1 + 3.2 +21.1 —8.3 —56.4 —43.7 —24.8 ±:oo,u±o.jb± 3,000,000 1,797,518 14,078,646 42,387,846 3,440,925 4,226,322 10,241,520 6,838,850 9,272.132 10,077,365 19,079.150 14,177,159 29,122,317 42,881,370 16,549,526 17,014,632 1,968,257 7,913 296 1,284,785 15,887,478 1,275,108 13,028,294 7,806,369 3,598,601 6,847,529 7,156,560 4,172,538 90,559,580 11,422,936 14,301,450 4,719,654 11,587,551 1,535,480 23.783,272 13,368,738 3,121,920 3,096,876 660,270 13,092,410 12,089,453 3,810,227 7,204,140 1,976,191 6,738,886 10,845,669 11.553.983 1,341,485 445,830 274,215 8,077,820 752,100 416,150 384,407 29,692,668 13,260,703 5,318,512 10,783,044 13,481,380 19,044,335 8,766,226 5,942,764 174,757,619 1,020,000 809,450 11,253,712 28,612,985 3,107,348 3,091,465 5,569,341 4,277,331 4,973,317 7,030,126 14,234,519 7,161,668 20,639,381 28,408,580 13,244,147 10,643,357 1,354,301 6.374,653 684,313 11,425,374 1,041,207 9,896,869 6,428,988 3,400,273 5,628,248 5,905,929 4,361,541 68,204,080 9,949,319 10,682,170 3,549,840 10,065,666 1,074,650 21 190,369 10,562,041 2,231.351 2,688,304 436,635 10,093,915 7,625,635 2,839,536 4,590,650 1,655.280 3,782,289 7,166,579 10.098,020 1,141,299 494,286 164,350 4,728,380 542,352 416,842 *350,000 31,673,341 9,975,000 6,320,562 10,111,193 10,405,151 13,777,329 5,927,538 4,455,513 48 MERCANTILE FAILURES. 1911. Virginia—Richmond . 6,018,669 Norfolk ..................... 2,084,062 North Carolina, 3 cities 2,025,355 South Carolina, 2 cities 1,055,774 Georgia—Atlanta......... 6,215,900 Other, 4 cities_____ 2,947,960 Jacksonville, Fla......... 3,590,805 Alabama, 3 cities____ 4,350,627 New Orleans, La____ 3,155.150 Texas—Dallas______ 5,523,372 Other, 6 cities_____ 10,981,758 Little Rock, Ark......... 1,720,946 Oklahoma, 2 cities__ 3,664,979 Tennessee—Memphis . 5,859,146 2,934,700 Other, 3 cities_____ 1910. Inc.orDec 1909. <g % 8 4,012,822 +50.0 3.574.812 1,631,309 + 27.S 2,456,953 2,101,541 —3.6 1,733,428 1,239,167 —14.9 529,731 7,405,950 —13.6 5,551,951 2,594,692 + 23.2 2,355,073 3,184,940 + 12.7 2,310,025 + .17 3,188,777 4,275,909 4.483,730 —29.6 5.165,512 4,199,040 +31.5 3,393,683 —7.2 11,696,168 11,836,959 1,384,423 + 24.3 1,531,097 6,223.162 —41.1 6,588,378 6,282,553 —6.7 4,324,377 4,302,795 3,643,866 —19.5 Total, 206 cities___ 938,467,502 962,896.905 Outside New York___ 738,132,214 748,819,873 1908. 3,169,431 2,100,861 *1,400,000 497,999 4,833,941 2,044,447 2,075,500 3,522,481 5,744,311 2,306,098 8,378,958 1,024,890 2,234,938 3.300,508 3,142,001 —2.5 1005292.359 730,081,871 —1,4 737,277,178 555,324,252 * Estimated. Canadian building operations were of unexampled magnitude in 1911 particularly in the western portion of the Dominion, although a few of the eastern cities also showed marked activity in construction work. In Manitoba a very satisfactory gain in the proposed outlay for building was exhibited in 1911, while in Saskatchewan and Alberta some phenomenal increases are found. On the Pacific Coast both Vancouver and Victoria exhibit important additions. Altogether, our Canadian compilation covers 35 cities at nine of which decreases are recorded, but with the exceptions of Montreal, Lethbridge and Westmount, they are in localities where the annual cost entailed by building operations has not yet reached one million dollars. It will be observed by glancing at the table appended that for the 35 cities the outlay arranged for in 1911 reached $132,791,232, against $101,573,506 in 1910, or an increase of 28.6%; and there is a gain of 85.4% as compared with 1909. Segregating the cities by sections, we find that in the East, the 20 municipalities record an increase of 8% over 1910 and since 1908 the gain has been 50%. In the West the operations at fifteen cities in 1911 show an expansion of 50.6%, as compared with 1910, over 157% as contrasted with 1909 and almost 300% compared with 1908. With the immigration move ment to Canada continuing of record proportions, active building in the current year seems assured. Our compilation of results for the last four years follows: CANADIAN BUILDING OPERATIONS. 1911. 1910. Inc.orDec. 1909. 1908. s s % s $ Quebec—Montreal .... 14,561,481 15,815,859 —7.9 7,785,621 5,062,226 Other, 2 cities_ 3,749,252 4,107,120 —8.7 *3,000,000 *2,200,000 Ontario—Toronto_ 24,374,539 21,127,783 +15.4 18,154,057 13,156,652 Hamilton____ 4,255,730 2,546,280 +67.1 1,623,100 1,448,357 Ottawa_____ 2,997,610 3,040,350 —1.4 4,527,590 1,794,075 Other, 11 cities____ 7,363,511 6,521,003 +12.9 6,625,888 4,301,718 Nova Scotia, 2 cities... 1,004,438 818,694 +22.7 786,944 887,480 St. John, N. B_ 572,700 520,275 +10.1 385,700 275,450 Total East, 20 cities.. 58,879,261 Manitoba—Winnipeg .. 17,550,000 Other, 2 cities........... 2,165,264 Alberta—Calgary_____ 12,909,478 Edmonton___ ______ 3,672,260 Lethbridge________ 1,033,380 Other, 2 cities______ 1,234,935 Saskatchewan—Regina. 5.099,340 Saskatoon_________ 5,004,326 Moose Jaw_________ 2,475,736 Prince Albert______ 921,595 Brit. Col.—Vancouver- 17,652,642 Victoria __________ 4,026,315 Nelson________ 166,700 54,497,364 +8.0 42,888,900 29,125,958 15,106,450 +16.2 9,226,825 5,444,650 1,802,705 +20.1 1,050,120 928,775 5,589,594 +131.0 2,420,452 836,950 2,159,106 +70.1 2,129,166 2,549,847 1,210,810 —6.4 1,268,615 365,495 850,763 +45.1 549,000 *403,172 2,351,288 +116.9 744,479 516,646 2,817,771 +77.6 1,002,905 115,625 1,035,290 +139.1 1,107,500 430,925 642,475 +43.4 141,810 *200,000 13,150,365 +34.2 7,258,505 5,950,923 2,196,095 +83.3 1,673,420 1,130,740 163,430 + 2.0 *150,000 *125,000 Total West, 15 cities. 73,911,971 49,076,142 +50.6 28,722,797 18,998,748 Total all, 35 cities.......... 132,791,232 103,573,506] +28.6 71,611,697 48,124,706 * Partly estimated. FAILURES IN 1911. The commercial failures statement for 1911 makes, as did that for the year immediately preceding, a rather disappointing exhibit on the whole. It is true, of course, that the aggregate of liabilities shows a moderate decline from that of 1910, but the number of insolvencies in the late year was not only greater than then, but in excess of all years back as far as the record goes (1857), only excepting 1893, 1894, 1896 and 1908. Moreover, it is to be noted that any real improvement, as compared with last year, in the matter of failed lia bilities is to be found only among brokers, &c.—the class embracing brokerage, real estate and others in http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis that line. The situation among traders was most noticeably unfavorable, the debts in that division during 1911 having been much heavier, with but one exception (1908), than in any year since 1896. Of what may be classed as large failures—those for $100,000 or over—the number was greater in 1911 than in 1910—295 contrasting with 260—but total lia bilities were less, the comparison being between 80% million dollars and 103% millions. And as there is here disclosed a falling off of over 22 millions, whereas the decrease in the liabilities of all failed concerns is only 10% millions, it naturally follows that stress has been greatest among concerns of small capital. This is quite generally the case, and in that one respect, if in no other, 1911 contrasts sharply with 1910, when large failures made up the greater part of the liabilities. Analyzing the returns by geographical divisions, we find that failures were larger in number than in ] 910 in all sections except the Southwest, and that that and the Middle group were the only ones reporting a smaller aggregate of liabilities this year than last. The exhibit for the Middle States is by far the most favorable of all as regards amount of indebtedness. New York, while recording an increase of 101 in the number of insolvents, shows a decline of over 30 millions in lia bilities, the total for 1911 having been but little greater than in 1909, when, however, the number of failures was some 650 less. Debts in New Jersey and Pennsyl vania combined were greater by about 4% millions than in 1910. The New England group exhibits an increase in liabilities of about one-third of a million dollars as compared with 1910, but, contrasted with 1909 and recent earlier years, makes an excellent record. In the South Atlantic Division, which in cludes the Gulf States, conspicuous irregularity is dis cernible. For the group as a whole a gain in liabilities of 1% millions is shown. Alabama, Maryland and Mississippi report striking declines in the volume of debts, and West Virginia, North Carolina, Georgia, Florida and Kentucky very radical increases. The three Southwestern States (Arkansas, Texas and Missouri) collectively make a good exhibit, the number of failures for the year dropping 70 and lia bilities declining about a third of a million. It is to be noted, however, that indebtedness was abnormally heavy in Arkansas, and even more conspicuously light in Missouri. Irregularity is observable in the returns from the Central West. All States except Wisconsin reported more failures than in the previous year. Illinois exhibits an important augmentation in liabili ties, and there are small gains in Michigan and Wiscon sin; but these are in a measure offset by a decline in Ohio, leaving the net increase for the section a little more than 2% millions. With a very moderate in crease in number of bankruptcies, the Pacific States show an augmentation in liabilities of over 4% millions —from $9,802,478 to $14,184,969. The increase is largely to be found in Washington, although there were also heavy losses in Idaho. In the 11 Other West ern” States a marked increase in the number of in solvents is reported and is also reflected in the volume of liabilities. Every State exhibits indebtedness greater than in 1910, and noticeably so in Minnesota, Oklahoma, Colorado and South Dakota. Passing to a consideration of the returns by quar ters, the first period was the least favorable of all, both as regards number and amount of liabilities, although in the latter respect much better than for the cor responding interval of 1910. The exhibit for the second quarter was much more satisfactory, but lia- 49 MERCANTILE FAILURES. bilities reached a moderately heavier aggregate than in the previous year. During the third quarter there was a considerable drop in indebtedness of insolvents, both as compared with the preceding three months and the corresponding quarter of 1910; but the showing for the closing period of the year was unfavorable, the number of failures as well as the volume of liabilities having been greater than in 1910. These facts we glean from Messrs. R. G. Dun & Co.’s compilations, which denote that the number of failures in 1911 in the whole country was 13,441, with liabilities of $191,061,665, comparing with 12,652 and $201,757,097 in the previous year, 12,924 and $154,603,465 in 1909 and 15,690 and $222,315,684 in 1908. This last covers the year when the depression following the panic of the fall of 1907 adversely affected all lines of industry, and it disclosed the heaviest total of in debtedness since 1896 (226 millions), that in turn being exceeded by the liabilities of 1893 (346% millions), of 1884 (226 1-3 millions), of 1878 (234 1-3 millions), of 1873 (228% millions) and of 1857 (291% millions). To indicate the failures situation, quarter by quarter, for the last two years, we have prepared the following: bilities of only $13,491,196; whereas in 1910 the result was 1,262 and $14,514,650, respectively, and in 1909 reached 1,442 and $12,982,800. As in the United States, the stress as compared with the previous year was particularly felt in trading lines, in which collec tively the indebtedness showed an augmentation o nearly three-quarters of a million dollars. Among transporters, &c., also a relatively important increase in indebtedness is exhibited. In the manufacturing division, on the other hand, there was a drop in lia bilities from over 7 million dollars to about 4% mil lions, with the showing especilaly good in “clothing” and “earthenware,” although no class can be said to have made a very unsatisfactory exhibit except “Tools.” Trading liabilities made up much the greater part of the total and were noticeably heavy in the Province of Quebec. FAILURES BY QUARTERS. ------------------ 1911------------------ ------------------ 1910-----------------Average Average Liabilities. Liability. No. Liabilities. Liability. No. $73,079,154 $20,732 3,525 $59,651,761 $14,969 First quarter___ .. 3,985 39,160,152 13,678 2,863 14,319 44,046,590 Second quarter.... 3,076 14,007 42,177,998 12,211 3,011 35,167,269 Third quarter..... 2,880 14,553 47,339,793 14,913 3,253 52,196,045 Fourth quarter.... 3,500 Total, year.....13,441 $191,061,665 $14,215 12,652 $201,757,097 FAILURES BY BRANCHES OF BUSINESS. The feature of the statement of failures by branches of business as prepared by Messrs. R. G. Dun & Co. that par ticularly attracts attention is the important increase exhib ited, as compared with the previous year, in the liabilities of the trading division. While in most branches of the manu facturing industry liabilities were much less in 1911 than in 1910, failures in “woolens, carpets and knit goods” and “cot tons, lace and hosiery” showed conspicuous increases. Among traders the showing was less favorable than in 1910 in twelve lines of business. $15,945 Calendar Year. From the classified statement of failures, it appears From Dun’s Review. 1911. , 1910. 1909. that, while in point of liabilities disasters were heaviest No. Liabilities. No. Liabilities. No. Liabilities. in manufacturing branches in 1911, the comparison Manufacturers. $ $ $ foundries and nails 61 5,056,635 80 11,748,872 73 9,367,978 with most recent years is not unfavorable. The lia Iron, Machinery and tools___ 173 6,689,566 167 5,788,919 196 5,940,697 53 4,329,758 ’ns .crpts. &knitgds. 31 1,277,813 35 2,323,186 bilities reported in that division reached $87,37i,623, Wool Cottons, lace and hosiery 36 3,590.816 19 1,709,686 16 466,224 Lumber,carpen’rs&coop. 416 16,000,205 427 14,806,274 376 against $88,916,885 in the preceding year, $64,716,548 Clothing and millinery.. 497 4,509,586 530 6,318,815 446 8,526,745 4,826,047 Hats, gloves and furs__ 68 978,002 53 763,756 43 566,677 two years ago, $96,829,015 in 1908 and $106,640,444 Chemicals and drugs__ 15 105,623 31 249,638 25 226,523 and oils............... 26 1,051,212 17 385,540 24 863,570 in 1907. Eight out of fifteen classes in this division Paints Printing and engraving. 172 2,448,366 187 5,729,994 175 2,370,009 Milling and bakers____ 218 221 1,430,309 261 2,252,829 report smaller debts than in 1910. Iron foundries and Leather, shoes&hamess. 79 1,264,511 1,577,919 71 2,319,839 81 1,384,771 Liquors and tobacco__ 105 2,451,589 118 3,544,769 114 nails report a diminution of over one-half—from 11% Glass, earthenw.&bricks 127 3,972,382 116 5,025,462 112 2,092,282 4,908,735 All other____________ 1,455 33,345,453 1,212 27,817,199 1,053 18,600,275 millions to 5 millions—printing and engraving, a prac Total manufacturing. 3,502 87,371,623 3,280 88,916,885 3,030 64,716,548 tically similar rate of decrease; and there are very General Traders. stores................. 1,380 10,977,030 1,228 8,719,230 1,512 10,517,353 meats & fish. 2,134 9,543,008 2,316 8,680,079 2,344 9,007,008 noticeable declines in clothing and millinery, leather, Groceries, Hotels and restaurants. 486 3,762,792 468 5,523,322 535 4,186,146 Liquors and __ 747 4,268,965 688 5,207,942 959 5,022,048 shoes and harness, liquors and tobacco and glass, Clothing and tobacco furnishing. 1,036 10,015,849 965 8,388,015 827 7,621,342 Dry goods and carpets _. 671 11,320,606 592 9,756,558 599 8,731,805 earthenware, &c. But the aggregate improvement Shoes, rubbers & trunks 349 2,461,699 358 2,227,357 358 2,262,294 and crockery. 287 2,877,533 226 2,402,980 229 2,085,872 disclosed in these lines is largely offset by considerable Furniture Hardware, stoves&tools. 302 3,401,792 244 3,030,710 296 2,985,886 Chemicals and drugs__ 361 1,946,546 304 1,826,348 345 1,598,304 increases in woolens, carpets and knit goods, cottons, Paints and oils_______ 57 438,667 52 312,589 48 241,054 and clocks____ 296 3,270,182 242 3,271,427 263 2,431,054 lace and hosiery and the classes of manufactures in Jewelry Books and papers_____ 9C 951,147 7S 561,168 111 906,984 62 Hats, furs and gloves__ 886,204 823,363 46 41 497,714 cluded under “all others.” The indebtedness of trad All other........... .............. 1,222 18,117,659 1,122 14,259,905 1,057 10,999,904 ers was materially greater in 1911 than in 1910 or Total trading______ 9,480 84,239,679 8,929 74,990,993 9,524 69,094,768 Brokers and transport’rs 459 19,450,363 443 37,849,219 370 20,792,149 1909, the totals for the three years having been $84,Total commercial___ 13,441 191,061,665 12,652 201,757,097 12,924 154,603,465 239,679 and $74,990,993 and $69,094,768, respectively. Banking_____________ 107 25,511,606 119 41,097,255 80 24,677,128 In 1908, however, the result was $91,661,957, but in Note.—Iron, woolens and cottons include all the branches of those manufactures; includes vehicles, shipbuilding, hardware, fixtures and implements; 1907 only $58,698,148. Brokers, &c., show a very machinery lumber includes saw, planing, sash and door mills and furniture; clothing includes furnishings; chemicals include chemical fertilizers; printing includes books and maps; much smaller aggregate of debts than in 1910, as al leather and shoes include saddlery, trunks and rubber goods; liquors include wines, and bottlers; glass Includes pottery, lime, cement, quarry and stone; general ready intimated, and in fact than in any year since brewers stores include department stores and installments; groceries include creamery, teas and coffees; hotels include lodging houses and caterers; dry goods include curtains 1905. Banking failures were a much less important and draperies; furniture includes glass and glassware; hardware includes implements utensils, and jewelry includes watches and optical goods. Brokers include feature of the year than in 1910, and in any event and agents, commission men, real estate agents, insurance, storage, express, harbor lines, &c. hardly to be considered in the same light as mercantile The following is a record of the yearly aggregate of failures embarrassments. But we include them in the table back to 1857: below as a part of the year’s record. YEARLY AGGREGATE OF FAILURES. Manufacturing Trading........... Other .............. TOTAL FAILURES. --------- Number-------------------------- Liabilities-------------------------1911. 1910. 1909. 1911. 1910. 1909. 3,502 3,280 3,030 $87,371,623 $88,916,885 $64,716,548 9,480 8,929 9,524 84,239,679 74,990,993 69,094,768 459 443 370 19,450,363 37,849,219 20,792,149 Total........... Banking........... 13,441 12,652 12,924 $191,061,665 $201,757,097 $154,603,465 107 119 77 25,511,606 41,097,255 24,177,128 Total................... 13,558 12,771 13,001 $216,573,271 $242,854,352 $178,780,593 Canadian failures in 1911 were greater in number than in 1910, but with aggregate liabilities of lesser magnitude. In other words, for the twelve months of 1911 the failures numbered 1,332, but covered lia http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Year. No. 1911.. 13.441 1910.. 12.652 1909.. 12.924 1908.. 15.690 1907.. U.725 1906.. 10.682 1905.. 11.520 1904.. 12.199 1903.. 12.069 1902.. 11.615 1901.-11,002 1900.. 10.774 1899.. 9,337 1898.. 12.186 1897.. 13.351 1896.-15,088 1895.. 13.197 1894.. 13.885 1893. .15.242 Liabilities. $191,061,665 201,757,097 154,603,465 222,315,684 197,385,225 119,201,515 102,676,172 144,202,311 155,444,185 117,476.769 113,092,376 138.495.673 90,879,889 130,662,899 154,332,071 226,096,834 173,196,000 172,992,856 346,779,939 Year. No. Liabilities. 1892..10,344 $114,044,167 1891.. 12.273 189.868,638 1890.. 10.907 189,856,964 1889.. 10,882 148,784,357 1888.. 10.679 123,829,973 1887.. 9,634 167,560,944 1886.. 9,834 114,644,119 1885.. 10.637 124,220,321 1884.. 10.968 226,343,427 1883.. 9,184 172,874,172 1882.. 6,738 101,547,564 1881.. 5,582 81,155,932 1880.. 4,735 65,752,000 1879.. 6,658 98,149,053 1878.. 10.478 234,383,132 1877.. 8,872 190,669,936 1876.. 9,092 191,117,786 1875.. 7,740 201,060,333 1874 — 5,830 155,239,000 Year. 1873.. 1872.. 1871.. 1870.. 1869— 1868.. 1867— 1866— 1865.. 1864.. 1863— 1862.. 1861— I860— 1859.. 1858— 1857— No. 5,183 4,069 2,915 3,546 2,799 2.608 2,780 1,505 530 520 495 1,652 6,993 3,676 3,913 4,225 4,932 Liabilities’ $228,499,900 121,056,000 85,252,000 88,242.000 75,054,054 63.694,000 96.666,000 53,783,000 17,625,000 8.579,000 7,899,900 23,049.000 207.210,000 79,807,000 64,394,000 95.749.000 291,750.000 • 50 MERCANTILE FAILURES MERCANTILE FAILURES IN THE UNITED STATES AND CANADA IN 1911. PREPARED BY MESSRS. R. G. DUN & CO CLASSIFIED FAILURES 1911. COMMERCIAL FAILURES. Total 1911. States. No. New England— Assets. Liabilities. $ $ Maine----------------------New4Hampshire------Vermont___________ Massachusetts----------Connecticut-------------Rhode Island----------- 137 2( 3f 555 237 124 516,870 41,643 60,363 1,211,675 905,563 697,583 New England------“ 1910 " 1909 " 1908 1,111 1,095 1.17C 1,499 3,433,692 2,863,016 6,194,398 4,670,887 New Jersey-------------Pennsylvania----------- Middle..................... 1910 " 1909 •• 1908 South— Maryland___________ Delaware ---------------District of Columbia. . Virginia ----------------West Virginia............ . North Carolina--------South Carolina--------Florida______________ Georgia------------------Alabama----------------Mississippi---------------Louisiana---------------Tennessee---------------- Total 1910. NO. Liabilities. Manufacturing. No. 107 15 24 247 163 72 581,426 86,518 120,09C 1,375.47C 911,402 290,535 2 10,606 4C 5 5 643,747 12,059 34,800 8,414,303 1,095 8,045,764 12,348,78? •____ 13,154,485 — 8,045,764 431 40£ 437 442 4,347,650 3,768,404 6,890,885 4,836,171 628 648 686 998 3,365,441 3,821,284 4,472,377 6,175,987 52 38 47 59 2,119 23,679,630 44,966,661 2,018 3,992,299 194 3,068,015 188 1,259 14,491,844 21,932,237 1,268 74,999,569 1,996,856 19,589,647 878 21,993,328 74 2,304,732 307 9,567,119 1,144 113 919 14,116,014 1,563,660 9,570,544 97 7 33 3,572 41,239,489 70,891,197 3,474 3,474 63,678,263 96,586,072 2,888 37.506.82C 58,830,281 3,882 43,274,939 86,177,415 — 96,586,072 — 4,271,824 103,796 850,52S 3,954,201 1,134,505 1,885,021 226,239 1,342,968 2,672,667 4,794,943 2,264,108 1,472,181 3,643,400 1,343,046 58 1 7 52 25 28 8 21 44 21 9 24 64 34 31,637,693 2,280 29,959,428 29,959,428 27,874,965 38,618,843 — — 396 408 404 481 24,717,720 20,427,051 22,050,571 33,205,375 2,681,929 2,538,310 2,680,261 3,742,610 3,540,854 4,247,772 210 372 487 1,568,825 3,155,198 7,180,717 27 31 96 999 1,069 1,120 1,616 7,900,500 7,526,082 6,218,513 6,582,955 11,531,236 11,904,740 9,564,269 10,893,648 1,069 11,904,740 — Ohio ............ .................. Indiana------------------Michigan___________ Illinois ------------------Wisconsin---------------- 679 362 267 1,040 154 8,915,871 3,411,269 2,367,910 7,880,181 2,026,294 11,382,627 4,176,743 4,126,175 15,059,243 2,573,825 659 284 259 922 136 Central----------------“ 1910 •• 1909 •• 1908 2,502 2,260 2,605 2,739 24,601,525 29,125,550 20,420,718 30,024,437 245 213 129 365 313 115 73 59 185 12 12 5,134,587 1,131,185 600,909 1,041,807 1,842,539 747,801 440,746 364,305 1,392,164 65,800 86,651 5,814,453 1,855,212 978,712 1,584,369 2,180,613 897,031 568,941 517,884 2,406,158 140,856 139,425 239 197 92 207 194 129 45 40 90 7 15 1,721 12,824,494 7,337,897 1,252 1,182 6,488,572 1,402 21,452,059 17,083,654 10,937,668 10,208,394 18,566,971 14 64 63 27 348 108 621 40,367 182,593 847,530 146,839 5,544,279 924,209 2,113,307 70,860 576,085 1,173,091 223,959 6,890,055 1,006,006 4,244,913 1,245 1,222 1,328 1,583 9,799,124 5,580,306 3,893,414 6,988,673 14,184,969 9,802,478 8,216,501 12,885,669 West— Minnesota---------------Iowa-----------------------Nebraska----------------Kansas--------------------Oklahoma---------------Montana----------------North Dakota............. South Dakota----------Colorado___________ Wyoming---------------New Mexico-------------- Pacific— Nevada ------------------Utah_______________ Idaho --------------------Arizona------------------Washington________ Oregon______________ California---------------•• “ •• 1910 1909 1908 2,613,203 25,275 666,556 3,271,966 2,744,724 4,699,923 940,039 2,278,917 4,468,107 1,403,185 1,170,461 1,352,915 3,536,854 2,465.568 400,00* 701,212 456,076 985,526 2,142,327 1 5 4 4 400,000 6,131,591 4,947,630 415,000 8,857,319 123,907 2,794,574 11 1 5 9,631,830 250,000 1,715,700 137 11,775,800 161 25,100,994 132 15,011,981 231 20,542,696 1,789,017 23,475 430,765 1,515,352 723,739 1,108,959 585,070 925,881 1,699,591 1,101,045 993,069 1,004,185 2,086,969 953,294 2 8 91,593 - 57,616 53,862 2 3 7 7 3 1 4 13 — 1,052,880 19,000 437,000 30,995 22,376 3,977 20,570 45,788 — 14,861,625 1,836 11,663,406 1,811 13,321,597 2,192 15,511,111 2,421 14,940,411 13,477,623 13,958,739 19,229,962 59 61 34 67 2,392,670 923,653 1,480,124 151 334 315 1,190,340 2,534,542 2,669,098 — 154 161 163 264 4,796,447 3,168,100 1,992,148 2,294,944 800 882 935 1,294 15,348,756 4,306,219 2,732,037 9,853,086 2,280,849 226 80 78 317 44 4,659,725 2,372,567 2,775,027 8,030,112 1,085,857 37,318,613 2,260 34,520,947 34,520,947 27,560,267 42,018,653 — — 751 677 663 764 3,654,334 1,584,752 589,654 1,081,154 1,190,078 744,294 404,225 243,995 1,230,281 79,873 135,028 1,252 10,937,668 — 9 1910 12,652 136,538,168 201,757,097 1909 12,924 102,773,007 154,603,465 1908 15,690 146,199,325 222,315,684 $ 1 128 9 43 252 89 141 69 142 225 150 102 103 254 129 17 11,597,530 14 18,715,528 9 7,005,942 47 106,727,868 1 18.000 1 3 1 1 1 2 7 395,000 253,000 ________ 300,000 120,000 620,000 590,201 4 8 1,041,981 794,359 1,835,657 4,818,399 594,629 3,877,770 29 35 13 40 4,132,541 4,768,494 1,073,703 3,740,850 7 8 30 159,600 82,659 98,550 5 4 3 189,000 271,588 275,000 6,393,980 7,567,247 7,389,821 8,300,236 45 26 22 58 340,809 1,169,393 182,250 298,468 12 18 9 10 736,588 2,267,756 354,350 1,739,541 425 271 188 673 108 5,168,203 1,624,930 1,349,562 5,396,534 932,038 28 5 1 50 2 1,554,699 179,246 1,586 1,632,597 555,930 10 2,384,806 2 2 1 169,000 303,000 100,000 18,923,288 18,202,157 12,434,908 17,599,903 1,665 1,489 1,867 1,878 14,471,267 10,486,501 11,692,079 17,964,585 86 94 75 97 3,924,058 5,832,289 3,433,280 6,451,165 15 24 17 42 2,956,806 4,889,615 3,733,416 10,656,572 46 40 18 71 20 12 4 5 17 1 1 1,373,045 838,990 96,765 451,620 261,929 96,381 15,169 54,100 239,421 75,000 20,000 194 172 110 265 288 100 68 54 165 11 11 4,357,609 981,222 880,784 999,679 1,890,754 770,398 537,772 463,784 2,143,482 65,856 119,425 5 1 1 29 5 3 1 3 5 215,350 341,000 1 2 2 29,530 3 __ — 83,799 35,000 1,163 133,070 27,930 30,252 16,000 __ 23,255 ________ 2 2 1,015,000 20,000 1 28,000 — 235 169 169 219 3,522,420 4,041,048 3,930,297 11,957,437 1,438 1,064 906 1,153 13,210,765 6,801,357 6,093,852 6,380,627 48 19 17 30 350,469 95,263 184,245 228,907 18 12 9 25 1,648,880 2,861,321 2,750,920 967,942 65 58 20 265 173 632 136,935 269,676 432,034 253,286 2,936.446 888,407 4,885,694 "16 11 1 90 42 122 251,273 768,382 1,000 4,414,711 484,744 1,134,904 14 52 52 26 242 63 488 70,860 320,712 404,709 222,939 2,189,071 484,662 2,914,624 ”*2 ____ 4,100 1 1 4 ________ 400,000 1.167,644 1 5 3 44,000 728,601 1,700,016 1,222 9,802,478 276 248 273 321 7,055,014 3,089,445 2,428,140 4,289,729 937 930 1,012 1,213 6,607,597 6,336,228 5,388,123 8,313,531 216 21 46 296 11C 16S 26 167 266 192 141 132 348 150 — Total United States 13,441 124,516,544 191,061,665 12,652 201,757,097 “ 33,865,259 2,176 25,250,218 44,984,325 2,105 26,500,753 23,718,573 1,835 20,099,777 40,339,690 2,315 25,295,029 Liabilities. $ $ 351,503 25,156 62,549 1,967,704 930,259 1,010,479 South ----------------- 2,291 “ 1910 2,280 *• 1909 2,630 •• 1908 2,969 Southwest— Arkansas ---------------185 373 Texas ______________ Missouri------------------441 Paciflo____________ No. No. 28 5 14 268 6C 47 1,259 1,20? 922 1,336 Banking. Other Commercial. 1,541,105 122,668 162,548 4,543,176 1,377,146 299,126 Kentucky....................... West------------------“ 1910 •• 1909 1908 Liabilities. 173 24 42 564 21C 82 943,535 111,674 182,639 3,986,921 1.853.72C 1,335,814 1,632,885 12,624 395,625 2,547,191 1,868,447 3,299,923 804,821 1,871,713 3,864.86C 785,855 839.803 1,191,617 3,348,055 2,254,301 Central— Trading. No. $ $ 195 It 52 312 114 171 8C 17C 276 174 112 131 331 163 Southwest-----------•• 1910 “ 1909 •' 1908 Liabilities. — — 732,593 1.80C 178,175 1,702,752 2,020,985 2,538,084 335,969 916,036 2,737,521 279,764 173,415 328,160 1,404,097 1,512,274. 3,502 87,371,623 9,480 84,239,679 3,280 88,916,885 8,929 74,990,993 3,031 64,716,548 9,524 69,094,768 3,827 96,829,015 11,272 91,661,957 9 __ 16 3 11 __ 286,273 36,600 195,385 32 44 43 49 522,358 376,805 400,238 280,379 15 7 19 20 4,039,261 1,462,950 4,371,167 3,297,170 459 19,450,363 443 37,849,219 370 20,712,149 591 33,824,712 107 119 80 188 25,511,606 41,097,255 24,677,128 127,544,943 CANADIAN FAILURES IN 1911. Provinces. Ontario-------------------------------------------------Quebeo ________________________________ British Columbia________________________ Nova Scotia------------------------------------------Newfoundland---------------------------------------Manitoba---------------------------------------------New Brunswick------- -----------------------------Prince Edward Island__________________ Alberta-------------------------------------------------Saskatchewan---------------------------------------- Total 1911________________ ___________ “ 1910------- --------------------------------“ 1909____________________________ “ 1908______________ ___________ " 1907..._____ ___________________ 1906___________________________ “ 1905___________________________ “ 1904___________________________ “ 1903--------------------- -------------------“ 1902______ _____________________ '• 1901___________________________ '* 1900_______________ _____ ______ " 1899______ ________ _____ ______ “ 1898____________________________ " 1897__________________ _________ “ 1896_____ _____ ________________ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Total Commercial. No. Assets. 344 $2,284,714 $2,773,623 7,330,542 601 5,288,295 129 579,259 948,549 299,145 65 102,623 3,840 18,501 6 37 662,942 835,789 356,970 39 205,950 10 23,400 53,750 754,239 813,684 89 59,342 60,643 12 1,332 $9,964,604 1,262 11,013,396 1,442 10,348,511 1,640 12,008,113 1,278 9,443,227 1,184 6,499,052 1,347 6,822,005 8,555,875 1,246 978 4,872,422 1,101 7,772,418 1,341 7,686,823 1,355 8,202,898 1,287 7,674,673 1,300 7,692,094 1,809 10,574,529 2,118 12,656,837 Manufacturing. Liabilities. Liabilities. $13,491,196 14,514,650 12,982,800 14,931,790 13,221,259 9,085,773 9,854,659 11,394,117 7,552,724 10,934,777 10,811,671 11,613,208 10,658,675 9,821,323 14,157,498 17,169,683 Trading. No. Liabilities. 11 4 152,383 13,513 241 $1,370,482 4,529,530 458 315,721 75 243,589 55 15,220 5 92,198 23 280,970 34 10 53,750 658,301 77 47,130 8 321 292 354 426 393 293 289 307 227 209 289 308 318 303 459 590 $4,760,016 7,030,221 3,933,938 5,967,498 6,667,452 3,482,511 3,129,262 4,136,908 3,043,248 4,247,723 3,595,095 3,201,665 4,594,153 2,229,083 3,659,135 5,692,977 986 $7,606,891 6,943,579 947 7,867,287 1,059 1,171 8,242,436 847 5,756,651 863 5,145,142 6,552,821 1,039 6,577,788 914 725 4,243,543 6,221,017 874 6,845,329 1,029 7,252,340 1,010 5,953,138 950 964 7,412,240 9,931,806 1,315 1,503 11,381,482 101 $1,400,141 130 1,849,223 470,828 47 9 51,056 3,281 1 743,591 13 76,000 5 Banking. Other Commercial. Liabilities. No. 2 13 7 $3,000 951,789 162,000 4,500 l 3,000 1 ‘i 25 $1,124,289 540,850 23 29 1,181,575 712,856 43 797,156 38 28 458,120 172,576 19 679,421 25 265,933 26 18 466,037 371,247 23 37 1,159,203 19 118,384 180,000 33 566,557 35 95,224 25 Liabilities. No. 1 $71,194 2 1 $71,194 2,546,871 2 2,137,224 5 3,672,268 30,749 2,199,225 269,000 600 1,386,971 2,348,000 512,307 154,000 212,000 6 6 1 a a a a 3 Money Market and New York City Banks. MONEY RATES FOR THREE YEARS. We furnish herewith a record of the money rates at New York for the last three years. A review of the money market by months will be found in the “Retrospect of 1911”, the first article in this publication. Similar monthly summaries for the other years will be found in previous numbers of the Financial Review. We also add for 1911 a table showing the range of call loans on the New York Stock Exchange for each day of the year. RATES FOR CALL MONEY AT THE STOCK EXCHANGE IN NEW YORK DURING 1911. Day of Month. Feb. Jan. March. April. May. July. June. Aug. . Sept. Nov.- Oct. Day of Month. Dec. Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 1................ Sunday 2_________ Holiday 3.............. — 3)4-6 4.................. 4)4-6 5................ 4 -5)4 6.............. 234—4)4 7................. Saturday 8......... ........ Sunday 9.................. 3)4-4 10_________ 3 -4 11................ 2)4-334 12_________ 2)4-3 13_________ 2)4-3 14 ............... Saturday 15_________ Sunday 16_________ 2)4-3 17................. 2)4-3 18......... .. 2)4-3 19.................. 2)4-3 1)4-2 )4 20_____ 21............... Saturday 22.................. Sunday 23................. 2)4-2 X 24_______ . 214-2)4 214-2)4 25.............. 26_________ 2)4-2)4 27......... 2)4-2)4 28. ............. Saturday 29.. ......... Sunday 30_______ . 1)4-2 )4 31 2%-2)4 2)4-2)4 2)4-214 2)4-2)4 Saturday Sunday 1)4-2 )4 1)4-2 )4 2 -2% 2 -2)4 234-2)4 Saturday Sunday Holiday 2)4—2)4 2)4—2)4 2)4-2)4 2 —2)4 Saturday Sunday 2 -2)4 1)4-2)4 Holiday 2 34-2)4 2 -2)4 Saturday Sunday 1 -2)4 2 —2)4 2)4-2)4 2)4 —2)4 2)4-2)4 Saturday Sunday 2 —2)4 2 —2)4 2 34-2)4 2)4-2)4 2)4-2)4 Saturday Sunday 2 -2)4 2 -2)4 2 -2)4 2 34-2)4 1)4-2 )4 Saturday Sunday 2 —2)4 2 —2)4 234-2)4 2)4-2 )4 2 -2)4 Saturday Sunday 2 34-2)4 234-2)4 2)4-2)4 2 —2)4 2)4-2)4 Saturday Sunday 2 —2)4 2 -2)4 2)4-2 34 2 -2)4 2)4-2)4 Saturday Sunday 2 —2)4 2)4-2)4 2 -2)4 2 34-2)4 Holiday Saturday Sunday 2 —2)4 2)4-2)4 2)4-2)4 2)4-2)4 2)4—2)4 Saturday Sunday 2)4-2 )4 2 -2)4 2 -2)4 2 )4-2)4 2 —2)4 Saturday Sunday 2 -2)4 2 -2)4 2)4-2)4 214-2)4 2 -2)4 Saturday Sunday 2 -2)4 2)4-2)4 2)4-2)4 2 —2)4 2 -2)4 Saturday Sunday 2)4-2)4 2 -2)4 2 34-2)4 2)4-2 34 2)4-2)4 Saturday Sunday 2 -2)4 2)4-2)4 2)4-2)4 2)4-2)4 234-2)4 Saturday Sunday 234-2)4 Holiday 2 -2)4 2 —2)4 2 34-2)4 Saturday Sunday 2 -2)4 2)4-234 234-2)4 2 -2)4 2)4-234 Saturday Sunday 2)4-234 234-2)4 2)4-234 234-2)4 2)4-234 Saturday Sunday 2)4-234 2 -2)4 2)4-234 234-2)4 2 34-2)4 Saturday Sunday 2)4-234 2)4-234 234-2)4 2)4-234 2)4-234 Range......... l 34-6 l 134-2 )4 2 2 2 -2)4 -2)4 -2)4 -234 Saturday Sunday 2 —2)4 Holiday 234-2)4 234-2)4 2 34-2)4 Saturday Sunday 2 -2)4 2)4-234 2)4-2)4 2)4-234 2 —234 Saturday Sunday 2)4-234 2 —2)4 2)4-234 234-2)4 2)4-2)4 Saturday Sunday 2 —2)4 2 -2)4 234-2)4 2)4-234 2 —2)4 Saturday Sunday 2%-2)4 2)4-234 2 —2)4 2)4-234 2 -2)4 Saturday Sunday 234-2)4 2)4-234 2 34-2)4 2)4-234 2 -2 34 Saturday Sunday 2)4-234 2 —2)4 2 -2)4 234-2)4 2 -2)4 Saturday Sunday 1)4-234 l)4-2)4 2 —2)4 2 —2)4 2 -2)4 Saturday Sunday 2 —2)4 234-2)4 2 -2)4 234-2)4 2 -2)4 Saturday Sunday Holiday 2 34-2)4 2 34-2)4 234-2)4 234-2)4 Saturday Sunday 2)4-234 2)4-234 234-2)4 2)4-234 1)4-2 )4 Saturday Sunday 2 34-2)4 2 34-2)4 2 —2)4 2 —2)4 2 -2)4 Saturday Sunday 2 -2)4 2 -2)4 2 34-2)4 2 -2)4 2 —2)4 Saturday Sunday 1)4-2 34 2 -2)4 2 -2)4 2 -2)4 2 -2)4 Saturday Sunday 2 -2)4 2)4-234 2)4-2)4 Holiday 2)4-234 Saturday Sunday 2)4-2)4 2)4-234 2)4-2)4 2)4-234 2)4-2)4 Saturday Sunday 2)4-2)4 2 -2)4 2 -2)4 2 34-2)4 2)4-2)4 Saturday Sunday 234-2)4 2 —2)4 2)4-3 2)4-3 2 —2)4 Saturday Sunday 2)4-234 Holiday 2)4-234 2)4-234 2)4-234 Saturday Sunday 2)4-234 2)4-234 234-2)4 2)4-234 2)4 2)4 Saturday Sunday 2)4-234 234-2)4 2)4-234 2)4-234 2 34-2)4 Saturday Sunday 2)4-334 3 —3)4 3)4-6 Holiday 4 -6 Saturday Sunday 4 -5 4)4-534 434-5)4 434-5)4 4 -5 Saturday Sunday 234-4)4 234-4)4 334-4 334-4 334-4)4 Saturday Sunday 334-3)4 3)4-4 3)4-4 3)4-4 3 -4 Saturday Sunday Holiday 3 34-3)4 3)4-4 3 -4 334-4 Saturday Sunday .... 1 2 1)4-2 )4 1)4-234 1)4-234 2 2)4 -6 Range —2)4 -6 .... 2 .... 3 .... 4 .... 5 .... 6 ___ 7 .... 8 .... 9 ....10 ....11 ....12 ___ 13 -...14 ....15 ....16 ....17 ....18 ___ 19 ....20 ___ 21 ....22 ___ 23 ___ 24 ___ 25 ___ 26 ....27 --..28 ___ 29 ___ 30 ___ 31 MONEY MARKET AT NEW YORK—RATES IN 1911. 1911. At Stock Exchange. COMMERCIAL PAPER TIME LOANS. CALL LOANS. 30 60 90 days. days. days. Four months Six Seven Five months. months. months. NVEEK Ending—• Jan. 6 13 20 3. 10 17. 24. March 3. 10 17 24. 31.. April 7.. 14_. 21.. 28.. May 5 12.. 19.. 26.. June 2.. 9.. 16.. 23.. 30.. July 7.. 14.. 21.. 28.. Aug. 4.. 11.. 18.. 25.. Sept. 1 . 8.. 15.. 22.. 29.. Oct. 6.. 13.. 20.. 27.. Nov. 3 10.. 17.. 24.. Dec. I.. 8.. 15-. 22.. 29.. Feb. Range. Aver. 2)4-6 2)4-4 1)4-3 2)f-2)4 134-2)4 1)4-234 2 —2)4 1)4-2 )4 l —2)4 2 —2)4 1)4-234 2 -2)4 2 —2)4 2 -234 2 -2)4 2 -2)4 2 -2)4 2 —234 2 -2)4 2 —2)4 2 —2)4 2 -2)4 2 -234 2)4-234 2 -234 2)4-234 2 -2)4 2 —2)4 2 -2)4 2 —2)4 2 —2)4 2 —2)4 2 —2)4 1)4-234 2 -2)4 2 34-2)4 1)4-234 2 —234 2 -2)4 1)4-234 2 -2)4 234-2)4 2 -234 2 -3 2 34-2)4 2)4-234 2)4-234 2)4-6 4 -o)4 234-4)4 3 -4 3 -4 5 3)4 2)4 234 2)4 2)4 2)4 2)4 2)4 2)4 2)4 234 2)4 2 5-16 2 5-16 2)4 2 5-16 2 5-16 2)4 2 5-16 2 5-16 2)4 2)4 2)4 2)4 2 7-16 2 5-16 2)4 2)4 2)4 2)4 2)4 2 5-16 2)4 2)4 2)4 2% 2)4 2)4 2)4 2)4 2)4 23& 2)4 2)4 3)4 4)4 4 3)4 Range. Range. 3)4 — 3)4 3 3 — 3 — 3 — 3 — 234-3 — 2)4-3 — 2)4 — 2)4 — 2)4 — 2)4 234-2)4 — 2 )4-2)4 — 234-2)4 — 2)4 — 2)4 — 234 — 2)4 — 2)4 — 234-2)4 — 2)4-3 — 234-2)4 — 2)4 — 234 — 234-2)4 — 2)4 — 234-2)4 — 2)4-3 — 234-2)4 — 2)4-3 — 2)4-3 — 2)4-3 2)4-3 — 3 -3)4 — 2)4-3 — 3 — 334-3)4 — 334-3)4 — 3 -3)4 — 3 -3)4 — 3 —3)4 — 3 -3)4 — 334-3)4 — 334-3)4 — 334-334 — 334-3)4 — 334-4 4)4-5 4)4 — 434-4)4 434-4)4 4)4 3)4-4 3)4-4 Range. Range Range. Range. 3)4 3)4-4 3)4-4 3)4-4 334 3)4 334-3)4 3)4-4 3)4-334 334-3)4 334-3)4 3)4 3 334-3)4 3)4-334 3)4-3)4 3 -3)4 3)4-334 3 34-3)4 334 3)4-4 3)4-4 3)4 334 3 -3)4 334-334 334-3)4 334-3)4 3)4 3 -3)4 334 -334 3)4 3 334 3)4-334 3)4-334 3 334 334-334 3)4-314 3 3 3 -3)4 2)4 3 3 3 -3)4 2)4 2)4-3 3 -334 3 -334 3 -3)4 2)4-3 3 -334 3 -3)4 3 -3)4 2)4-3 3 3 -334 3 -3)4 3 234-2)4 2)4 2)4-3 3 234-2)4 2)4-3 3 -3)4 3 3 2)4 2)4 234-2)4 2)4-3 2)4-3 3 -3)4 2)4-3 3 -334 3 -334 3)4-334 3 3 -3)4 2)4 2)4-3 2)4-3 3 -334 3 -334 3)4-314 2)4-3 3 3 -334 3)4-314 3 2)4 334 3)4-334 2)4 2)4-3 3 -334 334-3)4 2)4-3 2)4-3 3 -334 3)4-334 2)4 3 -3)4 334-334 334-3)4 2)4-3 3 -3)4 334-3)4 334-3)4 2)4-3 3 -3)4 3)4-3)4 3)4-3 )4 234-3 3 -334 3)4-334 3)4-3)4 3 -3)4 334-3)4 3)4-4 3)4-4 334-3)4 334-3)4 334-4 3)4-4 3 -3)4 334-3)4 3)4 3)4 3 -3)4 3)4-334 334-3)4 334-3)4 3)4-4 3)4-4 3)4-4 3)4 334-3)4 3)4-4 3)4-334 3)4-3)4 334-3)4 3)4-434 3)4-434 3)4-4)4 3)4-3% 3)4-4 334-4 3)4-4 3)4-3)4 334-4 334-4 3)4-4 3)4-3)4 3)4-4 3)4-4 3)4-4 334-3)4 3)4-4 3)4-4 3)4-4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 3)4-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 334 334-3)4 334-3)4 334-3)4 3)4-4 3)4-4 3)4-4 3)4-4 434-4)4 4)4-434 4 -4)4 4 -4)4 4 4 4 4 4)4 4)4 434 4)4 4 3)4-4 4 4 Range. — a4 63)4-4 c4 —4)4 c4 -414 c4)44)4 d3)4 d3)4 3)4-334 c4 c4-4)4 c4-4 )4 c3)4-4 c3)4-4 c3)4-4 c3)4-4 c3 )43)4 3)4 334-3)4 c3)43)4 c3)4-4 c3)4 c3)4-4 c3%3)4 c3 )43)4 3%-3)4 3)4 3)4-4 — — — — — — — — — — — — — — — — — - Double Names. Single Names. Choice Prime Days. 4 -4)4 4 -4)4 3)4-4 3)4-4 3)4-4 3)4-434 4 -4)4 4 -414 4 -414 3)4-434 3)4-4 3)4-4 3)4-4 3)4-4 314-3)4 334-3)4 334-3)4 334 -3)4 334-3)4 334-3)4 3)4-4 3 34-3)4 334-3)4 3)4-4 334-3)4 3)4-4 334-3)4 3)4-4 3)4-4 3)4-4 4 -4)4 3)4-434 4 -4)4 4 -4)4 4 -4)4 4 -4)4 4)4 4)4-5 4)4-4)4 414-4)4 434-4)4 414-4)4 4 -4)4 4 -4)4 3)4-434 3)4-4)4 3)4-4 3)4-4 4)4-5 434-4)4 414-4)4 4)4-5 Good 1911 'WEEK Ending— Months. Months. 4 -4)4 4 -4)4 3)4-4 3)4-4 3)4-4 34 4 -4)4 4 -4)4 4 -4)4 4 -4)4 3)4-4)4 4 -4)4 3)4-4 3)4-4 3)4-4 334-3)4 334-3)4 334-3)4 334-3)4 334-3)4 3)4-3)4 3)4-4 3)4-4 3)4-4 3)4-4 3)4-4 3)4-4 3)4-4 3)4-414 3)4-434 3)4-4)4 4 -4)4 4 —4)4 414-4% 414-4)4 434-4)4 434-4)4 4)4-5 434-5 4)4-5 434-4)4 434-4)4 414-4)4 434-4)4 4 -414 4 -4)4 4 -4)4 3)4-4 3)4-4 4)4-5 414-4)4 414-4)4 434-5 4)4-5 4)4-5 434-4)4 4)4-434 4)4 4)4-5 4)4-5 434-4)4 4)4-5 4)4-5 4)4-5 434-4)4 434-4)4 4)4-434 4 -4)4 4 -4)4 4 -4)4 4 -4)4 4 -4)4 4 -4)4 4)4-5 4)4-5 4)4-5 4)4-5 4)4-5 4)4-5 4)4-5 4)4-5 4)4-5 4)4-5 4)4-5 4)4-5 4)4-5 5 5 5)4 5)4-534 534-5)4 5+ 5+ 5+ 4)4-5 4)4-5 4)4-5 4)4-5 434-4)4 434-4)4 5)4 5 5 534-5)4 6 13 20 27 ..Feb. 3 10 17 24 March 3 10 17 24 31 . April 7 14 21 28 May 5 12 19 26 June 2 9 16 ?3 30 July 7 14 21 28 Aug. 4 11 18 25 ..Sept, 1 8 15 22 29 ..Oct. 6 13 20 27 Nov. 3 10 17 24 Dec. 1 8 15 22 29 ..Jan. a This is quotation for 7 to 9 months with 4-4M quoted for 12 months, b This is quotation for 7 to 8 months with 4-4)4 quoted for 12 months. c.This is quotation for over the year, d This quotation is for 8 months with 4-4)4 quoted for over the year. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 52 NEW YORK MONEY MARKET MONEY MARKET AT NEW YORK—RATES IN 1910. CALL LOANS. At Stock Exchange. 1910. 60 days. 30 days. 90 days. WEEK Ending— Range. 7........... ................. 14 ______________ 21.................. ......... 28______________ Feb. 4______________ 11.................. .. 18______________ 25............................. Meh 4______________ 11.................. .......... 18............................ 25 ________ ______ Jan. April 1......................... 8........................ 15 ................ ............ 22........... ................. on May eZZZZZZZZZZZZ 13 ............................ 20______________ 27............................. June 3............................. 10........... ................. 17................ ............ 24.. ...................... July 1......................... 8............................. 15 ........... ................. 22............................. 29 ............................ Aug. 5............. .. ............ 12.......................... 19.. ........................ 26 ............................ Sept 2............................ 9................... .. 16........................... 23.. ................... 30 ______ _______ Oct. 7........................ 14 ______________ 21.. ...................... 28........................ Nov. 4______________ 11............................. 18........................ 25________ ______ Dec. 2............................ 9............................. 16 ............................ 23.......................... 30........... ................. 4 - -14 3 ■ -6 2)4- -4 i%- -314 2 - -3 2%- 3 2%- 3 2 - 3 i%- -3 2Y2- -3 2 - -314 2)4- 3 2%- -314 1 -4 2)4- -314 2%- -3 2) 4- ■7 3) 4- -6 3 - -4 2 - •4 2%- ■314 2)4- -314 2 - 3 114- -3 2 - -3 214- -314 2 - -314 2 - -3 Aver Range. 4)4-4% 4)4—4% 4 -4% 3% 3% 3)4 3%-3)4 3)4-3)4 3% 3% 4 3%-4 3%-4 4 . 4 -4)4 3)4 4 4 -4)4 3%-4 3% 3)4-3% 3)4-3% 3%-3)4 3 3 -3% — 3 -3% — 3)4 — 3)4 — 3% — 3%-3)4 — 3 -3% — 3 2%-3 — 3 -3% — 3)4-3% — 3%-3% — 3)4-3% — 3)4-3% — 4% 4 -4% — 4 -4% — 4%-4% — 4%-4% 4% 5 -5% — 5 -5% — 4)4-4% — 4 -4% 4 3)4, 4 -4% 4 4 -4)4 3%-4 3%-4 3%-4 3)4-4 314 214 314 414 314 314 314 314 214 214 > 13-1 3 214 214 114- -214 214 1 1 1 - -214 - ■2 - ■2 1 - ■1% 1 - -114 114- -2 l%- -2 114- -214 114- -2 1%- 3 2 -3 1)4- •314 214- ■314 214- •4 314- ■414 214- •414 2 - •314 2 - •214 2 - •214 214- •314 214- ■314 214- •314 2%- •7 Range. 4% — — — — — — — — — — — — — — — — — — — — — — 5 314 314 214 214 214 214 214 214 214 214 214 314 114 114 114 114 114 i% 114 114 174 214 214 314 314 314 314 4% 31-4 214 214 3 314 314 314 COMMERCIAL PAPER TIME LOANS. Range. 4)4-4% 4%-4% 4 -4% 4 3% 3% 3)4-3% 3)4-3% 3)4 3%-4 4 -4% 4 4 4 -4% 4%-4% 3% 4 -4% 4 -4)4 4 3%-4 3% 3)4-3% 3)4 3% 3 -3% 3)4-3% 3)4-3% 4%-4)4 3%-4 3%-4 3%-4 3)4 3)4 3%-4 4 -4% 4% 4 -4% 4 -4% 4)4 4%-4% 4)4-4% 4%-5 4%-5 5 -5% 4%-5 % 4%-4)4 4 -4% 4 4 4 3%-4 3)4-4 Double Fonr Seven Names. Single Names. Five Six months. months. months. months. Choice Prime Good 60 to 90 4 to 6 4 to 6 Range. Range. Range. Range. Days. Months. Months. 4)4 4%-4)4 4%-4)4 4 4 4 3%-4 3)4-3% 3)4-354 4 4 -4)4 4 -4% 4 -4% 4 -4)4 4%—4% 4 4 -4% 4 -4)4 4 -4% 4 4 3%-4 3% 3% 3)4 3)4-3% 4% 4)4-4% 4 -4% 4 -4% 4 -4% 4 4 -4% 4%-4)4 4% 4%-5 4)4-454 4)4 4)4-4% 454 -4 54 4)4-4% 454-5 4%-5 5 -5% 4)4-4% 4%-4)4 4 -4% 4 4 4 3%-4 3)4-4 4)4 4%-4% 4%-4)4 4 -4% 4 4 3%-4 3%-4 3%-4 4 4 -4)4 4 -4% 4 -4% 4 -4% 4%-4% 4 4%-4)4 4 -4)4 4 -4% 4 4 4 -4% 3%-4 3%-4 4 4 -4% 4)4 4%-5 4)4-4% 4)4-5 4%-5 4)4-5 4)4-4% 454-4% 4%-5 4%-5 4)4-454 4)4 4)4-4% 4)4-4% 4)4-4% 454-4% 4%-5 4%-5 4)4-4% 4%-4)4 4 -4% 4 4 4 3%-4 3)4-4 4)4 4%-4% 4%—4% 4 -4% 4 -4% 4 3%-4 3%-4 3%-4 4 4 -4% 4 -4% 4 -4% 4 -4% 4%-4% 4 4%-4)4 4 -4)4 4 -4% 4 -4% 4 -4% 4 -4% 4 -4% 4 -4% 4% 4)4 4%-5 5% 5-5% 5 -5% — 4)4-5 4)4-4% 454-4% 4%-5 4)4-4% 4)4-454 4)4-4% 4)4-4% 4)4-4% 4%-4% 454-4% 4%-5 4%-5 4)4-4% 4%-4% 4% 4 4 -4% 4 3%-4 3)4-4 4)4-5 4)4-5 4)4-5 4)4-5 4%-4% 4%-4% 4%-4% 6454 4 -4% — 4 -4)4 — 4%-4% — 4)4-5 c4%4% 4%-4% c4%4)4 4%-4% 4%-4% 4)4-5 64%-5 4%-5% 64)44% 4%-4% 64)4-5 4)4-5 6454-5 4%-5 64)44% 4)4-5 64)44% 4)4-5 64%4%i 4)4-5 64%4% 4)4-5 64)44% 4%-5 64)4 4%-5 64)4454 4)4-5 64)44% 4)4-5 — 5 -5)4 — 5%-5% — 5 -5)4 — 5%-5% — 5)4-5% — 5 -5% — 5 -5% — 5 -5)4 — 5%-5% — 5%-5% — 5%-5% — 5)4-5% — 5%-5% — 5%-5% — 5%-5% — 5)4-5% — 5%-6 — 5)4-6 — 5)4-6 — 5)4-6 5 -5)4 — 4%-5% — 4%-5% — !4%-5 4%-4% 4 -4)4 — — — a4)4 — 4%-5 4)4-5 4)4-5 4)4-5 4)4-5 4)4-4% 4%-4% 4%-4)4 4%-4% 4)4-4% 4%-5 4)4-4% 4)4-4% 4)4-5 4%-5.% 4%-4% 4)4-5 4)4-5 4%-5 4%-5 4)4-5 4%-5 4%-5% 4%-5 4%-5 4%-5% 5 -5)4 5)4-6 5)4-5% •5)4-5% 5)4-6 5%-5% 5)4-5% 5)4-5% 5)4-6 5)4-6 5)4-6 5)4-6 5)4-5% 5)4-5% 5%-5)4 5)4-6 5)4-6 5)4-6 5)4-6 5)4-6 5 -5)4 4%-5% 4%-5% 4%-5 4%-4% 4 -4)4 5 -5Y 5 -5% 5%-5)4 5 -5)4 5 -5)4 5 -5)4 5 -5)4 4%-5 4%-5 5 -5)4 5%-5% 5 -5)4 5 -5)4 5%-6 5)4-6 5 -5% 5%-6 5 -5)4 5%-6 5%-6 5%-6 5 -5% 5 -5)4 5 -6 5%-5% 5)4-6 5%-6 6 -6)4 6 -6)4 6 -6)4 6%-6)4 6 -6)4 6 -6)4 6 -6)4 6%-6)4 6%-6% 6%-6)4 6%-6)4 6 -6% 6 -6)4 5%-6% 6% 6%-6)4 6%-6)4 6%-6)4 6%-6)4 5%-6 5)4-6 5)4-5% 5%-5% 5 -5% 4%-5 1910. WEEK Ending— .Jan 7 14 21 28 .Feb. 4 11 18 25 .Meh. 4 11 18 25 .April 1 8 15 22 9Q ZMay 6 13 20 27 .June 3 10 17 24 -July 1 8 15 22 29 5 12 19 26 .Sept. 2 9 16 23 30 .Oct. 7 14 21 28 .Nov 4 11 18 25 .Dec. 2 9 16 23 30 .Aug - a This is quotation for 12 months. 6This is quotation for over the year. cThis is quotation for 7 and 8 months with 414% bid for over the year. MONEY MARKET AT NEW YORK—RATES IN 1909. CALL LOANS. 1909. WEEK Ending— 8 15 22 29 Feb. 5 12 19 26. Meh. 5. 12. 19. 26. April 2. 9. 16. 23. 30. May 7. 14. 21. 28. June 4. 11. 18. 25. July 2. 9. 16. 23. 30 Aug. 6. 13 20 27. Sept. 3 10 17 24 Oct.1 1 8 15 22 29 Nov. 5 12 19 26 Dec. 3 10 17 24 31 Jan. At At Stock Exchange. Banksdc Tr. Cos. Range. Aver. 1)4-3 1)4-2 1)4-2 1 )4-2 l%-3 2 -2% l%-2)4 1)4-2% 1)4-2% 1)4-2 l%-2 1)4-2 1)4-2 1 %-2 l%-2% l%-2% 1 —2 l%-2% l%-2 l%-2 l%-2 1)4-2 1)4-2% 1 %-2 l%-2 l%-2 1 %-l % l%-2 l%-2 l%-2 1 %—2 1 %~2 % 2 -2% 2 -2% 2%-2% 2%-2% 2%-3 2%-3 2%-4% 3 -6 4 -5 3 -4% 3 -4% 3 -5 3 -6 4 -5% 2%-5 4 -6 4 -5 3 -5 2%-6 4)4-7 2% 1% 1% 1% 2% 2% 2% 2 2 1% 1% 1% 1% 1% 2 2% 1% 2 1% 1% 1% 1% 2% 1% 1% 1% 1% 1% 1% 1% 1% 2% 2% 2% 2% 2% 2% 2)4 3 4 4% 4% 4 4 4% 4% 4)4 4% 4% 4% 5 5% 30 days. Min’m. Range. 1% 1% 1% 1% 1% 2 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1)4 1% 1% 1% 1% 1% 1% 1% 1% 2 2 2% 2% 2% 2% 2% 4 4 3 — — — — — — — — — COM MERC’L PAPER. TIME LOANS. — — 2 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 60 days. 90 days. Range. Range. 2%-2% 2%-2% 2% 2 -2% 2)4-2% 2%-2% 2%-2% 2%-2% 2% 2%-2% 2%-2% 2% 2%-2% 2% 2% 2%-2% 2%-2% 2%-2% 2% 2%-2% 2 -2% 2 -2% 2%-2% 2%-2% 2%-2% 2 -2% 2 2 2 2% 2% 2%-2% 3 2%-3 2%-3 3 3%-3% 3% 3%-3% 4% 4%-5 4% 4%-5 4%—4% 5% 4%-5% 4%—5 4%-5 4%-5 4%-4% 4%-4% 4%-4% 2%-2% 2% 2%-3 2%-2% 2% 3 2% 2%-3 2%-3 2)4-2% 2% 2%-2% 2%-2% 2% 2% 2% 2%-2% 2%-2% 2%-3 2% 2%-2% 2% 2%-2% 2 2 '&/ 2%-2% 2%-2% 2%-2% 2%-2% 2% 2% 3 3% 3% 3%-3% 3%-3% 3%-3% 3%-4 4 3%-4 4%-4% 5 4% 4%-5 4%-4% 5 -5% 4%-5 4%-5 4% 4% 4%-4% 4%-4% 4% Double Seven Names. Four Six Five months. months. months. months. Choice Range. 3 -3% 2% 3 -3% 2%-3 2)4-2% 3 2%-3 3 3 -3% 2%-2% 2%-2% 2%-3 2%-2% 2% 2%-2% 2%-2% 2% 2% 3 2%-3 2%-2% 2%-2% 2%-3 3 2%-3 2%-3 2%-2% 2%-2% 2%-2% 2%-3 3% 3% 3% 3%-3% 3%-3% 4 4% 4%-5 4 -4% 4%-4% 4%-5 4% 4%-5 4%-4% 4%-5 4%-4% 4%-4% 4 %-4 % 4%-4% 4%-4% 4%-4% 4% Range. Range. 3 %-3 % 3%-3% 3 -3% 3 2)4-2% 3 -3% 3 3 3 -3% 2%-3 2%-2% 3 3 2%-3 2%-3 2%-2% 2% 2% 3 2%-3 2%-3 3 -3% 3 -3% 3%-3% 3 -3% 2%-3 3 3 3 3 -3% 3%-4 3%-3% 4 -4% 3%-4 3%-4 4 4% 4%-5 4 -4% 4%-4% 4% 4% 4%-5 4%-4% 4%-5 4%-4% 4%-4% 4%. 4% 4%-4% 4%-4% 4%-4% 4% 3%-3% 3 -3% 3%-3% 3 3 3 -3% 3 3 3 -3% 2%-3 2% 3 3 2%-3 2%-3 2%-3 2%-3 2%-3 3% 3 -3% 3 -3% 3 -3% 3%-3% 3% 3%-3% 3%-3% 3%-3% 3%-3% 3%-3% 3%-4 4 4 -4% 3%-4 3%-4 4 4%-4% 4%-5 4% 4%-4% 4% 4% 4%-5 4%-4% 4%-5 4%-4% 4%-4% 4%-4% 4%-4% 4%-4% 4%-4% 4% Range. Days. Single Names. Good Prime 4 <o 6 4 to 6 Months. Months. 3%-4 3%-4 — 4 4 -4% — 4 3%-3% a3 -3% 3%-3% 3%-4 a3%3% 3%-3% 3%-4 3%-3% 3%-4 3% 3% a3%-4 4 3%-3% 3% 3%-3% 3%-4 a3 %3% 3 -3% 3%-4 3%-3% 3%-4 2% 3%-4 3%-4 3 3)4-3% 3%-4 a:3% 3%-4 a3%3% 3)4-3% 3 -3% 3%-4 3 3 -3% 3%-3% 3%-4 63 %3 % 3%-3% 3 %-4 63 %3% 3%-3% 3%-4 3%-3% 3%-4 3% 63 %3% 3%-3% 3%-4 3 %-3 % 3 -3% 3%-4 63%3% 3 -3% 3%-4 63 %-4 3 -3% 3%-4 63%-4 3 -3% 3%-4 63%-4 3 -3% 3%-3% 63 %3% 3 -3% 3)4-4 63%3% 3 -3% 3)4-3% 3 -3% 3%-3% 3% 3 -3% 3)4-3% 3% 3%-4 3)4-3% — 4 4 —4 % — 4 -4% 4 — 4 -4% 4%-4% — 4 1/4)4 — 4 -4% 3%-4 — 4%-4% 4 — 4%-4% 4%-5 — 4 -4% 4%-5 4 -4% 4%-5 4% — 4%-4% 4%-5% — 5 -5% 5 )4_6 — 5 -5% 5%-6 — 5 -5% 5 -5)4 — 4%-5% 5 -5)4 — 5 -5)4 1/5 — 1/5 5)4 — 5 -5% 5)4-6 — 5 -5% 5%-5)4 — 5 -5% 5%-5)4 5 -5% 5 —5 )4 M% — 4%-5% 4%-5% 4%-5% 4)4-4% f This quotation is for 12 months, to 9 months, y This is minimum rate. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 4 -4% 4)4 4)4 4)4 4 —4)4 4 —4 )4 4 -4% 4 -4)4 4 -4% 4 -4% 4 -4% 4)4. 4 -4% 4 —4)4 4 -4% 4 -4% 4 -4)4 4 -4 )4 4 -4)4 4 -4% 4)4 1/4 4)4 4 —4)4 1/4 4 -4)4 1/4 1/4 1/4 4%-4% 4%-4% — — 5 1/4 % 4)4-5 — — — — — — 5 )4_6 5)4-6 6 —6 )4 6 -6)4 5%-6 5 %-6 5 )4-6 5)4-5% 5 -5)4 1909 WEEK. Ending— ........Jan. .......................... ................... ......................... _________ Feb. ................... .......................... ................... _________ Meh. ................... .......................... ................... _________ April ........................... ................... ................... ................... _________ May ................... ................... ................... ---------------June ................... ................... ................... _________ July ................... ................... ................... ................... ................... Aug. ................... ................... ................... _________ Sept. ................... ................... ................... -------------- Oct. ................... ................... ................... ................... ........Nov. ................... ................... ................... _________ Dec. ................... ................... ................... ................... 8 15 22 29 5 12 19 26 5 12 19 26 2 9 16, 23 30 7 14 21 28 4 11 18 25 2 9 16 23 30 6 13 20 27 3 10 17 24 1 8 15 22 29 5 12 19 26 3 10 17 24 31 x This is quotation for 8 53 NEW YORK CITY BANK MOVEMENTS NEW YORK CITY CLEARING-HOUSE BANKS AND TRUST COMPANIES. In the tables which follow we furnish a summary of the returns of the New York City Clearing-House banks and trust companies for each week of the past year. We give first the figures for the banks, then those for the trust companies (which were not admitted to membership until June 1911) and then the aggregate for the two combined. NEW YORK CITY CLEARING-HOUSE BANKS. ACTUAL CONDITION END OF WEEK (00s omitted). WEEKLY AVERAGES OF CONDITION (00s omitted). Money Holdings. 1911. Week Ended. Jan.— 7... 14... 21... 28... Feb.— 4___ 11___ 18___ 25___ March— 4___ 11___ 18___ 25___ April— 1___ 8___ 15___ 22___ 29___ May—6___ 13.... 20___ 27___ June— 3___ 10___ 17___ 24___ July— 1___ 8___ 15...b 22 ... 29___ August— 5___ 12___ 19___ 26___ Sept— 2___ 9.... 16___ 23___ 30___ October— 7.... 14___ 21___ 28___ Nov.— 4___ 11 . 18___ 25___ Dec.— 2.... 9___ 16___ 23___ 30.... Loans. Deposits. (1) Specie. (2) Legal Tenders. (3) Total Money. Money Holdings. Reserve to De Surplus posits. a Reserve. Loans. Deposits. (1) Specie. (2) Legal Tenders. (3) Total Money. S 1,228,335,5 1,219 924 8 1,245,811,1 1.273.974,7 $ $ 1,203,490,0 239,203,4 1,214,953.4 257,804,1 1,260 036 1 276 656.4 1,300,821,5 287,911,3 8 71,171,5 73,332,5 74.451.3 76,659,5 $ $ % 9,502,4 310,374,9 25.82 331,136,6 27.28 27,398,3 351,107,7 27.89 36,098,7 364,570,8 28.06 39,365,4 S 1,215,542,7 1,233,816,5 1,253,905,3 1,299,430,8 $ 8 1,197,148,7 246,241,8 1,241,213,9 269,606,1 1,274,153,8 282,524,2 1,332,016,4 293.785,9 S $ 71,794,1 318,035,9 74,558,8 344,164,9 75,296,7 357,820,9 76,576,2 370,362,1 1.308,592,7 1,315,317,2 1,322,972,5 1,318,318,1 1,341,062,2 1,351,398,0 1,360,728,4 1,359,862,4 297,575,1 300,224,7 301,852,6 305,410,2 73,315,3 73,981,4 74,172,9 74,913,4 370,890,4 374,206,1 376,025,5 380,323,6 27.68 35,624,9 27.72 36,356,6 27.65 35,843,4 27.99 40,358,0 1,309,183,0 1,321,543,5 1,316,744,9 1,324,598,5 1,344,122,1 1,358,003,3 1,356,953.9 1,369,344,6 73,233,1 74,563,0 74,820,9 75,015,0 1,327,999,9 1,334,446,8 1,345,877,6 1,352,120,4 1,370,911,2 307,608,4 1,374,140,1 306.521,7 1,384,376,1 304,650,7 1,391,715,7 304,883,9 73,584,4 71,642,7 72,818,6 74,095,0 381,192,8 378,164,4 377,469,3 378,978,9 27.83 27.54 27.29 27.25 38,465,0 34,629,4 31,375,3 31,050,0 1,334,549,5 1,345,278,8 1,347,255,7 1,357,860,7 1 353 773.4 1,351,451.9 1,350,697,3 1,359,047,4 1,359,352,6 1,392,614,8 1.385,236.3 1,391,370,6 1,409,043,2 1,416,544,1 75,693,3 377,569,0 27.14 29,415,3 74,135,1 372,787,4 26.93 26,478,3 74,993.5 379,449,5 27.29 31,606,9 74,569,8 388,559,0 27.59 36,298,2 75,785,7 394,819,2 27.89 40,683,2 1,354,896,3 1,352.301,8 1,355,187,3 1,357,721,1 1,356,251,3 1,351,953,5 1,335,639,7 1,332,045,4 1,331,816,5 1,405,872,1 315,363,2 74,913,9 1,390,297,5 316,203,1 75,265,3 1,386,927,7 317,482,0 74,924,5 1,388,516,1 317,558,2 75,917,8 27.78 38,809,1 28.17 43,894,0 28.31 45,674,6 28.36 46,347,0 1,345,623,7 1,352,413,5 1,364,429,0 1,369.636,0 1,395,827,4 1,406,330,0 1,426,219,0 1,437,512,0 Reserve to De- Surplus posits. Reserve,a % 26.60 27.76 28.12 27.83 S 18,748,7 33,861,4 39,282,5 37,358,0 373,429,1 27.81 375,269,9 27.66 378,880,2 27.95 383,614,5 28.04 37,398,6 35,769,1 39,641,7 41,278,4 1,374,688,9 307,388,2 1,382,708,7 304,045,4 1,385,804,3 305,078,2 1,397,685,5 304,525,1 73,130,7 380,518,9 27.70 72,474,3 376,519,7 27.25 73,546,9 378,625,1 27.35 75,716,3 380,241,4 27.23 36,846,7 30,842,5 32,174,0 30,820,0 1,391,652,4 1,388,068,1 1,399,923,0 1,412,631,3 1,411,920,8 298,714,4 299,620,0 308,806,3 317,929,1 316,865,0 75,596,3 374,310.7 26.92 75,172,6 374,792,6 27.02 74,691,8 383,498,1 27.41 75,047,5 392,976,6 27.84 76,567,7 393,432,7 27.89 26.397,6 27,775,6 33,517,4 39,818,8 40,452,5 1,340,994,0 1,331,917,1 1,330,689,6 1,332,219,2 1,394,831,1 1,385,799,1 1,386,362,0 1,386,060,6 315,035,7 317,331,9 317,627,1 313,435,3 75,311,9 73,780,4 75,801,6 77,070,3 390,347,6 28.01 391,112,3 28.25 393,428,7 28.42 390,505,6 28.20 41,639,8 44,662,5 46,838,2 43,990,5 311,220,2 74,986,0 386,206,2 27.69 37,249,4 315,508,8 74,913,9 390,422,7 27.79 38,840,2 326,159,0 75,278,0 401,437,0 28.14 44,882,3 329,570,0 77,155,0 406,725,0 28.29 47,347,0 1,344,820,4 1,357,801,4 1,375,152,0 1,368,229,0 1,392,816,3 1,412,965,8 1,438,274,0 1,438,689,0 310,020,7 317,314,0 326,007,0 332,489,0 74,196,6 384,217,3 27.61 75,713,3 393,027,3 27.84 76,291,0 402,298,0 28.20 78,406,0 410,895,0 28.62 36,013,2 39,785,9 42,729,5 51,222,8 1,378,499,0 1,410,274,0 1,400,612,0 1,386,581,0 1,387,007,0 1,444,926,0 329,712,0 77,050,0 406,762,0 28.16 45,530,5 1,439,965,0 293,362,0 76,023,0 369,385,0 25.65 9,393,8 1,430,401,0 285,312,0 78,019,0 363,331,0 25.40 5,730,8 1,422,348,0 290,611,0 78,836,0 369,447,0 25.97 13,860,0 1,424,125,0 293.250,0 78,233,0 371,483,0 26.08 15,451,8 1,401,633,0 1,402,863.0 1,394,262,0 1,381,538,0 1,390,134,0 1,445,528,0 1,423,258,0 1,427,227,0 1,419,551,0 1,423,944,0 304,769,0 282,994,0 286,721,0 294,645,0 289,527,0 76,667,0 381,436,0 26.38 76.674.0 359,668,0 25.20 79,599.0 366,320,0 25.66 78,830,0 373,475,0 26.31 78,714,0 368,241,0 25.86 20,054,0 3,853,5 9,513,3 18,587,3 12,255,0 1.388,484,0 1,373,064.0 1,351,356,0 1,348,845.0 1,423,488,0 292,255,0 1,409,758,0 294,921,0 1,393,941,0 300,970,0 1,395,379.0 305.735,0 25.98 14,005,0 26.40 19,759,5 27.23 31,033,8 27.51 35,058,3 1,381,678,0 1,362,824,0 1,344,136,0 1,349,648,0 1,416,461,0 1,403,404,0 1,390,105,0 1,393,035,0 292,739,0 77,839,0 370,578,0 26.16 299,098,0 77,380.0 376,478,0 26.83 304,394,0 78,604,0 382,998,0 27.55 300,829,0 78,746,0 379,575,0 27.25 16,462,8 25,627,0 35,471,8 31,316.3 1,352,904,0 1.355.159.0 1,354,988,0 1,357.262,0 1,354,087,0 1,394,725,0 302,199,0 77,749,0 379,948,0 27.24 31,266.8 1.384.109,0 292,070,0 76,395,0 368,465,0 26.62 22,437,8 1,383,624,0 290,361,0 78,197,0 368,558,0 26.64 22,652,0 1,387,300,0 293,634,0 77,097,0 370,731,0 26.72 23,906,0 1,380,158,0 290,911,0 76,362,0 367,273,0 26.61 22,233,5 1,352,018,0 1,356,389,0 1,357,266,0 1,354,173,0 1,354,034,0 1,382,678,0 1,384,389.0 1,387,727,0 1,383,775,0 1,376,475,0 292,983,0 76,284,0 290,948,0 76.862.0 293,156,0 78,098,0 292,691,0 76,406,0 288,109,0 75,228,0 369,267,0 26.71 367.810,0 26.57 371,254,0 26.75 369,097,0 26.67 363,337,0 26.40 23,597,5 21,712,8 24,322,3 23,153,3 19,218,3 1,360,815,0 1,366,875,0 1,356,903,0 1,354,450,0 1,378,366,0 1,382,547,0 1,371,968,0 1,372,260,0 358,351,0 26.00 356,008,0 25.75 355,970,0 25.95 359,338,0 26.19 13,759,5 10,371,3 12,978,0 16,273,0 1,367,528,0 1,362,159,0 1,346,680,0 1,354,685,0 1,381,851,0 282,703,0 73,280,0 1,378,301,0 281,693,0 73,477,0 1,360.376,0 279,937,0 75,561,0 1,375,460,0 284,895,0 76,518,0 355,983,0 25.76 355,170,0 25.77 355,498,0 26.13 361,413,0 26.28 10,520,3 10,594,8 15,404,0 17,548,0 1,363,957,0 1,364,510,0 1,364,430,0 1,354,012,0 1,381,125,0 283,193,0 75,237,0 358,430,0 25.95 1,378,238,0 280,217,0 75,146,0 355,363,0 25.78 1,379,453,0 281,061,0 75,934,0 356,995,0 25.88 1,360,313,0 272,751,0 74,977,0 347,728,0 25.56 13,148,8 10,803,5 12,131,8 7,649,8 1,365,246,0 1,367,158,0 1,364,241,0 1,344,580,0 1,378,660,0 1,383,645,0 1,374,414,0 1,350,724,0 281,558,0 71,920,0 353,478,0 282,900,0 76,363,0 359,263,0 275,537,0 76,289,0 351,826,0 270,933,0 75,700,0 346,633,0 25.63 25.96 25.60 25.66 1,330,231,0 1,305,923,0 1,291,852,0 1,309,058,0 1,310,847,0 1,330,404,0 1,291,031,0 1,284,773,0 1,303,257,0 1,312,825,0 335,071,0 25.19 . 2,470,0 326,664,0 25.30 3,906,3 335,308,0 26.10 14,114,8 336,640,0 25.83 10,825,8 343,409,0 26.16 15,202,8 1,324,118,0 1,290,243,0 1,302,244,0 1,309,495,0 1,320,831,0 1,304,956,0 1,275,994,0 1,298,440,0 1,302,576,0 1,332,254,0 246,511,0 73,582,0 320,093,0 251,364,0 76,043,0 327,407,0 261,698,0 77,637,0 339,335,0 259,472,0 75,751,0 335,223,0 270,094,0 80,459,0 350,553,0 24.52 def6146,0 8,408,5 25.66 26.13 14,725,0 25.74 9,579,0 26.31 17,489,5 301,875,7 298.652,3 304,456,0 313,989,2 319,033,5 284,699,0 283,116,0 280,509,0 284,481,0 260,708,0 252,324,0 258,266,0 260,260,0 265,725,0 77,622,0 77,278,0 78,549.0 78,168,0 73,652,0 72,892,0 75,461,0 74,857,0 74,363,0 74,340,0 77,042,0 76,380,0 77,684,0 390,277.1 391,468,4 392,406,5 393,476,0 369,877,0 372,199,0 379,519,0 383,903,0 300,196,0 300,706,9 304.059.3 308,599,5 a This is the surplus in excess of 25% against the deposits, Government deposits being included in the totals the same as in the past, of Brooklyn Included in totals for and since July 15. 8,813,0 13,351,8 8,222,5 8,952,0 b Nassau National Bank NEW YORK CITY CLEARING-HOUSE TRUST COMPANIES. ACTUAL CONDITION END OF WEEK (00s omitted) WEEKLY AVERAGES OF CONDITION (00s omitted). Money Holdings. 1911. Week Ended. June— 17 ........... 24 ........... July— 1........... 8........... 15 _____ 22........... 29 ........... August— 5........... 12........... 19 ........... 20 ........... September— 16 ........... 23........... 30 ........... Ociober— 7........... 14........... 21_____ 28_____ November— 4........... II........... 18 ........... 25 ........... December— 2........... 9_____ 16........... 23.......... 30........... On Dep. Reserve Surplus (1) \(2)Legal (3) Total with C.H. to Cash Specie. Tenders. Money. Banks. Deposits. Res’ve.c Deposits. Deposits. Money Holdings. On Dep. Reserve Surplus (2)Legal (3) Total with C.H. to Cash (1) Specie. Tenders. Money. Banks. Deposits. Res’ve.c $ S S $ % S # $ % 550,262,0 390,878,0 53,216,0 6 676,0 59,892,0 61,267,0 15.3 + 13.5 1,060,3 554,644,0 393,745,0 57,939,0 6,718,0 64,657,0 65,351,0 16.4 + 16.6 5.595.3 589,642,0 421,266,0 61,731,0 6 ,764,0 68,495,0 76,450,0 16.2 + 15.3 5,305,1 593,156,0 424,879,0 60,525,0 6,795,0 67,320,0 72,239,0 15.8 + 14.5 3,588,2 594,694,0 604,527,0 612,119,0 612,416,0 608,659,0 425,289,0 436,170,0 445,707,0 445,677,0 440,875,0 60,194,0 60,046,0 63,176.0 62,793,0 61,898,0 6,582,0 6,910,0 7,097,0 7,058,0 7,133,0 66,776,0 66.956,0 70,273,0 69,851,0 69,031,0 75,310.0 68,903,0 62,401,0 61,582,0 64,925,0 15.7 + 15.0 15.3 + 13.6 15.8+12.3 15.7 + 12.1 15.6 + 12.8 62,338,0 62,382,0 62,132,0 60,814,0 64,151,0 6,463,0 6,954,0 7,220,0 7,052,0 7,246,0 68,801,0 69,336.0 69.352.0 67,866,0 71,397,0 79,917 0 65,305,0 63,284,0 64,821,0 66,248,0 15.7 + 15.4 15.8 + 12.9 15.5+11.4 15.2 + 12.7 15.0+13.1 3.395.6 3.523.5 2.199.6 924,0 5.490.5 602,324,0 590,238,0 587,022,0 579,963,0 429,259,0 414,380,0 416,291,0 415,514,0 58,851,0 57,025,0 56,340,0 56,623,0 7,078,0 6,966,0 6,867,0 6,925,0 65,929,0 63,991,0 63,207,0 63,548,0 66,036,0 64,055,0 65,327,0 66,579,0 15.3 + 13.3 1,540,2 595,669,0 414,656,0 56,746,0 15.4 + 13.3 1,834,0 588,252,0| 411,827,0 56,142,0 15.1 + 13.5 763,4 583,319,0 416,976,0 55,635,0 15.2 + 13.8 1,220,9 578,849,0 419,093,0 61,863,0 6,896,0 6,858,0 6,872,0 6,918,0 63,642,0 63,000,0 62,507,0 68,781,0 66,941,0 65,894.0 65,769,0 61,809,0 15.3 + 13.9 15.3 + 13.7 14.9 + 13.6 16.4 + 12.8 1.443.6 1,226,0 df.39, 5.917.1 575,782,0 576,427,0 577.601,0 574,332,0 568,859,0 410,891,0 414,300,0 419,387,0 418,644,0 417,609,0 55,988,0 55.439,0 56,641,0 56,620,0 57,570,0 6,872,0 6,898,0 6,954,0 6,730,0 6,794,0 62,860,0 62,337,0 63,595,0 63,350,0 64,364,0 67,585,0 62,606,0 60,964,0 59,007,0 59,410,0 15.3 + 14.1 1,226,4 572,661,0 408,919,0 56,502,0 6,801,0 15.0+13.1 -----192,0 576,365,0 415,291,0 56,836,0 7,009,0 15.1 + 12.6 687,0 576,571,0 417,726,0 56,592,0 6,946,0 15.1 + 12.3 553.4 571,470,0 416,341,0 57,093.0 6,500.0 15.4 + 12.4 1.722.7 566,172,0 416,476,0 58,087,0 6,791,0 63,303,0 63,845,0 63,538,0 63,593.0 64,878,0 65,190,0 60,647,0 58,686,0 58.279.0 59,093,0 15.4 + 13.7 15.3 + 13.4 15.2 + 12.3 15.2 + 12.2 15.5 + 12.4 1.965.2 1.551.4 879,1 1.141.9 2.406.6 556,197,0 558,131,0 559,171,0 558,204,0 406,893,0 409,067,0 408,807,0 408,315,0 55,533,0 55,699,0 56,572,0 55,283,0 6,984,0 7,048,0 6,975,0 6,931,0 62,517,0 62,747,0 63,547,0 62,214,0 61,688,0 63,534,0 60,173,0 62,283,0 15.3 + 13.1 1,483,0 553,843,0 407,367,0 57,851,0 15.3 + 13.4 1,387,0 557,916,0 412.065,0 57,494,0 15.5 + 12.8 2,226,0 558,785,0 407,231,0 58,045,0 15.2 + 13.2 966,8 557,742,0 408,734,0 56,579 0 7,052,0 7,083,0 6,939,0 6,837.0 64,903,0 64,577,0 64,984,0 63,416,0 66,118.0 60,804,0 59,266,0 62,179,0 15.9 + 13.9 15.6+12.8 15.9 + 12.7 15.5 + 13.2 3,798,0 2.767.3 3.899.4 2.105.9 556,977,0 559,152,0 557,536,0 562,091,0 405,634,0 404,849,0 405,897,0 408,312,0 54,934,0 54,958,0 54,832,0 55,975,0 6,973,0 7,011,0 7,002,0 6,998,0 61,907,0 61,969,0 61,834,0 62,973,0 61,079,0 54,620,0 56,489,0 56,620,0 15.2 + 13.0 1,061,9 557,206,0 404,047.0 56,336,0 15.3 + 11.8 1.241.7 560,482,0 404,758,0 54,153,0 15.2 + 12.2 949.5 557,546,0 403,291,0 55,602,0 15.4 + 12.1 1,726,2 563,697,0 410,018,0 54,262,0 6,991,0 6,817,0 7,072,0 7,261,0 63,327,0 60,970,0 62,674,0 61,523,0 59,072,0 54,134,0 57,093,0 54,613,0 15.6+12.7 2,720,0 15.0 + 11.8 256.3 15.5+12.4 2.180.4 15.0+11.7 20,3 564,223,0 553,727,0 549,924,0 548,034,0 553,820,0 412,880,0 403,365,0 394,276,0 403,843,0 410,537,0 56,632,0 54,421,0 53,498,0 55,246,0 56,024,0 7,005,0 6,859,0 7,000,0 7,052,0 6,807,0 63,637,0 61,280,0 60,498,0 62,298,0 62,831,0 52,994,0 50,607,0 50,536,0 52,169,0 57,271,0 15.4 + 11.3 15.1 + 11.1 15.3 + 11.3 15.4 + 11.4 15.3 + 12.2 7,080,0 6,799,0 7,304,0 6,915,0 6,716,0 68,396,0 62,831,0 59,688,0 62,729,0 64,530,0 51,476,0 51,515,0 50,911,0 56,837,0 59,612,0 16.8 + 11.2 15.8 + 11.4 15.2 + 11.5 15.3 + 12.2 15.3 + 12.4 I c This Is the surplus money holdings in excess of 15% against the deposits. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 2.982.7 1.530.5 3,417,0 2.999.5 2.899.8 1,705,0 775,3 1.356.6 1.721.6 1,250,5 606,942,0 606.340,0 614,069,0 611,546,0 607,618,0 558,876,0 546,898,0 547,813,0 550,845,0 557,516,0 436,036,0 438.750,0 447,683,0 446,280,0 439,377,0 406,274,0 396,955,0 391,904,0 407,798,0 420,151,0 61,316,0 56,032,0 52,384,0 55,814,0 57,814,0 7.454.9 3,287,8 902.4 1.559.3 1.507.4 54 NEW YORK CITY BANK MOVEMENTS CLEARING-HOUSE BANKS AND TRUST COMPANIES. WEEKLY AVERAGES OF CONDITION (00s omitted). 1911 Wee* Ended. June— 17 ......... 24 ......... July— sZZZZZ 15 ......... 22____ 29 ____ Augustla__ .. 12......... 19......... 26____ Sept.— 2......... 9......... 16 ......... 23......... 30 ......... October7......... 14......... 21......... 28......... Nov.— 4...'.. 11......... 18 ......... 25 ......... Dec.— 2......... 9......... 16......... 23......... 30......... ACTUAL CONDITION END OF WEEK (00s omitted). On Deposit Surp'us Loans. Cash Deposits. (2) Legal (3) Total with C.H. (1) Specie. Tenders. Money. Banks. Reserve, c $ $ $ 1.914,691,0 1,817,097,0 379,375,0 81,954,0 461,329,0 61,267,0 45.942.6 1,959,278,0 1,858,778,0 391,301,0 83,919,0 475,220,0 76,450,0 52.652.1 On Deposit Surplus (3) Total with C.H. Cash Money. Banks. Reserve, c Money Holdings. Money Holdings. Loans. Deposits. (1) Specie. (2) Legal Tenders. 1,973,193,0 2,014,801,0 2,012,731,0 1,998,997,0 1,995,666,0 1,870,215,0 1,876,135,0 1,876,108,0 1,868,025,0 1,865,000,0 389,906,0 353,408,0 348,488.0 353,404,0 355,148,0 83.632,0 82,933,0 85,116,0 85,894,0 85,366,0 473,538,0 436,341,0 433,604,0 439,298,0 440,514,0 75,310,0 68,903,0 62,401,0 61.582,0 64,925,0 48.513.2 10.924.3 19.147.7 16.859.5 18.351.5 1,990,808,0 1,963,302,0 1,938,378,0 1,928,808,0 1,852,747,0 1,824,138,0 1,810,232,0 1,810,893,0 351,106,0 351,946,0 357,310,0 362,358,0 84,700,0 84,244,0 85,416,0 85,093,0 435,806,0 436,190,0 442,726,0 447,451,0 66,036,0 64,055,0 65,327,0 66,579,0 15,545,2 21.593.5 31.797.1 36.279.2 $ $ $ $ 1,929,796,0 1,832,019,0 383,946,0 83,009,0 466,955,0 65,351,0 48.324.8 1,961,385,0 1,863,568,0 393,014,0 85,201,0 478,215,0 72,239,0 54.810.9 2,008,575,0 1,881,564,0 367,107,0 83,130,0 450,237,0 79,917,0 23,449,0 2,009,203,0 1,862,008,0 345,376,0 83,628,0 429,004,0 65,305,0 7,377,0 2,008,331,0 1,874,910,0 348,853,0 86,819,0 435,672,0 63,284,0 11.712.8 1,993,084,0 1,865,831,0 355,459,0 85,882,0 441,341,0 64,821,0 19.511.3 1,997,752,0 1,863,321,0 353,678,0 85,960,0 439,638,0 66,248,0 17,745,5 1,977,347,0 1,831,117,0 349,485,0 84,735,0 434,220,0 66,941,0 17.906.4 1,951,076,0 1,815,231,0 355,240,0 84,238,0 439,478,0 65,894,0. 26,853,0 1,927,455,0 1,807,081,0 360,029,0 85,476,0 445,505,0 65,769,0 35.432.4 1,928,497,0 1,812,128,0 362,692,0 85,664,0 448,356,0 61,809,0 37.233.3 1,928,686,0 1,931,586,0 1,932,589,0 1,931,594,0 1,922,946,0 1,805,616,0 1,798,409,0 1,803,011,0 1,805,944,0 1,797,767,0 358,1S7,O 347,509,0 347,002,0 350,254,0 348,481,0 84,621,0 83,293,0 85,151,0 83,827,0 83,156,0 442,808,0 430,802,0 432,153,0 434,081,0 431,637,0 67,585,0 62,606,0 60,964,0 59,007,0 59,410,0 32.493.1 22.629.8 23,339,0 24.459.4 23.956.2 1,924,679,0 1,932,754.0 1,933,837,0 1,925,643,0 1,920,206,0 1,791,597,0 1,799,680,0 1,805,453,0 1,800,116,0 1,792,951,0 349,485,0 347,784,0 349,748,0 349,784,0 346,196,0 83,085,0 83,871,0 85,044,0 82,906,0 82,019.0 432,570,0 431,655,0 434,792,0 432,690,0 428,215,0 65,190,0 60,647,0 58,686,0 58,279,0 59,093,0 25,562,7 23.264.1 25.201.4 24.295.1 21.624.9 1,917,012,0 1,925,006,0 1,916,074,0 1,912,654,0 1,785,259,0 1,791,614,0 1,780,775,0 1,780,575,0 340,232,0 338,815,0 337,081,0 339,764,0 420,868,0 418,755,0 419,517,0 421,552,0 61,688,0 63,534,0 60,173,0 62,283,0 15.242.6 11.758.2 15,204,0 17.239.8 1,921,371,0 1,920,075,0 1,905,465,0 1,912,427,0 1,789,218,0 1,790,366,0 1,767,607,0 1,784,194,0 340,554,0 339,187,0 337,982,0 341,474,0 80,332,0 80,560,0 82,500,0 83,355,0 420,886,0 419,747,0 420,482,0 424,829,0 66,118,0 60,804,0 59,266,0 62,179,0 14.318.2 13,362,0 19.303.4 19.653.9 1,920,934,0 1,923,662,0 1,921,966,0 1,916,103,0 1,786,759,0 1,783,087,0 1,785,350,0 1,768,625,0 338,127,0 335,175,0 335,893,0 328,726,0 80,636,0 79,940,0 82,436,0 81,788,0 82,210,O' 82,157,0 82,936,0 81,975,0 420,337,0 417,332,0 418,829,0 410,701,0 61,079,0 14.210.7 54,620,0 12,045,2 56.489,0 13,081,2 56,620,0 9,376,0 1,922,452,0 1,927,640,0 1,921,787,0 1,908,277,0 1,782,707,0 1,788,403,0 1,777,705,0 1,760,742,0 337,894,0 337,053,0 331,139,0 325,195,0 78,911,0 83,180,0 83,361,0 82,961,0 416,805,0 420,233,0 414,500,0 408,156,0 1,900,454,0 1,859,650,0 1,841,776,0 1,857,092,0 1,864,667,0 1,743,284,0 1,694,396,0 1,679,049,0 1,707,100,0 1,723,362,0 317,340,0 306,745,0 311,764,0 315,506,0 321,749,0 81,368,0 81,199,0 84,042,0 83,432,0 84,491,0 398,708,0 387,944,0 395,806,0 398,938,0 406,240,0 52,994,0 4,175,0 50,607,0 4,681,5 50,536,0 15.471.4 52,169,0 12.547.3 57,271,0 16,453,2 1,882,994,0 1,837,141,0 1,850,057,0 1,860,340,0 1,878,347,0 1,711,230,0 1,672,949,0 1,690,344,0 1,710,374,0 1,752,405,0 307,827,0 307,396,0 314,082,0 315,286,0 327,908,0 80,662,0 82,842,0 84,941,0 82,666,0 87,175,0 388,489,0 390,238,0 399,023,0 397,952,0 415,083,0 59,072,0 11,533,0 54,134,0) 13,608,0 57,093,0 10.402.9 54,613,0 8,972,3 51,476,0 1,308,9 51,515,0 11.696.3 50,911 0 15.627.4 56,837,01 11,138,3 59,612,0 18.996.9 c This is the surplus cash reserve in excess of 25% of deposits in the case of hanks and in excess of 15% of deposits in the case of trust companies. STATE BANKS AND TRUST COMPANIES IN GREATER NEW YORK NOT IN THE CLEARING HOUSE. As the State Superintendent of Banking also now requires weekly returns of the banks and trust companies under his jurisdiction, we have compiled the following, showing the totals of condition for those State banks and trust companies in the Greater New York not included in the Clearing-House returns. The figures are the averages for the week. STATE BANKS AND TRUST COMPANIES IN GREATER NEW YORK NOT IN THE CLEARING HOUSE. 00.? Loans omit and ted. Investments. 1911 Specie. ♦ LegalTenders. Jan.— $ S S 1... 1,099,744,7 118.300,9 20,914,9 14... 1,067,169,4 114,908,2 20,585,3 21... 1,068,430,7 114,396,0 20,648,4 28... 1,072,944,9 114,215,1 21,251,3 Fe&.— 4... 1,091,939,2 114,558,9 20,404,9 11.-- 1,097,180,7 112,737,9 21,682,4 18... 1,109,417,3 114,530,7 20,973,1 25... 1,111,022,0 115,676,1 20,931,0 Meh.— 4... 1,113,291,2 116,214,8 20,762,9 11... 1,108,108,7 115,083,9 21,029,8 18... 1,113,833,1 114,174,8 21,101,4 25... 1,110,581,1 112,570,8 20,940,9 Apr.— 1 — 1,121,889,6 113,501,6 19,464,2 8... 1,135,431,9 117,263,4 18,878,9 15... 1,145,885,5 115,491,1 19.082,0 22... 1,148,040,7 115,961,8 18,785,1 29... 1,154,070,3 117,093,2 19,028,6 May— 6... 1,163,007,8 118,332,6 18,798,7 13... 1,182,670,0 119,812,1 19,111,7 20... 1,209,396,0 122,901,8 19,458,8 27... 1,217,046,3 124,918,1 19,350,8 June— 3... 1,212,528,4 124,721,3 19,169,1 10... 1,212,962,0 123,696,2 19,397,4 17... 656,104,8 67,824,3 12,412,0 24.-623,835,7 64,067,6 11,761,3 Total Deposits Deposits, Reserve Re Less Due on s've from Other Deposits. to Banks, &c. Dep. S 1,160,835,6 1,122,046,1 1,137,270,9 1,150,940,7 S 1,051,019,1 1,015,863,8 1,018,006,6 1,024,744,0 S 162,048,3 158,290,7 156,963,9 157,217,8 1,179,984,4 1,186,891,5 1,195,431,5 1,202,502,0 1,047,199,9 1,052,795,5 1,063,090,7 1,065,959,3 159,057,2 157,181,5 158,329,1 158,583,5 1,206,099,7 1,205,806,3 1,218,758,1 1,223,901,2 158,230,6 160,513,8 159,331,3 156,659,6 1,234,546,3 1,250,108,3 1,257,084,0 1,262,807,3 1,279,440,9 1,069,121,0 1,062,538,5 1,069,663,1 1,062,898,7 1,074,773,9 1,093,055,0 1,104,339,4 1,105,773,3 1,111,420,4 1,303,481,3 1,313,573 8 1,336,318,0 1,344,478,9 1,120,491,0 1,142,758,8 1,171,821,0 1,179,399,4 163,014,3 165,871,9 169,478,2 171,282,2 156,101,3 160,622,3 158,644,1 158,683,3 160,298,1 00s Loans omit and ted. Investments. 1911 % July— 17.3 1... 17 5 8... 17 5 15... 17.4 22... 29... Aug.— 17.4 5... 12... 17.5 19... 17.4 17.4 _ 2®— Sept, 2... 17.3 9... 17.7 16... 17,7 23... 17.6 30... Oct.— 17 4 7... 14... 17.7 21... 17.5 17.5 28.1. 17.6 Nov.— 4... 11... 17.7 17.6 18... 17.7 25... 17.8 Dec.— 2 1,344,256,3 1,174,374,6 171,784,7 17.9 1,338,867,7 .1,172,457,0 170,827,5 18.3 749,747,8 645,857,7 103,800.0 18.9 720,377,6 618,786,5 99,426,9 19.0 9... 16... 23... 30... $ 622,641,8 631,679,3 636,162,6 638,374,8 635,307,8 Specie. $ 64,632,2 65,506,6 66,059,0 65,683,8 65,597,3 64,945,2 65,395,1 65,381,8 64,390,7 * LegalTenders. Reserve ReDeposits, s’ve on Less Due from Other Deposits. to Dep. Banks, &e. Total Deposits. S 12,509,7 13,256,0 13,131,0 12,685,5 12,340,6 S 746,270,0 734,006,0 734,829,4 731,930,6 726,946,3 S 620,605,0 633,108,7 637,407,5 638,507,8 633,608,1 12,113,6 12,296,2 11,953,5 11,691,3 723,865,5 723,529,5 723,753,6 713,411,6 $ 100,641,1 104,074,6 103,384,3 101,887,4 101,353,3 % 19.2 19.5 19.4 19.1 19.3 618,455,8 617,226,6 619,175,6 617,905,3 613,113,1 603,632,0 601,293,8 603,114,7 605,325,4 64,401,3 64,693,6 64,291,4 63,475,9 63,513,6 11,391,1 11,487,4 11,412,5 11,395,2 11,238,6 711,682,6 707,361,4 707,760,9 706,978,4 702,295,2 631,021,1 100,779,5 19.2 630,870,2 100,855,0 19.3 629,126,9 100.328,3 19.4 618,245,0 96,876,5 19.2 614,788,7 96,963,4 19.2 613,630,0 98,574,2 19.6 615,932,6 98,061,7 19.5 612,240,1 96,488,5 19.1 606,871,2 96,114,9 19.3 63,743,7 63,525,7 62,241,0 64,041,5 10,909,0 11,172,0 11,475,6 11,208,1 690,953,5 692,217,6 689,700,8 686,510,5 597,261,9 596,568,0 599,315,9 600,390,6 97,380,1 98,390,2 96,205,6 96,167,4 19.5 19.6 19.0 18.9 605,014,9 600,972,5 596,761,7 601,879,1 63,255,5 62,916,6 62,329,3 62,385,7 11,034,2 11,051,6 10,820,3 10,936,6 678,368,5 671,948,9 673,085,1 677,881,1 597,272,8 593,120,5 590,088,3 593,704,5 94,484,4 93,461,1 93,253,4 92,980,6 18.7 18.7 18.8 18.8 609,886,4 620,528,0 618,541,7 616,758,8 616,921,2 63,415,5 65.882,8 66,208,5 66,715,8 67,816,5 10,840,3 11,206,5 11,443,4 11,477,7 11,255,3 681,608,3 682,881,4 676,686,3 676,950,2 682,899,7 603,704,2 615,786,6 612,407,7 612,637.2 613,738,4 94,829,7 96,750,4 97,376,6 97,694,5 97,935,3 18.7 18.8 18.9 18.7 18.7 633,626,0 630,574,3 630,728,7 621,794,0 * Includes bank notes. ALL BANKS AND TRUST COMPANIES COMBINED. In the table we now present we combine the averages for the Clearing-House banks with the weekly averages of the trust companies and banks in the Greater New York outside of the Clearing House as to two of the items—that is, the Loans and the Money Holdings. COMBINED STATEMENT FOR BANKS AND TRUST COMPANIES. Week Ending— Loans and Investments. 7 1911........... 52,328,080,200 14 ..................... 2,287,094,200 2.314.241.800 21..................... 28..................... 2,346,919,600 2.400.531.900 Feb. nZZZZZZZZZZZ 2.412.497.900 18..................... 2.432.389.800 2.429.340.100 25..................... 2.441.291.100 Meh. 11ZZZZZZZZZZZ 2.442.555.500 18..................... 2,459,710,700 25..................... 2.462.701.500 April 1..................... 2,475,663,000 2.486.883.800 8 ..................... 2.496.582.800 15 ..................... 22..................... 2,507,088,100 2.513.422.900 29..................... Jan. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Total Money Holdings. 5449,590,700 466.630.100 486.152.100 500,037.200 505,854,200 508,626,400 511,529,300 516.930.700 518.170.500 514.278.100 512.745.500 512,490,600 510,534,800 508.929.700 514,022,600 523,305,900 530,941,000 Week Ending— May 6________ 13................. 20................. 27................. June 3________ 10................. 17................. 24................. July 1________ 8................. 15................. 22................. 29................. Aug. 5________ 12................. 19................ 26................. Loans and Investments. 52,514,961,300 2.518.309.700 2,541,441,400 2.548.862.800 2,558,152,100 2,565,375,500 2.570.795.800 2.583.113.700 2.595.834.800 2.646.480.300 2,648,893,600 2.637.371.800 2.630.973.800 2,624,434,000 2.593.876.300 2.569.106.700 2,550,602,000 Total Money Holdings. 5527,408,400 530,392,200 534,767,100 537.744.900 530,096,600 533.516.300 541.565.300 551,048,900 550.679.900 515,103,600 512,794,000 517.667.300 518.451.900 512,864,800 513.881.300 520,061,300 523,533,000 Week Ending— Sept. 2______ 9............. 16............. 23............. 30............. Oct. 7______ 14............. 21............. 28............. Nov. 4...........11............. 18............. 25............. Dec. 2______ 9............ 16............. 23............. 30 Loans and Investments. Total Monty Holdings. 2.548.812.600 2.551.764.600 2,549,499,300 2,536,059,100 2,520,644,000 2.526.299.800 2.519.188.700 2.517.979.400 2,525,948,900 2,524,634,500 2.518.727.700 2,517,982,100 2.510.340.400 2,480,178,000 2.460.317.700 2.473.850.800 2,481,588,200 $518,600,400 506,983,000 507.856.900 508,952,100 506.389.200 495.520.700 493.452.800 493.233.600 496.801.600 494.626.700 491.300.200 491.978.600 484,023,300 472.963.800 465,033,300 473.457.900 477,131,500 485.311.800 55 NEW YORK CITY BANK MOVEMENTS CONDITION OF NEW YORK CITY CLEARING-HOUSE INSTITUTIONS. We add the following tables showing the returns of the separate banks to the Clearing House at the beginning and end of the year and of each trust company at the date of the first report to the Clearing House (June 17) and at the end of the year. NEW YORK C TY CLEARING-HOUSE BANKS. NEW YORK CITY BANKS BEGINNING OF 1911. Jan. 7 1911. 00s omitted. Bank of N. Y. Manhattan Co. Merchants'__ Mech.&Metals. America____ Phenix_____ City ............... Chemical____ Merchants’ Ex Gallatin_____ Butch.&Drove Greenwich__ Am. Exchange Commerce___ Mercantile__ Pacific _____ Chatham____ People’s____ Hanover____ Citizens’ Cent. Nassau ........... Market & Fult. Metropolitan . Com Exchange Imp. & Trad's Park .______ East River__ Fourth_____ Second _____ First............... Irving Exch.. Bowery ____ N.Y. County. Germ an-Amer. Chase_______ Fifth Avenue. German Exch. Germania___ .Lincoln_____ Garfield_____ Fifth ............... Metropolis__ West Side___ Seaboard____ Liberty_____ N.Y.Prod.Ex. State _______ 14th Street__ Coal & Iron.. Union Exch.. Capital. Surplus. $ 3.624.1 4.362.2 1.832.1 8,049,5 6,006,3 759.6 31.588.3 6.577.7 602.6 2.517.2 162,0 845,4 4,252,9 16.601.4 2.723.8 927.8 1,012,4 480,3 12,069,9 1.713.2 546,0 1.749.1 1.518.8 5.429.2 7.675.1 12.550.1 111.9 5,635,0 2.116.1 20.913.1 1.741.1 802,7 1.726.6 711.2 8.108.3 2.170.6 901.3 1,023,4 1.563.1 1.208.7 510.4 2,088,4 1,051,5 1.977.2 2.719.9 735.6 893.2 311.2 408.9 970.7 NEW YORK CITY BANKS END OF 1911. Specie. Legals. Deposits. Re Average. Average. Average. s’ve. ~$ $ $ 20,366,0 4,024,0 955,0 18,552,0 26.9 30,500,0 7,144,0 1,883,0 34,700,0 26.2 18,578,0 3,871,0 1,106,0 18,741,0 26.6 49.542.2 11,241,4 1.297.6 47,223,5 26.2 24,041,6 5.297.1 1,796,5 24.746.4 28.6 7,147,0 3,870,0 262,0 8,645,0 48.6 166,013,8 30.742.9 5,810,0 147,500,4 24.8 28,461,0 5.329.9 1.730.7 26,750,2 26.5 6.976.4 1.715.2 7,281,0 26.5 218,5 536.2 6,806,6 27.3 8,472,7 1,326,0 2.452.1 556.4 91,4 2,626,8 24.6 214,0 7,786/3 1.885.1 8.490.1 24.7 36.148.9 6.757.5 2,367,3 35.629.5 25.7 137,750,9 23.383.9 8.714.8 115,813,7 27.8 14.529.5 1,851,0 1,032,3 11.155.9 25.8 3.503.4 417,8 462.7 3,089,7 30.2 8.351.3 1,056,6 1.183.1 8.799.7 25.4 479.2 1.652.6 148.7 2,183,3 28.7 63,386,7 11.594,7 6.152.1 70.206.9 25.2 234.4 22,057,2 25.7 22.607.6 5.396.9 7,090,2 8.190.2 26.8 734,0 1.462.9 931.7 8,64Q,8 1,147,7 8.324.7 25.0 11.796.2 2.926.5 255.8 12.275.5 25.9 40,806,0 7,356,0 5,163,0 47,977,0 26.0 25,785,0 4,216,0 1,663,0 23,322,0 25.2 76,506,0 18,055,0 1,800,0 78,072,0 25.4 172.3 1.442.7 326.7 1.688.7 25.9 27,810,0 5,168,0 2,400,0 27,497,0 27.5 152,0 12,149,0 24.9 12,694,0 2,875,0 97.297.6 17.675.9 1.772.9 83,276,0 23.3 22.268.9 5.216.4 1.114.9 23.358.4 27.1 61,0 3,638,0 845,0 3,806,0 23.8 639,0 7.766.6 25.1 7.711.7 1.278.2 3.963.2 791.2 213.9 3.868.3 25.9 76,208,0 13,265,0 5,772,0 80,809,0 23.5 12.607.3 2.228.6 1.359.7 13.893.5 25.8 423,6 505.7 3.720.6 25.0 3,550,0 874.4 478,0 4.900.7 5.561.6 24.3 997.3 16,980,0 24.5 15.879.6 3.174.9 495.9 8.521.8 26.2 8.375.8 1.738.2 588,0 270.3 3.483.1 24.6 3,349,6 12,049,8 1.202.9 1.772.7 12,099,4 24.5 243,0 902,0 4,479,0 25.5 4,050,0 21,490,0 4,726,0 1,671,0 24,948,0 25.6 645.5 17,078,5 26.7 16.689.6 3.920.2 190,0 9.196.1 25.7 7.773.4 2.180.4 323,0 19,036,0 25.4 15,267,0 4,518,0 6.552.1 25.2 947.8 706.7 5.785.3 780,0 5,736,0 25.2 667,0 5,725,0 962,0 8,825,0 25.0 8,916,1 1.240.2 1228,335,5 239,203,4 71,171,5 1203,490,0 ~25.8 Loans. Average. Totals, Aver.. 133,350,0 196,577,1 Actual figures Jan. 7 . 1215,542,7 246,241,8 71,794,1 1197.148,7 26,6 Circulation.—On the basis of averages, circulation of national banks in the Clearing House amounted to 847,518,900 and according to actual figures was $47,618,900. Dee. 30 1911 00s omitted. Capital. Loans. Average. Surplus. Specie. Legate. Deposits. Re Average. Average. Average. s'vc. $ 5 $ 916,0 18,453,0 25.9 3.774.7 20,706,0 3,867,0 4.496.8 37,760,0 10,238,0 1,559,0 44,460,0 26.5 1.970.4 19,068,0 3,164,0 1,546,0 18,825,0 25.0 8.382.4 54,149,0 9,284,0 2,067,0 50,073,0 22.6 6,039,6 24,853,0 4,506,0 1,944,0 24,640,0 26.1 26.668.4 176,439,0 38,514,0 5,420,0 168,342,0 26.0 6.920.4 28,674,0 4,777,0 1,828,0 25,790,0 25.6 6,586,0 25.4 607,0 6,593,0 1,471,0 204,0 6,253,0 27.4 2,518,0 401,0 8,107,0 1,316,0 2,606,0 25.2 2,350,0 565,0 93,0 147.1 9,894,0 25.1 195,0 8,522,0 2,298,0 905,5 4,474,2 39,276,0 5,747,0 3,905,0 37,507,0 25.7 15.893.4 133,677,0 21,040,0 8,140,0 108,493,0 26.9 9,988,0 25.3 2.754.4 13,531,0 1,734,0 800,0 3,639,0 25.1 940.4 4,068,0 412,0 503,0 1.232.1 16,162,0 2,984.0 1,487,0 16,554,0 27.0 2,251,0 26.2 473,3 1,832,0 440,0 150,0 12.952.4 64,999,0 13,457,0 5,266,0 71,261,0 26.5 1,914,6 22,327,0 4,819,0 626,0 21,268,0 25.5 628.9 9,608,0 1,991,0 980,0 11,346,0 26.1 9,193,0 27.3 9,148,0 1,438,0 1,071,0 1.808.5 249,0 13,315,0 26.0 1.605.5 12,639,0 3,221,0 5,555,0 46,102,0 7,780,0 6,276,0 54,613,0 25.7 7.690.2 25,570,0 4,252,0 1,806,0 22,982,0 26.3 12,990,0 80,418,0 19,977,0 1,566,0 82,973,0 25.9 1,867,0 28.7 96,7 1,571,0 433,0 105,0 5.845.2 30,394,0 5,702,0 2,720,0 31,987,0 26.3 2.329.4 13,877,0 3,443,0 146,0 13,820,0 26.0 21.984.4 112,817,0 23,451,0 4,603,0 105,795,0 26.5 1.963.9 23,315,0 4,707,0 1,965,0 25,034,0 26.6 3,651,0 25.5 3,482,0 867,0 64,0 809.7 8,279,0 23.9 8,425,0 1,319,0 660,0 1,781,0 3,919,0 28.6 224,0 4,034,0 89S,0 710.5 8.704.5 80,225,0 20,111,0 5,008,0 90,670,0 27.7 2,089,2 12,664,0 2,558,0 1,023,0 14,108,0 25.3 3,570,0 26.5 3,457,0 430,0 516,0 872.7 6,498,0 24.5 5,588,0 1,442,0 153,0 1,047,1 1.663.6 15,884,0 3,295,0 1,354,0 17,297,0 26.8 8,984,0 28.8 8,553,0 2,006,0 585,0 1.252.6 3,586,0 25.4 3,524,0 404,0 508,0 538.6 2,154,4 12,910,0 1,746,0 1,557,0 13,220,0 25.0 4,780,0 24.0 4,287,0 886,0 260,0 1,017,1 2.103.9 23,785,0 5,122,0 2,259,0 28,184,0 26.1 2.770.6 16,692,0 3,595,0 1,117,0 17,106,0 27.5 9,920,0 25.8 423,0 8,387,0 2,144,0 820.6 374,0 21,545,0 25.8 878.9 16,605,0 5,205,0 503.2 10,069,0 2,576,0 1,206,0 14,384,0 26.2 6,536,0 25.4 393,0 464,0 6,401,0 1,270,0 998,6 9,839,0 1,358,0 1,178,0 10,072,0 25.1 6,708,0 26.0 7,484,0 1,465,0 285,0 1,085,1 Totals, Avge.. 135,150,0 197,808,7 1310,847,0 265,725,0 77,684,0 1312,825,0, 26.1 270,094,0 80+59,0 1332,254,0 26.3 Actual figures Dec. 30. 1320,831,0 Circulation.—On the basis of averages, circulation of national banks In” the Clearing House amounted to $50,807,000, and according to actual figures, was $50,885,000. Bank of N. Y. Manhattan Co. Merchants’__ Mech.& Metals America____ City ........... .. Chemical____ Merchants’ Ex Gallatin_____ Butch. & Drov Greenwich__ AmericanExch Commerce-__ Mercantile__ Pacific _____ Chat.& Phenix People’s____ Hanover____ Citizens’ Cent. Nassau........... Market & Fult Metropolitan . Corn Exchange I mp.& Traders Park_______ East River__ Fourth_____ Second_____ First_______ Irving Exch.. Bowery_____ N. Y. County. German-Amer. Chase_______ Fifth Avenue. German Exch. Germania___ Lincoln _____ Garfield_____ Fifth ............... Metropolis__ West Side___ Seaboard____ Liberty_____ N. Y. Prod .Ex State _______ Security____ Coal & Iron.. Union Exch.. Nassau,Bklyn. NEW YORK CITY CLEARING-HOUSE TRUST COMPANIES. NEW YORK CITY TRUST COMPANIES—JUNE 17 1911. June 17 Net On dep. H1911. Surplus. Loans. Specie. Legate. withC.H. Deposits. 00s omitted. Average. Average. Average. Banks. Average. NEW YORK CITY TRUST COMPANIES DECEMBER 30 1911. Reserve. $ $ $ $ $ $ % Manhattan.. 2,331,4 19,057,0 1,996,0 50,0 1,758,0 14,394,0 14.2 + 10.8 Brooklyn__ 2,397,2 17,093,0 2,069,0 517,0 1,945,0 13,855,0 18.7 + 11.4 Bankers’___ 6,529,9 81,092,0 8,769,0 526,0 9,145,0 61,945,0 15.0+12.8 U.S.Mtg.&Tr 4,446,4 40,828,0 3,248,0 840,0 4,455,0 27,383,0 14.9 + 13.6 Astor_____ 1,043,1 15,159,0 1,797,0 30,0 1,578,0 12,177,0 15.0+ 9.2 TitleGu.&Tr. 11,429,9 33,979,0 2,087,0 1,561,0 3,000,0 23,777,0 15.4+11.1 Guarantj’ .. 22,977,9 136,991,0 11,043,0 1,255,6 20,918,0 82,831,0 14.8+20.1 Mercantile .. 7,620,6 62,831,0 6,365,0 11,0 5,098,0 41,776,0 15.2 + 10.8 Law.T.I.&T. 6,453,8 19,926,0 1,545,0 726,0 1,782,0 14,669,0 15.4+10.7 Columbia__ 1.813,1 15,906,0 1,516,0 100,0 1,308,0 10.761,0 15.0 + 10.8 Standard__ 1/426,3 17,136,0 2,197,0 11,0 2,347,0 16,249,0 13.5 + 12.6 People’s___ 1,727,4 17,234.0 2,440,0 406,0 1,936,0 16,559,0 17.1 + 10.2 New York.. 11,183,3 51,069,0 5,490,0 140,0 3,664,0 34,443,0 16.3+ 9.6 Franklin.__ 977,4 12,287,0 1,430,0 276,0 1,247,0 11,050,0 15.4 + 10.0 Lincoln____ 582,0 9,674,0 1,224,0 9,009,0 16.1 + 10.7 227,0 1,086,0 Totals, Avge. 82,939,1 550,262,0 53,216,0 6,676,0 61,267,0 390,878,0 15.3 + 15.7 Actual figs. June 17. 554,644,0 57,939,0 6,718,0 65,351,0 393,745,0 16.4+16.6 The capital of the trust companies is as follows: Manhattan, $1,000,000; Brook lyn, $1,000,000: Bankers, $3,000,000; U. S. Mtge. & Trust, $2,000,000; Astor, $1,250,000; Title Guar. & Trust., $4,375,000; Guaranty, $5,000,000; Mercantile, $2,000,000; Lawyers’ Title Ins. & Trust, $4,000,000; Columbia, $1,000,000; Stand ard, $1,000,000; People’s, $1,000,000; New York, $3,000,000; Franklin, $1,500,000; Lincoln, $1,000,000; total, $32,125,000. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis December 30 1911. 00s omitted. Manhattan__ Brooklyn___ Bankers ......... U.S.Mtg.&Tr. Astor_______ Title Gu. &Tr. Guaranty......... Fidelity_____ LawyersT.I.&T Columbia____ Standard .__ People’s ____ New York___ Franklin____ Lincoln_____ Metropolitan.. On Dep. Net Surplus. Loans, Specie. Legate. 'icilh.C.H. Deposits. Average. Average. Average. Banks. Average. s 2,155,8 2.400.7 13.142.7 4,476,0 1,032,7 11,439,4 22.697.7 1.274.8 6.176.4 1,824,1 1.432.5 1,681,0 11,532,6 1,357,3 551,0 6,096,8 19,918,0 17,422,0 118,932,0 37,796,0 16,237,0 37,178,0 144,407,0 7,213,0 18,520,0 16,284,0 15,489,0 16,129,0 44,340,0 10,207,0 9,951,0 23,797,0 $ 2,230,0 100,0 1,857 396,0 2,990 1,585,0 13,908,0 659,0 10,809 3,396,0 577,0 5,529 1,950,0 169,0 1,510 1,839,0 1,248,0 2,100 15,063,0 1,355,0 17,552 563,0 241,0 733 679,0 1,633 1,512,0 1,588,0 80,0 1,229 1,977,0 43,0 1,796 1,767,0 565,0 1,773 4,096,0 158,0 3,185 1,039,0 306,0 1,115 1,164,0 216,0 1,281 2,347,0 15,0 2,179 $ 15,200,0 13,340,0 97,342,0 26,428,0 13,155,0 20,930,0 104,612,0 5,328,0 13,527,0 11,017,0 13,299,0 14,996,0 28,159,0 8,595,0 9,035,0 15,574,0 15.3 + 10.8 14.8 + 18.1 15.0 + 10.0 15.0+17.1 16.1+ 9.8 14.7+ 9.0 15.6+14.3 15.0 + 11.7 16.1 + 10.7 15.1 + 10.7 15.1 + 11.8 15.5 + 10.5 15.0+10.1 15.6+11.0 15.2+12.4 15.1 + 12.2 Totals, Avge.. 89,271,7 553,820,0 56,024,0 6,807,0 57,271,0 410,537,0 15.3 + 12.2 Actual figures 557,516,0 57,814,0 6,716,0 59,612,0 420,151,0 15.3 + 12.4 The capital of the trust companies is as follows: Manhattan, $1,000,000; Brooklyn; $1,000,000; Bankers, $5,000,000; U. S. Mtg. & TruEt, $2,000,000; Astor, $1,250,000; Title Guarantee & Trust, $4,375,000; Guaranty, $5,000,000; Fidelity, $1,000,000; Lawyers’ Title Ins. & Trust, $4,000,000; Columbia, $1,000,000; Standard; $1,000,000; People’s, $1,000,000; New York, $3,000,000; Franklin. $1,000,000 Lincoln, SI,000,000; Metropolitan, $2,000,000; total, $34,625,000. Crop and Other Productions. CEREALS, IRON AND COAL PRODUCT. OUR HARVESTS IN 1911. In reviewing the outcome of the year’s harvests in the United States it is perhaps well to refer briefly to the climatic conditions that were responsible for the quite general decrease in production as compared with the previous year. The early part of the growing season of 1911, it is quite widely admitted, was un favorable for agricultural interests over very much the greater part of the country, being described by the Secretary of Agriculture in his recently issued annual report as adverse in a degree that exceeds all records. Hot waves of marked severity followed one another in rapid succession from early May until late July over nearly the entire regions of the Mississippi Valley and the Atlantic Coast, the Weather Bureau venturing the opinion that probably during no previous similar period of sixty days had the temperature been so continuously and largely above the average over so extensive a region in the last half century. And to make matters worse, there was at the same time a marked deficiency of rainfall. Under such conditions, it is not surprising that all leading crops, with one notable exception (cotton), should show a greater or less decline in yield from 1910. This article has to do with the cereal productions of the country, but cotton, as the one crop showing a marked increase in yield, deserves passing mention. The area planted to this crop last spring was by far a record acreage, but low temperature and lack of moisture retarded germination of seed and develop ment of the plant in the early season. Before the middle of May, however, weather turned generally favorable, and from that time on there was little to complain of. This is obvious from the fact that, ac cording to the recurring reports of the Crop Reporting Board of the Department of Agriculture, condition from month to month was above the average of former years. With such a situation, therefore—a record acreage and high condition—a crop appreciably greater than ever before raised was counted upon. The De partment’s December estimate (14,885,000 bales of 500 lbs. gross weight each) indicates that the expecta tion has been realized. In considering the cereal productions of the country, reference must first be made to the results of the Census enumeration of 1909, as the Department of Agriculture has taken them as the bases for revising last year’s figures as well as for the 1911 estimates. Owing to this process of revision, the final estimates for a number of the crops—corn and wheat in particular—differ quite materially from the preliminary figures sub mitted in November and earlier months. In corn, for instance, the revision has been most drastic, the Census Bureau announcing an area of 98,383,033 acres and a yield of 2,552,189,630 bushels for 1909, as against estimates of 108,771,000 acres and 2,772,376,000 bushels by the Department for that year. In wdieat, also, an important divergence is discernible, the Census totals as recently announced having been 44,261,003 acres and 683,349,697 bushels (an actual decrease in area of 15.8% from 1899), whereas the Department’s figures for 1909 were 46,723,000 acres and 737,189,000 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis bushels. The crop of oats for 1909, as estimated by the Department, was almost identical with the official enumeration (1,007,353,000 bushels, comparing with 1,007,129,447 bushels), but the Census found area to be some two million acres greater than the running approximation. Barley and rye were also planted to a greater extent in 1909, according to the Census, than the Agricultural Department estimate indicated, but the yield in the latter was found to be quite noticeably less. As regards the 1911 yields, the corn crop is put at 2,531,488,000 bushels. This is 355 million bushels less than the revised total for 1910 and 21 millions under that for 1909, and apparently the smallest crop since 1904. Against a product per acre of 30.3 bushels in 1906 (which can be practically accepted as the highwater yield), the current crop figures out only 23.9 bushels, the lowest since 1901. The 1911 yield, too, is stated to be below the average in quality, decreasing its value as food. The weather conditions that mili tated against the development of corn in 1911 were most severely felt in States of large production, and important losses are indicated in Missouri, Illinois, Nebraska, Iowa and Kansas, while in Oklahoma the yield is estimated as only about half that of 1910, and a similar state of things exists in Texas. The wheat crop of 1911 exhibits a falling off of 14 million bushels from that of the preceding year and a shrinkage of 62 millions from 1909. Aggregate pro duction is placed at only 621,338,000 bushels, against the 1901 record of 748,460,000 bushels, part of the loss being accounted for by the intervening decrease in area. Spring wheat encountered conditions much below the average during most of the growing season, deficient rainfall and excessive heat injuriously affecting the crop early. The result is that the spring-wheat yield has turned out less than in any year since 1900 and is very materially below 1909. The crop of spring wheat as now announced for 1911 is only 190,682,000 bushels, against 200,979,000 bushels in 1910. The average product per acre at 9.5 bushels is the lowest of which we have record. Winter wheat, while also showing a loss in yield from 1910, did better than the spring variety. Production reached 430,656,000 bushels, against 434,142,000 bushels in 1910. Oats, in common with corn and wheat, were seriously affected by adverse weather conditions during much of the season, with the result that from an area slightly greater than in 1910 a much smaller crop was secured, and of lower average quality withal. The year’s yield is put at 922,298,000 bushels, or 264 millions less than the record total of 1910 and 85 million bushels below 1909. The barley crop exhibits a decline from that of 1910, the comparison being between 160,240,000 bushels and 173,832,000 bushels. The Department’s record total for barley was in 1906—178,916,484 bushels. The season’s yield of rye is placed at 33,119,000 bushels, against 34,897,000 bushels in 1910, this latter figure being the record total. To indicate the aggregate yield each year for the last four seasons of the five cereals referred to (corn, wheat, oats, barley and rye), we have compiled the following table: 57 CROP AND OTHER PRODUCTIONS | CROPS OF WHEAT, CORN. OATS. POTATOES AND COTTON SINCE 1881. CROPS OP WHEAT, CORN, OATS, BARLEY AND RYE. Department. Total Production. 1911.* Department. 1910.* Census. 1909. Department. 1909. Bushels. Bushels. Bushels. Bushels. Bushels} Com____ 2,531,488,000 2,886,260,000 2,552,189,630 2,772,376,000 2,668,651,000 621,338,000 635,121,000 683,349,647 737,189,000 664,602,000 Wheat__ Oats_____ 922,298,000 1,186,341,000 1,007,129,447 1,007,353,000 807,156,000 Barley__ 160,240,000 bl73,832,000 bl73,321,000 170,284,000 166,756,000 33,119,000 b34,897,000 b29,520,000 32,239,000 Rye_____ 31,851,000 Total__ 4.268,483,000 4.916,451,000 4,445,509,724 4,719,441,000 4,339,016,000 ♦ Department totals revised on basis ol Census results, b Department's figures Corn. Wheal. Department. 1908. 1882’........... 1883 ........... 1884 I........... 1885 :........... 1886'........... 1887!........... 1888]........... 18891......... J 1889 (Cen)\ 1890 ........... 1891 ........... 1892 ........... 1893 ........... 1894 _____ 1895 ........... 1896 _____ 1897 ........... 1898 ......... .. 1899 ......... J 1899 (C-en)l 1900 ........... 1901 a......... 1902 ........... 1903 ........... 1904 ........... 1905 ........... 1906 ........... 1907 ........... 1908 ........... 1909 ____ ( 1909 (Cen)\ 1910 6......... 1911 ........... Bushels. 504,185,470 421,086,160 512,765,000 357,112,000 457,218,000 456,329,000 415,868,000 490,560,000 468,373,968 399,262,000 611,780,000 515,949,000 396,131,725 460,267,416 467,102,947 427,684,347 530,149.168 675,148,705 547,303,846 658,534,252 522,229,505 748,460,218 670,063,008 637,821,835 552,399,517 692,979,489 735,260,970 634,087,000 664,602,000 737,189.000 683,349,697 635,121,000 621,338,000 Colton.* Oats. Potaieos. Bushels. Bushels. Bushels. Bales. 1,617.025,100 488,250,610 6.992,234 170,972,508 1,551,066,895 571,302,400 5,714,052 208,164,425 1,795.528,000 583,628,000 5,669,021 190,642,000 1,936,176,000 629,409.000 6,550,215 175,029,000 1,665,441,000 624,134,000 6,513,623 168,051,000 1,456,161,000 659,618,000 7,017,707 134,103,000 1,987,790,000 701,735,000 6,935,082 202,365,000 2,112,892,000 751,515,000 J7.313.720 204,881,441 217,546,362 2,122,327,547 809,250,666 1,489,970,000 523,621,000 8,655,616 148,289,696 2,060,154,000 738.394,000 9,038,708 254,423,607 1,628,464,000 661,035,000 6,717,147 156,654,819 1,619,496,131 638,854,850 7,527,212 183,034,203 1,212,770,052 662,086,928 9,892,761 170.787.338 2,151,138,580 824,443,537 7,162,476 297,237,370 2,283,875,165 707,346,404 8,714,011 252,234,540 1.902.967.933 698.767,809 11.180.960 164,015,964 1,924,184,660 730,905,643 11,235,383 192.306.338 2,078,143,933 796,177,713 J9.439.559 228,783,232 2,666,324,370 943,389,375 273,318,167 2,105,102,516 809,125,989 10,425,141 210,926,897 1,522,519,891 736,808,724 10,701,453 187,598,087 2,523,648,312 987,842,712 10,758,326 284,632,787 2,244,176,925 784,094,199 10,123,686 247,127,880 2.467.480.934 894,595,552 13,556,841 332,830,300 2,707,993,540 953,216,197 11,319,860 260,741,294 2,927,416,091 964,904,522 13,550,760 308,038,382 2,592,320,000 754,443,000 11,581,329 297,942.000 2,668,651,000 807,156,000 13,828,846 278,985,000 2,772,376,000 1007,353,0001 10.650.961 376,537,000 2,552,189,630 1007,129,4471 389,194,965 2,886,260,000 1186,341,000 12,132,332 349,032,000 2,531,488,000 922,298,000 (114885000 292,737.000 In comparison with the revised figures of yield for 1910, the 1911 totals show a loss of 648 million bushels. Aside from the grains here referred to, there is one other food crop at least deserving of mention. As a general article of human consumption, any information relating to potatoes (white) possesses much interest. In this case also a much smaller product is to be re ported. In fact, from an area only 2%% less than in 1910 the harvest was but 292,737,000 bushels, or some 57 million bushels (16.1%) smaller. The yield per acre was the lowest since 1901. These are the revised grain figures ol the Agricultural Department Issued after The hay crop also exhibits a very heavy loss from thea Census reported Its results for 1899, showing much larger totals than those of the Department. 6 These are the revised grain figures Issued after the Census re 1910, the total yield being estimated at only ported Its results for 1909, showing smaller totals for wheat and com than those of Department. * These are our own figures, d Estimate of the Department of 47,444,000 tons—the smallest, with one exception the Agriculture. (1895) since 1888—and comparing with 61 million tons For the information of the reader, the product by in 1910 and 65 millions in 1909. Tobacco, on the States for the leading cereal crops, revised to Census other hand, did relatively well, as far as product per basis for years 1909 to 1911, inclusive, is herewith acre is concerned, but acreage having been decreased presented: WHEAT CROP FOR FIVE YEARS. by nearly one-quarter, the aggregate yield is less than for 1910, comparison being between 905 million lbs. Production, Production, Production, Production, Production, Wheat. 1911. 1910. 1909. 1908. 1907. and 1,103)4 millions. The 1909 (Census) crop was Bushels. Bushels. Bushels. Bushels. Bushels. 1,055,765,000 lbs. 36,240,000 34,425,000 30,663,704 33,328,000 30,677,000 Ohio ___________ 34,354,000 35,194,000 33,935,972 45,169,000 34,013,000 ____ ____ In addition to estimating the crops quantitatively, Indiana 43,935,000 64,000,000 57,094,412 68,557,000 67,600,000 Minnesota_______ 51,387,000 63,236,000 77,563,615 79,282,000 65,609,000 Kansas__________ the Department of Agriculture attempts to show their California________ 8,640,000 9,900,000 6,203,206 11,680,000 20,520,000 42,000,000 36,660,000 37,830,732 30,212,000 40,104,000 Illinois..................... value to the producer, using as a basis for doing so the North Dakota____ 73,200,000 38,500,000 116,781,886 68,428,000 55,130,000 14,800,000 46,720,000 47,059,590 37,862,000 32,480,000 South Dakota____ 25,958,000 29,837,429 22,260,000 29,212,000 farm value per unit on Dec. 1. Recognizing this as a Missouri_________ 36,110,000 18,450,000 16,848,000 16,025,791 15,732,000 12,731,000 Michigan________ 17,402,000 23,300,000 21,564,479 29,415,000 30,095,000 Pennsylvania____ rather inconclusive method of determining value, we Oregon 16,726,000 15,853,000 12,456,751 15,148,000 15,265,000 __________ 3,097,000 3,590,000 2,634,710 3,328,000 2,955,000 _______ nevertheless present the results for the five principal Wlsconsn 41,574,000 38,760,000 47,685,745 44,295,000 45,911,000 Nebraska________ 50,661,000 40,920,390 27,162,000 35,045.000 Washington _____ crops for a series of years on that basis as a matter Iowa____________ 10,622,000 35,571,000 11,174,000 8,055,944 8,068,000 7,653,000 of record. 499,198,000 499,689,000 586,314,356 539,926,000 525,000,000 Total__ All others. FARM VALUES ON DECEMBER I. 122,140,000 135,432,000 97,035,341 124,676,000 109,087,000 Total United States a 621,338,000 635,121,000 683,349,697 664,602,000 634,087,000 Crops. Com____ Wheat ... Oats_____ Barley__ Rye_____ 1911. 1910. 1909. 1907. 1908. S S $ $ $ 1,565,258,000 1,384,817,000 1,477,223,000 1,616,145,000 1,336,901,000 543,063,000 561,051,000 673,653,000 616,826,000 554,437,000 414,663,000 408,388,000 405,120,000 381,171,000 334,568,000 93,526,000 139,182,000 100,426,000 92,442,000 102,290,000 21,164,000 27,557,000 24,953,000 23,068,000 23,455,000 a Of which 430,656,000 bushels winter wheat and 190,682,000 bushels sprinS wheat In 1911, against 434,142,000 bushels winter wheat and 200,979,000 bushel3 spring wheat In 1910. CORN CROP FOR FIVE YEARS. Corn. Total... 2,689,723,000 2,479,635,000 2,670,686,000 2,730,039,000 2,351,264,000 The average farm values on Dec. 1, as reported by the Department in each of the last seven years, for some of the leading crops are subjoined. AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS. 1911. 1910. 1909. 1908. 1907. 1906. 1905. Cents. Wheat_____ .per bushel 87.4 83.2 Rye --------45.0 Oats ............. Barley.___ 86.9 61.8 Com______ 72.6 Buckwheat.. Potatoes .. 79.9 Flaxseed __ 182.0 79.7 Rice ---------- Cents. 88.3 71.5 34.4 57.8 48.0 66.1 55.7 232.0 67.8 Cents. 98.6 71.8 40.2 54.0 57.9 70.1 54.1 153.0 79.4 Cents. 92.8 73.6 47.2 55.4 60.6 75.6 70.6 118.4 81.2 Cents. 87.4 73.1 44.3 66.6 51.6 69.8 61.7 95.6 85.8 Cents. 66.7 58.9 31.7 41.5 39.9 59.6 51.1 101.3 90.3 Cents. 74.8 60.7 29.1 40.3 41.2 58.7 61.7 84.4 95.0 Iowa____ Illinois___ Kansas__ Missouri .. Nebraska . Indiana .. Ohio........... Texas____ xeuuesaee _ Kentucky . Penn’a___ Arkansas.. Wisconsin Michigan Minnesota Oklahoma Production. 1911. Bushels. 305,350,000 334,950,000 126,150,000 192,400,000 155,925,000 174,600,000 150,540,000 69,350,000 91,120,000 93,600,000 63,858,000 49,712,000 58,080,090 55,770,000 74,140,000 36,888,000 Production. 1910. Production, 1909. Bushels. 343,761,000 400,775,000 170,050,000 247,500,000 191,565,000 188,640,000 144,540,000 140,080,000 88,060,000 101,500,000 58,630,000 57,360,000 49,400,000 54,108,000 66,708,000 91,760,000 Production, 1908. Bushels. 341,750,460 390,218,676 154,651,703 191,427,087 180,132,807 195,496,433157,513,300 75,498,695 67.682.489 83,348,324 41,494,237 37,609,544 49,163,034 52,906,842 67,897,051 94,283,407 Bushels. 287,456,000 298,620,000 156,200,000 203,634,000 205,767,000 137,835,000 136,675,000 201,848,000 83,080,000 84,823,000 57,275.000 54,035,000 49,674,000 60,420,000 46,835,000 122,239,000 Production, 1907. Bushels. 270,220,000 342,756.000 155,142,000 241,025,000 179,328,000 168,840,000 117,640,000 155,589,000 78,364,000 93,060,000 45,922,000 43,430,000 46,688,000 57,190,000 43,605,000 113,265.000 Total 2,032,433,000 2,394,437,000 2,181,073,789 2,186,416,000 2,152,064,000 All others 499,055,000 491,823,000 371,115,841 482,235,000 440,256,000 Total U. S. 2,531,488,000 2,886,260,000 2,552,189,630 2,668,651,000 2.592,320,000 OATS CROP FOR FIVE YEARS. In addition to the above, the farm value of hay Dec. 1 is stated at $14. 64 per ton, against $12 26 per ton in 1910, $10 62 in 1909, $8 98 in 1908 and $11 68 in 1907. The value of tobacco at 9.4 cents per pound in 1911 compares with 9.3 cents the previous year, 10.1 cents in 1909 and 10.3 cents in 1908 and 10.2 cents in 1907. We now append a table showing the wheat, corn, oats, cotton and potato crops for the last 30 years— 1882 to 1911, inclusive—thus giving opportunity for the reader to see at a glance the comparison the 1911 figures make with those for a more extended period of years than in the compilations given further above. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Production, 1911. Bushels. Illinois_______ 121,536,000 126,225,000 Iowa............. Minnesota____ 67,214,000 Wisconsin____ 67,050,000 Kansas_______ 30,000,000 54,570,000 Ohio ________ Missouri______ 17,760,000 Pennsylvania .. 31,724,000 New York____ 38,645,000 Michigan_____ 42,900,000 Nebraska_____ 34,750,000 Indiana______ 47,068,000 North Dakota.. 51,230,000 South Dakota.. 11,396,000 Texas _______ 18,499,000 Production, 1910. Bushels. 164,350,000 192,780,000 85,440,000 67,050,000 55,778,000 65,844,000 40,320,000 40,269,000 45,540,000 51,510,000 70,896,000 59,472,000 15,155,000 35,650,000 24,080,000 Total______ 760,567,000 1,014,134,000 All others_____ 161,731,000 172,207,000 Production, 1909. Bushels. 150,386,074 129,198,055 93,897,717 71,335,505 22,923,641 57,591,046 24.828.501 28,172,686 34,795,277 43.869.502 53,360,185 50,607,913 65,886,702 43,565,676 7,034,617 Production, Production, 1908. 1907. Bushels. 94,300,000 110,444,000 59,004,000 73,085,000 21,868,000 38,544,000 13,510,000 27,382,000 37,625,000 41,847,000 56,078,000 35,425,000 32,737,000 31,395,000 21,675,000 Bushels. 101,675,000 108,900,000 61,985,000 51,700,000 16,380,000 36,480,000 14,254,000 29,689,000 37,086,000 30,534,000 51,490,000 36,683,000 32,340,000 32,728,000 9,500,000 877,453,097 694,919,000 651,424,000 129,676,350 112,237,000 103,019,000 Total U. S... 922,298,000 1,186,341,000 1,007,129,447 754,443,000 58 CROP AND OTHER PRODUCTIONS. THE COUNTRY’S IRON PRODUCTION IN 1911. The official statistics of pig iron production in the United States during the calendar year 1911, as com piled by Mr. James M. Swank of the American Iron & Steel Association, confirm, what was well known before, that the year was a poor one in the iron trade. It may be said to have been unsatisfactory in a double sense— that is, not alone in the reduced volume of the output, but still more so in the low prices realized for this lessened product. For the twelve months of 1911 the make of pig iron aggregated only 23,649,344 tons, against 27,303,567 tons in the twelve months of 1910 and 25,795,471 tons in the twelve months of 1909. The downward course of production in 1911 was really a continuation of the retrograde movement begun dur ing the latter half of 1910. In the first half of 1910 the product was, roughly, 15 million tons—in exact figures 14,978,738 tons. In the latter half of 1910, however, the output was only 12,324,829 tons, and in the first half of 1911 there was a further decline to 11,666,996 tons, while there was very little recovery in the second half of 1911, the product amounting to 11,982,348 tons. The causes responsible for the setback experienced in the iron trade, and which in diminished measure ex tended to nearly aU other branches of business, were the same as those noted in 1910. Radical govern mental policies and disturbing legislative enactments deeply unsettled confidence and made men of means and the managers of large corporations reluctant to embark upon new enterprise or upon promotion work of any kind. The risks were too great, the outlook too uncertain. The numerous trust prosecutions, the condemnation by the United States Supreme Court of the Standard Oil Co. and the American Tobacco Co., the beginning of a suit under the Sherman Law against the United States Steel Corporation, and, worst of all, the fear engendered by the unfortunate speeches of President Taft and the remarks of Attorney-General Wickersham, that all large combinations belonged in the forbidden class, were all influences that proved depressing in the highest degree. The most potent disturbing agency, however, as far as the iron and steel industry is concerned, was the unsatisfactory railroad situation. The connection be tween the iron industry and the railroad industry has always been close. Prosperity in the latter has in variably meant prosperity in the former, and, vice versa, when the railroads are depressed, the fact never fails to be reflected in reaction in the iron and steel trade. During 1911 the railroads encountered unus ually trying conditions. At the beginning of the year the managers were looking hopefully forward to the prospect of being allowed to make slight advances in rates, in order to compensate in part for the rise in operating cost and, more particularly, the higher wage schedules to which the carriers had been obliged to assent during 1910. Congress had in 1910 enacted a new railroad law giving the Inter-State Commerce Commission power to veto proposed advances in rates. But expectations were entirely disappointed. Towards the close of February the Commission announced its decision in the cases which it had had under considera tion for about eight months, and refused to grant ad vances of any kind, either by Western roads or East ern roads. The refusal, too, was on such broad lines that it seemed unlikely the railroads could ever make out a case which would incline the Commission to sanction any general leveling of rates upward. The http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis effect was to impair confidence in the stability and integrity of railroad income. Several other decisions by the Commission, handed down later in the year, served still further to excite fears on that score. To state the situation in brief, a blow was dealt at the railroad industry in February by the action of the Commission from which there was no recovery the rest of the year. It may be stated as an undisputed fact that the chief unfavorable feature in the iron and steel industry during the year was the lack of orders from the rail roads. On account of their crippled condition and the impairment of their credit, they were obliged to practice rigid retrenchment and economy. It was absolutely necessary, as far as possible, to defer until some future and more opportune occasion all improve ments and extension work. This meant that they could purchase only sparingly, though a slight change in the attitude of the managers occurred the latter part of the year, it being then found that as to certain things it would be unduly risky to put off purchases any longer. Low prices came as a further inducement to buy. As indicating the part which railroad activity in ordinary seasons plays in the iron and steel trade, it should be noted that in April Chairman Gary of the Steel Corporation gave out a statement saying that the railroads usually buy about 30 to 33 1-3% of the company’s entire product, but for some time past had been buying only about 7@8%. One feature of an encouraging nature in the early part of the year was that prices for iron and steel were, on the whole, fairly well maintained, especially considering the small vol ume of business being done. In May, however, the Republic Iron & Steel Co. announced a cut of $3 a ton in steel bars at Pittsburgh and marked the quota tion down from the nominal figure of SI 40 per 100 lbs. to SI 25. Not only that, but the cut was accompanied by the announcement that these reduced figures would hold good to jobbers until Oct. 1 and to general con sumers until Jan. 1 1912, while in the case of agricul tural-implement makers it was stated these prices would apply until July 1 1912. This action made it evident that a long term of low prices was ahead. The other independent producers, as well as the Steel Corporation, at once met this cut. Chairman Gary then called the steel manufacturers together at one of his customary dinner conferences on May 29. Following this conference a general downward revision of prices of finished steel products was made, with the exception of wire products, tin plate, rails, hoops and tubular goods. In June came a reduction in wire products also, and from this time on the price situa tion became steadily worse, until the latter part of the year an absolutely open market for steel products prevailed except in the case of one or two special ar ticles, like steel rails, where quotations have been maintained on an unchanged basis for years. One effect of these low values—the lowest in a very long period of time and which in many instances left, it was claimed, no margin of profit to the producer—was to stimulate considerable activity in the trade, but not until well along in the year. Consumers who had previously been holding off, now put in orders on a pretty liberal scale. Even the railroads were, as al ready indicated, induced to purchase with greater free dom. This purchasing finally brought some slight recovery in prices towards the end of the year, more particularly in finished products. As an indication of the change, the Republic Iron & Steel Go., which 59 CROP AND OTHER PRODUCTIONS. after its action the previous May had further cut the price of steel bars at Pittsburgh to SI per 100 lbs., in De cember made two advances, first to SI 10 and then to SI 15, these prices applying to 1912 shipments. Other producers, of course, followed the lead. Steel billets, which the first five months of the year were main tained at S23 a ton, dropped to S19 in November, with a recovery to $20 the latter part of December. In the following we furnish the quotation at the beginning and the end of the year for a number of leading products, and also the high and low points of the year, each with dates: Price Jan. 1 1911 Old iron T rails___ a No. 2 fdy. p. lron._a Basie, pig Iron___ o Gray forge pig iron.6 Bessemer pig iron. _ 6 St’l billets at mills.6 8 17 00 15 50 14 75 13 90 15 90 23 00 RANGE FOR YEAR 1911. Low 15 14 14 13 14 19 50 85 25 25 90 00 Nov 1 to Dec Nov 29 to Dee Jan 18 to Feb Nov 29 Nov 15 to Dec Nov 22 to Dec a At Philadelphia, b At Pittsburgh, to 19 and from Dec. 13 to 30. High. $ 13 18 50 Meh 30 15 50 Jan lc 15 25 Meh 14 40 Feb 13 15 90 Jan 20 23 00 Jan 1 1 8 15 1 1 to Meh 29 to May 31 to Apr IS to May 10 to Sept 27 to May 24 Price Dec.30 1911 16 14 14 13 15 20 00 85 25 40 15 00 IMPORTS AND EXPORTS OF ALL KINDS OF IRON AND STEEL. 1911. 1910. 1909. Imports______ tons 256,903 487,967 356,296 Exports ................. .2,187,811 1,537,942 1,241,496 Excess of exports...1,930,908 1,049,975 AVERAGE YEARLY PRICES OF IRON AND STEEL, 1904 TO 1911. 1911. 1910. 1909. 1908. 1907. 1906. 1905. 1904. Articles— $ $ 8 $ $ $ $ $ Old Iron T rails at Phila___ ton. .16.90 19.09 19.42 18.60 23.88 23.05 22.08 16.22 No. 1 anth. fdy. pig at Phila. “ 15.71 17.36 17.80 17.70 23.89 20 98 17.89 15.57 Gray forge pig iron. Lake ore, at Pittsburgh__________ " 13.96 15.24 15.55 15.23 21.52 19.85 15.62 12.89 Bessemer pig iron at PIttsb . . " 15.71 17.19 17.41 17.07 22.84 19.54 16.36 13.76 Steel rails at mills in Penn.. “ 28.00 28.00 28.00 28.00 28.00 28.00 28.00 28.00 Steel billets at mills at PIttsb. “ 21.45 25.38 24.61 26.31 29.25 27.43 24.03 22.18 Best refined bar iron from store at Philadelphia. 100 lbs.. 1.64 1.85 1.75 1.70 2.11 1.98 1.92 1.72 Production varied considerably from month to month. According to the figures compiled by the “Iron Age,” the monthly output increased from 1,759,326 tone in January to 2,171,111 tons in March, then fell off, mainly because of the blow dealt the railroad industry by the adverse decision of the InterState Commerce Commission the previous February, so that in June the output was only 1,787,566 tons. Under the break in prices which then developed, the product increased again month by month, and in October reached 2,102,147 tons. This last was for a month of 31 days. In November, with only 30 days, the output was 1,999,433 tons and in December (31 days) 2,043,270 tons. The Steel Corporation in May reported its steel ingot capacity employed to the extent of only 58%. In June there was an in crease to 68%, and at the end of December the com pany was running to the extent of 80% of capacity. The unfilled orders on the books of the subsidiary cor porations May 31 were only 3,113,187 tons. By Dec. 31 they had increased to 5,084,761 tons. This compares with only 2,674,757 tons on Dec. 31 1910. In one particular there was noteworthy development. There was a further marked expansion of the country’s export trade in iron and steel. In this, of course, the United States Steel Corporation played the most note worthy part. That wisely managed concern has from the first sought to build up foreign markets for its products, and during 1911, with the domestic demand so small, its efforts to that end were redoubled. In money value the country’s exports of iron and steel and their products reached $249,656,411 in 1911, against $201,271,903 in 1910 and $157,674,394in 1909. As far as quantities are concerned, many of the articles are of such a description that weights are not given in the Custom-House statistics. Taking the shipments 885,200 1908. 1907. 1906. 205,755 662,350 578,209 964,243 1,301,981 1,325,740 758,488 639,631 747,531 As much interest attaches to the iron production of the different States, we annex the following table: c The same price ruled again from July 12 Average prices were quite generally the lowest since 1904, and in some instances for a much longer period of time. We add a second table to show the average prices for the last eight years on a number of leading articles of iron and steel. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis of all kinds of iron and steel reported by weight, the aggregates of the exp orts in 1911 re ached 2,187,811 gross tons. As the imports were only 256,903 tons, this left a net excess of iron and steel exports in amount of almost two million tons (1,930,908 tons), or nearly double the net exports in 1910, which reached only 1,049,975 tons. The United States assumed promi nence even as an exporter of tin plates, of which the shipments in 1911 were 137,684,241 lbs., against only 27,877,080 lbs. in 1910. The table we now insert shows the imports and exports for each of the last six years: PRODUCTION OF PIG IRON BY STATES. Tons 2,240 lbs. 1911. 1910. 1909. 1908. 1907. 1906. 1905. South. Tons. Tons. Tons. Tons. Tons. Tons. Slates. Tons. Ala .. 1,712,443 1,939,147 1,763,617 1,397,014 1,686,674 1,674,8481 1.604,062 483,526 510,210 320,458 478,771 293,642 444,976 391,134 Va .. 426,874 372,692 Tenn.. 333,845 290,826 393,106 397,569 324,648 298,179 304,534 291,472 174,661 228,282 65,551 291,066 W. Va 63,735 98,127 95,202 86,371 127,946 100,509 45,096 Ky .. 38,699 55,825 92,599 24,345 Ga .. 1 1,200 14,725 26,072 J 332,096 411,833 386,708 326,214 183,502 Md 286,856 255,816 Total. 2,974,423 3,397,801 3,116,177 2,326,792 3,445,221 3,467,216 3,219,673 Penn.. Ohio . N. Y. N. J.. Illin's. Mich.a Wise.5 Mo.c _ Mass d 9,806,834 11,272,323 10,918,824 5,310,31C 5,752,112 5,551,545 1,562,756 1,938,407 1,733,675 294,474 40,663 264,781 2,108,002 2,675,646 2,467,156 964,289 1,163,932 1,250,103 307,20C 348,177 276,807 428,612 382,766 395,968 16,582 18,388 9,649 6,987,191 11,348,549 11,247,869 10,579,127 2,861,325 5,250,687 5,327,13E 4,586,110 1,019,495 1,659,752 1,552,651 1,198,068 311,039 373,189 379.39C 225,372 1,691,944 2,457,768 2,156,866 2,034,483 288,704 369,45f 436,507 348,096 351,415 373,32; 148,938 322,083 407,774 313,071 468,486 413,04( 15,987 13,794 19,119 20,239 GrTot 23,649,344 27,303,567 25,795,471 15,936,018 25,781,361 25,307,191 22.992,380 a Including Indiana. 6 Including Minnesota, ton and California, d Including Connecticut. c Including Colorado, Washing ANTHRACITE COAL PRODUCTION IN 1911. Anthracite coal production during 1911 repeated past experience in showing an increased output at a time when production in most other lines was being in larger or smaller measure reduced. This is the second successive year in which the anthracite output has in creased. In 1909, on the other hand, at a time when most other industries were showing revived activity, the anthracite shipments to market registered a de crease. But the records make it clear that the anthracite trade not infrequently follows a course of its own. The explanation is found in the fact that the anthra cite region is of limited area and the product has a distinctive use. No one needs to be told that hard coal as a fuel goes chiefly into domestic and family consumption, and is employed mainly for cooking and heating rather than for manufacturing purposes. A severe or a mild winter often plays a more important part in extending or restricting the anthracite demand than the state of general business. As it happens, though, the early months of 1911 were not marked by very cold weather, and in the closing month, December, temperatures in these parts were milder than they had been for years. There was nothing, therefore, in this circumstance to stimulate the production or consump tion of coal. Nevertheless, the shipments to market in 1911 reached 69,954,299 tons, against 64,905,786 tons in 1910 and 61,969,885 tons in 1909. The demand for anthracite was active all through the year, and there can be no doubt that no portion of the enlarged output remains in the possession of the mining companies. 60 CROP AND OTHER PRODUCTIONS. The "Engineering and Mining Journal” of this city in its review of the year says that the storage yards of the large companies remained almost empty. This statement we find confirmed by the statistics regarding tidewater stocks, which it appears on Dec. 31 1911 amounted to only 712,958 tons, against 734,898 tons Dec. 31 1910. Very likely, however, coal dealers have been stocking up to be prepared against the eventuality of a strike by the miners on April 1. The contracts with the men expire on April 1 1912, and it was known all through 1911 that demands would be made for higher wages and for other concessions. There may, hence, be larger supplies than usual in private bins and also in the yards of retail dealers. The increase in production went on steadily all through the year, there being only two months out of the twelve in which the shipments did not exceed the totals for the corresponding months of the previous year. One of these exceptions was April, and the other, as it happens, was December, when the temperature was so extremely mild. The total for the latter month was nevertheless among the largest of the year, as may be seen from the following: Months— January___ February .. March........... April.............. May-----------June.............. July................ August........... September... October......... November... December ... 1911. 5,904.117 5,070,948 5,996,894 5,804,915 6,317,352 6,215,357 4,804,065 5,531,796 5,730,935 6,269,179 6,193,314 6,115,427 1910. 5,306,618 5,031,784 5,174,166 6,224,396 5,679,661 5,398,123 4,202,059 4,996,044 4,967,516 5,622,095 6,071,746 6,231,578 1909. 1908. 5,183,345 5,618,339 4,576,004 4,503,756 6,332,474 4,766,158 5,891,176 5,987,221 5,063,873 6,088,116 4,904,858 5,704,852 4,020,765 4,541,506 4,198,273 4,599,093 4,416,120 5,211,047 5,579,759 5,977,497 6,027,800 5,839,491 5,775,438 5,827,938 1907. 5,249,946 4,563,720 5,235,814 5,916,583 5,976,906 5,994,272 5,669,024 5,795,347 5,512,717 6,108,065 5,743,522 5,343,477 1906. 5,458,084 4,712,099 5,797,167 488,203 3,254,230 5,676,018 4,981,448 5,400,511 4,527,886 5,384,768 5,182,153 4,836,028 Total tons.69,954,299 64,905,786 61,969,885 64,665,014 67,109,393 55,698,595 It will be observed from the foregoing that the 1911 product exceeded by nearly 3,000,000 tons the 1907 output, which was the previous maximum. In the following we record the anthracite movement for each year back to 1874. The figures, it should be under stood, relate only to the shipments to market. They do not include coal used at the mines, nor coal sold locally, nor yet the consumption by the anthracite carriers themselves. To get at the total output it will be necessary to add from 12% to 15% to the figures given. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Tons. Tons. 1 Year— 1911............................................ 69,954,299 1892............................................. 41,893,320 1910................... -....................... 64,905,786 1891............................................. 40,448,338 1909............................................. 61,969,885 1890............................................ 35,855.174 1908............................................. 64,665,014 1889............................................ 35.407,710 1907............................................. 67,109,393 1888............................................ 38,145,718 1906............................................. 55,698,595 1887............................................ 34,641,017 1905............................................. 61,410,201 1886............................................ 32,136,362 1904............................................. 57.492,522 1885............................................ 31,623,529 1903............................................. 59,362,831 1884............................................ 30,718,293 1902............................................. 31.200,890 1883............................................. 31,793,027 1901......................................... 53,568,604 1882............................................ 29,120,096 1900............................................. 45,107,486 1881............................................ 28,500,017 1899............................................. 47,665,203 1880............................................. 23,437,242 1898............................................. 41,899,751 1879............................................. 26,142,689 1897............................................. 41,637,866 1878............................................. 17,605,262 1896............................................. 43,177,483 1877............................................ 20.828.179 1876............................................. 18,501,011 1895..................................... 46,511,477 1875............................................ 19,712,472 1894................................ 41,391,200 1874............................................ 20.145.121 1893................................... 43,089,536 Year— With reference to prices, these, it is well known, are maintained on a fixed basis by the large companies as far as the prepared or household sizes are concerned, which constitute the bulk of the product. The only variations are that during the summer months graded discounts are allowed so as to induce consumers to lay in supplies in advance and relieve the companies from the crush which would otherwise come with the advent of cold weather. For the small or steam sizes of coal, however, prices do fluctuate to some extent. We notice that the "Engineering and Mining Journal” says that for these steam sizes( pea coal and the like) prices were a little uncertain early in the year, but soon steadied up and remained firm, while toward the close of the year this class of coal sold at tidewater at higher figures than had been realized for seven or eight years previously. To show the shipments by the different carriers, we bring forward the following table, adding the figures for 1911. It will be seen that the ratios of the different roads vary more or less from year to year, and that the Erie, the Delaware & Hudson and the Lehigh Valley are enlarging their percentages, while the ratios of the Reading, the Lackawanna and the Pennsylvania have declined somewhat. ------- 1911- ~--------------1910------ ------------- 1909------ ------ 1908-----% Tons. % Tons. % Tons. % Tons. Reading......... 13,265,758 18.96 12,445,733 19.17 11920,757 19.24 12,578,883 19.45 Lehigh Val..112,603,000 18.02 11,195,765 17.25 10296,627 16.61 10.772,040 16.66 Del. S.&S..J Cent, of N. J. 9,218,802 13.18 8,519,135 13.13 7,938,370 12.81 8,495,425 13.14 D. L. & W... 9,869,620 14.11 9,589,076 14.77 9,531,695 15.38 10,088,697 15.60 Del. & Hud.. 7,206,731 10.30 6,578,356 10.14 6,136,946 9.90 6,461,666 9.99 Penn.RR___ 6,494,733 9.28 6,250,976 9.63 5,966,543 9.63 6,019.457 9.31 Penn. Coal._l Erie............... 1 8,800,179 12.58 7,554,198 11.64 7,461,121 12.04 7,450,175 11.52 N. Y.S.&W.J N. Y.O. &W. 2,495,476 3.57 2,772,547 4.27 2,717,826 4.39 2,798,671 4.33 Total ....69,954,299 100.0 64,905,786 100.0 61969,885 100.0 64.665,104 100.0 Production of Gold and Silver. UNITED STATES AND THE WORLD. GOLD AND SILVER PRODUCTION AND MOVEMENT IN 1911. The year 1911 witnessed progress in the production of gold in some directions and a retrograde movement in others, with the net result a moderate gain in the aggregate yield of the world’s mines as compared with 1910. To be more explicit, from the mines of the United States, Australasia, Russia and Mexico smaller supplies were obtained than in the previous year, but an important augmentation in yield occurred in Africa (principally in the Transvaal, of course), and Canada and some of the smaller producers contributed more freely. Our investigations during the course of the year foreshadowed just such an outcome, and on Oct. 28 1911, in reviewing the result for the nine months, we expressed the opinion that 22% millions of fine ounces valued at about 470 million dollars would very likely represent the world’s yield for the twelve months. That figure proves very close to the mark, as our pres ent statement makes the output 22,618,696 fine ounces, or 595,294 fine ounces greater than in 1910. The striking feature of the year has been the phe nomenal expansion of production in the Witwatersrand field (the Rand, as it is commonly called) of South Africa. There have been times not long since when it was thought that the limit of production of the Trans vaal mines, especially those of the Rand, had been reached. Particularly was this the case in the closing months of 1909 and the earlier months of 1910, yield then showing a declining tendency. But beginning with July of 1910 the product materially increased, and every month since has shown an important gain over the corresponding period of the previous year. The course of production in 1911 furnishes a striking illustration of the progressive growth. Starting with a per diem yield of 21,001 fine ounces in January, new records were frequently made thereafter, the result for November being a daily average of 23,991 fine ounces and a month’s total of 719,729 fine ounces. In Decem ber there was a moderate decline, the per-diem rate dropping to 22,871 fine ounces and the month’s aggre gate to 709,000 fine ounces, these comparing, however, with 20,674 fine ounces and 640,905 fine ounces, re spectively, in December 1910. The total yield of the Transvaal for 1911 turns out to have been 8,236,815 fine ounces, against 7,534,120 fine ounces in 1910. Districts of Africa outside of the Transvaal collec tively have done moderately better than in 1910, and consequently for the whole of Africa the total is 874,213 fine ounces in excess of 1910 and of greater magni tude than the production from all mines of the world for as late a year as 1894. A largely increasing use of small rock drills in the mines of the Transvaal is proving no unimportant ele ment in the development of gold-mining and indirectly helps solve the labor problem. Referring to this mat ter, a South African mining journal states that “it is interesting to learn that even in the smaller mines of the Rand the use of the machine drill has been found capable of meeting the labor difficulty to a consider able degree.” In one mine,it is instanced,the drill has so largely displaced hammers that at the time of writing http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis only 200 hammers were in operation, and within two or three months it was expected that the number would be reduced to not more than 75. As indicating how great an increase there has been in the use of rock drills of late, we note that, as against 3,851 employed in Janu ary, there were upwards of 5,000 at the close of the year. The declining tendency in production in Australasia in recent years has been referred to so frequently that little is to be said now. The falling off was apparent in practically all districts in 1911, being greatest in Westralia, Victoria and Queensland, and the aggregate yield for the twelve months was materially less than in 1910 or in any year since 1897. The Colar field of India makes a little better showing in 1911, but the United States, mainly on account of losses in Colo rado, California and Alaska, which gains in South Da kota, Nevada and elsewhere were not sufficiently large to offset, exhibits a nominal decline. Russia’s production for a few years prior to 1911 gave evidence of the effect of consistent development work in which Governmental interest was of no mean assistance. For the years 1907 to 1910, inclusive, there was a steady increase annually, with the pro duct of the latest year nearly 1% million fine ounces. Much was expected of 1911 on account of the new discoveries in Siberia, but unusual and prolonged drought in that section interfered with placer mining, and in consequence the year’s result is an important decline in yield. Canada showed a further small addi tion to output in 1911, but production was much below that of any year from 1898 to 1905, inclusive. Recent discoveries in the Porcupine district, the Yukon and Baffin Land made no impression on the late year’s result, but it is thought will add appreciably to the yield of the Dominion in the near future. In Mexico production increased very noticeably of late years down to and including 1910, but in 1911 the revolu tionary movement was a factor adverse to mining operations and a loss in product resulted. As detailed below, the world’s gold production in 1911 was approximately 22,618,696 fine ounces, valued at $467,596,160, which is an increase of 595,294 fine ounces, or $12,305,799, over the yield of 1910. In 1896 the yield was only 9,820,075 fine ounces, and of the augmentation of 12% million fine ounces, 7,215,895 ounces, or more than half, has come from Africa. Since 1906 the aggregate yield has increased 3,248,038 fine ounces, and within 500,000 ounces of that amount has come from Africa. It is interesting to trace so far as is possible the lodg ment of the large quantity of gold that is produced annually. The operation, however, is not an easy one, as a considerable amount is used in the industrial arts in the various countries each year, of which no exact record is obtainable, and no small quantity finds its way into banks outside of Europe and the United States, from which information is not to be had read ily and promptly. Furthermore, the treasuries of the various countries of the world are constantly adding to their stocks of gold. We are, however, able to trace the greater part of the year’s product. Starting with PRODUCTION OF GOLD AND SILVER 62 the use of gold in the arts, we find that the Director of the Mint estimates that $34,000,000 is thus ac counted for in the United States alone for 1911, and it would seem to be within the mark to credit the world with an industrial consumption of about 150 million dollars for the same year. Leading European banks, except those of France and Austria-Hungary, were gainers of gold during the year, the combined holdings of all the banks being some 33 million dollars greater at the close of 1911 than at the beginning. The visible stock of gold in the United States, as com piled by the Treasury Department, also showed an important augmentation, being 88 million dollars heavier at the close of the year than at the opening. Moreover, India, Egypt, Turkey, Brazil and Argen tina gained largely of the metal through imports from Great Britain, another 88 millions being thus traced. In these various ways the larger part of the year’s production is accounted for—in fact, 359 millions of dollars, leaving about 108 millions as representing the extent to which banks, treasuries, &c., other than those embraced in our remarks above, have benefitted from the year’s output of gold. The following detailed compilation of the gold product will enable the reader to trace the growth of the contribution from the various sources of supply since 1880. Corresponding information from 1871 to 1881 will be found in Vol. 70 of the “Chronicle,” page 256, and from 1851 to 1871 in Vol. 54, p. 14, or in 1887 issue of the Financial Review. QOLD.—PRODUCTION IN THE WORLD—OUNCES AND VALUES. ft Olrco »OlO-’TOOO . .©©©!>»-» CO ©©iH©© Tf t^OJ-FOO© H g r-Tio © t'-”©" CO 04 COCO CO 00 ’’J'©©’—*© 04 . .coeooioioo © CO o o" © t- ©©»H©© CM©©t^© Cl ©pH©© oirM©^^ Clb-cO©CO ©©©pHr-1 to © H^OOC© 04 ©CO©©© CO03LOIOO4 04 © ooohoco 05 Tfi©Ttnor05 ©©Cl©© 00 <M©COpH© b- © ©©CO©© ! b- ©CO^O© © ©©©©© 05 tPtJitJi©© xi cir-©o© . eJrH 00*0*001 co <^© pH Cl ©CO §ooci>ho>oo ® eo©©^©© S g©oocom© ■S Sb-COCO©© C> ©©©b«© -H sooorCO COO4^©COrH 05 r- Ovo co © ©©tJItT© © 0404CO©tJi © r-< © 05 b04 Tji r-< r-1 CO t* ©’—'©COCO b-©i>.cO© i-< tJ1 r-T c£’’F ^fO4cOt''-t'©•“<©©© © ©©041^.© © ©OOO©© © r*^©© 00 CO tf io©’-f©'od Tfi C0©Ol©b’I’H H H © © ©©b-OQCO I tPCO ©©tPCMtt© I CO© »-t CO © © b04 tji©©jo© b*COTji©b©©tt©^ CO-^O5r-T© CO 05© CO IO i-l 04 ©© CO © O4©0C©© CO ©©’“<©© CO COCO ^CO 00 04” co co co© 00 00©-!©© tf FH©©b-t^ cd—1 pH ©OCO0404 GO I ©iH CO ©©•-<©© I 04© © ©©—l©b- ©Tp -H r-T©©C0”c0” 004” © 00©b-b-35 CO© ©©TPtPtPTP I Tp© 04 b© 00 04 b- c©0©04 ©©©00 tF ©00vb ©O©©~© Ot^co©© 00 00 ©00 © 04 C0b-0©b» I ©©CO©bCO COCO©f-h© U- ©©CO«H© © CO »O r^O5 04 © ©b-,HcO© pH UV'Lr_l °° 05 04 04 CO COM ©©©CO©© TP© 00 00©©rH© 04"0" 04 i-TpHtH ' ©rd © TP ©©©04 b-TF b- ©©CO©b» I 00© 35© ©©b-b-O4© © cdcdcocd’d © 04©00CO00 IO ©COrH©b» CO ©©©b»© 04 ©»H©iHCO © ©r-HCO'TFb- CO ©tP©tP00 I 00 00b-00©00 ' »H ©©C0©iH ■H t>rHCOOOrH tF ©p-<©©© 04 rHOO©©lO 04 04 CO CO © b-©’—1 ©© TP © 04 b- CO 35 CO ©GO©©© © ©C005000 IO ©0O0C©rH © b-b-co©© TP /HOC CO©© I b-O © ®OHb© ----- 00 r-< CO’“, © !>• 00 ©©C-©rH IO 00©CO©O4 © rH ©04^1-H b05 04 04 CO tFCO © TPTPCOO4—I b- ©05©©© O4~ CO CO ©CO © b- O4©b-©O4 tf ©TP—l©eo © bQttH04" © COCO •’Ftp Tp e’S ! ! ! ^6 ©©©©CO—1 I 00© TpH©H©© | b-© co cocorr^Tr © b- © Tflr-( CO 04*004 oo CO tF ©,h©i-.© co” b^r-T©”cj5od b- ©©r-t0c0 © tFtF©©!> tF ©©»H©© 04 Oir-’TOOQ tji co 05 05 ©00 00 b- ©I0©t0*0 04 b-©b»©© oo cohoooo iHfHiHpHtH ! I 1 ’ » —1O4COTP© ©©©©© 35 • t? 04© I _ I TP© ©© 00 04©©Tpb» ©© © COCOCOCOCO I b-’oi © * For figures from 1881 to 1871 see Vol. 70, pages 256 to 260. •• “ 1871 to 1851 see Vol. 54, pages 141 to 144. The ounces In the toregolng table for any of the countries given may be turned Into dollars by multiplying by 20.6718. The value in pounds sterling may also be ascertained by multiplying the ounces by 4.2478. Thus, according to the above, the product In Africa in 1911, stated In dollars, Is 8193,612,109, and in sterling £39,784,899. Official Details from Gold-Producing Countries. From the returns we have obtained from the mines, mint bureaus and other official and semi-official http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis sources respecting gold mining in 1911, we are able to deduce the following. United States.—A further, but practically nominal, setback in production of gold from the mines of the country was wit nessed in 1911, according to the preliminary estimate of Mr. George E. Roberts, Director of the Mint, the yield hav ing been 1,720 fine ounces less than in the previous year. That the loss was not of greater magnitude is due to the fact that much better results were secured in some of the smaller producing States. The yield of Alaska fell off 13,004 fine ounces and Colorado 66,399 fine ounces. In California there was a moderate decrease and smaller results were reported in Montana, Arizona and Washington. Nevada, on the other hand, increased its output by 4,590 fine ounces, and there were fair gains in Idaho, Utah and New Mexico. The greatest expansion in yield, however, was in South Dakota, where an augmentation of 99,178 fine ounces is shown. The net result of gold mining in the United States in 1911 was, as stated above, a loss in production of 1,720 fine ounces, valued at $35,572. The ounces and values, as estimated for each State in 1911, compare as follows with the final figures for 1910 and 1909: GOLD PRODUCTION IN UNITED STATES. Gold ---------- 1909----------- 1910------------ ----------- 1911-----------Value. Fine ozs. Value. Fine ozs. Value. Production. Fine ozs. Colorado ____ 1,056,831 821,846,600 992,967 820,526,500 926,568 819,153,866 California ...1,001,538 20.703.600 988.854 20,441,400 982,544 20,310,987 20.339.600 787,148 16,271,800 774,144 16,002,976 Alaska... 983,932 6,573,600 260,266 5,380,200 359,444 7,430,367 South Dakota 317,996 3,750,100 179,974 3,720,400 153,341 3,169,840 Montana ___ 181,411 2.626,800 165,113 3,413,200 142,938 2,954,790 Arizona_ 127,072 4,312,700 227,834 Utah....... 203,819 4,213,300 208,627 4,709,747 16.386,200 913,015 18,873,800 917,605 18.968,578 Nevada_ 792,684 Idaho ........... 65,026 1,344,200 50,113 1,035,900 56,563 1,169,261 Oregon.......... 40,103 829,000 32,960 681,400 28,988 599,235 23,084 477,200 30.955 639,897 252,800 New Mexico.. 12,229 38,992 806,000 Washlngton.. 20,753 429,000 24,407 504,537 7,901 163,300 South. States 5,810 120,100 9,158 189,313 8,003 169,300 Other States. 12,505 258,500 20,808 430,140 Totals____ 4,821,709 $99,673,400 4,657,017 $96,269,100 4,655,297 $96,233,528 Africa.—As we have pointed out from time to time during the course of the year, Africa was the one bright spot in the gold-mining industry in 1911. Quite notable expansion in yield is to be reported from almost all directions, with the Rand making a particularly fine showing. The results in that district, month by month, were much more favorable than for the corresponding periods of 1910, and a feature of the year was the frequent new high records established either in daily average or monthly aggregate output. Outside dis tricts of the Rand also did better than in the previous year, and the combined product of Rhodesia, West Africa, Mada gascar, &c., was moderately greater. The aggregate yield of all of Africa was, of course, the heaviest on record, the gain over 1910 being conspicuously larger than that disclosed by 1910 over 1909. The Rand alone produced in 1911 a total of 7,896,802 fine ounces, or 914% more than in the preceding year. The results for the Rand monthly for the last seven years are subjoined. Ounces. January.. February. March__ April___ May___ June___ July___ August -September October.. November December WITWATERSRAND DISTRICT—FINE OUNCES. 1909. 1910 1908. 1907. 1905 1906. 357,214 411,256 520,089 540,202 591,976 579,743 351,052 389,283 475,785 520,969 550,645 550,422 385,575 424,773 520,163 553/40 592,415 581,899 385,394 420,467 518,243 543,361 587,626 594,339 400,149 441.936 506,100 558,243 603,411 606,724 396,188 456,014 487,956 550,240 596,216 598,339 401,121 473,385 513,655 561,988 599,078 610,664 410,859 489,787 534,598 565,545 590,924 623,129 399,536 486,522 517,746 565,439 585,736 621,311 397,868 521,397 532,993 594,054 581,132 627,445 407,056 515,193 530.215 591,204 576.768 617,905 414,421 529,521 562.684 637,853 583,209 616.668 1911. 625,826 585,863 649,247 638,421 658,196 657,023 679,881 682,405 669,773 677,923 691,462 680,782 Totals..4.706,433 5,559,534 6,220,227 6,782,538 7,039.136 7,228,588 7,896,802 Other sections of Africa, embracing the outside districts of the Transvaal and Rhodesia, West Africa, Madagascar, Mozambique, &c., gave, as already remarked, a larger yield than in 1910. The appended compilation, which covers the progress in gold mining in all districts of Africa since 1886, will need no further explanatory comment. AFRICA’S GOLD PRODUCTION—FINE OUNCES. ----------- Total-------------------Other------------ Witwatersrand---Ounces. Ounces. £ £ Tear. Ounces. £ 28,754 122,140 1887(partyr) 28,754 122,140 240,266 1,020,600 50,000 212,390 1888 ............. 190,266 808,210 366.023 1,554,794 212,390 50,000 1889 ............. 316,023 1,342.404 479,302 71,552 303,939 2,035.980 1890 ______ 407,750 1.732,041 727,912 539.691 3,092,024 1891 ............. 600,860 2,552,333 127,052 4,887,176 631,652 1,150,519 1892 ............. 1,001,818 4,255.524 148.701 5,866,756 679,550 1,381,128 1893 ............. 1,221,151 5,187,206 159,977 967,500 1,865.538 7,924,434 1894 ............. 1,637,773 6,956,934 227,765 8.984,685 1895 ............. 1,845,138 7.837,779 270,000 1,146,906 2,115,138 1896 ............. 1,857,071 7,888,465 293,035 1,244,755 2,150,106 9,133,220 1897 ............. 2,491,552 10,583,616 326,941 1,388,780 2.818,493 11,972,396 1898 .......... 3,562,813 15,134,115 341.908 1,452,357 3,904,721 16,586,472 305,784 1,298.909 3,665,875 15,571,927 1899 ............. 3,360,091 14,273,018 2,388,569 709,051 562,307 1900 ............. 395,385 1,679,518 166,922 474,696 2,016,414 1901 ............. 238,995 1,015,203 235.701 1,001,211 8,490.559 1902 ............. 1,691,525 7,185,260 307,286 1,305,299 1,998,811 1903 ............. 2,859,479 12,146,494 458,183 1.946,290 3,317,662 14,092.784 1904 ............. 3,653,794 15,520,329 509.747 2,165,303 4,163,541 17.685.632 1905 ............. 4,706,433 19,991,658 788,040 3,347.436 5,494,473 23.339,094 1906 ............. 5,559,534 23,585,400 1,042,151 4,486.849 6.601.685 28,072,249 1907 ............. 6,220,227 27,403,738 1,200,847 5,100,958 7,421,074 32,504,696 1908 ............. 6,782.538 28,810,393 1,397,147 5,934,845 8.179.685 34,745,238 1909 ............. 7,039.136 29.900,359 1,295,468 5,502,889 8.334.604 35,403,248 1910 ............. 7,228.588 30,705.089 1,263,200 5.365.823 8.491.788 36,070.912 1911 ............. 7,896,802 33,544,036 1,469,199 6,240,863 9,366,001 39,784,899 PRODUCTION OF GOLD AND SILVER. Australasia.—There is nothing new to report with regard to gold mining in Australasia. The declining tendency in production to which we have referred so frequently of late years is still in evidence. Every important district showed in 1911 more or less decline from 1910, with the falling off greatest in ratio in Queensland and Victoria. Poorer ores, as we have heretofore explained, mainly account for the fall ing off in what was as late as 1904 the chief gold-producing country of the world; but lack of prospecting and diversion of labor to other industries is also stated to be in part re sponsible. From a total yield of 4,232,091 fine ounces in 1905, Australasia’s gold yield has dropped to less than 3 mil lion fine ounces. The subjoined table indicates the product of each colony and the total of all annually for a series of years. Values. Canada’s production In 1897_________________ 6,089,500 “ “ “ 1898................................... .13,838,700 ’’ ” “ 1899................................... .21 324,300 .27,916,752 “ “ “ 1900.............................. ” " ” 1901.......... ........................ .24,462,222 *’ " ” 1902................................... .20,741,245 “ “ ’’ 1903................................... .18,834 500 “ ’’ “ 1904.......................... . 16 400,000 " “ ’’ 1905................................. .14,486,800 ” “ ” 1906. --------------------- .12,023,932 " " “ 1907..................... ............. - 8,382,780 ” “ “ 1908_________ _______ - 9,842,100 •• “ ” 1909______ ___________ . 9,790,000 “ “ “ 1910. _______ ... .. .10,205,835 “ “ “ 1911. --. - .. .10,800,000 63 Ounces. 294,582 669,445 1,031,563 1,350,475 1 183,362 1,003,359 011,118 793,350 700,800 581,660 405.553 476.112 473,59a 493,708 522,451 Other Countries.—While the foregoing comprises the coun tries that have been most prominent in gold production for a series of years, some others have shown material progress in mining in recent times. Of these, Mexico enjoys great est prominence, its yield having increased steadily, and at PRODUCT OF GOLD IN AUSTRALASIAN COLONES—FINE OUNCES. times quite heavily, year by year from 1902 down to and in New So. Queens Western New South Tasma- Total A us- cluding 1910, raising it to the rank of fifth among the world’s tralasia. land. Australia. Zealand. Australia.. nia. Yrs. Victoria. Wales. 1899. —793,418 468,665 871 816 1,512,366 358,418 30,351 70,492 4,105.526 producers. The late year, however, witnessed a setback in 1900. -.726,666 281,209 855.959 1,438,659 335,300 26,458 65,710 3,729,961 output, due to the disturbances inseparable from the revo 1901- -.711,046 216,884 783,975 1,616,933 412,868 29,668 70,990 3,792,364 lutionary movement in the country, which naturally inter 1902. —728,380 254,432 653,362 1.769,176 459,408 23,662 60,974 3,949,394 1903- —767,351 258,488 686,469 2,064,798 479.738 24.401 36,678 4,317,923 fered with mining and mine labor. Some time must elapse 1904- —771,298 269,817 624,917 1.985,230 467,647 17,913 60,000 4,196,822 before full returns for the year 1911 are available, but the in 1905- —810,050 274,263 577.559 1,955,316 520.040 20,547 74,316 4,232,091 formation at hand leads us to the conclusion that the com 1906. -.786,054 253,987 493,120 1,794.542 532,922 14,078 50.888 3,925,591 1907. -.710,269 247,363 457.596 1,698,553 477,303 11,870 65,354 3,668,308 pleted figures will disclose a yield of not far from 1,060,000 1908. ..676,001 224,788 452,451 1,648,505 474,415 14,500 60,453 3,551,113 fine ounces, against 1,205,051 fine ounces in 1910. This 1909. -.654,222 204,709 455.577 1,595,269 472.464 20,052 44,777 3,447,070 decline, however, does not affect Mexico’s relative position 1910. ..578,860 189,214 440,784 1,470,632 450,433 7,108 40.434 3,177,465 1911. -503,108 181,892 359,999 1,371,848 426,813 *15,000 *43,000 2,901,660 as a producer. Indications are that this falling off has been more than offset by increase in the product of South and ♦Estimated. Central America and a net gain from the smaller fields. In India.—A moderately greater production than in 1910 is the aggregate, therefore, the net change in yield of “other indicated by the returns from the Colar field, the chief pro countries,” excluding Mexico, which is given separately in ducing district of the country, for the year lately closed, but our general table, is a fair increase over 1910. the output still falls below that of 1903 to 1905, inclusive. Silver Production of the World. Details for the last seven years are appended. In the case of silver, very little early data can be secured. EAST INDIA—GOLD PRODUCTION PRINCIPAL MINES. The estimate for the United States, compiled by Mr. Roberts, 1911. 1910. 1909. 1908. 1907. 1906 1905. Director of the Mint, is, of course, at hand, as usual, and it Ounces. Ounces. Ounces. Ounces.Ounces. Ounces. Ounces. Champion Reel...............123,195 118,351 113.877 120,533 128,671 158.642 217,135 points to an augmentation in yield of about % of a million Ooregum........................ 94,034 93,767 92,063 86.252 73,562 68,881 66,236 ounces. In Canada, too, a gain is foreshadowed, the total Mysore............................ 230,135 228,727 228.249 216.488 209.441 205.918 205,389 Nundydroog.................. 90,173 89,229 86,606 80.889 74,964 72.439 70,561 Mr. McLeish furnishes us being 34,725,000 ounces, or 2J^ Balaghat Mysore............ 17,027 15,997 21,203 28,039 33,574 46,432 42,470 million ounces more than in 1910, the increase coming al North Anantapuro.... 5,282 159 2.009 2,176 9,319 8,525 13,177 most wholly from the Cobalt region. Mexico’s product, Huttl *......................... 13,723 ........................................ 2,298 2,641 593 on the other hand, according to most recent advices, fell Totals .......................573,569 546,230 544.007 534,377 531,829 563.478 615,561 off for the same reason that gold production declined—the disturbances incidental to the revolutionary movement in ♦Coromandel mines lor 1905 to 1907, Inclusive. that country. From Australasia and some of the smaller a Mysore West &iWynaad lor 1905 to 1910 Inclusive. Russia.—It is as yet too early to obtain any information producers, however, the final returns are likely to reveal a of a very reliable nature as to the course of gold mining in product of enlarged magnitude. Fluctuations in the price Russia in 1911, but reports at hand seem to warrant the of silver at London during the year were within a moderate conclusion that there was a retrograde movement in pro range and netted a slight decline from 1910. The highest duction. This is especially true of Siberia, prolonged and price was 26^d., the lowest 23 ll-16d. and the average 24 19-32d. In 1910 the average was 24 ll-16d., or 3-32d. unusual drought during the first half of the year having higher, and the averages in the earlier years were 23 ll-16d. seriously interfered with placer mining. Taking this into in 1909—the lowest on record—24 13-32d. in 1908 and consideration, in the absence of any dependable approxima 30 3-16d. in 1907. tion of the year’s production, we have estimated the yield of We now present a statement of silver production covering Russian mines at $34,000,000, or 1,644,753 fine ounces, in each year since 1890. See “Chronicle” of Feb. 11 1899, 1911, for the purposes of this compilation, pending the re page 258, for results back to 1871. ceipt of official data, which is not due for some months yet. SILVER.—WORLD'S PRODUCTION IN OUNCES AND STERLING. Details for the last thirteen years are subjoined: United All Other Total. Value Russia’s production In 1899_________________ $22,167,100 " “ " “ • “ " " ’’ " “ " “ “ “ “ “ " " “ " " “ “ “ 1900-................................. ” 1901................................... " 1902_________________ “ 1903______ " 1904-................. “ 1905_________________ “ 1906______ " 1907........... “ 1908-................................ “ 1909................................... “ 1910_________________ “ 1911_______ 20,145,500 23 464,562 22,739,013 24,632,200 24,803.200 22,291,600 19,494,700 26,684,000 28,052,200 32,381,300 35,579,600 34,000,000 Ounces 1,072,333 974,537 1,135,100 1,100,000 1,191,582 1,199,857 1,078 356 943.056 1,290.840 1,357,027 1,566,448 1,721,163 1,644,753 Canada.—According to the information we have received from Mr. John McLeish, Statistician of the Department of Mines of Canada, the gold production of the Dominion in 1911 was of moderately larger total than in 1910. For the whole of the Dominion, his estimate indicates an increase in output in 1911 of 28,743 fine ounces, the total yield being put at approximately 522,451 fine ounces, against 493,708 fine ounces in 1910 and 473,592 fine ounces in 1909. The latest year’s product is, as will be seen below, less than half that of 1900 or 1901, when mining in the Yukon gave such encouraging results. The exhibit for Canada for the last fifteen years, in fine ounces and values, is as follows: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fine Mexico. States. Australia. Producers. Total Values. Ounces. Ounces. Ounces. Ounces. Ounces. Ounces. £a 1891--.- 58.330,000 35,719,237 10,000,000 33,916,175 137,965,412 25.900.270 1892.— 63,500,000 39,504,800 13.439,011 36,496,175 152,939,986 25,370,513 1893---- 60,000.000 44,370,717 20,501,497 41,228,063 166,100,277 24.655.510 1894----- 49,500,000 47.038,381 18,073,440 53.140,696 167.752,517 20,226,410 1895----- 55,726,945 46,962,738 12,507,335 53,983,231 169.180,249 21.059,416 Total '91-95.287,056,945 213,595,873 74,521,283 218,764,340 793,938,441 117,212.123 1896--.- 58 834,800 45.718,982 12,238,700 40,268,888 157,061,370 19,959,882 1897----- 53,860,000 53,903,180 11,878 000 44,431,992 164,073,172 18,885,500 1898- --- 54,438,000 56,738.000 10,491,100 51,560,764 173,227,864 19,488,135 1899- ... 54,764,500 55,612,090 12,686,653 44,161,000 167,224,243 19,161,112 1900- — - 57,647,000 57.437,808 13,340,263 44,413,802 172,838,873 20,344,575 Total-------------------------------------------------------------------------------------------------'96-00-279.544,300 269,410.060 60.634,716 224,836,446 834,425,522 97,839,204 1901----- 55,214,000 57,656,549 10,230,046 49,910,688 173,011,283 19.598,934 1902-.-- 55,500.000 60,176,604 8,026,037 39,060,842 162,763.483 16,318,731 1903.. .. 54,300,000 70,499,942 9,682,856 33,206,394 167,689,192 17,292,944 1904 ___ 57,682.800 60,808,978 14,558.892 31,144,596 164,195,266 18.044,172 1905 ----- 56,101,600 65,040,865 12,561,600 35,884,774 169,588,839 19,652,873 Total-------------------------------------------------------------------------------------------------’01-05.278,798,400 314,182,938 55,059,431 189,207,294 837.248.063 90,908,654 1906.. — 56.517,900 55,225,268 14.237,246 39,660,226 165,640,640 21.308,978 1907---. 56,514,700 61,147,203 19,083,031 48,269.689 185,014,623 23,271,622 1908----- 52.440,800 73,664,027 17,175,099 59,906.444 203,186,370 20,636,116 1909.. .. 54,721.500 73,949,432 16,359.284 66,185,417 211,215,633 20,846,543 1910___ 57,137,900 71,372,974 21,545,828 72,822,660 222,879,362 22,926,393 Total-------------------------------------------------------------------------------------------------’06-10.277,332,800 335,358.904 88,400,488 286,844,436 987,936,628 108,989,652 1911(est) 57,796,117 67,000,000 23,000,000 76,000,000 223,796,117 22,933,274 a Values ol silver In this table are commercial values and are computed on the average price each year of silver as given by Messrs. Pixley & Abell, London. Value of £ in this table $4.8665. SILVER PRICES 64 SILVER QUOTATIONS FROM 1837 TO 1911. So much interest attaches to the prices of silver during past years that we give below the highest, lowest and average quotations of Messrs. Pixley & Abell of London each month of each year, from 1837 to 1911, both inclusive, and also the average price for each of those years. The highest quotation during the year just closed was 26^d. on November 23, the lowest price touched 23 ll-16d. on February 9 and the average for the year was 24 19-32d., against 24 ll-16d. in 1910. Years January. Pence. February. March. Pence. 1837. 1838. 1839. 1840. 1841. 1842. 1843. 1844. 1845. 1846. 1847. 1848. 1849. 1850. 1851. 1852. 1853. 1854. 1855. 1856. 1857. 1858. 1859. 1860. 1861. 1862. 1863. 1864. 1865. 1866. 1867. 1868. 1869. 1870. 1871. 1872. 1873. 1874. 1875. 1876. 1877. 1878. 1879. 1880. 1881. 1882. 1883. 1884. 1885. 1886. 1887. 1888. 1889. 1890. 1891. 1892. 1893. 1894. 1895. 1896. 1897. 1898. 1899. 1900. 1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911. 6034 6034 5934 6034 6034 6034 6034 6034 5934 5934 5934 5934 5934 5934 5934 6034 6034 59 34 5934 5934 5934 59 34 5 9 34 6134 6034 6034 6134 6 1 34 6 1 34 6134 6134 6OJ4 6134 6234 6134 6134 62 62 62 34 6134 6 1 34 61 6134 6 1 34 6 1 34 6 1 34 6 2 34 6134 6134 6 1 34 6 1 34 6034 6034 6034 6034 6034 6034 6034 6034 6034 6034 6134 5934 59**18 58 5934 5734 5734 5434 5634 5634 5834 53 34 54 4954 51 5234 5234 51 5134 5113i# 52 34 50 509is 5034 51 49 34 50 46 34 4 7 4 6 34 4 7 34 44449ie 42 34 42**ie 44 34 4 4 34 4634 4834 4 1 34 4 3 34 3834 38®ie 3034 3134 273ia 277is 3034 3034 29**18 29*=ie 2634 2634 2734 2734 27 27**16 2734 29®ia 257ia 2634 21**16 22 34 2534 27518 27®ia 2834 29*18 3034 315ia 327i6 2434 27 233i6 24 34 24 2414 24 34 2534 60 59 34 6034 6034 6034 59 34 5 9 34 59 5934 5934 5934 5934 5934 6034 5934 59 34 5934 5934 5934 61*4 6134 6034 6134 6154 6 1 34 6 1 34 6134 6134 6 1 34 6 1 34 6 1 34 61 34 6134 62 6234 6 1 34 6 1 34 6 1 34 6 1 34 6134 6134 6134 6134 6134 6134 6034 6134 6034 6034 6034 6034 61 6034 6034 6034 6034 6034 6134 5934 59*=ie 5834 59 5734 5734 53 5434 56 5734 53i516 5534 4934 5034 52 52®ig 5134 5234 52 52*16 5034 51 51 5134 48*3ia 49»i6 46 34 46*5i8 46sia 47 43*3i6 443ib 42 34 4 2 34 43**18 44 54 44 34 4 6 34 4 1 34 41*=ie 3834 3834 27 34 30**16 2734 27**16 3034 31»i6 29**16 2934 25 34 2 6 34 2734 2734 275ib 2734 2734 2834 255ia 2534 2134 22bib 2534 2734 27 34 285i6 30*16 3034 3134 3234 2534 2634 235i8 24 34 235i6 24l8 23**16 247i8 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Pence. April. Pence. May. Pence. 60 5934 6034 6034 60 34 6 0 34 60 59 34 59 5934 5934 5834 5934 5934 6034 59 34 5934 60 6034 59 34 59 34 6134 6034 6134 6134 6034 6034 61 61 34 61 34 6134 6134 6234 6134 6234 6034 61 6 1 34 6 1 34 6134 6134 6 1 34 6 1 34 61 6134 6034 61 6034 6034 6034 6134 6034 6034 6034 6034 6034 6034 6034 6034 5934 5934 5834 5934 57 5734 5234 5434 5334 5634 54 34 55 4834 5034 5134 5234 52 5234 5134 52*18 5034 513ib 50**18 513ib 49 493is 46**18 4634 445ie 467ie 43 4334 42 34 4 2 34 43 34 4 4 34 4434 455is 39 4154 37®ie 38 34 27 2734 27 34 2 9 34 3134 31»ia 28®ia 2934 25 26*18 27 34 27®i6 277ia 27**16 275ib 283ia 24*3i6 257ia 22 34 2234 2534 26**18 25*3ib 27**16 29 307i6 307ia 32*18 257i6 25*3i6 23*18 23 34 233ia 243ib 2434 2434 June. Pence. July. Pence. August. Pence. September. Pence. 5934 5934 5934 5934 60 6034 6034 6034 60 5934 59 34 5934 59 34 5834 59 5834 6034 5834 5934 5934 60 5934 6134 5934 60 6134 6134 6134 6034 6034 61 6134 6134 6134 6134 6134 6234 6134 6034 6134 6 1 34 6 1 34 61 6134 6134 6 1 34 6034 61 6134 60 34 6 1 34 6034 6034 6034 6034 6034 6034 603ia 6034 6034 6034 5934 58®ia 5934 5734 57 34 53 34 54 5334 55 5334 5434 4934 5034 5134 5234 52 52 34 52*16 525is 5034 50*3ib 5034 51 4834 4934 46 46**18 43 34 44®i6 42 34 4 2 34 42*18 425i6 43 34 4 8 43 34 45 3934 4034 38 38Bi6 2934 2934 2934 3034 30*3i6 313ia 283ia 2834 25**16 26=18 27 34 2834 27=16 2734 26*=i8 27*=i6 23=18 2434 22 34 25*16 247ia 2534 257i8 2634 2934 30»i6 30 3034 24=16 2534 23 34 247i6 24 24*®ie 24=16 24*=i6 5934 5934 5934 6034 6034 6034 6034 6034 5934 5934 5934 5934 5834 5934 59 58 34 5 9 34 59 34 60 5934 5934 6 1 34 6 1 34 5934 6034 6134 60 34 6 1 34 6 1 34 6 1 34 6134 61 61 6134 6 1 34 6 1 34 6234 62 34 6134 6034 6034 6134 6134 6 1 34 6 1 34 6034 6134 60»i8 6034 61 62 6034 6034 6034 6034 60 6034 6034 6034 60=18 6034 60*18 6034 5934 5934 5834 5834 5634 57 52 54 5334 5434 5334 5334 50 5134 52*n 5234 5134 52 5234 527ia 50*16 5034 5034 50*=i6 48*=is 50 44 34 4 6 437ie 432^ 4134 4234 41*=i8 4234 46 4734 4434 4 5 34 39**16 4034 3734 38®ib 28*16 2934 30=16 3034 30*=i6 3134 27 34 283ia 2534 2634 28 2834 2734 2734 273ia 2734 23=18 24 24=18 2534 2534 25=16 2634 27=16 30®i6 3134 29*=i6 3134 24 24*3i6 2434 2434 24=8 24 *=i6 247is 24**16 5934 5934 6034 6034 6034 6034 5934 60 59 34 5 9 34 59 34 59 5934 59 59 5934 5934 5934 5934 5934 5934 6034 6134 59 34 6 0 34 60 34 6 1 34 6134 6134 6134 6034 6134 6134 6134 6134 62 6234 6 1 34 6 1 34 6034 6034 61 6134 61 6134 6 1 34 6 1 34 6034 6034 6134 6234 6034 6034 6034 60 6034 6034 6034 6034 60»i8 60 6034 59=18 5934 5834 59 5534 5534 50 52 53 34 54 5234 537is 5134 53 523i8 5234 51**16 51 5 1 34 5 2 34 50*16 5034 5034 50*=i6 49 49=16 44**18 4534 43**16 4434 42 4234 42 423ia 46 34 49 44 34 4 6 40*16 4134 3035 3834 28=16 28*=ie 30=18 30**16 313is 31»i6 27 35 2 7 34 26**18 2735 27**16 28 27®i6 28®is 2734 27®i8 23*=i6 247is 24 34 24®i6 25=18 2634 267ia 2734 29»i6 3134 3034 31*18 2434 2534 23*=i6 24 35 2412 2434 24=ia 2434 5934 5934 59 34 6034 6035 6034 6034 5934 60 5934 5934 59 34 5 9 34 5934 5934 5934 5934 60 5935 5934 59 34 5 9 34 5934 5934 6034 61 6034 6 1 34 6 1 35 6134 6135 6134 6034 6 1 35 6 1 34 6134 6134 62 6234 6135 6034 6034 61 6134 61 6134 6134 61=18 60 35 6 0 34 6034 6134 6035 6034 607ie 6034 60=18 6035 62 60 35 60 34 60*18 60=18 59=16 5934 5834 5835 55**16 5534 4634 5135 5334 54 35 52=16 52*3ib 51 5234 5235 5234 5034 5234 5134 52 50=16 5035 50**18 5034 4 9 34 4 9 34 42 44®i6 43 34 447i6 42 42=16 42 42=16 47®ie 5034 4 5 34 4 6 34 39‘ie 4034 3234 3434 2834 28*=i6 30=18 3034 3134 3135 2634 27**16 27 2734 27 34 2 7 34 2734 28®i6 26*3i8 2734 247is 24®ib 2434 2535 2634 27 2634 27=16 29*=i6 307ib 31 31*=i6 243ie 2434 2334 2334 2412 25=8 23*=i6 247ib 5934 5934 6034 6034 6034 6034 59 54 5 9 34 5934 5934 5934 5934 5934 5934 60 5954 5934 5934 5934 5934 6034 61 60 34 6134 6134 6134 6134 6 1 34 6 1 34 6134 62 6034 61 6134 62 6134 6134 6034 6035 6 1 34 6 1 34 61 6134 61 6135 6034 6034 6034 6034 6034 6035 6034 6034 6034 6034 6034 6034 60 34 6 0 34 60 6034 58*3i6 59=16 5734 5834 56 5634 5034 5334 54 5434 5234 5234 5134 5134 5235 5234 5134 5134 5134 52*16 507ia 5034 50®i6 5034 487i6 49=16 42 4254 44 34 4 534 41*=i6 42 34 4234 42®i6 5034 5435 45*16 4634 3734 39*16 32**18 3434 28**16 3035 3034 30®i6 3034 3134 2334 2635 2734 27*=i6 27 34 27*3i6 27*=i8 287ie 2634 2734 24 34 247i6 25=16 2634 26=18 27 27 34 2 8 34 2934 30*=i6 3134 3234 2354 2434 237i6 24 24=16 24=8 24 24=ie 5934 5935 5935 6035 6035 6054 6034 5934 5954 5934 5934 59 34 5934 5934 5934 5934 5935 5934 60 6034 6035 6034 6034 6134 62J4 61 6135 6135 6 1 54 62 34 6135 6034 6134 62 6154 6034 6034 6134 6154 6134 6134 6 1 34 6 1 54 6054 61 6034 61 60=18 6054 6034 6034 6034 6035 6034 6034 6054 60*=ie 60=16 607i8 58*3i6 5934 5754 58 56**16 5634 5134 52®i6 54 34 5 534 5135 5234 5134 5154 5234 5254 5154 51*=i6 5134 52*16 5054 50*=i6 5054 5034 4 7 34 4 8 34 4254 45 447ie 45 42*16 443ie 4234 42**16 50 5454 44 34 45=ie 3834 38=16 33 34 3 4 35 29=16 3034 307ie 309ie 30 30**16 23 34 2 7 34 27**16 28=16 26*=i8 27 34 287i9 2934 26 34 27 23®i# 24 34 2634 27®i6 26 2634 28 2834 30*=ia 3134 31*16 31®16 23®i8 24=16 2354 2334 24=ia 247S 2434 24=18 59 October. Pence. November. Pence. 5934 5935 6035 6035 6034 5934 5934 5934 5934 5934 5954 5935 5934 5934 5934 5934 5935 5935 5934 5934 5935 6034 60 34 60 6054 6034 6134 6 1 34 6 2 34 6 1 34 6 1 34 6135 62 6134 6 1 34 6 1 35 6134 62 6 1 54 61 34 6034 6034 6134 6134 6134 6154 60 54 6 1 34 6134 6134 6034 61 6034 6035 6034 6035 6034 6035 6034 6054 6034 6054 60 6034 5835 59 5754 57*3ie 5634 5734 52 5354 54 54 5 5 54 4 9 35 51®i6 51®i6 5334 51*=i6 52=16 51*=i6 5234 5135 51*=i6 5034 51 507ib 5034 47 34 4 7 54 44 35 4534 4313ie 44% 4234 43 34 42 54 4 3 35 4834 5135 44*16 45 3834 3954 3135 3434 28*=i6 29®i6 3054 3134 2934 30=16 25®ie 2735 27®ib 2834 2654 26*=i6 2934 30=16 2634 2634 2334 23**16 277i6 2835 2635 26*=i6 28=16 28*=i6 31**16 32®i6 277i6 3034 23*16 24 23*18 23*=,B 24*=i6 2614 24=18 25=18 5934 5935 59 35 5 9 34 6034 6035 6035 5934 59 34 5 9 34 5934 5954 5934 5934 6034 5934 5935 5954 5935 6034 6134 6034 6134 6134 6134 6234 6134 6135 60 6134 6234 6135 6134 6 1 34 6 1 35 62 6 1 34 61 54 6034 6134 6 1 34 6 2 34 6 1 34 6 1 34 6034 6134 6 1 34 6 1 34 6034 61 6034 6035 6034 6035 6034 6035 6035 6054 6054 61 5934 5934 5734 5834 5734 5834 5654 56*=i6 53 34 55 54 55 5034 5034 53 5334 5154 5134 5134 52 5034 5134 5034 50*=i6 49**16 507i6 47=16 4734 4534 47 4334 43*=i6 4234 4334 43 54 4 4 34 45 4834 43 34 44*16 3834 3934 3 1 34 3 2 34 2834 29=16 3054 31 2934 30=18 2634 2734 27 34 28=16 26**18 27=16 297i6 29*=i6 2534 2634 21**16 2334 2634 27 54 2634 2734 2815ie 305i6 32 3334 2634 28*16 22=18 23=16 2334 2354 25=16 26 25 2634 59 December. Year. Av'ge Pence. Pence 59®i6 5934 6034 5934 6034 6034 6034 6034 60 34 60*16 5934 5934 5934 597!6 59=16 5934 5934 5934 5934 5934 5934 60 34 59=16 59**16 5934 5934 5934 5934 5934 5934 60*16 6134 61 6034 6 1 34 6 1 34 6034 6154 6134 6134 6134 6154 61=16 6154 6 1 34 6 1 34 61=16 62 62 34 6134 6134 6154 61=16 62 62*16 6134 6154 61**16 61 6134 6O*=16 6 1 54 6 1 34 61’ie 6 1 54 6 1 34 6134 6154 6154 61®i6 6134 61*16 6034 6034 6134 6054 6034 609ie 6034 6034 6134 6054 6054 607ie 6034 6054 60®i6 6034 6134 6034 59 54 59 34 60=16 58 58*16 5934 5734 57 34 58=16 5634 £654 5634 5534 5834 6234 5334 5434 54*=i« 4934 50**16 52»i8 5254 53 5134 5154 52 5234 51**16 5134 62 50 6034 5154 5034 51 50®i6 4 9 34 4 9 34 5054 4 6 34 4 7 34 4854 45 4654 4554 43*=ie 4534 44 54 42=16 4234 42'34 43 34 4 4 54 42**,6 47 34 4 9 34 47**,« 43 34 4 4 34 45*16 37*=i6 39=16 39*=ie 3134 32=18 3554 27=16 2834 28*=,« 30 30**16 29 34 29*=,e 30 3034 25*=i6 2734 27®i6 27 34 2 7 54 26=18 26*=i6 27=16 277i6 2934 2934 2834 24*=i6 2534 27=,b 21=16 2254 24*i8 25 267i8 24 34 2734 28®,a 2634 29 34 30*si6 27*=,# 31»i6 3254 3034 24=ie 2654 30=18 22 23=16 24 34 23®i8 24=16 23**,« 24*=ie 25=8 245g 25*i« 25**16 24«ie 60 Great Britain-Banks & Trade. COMMERCIAL MOVEMENTS IN 1911. BUSINESS IN ENGLAND IN 1911. (Communicated by our London correspondent.) London, Saturday, Jan. 13 1912. The year 1911 was disturbed to a degree not paral leled for many a year by labor unrest all over Europe, by an international dispute which at one time threat ened actual hostilities involving several of the greatest Powers, by the outbreak of war between two European States, by a monetary crisis of great severity, and by a fall in Stock Exchange securities dramatic in its sud denness and in the recovery from it. For two or three years past there has been much discontent amongst the laboring classes throughout the United Kingdom and all over the Continent. There were here at home several strikes in the early part of the year just closed, one of them a coal strike in South Wales, which led to rioting and the destruction of property on an unusual scale and which lasted for over four months. But it was not until the midsummer that the most serious conflict between employers and employees began. The condition of affairs in regard to British railways has been extremely unsatisfactory ever since the out break of the South African War. The policy pursued by the directors of our railways has from the outset been to distribute all profits up to the hilt, and conse quently they have been obliged to increase continually and very largely their capital for all improvements and extensions—the betterment principle so well estab lished in the United States being systematically avoided here. Parliament, moreover, discouraged in every way possible amalgamations between the railways, pooling arrangements and agreements for timing trains, so that those of one line should not unduly compete with those of another. Parliament, in short, insisted that it was not its own business to supervise the man agement of the railways, but that the railways were bound to consider the public interest, and that the only way in which the public interest could be safe guarded was by maintaining the keenest competition. The result of all this has been cutting of rates, an un due increase in capital and a tendency to favor the public at the expense of the shareholders and the em ployees. As a consequence, the railway servants of all grades have long been dissatisfied, and for some time past there have been partial strikes constantly year after year. In the middle of the past year the leaders of the men’s unions made up their minds to organize a general strike, and for a day or two they actually carried it into effect. They did so, moreover, with so much rigor that London, with its seven millions of people, found itself in danger of famine, all carriage of goods of every kind, including provisions, having stopped. The Govern ment became alarmed and a large military force was rapidly collected in the metropolis, soldiers were employed in cart ing provisions, and at the same time, under the Government initiative, a conference was called between a delegation of the directors and a delegation of the work people. A com promise was arrived at which ended the strike, and a com mission was formed to report upon the best way of establish ing an arrangement fair both to employers and employed. The commission met and reported quickly. But the men were dissatisfied with the report, and grave danger was thus raised that the general strike would be repeated. The Gov http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ernment again intervened, however, and another settlement was arrived at, which it is now hoped will prevent in future all serious disputes between the railway companies and their employees. Almost at the time when the railway strike was creating so much alarm in London and concentrating upon itself the attention of all classes, the German Government sent an armed ship to a closed Moroccan port. Quite recently the French Foreign Secretary has informed the Senate that the question was then considered by both England and France whether a French ship should not be sent there in conse quence; but it was decided not to do so. After a while "conversations” between the French and German govern ments were opened in Berlin. But the German demands, as was learned subsequently, proved to be so exorbitant that the French Government declined to continue the "conversa tions.” Just before this happened Sir Edward Grey pointed out to the German Ambassador in London that, as the Ger man demands were so exorbitant that France could not possi bly be expected to aceede to them, there was grave danger that the dispute might become perilously embittered; and Mr. Lloyd-George followed this up at a dinner given by the Lord Mayor of London to the bankers of England by a public reference to the serious state of things then existing. The speech, though it reads to British people, at all events, quite inoffensive, gave very great offense in Germany. It, how ever, did this great service to peace, that it showed to the German Government that both England and Russia were pre pared to support France; while it is an open secret that AustriaHungary and Italy not only urged Germany to moderate her demands, but intimated in as diplomatic a manner as they could that the Triple Alliance did not bind them to support Germany in the course she was then taking. The result was that Germany moderated her demands, and after long hag gling an agreement was arrived at which it is to be hoped will in future enable France and Germany to live together in amity. Before the settlement was arrived at, however, a grave state of things was brought about both in Paris and in Berlin. The French banks are strangely unwilling to engage in French enterprise. They collect deposits in very large amounts, but instead of doing as English and German banks do—that is, encourage enterprise at home—they em ploy abroad the capital so entrusted to them. And they were, when the Panther was sent to Agadir, employing im mense sums in Germany. It is impossible to ascertain the magnitude of the sums, but persons in a good position to form some kind of rough estimate have committed them selves to the statement that from 70 to 100 millions sterling of French money was being employed in Germany at the moment. This, though, seems much exaggerated. The French banks, knowing that the “conversations” were broken off, jumped to the conclusion that war was inevitable, and they withdrew their capital in a great hurry. Other bankers (for the bankers of England, Switzerland, Belgium and Holland) were also employing considerable balances in Germany, followed the example; and the Germans found themselves called upon to repay almost at an instant’s notice tens of millions sterling. They were forced, therefore, to sell the securities they could sell at any price they could ob tain, and everything seemed to foreshadow a panic of un paralleled severity in Berlin. At that moment three of the most influential of the bankers of Germany hurried to the Foreign Office to appeal to the Government for help, and were informed that not only was all danger of war past, but that a satisfactory settlement would be arrived at in a very few days. Still, the foreign banks, and particularly the French banks, went on withdrawing their money, and no body knows what would have happened were it not that American bankers happily came to the rescue and lent very large amounts to Germany. Gradually the German crisis abated. But up to the very last week of the year grave 66 BUSINESS IN GREAT BRITAIN. apprehensions continued that the settlement during the last three or four days of December would see serious failures. As a matter of fact, the fears proved unfounded. There was, of course, great pressure in the Berlin money market, and there was an extraordinary increase in the note circu lation of the Reichsbank. But there was no failure of any consequence. Meantime the French banks not only withdrew money in this panic-stricken manner from Germany, but they withdrew balances from other countries as well, though in much smaller proportions. Nay, more, they refused either to lend or to discount at home. For a few days the people of Paris were almost dependent upon the Bank of France for banking accommodation. Even private persons became so alarmed that the present writer has been told by French bankers that ladies in good circumstances in Paris and the neighborhood withdrew sums amounting to from $1,500 to $2,500 each lest they might be left absolutely without means of buying their household requirements. Thus the banks and the public were all hoarding gold and silver and notes. The Bank of France circulation, in consequence, rose at one time to nearly 22114 millions sterling. Even after all real danger had passed, the French banks were curiously reluctant to discharge their duties. Gradually, however, when no doubt remained that an agreement be tween France and Germany had been arrived at, they began to lend and to discount on a moderate scale. But it was not until the agreement was officially announced that they operated freely. And some hesitation to do business con tinued until the debate upon the Franco-German agreement took place in the French Chamber, where it was approved. Naturally, it was supposed that disturbances, both domes tic and foreign, of such great gravity could not occur without affecting trade all over Europe most injuriously. That it affected the Berlin and Paris money markets there was no doubt at all. But it affected the London money market surprisingly little. The Bank of England rate was not at any time throughout the year put up above 4%. Moreover, when the greatest danger existed there was no change made. What is more remarkable still, the rate of the Reichsbank was only raised to 5% and that of the Bank of France to But that the great banks made so little alteration was generally explained on the assumption that the public had become so utterly alarmed that business came to a standstill, and consequently that there was very little application for banking accommodation. How entirely mistaken this view was was first shown to the conviction of everybody by the publication of the Board of Trade returns for November. As a matter of fact, the trade of the United Kingdom during the year j'ust ended has been the largest in the history of the country, and probably, we may say also, the most prosperous. According to the Board of Trade returns, the value of the imports for the year amounted to £680,559,175, being an increase over the preceding year of £2,302,151, or 0.3%. The value of the exports of British and Irish produce and manufactures was £454,282,460, an increase over the preceding year of £23,897,688, or 5.5%. The value of the re-exports was £102,720,799, a decrease of £1,040,246, or 1%. The total value of the imports and exports, therefore, was £1,237,562,434, being an increase over the preceding year of £25,159,593, or 2.1%. Below are the figures of the trade of the United Kingdom for the year just closed, compared with the figures of 1910: 1911. £ 62,694.771 56,069,390 58,543,022 51,850,987 53,929,824 51,105,889 51,064,056 50,605,513 53,700,958 60,815,120 65,432,935 65,002,014 1910. £ 55.909.684 51,150,942 58,108,947 59,556,231 55,229,753 54,629,817 49,374,008 52,018,827 51,547,457 58,010,622 64,089,852 69,109,461 Difference. £ + 6,785,087 +4,918,448 +434,075 —7,705,244 —1,299,929 —3,523,928 + 1,690,048 —1,413,314 +2,153,501 + 2,804,498 + 1,343,083 —4,107.447 Per Cent. + 12.1 + 9.6 + 0.7 —12.9 —2.3 —6.4 +3.4 —2.9 + 4.2 + 4.8 +2.0 —5.9 Year........................... _ _ __680,559,175 1911. £ Exports— January ................................. .. ... 37,730,831 February _________________ ... 35,653,120 March............. -...................... ... 40,863,912 April ........................... .............. ... 35,692,456 May........................................... ... 37,929,824 June......................... —............ ... 36,113,150 July----------- --------------------- ... 34.607.636 August-------------------------- ... 36,082,700 September .. _____________ ... 36,879,254 October-------------- ------------- ... 43,546,303 November................................. ... 40,986,391 December................................... ... 38,571,879 678,257,024 1910. £ 34,803,115 31,691,870 34,391,558 35,292,215 33,607,311 34,799,654 38,388,177 38,638,883 36,964,261 37,691,232 36,897,425 37,424,110 + 2,302,151 Difference. £ + 2,927,716 +3,961,250 + 6,472,354 +400,241 +4,007,517 + 1,313,496 —3,780,541 —2,556,183 —145,007 +5,855,071 + 4,088,966 + 1,147,769 + 0.3 Per Cent. +8.4 + 12.5 + 18.8 + 1.1 + 11.9 +3.7 —9.8 —6.6 —0.4 + 15.5 + 11.0 +3.0 Year______ _____ _______ ...454,282,460 430,384,772 +23,897,688 + 5.5 Imports— January___________________ ... February____ ____ -............ ... March ............................... ............ April .. __________ _____... ... May_____ ________________ ... June ...______ ........____ ... ■July..................................... .......... August --------- ------------------ ... September------------------------- ... October__________________ ... November__ ______ .____ ... December................................. ... http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis e-exports— January.............. February........................................... March ............ April ---------------May_________ June.................... July--------------------August--------------September____ _____ October--------------------------------November________ December__________ 1911. £ 8,641.472 9,994.156 9,174,666 9,488,811 8,834,951 8,753,388 8,178,719 6,649,132 7,818,319 8.673,107 7,834,229 8,679,849 1910. £ 8,147,164 10,184,560 8,443,988 11,858,654 8,294.262 8,383,643 8,221,595 8,099,313 6,808,109 7,999,591 7,458,606 9,876,619 Difference, £ +494,308 —190,404 +730,678 —2,369,843 +540,689 +369.745 —42,876 —1,450,181 +1,010,210 +673,516 +375,623 —1,196,770 Per Cent. + 6.0 —1.8 +8.7 —20.5 + 6.1 4-4.3 —0.5 —17.9 + 14.8 + 8.4 + 5.0 —12.1 Year................ .102,720,799 103,761,045 —1,040,246 —1.0 Note.—The aggregate figures are official. They indicate that slight adjustments have been made In the monthly returns as issued. The trade of the United Kingdom during the years imme diately following the great gold discoveries in California and South America increased rapidly in value until in 1873 it reached £682,292,137. There followed some years of reac tion and comparative depression, and the value of the trade did not pass the 800-million line until 1899, when it amounted to £814,570,241; four years later it exceeded 900 millions, and in three years more it had expanded to well over 1,000 millions sterling. In short, the total trade of the United Kingdom during the past year shows an expansion compared with 1899—that is to say, in twelve years—of as much as £422,992,193, or 51.9%, while, compared with the figures for 1873, last year’s trade records an expansion of as much as £555,270,297, or 81.3%. The wonderful expansion of trade shown in these figures is traceable, in the first place, to the enormous gold production of the world, which has been increasing so rapidly since the early nineties. It is due, in the second place, to the immense financial assistance given by this country to the newer countries, and more par ticularly, to the British colonies. The advances to Canada, in particular, have been immense. But all British colonies have been assisted on a great scale, and so have those newer countries, like Argentina, which are financially dependent upon London. The loans made go out to a large extent in the form of British manufactures. Moreover, the capital afforded leads to the construction of railways, the building of roads, the foundation of towns, and so on. It gives em ployment on an immense scale. It attracts a large number of immigrants. Thus it augments the purchasing power of the country benefited, and the lending country’s trade with the borrowing countries is thereby marvelously increased. The third cause of the expansion is the adoption of more scientific methods by our manufacturers, and the acquire ment by them of the newest and most efficient plant and machinery. There was a tendency some time ago to believe that British skill was so great that manufacturers could safely disregard competition. But the competition of the United States and Germany has completely routed that notion, and our manufacturers now find it necessary to provide themselves with the very newest and very best plant and machinery. The fourth cause is the general prosperity of all the countries with which we trade, due to a very con siderable extent to the vastly increasing gold production. Lastly, the growth of our trade is accounted for, according to British opinion, at all events, by the maintenance of free trade. The complete trade figures of imports and exports into and from Great Britain for three years are as follows: EXPORTS AND IMPORTS. 1911. 1910. 1909. jg ffifT.'pftTl.S—— Home products...................... Re-shipments of imports........._ ............ 454,282,460 430,384,772 378,180,347 .............. 102,720,799 103,761,045 91,344,819 Total exports............................................... 557,003,259 534,145,817 469,525,166 Imports— Total merchandise................................ 680,559,175678,257,024624,704,957 Excess of imports over exports............... 123,555,916 144,111,207 155,179,791 At first sight the revenue returnsHor the first nine months of the financial year—the British financial year, it will be recollected, begins on the first of April and ends on the 31st of March—seem to contradict the statements just made. For instance, they amount to £113,917,584, being a decrease compared with the corresponding period of the preceding year of £24,023,048, or 17.4%. But it is to be recollected that the Budget for 1909-10 was not passed by the House of Lords, and that, in consequence, a large part of the revenue of that year had to be collected in 1910-11, with the result that the collection of the latter year was abnormally aug mented. According to the statement of the Chancellor of the Exchequer when introducing this year’s Budget, the amount which was not got in during 1909-10 and had to be 67 BUSINESS IN GREAT BRITAIN. collected in 1910-11 was a little over 30 millions sterling. Consequently, if we deduct this 30 millions from the amount collected in the last nine months of 1910, we find that there is an increase of about 6 millions, instead of being a decrease of 24 millions. It may be, of course, that the whole of the revenue not gathered in within the year when the Budget was thrown out by the House of Lords was not collected in the first nine months of the following financial year, and therefore it cannot be said positively that the increase is as large as has just been stated. But, on the other hand, it is to be borne in mind that in the whole financial year 1910-11 about three millions sterling purposely was not collected, since that sum was not then required, and it was considered advisable to let it run on into the following year, when the Insurance Act would require a great deal more money. If we take that into account, the revenue this year will be seen to be even greater than stated above. In any event, the revenue is the largest that ever has been got in in this country, with the exception of the totally abnormal year 1910-11, and it fully justifies what at the time was considered a very optimis tic forecast by the Chancellor of the Exchequer. The railway traffic returns equally bear testimony to the wonderful prosperity of the country during the year just closed. For the first half of the year the returns of the seventeen principal railway companies amounted to £49,225,000, being an increase over the corresponding half of the preceding year of £1,329,000, or 2.8%. The figures for the second half of the year amounted to £54,014,000, show ing an increase of £1,258,000, or 2.4%, compared with the second half of the preceding year. Thus, the total receipts for the year amounted to £103,239,000, being an increase compared with the preceding year of £2,587,000, or 2.6%. Like the revenue returns, the clearing-house returns for London at first sight seem to conflict with the statement above that the year was exceptionally active and prosper ous, for the total clearings through the London Bankers’ Clearing House alone amounted to £14,613,877,000, against £14,658,863,000 in 1910, showing a decrease of £44,986,000, or 0.3%. This falling off, however, is due mainly to the war scare. Before proceeding to point out this, we may observe that it is only in what are technically called the town clearings—that is, the clearings of the purely City banks—that there is any decrease. There is, in fact, an increase in the Metropolitan clearings, which take in the whole of Greater London. And there is an increase, like wise, in the country clearings, which include the clearings through the London Clearing House of country banks. The causes of the diminution in the purely town clearings of the London Clearing House are, firstly, that in 1910, because the Budget of the preceding year had not been passed, the Government had to borrow between 20 and 30 millions ster ling in the form of Treasury Bills, while the Government bor rowings in the year just closed were exceedingly small. The second cause was that, partly owing to the war scare and partly owing to the natural breakdown of an extravagant speculation, the rubber boom, which played so active a part in 1910, had almost disappeared in 1911. The third cause was that, in consequence of the war scare, new issues of all kinds were checked, indeed it may almost be said were completely suspended, for a considerable part of the second half of the year. Lastly, the failure of the Birkbeck Bank and the Bank of Egypt, and the reconstruction of the York shire Penny Bank, for a time had an undue influence upon the money market, while naturally the strikes, the TurcoItalian War and the Chinese revolution also were unfavora ble to enterprise in the regions affected. The following table shows the total clearings through the London Clearing House during 1911, compared with 1910: increases, in some cases very large increases. For example, in Manchester the increase was as much as 9.2%, while there were only two decreases. One of these was in Dublin, 1.6%, and the other in Liverpool, also 1.6%, the latter being ac counted for to a considerable extent by the bad crops in the United States in the preceding year. The aggregate clearings of the ten provincial clearing houses amounted to £938,234,433, an increase over the preceding year of £28,533,241, or 3.1%. Below we contrast the clearings through the ten principal provincial clearing houses: 1911. 1910. ---- Inc. or Dec.---£ £ £ % Birmingham___________________ 63,774,082 61,549,636 +2,224,446 +3.6 Bristol............................................... 33,522,000 31,56 9,000 + 1,953,000 +6.2 Dublin........................................ 164,836,700 167,463,500 —2,626,800 —1.6 Leeds......................................... 1... 22,383,041 21,645,847 +737,194 +3.4 Leicester........... .............. 12,954,995 12,722,476 +232,519 +1.8 Liverpool...____ ______________ 217,919,682 221,535,337 —3,615,655 —1.6 Manchester.................................. ...336,160,250 307,907,375 +28,252,875 +9.2 Newcastle________________ 48,229,121 48,091,573 +137,548 +0.3 Nottingham........................... 15,906,421 15,888,254 +18,167 +0.1 Sheffield.......................... 22,548,141 21,328,194 +1,219,947 +5.7 Total, 10 towns.......................... .938,234,433 909,701,192 +28,533,241 +3.1 The year 1911 was climatically and agriculturally utterly ab normal. Since meteorological records began to be kept there has been no year in which there were so many very hot days—that is, days in which the temperature rose above 90 degrees, and there is no other year in which so high a temperature as 98 was recorded. Furthermore, there is no preceding year in which there were so many periods of fine, hot days. And, lastly, there is no previous year in which there were so many days of long, unbroken sunshine—sun shine reaching fourteen hours in the day. The consequence of this was that for wheat and barley the year was exception ally favorable. Over the greater part of the United Kingdom last year’s wheat was found to be immediately fit for milling without admixture with the best kind of foreign grain; and farmers, therefore, were able to sell at unusually good prices. Barley, likewise, was exceedingly good. The greater part of it was quite fit for brewing; so much so, indeed, that those who needed barley for feeding purposes had to buy from Russia. But oats was a poor crop. On the other hand, while wheat and barley benefited so exceptionally, all the root crops suffered from the long-continued drought, and so did the pasturages. The cattle had to be artificially fed for some part of the summer, and the supply both of milk and of butter ran very short. The exceedingly dry weather con tinued, with occasional interruptions, until October. Then rains began, very often accompanied by strong gal s that did much damage along the coasts. They continued to the very end of December. Even at the end of the year there were complaints in some exceptionally dry districts that, long-continued and heavy as the rains had been, the springs and the water courses were not filled up to the usual level. In no part of England, probably, was there a full supply until very late ip December. The result, then, is that while wheat and barley benefited so immensely, the pasturages and the green crops of all kinds suffered very much, feed for cattle became scarce, and pastoralists, who depend mainly for their profit upon cattle rearing and feeding, found that the cost of operating was unprecedentedly heavy. The second greatest of our ind stries is cotton manu facturing. It omes immediately after agriculture, and before all other occupations. Its annual production is, in round figures, about 100 millions sterling, and it employs between 600,000 and 700,000 persons. These latter figures represent only those immediately em ployed in cotton. Indirectly, the industry gives em ployment to vastly larger numbers. It is, indeed, the foundation of the prosperity of Lancashire, and of portions 1911. 1910. -Increase or Decrease- of neighboring counties. Consequently, its prosperity or the London— £ £ £ % reverse has an immense and an immediate effect upon the Town......................................12,596,071,000 12,697,679,000 —101,608,000 —0.8 Metropolitan...................... 796,386,000 770,872,000 +25,514,000 +3.3 well-being of the whole population of the United Kingdom. Country ............................... 1,221,420,000 1,190,312,000 +31,108,000 +2.6 During the year just closed it has been prosperous. Owing to the shortness of the American cotton crop of 1910, the Total.................... 14,613,877,000 14,658,863,000 —44,986,000 —0.3 Stock Exchange Pay Days. 2,218,700,000 2,261,385,000 —42,685,000 —1.9 staple article was scarce and dear, and during the first half Consols Settling Days____ 678,652,000 733,430,000 —54,778,000 —7.4 of the year there were recurrent fears that the supply would Fourths of Months. 568,736,000 596,865,000 —28,129,000 —4.7 give out. Indeed, two attempts were made to induce the If we turn from the purely Town clearings of the London master spinners to adopt short-time. They refused to do Clearing House to the clearings of the ten principal provincial so, however, for, luckily, they had supplied themselves clearing houses, we find that in eight of those ten there were adequately before the year began, and the demand for yarn http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 68 BUSINESS IN GREAT BRITAIN. was strong. To some extent the shortness of the American crop was made up for by a bountiful. Egyptian crop. Con ditions were reversed the latter part of 1911, when the new Egyptian crop was rather under the average while the American crop was much better than the year before. When this latter fact become evident, the price of raw cotton rapidly declined. The position of spinners, naturally, im proved. So did that of weavers. Indeed, it is said that the weavers who did not combine spinning with weaving in the ast quarter of the year did exceptionally well—made more profit, in short, than any other class of manufacturers. Manufacturers who were provided with the newest and most efficient machinery did exceedingly well. For example, 100 mills, comparatively new, which do not issue balance sheets, declared in November dividends averaging 6% per annum. On the other hand, for the twelve months ended with No vember, 76 mills, with 6,570,532 spindles, had a share capital of .£2,806,798, and the loans amounted to £1,394,794. Of these 76 companies, 45 had made a total profit of £78,556 and 31 a loss of £48,711, so that the profit on the share capital averaged only about 1% per annum. The tendency to increase the number of spindles is steadily making itself felt. There is amongst employers a strong opposition to this tendency. Indeed, a very influential depu tation waited upon the Board of Trade several months ago to urge the Government to introduce legislation making the increase of mills difficult. Happily, the Government has done nothing of the kind. The argument of those opposed to the building of new mills is that already the outturn is excessive; that the competition is making those employers unfavorably situated incur heavy losses; and that, to gether, Lancashire is losing instead of gaining. On the other hand, it is urged by those who are in favor that many of the old mills have antiquated plant and machinery, and that unless new and thoroughly efficient mills are constantly constructed, Lancashire will lose her position as the greatest of manufacturing centres. As the year drew to a close the outlook would have been favorable for the trade were it not for the unrest amongst the employees. Just before 1911 closed there occurred a lockout because a husband and wife at a mill in Accrington refused to join the trade union, and all the other operatives struck. The masters immediately determined to resist, and to assist one another. As we write, the Board of Trade has intervened, and negotia ions for a settlement are going on. The wool trade has been active, and prices have been well maintained throughout the year. Still, there have been complaints because the American demand which had been confidently looked for in the spring did not make itself felt until November. Consequently, the better descriptions of merino and crossbreds were rather neglected. In spite of this, however, and of the fear of war upon the Continent, and the failures and strikes at home, the consumption of wool was exceedingly large, especially in the home market. Apparently, the consumption is gaining upon the production of wool, and predictions already are being heard that when once the American demand becomes really strong, it will be found that the supply of the very best kinds, which is chiefly what America seeks, will not be equal to the demand. Al though the American demand, as already said, did not spring up until nearly the end of the year, the buying of merinos was n a very large scale. Year by year the supply of these grades is becoming more limited, for Australian growers have been turning their attention to the production of a larger and heavier fleece of a rougher quality. Were it not that the South African farmers have seen the opportunity thus offered to them, and have availed themselves of it, the merino supply would already have become short. It is said in the trade that the South African growers, or, at all events, the most progressive and intelligent of them, have made considerable improvements in the article, as they are giving close and constant attention to the classing and skirting of the fleeces. Among crossbreds, however, the supplies of medium sorts continue to increase. As a consequence, coarse, lustrous wools from New Zealand and South America are getting scarcer and have realized relatively higher prices than the medium grades. The prosperity of the trade is threatened by a strike against the employment of non-unionists. The quantities and values of textile exports from Great Britain for the last three years are given in the following table: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis EXPORTS OF TEXTILE FABRICS. Year's Exports. 1910. 1909. 191,629,100 6,017,625,200 58,852,700 176,435,800 18,548,900 220,568,000 67,893,700 95,274,100 95,369,600 £ 13,337,780 78,685,438 697,741 2,062,322 1,196,948 6,115,414 6,548,928 12,546,038 7,874,345 215,223,400 5,722,158,100 54,318.700 188,024.700 15,532,900 223,934,800 58,261,100 78.698.700 85,131.200 £ 11,822.145 68.279.389 654,869 2,106,022 952,864 5,726,908 5,004,357 10,206,696 6,577,916 1911. Quantities. Cotton yarn......................... ...lbs. 223,857.600 Piece goods_________ ...yds. 6,653,613,900 49,333,700 Jute yarn______________ __ lbs. Piece goods................ . ...yds. 149,450,300 Linen yarns------------------- __ lbs. 18,003,000 194,014,800 Piece goods................... ...yds. Woolen yarn___________ ...lbs. 65,373,600 Woolen tissues_________ -.yds. 97,804,100 Worsted tissues________ ...yds. 78,503,500 Values. £ Cotton yarn____________ 15,664,739 Piece goods__________ 90,513,089 Jute yarn_____________ 704,089 2,045,031 Piece goods__________ Linen yarn_____ ______ 1,218,994 Piece goods__________ 5,645,691 Woolen yarn.................... 6,477,203 Woolen tissues_________ 13,306,248 Worsted tissues................. 7,134,257 Since June 1908 the production of pig iron has been so much larger than the consumption that the stock in the pub lic stores rose from 47,949 tons to 601,473 tons. Not a sin gle month between June 1908 and July 1911 showed a de crease of stock. Since July, however, there has been a slight decTne. Yet the quantity in stock indicates that over-production is still weighing upon the trade, and must continue to weigh unless a great increase of consumption soon occurs. On the other hand, finished iron and steel pro ducts have shared in the general grosperity of the country. Indeed, some of the steel-m king firms, especially those sup plying shipbuilding materials, are believed to have done bet ter than in any previous year, and those producers who pub lish balance sheets have clearly done exceedingly well. In the North of. England, the output of steel plates and angles has been larger than in any preceding year, due to the fact that the shipbuilding industry was unprecedentedly active, most yards, it is said, working to their full capacity. No la bor difficulties of any kind interfered with production. EXPORTS OF IRON AND STEEL FROM GREAT BRITAIN. 1911 ..................................... 1910 ..................................... 1909__________________ 1908..................................... 1907 ..................................... 1906..................................... 1905..................................... 1904 ..................................... 1903..................................... 1902 ..................................... 1901..................................... 1900..................................... 1899..................................... 1898..................................... 1897 ................................... .. 1896 ..................................... 1895..................................... 1894 _______ __________ 1893 ..................................... 1892 ..................................... 1891..................................... 1890................................... .. 1889 ..................................... 1888................................... .. 1887..................................... 1886 ..................................... 1885..................................... 1884 ______ ____________ 1883 ................................... .. 1882............................. ........ 1881................................... 1880..................................... 1879 ..................................... 1878 ..................................... 1877 ..................................... 1876 ..................................... Pig Iron. Ralls. Other Descriptions Tons. 1,210,119 1,210,728 1,140,695 1,296,521 1,943,939 1,665,809 982,876 810,934 1,065,380 1,102,566 839,182 1,427,525 1,380,342 1,042,853 1,201,104 1,060,165 866,568 830,985 840,294 767,053 840,055 1,145,268 1,190,371 1,036,319 1,158,174 1,044,257 960,931 1,269,576 1,564,048 1,758,072 1,480,196 1,632,343 1,223,436 924,646 881,442 910,905 Tons. 375,564 482,327 580,215 452,521 429,161 460,328 546,569 525,371 604,076 716,210 572,724 463,731 590,667 609,403 782,045 747,662 457,552 425,242 558,375 468,003 702,247 1,035,431 1,089,892 1,020,002 1,011,779 739,651 714,276 728,540 971,165 936,949 820,671 693.696 463,878 441,384 497,924 414,556 Tons. 2 933 426 2,894,954 2.489.889 2,347,479 2,779,127 2,556,063 2,191,937 1,927,171 1,895,145 1,759.248 1,485,813 1,649,433 1,746,171 1,592,094 1,702,957 1,782,571 1,511,421 1,393,771 1,457,905 1,504,223 1,697,844 1,820,731 1,905,919 1,910,242 1,973,075 1,605,289 1,455,475 1,497,439 1,508,095 1,658,531 1,517,458 1,466,055 1,196,170 933,193 965,285 899,809 Total. Tons. 4,519,109 4,588,009 4,210.799 4,096,521 5,152,227 4,682,200 3,721,382 3,262,842 3,564,601 3,579,104 2,897,719 3,540,689 3,717,180 3,244,350 3,686,106 3,550,398 2,835,541 2,649,998 2,856,574 2,739,279 3,240,146 4,011,430 4,186,182 3,966,563 4,143,028 3,385,197 3,130,682 3,495,991 4,043,308 4,353,552 3,820,315 3,792,993 2,883,484 2,296,860 2,346,370 2.224,470 The labor disputes which have distracted so many indus tries during the year just ended are credited with having given a very considerable impetus to the coal trade. The coal trade itself did not suffer very much from disputes be tween employers and employed, except in South Wales. But there were strikes in allied trades which are believed by those interested in coal to have helped materially in the improvement that has taken place. In the first half of the year, speaking broadly, the coal trade was dull, -whereas in the second half it became decidedly more active. And the explanation generally given by those in the trade is that the seamen’s strike forced many vessels to be laid aside, thereby causing a scarcity of tonnage and an advance in freight rates, which has been well maintained ever since. The dockers’ strike caused a suspension of deliveries of coal to many ports and in other cases kept supplies short. The combination of these strikes created a demand which has never been properly overtaken. Recently there has been a demand on the part of the miners for a minimum wage. Negotiations are going on between employers and employed, and a vote of the miners is being taken to determine whether there shall or 69 BUSINESS IN GREAT BRITAIN. shall not be a strike. All this has caused the public to fear that coal may become very scarce, and there has, in conse quence, been a strong demand not only for household pur poses, but on the part of the Admiralty, the railway com panies and shipowners likewise. In consequence of all these circumstances there has been a remarkable rise in prices, in some cases as much as 33% and in others over 50%. As a result, those who exported coal early in the year have done badly. Indeed, it is asserted that, although more coal and coke have been exported in the year just closed than in the preceding year, the losses have been considerably greater in the past year. The year 1911 has seen everywhere, except in the United States, unexampled activity in shipbuilding. Indeed, throughout Europe the outturn has been not merely un precedented, but difficult to account for. As usual, the United Kingdom leads the way. The total number of ves sels constructed in the United Kingdom during the twelve months was 1,478; the tonnage, 2,080,397, and the horse power, 2,127,311, showing an increase over the preceding year of 315, or 27.1% in number, of 740,909, or 55.4%, in tonnage, and of 504,279, or 31.1%, in horse-power. In England the tonnage was 1,221,948; in Scotland, 671,624, and in Ireland, 186,825.- The Clyde continues to hold the first place as a shipbuilding centre. It produced in the year just ended a larger tonnage than any country outside the United Kingdom itself. Its total is not far short of Germany and the United States combined, while it is only 73,000 tons short of both the Tyne and the Wear com bined, and is 65,000 tons higher than those of the Wear and the Tees combined. Messrs. Harland & Wolff, the great Belfast shipbuilders, and Messrs. Swan, Hunter & Wigham Richardson of Wallsend-on-Tyne, ran one another very close for the first place as builders of ships, and for the twelfth year in succession Messrs. Harland & Holff have won. They turned out only ten vessels, it is true, but the total tonnage was 118,209, while Messrs. Swan, Hunter & Wigham Rich ardson turned out 24 vessels with a tonnage of 109,861. The output of many other firms is very large, but a long way be hind those of the two great firms mentioned. The “Titanic,” built by Messrs. Harland & Wolff, is far the largest vessel launched in the year just ended. The second largest is the “Laconia,” built by Messrs. Swan, Hunter & Wigham Rich ardson, which, however, is less than half the tonnage of the “Titanic.” Messrs. Hawthorn, Leslie & Co. made the largest number of ships’ engines, but they made only warship en gines. Owing to the war scare principally, and to some extent also to the labor disputes, the new issues of 1911 were smaller than in the preceding year. Yet they were of immense mag nitude, and they confirm what has already been said as to the extraordinary prosperity of the United Kingdom during the year. They amounted altogether to £197,128,603, be ing a decrease of £35,014,128, or 15.1%, compared with the preceding year. Below we give a table showing the coun tries to which the money subscribed went: TOTAL CAPITAL SUBSCRIPTIONS OF THE UNITED KINGDOM DURING 1911 AND 1910. 1911. 1910. Decrease. United Kingdom_______ ..................... £33,150,495 £9,938,531 £43,089,026 £5,278,448 £14,675,503 55,159,559 68,732,404 103,540,061105,645,798 £9,397,015 13,572,845 2,105,737 Total Indian, Colonial and Foreign.£163,978.108 £189,053,705 £25,075,597 Grand total_________ .....................£197,128,603 £35,014,128 India and Ceylon............. ..................... British Colonies _____ ................ Foreign countries______ ________ £232,142,731 The gold imports for the year just ended amounted to £48,693,753, being a decrease compared with the preceding year of £8,628,014, or 15%. The falling off was, of course, mainly due to the Agadir incident, which checked enterprise in all its forms. It is also to be borne in mind that India intercepted a good deal of gold which would have come from Australia to London, taking the metal itself. And, lastly, it is to be borne in mind that the state of the Continental exchanges was such as to give little encouragement to send gold to London for the supply of the Continent. The exports of gold also show a decrease compared with the preceding year. They amounted to £40,100,540, being £10,797,905, or 21.2% less than in 1910. There is no need to explain the falling off, since the fact that the whole Continent has not been since midsummer in a position to take much of the metal from London sufficiently accounts for it. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The imports of silver during 1911 amounted to £14,293,747, being £193,437, or 1.4%, above those of the preceding year, and the exports of silver amounted to £16,923,537, being £3,097,769, or 22.4%, over those of the preceding year. Early in January an outbreak of plague in Manchuria and Northern China interfered with the exports of beans and other produce, with the result that there was a good deal of Chinese selling of silver, which drove down the quotation to 23 ll-16d. Indian buying at this price, an abatement of the Manchurian plague and purchasing from China raised the quotation to 2434<L in March and to 24^d. in July. It was then hoped that the Indian monsoon would be favorable. But during July the rains were suspended for some weeks, and as the fear of scarcity in India increased the price of silver fell to 23 15-16d. The resumption of the rains in India, dispelling the fears of actual famine, and a demand for coined silver in the interior of China, sent up the price once more to 25d. At this quotation Indian speculators in silver who had bought on a very large scale, and therefore had con trol of a considerable proportion of the metal in the market, decided to take delivery of what they had bought. The re sult was a further sharp rise to 26|^d. At this time the quo tation for “spot” silver was about %d. above the “forward” quotation. Large supplies of the metal, however, were quickly sent both from America and from China, with the result that the price fell once more to 25 Bjd. The following are the bank and open market rates of interest at a number of the principal Continental cities on the first day of each month during 1911 and on the closing day of the year. PRICE OF SILVER FOR THREE YEARS. 1910. 1911. High Low. Aver. d. d. d. Jan 25% 24% 24% Feb 24 7-16 23 11-16 24 1-16 Meh 24% 24% 24 5-16 Apr 24 15-16 24 5-16 24 19-32 May 24 11-16 24 7-16 24 19-32 24 5-16 24 15-32 J’ne 24% July 24 7-16 23 15-16 24 9-32 24 3-32 Aug|24 3-16 24 24 7-32 Sep ,24 5-16 24% Oct 125 3-16 24 3-16 24 19-32 25 21-32 25 Novj26% Dec 25 11-16 25 1-16 25 11-32 Y’r|26% High. Low. 1909. Aver. d. d. d. 24 24% 24% 24% 23 5-16 23 13-16 24 3-16 23 3-16 23 11-16 24 15-16 24 24 7-16 24 15-16 24% 24 13-16 24% 24% 24% 25% 24% 25 24% 24 3-16 24 7-16 24% 24 5-16 24 9-16 26% 24 13-16 25 9-16 26 25 5-16 25 11-16 25% 24 15-16 25% 23 11-16 24 19-32 26% High. Low. Aver. d. d. d. 24% 23 7-16 23 13-16 24% 23 9-16 23 11-16 23% 23 1-16 23 3-16 24 7-16 23% 23% 24% 24% 24 5-16 24% 23 15-16 24% 23% 23% 23% 24 23 7-16 23 9-16 23% 23% 23 11-16 23 13-16 23 1-16 23% 23% 23% 23 5-16 24 5-16 23 9-16 24 23 3-16 24 11-16 24% 23 1-16 23 11-16 In spite of war scares, strikes and bank failures, the money market throughout the year experienced far fewer changes than in many preceding years which were far less disturbed. There were, in fact, during the twelve months only four changes in the Bank rate, and the rate was never put above 4%. The average rate of discount of the Bank of England was £3 9s. 5d. The comparative steadiness of the money market under all the circumstances is attributable to two causes. The first is that the foreign exchanges were for the greater part of the year all favorable to London. In other words, the rest of the world was indebted to this country. Several times in the course of the year the exchanges, espe cially those of Germany and Austria-Hungary, were so very high that it would have paid well to ship gold to London. But so cleverly were the exchanges manipulated by the Reichsbank and the Austro-Hungarian Bank that very few shipments took place. The metal was forwarded on several occasions from Hamburg to South America and other quar ters on London account, and on a few occasions it was shipped rom Vienna to other towns, also on London account. But the shipments were comparatively small, considering how favorable the exchanges were to this country. The French exchange was also generally in favor of this country. Occa sionally Paris was able to take gold from London simply be cause the French banks usually employ considerable balances in that city. But, speaking generally, the exchange was in favor of this country, firstly, because in 1910 the French har vests, both for wheat and for wine, were exceedingly bad, and in 1911 drought also injured the crops. In consequence the Bank of England was able to accumulate a large part of the gold which came from South Africa, although when it saw that the metal was strongly needed for foreign countries it withdrew for weeks together from competition. As trade was so exceedingly good the banks were able to employ all their funds advantageously, although the rates they obtained, as already said, were somewhat lower than the preceding year. 70 BUSINESS IN GREAT BRITAIN But then it is to be recollected that the rates they had to meaning little more than the telegram to Mr. Kruger or the visit to Tangier. But when the French banks got alarmed, pay on their deposits were also lower. 1911. Jan. Feb . Meh Apr. May Jne. July Aug. Sep. Oct. Nov. Dec. Dec. Rates of Interest at— 1 1 1 1 31 1 1 1 1 1 1 1 1 Paris— Bank rate_____ Open market__ Berlin— Bank rate........... Open market__ Hamburg— Bank rate........... Open market__ Frankfort— Bank rate. Open market__ Amsterdam— Bank rate_ __ Open market__ Brussels—Bank rate. __ Open market__ Vienna— Bank rate ___ Open market__ St. Petersburg— Bank rate_____ Open market__ Madrid— Bank rate ........ Open market__ Copenhagen— Bank rate ____ Open market__ 3 3 3 3 3 3 3 3 3 3A 3y2 3y2 3A 2M 2y2 2J4 2% 2y 2H 2ys 2H 2Vs 3H 3y2 3y 3*/» 5 4 4 4 5 4 4 4 4 5 3^ 3^ 3y» 3y2 2% 2Vs 3y2 2% 3A 4 5 5 5 iy2 4M 3% 4 4 4 4 4 5 4 5 5 4 3^ 3% 3J4 3y2 2% 2% 3y2 2M 3y2 4 5 5 5 4y2 4% 3% 4 4 4 5 3y2 2Vs 3y2 y 5 5 5 4M 4% 3% 5 5 4 3^ 3M d 4 e 4 3 4 3 4 3 3 3y2 3y2 3y2 3y 3 3% 3% 3% 3M 3% 2y2 2% 3 4 4 3 2% 3A 4 4 4 4 4 4 4 5 3y2 3y2 3y2 3^ 5A 4y2 4y2 4y2 4^ 4 2y2 2y2 c 4M 4ys 3% 4 3^ 3« 2% 2% 2% 2 4 5 5 4M iys X 5 N 5 N 5 N 4 4 4 4 3M 3y2 3% X 4 k 4 5 3% 4 5 N 5 N 5 N 5 N 5 N 5 N 5 N 5 ft 5 5 4% 4% 5 N 5 N 5 N 4M 4^ 4!4 \y iy2 w. 4M iv, 4Y, 4y2 4Y 4H 4y2 4 3y2 3y 3M 3y2 3y2 3y2 3y2 3y2 4y2 4y2 4^2 4 5 5 4^ 4y2 4y2 4y2 4y2 4 4J-3 4y2 4A 4Y2 4A. 4 5 5 4 4 5 5 5 5 5 5 5 5 N. Nom. c 2 15-16; d 3 1-16; e 3 7-16; k 3 9-16; x 3 11-16; y 3 15-16; ft 4 15-16 The situation of the Bank of France as to its stock of gold and silver, according to the last returns of each month of 1909, 1910 and 1911, was as follows, stated in pounds sterling; GOLD AND SILVER IN BANK OF FRANCE—(00,000s omitted). 1911. Jan. 26.. Feb. 23__ Meh. 30_. Apr. 27 __ May 26.. June 29. July 27.. Aug. 31 _ Sept. 28. Oet. 26.. Nov. 30.. Dec. 28_. Gold. Silv’r Total £ 130,1 130,5 129,6 129,3 129,6 128,5 127,7 126,8 124,4 125,6 128,4 128,2 and when real danger of a crash in Berlin arose, the condition of most European markets became critical. Luckily, New York was able to come to the assistance of Berlin, and thereby the danger was brought to an end. But although there was a marked recovery in quotations, there was no revival of confidence, and to the very end people hesitated about engaging in new risks, the more particularly as here at home the^ labor disputes which the war peril had for the time being stamped out, burst out again. The appended table, made up from the official statements of the Bank of England, shows the position of the Bank as regards bullion, reserve, &c., each week of the year: £ £ 32,8 162,9 33,3 163,8 33,6 163,2 33,8 163,1 34,2 163,8 34,1 162,6 34,0 161,7 33,7 160,5 32,5 156,9 31,7 157,3 32,3 160,7 32,2 160,4 1910. Gold.^Silv’r £ Jan. 27-. 139,0 Feb. 24.. 139,3 Meh. 31.. 138,4 April 28.. 136,6 May 26.. 136,6 June 30-. 136,1 July 28-- 135,7 Aug. 25-. 135,9 Sept. 29-. 134,8 Oct. 27-- 132,8 Nov. 24.. 131,9 Dec. 29.. 131,2 Total £ £ 35,1 174,1 34,9 174,2 34,9 173,3 35,0 171,6 35,4 172,0 35,3 171,4 34,4 170,1 33,8 169,7 33,8 168,6 33,4 166,2 33,4 165,3 33,0 164,2 1909. Gold Silv’r.Total £ Jan. 28.. 145,4 Feb. 25.. 145,6 Meh. 25.. 144,1 April 29.. 144,5 May 27.. 147,4 June 24.. 148,3 July 29.. 148,0 Aug. 26.. 148,2 Sept. 30.. 145,3 Oct. 28.. 144,8 Nov. 25.. 142,6 Dec. 30-- 139,8 £ £ 35,4180,8 35.5181.1 35,6,179,7 35.6180.1 35,6183,0 36,0184,3 36,0184,0 36,11184,3 36,0181,3 35,8180,6 35,9178,5 35,0,174,8 The war scare caused selling of securities, especially on German account, upon an immense scale, and brought down quotations very materially. But there was no real panic, and as soon as the forced sales ended there was a recovery. Looking over the list of quotations, one notices that at the close of the year, speaking generally, the decline was not very great. Even countries like Italy and Turkey, which are actually at war, have not experienced a great fall in their Government securities. In the case of Italy, perhaps, this is accounted for by the fact that Italian bonds are now almost entirely held at home. In the case of Turkey the explanation is not so evident, but probably it is that holders are hoping that the Turkish Government will be wise enough to make peace; and that gradually, then, the country will improve. Even in the case of Chinese bonds there has not been a very great fall. On the other hand, the decline in Consols has been very great. At one time they went to 76% This was brought about mainly by the failure of the Birkbeck Bank and the Bank of Egypt and by the re construction of the Yorkshire Penny Bank. The Birkbeck Bank and the Yorkshire Penny Bank held very large amounts of Consols. They sold on a very great scale, and, naturally, by so doing they not only alarmed investors but they drove the price of Consols lower than they have been in a time of profound peace ever before. To some extent, no doubt, also the fall is due to the fact that the number of securities in which trustees may legally now invest has of recent years been immensely increased; and to a considerable extent it is due to the fact that 2%% under existing conditions is too low a rate to attract the ordinary investor. Broadly speaking, the tendency of prices upon the Stock Exchange in the first half of the year was upwards. The relations of Germany with France, of Italy with Austria-Hungary, and of Turkey with the Balkan States, were all known to be far from satis factory, and, therefore, the cautious hesitated about en gaging in new risks. Still, as the spring passed over without trouble, confidence was growing stronger and there were many evidences that we were about to see a decided broaden ing of markets. The sending of the “Panther” to Agadir put a stop to that. At first, it is strange to say, the incident did not disturb the Stock Exchange as might have been expected. People had become so accustomed to und'plomatic conduct on the part of Germany that they took it as http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BANK OF ENGLAND IN 1911—(00,000s omitted). Bullion Deposits. Note in both Cir De cula part Public. Other. tion. ments. 1911. Jan. 4___ “ 11___ “ 18____ “ 25......... Feb. 1____ “ 8____ “ 15____ “ 22____ Meh. 1____ “ 8____ " 15____ “ 22____ “ 28____ April 5____ “ 12____ “ 19......... “ 26____ May 3____ “ 10____ “ 17____ “ 24____ “ 31____ June 7____ " 14......... ’’ 21......... “ 28____ July 5____ “ 12____ “ 19____ “ 26____ Aug. 2-----“ 9......... “ 16____ “ 23____ “ 30____ Sept. 6__ _ “ 13____ " 20____ “ 27____ Oct. 4____ “ 11____ “ 18____ “ 25____ Nov. 1____ “ 8____ “ 15____ “ 22____ ’’ 29____ Dec. 6__ _ “ 13____ “ 20____ “ 27____ Jan. 3____ £ 28.5 27,9 27,4 27,3 27.7 27,3 26,9 27,1 27,5 27,2 27,1 27,4 27,8 28,4 28,7 28,1 28,0 28,3 28,2 27,9 28,0 28,6 28,3 28,7 29,0 29,4 29,7 29,3 29,3 29,2 30,2 30,5 29,9 29,9 30,0 29,8 29,4 29,0 29,1 29,6 29,2 28,7 28,7 29,1 29,0 28,4 28,5 28,7 28,8 28,7 29,3 29,2 29,2 £ 31.9 32,9 34,7 36,0 36,5 37,3 37 5 38,2 38,1 38,6 40,2 40,3 39,7 37,9 36,1 36,5 37,2 36,8 37,0 37,7 38,3 39,1 38,8 39,5 39,9 40,4 40.0 40,7 40,9 41,1 40,2 39,7 40,1 40,9 41,7 41,5 42,5 43,1 41,6 39,1 37,9 37,4 37,4 36,4 35,4 36,0 36,9 37,3 37,1 35,9 34,1 32,4 34,4 £ 12.5 8,8 10.1 11,2 10,9 11.7 13,7 16,9 19,0 21,5 23,4 25,8 25,4 19,8 17,9 17,6 17,9 14,1 14,1 13,9 15,1 14,4 13,9 13,8 14,8 15,8 10,7 9,3 9,3 9,3 8,0 7,7 7,8 8,1 10,8 9,9 9,9 11,9 12,2 11,3 6,4 6,7 7,3 7,2 9,5 10,6 12,8 12,1 11,5 14,5 15,2 16 3 16,7 £ 49.2 40,2 40.0 41,1 41,9 41,7 41,3 40,0 39,2 36.7 40,1 41,5 39,5 42.1 41,5 38,6 40,9 42,1 39,8 41,2 40,6 41,4 41,2 41,6 41,1 47,2 52,6 47,9 46,9 46,5 44,1 43,5 43,3 43,5 42,8 41,9 44,3 45,6 43,7 42.9 46,0 45,1 44,2 42,6 40,4 40,9 39,7 40,6 39,5 37,6 40,8 44,8 49,4 Securities. Gov ern Other. ment. £ 17.4 15,4 15,0 15,0 14,9 14,9 14,9 14,8 14,8 14,6 14,6 15.1 15.1 15.1 15,1 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 15,0 14.6 14,6 14,6 14,1 14,1 15,6 14,6 14,1 14,1 14,1 14.3 14.4 14,4 14,4 14,4 15,2 15,3 15,3 15,3 Reserve Market Bank Rate of Notes Rate. 3 Months' Bank and Bills. Coin. £ 40.4 28,2 27,5 28,3 28,8 28,2 29 3 30,7 32,8 31,9 35,6 39,0 37,8 36,5 36,2 32,2 34,0 32.1 29,4 29,6 29,6 29,5 28.9 29,0 29.3 36.4 37.6 30,4 29,2 28,4 26.7 26.5 25.6 25,2 26.8 25.3 26.4 29,1 29,2 28,4 28,3 28,2 27,9 27,6 28,5 28,8 29,0 28,9 27,5 28,8 35,2 41,9 44,9 £ 21.9 23,4 25,7 27.2 27,2 28,5 29,0 29,5 29,1 29,8 31,5 31,4 30,3 28,0 25,9 26,8 27,6 26,9 27.3 28.3 28,8 28.9 29,0 29.2 29.3 29,5 28,7 29,8 30.0 30,4 28.4 27,7 28,6 29.5 30,2 30,2 31,5 32,6 30,9 27,9 27.2 27,1 27,2 25,7 24,9 26,0 26,8 27,1 26,8 25,7 23,3 21,7 23,7 £ 4y2a 4b 3 Ac 3d 4e % 3M 3% 3% 3 15-16 3 7-16 3 2 15-16 3 1-16 2% 2 9-16 2 7-16 2% 2Ys 2 5-16 2Ys 2 7-16 2 9-16 2X 2Ys 2Ys 2% 2 1-16 2 2 5-16 2 5-16 2 5-16 2 1-16 1 15-16 2 1-16 2 1-16 2M 2% 2 11-16 2% 2 15-16 3 3 1-16 3ys 3 13-16 3 13-16 3 15-16 3 13-16 3% 3 5-16 3Ys 3% 3 9-16 3 9-16 3?4 3% 3% 3 13-16 3 7-16 a Date when this rate was made, Dec. 1 1910; 6 Jan. 26 1911; cFeb. 16 19117 d March 9 1911; e Sept. 21 1911. BANK OF ENGLAND RATE OF INTEREST. Year. Rate Number % of days. 1902. Jan. 1 to Jan. 23____ ^4 Jan. 23 to Feb 6____ 3H Feb. 6 to Oet. 2......... 3 Oct. 2 to Dec. 31____ 4 Year’s average........... 3.33 1903. Jan. 1 to May 21____ 4 May 21 to June 18____ 3H June 18 to Sept. 3____ 3 Sept. 3 to Dec. 31......... 4 Year’s average______ 3.75 1904. Jan. 1 to April 14......... 4 April 14 to April 21____ 3H April 21 to Dec. 31____ 3 Year's average______ 3.29 1905. Jan 1 to Meh. 8____ 3 2^ Meh. 9 to Sept 6.__ Sept. 7 to Sept. 27......... 3 Sept. 28 to Dec. 31____ 4 Year’s average______ 3 1906. Jan. 1 to April 5____ 4 April 6 to May 3____ 3^ May 4 to June 21____ 4 June 22 to Sept. 13____ 3A Sept. 14 to Oct. 11......... 4 Oct. 12 to Oct. 19____ 5 Oct. 20 to Dec. 31......... 6 Year’s average............. 4.27 1907 Jan. 1 to Jan. 17____ 6 Jan. 18 to April 11____ 5 April 12 to April 25____ 4A April 26 to Aug. 15____ 4 Aug. 16 to Oct. 31......... 4H Nov. 1 to Nov. 4____ i>A Nov. 5 to Nov 7____ 6 Nov 8 to Dec. 31____ 7 Year’s average 23 days 14 days 238 days 90 days 365 days 140 28 77 120 365 days days days days days Rate Number % of days. Year. Jan. Jan. Jan. Jan Meh. Meh. May 1 3 17 24 6 20 29 1908. to Jan. to Jan. to Jan. to Meh. to Meh. to May to Dec. 2. 16. 23. 5. 19. 28. 31. Year’s average______ 1909. Jan. 1 to Jan. 13 14 to Meh. 31 days Jan. April 1 to Oct. 6 days Oct. to 13 days Oct. 147 to Oct. Oct. 20 days. Oct. 21 to Dec. 8 Dec. 9 to Dec. 31 67 days. Year’s average. 182 days 21 days’ 95 days 1910. 365 days Jan. 1 to Jan. 5. Jan. 6 to Jan. 19 95 days. Jan. 20 to Feb. 9. 28 days Feb. 10 to Meh. 16. 49 days Meh. 17 to June 1 84 days June 2 to June 8. 28 days June 9 to Sept. 28. 8 days Sept. 29 to Oct. 19. 73 days Oct. 20 to Nov. 30. 365 days Dec. 1 to Dec. 31. Year’s average. 17 days 84 days 1911. 14 days 112 days Jan. 1 to Jan. 25. 77 days Jan. 26 to Feb. 15. 4 days Feb. 16 to Meh. 8. 3 days Meh. 9 to Sept. 20. 54 days Sept. 21 to Dec. 31. 105 7 254 366 4.92 365 days' Year’s average... 7 2 6 14 5 7 4 42 3y 14 3 70 2>£ 217 days days days days days days days 3.01 366 days 2Y 13 days 3 77 days 2A 189 days 3 7 days 4 7 days 5 49 days 4y2 23 days 3.10 365 days 5 14 21 35 77 7 112 4 21 5 42 4^ 31 4J^ 4 days days days days days days days days days days 3.72 365 days 4 A 25 days 4 21 days 3J-£ 21 days 3 196 days 4 102 days 3.47 365 days Trade and Commerce-Returns of. FOREIGN IMPORTS AND EXPORTS. OUR FOREIGN TRADE IN 1911. Exports of merchandise exceeding in value by a very considerable amount those for any former year, notwithstanding the lower level of prices recently prevailing, and a volume of imports only very little less than the high mark set in 1910, furnish, when com bined, an aggregate in the foreign trade of the United States for 1911 quite noticeably greater than for any earlier twelve-month period in the history of the country. In fact the total of imports and exports for the year was no less than $3,625,593,976, exceeding by 196 million dollars the aggregate for 1910, over topping the 1909 result by 421^ millions and that of 1908 by over three-quarters of a billion. The increase in our export trade has been very comprehensive of late years, especially in 1911— practically every country to which our commodities go taking more from us. A conspicuous example of this growth is Canada, to which country we sent in 1911 merchandise exceeding in value by some 50 millions the outflow thence in 1910, this being con current with a shrinkage in our imports from the Dominion. The movement of goods from here to South America also showed marked expansion in 1911 and the inflow was less, but on balance the volume of trade is still much against us. Aggregate merchandise exports in 1911 were much the heaviest on record, the total having been $2,092,526,846, against $1,866,258,901 the preceding year, $1,728,198,645 two years previous, $1,752,835,447 in 1908 and $1,923,426,205 in 1907. The increase over the previous record mark (1907) is some 169 million dollars, but noteworthy changes have taken place in the outward movement of commodities in this interval of four years. In 1907 and in all earlier years, as well as during 1908 and 1909, the articles for which advance statements are issued—cotton, breadstuffs, provisions, cattle, &c., and mineral oils—made up the greater part of the totals. In 1910 “other articles,” of which manufactures constitute the most important part, gained the ascendancy, and increased their lead in 1911. It is this expansion in the outflow of manufac tures that is particularly gratifying. Breadstuffs exports in 1911, due to heavier ship ments of corn, wheat and flour, covered a value quite appreciably greater than in 1910, the comparison being between $135,860,349 and $109,093,689; but there is a small decline from 1909 and very decided losses from recent earlier years. The 1901 total was 276Rj mil lions. The provisions outflow in 1911 was also of much greater magnitude than in 1910, and 8R millions in excess of 1909; but smaller than for a number of years prior to that time. The increase of 31 millions, as compared with 1910, is found wholly in hog and dairy products, beef exhibiting a further contraction. Cotton exports were larger in quantity in 1911 than in any former year, the heavy shipments subsequent to Sept. 1 materially assisting in that result. These shipments followed because of an important decline in prices, it being realized that the crop now being mar keted is of record proportions. The value of the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 8,607,401 bales sent out in 1911 is placed at only $517,053,575, while the 7,097,299 bales shipped in 1910 was $530,824,222, the average price per pound having been 11 9-16c. and 14 9-16c., respectively. In 1909, also, the price was higher than in the late year (ll%c.), but shipments were much smaller—only 7,576,153 bales—and the value, therefore, but $461,919,568. Petroleum exports for 1911 were above the former record total of 1909 as to quantity, but smaller than in 1908, as regards value, in consequence of the lower average price received. In this commodity there has been a steady decrease in the average export price since 1907. Starting at 7.2c. per gallon in that year, it dropped to 7.1c. in 1908, falling to 6.7c. in 1909 and 6.3 cents in 1910, and finally to 6.1c. in 1911. The shipments of 1911 at 1,768 million gallons com pare with 1,502 million gallons in 1910 and about half the current total twenty years ago. Among other articles of export, and especially manu factures, notable expansion is quite generally the rule. Iron and steel and manufactures, for example, reached a total in the late year of virtually 250 millions of dollars, very much the heaviest on record, an excess of 48 millions over the aggregate for 1910, which in turn had shown a gain of 44 millions over 1909. The ship ments of these products have nearly trebled in the last eight years. Copper, cotton manufactures, vege table oils, cars, carriages, &c., including automobiles, coal and wood and manufactures,were likewise sent out much more freely in 1911 than in 1910. More moderate gains are to be noted in agricultural imple ments (of which we are the world’s largest exporting country), naval stores, fruits and nuts and numerous other articles. Decreases are few and generally small. To indicate the changes from year to year in some of the leading staples of export, and the relation those principal items bear to the full outward movement of merchandise, we insert here the following compilation, which covers the results for the last six years: EXPORTS OF LEADING PRODUCTS FOR SIX CALENDAR YEARS. Exports. 1911. 1910. 1909. 1908. 1907. 1906. S $ $ S $ $ Cotton _. 511,053,575 530,824,222 461,919,568 438,829,110 469,826,661 413,137,936 Breadst’ffs 135,860,349 109,093,689 139,779,080 196,508,311 214,639,405 189,069,690 Prov’ns&c 160,316,842 129,522,085 151,964,537 181,492,154 197,634,350 208,586,501 Cattle,sh’p & hogs 15,071,057 9,714,743 16,616,121 27,533,329 34,808,819 39,445,859 Pet’l’m, &c 105,922,848 94,107,022 103,838,590 108,815,455 91,383,064 85,738,866 Total__ 934,224,671 873,261,761 874,171,396 953,178,359 1008372 299!935,978,852 All other articles. 1158302175 992,997,143 854,081,249 799,656,888 915,053,906862,264,582 Total__ 2092526846 1866258904 1728198645 1752835247 1923426205j 1798243434 Imports of merchandise reached a total of $1,533,067,130, which contrasts with $1,562,904,151 (the record) in 1910 and $1,475,520,724 in 1909. This data does not indicate important expansion in the inflow of commodities into the country in the more recent years. Since 1904, however, when the 1,000 miflion mark was first passed in imports, there has been an augmentation of nearly 50%, or a heavier ratio of growth than shown by exports during the same period. With a few prominent exceptions, the leading com modities record an increased inflow in 1911, the decline in the aggregate from 1910 being more than accounted TRADE AND COMMERCE 72 for, by the losses in sugar and India rubber, both of which were imported less freely following the heavy inward movement of the previous year, while at the same time there was a lower average basis of value. Imports of hides and skins in 1911, also, were mod erately less than in 1910, and the same remark applies to leather, oils, wines and silk manufactures. Raw wool, too, shows a decline which lower prices do not fully explain, and manufactures of that article are in the same category. Iron and steel and manufactures, and wood and manufactures, exhibit small losses. On the other hand, chemicals, cocoa, raw cotton, fruits and nuts, raw silk, tin and tobacco, and many other commodities, showed more or less important additions. Coffee recorded a large gain in value, much of which was due to the higher prices, although quantity was greater; and flaxseed, the inflow of which in 1910 showed such a phenomenal increase, was further augmented. The trade balance in favor of the United States in 1911 was, of course, very large, but even at that it has been exceeded several times. It reached $559,459,716, comparing with $303,354,753 in 1910 and $252,677,921 in 1909. In 1908, however, with im ports reflecting the depression that followed the panic of 1907, and exports very free, the balance in our favor was no less than 636 million dollars, and even that figure was exceeded in 1900. The movement of gold, while not especially heavy in either direction in 1911, netted a moderately large balance of imports. The imports were most largely from Mexico, although receipts were quite heavy from Canada; this latter item however, was more than off set by the return flow to that country, which was the preponderating item in the export total. The net import balance for the year, at $20,262,110, compares with $447,696 in 1910 and a net outflow of the metal of $28,793,855 in 1909. Silver was exported more freely in 1911 than in 1910, and there was a slight fall ing off in the imports; consequently the net export was nearly double that of the previous year, the con trast being between $21,918,075 and $11,482,805. Bringing together the various net balances, we have the subjoined comparative summary of the trade balance as a whole: YEARLY TRADE BALANCE. 1911. 1910. 1909. 1908. Total.................... 581,377,791 314,837,558 264,082,528 646,074,901 515,969,891 Gold exports.......... *20,262,110 *447,696 88,793,855 30,939,163 *88,182,391 Grand total____ 561,115,681 310,389,862 352,876,383 677,014,064 427,787,500 * Excess of imports. All items being included, we find the net export balance for the latest year to have been $561,115,681, this contrasting with balances on the same side of the account of $310,389,862 in 1910 and $352,876,383 in 1909. The record balance was in 1908—$677,014,064. As a matter of record we append several tables from which we have drawn many of the data mentioned further above. BREADSTUFFS AND COTTON EXPORTS FOR CALENDAR YEARS. 1910. 1909. 1908. 1907. Wheat & flour— Bushels__ 83,334,250 61,923,296 92,085,642 151,338,121 160,127,925 Values .. $83,150,80f $66,459,368 S100,529,381 $153,741,845 $151,044,577 Wheat, av. price 92%o. 96%c. $1.04 13-32 99J^c. 94%c. Flour, av. price. $4.69 $5.15% $4.73 $4.25 $5.13+6 Corn—bushels.. 61,572,963 42,692,961 36,205,650 37,577,717 83,200,872 Values . $36,157,880 $28,019,716 $25,444,985 $25,216,114 $46,991,377 Average price. 58%c. 70c. 67c. 65%c. 56 7-16c. Oats—bushels .. 2,125,968 1,931,185 1,272,294 1,204,859 1,745,859 Values ___ $916,726 $860,120 $672,469 $627,547 $886,040 Average price. 43 l-16c. 44 9-16c. 52%c. 52 %c. 50%c. Cotton—bales .. 8,607,401 7,097,254 7,576,153 8,436,143 8,132,734 Average price. 11 9-16c. 14 9-16C. 10c. llJ6c. 11%C. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Exports. Imports. Total Trade. $655,964,699 Imp. $187 ,126.751 $1,124,802,647 $468,837,948 595,248,048 Imp. 27 ,490,181 1,163,005,915 567,757.867 569,872,553 562,115,907 Exp. 7 756,646 1,131,988,460 510.947.422 503,162.936 Exp. 7 ,784,486 1,014,110,358 590,666,629 427,347,165 Exp. 163 .319,464 1,018.013,794 620,302,412 480,446,300 Exp. 139 ,856,112 1.100,748.712 431,612,383 Exp. 305 479,590 1,168,704,356 737,091.973 765,159,825 513,602,796 Exp. 251 ,557,029 1,278,762,621 889.683.422 696,807,176 Exp. 192 ,876,246 1,586,490,598 833,549,127 670.209.448 Exp. 163 339,679 1,503,758,575 767,981,946 752,843,507 Exp. 15 138,439 1.520,825,453 687,066.216 Exp. 108 ,143,100 1.482.275.532 795,209,316 749,366,428 629,261,860 Exp. 120 ,104,568 1,378,628,288 688,249,798 587,868,673 Exp. 100 ,381,125 1,276.118,471 660,893,586 Exp ,453,704 1,374,240,876 713,347,290 715,212,840 704,576.343 Exp __ ,636,497 1,419,789,183 691,620,852 719.484,680 Imp. 27 ,863,828 1.411.105.532 762,884,881 Exp. 64 170,869 1,589,940,631 827,055,750 855,399,202 814,909,575 Exp. 40 ,489,627 1,670.308,777 818,364,521 Exp. 151 ,901,404 1,788,630,446 970,265,925 938,020,941 830,490,141 Exp. 107 530,800 1,768,511,082 766,239,846 Exp. 109 592,002 1,642,071,694 875,831,848 676,312,941 Exp. 148 ,789,307 1,501,415,189 825,102,248 824,860,136 801,669,347 Exp. 23 190,789 1,626,529,483 1,005,837,241 681,579,556 Exp. 324 257,685 1,687,416,797 742,595,229 Exp. 357 113,816 1,842,304,274 1,099,709,045 1,255,546,266 634.964.448 Exp. 620 ,581,818 1,890,510,714 1,275,467,971 798.967,410 Exp. 476 500,561 2,074,435,381 829,149,714 Exp. 648 ,796,399 2,307,095,827 1,477,946,113 880,419,910 Exp. 584 955,950 2,345.795,770 1,465,375,860 1,360,685,933 969,316,870 Exp. 391 369,063 2,330,002,803 1,484,753,083 995,494,327 Exp. 489 258,756 2,480,247,410 1,451,318,740 1,035,909,190 Exp. 415 ,409,550 2,487,227,930 1,626,990,795 1,179,144,550 Exp. 447 ,846,245 2,806,135,345 1,798,243,434 1,320,501.572 Exp. 477 ,741,862 3,118,745,006 1,923,426,205 1,423,169,820 Exp. 500, 256,385 3,346,596,025 1,752,835,447 1,116,374,087 Exp. 636, 461,360 2,869,209,534 1,728,198,645 1,475,520,724 Exp. 252, 677,921 3,203,719,369 1,866,258,904 1,562,904,151 Exp. 303 354,753 3,-429,163,055 2,092,373,141 1,532,931,861 Exp. 559 441,280 3,625,305,002 EXPORTS 12 MONTHS ENDING DEC. 31. Exports— 1911. 1910. 1909. Agricultural Implements________________ 836,241,683 831,291,351 $27,327,428 Automobiles and parts of_______________ 19,178,484 13,190,296 7,786,617 Cars for steam railways_________________ 6,764,714 3,803,361 2,539,503 Coal_________________________________ 52,593,274 41,470,792 38,441,518 Copper, not including ore________________103,327,846 95-505 346 92,584,640 Cotton manufactures___________________ 45,686,591 35,578,065 34,414,860 Hops_______ 4,258,431 2,306,795 1,421,000 Instruments, &c_______________________ 12,764,486 11,460,773 9,136,892 Iron, steel, &c________________________ 249,656,411 201,271,903 157,674,394 Leather, &c___________________________ 57,038.037 53,511,761 47,146,415 Naval stores____ ______________________ 27 370 569 22,153,692 16,103,076 Oil, vegetable_________ ________________ 24 908.708 15 123 338 21,684,355 Paraffin and paraffin wax_______________ 7 04 6.735 7,329,143 7,608,624 Seeds..____ __________________________ 2.892.217 2,607,840 4,247,776 Tobacco, not including manufactured____ 42.151.416 36,070,695 36,844,121 Wood and manufactures____ ____________ 95,980 868 85,789,033 72,312,880 IMPORTS 12 MONTHS ENDING DEC. 31. Imports— 1911. 1910. 1909. Art works.................... $27 443 374 $19,447,763 $16,845,919 Automobiles___________________________ 2 090 481 2,080,555 3,071,002 Books_____ ___________________________ 6 680 720 6,113,994 6,136,071 Chemicals, &c_______________ 96.930.749 89,530,117 85,273,603 Coal, bituminous______________________ 3.611,518 5,381,062 3,597,991 Cocoa or cacao________________________ 14,589,545 12,065,738 13,358,534 Coffee_______________________________ 97,178,893 73,735,555 86,524,006 Copper—pig, bars, ingots, &c___________ 31,490,195 31,667,078 30,608,120 Cotton_______________________________ 21,530,097 17,458,033 15,058,262 Cotton manufactures___________________ 65,804,949 66,971,878 69,744,378 Flax, hemp, &c.—unmanufactured______ 30,567,414 28,906,170 33.511.696 Flax, hemp, &c.—manufactured________ 55,837,538 56,565,438 54.860.696 Fruits and nuts____________ 1__________ 44,164,650 34.603,684 39,401,168 Furs _________ 9,260,331 9,327,839 11,323,726 Hides and skins_______________________ 81.456.348 86,107,728 103,671,277 India rubber____________________ 74.415,885 98,007,295 79,264,817 Iron and steel_________________________ 28,995,600 38,907,119 30,571,542 Jewelry, diamonds, &c_________ 43,633,331 46,077,984 44,222,978 Leather and manufactures______________ 14,699,455 16,558,059 16,270,407 12,474,892 Paper and manufactures________________ 11,432,139 12,013,272 Silk—raw, &c_________________________ 66,951,146 68,102,732 74,060.605 Silk—manufactured___________________ 29,255,646 33,884,498 32,707,982 Sugar ________________________________ 100.439.639 113,888,628 90,296,896 Tea_____ ____________________________ 18,317,171 16,631,486 16,553,032 Tin _____ 43,390,639 33,921,449 27,559,937 Tobacco—unmanufactured_____________ 32,117.706 24,709,939 25,897,650 Wood and manufactures of_____________ 51,843,283 54,489,711 50,293,509 Wool—unmanufactured________________ 25,479,422 36,102,447 55,530,366 Wool—manufactured........................................16,216,878 21,587,496 22,058,711 1872 ............... 1873 ............... 1874 _______ 1875 ............... 1876 ............... 1877 ............... 1878 ............... 1879 ............... 1880 ............... 1881 -............. 1882 ............... 1883 ............... 1884 .............. 1885 ............... 18S6_______ 1887 ............... 1888 ............... 1889 ............... 1890 ............... 1891 ............. 1892 -............. 1893 _______ 1894 ............... 1895 _______ 1896 ............... 1897 _______ 1898 ............. 1899 ............... 1900 ............. 1901 _______ 1902 _______ 1903 _______ 1904 ............... 1905 _______ 1906 ............... 1907 ............... 1908 ............... 1909 ............... 1910 _______ 1911 _______ 1907. Mdse, exports........ 559,459,716 303,354,753 252,677,921 636,461,360 500,256,385 Silver exports____ 21,918,075 11,482,805 11,404,607 9,613,541 15,713,506 1911. MERCHANDISE EXPORT AND IMPORTS (CALENDAR YEARS). Calendar Year. GOLD. Endlru) Dec 31 Exports. Imports. SILVER Excess nt Exporis( + ) or Exports. Imports '—). Excess of Impon's. Exp’rls( + )or Imports!—). $ S $ $ $ $ 1872 .. 68,638,125 11,113,290 + 57,524,835 32 048,799 10,068,714 + 21,980,085 1873.. 25.496,118 20,537,254 + 4,958,864 38,076,207 9,212,185 + 28,864,022 1874 .. 43,149,091 7,422,806 + 35,726,285 29,577 984 7,830,998 + 21.746,986 1875.. 53,413,947 14.338,789 + 39.075,158 25.S89.567 8,547,357 + 17,342,210 1876.. 31,231,739 23,673,291 + 7,558,448 25,122,736 10,798,0 43 + 14,324,693 1877.. 18.982,638 11,629,655 + 7,352,983 29,336,929 12,141,560 + 17.195.369 1878.. 8.655,948 10.477,859 —1.821.911 18,209,252 18 389.884 —180,632 1879.. 4.115.446 78,767,941 —74,652,495 21,701,552 14,425,017 + 7,276.535 1880.. 3,062,459 73,644,698 —70.582 239 12,983,442 11,631,025 + 1,352,417 1881 .. 2.603,543 60,398,620 —57,795,077 17,063.274 8,595,645 +8.467,629 1882.. 38,721,079 13,402,528 + 25,318,551 17.317,055 9,098.385 + 8,218,670 1883.. 6,048,770 22.055,961 —16,007,191 25,794,670 14,153,357 + 11,641,313 1884 .. 40,948,246 27,957,657 + 12,990,589 29,563,748 15.504.777 + 14,058,971 1885 .. 11,417,207 23,645,311 —12,228,104 33,280,542 17.772,718 + 15,507,824 1886.. 41,283,222 41,309,835 —26,613 27,112,707 19,758.414 + 7.354,293 1887 .. 9.144,426 44,903,327 —35,758,901 27,733,192 21,000 721 + 6,732,471 1888 . . 34,526,447 11,034,074 + 23,492,373 30,020,603 21,761,359 + 8,259.244 1889.. 50.935,412 12,061,520 + 38.873,892 20,742,875 26,799,458 + 13,943,417 1890 .. 24,063,108 20.379,456 + 3,683,652 28,609,101 30,764,904 —2,155,803 1891.. 77.093.065 45,203,377 + 33,889,688 27.930.116 27,915,905 + 14,211 1892 .. 76,545,32$ 18.165.056 + 58.380,272 36,362,281 31,452,956 + 4.909,325 1893.. 79,983,726 73.280,575 + 6,703,151 46.357.748 27,765,696 + 18.592.052 1894.. 101,849 735 21,350.607 + 80,499.128 47,245 807 17,633.594 + 29.612 213 1895.. 104,967 402 34,396 392 + 70.571,010 54.211,086 24 373.347 + 29.837.739 1896.. 58,256.890 104 731.259 —46,474.369 64.056,741 30,279.745 + 33.777 001 1897. 31.276,401 34.022 812 + 253 589 58,661 ?92 33.082,302 + 25.578.990 898 .. 16 194,954 158,163,952 —141,968,998 53,797 104 29,131 580 + 24.665 724 1899.. 45.379,411 51 334.964 —5,355,553 53,461 737 30 843,929 +22.617,808 1900 .. 54 134 623 66 749,084 —12,614.461 66,221 664 40 100 313 + 26 121.321 1901 .. 57.783,939 54.761,880 + 3.022,059 55.638,358 >1,146.782 + 21,491.576 190? .. 36,030.591 44,193 317 — -8.162.72b 49.272.954 24,402,935 + 22,870,019 1903 . 44.346.834 65,267,696 —20.920,862 40.610.342 23,974.50s + 16 335.834 1904.. 121.211.827 84 803.234 + 36.408.593 50.135,245 2+087.042 + 24.048,203 1905.. 46,794.467 50,293.406 —3 498.938 57.513,102 35 939,135 + 21,573.967 1906.. 46,709,158 155,579,380 —108 870 222 60.957.091 44.227,841 + 16. (29.250 1907 .. 55,215,681 143,398,072 —88,122.391 61,625,866 45,912,360 + 15,713,506 1908.. 81,215,456 50,276,293 +30,939,163 51,837,671 42,224,130 + 9,613,541 1909.. 132,880,821 44,086,966 + 88,793,855 57,592,309 46,187,702 + 11,404,607 1910.. 58,774,822 59,222,518 —447,696 57,360,973 45,878,168 + 11,482,805 1911 37.183,074 57.445.184 —20.262.110 65,664,646 43.746.571 +21,918,075 Note.—For years 1886 to 1911, inclusive, the figures embrace gold and silver in ore; In the years preceding both were included in the merchandise movement. 73 TRADE AND COMMERCE EXPORTS OF LEADING ARTICLES FOR YEARS IMPORTS AND EXPORTS BY ENDING JUNE 30. FISCAL YEARS. The subjoined statement, compiled from the latest The table below shows the exports and imports in revised figures, shows the exports of leading articles each fiscal year (ending June 30) since 1879. in each of the last three fiscal years. 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X X b- © X X © © X rf rf © ©tH X X ©^© b-© © X2Xrf ©O O © t-t X C bi © © © X X M t-i b- rf rf © © ©X © X©X©rf©b.b«©X-iX©XX©X c’d!Sd<=’.1“lc'd?2 C’d'S C'd.oO X © rf X »-< b © b©©T-iT-TX©X©bXco©©0 Xr-lb-rfriT ? | 4O-©XbXX©rf, . ............... .... ....................... ............ b©XbX©b©©X©X©T-rrfX»iO©cO©©©©©©©X©cO©cO© rf Xrf ©rf © X b t-i —< ©© x rf © © ©Xrf rf X©© rf X bri © X X b t-t © X X © rfXbbrfX©XX© b © © © © X t-i b t-i © rf r-r rj' ©©© ©rf ©rf t-t—i ©XX©rfrfbXrfr-l T©©O ©rf © rf © © X r rf rf ©©bb©C - X X t-t t ©©XX©XXt 2t-it-iC ©©© 0-4 X rf rf rf b ‘ 2 t-i © X r T X © rf rf © © bb©r’-i©’-iX^i©©©rfx©©x 2 © © rf c «^©©©r-i©©rfX©’-iX©rfrf©©bb© - © rf r-T © rf © b © X X©T-rb©rfrfT-©b 2XX©C 2©Xrf o 4 © © X b © t-i © rf X ©X©t-*XX©t-i©x - - ©©bb©©©©bbt 2 X © b bb©©XX © © © T 2rf©©b©©©— - ______________________________ 2 © © © © © © t-I T-1 XXXXXXXXXXXXXXXXXXXX©©©©©©©©©©©© Note.—Totals of gold coin and bullion and silver coin and bullion in 1895 to 1911, Inclusive, Include gold and silver In ores. In preceding years gold and silver In ores were Included In merchandise. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Articles. 1910-11. 1909-10. Agricultural Implements, value------- $ 35,973,398 28,124, 033 1,330,018 666, 937 Aluminum and manufactures of----- S Automobiles and parts of, value----- 5 15,509,229 11,190, 220 Bacon and hams----------------------- lbs. 314,384,626 299,048, 492 do do value--------------------- $ 41,920,487 36,218, 425 5,381,365 3,052, 527 Barley, value------------------------------- $ Beef, canned, value----------------------- $ 1,254,979 1,678, 452 do fresh and salted--------------- lbs. 82,794,480 112,600, 979 7.979.580 10,517, 452 do do value-------------- $ Books, maps, etchings, &c., value.-S 8,853,998 7,088 994 Brass and manufactures of, value—$ 6,230,092 4,355 561 1,341 273 Bricks and tiles, value____________ $ 1,885,494 Butter -------------------------------------lbs. 4,877,797 3,140, 545 785 771 do value -------------------------------- $ 1,059,432 Cattle, value---------------------------------$ 13,163,920 12,200 154 6,093 021 9,553,059 Carriages, cars, and parts of, value..$ 5,472,648 2,192 282 Cars for steam roads, value-------- _.j Casings for sausages, value--------------$ 5,272,016 4,503 339 1,694,214 1,189 080 Celluloid & manufactures, value----- $ Cement, value------------------------------$ 4,349,290 2,292 376 2,040 314 Cereals, prepared, table food, value.? 2,362,554 441 017 Cheese, value------------------------------- $ 1,288,279 Chemicals, drugs and dyes, not in cluding medicines, value--------------$ 16,224,394 15,567 486 2,588 ,931 Clocks and watches and parts, value.? 3,126,771 2,953 ,633 Coal, anthracite----------------------- tons 3,146,388 do do value------------------ ? 15,690,331 14,585 ,632 Coal, bituminous----------------------tons 11,839,099 10,413 439 do do value------------------ ? 29,323,105 25,926 ,914 5,900 ,134 Coffee, value---------------------------------? 5,380,481 Coke, value---------------------------------- ? 3,300,964 3,077 ,372 Copper ore, value________________ ? 1,095,296 1,304 ,887 Copper, manufactures of, value------- ? 103,813,110 88,004 ,397 Corn________________________ bush. 63,761,458 36,802 ,374 do value ----------------------------------- ? 35,961,479 25,427 ,993 1,456,683 1,147 ,568 Corn meal, value-----------------------Cottolene, lardine, &c., value-------- ? 7,070,967 6,887 738 82,148 114 ,603 Cotton, Sea Island_________ 100 lbs. do other______________ 100 lbs. 40,257,261 31,952 ,479 2,345,567 3,276 ,441 Cotton, Sea Island, value-------------- ? 582,973,302 447,170 ,802 do other, value--------------------Cotton manufactures—Colored-.yds. 153,753,170 137,829 ,096 do do value------- ? 10,573,048 8,521 ,466 Uncolored _________________ yds 192,836,999 172,082 ,208 do value________________ ? 13,812,051 11,450 ,025 All other, value------------------------- ? 16,464,819 13,425 ,606 2,433,231 1,746 ,260 Dental goods, value____________ Earthen, stone and China ware, val.? 1,252,694 901 ,537 Eggs, value---------------------------------- ? 1,787,019 1,260 ,486 Emery and manufactures of______ ~ 1,347,225 872 ,997 Feed grain for animals, value------- ? 4,997,141 3,724 ,643 Fertilizers, value_________________ ? 10,721,132 8,700 ,640 9,652 ,088 Fish, fresh, dried, pickled, &c., val.? 7,698,321 Flax, &c., manufactures of, value..? 8,565,990 6,849 ,250 Flour (wheat}----- -------------------- bbls. 10,129,435 9,040 ,987 do value .. . ? 49,386,946 47,621 ,467 Fruits and nuts, value------------------ ? 24,498,465 18,885 ,654 Furs and fur skins, value--------------- ? 10.473.517 14,501 ,635 Glass and glassware, value--------------? 3,246,391 2,805 ,401 Glucose or grape sugar, value-------- ? 3,395,383 3,415 ,220 Grease, scraps and soap stock, value.? 4,612 ,426 5.177.581 Gunpowder, &c., value-------------------? 4,763,242 5,352 ,663 Hair and manufactures, value-----1,142 ,845 1,274,345 Hay, value---------------------------------- ? 1,032,591 1,070 ,907 Hops, value-----------------------------2,130,972 2,062 140 Horses, value------------------------------? 3,845,253 4,081 157 Hides and skins, other than furs, val.? 4,802,637 1,738 ,216 India rubber, &c., manufac., value.? 12,452,562 10,175 ,634 Instruments, scientific, value-----12,421,512 10,154 471 Iron and steel, and manufactures of, not Including ore, total value----- ? 230,725,351 179,133,186 Jewelry, gold and silver-----------------? 1,444,388 1,822,698 Lamps, chandeliers, &c., value----- ? 2,661,702 2,273,355 Lard----------lbs. 513,974,669 332,927,671 do value-------------------------------56,643,511 43,301,156 Leather and manufactures of, value.? 53,673,057 52,646,755 Malt liquors, value-----------------------? 951,183 1,075,559 Marble and stone and manuf., value.? 1,690,180 1,447,989 Medicines, patent or prop., value—? 6,783,020 5,848,449 Milk, condensed, value_________ 936,105 1,023,633 Mules, value___________________ 1,070,051 614,094 Musical Inst, and parts of,value------ ? 3,471,401 3,182,343 Nickel, nickel oxide, &c., value------ ? 6,004,414 4 532.897 Oatmeal, value_________________ 1,043,867 521,658 Oil cake and meal, value--------------- ? 19,631,127 19,251,012 Oil, corn, value---------------------------- ? 1.573.605 643,392 Oil, cotton-seed, value------------------ ? 17,127,369 14,798,063 Oil, Illuminating------------------ gallons 1022311042 1005027536 do do value------------------? 57,476,494 62,477,527 Oil, lubrlc., and heavy paraffine-gals 173,642,495 170,430,277 do value ------------------------1 22,061,190 20,891,473 Oil, mineral, crude, including all natu ral oils----------------------------- gallons 185,190,761 168,903 985 do do value----------------------? 5,417,513 5,277. 181 Oil, naphtha, value_______________ ? 9,479,394 6,302 418 Oil, residuum, value______________ ? 3,680,925 4,141 613 Oleomargarine (including oleo) value ? 14,067,221 14,655. 052 Paints, pigments and colors, value..? 6,294,746 5,702, 803 Paper and manufactures of, value ? 10,361,501 8,994, 277 Paraffine and paraffine wax____ lbs 218,592,330 196,982. 550 do do value______ ? 7,378,736 7,886 359 Perfumery, &c., value__________ 1,009,359 824, 460 Phonographs, &c., value________ 2,983,686 2,381, 172 Photographic goods_______________ ? 7,142,603 4,765, 155 Pork, fresh and salted, &c_____ lbs. 51,095,711 45,133 899 do value ---------------------------------- ? 5,588,061 5,008 575 Rags and other paper stock______ 2,597,539 1,921, 121 Roofing material, value_________ 1,043,397 964, 138 Rosin, pitch, tar, &c, value______ ? 14.254.518 9,901 726 Silk, manufactures of, value______ 1,538,543 1,097, 593 Seed, all kinds, value----------------2,475,066 3,485 418 Soap, value---------------------------------- ? 4,046,981 3,620 546 Spirits, distilled, value____________ ? 1,885,491 1,978 006 Spirits of turpentine............ ..gallons 14,817,751 15,587 737 do do value_________ ? 10,768,202 8,780 236 Starch, value------------------------------- ? 3,137,552 1,274 773 Sugar and molasses, value_________ ? 4.350.605 7,870 98 5 Tallow------------------------------------- lbs. 29,813,154 29,379 992 do value -------------------------------- ? 1,933,681 1,779. 615 Tobacco (leaf)_________________ lbs. 351,568,138 353,372 672 do value____________ ? 39,159,708 38,017. 260 Tobacco manufactures, value_____ ? 4,383,584 4,803. 101 Toys, value_____________________ ; 1,013,104 1,670. 046 Vegetables, Including canned, value.? 5,545,091 4,207, 319 Wheat----------------------------------- bush. 23,729,302 46,679, 876 do value -------------------------------- ? 22,040,273 47,806. 598 Wood and manufactures of, value. _? 92,255,951 78,813, 803 Wool and manufactures of, value__ ? 2,293,473 2,369, 283 Zinc and manufactures of, value___ ? 1,781,631 1,078, 381 1908-09. 694,184 341,639 992,200 ,748,898 ,456,797 ,672,166 ,645,822 ,741,734 ,170,961 ,351,445 ,510,276 795,999 ,981,265 ,208,210 ,046,976 ,819,115 ,464,952 ,520,191 587,859 ,143,657 ,858,646 857,091 297,928 517,332 869,762 275,430 018,867 041,365 885,616 752,275 417,791 290,186 853,412 194,466 549,010 115,307 97,408 382,444 035,120 355,545 508,343 165,579 ,123,137 527,501 185,426 656,384 803,635 199,522 169,328 283,416 113,052 284,318 521,161 157,366 568,080 207,770 173,193 346,089 814,901 478,714 988,749 147,753 271,629 386,617 271,190 432,832 927,294 144,951,357 1,259,790 1,715,939 528,722,933 52,712,569 42,974,795 1,010,787 1,195,759 5,833,883 1,375,104 472,017 2,619,772 3,395,174 516,524 25,836,134 1,293,580 20,851,380 1080542456 71,329,901 144,254,271 18,307,242 169. 855,309 6, 907,525 5, 805,482 3. 649,387 19 420,376 4, 780,107 7, 663,139 137 403,569 6 445,917 683,253 18l’,7l6 670,225 157,649 802,470 ,083,089 847,894 ,256,623 ,472,431 ,883,967 ,502,028 ,018,058 780,155 ,466,760 ,332,767 ,000,366 ,688,917 ,757,931 ,701,617 ,098,187 ,760,466 ,923,244 ,094,447 867,432 971,939 470,661 74 TRADE AND COMMERCE IMPORTS OF LEADING ARTICLES YEARS ENDING JUNE 30. The following table, made up from the latest revised returns, shows the imports of leading articles (both quantities and values) in the last three fiscal years. It embraces all items the imports of which exceeded $1,000,000 in value in any one of the years included in the statement. Articles. 1910-11. Argal. or argol______ ____________ lbs do do ____________________ 3 Asbestos__________________________ 3 Automobiles and parts of, value___ 5 Beads and bead ornaments, value. _® Bones, horns, &c.,and mfs. of.value.S Books, maps, etchings, &c., value. _$ Breadstuffs, all kinds, value_______ $ Bristles, value_____________________ $ Brushes, value_____________________ ® Buttons and parts of, value_____ Cattle, value______________________ $ Cheese, value______________________ $ Chemicals, drugs, dyes and medicines (including those given here sep arately), value___________________$ Chicle, value_____________________ Cigars, cigarettes, &c____________ lbs. do do value_______________ $ Clays, or earth, value______________ $ Coal, bituminous_______________ tons do do value_______________ $ Coal tar, colors and dyes, value____$ Cocoa, or cacao, crude, value______ $ Coffee, value_______________________ ® Copper and manufactures of, value.$ Copper ore, regulus, &c., value___ $ Cork and manufactures of, value__ $ Cotton, raw, value________________ 5 Cotton, manufactures of— Bleached and unbleached, dyed colored, stained or painted square yards__________________ do do value__________ $ Hosiery, shirts, drawers, &c., val.® Other manufactures of, value____$ Cutlery, value_____________________ S Earthen, stone and chlnaware, val.® Feathers and down, crude, value__ S Feathers & flowers, nat.& artif.,val.$ Fertilizers, value_________________ Fish, value________________________ S Flax, hemp, jute, &c., raw. value..® do do manuf’s of, value__ $ Fruits and nuts, value_____________ $ Furs and fur skins, value___________ $ Glass and glassware, value__________ S Glue stock, value_________ S Glycerine, value___________________$ Gloves, kid and leather, value______ ® Grease and oils, value______________ $ Gums, value_______________________ $ Hair, unmanufactured, value______ $ Hats, bonnets, &c., and material for, value __________________________ S Hides and skins, value_____________ S Hops, value_______________________ $ Horses, value_____________________ § Household and personal effects, &c., free of duty, value_______________ $ India rubber, gutta percha, &c_____$ do do manuf’s of, value__ $ Indigo, value______________________ ® Iron and steel, and manufactures of— Pig Iron______________________ tons do value ___________________$ Iron ore___________________________ ? Ingots, b ooms, &c--------------------- lbs. 29,175,133 2,938,337 1,318,539 2,250,759 1,163,752 1,168,924 6,105,615 13,452,732 2,970,481 2,241,066 762,388 2,953,077 7,920,244 do value_____________________ $ Total value.a---------------------- 5 Ivory, animal and vegetable, value.® Jewelry and manufactures of gold and silver, value_____________________ $ Lead, and manufactures of, value. .$ Leather and tanned skins, value__ $ Leather manuf .other than gloves,val $ Licorice root, value________________ $ Lumber, value_____________________ $ Machinery, value___________________$ Malt liquors, value________________ $ Manganese ore and oxide, value____$ Marble and stone, and manuf. of ,val. S Matting, Including Chinese, value__ 5 Metal, metal compositions, and manu factures of, value________________ 5 Molasses, value____________________ $ Musical Instruments, value________ $ Oil cloth, value____________________ $ Nickel ore and matte, value________ $ Oils, animal and vegetable, value__ $ Opium, Including prepared, value..® Paints and colors, value____________ $ Paintings, statuary, &c., value____ $ Paper and manufactures of, value _.® Paper stock, value________________ $ Perfumeries and toilet preps., value.® Pipes and smokers’ articles, value..® Plants, trees, shrubs, &c., value__ $ Platinum, value____________________ $ Plumbago, value___________________ $ Potash__________________________ lbs. do value______________________ 5 Precious stones, cut and uncut, un set, value_______________________ ® Quebracho wood, value____________ $ Rice and rice meal_______________ lbs. do do value______________ $ Sausage casings, value_____________ ? Seeds, value_______________________ $ Shells and manufactures of, value. _$ Silk, raw________________________ lbs. do value______________________ ® Silk, manufactures of, value_______ $ Soda, nitrate of_________________ tons do do value_______________ ® Spices, all kinds, value_____________ $ Spirits, distilled, value_____________ $ Sugar, not above No. 16________ lbs. do value______________________ $ Sulphur ore, value__________________$ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1909-10. 1908-09. 28,182,956 32,115,646 2,220,687 2,641,867 1,122,085 1,021,390 3,837,084 3,679,134 1,230,471 611,085 1 ,067,911 777,357 6,033,075 5.626,624 12,861,816 14,152,447 3,111,872 2,583,482 1,732,200 1,430,321 1,055,645 766,901 2,999,824 1,999,422 7,053.570 5,866,154 95,101,006 89,119,485 79,469,660 2,547,339 2,899,086 1,987,112 692,595 750,112 600,819 3,915,596 3,519,980 4,290,801 1,919,668 1,946,712 1,715,078 1,624,791 1,761,210 1,227,858 4,460,919 3,498,480 4,975,914 6,011,054 6,022,986 5,901,842 14,552,879 11,376,061 14,850,328 90,567,788 69,194,353 79,112,129 32,013,562 30,938,365 29,378,598 9.272,545 8,697,788 7,659,542 6,609,813 4,771,391 3,042,190 24,776,320 15,816,138 13,622,802 55,535,160 8,801,004 4,176,515 54,019,032 1,992,644 11,411,665 5,865,830 3,979,514 10,150,142 14,939,314 30,752,250 54,765,999 41,515,067 23,618,948 6,881,891 1,633,042 4,364,419 7,624,845 1,335,392 11,399,676 4,755,131 61,947,101 9,040,667 6,462,375 52,550,689 1,806,033 11,021,126 7,113,778 4,878,275 8,371,883 13,835,968 32,418,839 57,604,245 37,423,827 26,597,644 6,553,764 1,605,432 3,665,763 7,781,651 1,165 534 13,504,125 6,019,476 68,376,608 10,190,137 6,917,828 46,124,003 1,733,874 9,809,028 5,507,974 6,152,110 5,995,599 12,333,596 29,748,353 49,312,392 31,110,683 21,086,579 5,262,190 1,301,956 3,021,272 7,465,319 1,246,054 12,009,390 3,750,524 7,518,231 7 950,530 5,403,044 70,504,980 112,247,836 78,487,324 1,499,354 2,706,600 1,337,099 3,296,022 2,692,074 2,007,276 4.975.366 5,090,294 92,910,513 106,861,496 1,234,914 936,408 1,195,942 1,152,518 4.542.657 64,710,370 1,463,589 1,400,286 237,594 206,194 104,655 6,289,729 3,509,086 6,056,503 6,763,394 6,691,711 2,714,691 85,716,478 83,388,781 28,285,124 3,664,407 3,480,763 1,946,030 34,205,968 38.506,757 22,439,787 2,702,192 2,686,562 2,115,620 1,576,023 816,001 1,874,309 3,922,344 4,205,917 4.670.612 7,607,923 5,376,175 5,313,137 1,476,363 1,635,700 1,154,678 1,365,077 1,628,894 2,060,235 22,010,722 24,078,890 20,900,041 8,888,411 7,575,659 4,258,743 3,263,953 3.396.366 3,215,407 1,453,177 1,592,073 1.243.657 1,926,714 1,827,423 1,580,815 2,423,301 1,947,691 3,290,557 9,007,015 10,099,079 6,807,357 1,367,362 995,006 937,791 1,347,862 1,623,100 1,243,856 1,834,640 2,102,612 1,894,810 3,618,746 2,544,222 3,946,293 33,023,687 24,299,589 18,237,706 1,622,475 2,208,445 2,794,579 1,914,985 2,045,548 1,689,090 22,495,842 21,088,720 3,797,163 12,521,265 11,503,680 11,632,571 5,206,877 5,481,680 3,638,034 1,214,792 1,534,537 1.425.613 1,445,002 1,140,750 984,123 2,348,079 1,942,906 2,729,440 2,809,260 3,768,203 1,766,168 1,894,266 1,678,625 1,463,717 582,636,385 528,878,793 403,598,019 8,652,259 10,305,192 7,418,617 40,633,137 984,841 208,774,791 4,124,878 2,647,517 29,759,955 1,884,714 22,379,998 72,713,984 31,900,054 546,525 17,101,140 4,946,200 6,076,929 3933775500 96,482,996 3,108,089 47,760,265 1,058,647 225,400,545 4,361,237 2,604,895 14,693,776 1,827,199 20,363,327 65,424,784 32 636,827 544,559 16,548,036 3,483,459 6,988,725 4088438672 106,075,889 2,626,705 29,191,349 731,795 222,900,422 4,698,033 2,258,648 5,958,019 1,889,765 23,333,750 78,830,568 30,482,910 353,494 12,583,417 5,348,606 7,528,049 4183546 986 96,290,396 2.462,213 A rticles. 1910-11. 1909-10. 1908-09. Tea_____________________________lbs. do value______________________ ® Tin, blocks or pigs_______________ lbs. do value______________________ $ Tin plates_______________________ lbs. do value______________________ $ Tobacco, leaf____________________lbs. do value______________________ 5 Toys, value________________________ $ Vanilla beans, value_______________ $ Vegetables, all kinds, value________ $ Watches and movements, value__ ® Wax, mineral or vegetable, value__ ® Wine In casks_______________ gallons do value______________________ $ Wine In bottles__________ qts., doz. do value______________________ $ Wood and manufactures of, value. .$ Wood pulp, value_________________ $ Wool and woolen goods— Wool, raw _b__________________ lbs. do value____________________ $ Cloths, value____________________ $ Carpets__________________ sq. yds. do value____________________ $ Dress goods_______________ sq. yds. do value____________________ $ Total wool manufactures, value..? 102,653,942 17,613,569 103,439,058 37,935,978 95,319,730 3,022,452 45,927,230 27,855,996 7,964,835 1,953,372 9,293,855 2,293,679 1,327,698 4,812,787 2,638,039 815,016 5,893,574 52,931,803 13,980,357 85,626,370 13,671.946 101,134,508 30,869,532 154,566,599 4.355.129 46,838,330 27,751,279 6,585,781 1,203,773 8,273,371 1,869,402 1.409.129 7,100,661 3,527,896 1,213,246 9,479,397 54,422,504 11.768,014 114,916,520 18,562,676 91,122,372 26,007,216 117,312,174 3,225,351 41,736,098 25,400,919 4,869,097 1,495,469 12,999,797 2,088,034 1,112,801 5,747,056 2,838,232 1,086,489 9,438,381 43,690,427 8,629,263 137,647,641 263,928,232 266,409,304 23,228,005 51,220,844 45,171,994 4,780,606 6,425,664 5,142,507 1,042,378 1,003,741 1,205,982 4,032,512 4,591,721 3,807,805 30,414,343 48,345,084 34,619,747 6,761,536 9,374,140 6,262,566 18,569,791 23,532,175 18,102,461 a Including machinery, but not Including Iron ore; also Including the values already stated separately. b Includes hair of the camel, goat, alpaca, &c. c Including lumber and wood pulp already stated separately. COURSE OF MERCHANDISE PRICES. To furnish an indication of the course of merchandise values, we give the following table. It shows the prices of leading articles of merchandise in New York about the first of January in 1860, which was before the war excitement had begun to affect the markets; on Jan. 1 1879, when gold payments were resumed; and for the past five years—1908 to 1912, inclusive. COMPARATIVE PRICES OF MERCHANDISE IN NEW YORK. January 1— 1860. 1879. 1908. 1909. 1910. 1911. 1912. $ c. S c. $ c. $ c. S c. $ c. $ c. Breadstuffs— 4 75 4 80 4 50 4 25 3 90 4 15 aFlour—No. 2, ext.bbls. 4 30 5 55 5 40 6 00 6 00 7 75 6 10 Patents________ bbs. 7 50 4 45 4 45 4 50 4 60 3 10 5 40 Rye, superfine__ bbls. 4 00 2 85 3 80 3 15 3 65 2 85 3 45 Cornmeal,Br’ywlne .bbls. 3 90 Nom’l Nom’l Nom’l Nom’l 1 18 1 11 6 Wheat—White,No.1 bu. 1 50 1 27 98)4 1 08)4 1 08)4 1 08 9554 Red winter, No 2.bu. 1 30 98 1 20)4 1 2054 1 24)4 1 16 1 16)4 West’n Spr’g,No.2 .bu. 92 81)4 80 60 90 84 Rye, Northern_____ bu. 92 Nom’l 33 56-57)4 55 50 Oats, No. 2, white ...bu. 5354 46)4 Corn— 77 68 47 76 West, mixed, No.2.bu. 90 5254 Nom’l eCotton— 9.25 9.30 16.10 15 9 7-16 11.4C Middling Upland____ lb. 11 8.45 Low Middling Upland.lb. 8.3C 15.50 14.40 11% 9 1-16 10.40 Cotton goods— 8 7)4-7)4 6)4-6)4 6)4-654 Brown sheetings____ yd. 6)4 554 8% 4 3)4 Print cloths, 64x64__ yd. 354 5% 4)4 3 7-16 354 Fish— d 8 25-50 4 25 8 75 6 25-75 6 25-50 Dry cod (Georges)__ qtl. 4 50 16 00 Nom’l Nom’l 30-32 Nom’l 32 00 No. 1 (Mass. (mackerel bbl. 90-95 80 62)4-65 80-85c 1 10 45 Hay—Shipping___ 100 lbs 1 00 8 8)4 Hemp—Manila_______ lb. e>% 854 754 8% 54 —56 23-25 15 33 Hops, prime State_____ lb. 16 15)4 12)4 Iron— Nom’l Nom’l Nom’l Nom’l Scotch pig_________ ton 24 50 22 00 * ♦ 14 75—15 17 00 18 50 17 50 American pig, No. l._ton 4 40 4 00 3 70 4 45 Lead—Domestic 100 lbs. 4 17)4 4 70 Leather— 25 27.50 25.50 25-26 Hemlock sole, light__ lb 30 27 19)4 92 80 75 Lime—Com. Rockland.bbl. 37 30 Molasses—N. Orleans, .gall. 53 26)4 23-30 26-32 35-42 Naval Stores— 443^ 43)4 52)4 Spirits turpentine__ gall. 80)4 27)4 58 41)4 6 90-7 1 35 3 20 4 15 6 15 Common rosin_____ bbl. 1 65 3 25 Oils— 52 38 Nom’l Nom’l Nom’l Nom’l Nom’l Crude whale............... gall. 81 Nom’l Nom’l Nom’l Nom’l Nom’l Crude sperm______ gall. 1 40 83 1 00 63 Linseed, Calcutta__ gall. 57 69 70 80 Petroleum— 8.05 7.35 Refined In bbls____ gall. ___ 8)4 7.40 854 8)4 Provisions— 17 25-18 Pork, mess_______ bbl. 16 37)4 7 05 15 00 16 75 t t 12 00 e Beef, plain Western.bbl. 9 50 10 00 10 50 12 75 13 00 Nom’l 26 00 23 50 25 29 00 Beef hams________ bbl. 14 50 17 00 9 6 14 13)4-14 10)4-12 Hams, pickled______ lb 9 9)4 5.75 Lard, Western..___ lb. 9.90 12.90 11 10)4 8)4 954 24 23 31-34 33 37 29 Butter, prime State__ lb. 29)4 14 11 17 Cheese, fine factory__ lb. 854 15)4 1554 1554 Rice—Domestic_______ lb. 6)4 554 4)4 5)4 554-5)4 5-5)4 4)4-5 Salt— 70 Liverpool ground__ sack 1 15 Nom’l Nom’l Nom’l Nom’l Domestic fine .280-lb .sack 99 1.65 1.00 1.40 1.50 Sugar— 3.85, Cuba, fair refining___ lb. 4.02 Nom’l 4.61 3.67 654 7% 4.80 4.50 Refined hards_______ lb. 4.85 4.80 5.75 8)4 io% 5.78 Tallow__ ________ lb. 654 6H 5)4* 754 5)4-6 35 40 35 Wool—XX Ohio fleece..lb. Nom’l Nom’l Nom’l Nom’l * $18 75@$19 25 In 1910 and ®15 25@$15 75 In 1911. T24 50@24 75 In 1910 and §21 50@$22 in 1911. d 6 75@7 50 el4 50@15 00. a FLOUR—"No. 2 Extra in bbls." Is now the common shipping flour to Great Britain, and Is about the same as the "Wheat Flour, State," quoted In 1860 and previous years—"Patents" are the highest grades and correspond with Extra Genesee of 1860,And previous years. 6 WHEAT—"Wftlfe No. 1" probably corresponds as nearly as any present grade with White Genesee In old classification—"Red Winter No. 2" would probably rank with "Red Western" of old classification. The other grades mentioned for breadstuffs cover same as quoted In old lists of prices In “Hunt's Merchants’ Magazine." e COTTON—On Oct. 1 1874 grades of cotton as quoted were changed by the National Cotton Exchange. According to the new classification every grade was reduced, so that (for Illustration) Middling, according to new classification, was on that day quoted 54c. lower than Middling of the old classification Foreign Exchange Record, PRICES FOR 1911. In the tables which follow we furnish a record of the fluctuations in the rates of exchange at New York on London for each day of the year 1911. The tables have been compiled so as to show the actual rates at which bankers’ bills were quoted. Business in exchange is now done at such a narrow margin of profit, the fluctuations being often measured by small decimals,that''posted”rates no longer afford a close guide to the course of the market. A record of these posted rates, however, for 1911 can be found in the “Chronicle” of Jan. 6, 1912, page 47. The methods of quoting sterling exchange have varied widely in the past, but by the law of Congress of March 3 1873, the Custom House valuation of the pound sterling was placed at its true value of $4 8665, and from January 1 1874 sterling exchange has been quoted accordingly, the quotation when at par being $4 8665. The London Stock Exchange early in the year 1874 also made a change in its method of quoting, but valued the dollar at 4s., or about 97 1-3 cents. This valuation, being 2 2-3 cents below par, is equal to a quotable premium of about 2%%, and accordingly the present London quotations of American securities are about 2%% above their actual value—a bond worth 100 here being quoted there at 102%. ACTUAL RATES OF STERLING EXCHANGE DURING 1911. JANUARY. Sixt, Sight Cattle Transfers. Day. Bills. 1.. SUNDAY . 2.. ....................... HOLIDAY 3.. .4 8215-8225 4 8510-8515 4 8550-8555 4. - .4 8225-8235 4 8520-8525 4 8555-8560 5. - .4 8230-8235 4 8540-8545 4 8585-8590 6. - .4 8250-8260 4 8565-8575 4 8605-8615 7.. .4 8280-8290 4 86 -8610 4 8635-8640 8-. ___________ SUNDAY 9.. .4 8280-8290 4 8590-8595 4 8625-8630 10.. .4 8265-8275 4 8560-8565 4 8605-8610 11.- .4 8250-8260 4 8550-8560 4 8590-86 12.. .4 8230-8240 4 8570-8575 4 8610-8615 13.. .4 8250-8260 4 8580-8585 4 8615-8625 14.- .4 8255-8265 4 8590-8595 4 8630-8635 15-- ___________ SUNDAY 16.. .4 8260-8270 4 8590-8595 4 8620-8630 17.. -4 8265-8270 4 8580-8585 4 8610-8620 18.. .4 8250-8260 4 8560-8565 4 8605-8610 19.. -4 8255-8260 4 8555-8565 4 8595-8605 20.. .4 8260-8270 4 8570-8580 4 8615-8625 21.. .4 8260-8265 4 8575-8580 4 8625-8630 22.. ___________ SUNDAY 23.. .4 8255-8265 4 8590-8595 4 8635-8645 24.. .4 8260-8270 4 86 -8605 4 8650-8660 25.. -4 8265-8275 4 8605-8610 4 8665-8670 4 8650-8655 26.. .4 8250-8260 4 8590-86 4 8640-8650 27.. -4 8280-8285 4 8590-86 4 8635-8645 28.. .4 83 -8310 4 8595-86 29.. ___________ SUNDAY 30.. .4 83 -8310 4 8590-8595 4 8635-8640 31.- .4 83 -8310 4 86 -8610 4 8635-8640 Range— High 4 83 -8310 4 8605-8610 4 8665-8670 Low 4 8215-8225 4 8510-8515 4 8550-8555 MAY. Sight. Cable Sixty-day Day. Transfers. Bills. Bills. 1.. .4 8415-8425 4 8640-8650 4 8670-8675 2_. .4 8420-8430 4 8650-8655 4 8670-8675 3_. .4 8430-8440 4 8650-8655 4 8675-8685 4.. .4 8435-8445 4 8645-8650 4 8670-8675 5.. .4 8435-8450 4 8645-8655 4 8670-8680 6.. .4 8435-8445 4 8640-8645 4 8665-8670 -SUNDAY.. 7.8_- Z4 8430-8440 4 8635-8640 4 8650-8660 9_. .4 8140-8450 4 8635-8650 4 8660-8665 10.. .4 8440-8450 4 8645-8650 4 8670-8675 11__ .4 8440-8450 4 8640-8645 4 8665-8675 12.. .4 8430-8440 4 8635-8645 4 8660-8670 13.- .4 8430-8440 4 8635-8640 4 8660-8665 ..SUNDAY. 14.. 15.- ."4 8430-8440 4 8630-8635 4 8655-8660 16.. .4 8430-8440 4 8625-8630 4 8650-8655 17.. .4 8425-8435 4 8630-8635 4 8655-8660 18.- .4 8425-8435 4 8630-8635 4 8655-8660 19.. .4 8430-8440 4 8625-8830 4 8655-8660 20.- .4 8425-8435 4 8635-8640 4 8660-8665 .SUNDAY. 21.. 22.. Z4 8420-8430 4 8635-8645 4 8660-8665 23.. .4 8415-8425 4 8640-8645 4 8665-8675 24.. .4 8415-8425 4 8635-8645 4 8865-8670 25.- .4 8415-8425 4 8630-8635 4 8660-8665 26.. .4 8415-8425 4 8625-8635 4 8655-8665 27.- .4 8425-8435 4 8625-8635 4 8660-8665 .SUNDAY.. 28.. 29.. Z4 8430-8440 4 8630-8635 4 8655-8665 .HOLIDAY 30.. 31.. Z4 8430-8440 4 8620-8630 Range. High 4 8440-8450 4 8650-8655 4 8675-8685 Low 4 8415-8425 4 8620-8630 4 8645-8655 SEPTEMBER. Sixty-Day Sight Cable Bills. Bills. Transfers. 1... .4 8330-8340 4 86 -8610 4 8635-8645 2.. .4 8330-8340 4 86 -8610 4 8635-8640 SUNDAY. 3.. HOLIDAY. 4.. . 5.. . .4 8320-8330 4 8605-8610 4 8635-8640 6.. . .4 8320-8330 4 8605-8610 4 8640-8645 7.. . .4 8315-8325 4 86 -8615 4 8640-8650 8.. . .4 8320-8330 4 86 -8610 4 8635-8650 9... .4 8315-8325 4 8610-8615 4 8645-8650 10.. SUNDAY. 11... .4 8315-8325 4 8610-8615 4 8640-8650 12... .4 8315-8325 4 8610-8620 4 8645-8650 13.. . .4 8315-8325 4 8610-8615 4 8645-8650 14.. . .4 8315-8325 4 8605-8610 4 8640-8645 15.. . .4 8315-8325 4 8610-8620 4 8645-8655 16.. . .4 8315-8325 4 8610-8615 4 8650-8655 17.. . SUNDAY. 18.. . .4 8310-8320 4 8615-8625 4 8650-8660 19.. .4 8310-8320 4 8625-8630 4 8655-8665 20.. . .4 8310-8320 4 8640-8645 4 8670-8675 21... .4 8310-8320 4 8645-8660 4 8690-87 22... .4 8325-8340 4 8650-86<K 4 8690-8710 23.. .4 8310-8320 4 8645-8650 4 8690-8695 SUNDAY. 24.. . 25.. . .4 8310-8320 4 8650-8655 4 8695-87 26.. . .4 8315-8325 4 8655-8665 4 8705-8715 27.. . .4 8310-8320 4 8650-8655 4 8705-8710 28__ .4 8310-8320 4 8640-8645 4 8695-87 29.. . 4 8275-8310 4 8610-8640 4 8645-8690 30.. .4 8275-83 4 8610-8615 4 8655-8660 31.. . Range. High 4 8330-8340 4 8655-8665 4 8705-8715 Low. .4 8275-83 4 86 -8610 4 8635-8610 Cable Transfers. 4 8645-8655 4 8660-8670 4 8670-8690 4 8655-8665 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 Range— 8655-8665 8660-8665 8645-8655 8655-8665 8660-8665 8660-8670 4"'8655-8665 4 8645-8655 4 8630-8655 4 8650-8660 4 8655-8660 4 8660-8670 4 8665-8675 4 8660-8670 4 8675-8680 4 8680-8690 4 4 4 4 4 4 8240-8250 8250-8260 8275-8285 8280-8290 8290-8315 83 -8310 4 8290-8305 4 8305-8315 4 8315-8325 4 8310-8325 4 8330-8340 4 4 4 4 4 4 8340-8350 8350-8360 8345-8355 8350-8360 8360-8370 8350-8360 4 4 4 4 4 4 8350-8360 8360-8370 8365-8370 8365-8375 8375-8385 8360-8370 4 8350-8360 4 8350-8360 4 8375-8385 4 8240-8250 Sight Bills. SUNDAY. 4 8595-86 4 8610-8615 4 8605-8610 4 8605-8615 4 8615-8625 4 8615-8620 SUNDAY 4 8625-8630 4 8630-8640 4 8630-8640 HOLIDAY. 4 8630-8640 4 8645-8650 SUNDAY. 4 8655-8660 4 8660-8675 4 8665-8675 4 8670-8685 4 8675-8690 4 8680-8685 SUNDAY. 4 8675-8685 4 8690-8695 4 8695-87 4 87 -8710 4 8695-8705 4 8685-8690 SUNDAY. 4 8670-8680 4 8685-8695 Range. 4 87 -8710 4 8595-86 84 -8410 84 -8410 84 -8410 8395-8405 8390-84 8390-84 4 8385-8395 4 8390-84 4 8390-84 4 8385-8395 4 8390-84 4 84 -8410 4 4 4 4 4 4 8410-8420 8405-8415 8405-8415 8410-8440 8415-8425 8405-8415 4 8680-8690 4 8630-8655 4 8415-8425 4 8385-8395 Range. 4 8415-8425 4 8620-8630 4 8665-8675 4 8365-8370 4 8575-8580 4 8595-86 OCTOBER. 4 4 4 4 4 4 4 8410-8420 4 8415-8425 4 8405-8415 4 84 -8410 4 8410-8420 JUNE. Sixty-day Bills. Sixty-day Bills. 4 8390-8405 4 8385-8395 4 84 -8410 4 84 -8410 4 8675-8680 4 8665-8675 Cable Sixty-Day Sight Bills. Bills. Transfers. 4 8415-8425 4 8615-8620 4 8640-8645 4 84 -8410 4 8595-8610 4 8620-8635 4 8395-8405 4 8585-8590 4 8605-8610 .SUNDAY. 4 8390-84"' 4 8585-8590 4 86"lb-8615 4 8615-8620 4 8415-8425 4 8595-86 4 8390-84 4 8585-8590 4 8610-8615 4 8380-8390 4 8575-8585 4 8605-8610 4 8390-84 4 8585-8590 4 8610-8615 4 8390-84 4 8585-8590 4 8605-8615 .SUNDAY. 4 8380-8390 4 8590-86 4 86"lb-8626 4 8380-8390 4 8590-8595 4 8610-8615 4 8375-8385 4 8585-8595 4 8610-8615 4 8370-8380 4 8585-8590 4 8605-8610 4 8380-8390 4 8585-8595 4 8605-8610 4 8365-8370 4 8580-8585 4 86 -8605 .SUNDAY. 4 8370-8375 4 8575-8580 4 8595-86"" 4 8365-8375 4 8580-8585 4 86 -8605 4 8370-8380 4 8585-8590 4 8605-8610 4 8390-84 4 8620-8630 4 8595-86 4 84 -8410 4 8590-8605 4 8625-8635 4 8390-84 4 8590-8595 4 8620-8625 -SUNDAY. 4 8390-84"" 4 86 -8605 4 8630-8635 4 8405-8415 4 8605-8610 4 8630-8640 4 8410-8420 4 8620-8630 4 8665-8675 4 8410-8420 4 8615-8625 4 8655-8665 4 8410-8420 4 8605-8620 4 8645-8655 Day. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEBRUARY Sight Bills. 4 8610-8620 4 8625-8635 4 8635-8645 4 8620-8630 . SUNDAY 8335-8345 4 8630-8635 8345-8355 4 8630-8635 8350-8360 4 8610-8620 8345-8350 4 8620-8630 8350-8360 4 8620-8630 8350-8355 4 8625-8635 SUNDAY HOLIDAY 8355-8365 4 8630-8635 8350-8360 4 8615-8620 8330-8340 4 8600-8620 8340-8350 4 8620-8635 8345-8355 4 8620-8625 SUNDAY 8345-8355 4 8635-8640 8345-8355 4 8635-8645 HOLIDAY 8350-8360 4 8625-8640 8365-8375 4 8645-8650 8380-8385 4 8650-8660 SUNDAY 84 -8410 4 8655-8660 84 -8410 4 8645-8655 Sixty-day Bills. 4 8315-8325 4 8320-8330 4 8340-8350 4 8345-8355 Cable Transfers. 4 4 4 4 4 4 8645-8650 8635-8645 8650-8655 8655-8660 8665-8675 8665-8670 4 8665-8670 4 8670-8675 4 8670-8680 4 8670-8680 4 8680-8685 4 4 4 4 4 4 8695-87 8695-8705 8695-87 8725-8730 8725-8740 8725-8730 4 8725-8730 4 8730-8735 4 8740-8750 4 8745-8755 4 8740-8750 4 8730-8740 4 8710-8715 4 8715-8725 4 8745-8755 4 8635-8645 MARCH. Sight Bills. 4 8630-8640 4 8625-8635 4 8635-8640 4 8640-8645 SUNDAY 4 8635-8640 4 8640-8645 4 8635-8640 4 8625-8635 4 8610-8620 4 8610-8615 SUNDAY 4 8610-8615 4 8610-8615 4 86 -8610 4 8605-8610 4 8605-8615 4 8620-8630 SUNDAY 4 8625-8630 4 8625-8635 4 8610-8620 4 8610-8620 4 8610-8620 4 8610-8615 SUNDAY 4 8615-8625 4 8610-8615 4 8595-86 4 8590-8595 4 86 -8605 Range— 4 8640-8645 4 8590-8595 Cable Transfers. 4 8660-8670 4 8655-8665 4 8665-8675 4 8660-8670 4 4 4 4 4 4 8665-8675 8665-8675 8670-8675 8655-8665 8640-8650 8635-8640 4 4 4 4 4 4 8635-8640 8630-8635 8620-8630 8630-8635 8635-8645 8655-8660 4 4 4 4 4 4 8650-8660 8655-8660 8645-8655 8640-8650 8645-8655 8645-8650 4 4 4 4 4 8645-8650 8645-8650 8635-8640 8620-8630 8630-8640 4 8670-8675 4 8620-8630 JULY. Sixty-Day Sight Cable Bills. Bills. Transfers. 4 8410-8420 4 8610-8615 4 8645-8650 .SUNDAY.. 4 8415-8425 4 8610-8620 4 8645-8655 .HOLIDAY 4 8415-8425 4 8610-8615 4 8640-8650 4 8420-8430 4 8620-8625 4 8650-8660 4 8435-8445 4 8625-8635 4 8660-8670 4 8445-8450 4 8630-8635 4 8660-8665 .SUNDAY.. 4 "8450-8460 4 8630-8635 4 8660-8665 4 8455-8465 4 8640-8650 4 8675-8680 4 8460-8470 4 8630-8635 4 8660-8665 4 8450-8460 4 8625-8635 4 8655-8660 4 8455-8465 4 8620-8630 4 8650-8655 4 8450-8460 4 8615-8620 4 8640-8645 .SUNDAY^. 4 8445-8455 4 8620-8625 4 '86’4b"-8645 4 8445-8455 4 8620,8625 4 8640-8645 4 8435-8445 4 8615-8620 4 8640-8650 4 8435-8445 4 8615-8620 4 8640-8650 4 8425-8435 4 8610-8620 4 8635-8645 4 8420-8425 4 8605-8610 4 8630-8635 .SUNDAY.. 4 8405-8415 4 86 -8610 4 8630-8640 4 8415-8425 4 8605-8610 4 8640-8645 4 8410-8420 4 8610-8625 4 8650-8655 4 8405-8415 4 8605-8615 4 8650-8655 4 8410-8425 4 8610-8620 4 8650-8660 4 8395-8405 4 8610-8615 4 8650-8655 .SUNDAY.. 4 84 -8410 4 8605-8610 4 8635-8640 Range. 4 8460-8470 4 8640-8850 4 8675-8680 4 8395-8405 4 86 ’ -8610 4 8630-8635 NOVEMBER. Sight Cable Bills. Transfers. 4 8680-8695 4 8720-8725 4 8675-8695 4 8720-8730 4 8690-8705 4 8730-8745 4 8735-8740 4 8695-87 SUNDAY. 8375-8380 4 8690-8705 4 8735-8740 HOLIDAY. 8375-8380 4 8695-8705 4 8735-8740 8370-8380 4 8695-87 4 8735-8740 8370-8380 4 8695-8705 4 8735-8745 8370-8380 4 87 -8705 4 8740-8745 SUNDAY. 8370-8380 4 87 -8705 4 8740-8745 8375-8385 4 8695-87 4 8735-8740 8375-8385 4 87 -8705 4 8745-8750 8370-8380 4 87 -8705 4 8740-8745 8370-8380 4 8690-87 4 8730-8740 8375-8385 4 8690-8695 4 8725-8730 SUNDAY. 8365-8380 4 8685-8690 4 8710-8715 8370-8380 4 8670-8685 4 8695-87 8350-8360 4 8665-8670 4 87 -8705 8340-8350 4 8660-8665 4 87 -8705 8345-8360 4 8660-8665 4 8695-8710 8340-8350 4 8670-8675 4 87 -8705 SUNDAY. 8335-8345 4 8655-8660 4 8685-8690 8320-8330 4 8635-8640 4 8665-8675 83 -8310 4 8615-8635 4 8655-8660 HOLIDAY. Sixty-day Bills. 4 8360-8370 4 8360-8370 4 8370-8380 4 8365-8375 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 Range. 4 8375-8385 4 87 -8705 4 8745-8750 4 83 -8310 4 8615-8635 4 8655-8660 APRIL Cable Sight Sixty-day Transfers. Bay Bills. Bills. 4 8405-8415 4 8610-8615 4 8640-8645... i SUNDAY 4 84 -8415 4 8610-8620 4 8630-8635ZZZ 3 4 84 -8410 4 8610-8615 4 8635-8640... 2 4 8405-8415 4 8615-8625 4 8645-8655... 5 4 8410-8420 4 8620-8630 4 8655-8670.'.. 4 8410-8420 4 8620-8630 4 8655-8665... 7 4 8415-8425 4 8635-8640 4 8660-8665... g SUNDAY . 4 8410-8420 4 8625-8630 4 8655-8665 ZU10 4 8410-8420 4 8625-8630 4 8655-8660... 11 4 4 8405-8415 8630-8640 4 8660-8670...12 4 8405-8415 4 8635-8650 4 8665-8675.-.13 4 8410-8420 4 8640-8650 4 8665-8680.-.14 4 8410-8420 4 8645-8655 4 8675-8680...15 SUNDAY --------------------16 4 8410-8420 4 8655-8660 4 8690-8695.-.17 4 8420-8430 4 8650-8655 4 8685-8690...18 4 8420-8430 4 8640-8650 4 8675-8685...19 4 8420-8430 4 8635-8645 4 8665-8670...20 4 8430-8440 4 8645-8655 4 8675-8685.-.21 4 8435-8445 4 8655-8660 4 8685-8690...22 SUNDAY --------------------23 4 8430-8440 4 8655-8660 4 8680-8685. ..24 4 8425-8435 4 8650-8660 4 8680-8690...25 4 8430-8440 4 8655-8665 4 8685-87 ...26 4 8420-8430 4 8645-8660 4 8670-8690...27 4 8420-8435 4 8640-8650 4 8665-8680...28 4 8420 8425 4 8645-8650 4 8670-8675...29 SUNDAY -------------------- 30 31 Range— 4 8435-8445 4 8655-8665 4 8690-87 High 4 84 -8410 4 8610-8615 4 8630-8635 Low AUGUST. Sight Cable Bills. Transfers. Day 4 8605-8615 4 8640-8645... 1 4 8605-8610 4 8635-8640... 2 4 8605-8610 4 8635-8640... 3 4 8605-8615 4 8635-8645. .. 4 4 8605-8610 4 8635-8640... 5 .SUNDAY.. ---------------------- 6 4 8375-8385 4 86 -8605 4 8625-8630... 7 4 8365-8375 4 86 -8605 4 8625-8630... 8 4 8360-8370 4 8595-86 4 8625-8830... 9 4 8360-8370 4 8585-8590 4 8615-8620...10 4 8350-8360 4 8575-8585 4 86 -8615.--11 4 8350-8360 4 8575-8580 4 8605-8610...12 .SUNDAY.. _____________ 13 4 8335-8350 4 8570-8580 4 86 -8610...14 4 8345-8355 4 8590-8595 4 8620-8625...15 4 8365-8375 4 86 -8610 4 8630-8640... 16 4 8350-8360 4 8590-8610 4 8620-8640...17 4 8370-8375 4 86 -8610 4 8635-8645...18 4 8355-8365 4 86 -8605 4 8635-8640...19 .SUNDAY.. --------------------20 4 8350-8360 4 8595-86 4 8625-8630...21 4 8350-8360 4 8605-8610 4 8635-8640...22 4 8345-8355 4 8610-8615 4 8640-8650...23 4 8350-8360 4 8605-8615 4 8640-8650...24 4 8360-8370 4 8605-8615 4 8645-8655...25 4 8350-8360 4 8605-8610 4 8640-8650...26 .SUNDAY. _____________ 27 4'83"5~0’-836d' 4 8605-8615 4 8650-8655.-.28 4 8350-8360 4 86 -8605 4 8645-8650...29 4 8350-8360 4 8605-8610 4 8645-8655.-.30 4 8340-8350 4 86 -8605 4 8635-8640.-.31 Range. 4 84 -8410 4 8610-8615 4 8650-8655 High 4 8335-8350 4 8570-8§80 4 88 -8610 Low Sixty-Day Bills. 4 84 -8410 4 84 -8410 4 84 -8410 4 8395-8405 4 8390-84 DECEMBER. Sixty-day Sight Cable Bills. Bills. Transfers. Day. 4 8270-8290 4 8610-8625 4 8655-8665... 1 4 35290-83 4 8625-8630 4 8665-8670... 2 SUNDAY. ... 3 4 8290-83 4 8620-8625 4 8660-8665... 4 4 8275-8285 4 8620-8630 4 8660-8670.. 5 4 8265-8275 4 8610-8615 4 8655-8660... 6 4 8240-8250 4 8595-86 4 8640-8645... 7 4 8240-8270 4 8575-8590 4 8590-8625... 8 4 8235-8245 4 8580-8585 4 8630-8635... 9 SUNDAY. ...10 4 8250-8260 4 86 -8605 4 8650-8655...11 4 8270-8280 4 8625-8630 4 8675-8680...12 4 8275-8285 4 8635-8640 4 8685-8690...13 4 8285-83 4 8640-8650 4 8690-87 ...14 4 83 -8325 4 8640-8650 4 8690-87 ...15 4 8290-83 4 8640-8645 4 8690-8695...16 SUNDAY. ...17 4 8285-83 4 8635-8645 4 8685-8695...18 4 83 -8310 4 8650-8655 4 8705-8710...19 4 83 -8310 4 8655-8660 4 8710-8715...20 4 83 -8310 4 8630-8635 4 8705-8710...21 4 83 H-8325 4 8630-8640 4 8705-8715...22 4 8305-8315 4 8630-8635 4 8710-8715...23 SUNDAY. ...24 HOLIDAY. ...25 4 83 -8310 4 8630-8635 4 8720-8725...26 4 83 -8310 4 8595-86 4 8695-87 ...27 4 8280-83 4 8585-8615 4 8670-8685...28 4 8280-8310 4 8575-8615 4 8670-8695...29 4 83 -8310 4 8630-8640 4 8685-8695...30 SUNDAY. ...31 Range 4 8314-8325 4 8655-8660 4 8720-8725 .High 4 8235-8245 4 8575-8585 4 8590-8625..Low United States Securities. COURSE OF DEBT AND PRICES. The following table shows the public debt of the United States from 1793 to 1911, inclusive. In the year 1856 and subsequently the totals given are the net amount of debt (not including accrued interest), less the balance of coin and currency in the Treasury. Bonds issued to the Pacific railroads are not included in the statement. For some of the years the figures printed below do not agree with those reported in the monthly debt statements issued by the Government, as a change in the form of the statements was made several times. We give the results on the same basis for all the years. The totals are for January 1 of each year from 1793 to 1843, inclusive, and for July 1 (close of the fiscal year) since 1844, inclusive. The debt was at its highest on August 31 1865, when it amounted to $2,756,431,571. UNITED STATES DEBT 1793 TO 1911. year. Amount. Year. Amount. Year. Amount. Year. Amount. Year. Amount. Year. Amount. 1793 _____ $80,352,634 1813.......... $55,962,827 1833_____ $7,001,698 1853_____ $838,969,476 $59,803,117 1873 .......... $2,105,462,060 1893 1794 _____ 78,407,404 1814 _____ 81,487,846 1834_____ 899,313.380 4,760,082 1854.......... 42,242,222 1874 .......... 2.104.149.153 1894. 1795 .......... 80,747,587 1815 _____ 99,803,660 1835.......... 0932,830,667 35,586,956 1875 _____ 2,090,041,170 1895. 37,513 1796 .......... 83,762,172 1816_____ 127,334,933 1836_____ 955,297,254 336,957 1856____ 10,965,953 1876 ... 2,060,925,340 1898. 1797 .......... 82,064,479 1817.......... 123,491,965 1837.......... 986,656,086 3,308,124 1857.......... 9,998,622 1877 _____ 2,019,275,431 1897 1798 _____ 79,228,529 1818......... 103,466,633 1838_____ 10,434,221 1858____ X\ ,052,085,492 37,900,192 1878 .......... 1,999,382,280 1898 1799 .......... 78,408,669 1819 ____ 1,155,320,235 95,529.648 1839.......... 3,573,343 1859.......... 53,405,234 1879 _____ 1,996,414,905 1899. 1809.......... 82,976,294 1820 .......... 91,015,566 1810.......... 5,250,875 1860_____ 1,107,711,257 59,964,402 1880 _____ 1,919,326,747 1900. 1801.......... 83,038,050 1821_____ 89,987,427 1841_____ 13,594,480 1861_____ 1,044.739,120 87,718,660 1881.......... 1.819.650.154 1901. 1302......... 80,712,632 1822... . 93,546,676 1842_____ 20,601.226 1862__ __ 969,457,241 505,312,752 1882____ 1,675,023,474 1902. 1803 .......... 77,054,686 1823.......... 90,875,877 1843_____ 32,742,922 1863____ 1,111,350,737 1883 _____ 1,538,781,825 1903. 925,011,637 1804 .......... 86,427,120 1824.......... 90,269,777 1844.......... 23,461,652 1864_____ 1,709,452,277 1884 .......... 1,438,5 42,995 1904. 967,231,774 1805 .......... 82,312,150 1825.......... 83,788,432 1845_____ 15,925,303 1865... . 2,674,815,856 1885 ____ 989,866,772 1,375,352,443 1905. 1806 .......... 75,723,270 1826__ __ 81,054,059 1846_____ 18,550,202 1866_____ 2,636,036,163 1886 _____ 1,282,145,840 1906. 964,435.687 1807 .......... 69,218,390 1827 .......... 73,987,357 1847_____ 38,826,534 1867_____ 2,508,151,211 1887 _____ 1,175,168,675 1907. 878.596,755 1808 .......... 65,196,317 1828 .......... 67,475,043 1848.......... 47,044,862 1868.......... 2,480,853,413 1888 .......... 1,063,004,895 1908. 938.132.409 1809 .......... 57,023,192 1829 _____ 58,421,413 1849_____ 63,061,858 1869.......... 2,432,771,873 1889 _____ 975.939.750 1909. 1,023.861,531 1810 .......... 53,173,217 1830 .......... 48,565,406 1850.......... 63,452,773 1870.......... 2.331,169,956 1890 .......... 1,046,449.185 890,784,371 1910. 48,005,587 1831 .......... 39,123,191 1851.......... 68,304,796 1871.......... 2,246.994,068 1891 ____ 851.912.751 1911. 1,015,784,338 45,209,737 1832.......... 24.322,235 1852... . 66,199,341 1872 841.526,463 2,149,780,530 1892... . a We have Increased the amount for this date $31,157,700 to allow for the foreign half of the Morgan-Belmont loan negotiated abroad, which did not appear in the Government debt statement for June 30 1895, though the money In payment for It had already been received and counted In the Treasury cash. x We have enlarged the amount for 1898 by $25,000,000 to allow for receipts up to that date (June 30) on subscriptions to the $200,000,000 new Government 3 per cents, such receipts having increased Government cash by a corresponding sum. It Is proper to say that the augmentation In the net debt at this period would have been much heavier than that recorded by these figures ($1,052,085,492) except that during the fiscal year the Govern ment received $60,201,885 cash from the Union Pacific sale, only $29,904,952 of which went to redeem maturing Pacific Railroad bonds. UNITED STATES DEBT STATEMENT DECEMBER 31 1911. To bring the results down to the latest date, we add the official statement of the public debt as it appears from the Treasurer’s returns at the close of business on the last day of December 1911. INTEREST-BEARING DEBT DEC. 31 1911. ---------- Amount Outstanding------Amount Registered. Coupon. Total. Interest Issued. s s s Title o1 Loan— Payable. S 2s, Consols of 1930______ Q-J. 646,250,150 642,109,650 4,140,500 646,250,150 3s, Loan of 1908-18_____ Q-F. 198,792,060 43,732.460 20,213,000 63,945,460 4s, Loan of 1925________ Q-F. 162,315,400 99,690,500 18,799,400 118,489,900 2s, Pan. Canal Loan 1906-Q-F. 25,240 54,631.980 54,631,980 54,606,740 359,180 30,000,000 2s, Pan. Canal Loan 1908.Q-F. 30,000,000 29,640,820 3s, Pan. Canal Loan 1911.Q-S. 50,000,000 27,874,400 22,125,600 50,000,000 36,640 5,260 41,900 2J^s, Postal Savings bondsJ-J. 41,900 Aggregate int.-bearing debt..1,142,032,090 897,691.210 65,668,180 963,359,390 DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY. November 30. December 31, Funded loan of 1891, continued at 2%, called May 18 87,000 00 1900, Interest ceased Aug. 18 1900_______________ $7,000 00 23,650 00 Funded loan of 1891, matured Sept. 2 1891______ ,__ 23,650 00 Loan of 1904, matured Feb. 2 1904________ ________ 13,350 00 13,350 00 859,000 00 Funded loan of 1907, matured July 2 1907__________ 861.650 00 14,480 00 Refunding certificates, matured July 1 1907________ 14,500 00 Old debt matured at various dates prior to Jan. 1 1861 and other Items of debt matured at various dates__ 904,350 26 904,350 26 subsequent to Jan. 1 1861______________________ Aggregate debt on which interest has ceased since maturity__ ________________________________ 81,824,500 26 81,821,830 26 DEBT BEARING NO INTEREST. November 30. December 31. United States....................................... ......................$346,681,016 00 $346,681,016 00 53,282 50 Old demand notes__________________ ________ 53,282 50 National bank notes—Redemption account_____ 27,639,750 50 26,203,861 50 Fractional currency, less $8,375,934 estimated as 6,856,639 90 lost or destroyed-______ _______________ ___ 6,857,019 90 Aggregate debt bearing no interest____________ $381,231,068 90 RECAPITULATION. Classification— Dec. 31 1911. Interest-bearing debt_____ $963,359,390 00 Debt interest ceased______ 1,821,830 26 Debt bearing no interest___ 379,794,799 90 Nov. 30 1911. $963,359,390 00 1,824,500 26 381,231,068 90 $379,794,799 90 Increase (+) or Decrease (—). —$12,670 00 —1,436,269 00 TREASURY CASH AND DEMAND LIABILITIES.— The cash holdings of the Government as the items stood December 31 are set out in the following: ASSETS. LIABILITIES. Trust Fund Holdings—$ Trust Fund Liabilities— $ Gold coin..........................1,010,956,369 00 Gold certificates______ 1,010,956,369 00 S lver dollars_________ 489,166,000 00 Silver certificates_____ 489,166,000 00 Silver dollars of 1890... 3,093,000 00 Treasury notes of 1890.. 3,093,000 00 Total trust fund____ 1,503,215,369 00 General Fund Holdings— Certified checks_______ 699 341 84 Gold coin and bullion__ 22,017,640 58 Gold certificates............ 104,012.002 00 Silver ce tificates-------11,138,716 00 Silver dollars_________ 1,481,776 00 Silver bullion_________ 1,669,137 70 United States notes___ 8,730,716 00 Treasury notes of 1890.. 14,386 00 National bank notes___ 35,366,944 50 Fractional silver coin__ 18,016,293 92 Fractional currency___ 143 83 Minor coin___________ 1,434,516 06 Bonds and interest paid. 10,280 45 Total trust liabilities-1,503,215,369 00 Gen. Fund Liabilities— National Bank 5% fund. 26.453,054 43 Outstanding checks and drafts_____________ 12,498,827 19 Disbursing officers’ bal ances _____________ 84,022,284 41 Post Office Department account.......................... 6.378,13730 Miscellaneous items___ 1,935,996 91 Total gen’l liabilities.. 131,288,300 24 Tot. In Sub-Treas’ies. 204,591.894 88 In Nat. Bank Depositaries Credit Treasurer ofU.S. 36.151,904 37 Credit U. S. dis. officers. 11,616.699 55 Total in banks______ 47.768,603 92 In Treas. of Philippine Islands Credit Treasurer of U. S. 2,075,821 04 Cash balance and Reserve— Credit U. S. dis. officers. 3,777,972 10 Total cash and reserve.. 276,925.992 06 Made up of— Total in Philippines.. 5,853,793 50 Available...................... 126,925,992 06 and Reserve Fund Holdings— Reserve Fund— Gold coin and bullion... 150,000,000 00 Gold & bull..................... 150,000,000 00 Grand total.. ...1,911,429,661 30 Grand total________ 1,911,429,661 30 Total gross debt________ $1,344,976,020 16 $1,346,414,959 16 —$1,438,939 00 Cash balance in Treasury*.. 276,925,992 06 282,243,628 08 —5,317,636 02 STOCK OF MONEY IN THE COUNTRY.—The following table shows the general stock of money in the country as wen as the holdings by the Treasury, and the amount in circula TREASURY CURRENCY HOLDINGS.—The following tion on the dates given. compilation, based on official Government statements, shows Stock of Money Jan. 2 1912— -Money in Circulation— In United Held in Jan. 2 Jan. 3 the currency holdings of the Treasury on the first of Oct States. Treasury, d 1912, 1911 ober, November and December 1911 and January 1912. $ $ $ Total net debt_________ 81,068,050,028 10 $1,064,171,331 08 *Includes $150,000,000 reserve fund. +$3,878,697 02 TREASURY NET HOLDINGS Oct. 11911. Nov. 1 1911. Dec. 1 1911. Jan. 1 1912. $ $ $ Holdings in Sub-Treasuries— S Net gold coin and bullion______ 257,503,487 280,180,440 285,303,171 276,029,643 9,920,357 14,289,630 Net silver coin and bullion_____ 36,525,576 18,199,735 8,230 14,386 9,868 Net United States Treasury notes 10,251 5,868,032 4,768,101 8,730,716 Net legal-tender notes_________ 4,926,284 Net national bank notes_______ 41,068,954 33,166,353 29,800,608 35,366,974 Net fractional silver__________ 19,537,456 18,617,856 17,490,432 18,016,294 2,144,282 2,542,084 3,212.199 Minor coin, &c............................... 1,873,382 Total cash in Sub-Treasuries. 361,445,390 358.154,552 /350932.914 354,591,895 Less gold reserve fund________ 150,000,000 150,000,000 150,000,000 150,000,000 Cash balance in Sub-Treasuries..211,445,390 208,154,552 200,932,914 204,591,895 Cash In national banks________ 48,568,692 48,200,874 47,820,242 47,768,604 Cash In Philippine Islands_____ 7,208,286 6,334,028 6,138,299 5,853,793 Net Cash in banks, Sub-Treas.267,222,368 262,689,454 254,891,455 258,214,292 Deduct current Ilabilltles.a......... 122,827,372 126,167,055 122,647,827 131,288,300 Available cash balance______ 144,394,996 136,522,399 132,243,628 126,925,992 a Chiefly “disbursing officers’ balances.” / Includes $2,446,907 48 silver bullion and $2,144,282 18 minor coin, &c., not included in statement “Stock of Money.” http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Gold Coin and BulUon..*l,797,000,916 172,017,641 Gold Certificates.a_____ _________ 104,012,002 Standard Silver Dollars.. 565,186,367 1,481,776 Silver Certificates .a____ _________ 11,138,716 Subsidiary Silver_______ b 165,789,312 18,016,294 Treasury Notes of 1890__ 3,093,000 14,386 United States Notes____ 346,681,016 8,730,716 National Bank Notes___ 740,603,187 35,366,945 614,026,906 906,944,367 74,538,591 478,027,284 147,773,018 3,078,614 337,950,300 705,236,242 605,650,087 849,174,639 75,794,419 474,333,499 142,462,703 3,461,493 337,412,254 704,091,292 Total............ ..................3,618,353,798 350,778,476 3,267,575,322 3,192,380,380 Population of continental United States January 2 1912 estimated at 94,808,000) circulation per capita, $34 47. *A revised estimate by the Director of the Mint of the stock of gold coin wai adopted in the statement for August 1 1907. There was a reduction of $135,000,000. 6 A revised estimate by the Director of the Mint of the stock of subsidiary sllvei coin was adopted in the statement of Sept. 1 1910. There was a reduction of $9,. 700,000. a For redemption of outstanding certificates an exact equivalent in amount of the appropriate kinds of money is held in the Treasury, and is not Included In the account of money held as assets of the Government. d This statement of money held in the Treasury as assets of the Government doee not include deposits of public money in National Bank Depositaries to the credit ol the Treasurer of the United States, amounting to $36,151,904 37. 77 UNITED STATES SECURITIES PRICES OF UNITED STATES BONDS. In. the following tables are shown the highest and lowest prices of U. S. Government securities for each month from 1860 to 1911, inclusive. In the first-mentioned year the total debt was almost nominal. Then followed the war period till April 1865; thence the period of speculation until September 1873; thence the period of recuperation till the resumption of gold payments on January 1 1879, and the subsequent funding of the maturing bonds into new bonds at 4^, 4, 3^, 3%, and finally in September 1891 the extension of the 4^s at 2%, payable at option. In 1894 a somewhat different era began with the issue of 100 million dollars of 10-year 5% bonds to meet deficiencies in revenue and make good the depletion of the gold reserve, followed by the issue in 1895 of $62,300,000 of 30-year 4% bonds, under the celebrated contract with the MorganBelmont Syndicate, to protect the gold reserve, and another issue of 100 million dollars for the same purpose in February 1896. In 1898 the war with Spain led to the issue of $200,000,000 of new 3 per cents. In 1900 refunding of the existing debt (all except the 4s of 1925) into new 2% consols was provided under the Gold Standard Law. This refunding progressed until December 31 1900, when the Secretary suspended the privilege. The extended 2 per cents were paid off. In 1903 holders were given another opportunity to refund, and in 1905 the privilege of exchanging the old bonds for the new was again accorded. In July 1906 the Secretary of the Treasury was very successful in selling $30,000,000 10-30-year Panama Canal 2% bonds. In April 1907 the Treasury offered to exchange $50,000,000 of the 4s of 1907 into 2% consols and called the remaining 4s for redemption July 2 1907. At the time of the panic in November 1907, in order to provide a new supply of bonds for bank-note circulation, the Treasury invited bids for $50,000,000 additional Panama Canal 2s (besides offering a large amount of one-year 3% certificates of indebtedness), but eventually allotted not quite $25,000,000 of the bonds. In December 1908 $30,000,000 more of the Panama 2s were sold, while in June 1911 $50,000,000 Panama Canal 3s without the circulation privilege were disposed of. January.\ February March. April. May. U. S. GOVERNMENT SECURITIES. Low High'Low High Low High LOW High Low High June. July. August. 1860. 108 108b 10838 109b 108 108 108 109 109 100b 102b 102 10238 102b 103 100b 10034 101 103 103 b 103 10334 10334 1041; 101b 102 102 U. S. 6s of 1868, coup---- IO6I2 107 106b 107b 99b 100 5s of 1885, coup--------- 98 100 5s of 1874, coup--------- 99b IOOI2 10038 100b Sept‘ber. October, Nov'ber. Dec’ber. Low High Low High Low High Low High Low High Low High 109b 108 108b 10734 10734 102 102 102 102 102b 93 103 10234 103b 102b 103 95 96 92 89 96 93 95 97 89 86b 82b 79 9S 93 b 88b 83 83 101b 102 102 103 104b 102b 97 97 95 9134 91b 91b 93 97b 99«8 9484 103b 10538 100b 102 10434 95 9234 92b 9734 104b 98 103 1861. U. S. 6s of 1868, coup----6s of 1831, coup--------5s of 1865, coup--------5s of 1871, coup--------5s of 1874, coup--------- 90b 92 91 93 92 97 94 93b 86 87b 85 100 93U 91 91 931 85 87>2 85 79b 78 90 88b 8684 79 78b 92 93 90 80 85 88 83 85b 75b 75 90 85 8634 79 781 87 85b 86 77b 76 90 9038 89 80 82 94 97 97b 102 103b 9784 105b 105b 92b 98 92 92i-> 93b 97 93 93 96 96b 90 89b 96 86b 95b 9638 99 99 100b 100b 99b 101b 102b 10534 104b 107b 107b 99 97 97b 100b 106b 96b 96b 90 86b 85 98 99 100 103 92 8684 91 99 105b 96b 98b 94 8884 85 98b 102b 10834 107b no 106 106 108b 9834 100 98 102 ioob ioib 99b 99b 97 107b 103b 107b 109 107 107b 104 104b 97 98b 97b 105 105b 107 105 100 101b 991 107 107b 95 84b 91 85 75 95 89 86 80 79 90 91b 87b 81b 81b 90 9534 89 85 86 99b 10134 94 90 91 997s 105b 96b 100 99 102b 95 91 913g 98b 99b 10234 104b 103 102 96 92b 91 98b 103 103b 10484 97 93 94 9934 103 104b 105 96b 100 99b 10534 105b 107b 105 101 10l3g 99b 107b 107b 106 107 97 101 99b 106b 105 97 10134 99b 10738 106b 10634 11034 10834 117 96b 100b 100 101b 102b 98 99 99b 98b 105b i08-b 10584 106 108 106 110b 125 100 102b 99 107b 107b iosb 124 98 10134 98 106b 106b no 127 100b 102b 98b 106b 107b 114 102 106b 104b 10634 101b 109 106b 103 106-b 107b 10734 ill 111 113 108b 115 109b 112 103 110 102b 107b 107 9734 981s 97b 991; 99b 99b 9734 99b 98b 98b 9234 98b 93 96b 9334 10934 113 103b 112 95b 106b 105 95 107 93 109 11138 99 112 95 104b 106b 92b 104 94b 10634 108b 96b 10834 95b 106b 100b 94 107 95 113 107b 99 b 124 98 112b 106b 98b 116b 96 118 no 102b 12238 97b 100 95 94 9134 85 89b 86 8434 85 78 75b 90 9138 8734 81 81 98 88 87b 90 87b 8938 89b 86 85 87 79b 78b 81 79b 92 93b 87b 82 b 83 92 95b 89 86 86 1362. U. S. 6s of 1868, coup___ 6s of 1881, coup--------5s of 1865, coup--------5s of 1871, coup--------5s of 1874, coup--------6s, certificates----------7 3-10 notes-------------- 90 9134 861 80 80b 97'2 98 98 92b 9238 90b 88 85 97 99b 99b 95 943 98 88 88 97 100 1863. U. S. 6s of 1881, coup___ 5s of 1865, coup---------5s of 1874, coup--------6s, gold certificates___ 6s, current certificates. 7 3-10s, A. & O______ 7 3 10s, F. & A______ 9134 99 9334 102b 96 99 86 90 85b 971 9434 97I4 93b 99 100 103 102b 103 100b 9978 94 98b 9634 10134 105b 10434 102b 104b 10238 105b 9978 98b 100b 100b 107b 107 10434 106b 107b 104 95b 98b 97 99 b 102 101 98 9978 98 104b 106 106 104 107 10634 1864. U. S. 6s of 1381, coup__ 5-20s, coupon_______ 10-40s, coupon---------- 7 3-10s, A. & O_____ 1-year certificates----- 104 107 10634 111b lllb 113b 113 101b 1047s 10334 107 107 110b 105 118 114 113 115 111 105b 107b 101 1865. U. S. 6s of 1831, coup___ 5-20s, coupon-----------5-20s, new, coup_____ 10-40s, coupon--------- .. 7 3-10 notes_________ 1-year certificates------ 10912 1123S 1063s 110 IO6I2 110 10012 10284 114 119 9678 98 109b 10878 108 100b 115 97b mb 112 111 102b 116b 98b 103b 10434 10034 89b 114 96b lllb 11134 11038 10234 1141 98r> 105 10538 105b 9lb 1103s 109b 109b 9738 10334 10234 lOin 101b 927s 98U 9734 9734 104b 105 102U 102b 9334 9938 9938 99 10334 10238 102 101b 93b 99b 9878 99 104b 104b 1033s 103 10338 102b 103b 103 94b 90 9934 99b 995s 99b 99b 99 105b 10438 104b 104b 923S 100b 100b 100b 104b 103 b 10334 104 91b 100 99b 99b 106b IO6I4 105b 105 10838 108 106 10634 104b 107b 10734 10534 10534 10438 110b 11134 108b 109b 106b 1083s 108b 107b 107b 106b 110b 111 108 10834 10738 108b 110S8 107b 107b 107b 108b 102b 102b 94b 99b 98b 99b 99 11034 107 106 97b 99b 99b 10834 102 103 9484 99b 99b 110b 104b 104 9734 99b 9978 106b 103b 103b 96b 99b 97b 10834 106 10538 98 100 99b 106 105b 104 93 98b 97b 107b 106'8 105 98b 99b 9834 107b 105b 105 9378 98 98b 108b 108b 10634 94b 99b 99 1063s 10134 101 92b 97 9734 108b 105b 103 94b 99b 99b 105b 99b 98b 8934 95b 96b 106b 103 101b 9234 99 97b 10638 100 99 9038 96 b 97b 108b 105b 102b 95 98b 98b 10Sb 10638 105b 106 96b 102 102 102 107 10038 10138 101b 94 100b 101 10034 109b 102b 102b 10238 96b 102b 102b 10234 109b 101b 102 102b 9534 102 102 102 110b 10438 10338 103b 97b 103b 10338 10338 106b 104b 10334 103b 97b 103 103 103 110 108b 106 106b 99 104b 104b 1041 109b 108b 105b 106 99 104 104 104 H3b 11334 no 10934 103b 107b 10634 106b 11O34 107b 108 10734 97b 105b 105b 105 112 112b 109b 109b ioob 107b 10638 106b lllb 11138 109b 109 99b 106 105b 105b 113b 115b 111 11138 100b 107 106b 106b 112 107b 10534 10534 99b 105 104 104 11434 110b 10734 10938 10034 108b 106b 10734 10934 105b 104b 104b 99 104 103b 104 113 b 108b 107 107b 10034 10534 10534 10584 110b lllb 109b 109b 107b 110b 107 105b 105b 107b 112 109b 106 108 1083s 109 110b 107b 107b 106b 107 99b 99b 1001; 100b 11034 112b 109b 109b 10834 108b 10234 110b nib 109 109b 10734 107b 102b H2b H4b 110b lllb 108b 108b 103b 1103.1 110b 108b 10938 107b 107b 99b 112b 115b 110b lllb 109 109 99b 110b lllb 108b 1083s 106b 106b 99b 11238 H3b 109b 110b 107b 108 101b 112 107b 105 105b 10738 107b 10038 113b 108b 1O558 106b 108 108 10238 11138 107 104b 10434 107b 107b 100b 112b 10838 106 105b 108b 109 104 114b 109b 10638 107b 10934 10934 no 105 115 lllb 107b 108-b 110b lllb nib 105b 10638 113 113b 113 11034 110b 111b ii934 112b 119b 115b 110b 116b 116b 116b 114b 113b 116 neb 120b 1863. U. S. 6s of 1881, coup----5-20s of 1862________ 5-20s of 1864________ 5-20s of 1865 _________ 10-40s_______________ 7 3-10 notes. 1st_____ 7 3-10 notes, 2d -------7 3-10 notes, 3d _____ 1867. U. S. 6s of 1881, coup___ 5-20s of ’62, coup_____ 5-20s of ’64, coup-------5-20s, ’65, c., M. & N-. 5-20s, ’65, c., J. & J__ 5-20s of ’67, coup-------10-40s, coupon----------- 103s8 99U 100 9934 10134 97b 98b 97b 99 99 lllb 109b 10534 106b 108b H3b 110b 107b 10734 1101 118b 113b nib ni34 114b 11438 110b 10738 11234 11234 no 11084 108 108b 108b 106b 115b 114b nib 11234 109b 109b 109b 108b 113b 11234 108b no 10738 106b 107 108 116b 115 111b 112b 109b 10938 10938 109b 113b 112b 109b 10934 107b 10734 108b 104b 114b 115b 110b lllb 109b 109b 109b 10538 113 112b 109b 109b 107b 107b 108b 104b 116b 115 11234 112b lllb 112 112b 106b 111b 105b 10434 10434 106b 107b 107b 103 115b 113b 10834 108b 110 b lllb 111 10634 10738 118b 119b 119 117b 11634 121b 116b 121 109b 120b 120b 120 119 117b 12234 117b 12238 107b 116 1153s 116b 118b 117b 121b 117b 11634 114b 122 122b 122b 12334 123b 125b 122b 12334 112b 120b 11938 119b 120b 120b 12238 122b 12134 116b 12234 122b 122b 124b 124 125b 125 125 108b 112b 117 12034 116b 121b 11634 12138 118b 122b 118b 122b 119b 123b 119 123b 119 123 10738 116b 115b 115b 117 117 119b 118b 119 1093g 118b 118b 118b 120 119b 121 120 120b 106b 11334 11334 113b 111 11034 1123g 115b 11538 108 116b 116b 116b 114 11338 116 1868. U. S. 6s of 1881, coup___ 5-20s, 1882, coup-------5-20s, 1834, coup-------5-20s, 1335, M. & N___ 5-20s, 1335, J. & J____ 5-20s, 1837, coup-------5-20s, 1338, coup_____ 10-40s, coup--------------- 1083s 107b 105U 106 104b 10458 112 lllb 109b 110i8 108b 1083g 11034 110 10738 108b 106b 106b 11238 11134 109b 11014 108b 1083s 110b 109b 107b 107b 10638 10634 H3b 112b 110b lllb 109 109b 113 108 106b 106b 108b 109b 116 lllb 10934 109b mb 112b 10178 104b 104b 10538 100b 10138 100b 103 103 116b 11134 109b no 11238 112b 10934 105b 10534 10534 107b 106b 106b 10784 107b nib 109 111 107b 11534 11534 115b 114b 113b 117b 118b 118 no 120b 120b 120b 119b 117b 123b 122b 123b 110b 109b 107b 107b 106b 106b lllb 11034 10838 109 10734 107b 1869. U. S. 10-40s, coup---------5-20s, 1338, coup_____ 5-20s, 1387, coup_____ 5-20s, 1335, new, coup. 5-20s, 1335, coup_____ 5-20s, 1-334, coup-------5-20s, 1832, coup_____ 6s of 1881, reg_______ 6s of 1831, coup---------- http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 108b 108b 109b 108b 109 108b 108b 1083s 110b 110b 10934 109b 113b 113 lllb lllb 11238 112b 110b 11214 113b 113b 116b 115b 118b 114b 11638 105b 11234 112b 112b 114b 11334 1173s 114b 11538 106b 114 113b 11334 118 115b 120 116b 117b 105 113b 112b 112b 115b 113 b 11734 115b 11538 108b 116b 116b 116b 11938 11734 122 118 11884 78 V. UNITED STATES SECURITIES. January. February. March. August. Sept’ber. I October. Nov’ber. April. May. J uly. S. GOVERNMENT SECURITIES. Low High Low High Low High Low High Low High Low High Low High Low High,Low High Low High Low High Low High 1870. <J. S. 6s of 1881, coup— 1155s 11812 115b 118b 11334 113b 1137S 116’s 5-20s, 1832, coup------ 11312 11612 114 115-b 109b 114b 110b 115b 5'20s, 1834, coup------- 113 116 113U 115U 1083s 1133s 109b 114b 5 20s 1335, coup------- 1127s 1161s 11312 1151s 1083s 113b 10938 1145S 3-20s, 1865, new coup. 1115s 114^4 11178 114b 107b 1H34 10734 113b 5-20s, 1867, coup------- 11178 114’8 112b 114U 108 112b 108b 1135s 5-20S, 1868, coup------- 11134 11458 113 11438 108b H238 108’s 1131 10-40s, coup------------- 10934 1131s Ill’s 114 10434 10834 10858 10S58 6s, currency------------- 109b 1111 IIU4 Ill's 1105s 113b lllb 11234 116 11758 lllb H2b 11038 11178 llO-b 112 11234 H4I4 113b 11434 113b 115 1073s 1085s 112b 1127s 1173S 111 11034 11034 11278 11278 113 10758 113 118b 112b 11134 11134 11414 11438 11438 10834 11434 11238 10834 10S34 10834 10738 10758 108 1063s 110b 115b 112b 112 112 lllb ill’s lllb 108b 114 113b 110b 103b 10834 1085s 10834 109 106b 11034 1143s 112b mb Ill’s 110b 11038 110b H034 112’4 11334 11458 113b 112b 114b Ill’s lllb 112 11114 lllb 11238 1105s 110 11034 110b nob 110b 110b nob nob 110b 105’s 107 IO6I4 111 112 111 H4b 113 11134 112b 110b 1105s 110b 106b 11138 113b 107b 107 106b 109 109b 109b 106b 110’s 118b 11338 113 113b 11478 11538 115’s 11034 11578 11478 11334 113b 11314 11214 11238 112b 111 113 116’4 115b 11434 114b 112b 113b 1133S 113b 115b 116 113b 113b 114 112b 113 113b 110 114 119 11434 114b 114b 11358 11358 114b 111 11634 118 11458 11434 11434 1135s 11334 114b lllb 114b 11938 1155S 1155S 115b 11458 11434 11458 11134 II6I4 11514 11334 113b 113b 112 112 112 107 110b 118b 115b 115b 116 11434 114’s 115 11134 114b 116b 111 110b lllb 113 11358 1133s 115 12058 115 115 116 117b 118b 11734 111-34 liib 11258 11438 115 113b 115b 117 11458 11458 115b 11334 115b 114b 1113s 112b 11438 11334 116 118b 11534 11534 H638 115 116 116 Ill’s 113b 115 112b 114 II6I4 114b 114 11458 113b 11334 113b 10834 lllb 112b 112’s 116b H8I4 H838 116b 116’8 115b 116b 11534 10958 11358 11414 10934 1133s 114’s 113 113b 113b 112 112b 11234 10734 10758 11134 11134 1141 116b 11458 114b 11434 11334 114b 114 109 108b 11284 111 1113s 110 114b 11514 114b 115s8 117 116b 115b 116b 111b 11458 116 1113s 11538 11638 112b 1135s 115 114 113b 115b 114b 114 115 114b 107b 10858 10734 10734 10858 10734 111 114 113b 11434 118’4 120b 117b 117Rs 11938 11734 11958 119 11334 116b 11438 lllb 114b 10634 109 11358 113 109b 107b 107b 10634 IO8I4) 10634 nobiioob IIOI41109b 110b 10958 107 IO6I4 lllb 10934 1135S 108 10734 10758 11038 11038 111 106b 110’s 1871. 11714 114 114 114 113 113 1115s 113 108b 109b 115b 11534 117 11034 11078 1107s 113 11234 113 109 115b 11738 11134 11134 11134 114 114 114b 110 11578 117b 112 11178 1117s 11378 1137s 114 1093s 115b 10978 11434 115b 1123s 112b 11258 111b 11278 113 108 IO8I4 115b 11278 117 118b 11534 11534 116b 11434 11578 116 11058 110 11634 IIII4 116b 118 112b 112b 1127s 11434 115b 11534 110 11038 116b 113 117b 11934 114 11378 115 116’4 1173g 117b 11138 112b 11738 11258 114b 1195s 114 114 11434 II6I4 11738 117b 11058 115b 118 120b 117b 1173S 118b 11634 118b 118 112b 112b 115 115b II6I4 11834 116 116 118 115b 116b 116 109b 111 112b H6I4 118 121 1185s 11858 120b 118 119 11734 11 11378 115 115b 117b 120b 11478 11484 117b 117b 11914 118 Ill’s 11358 115 116b 119 12258 11634 11634 118b 119b 12178 120b 11214 1143s II6I4 11438 115b 122b 11578 II6I4 11658 119 12038 120 112b 11278 113b 4534 117 123b 117b 117b 119b 12034 1143s 116b 119b 116b 116b 118 116 1217s 117b 12078 117b 113b II334 115 11438 114b 114b 115b 11858 120b 117b 11734 119b 118 119b 11834 115b 1153s 114b 11414 1173s 119b 117 117 11834 1165s 1185S 118 112b 115b 113b 114b 118b 1193s 116b 118 119 b 118 11834 118b 112b 11234 115’s 115b 11934 121 118’4 120 12034 119’ 12038 120b 115b 11538 117 11538 119b 12034 11734 11934 12058 119 11934 11934 1145S 114b 11634 117 120b 122 11834 12034 12134 120’4 120's 120b 115 115b 117b 115 11958 120 115 117 117’s 119b 120b 11978 11478 11434 nob 115b 1203s 122 1155& 117b 11838 120b 12034 120b 115b 1153s 117b 113 116b 121b 11338 116b 117b 119b 119b 120 113b 113b 1145s 11538 H7b 122 11538 117b 118b 12078 12138 121b H478 11434 11534 112b 1153s 11658 lllb 11534 11634 115b II6I4 116 112b 112b 1155S 113b 11738 119 114 116b 11734 H634 117b 118’4 H3b 114 11734 112 117b 118’4 11134 11534 11634 116 11534 119’s 12058 11634 118 120b 1193s 120b 120 11438 117b 120 114b 118b 11934 11638 117b 119b 1183s 119b 1193s 11334 11334 1185s 115b 120 1213S 117b 118b 1205s 11934 120’ 120b 114b 1153s 119b 11434 120 121 118b 118b 121b 119b 11978 11934 11378 115b 119b llfb 122 12338 11834 121 12178 122b 12338 122b 116b 117b 124’s 11558 1215g 123b 116’4 11778 11958 12158 123 123 11534 117 123b 117 12278 124Rs 117b 118b 120b 12278 124b 124 117 118 12434 117b 120’4 125b 11778 II8I4 12134 123b 1243s 124 11758 11434 119 120 11534 116 117b 117b 118 119b 116b 11634 122 118b 121 123 116b 118b 122b 120b 122b 121b 117b 119b 123 115b 117b 116b 118b 11658 II8I4 115b 117b 11658 118 11934 121 12034 121b 1205s 121b 120b 122b 119b 120 12034 122 122 12334 122b 123b 122b 124 123b 125 122 119 121b 126’4 II8I4 119b 12234 124b 125b 125b 118b 119b 12258 11534 1183s 118b 120 120b 11434 11734 122b 117 11934 1193s 12034 121b 115b 11934 123 122 122b 117 119b 121 123b 1165s 11958 11738 12358 123"8 118b 120 12258 12334 II8I4 12134 118’8 1213s 122b 118b 118’8 121b 123 11734 118b 118b 123b 123b H834 1195s 121b 12334 1185s 119b 119 12034 12134 11734 118b 120b 122b 117 118 11734 122 12278 118b 1193s 12134 12234 118b 119 119 12138 12238 114b 11834 12034 12234 117b 11838 117 12238 12234 115b 119b 1213s 123 118 11834 117b 119 122’s 115b 119b 1213s 1233s 117b irs38 116’s 1203s 124b 1165g 121 123b 124b 118b 118b 11734 11938 11934 11534 1173s 11938 121 117b 11838 11758 120 12034 11634 118b 120b 12134 1185s 119 1185s 11734 118 112b 113 116b 121 115b 11834 11534 119b 12034 116b 117’s 119’s 12158 H634 11958 11738 12238 125 125 128 126’4 127b 126b 127 1137s 114’s 108b 109b 10914 110b 112b 114 11434 117b 11214 114b 112’s 114b 111 1125s 11134 10734 10838 1113s 114b 109b 1133s 109b 114b 108’ 11034 113b 116’s 1113s 11478 Ill’s 1115s 10734 108 lllb 113 109b 1105s 109b 110b 108r>8 107b 108 107 10714 107’8 10634 110 II3I4 11012 109’s 109k 1085s 108’s 109U 1095s lllb 113 11038 110 110 109 109 10934 109b lllb 11434 11234 111 112b 111 Ill’s 11134 ill’s 11338 11458 Ill’s 111b 11134 1091’ 114b 114b 10934 10912 11034 109b 11138 11134 109 10912 II434 1101s 11434 11534 11058 11034 ■U S. fund. 5s of 1881----6s of 1881, reg----- - — 6s of 1881, coup---------5-20s, 1882, coup-------5.20s, 1884, coup-------5-20s, 1865, coup-------5-20s, 1865 new, coup- 5-20s, 1367, coup-------5-20s, 1868, coup-------10-40s, reg---------------10-40s, cot p--------------6s, currency--------------- II2I4 1145s 114l2 11258 113U 11358 11234 1133s 11338 10958 109’8 11258 115’s 117’s 11914 11538 115U 11638 U. S fund. 5s of 1881___ Gs of 1881, reg----------6s of 1881, coup---------5-20s, 1862, coup-------5.20s, 1864, coup-------5’20s, 1865, coup-------5.20s, 1865, new, coup5-20s, 1867, coup-------5.20s, 1868, coup-------10-40s, reg---------------10-40s. coup--------------6s, currency--------------- S. 6s of 1881, coup----5-20s, 1862, coup-------5-20s, 1864, coup-------5-20s, 1865, coup-------5-20s, 1865, new, coup. 5>20s, 1867, coup-------•5-20s, 1868, coup-------10-40s, coup-------------6s, currency-------------- 110’8 108 1135s 116b 113 11238 11238 lllb lllb 11134 10934 11538 116b 112b 112b 112b lllb 1113s 1073410S'8 114 114’s 114b 11558 110b IIII4 110 11138 1105s Hl 110 11058 lllb 112 lllb 11238 10638 1071 10934 110’8 11384 114b 10834 114b 115b 111 111 112b 110b 1113s 112 107b 10734 114 110 11434 11534 112b 11238 112b lllb 113 113b 108 10838 115b 113b 11334 1165s 11738 118b 11834 114b 115 114b H558 115b 116b 1153s 114b J14! 11034 116b 11634 116’8 116b 11658 114 1113s 1121 115b 114b H5b 115b 114b 115b 113 116b 118b 11558 115b 1163s 11438 116 116b 110b 11O5S 11358 111 115’8 117 11234 114 115 114b 115 116 *11114 113 114 11334 11758 11838 114’s 1165s 117 11634 118 118 113 114b II5I4 11134 11734 118b 11558 11658 11638 116b 11734 1175s 11038 114 115b 11434 120b 121 118b 120b 121b 11958 12038 120b 1135s 11638 116’8 11358 118 II8I4 114b 116 118b 117U 118b 118 11434 115 11712 116 11938 11958 11558 117b 119b 11858 119b 11934 116b 11634 120 11434 11834 11934 11534 1173s 119b 11838 11938 11938 II334 11634 119 1195s 120b 116b 117 11938 120 11738 118 11634 122 12234 117’s 119’s 122b 123 119b 11934 110b 110b 11734 11134 -11134. ll23s 11414 115 1135s 115 109b 110 lllb 1133s 117b 109b 10934 . . 110b 11S’4 I1438 1145S 109b 113b 118 111 111 11134 115 115’s 116 109’s 115b 110’ 116b 117b 113 113b 113b 11534 116b 11534 108b 108b 114b 111 lllb 117b 112b 1123s 112b 115 115b 11534 109b 109b 112 118 1133s 113b H338 11658 117b 11684 no 109b 11338 109b 114b 115b 109b 111 111 113b 114’s 115 108’4 108b 1105s 109b Hl’4 116b 110b 1115s lllb 114b 11514 116b 109 108b 108b 113b 116b 121 116 117b 117I4 11934 120 11834 112b H3b 11438 11238 115-58 119b 112b 114b 116b II8I4 11938 119b 1125S 11334 II6I4 113b 1185S 122b 11438 116 lis-’s 121 122 12034 115b 115b 118 1872. 4J. S. fund. 5s of 1881----6s of 1881, reg-----------6s of 1881, coup---------5-20s, 1862, coup-------5-20s, 1864, coup-------5-20s, 1865, coup-------5-20 s, 1865, new, coup5-20 s, 1887, coup-------5-20s, 1868, coup-------10-40s, reg---------------*0-40s, coup--------------6s, currency--------------- 112s8 11134 113 11314 HO’2 1105s 11534 11234 114-58 ' . 1873. 112 115b 1133s 114b 110 111-34 11334 113 112 106 IO8I4 117 119b 113b 117b 11834 116b 119b 118b 114 11434 1135? 109b lllb 105b 106b 107b 10934 110 110 103b 105 108b 11534 115b 109 110 112 116b 11734 112b 115b 115b 115b 1173s 117’s 11634 117b 11858 116b 109b 110b 110b 113b H4b lllb 117b 11734 117b 11258 117b 11858 11234 115b 116b 11634 11784 117b 111 mb 11758 112b 117b 118 11234 1153s 11638 11534 117 117b 111 lllb 11738 112b 118 1185S 11334 11638 17b 11658 117b 117b 112 11238 118b lllb 11334 115b 115 109b 10934 1115s IO6I4 11034 112b 105b 106b 10738 109b 110b 110 105b 105b 108 1374. 1875. U.S.fund. 5s of 1881, coup 6s of 1881, reg----------6s of 1881, coup---------5-20s, 1862, coup-------5=20s, 1864, coup-------5-20s, 1865, coup-------5-20s, 1865, new, coup 5-20s, 1867, cowp-------5-20s, 1868, coup-------10-40s, reg---------------10-40s, coup--------------Currency 6s................... 1876. U. S. 6s of 1881, reg------6s of 1881, coup---------5-20s, 1865, coup-......... 5-20s, 1865 new, coup. 5-20s, 1867, coup-------5-20s, 1868, coup-------10-40s, reg---------------10-40s, coup--------------5s of 1881, coup---------4bs, 1891, reg-----------Currency 6s--------------- 1185s 11258 11758 11858 1121 116 117b 11658 lllb 113 118 1185s 11034 113 H4’4 116b 11734 117b Ill’s Ill’s 117b 116b 11734 11758 119b 120 115b 11634 123b 11938 119b 119b 121 121b 117 118 124 11834 118b 118b 119b 120b 115b 116b 123b 119b 120b 1193S 121b 121b 11634 11734 124b 114b 11534 11834 120b 120b 115b 117b 123b 117 117b 11234 113 11638 II8I4 1143s 115b 114’s 111b 12634 127b 1245S 12634 125b 12658 125b 126’; 1263s 117b 12834 113b 11334 117 118b 115b 116 H5b lllb 127 11558 11634 11134 1115s 11434 116b 113 113b 113b 118b 11914 114 11338 II6I4 118 11434 H5b H5b mb 12534 116b 117 10934 112b 115b 11634 1x814 ho38 123 119b 119b 11234 11434 11638 119 120 11934 11338 114b 119 114b 116b 1203s 12234 122b 117 117b 125b 115b 11934 121b 122b 116b 118 122 11658 121 123b 123 11734 118 12234 11734 118b 110b 113b 116b 11758 1135s 114b 114b 115b 11134 113b 110 Ill’s 12358 124b 112b 115b 108b 11158 114b 116b 112 lllb 11038 108 120b 113b 11734 10958 11334 116-84 118 113b 113b 11238 10958 122b 1877. U. S. 6s of 1881, coup----5-20s, 1865, coup-------5-20s, 1865 new, coup - 5-20s, 1867, coup-------5-20s, 1868, coup-------10-40s, reg---------------10-40s, coup-------------5s of 1881, coup---------4bs, 1891, coup---------4s. 1907, reg--------------Currency 6s -......... ....... 1133s 108b 109b 112’s 114b 1107s lllb 11034 112b 1085s 108b 1113s 1133S 11058 111b 110b 114b mb 110b 113 115b 11238 113 112b 114b 11534 11458 115b Ill’s 112b lllb 1123s 11038 111 11038 113 115 112b 11278 11078 10838 11134 11438 116 113 11334 112 109 109b 11238 115b 11134 112b 110’s 10634 121’8 12338 122b 12334 12238 1233s 1233s 12434 125b 125b 122 109b 11034 HO’4 110b 109b 111 106b 1085s lllb 112 11234 111 1083s 1053s 12278 123b 107 109b 11258 113 113b 112 109 106 126 105’s 108b 110b 108b 112 10834 107b 104 12334 107 1093s mb 1095s 113b 110b 109 105b 125b 10538 107 10958 106b 10734 107b 105 10138 12058 105b 108 110b 10858 10934 10834 106-84 103 12338 105 106b 109b 10638 10738 10658 103b 101b 120b 105b 10558 10638 10558 1083s IO8I4 109b 108b 10934 110 lllb 110 1075s 10734 108b 10658 108b IO8I4 10834 107b 107b 106b 107 105b 10538 105b 10558 103b 10258 102b 10234 101 12034 121b 122 120 10634 10934 11134 10838 109 1073s 105b 103b 122b 11034 105b 1085s lllb 109b 107 10438 101b 120’s 108b 10234 105b 108 109b 10638 105 100b 12058 10738 10258 105b 107 4 106 10534 10338 100b 119b 108’4 102b 105b 108 106b IO6I4 10334 100’s 119b 1075s 10234 105b 1073s 10534 105b 102b 9934 119b 108b 103b 106b 108 10638 106b 104 100b 12038 109b 1035s 105b 108 10758 106b 104 10038 119 109b 10334 106b 10934 108b 10634 10434 100b 12038 105 105b 105b 1065s 106b 107b HO 113b H6b 11258 113 112 10834 1878. V. S. 6s of 1881, coup----5-20s, 1865 new, coup__ 5-20s, 1867, coup-------5-20s, 1868, coup-------10-40s, coup-------------5s of 1881, coup---------4bs, 1891, coup---------4s. 1907, coup----------Currency 6s--------------- 10738 10334 106b 109b 10578 10438 103b 100b 119 10838 10438 107b 110 107b 105’s 10538 10478 1033s 10138 101b 122 119 106b 10258 105b 10634 10738 105b 103b 10138 118b 107b 103 b 106 109b 10834 1063s 104b 10234 H9b 1061 10334 106b 109 108b 10438 1023s 103b 101’8 10214 118b H9b 10558 103b 105b 1085s 103’8 103 10178 10078 118 107b 10458 107b 109 10538 104b 103 10178 119 10734 10434 1075s 110b 106 1043s 1053s 10234 1033s 1003s 10034 117b 119b 107 1023g 105b 10758 108b 106b 104b 100b 120 10758 10258 106b 108’4 10938 10734 104b 10058 120b 107b 1023s 1045s 108 10834 106 10434 10058 119b IO6I4 10134 10234 10438 105b 10434 993s 119b 106b 10238 10434 10838 107b IO6I4 100 121b 105b 102 102b 1043} 104b 106 100 120’8 10634 102b 102’s 10538 104b 10638 100b 122 10534 102 10238 101b 10378 104 99b 1213s 10658 10214 102b 102b 10458 105b 100b 122 1057s 10634 106b 107b 10738 10758 10438 104’s 104b 10434 10438 105 101b 104b 10478 99 121b 102 105b 10634 10134 124b 103b 107 1O178 124b 104 10778 103b 125b 10358 10334 10534106b 102b 103 123 123b 10358 105b 10134 12258 104b 106b 10238 124 101’s 105 10058 123b 10234 102b 103 10234 103b 106b 1O43S 10584 105b 105b 102 101b 10234 10158 10238 123 123 123b 102 106b 102b 124 1023s 107b 10358 125 102b 10538 103 121b 103-38 1063s 104b 122 104b 1033s 10638 103 104’s 104 10734 10434 105b 103 107’8 105 126 1055s 10358 109b 107b 126 105b 103 107b 106b 105b 103b 1081 10738 1057s 1033s 1087s 106Rs IO6I4 104 109b 107b 10638 10234 10878 107b 107b 10338 11058 109 1065s 103 b 1093s 10834 107b 1035s 10934 109b 103b 10338 10934 108b 104b 10334 110b 1093s 104b 10258 IIII4 109b 128 10434 10234 1113s HOb 128 104b 103 110b 1095s 10438 10138 lllb 109b 129b 104’s 102 1125S H2b 130 104b 101 11158 lllb 134 10458 101b 112 H35g 134 1053s 10258 105 108 106b 103 107b 104 107 1095s 10538 108’s 10434 10758 10934 10758 108’4 1033s 105b 108b 106b 105 104 100 121b 109b 10334 106b 109b 10734 10638 105b 10038 122 1879. V. S. 6s of 1881, coup----5-20s, 1867, coup-------5-20s, 1868, coup_____ 10-40s. coup--------------5s of 1881, coup______ 4bs, 1891, coup---------4s, 1907, coup----------Currency 6s, reg-------- 1880. U. S. 6s of 1881, coup----5s of 1881, coup---------4bs, 1891, coup---------4s, 1907, coup-----------Currency 6s, reg_____ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 104b 102b 109 1083s 1045s 10234 11034 11058 10434 102b 108’4 107b UNITED STATES SECURITIES U. S. GOVERNMENT SECURITIES. April. January- \ Febiary. July. June May. 79 August. Nov’ber. Sept'ber. Dec’ber. Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 1881. <J. S. 6s of 1881, coup---5s of 1881, coup--------4'2s, 1891, coup--------4s, 1907, coup--------Currency 6s, reg------- 10134 101'g 11258 11312 133 10134 1008g 11134 1123S 10134 101 112'g 114 102 1007g lll'g 1127g 131 102U 102 11234 11484 131 1023g 102 1125g 113'2 133 103'g 102'g 1143g 116'4 133 10384 lOl-’g 11434 116'g 135 106'2 105 116'2 II8I4 135 102'g 103 1147g 1175g 134 104 104'4 1153g 1183g 134 102'4 101% 1143g 11534 103 10234 1147g 117U 10034101 102'g 10234 1143g 114'g 11714 118'’ 131 131 100'g 1017g 1145g 117'g 101 102'2 1147g 118'g 10034 102 1138g 118 101i2 103'g 11384 119% 101'g 101'g 115'4 1183g 1013g 103 116' 12134 101U IOII4 115'g 120% 1013g 102'4 116'4 121'g 100 101'g 114'g 120'g IOOI4 10134 H4I4 12034 IOII4 10034 114 1185g 102 102'g 101'g 10m lOOSg 1015g IOOI4 100'4 10134 10184 101'a 1033g 115 1145g 1145g 1127g 113 113 113U 113 113'g 1127g Il3'2 120’g 1195g 120U 119'2 12014 1185g 1X9'2 1187g 119'’ 120 121 102 11234 118'g 103'g 131'g 104 113’g 11984 104'g 131'g 103'g 113U 1187g 10384 103'g 1137g 112'2 1133g 113'g 11334 113 1133g 1123g 113 120 119 1201 1193g 120 119 1197g 1193g 120 104k 1035g 10414 103 10334 IO3I4 103% 103'g 104 114'g 123U 1007g 13434 1147g 12414 1007g 13484 1143g 1235g 101 135U 1145g 113U H37g 113 1137g 110 1135g 1103g 11 l’g 112 1125g 1117g 1123g 1123g 11334 1137g 114'2 11234 113'g 123'g 12334 124'g 12314 124 118'2 123k 118'2 12034 118'2 120’g 1195g 1203g 120 121'g 11934 1217g 121'2 12234 122'4 12384 101 101 101 10034 IOU4 100 10034 100 10034 100 100'4 i00'8 10034 10034 101 100'4 101 101'2 101'2 13514 IOU2 10112 112 1123g 133 101'2 101 11334 11484 102-% 102'g 1145g 1163g 1007g 101 1127g 116 101'2 101'2 ll35g 1173g 1003g 9934 113 115'2 101'g 102'g 113 1163g 101'4 10l7g 1133g 116 10134, 102'2 1145g 117' 1003g 1023g 11334 il78g 129 101'2 1O3'2 114»g 1185g 130 1882. V. S. 6s of 1881 (a) coup.5s of 1881 (a) coup----4'gs, 1891, coup---------4s, 1907, coup----------Currency 6s, reg-------Optional 3s, reg---------(a) Continued at 3'2% • 102'4 102'4 10134 1023g 1025g 103 1883. V. S. 5s of 1881 (a) coup- 4'2s, 1891, coup---------4s, 1907, coup----------Optional 3s, reg---------Currency 6s, reg_____ (a) Continued at 3'g%- 1123g 113 11234 113'2 112'4 118'g 119'g 118'g 1193g 1193g 103 1033g 103 103% 101'2 132'2 114 12114 1033g 135 11334 120 IOOI4 13534 1147g 122 100'2 136'2 114'2 12134 100'4 136 115 12234 1003g 136'2 1137g 123 1OO34 134 114'g 125'g 102 134'g 1884. V S, 4'gs, 1891, coup___ 4s, 1907, coup----------Option 3s , reg---------Currency 6s, reg--------- 1885. U. S 4'gs, 1891, coup----- 1125g 112'g 112'2 112'g 112 112'g 1123g 11234 11234 113'4 4s, 1907, coup----------- 1211o 122'g 12134 1223g 122'g 122’g 1213g 122I4 1215g 122'4 101 101'g IOU2 102 101 101'2 101 102'g 102-% 10314 Optional 3s, reg----- _ Currency 6s, reg-------136'4 137'’ 1886. 1J. S, 4'gs, 1891, coup----4s, 1907, coup----------Optional 3s, reg---------Currency 6s, reg_____ 112'g 123 10034 135U 11284 124 102'2 135U 1127g 124'g 1003g 136'g 112'4 122'g 103'4 134'g 11234 123'2 104'2 135 112'2 1223g 103'g 133'4 114 11134 1125g 112'2 112'g 1123g 11284 1113g 112'g 11134 1273g 12534 127'2 125'g 126'2 12584 126'4 126 1273g 1257g 101 1007g 10112 1007g 10134 100'g 10112 1013g 1021’ lOO’g 136'g 135 1127g 11234 113'4 112'g 112'2 1227g 1225g 123'g 1227g 123'2 1037g 1027g 103I4 103'g 104 1333g 134 134 112'g lll'g 1117g 127 125'2 127 10034 1003g 1005g 135 1097g 126'g 100'2 133 112'2 1228g 103'2 134 113'2 113'2 113'g 1123g 112'g 124 1235g 1237g 123®8 1243g 104 10234 104 103'g 104'2 133 133 134 XX2'2 1113g 112'2 1107g 111'2 110'4 11034 12834 12784 129 127 I29I4 128'4 1293g 10034 101 100' 100 100'g 132 132'g 134 1887. U. S. 4'gs, 1891, coup___ 10934 H8I2 110 4s, 1907, coup----------- 12634 12812 1283g Cur. 6s, 1898. reg____ 132'2 132% 1.34’g 137'g Cur 6s, 1899, reg------- IIOI4 12834 134% 13714 108~8 128 135 136'2 109~8 129-% 135 136'g 110 12834 134'g 137'g 1103g 110'g 1107g 109'4 10934 1087g 109'4 108 1103g 108 1083g IO8I4 10834 1083g 109 127 1085g 1293g 12834 129% 129 129'’ 127U 128'g 1253g 128'g 124'2 12558 124'2 126' 1263g 12634 124'2 12634 134'g 132'4 132U 131 132 128 128 127 127 129 129 137'g 137'g 137'g' 1888. U. S. 4'gs, 1891, coup___ 107'g 108'g 107'’ 108 1063g 10634 1061’ 107'g 10734 108'g 107 107'g IO7I4 107'4 107'2 10734 1067g 1067g 1085g 108% 108'2 1093g 108'2 10834 4s, 1907, coup----- ------ 125U 1261 12534 12658 1253g 125'2 12334 126-% 126'2 127'g 127'2 128'g I27I4 1273g 12738 1285g 128'2 130 126b8 129 12714 128'2 128'g 128'g 127 127 127'g 127'g 127 127 6s, cur., 1898. reg____ 129'2 129'2 130'4 130'4 6s, Curr,, 1899, reg___ 1889. U. S. 4s. 6s, 6s, 1067g 1067g 10634 10634 1067g 106 10534 10584 105'2 105'2 10434 105 4'gs, 1891, coup___ IO8I2 109 109 109 10734 108'g IO8I4 IO8I4 1907, coup_______ 126'4 12814 128'g 128'g 129’g 1297g 12834 129 I29I4 129'2 12914 1295g 128'g 128'2 128 128'g 1277g 128'4 127 127U 127 127 127'g 127'2 curr., 1898, reg___ 12712 12712 1255g 12558 curr., 1899, reg___ 1890. 104'g 10484 103'2 10334 1031’ 103'’ U. S. 412s, 1891, coup___ 10484 105 10234 103'g 103 103 4s, 1907, coup_______ 125 126U 123'g 1233g 122 123'g 122 122'g 122 12214 122 12234 121'2 124 12434 12484 6s, curr., 1898, reg- 10334 10334 104 1237g 1237g 124 126'’ 1225g 12414 123 104 124 122 115 12314 115 1891. U. S. 4'gs, 1891, coup4s, 1907, coup-- — 6s, curr., 1898, reg- 102 121'2 121'2 122 12014 121'2 1005g 1005g 10034 10034 117 117'g 11634 11634 117 118 118 102 122 118'2 116 117 116'4 117 116'g 118'4 1892. V. S. 4s, 1907, coup-4s, 1907, reg---------6s, curr,, 1898, reg___ 6s, curr., 1899, reg___ 116'g 116 116 II8I2 117'g 11634 117 11714 117'’ 1155g 1163g 116>2 117'2 1173g 118'g II6I4 1167g 116 117U 116'2 11634 116 1163g 1155g 116'g 11534 117'2 116'4 11634 116 11634 116 116 H8I2 113 114 116'4 1147g 115 116 114'2 115 1145g 115 1143g 115Bg II4I4 115 114 113 114’g 113'2 1893. U. S. 4s, 1907, coup2s, optional, reg__ 4s, 1907, reg-------6s, currency, 1898- 11234 113 1133g 11414 11134 113 112'g 114'2 11234 1135g 1125g 11234 110 11134 112'g 11234 H35g 112'2 113 113'2 113'2 110 11134 108 9934 97 11034 108'2 108 111'4 108 112'2 111'2 112 111 111'2 112'2 114 97 95I4 9514 Ill's 10734 11178 110 110'2 11034 1113g 112 113'2 108 1894. U. S. 4s, 1907, coup. 5s, 1904, coup----4s, 1907, reg-------Cherokee 4s, 18975s, 1904, reg-------6s, currency, 18956s, currency, 18966s, currency, 1898- 112i2 11334 114'g 114'g 114 115 114'g 11434 114 114U 114'4 115 11334 1173g 117'2 1173g 117'2 118 119'2 11734^11814 1175g 118'4 118'g 1125g 114 113'2 114 1127g 11384 113'2 114'4 113'2 114 1125g 1133g II3I4 104 1173g 1173g 117'2 117'2 1177g 1183g 118 115 119U 114'g 104 118'2 114 115 115 117'2 119 119 1135g 1147g 114 115 II4I4 115 1143g 116 11434 116 11934 1193g 120 117'2 119'g 117'4 119'2 114 114'g 114'2 114'2 1155g 113'2 114'g 11934 11934 118 118 101'2 10U2 117U 119 106 106 Hl'4 111'4 1895. U. S. 4s, 1907, coup. 4s, 1925, coup----5s, 1904, coup----4s, 1907, reg-------4s, 1925, reg_____ 5s, 1904, reg-------2s, optional, reg__ 6s, currency, 18966s, currency, 18986s, currency, 1899- 11234 119 1153g 11034 120'g 1143g 117k 11434 116'g 1157g 11234 11312 110 II8I4 115-% 11714 1143g 112'4 113'2 110 113 1193g 116'4 113 1127g 120'2 116 1113g 12034 116 112 120'2 115'g 111'2 12034 1147g 1123g 121'2 116'2 11134 12034 116 112'2 120'2 1153g 11134 1205g 1133g 1235g 116'4 1127g 121'2 96'2 96'2 10234 10234 10834 10834 113'2 12388 116'g 1117g 1135g 1237g 11634 H2I4 112'2 123'4 11634 112 113 124'g 11634 112'2 1125g 12134 115'8 112'4 11634 11634 1155g 1167g 115 97 97 108'2 108'2 109* 109 109 1125g 12214 1153g 112'2 U2'2 121'2 115'2 11134 113 12314 116 11134 11134 1223g 11584 11184 112 123 116'2 112'g 112'4 121'g 11514 l’lPg 1207g 115 112 119 112 110 117'g 113'2 112'2 12l«g 115 111'2 117'2 115'g 106'2 108'4 10914 llO'g 115 118'’ 118>2 1203g 110'2 IH'2 111 113'2 96 96 1057g 10734 108'2 110'2 1193 4 120 115'2 116'2 1103g 1103g IIII4 11234 110'2 119 1133g 95'2 109 120 1133g 112'2 1203g 114 96 110'g 1203g 114 1145g 116 1153g 112 120®8 11484 lllSg 12034 1147g 102'g 102'g 109 1896. V S, 4s, 5s, 2s, 4s, 4s, 5s, 6s, 6s, 6s, 4s, 1907, coup------1925, coup-........... 1904, coup----------optional, regis------1907, registered___ 1925, registered----1904, registered----currency, 1897____ currency, 1898____ currency, 1899------- V. s. 4s, 1907, coupon — 1925, coup----------1904, coup----------optional, regis------1907, registered----1925, registered----1904. registered- — currency, 1898------currency, 1899------- 4s, 5s, 2s, 4s, 4s, 5s, 6s, 6s, 109 110 115'4 117 113 114 110'4 lllls 109'g 1097g 1097g 110'4 109'2 HO'4 107'2 1163g 11714 11634 119 1163g 1177g 1163g II8I4 11234 113 113'g 113'2 114'g 1125g 113 11234 H3I4 11034 95 95 110'4 IO8I4 108'2 1083g 109 10834 109'4 108 1087g 106 11784 116'2 1173g 117 118 116'2 1175g 116'4 118'g 1127g 113'g 113 113 11334 11384 1127g 1127g 11234 113 11034 IO3I4 IO3I4 105 103 105 107'’ 107'2 108'g 111 113 118 112 114 108 110 108 114'2 114'g 113 112 113'2 112 105 109'g 106 11634 IIII4 113 108'2 94 108'2 10434 11684 11134 11234 10834 10734 113'2 109 94 106'2 113'2 109'g 103 105 1063g 1135g 109'4 91 10534 11334 110 10778 1173g 111'2 91 106'2 116'2 110'4 103 103 113U 125 1137g 98'4 11184 126'g 114U 114 126 115 98'4 112'4 126'g 114'4 1897. 1113g 112'g 112'g 113U 113 113'2 112 11234 112 1125g 1125g 113U 1117g 1123g 112 120'g 124 122'g 123'g 123 12334 1235g 124'2 122'2 123U 12334 1253g 1247g 12634 125 114'4 1143g 1133g 1137g 1137g 114'4 114'g 1143g 113 113'2 114 11434 114'2 115 113'4 98'2 1105g 1115g 111'2 112 111 1113g 1107g 111' 11034 111 1103g 11112 1115g 112 112 120'4 122'g 1223g 122-% 123'4 12358 123 123'2 12234 123I4 125'g 125'g 124'g 12534 125'2 1135g 1145g 113'2 113U 11384 11384 11384 1137g 114'4 113'4 11314 113 11314 103'g 10314 103'g 103'’ 106'g 10658 107'2 10734 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 112'2 12534 1137g 98'2 112'4 12534 1137g 113'2 114 11334 114'g 115 115 126 128'4 12758 128'g 128®8 129'2 115 1157g 114 114'g 1143g 115 112 1127g 11234 127'g 127'g 127'4 11314 10234 113'g 12714 115 10234 112'g 127'g 114'2 9934 113 129 114'g 9934 80 UNITED STATES SECURITIES U. S. GOVERNMENT SECURITIES. January. February. March. April. M ay. June. July. August. September October. November. December. Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 1898. U. S. 3s, 1918, coupon — 3s, 1918, small coup— 4s 1907, coupon---------4s, 1925, coupon-------5s, 1904, coupon-------2s, optional, regis------3s, 1918, registered----4s, 1907, registered----4s, 1925, registered----5s, 1904, registered----6s, 1899, registered----- 11358 114-08 113 11434 110 12812 12934 12358 12834 118*2 114 115 113*2 11334 110*4 98*2 113 12538 112*2 98*2 107 11734 110*2 98 1123S 1131s 1117S 113*2 10834 111 106 127*2 129i2 126*2 12834 118*2 125 11634 11134 11134 111*2 11312 115 104 104 103*2 103*2 103 103 10278 111 108 111*4 110 122*4 120 123*4 122 11178 10934 111 111 98 105*2 105*2 112 12784 IO434 104*2 111*2 127 112*8 105*2 105*4 112 12738 112*4 105*8 10438 1103s 127 1123S 106*8 106 112 128*4 113*4 10834 108*4 11334 130*2 111*2 108*4 108 113 130 112 10834 10878 11334 130*2 112 108*8 10738 112 130 1113s 108*2 108 112*2 130*2 112 106 106 11238 1273s 112*2 9838 10578 11134 127*2 112*8 1057s 105*2 112*2 127*2 112*2 99*2 106*8 111*8 127*2 1123s 10734 107*8 113*2 129*4 113 99*2 107*2 112 12834 11238 108*2 10834 10838 10878 107*4 1073s 112*4 112*4 111*8 111*2 111*4 11138 129*8 12934 111*2 111*2 Ill'S 112 110*2 110* 10738 108 11238 129*4 110*2 101 108 112 12934 111 10938 10938 11338 13238 11138 101 108 113*2 13238 111 109 109*2 113*4 133*2 111*2 102 10934 1125s 13234 112*2 11034 110*4 115*2 134*2 113*2 102 11034 115 134*4 113*4 104 104 110*2 109*2 110*2 10934 116 114*2 115 134*8 11334 11378 H4*s 109*2 109 115*4 134*2 11234 110*2 11038 116*4 138&S 114 10434 10934 109*4 115*2 138 113 105 112 110 H634 138*8 11334 104 104 HO 109*2 109*2 110*4 110*2 109*2 10934 114*2 11434 116 115*2 115* 1147s 115 133*8 134*4 134*4 11334 113*4 114 1123s 11334 1043, 10934 115 137 113 105 10934 116 138 113 104.38 10934 114*2 138*8 115 107 UO's llW 139 115 104 104*2 104*2 10484 111*4 11034 111*4 111 125 125 128*2 12634 111*2 11238 113*4 109*2 10634 109 10734 109*2 110*4 Hl 121*2 12178 122*4 124*2 124*2 124 124 111*2 10934 110*4 10278 105*4 105 11134 12634 112 983s 105 105 105*4 10538 104*2 10538 105*4 111 111*2 110*2 110*2 110*2 Hl 111 127*2 128*8 127 12738 12634 127*4 127*8 112 112 112*2 11238 11234 11234 11178 102*4 102*4 102*2 102*2 1899. U. S 3s, 1918, coupon— 3s, 1918, small coup---■ 4s, 1907, coupon-------4s, 1925, coupon_____ 5s, 1904, coupon_____ 2s, optional, regis------3s, 1918, registered----4s, 1907, registered----4s, 1925, registered----5s, 1904, registered----- 1071s IO6I2 112*2 129 11234 9912 IO6I2 11178 12858 108 1071 113 12958 113*4 99-s 1075s 1123s 129 10634 106*2 11238 128 11178 99 10634 112*4 128 11134 10738 107 113*4 129 112 99 107*4 H258 12858 11134 109*2 108*2 109*2 10834 10838 108 109*4 108*2 114*4 11338 114*2 11238 130-38 130*2 131 129*2 11278 113 113 112S8 101*2 107 108*8 107*4 108*8 108*8 10834 108*2 10934 108*2 111 112*8 1123S 11234 112*8 113 112*4 114 112*4 12834 12834 129*2 129*2 129*2 13038 130*4 112 112 112 113*2 11238 1123s 110 109U 114 13334 II3I4 11034 IIOI2 11434 134U 1135s 109*4 109 11434 134*8 114 11134 111 118 134~8 1153s 104 10934 109*2 11434 134 11434 105 112*4 11134 118*2 1373s 11634 103*4 110 109 114*8 133 113*2 100*4 104*2 11034 10934 115*2 134*4 114*2 100*2 103*8 109 108*2 114 134*2 112*2 104 110 109*2 116*4 135 114 IO9I4 114 1331s 11238 1097s 11434 133i8 11238 111*4 114*2 134*4 11234 112 115*4 135 113*2 111*4 115 134*2 11534 112 117*2 137*2 116*2 10834 109 114 115 13258 133 112*2 11258 10834 114*2 134*2 11238 109*2 116*4 114*4 114*2 13438 134*4 13478 114*8 113*2 113*2 10514 10534 110*2 110 114 13812 110 10512 10912 114 137*2 106 10534 111 110 114U 13812 113*2 10512 HOI2 114*2 138 105*4 10578 10638 1063s 106*4 10678 106*2 10034 110*2 111*2 11034 110*2 11034 111 11334 114 114 13734 11034 11034 11134 105*2 106 10534 11034 110's 111 11334 114*4 113 13778 Ill's 112 112 115*4 138*4 11134 106*4 11138 113 13778 HIT’S 111*4 111 114 138*2 111*4 106 10958 10878 109*2 1087s 109 109 108*4 108*4 109 11178 112 112*8 112*8 112*4 10958 110 109 113 109*2 109*2 109*2 111 13934 107 106*2 112 12838 11134 108*4 10758 114 129*2 112&8 10778 1073s 112*2 12938 113 109 109 11334 130* 113*2 10738 107*4 11238 129 11134 10938 109* 113* 130*2 11238 101*2 108* 11238 130*4 108*8 108 113*4 130*8 111*2 1900. U. S. cons. 2s, 1930, coup. 3s, 1903-18, coupon- — 3s. 1903-18,small, coup, 4s, 1907, coupon-------4s, 1925, coupon_____ 5s, 1904, coupon-------2s, optional, regis------Cons. 2s, 1930, regis— 3s, 1908-18, regis-------4s, 1907, registered----4s, 1925, registered----5s, 1904, registered- — 109 108*2 115*8 13438 113*8 109*2 109 11538 135 113*2 109*2 110*2 10834 109*2 109*2 10934 11438 116 115*8 116 11538 134 134*4 13134 134*4 134 114 114 113*8 113*4 113*2 109*8 114*2 133*8 11334 1901. U. S. cons. 2s, 1930, coup. Cons. 2s, 1930, sm , cou 3s, 1908-1918, coupon- 3s, 1908-18, small coup. 4s, 1907, coupon_____ 4s, 1925, coupon-------5s, 1904, coupon-------Cons. 2s, 1930, regis— 3s, 1908-18, regis-------4s, 1907, registered----4s, 1925, registered----5s, 1904, registered- — 10678 108*4 112 10938 110*: 10834 111 108*2 114 11338 139”’8 138*4 13834 13838 112*4 109*4 110 10634 106*2 109 109*2 109 113*4 113*; 113*2 11338 112*2 138*2 138*2 110 110 107*4 1073s 109*2 108*2 10834 108* 11338 112*2 113 139*4 138*2 138*: 109*2 109*10634 109 11234 H234 113*4 139 139 1083s 10834 10838 10838 10834 113*2 113*4 113*4 137*2 137 139*4 108 10834 137 109*4 109*4 109*2 109*2 1083s 108*4 10834 113 13678 108*2 10634 112 139*2 108 109 107*2 11134 137 108*2 108 11234 139*2 108 109*8 107*2 112*8 108*2 108*2 108*2 108 108 108 112*4 112*4 113 13938 107*4 10834 109 108 113 13978 107*4 1087s 112 112*2 11138 Ill's 139*4 139*4 1902. U. S. cons. 2s, 1930, coup. 108*2 108*2 3s, 1908-18, coupon----3s, 1908-18, small, coup 4s, 1907, coupon----4s, 1925, coupon----5s, 1904, coupon----Cons. 2s, 1930, regis3s, 1908-18, regis----3s, 1908-18, small, regis 4s, 1907, registered----4s, 1925, registered----5s, 1904, registered----- 112 139 112 139 10734 109*2 10938 10938 10938 108 108* 107 107*: 10678 109*2 1115s 11038 111*4 110*2 111 10834 13934 106*2 106*4 106*4 109*2 10978 109 109*8 107*2 107*2 107 112 112*2 111*2 111*: 111*4 111*4 11038 111*4 109*2 109*; 108*4 135*4 136 132 139*2 139*2 106*2 106*2 105*4 105*4 105*2 105*2 10734 10678 10584 107 107*2 10834 108 109 10638 1063g 106*4 108*4 109*4 111*4 111*2 11034 111*4 13734 13734 106*; 104 104 105*4 105*2 10834 10834 10578 10678 107 107 10738 10738 107 10938 108*2 108*2 10734 110*2 111 111*; 132*4 137 137 105*4 105*4 10834 10834 108 108*4 108 108 10734 10734 136*2 136*2 10378 105 108*4 108*4 10734 10734 10938 111 108*2 109*2 135*2 135*2 10334 10334 1903. U S. cons. 2s, 1930, coup.. 3s, 1908-18, coupon----- 1077s 10834 3s, 1908-18 small, coup 4s, 1907, coupon-------- 10934 HOI4 4s, 1925, coupon-------5s, 1904, coupon-------Cons. 2s, 1930, regis— 3s, 1908-18, regis-------4s, 1907, registered----- 109*2 11012 4s, 1925, registered----5s, 1904, registered----- 107*2 107*2 107*s 107*4 108*4 107*8 107*8 109*4 136 136 137 103 103*4 103*4 Hl 137*2 10338 107 10934 1O934 109 135*8 135*8 135 107 110*2 13534 109 10S34 10834 10634 10734 106*4 10634 10634 108 107*2 109 106*2 106*2 108*4 109*8 10838 110 109s8 10938 106*2 106*2 111 111*8 109*2 HO 11134 11134 11034 111 135*4 135*4 103*4 103*4 103*4 103*4 10138 101*2 106 106*8 106 106 10678 10678 10678 10678 109*2 109*2 10638 10634 10734 108*2 107*4 107*4 10734 108 10734 108 10634 10634 107*2 109*4 11034 111*4 11034 111 110 110 111 111 109 110 110*2 112 135 135*8 135*4 135*4 135*8 135*4 13578 136*2 135*4 135*4 134*4 134*4 101*2 101*2 101*2 101*2 106*4 106*4 106 107*4 10834 107*4 107*2 108 108*2 108*2 107*4 107*4 110*2 112 11034 111*2 10638 106s8 106*8 106*8 107*2 108*2 107 108 107*2 107*2 110*4 11038 134*4 134*2 101*4 101*4 1063s 10634 10778 10778 112*4 112*4 109 109*2 133-34 134*4 1904. U. S. cons. 2s, 1930, coup 10514 1055s 3s, 1908-18, coupon----3s, 1908-18, small, coup. 4s. 1907, coupon-------4s, 1925, coupon-------Philippine g 4s, ’14-34,cou U. S. Cons. 2s, 1930, regis 3s, 1908-18, registered 4s, 1907, registered----4s, 1925, registered----- 10534 106*4 107*4 107*8 106*4 10634 107*2 108 108 13234 133 133 11134 11134 105*2 10714 105*2 105*2 10634 10634 10738 10738 10634 107*2 10634 107*8 107*2 107*2 107 134 134 13234 107*2 108 107*4 10534 1O634 106 106*2 106*4 106*4 105*4 105*4 10538 10534 10534 105 105 10478 105*2 105 108 108 107 107*8 107*4 107*4 10638 10634 132*2 133 110*4 105*2 106 105 105*8 105*8 105*8 105*4 105*4 10434 10434 10438 105 10538 10534 108*4 108*4 106*4 107 106*4 10638 10638 10638 13278 13278 13238 1323g 13178 107 104*: 105 105 104*2 104*2 106*2 106*2 13078 1307s 110 105 105 104*2 107 131 110 103*4 10234 10378 10378 105*8 1O53S 103*2 13234 133-38 130*4 110*2 103*4 104 104*2 10538 105 10534 10434 10538 10638 10638 104*2 13078 H0*4 ill ill 13178 1905. U. S. cons. 2s, 1930, coup. 3s, 1908-18, coupon----3s, 1903-18, small,coup 4s, 1907, coupon-------4s, 1925, coupon-------Philip, gold 4s, ’14-34 cou U. S cons 2s, 1930. regis 3s, 1908-18, registered 4s, 1907, registered----4s, 1925, registered----- 10438 105*2 104 105*s 1057s 109*s 109*8 105*2 105*2 104 105*4 10538 10434 10478 104*2 105 106 106 104 104*2 104*2 10534 133 110 10434 104*2 1041? 10534 10434 105*4 133 110 10484 10438 10478 10434 10434 104*2 104* 132*2 132*2 132*4 109*4 104*2 104 104*2 104*2 10478 104 104*4 104 132*4 133 109*4 109 1O478 104 103-3.1 104 132*2 133 109 104 104 13278 10334 104*4 10378 104*2 104 104*4 104*8 104*8 10478 105 1043g 13338 13338 134*2 134*2 134*2 108*2 104*4 104*4 103*2 10378 10378 103 103*2 104*2 105 10438 10434 104*. 105*4 134*2 108*2 103*2 10438 105*8 10378 13034 110*2 103*2 103*8 10434 10538 10278 103*4 1323s 13338 13034 13178 1906. (J. S. cons. 2s. 1930, coup. 3s, 1908-18, coupon----4s, 1907, coupon........... 4s, 1925, coupon-------Philip.gold 4s, ’14-34,coup U. S. cons. 2s, 1930, regis. 3s, 1908-18, registered 4s, 1907, registered----4s, 1925, registered___ Pan. Can 2s, 1936, regis. 103*8 103*8 103*4 130 109*2 103*8 103*4 104 103*2 131*2 109*2 103*8 103 103 103 10358 104*2 104*2 10258 103*8 103*8 10434 10334 10478 12934 130*4 10834 10834 10378 103*2 10438 10234 103*4 103 10334 103*4 103* 10338 132*4 129*2 131 12938 111 111 10378 10378 103*2 103* 103*4 103 10378 10234 10284 10334 103*4 103*4 10334 10334 10338 10338 103*2 103*2 12978 12978 129 129 10338 104 1033s 131 103*2 103*4 10238 10238 104*4 10234 10278 12938 12934 12934 10438 1047s 103*2 104 103*2 10378 103*4 1033s 12938 131*2 104*2 103*2 102*4 130*4 104* 104*2 104*2 104 1033g 103*2 102*2 102 102*8 10178 131*2 13034 13034 130*2 105*4 10338 102 13034 105*2 105*: 103*2 10338 104*2 10334 103*2 103*2 10034 10034 10338 10338 103 103 102 102*4 130*8 13078 130*4 131*2 131 131*8 105*8 105*8 1907. I). S. cons. 2s, 1930, coup. 3s, 1908=18, coupon----4s, 1907, coupon-------4s, 1925, coupon-------Cons. 2s, 1930, regis— 3s, 1908=18, registered4s, 1907, registered----4s, 1925, registered- — http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 106 106 106*4 106*4 104*2 104*2 1027g 1O3*8 1023g 10338 103*2 10334 10334 104 10078 1OO78 10178 1017s 1013s 1013s 129*2 129*2 129*4 129*2 130*2 130*2 13038 13038 10538 105-3s 104*8 10434 10234 10234 10078 10078 101*2 101*2 10058 1OO58 129 129 129*8 129*8 13034 13O34 105 105*8 105*8 10534 1053.4 105*8 10534 102*4 102*8 103*8 103*4 103*4 102 10138 10078 1007s 12934 127 127 125*2 1053s 102*2 102*2 102*2 10278 101*2 101*2 10078 10078 125*4 130 130 12878 12878 104*8 102*8 101*2 12934 104*4 10534 103*4 102*2 10238 100*4 10234 100*2 102 125* 12434 12484 119 124 117 120 105*2 105 10538 104*4 109 10434 10434 102 103 101 102*2 126*4 119*2 125 81 UNITED STATES SECURITIES—FOREIGN GOVERNMENT SECURITIES U S. January February March April May June August September October November December July Low High Low High Low High Low High Low High Low High Low High Low High Low Hl”h Low High Low High Low High GOVERNMENT SECURITIES. 1908 U. S. cons. 2s, 1930, coup__ 10418 104b 3s, 1908=18. coupon______ 3s, 1908-18, small, coup___ 4s. 1925, coupon.............. .. 2s. 1936, Pan. Can..cou__ Cons. 2s, 1930, regis______ 3s, 1908-18. registered- .. 4s, 1925, registered .. 101b 101b 101 10134 101 1015g IOU2 102 IOII4 1013g IOH2 101b 12034 12134 121 122b 122b 122b 123 12312 12218122b 103U 10312 10418 104b 104 104 104 104b 10334 104 1031a 10334 10334 10334 101b 101b IOII4 IOU4 11812 118b 119 119 120b 122U 104 104 10034 10034 10034 10034 IOOI4 IOOI4 122 122 122b122b 10034 1007s 1035s 104 10334 10334 104 104 1031210312 103b 103b ioi 100 10012 1017g 1017g ion8 ions 122 122 121b 12112 121 121 1205g 1205g 1208s 121 101 1909 U. S. cons. 2s, 1930, coupon- 103 103 IO2I4 10214 10214 10214 3s, 1908-18, coupon_______ IOII4 IOU4 10034101ig 10134 10134 10218 102ig 102b 1021O 4s, 1925, coupon --------121 121 11912 121 Cons. 2s, 1930, registered-- 1027g 1027g 101b 102 1O15S 1015g 101l2 101l2 3s, 1908-18, registered------ 1035g 1035g 102 102 4s, 1925, registered_______ 11914 HSU 11734 11734 2s, 1936, Pan. Canal, regis ioiig loTig 101 101 2s, 1938, Pan. Canal, regis 101 10134 1910 r 10134 102 IJ. S. cons. 2s. 1930. coup____ 3s. 1908-18. coup______ 3s, 1908-18, small, coup. 4s, 1925, coup___________ • Cons 2s. 1930. reg _______ 3s. 1908-18. reg_______ __ 4s, 1925, reg__ __________ ■ 2s, 1936, Pan. Canal reg 2s. 1938, Pan. Canal resr Philippine Islands land__ purchase 4s, 1914-34___ 1001410014 10218 102b 102b103 10212102b 102b 10212 11434 11534 1151411514 11434 11434 100l21007g 10014 ioiig IOH4 IOH4 10134 10234 102b 102b 115b 11514 1151411514 114b I147g 101 101 IOOI4 IOOI4 101 101l2 10112 1017g 101b 10U2 1013g 1013s 118 II9I4 II7I4 118 117b 118 11638116l2 116 116 1003g 100b 10012101b 16I14 loi’b 101 102 101l2 10U2 1013g IOU2 II6I4 11634 II6I4 11634 116b 117b 115 116b 1143411434 100 100 10034 10034 102b 10258 IOII4 10134 10134 102 10212 10212 102 102 IOH4 IOH4 1141211412 11412115 11434 1147g 115 115 1151211512 1151211512 101 101 10034 10034 101 101b 10034 10034 IO2I4 10214 102U 10214 102 102 10134 IO134 114b 11478 11434 11434 1143g 11438 114b 115b II5I4 H5U 11512 115b 10034 IOO34 100&8 l005g 101ig lOlig 10012 10012 1911 1013g 10134 101 101 101 ioiig 1025g 1025g IO2I4 IO2I4 1023g 10234 10178 1017g 3s, 1961, Pan Canal, coup- 1163g 1163g ioiig long 103 10314 116 116 3s 1908-18 reg 11578 116 102 102 115 115 10034 10034 IOOI4 1005g 1001g 1001g 1017g 1017g IO2I4 IO2I4 10134 10134 10258 103 1023g 10258 1017g 1025g 1023g 1025g IO2I4 10212 IO2I4 102i2 10134 102lg 1145g 1145g 11334 114 11334 11334 IOOI4 IOOI4 1015g 1015g 1017g 1017g 11378 11378 11338ll35g 11338 11368 11414 114U II4I4 II4I4 10012 10012 10134 10134 Foreign Government Securities PRICES 1907 TO 1911, INCLUSIVE. The table below shows the course of prices of Foreign Government Securities on the New York Stock Exchange since 1906. For the years 1907 and 1908 the prices quoted are flat, while those for 1909, 1910 and 1911, in accordance with the rule adopted by the Stock Exchange, are “and interest”—that is, the buyer must pay accrued interest in addition to the quoted price. BONDS. March June January February April May July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 1907 Imperial Japanese Govt.— Sterling loan, 1911----------- 6 2d series, 1911-------------6 Sterling loan, 1925.— 2d series, 1925--------- 43^ Sterling loan, 1931----------- 4 ep of Cuba, 1904 loan-------- 5 S of Mexico 1899 £ loan..5 Gold debt of 1904...............4 B 9334 94 98b 9934 99 9934 8734 90b 87b 89-b 79 83b 9834 101b 99 99 92b 94 97l2 1003g 97b100% 88b 91b 8734 91i2 805g 8334 9934 102 98b 9834 93 j 95 98l4 99 98i4 987g 91i4 925g 91 92b 83b 8434 102 1027g 97b 983g 94 945g 987g 99i2 987g 99b 91 92b 9014 915g 82 84ig 102 103 98 99 92 92b 99 99l2 99 993g 90 918g 867g 91 79 813g 10234 103b 98 98 92 92l2 99b 9934 993g 995g 86 90 8412 8634 757g 79 10234 103b 97b 97b 91b 927g 9934 997g 995g 9934 86b 893g 86 8884 79 80b IOOI4IOI 97 97 91b 92 8334 84 75 98 96 89 89b 88b 80b 101b 9734 92 85 91 841g 873g 775g 80 10234 1O334 98b 99b 9314 94b 8514 87b 84b 8634 77 78 IOOI4 IOII4 98b 99b 93 93b 85 86b 851g 86I4 765g 773g 101 102b 975g 98b 93 94 853g 88I4 855g 88 767g 7912 102b 103b 9812 9834 93 9334 885g 8934 883g 893g 795g 8U4 103b 104 99 99b 92 93 89ig 90 857s 89i4 78b 79b 103b 105 987g 9934 92 93 87 903g 8612 89b 76 80b 10412 105b _________ 92b 93b 90l4 91b 89*4 90b 80b 81 102b 103b 99 101 9334 94b 89 87b 791? 102b 9812 943S 907g 891-) 807g 103 9834 9438 985s 99 96l4 97b 9634 9678 915g 90b 82b 1015g 963g 9312 9934 9912 943g 92b 85b 10312 99 94 98b 995g 98 995g 89i4 94b 88I4 91b 8212 8434 103 10334 86 837g 75 102 96 90b 9034 89 80 104 9834 9414 84 84b 76 95 93 8834 87b 867g 78b 98b 95 90 858s 8734 86I4 87b 785g 79b 97b 100l2 96 97b 8734 89 90 91 8834 90 80b 825s 102b 10234 985g 9834 93b 937g 91b 92 9OI4 91BS 82b 8234 102b 10334 983g 9912 92h 94 1908 Imperial Japanese Govt.— Sterling loan, 1925------ 434 2d series, 1925--------- 43-tS Sterling Loan, 1931--------- 4 ep of Cuba, 1904 Ioan----5 S of Mexico 1899 £ loan-.5 Gold debt of 1904----------- 4 B 1909 Argentine—Internal 5s ofl909 Imperial Japanese Govt.— Sterling loan, 1925-------- 4J4 2d series, 1925--------- 4 Yi Sterling loan, 1931----------- 4 Rep. of Cuba, 1904 loan------5 Temporary ctfs., 1949--4H San Paulo(Brazil)rects, ’19-5 U. S. of Mexico, 1899 £ loan.5 u. Gold debt of 1904............... -4 1910 Argentine—Internal 5s ofl909 Imperial Japanese Govt— Sterling Ioan, 1925-------- 4>£ 2d series, 1925--------- 4L£ Sterling loan, 1931----------- 4 Rep. of Cuba. 1904 loan------5 External loan, 1949------ 4^ San Paulo (Brazil). 1908-19 5 U. S. of Mexico, 1899 £ loan-6 Gold debt of 1904-54.......... 4 1911 Argentine—Internal 5s of ’09Imperial Chinese Gov’t— Hukuang Ry, 1951--------- 5 Imperial Japanese Gov’t— Sterling loan, 1925------- 4Y 2d Series, 1925--------- 414 Sterling loan, 1931----------- 4 Republic of Cuba 1904 loan --5 External loan, 1949------ 4^ Sao Paulo (Brazil) 1908=19--5 U S of Mexico 1899 £ loan—5 Gold debt of 1904=54.......... 4 95 96b 95b 97 943g 93b 8714 103 96b 92 95 9434 9512 94 /921g 937g /9212 9334 /93b 95 /94 947s /94 95 99 100 9784 98 98b 98 987g 99 9934 9812 9934 98 99 99b 10U2 9734 99 93 937g 93 93l2 9334 95 92l4 935g 9314 94 94 95 93b 9412 94 94b 93b 903g 91b 89i4 90l4 8034 82 10212 104 9134 9334 90l4 93 82 85 102b103 9534 9634 96b 97 955g 95 957g 95 94b 95b 887g 89b 92l4 104 103 103U 98 98b 98 97 97 9714 988g 99b 99 9534 95b 96b 943g 937g 88b 1023g 97 963g 97&g 9414 97U 99 94l2 9534 943S 95U 89i2 90 10234 10318 9734 99 97 97l2 97 9734 93b 9412 9734 99 9458 95b 94b 95b 88 b 895g 10212 104 9912 100 97 97b 97 973g 94 94b 92 ’ 935g 915g 93 843g 8534 10134 10234 93ig 94 923g 937g 855g 8612 10212 10312 96b 96b 96 9512 95b 9134 10134 98b 9634 99b 96b 96b 9534 923g 103 9834 97b 99b 97b 97 95 96b 95b 957g 91b 92b 101b 102b 98 98 97 97b 987g 9934 96b 96i4 93 94b 9212 9312 8534 8812 103b 104b 94b 95b 94b 95 90b 91b 102 10234 9812 9812 97 97 975g 987g 96i4 97 96 92 94b 94b 90 10212 98b 97 97b 96 95 947g 94b 103 98b 97b 975g 96b 94b 9534 9234 943g 86 875g 102 103b 955s 94b 87b 104 97 953g 991? 94b 9634 96b 965g 965g 97 94b 95b 937g 9434 8934 90l4 102 103 __ 95 9634 96b 98 96b 96b 94b 93b 8914 IOII4 98b 96 9634 94b 987g 97l2 9734 97b 9758 97 937g 945g 9334 94I4 88I4 89 103 103i2 9814 985g 9712 9712 9612 9612 97 9212 9212 94 937g 9412 933g 94b 88I4 883g 1021g 10312 98l4 985g 9334 94l2 93 94b 87 875g 102l2 1033g 96b 9634 96^8 9658 96 9S12 9934 9878 9878 98 935g 9434 9338 94l2 877g 89b 103 104 ___ __ __ 97 9712 97 97b 91 9412 931g 9412 9234 94 87 8834 102l2 103l2 95 9412 90 103b 98b 96 97 94b 94 93b 89b 102 98 97 9634 945g 94U 943g 90 103b 9812 97 97b 9458 95b 9634 957g 9634 9512 96 9412 927g 943g 93b 94l2 9334 92b 9334 9314 937s 87b 86b 875s 875g 88ig 104 103 104b 02 1031g 961’ 963s 961o 96b 97U 9434 95 " 95b 96 “ 9534 963g 97b 9734 97b 973g 97b 983g 93b 93b 93 94 9334 9414 93b 9134 86 103b 96 9634 97b 97 94lg 933g 8834 101 94 943g 9334 95 883g 897g 101b 102b 97b 97b 971g 97b 97 97b 9678 97b 95b 97 — —- 92b 96b 975g 9634 975g 97 97b 98 977g 99 9734 98 97b 98 943g 9434 94b 9412 88l2 88l2 10212 103 99 99 9712 9712 95l2 9614 915g 9214 943g 94^4 94b 9412 8734 88I4 1027g 103b 99 99 97 9734 957g 97 90 90 94b 9458 9334 94l2 8734 88I4 10278 10312 -__ -____ 9714 9734 97 97b 8912 90 93b 9412 93b 94lg 865g 88I4 1027g 104 97l2 97l2 9/I4 9714 96 97b ---- — 97b 97U 98b 9434 943g 89b 103 97 97 9534 9734 96 937g 9412 93 93b 8714 88 102l2103 9734 9734 97b 97b 963g 9634 90 92 943g 9534 94 95b 8834 8934 02 1033g 96% 97'lg 957g 973g 92b 93 , 97b 9634 971g 96b 96 941g 94l2 927g 931g 8734 88I4 1027g]03 9734 98 97b 97b 97 97 9214 9212 96 9134 9334 91b 93b 86 86 025g 103 98i2 98l2 97 97b 96 965g J Flat price. Note.—In case of bonds of foreign governments Issued In pounds sterling, the usage of the Stock Exchange Is to consider five dollars as the equivalent of one pound sterling, and the above quotations are on that basis. With the exception of the Republic of Cuba 5s and 4}£s and the U. S. of Mexico 4s of 1904 (which are Issued In the denomination of dollars), the bonds In the foregoing are all sterling Issues. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis State Securities—Record of. PRICES 1860 TO 1911, INCLUSIVE. In the tables which follow we furnish a record of the course of prices of State securities on the New York Stock Exchange since 1860. Dealings in these securities are now very small. 1860 to 1865, inclusive. 1860. DESCRIPTION. Compiled from Sale Prices. Ohio, 6a, 1886........................... Kentucky 6s______________ Illinois, Int. Imp. Stock, 1947 " “ “ interest____ Illinois 6s, 1879, coupon____ Illinois War Loan__________ Indiana 5%_______________ Michigan 6%______________ Tennessee 6%____ ____ ___ Tennessee 6% new bonds___ Virginia &%.-........................... Virginia 6% new bonds_____ North Carolina 6%.................. North Carolina 6% new bonds North Carolina 6% special tax Missouri 6%_______________ Louisiana 6%_____________ California 7%_____________ 10634 99 100 100 104*2 1861. Highest Lowest. Jan Dec Feb Meh May 113*2 10684 IO6I2 100i2 106*2 Lowest. Aug June Oct July Sept Dec 109 April 97 Feb 93 Jan 115 Jan 70*2 Jan 100 86 98 64 Jan 93 Meh 106 Dec 93 8514 Sept 8OI4 77 Aug 75 July 93 April 75 June 77 Dec 8384 Oct 7784 June 34*4 June 77 Meh 73 Dec 95 Meh 36 April 81 7712 Dec 100 Sept 44 June 8212 Feb Meh 49 Jan Jan Feb Jan 110 105*2 84 105 65 Highest, Lowest. Highest Lowest. 1865. 1864. 1863. 1862. Highest Highest Lowest. Highest, Lowest. Nov Dec Dec Dec May Dec Feb 57 Jan 6712 May 52 July 92 Dec Jan 6512 Oct 49 Dec 75 Feb Jan 64 Sept Jan 73 Nov June 53 Dec 80 Meh Jan 63 Aug Jan 86 Dec Meh 79 Feb 80 May 155. Dec Dec Jan 74 Dec 8478 June 35 May 72 Jan 40 Jan 56U Feb 5912 Dec 75 May 60 Jan 99>2 Oct 45 May 7712 Meh 59 Jan 70 Meh 55 Nov 80 Meh 52 Jan 95 Sept 7112 May 88 Jan 7684 Jan II6I2 Dec 114 Aug 13914 Meh 123 Oct 75I4 April 51 Feb 75 April 60 Jan 167 Aug 112 1866 to 1871, inclusive. DESCRIPTION. Compiled from Sale Prices. Tennessee 6%_____ ________ Tennessee 6% new bonds.__ Virginia 6%.............................. Virginia 6% new bonds_____ North Carolina 6%_________ North Carolina 6% new bonds North Carolina 6% special tax Missouri 6%______________ Louisiana 6%____ _________ California 7%_____ ________ Connecticut 6s_____________ Rhode Island 6s___________ 1866. Lowest. 1867. Highest Lowest. 84 Meh 60 Nov Jan 41 73' Nov Jan 45 106 90 128 102 100 July 84 Jan Dec 128 Sept Meh Nov 108 Highest Lowest. 7014 July £597s Jan 78*2 June £4914 40*2 Meh 60 Jan £43 >2 Jan 60 May £47 49 Meh 60*2 July £50 Jan 79 June £4084 27 Meh 9314 Dec 8684 Meh Jan 100 Sept 80 Feb April 120 Jan Oct 115 9812 Jan 99 April 71 80 106 Highest Lowest. 1870. 1869. 1868. Highest. Feb 85 Dec Dec Dec Sept Dec Nov 70 6978 59 >£ 6384 64 Jan £5212 Jan 4518 Jan £4812 Jan 57 Jan £40 Jan 2012 Sept 96*’ June 85 1871. Highest Lowest. Highest, Lowest. 70 July Dec 76 Aug Jan 7658 Aug 6814 July Oct 74 Aprii 76 Meh Meh 6OI2 Feb 75 May July 31 Dec 5114 Feb 3612 July 15*8 Dec 29*8 Feb 1212 Dec 2178 Feb Jan 95 June 89 Jan 99b July Jan Meh Jan Jan Jan Dec Dec 1872 to 1877, inclusive. DESCRIPTION. Compiled from Prices Bid. Alabama—5s, 1886_________ 8s of 1888- —......................... Arkansas—6s, fund________ 7s, Little Rock & Ft. Smith California—7s-------------------Connecticut—6s___________ Georgia—6s ______________ 7s, new_________________ Illinois—6s, 1879, coupon.__ Kentucky—6s......................... Louisiana—6s, Levee_______ 7s, consol_______________ Michigan—6s, 1883-................. Missouri—6s, long.................... New York—6s, bounty, coup. North Carolina, 6s, old, J. & J. 6s, new, J. & J..................... 6s, special tax....................... Ohio—6s, 1886 ......................... Rhode Island—6s__________ South Carolina—6s_________ 6s, J. & J--------- --— .... 6s, A. & O............................. Tennessee—6s, old_________ 6s, new_________________ Virginia—6s, old___________ 6s, consol_______________ 1872. 55 Meh 62*2 Aug 90 Nov 57b Aug 60 Sepv 115 Jan 1021? Jan 77 Feb 90 May Jan June Feb June Dec Jan May Sept Oct May Jan Oct June May Meh Meh Meh 45 45 25 15 101 97 59 70 85 Jan 101 July 95 Oct 6712 April 50 so 40 50 109 98 70 84 95 50 9178 10534 30*8 15 10 Jan 99 40 April 23 Sept Jan 22 635s Jan 635s Jan 42 July 5012 July 9712 109 88)4 23 16 10212 June 56 July 39 Meh 36 April 80*2 Dec 80*8 Dec 5618 Feb Meh 59 85 85 103 20 14 5 99 98 22 8 19 63*2 62 i4 32 44 Highest. Highest. Highest. Lowest. July Aug June Nov Dec Oct Nov Nov Nov Jan Jan Jan Feb Feb July 116 June 10234 June 82 May 91 May 99 July Aug 100 55 Aug Jan April Sept Aug Jan no Jan 97 Jan 65 Jan 82 Jan 95 9712 July 15 June 39 45 35 23 114 106 80 92 25 25 20 8 105 103 80 88I2 99 102 ~ Nov 100 28 Nov 25 Dec Dec Jan Meh Jan Jan Jan Jan Jan Jan Jan Nov Oct Nov Oct Dec Nov Nov May Nov Nov Meh Nov Nov Oct Oct 98 Mav 9684 June 108 June 33*2 Jan Jan 19 17*2 June 107 April Meh 101 Jan 40 22*2 Jan 28 April 8434 Meh Meh 85 Feb 47 5614 Meh Jan 94 92*2 Aug 10312 Jan 18 June Aug 10 5 Sept Jan 100 Jan 97 20 April 6I2 Jan Feb 12 Oct 67 Oct 67 28 June 4912 Jan Dec 101 104 9834 Dec 9478 May 1051s no 29 Jan 15 21*2 Meh 7 IU2 Feb 1 IO6I2 May 103 Dec 102 105 30 Nov 26 Dec 27 31 30 Dec 26 91*2 Meh 62 91*2 Meh 62 Jan 30 42 Dec 55 58 Jan 1071’ Jan 10234 Jan 109 Dec 27 Dec 16 Aug 434 Jan1 IO8I4 Jan 108 ‘ Sept 351? Aug 35 Sept 351? Feb 78 Feb 771S Feb 4012 Jan 76 Lowest. 57 82 40 27 25 40 8 5 1876. 1875. 1874. 1873. Highest. Lowest. Lowest. Dec July Meh Jan Nov Dec Dec Dec 4112 Jan 42 April Dec 38 17 June 117 May Dec no 96 Sept Dec 104 Dec 104 Dec 104 Dec 40 Oct June June Jan Jan May Sept Oct Dec July Dec Jan Jan Oct Dec 1877. Highest. Lowest. 26 26 25 3 Jan Jan June Dec 35 34 45I2 18 105 91 100i>8 100 100 37 521’ 103 10134 102 13 5 34 105 105 30 30 30 40b 40 22 73 Jan Aug Jan July July Dec Dec Aug Jan July Sept Oct Aug Jan Jan June June June Dec Dec Sept May 113 97 10712 104 10414 46 Lowest. Highest. Nov 32 April 32 Feb 15 Feb 2 Jan Jan July Aug Nov Meh June Dec Jan May Oct Feb Jan Jan Jan Jan Jan July Jan Jan Oct Oct Aug Oct Oct Jan Aug Aug Dec Dec Jan Dec 107 April 1083s Sept 10538 May 1812 Nov Jan 9 3U Feb Aug 114 Dec 111 Nov 40 37J^ Feb 37b Feb Aug 49 49 Aug Jan 37 78>2 Nov 106 93 103 100 100 35 50 101 IO4I4 101 15 6 1 105 105 32 30 30 361s 35 30 6212 43 43 30 10 Nov Nov Jan Jan 113 June 1027s July 109*4 Meh 1031? Dec 107 Nov 56 Dec 88I2 May 107 June IOS's June IOU2 Feb Jan 23 Feb 12 31? Jan 114*2 June 111 May 45 April 45 April 44 April 4714 Nov 4684 Nov 34 Nov 83*2 June 1878 to 1883, inclusive.' ^DESCRIPTION. Compiled from Prices Bid. Alabama—Class A, 3-5s, 1906 Arkansas 6s, fund—1899-1900 7s, various railroad issues.. Connecticut 6s_____ 1883-84 Georgia 6s ................ ...1886 7s, new................... ...1886 7s, gold ____ ___ ...1890 Louisiana 7s, consol. ...1914 Michigan 6s ..1883 7s............................... ...1890 Missouri 6s________ .1882-83 6s ----------------------- .1889-90 Funding bonds___ .1894-95 Hannibal & St. Joseph. 1887 New York 6s_______ ...1887 6s, loan ...1883 6s, loan_________ ...1892 North Carolina 6s, old .1886-98 N. C. RR________ 1883-4-5 do 7s, coupons off __ Funding Act_____ .1868-98 New bonds_____ .1892-98 Special tax, class 1 Consol, 4s -..1910 Ohio 6s___________ ...1881 6s______________ ...1886 Rhode Island 6s, coup .1893-99 South Carolina 6s, Act Meh.23 1869, non-funding. ___ 1888 Brown consol. 6s__ ___1893 Tennessee 6s, old.. _ 1890-2-8 6s, new___ .1892-98-1900 6s consol ______________ 6s deferred. ... http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1880. 1879. 1878 Lowest. Highest. Lowest. Aug 44 5 April Meh 1 104 April 99 Sept Jan 107 Jan 107 3614 Aug 1011’ Jan 100 July Aug 101 103*2 Aug Jan 105 Jan 102 106 June Meh 106 117 Sept 171? Feb Jan 85 Jan 65 7 Meh Feb 8 1 Meh Highest. 53 20 8I4 109 102/g 114 113 6712 1061’ 115 105*2 1081’ 112 107*4 110 110 121 28 111 92 14 1512 5 Dec 15 Dec 2 Jan 105 9614 Feb 10412 Jan 1051’ Feb 6934 Dec Jan 101 108 May July 101 102*2 Aug 104 Sept 100 April 113 July 2612 Jan Jan 6 109 April 1025g July Dec 110 Dec 109 8412 Feb 106 Dec Oct 115 10434 Dec 107 June 109 June IO6I4 June 115 June 115*4 I4I4 65 45 8 7 2 Jan July Feb Meh Aug Jan Jan 124 Nov 19*8 Dec Dec 85 Dec 65 11% Dec Dec 11 21’ April 102 105 105 Dec 106 May 101 Jan 105 Jan 111 Dec 10584 Meh 115 Jan 117*2 May 110 Jan 116 *4 Feb 30 251s 20 66 4 Nov Nov June Feb Feb 27s May 395s 3712 31 75 75g May Jan Feb May Dec Lowest. 54b Jan 10 April Aug 2 Aug 104 97 April Jan 107 109 April Aug 40 Jan 102 Jan 110 Jan 100 10512 Jan Jan 106 Jan 102 Jan 106 Dec 104 Dec 115 Jan 26 Jan 110 Jan 90 9*2 Jan Jan 15 2 July 60 July May 100 June Oct 106 Jan May 109 Jan Dec Jan May June July Dec June Jan June Jan June June May June Jan June Feb Dec Dec Dec Jan Dec Dec 1 Feb 4 Oct 30 24 25 74 5*4 Feb Meh Jan Jan Sept 41 3312 35 86 8I4 Feb Oct Meh Oct May 2 Jan 30 April 25 June Jan 18 Jan 75 5*2 Jan 1882. 1881. Highest. Lowest. Dec Dec Dec Nov Dec Dec Dec Dec Nov Dec Nov Dec Nov Dec Oct Meh Nov Dec Meh Meh Dec Dec Jan Dec Oct June Dec 71 20 8 102 106 109 111 53*4 102 114 102 108*4 111 107 105 102 115 32 115 90 10 20 6 80 100*4 107 114 Meh Jan April Aug Feb April April Jan Jan Jan July Jan Jan Jan Jan Dec Jan Feb Jan Jan Dec Dec Jan Oct Jan Dec July 634 Jan 419. 102*’ 45 45 30 104 12*2 Jan Aug Jan Jan Jan Jan Feb 73*2 21 12*2 107*2 107 112 116 54U 105*4 118 105 111*4 115 110 111 107 120 32*4 115 95 12*4 20 6*’ 83*2 103*2 112 121 50 4878 32 105 17*4 Dec Dec Dec Dec Dec Highest. Lowest. 1883. Highest. Lowest. 79 Sept 20 Meh 5 June 100 Meh Aug 103 Aug 105 112*2 Aug 63 April 100 July Jan 110 Jan 100 Jan 109 113 July Jan 100 Oct 108 101 June 119 June 20 July 120 July 100 July 8 June 12*2 June 5 June 89 June 75 Sept 102*2 June Feb 115 June 106 Jan Feb 110 120 85*’ Dec 37*2 Jan Aug 35 Jan 103 Jan 109 110*2 April 117*2 Meh 71*? July Aug 104 120 June Dec 103 115 June 120 Nov 109*2 Dec 112 June 105 June Feb 121 30*2 Nov 156 Nov 130 Aug Jan 11 Jan 20 Jan 8 Jan 82 80 July 10 Meh Oct 7 Jan 100 102 April 103*2 July Aug 112 63 April 112 120 June 106 Feb 115 Feb 109*2 Meh Jan 118 May 1234 106*’ 78 77/s 40 121 20*4 10*4 105 773s 77*4 36 100 175S Jan Dec Jan Jan Feb July Jan May 6*2 July 10434 July 44*2 July 44 May 40 Meh, 82*2 OcfJ 13 81*4 Dec Dec 39 40 Nov 106 July 113 June 114 June 119*’ June Dec 69 105 Sept Oct 122 108 July 117 April 119 May 113 May 112*2 May 110 April 122 July Oct 40 Aug 150 130 July 16 Nov 28 April Nov Dec June June May Mav April 4 100 41 40 26*2 80 10 July June Dec Dec June Meh June Highest. 84 28 68 103 107*2 107 116*’ 75*2 Jan Jan Feb June Jan May June Nov Feb Jan July Feb Jan Jan 118 Jan Jan 103 113 June 121 June 110*2 April 110 April 113 April Jan 28 Jan 155 Jan 130 Jan 10 Jan 15 4 July 77*2 Feb 120 Jan Meh 32 160 July 135 July 11 April 16 April 834 Jan 82*2 Dec 114 100 109 116 108 107 2*? 100 30 30 30 50 6 Jan Dec Feb Feb May Jah Jan 83 STATE SECURITIES 1884 to 1889, inclusive. Highest. Lowest. Alabama—Claas A, 3 to 5,1906 Class A, small___ ___ ___ Class B, 5s__________ 1906 Class C, 4s__________ 1906 6s, 10-20........................ 1900 Arkansas—6s, fund. 1899-1909 7s, L. R. & Ft. S. issue____ 7s, Memphis & Little Rock. 7s, L. R. P. B. & N. O____ 7s, Miss. O. & R. R_______ 7s, Ark. Central RR____ _ Dec 78 Sept 83 .Tan Aug 81 78 9712 Jan 10212 April Oct 82b Dec 75 Jan 100 May 105 Ocv 16 Meh 1 5 Sept 25 Feb Feb 5 Sept 25 5 Sept 24 Feb 5 Sept 2434 Feb 1 July 934 Feb Qft Sept, 104 April 10fil2 May 100 AT*i y infilo May Meh Oct 115 7s, gold bonds______ 1890 107 Feb Louisiana—7s, consol 1914 65U June 78 Stamped 4s_____________ Feb 7s, small bonds _ _ _ 62 July 72 July 68U Feb Michigan—7s-------- ------- 1890 110 July 118 “ Feb 10fil2 May 6s_________________ 1887 100 July 108 “ April 6s_____ ____________1888 103 July 10912 April Jan 6s ______________ 1889-90 105 July 111 Asylum or Univ__ __ .1892 107 July 115 May Meh Funding bonds____ 1894-95 111 July 118 TTannihnl^St To Hannibal & St. Jo____ 1887 New York—6s, gold, reg. 1887 6s, gold coupon______ 1887 6s, loan_____________ 1891 6s, loan_____________ 1892 6s, loan------------ -------- 1893 No. Carolina—6s old. 1886-98 6s, old, A. &O___ _______ N. Car. Rft______ 1883-4-5 N. Orff. RR., 7s, coupon off N. Car. RR., A. & O_____ N. Car. RR., 7s, coupon off. Funding Act____ 1866-1900 Funding Act____ 1868-1898 New bonds, J. & J _ 1892-98 New bonds, A. & O_____ _ Chatham RR__ _____ Special tax, class 1. .1898-99 Special tax, class 2______ 108 105 105 111 115 117 27b 2712 160 135 160 135 8 8 15 15 1 1 1 1 6s_________________ 1919 102 Consol. 4s___________ 1910 75 Small bonds_________ .. 78 May Sept Sept July Jan Jan June June Jan Jan Jan Jan Oct Oct Aug Aug May May May May June Sept May Meh Feb Jan Sept Jan May May May Jan Jan Jan Jan May May May May Feb Meh Aug 3j2 Aug 108 Sept 8414 April 82 Meh 1101’ 109 109b 115 116 120 32b 32b 160 135 160 135 12b 12b 191’ I9I4 3 4 334 110 Sept 122 1 100 35 35 35 41 June 3b Meh Dec July 107 June1 43 b April Meh June 43 June 423a April Jan 49 April Virginia—6s, old___________ 6s, new bonds_______ 1866 6s, new bonds_______ 1867 6s, consol, bonds,_ ______ 6s, ex matured coupons. _ . 6s, consol., 2d series______ 6s, deferred bonds________ 33 33 33 45 30 40 4 Dist. of Col.—3.65s, cp., 1924 106 Funding 5s. coup.. . 1899 105 40 40 40 65 42 55 9 July 114 July 112 Highest. Lowest. Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan Sept Oct Jan May Jan Jan Jan Jan Jan Jan July 102 July 103 July 103 July 110 July 113 July 115 July Jan 30 Jan 30 Jan 160 Jan 135 Jan 160 Jan 130 Jan 10 Jan 10 Jan 18 Jan 18 Jan 2 Jan 2 2b Jan 21? Jan 10534 Jan Jan 81 Jan 80 8H’ 80 99 81 104 3 10 10 10 10 2 100 101 101 109b 73 63 65 60 108 101 103 103 105 b 107 112 Feb 110 Rhode Island—6s, cp 1893-99 South Car.—6s,Act Meh. 231 1869, non-fund. 1888 - ( Brown consol. 6s.. 1893 Tennessee—6s, old. .1890-2-8 6s, new bonds. 1892-98-1900 6s, new series__ _ ..1914 Compromise, 3-4-5-6S..1912 July July1 July July July July June 1886. 1885. 1884. DESCRIPTION. Compiled Rom Prices Bid. 2 104b 42 413, 4134 48 101 101 108 97 107 9b 22 19 20 21b 8~ ma Dec Dec Dec Dec Meh Oct Jan Jan Jan Jan Oct June IO.5I9 June IftKlo June 97 97 105 95 104 5 12 13 12b 12 5 100 inm2 10012 1081’ 84 67 67 Oct Dec Dec Aug Aug Oct 108 June 100 107b June 102 109 June 103b 113 June 107 117 June 110 122 June 115 11414 87 75b 75 68 115 123 April Feb 107 Feb 107 118’2 Dec Dec 122 Dec 124 31 May 31 May Jan 165 Jan 135 Jan 165 Jan 135 May 11 11 May Aug 21 Aug 21 Dec 7 Dec 8 4b Dec Feb 115’’ Dec 91b Dec Dec 90 Jan Jan Jan Jan Oct May Oct Oct Nov Nov July Feb Dec Jan Feb Jan Dec 108 Aug 105 Dec 110 103 b Aug 1071’ Meh 11*2 Dec Dec 28 Dec 27 27b Dec 21 April Feb 8 1021’ July 1021’ Meh 1021’ Meh 114 " Feb Nov 94 8234 Nov 78 Nov 1889. Lowest. Lowest. Highest. 106b Jan Meh 106 Jan 110 102i2 April 104 June lib Nov 26 Jan 20 Jan 25 Feb 20 Jan 7b Nov 102b 102 107 98 100 5 8 8 8 8 5 Jan July Oct Oct July Meh Sept Sept Sept Sept May 107b 108 1121’ 102 103 14 12 12 12 12 8 June May June June Feb Dec Jan Jan Jan Jan June Meh Nov Jan Feb IOD4 105 86 84 Oct May Feb Feb 105 109 9412 91b Jan Jan Dec Dec Sept July Sept Sept Sept Jan Dec Jan Dec Nov Jan 1087s Apr 108 Dec Meh 114 Meh 105 Oct 106 11 April 35 July 27 May 34 April 34 April 12 April 103b July 103b Oct 107 July Jan 100 Meh 100 3 April 5 Meh 5 Meh 5 Meh 5 Meh 3 April 104 93 7914 80 Nov Jan Jan Feb Jan 109 102 Oct 9238 Meh 89 April 103 100 88 86 July Jan July July 106 109 93 90 Feb 106 Oct 105 Nov 109 Jan Jan July Nov Oct 102b May 1031’ Meh 100 io;i2 Feb 101 Jan 103b 112 Jan 106 115 Jan Aug July Meh 10212 1031’ 107 108 June May 100 Jan 102 Jan 104 100 100 100 110 112 115 35 35 170 140 170 140 10 10 15 15 7 8 10 8 Jan 129 Sept 117 115 88b Jan 1003, Dec 94 Aug 93 Jan 98 87 Jan July July July July July Jan Jan Jan Jan Jan Jan Aug Aug Sept Sept Sept Dec Nov Dec Dec Dec Dec Jan 101 103 June 103 June Nov 113 Jan 115 Jan 118 Jan 35 Jan 35 Jan 170 145 Nov Jan 170 145 Nov 12b May 1212 April Jan 22 Jan 22 15 April 16b June 16b June 161’ June 12534 Meh 1001’ Jan Jan 98 July Oct Oct Jan Jan Aug Aug Aug Aug Jan Jan Aug Aug Feb Nov Oct Oct Jan Nov Nov 112 115 113 36 36 170 140 170 140 10 10 20 20 8 11 11 11 123b 96 95 Jan Jan Jan Meh Meh Jan Jan Jan Jan Jan Jan Jan Jan Dec Feb Feb Feb Aug Jan Jan 101 102 102 110 112 115 30 30 165 135 165 135 10 10 20 20 5 8 10 July Oct Oct Sept April April Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Sept Jan Aug June 118 July 124 July 115 Jan Jan Jan Jan Jan Jan Oct Sept Nov Nov Nov Dec May Sept Jan Jan Jan Jan Aug July June Jan Jan Jan Jan Jan Jan Meh Meh Jan Jan Dee Nov Dec Dec Dec Dec Dec Aug Aug July July July Meh Feb July Nov Nov Oct July 5 104 53 53 53 62 103 100 711’ Jan 45 Nov 42 Jan 37 Jan 45 Nov 42 Jan 37 Jan 45 Nov 42 Jan 37 Jan 85 Nov 80 Jan 50 Jan 55 Nov 50 Jan 37 Jan 60 Dec 60 Dec 50 Jan 4 April 1314 Oct 9 Dec 13 Oct 9 10 April 112b Feb 116 July 116 Meh 109 JanlllOb Jam 110 7b 1101’ 65l2 65I2 65I2 751’ 109 102 80 47 47 47 100 60 69 1334 1334 120 1121’ 5 104 57 57 57 67 100 100 68 47 47 47 75 41 60 7 8 115b 104 Feb 120 Sept July Oct Oct Oct Oct Nov Jan Sept Jan Jan Jan Dec Dec June Dec Sept Dec Dec 107 107 108 35 35 150 80 150 80 10 10 15 15 6 6 7b 6 118 91 89 Feb 115 Jan 106 734 April 109b Meh 6512 Jan 651? Jan 65b Jan 7614 Feb 10«b Feb Meh 103 78b Meh Jan 48 Jan 48 Jan 48 Jan 95 Jan 53 Dec 65 Jan 15 Feb 16 122 June Feb 109 3 104 57 57 57 67 97 90 68 40 40 40 65 32 50 5 7 116 100 Aug Jan Meh Meh Meh Meh Jan Feb Meh Aug Aug Aug Apr June April Oct Meh Feb Meh 5 107 @4 64 64 73 105 99b 73 50 50 50 75 40 60 8b 10 122 109 Jan 107 Jan 105 105 100 100 104 108 110 Jan Nnv May May Meh Meh July April 104 April 104 April 104 April Aug 115 Aug 120 Aug 122 361’ Meh 361’ Meh Meh 175 Meh 145 Meh 175 145 Meh 13b Meh 13b Meh Meh 23 23 Meh Oct 13 14’8 Nov 101’ Oct Nov 112 109 Jan 104b Aug 1061? Jan 110 Jan 113 Jan 119 Highest. Highest. 102 100 103 98 100 10 16 20 17 18 7 Jan 125 6l2 1091’ 521’ 521’ 521’ 6U4 1888. 1887. Lowest. Highest. Lowest. Dec Jan 103 Meh Feb 108 Feb 1121’ Meh Dec Dec Feb Feb May Jan May Jan Jan Jan May May Nov Aug Feb July April Jan Jan 106 106 30 30 150 140 150 140 10 10 15 15 4 5 6 5 122 91 89 111 IIII4 38 37 180 150 180 150 131’ 13b 20 20 8 10 10 10 127 99 96 Dec 111 Jan 105 Jan May Dec Dec Dec Dec May Dec Dec Oct Oct Oct Jan Jan Jan Jan Nov Dec Dec May 3^4 April 101 sept Aug 63 Aug 63 Aug 63 731’ Jan Jan 102 Jan 100 Jan 71 Jan 48 Jan 48 Jan 48 50 July Jan 32 35 May Jan 7 Aug 7 Feb 120 Nov 106 Meh Meh Nov May May May May May May May Jan Jan Jan Jan Jan Jan June June May Meh Dec June Sept Sept Sept Sept Dec June June Jan Jan Jan Feb June Jan 8b Sept 101’ Jan 124 June 110 June 5 106 6834 6834 6834 781’ 110 105 76*4 48 48 48 70 42 50 1890 to 1895, inclusive. DESCRIPTION. 1890 Compiled Rom Prices Bid; 1891 to 1895 Rom sales. Alabama—Class A, 4 to 5,1906 Claas A, small............ .1906 Class B, 5s...................1906 Class G, 4s__________ 1906 Currency funding 4s__ 1920 Arkansas—6s, “Holford”.__ 7s, L. R. & Ft, S. issue____ 7s, L. R. P. B. & N. O____ 7s, Miss. O. & Red River... 7s, Memphis & L. R........... 7s, Central RR__________ Funding 6s, "Non-Holford’ Dist. of Col.—cp. 3-65S..1924 Registered___________ Georgia—7s, gold bonds. 1890 Louisiana—Consol. 4s____ Consol. 4s, small_______ Consol. 4s, stamped____ New consol. 4s_________ Missouri—Funding bonds. Asylum and Univ____ 1892 New York City and County— Con. stk., City, “C” 7s 1896 No. Carolina—Chatham RR.. West. No. Car. RR., 6s___ Special tax, railroad issues. . Trust receipts_________ Special tax, Western RR__ Special tax, Class 1_______ Class 2_______________ Class 3_______________ Consol. 4s____________1910 Small........................ .1910 6s ...................... 1919 New 6s..................................... Funding Act of 1866____ So. Carolina—Non-fund. 6s.. Brown consol. 6s________ 20-40, 4l2S.................... 1933 Tennessee— New settlement 6s..........1913 Small........................... New settlement 5s____ 1913 Small______________ New settlement 3s_____1913 Small______________ Compromise 3-4-5-6S___ 1912 Redemption 413s_________ Old 6s, 1890-2-8_________ Virginia—6s, deferred bonds.. Stamped________________ Trust receipts______ ____ Trust receipts, stamped___ Funded debt, 2-3s________ Registered____________ 10-40s ................................... ■’Riddlebergers”................... 6s consol, bonds................... 1891. 1890. Lowest. 103 Highest. Lowest. 1892. Highest. Lowest. July 100 102 110 July 10534 10234 June 108 April Feb Oct April 4*2 Nov 108 Sept 104 Feb 100 Sept Aug 102 Aug July IO8I4 Meh 104 110 July Feb 102^4 June Feb 94 Sept 97U Dec 9514 Jan 105^4 Dec May 7 May 7 17 Feb Nov 8 Dec Sept 6 Sept 9 Aug 7 April Sept 4’8 Sept 5l2 Aug Aug 6 Aug 5*2 May 5]2 May 10 7 Oct 7 Oct 6 Nov 156 Oct 156 Oct 111 June II5I2 June 111b Feb 119l2 Aug 12212 April 113*2 Dec 11312 Dec 100l2 April 103 Meh July 9312 Feb 8434 April 89 Sept 98*4 Jan Meh 91 86 Oct 9534 April Jan 106 105 May 106*2 May 1211*4 Feb 12134 Jan 5*4 4 4 Meh 5U Jan 5 7 Aug 912 Jan 5 414 April 11 Jan 5*8 April 6 5 April 6 Mar 6 11 100 97 128 Feb Jan Aug Jan Jan Meh Jan 5 April Jan July 96 Feb 91 Feb July 12312 Aug 124 IOII2 108 101 102 68 71 >2 73*2 Dec June Oct Sept Dec Meh Nov 110 Meh 108 June 105 Feb 10234 Sept 76 April 73 June 83 June 68I2 Jan 68I2 Jan 10 July 10 July 7 53 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis May 113g June Sept 53 Sept 101 101 99 101 67 66 74 8 7 5’4 6 May May Nov Feb July Nov Aug 106b 106 IO2I4 102 7178 7034 74 Dec June May Dec Dec Feb Aug June May Aug July 9b 834 914 9 Jan Sept Jan Jan Sept Dec Nov Oct Sept Oct Dec Sept Oct 1895. 1894. Highest. 10314 April 10234 Dec IO6I2 Jan 9478 June 9318 Nov 10 Oct Dec 6 Jan 17 Oct 12 Lowest. Highest. Lowest. Highest. 97b Feb 10458 Dec 103b Jan 1091’ Oct 98 9334 92 8 6 7 Jan 104 Jan 9334 Aug 93 Meh 9b Sept 108b Sept 110b Dec Jan IOOI4 Sept 10114 Dec June Feb June 12 June 11 Meh Meh 8 June 9 June 114b Jan 98 Dec 92 478 Oct April 5I4 Oct 4 Dec 3>8 Aug Dec Aug 100l2 97 125>2 IO8I4 IOI2 5 9812 Sept 98 Jan 95 97 97 Nov 312 Sept 3 Lowest. 95 10234 107i2 June 100 Aug 901’ 97 97?s June 89 914 Oct Oct 22 Oct 20 21b Oct 10b Sept 834 Oct Nov 105 April May 97 Jan Meh 97 Feb April 122 May IO8I4 Oct 10 Oct 10 Oct 10b Oct Dec 112 April 3*8 Meh 534 Jan 2I4 Nov 3 100 Oct 104 June 96 Oct 98b Dec 94b Feb 4>2 April 9534 Meh 97 Feb 118 Dec 1893. Highest. Jan 9712 June June 97 June 97 Feb 334 Sept 3>2 April 3i2 April Aug 94 Nov 100 April 100 Oct 102 Feb Feb 115 Sept 127 Meh 12112 May 12618 Oct Oct Oct H2 June 212 Jan lb Jan 278 Oct 99 >2 April 10434 101’8 Aug 10712 April 100 103 Aug 103 Aug 99b Jan 104b June 97 68 Jan 7914 Aug 64 6712 Jan 76 Aug 71 75 Feb 75 Feb 74 712 Oct 9I4 Jan 8I2 Meh 6I4 Dec 9I4 Feb 838 Jan June June 9212 Meh IOOI2 Dec 12 Dec Aug 106 Oct 98 Jan 127 Nov Oct Feb Dec Dec Meh Dec 108 Nov 108 Nov May 103 Aug 124 Sept 107 Oct 103 Jan 107 Jan Sept 97 Sept 101 April 104 April Jan 9134 July Aug 7638 Meh 72I4 Jan 84I4 Dec 82 Meh 7314 Meh 77 Sept 78I2 Jan 85 Nov Feb 74 Jan Jan 74 106 July 4 June 4 June 5 Jan 8b April 5 May 7 Jan 6 Jan 13 Dec 5I2 51 ®4 Sept 57b Dec 55I2 Jan 6II4 Dec 5834 6218 40 Jan 40 Jan 75 Dec 13b Jan Feb 6418 Sept July 62b July July 75 July STATE SECURITIES 84 1896 to 1901, inclusive. DESCRIPTION. Compiled Jrom Sale Prices. Alabama—Class A, 4 to 5.1906 Class A, small_______ 1906 Class B, 5s......................1906 Class C, 4s................. ..1906 Currency funding 4s__ 1920 Arkansas—6s ‘•Holford"____ Dist. of Col.—cp. 3.65s_. 1924 Louisiana—New consol. 4s__ Consol. 4s. small_________ No. Carolina—Consol. 4s.1910 6s ....................... ............1919 Special tax, Western RR__ Special tax, Class 1_______ 5o. Carolina—20-40, 4*28.1933 Non-fund. 6s__________ Tennessee— New settlement 3s____ 1913 Small__________ _____ Virgini >,—Funded debt. 2-3s.. Highest Lowest. Highest. Aug Oct Sept May 90*2 Sept Jan Oct ®4 Dec 138 June 102 116 Jan 10518 July IO8I2 Sept 108*2 105 100 Aug 10434 July 10734 June 105*8 100 April 98*2 Feb 100 April 98 100*2 April 37g May 115 99*4 Feb 93 Sept 100*4 Nov 100 98 10558 June 103*2 July 105*2 June 101 124 April 127 June 127 June 128 34 Dec 178 April Jan Highest Lowest. 101*2 Nov 109 100 93l2 94 3?8 1899. 1898. 1897. 1896. Lowest. Lowest. 1900. Lowest. Highest Oct 113 1901. Highest. Lowest. Highest. June 108*2 Jan 116*8 Meh 108 Aug 109*2 April 109*4 Oct 109*4 Oct 102 Jan 10234 Sept 102 109 Feb 103*2 Meh Aug 109 Aug Meh Aug Aug Aug 109 108 108 104 May 107 Meh Sept Dec June May Meh Jan Feb 118 106*8 100*2 104 128 121 April 121 April Dec Nov 10834 Jan 110 April 106*2 July 108 Aug Meh 109*2 Feb 109*2 Feb Nov 108 April 108 April 105 Oct 10634 May Feb 120 Meh 120 125 April 126 106*2 Aug 109 105 135 July April Feb 106*4 Nov Meh 136*2 Meh Meh 1*2 May Aug 88*2 Feb 76 April 92*4 Dec 87 May 98 Feb 91*2 Dec 87 May 94*2 Feb 81 Feb 72 Jan 70 Dec 65 April 83*2 Aug 62*4 April 61 July 7U Nov 3*2 June 638 Jan 4*2 Feb 9*2 Dec 94 Nov 93*2 Dec 82*2 Aug 534 Dec 99 Nov 95 Jan 87®4 Dec 9 June 9358 Jan 91 Sept Meh Sept Jan Jan Dec 9658 9658 9638 10 June 95 June 94*2 Dec 93*2 Meh 7*4 June Sept June July 9934 96 9834 1034 May Feb Nov Meh 1902 to 1907, inclusive, DESCRIPTION. Compiled jrom Sale Prices. 1902. Lowest. Alabama—Class A, 4 to 5. .1906 1043g Class C, 4s----------- ---------1906 102U Currency funding 4s-------- 1920 111 District of Columbia, 3.65s..1924 Louisiana—New consol, 4s.. 1914 106 New York City— Corporate stock, 4*28____ 1957 Assessment bonds, 4*28 ..1917 North Carolina—Consol. 4s. .1910 104 Special tax bonds___________ 178 1919, 6s___________________ Tennessee—New settlement 3s,’13 95*2 Small 3s______ 94 Virginia—Funded debt 2-3s___ 95*4 Registered 2-3s - _______ “Riddleberger” bonds, 3s, 1932 Brown Bros. & Co. certificates for deferred certificates, 6s. 7*4 1903. Highest. Lowest. 1904. Highest. Sept 107 Jan Feb 102*2 Meh Meh 111 Meh May 107 Lowest. 102 1905. Highest. Lowest. Aug 10234 May 101*2 Jan 102 Lowest. Highest. 117*2 June 118 July 103*4 Dec 10234 Oct 10234 Oct 101 July 101 6*2 May 16*2 Dec 10 April 24*2 Nov 20 Jan 30 101 Lowest. Highest. Dec 121 Meh 121 Meh 11934 Oct 11934 Oct Aug 106 April 106 April 102*4 July 105*2 Dec Jan 104*2 Jan Oct 2 Nov 1907. 1906. Highest. June 1027s sept 108*2 Dec 10084 Nov 104*4 Dec Feb July 100*4 April 101 1*2 Dec 1*2 Dec 122 June 122 June 126 Meh 126 Meh Jan 95*4 Meh 97*2 Dec 95 July 97 May 95*4 July 9634 July 91*2 Oct 96 Meh Meh 965s Feb 94 July 97 June 95 Feb 93*2 Oct 94*4 May 95 Aug 95*2 Dec May 9934 Jan 93*2 Dec 95 Nov 91*2 Meh 9738 Dec 9634 June 97*2 June 94*2 Sept 9634 Jan 93*4 May 9584 Jan 90 Jan 1538 Oct 6*4 Oct 12 Jan Feb 20 Dec 90 Dec Jan 30*4 July 1908 to 1910 inclusive. DESCRIPTION. Compiled Jrom Sale Prices. 1909. 1908. Lowest. Highest. Lowest. 1910. Highest. Lowest. .1924 110 Nov 110 Nov District of Columbia—3-65s.............................. New York State— .1958 Highway Improvement 4s______ ______ _ 110 Aug 11234 Meh 11234 Meh .1960 IOH4 Canal Improvement 4s. ................................ 9958 Feb 9958 Feb North Carolina—Cons 4s................................. . 102*4 Jan 102*4 Jan 103*2 .1933 South Carolina—4 Ms........................................ .1913 94 Apr 96 May 95*2 Jan 9534 Feb 9434 Tennessee—3s.................................................... .1913 95*2 3s, small............................................. ............. Jan 87 .1991 90 Meh 93*2 Nov 91*4 July Virginia—Funded debt 2-3s............................ . Nov 36 6s deferred. Brown Bros & Co certificates Dec 37*4 May 22*2 Jan 47 New York City— Corporate Stock—3 Ms .................................. .Nov 1955 895s Dec 8958 Dec 88*4 85*4 .May 1954 3 Ms.............................................................. 88 .May 1954 3 Via, registered........................................... 9934 Oct 101*2 July 96 .May 1959 4s............................... ................................... .May 1959 4s, registered........... ..................................... 98*2 Jan 96*4 Oct 103 .Nov 1958 10278 Dec 103*4 Nov 100 4s............................. . ................................... 101*2 Sept 10334 June 4s, registered................................................ .Nov 1958 Oct 103*4 Jan 96*4 .May 1957 10158 Sept 103*4 Dec 100 4s................................................................. . 4s, registered............................................... May 1957 100*2 Nov 101 June 995s 947g .Nov 1956 4s.................................................................. 101 Meh IOH4 Meh 9478 4s, registered.______ ________________ .Nov 1956 4s, registered____________ __________ _ .Nov 1955 100*8 Dec 100*8 Dec 97*2 10058 Nov 10058 Nov 96*4 4s, registered.............................................. . .Nov 1936 .Meh 1960 100 4Ms .............................................................. IOH4 .Meh 1960 4 Ms, registered......................................... .. .May 1957 1125s Nov 1083s Oct 112*2 Apr 105*4 4 Ms ..................................... ......................... 105*4 May 1957 4 Ms, registered.......................................... . Nov 1957 105 Feb 11234 Nov IO8I4 Oct 11258 Aug 105*8 4 Ms.............................................................. .Nov 1957 4 Ms, registered.......................... ................. 110*8 Nov 112*4 Apr 10634 Nov 1918 10134 Nov 10178 Dec Assessment Bonds—4s................................. . 99*2 May 1917 IOH4 Feb 10434 Sept 103 Nov 1047s Oct 102 4 Ms .............................................................. Feb 10434 Aug 10234 Nov 1047s July 102*4 Nov 1917 102 4 Ms------------ ---------------------------------10458 Apr 1045s Apr Nov 1917 4 Ms, registered Note.—Previous to 1909 prices were “flat” except for New York City and New York State bonds, which were “and interest”; in 1909 and succeeding pays accrued interest in addition to the price indicated for all bonds. Highest July IO6I4 Apr July July June Nov Jan July Meh June Nov Dec 103*2 96 95*2 88 56 Nov Aug Feb Aug Nov Aug 88*4 Nov 88 Oct 88 Feb 10058 Jan 99*4 June 100*2 Jan Aug May Oct Oct Sept Aug July Dec Aug Aug Aug July Meh Oct Dec 100*2 Jan 9958 May 99*8 May 99*4 Dee 9784 Sept 98*2 Aug 10158 Meh IOH4 Dee 110 Jan 10978 May 10978 Jan 107 June 99*2 Meh 104 Apr 103*2 Apr years the buyer 1911. DESCRIPTION. Compiled Jrom Sale Prices. Louisiana—New consol 4s. .1914 New York— Highway Impt 4s______ 1958 Palisades Park 4s_______ 1961 Canal Improvement 4s__ 1961 Canal Impt (new) 4s____ 1961 Canal Improvement 4s__ 1960 Tennessee— New settlement 3s______ 1913 New settlement 3s, small. 1913 Virginia—Funded debt 2-3S.1991 Funded debt 2-3s, regis..l991 6s deferred, Brown Bros & Co certificates_______________ New York City— Corporate Stock—3*9S reg. 1959 3 Ms registered----------- 1954 3 Ms coupon_________ 1954 3 Ms coupon_________ 1941 3Ms registered.............1941 4s coupon....................1959 4s registered................1959 4s coupon...________ 1958 4s registered_________ 1958 4s coupon----------------- 1957 4s registered_________ 1957 4s registered_________ 1956 4s coupon___________ 1955 4s registered..________ 1955 4s registered_________ 1936 4 Ms coupon___ March 1960 4Ms registered-............1960 4 Ms (receipts)._Sept I960 4 Ms new coupon........... 1957 4 Ms new registered___ 1957 4 Ms coupon ................... 1957 4 Ms registered_______ 1957 Assessment Bonds: 3 Ms. .1914 4s registered................... 1919 4Ms new, coupon..........1917 4 *-<s counon_________ 1917 4 Ms registe-od 1017 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis August September October November December January February May June July March April Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 99 99 10458 1045g 103 104*8 10434 10458 1047g 96 40 96 52 47 87*2 87*2 88*8 883g 88 985s 9978 99 99 98*2 9934 99 9834 9978 99 50 10534 106*4 106 106 105 10534 97 97 97 86 86 50 63*2 55 56 59*2 56 5934 55 88" 88 995g 993g 99 99*2 98*2 99*4 99*2 993g 88*2 88*2 99^g 993g 100 997g 997g 995g 993g 9978 997g 99*4 995g 99*2100 997g 997g 99&8 55*2 51 60 47 88 88*2 88*2 87*2 88 56*2 50 87*4 873g 86*2 86*2 61*2 47 50*2 46 48 99 100*8 100 100*4 997g 100*8 100*8 99»8 997g 997g 993g 106*2 107*2 107*8 108 107*2 107*2 107*4 10778 107*4 10834 1085g 109*8 108*2 109*8 10858 10834 1017g 10178 1023g 102*2 103 103 10234 103 10258 102 102*2 102 102*2 102*2 1027g 102*2 103 10234 10234 88 8684 87*4 8734 8734 9934 lOOlg 997g 100*8 997g 100 9934 100*8 9978 997g 997g 997g 997g 9978 997g 100 997g 100 9934100 997g 100 997g 997g 9934100 997g 101 997g 100 9934 100*8 100 100*4 995g 100 100 100 100 100 "98*2 99‘*8 99*4 100*8 .................. 99*4 9934 99*4 99*4 9934 9934 993g 993g 98*2 9834 "99*8 99*8 102*8 1027g 102*4 10234 102*2103 102*4 1027g 162*4 16234 102*8 1023g 10234 10234 102 102 102*2 102*2 1027g 10458 1087g 109 1087g 109*4 108*8 109 10734 108*2 1073g 108 107*2 1077g 10734 10734 108*2 108*2 10858 1085g 10858 1087g io8i"2109” IO8I4 109 Io734 108*2 1073g 108 107*2 1077s IO8I4 IO8I4 108*2 108*2 107*2 107*2 98*4 98*4 100*8 100*8 103 103 102*2 102*2 102*2 102*2 102*2 103 102*4 102*2 I62I4 102*2 102*2 1027g 102 10234 1023g 1023s 10234 10234 100*8 100 100*4 100 100*4 9934 100 997g 99*4 99*4 100*8 100 100*8 997g 100*4 9934 100 101*2 IOH4 10134 10134 10234 1025g 103 10258 103 1015g 1015g 10078 10134 161*8 102*2 10134 102*8 1017g 103*2 103*2 104*2 104*4 1047g 10678 107*2 107 108 107*4 10734 107*4 108*4 1083g 109 108*2 109*8 102 88 8834 8834 .................. 885g 89 88 10034 lOlSg 101 103 97 88 89*2 89*2 9838 983g 98*4 987g 102 98 98 97*4 97*4 97*8 97*8 97 .................. 86*8 86*8 86*2 86*2 86 86 60 97 103*4 103*4 1035g 103*8 10334 1013g 1033g 10138 1017g 1033s 10334 101 1033g 101*2 102 101*210134 103*8 103*4 103*8 104 104 104 101*2 1 0338 103*2 102B8 103*8 103 103*8 103*8 Railroad Traffic and Prices. RAILWAY STATISTICS—STOCK AND BOND PRICES. THE GROWTH OF THE RAILROAD SYSTEM. In a very comprehensive article on pages 88 to 92 of this publication, we present an elaborate review of the course of earnings of United States railroads for the calendar year 1911, with the influences and con ditions bearing upon the same. In the present article we aim to furnish, through statistical tables, a sketch or outline of the growth and development of the rail road system in the past, year by year. The Inter-State Commerce Commission, which was established in 1887, has from the first collected elaborate statistics regarding the railroads—their traffic, income, capitalization, rates, &c.—and has from time to time enlarged their scope. Hence there is now available a body of data of great usefulness covering a long period of time. Up to 1911 the work of compiling the returns was under the direction of Prof. Henry C. Adams. William J. Meyers is now the Statistician in charge. The figures are made up for the fiscal year ending on June 30, and as it takes about eighteen months after the close of the period before the complete report, with its extensive mass of details, is ready for public distribution, the latest full returns are for the twelve months ending June 30 1910. The statistics of the Government are now every where accepted as authoritative, and in the series of tables given below, the figures are all derived from the yearly reports of the Commission, though we do not always present them in the precise way in which the statistical report gives them. There is just one table where the information has been derived from a different source. We refer to the table we are now about to give, showing the miles of new track laid each year. In that case the figures are taken from the annual volumes of Poor’s Manual. In this way we get data covering the calendar year and are able to carry the comparisons back to the early days of railroad history. The following is the table re ferred to. It indicates the new construction each year and the aggregate length of road at the end (Dec. 31) of the year. It will be noticed that the changes in total mileage from year to year do not agree with the additions through new construction. This is due to the fact that the Manual finds it neces sary to make adjustments and corrections of past mileage and to the further fact that some old mile age is abandoned from time to time. It is of course much too early to have Poor’s figures for 1911, but, taking the new track laid in that year at 3,000 miles, there were on Jan. 1 1912, roughly, 245.000 miles of railroad in the country. RAILROAD CONSTRUCTION YEARLY AND TOTAL MILEAGE IN OPERATION. Years. 1*30.............. 1831 ............... 1832 ............... 1833 ............... 1834 ............... 1835 ............... 1836 ............... 1837 .............. Miles of Miles in New Road Operation Built. End of Year. 72 134 151 253 465 175 224 23 05 220 380 633 1,008 1,273 1,407 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Years. 1838............... 1830............... 1840 _______ 1841 .............. 1842 ............... 1843 ............... 1844 .............. 1845 ............... Miles of Miles in New Road Operation Built. End of Year. 416 380 516 717 40] 150 102 256 1,013 2,302 2,818 3,535 4,026 4,185 4,377 4,633 Years. Miles of Miles in New Road Operation Built. End of Year. 1846............ 1847 ............... 1848 ............... 1840............... 1850 ............... 1851 ............... 1852 ............ . 1853 ............... 1854 .............. 1855 ............... 1856 ............... 1857 ............... 1858 .............. 1859 _______ 1860 ............... 1861............... 1862.............. 1863 .............. 1864 .............. 1865 ............... 1866 ............ 1867 ............... 1868 .............. 1860.............. 1870 ............... 1871 .............. 1872 _______ 1873 ............ .. 1874 ............... 1875 ............ .. 1876 ............... 1877 ............... 1878 ............... 207 668 308 1,360 1,656 1,061 1,026 2,452 1,360 1,654 3,642 2,487 2,465 1,821 1,846 651 834 1,050 738 1,177 1,716 2,440 2.070 4,615 6,070 7,370 5,878 4,097 2,117 1.711 2.712 2,280 2,620 4,930 5,598 5,996 7,365 9,021 10,982 12.908 15,360 16,720 18,374 22,016 24,503 26,968 28,789 30,826 31,286 32,120 33.170 33.908 35,085 36,801 39,250 42,229 46.844 52,922 60.293 66.171 70,268 72,385 74,096 76,808 79,082 81,747 Years. Miles .n Miles of New Road Operation Built. End of Year. 1879 ............... 1880 _______ 1881............... 1882............... 1883 ............... 1884 _______ 1885 ............... 1886 ............... 1887 ............... 1888 ............... 1880............ .. 1890............... 1891............ 1892 ............... 1893 _______ 1894 ............... 1895 ............... 1896 .......... .. 1897 ............... 1898 ............... 1899 ............... 1900 ............... 1901 .............. 1902 ............... 1903 ............ 1904 ............... 1905 ............... 1906 ----------1907 ----------1908 ............ .. 1909 ----------1910 ----------1911 _______ 4.746 6,876 9,778 11,599 6,818 3,973 3,131 8,128 12,983 7.066 5,695 5,656 4,620 4,584 2,789 2,264 1,938 2,067 2,161 3,199 4,512 4,157 4,912 5,076 4,675 5,003 5,050 5,643 5,499 3,654 3,476 3,918 3,000 86,556 93,262 103,108 114,677 121,422 125,345 128,320 136,338 149,214 156,114 161,276 166,654 170,729 175,170 177,516 179,415 181,065 182,769 184,591 186,810 190,818 194,262 198,743 202,938 207.335 212.394 217,341 222,766 228,128 232,046 238,356 242,107 245,000 The first statistical report of the Inter-State Commerce Commission was for the year ending June 30 1888, but natu rally the early returns were somewhat incomplete. MILEAGE OF THE ROADS. We begin by showing the length of road owned at the end of each fiscal year on June 30. LENGTH OF ROAD IN OPERATION. Whole United States Increase Information, How Obtained. Official Returns Unoffl Figures. Total. for Year. Miles. Miles. Miles. Jure 30. Miles. 238,609.28 240.438.84 3,570.31 1910* ............... 1,829.56 234,799.40 236,868.53 1909* ................ 2,069.13 3.400.69 231,333.02 2,134.82 233.467.84 1908* ................ 3.516.65 2,280.34 229,951.19 5,588.02 227,670.85 1907 ....................... 222,571.52 6,262.13 1906 ....................... 1.791.65 224,363.17 218,101.04 1905 ....................... 217.017.68 1,083.36 4.196.70 1904 ___________ 1.326.77 213,904.34 5,927.12 212,577.57 207.977.22 1903 ....................... 790.38 5,505.37 207,186.84 1902 ....................... 799.02 202.471.85 5.234.41 201,672.83 196,075.07 1,162.37 197.237.44 3.891.66 1901....................... 4,051.12 192,940.67 1900 ....................... 405.11 193,345.78 188,277.49 1899 ....................... 189,294 66 1.017.17 2,898.34 186,396.32 1898 ....................... 185.370.77 1,025.55 1,967.85 182,919.82 1.651.84 1897 ....................... 1.508.65 184.428.47 181.153.77 1896 ....................... 1,622.86 182,776.63 2,119.16 179,175.51 1,481.96 1.948.92 1895 ....................... 180.657.47 176,602.61 1894 ....................... 2.105.94 178,708.55 2.247.48 1893 ....................... 176.461.07 6.128.77 170,332.30 4.897.55 1892 ....................... 171,563.52 165,690.97 5,872.55 3,160.78 164,602.79 168,402.74 3.799.95 1891....................... 4,805.69 159,271.74 1890 ....................... 4,325.31 163,597.05 5,838.22 • Excludes switching and terminal companies beginning with 1908; except to this the Increase tor 1908 would have been 5,930.18 Instead of 3,516.65. The foregoing relates wholly to the length of road or line owned. In the following is shown the length of single track, second track, third track, fourth track and of yard tracks and sidings. The figures in this case are based on the mileage for which operations were reported each year. It hence does not include mileage for which no reports of revenues have been received, but involves some duplication of mileage in cases where two or more carriers make use of the same track. SUMMARY OF SINGLE TRACK, 2D, 3D AND 4TH TRACKS, YARDS AND SIDINGS. TFftoZe United Stales Length of Length ol Le’gth of Le'gth of Yards & Single Tr'k 2d Track 3d Track 4Zft Tr’ck Sidings. Total Track. Miles. Miles. Miles. Miles. Miles. June 30. Miles. 240,830.75 21,658.74 2,206.39 1,488.78 85,581.93 351,766.59 1910*...................... 1909*............ .............. 235,402.09 20.949.41 2,169.55 1,453.56 82.376.63 342,351.24 1908*_____________ 230,494.02 20,209.05 2,081.16 1,408.99 79,452.64 333,645.86 1907 ............................. 227,454.83 19,420.82 1,960.42 1,389.73 77,749.46 327,975.26 1906............................. 222,340.30 17,936.25 1,766.07 1,279.66 73,760.91 317,083.19 1905-........................... 216,973.61 17,056.30 1,609.63 1,215.53 69.941.67 306,796.74 1904............................. 212,243.20 15,824.04 1.467.14 1.046.50 66,492.46 297.073.34 1903........................... - 205.313.54 14,681.03 1,303.53 963.36 61,560.06 283.821.52 1902...........................- 200,154.56 13,720.72 1,204.04 895.11 58,220.93 274,195.36 1901............................. 195,561.92 12.845.42 1,153.96 876.13 54,914.86 265,352.29 1900______________ 192.556.03 12,151.48 1,094.48 829.29 52,153.02 258.784.30 1899............................. 187.534.68 11,546.54 1.047.37 790.27 49,223.65 250,142.51 1898............................. 184,648.26 11,293 25 1 009.65 793.57 47,589.09 245,333.82 1897.-......................... 183,284.25 11,018.47 995.79 780.48 45,934.46 242,013.45 1896............. -.............. 181,982.64 10.685.16 990.45 764.15 44,717.73 239,140.13 1895............................. 177,746.25 10,639.96 975.25 733.12 43,181.32 233,275.90 1894 ............................. 175,690.96 10,499.30 953.16 710.99 41,941.37 229,795.78 1893............................. 176,461.07 10.051.36 912.98 668.46 42,043.40 230,137.27 1892............................. 171,563.52 9,367.21 852.70 626.47 39,941.45 222,351.35 1891.......................... 168,402.74 8,865.71 813.13 749.51 37,318 05 216,149.14 1890............................. 163,597.05 8.437.65 760.88 561.81 35.255.16 208.612.55 * Beginning with 1908 excludes switching and terminal companies; had the basis of computation been the same, the Increase In that year In single track would have been 4,263.83 miles; In 2d track 1,052.37 miles; In 3d track, 150.88 miles; In 4th track, 46.78 miles; In yard track, &c., 3,191.43 miles, and In total track, 8.705.29 miles. 86 RAILWAY STATISTICS CAPITAL PAYING DIVIDENDS. A very large amount of the capital of the railways is still unproductive. It should be understood that in the following the column showing aggregate amount paid in dividends gives the gross amount, including payments by one railway corporation to another. The net sum paid each year is very much less. Thus, while for 1910 the gross amount paid was $405,771,416, it will be seen by reference to the table on page 88 that the net amount paid was only $293,836,863. DIVIDEND-PAYING AND NON-DIVIDEND-PAYING STOCK AND DEBT. Stock Stock Funded Debt Whole Dividends Paid. Receiving Dividends Receiving Nothing. Receiving Noth’g. United States. Amount. $ •7ttne30. % of $ $ $ % % % Wole 1910___ (2405771416 7.50 5,412,578,457 66.71 *2701,078,923 33.29 2790499 252 7.94 1909___ 6321071626 6.53 4,920,174,118 64.01 *2766 104,427 15.99 2 718351332 7.57 1908 .... c390695351 8.07 4,843,370,740 65.69 *2529841.583 34.31 2 655598627 7.24 1907 —-- 308,088,627 6.23 4,948,756,203 67.27 2.408,105.488 32.73 315,927,894 3.76 1906.... 272,795.974 6.03 4,526,958,760 66.54 2,276.801,333 33.46 287,954,851 3.82 1905___ 237,964,482 5.78 4,119,086,714 62.84 2,435.470,337 3716 449.100,396 6.36 1904___ 221.941,049 6.09 3.643.427,319 57.47 2,696.472,010 42.53 300,894,215 4.49 1903 .... 196,728,176 5.76 3,450,737,869 56.06 2,704,821,163 43 94 272,788.421 4.33 1902.... 185,391,655 5.55 3,337,644.681 55.40 2.686,556,614 44.60 294,175,243 4.89 1901___ 156.735,784 5.26 2,977.575,179 51.27 2.828,991,025 48.73 361,905,203 6.23 1900___ 139,597.972 5.23 2,668,969.895 45.66 3,176.609,698 54.34 378,937,806 6.78 1899___ 111.009,822 4.96 2,239,502,545 40.61 3,275,509.181 59.39 572,410,746110.45 1898___ 96,152,889 5.26 1,818,113,082 33.74 3.570.155.239 66.26 852,402,622 15.82 1897-.- 87,110,599 5.43 1,603,549,978 29.9(1 3,761,092,277 70.16 867,950,840 16.59 1896___ 87,603,371 5.62 1.559,024,075 29.83 3,667,503,194 70.17 860,559.442 16.26 1895—. 85,287,543 5 74 1,485,618,453 29.94 3.475,640,203 70.06 890,561,466 16.71 1894--- 95,515,226 5.41 1,767,925,565 36.57 3,066,150.094 63.43 914,757,607 17 29 1893..— 100,929,885 5.58 1,809.600.846 38.76 2,859.334.572 61.24 743.015.132 14.39 1892 .... 97,614,745 5.35 1,825,705,437 39.4C 2,807,403,326 60.66 777.719.42C 15.56 1891-... 91,117.913 5.07 1,796,390,636 40.36 2,654,258,391 59.64 473,925,526 9.90 1890___ 87,071.613 5.45 1,598,131.933 36.24 2.811,526,552 63.76 No statistic s. 1889___ 82.110,198 5.04 1.629,750.927 38.33 2,621,439,792 61.67 775,851,795 18.19 Note.—The per cent of dividends paid is figured by the Commission on the dividendpaying stock only and Includes holdings of stock by one railroad In another, a Includes $86,465,008 dividends declared from surplus. 6 Includes $53,203,989 dividends declared from surplus. c Includes $85,284,404 dividends declared from surplus, representing mainly some exceptional special dividends paid by a few large companies. * Includes $102,927,370 held in the treasury In 1910, against $73,867,319 In 1909 and $72,473,050 In 1908. x Includes $522,360,547 held In treasury In 1910, against $421,471,276 held in treasury In 1909 and $496,340,288 in 1908. CAPITALIZATION OF RAILWAY PROPERTY. Changes in classifications and in definitions served greatly to swell the gross total of railway capitalization in 1907 and to destroy comparisons with previous years. We give the figures, however, for what they are worth. CAPITALIZATION OF RAILWAY PROPERTY—DEBT AND STOCK. Whole --------------------Funded Debt---- Debt U.S. Equipment Total per M Miscellaneous Income Obligations. Bonds. Debt. June Trusts. of road Bonds. 30 S $ $ $ $ $ 1910.. 7.408.183.482 2,250,998,522 290,951,276 353,341,578 10,303,474 ,858 ......... 1909.-6,942,012,066 2,267,211,732 284,497,531 307,869.061 9,801,590,390 ........ 1908.. 6.610.189.953 2,180,965,753 258,584,016 344,592,782 9,394,332.504 ......... 1907.-6,472,839.323 1,616,427,904 306,244,476 329,773,289 8,725,284,992 ......... 1906.-6,266,770,962 973,647,924 301,523,400 224,719,099 7,766,661.385 36,212 1905.-6.024,449,023 786,241,442 253,707,699 186,302,906 7,250,701.070 34,62; 1904.-6,746,898,983 723,114,986 229,876,687 173,334,694 6,873,225,350 33,42£ 1903.-5,426,730,154 640,704,135 234,016,821 142,980,116 6,444,431,226 32,317 1902.-5,213,421,911 564,794,588 242,556,745 89.208,425 6,109.981,669 31,371 1901.-5,048,811,611 545,780,485 218,872,068 68,116,723 5,881,580,887 30,962 1900.-4,900,626,823 464,983,341 219,536,883 60,308,320 5,645,455,,367 30.21C 1899.-4,731,054,376 485,781,695 260.048,753 42,058,348 5,618,943 ,172 30.28E 1898.-4,640,762,632 486,977,279 262,194,688 40,351,111 5,430,285 .710 30,28£ 1897.-4,539,911,595 430,718,303 259,847,154 39.888.767 5,270,365,819 29,54£ 1896.-4,517,872,063 457,735,531 314,425,977 50,304,931 5,340,338,502 30,126 1895.-4,641,755,548 445.221,472 242,603,226 55,915,327 5,385,495,573 31,042 1894.-4,593,931,754 456,277,380 242,403,681 63.970,204 5,356,583 ,019 31,232 1893.-4,504,383,162 410,474,647 248,132,730 62.699,282 5,225,689 ,821 31,542 1892.-4,302,570,993 392,107,940 303,205,522 55,153,595 5,053,038,050 31,12; 1891.-4,081,621,675 379,600,890 324,288,690 54,755.157 4,840,266 ,412 30,012 1890.-4,123,921,557 324,242,541 76,933,818 49,478,215 4,574,576 ,131 29.24E ----------- —Agg. stk. & debt— ------------ Stock------------Whole Per mile Per M. U. S. Common. Preferred. Total. of road. Total. of road. June 30. $ $ $ $ $ $ 1910.. 6.710.168.538 1,403,488,842 8,113,657,380 ......... 18,417,132,238 ......... 1909.. 6.218.382.485 1,467.896,060 7,686,278,545 ......... 17,487,868,935 ......... 1908.-5,910,351,430 1,462,860,893 7,373,212,323 ......... 16,767,544,827 ____ 1907.-5,932.948,772 1,423,912,919 7,356,861,691 _____ 16,082,146,683 ........... 1906.-5,403,001,962 1,400,758,131 6,803,760,093 31,723 14,570,421,478 67,936 1905.-5,180,933,907 1,373,623,144 6,554,557,051 31,301 13,805,258,121 65.926 1904.. 5.050.529.469 1,289,369,860 6.339.899,329 30,836 13,213,124,679 64,265 1903.-4,876,961,012 1,278,598,020 6,155.559,032 30,869 12,599,990,258 63,186 1902.-4,722,056,120 1,302,145,175 6,024,201,295 30,930 12,134,182,964 62,301 1901.-4,475.408,821 1,331,157,383 5,806,566,204 30,568 11.688,147,091 61,531 1900.-4,522,291,838 1,323,287,755 5,845,579,593 31,280 11.491,034,960 61,490 1899.-4,323,300,969 1,191,710.757 5,515,011,726 30,267 11,033,954,898 60,556 1898.-4,269,271,714 1,118,996.607 5,388,268,321 30.054 10.818,554,031 60.343 1897.. 4.367.056.657 997.585,598 5,364,642.255 30.074 10.635,008,074 59.620 969,956,692 5,226.527.269 29.484 10,566.865.771 59.610 1896.-4,256.570,577 1895.-4.201,697,351 759,561.305 4,961.258,656 28,602 10,346.754,229 59,650 1894.-4,103,584,166 730,491,493 4,834,075,659 28,186 10.190,658,678 59,419 1893.-3,982,009,602 686,925,816 4,668,935,418 28,184 10,506,235.410 63,421 1892.-3,978,762,245 654,346,518 4,633.108,763 29,240 10,226.748,134 63,776 1891.-3,796,239,374 654,409,653 4.450.649.027 27.596 9.829,475,015 60.942 1890. .3.803.284,943 606.373,542 4,409,658,485 28.194 9.437.343,420 60.340 In the following the miscellaneous obligations for 1910, 1909 and 1908 are further subdivided in accordance with the classification of the Commission. No corresponding figures for previous years are available. 1910. 1909. 1908. Collateral trust bonds......................... $1,153,499,846 $1,147,377,191 $1,076,670,441 Plain bonds, debentures and notes.. 933,966,704 803,537,301 835,551,354 Sundry obligations........................... 163,531,972 316,297,240 268,743,958 Total.................................................$2,250,998,522 $2,267,211,732 $2,180,965,753 was in the hands of the public, equivalent to $59,259 per mile. For 1910, out of a total stock and debt ofa$18,417,132,238, $14,338,575,940 was in the hands of the public, equal to $62,657 per mile of road—228,841 miles being&represented. For figures for 1906 and previous years (in which years, however, bonds were the only form of debt included), see the issue of our Financial Review for 1910, page 70. EQUIPMENT—LOCOMOTIVES AND CARS. The tables we now give show the locomotives and the cars in service. The figures do not include cars owned by indi viduals or private companies on which the railways pay a mileage. SUMMARY OF LOCOMOTIVES IN SERVICE. Whole Country. Passenger Engines. Freight Engines. June 30. 1910* _________________ 1909* ................................... 1908* ................................... 1907 ......... -.......................... 1906 ..................................... 1905 ..................................... 1904 ..................................... 1903 ..................................... 1902 ..................................... 1901..................................... 1900 ..................................... 1899 ..................................... 1898 ........... -........................ 1897 ..................................... 1896 ..................................... 1895 ..................................... 1894 ..................................... 1893 ................................... 1892 ..................................... 1891..................................... 1890 ..................................... No. 13,660 13,317 13,185 12,814 12,249 11,618 11,252 10,570 10,318 10,184 9,863 9,894 9,956 10,017 9,943 9,999 9,893 9,697 8,848 8.718 8.499 No. 34,992 33,935 33,655 32,079 29,848 27.869 27,029 25,444 23,594 22.839 21,596 20,728 20,627 20,398 20.351 20.012 20,000 19.603 17,559 16,879 16.195 Switching Engines. No. 9,115 8,837 8,783 9,258 8,485 7,923 7.610 7,058 6,683 5,959 5,621 5,480 5.234 5,102 5,161 5,100 5.086 4.985 4.355 4,321 4.104 Total in Un classified. Service. No. 1,180 1,123 1,110 1,237 1,090 947 852 799 630 602 583 601 417 469 495 588 513 503 2.374 2,221 1.342 No. 58,947 57,212 56,733 55.388 51,672 48,357 46,743 43,871 41.225 39,584 37.663 36.703 36,234 35.986 35,950 35,699 35,492 34,788 33.136 32,139 30.140 SUMMARY OF CARS IN SERVICE. Whole Country. June 30. 1910*_____ ____ ___________ 1909* ............................................. 1908* ............................................. 1907 ................................. -............ 1906 ................................................ 1905 ................................................ 1904 ................................................ 1903 ............................................... 1902 ............................................... 1901_______________________ 1900 ............................................... 1899 ............................................... 1898 ............................................... 1897 ................................................ 1896 ................................................ 1895 ................................................ 1894 --........................................... 1893 ................................................ 1892 ............................................... 1891 -1890 ...........................................-- Cars in Cars in Cars in Pass.Serv'e Freight Service Co's Service No. 47,095 45,584 45,117 43,973 42,262 40,713 39.752 38,140 36,987 35,969 34,713 33,850 33,595 33,626 33.003 33,112 33.018 32,911 No. 2,135,121 2.073,606 2,089,302 1,991.557 1,837,914 1,731.409 1,692,194 1,653,782 1,546,101 1,464.328 1,365,531 1,295.510 1,248,826 1,221,730 1,221,887 1,196,119 1,205,169 1,201,273 No 108,115 99,090 96,762 91,064 78.736 70.749 66.615 61,467 57.097 50,536 50.594 46.556 43,753 42,124 42,759 41,330 39,891 39,762 Total in Service. No. 2,290,331 2,218,280 2,231,181 2,126,594 1,958,912 1,842,871 1,798.561 1.753,389 1.640,185 1.550,833 1,450.838 1,375.916 1,326.174 1,297,480 1,297.649 1,270,561 1,278.078 1.273.946 1,215,092 1,215.611 1,169.667 * Beginning with 1908. does not Include locomotives or cars In the service ol switching and terminal companies. This reduced the total number of locomotives In 1908 by 965 and the total number of cars by 13.176. TRAFFIC MOVEMENTS—PASSENGER AND FREIGHT. RAILROADS—PASSENGER AND FREIGHT. TRAFFIC OF U. -Freight ServiceWhole U. S. Tons moved Tons moved Tons 1 M. Miles run Average Miles run by June 30. less dupli’ns one mile. perM.road by ft tr’ns. tr’n-lo’d freight cars. 1910*. 1,026,491,782 255,016,910,451 1071086 635,450,681 380.38 18,981,573,779 1909*-..881,334,355 218.802,986,929 953,986 568.854,608 362.57 17,169,413,224 1908*--.869,797,510 218,381,554,802 974,654 587,218,454 351.80 16,857,003,236 1907-.-.977.489,440 236.601.390.103 1052119 629,995,723 357.35 17,122,259.754 1906....896.159,485 215,877,551,241 982,401 594,005,825 344.39 16,589.958,024 1905___ 784,920.188 186,463,109,510 861,396 546,424,405 322.26 15,082,070,763 1904---.714.375.339 174,522,089,577 829,476 535,090,971 307.76 14.353,650.056 1903___ 714.767.821 173.221,278,993 855,442 526,312,433 310.54 14,193.71S,005 1902___ 657,846,807 157,289,370.053 793,351 499,711,176 296.47 13,326,514,369 1901___ 583,692,427 147,077.136,040 760,414 491,942,041 281.26 12,811 211.703 1900----583,351,351 141,599,157.270 735,366 492,568,486 270.85 ....... ................ 1899___ 501.527.375 123,667.257,153 659,565 507.841,798 243.52 .......................... 1898............................ 114.077,576.305 617,810 503,766,258 226.45 ------------------1897 ............................ 95.139.022.225 519,079 464,962,242 204.62 .......................... 1898 ............................ 95.328,360,278 523,832 479,500,170 198.81 .......................... 1895............................ 85.227,515.891 479,490 449.291,238 189.69 1894............................ 80,335 104.702 457 252 446,807 223 179 80 1893............................ 93,588.111,833 551,232 508,719,506 183.97 1892............................ 88,241,050,225 543.365 485,402.369 181.79 1891 ............................ 81,073,784,121 502,705 446,274,508 181.67 1890............................ 76.207.047.298 487,245 435,170.812 175.12 Whole -------------------------Passenger Service---------------------------- AffprepafeEep. V. S. Passengers Pass, carried Pass.lM. Miles run Pass’gersi Train mileage one mite. perM.r’d. bypass.tr. per ir’n incl.mixed.&c. June 30. carried. 1910*...971,683,199 32,338,496,329 138,169 549,015,003 56 1,221,852,647 1909*--.891,472,425 29.109,322,589 127,299 506,011,038 54 1.112,452,351 1908* ..890,009,574 29.082,836,944 130,073 505,945,582 54 1,129,149,453 1907----873.905,133 27,718,554,030 123,259 509,328,042 61 1.171,922,997 1906.. ..797.946.116 25,167,240,831 114.529 479,037,553 49 1,105,877,091 1,038,441.430 1905.---738,834,667 23,800,149,436 109,949 459,827,029 48 1904___ 715.419,682 21,923,213,536 104,198 440,464.866 46 1,007,529,542 982,946,284 1903---.694,891,535 20.915.763.881 103,291 425,142,204 46 1902.. ..649.878.505 19,689,937,620 99 314 405,613.231 45 936,148,675 1901.. ..607.278 121 17,353,588,444 89,721 385,172,567 42 908,092,818 1900___ 576.865.230 16,039.007.217 83,295 363,521,596 41 886,781.590 1899___ 523,176.508 14,591,327.613 77 821 354,416,916 41 1898---.501,066.681 13,379,930,004 72,462 341.526,769 39 1897——489,445.198 12.256.939,647 66,874 335,018,605 37 1896——511.772.737 13,049,007,233 71,705 332.854,218 39 1895.--.507,421,362 12,188,446.271 68,572 317,565,615 38 1894___ 640,688,199 14,289,445,893 81,333 326,503,219 44 1893___ 593,560,512 14,229.101,084 83,809 335,618,770 42 1892___ 560,958,211 13,362,898.299 82,285 317,538,883 42 1891 —--531,183 998 12.844.243.881 79,642 307.927,928 42 1890----- 492,430,865 11,847,785.617 75.751 285,575,804 41 Statistics regarding the investments by one company in the shares or debt of another were formerly given but have * Figures for 1910, 1909 and 1908 do not Include returns for switching and termi been omitted beginning with 1907. For 1908, however, nal companies. it is stated that out of the $16,767,544,827 of stock and debt of all kinds only $12,833,599,510 was outstanding in the MEN EMPLOYED ON RAILWAYS AND THEIR WAGES The Commission collects very extensive statistics regard hands of the public, equivalent to a capitalization of $57,201 per mile of line. For 1909 the statistics show that out of a ing the employees of the railroads. The tables below show total of stock and debt of $17,487,868,935, $13,711,867,733 the number and classes of such employees. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 87 RAILWAY STATISTICS GROSS AND NET REVENUE. INTEREST CHARGES. ETC. NUMBER OF EMPLOYEES IN SERVICE OF THE ROADS. Genending OJ/iJune 30. cers 1910* ..5,476 1909* -.5,492 1908* ..5,076 1907 ...6,407 1906 ...6,090 1905 ...5,536 1904 ...5,165 1903 ...4,842 1902 ...4,816 1901 —4.780 1900 ...4,916 1899 ...4,832 1898 ...4,956 1897 ...4,890 1896 ...5,372 1895 -.-5.407 1894 ...5,257 1893 ...6,610 1892 ...6,104 1891 ...5,271 1890 ...5.160 Other O1]iee™. 9,392 8,022 7.751 7.549 6,705 5,706 5,375 5,201 5,039 4,923 4,669 4,294 3,925 3,830 2,718 2,534 1,778 .... .... .... .... OJJice Clerks. 76,329 69,959 63,973 65,700 57,210 51,284 46,037 42,218 37,570 34.778 32,265 29,371 26,845 26,837 26,328 26,583 24,779 27,584 25,469 23.879 22.239 Other Station Station Agents, men. 37,379 153,104 36,519 136,733 35,740 132,013 35,649 152,929 34,940 138,778 35,245 125,180 34,918 120,002 34,892 120,724 33.478 105,433 32,294 94,847 31,610 89,851 30,787 83.910 30,699 78,603 30.049 74.569 29.723 75,919 29,014 73.569 28,199 71,150 28,019 75,181 26.829 69.511 26,192 67.812 25,665 66,431 Engincmen. 64,691 57,077 57,668 65,298 59,855 54.817 52,451 52,993 48,318 45,292 42.837 39,970 37,939 35,667 35,851 34,718 35,466 38,781 36,739 34,801 33,354 Firemen. 68,321 60.349 61,215 69,384 62,678 57.892 55,004 56,041 50.651 47,166 44,130 41,152 38.925 36,735 36.762 35.516 36.327 40,359 37,747 36.277 34.634 Conduetors. 48,682 43,608 43,322 48,869 43.936 41,061 39,645 39,741 35.070 32,092 29,957 28.232 26,876 25,322 25,457 24,776 24,823 27,537 26,042 24.523 23.513 Other Train men. 136,938 114,760 114,580 134,257 119,087 111,405 106,734 104,885 91,383 84,493 74,274 69.497 66,968 63,673 64,806 62,721 63,417 72.959 68.732 64,537 61.734 Ma chin ists. 55,193 48,237 44,941 55.244 51,253 47,018 46.272 44,819 39,145 34,698 32.831 30,377 28.832 28,229 29.272 27,740 29.245 30,869 28,783 27.388 27.601 Teleg. Year CarOtherSection Other Switch Opera- Float Total ending penShop- Fore- Track- Tenders, tors, ing All EmJuneZO.ters. men. men. men. &c. &c. Equip. Others, plogees 1910*.68,085 225,196 44,207 378,955 44,682 42,435 10,549 229,806 1,699,420 1909*.60,867 195,110 41,859320,762 44,698 39,115 8,758 210,898 1,502,823 1908*.58,946 176,680 41,419 299,448 46,221 39,744 8,028 199,510 1,436,275 1907—70,394 221,656 41,391 367,277 63,414 39,193 9,139 228.324 1,672,074 1906..63.830 199,940 40,463 343,791 49,659 36,090 8,314 198.736 1,521,355 1905—56.089 176,348 38,217 311.185 45,532 31.963 8,753 178.965 1.382.196 1904—53,646 159,472 37,609 289.044 46,262 30.425 7,495 160,565 1,296,121 1903—56,407 154,635 37,101 300,714 49,961 30,984 7.949 168,430 1,312,537 1902-51.698 136,579 35,700 281,075 50,489 28,244 7.426 147,201 1.189,315 1901—48,946 120,550 33,817 239.166 47,576 26,606 7,423 131.722 1,071,169 1900—46,666 114.773 33,085 226,799 50,789 25,218 7,597 125,386 1.017,653 1899—42,501 103.937 31,690 201,708 48,686 23.944 6.775 107,261 928.924 1898—40.374 99.717 30,771 184,494 47.124 22,488 6.349 98,673 874,558 1897—37,740 91,415 30,414 171,752 43.768 21,452 6,409 90,725 823,476 1896—38,846 95,613 30,372 169,664 44,266 21,682 5.502 88,467 826,620 1895—35,564 88.661 29,809 155,146 43,158 20,984 5,779 83.355 785,034 1894-36,328 84,359 29,660 150,711 43,219 22,145 7,469 85.276 779.608 1893—41,878 93,709 29,699 180,154 46.048 22,619 6,146 105,450 873.602 1892—40.080 87,615 28,753 171,810 42,892 20.970 5,332 98,007 821,415 1891—37.718 83,865 27.890 163.913 40,457 20,308 5,911 93,543 784.285 1890-37,936 80.733 27,129 157,036 37,669 18,968 6.199 83.300 749.301 * Employees of switching and terminal companies excluded, beginning with 1908, when they numbered 21,969. The changes from year to year in the average daily com pensation of the different classes of employees is indicated in the table which follows. Beginning with 1908 the compu tations do not cover switching and terminal companies. It is not likely, however, that this has materially affected the averages. AVERAGE DAILY COMPENSATION OF RAILWAY EMPLOYEES. Class— 1910. 1909. •08. 1907. '06. 1905. 1904. 1903. '02. 1901. 1900. 1899. ’98. •97. Gen. oft Other off. Off. cl’ks. Sta. agts. Oth.st.m. Eng.men. Firemen. Conduct. Oth. tr’m Mach’n’s. Carpen’rs Oth-shop Sec.form. Oth.tr’ck. Sw.ten.& Tel.op.&c Float.eq. All others $ 13 27 6 22 2 40 2 12 1 84 4 55 2 74 3 91 2 69 3 08 2 51 2 18 1 99 1 47 1 69 2 33 2 22 2 01 $ $ 12 67 13 11 6 40 6 27 2 31 2 33 2 08 2 09 1 82 1 82 4 44 4 45 2 67 2 64 3 81 3 81 2 59 2 60 2 982 95 2 43 2 40 2 13 2 12 1 961 95 1 381 45 1 731 78 2 30 2 30 2 312 38 1 981 97 S S 11 93 11 81 5 99 5 82 2 36 2 24 2 ()i> 1 94 1 78 1 69 4 36 4 12 2 54 2 42 3 69 3 51 2 54 2 35 2 87 2 69 2 40 2 28 2 06 1 92 1 90 1 80 1 46 1 36 1 87 1 80 2 26 2 13 2 27 2 10 1 92 1 83 $ $ 11 74 11 61 6 02 6 07 2 24 2 22 1 93 1 93 1 71 1 69 4 12 4 10 2 38 2 35 3 50 3 50 2 31 2 27 2 65 2 61 2 25 2 26 1 92 1 91 1 79 1 78 1 32 1 33 1 79 1 77 2 19 2 15 2 17 2 17 1 83 1 82 $ $ 11 27 11 17 5 76 5 66 2 21 2 18 1 87 1 80 1 64 1 61 4 01 3 84 2 28 2 26 3 38 3 21 2 17 2 04 2 50 2 36 2 19 2 08 1 86 1 78 1 78 1 72 1 31 1 25 1 76 1 77 2 08 2 01 2 11 2 00 1 77 1 71 $ 10 97 5 56 2 19 1 77 1 59 3 78 2 16 3 17 2 00 2 32 2 06 1 75 1 71 1 23 1 74 1 98 1 97 1 69 $ 10 45 5 22 2 19 1 75 1 60 3 75 2 14 3 17 1 96 2 30 2 04 1 73 1 68 1 22 1 80 1 96 1 92 1 71 $ $ $ 10 03 9 73 9 54 5 18 5 21 5 12 2 20 2 25 2 18 1 74 1 73 1 73 1 60 1 61 1 62 3 72 3 72 3 65 2 10 2 09 2 05 3 13 3 13 3 07 1 94 1 95 1 90 2 29 2 28 2 23 2 03 2 02 2 01 1 72 I 70 1 71 1 68 1 69 1 70 1 18 1 16 1 16 1 77 1 74 1 72 1 93 1 92 1 90 1 89 1 89 1 86 1 68 1 67 1 64 EARNINGS EXPENSES, CHARGES, DIVIDENDS. In bringing together the Commission’s figures dealing with the earnings and disbursements of the railroads,some explan ation of the method pursued in the compilation of the figures is necessary. The income statement is now presented in two forms. In the first the totals are the aggregate of the figures reported by the several carriers, no attempt being made to eliminate duplications either in receipts and expen ditures or in charges and dividends. In the second the rail ways of the United States are treated as a single system, all duplications of receipts and expenditures which arise on account of inter-corporate relations existing between the carriers being eliminated. In the second form the data extend back only to 1898. We give the comparisons both ways. The extent of the duplication involved. in the first method, which is avoided in the second, is shown by a comparison of the item of income from other sources for the latest year. Altogether, the railways in 1909-19 were in receipt of a non operating income of $254,445,401; but from the second form of statement it appears that the “clear income from investments” was only $78,442,027. The difference between the two amounts represents duplications and measures the extent of inter-corporate payments. Similarly, the difference between “interest on funded debt” in the old statement and “net interest” in the new is arrived at by deducting from the aggregate of interest accrued, as reported by the different railways, the interest which the companies received from their holdings of bonds in other roads. In like manner, “Net dividends” in the new form means the aggregate of dividends declared less the amount received by the companies on their own holdings of stock in other rail roads. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ©COtPOOfMtPcO© f-4 © 05 b CO Tp © b -- ©tPCO©©tP0O© © fH oo CO © © CO b rH ©CMCM CM cm ©©©bCM bObco© © ©b©TPbCM00Tp©b* 00 -------- CO© 00 co©© © b CM ©CO CO 00 CM f-(t-4tP 00©CMb0C©i-( bOOCMOOFPlOb © © CO CM 00 b© ©CO OOCM© © iO©O5 f-4©tPcO b © b- ©©©boo CO CM CO© b co©©tpoo © 00 CM COO©bTpcOb CM©TP©b©F4 © ©<©©b©©00Tp co ^’(PiOCOOOO^P’-ibu£e*cq©O.’-4TPiq©F-i b ©©CO©©CO© r-t OOCOCM © CM CM © f-4 © co CO b ©TpCOF-4© ©©F-lb© ©oo©b© COCMTp© TfHOib © b TP 00 tP ©©©©©OOCM bCOCM©CMr-li-4 bCMCO©FM^cq CM ©00 00tp‘tp‘ ©F-l© co CM ©©00©CM©bCO ootp©qo©©ootp F-lb©bTP00©© ©©TpTpcOOOOCM Tp © CO f-i O Tp CO CO CM © Tp©cObCM TPO©’-ICX) 00 © ©f«< 00 CO COCMTp P * b bOOTP©© • H CM©"*CO©'<PI> ©COCM CM CM •«*CM©CMfM©f«©© ©fPCJCMCM©© CM©COCMCOOO© © ©00 CO© 00© 00 CM CMbTP ©TPCO 00 © © CO CM b TP r-4 CO CO co©co©b©boo oo»-< oob.ee ©co© co ^°2C2C1O^°2.C1CQ 00 CM©©f-4©©tPi© © XObOO©FlOObb ^Wiqcqoocqcqoqiqio oo co CM’’P co co co oo f-I ©CO CM 00 CM © b CO © © r-4 © ©OOCM©© ©©OOOOCM ©©.©CMCM TprPb" CO F-4 TPOOi-100© CO CO CM©© ©COCM© CO © bC0CM00F-l©cO b©CM©©Tpb © O Tp©CM©©CM© CM©bTPb©CM b©©©TPbTp© CM ©©CO f-i©©© CO b COOOCM©CM ©©©©b © CM CO© O CM’’P© 00 CM ^**^^©©.00 cm co cm 00 FH CO CO CM TP 00 fH ©CO CM b CM 00 © CM CM -4 CO ©CM 00 CM ^b©TPCO ©CMCM ©f-4 ©CM CO CO r-lr-lTp ©CM ©©©©COb ©©b©F-i©CM© i-l CM 00CM©©Tp ©©bO0© © b©©CMCMC©F ^••©.©©.CMb©*-* 00 COTPiOb^COTPi-4 F-< ©CO CM b CO CO "*p CO © tP © co ©F-I©©©©TP© ©©©cqF-4oq©b CO CM©©bb*—i©TP ©f-i©©OCCO©©© ts;w»-i©t>:©bCM© 00 f-4 © © b CO tP CO © CO ©CM©fM©©CM^ ©COtPCO F-l © © © © tp 0000©©fH©© bbb cotp,4 Tp CM i-!COOO©TP©b ©©©CMCM©© © © b ©COF-4COOObTP CMb©TPCMTPCM fH© COtP 00 00© ©bCM CO©© CM © bbbCMCM©© © ©©©©CObCM fh © CO©©tP00 O©CM00tPC0© C0C0©©TpF-(O5 CMcqcq©oqoocq ©TP©OObTPCO 00Tp©©COTpb ©©©cocm©© CM 00 F-l r-4 © f4 © co f-i — ©©b-COTP ©TP©O0© oocm©ootp ©©©©CM r-4 i-l ©bO TP©i-4©00 ©©©oo 00 ©00 CO 1-4 r-4 Tp 1-1©©©© CM 00CM ©T-l ©TP©CMCOCMbb COb©CMCMi-n-lb © OOtPcO©COtPtP ©CM©CMCO©© b FP©r-l©bC0© co ©oocoi-pcm©© F-4 ©CM’-4OCM©tP o Tpi-l©CMCO©b © ©©©©CO©© 00 CMTPr-4 oo©b 00 © © TP CM CM tP © tP CM b f-4 CM CO CM f-IfhCO© ©CMCOCMTPbTP© ©©HXH©O© b CO CM ©©CO© ©©00©© © f-1 00CM CM ©CM f-I tp C0bCM©b©© © ©©CM©Tp©CM© ^••cOTpFHCMjOOb- CM © 00 00 ©©©©© ©CMCM©CM b 00 b CO ©©©©©©© CM* ©CM ©fHCM © f-4 ©COCO © F-l©^-l©©xP00’-t j^Wb- bTP r-4 CM COCM 1-1 © CObOOOO©CO© f-I CM CO CM tP CO © fHOOfHOOOO^CO 00tP©O5©00tP© tP-PiO©tPi-4QC© © co©coo6ooco©tp f4©©CMf4 CO©©Tp © CMfH© b © tPtPiOOtP ©tP © CO CO ©CM”*COtPCOOO ©COCMOObOO© ©©CM COCO©© »“* ©CO©©CMTPCO© Q^OioqcMoocMoqco © CM©Tpoot^xpoo CM ©COCO © co Cl co 00 OOCO©©CM © CM fH©CM ©i-iCO CM b tPi—iOtP O b CM©TPb©©i-4© ©©©bCMCMCO© b © TPCMOObi-l b'fH’Pb © CO TP © TP b © CO 00 CMTPO0CM©O0© f-l©©b© CMCM©©© © ©©COCOtPtPtP 00 CM oo 00 © CO F-4 TP 00© CO©©tP©tPO ^ooccqcq©FP Tp©bC0©CM© bTp©©©CMb CO ©©COCM CM©©© ^•*bboqoq©TPt>. © © ©tPQtP f-i CM ©©CO CM f-I ©cocotp©oOf-i fH TPCiF-l©CO ©C000©00 I i co ‘ Tp ©©©Tpci'oo© I CM CM©b>—I©C0GO ^••cotpoo©©©© j i-i tptpf4©©tp© ; CM TpTPTPrHt^ Tp CM©©CM00©00 COCM©TpCO©*P © ^© CM Tp TP r-00 —1 J0**©TP F“4©b©CO i-i cm©©f4©©cm CM I^tPtPf-1© © © CMCM© f-4 r-4 00© 00 tP<© CO tp CM CMTPCO COCO©b©CMOO© oo ©COCO ©Cl© oo ‘OtPOJCMCOCMfHOO cmf4©tp©©»4cm CO b —I i-l oo Tp TP CO CM** © CO© COCO© b CM CM ©br4r4©©© -|Tp©,-|Tp © © © © © f-I F-4 © CMCMb © © Tp CM 00 ©CO©©CM COb©©b©CM©oqcq ©r-400©© tP^CMfP© ©TPCM.CO© CM 00 ©00t-4© b»00b«© b© ©00b©© CM©©CO© tP bO? © CM©©©Tp CO © tp ©oo'cmWSco’oo’oo ^5 tp’fHCMtP^p tp©©©© b © 00 00 b b CO CM©TP00©TpCO ©©Tp»-4bCM© 00TPO©©©b b 00 Tp b CM © TP co 1-1 ,-4 ©1-41-4 COb 1-4 co F-l CO© ©©©TPCO©© ©CO©f-4 ©CM f-4 ©©©bOOTPTp ©©CM©b©Tp CM COCO© © oo*oo © ©*b © ©TP©1—I© Tp CM CO CM CO 00 CM ao TP00CM00b-©b» WbC.b©^© ©©b»COTPCOOO - ©ootpooi-ico© CM €/&© CO©© ©CO© 22 C0©©*bbbCM" ©Tp©r-lb- TP COOOCMCO©©00 bOOCM ©CO r-4 Tp © ’*ooo>©©>oicm> CM CO o'©"co oo CM I ©fH©tP©©f-I ©^©©r-4rP ©00© CM 00 CO b»© ©00 CM bCMM©©©b CMtP©i-4CM © tp 1-1 CM b-©>—<bCM © CM©^© 00 ©©bOOTp CO ©00©bTp ~ FP OOCM^Mb ©’oHObb ©r-HbbCM © TP©CO© oo" oo'ce'ceco' © CO CM©©© © ©©CMOO ©fH ©Tp © 8© |I © ©CMtP© © ©F-4b© i:n o i-s i a : •iai rt SBo I , ft©*-1^3 S :|gg’s| ~3o'3§"S * S Ljw o g | ISsSwo-golg a £ £ as ©Tpcq©TpbTp ©FH© COb© Tpb© TpF-©1-l 00 ©©CMbF « CO00 Tp e©00 © © COTT© © f-4i-4©CMtP©© CO ©00 f-i b CM f- f4CO ©COb ©r-l -r Tp ©©00©CM COCO ©COtP COCOOO bOOTp©© ©CMCM©© ©b©©©- ©©©1-100 f-I CMCMb CO"O r-4 ©00 00tP .-I 00 Tp©CO©©Tp©© b CO ©©_00.© ©»-<©. © ©COf-i ©00©CM 00 ©TP 00© 00 Tp O H S3 OS QJ-S b© | CM COTp 00 © Tp- TP. 00 tP cm” CM© 00 ©CM fH 00 CO© CM© ©CM OO*©‘ 88 RAILROAD EARNINGS RAILROAD GROSS EARNINGS FOR THE CALENDAR YEAR. Railroad gross earnings for the calendar year fur nish testimony to the unfavorable conditions with which the railroad-carrying industry had to contend during that period of twelve months. The aggregate of the gross revenues of the railroad system of the United States shows a substantial reduction from the aggregate for the twelve months preceding. When we say substantial, we have reference to the amount of the loss. In ratio, the falling off is really quite slight, since we are dealing with totals of large magni tude. The small extent of the shrinkage, having ref erence to the percentage of decline, appears all the more noteworthy when it is recalled that in the calen dar year preceding (1910) the gross receipts gave little or no evidence of the troubles in the railroad world which were even then heaping up very fast. In other words, there had been in 1910 further very noteworthy growth in the gross receipts, though this improvement at that time did not extend to the net earnings, owing to the tremendous augmentation in expenses which marked the course of railroad operations in that year. The traffic and the tonnage of the roads in 1910 were perhaps the largest, by a good deal, in their entire his tory. The reason was that business activity was un der great momentum and, while tone and sentiment were completely changed, trade, until well towards the close of the year, was maintained at nearly full volume in execution of orders previously given. In 1911 all this was changed. Trade reaction be came steadily more pronounced, mainly because con fidence was deeply disturbed. Men of means, in view of the unfavorable political developments, and espec ially the severe trials to which the railroads were sub jected, were afraid to embark upon new ventures, and thereby the new capital outlays were enor mously curtailed. Business nevertheless remained large, inasmuch as the ordinary consumptive require ments of a population of over 90 million people were in no material degree interfered with. The railroads themselves, however, were under the severest strain, and obliged to restrict not only their new capital out lays, but also their ordinary current expenditures. Their managers had been counting upon being allowed to make slight advances in freight rates, on the basis of the applications pending before the Inter-State Com merce Commission when the year opened, but towards the close of February the Commission announced its decisions in these rate cases and refused to give per mission to make any advances whatever of a general nature, either on the Eastern roads or the Western PASSENGER AND FREIGHT RATES AND TRAIN-MILE roads. As the year advanced other rulings came from EARNINGS. the Commission adverse to the carrying interest. An RATES PER TON AND PER PASSENGER AND PER TRAIN MILE. other untoward circumstance the latter part was the Rate Rale Train Earnings. AU Trains—Passenger & Freight. Year Ending per pas. per ton short yield of the country’s cereal crops and other per per Passenger Freight Earns, per Cost per Proiit per June 30. mile. mile. per mile. per mile. train mile, train mile. tr’in mile. agricultural productions, though this was more than Cents. Cents. $ $ offset in one section of the country by the unprece $ $ $ 1910* ____ 1.938 .753 1.30.396 2.86.218 2.24.628 1.48.865 .75.763 1909* ____ 1.928 .763 1.26.958 2.76.450 2.16.789 1.43.370 .73.419 dented yield of cotton. 1908* ......... 1.937 .754 1.27.073 2.65.307 2.11.269 1.47.340 .63.929 1907 ........... 2.014 .759 1.25.805 2.74.023 2.17.741 1.46.993 Stated in brief our compilations show a loss in gross 1906 _____ 2.003 .748 1.20.338 2.60.804 2.07.547 1.37.060 UU.'JO/ 1905 ......... - 1.962 .766 1.15.954 2.49.689 1.97.906 1.32.140 .65.766 earnings for the twelve months in the sum of $30,1904 ......... - 2.006 .780 1.14.135 2.42.703 1.93.960 1.31.375 .62.585 1903 ........... 2.006 .763 1.11.644 2.43.967 1.91.380 1.26.604 .74.776 998,484. This is obviously no mean figure. But, as 1902 ........... 1.986 .757 1.08.531 2.27.093 1.82.350 1.17.960 .64.390 1901........... 2.013 .750 1.02.721 2.13.212 1.72.938 1.12.292 .60.646 1900 -------- 2.003 .729 1.01.075 2.00.042 1.65.721 1.07.288 .58.433 already noted, our totals are of enormous extent (over 1899 -------- 1.978 .724 1.01.615 1.79.035 1.50.436 0.98.390 .52.046 2% billion dollars) and consequently the shrinkage, 1898 ......... - 1.973 .753 0.97.419 1.73.112 1.45.449 0.95.635 .49.814 1897 -------- 2.022 .798 0.93.917 1.65.358 1.38.194 0.92.918 .45.276 1896 -------- 2.019 .806 0.98.591 1.63.337 1.39.567 0.93.838 .45.729 after all, is only a little more than one per cent—1.09%. 1895 ........... 2.040 .839 0.97.870 1.61.190 al.37.723 al.18.693 ffl.19.030 1894 -------- 1.986 .860 1.04.897 1.55.744 1.36.958 0.93.478 .43.480 The aggregate of the earnings for 1911 is $2,826,571,890 .879 1.06.984 1.63.018 1.43.475 0.97.426 1893 -------- 2.111 .46.049 The figures are a These are reported as "revised figures;" originally earnings per train mile for and that for 1910 $2,857,570,374. all trains were given as $1.35.947; cost per train mile, $0.91.829, which would not absolutely final, but should furnish a very close leave a profit per train mile of $0.44.118. ♦ Figures, begin nlng with 1908, exclude returns from switching and terminal approach to the actual results. A number of minor companies. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 89 RAILROAD EARNINGS. roads have not yet furnished their figures, while the December results are lacking for some of the roads included in our tabulation, making it necessary in such instances to give the figures for the eleven months of the two years instead of for the full twelve months. Our statements, however, cover practically the entire railroad mileage of the country—241,432 miles being represented in 1911 and 238,275 miles in 1910—and hence are so nearly complete that there is little likelihood of any very great change in the aggre gate for the railroad mileage of the country as a whole. If the loss is relatively slight, having regard to the magnitude of the railroad system, its importance as indicating disturbed conditions is not to be under estimated. The normal status in a new and fast developing country like the United States is one of growth from year to year—quite fair growth, too, where not interrupted by extraneous circumstances. Instead of this normal growth in 1911 we have an actual loss to the extent indicated by our figures. It is obvious that the’harm sustained is not to be measured by the mere amount of loss in earnings actually recorded, but by this loss plus what the further addition to the total would have been had the normal status prevailed. The fact is, 1911 belongs in the same class as the year 1908 (which followed the panic of 1907), except that the setback and falling off were much less pronounced. In both 1910 and 1909 the additions to the revenues of the road were very large and these years furnish a sharp contrast with the results for 1911. For 1910 the gain reached no less than 8239,901,258 and for 1909 it amounted to 8282,453,959, using for both periods the footings arrived at by combining the figures in the monthly summaries of the Inter-State Commerce Commission. An important distinction, of course, must be made between the improvement in 1909 and that in 1910. One represented merely a recovery of what had been lost in 1908 while the gain in 1910 represented new growth. The loss in 1908 in amount was larger even than the gain of 1909 or 1910 notwithstanding the magnitude of these latter. According to our final tabulations the loss in gross revenues for 1908 reached 8301,749,724. But these figures covered only 199,726 miles of road. Careful computations which we made at the time showed that if we could have had returns for the whole railroad mileage of the country, the decrease in gross earnings would probably have been no less than 8345,000,000. Prior to 1908, we need hardly say, we had an uninterrupted series of gains, year by year, back to 1896, as will appear from the following summary of the yearly totals. The mileage covered in each year is indicated in the table. September and October, and later also December. The following furnishes the comparisons for each of the twelve months. It is to be said that the weather was not a disturbing influence in the early months, as it sometimes is when the winter is a severe one. On this occasion it was comparatively mild,though in January over a limited section in the Sierra Mountains the heaviest snowstorm and blizzard in fifty years was reported. The Harriman roads the latter part of the year had a strike of the shopmen to contend with, this strike having been inaugurated the last day of Septem ber and having continued through the rest of the year. The Illinois Central suffered most severely and the Union Pacific and Southern Pacific likewise were unfavorably affected, though not to anywhere near the extent of the Ilinois Central. Month. Miles of Road in 1911. January __________ February _________ March____________ April.......................... May ............................. June ........................... July ............................. August......................... September.................. October...................... November ............... December .................. 242,479 242 640 242,686 242,933 243,170 243,742 244,508 244,531 245,494 236,291 234,209 238,561 1910. 238,866 238,603 238,941 239,132 239,357 240,012 240,088 240,170 240,825 233,199 231,563 235,682 Gross Earnings. 1911. 1910. Inc. (+) or Dec. (—). S $ $ 215,057,017 199.035,257 226,997,481 218,177,123 229,642,771 231,697,053 231,688,006 253,043,102 257,256,762 260,482,221 241,343,763 233,614,912 210,808,247 + 4,248,770 202,492,120 —3,456,863 238,336,609 —11 339.128 225,700,811 —7,523,683 234,339,874 —4,697,103 238,156,755 —6,459,702 233,169,887 —1,481,881 254,886,944 —1,843,842 256,748,775 + 507,987 259,111,859 + 1,370,362 243,111,388 —1,767,625 232,275,177 + 1,339,735 % 2.01 1.78 4.76 3.33 2.00 2.71 0.65 0.72 0.19 0.53 0.73 0.57 A few figures bearing upon traffic movements may be cited to show the extent to which the railroads suffered from the reaction in trade. The shipments of iron ore by water from the Upper Lake ports aggre gated only 32,130,411 tons in 1911, against 42,620,206 tons in 1910 and 41,683,599 tons in 1909. That means, of course, that there was just so much less for the railroads to distribute after the ore was de livered at the Lower Lake ports. The production of pig iron in 1911 was but 23,649,344 tons, against 27,303,567 tons in 1910 and 25,795,471 tons in 1909. The shipments of Connellsville coke in 1911 footed up 16,334,174 short tons in 1911, against 18,689,722 tons in 1910 and 17,785,832 tons in 1909. Anthracite coal shipments were larger than in 1910, as the anthracite trade often follows a course of its own. These anthracite shipments in 1911 were 69,954,299 tons, against 64,905,786 tons in 1910. Bituminous coal production, however, was doubtless smaller than in the preceding year, though perhaps not very largely so, since in 1910 difficulties with the miners led to wholesale suspension of mining operations over important districts for considerable periods of time. In the early months of 1911 the market for bituminous coal was reported as overstocked, and many of the mines in important sections of the country were reported as working to only a limited portion of their capacity. The statement of coal and coke carried over the lines of the Pennsyvania Railroad, East of Pittsburgh and Erie, for the calendar year 1911, Mileage. Gross Earnings. Increase (+) Jan. 1 to or shows an aggregate of 65,015,701 tons carried, against Dec. 31. Year Year ZraYear Year Decrease (—■). Given. Preceding. Given. Preced. cr’se. 65,916,840 tons in 1910, the decrease being 901,139 Year. Mites. Miles. % S $ S % The decrease, however, was wholly in the 1894 ......... 156.911 155,950 0.62 1,046,616,407 1,176,821,735 —130,205,328 11.07 tons. 1895 ......... 157.537 156,110 0.90 1,086,464,608 1,024,461.781 + 62,002,827 6.05 coke shipments, as the movement of both anthracite —266,004 0.02 1896 ......... 162,037 161,340 0.83 1,114.430.883 1,114,696,887 1897 ......... 165.253 163,840 1.15 1,185,154,654 1,122.817.579 + 62,337,075 5.55 and bituminous coal was larger than it had been in the 1898 ____ 164,893 163,075 0.89 1,253.807.714 1,172,777,136 + 81,030,578 6.98 1899 ____ 164,080 161,295 2 20 1,332,666,853 1,213,686,610 + 118,980,243 9.81 1900 ____ 172,358 167,396 2.97 1,459,173.305 1.345,201,005 + 113,972,300 8.46 previous year. 1901......... 179,097 176,673 1.25 1,603,911,087 1,454,922,185 + 148,988,902 10.24 Besides the presence of business depression an 1902 ......... 181,928 178,929 1.56 1,705,497,253 1 604 633.539 + 100,863.714 6.28 1903 ......... 181,138 177,427 2.13 1.918.652.252 1.716.458.891 +202,193,361 11.77 1904 ......... 196,724 193,257 1.65 1,966,596,578 1,957,831,299 + 8,765,279 0.45 adverse influence with most Western roads was the 1905 ......... 195,251 193,385 0.96 2,099,381,086 1,929,382,949 + 169,998,137 8.76 1906 ......... 203,411 199,983 1.71 2.374.196.410 2.132.282.814 +241,913,596 11.34 lessened grain yield of 1911 as a result of the drought 1907 ____ 205,276 202,953 1.14 2,595,531,672 2,373,888,811 + 221,642,861 9.33 1908 ____ 199,726 197,237 1.26 2,235,164,873 2,536,914,597 —301,749,724 11.90 and hot weather experienced during the growing period. 1909 ____ 228,508 225,027 1.54 2,605,003,302 2,322,549,343 +282,453,959 11.50 1910____ 241,364 238,080 1.87 2,836,795,091 2,597,783,833 +239,901,258 9.25 At the Western primary markets aggregate receipts 1911......... 241,432 238,275 1.32 2,826.571,890 2,857,570,374 —30,998,484 1.09 were smaller during the calendar year 1911 than Beginning with February there was a loss in gross during 1910 in the case of every one of the leading earnings in each and every month with the exception of cereals, namely wheat, corn, oats and barley, thus http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 90 RAILROAD EARNINGS. reversing the experience of the previous year, when m the case of every one of these items there was a con siderable increase over 1909. Adding rye, aggregate receipts of the five cereals for the 52 weeks of 1911 were only 612,608,743 bushels, against 702,977,509 bushels in 1910 and 636,375,483 bushels in 1909. The loss from 1910, it will be seen, was over 90,000,000 bushels. A considerable portion of this falling off occurred during the first six months, the grain receipts at the Western primary markets during the first 26 weeks of 1911 having been 229,648,363 bushels, against 288,194,670 bushels in the first 26 weeks of 1910. In the case of wheat the whole of the loss of the year was incurred in the first half of the year. This was owing mainly to the fact that at Duluth and Minneapolis the receipts the latter part of the year increased. The spring-wheat yield in Minnesota and the Dakotas was deficient in both 1911 and 1910, but apparently in certain sections of that territory the 1911 crop, though still small, was somewhat better than the 1910 crop had been, with the natural con sequence of enlarged deliveries of the grain at the two chief receiving points, Duluth and Minneapolis. In the following we show the details of the Western grain movement at the different markets for the 52 weeks of the last two years: RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY I TO DECEMBER 31 1906 TO 1911 INCLUSIVE. Ports. Full Year. 1911. 1910. 1909. 1908. 1907 1906. Galveston......... bales. 3,135,813 2,882,807 3,052,438 3,663,535 3,002,472 3,189,408 806,305 407,029 343,846 154,891 167,922 151,159 Port Arthur, &c____ New Orleans............... 1,495,219 1,579,170 1,609,732 2,134,367 2,045.236 2,103,161 Mobile____________ 290,769 277,087 317,346 364,778 302,483 255,533 243,241 157,166 223,531 202,910 170,802 178,360 Pensacola, &c______ Savannah -------------- 1,914,008 1,378,979 1,536,742 1,493,264 1,538,156 1,507,892 Brunswick____ ____ 322,324 209,267 296,747 283,772 196,403 171,431 Charleston_________ 338,288 288,519 249,302 186,601 198,416 150,600 Georgetown________ 637 1,509 1,490 2,140 1,955 1,836 Wilmington________ 432,591 377,523 385,410 427,673 440,480 310,715 Norfolk___________ 599,158 623,987 579,354 580,353 583,959 555,235 37,792 27,164 22,136 Newport News, &c__ 11,650 10,053 7,169 Total_____________ 9,591,202 8,193,077 8,623,752 9,501,268 8,684,758 8,597,139 The shipments overland did not quite come up to those of the two years preceding, they aggregating 1,243,162 bales in 1911, 1,317,813 bales in 1910 and 1,324,203 bales in 1909. In the first six months the shipments overland were 579,703 bales in 1911, 509,664 bales in 1910 and 710,783 bales in 1909. Southern roads, as a class, did better than those of any other group. We have seen that the cotton movement was larger than that of the preceding year. In addition, during the first six months the price of the staple was maintained at very high figures. The latter part of the year the South sent to market cotton from the very largest crop ever produced. Aside from the iron industry, business in the South was apparently highly prosperous. Certainly trade conditions in that section were far superior to those in other sections. The anthracite coal group of roads made larger earnings, owing to the fact that the shipments of Oats. Rye. Wheat. Corn. Barley. Jan. 1 to Flour. (bush.) (bush.) (bush.) (bush.) (bush.) Dec. 31— (66U.) anthracite to market were on an increased scale. Chicago— 1911.-.5,472,622 35,567,702 97,156,700 86,096,500 21,569,000 1,694,700 Bearing ah these facts in mind, it is not surprising 1910.-.8.006.283 27,537,900 102,565,850 101,859.100 25,721,000 1,153,500 Milwaukee— that when the returns of the separate companies are 1,851,140 11,070,004 8,217,850 7,459,810 11,160,856 1911...3,142,494 8,097,700 13,319,010 14,588,493 1,431,540 examined, it is found that, notwithstanding earnings 1910...3,144,725 10,313,810 St. Louis— 1,992,552 202,090 of the railroad system as a whole were smaller than 1911...2,490,605 15,633,175 20,904,231 18,362,500 2,405,865 334,923 1910...2,678,045 19,162,310 22,061,082 21,885,120 during 1910, quite a number of separate companies Toledo— 12,000 3,539,000 1911.................... 6,523,000 4,612,000 As a matter of fact, 110,650 record larger or smaller increases. 4,325,100 4,024,150 1,000 4,313,600 1910...................... Detroit— it is mainly the roads in the western half of the country 2,810,880 1911.. . 283,452 2,308,946 3,321,755 2,636,908 3,338,040 1910.. . 242,534 1,827,373 that fared poorly, though some of the trunk lines, like Cleveland— 512 the Pennsylvania, also suffered heavy decreases. 2,504,285 39,615 489,591 3,541,460 1911... 30,974 83,732 7,242 5,296,624 836,133 5,035,336 1910... 87,608 In the following we show all changes for the separate Peoria— 1,983,743 243,300 6,649,158 1911...2,139,096 1,239,155 14,865,005 371,192 roads for amounts in excess of $500,000, whether in 1,216,264 16,746,293 12,608,567 2,745,229 1910...2,822,294 Duluth— It will be observed that while 744,388 creases or decreases. 1,498.649 4,522,760 6,118,608 1911... 665,655 31,144,429 463,080 the increases are not nearly so conspicuous as the 951,363 5,872,499 10,826,622 1910... 842,545 32,247,331 Minneapolis— 6,607,741 10,732,974 20,178,140 2,281,239 decreases, yet they are respectable both in number 1911...................... 89,711,290 9,927,731 19,436,888 21,653,706 1,890,680 1910...................... 100,168,079 and amount. In some cases special causes exist Kansas City— 24,092,710 15,441,900 5,911,700 1911 for the improved results in 1911. Thus the gain 41,675,450 16,101,650 4,801,800 1910 -of $2,586,346 by the San Pedro Los Angeles & Total ol all— 1911..14,224,898 214,927,848 175,409,251 152,199.761 63.04 ° 51- 7,029,369 Salt Lake road is due to the fact that in the previous 78,025,647 5,762,807 1910..17.824.034 239,298,250 188,150.145 191,740,666 year the loss in earnings was as conspicuous as the The falling off in grain at the West was not duplicated present gain, part of the line having been closed by in the movement at the seaboard, which doubtless is floods in the early months of 1910. one reason why the earnings of the trunk lines between PRINCIPAL CHANGES IN GROSS EARNINGS FOR TWELVE MONTHS. T Chicago and St. Louis and the seaboard are much NY Cent & Hudson Riv.$&4,046,385 Pennsylvania (3)_______ $1/9,081,617 San Ped Los Ang & S L. 2,586,346 Northern Pacific_______ 8,026,010 more satisfactory, as a rule, than the comparisons for Southern Railway______ 2,440,005 Union Pacific (3)_______ 6,000,434 5,656.165 Lehigh Valley____________ 2,159,651 Southern Pacific (10)___ the Far Western roads. For the 52 weeks ol 1911 the Atlantic Coast Line_____ 1,736,445 Duluth Mlssabe & North 5,198,610 Seaboard Air Line______ 1,765,693 Chicago Burl & Quincy.. 4,738,512 deliveries of wheat, corn, oats, barley and rye at Chic Milw & Puget Sd... 1,497,262 Chicago Milw & St Paul. 3,658,536 ____________ 1,341,170 Colorado & Southern (3) 2,810,028 seaboard points aggregated 219,222,512 bushels, Virginian.. Boston & Maine________ 1,194,063 Baltimore & Ohio______ 2,798,836 Erie (2)............... 1,057,549 Chicago & North West.. 1,991,865 against 177,292,063 bushels in 1910 and 201,871,110 Delaware & Hudson.___ 1,028,245 Rock Island (3)________ 1,902,348 Central of Georgia______ 896,889 Pittsburgh & Lake Erie. 1,744,137 & Iron Range__ 1,413,123 bushels in 1909. The increase over 1910 was 42 Norfolk & Western_____ 819,897 Duluth 1,343,338 N Y N H & Hartford... 773,390 Great Northern________ Island___________ 738,635 Hocking Valley________ 1,088,133 000,000 bushels, besides which there was also some Long Spokane Portl’d & Seattle 734,076 Lake Shore & Mich Sou. 1,059,214 & Alton_______ 719,113 Denver & Rio Grande__ 991,255 gain in the flour deliveries. Of the gain somewhat Chicago Internat & Great North. 612,377 Atch Top & San Fe (11) 946,406 of New Jersey__ 609,149 Chicago St P Minn & O.. 928,519 over one-half was made in the first 26 weeks, when Central 869,238 Carolina Clinchf'd & Ohio 566,508 Illinois Central_________ 806,661 ............................ 558,047 Kansas City Southern__ the deliveries in 1911 were 105,218,525 bushels, Vandalia Del Lack & Western____ 533,631 Wabash________________ 569,270 Maine Central __________ 509,562 Vandalia ______________ 558,047 against 81,375,347 bushels in 1910. Mobile & Ohio_________ 506,188 Southern roads had the advantage of a larger cotton Representing 25 roads Representing 50 roads In our compilation..$29,431,276 in compilation..$64,180,302 movement. At the Southern outports the receipts Note.—Figures In parenthesis after name of road Indicate the number of lines or companies for which separate returns are given and which we have for the calendar year 1911 were 9,591,202 bales, combined so as to make the results conform as nearly as possible to those given in the statements furnished by the companies themselves. against 8,193,077 bales in 1910 and 8,623,752 bales in b These figures cover merely the operations of the New York Central itself. the various auxiliary and controlled roads, like the Michigan Cen 1909. Even in the first six months of the year some Including tral, the Lake Shore, the “Big Four,” the “Nickel Plate,” &c., the whole going to form the New York Central System, the result Is a gain of $1,308,229 improvement was established, as compared with the y These figures represent the lines directly operated east and west of Pitts burgh, Eastern lines showing $2,969,886 decrease and the Western lines small total of 1910, but still leaving the receipts far $6,111,731; for all lines owned, leased, operated and controlled, the result for the twelve months is a loss of $9,571,545. short of the large total of the first six months of 1909. In the net earnings the results on many roads were In 1911 the receipts for the six months were 2,265,913 better than in the case of the gross, and yet our bales, in 1910 1,964,066 bales and in 1909 3,408,041 monthly summaries show that net earnings as a whole bales. fell off in all the months except September, October http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Tl CTCdSCS. RAILROAD EARNINGS and December. In the following we show the monthly comparisons as to both gross and net and also furnish a footing for the twelve months, which, however, differs somewhat from the totals of gross above. Gross Earnings. M’nth Jan._ Feb.. Meh . Apr.. May . June July . Aug . Sept. Oct . Nov . Dec.. 1911. 1910. $ 215,057,017 199,035,257 226,997,481 218,177,123 229,642,771 231,697,053 231,688,007 253,043,103 257.256.762 260,482,221 241.343.763 233,614,912 Net Earniygs. Inc. or Dec. $ 9 210,808,247 + 4,248,770 202,492,120 —3,456,863 238,336,609 —11,339,128 225,700,811 —7,523,688 234,339,875 —4,697,104 238,156,755 —6,459,702 233,169,888 —1.481.881 254,886,944 —1,843,841 256,748,778 + 507,984 259,111,859 + 1,370,362 243,111,388 —1,767,625 232,275,177 + 1,339,735 1911. 1910. Inc. or Dec. S 53,890,659 49,888,584 68,994,408 64,459,713 69,848,750 72,764,132 73,671,604 88,583,351 92,882,796 93,836,492 79,050,299 61,225,377 $ 57,373,968 56,920,786 78,262,126 66,646,373 71,843,544 77,157,584 73,993,983 89,589,530 91,592,947 91,725,725 82,069,166 56,776,970 $ —3,483,309 —7,032,202 —9,267,718 —2,186,660 —1,994,794 —4,393,452 —322,379 —1,006,179 + 1,289,849 +2,110,767 —3,018,869 + 4,448,407 Total. 2798,035,470 2829,138,451 —31,102,981 869,096,165 893,952,702 —24,856,537 91 EARNINGS OF SOUTHWESTERN AND PACIFIC GROUP. Year. 1911. 1910. $ $ 1909. 1908. 1907. 1906. $ $ $ A T & SF c 106,825,573 107,771,979 99,880,253 89,161,173 97,330,121 85,020,061 Col & So.5 14,434,581 17,244,609 15,649,266 14,527,918 14,475,389 12,510,188 Den & R G 22,880,019 23,871,274 22,288,589 19,464,019 22,136,141 20,389,152 Int&GtNo 9,673,310 9,060,933 8,275,589 7,503,807 7,954,182 7,752,107 M K & T. 28,695,791 28,326,574 25,665,384 23,774,567 26,148,821 23,159,324 Mo Pac__ 53,748,531 53,638,138 49,394,524 43,112,487 49,182,037 46,587,556 St L & S F 757,592,526 757,249,499 50,814,066 45,081,828 51,739,438 44,601,212 St L Sou’w 11,784,603 11,649,984 10,584,303 9,694,050 10,477,404 9,736,797 South Pac 130,552,181 136,208,346 127,692,744 117,657,280 132,428,519 113,586,845 Tex & Pac 16,139,027 16,375,802 14,960,652 13,917,313 16,671,664 14,914,608 Union Pac 86,202,236 92,202,670 83,961,212 75,760,017 80,187,752 70,490,706 $ Total__ 538,600,149 553,660,811 509,165,406 459,654,468 508,731,468 448,748,556 b Includes all affiliated lines except Trinity & Brazos Valley RR., but figures for Colorado Springs & Cripple Creek Dlst. are excluded beginning Nov. 1 In 1911 only. c Atchison figures Include earnings of the Denver Enid & Gulf RR., Pecos Valley system and Santa Fe Prescott & Phoenix Ry. 7 Includes Chicago & Eastern Illinois In all years and the Evansville & Terre Haute In 1911 and 1910. EARNINGS OF TRUNK LINES. Year. 1911. 1910. 1909. 1908. 1907. 1906. Tremendous efforts were put forth in 1911 to $ $ S $ $ $ Balt & Oa 88,071,011 90,869,847 82,293,630 69,870,644 83,357,868 80.552.847 reduce expenses, owing to the discouraging outlook CCC& StL 30,431,915 30,423,005 27,657,741 24,621,661 26,447,804 24,594,915 for the carriers. Maintenance outlays were heavily Peo &E. 3,218,283 3,536,067 3,026 856 2,764,463 3,010,347 3,059,280 ____ 57,073,104 56,015,555 52,819,783 48,226,102 54,516,254 51.167.847 cut and economies enforced in every direction. In LErie S & M S 48,360,997 49,420,211 45,110,997 39,066,941 44,953,474 42,544,378 Cent 30,164,490 29,694,816 27,415,466 24,222,139 28,547,110 26,275,587 individual cases these efforts yielded satisfactory Mich NYC&HR 6103 954 863 99,908,478 93,172,861 c83,927,354 98,369,060 92,089,766 Pa — East results, but as far as the roads as a whole are con P & Erie. 157,487,413 160,457,299 153,567,090 136,296,871 164,812,826 148,239,890 Wes P&E 88,660,523 94,772,254 84,013,141 70,336,682 88,984,022 80,522,307 cerned, the above figures demonstrate that the im Wabash .. 29,257,288 29,826,558 27,439,595 24,956,064 27,434,923 26,467,456 pression made was not very striking. For,as will be Total__ 548,608,876 554,054,243 596,516,161 524,288,921 620,433,688 575,514,268 seen, with $31,102,981 loss in gross the loss in net a Includes the Cleveland Lorain & Wheeling Ry. beginning July 1 1908. was almost equally large and amounted to $24,856,537. c This Is on the basis of accounting prescribed by the Inter-State Commerce Com mission; on the old basis of accounting earnings for the calendar year 1908 were Such a showing is all the more significant, bearing in $88,849,368. mind the tremendous rise in expenses in the twelve b Boston & Albany, as also the Beech Creek RR„ the Walklll Valley RR., the York & Ottawa, the St. Lawrence & Adirondack, the Ottawa and New York, months preceding, when with a gain of $239,901,258 New and the Fall Brook System, Included for all the years. in gross earnings, the addition to net earnings amounted We now add our full detailed statement embracing to only $5,008,641. all roads for which it has been possible to procure or to To complete our analysis we furnish the following make up the figures for the last two calendar years. six-year comparisons of the earnings of leading roads Mileage. Gross Earnings. arranged in groups. EARNINGS OF SOUTHERN GROUP. Year. Ala Gt So. Cent of Ga Ches & Oh C N O&TP Lou&Nash Mob& Oh. N C &St L Nor & Wes South Ry. Yaz & MV 1911. $ 4,571,200 13,422,476 32.709,160 9,234,046 54,372,032 11,494,822 12,418,864 37,048,471 61,592,940 10,452,387 1910. 1909. 1908. 1907. $ $ $ S 4,516,365 3,769,596 3,359,232 4,050,470 12,525,587 11,467,327 11,006,893 12,310,456 32,540,622 28,882,509 24,270,095 28,189,556 9.446,989 8,381,467 7,363,650 8,625,267 54,428,973 47,925,523 43,508,681 48,608,049 10,988,634 10,013,995 9,199,535 11,077,296 11.926.765 11,276,396 10,551,123 12,326,926 36,228,574 31,956,442 26,643,769 33,097,720 59,152,935 54,366,745 49,3.35,470 57,166,680 10,516,298 610,002,427 al0,074,844 al0,220,241 $ 3,942,648 11,643,275 25,322,229 8,615,228 45,856,765 10,034,201 11.546.933 29,686,565 55,353,297 9,412,977 Total__ 247,316,398 242,271,742218,042,427 195,313,302 225,672,664 211,414,118 a Beginning with July 1907, Includes some large Items of Income not previously Included In monthly returns. 6 No longer includes receipts for hire of equipment, rentals and other Items. EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP. Year. 1911. 1910. 1909. 1908. 1907. 1906. $ $ $ $ $ $ Buf R & P 9,058.247 9,168,648 8,144,307 6,701,341 8,866,671 7,467,336 Ch Ind &L 6,331,826 6,172,723 5,618,230 5.043,676 5,771,426 5,896,069 Hock Val. 6,854,322 7,942,455 6,465,433 5,581,218 7,121,718 6,522,027 Illinois C. d60,332,238 <761,201,476 c57.277.466 655,326,259 660,563,931 54,277,180 5,420,821 5,513,326 5,043,990 4,361,158 5,066,940 5,212,810 LE &W Tol & OCe 4,938,646 5,089,986 3,940,889 4,140.761 4,873,550 4,362,500 TolP & W 1,269,886 1,256,112 1,111,051 1,165,834 1,287,589 1,252,545 TStL& W 3,847,591 3,787,928 3,598,274 3,426,320 4,246,597 4,163,868 Wh & L E 9,111,681 6,989,353 6,275,713 4,992,247 6,521,673 5,475,732 Total__ 105,162,258 107,122,007 97,475,353 90,738,814 104,320,095 94,630.067 b Beginning with July 1907, figures include some large Items of Income not pre viously Included In monthly returns. c No longer Includes receipts for hire of equipment, rentals and other Items. d Includes Indianapolis Southern from July 1 In 1911 and 1910. EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP. Year. Ch Gt W.c Ch M&StP Ch&N W CStPM&O Dul SS&A Gt Nor Sys Minn&StL Iowa C. MSP&SS.e Nor Pac. _ StJ& Gris) 1911. 1910. 1909. 1908. 1907. 1906. $ $ 12,732,006 66,456,697 75,590,299 16,192,865 3,317,352 64,372,007 5,059,360 3,418,312 22,923,952 70,932,666 1,686,697 $ 10,913,359 61,302,252 69,810,553 14,177,751 3,055,222 57,751,425 4,559,276 3,224,028 21,118,612 70,887,281 1,564,991 $ 8,981,659 58,101,786 62,415,759 12,799,172 2,574,725 50,691,143 3,935.693 2,918,482 18,878,991 65,297,248 1,599,823 $ 8,643,517 60,283,902 69,338,590 13,694,109 3,298,866 59,921,050 4,063,407 3,134,467 20,711,656 72,175,434 1,709,507 $ 8,729,748 57.979.454 66.429.880 13.417.880 3,120,299 54,705,448 3,685,671 3,051,067 19,515,681 64.692.454 1,579,488 12,813,556 62,798,161 73,598,434 15,264,346 3,072,837 63,028,669 4,685,538 3,553,518 23,419,598 62,906,656 1,627,929 Total__ 326,769,242 342,682,213 318,364,750 288,194,481 316,974,505 296,907,070 c Beginning with September 1908, Includes the Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific. e Includes Wisconsin Central for all the years. EARNINGS OF ANTHRACITE COAL GROUP. Year. 1911. $ Cent of NJ 27,781,322 Lehigh Val 38,803,364 N YO& W 9,095,635 NYS&W 3,989,335 Phil & Rd 45,893,053 1910. 1909. 1908. 1907. 1906. $ S $ $ $ 27,172,173 25,873,207 25,455,032 28,086,934 24,838,721 36,643,713 34,353,823 33,045,979 37,032,961 33,591,852 9,106,924 8,399,229 8,155,469 8,216,140 7,533,725 3,618,052 3,417,432 3,113,624 3,366,461 2,839,298 46,201,852 42,250,346 39,576,781 45,872,065 40,782,938 Total__ 125,562,709 122,742,712 114,294,037 109,346,885 122,574,561 109,586,534 d These are the earnings of the railroad company only; the results of coal-mining operations are not Included In any of the years. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Jan. 1 to Dec. 31. 1911. 1910. Ala & Vicksburg.c Ala Great South.c Ann Arbor.c_____ Arizona Eastern.. Arlz & New Mex__ A T & S Fe(llrds)c Atl Brim & Atlan.c Atlan & West Pt__ Atlantic & St Lawr Atlan Coast Llne.c Atlantic City____ Baltimore & Ohio. B & O Chic Ter. Bangor & Aroos.. Beau Sour L & W_ Bessemer & L Erie Belt Ry of Chicago Birmingham South Boston & Maine. _ Buffalo & Susq. _ Buff Roch & P.c.. Butte Anac & Pac. Can Pac Ry In Me. Caro Clinch! & O._ Central New Eng. Central of N J.c.. Central of Ga.c__ Central Vermont.. Charleston & W Ca Ches & Ohio c___ Chicago & Alton_c Chic & Nor West . Chic Burl & Quin Ch Det & Can GrTr Chic Great West.c Chic Ind & Louis.c Chic Milw & St P. Ch Mllw & Pug Sd. Chic Peoria & St L Chic St P M & O._ ChlcT H & S E... Cln Ham & Dayt. Cln N O & Tex P.c Coal & Coke _ _ Colo & So (3 rds)c Colorado & Wyom Colorado Midland. Colum & Puget Sd Cumb & Penn__ Delaware & Hud Del Lack & West. Denv & Rio Gr.c. Denv N W & Pac Det & Tol Sh Line Detroit & Mack.c. Det Gr Hav & Mil. Det Tol & Iront.c. Dul & Iron Range Dul Mlssabe & Nor Dul Rainy L & W. Dul So Sh & Atl.c Elgin Joliet & East Erie (2 roads) .c.. El Paso & Southw. Florence & Crip Cr Florida East Coast Fonda Johns fc Gl. Ft Smith & West’n Ft Worth & Rio Gr Georgia. --------- c. Georgia & Florida Ga Sou & Fla .c. Grand Trunk West Great Northern. _ Green Bay West’n Gulf & Ship Island Hocking Valley— Houston <fe Tex C. Hunt <fe Broad Ton $ 1,693,308 4,571,200 2,125,523 1,785,887 814,610 106,825,573 3,078,533 1,254,392 1,441,958 32,496,052 2,073,745 88,071,011 1,467,122 3,344,093 585,602 7,950,668 2,573,616 720,545 45,324,831 2,453,038 9,058,247 1,040,682 1,224,198 1,975,489 3,326,548 27,781,322 13,422 476 4,107,111 1,999,816 32,709,160 14,672,943 73,598.434 85.981.648 859,994 12,813,556 6,331,826 62,798,161 15,426 731 1,691,242 15,264,346 1,790,446 9,901,312 9,234,046 786,773 14,434,581 828,308 1,859,687 547,061 900,050 21.357,924 36,586,562 22,880,019 1,087,180 1,064,184 1,197,707 2,227,279 1,662,860 6,713,222 7,258,444 677,891 3,072,837 8,730,591 57,073,104 7,128,153 517,650 4,351,172 948,829 793,565 933,386 3,342,819 769,245 2,414,561 6,560,592 63,028,669 660,484 1,990,110 6,854,322 6,172.363 536.319 $ 1,785,278 4,516,365 2,016,459 1,827,389 892,487 107,771,979 2,701,569 1,142,687 1,399,883 30,759,607 1,928,368 90,869,847 1,472,689 3,073,362 504,981 7,602,132 2,400,008 799,297 44,130,768 2,149,001 9,168,648 1,189,715 1,109,464 1,408,981 3,097,689 27,172,173 12 525,587 3,866,962 1,708,689 32,540,622 13,953,830 75.590.299 90.720.160 679,139 12,732,006 6,172,723 66,456,697 13 929,469 1,790,078 16,192,865 2,139,282 9,473,468 9,446,989 766,851 17,244,609 907,023 2,149,272 643,369 990,056 20,329,679 36,052,931 23,871,274 1,055,403 933,124 1,227,645 2,025,021 1,819,765 8,126,345 12,477,555 517,880 3,317,352 8,941,592 56,015,555 7,516,739 422,759 3,933,211 946,984 749,722 1,017.705 3,079,169 610,903 2,367,613 6,146,881 64,372,007 638,646 2,019,936 7,942,455 6,030,572 671.271 1906. Inc. or Dec. ( +). 1911. 1910. $ 142 142 —91,970 + 54,835 309 309 + 109,064 292 292 —41,502 366 354 —77,877 108 108 —946,406 10,712 10,358 + 376,964 661 661 93 + 111,705 93 167 167 + 42,075 + 1,736 445 4,523 4,493 + 145,377 167 167 4,434 —2,798,836 4,433 77 —5,567 77 + 270,731 627 628 + 80,621 118 118 205 + 348,536 204 + 173,608 21 21 37 —78,752 41 + 1,194,063 2,225 2,243 + 304,037 356 356 —110,401 572 573 —149,033 46 46 + 114,734 233 233 236 + 566,508 238 277 277 + 228,859 + 609,149 671 631 1,915 1,915 + 896,889 + 240,149 411 411 341 + 291,127 341 2,224 + 168,538 2,242 + 719,113 1,026 1,026 —1.991.865 7.905 7.744 —4,738,512 9.074 9,091 + 180,855 60 60 + 81,550 1,496 1,489 + 159,103 616 615 —3,658,536 7,511 7,511 1,955 + 1,497,262 2,059 —98,836 255 255 1,743 1.743 —928,519 351 351 —348,836 1,015 + 427,844 1,015 336 —212,943 336 197 + 19,922 197 1,884 2,031 —2,810,028 —78,715 55 55 338 —289,585 338 58 —96,308 56 33 —90,006 33 852 . 8 9 + 1,028,245 + 533,631 958 930 2,553 —991,255 2,555 215 + 31,777 215 76 + 131,060 79 —29,938 353 360 +202,258 191 191 441 —156,905 441 —1,413,123 200 191 293 328 —5,219,111 93 93 + 160,011 608 —244,515 622 808 —211,001 842 2,228 + 1,057,549 2,264 902 902 —388,586 55 + 94,891 129 583 + 417,961 583 86 + 1,845 88 221 221 + 43,843 196 —84,319 235 307 307 +263,650 326 + 158,342 352 395 + 46,948 395 347 + 413,711 347 7,345 7,274 —1,343.338 225 225 + 21,838 307 —29,826 308 350 —1,088,133 353 789 + 141,791 789 71 —134,952 71 RAILROAD EARNINGS 92 Jan. 1 to Dec. 31. Mileage. Gross Earnings. Name of Road. 1911. 1910. Inc. (+) or Dec. (—). 1911. 1910. Mileage. Gross Earnings. Name of Road. Jan. 1 to Dec. 31. 1910. 1911. Penn lines E of Pitt Con—S 298,087 Cornwall & Leb. 2,891,331 Cumb Valley c. Long Island.c.. 10,517,751 134,231 Md Del & Va.c. NY Phll&Norf.c 3,326,455 Northern Cent|.c 12,745,867 Phil Balt & W|.c 18,914,244 12,009 Rosslyn Connect 1,485,554 Un RR of Balt. W Jer & Seash.c 6,247,667 Lines West of Pitt sburgh— 454,643 Cln Leb & Nor.. 3,562,709 Clev Akr & Cln. 5,031,661 Gr Rap & Ind c Tol Peo & Wes.c 1,269,886 Penn Company .c 50,110,590 Pitts C C & StL.c 38,549,933 9,970,327 Vandalia.c----138,765 Waynes & Wash 53,198 Wheeling Term. 867,832 Peo & Pekin Union Pere Marquette.c. 16,564,350 656,254 Perkiomen _. — 386,258 PierreRaD Cy&NW 1,289,691 Pitts Shaw & Nor. 45,893,053 Phlla & Read c_. 1,213,440 Port Reading. 805,211 Quincy Om & K C 2,463,037 Rich Fred & Pot-474,282 Rio Grande Sou.c. Rock Isl (3 rds) .c. 66,105,371 3,416,713 Rutland .- 1,627,929 St Jos & Grand Isl St L & S F (6 rds) - 57,592,526 2,153,386 St L Brown & Mex 1,545,331 St L Merch B & Ter 1,893,004 St L Rocky M&P.c St LoulsSW(2 rds)c 11,784,603 4,317,863 San Ant & Ar Pass 8,691,974 San Ped L A & S L Seaboard Air L.c. 22,630,424 617,483 South Buffalo----Southern Ry.c— 61,592,940 1,141,428 South Ry In Miss. Sou Pac (10 rds)_c 130,552,181 5,017,554 Spok Portl & Seatt Spokane Internat. 813,669 1,125,190 Syrac Bing & N Y. 788,625 Staten Isl Rap Tr. 1,085,524 Sunset — - — Tacoma Eastern.. 551,995 1,542,371 Tennessee Central. 2,590,368 Term Assn of St L Texas & Pacific.c. 16,139,027 646,315 Texas Midland Tonopah & Goldf. 759,670 Tol St L & West.c 3,847,591 2,196,118 Trinity & Braz Val 1,079,244 Ulster & Delaware Union Pac(3 rds) .c 86,202,236 3,933,964 Union RR (of Pa) 1,435 563 Vicks Shr & Pac.c 1 581 332 Virginia & S W.c. 4,252,998 Virginian-----------Wabash _c_______ 29,257,288 Wab Pitts Term__ 626,699 1,156,643 Washington South 7,111,681 Wheel & Lake Erie 7,088,374 Western Maryland 1,361,021 Western Ry of Ala 948,413 Wich Falls & N W 753,247 Wilkes-Barre & E. 444,654 Wyoming & N W_ Yazoo & Miss Val.c 10,452,387 291 minor roads.. 44,627,800 Inc. (+) or Dec. (—). $ 387,593 3,128,258 9,779,116 129,244 3,466,617 12,798,628 19,021,707 17,363 1,561,953 5,981,673 1911. 1910. $ —89,506 —236,927 + 738,635 +4,987 —140,162 —52,761 —107,463 —5,354 —76,399 + 265,994 $ $ $ 26 26 Ill 103 726,132 —154,685 571,447 Idaho Wash & Nor 162 162 —869,238 4,755 4,732 Illinois Central- .c. 60,332,238 61,201,476 399 390 9,060,933 1,160 + 612,377 1,160 9,673,310 Int & Great Nor.c. 84 84 558 3,418,312 558 + 135,206 3,553,518 Iowa Central__ c. 112 112 176 3,078,581 + 67,761 176 3,146,342 Kanawha & Mich. 471 473 1,890,361 —111,520 809 740 1,778,841 Kan Cy Mex & Or.c 717 714 1,207 1,181 —806,661 9,631,464 10,438,125 Kan City Sou—c. 3 3 588,394 + 11,715 23 23 600,109 Lacka & Wyo Val 10 10 527,134 —12,686 11 11 514,448 Lake Terminal .. 356 353 + 106,802 97 97 1,433,743 1,540,545 Lehigh & Hud RIv 1,434 + 2,159,651 1,432 Lehigh Valley — 38,803,364 36,643,713 45 45 444,369 + 10,274 927,473 —63,444 fa. 170 170 864,029 Lehigh & New Eng 3,662,822 344 344 —100,113 96 515,053 +42,612 94 557,665 Lexington & East 587 5,148,994 —117,333 587 255 255 —15,991 1,406,712 1,390,721 Louisiana & Ark. . 247 247 1,256,112 + 13,774 351 1,619,206 + 201,923 351 1,821,129 Louisiana Ry & N. 1,416 1,416 54,170,875 —4,060,285 —56,941 4,705 4,591 Loulsv & Nashv.c 54,372,032 54,428,973 —2,051,446 1,468 1,469 40,601,379 200 1,224,815 —1,269 200 1,223,546 Lou Hend & St L. 827 827 10,528,374 —558,047 486,552 + 96,331 184 184 582,883 Manistee & N E. 28 28 143,511 —4,746 9,430,723 + 509,562 1,180 1,180 9,940,285 Maine Central — 10 43,929 + 9,269 10 1,331,342 + 115,514 375 324 1,446,856 Midland Valley— 905,953 —38,121 18 18 127 767,088 —25,717 127 741,371 Mineral Range, .c. 2,337 16,244,663 + 319,687 2,331 + 495,646 3,769 3,525 MStP&SSM(2rds)c 23,419,598 22,923,952 642,506 + 13,748 38 38 177 820,564 + 18,728 177 Minn & Internat’l. 839,292 511,833 —125,575 165 165 —373,822 1,027 5,059,360 1,027 4,685,538 Minn & St Louis c 1,319,113 —29,422 240 240 164 —27,071 164 868,608 841,537 Miss Central -. 46,201,852 1,014 1,022 —308,799 65 65 870,918 —104,886 Miss Rlv & BonneT 766,032 1,260,101 —46,661 21 21 —6,086 365 365 895,087 889,001 Mo & North’n Ark 262 833,870 —28,659 263 + 369,217 3,398 3,369 Mo Kans & Tex.c. 28,695,791 28,326,574 83 + 57,548 83 2,405,489 247 + 301,055 213 564,098 865,153 Mo Okla & Gulf... 606,729 —132,447 180 180 7,236 + 110,393 7,231 Mo Pacific (2 rds)c 53,748,531 53,638,138 8,027 68,007,719 —1,902,348 8,024 + 506,188 1,114 1,114 Mobile & Ohlo-.c. 11,494,822 10,988,634 3,339,833 468 + 76,880 468 1,456,084 —280,088 65 65 1,175,996 Monongahela------319 —58,768 319 1,686,697 —174,611 6 801,363 975,974 6 Monongahela Conn 6,520 57,249,499 +343,027 6,464 132 132 507,920 —42,128 465,792 Mun Marq & S E_. 510 1,810,573 501 + 342,813 1,255 +492,099 1,255 Nash Chatt & St L 12,418,864 11,926,765 9 1,845,667 9 —300,336 722,082 + 64,617 48 48 786,699 New Jersey & N Y 2,186,538 —293,534 105 105 282 + 38,340 282 1,663,149 1,701,489 New Orl Gt Nor.. 1,471 11,649,984 1,499 + 134,619 —119,890 165 165 1,528,425 1,408,535 Nevada Northern. 724 4,191,044 724 + 126,819 —3,079 13 13 521,380 Newburg & So Sh. 518,301 6,105,628 1,115 + 2,586,346 1,105 + 12,567 195 3,633,840 195 3,646,407 New Orl & N E c. 20,864,731 + 1,765,693 3,053 3,027 404 404 1,793,692 + 82,039 1,875,731 N O Mob & Chic.. 36 849.372 35 —231,889 264 1,093,037 + 189,901 264 1,282,938 New Orl Tex &Mex 59,152,935 + 2,440,005 7,089 7,039 +4,046,385 3,591 3,587 NY Cent&Hud R c 103,954,863 99,908,478 1,084,180 281 281 + 57,248 3,739,668 + 82,944 359 340 3,822,612 Chic Ind & So.c 136,208,346 —5,656,165 9,941 9,885 —23,506 45 45 221,123 197,617 Chic Kai & Sag. 4,283,478 551 433 + 734,076 —45,601 1,294,277 245 247 1,248,676 Cine Northern _c 161 141 1,123,793 —310,124 + 8,910 2,010 1,982 C C C & St L-C. 30,431,915 30,423,005 1,070,230 + 54,960 81 81 + 16,357 43 43 100,680 84,323 Det & Charlev. . 783,400 11 11 + 5,225 +4,601 315 242 91 91 319 843 Dunk All Val&P 57 57 1,069,398 + 16,126 2 7,965 + 3,163 2 11,128 Fulton Chain__ 624,145 —72,150 92 92 + 62,936 105 2,389,532 113 Indiana HarBelt 2,452,468 294 1,427,084 + 115,287 294 —11,682 42 42 84,871 73,189 Kankakee & Sen 35 34 2,685,218 —94,850 88 88 684,614 + 3,973 688,587 L E All & Wheel 16,375,802 —236,775 1,885 1,885 886 —92,505 886 5,420,821 5,513,326 Lake Erie & W c 581,570 125 125 + 64,745 84,230 + 8,410 14 14 92,640 Litte Falls & D. 818,634 —58,964 111 110 —1,059,214 1,662 1,775 Lake Sh & M S_c 48,360.997 49,420,211 + 59,663 3,787,928 451 451 —21,539 3 3 191,068 212,607 Lousv &Jeff Bge 2,049,571 + 146,547 463 463 + 469,674 1,804 1,746 Michigan Cent.c 30,164,490 29,694,816 —92,326 1,171,570 129 —48 2 129 5,891 5,843 2 Mt Gilead Sh L. 92 202 670 —6,000,434 6 661 + 19,131 7 219 561 561 N Y Ch & St L c 11,258,008 11,238,877 + 141,488 31 31 —317,784 3,792,476 3,536,067 351 351 Peo & Eastern.c 3,218,283 1,512,998 171 171 —1,744,137 191 —77,435 215 Pitts & Lake E.c 15,308,561 17,052,698 + 324,351 39,502 —1,561 24 24 1,256,981 240 188 37,941 Raquette Lake. + 93,782 + 1,341,170 474 2,911,828 65 65 475 719,531 625,749 St Lawr & Adlr. —151,340 —569,270 29,826,558 4,938,646 5,089,986 440 444 2,515 2,515 Tol & Ohio Cen.c 711,987 —85,288 63 478,213 —43,120 63 435,093 90 90 Zanesv & West + 773,390 2,091 1,106,821 36 36 2,041 + 49,822 N Y N H & Hartf. 62,751,213 61,977,823 —11,288 6,989,353 457 9,095,635 9,106,924 568 544 + 122,328 457 N Y Ont & West . + 371,283 —331,782 3,618,052 152 7,420,156 543 152 543 N Y Susq & West c 3,989,335 + 302,762 608 3,117,601 2,814.839 602 1,219,220 + 141,801 133 133 Norfolk Southern + 819,897 772,073 + 176,340 211 194 Norfolk & Western 37,048,471 36,228,574 2,005 1,952 —120,661 112 644,864 463,663 584,324 + 108,383 92 92 112 Northern Alabama —8,026,010 6,019 504,419 —59,765 148 148 Northern Pacific.. 62,906,656 70,932,666 6,018 3,306,887 + 162,353 417 10,516,298 376 3,469,240 1,372 1,372 Northwestern Pac. —63,911 44,707,491 Pennsylvania—Lin es East of P ittsburgh—■ —79,691 13,375 13,002 —2,969,886 3,981 3,982 Pennsylv RR.c. 157,487,413 160,457,299 —47,833 131,321 83,488 11 Balt & Sparr Pt. 11 Gr. Tot. (554 rds.) 2826571890 2857570 374 —30,998,484 241,432 238,275 269,321 +4,224 273,545 88 BaltChes&Atl.c. 88 Net dec. (1.09%). c These figures are furnished by the company. y These figures are for eleven months only In both years. COURSE OF PRICES OF BONDS ON NEW YORK STOCK EXCRANCE, 1907 TO 1911. 1907. BONDS. Ann Arbor—1st, 1995, gold-- -.4 Atch. Topeka & Santa Fe.— General, gold, 1995-........... -.4 4 Registered ___________ Convertible, gold, 1955------ -.4 Convertible, gold. 1917__ -.5 Adjustment, gold, 1995 . --4 Stamped, guaranteed------ -.4 4 Debenture ” 1908 4 Debenture “G,” 1909 4 Debenture ‘‘H,” 1910 F.astern Okhhntnfi Div. Id A Atlantic Coast Line—1st, gold-4 Louisv & Nash, coll, g, 1952 -.4 S S Drain * G 191ft A B & O—Prior lien, gold, 1925 314 Registered 3 Gold, 1948___ _____ ______ -.4 4 Registered ______ _ _ 3 P L E & W Va System___ -.4 S W Div, 1st, gold— _ 314 Mon R. 1st, guar, gold___ --5 Pitts & W. 1 st. 1917 A Alleg & W. 1st. guar_____ . 4 R & P. Cons. 1st_________ --6 4 Buffalo <& Susq—1st .ref_ Can Southern—1st. guar.. . -.5 J P M & Co certificates. _ . 2d mortgage---------- -------- -.5 Registered__ ... - 5 5 Central of Georgia—1st Consolidated, 1945. gold . -.5 5 1st preferred income- - Stamped_____ 5 2d preferred income__ __ Stamped_______ f> 3d preferred income. __ Stamped_____________ Chattanooga Division. 1951 . 4 5 Mobile Division, 1946 Central RR & Bkg, Georgia-. -.5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis March April May August September October November December January February June July Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 90+ 90+ 90+ 91 89 89+ 86 87 84+ 86+ 81+ 86 82+ 85 102+ 100+101+ 97+ 101+ 97+ 100% 96+ 98+ 97+ 98+ 97% 98+ 101+ 9634 9634 97 98 93+ 100+ 9234 96 108+ 102% 105% 93+ 103+ 99 103 93+ 96+ 100 101 90 92+ 90+ 9034 86 87 92 92+ 90+ 91+ 91+ 92 88 89 86 86 92+ 91 92 92 90 92+ 90+ 92+ 8634 9034 85+ 87+ 86 87+ 99 99 101 101 98% 98% 96 96 91 91 93 93 94+ 9534 93+ 95+ 9712 98+ 97+ 98+ 9234 96+ 93 95+ 94+ 96 84+ 86 82 84 85+ 84 88 83 89 89+ 88 89+ 86+ 88 94 94 92 93 92+ 93% 90+ 9234 92 93+ 893g 93+ 92 921, 90 9034 92U 92+ 89+ 89+ 101l4 102% 101+ 102 99+ 10134 98+ 10034 98+100% 98+ 99+ 98+ 100 100 1011" 101 101+ 1003. 1003. 98 1003g 98 100 98 98 97+ 971 •> 891" 90 89+ 89+ 89 ' 89 " 86 86 93 94+ 92+ 93+ 90+ 92 95 96 89+ 91 95+ 95% ' 93 95 8534 87+ 8912 90+ 90+ 9034 89 903g 88% 90+ 8734 893g 87+ 89 105+ 105+ 94 94 1181->1181 ■> 1161911619 112 115 113+11434 102 ” 102 102+ 103+ 122+ 123G 1183,1 1183, 118 118 94% 96+ 96 ” 96% 8934 9419 100 100+ 100+ 100+ 100 10034 100+ 101% 101+102 102 102+ 99+ 100+ 101 101 102 104% 10512 104+ 105 101 102% 102 116 116 IO9I2UI 10934110+ 105 110 90 90 85+ 85+ 90 90 89 89 73+ 75+ 74 74 73 73 6310 65 63 “ 66 62+ 64 IO6I2IO8 85+ 84+ 85+ 84 95 98% 9634 9634 88+ 95+ 97 100% 87+ 88 63 102+107 85 85 88 88 70 74 74 74 58 58 102 104 70 70 57 58 70 70 57 58 1 105+ 105+ .... .... 105+105+ 102+ 102+ 100 1 1 77 86 89 91 91 96 99+ 96+ 99 94 95 88 88+ 88 “ 957g 80 ’ 89 89+ 87 89+ 85 85+ 87+ 8534 86+ 83 90+ 88+ 97+ 95+ 85 89+ 86+ 79 85 79 8534 89 79 94+ 963g 8434 87+ 93+ 95+ 81+ 82+ 77+ 8134 82 88+ 84+ 8834 82 79+ 78+ 80 78 90 73 89+ 95 90U 91 80 87 891" 100 77+ 82+ 89 943g 87 80+ 8334 79 84 76 85 87+ 79 88+ 92+ 8834 94+ 94+ 97+ 83 80 80+ 81+ 85 85 83 8334 82+ 8434 88+ 88+ 98 92G 99 99+ 100+ 100 101 103 104 102 85+ 85+ 70 50 50 84+ 72 9834 90 96°8 94 94 9334 81 93 91 993s 102 1001" 102 87+ 87+ 80+ 88+ 96 84+ 86+ 84+ 88 102+ 1017g 102+ 102+ 102+ 102+ 102+ 10134 102 10034 10034 108 109+ 85 853s 85 85 74 76 7434 7434 62 83 103+ 10434 1003, 1023s 99 100+ 10034 1O134 95+ 99+ 97 99 10334 101+ 102+ 97+102+ 85 58 60 70 66+ 66+ 50 57+ 45 50 100+ 100+ 100+ 98 100 98 9034 9034 91 91 99 101 987g 105 .... .... 95 95 97+ 94 97 44 50 45 45 32 39 39 40 37 38 8734 8734 105 105 RAILROAD BONDS 93 1907—Continued. BONDS. January February March April May June July August September October November December Low High Low High bw High Low High Low Hlgh\Low High Low High Low High Low High Low High Low High Low High Central of New Jersey— General mortgage, 1987------- 5 125 126*4 125*2126 123*2125*8 I23I4 125 124 126 123l2 12434 122 124 1205g 12178 119k 1191; 118 12012 113 119 116k 119 Registered --------------------- 5 124*2124*2 125 125*2 123U125 123 123 121*8 122 121k 121k 120 121 11758 119 11758 118 111 112 113 115l2 1063410634 107 107 109*g 109*2 American Dock & Impr’t-—5 110l211034 11034lll 100 100i4 100l2 100i2 9934100 9834 9912 L & W, mortgage, 1912------- 5 9934 100l2 Con ext, 1910, guar------- 4^ 100 100 i603810*1 9934100 9934100 100 100 9778 981? 98 99 98i4 98l4 97k 98 98 98k 94 95 89*2 897g 85 85 87*2 88 Cent Vermont, gu, 1st, 1920--4 Chesapeake & Ohio— 10234 10234 98 100 9934 10U2 Series A, gold, 1908------------6 10334 10334 105 105 104 104 100 10U2 104 104 105l2105*2 105 105 107 107 105i2 106 102 102 Mortgage, 1911------------------ 6 1st. con, gold. 1939------------ 5 115 116 115 115*2 113l211434 11334115 110 111*2 110 11058 1097811034 109 11034 110 111 10378llll2 101 103*2 105 1081» Registered-----------------------5 10H210112 General, 1992------------------ 4J4 104 10534 104*2105*2 9978 10234 10038103 101 102 9934101 9934 10134 100 101i2 97l2 100ig 89i2 100k 87 90 90 96*4 94i2 95 92i2 95 R & A D, 1st. con, 1989......... 4 99*2100l2 100 100i2 98 98 96i2 983g 9958 9934 93 95 90 90 99*2 99i2 92l2 92l2 R& AD. 2d, con, 1989-..........4 76 76 70 70 Chicago & Alton—Ref, 1949—3 79* 80 78i2 80 76 79 76*2 76i2 7534 7534 Railway, 1950____________ 3M 7334 7658 7234 74i2 6734 72i4 68*2 697g 6634 69k *66* *6*9*4 67l2 68i2 65i2 68 63 63 58 64 55 60 58*4 65*4 Chicago Burlington & Quincy— Denver Division, 1922---------- 4 100i2 i00l2 99 9934 99*2 997g 99U 9914 98*2 99 99*8 99*8 97i8 97ig 9658 9638 89i2 91 89 92 89 89i2 88I4 89i2 873g 87i2 88 88 89*2 92 84 8834 8212 8412 84*2 88 Illinois Division, 1949------- 3% 91l2 92i2 9034 92 Gold, 1949.............................. 4 100 102*4 101 102 100 101i2 IOOI4 1027g 1017g 103 10112 1025? 99k 100 973s 1001? 97k 99 9534 99 95 96* 96k .981* 98k 98ig Registered-----------------------4 106 106 Iowa Division, 1919------------- 5 100i2 100i2 9834 99k 96 97 96 96 Iowa Division, 1919------------4 100 100 100i2 i00l2 100i2100l2 993g 104 9834 99*8 9912 10012 101 102 100 10012 IOOI4 101i2 101 101 98i2 99 95 95 94 95 Nebraska Extension, 1927__ 4 1015g 102 1015g 102 90 90 Southwest Division, 1921------4 94 96 Debentures, 1913---------------- 5 102l2103 102i2 i03ig 10234103i4 10358 104 100l2 lOlig 10018 10012 101 102 997g 100ig 99 993g 99i2100l2 106 106 10534 10534 10512 10512 98 98 Hannibal & St Jo, cons---------6 108?8 109 Chicago & Eastern Illinois— 92 92 Refunding & Improv’t--------- 4 10158 1017g 102 1027g 103 103 1001210012 102 102 102 102 1st, sinking fund---------------- 6 1007s 10112 126 126 128lg 1281g 125i2126 1st, consolidated, gold______ 6 119 119 115 115 109 11112 108i2;i09 Gen cons, 1st, 1937------------- 5 116*2117*2 11634117 112 116*2 112k 112U 111 11134 108 109 102 105 103*2 107 113*2 113*2 106 106 Ch & Tnd C’l Ry. 1st................5 121 121 119 120*8 Chic Ind & Lou—Refunding__ 6 126 126 125 126 125 126 126 126 126121261? 12412 124*2 107 107 109 109 105 108*2 Refunding, 1947------------------ 5 llVsllVs niiginig 104*2 1045g loisg 105 102 102k 10234 10234 102 10234 102*8 102*8 Lou N A & C, 1st-----------------6 102 1027s 10212 10312 100 101k 105k105k Ch Milw & St Paul—Terminal--5 104*2 10412 10534 106k 103 103 Gen Mtge, “A,” 1989------------ 4 106 107 104*8 106*2 101 101 103’ 1*0*3* 2 103 104 103 10334 101k102 101 101 100 10112 101 101 98 100 99 102*2 901 2 92*g 92 92i 2 91l 2 92 91 7 8 92 88 5 8 89 89* 2 92 91., 92 82 82 Gen Mtge, “B,” 1989--------- 3M 85 85 112 112 112 1121? 111 112 109 110 Chic & Mo Riv Division--------- 5 1121211258 113 113k 105*2 105*8 104 104 Chicago & Pacific Division__ 6 Chicago & Pac W Div---------5 110 1107g 11034llll2 110 111 110 1117g 111 112 111 111 109 109i2 107 109l2 106 107 106i210734 105 106 10534 10634 10634 10634 106 106 Dakota & Gt Southern---------5 108k 108k IO8I4 108k 109 109 105i2 105i2 102 102 1st H & D Division------------- 7 100i2 100l2 1st, 1910-..................... -.......... 5 1st. LaC& D, 1919.......... 5 108k IO8I4 106l2106i2 102l2103 10212 10212 Mineral Point Division--------- 5 98 98 101k 10V2 99 99 10434 1053g 1053g 102 103 10334 104 101 104 100 102k 101k 103 1st So Minn Division------------ 6 102*2 IO5I4 10534 10534 1051210534 102l2 1021? 10218 l021g 104 10238 1023g 101k 101*4 102*2 10258 1st So West Division------------ 6 11034 11O34 107*2107*2 109 109k 1095g 1O95S no no 106 106 Wis & Minn Division------------ 5 104 105 10678 10678 M & N, 1st. 1910...................... 6 100 100 110i2110i2 167" 107' 110*2111*2 M & No, 1st on extension----- 6 105 105 112* 113* 11978121 11838 1197s Chicago & North West---------- 7 116 116 ion2 ion2 100 100 9834 100 Extension, 1886-26------------- 4 102 102 104 104 Registered-----------------------4 97 97 957g 96 92l2 94k 92i2 93 9434 9434 General, 1987------------------ 3J-3 9734 98 92l2 92i2 90 90 87 90 95* 95 Registered ------------------ 3% 106 107 Sinking fund, coupon---------- 6 105*2 106 IO6I4 IO6I4 Sinking fund, registered------ 6 106 106 Sinking fund, coupon---------- 5 107 107 105l2 10534 104*2 104*2 Sinking fund, registered------ 5 104 104 25-yrs, debenture, 1909--------- 5 100i4 101*2 101Sg 1015g 101 10158 lOlig 1025s 1OO18 10012 IOOI4 IOOI4 IOOI4 100i2 100 100k 100*4 10034 98*2 99*4 98 99 101 101 100l8 101 99 99k 98 98 Registered --------------------- 5 30=year, debenture, 1921------- 5 107 107 104 104 10134 10134 100 100 103 103 Registered --------------------- 5 Debenture. 1933------------------ 5 113*2114 114l211434 113l2113i2 110l2110l2 105 105 Northern Illinois 1st------------ 5 99 99 1023g i023g IOOI4 IOOI4 1003g l003g OttC F & St P, 1st.................... 5 1007g 1017g 1017g 1017g 1007g 1007g Win & St Pet, 2d-.......... 7 11234 1131* M L S & W, 1st. 1921---------- 6 12234 12234 122l21221? 123*2 12334 ..................12U2 12U2 120 120 118i2118i2 118 118 113 113 113l2 1131? Extension & imprt, 1929—5 Ch R I & Pac Ry—1917---------- 6 1163gll6l2 11658 11638 114 11634 115i2 II5I2 117i2117i2 114 114k 114 114 116*2 1161? Registered-------------------------- 6 General, 1988, gold------------- 4 9934100i2 100 1003g 9834 100 99 100i2 9934100l2 9912 idoi2 ’9778 99’ 94 977g 95 96k 9234 961? 88 93 92*2 97 99*2 9934 92 92 Registered --------------------- 4 1st and refunding-------- 1934.4 91*8 9134 91 915g 89*2 911? 8878 9034 87l2 891? 87l2 88 *8734 883g 86>2 8838 85l2 88l2 80*2 87 80 83 82 8334 Registered-------------------------- 4 87 87 82*2 82*2 Coll tr, series M------------ 1915.4 90*4 90*2 9034 9034 Series O, 1917------------------ 4 90 90 86 86 84 84 Series P, 1918------------------ 4 84 84 Railroad, 2002--------------------4 7514 77 743g 76k 68 7434 69*2 73*2 66 7034 66i2 69i2 69k 70 65 6958 64k 69k 59 69*4 4934 6034 5834 64 Coll tr, gold, 1913------------ 5 89 91 88*2 9134 82 88 83 88 83 8634 8334 88 87 88i2 82 88i2 81k 8334 72k 83*2 59 72 70 77k Burl C R & N, 1934------------- 5 117 117 113 115 1141? 11412 11512115l2 119 119 1081*116 103*2 103**. 103 103 101 101 101 101 Keokuk & Des Moines, 1st--5 95 95 Choc Okla & Gulf, 1919___ 5 104*8 105 Chicago St Paul Minn & Omaha-6 12934 131 131 131 128 130i2 128l2130 129k 130i2 126i4 126k 12734128i2 128 128 125 128 120" 126*8 118 120*8 11834 121 * 119 119 Chicago St Paul & Minn, lst-6 131k131k iio’ 112 1163g 1163g n8i4 II8I4 117 117 1173g 11738 111 111 St Paul & Sioux City 1st—6 119*2 11912 1205g l205g 9734 9734 Chicago Terminal Transfer----- 4 Coupon off-------------------------- 4 99 99*2 98l2 99i2 98l2 98i2 97 109k 109k 109k 11334 11334 11334 115 Chicago & West Ind—Gen___ 6 112*2112*2 113 113 11078 lll 11078 110?8 11078 111 109k 109k no no 977g 977g Consol, 1952-----------------------4 977g 98 105k 105k 104*2 104*? 10358 10358 102 102 Cincin Dayton & Ir—1st___ 5 Cincinnati Ind & W, 1953-__ 4 83 83 Clev Cin Chic & St Louis--------- 4 101 Cairo Division, 1st------------- 4 Cincin Wabash & M, 1st____ 4 St Louis Div, 1st, 1990------- 4 Registered --------------------- 4 C I St L & C, 1936........ .4 Registered -------------_4 Cin San & Clev cons------------ 5 C C C & I, consol---------------- 7 Gen consol, 1934--------------- 6 Peoria & Eastern, 1st, cons--4 Incomes, 1990------------------ 4 Clev Lorain & Wheeling, 1933-5 Col Midland 1st, 1947------------ 4 Col & Sou—1st, gold, 1929___ 4 Ref and ext, 1935------------ 4J^ Delaw & Hudson, con, 1916—4 Albany & Susq, conv-------- 3M Del Lack & Western, 1907------7 Morris & Essex, 1st------------ 7 Consol, guar--------------------7 N Y L & W, 1st------------------ 6 Construction, 1923------------ 5 Terminal and impt------------ 4 Denver & Rio Grande— Consol, 1936-----------------------4 1st, consol, 1936------------- 4)^ Improvement, 1928------------- 5 Rio Grande June 1st------------ 5 Rio Grande Western, 1st----- 4 - Mortgage and coll tr. A—4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 102 101 10134 96*g 10138 9734101 98l2 981 97 97*2 9834 97 97 97 132 132 9434 95 70 70l2 1135g 11358 71*8 72i2 9058 933g 95 95 10434 10914 1025g 10538 106 110 105 107 104 104 104*2104*2 ioi' 162 97* 99" 98i2 98k 98k 95 97l2 96 987s 109 109 95 96k 93 97 89*2 91k 92*2 94*2 95 80 92 80*2 801? 91 91 85 9812 9812 97 97 98*4 98*4 85 115i2115l2 11558 11558 110*2110*? 94l2 95 64 63k 113*2113i2 67 71 89l4 91 9114 62 no 68 8934 92 64 no 70l2 913g 129k 129k 9112 92k 90l2 92 60 63i2 10934 10934 67 69 68 69i4 89k 9034 885g 891? 95*g 103"’g 99 103k 95 103k 9412 97 92 9934 9212 94lg 9634 100 95 104 lOlig 101*8 10134 10134 1017g 102k 117l2 1171? 117l2117l2 121381213g 122 122k 166’ 169" 109l2109i2 11U2 HU? 11138 11138 1103411034 96*2 9734 94 96k 9334 96 102ig i02ig 10434 10434 105l2105*2 9358 9438 9334 95 8734 8734 9734 98 95 95 93k 93k 9312 9434 9312 94 9712 99 99*2 99*2 118*2 118*? 131ig 131*2 94 95 70 7234 U234 11358 72l2 74k 92i4 94*g 97k 97k 97 97 9438 9512 9338 95 127 127 89 9034 89 55 60 53 6634 671? 62 89 8934 84 9534 97 9234 94 91 59 56’ ’& 88 45 89 50 85 37 58 81 59 82*2 77 97 92 115 118 117i2117l2 119i2119l2 115 119*2 115 115*8 118 118 122 122 10912 10912 107k 107k 107 10734 108 108 102 102 90 90 89 97 97 117l2117i2 117l2 117l2 92 93l2 935g 94 91*2 91 100 92l2 9334 93k 95 102 91*2 92l2 92k 9212 923g 93 8312 84 39 45 57 78*2 76*2 96k 88 94*2 91 91 8434 87*2 89*2 55 65 63 65 59 65 873g 835g 84i2 82*2 85*2 75 90l2 963g 92k 9634 89 87l2 93k 8934 927g 84 85 40 90i2 91 887g 90i2 8978 91 90 91 91 100 102 81* 88 98*4 98*4 83 85*8 RAILROAD BONDS 94 1907—Continued. January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High BONDS. Detroit & Mackinac—1st lien.-4 Gold ______________________ 4 Duluth & I R—1st______ ____ 5 Duluth So Sh & Atl—1937 5 Elgin Joliet & East. 1st. gold. _ 5 Erie—1st ext, 1947.---- 4 2d ext, 1919 --- 5 3d ext. 1923 414 4th ext, 1920 5 5th ext, 1928--- - 4 1st, consol, gold__ ____ —7 1st consol, prior lien, gold—4 Registered 4 1st consol, gen lien, 1996----- 4 Registered ________ 4 Penn coll tr, 1951--------------- 4 50-year, conv, 1953 --------- -4 Series B, 1953 --- --- - 4 Buffalo N Y & E. 1st______ 7 Chicago & Erie, 1st, gold —5 Jefferson RR, 1st__ - 5 Long Dock, cons, 1935_____ N V & G:een wood I,ake5 N Y Susq & West, ref__ 5 Gen. gold, 1940 _ 5 Terminal. 1st. 1949 5 Midland of New Jersey, 1st 6 Wilk & East, 1st, 1942 5 Evansv & Terre Haute, cons. -6 1st gen, 1942.______ 5 Ft W & D C—1st____________ 6 Ft W & Rio Grande—1st-------4 Galv H & H of 1982 5 Great Nor—C B & Q col tr___ 4 Registered -______ --4 Gulf & Ship Island 1st ref----- 5 Hocking Valley—1st, cons--43^ Registered - _ _ 43^ Colum & Toledo 1st, ext____4 Illinois Central— 1st, gold, 1951.......... 4 Registered -__ ____ 4 1st, gold, 1951--. _______ 3Vi Extended 1st gold. 1951 314 Gold, 1952-___ 4 Registered _____ 4 Gold, 1953--------------------------- 4 Registered -__ 4 Cairo Bridge, 1950 4 Louisville Div. sold_3 b St Louis Division, 1951_ __ 3 Gold, 1951_____3 ba Western lines, 1st___ - - 4 Carb & Shaw. 1st_______ _ 4 C St L & N 6, 1951--- - - 5 Gold, 1951--' --- --- - 3K Memphis Division, 1st4 St Louis South. 1st gu _ _ 4 UO34HO34 109 Ken Cent, 1987L & N»South, joint N F & S 1st. e-nar 1937 85b 88 85 87 85b 8519 9034 91b 89b 90b 96b 10334 94 9634 85 87 80 84 81 108 10S 103 103 iioi2iioi2 1103811012 105b 105b 106b 106b 110 11012 108 11012 8434 8534 85 87 100 100 103 103 9478 9878 9434 95b 89b 9434 9434 96b 94b 9512 88b 94b 10212 10212 104 104b 10412 10478 103b 105b 92 10212 10234 102 10112 103b IOOI4 102 102 102 101 97 97 88I4 88I4 76 65 62 113b 110i2 113 101 112 100 10378 100 1037s 164b 1641" 1045s 1045s 104 104 98 9838 100 100 99 98 98b 98 9634 9634 M St P & S S M 1938 M S S M & Atl 1926 Missouri Kansas & Texas— 1st, gold, 1990 ------ 4 9738 9838 2d income, 1990 4 87 88 1st extension, gold, 1944----- 5 103 104 85b 86 General sinking fund, 1936 43^ 86b 88b 87 87 10412 10412 K C & P 1st 1990 4 Mo Kan & Okla, 1st-- 5 10612 107 M K & T of T, 1st--------------- 5 106 106b 9734 98b 837s 85b 103b 104 86 86 87 87b 96 91 112 112 96 96 96 96 94b 95b 96 ’ 98 96b 97 95 98 80 85 103 104 81 831" 83 87 82 82 100 106 8034 921, 93b 9212 98 9934 99 100 101b 73 73 92b 92b 8234 871" 84b 84b 93 98 94 97 89 89 96 97 97b 99 111b 110b 112 114 114 97b 98 95 97 103b 97 98 96 97b 111 111 98 100 103 104 77 8U2 19b 22b _ ___ 108 95b 95b 97 96 101 105 90 92 102b 105 9012 90b 105b106 106 100 1011" 100 100 73"8 7334 65 66b 68 70 110 110 109 109 87 87 106 106 106b 106b 100 87 90 100 9538 9538 11212112b 11034 11034 11034 11034 110 110 10934 10934 ______ ___ 10834 110 89 89 ___ ___ 82 82 92 92 89 89 93b 95 ___ 84 84 94 9412 92 94 92 92i2 ______ __ 86 92 9412 95b 94b 96 993.4 9934 100 114b115 95 93 95b 97b 100S8 100b 80 8134 21 2212 15b 15b • 87 98 102 112 114 112 110 111b 92 94 92 97 93 105 105b ___ ___ 103b 9034 91b 89 89 8678 111 111 112 96b 10312 89 93 87b 88 97 98 103b 103b 7778 82 20 21 14 15 104b 105 103b 104 104b 103 104 104 1031" 103b 1081" 108b 106b 108 ' 106 97 106b 102 103b 101b 10112 95 102 102 115 115 111b 111b 100 101b 98b 10012 96b 98b 96b 9778 95 96b 106b 106b 105b 105b 106b 106b 106 106 ___ __ 9234 9234 9234 95 94 95 9334 94b 95 96 113b 113b 1257s 125b 117 117 62b 62b 117 106 10434 10578 1057s 106 98 10218 87 97b 10034 77b 15 10 97b 101I4 81 20 15b 103 86 103 87 9834 9458 95b 9412 96b 94 84b 83b 8434 84bs 87b 81 102b 10112 103 10012 102b 101 83 83 83 84 85 82 85 87 83b 86b 86b 87 85 85 84 84 119 119b 119b 11978 118 120 U834 120 Trust, gold, 1917— -- -- 5 10412 105 IO4I4 105 101 10134 100b 102 104b 104b Registered ---------------------- 5 95 95 60 10258 75 70 98 65 101 100 117 90 96 98b 103 ___ 90 91 88 95 88 92 ___ 95 99 94 60 101 102 10138 102b 101b 73 6934 70b 67b 70b 69 70 67 111 11 lb 112 112b 97 65 101 95b 9834 96 81b 84b 83 10338 105 102 103 100 101l2 98b 98b 112b 112b 95b 97 96b 97b 95 8684 87b 109i« 99b 997s 97b 99b 10238 102b 102b 103b 81 84b 81 83 20b 24 22b 25b 14b 18 17 18b 95b 95b 10634 107b 106 106b 102 104 104 104 106 107 11O18 11O18 111 100 98b 98b 98b 98b 11312 114 95' 98 71 73 113b 113b 112b 112b 7212 7212 112 112 96 4 97U 97b 97 97 4 91 92 9112 9134 87 5 113b 113b 96 103 82i2 82b 9734 9734 10012 100b 105 105 108 110 96 103 103b 103b 1001" 100b 100 97 98 10012 100b 115b 115b 108 ’ 1081" 97 101b 97b 100 109 109 ___ ___ 95 9734 9538 96 112 112 121 121 72’ 62 56 9412 96 118b 118b 113 113b 95b 95b 95 95 96 96b 100 100 93 120 8712 8012 75b 89 93b 93b 111 113 112 112 96b 9734 95b 96b 65 65 10212 102b 82 82 69b 70b 69 71 67b 73 112b 113 112b 1121" 1061" 106b 106»4 10778 106b 107 110 110b 107b 107b 107b 107b 107b 10734 10634 10634 107 10738 107 10734 106 106 100 10012 102 10212 83b 85b 23b 25b 17 19 71 74b 75 46b 60b 55 49 58 51 112b 107b 109 91b 91b 98 98 9812 98b 98b 98b 97 97 1001? 1001? 97" 97” 1041210412 100 ~ 100 115 115lo 115 115 11412115 99 99b 99 99b 95 95 77 79 109b no 109 111 85 85 7012 72 71b 72b 69 71b 1121? 1131? 1131" 11334 113 114 10778 107'8 10778 10778 99b 100b 100l4 ioi78 84 86 23 2734 17b 21 79 72 66 1081" 1681c 105 114 114b 98 98b 98'8 99 94 95 95 95b 98 9912 99b 99b 1021" 1021" 109b IO9I4 103b 10312 115 115b 11734 11784 100 101 100 ' 10012 109 109 97 97b 977s 98 112 112 91 118 120b 120 84l2 88b 8412 8012 73 79b 68 71 125 95 123 123 100 100 101 89 102 79b 8034 68 80 83 83 76b 72b 76 68 100 107b 105 107 100 82b 8112 82b 78 921" 92 97 91b 96b 9134 9478 91b 9334 8912 9338 9 1 9338 83b 8934 9234 92b 92b 84 91 95b 9438 94b 92b 9212 98 99 99 99 100 100 98 9978 98 98 98 101 101 104b 105b 104 105 10212 103b 1003410112 102 10234 99 9934 97b 99 99 99 1023. i0234 8934 91 " 8934 8934 7834 7834 7834 7834 89 80 104b 104b 1031" 1031n 108b 112 ' 111 1U34 106b 107b 107 108“ 105 84 84b _________ 847s 847s 8212 8212 82 10034 102b 89 79 80 84 81b 72 72 68 117b 115 " 113b 101 125 95b 88 98lg 95 99 101 94b 9412 116 116 10738 10738 100 100 10012 10078 7934 81 80 86b 83 76b 77b 78 70 72 693s 116b 116b 117b 115 115b 114b 100b 100-b 126 126 11012 11012 10012 10012 109b 111 80b 82 86 87 76b 81 72 73 130 130 105 105 118 II8I9 109 110" 110 11019 109191091? 105 107b 108 92 9338 9314 94 99 99 96 97 4 4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 107 107b 107b 83b 80b 83 84 90b 85 86b 76 95 76b 83 8034 84 73 75b 120b 120b 11738118b 1161211834 113b 119 116 117b 101 101 100b 100b 130 130 1091r Missouri Pacific— 107 108 108 10078 1OO78 100 100 125 127 126b 127 1273412734 127b 127b 127 128b 128 128b 12912 129b 97 99b 97b 98" 96b 97b 95 97b 9334 97 93b 94l2 91 93b 93b 95 94 3 Manhattan—1990 ----- — 4 Metropolitan Elevated, 1st--6 Mexican Central—Consol-4 1st consol income----3 2d consol income--------------- 3 Minneapolis & St Louis— 1st, gold, 1927 7 107 110 92 109 120 120 > 2d gold, 1980-- 107 110 103b 103b 105 Ind Ill & Iowa—1st, 1950 - 4 Internat & Gt Nor—1st, 1919 fi ,2d, 1909____________________ 5 3d, 1921__________ _.4 Iowa Central—1st, gold- - --5 Refunding, 1951___ ________ 4 Kan City So—1st, 1950 -3 Lake Erie & Western—1st___ 5 2d ________________________ 5 Northern Ohio, 1st________ 5 Leh V N Y—1st, guar — -4}^ Registered-- ___ 4b Lehigh Valley (Pa), 2003 __ 4 Lehigh Valiev Ter—1st, guar-.5 Lehigh Valiev Coal—1st, guar 5 Lehigh & N Y—1st. guar-- - 4 Long Island—1st, 1931---------- 5 General mortgage, 1938-- --4 Unified, 1949 _ _ .4 Guar ref, gold, 1949 -- — 4 Brooklyn & Mon, 1st__ ____ 5 NY&RB, 1st--______ -- 5 Louisiana & Arkansas—1st _ 5 Louisville & Nashville—Gen 6 Gold, 1937__________________ 5 Unified, gold, 1940 - -- .4 Coll trust, gold, 1931_______ 5 Coll tr, 5=20s, 1923___ 4 E H & N, 1st, 1919 6 92 92 92l2 92l2 89 89 111 111 92 92 111b111b U038112 ’ 96 84b 101 83 85 92 9534 88 90b 16034161 99 101b 98b 100b 76 7834 73 783S 71 7412 16 19 11 1612 Ul2 13b 10 15 8 13 7 10 95 96 8012 83 101 10212 79 79b 84 8478 105b 105b 102 102 __ ______ 104b 103 103b 103b 103b -__ __ __ 1043a 1043, 105 105 115b 116b 1153s 115b 116 10134 102b 1007s 101l2 101b 10H2 100 89b 96b 75 83 101 102 79 791, 81b 8478 82 82 75 95 75 95 90i2 75 93 77b 70l2 95b 78b 97 77b 77 98 98b 90b 91 96 101 95 98 iooi8 100b 98 ’102 " 98 116 U6b 116b 10134 97b 100 ' 93b 99 89 91b 100b 10112 74 7634 13b 15b 8b 12 98 75 92b 95 79b 81b 95 97 7478 80 95 95 98b 98 89b 91 98 84 9534 97 101 103 103 90l2 92l2 RAILROAD BONDS 95 1907— Continued. BONDS. April May Juno March January February July August September October November December Low High Low High'Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Missouri Pacific—(.Concluded), 1st, collateral, gold, 1920------5 104% 105 101 103% 101 102 101 102% 102 102% 101 102% 10158 10158 98% 99 9734 99 90 99% 89% 90 90 9234 40-yr, 1945, gold---------------- 4 89% 89% 89% 90 86 86% 88% 89% 86 86 86 86 3d, 7s, extended to 1938------- 4 97% 97% 98 98 Central Branch Ry, 1st-------- 4 94% 9634 94% 94U 92 92 90 90 "92' 92% Central Branch, Un Pac, 1st-.4 74 90 90 74 101 101 10078 10138 10138 10134 101 101% 98 98 Pac of Mo, 1st, ext--------------- 4 10134 1O134 100 100 112 112 2d, 1938, ext...................... -.5 117% 117% 116 117 116% 116% St L & Ir Mtn gen & 1, gold--5 1133gll4 113 11334 109% 113 110 110% 10978 111 110 110% 109% 110%, 108 109% 108%109 104 107% 100 103 103% 106% 109% 109% Stamped-------------------------- 5 109% 109% 80% 85% 84% 85% 81 85 Unifying & refund, 1929—4 86 88% 85 87% 80 85 83 8434 83 8434 83 843 80 85 70 70 71 77 Riv & Gulf Div, 1st---------- 4 9134 92i4 90 9134 85 91 88 92% 90 90 81 88 88 8734 88 88 88 87% 88% 85% 851; 80 Mobile & Ohio—New, 1927------6 121%123 123% 124 12234 12234 12234 12234 123% 123% 117 117 117% 117% 1st, extension, 1927_________ 6 103 103 Gen mort, 1938--------------------4 93% 94 89 91% 84% 84% 83 83 108% 108% Montgomery Division, 1st—5 108% 108% 102% 102% 116%U738 lie" 116% 116% 117 U73811858 U438 11534 114% 116% 112% 112% 112% 112t2 108 109 Nashv Chatt & St Louis—1st--7 116% 116% 111% 11134 112% 112% 112% 112% 112% 112% 111 111 108% 108% 102 104 101% 103 Cons, gold, 1928------------------ 5 113% 116 11358 11334 11334 11334 Jasper Branch, 1st--------------- 6 116% 116% National of Mexico101 101 Prior lien, 1926---------------- 4^ 102% 102U 98% 9834 95% 95% 1st, consol, 1951------------------ 4 84% 87% 86 87 85% 86% 82 82 82% 83 75 7734 81% 821 79% 82 75 75 78% 78% 80 80 N Y Cent & Hudson River— 9034 94% 92% 94% 91% 92% 8934 90% 88 903g 88 89% Gold, 1997______________ 3 ,'4 93% 9334 9278 9358 90 93 85 88% 88% 91 92% 94% 93 93 89% 90 Registered ------------------ 33^ 92% 921 84% 84% 8534 8534 89% 89% 88 88 Debenture, gold, 1934---------- 4 98% 99 97% 98% 94 97 9434 98 93 95% 93 94% 94 95 93% 94 93% 94% 9034 935s 86 88% 8734 91 86% 88% 82% 85 84 85% 84 83 85% 82% 83 83 Lake Shore, collateral------- 3 34 79% 84 77% 79% 73 78% 74% 76% 79% 80 8134 84 83% 8334 74- 75 0 Registered ------------------ 334 84U 87 78 78U 79 79 74% 77 72% 75 84 84% 84% 84% Michigan Cent’l, collateral-334 86U 87U 83% 84 80 80 72 72 73% 75 83 83 75 80 Registered ------------------ 334 8434 8434 71 71 Beech Creek, 1st, guar---------- 4 102 102 102 102U Mohawk & Mai, 1st_________ 4 97% 97% N Y & Northern, 1st------------ 5 110% 111 110% 110% 99% 10134 100% 101 97% 100% West Store, guaranteed------- 4 103 105 10334 105 102 103 10234 104 103 104% 10334 105 100% 103 98%101% 94 99 1005 8 1O234 102% 103% 102% 102% 10034 101% 98% 101 102 103 100% 102 95 98% Registered --------------------- 4 102 IO3I4 9834 9934 97 100 92% 96 „ L S & M S, gold, 1907____ 3 34 93% 94% 93% 94 9134 9434 92 9634 93% 9434 91 92 92 923g 9234 93 94 95 85 95 8434 86% 87 91 92% 92% Registered --------------- 334 94 94 91 91 83 88 Debenture, 1928--------------- 4 98 99% '96% 98% 92 94% 93% 97% 91% 941; 92% 93% 92 933g 91% 94% 89 90 86 90 83 86 85% 89% Registered ------------------ 4 81% 81% 89% 9034 8934 9034 90% 91 25=year, gold, 1931---------- 4 89% 90% 88 9o" 83% 90% 83 8534 85% 88% 91 91 Registered ------------------ 4 Michigan Central, 1940--------- 4 10034 10034 1931____________________ 5 J L & S, 1951--.............. -334 94% 94% 92% 92% 1st, gold, 1952--------------- 334 109 109 Mahoning Coal RR................ 5 R W&O, cons, 1st------------- 5 U3I4 114 II3I4II3I4 113 113 110% 111 111 111 110% 110% 109% 109% 106% 106% 10234 106% 104% 105 Oswego & Rome, 2d________ 5 103 103 Utica & BI River-----------------4 103 103 Pine Creek, 1932-----------------6 107 107 N YCh & St L—1st---.......... -_-4 10258 103I4 103 103U 103 103% 100% 101% 101 101% 101 101% 100% 101 10034 10034 99 100% 97% 97% 94 94 93 95% 102% 102% Registered-------------------------- 4 N Y N H & Hartford— Housatonic, 1937___________ 5 113 113 92 9334 92 9434 89 91% N Y O & W, ref, 1st___________ 4 99% 101 10012 IOII4 95 98% 96 98% 96 97% 9738 98% 94 98 100 100 Norfolk & Southern, 1st---------- 5 129 129 126 126% 126% 126% Norfolk & Western, gen_______ 6 i29l"2129% 130 130 115 115 129 129 Impt & Ext, 1934-----------------6 88% 94 N & W Ry, 1st, con------------- 4 98% 9934 9734 98% 97% 98% 97% 983g 95 98 93% 95% 93% 9534 93 95% 86 90% 91% 95 95 91 Registered --------------------- 4 96% 96% 95 95 88 88 88% 91 Divisional, 1st lien------------ 4 85 87% 81% 81% 76 79 85 86 86% 87 85 87 75 80 86 86 85 91% 85 8834 88% 90 Pocahontas C & C joint______4 90% 91% 89% 91 87%^ 87% 92 93 92h 90 90 Sc Val & NE, 1st-................... 4 99% 99% 99% 991 99% 99% 98 98% 96 96 96 96 92 92 92 Northern Pacific— Prior.Iien, 1997--------------------4 101% 10214 10078 102 100 101 100% 102% 100 102 99% 101% 9934100% 96 100% 96% 99% 93% 99% 94 98 98 100% 95 99 Registered --------------------- 4 10034 102 100 10034 98% 100% 99 100% 100% 101% 98 101% 100 100% 97 99% 96 97 9834 9834 6934 72% 71% 72 65% 69 70 71 69 71% 70 71% 65% 70% 67 6834 67 6934 62% 67 General lien, 2047__________ 3 73 74U 71 73 70 70 70 70 71 71 Registered .......... 3 St Paul—Duluth Division------4 9534 9534 122% 12234 12234 12234 120 120 St Paul & Nor Pac__________ 6 116% 116% 117% 117% St Paul & Duluth, 1st, 1931--5 10834 10834 106% 106% St Paul & Dul, 2d, 1917_____5 11334 11334 113% 113% Nor Pac Ter Co—1st__________ 6 90 90 97% 97% 97 97 Ozark & Cherokee Central_____5 96% 97 10634 1063.', 102% 102% 103 103 105 105 102 105 102 103 100 101% Pacific Coast Co—1st_________ 5 109 109 107 107% 107* 107 103 103 10234 10234 10234 i0234 Panama—1st, sinking fund--4 34 103% 10334 Pennsylvania Co—1st______ 434 I65I2 107 106 106 165' 106 105% 105% 105% 105% 10534 106% 103% 104 103% 103% 104 104% 104 104" 10534 10534 101 103% Registered —............ 434 83 84 Guar collat trust ctfs, B—3 34 94 94 93 93 Tr Co ctfs, guar, 1916-------3 34 95 95 95% 95% 95% 95% 9538 96 93% 93% 88 88 84 85 87 88% Guar, gold, 15-25-yr, 1931—4 97% 9734 115% 115% 110 110 11534 116% Ch StL&P, 1st, 1932-.......-5 115 115 Erie & P, Ser B---------------- 3 34 Tol W V&O, 1st, “A”----- 434 108% 108% 107% 107% 107% 107% 107 107 PCC & St L, Ser A-....... -434 109%109% 10634 106% 107% 107% 10914 IO9I4 Series B, 1942-------------- 434 10034 10034 Series D, 1945----------------- 4 98" 98” 9l" 91 Series E, 1949-------------- 334 Pennsylvania RR—101 101 103 103 103% 103% 103 104 103 103 Real estate, 1923-----------------4 105 105 Cons, gold, 1919------------------ 5 101 101 Consol gold, 1943-----------------4 86% 88% Convertible, gold, 1915------334 9234 95 92% 93% 88% 92% 90% 93% 91 93% 89% 90% 90% 91% 87% 903g 8734 90 83% 90% 84 89 91 91 Registered ------------------ 334 Convertible, gold, 1912--3 34 95% IOOI4 9514 96% 91% 95% 94 96% 92% 953g 9238 94% 9334 9434 91% 94% 92 94% 88% *9*4% 86% 90% 8934 91% 99 99 Allegheny Valley, 1942---------4 ’ * Pere Marquette— 1103411034 112% 112% Flint & Pere Marquette-------- 6 10034 1OO34 1st cons, gold, 1939---------- 5 107% 107% Pitts Shenan & LE lstl940--5 Reading—General, 1997---------- 4 9734 9834 97 98% 9434 97% 9534 97% 9634 9738 96% 97 94 95% 91 95% 91 94% 86% 94% 87% 93 93 95% 9534 9534 Registered --------------------- 4 9034 91% 85 90 85% 85% 90% 91 85 85 Jersey Central, collateral----- 4 96 96% 95% 96% 94% 96 9234 94% 93% 9434 94% 94% 90 92 94 94 87% 87% 95 95 Rutland—O & L C—1st---------- 4 95 95 88 88 94 Rutland-Canadian, 1st-------- 4 91* *9*1 90% St Jos & Gr Island—1st, 1947- -4 ’9l' 92% 92% 92% St Louis & San Fran Ry— 118 118 11734 11734 1177g 118% 110 110 103 106 123% 123% General, 1931--------------------- 6 123%123% General, 1931--------------------- 5 109% 110 110% 110% 107 110 108% 10834 109 10934 109 109 105% 107 106 106 106 106 105 106 99% 104 103 105 RR—Cons, gold, 1996_______4 93 93 91 91 Refunding, 1951--------------- 4 8U2 82% 80 82% 7734 81% 78 81% 79% 81% 78% 80% 7738 79 75 77% 7534 78 7034 77 66% 71 71% 76 110 110 116 116 116% 116% Kan City Ft Scott & M, con--6 119 119 68 70 7934 78% 80 79% 80% 73 80 74% 75% 65 73 61 69 Kan City Ft Scott & M, ref--4 8134 8234 8134 82% 7934 82 78% 82 82% 85% 92% 9434 91 92% 89% 90% 89% 89% 87% 89 80 86 91 89 90 St Lou S W, 1st, 1989------------ 4 94% 95 93% 94% 92 93 65% 68 80 70 71 60 60 79% 80% 80 80 80 82 77 79% 2d income, 1989------------------ 4 82 82 82 83 7334 74% 75 70 72 75 77 75 76%, 70 71 65 70% 54% 63% 57 63 Consol, gold, 1932--------------- 4 77 79 75 7738 73 77 101%101% Gray’s Pt Terminal--------------5 101 101 103 103 103-% 10338 St Paul M & M—2d-----------------6 105% 105% 125 125 131 131 131 131 131 131 130 130 1st, cons, 1933--------------------6 131 131 162' 103% 108 1083 s 104 104 108% 108% 107% 107% 107% 107% 105%105% 108 108% Reduced to------------------- 434 100 100 104% 104% 1043s 1043g 104 104 107 107% Dakota Extension--------------- 6 106% 106% 98% 98% 98% 98% 97 97 96% 96% 94 94% 93% 93% 97% 97% 99 100% 99% 99% 9738 99 Mont Ext, 1st, 1937--------------4 99 99 101% 101% 100% 10134 100% 100% 10038 100% E M 1st div, 1st------------------ 5 130 131 125 125 131% 131% Mont Cent, 1st, 1937------------ 6 112 112 115% 115% 1st, guar, 1937-----------------5 102 102 102 102 106% 10834 Santa Fe Prescott & Phoenix--5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RAILROAD AND MISCELLANEOUS BONDS 96 1907—Continued. BONDS. May June July March April August September October November Decetttber January February Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lwo High Low High Seaboard Air Line------------------ 4 81 8234 7934 81 Collateral trust. 1911------------ 5 100 1001’ 9934 IOOI4 Atlanta-Birmingham, 1st—4 88 89 ” Georgia & Ala. 1st, cons------- S 107b 10758 107b 107b Seaboard & Roanoke. 1st------6 Southern Pacific Co— 1st, refunding, 1955------------ 4 94U 947g 94 95U Collateral trust, 1949------------ 4 88b 8934 89 90 Registered ----------------------4 2-5-year, collateral trust------- 4 Central Pacific, 1st, ref, gold-4 9934 1003g 98b 9834 Registered--------------------4 99 99 Mort, guar, gold, 1929—3)4 8534 86 86 86 981$ 98is Through St Louis, 1st------- 4 GH& SA, 1st. 1910.............. -6 10512105b M & P Div, 1st-----------------5 Houston & Texas Cent, 1st—5 109U 110 11038 11038 Cons, gold, 1912--------------- 6 111 112 General, gold, 1921------------ 4 9212 9478 94 94 112 112 Nor of CaL 1st, guar------------ 6 Ore & Cal, 1st, guar--------------5 98 98 San An & Ar Pass--------------- 4 86 87 85 87 So Pac Ariz, 1909--------------- 6 1031? 103b lO.’l ’1031’ 1st. 1910......... -............. — -6 10438 10438 104’t 10414 Sou Pac of California, 1st, J.912, E & F-----------6 1st, cons, guar, 1937--------- 5 So Pac, New Mex, 1st---------- 6 103b 104 1071’ 1071’ T & NO. Sab Div, 1st---------- 6 Southern—1st, 1994—............ -5 112U11334 11034 1135g 931 ’ 931 ’ M & O, coll trust, 1938---------4 92 94 Memphis Div, 1st-------- 4)4-5 115b 116 1151’ 1151’ St Louis Division, 1st---------- 4 93b 94U 93b 93b Col & Green v, 1st—................ 6 111 111 ET Va& Ga, Div...................... 5 1127$ 1131s Consolidated, 1st, gold----- 5 116 1171’ 117l211734 E Tenn reorg lien-----------------5 113 1131’ 114 114 Georgia Midland, 1st------------ 3 68 69l4 Georgia Pacific, 1st, gold----- 6 1175$ 1175s Knoxville & Ohio, 1st, gold--6 118 II8I4 11834 11834 Rich & Danville, con, gold—6 11U2 112 ' 112b 113 Debenture, stamped---------- 5 South Car & Georgia, 1st----- 5 106 106b Virginia Midland, Gen, 1936--5 111 111 Stamped guaranteed-------- 5 Wash O & W, 1st-........... --4 943d 96b W No Car, 1st, cons------------- 6 1091? 1091’ Terminal of St Louis—1st—i'A 108 1081’ 1st, cons, 1944--------------------5 117 117" General refunding, 1953------- 4 931 ’ 94 Texas & Pacific, 1st, gold-------5 116b 118 11738 118l4 Tol & Ohio Cent—1st, 1935------5 General, gold, 1935------------- 5 102b 1021’ Kan & M, 1st. guar, gold----- 4 97 97 “ Toledo Peoria & Western—lst-4 89 89 871? 87b Toledo St Louis & Western--3)4 87 87b 87 87 “ Registered-----------------------3)4 50-year, gold, 1925--.......... --4 81 82 8158 82 Ulster & Delaware—1st, cons--5 Union Pacific—1947--------------- 4 10138 102 10034 1O134 Registered----------------------- 4 100i2 IOII4 1OO12 101b 20-year, convertible. 1927------4 Registered-----------------------4 Oregon RR & Nav, con-------- 4 97 <8 99>2 98b 99 Oregon Short Line, 1st-------- 6 123 126 1201’ 12058 Oregon Short Line, 1st, cons-5 II234I13I4 11358 114 Guar refunding, 1929---------4 93b 9434 9234 94l2 Utah & Northern, 1st---------- 7 103 1031’ Gold, 1926-.............................. -5 Vandalia, cons, gold--------------- 4 Va & S W—1st, guar------------- 5 110 HU’ 110 110 Wabash—1st, gold, 1939--------- 5 113 114“ lllb 114 2d mort, gold, 1939------------- 5 105 10512 100 10234 Debenture, income, 1939, A--6 Debenture, income, 1939, B—6 75U 761 o 71 75 671’ 711? Certificates of deposit70ig 75 101 “ 101 ’ lst lien equipment--------------- 5 6278 6334 1st & refunding, 1956---------- 4 D&Ch Ext, 1940.................... -5 108 108 109 109 Omaha Division, 1941------- 3)4 80 80b Toledo & Chicago Division—4 St Charles Bridge, 1st---------- 6 102 102 Wabash-Pittsburgh Term—lst-4 79 80 77 79b 2d, gold, 1954-.................. 4 29U 32b 28 30 WashTerminal, 1st, guar--3)4 Western Maryland—1st---------- 4 81 82i2 80 81b Gen & conv, gold, 1952---------4 66 68 6134 65 West N Y & Pa—1st. 1937------- 5 11434 11514 115 115b General, 1943--------------------- 4 93b 93b 34 34 Incomes, 1943--------------------5 Wheeling & Lake Erie—1st----- 5 1st con, 1949-----------------------4 87b 87b 20-year, equip, sinking fund--5 Wisconsin Central Co—1st----- 4 86b 89 87 88b 74 97 7934 73b 75b 71b 75 98U 100 96b 97 97 71 71b 70 96b 9634 71 65 70 70 71 62 9438 9438 95 68b 59 95 63 90 90 99 99 85b 85 7934 80 90 92 92 94' 94 106 10734 106 106 8734 9134 9034 92 90l4 94b 9134 9434 90b 94 88 91b 85 8934 85b 9014 88 90b 86 87b 87 87b 85 8734 88 88 84 84 95 9534 95 98b 96 9778 94 96b 93 95b 95b 96b 94 95 9338 93«8 82b 82i4 83 84 82l2 8534 84 84 85 85 82l4 84 9034 9034 103 103 103b 103b 105b 10634 105 106 10958 110 109b 109b 110l2 110l2 11138llli2 111b 111b 93 93 101 81 101 86 104 104 94 82 104 94 86 104 93 93 83b 86 9234 93 88 89b 83 70 81b 86 94 92 1003$ 1003$ 83b 85b 82b 84’ 80 86 74 90 9334 88b 91 81 83 75 82 82 104 104 109b 111 90 93b 93b 90b 82 64b 67 90 82i2 80 83 107b 100 82 79 103 79 84 85 1075$ 1075$ 109b 110 87 87 70 9734 9734 8334 71 76 75 79 100 10012 100 100 101 1011j 83b 8512 107 107 116 116 1083411058 IO9I4IW2 107b 11078 105b 10734 105 107b 101 89 92 88 91 89 89 82 115 115 113b 113b 92 93 .................. 89 91 89 89 85b 87b 80 11338 11338 112b 112b 110b 110b 11658117l2 11634 117b 115 115b 113 115b 113 113 llOUllOb 1101’110b 671? 87I’ 1173s 119U 1171$ 1171$ 113b 113b 116 " 118b 116 " 117 " 11734 11734 III34II2I4 11214 1121’ 11212H258 112 112b 109b 109b 103 103 106 106 104 104 104b 104b 110 110 106b 107b 10912110 107 107 86 112b 113b ........... 65 114 11712 114 117 ill 111 1021’ 10212 9034 91 85 " 86I4 80 80 85 85 11434 115b lllb113 100b 102 91b 91b 98 99 120b 121 ___ ___ 88 9234 97b 99 11734 ll9i2 111 11278 90 93U 106 106 110 112 99 101 11012112b 101 1011’ 57 61 57b 64 102 ’ 102 54 60 107 108 70 20 60 68 581’ 65 75 112 102 75J 101 101 ^76b 76b 102b 103 105‘g 99b 99b 103 103 95 95 95 96 106b 106b 90 90 11212112b 111 10734 108 83 84 83b 83b 82 112b 110b 112 108 108 83 105 108 100 100 8734 8734 80 80 80 80 82 75 60 73 76b 73b 75 102 102 96b 100 96b 99b 9234 99b 9634 9634 -__ -____ 97 97 87b 923g 84b 88b 78b 873g 86 86 104b 107lg 95 95 85 80 80 59 67b 80 55 60 102b 102b 93" 99’ 93 96 79 843j 9834 101b 99i2 99b 831$ 86b 9634 9634 9534 96 88 ' 90b 87 90 9534 97b 94 96b 9334 95 98 99 92b 95 119b 120 119 119b 120 126 115b H6b 114b 11534 113 116b 107 114 112 114b 111 112 lllb113 ___ ___ 107b 1083$ 107b 107b 107b108 100 10634 106b 108 8534 8834 86 87b 75 87b 78 82 90 93 88 89 80b 85b 87b 89 100 100 105b 105b 941 ’ 941 ’ 104 104 100 100 110 110 107b 10934 107 108b 107 108b 1067g IO8I4 105 107b 103b 107b 99b 101b 101b 105b 94 95 90 90 95 96 10114101b 99 1013s 10038 1013$ 96 98 89b 90 90 90 40 40 61 61 44 53 40 47 69b 691’ 62 62b 9638 96b 100 75b 69b 71 68b 70 2434 20 24 2212 24b 87 8734 74b 76b 73b 75 73b 74l2 54 55 54 57 114b 1141’ 11458 115 112b 112b 90 90l2 8934 9034 108 108 86 112 73b 75b 74 102b iooi2101b 99 100 98b lOlli ___ -____ 89b 93 100 100 100 7634 69b 757s 73 27b 24b 26b 23 87 78 104 105 54 66I4 61b 67b 6OI4 63b 60b 6134 523g 59b 53b 58 108b 109 107b 108b 104b 104b 104 104 74 76 75 81 55 6278 55 58 lllb lllb 114b 115 90 90 86 82 78 93b 93b 99 65 109b 109b 102b 102b 105 ’ 105 " 111 112 113 108 108 80 861’ 86b 85 85 80l2 78b 79 73 81 815S 80 110 110 9934101 1005s 1021’ 100 98 IOOI4 99 100b 111 75 114 114 IO9I4 109b 1081’ 1081’ 11212 11212 IIII4 lllb 111b lllb 91b 102b 90 83 83 87b 84 88 86 84 36 43 43 50b • 66 19 651g 69 70 60 22b 20 22b 15 70 6978 75 50 50 55 1121’ 11314 111 105b 105b 105 105 78 78 85 37b 57 104 105 8534 82 76 8434 82 68b 58 21 15 7178 65 69 55 49 55 112 112 112 60b 53 59 16b 15b 19l2 59b 64b 61 ___ _____ 46 76 76 104 104 82b 73b 823g 72b 77 77 65 47b 71 71 74 80b STREET RAILWAY B’klyn Rapid Transit—1945—5 1st, conv, 2002--------------------4 B’klyn City, 1st, cons---------- 5 B Q C & S, con, guar------------ 5 B’klyn Union Elev, 1st----- 4=5 Stamped, guaranteed----- 4-5 Kings County Elev, 1st-------- 4 Stamped, guaranteed-------- 4 Nassau Electric, guar---------- 4 Conn Ry & Lt—1st------------- 4)4 Stamped, guaranteed-------4)4 Detroit United—1st------------ 4)4 Havana Electric—1952------------ 5 Interboro-Metropolitan, coll-4)4 Internat’l Traction, coll trust--4 Metropolitan Street Ry, gen—5 Refunding, 2002------------------4 B’way & 7th Ave, 1943--------- 5 Col & 9th Ave, 1st--------------- 5 Lex Ave & Pav F-----------------5 3d Ave, 1st, guar, 2000--------- 4 Registered --------------------- 4 1st, 1937................................ 5 Portland Ry, 1st and ref------- 5 Underground Electric Rys. of London profit-sharing-------- 5 Union Elevated (Chicago), lst-5 United Rys, St Louis------------- 4 United RRs, San Francisco-—4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 105 IO6I4 106b107 106b 106b 100 IOU4 101 103 89b 9238 87U 89b 7934 87>4 82 86b 80l8 85 10234 10234 103k IO3I4 IO2I4 1031’ 1011’ 1011? 100 100 106b 108 104 105 100 10234 102 106 100b 104 89 89 87 88b 88b 88 82 83b 85 100 101b 100 101 100 100 8OI4 82 79 80b 7334 79b 102b 10212 10012 100b 100b 100b 98b 100 “ 101 105 102 104 98b 10134 102 102 102 10334 98 98b 87 8434 86b 8434 87b 84b 84b 8334 8334 88 82b 81 82b 82 86 82b 82b 79 81b 98b 1021’ 9834 9834 861’ 861’ 91 93 801’ 83 7934 82 7958 8U4 74 80 75b 80b 7334 79b 72b 75 71 73 67 69b 108 10834 106b106b 105 106 1021s 104b 103b 104 100 100 ’ 84 85 82 84 80 ’ 80 ' 80 " 8OI4 75 75 11012113 1103411178 108 108 108 110 110 110b 104b105 113b 113b 113b 113b 115 115 110 110 88b 89 88 89b 86 88 85b 86b 85 86 85 85b 8734 89 11234 114I4 113 11412 112b 113 111 IIII4 111 111 110b mb 1011? 1011’ 90 100 94 100 88b 8934 75 85 8214 8314 81 85 82 85 76 82 83 85 78b 78b 76 7812 77 82 76 77 81 81 7434 75 8334 84 82 82 85 85 53 74b 73b 77 69 69b 100 101 ‘ 75 76b IO6I4 107b 104b 104b 109 109 107’’ 109 107b 107b 81 82b 64b 80 ’ 80 80 70 79b 80b 70 " 73 ' 72 92 96 85 62 77b 56 99b 101b 85 85b 91 66b 61 71 98 93b 92 99’ 85 80b 7934 80 80 ___ ___ 77 70 62l2 68 100 100 105 105 64 70 791 ’ 81 “ 4938 62b 47b 55b 5434 62 100 103 10012 __ _ ___ 103 48 63b 40 55 55 98 105 105 96 7934 76i2 79 74 75 75b 9734 9734 97b 9734 10834110 70b 721? 70 80b 81 67’ 70 80b 82 82 82 99 99b 76 78b 100b 101 98b 98b 99 100 ' 98 98 49 79b 81 61b 62b 96 96 44 50b 60 60b 100 64b 64b 72 72 72 79 79 60 60 97 RAILROAD AND MISCELLANEOUS BONDS 1907—Con clod ed. January February April March May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High BONDS. GAS AND ELECTRIC. Brooklyn Union Gas—1st------ 5 Buffalo Gas—1st--------------------5 Consolidated Gas (New York)— Conv deb 1909--------------------6 Detroit City Gas, 1923------------ 5 Detroit Gas, 1918------------------ 5 Equitable Gas (N Y), 1932----- 5 General Electric—Deb, gold-33^ 10-year, deb, gold, 1917------ 5 Hudson County Gas—1st,1949.5 Kings County Elec Lt & Pow Purchase money____________ 6 Laclede Gas—1st, gold------------ 5 Refund and ext. 1934_______5 Milwaukee Gas-Light—1st___ 4 N Y Elec Lt Heat & Power----- 5 Purchase money col tr, gold--4 Edison Elec III, 1st, 1910___ 5 N Y & Queens Elec & Power— Con, gold, 1930____________ 5 People’s Gas Light & Coke— 1st, con, gold, 1943_________ 6 Refunding, 1947------------------ 5 Chic Gas-Lt & Coke, 1st----- 5 Consolidated Gas, 1st, 1936--5 Mutual Fuel Gas, 1st, guar--5 Union Elec Light & Pow—1st--5 Westchester Light___________ 5 106% 106% 1061’ 107% 106 66 73% 63 63U 66 135 138 103 117 117 10412 105% 102% 10234 102 10234 102% 102% 102 102 91lo 911’ 102l2 1031’ 102U 1031’ 99% 1011’ 83% 84% 82% 83i4 80 8234 99 99% 103 102 102 102 102 102 102 119 103 100 100 1011’1011’ 102 100 104 91 92% 90 93 90% 9114 86 89 88 88% 87 881’ 98 9834 92% 93 109 U034 IO5I4 109% 1085s 1101’ 1075s 1075s 76 79% 74 76% 7H’ 7434 7214 76U 77U 75U 7514 72 97% 99 98 98% 94% 9812 76% 79 75 7614 72% 74 91 92U 89 8934 88 89 10134 102 90 9034 108% 110% 86I4 89 8634 90 95 107 108i2 90 92 100 100 IOOI4 102 82 82% 97 97 105 105% 93 95 97% 99 97% 99% 98U 9834 95% 97% 84 89 96 96 106 IO6I4 92 93% 9838 99 98% 99U 981’ 99 96% 97% 96 95 95 103 103 104 106 87% 92 93i2 985g 94i2 99 981’ 981’ 9314 97 98 102 93 10.534 1053, 93 9434 95 95 106% 9312 9312 90 95 96 92 89 88% 85 901’ 91 107U 72% 74% 71% 74 9212 55 10834 95 97 105 10314 108 9412 9412 92 92 1001 e 100 95 10834 98 102 104 10714 1015g 102 IOOI4 10134 99 10134 99 100 107 96 107 98 80 85 70 95 77 791’ 65 8514 81 70 70 90 7H2 8212 85 103% 8812 99% 94% 106 90 100 100 80 95 105 88 100 9834 83 70 96 70 96 84% 95 IO5I4 90 100 100 83 100 96 88% 9934 9912 97 94% 90 911’ 72 72 97 92 85 86 87 86 86I4 84 91l2 88 87l2 84l2 87 78 89 86 80 68 8234 84l2 85% 72 75 75 82 86 881’ 54" 82 92 963x 93 9434 96 91 60i8 571’ 62 89 " 90 90 92 100 100 100 89 ........... 91 96 85 87 87% 86 88 89 88l2 89i2 79 82 10234 1031’ 88l2 89i4 105 106 101 106*1’ 10518 10534 105 105 7134 73 6934 73 8138 82 95 95 105 105 8712 88 100 100 97 99 84 84 81 98 98 98 91 98i2 98 92 94 88 89 100 86"g 9534 96 63 10234 867s 10334 101i2 681^ 88U 91 63i2 65 843g 70 __ 88 8*8* 9934 9934 9778 98 83 83 __ 96i2 96i2 10234 104 77 86 9514 9714 95% 9714 97 97 93U 94 104U 1041, 1051’ 1051’ 100 78ig 78i8 93 9714 91 96% 9212 94 9214 95 721’ 73% 71% 73% 7134 72l2 72i4 73 87 85 97 98 9212 89 96 96 97 867g S67g 85 100 102 85 851’ 63]4 661’ 5412 63 65 65 80 88l2 91 5334 6312 66 8U2 76 79 96 861? 99 85i2 64 63 87 6334 1017g 105b 10512 10534 1043g 106 88 88 87 87i2 97 9710 9478 98 “ 94 95 89i2 90 831’ 83i2 92 92 104 104 78 80 9012 97U 90 973g 971’ 97l2 87l2 92 92 92 10514 90 92 86 60 80 1037s 100 8212 76 93 8934 83 100i2 80 961’ 8412 90 98 68 7812 781’ IOOI4 70 8612 86 100 80 95 80 IOOI4 82 66 90U 78 85 78 85 9314 97 62 69i2 62i2 54 681’ 69 70 61i2 53 57 85 90 89 " 90 ‘ 87i2 88 88 8834 8712 89 8412 88 841’ 85 841’ 90 85 85 85 85 85 85 90 90 93i2 93i2 89 92 91 88 91 99 1041’ 105 77 80 9534 97l2 96ig 9734 97 99 9114 92 9912 96 99U 93 103U IO3I4 77 80 76 77i2 92i2 96 86I4 95 92i4 96i4 8412 95 87iS 88I4 50 95’8 881’ 9012 85 88 68 85 90 90 90 90 98 85 98 85 85 85 85 58 63% 56l2 60 59l2 65 4812 58l2 50 895S 91 104 Iftfi 86 102 917g 92 103 103 105 105 92% 93 92i2 93 92l2 93 IOEIq 55l2 40 89l2 89 89 101 102 9034 93 87 101 100 87i2 87l2 85 7112 86I4 853j 86 737g 63 87 93U 9314 80 80 85 75 75 511’ 35 42 89 102 102 6712 80 60 IO3I4 104 7812 8H2 95 9534 94”>8 9578 99 99 93 94 87 105 82i4 82 591’ 60 57 77 60 65 78 54U 57 781? 781’ 77 60 74 ‘ 61 100 62 8234 83 85 65l2 99U 99 9934 101 101 7OI4 6714 7038 85 87 90 90 93 8734 8838 67% 7138 5934 6934 62% 65 78 78 94 95 94 95 93 95 106 88 88 84% 99 91 105 91 91% 87 88 84 83 98 100 92 97 IO4I4 106% 93 90 55 99 100l8 101% 99% IO2I4 100 97 99 95 96% 91 104 104 9834 100i2 99 101 101 70 93 103 116% 116% 101 101 10038 1003g 103 1051’ IOOI2 1001’ 102 102 100 100 1001’ 1001’ 101% 1011’ 100 100 100 100 101 101 86% 95% 96% 97 93% 1O118 87l2 90 62 — 1021a 10Q 991’ 1031’ 102 103U 981’ 100 95 80 831’ 80 82i4 80 821’ 7912 791? 77 81 84 100 100 100i2 1001’ 100l8 101 100 IOOI4 1001s 1001s 87 95 104 95 106% 107 104 1051’ 9014 90% 89% 90 100 101 971’ 100 9934 IOOI4 9634 9934 99% 100% 95 73U 76% 78 7812 9414 95% 1061a 1061? 105 " 105% 1085s HOI4 102 102 89 104 98 102% 102 10034 95 104 102l2 90 60 66 87 86% 86% 104 98 102 97 101’g 101 66 66 137% 120 125% 118l2 123l2 107 120 105U 112 94 100 100 100 97i2 97i2 9758 9758 97>g 971’ 97 116 1161’ 115 1161’ 1021’103 101l2102l2 10012 102 95 119 119% 119 102 102 102 MISCELLANEOUS. Adams Express—Coll_________4 102 1O234 102%103 Chicago Junction & U S Y___ 5 Internat Mercantile Marine--43-3 International Navigation, 1st--5 New York Dock—50=year____ 4 933g 95 92 92 Providence Securities_________ 4 Union Ferry_________________ 5 U S Reduction & Refining----- 6 95 95 92 93 COAL AND IRON. Buffalo & Susq Iron—1st____ 5 Colorado Fuel & Iron—Gen, s f-5 Conv debentures, 1911---------5 Colorado Industrial— 1st, coll tr, 1934-_____ 5 Sunday Creek Co--------------------5 Ienn Coal Iron & Ry—Gen----- 5 Tennessee Division_________ 6 Birmingham Div. 1st, con__ 6 DeBardeleben Coal & Iron—6 Victor Fuel, 1st--------------------- 5 Virginia Iron Coal & Coke—lst-5 80 103 104% 105l2 10234 103 10U8 10U2 101 67 68 .................. 67 67 63 106% 107 65 66 13934 123 134U 117 100 100 100 100 100 100 105 105 86I4 86I4 TELEGRAPH. Amer Telephone & Telegraph 4 90 90 Commercial Cable____________ 4 Registered^------------------------ 4 Keystone Telephone, 1st-------- 5 Metropolitan Tel & Tel, 1st__ 5 Michigan State Telephone____ 5 Western Union Tel—1938_____5 102% 103 Fund & R E, 1950________ 4^ 99% 10012 Mutual Union Tel, sink fund-6 MANUFACTURING AND INDUSTRIAL. American Cotton Oil, 1915__ 433 American Hide & Leather—lst-6 American Ice Securities, deb__ 6 American Spirits Mfg.—1st__ 6 American Thread—1st coll___ 4 American Tobacco, 1944 ______ 6 Registered-------------------------- 6 Gold, 1951___________ .4 Registered --------------------- 4 Central Leather, 20-yr, gold__ 5 Consolidated Tobacco, 50=year-4 Registered-------------------------- 4 Corn Products Refining, 1931--5 Distillers’ Secur Corp—1st___ 5 Ingersoll-Rand—1st__________ 5 International Paper—1st_____ 6 ‘Cons, conv, 1935___________ 5 International Steam Pump, ’13-6 Lackawanna Steel, 1st, 1923--5 National Starch Mfg—1st____ 6 N Starch Co—Sink fund deb__ 5 Republic Iron & Steel------------ 5 United States Envelope, 1st__ 6 U S Leather—Deb, sink fund--6 U S Realty & Improvement—5 U S Steel Corporation—1963__ 5 Registered-----------5 Virginia-Carolina Chemical----- 5 Westinghouse El & Mfg, conv.-5 133 13934 116 100 107 70 80 98 99 4112 4612 84 81 973, 98 IOOI4 100 98 8712 78l2 78l2 80 85 100 102 99 80 1908. BONDS Ann Arbor—1st 1995 gold. .4 Atch Topeka & Santa Fe— General gold 1995________ 4 Registered________ --.-4 Adjustment gold 1995------ 4 Stamped _____________ 4 50-year conv gold 1955__ 4 10-year conv gold 1917—5 Deben series H 1910--------- 4 Eastern Oklahoma Div lst-4 San Fe Pres & Phen 1st-- -5 Chicago & St Louis 1st —6 Short Line (J P M rec) lst-4 Atlan Coast L—1st 1952 g.-4 Lou & Nash coll 1952 g__ 4 Sav Fla & West 1st ’34 g--6 S S Ocala & Gulf gu 1918 g -4 B & O—Prior lien g 1925--3 33 Registered__________ 3 33 Gold 1948 ......................... -4 Registered__________ 4 Pitts June & M Div.__ 333 Pitts L E & W Va System.4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis January February March April July August September October November Dezembi May June Low High Low High Low H igh Low High Low High Low High Low High Low High Low High Low High Low High Low Hi 80 80 95% 10U2 95i2 100 83 88% 82i2 89 86i2 89l2 94l2 9834 79 . 81l2 78% 78% 78 78 9778 IOOI4 97 99% 9634 97% 96 96 8534 86’g 86 87% 86 88 86% 87% 86 865g 86I4 8734 8534 88% 86 88% 87 8934 96 98% 96 975g 973g 101 96% 96% 96 96 80% 80% 80% 80% 79 97U 99% 973g 98% 9634 97 *86* 8*8% 86I4 89 86% 87 85% 87 89% 9334 8934 915g 101 103 99% 100% 95U 97 109 87% 90 80 75 8934 8434 8634 84% 8714 74 75 76 75 76% 111% 111% 92% 90 91% 89 97 80% 80 98% 100% 98 9934 88 92% 873g 90 95 9734 10214 10414 96% 973g 97 85 100% 10U2 99 100 91% 94% 90 921’ 95 9734 ion210414 84 99 100% 99 99 94 95% 92% 93 95% 10034 103 1053g 97 98 96 88 95% 95% 95U 97 93 95U 94% 95 8634 88% 86% 88 98 9714 98 851? 85 91 9334 94 90i4 93 80% 821; 81% 83 84i4 12358 124 931’ 90% 93% 92 94 91% 93 92% 86 100 99 IOOI4 10134 9834100 91i4 93 9134 94 IOII4 104 105 107 98 98% 98% 98% 109% 109% 101 100 917g 92 10012 105 105% 108 109 90% 93% 90 92l4 90U 92 89% 89% 90 90 96% 102 98% 101% 98% 100 97% 98% 9734 99 95% 96% 95 95 87 96 80% 80 9734 99% 98 98 88 91 86% 88% 9012 95 99% 1025g 96% 97 94% 96 8538 87 9638 9738 955g 96% 8534 87% 93% 9234 93% 93% 94U 9438 9434 94% 9534 93 98% 9834 983g 100 9914 100% 100% 10134 9834 99% 99*4 10034 100 IOII4 98 98 9514 9514 83 83 89% 89% 83% 88 87 87% 90 90 9434 9534 95% 96 94" 97* G8I4 97 90% 88% 90% 90% 905g 9134 92 98 RAILROAD BONDS 1908—Continued. BONDS August September October November December January February March June Jwy April May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High B & 0—(Cone..) Southwestern Div 1st g.3)^ 8334 89 Ohio Riv 1st 1936 gold ----5 General gold 1937_____ 5 Pitts & West 1st 1917 g .4 Buff Roch & Pitts—Gen ’37-5 Consol 1957----- -------- -4 34 Clear & Mahon 1st gu’43 g.5 Roch & Pitts 1st 1922 ___ 6 114 114 Cons 1922 _. _ ..6 Buff & Susque—1st ref----- 4 Canada Southern—1st gu..5 10458 10458 J P Morgan & Co certificates 102i4 105U 1st extended 1913________ 6 2d 1913 ............................ ..5 98I4 101 Central of Georgia—1st 1945.5 Consol 1945 gold________5 97U 10214 1st preference income-__ 5 65 70 Stamped ______________ Trust Co certificates___ 2d preference income____ 5 Stamped ___ _______ ___ 44 45 Trust Co certificates__ Stamped 3d preference income------- 5 2712 3734 Stamped ______________ 33 33 Trust Co certs stamped _ Chattanooga Div 1951___ 4 Macon & Nor Div 1st------ 5 Central RR & Banking Ga..5 100 100 Central of New Jersey— General 1987 gold---------- 5 117 123 Registered____________ 5 Amer Dock & Impt---------5 Lehigh & W=B Coal 1912..5 98 98 Cons ext 1910 gu------- 4J^ 99l2 99i2 Chesapeake & Ohio— Series A 1908 gold-----------6 101 102 Mortgage 1911 gold______ 6 1st consol 1939 gold--------.5 107l211134 General 1992 gold_____ 4^ 96 10158 Big Sandy 1st 1944 ___ 4 R & A Div 1st cons 1989 g-4 9H2 96i2 2d cons 1989 g_______ 4 Greenbrier 1st gu 1940 __ 4 Chicago & Alton—Ref ’49 g.3 75 76 Chic & Alt Ry 1st ’50 g.3J^ 62l4 64 Chic Burlington & Quincy— General 1958 ___ _._____ 4 Denver Division 1922___ 4 98 10012 Illinois Division 1949..31^ 86 90i2 Registered . ----- 3)4 Illinois Division 1949 ----- 4 97's 10158 Registered _ -4 Iowa Division 1919 s f__ 5 106 106 Iowa Division 1919 s f—4 96 9834 Nebraska Ext 1927......... .4 99 9978 Registered____________ 4 Debenture 1913______ ...5 9714101 Hannibal & St Jos cons.. 6 Chic & East III refund __ .4 1st consol 1934 g __ 6 General cons 1st 1937.__ 5 106l2lll>2 Chic & Ind Coal Ry 1st___ 5 10934 10934 Chic Ind & Lou—Ref *47 g..6 117i2 117i2 Refunding 1947 g ... -.5 Lou N A & Chic 1st 1910..6 100 100i2 Chic Milwaukee & St Paul— Terminal 1914 gold ____ 5 Gen series A 1989 gold-__ 4 100 102 Registered .. ____ .4 Gen series B 1989 g----- 3)4 87 9034 Chic & Mo River Div____ 5 Chic & Pacific Div...___ 6 Chic & Pac West Div------- 5 10838110 Dakota & Gt Southern__ 5 10612 10612 H & D Div 1st 1910........... 7 1021" 1021" 1st 1910 5 La Crosse & Dav 1st 1919.5 Mineral Point Div________ 5 10012 10034 So Minn Div 1st 1910------- 6 IOOI4 102 Southwest Div 1st 1909—6 101 101 Wise & Minn Div------------ 5 108 108 Mil & No 1st m 1 1910.. .6 1st consol 1913. ---------6 IO8I4 10812 Chic & Northwest—1915 —7 116 118 Extension 1886=1926_____ 4 Registered____ _______ 4 9834 9834 General 1987 gold_____ 3J^ 90 90 Registered _ _ . —3)4 Sinking fund 1879=1929...6 Registered------------------ 6 10812 10812 Sinking fund 1879=1929__ 5 Debenture 1909--------------- 5 100i8 101 Registered __ .....___ 5 Debenture 1921__________ 5 Sinking fund deb 1933. — 5 Registered_______ ____ 5 Northern Illinois 1st_____ 5 Ottumwa C F & St P 1st..5 Mil L S & W 1st 1921 g...6 Ext & imp 1929 g_____ 5 Chic Rock Isl & Pacific Ry— Mortgage 1917__________ 6 112 112 Registered____ ...____ 6 General 1988 gold----------- 4 941410012 Registered________.___ 4 Refunding 1934 gold------- 4 8312 87l8 Registered . __ _ 4 Collat trust ser O 1917___ 4 C R I & P RR 2002---------- 4 5978 6438 Registered ---------- —4 6214 6214 Coll trust 1913 gold___ 5 68 76 Bur C R & No 1934 g------- 5 106 111 Choc O & Gulf 1919 g------- 5 10412 10412 Consol 1952 g .. ______ 5 Keok & Des Moines 1st__ 5 9834 100 Chic St P Minn & Omaha__ 6 121 1261" Chic St P & Minn 1st g —6 124 124 St Paul & Sioux City 1st g.6 11612 11712 Chic & West Indiana—1932.6 Consol 50= year 1952 —-.4 94 95U C'n Ham & Dayton — Cin Day & I 1st gu *41 g__ 5 Cin Ind & W 1st gu ’53 g -.4 Ind Dec & W 1st 1935 g —5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 87l2 8934 89i8 8934 87i2 89l2 8834 89’2 89l2 921’ 91i8 9134 9138 92U 9178 9314 IOSI4 111 110 110 no no 109 109 10034 10034 101 101 11312 1131" 116 116 108 108 110l211012 106 106 101U 10U2 103 103 1191 2 119i" 118 118 1151411514 120i8 1213S 117 117 871? 871" 88 89 85l2 8934 86 117 91 117 91 10414 106 10078 101 99 62 27 27 100 62 28 30 105 8738 865g 88 10578 10712 107l8 10734 10738 108l8 98'4 9934 10012 10H2 112 112 102 10212 107 10378 10518 6212 65 6912 70 73 65 65 70 7H2 106 9812 99 99 55 46 45 45 44lo 4519 48 46 48 48l2 45 36 27 3H" 36 3912 37 39i2 36 33 38 10838 111 107is 1071" 10678 10712 1063j 10712 10214 103i2 103 10312 104l2 105 10112 10212 114 114 10414 10514 10434 10738 106 10934 108 1093j 55 65 6412 75 71 73 71 71 73 73 4478 521" 52 52 3034 3634 38 41 3912 40 38«8 3838 3912 40l» 50 50 45 4614 4738 53 49i2 50 89j8 8958 1001" 1001" 92 ' 92 ' 95 12112 1221" 120l8 12018 107 IO8I4 9834 9834 102 1021" 103 103 10812 112 9912 IOH4 104?8 104'8 99 101 100 .................. 9834 9834 100 100 12212 124 122 124 124 12458 124 12458 121U 123 1211a 1211" 122 122 121 121 12012 12034 109 109 1071" 1071" 98 98 9S34 99 100 100 98i2 981" 9914100 991" 100 1001" 10038 102 102l8 IIOI4 11414 97 99 103 103 105l8 10518 10812 110 97 98l2 9412 9512 9334 9412 94 92 92 89 70 60 78 63 6734 70 70 60 6H4 62 95 91 54 53 53 52 40 39 3912 10058 104 122 121 166 74 68 7214 74 66 68 75 64U 67i2 67 40l2 45 10612 10612 10514 IO6I4 103i2 103i2 106 123 123'8 12438 125 12612 I2U4 10934 10934 110l2 1101" 101 101 100 100 IOOI4 100^8 1005s 10034 101 101 101 10258 104 11118 112 112 II2I4 112 11334 11334 11518 99 10134 IOOI4 10134 100l2 102l8 10112 10278 8914 8912 97 99 96 96 95 97U 981, 99 9212 9212 931» 931" 70 74 6312 62 39 107i8108 10758 10858 108i210914 IOH4 102i2 10134 10212 10212 10314 11634 11634 10812 nos8 108 109 10S34 109-s 65 78 78 81 64 64 78 78 7S 80 45 45k 4912 64 61l2 64 4934 6012 63 63 48 63 63 63 60 60 63 63 52 53 38 45 40l2 57 41 41 52i4 52U 105 105 115 116 115 11612 10012 102!4 IOII4 10312 90 92I4 89"8 90 99 100 107l2 126'2 12734 12914130U 12414 12414 111 11L. 100i2 100l2 100S8 101 100 lOds 11412 115 10234 105 9H2 92l4 100 101 95 95 77U 77 7734 7612 7712 78 681’ 72i2 71 7612 76 68 10312 10312 115 11538 10434 10734 90 92U IOOI4 10012 78 78>4 7938 77»8 76l2 77i2 9758 9834 981’ i0078 9858 9934 98 101 lOO’s 10138 1013s 10314 100 10012 99i2 99’2 99 99U 9934100 100i8 100i2 101 101 93 9334 8758 88I4 88 9038 90U 91i2 91 9212 9258 93 9134 9134 9958 10012 IOOI4 102 10112 1021’ 10134 103 10234 1031’ 10312 105 101l8 101l8 10434 10434 105l2 10512 9978 100 IOOI4 IOOI4 98 98i2 10012 10012 98i4 99i2 98 98 101 101 100l8 100l8 9912 IOOI4 IOOI4 10134 100 10134 99 99 98l8 99 101 10U2 IOU4 10U2 102 10212 100^8 1005S 10034 10112 10158 10158 10112 10112 10134 10134 100 IOII4 101 10112 10212 10312 101 10134 101i8 102 10212 1021’ 10478 10478 105 10512 10558 10558 104U 10458 85 87 87 88 82U 83 122 122 110U112 10912lll 110 11212 no 112 11112 11212 111 11210 113 1133s 113 113’s 115 116l8 114 114 1153211534 107 107 117U 118 I2OI4 12014 12234 125 .................. 124 126>4 126>4 12612 12912 130 129 130 13012 1305g __ _ ____ 106 106 106 108 1043s 10438 10178 10238 10234 10234 ion2 ion2 97 9734 97 98 9878 99i2 100 100 IOOI4 88i2 89l2 89i4 88i2 90 8634 8634 9938 10H2 981" 99l2 99U IOOI4 100i8 IOH4 101 10134 9738 98 98 97 97 88I4 9018 88 8884 88 102 103 89 89 1031" 1031" 103 103 103 87 88 105’s 106 103* 102 103 85l4 88 110 111 10434 10434 109 10934 10458 10458 104 104 10812110 108l2 109 104U 10414 8812 89l4 11134 11134 10412 10412 1093811012 1013810134 10712 10712 108’s 108l8 10634 10634 10038 10038 102l8 103 103 10414 104U 102 1031? 10234 10334 104 IOII4 10312 10312 8914 8934 871’ 871’ 887g 90 8934 9112 91 91"8 92 95 11038llll4 112 112 104U IO4I4 no34un2 10878 10914 110 11012 110l2 11012 11012 11118 111 llll2 105 105U 106 106 10434 10434 10438 10438 10512 10512 10538 10534 102 IO3I4 103U 10212 101 10114 IOII4 1C2 10078 100-8 10438 104"8 103 103 10178 103 102l8 10278 103l8 104l8 10418 10314 10312 10318 1O3'i8 10218 102l8 108l8 108l8 1081" 1081" IO8I4 IO8I4 109 10912 IO9I4 109U 10912 10912 105's 10518 109 109 117 117 117 118 118 11812 117 118 11538 11734 117 11734 116 117l2 99 99 98i2 98l2 9234 9234 9134 92 9134 9134 9H2 92l2 89 92l2 9212 95 91 9134 91 91 89 89 107l2 109l2 1111211112 no no 10812 10812 1091" 1091" 108 109 101 102 102 10214 100l8 10034 10034 10034 IOII4 10134 10178 1017g 1011" 1011" IOOI4 IOOI4 IOOI4 IOOI4 105 105l8 108 108 10812 10812 109 109 109 109 112 112 107 107 10134 10134 10138 10138 118 118 118 118 11S 11S34 11912 11934 110 11012 111 111 II3I4II3I4 11212 113 112 95 99 86 8678 86 94 II2I4 113l8 11314 115 115 115 115 96 95U 98 9758 99 96i2 97 8434 8612 86I4 88 87 1151211512 11212 11212 1121211212 97U 9834 95 96 9412 96 85 1091’ 10912 10212 10278 10334 10378 10378 10418 1O278 10278 103’s 103’s 111 111 IO5I4 105U 110l811018 1175811758 II6I4 11858 9412 9412 95 96 10234 10234 10038 10112 9912 9934 10834 10834 113l4ll338 1113411134 10678 106-s 104 104U 92 1043s 10438 IO3I4 103'2 107'2 10738 11714 11712 .................. IOII4 10138 10034101 108 108 no 110 1021410214 101 101 11912 115 11514 11578116 116 116l8 9912 9938 101 10034102U 9734 9734 8912 92 115 8538 89l4 8612 87l2 8712 90 8512 8414 86 85U 85U 90 90 5534 6134 57 63l2 6U2 68l2 64i8 69 6OI4 6634 6212 663s 64^2 681g 6b 72i2 71U 7414 70b 7478 65 65 5912 72 63i2 7334 70 75 63 72 6112 67 747S 7912 60 67 61 68l2 60i2 71l2 6934 77 111 111 1107a 1107a 116 11638 116 11678 102 102 109 109 107i2 1071? IOOI4 IOOI4 101i2101i2 12634 127 128l2 12812 126i4 127 12614 12714 1271’ 128 129's 1297S 13U4 132 127U 12714 117 117 11738 1173a 116 116 116 116 11512115l" 1155811558 11634 11634 117 117 112 113 112 112 112 112 11258113 9434 9434 95U 9514 91 94 94 95i8 74 1 70 90 70 91 1 79 79i2 91l2 115i211512 104 104U 12812 130 129l2 130 117 118 1125sll3 97 100 96 70 1205s 9538 97i2 98 115 875s 84 70 92 10414 104!2 ni34112 108 108 10534 105”8 96 96b 961" 99 RAILROAD BONDS 1908—Continued. BONDS January February August September October November December March April May June July Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 92i2 94 95 9638 95l2 973fl 92 95 94 9714 94b 95b 95 9634 96b 97b 97 99b 97b 98b ClevCin Chi & St L—’93 g--4 94 98 93b 97 Cairo Div 1st 1939 g_____ 4 96 96 Cin Wab & Mich Div 1st g 4 95b 95b 9134 9134 93b 93b 93 93b 96b 96b 96 ‘ 9634 95b 957s 96 96b 90 90 93 93 St Louis Div 1st 1990 g__ 4 92 92 Spring & Col Div 1st____ 4 99b 99b 99b 99b C’l St L & C 1st 1936 g..-4 95U 9514 97b 97b 97 97 97 97 Registered - -- _ 4 110 110 Cin San & CI cons 1st g - 5 lOei’ 106b 11434 11434 114 114 C C C & I cons 1914_____ 7 120 121 Gen cons 1934 gold____ 6 124b124b 124b 124b 125b125b 126 126 130 130 94 ’ 94 94 Ind B & W 1st pref__ -4 95 90 89 90 90 93b 93b 95 Peo & East 1st cons 1940.4 85 90 89U 9134 9034 91 917g 92b 88b 88i2 87 88b 87 93 93b 50 42i 4 45 45 60 49 55 46 45 44 47 48 35 39 39 41 Incomes 1990....................4 40 41b 40lg 40b 45 55b 55b 57 607g 621g 62 63 62 62 63 65 66 68 Colorado Midland—1st g 4 55l2 62 59 6134 58l2 5912 59 61 66 68b 68b 74b 73 84 89l2 90 9034 92b 92 94b 94 96 95 96 Colo & Sou—1st 1929 g.---- 4 82 9078 8512 88l2 86 88 87 8934 88 90 8934 93 96 99b 7678 82i4 78l2 8034 7812 7934 78b 807g 81 8434 84 86b 86 883{ 8534 8834 8734 9734 73 77 Refund & exten 1935—4)4 75l2 77l2 7338 77 1077 8 104 110 108l 2 109 106 106i 2 108 106l 2 115 11534 114 115b 106 108 1091 2 108b 110 Ft Worth & D C 1st_____ 6 110l2lllb 112b 11412 113 115b 91 91 Cuba RR—1st 1952 gold___ 5 Delaware Lacka & Western— 117b 117b Morris & Essex 1st 1914__7 114b 118b 117121177g 114»g 115 114b 115 117 117 120b 120b 1st cons gu 1915______ 7 118igll8ig 119b 119b 120b 120b 117 117 125 ’ 125 ' N Y Lack &'West 1st ’21. .6 116b 116b 121 121 121b 124b 1085o 109 Construction 1923_____ 5 112 112 112b 112b 112 112 97b 97b 99 99 Terminal & imp 1923___ 4 98 100 100 102 100b 100b 100b 100b 121b 121b Del & Hudson—Penn Div 7 123 123 1003g 101b 1007g 102b 100b 101b 101 102b 1st & refunding 1943 ___ 4 941 2 987 s 96 9612 100 95 97 97 98 100 Convertible, 1916------------4 99b 1023g 100 ” 101 102 104 ~ 101 105 " 96b 99 97 99b 99b 101 97 97 1037s 104b 103b 104 1st lien equip 1922____ 4)4 96 96b Alb & Susq conv 1946 g-3 )4 9134 97b 92i2 96 94 95 93 963g 95U 96 95 9534 95 9534 9534 98 98 983g 95b 97b 963g 99 9834 100 Registered . ____ .3)4 96 96 128b 1281c Renss & Sara 1st 1921___ 7 129 129 Denver & Rio Grande— 92 95l2 90l2 92 93 95 1st consol 1936 gold......... 4 9014 90b 9034 9334 91b 92l2 89 92 9234 97 9212 93 96b 97 97 99b 92b 94 10334 10334 Consol 1936 gold_____ 4)4 98 98 94 94 Imnrovement 1928 gold--5 100 100 9419 95 100 ' 103 ' 9fi 9712 96 99 100 1003^ 97 98 Rio G June 1st gu g____ 5 85 85 Rio G Sou 1st 1940 guar--4 8612 87 Rio G West 1st 1939 g----- 4 8312 9012 8912 90b 88i2 90 89 90 89 90 84 85>2 87 88 87b 903g 91 93 93b 96b 95b 98 725S 725g 74 70 74 72 72 Mtge & coll tr A 1949 g-4 75 75 80 80 74b 75 75 74 757g 76 78 76 76 74 74 85 85 £t & Mackinac—Gold 1995-4 80 83 90 90 87b 87b 891o 8912 84 84 'ietroit Sou—Ohio Sou Div -.4 7734 7734 84 84 84 84 ul & Iron Range—1st 1937 5 102 107b 10712 108 108 108 10434 10434 106 1093g 108b 108b 112 112b 112b 112b 114 115 106b 10612 Registered . _______ .5 108 108 1077« 109 Dul S S & Atlan—1937 g...5 106b 106l2 Elgin Jol & East—1st ’41 g-5 Erie—1st ext 1947 gold___ 4 99 105 99b 9912 104 104 104 104ig 2d ext 1919 gold.. _____ 5 10112 10H2 9334 99 3d ext 1923 gold______ 4)4 100l2 100b 103 104 106b 106b 104b 105 104 104 4th ext 1920 gold_______ 5 105b 105b 5th ext 1928 gold ___ .4 98 98 121 122 117b 11712 117 11812 119 119b 119 119 119b 119b 122b 122b 1st consol 1920 gold-------- 7 121 122 125b 125b 125 127 1st cons fund 1920 gold - -7 120 I2OI4 121 121 80 90 1st cons prior lien 1996 g..4 83b 86b 8212 86I4 82 84lg 83b 8612 86b 90 86 8734 86 87b 87 89b 89b c90b 81 85ig 85 88 Registered ___ 4 79 79 56 6812 64 72 1st cons general 1996 g__ 4 67 72l2 55 68 6012 71 68b 72 62 68b 66b 70b 68b 7234 71 74 73 76b 73b c76b 72 77 6734 7812 77b 843g 8212 8412 80 82b 80 833g 81b 83 70 73 Penns coll tr 1951 g-------- 4 73 77 82 8234 83 86b 86b 875g 44 56 43 5414 46b 5712 55 617g 54 62/g 55b 6634 6 1 647g 64 72 50=yr conv ser A 1953 g--4 56 61 69b 74 73 80b 77 79 Coupon on ____ . 68)3 71lp 5234 517g 56 49 50 50 40 48 48 56 50-yr conv ser B 1953 g__ 4 53 56 66 69 51 5734 55b 57b 57b 63 59b 65b 65 70 Coupon on ___ 59 6219 Buff N Y & Erie 1st 1916..7 118 118 115 115 Chic & Erie 1st 1982 g----- 5 IO8I4HI 112 112 111 111 110bll034 108b 110 110 110 112 112 114 115 113 115b 115ig 11534 Cleve & Mah Val 1938 ___ 5 121 ” 121 Jefferson 1st 1909 gu g- - 5 100 100 105^4 106 98b 9812 Long Dock cons 1935 g__ 6 121 1225g 124 124 128 128 124b128 106 106 Dock & impt 1st 1913____ 6 106 106 100 100 N Y & Green Lake gu g__ 5 N Y Sus & W 1st ref g .5 104 107 105 105 9334 9412 90 90 89 89 91 9212 General 1940 gold-------- 5 92 92 89 89b 89 94b 95 95b 114b 114b Terminal 1st 1943 gold--5 110 110 112b 113 101 102 102 102 102 102 Mid of N J 1st 1910 g...6 102 1023g 101 101 10218 1021s 103'103 101 101 100b 100b 100 100 Wilkes & East 1st gu g-5 100 100 102 102 108 11314 110 110 1103^ 1103^ Ev & Ind—1st cons gu g__ 6 Ev & T H—1st cons 1921 g--6 112 112 100 102 103 103 102b 102b 1st general 1942 g______ 5 96 96 95 95 Sullivan Co Branch.. -__ 5 74 78 78 81 Ft Worth & Rio G—1st g__ 4 76 78 85 76b 75 80 80 80 82b 83 85 87b 86 88 Gal H & H of 1882—1st ’13 .5 Gt North—C B & Q coll tr.-4 Registered------------------ 4 St P Minn & Man 2d 1909-6 1st cons 1933 g.__ _ .6 Reduced to------------4)4 Dakota Exten 1910 g____ 6 Mont Ext 1st 1937 g_____ 4 East Ry 1st div, 1st g___ 5 Mont Cent 1st gu 1937 g--6 1st gu 1937 g_________5 Gulf & S I—1st ref 1952 ___ 5 Hocking Vail—1st cons g-4 34 Registered___ ____ 4)4 Col & H V 1st ext 1948 - .4 Col & Tol 1st ext 1955 ___ 4 Illinois Centra’— 1st 1951 gold____________ 4 1st refunding 1955 __ 4 1st 1951 gold........... ........ 3)4 Registered .. _____ 334 Extended 1st 1951 g . .3)4 Collateral trust 1952 g.. 4 L N O & T 1953 g.............. 4 Lou Div & Term 1953 g-3 34 Western Lines 1st 19514 St L Div & Term 1951 g--3 1951 gold... . . -.3)4 Carb & Shaw 1st 1923 g __4 Chic St L & N O 1951 g -.5 Memphis Div 1st 1951 g -4 St Lou Sou 1st 1931 g __4 Ind Illinois & la—1st g___ 4 Internat & Gt Nor—1st ’19 g 6 2d 1909 gold-...................... 5 Trust Co receipts-------Iowa Central—1st 1938 g—5 Refunding 1951 g------------4 Kansas C Sou—1st 1950 g--3 Lake Erie & W—1st 1937 g-5 2d 1941 gold........................ 5 North Ohio 1st gu 1945 g__5 Lehigh Val (N Y)—1st gu-4 34 Registered____________4)4 Lehigh Val (Pa)—2003 g__ 4 I/*,high & N Y—1st gu 45 g-4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 92i4 975g 93 98b 9234 9634 93b 94i2 -__ _____ 10414 10414 126b128 102 106l2 105 105 93 95b 92l2 92l2 10412 10458 126b 126b 105 10534 1043j 10434 94 98b 98b 98l2 98l2 98l2 IOH4101b 128 128 98i2103 94l2 96b 93b 95 IO2I4 10214 12834 12834 10534 107 105b 10534 99 99 Qfi 128b 1283, 107 104 108 107b108 106 1071g 107 108b 108 104U 1037s 1037s 98 98 102 99b 102U 9912 10212 100 102 103 108b 108b 109b 10912 10934 110b 11134 1071] 10714 1033g 10319 1033410414 99b 99b 101 101 ** 101 101 130 130 111b 111b 113ig 114 10212 102lg 1033g 102lg 10312 101Sg 103b 103 96 102 96 96lg 99 953g 97 9534 9634 96b 98 98 100 97b 9834 98 99b 9834 1003g 94 95U 9412 967g 955g 96b 96 97b 97 98 96b 97b 96b 97b 9634 97b 104 104 10314 10334 104 104 IO6I4 106b 103 103b 103b 1033g 103 1033g 102 103b 103b 95 103b 104 106b 105 100b 100b 95 106b 1O612 107b 107 96 100 96 102 1021? 102b S997g 100 9134 yi34 107b 96 100 101 101 t9934 100b 9358 935g 913j 913] 97 100l2 101b 101b 101 98b 98b 85 85 101 98 101 94 99 99 102 100 100 101 101 8734 89b 87ig 88b 98 101 76I4 76b 875g 875g 79b 7912 87 100b 70 69 107 89 108b 78' 75 75 71 70b 70 110 10fib107 100 ” 100 102b 102b 102b103 8712 8912 108 ~ 108 " 92 88 100 100 97 115 97 115 101 101 99b 99b 883g 9034 89b 89b 117 10034 10034 79 79b 90b 9034 117 95 95 73 80 98 104 104 104 80 8012 80 80 801s 102 103 103b 10312 10512 10512 104b 10612 10412 107b 755g 7534 73 73 74U 75 74 7614 7534 78 70b 71 7012 70 70ig 70 71 70 71 72 107 109 110ig 110i8 109b 110 100b101 " 105 “ 105 105 105 1051? 105b 103 10414 10434 105 104b 105 “ 105b 10512 104 104 101 70 102 88 100 98 109 109 88 90b 89 102 87 11219 116 100 94 102 103 75 92 95 95 103 80 94l2 94l2 9334 9334 106 106 1073, 1073, 95b 95b 97 ' 97 ’ a Interest from May 1 11419 11419 107b 107b 106 106 107 108l2 73 74i2 72 72b 109b mb 79 81 79 82 108b108b 73b 76 73 74 112 112 105 106 106b 108 106 106 81 81b 82 85 10812 110 75b 76 72 72 108 85 no no 87b 87b 110 112b 1085g 108b 75b 79 78b 82b 7234 735g 72 73 1141c 114b 103b 103b 10312 103b 106 106 no no 105 ’ 105 ” 108 10834 10834 109’>g 108 108 1171911712 i And int. from Nov. 1. 110 85 cCoupon on. 100 RAILROAD BONDS 190S—Continued. January February Auguzt September October March April June July May November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High BONDS Long 1st—1st cons 1931 g--5 105 110 General 1938 gold________ 4 83b 87b Ferry 1922 gold - _____ 4)^ Unified 1949 gold-.......4 81 82 Deben 1934 gold_________5 Guar refund 1949 g_____ 4 Bklyn & Montauk 1st ’ll --5 Louisiana & Arkan—1st ’27 5 Louisv & Nash—Gen ’30 g--6 Gold 1937--- ---5 Unified gold 1940,..............4 Sink fund 1910 gold_____ 6 Collateral trust 1931 g___5 6-20-year coll tr 1923 g---- 4 Lou Cin & Lex 1931 g__ 4H N 6 & Mobile 1st 1930 g. 6 Atl Knox & Cin Div ----- 4 Kentucky Central 1987 g--4 L & N & Mob & M 1st g_4 L& N-Sou-Monon joint-..4 Nash F & Sheff 1st ’37 g __5 Pens & Atl 1st gu 1921 g__6 Sou & Nor Ala con gu ’36 5 Louis & Jeff Bdge—Gu g___ 4 Mexican Cent—Cons 1911 g-4 90 85b 85b 88 117 ___ 96 104 104 88 91b 103b 103b 1153d 117 87l2 89b ____ 1125g 11258 100 104 105 9214 94 86 88 89 92 9U2 9H2 7414 85 79 83 87 87 113 113 1103c 1103c 9112 9212 95 96 93 95l2 93b 95 98 98 116 Missouri Kansas & Texas— 1st 1990 gold-............. ........ 4 2d 1990 gold____________ 4 1st extension 1944 gold—5 1st & refunding 2004------- 4 Gen sinking und 1936--4>2 94 81 95 74 Sf 1 ou Div 1st 2001 gold_ 4 83 Dallas & Waco 1st gu g 5 City & Pac 1st ’90 g 4 Mo K A R 1st gn 1942 g _5 100 82 80 102 93 92 88 91 88 90 8812 86 88 88 9034 935g 9358 94 97b 82 103 103 8034 80 80 128 128 100 100b 101 98 82 98 78 77 94 7712 98 7478 72 96 80i2 98 7478 74b 9512 77b 99 75 74 10538 10538 106 10234 104 103 103 166 40-year gold loan 1945 _ _4 3d 7s 1938 extended at _4 85 85 Cent Branch Ry 1st 1919 g-4 Cent Branch IJ P 1st ’48 g-4 83i2 84b 99 b 9914 Pac of Mo l§t ext 1938 g_ 4 2d ext 1938 gold________ 5 St Louis Iron Mtn & So— Gen cons ry & 1 g 1931 g-5 104 Stamped_ - _ 110 105 88 877g 68 95 -5 119b 120 Registered __ Beech Creek 1st gu 1936.-4 Mohawk & Mai 1st gu g_-4 N Y & Harlem 2000 g__3 3^ 99 77 99 81 81 120 120 11734 118 10H2 103 96l4 95 83i2 84 I6I4 16 853g 81 85b 82 17l2 1634 83 83 8H2 8H4 1634 16i2 82i2 83b 18b 18i2 81 82 16 16b 15 15 14 15 15 16b 16 82b 81 82b 81 17b 16 18 16U 1634 16b 15 97 97 8138 10012 7512 79 96i4 81 100 75 77b 80b 99 8334 101 76b 82 80 b 96 83b 100l2 76b 78bg 97 84 102 77 81 87 ' 87 " 106 106 90 90 7612 95 96b 98 83 85 101 104 ___ ____ 78 79i2 103 103 108 91 83 69 110 95 95 72 106 9134 94 69 10712 107b 107b 96 97 97 96 97 97 73b 69b 71b 97l2 82l2 104l8 77b 80 83 98 8312 106 81b 82 8318 98 99i2 83b 86 104b 106 77 80 8012 8212 83b 84b 105 105 99b 100 85 85b 105 106b 78 79 813g 83b 83 83 103 103 90 90 86Sg 865$ 107b 108 108 “ 108 103 10434 107 107 104b 106b 106 109 IO278 103 104 10534 ______ __ 105 10738 106 107 102b 104 103 103 102b 106l2 100b 100b 103 103 10219 1021o 103 102 103 10012 99i2 102 78 68 85i2 76 113 82 100 80 98 105b 103 100 76 74 80i2 80 113b 106b 1031" 76 82 113i2 100i8 100 80 106b 106 7512 80b 108 106 80 84 1043410434 107 104 1065g109 96b 98b 9538 97l2 7012 76b 106b 107b 10612108 11112 112 9838 1 0212 95b 98 76b 78l2 113 113 98b 99l2 97b 97b 74’-2 76 11034 111b 110b mb no 1101" 87 85 8612 86 87 85 86b 85 87 88 122 1231? 8012 8H2 81 82 93b 90 94 101 81b 80b 81 81 Equip Trust 1919 _____ 5 82 80 80 25l£ 18 " 23i2 99b 101 853s 873s 104b 106b 79 83b 83 88 83 84 98b 99b 87 90 104b 106b 83b 87 88b 96 86 86 921? 92I2 941? 95 111 112 108 109 107 109b 106b 107b 107 b 108 112b 113b 9934 10H2 99 101b 74 7834 11312 115 10112102 101b 103b 78b 80b 88 88 111 111 102b 100 100?8 99 11034 114b ans8113 87 88b 87b 89b 88b 89b 86 89 124 124 121lg 122 1141s 115 II5I4 116 1153$ 1153s 11038 1103s 1103411034 kll2 1121" 100b 1003.1 81 81b 84 81 83 8234 84 81 83 82b 84 85 80 81b 82 82b 81b 83 83b _________ 82l2 8212 81 82b 84i2 82 99 99 85 86 86 85b 84 84b 8612 85i2 85l2 8212 96b 96b noi2 111 111 112 112 82 82 86 86 87 90 87 90 103 103 87b 88b 86b 8Gb 89 93 112 112 90 90 99 100 88 975g 100 nn2iiib 100 100 nib mb no34 no34 110b 110b 111b112 100 101 10078 1001210112 100 100 99b 100b 100 103 102 103 104 101b102 125 125 94 95 94 92b 9212 92 95 9334 93 94b 93 92 9334 95 “ 96 9434 94b 9534 95b 93 95 96 95 9234 9434 9334 96 93 96b 9534 103b 103b 9412 95 ‘ 93b 93b 96b 9738 95i8 96 1143c 1143c 8834 8834 993410034 10012 102 101b103 100 102 9312 93 94 95 90 911? 1013410312 100 100 92 93 102 103b 10212 103l2 101 102 101 102b 100 101 911? 92i2 10012 10134 101l8 10134 93 93 102b 1033g 1025g 10334 10338 105 101b 102 1015S 102I2 10034 103 10212102b 99i8 99lg 1021? 102b 9914 99b 995t 993.1 100 Con V deben 1956 _ 3 Non-convert 1954 ____ 31^ Housatonic cons 1937 g..5 N Y Ont & W—ref 1st g__ 4 9212 9712 95 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 109 9984 9934 92 94 ' 93 93 9H2 92 91 92lo 9212 9034 92 925g 9334 9312 91l2 92l2 8958 95 9034 92U 9134 92b 90 93l2 91b 92?g 9134 92b 100 100 N Y New Haven & Hartford— Con v deben................... —C 11512 124b 11812 12334 11834 1233g 120 126 Norfo'kSt South—1st 1941--5 8934 86 2434 91b 9234 91b 9134 91b 92?8 92 9312 96 93 93b 94 91 90b 90b 91 9234 93 b 92l2 93 9312 95 " 94b 9534 93b 943S 94 9434 125 9538 9938 99b 99b 9912 101 100 99 11212 93 88 98 103 96l8 101 83 82b 82 84 20 19 1031 18 17Lj 18 18 18 84 8614 88 88 87 88 1121? 112l2 1123811238 612b 112b 100 100 81b 81i2 81b 82b 83b 1071? 1071? 125 82 81 18b 177s 1714 17 1071? 108 108b 108 10834 113bll5 9812100 96b 98b 74 74b 108 109 76b 78b 7434 7838 80 83 84 83 83 84 100 N Y & Putnam 1st con gu g4 no llli2 109'8 109's 108b 109 Rome W & O cons 1st----- 5 Oswego & Rome 2d gu g-5 105 105 Rutland 1st cons 1941 g-4 % Ogd & Lake C 1st gu’48g.4 8434 8434 87 87 Rutl’d-Can 1st gu g___ 4 85 85 9212 92 92 9214 95 92 94 94b 90b 93 82b 82l?i 1734 18^8 1631 1712 127b 127b 126 126 101 101 101 101 ioib ioib 1023a 1023« 10238 1023g 103b 105 105 105b 1041? 1051? l,')6b 110b 80 ~ 80 ~ 79b 801" 7858 783g 78 79fts 7934 8410 841? 86 96b 9734 98 ’ 98 " 100 100 ~ •10034 10034 89?8 88i2 8934 89 9012 89l4 91 90l4 88l2 88b 885g 89 b 90 9412 94 95 94 941? 91i2 93i2 93 101 82 75 79b 7512 77b 77 80 77 79?8 82 80b 7434 77U 73 753j 75 79 78 73 78i2 8012 78b 74l2 81 7512 77i2 77 75 80 77 78 79b 78 76 76 8934 90 8878 88-=>8 107 107 •10934 1093^ 96b 9612 9634 96i2 98 122 122 93b 93 94b 94b 95l2 96 96b 96l2 97i2 9734 100 103 84 85 88 87 88I2 1123411234 113 113“ N Y & Northern 1st g____5 Utica & B River gu_____ 4 L S & M S gold 1997----- 3% Registered_________ 3 Mi Debenture 1928 g------- 4 25-year 1931 g------------- 4 Registered____ _______ 4 Pitts & L E 2d 1928........... 5 Michigan Central—1931--5 Jack L & S 1951 gold--314 1st 1952 gold_______ 3 >3 N Y C & St List 1937 g--4 Registered____ _ - 4 25-year deben 1931____ 4 West Shore 1st 2361 gu--4 Registered____________4 N Y Central Lines— Equipment trust 1910__ 5 Equip Trust 1911_____ 5 Equipment trust 1912__ 5 Equip Trust 1915_____ 5 Equip Trust 1918______ 5 98 119b H9b 8834 90b 92 88b 875g 89 96 94b 9212 92b 97b 82 ' 79b 80 84 82 82 IIOI4 IIOI4 8712 91 88 88b8 88»8 93i2 94 91 St I<aw & Adir 1st g______ 5 2d 1996 gold---........... -6 98 9934 99b 99"g 9934 102 1163, no Mobile & Ohio—New 1927 g 6 113 1131" 113 1st extension 1927 g_____ 6 105b 105b 84i4 84i4 82b 85 General 1938 gold________ 4 1021o 1021o 105 105 Montgomery Div 1st ’47 g-5 75 “ 75 ‘ St Louis & Cairo 1930___ 4 Nash Chaff & St L—1st ’13_7 II2I4 112b 11234 112b 1121o 114U 1101? 1141? 11234 11234 1121? 112U J13U 1141s 112 ‘ 112b 107l2 108 ’ 105b108 ” 108 “ 108b 108b 110' 111 ‘ 111 1st consol 1928 gold_____ 5 107 107U National of Mexico— Prior lien 1926 gold._..4V>. 1st consol 1951 gold...__ 4 N Y Cent & Hud Riv— Gold mortgage 1997-__ 3>4 Registered__________ 3J4 Debenture 1934 gold------- 4 Registered____________ 4 Lake Shore .coll g 1998-3 Registered---------------3^ Mich Cent col g 1998--3J3 97 111 111 9412 96I4 102 " 102 ’ 941? 941? 10412 10412 9712 9812 101&8 1015s 89b 89b 10414 1083f 103 Unifying & ref 1929 g—4 747g 78 74 Riv & G Div 1933 g----- 4 85 86I4 83 101 97 Sher Shrev & S 1st gu g..5 Missouri Pacific— 1st consol 1920 gold------- 6 106 106 10412 105 92b 99 Trust 1917 g stamped----- 5 94 97 1st collat 1920 gold-------- 5 93 9712 93 98 8534 85^8 17l2 18 16i2 1634 97 102b 102b Mo K & O 1st gu 1942___ 5 M K & T of Texas 1st gu g-5 97i2 103* 953, ionic inoic 11214 97a$ 102 " 94 112 8H2 84 97 9734 94 84 79 98 98 75 7712 71 83 97 117 117 116b 11734 11734 118b 110b 110b 99 9812 99 96b 98b 97b 99 105 105 102 102 102 103 103 93i2 93b 9412 94b 95b 95b 95b 95 91 87 90 93b 92 111 97 101 93b 92b 92b 94 116 92i4 93 104 104 125b125b 1st consol 1934 gold_____ 5 100 1st & refunding 1949 g__ 4 80 M St P * S S M—Con s ’38 g 4 9414 94b 94b 95b 96 112b 112b 112b 94 ' 94 9538 9734 95i2 99 79?8 8334 80 Trust Co certfs dep 8OI4 14i 2 20i 2 16i 2 20b 18i2 20b 15 2OI4 153g 1st consol income 1939 g--3 1518 Trust Co certfs dep 1578 1334 17i4 16l2 18 14b 1812 14 " 2d consol Jnrome 1939 g_ 3 10 1434 Trust Co certfs dep______ 80 80 Mex lnternat’1—Stamped ...4 Minneapolis & St Louis— 1st gold 1927 ............... ...... 7 Iowa Ext 1st 1909 g___ -.7 112 93 95 9514100 113 90 83 98 112 94 8612 85b 88 112 94b 94 96 123 87 36 127b 12312 127 88I4 86 87 1245g128b 12634 130b 129 13012 12938134 133b 136 85 8734 88 901? 9034 93 92 951? 96 100 88 88 85 85 OPSg 95b 97 973S 94 99i2 99i2 97 98b 9512 99b 98 99 13534 13712 99 10012 118b 118b 98b 99b 99b 10012 RAILROAD BONDS 101 1908 -Continued. CONDS January February March April May June July August September October I November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Norfolk & West—Gen 1931.6 120 120‘s 128 12834 12712 127V Impt & exten 1934 g----- 6 117l2 117i2 12912 12912 New River 1st 1932 g----- 6 126 126 N & W Ry 1st cons 1996-4 9214 9712 95 9614 90 96 93 94i2 9334 95 9418 9734 9734 99 94i8 95 98i2 9934 98 9812 99V *98I2 9914 Divisional 1st lien-------4 84i4 887s 87 88l2 87l2 88 88i8 88I4 8812 90 8938 90 90 91i8 9234 93 /8 94 9518 96 10-25-yr conv 1932----- 4 78 843g 80l2 83‘4 80l2 8 V8 7934 8234 823g 87 82i4 85 9038 89 91 8314 8714 87 91V "9n4 9538 92 9334 85l2 86 Pocahon C & C joint—4 77 84 84 i4 8534 8434 85lg 84 865S 83 84i2 83 84% 86 87V 87 92 90 9H2 90 90V 9158 95 Scioto V & N E 1st gu g--4 87l2 95 90 9H2 90l2 9058 9U2 93i4 93i2 94U 94 94 96i8 98 98i2 99 9612 9612 96 9812 Northern Pacific— Prior lien 1997 gold_____ 4 99i2 10134 9934 101i4 9934 100l2 99 101 10034 10158 101 102 10114 102V 10134 10334 102V 10414 10134 10234 10234 104 103 10418 99 9934 9734 100&8 9912 100V 101 101 101 101 101 101 Registered------------------ 4 98 991 o 98 100 9912 9912 10012 10012 103 103 1011210H2 70l2 7H4 70 71 General lien 2047 g_____ 3 68 72 70 73 7034 72l4 7HS 7112 7112 72V 7214 74 73 74 73 74 73 741 73 7334 70 70 Registered____________ 3 68l2 68l2 6812 71 71 71 St Paul-Dul Div g 1996. .4 89 9612 St P & No Pac gen g____ 6 117 117 116 116 123 123l8 116 116 Registered____________ 6 11978 120 102 102 103V 103V St P & Duluth 2d 1917--5 1st consol 1968 g---------- 4 100 100 North Pac Terml 1st 1933 g-6 114 114 112 112 115V 1151 117 117 115 115 102is 103l2 104 10634 103>4 105 104 104 108V 1O934 109 109 Pacific Coast Co 1st g------- 6 101i2 105 10434 104?s Pennsylvania RR— 103 103 1st real estate 1923 g----- 4 Consol gold 1919------------ 6 IIOI4 110l4 Consol 1943 gold--------------4 101V 10112 106 106 100 10134 10078 10112 10138 10278 10258 104 103 10438 IO4I4 10512 1033s 104 10334 105 Consol 1948 g-----------------4 9478 9612 94 9512 95 9558 9512 96'8 97 983 97 93 95 98’8 97">8 98M 9634 99 10-yr conv 1912 g____ 3^ 9H4 9412 925g 94 98V 99 10-yr conv 1915 g____ 3'A 88 9112 885g 9012 89 91‘s 9034 92 9158 9334 91l4 92l8 92 931 9312 95 94 95V 941.1 951, 9538 96l2 94V 95l4 Pennsyl Co—gu 1st g—4H 10234 10412 10234 10314 10234 10314 104 105 1045g 10538 1047s 10558 10378 10434 1O57S 106 10614 10612 IO6I4 10612 86l4 86I4 8612 861 9212 9414 Gu coll tr ctfs B 1941--3 34 88V 8812 91 91 95" 95 92V 9212 97 97 Tr Co ctfs gu 1916 g-_3J4 97V 97V 98 98i4 8414 84l4 8734 8734 Gu coll tr ctfs C 1942__ 334 935g 95 94i4 94i4 92V 9212 9712 97V 9734 9734 15-25=yr guar g 1931------4 90 96 96 96 100V 100l2 Clev & Pitts D 1950---.3H Gr Rap & I ext 1st gu—4 34 10634 10634 Pitts Ft W & Ch 3d 1912--7 108 108 109 109 PCC& St L gu A 1940-4 10612 10734 108l4 10814 109l8 10912 108 108 10712 107V 107l4 10714 109 109 Series B guar 1942—4 34 Series D guar 1945—4 34 91 9412 94V 98 98 Series E guar 1949—3 34 91 95 95 112 112 11312 113V 116V11634 C St L & P 1st 1932 g---5 Pere Marquette— 110 110 110 no Flint & P M 1920 g_____ 6 112 112 1st consol 1939 g_______ 5 105 105 10412 105 10034 10034 100l2 1001 Pt Huron Div 1st---------- 5 106 106 9612 9612 97 96l4 96l4 Philippine Ry—1st sf-------- 4 97 9612 9778 9614 9712 no 110 114 114 Pitts Shenango & L E—1st g 5 98l4 99 97l8 98U 9758 9834 9834 993.1 99U 100 Reading—gen 1997 g____ 4 93 97l2 93i8 96 9334 95U 95 97V 97 99 993., 100l8 9934 102V 94l4 94I4 95 95 90 90 93 93 97 971; Registered_____________ 4 91 91 93i4 94 96 98 9534 96l2 Jersey Cen coll 1951 g----- 4 86 94 92 9412 90 92 92 93l8 93V 94 9812 98V 88 9134 85 85 St Jos & Gd Isld—1st g—4 85 85 — - — - 82 82V 83 83 92 94V St Louis & San Francisco— 114V11412 115 115 General 1931 gold_______ 6 113 11434 113 11312 105 107 104 105 10412 106 10812 10812 General 1931 gold---------- 5 103 105l4 103V 105V 104V 10412 104 107 106 10712 11158 1115s RR-Consol 1996 g---------- 4 90 90 9114 9234 100 100 S W Div 1947 g............ .5 68 7234 69 751 7412 7758 7512 80 75 69 7278 6812 6934 67l4 70'4 69 74V 68 7412 64l4 69 Refunding 1951 g------- 4 7978 88 114 114V 11412 113 113 K C Ft S & M cons 1928 g-6 73 683S 7H2 70l4 75 6634 71 68 70 67 70 69 7458 70 7412 79U 80 85 Refunding 1936 g------- 4 68 7234 67 71 76 93 95 ___ 95 95 Ozark & Cher C 1st gu g--5 93V 92 93l8 92 93V 8712 89 87 V 891' 89 93V 91 92 87i2 8934 85 87 St Louis Southwest—1st g-4 8412 90 8512 90 87V 89 7212 7612 76V 77 65 67 71 75 70 70 79 80 82l2 2d inc bond ctfs g-------- 4 70 70 80 81 67 64l8 68V 7312 751; 60 6112 67 66 6812 68V 76 7612 7534 80 Consol 1932 gold--. 75i8 7914 56 6014 59's 65 86V 88 85 851 84 8614 8534 87 78 80 San Ant & Aran P—1st gu g 4 78 8334 78 83 78i4 82i4 82 86 88 91 89^s 92 531. 5514 5714 5812 60V 58V 59 45 49l2 43V 46l2 48 50 55 56 50 55 4958 54 55 60 Seaboard Air Line—1950 g 60 66 90 90 9034 8614 86l4 87V 88 Coll tr refund 1911 g___ 5 85 85 Carolina Cent 1st cons g--4 101V101V 105 105 -2 92 ; 95 9412 95l8 Ga & Ala 1st cons 1945--5 102 102 Ga Car & No 1st gu ’29 g--5 103 103 Southern Pacific Co— 8334 ___ 94 80 .... 84 9112 99 95 82 83 88 ---- 87 Mex & Pac Div 1st g--5 107 107 Gila V G & N 1st gu-------- 5 Hous E & W Tex 1st 1933 100 101 Hous & Tex Cen 1st 1937-5 10914 110 General 1921 g_______ 4 88 88 Aus & N W 1st gu 1941--5 Morgan’s La & TexSS lst-7 Oregon & Cal 1st gu g__ 5 So Pac Ariz gu 1st g ’09-6 98V 981; Guar 1st 1910 gold----- 6 So Pacific of California— 1st 1912 E & F............. .6 So Pac New Mex 1st g___ 6 Tex & N O cons g 1943--5 9514 9514 Sou Pac RR 1st ref 1955--4 8712 93 Southern—1st 1994 g____ 5 85 97 Develop & gen Ser A------ 4 Mobile & O coll tr g_____ 4 75 77 Memphis Div 1st g.-4 34-5 100 10212 St Louis Div 1st g---------- 4 72 76 Ala Cent 1st 1918 g_____ 6 Atl & Danv 1st 1G48 g----- 4 E T Va & Ga Divisional 1930 gold-__ 5 Cons 1st 1956 g........... -5 105 105>8 E Tenn reorg lien g--------- 5 Georgia Midland 1st 1946.3 Ga Pacific 1st 1922 g------6 106 106 Knoxv & O 1st 1925 g.-6 107 108 Mobile & Birm 1945 g----- 4 Rich & Danv cons g____ 6 Debcn stmpd 1927______ 5 Rich & Meek 1st 1948 g--4 So Car & Ga 1st g_______ 5 Va-Mid—Ser B 1916.......... .6 Series F 1931.................... 5 General 1936 __________ 5 Stamped guaranteed--5 West N C 1st cons 1914 g--6 Terml Assn St Louis—1st 4 33 1st cons 1944 g--------------5 10914 111 Gen refund 1953 g_____ 4 9012 90V Texas & Pacific—1st g----- 5 109 112lg 2d Income 2000 gold---------5 Toledo & Ohio Cent—1st g-5 102 1 0334 General 1935 gold_______ 5 9512 98 Kan & Mich gu g------------ 4 84 89 Tol Peoria & West—1st g--4 7634 8112 Tol St L& W—Prior lien.-3 3? 80 80 50-year 1950 gold---------- 4 67 73 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 85i4 86 86 85 86 I 85V 86V 91V 9634 9734 97 94V 96 , 95 96V 95V 97 84i2 8514 85V 86 86 8314 8312 85 I 84 88 9114 9OI4 85V 8634 86V 89V 97 98G 95ls 97 8512 85l2 85-14 86 90l8 9034 92«8 95 10134 1013., 105 10112 101V 110 110l8 87 112 87V 91 121V 121V 103 103 102 1Q21' 102V 1021' 134V 1O412................ .................. 104 104 9734 9734 98V 981 96 96 88 9134 88 8912 885S 90V 8938 9312 8612 8834 82V 93 887s 97 97 103 75 763 75V 75V 75i2 75i2 7934 82 ............... 96 99 70 7012 6 9 7434 80l2 82 9134 94 91 99 97l8 9778 973S 98U 9778 87 87V 88 8838 86l4 92V 94 91l4 92 111 93V 93V 93 112V H2V 9414 94V 1O9V109V IIII4 95 12218 12218 IO7'8 10738 1011.1 101V 10138 10138 10214 102V 102V 102V IO3I4 10314 106 106 107 109V 10912 106 IO2I4 IO2I4 104V 104V 91l4 99 7312 8212 103 82 9234 IOOI4 7412 83U 103 79 82 92V 9434 94 V 95V 9938 102 101 103l2 72 72 8534 83 84 83 101 101 103 107 84 84 7934 80 80 108 108 93 100 95i8 9534 ion210734 70 73 84 8534 9534 97V 95l4 96 107 109 107 110V 7212 761- 74V 78l2 86 871; 86V 88 107 107 8318 8434 85 88 87 10434 10414 1055s 1G4V 108 98 99 ___ 97 97 9134 99 9938 89 11234 11234 103U 1G314 105 109 V 110V 9312 93V 112 91 92 99 9734 ....I 95I4 88 9034 91 109 109 109 V 10934 109V 109\s 11014 111V 112V 113 104V 10412 102V 102! 104 104 67V 68 110i8 111 117 115V 1151 117 117 78 78 82 82 10712 107V 108 10834 10912 109VI.................. 100 1001 105 1081 iosv no 9918 10212 105 105 106 107 106 107 110 75 y5i2 9534 9758 9758 10U2 101V 75 104V 104V 10512 105V 105V 105V 10534 10534 105 10512 10514 105U 106V 106V 108 108 108 10878 11534 11534 116V. 116V 113V11312 110i8 11034 97 9712 9712 97V 9734 9734 9214 9214 9212 93V 94V 94V 106 112V 99 10534 10434 IIOI4 10934 11214 104 10812 108V HO no noi2 no no34 113 11612 117 118 11412 118 65 65 10912 1O9I2 10212 102V 104 104 97 97 1.................. 97l4 9714 88V 88V 9012 90V 94 94 8712 87V 88 88 84i4 85 85 8412 85V. 88 88 80V 81 8212 8234 85 So 8212 80 83 87V 88 89V 91 91 87 87 9H2 9212 8312 83V 83 86 87 72V 74 747 8 76 751 2 76 ’ s 75l2 78>4 76 7918 79?8 8414 70 72 70 71 7312 7H2 7512 10H2 102i8 10214 105 102 RAILROAD AND MISCELLANEOUS BONDS 1908—Continued. BONDS January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Ulster & Del—1st con g__ 5 1st refunding 1952 g. Union Pac—RR & 1 g 1947-4 99 102 Registered_____________ 4 98% 99% 1st & ref (when iss) 2008--4 20-yr conv 1927________ 4 84 877g Oregon RR & Nav con g--4 91 9634 Oregon Sh Line 1st g___ 6 115 12034 1st cons 1946 g________ 5 106 110 Quar ref 1929 g________ 4 85% 897g Utah & Nor 1926 g_______ 5 Vandalia cons 1955 g_____ 4 Va & Southwest—1st 2003-5 99 99 Wabash—1st 1939 g_____ 5 105% 10934 2d 1939 gold...................... -5 90 94 Deb 1939 “B” income___ 6 44 45 1st lien equip 1921 g____ 5 100 100 1st & refund 1956 g------- 4 43 47% Det & Chic Ext 1941 g---5 Omaha Div 1st 1941 g-_3 3^ Tol & Chic Div 1st 1941 g-4 Wab-Pitts Terml—1st g__ 4 Trust Co certificates-2d gold 1954--_.............. ..4 11M 19 Trust Co certificates____ Wash Term—1st gu 1945-3 West Maryland—1st g____ 4 63% 66 Gen & conv 1952 g_____ 4 40 47 Trust Co certificates____ W Va Cent & Pitts 1st g-West N Y & Pa—1st 1937 g-5 108% 111 General 1943 g__________ 4 87% 8734 Wheel & L E—1st 1926 g-_5 103 107 Wheel Div 1st 1928 g___ 5 Ext & impt 1930 gold____ 5 1st cons 1949 g__________ 4 71 721 o 20=yr equip 1922 g_______ 5 98% 98% Wisconsin Cent—1st gen—4 8034 85 STREET RAILWAY. Brooklyn Rap Tr—1945 g__ 5 91 9834 1st refund conv 2002 g___ 4 65% 75 Brooklyn City 1st cons.-5 B Queens Co& Sub gu g--5 Bklyn=Un El 1st g____ 4-5 9512 ioil4 Stamped guar---------- 4-5 Kings Co El 1st g_______4 Stamped guar-------------- 4 77 821. Nassau Elec gu g________ 4 75 78 Conn Ry & Ltg—1st g—4,% Stamped guar------------- 4% Dct United—1st con ’32 g-4 M 94 94 Havana Electric—cons g57% 633fi Interboro=Met—coll_____ 4 Interboro R T 3-yr conv 1911 6 Internat Tract—coll tr____4 63% 65 Manhattan Ry—cons g___ 4 92% 98 Stamped tax exempt_____4 Metropol Elev 1st g______ 6 9934 101 Metropol St—1997 g_______ 5 85 85 Trust Co certificates______ Refunding 2002 g________ 4 47 47 Bway & 7th Av 1st g_____ 5 100 100 Co) & 9th Av 1st gu g____5 Lex Av & Pav F 1st gu g-5 3d Av 1st gu 2000 g_____ 4 49% 55 51 5238 Cent Tr Co certfs-do do stamped 1st gold 1937__________ 5 103 103% Portland Ry—1st & ref-__ 5 St Jos Ry L H & P—1st___ 5 Underground Electric of Lon. don—profit sharing_____ 5 1938 ----------4^ Income 1948 ____________ 6 Union El (Chic)—1st g____ 5 United Rys St Louis—1st g-4 7734 79 St LTrans gu imp------------ 5 United RRs San Fran_____ 4 59 *6*8% GAS AND ELECTRIC Bklyn Union Gas—1st Convert deben 1909______ 6 Buffalo Gas—1st g________ 5 Consolidated Gas (N Y)— Convert deben 1909______ 6 Detroit City Gas—1923 g__ 5 Detroit Gas—cons 1st '18 g-5 Equitable Gas (N Y)—g___ 5 General Elect—deben g--3!^ 10=yr deben 1917 g_____ 5 Hudson Co. Gas—1st g___ 5 Kings County Elec L & Pow— Purchase money 1997____ 6 Ed El Ill (Bklyn) 1st____ 4 Laclede Gas—1st 1919 g__ 5 Ref & ext 1st 1934 g____ 5 Milwaukee Gas Light—1st--4 N Y Gas El Lt Heat & P---5 Purch money coll tr g___ 4 Ed El Ill 1st 1910 g_____ 5 1st cons 1995 gold_____ 5 NY&QuEL&P—1st___ 5 N Y & Richmond Gas—lst-5 People’s Gas L & Coke— 1st cons 1943 g--------------- 6 Refunding 1947 g------------ 5 Chic G L & Coke 1st--------- 5 Consumers Gas 1st--------- 5 Mutual Fuel Gas 1st____ 5 Union El Lt & Pow—1st—5 Westchester Light—1950—5 MANUFACTURING AND INDUSTRIAL Allis-Chalmers—1st 1936.-.5 Am Agric Chem—1st cons--5 Amer Cotton Oil—deben.-4>£ Amer Hide & Leath—1st—6 Amer Ice Securities—deb—6 Amer Spirits Mfg—1st------- 6 Amer Thread—1st------------- 4 Amer Tobacco—40=year___ 6 Registered______________ 6 Gold 1951................. 4 Registered------------------ 4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 104 84 88 8634 9438 96 943g 116 118% 117 118% 118 110l4 111% 111 111% 111 87 89 86 89% 887s 102 108 87% 91 38% 40 102 102 38 44 37% 46 10 12 834 12 55 6212 49 3934 42 30 66 34 4312 4934 48 100 100 44 47% 44 io m2 66 67 33% 35 1103411034 104% 105 1O734 10734 100i2 102 99% 10134 95 9578 897s 943g 96 97 120 120 111 113 102ig 103 lOlig 10H8 945g 97 95 9534 95i8 9638 947g 99 937g 99 97i2 10334 9634 98 98 99 99 100 117 118 1181212014 120lg 121 111 lllig 114 11412 113 11434 91 94 94 95 9414 947g 10712 10712 5834 1015s 5H2 58 51% 42 934 18% 65 35 9-34 11% 65 79 40 493g 43 4934 4912 934 13lg 9 9012 74 7112 9112 4H2 41 70 114% 114% 102* 102* 71 60 63% 62 63 80% 83 80 8258 80 83 71 82 86 103 107 71 74 85 80l2 8312 83 85l4 8412 88 6012 43 49 40 98 ’ *9*8* 95 42% 50 56 93 100 95 50 99 95% 96 56 52 102 99 96 57 80 6634 697g a0014 lOllo 65'4 651o 9612 98 9734 9912 661g 697g alOl 1017s 641a 6412 9712 9912 99lg 100l4 100l2 1001a 70 70 86 86 65 6714 a007g 1011a 6312 6312 9712 98 977g 100 80 821< 8H2 82 48 48 100 100 100 101 1 96 99 98 57% 5614 81 80 51 9912 95 96 64 78 78% 76% 78% 52% 52% 98 100 95 95 96 96 60 63% 677g 63% 6818 64% 68 65l2 6712 100 10012 100 10012 a00i8 100i2 61 61 60 61% 62 62 94 9434 92 9234 95 96% 9534 96% 96 97 94% 96 9634 98 10034 10138 10H4 10134 10134 10238 10238 10234 10234 1027g 78 8134 74% 84 68 82% 70 76 78 80 55 105% 105% 80% 83% 82% 8334 95 99 8414 8634 86 8934 8878 92% 80 99 102 101 101t2 98 10114 100 101 72% 763g 7234 7738 7334 747g 74% 791 103 103% 90 92 91 91 9934 102 99 10H2 99 10012 9934 102 9934 10212 100 100 100% 100% 81l4 81l4 8038 81% 81 83 81% 83 83 86 8012 83 75 76l4 75l4 771; 78 80 75 7612 75 75 56 613s 74 99 100 7 1 733g 69 4978 51% 5334 51 5134 52 63 52 50 52 48% 50% 50 62 56 591 5178 52 102 103% 106 106 10312 106 97% 97% 97% 97% 69 52 56 5412 63 10312 1 0534 IO6I4 106l4 37 10078 10078 101 101 82% 82% 82 82 78% 79 85 78% 80 84 64% *66% 6534 735g.................. 67 60% 58* 5*8 101 10234 10314 10234104 119 129 56i2 56i2 56 56 102% 55* *55 103 108% 93% 94% 10578 104 117% 113 95% 951 96 95 80 80 106% 10934 96 96 79 79 108%116 124 97 12114 13012 123 12734 98 98 97 97 79 79 113% 118% 117U122 10112 10H2 79 79 11712119 103 106% ioi’ 1*0*1% 101 8434 86% 79 82 80 83 78% 831 81% 82 55 60 99% 99% 94 97 95 96 58% 661 64 66 58 63 58 66 106 106% 107% 108 8234 89 84% 89 60 68% 9734 105 97 9838 100 102 65 75 64% 73% 64% 73 108%111 98 40 73% 72 73 71% 73% 22% 21% 23 21% 22 84 79% 79% 82 8234 83 8434 82 82 80 69 7*0 70% 7234 7034 73% 7234 75 801 104 107 105 10634 106 107 1253413712 130 139 135 135 5638 57 56 56 56 57 73* 75% 105 1051; 105% 105% 136 150 14678 149% 63 63 135 148% 138% 1543g 140 148% 14578 16834 1 63 1 69% 9912 99l2 100 100 100% 10034 102 102% 10234103 95% 95% 79 79 11834 129 102 102 110 11112 8834 8834 90 90 10H4 102 10214 10212 103 83 12412 127% 123 111 82% 83 83 1267g 124 127 83 83% 84 84 12534 136 134 141 111 102 101 99 107% 107% 111 111 112% 112% 11212 11212 94 95 97 9778 97% lOOlg 99 100% 101 101 103" IO4” 98 98 95 95 92 99 94% 100 96 90 101%103 7434 825S 102 104 69% 70 98% 99% 100% 10034 103% 103l: 111 88* *8*8* 101% 101% 102 102 1013g 102 1003g 10034 95 95 89% 90 1003g 102 101 10134 101 102% 102% 104 94 96 9238 98 90 94 9712 99 97l4 100l4 9712 102 85 86 84 85% 8414 88 851.1 87 75% 79% 75 77 76% 7978 7814 8112 81 8234 81 87 9812 9878 99 99 10014 10014 101 101 102 102 10214 1031a 100 100 10073 1011a 101 1011. 108 108 197% 107%'108% 1121 104 105 83 83 101 102 10134 102% 78% 86% 103% 104 6.534 75'a alOl 102 64% 68 99 99*4 100 100% 98 41% 41% 103% 105 102 102% 967g 98% 104% 108% 98% 993g 121% 121% 116% 118% 94% 95 109%114 99% 105 80 90 100 100 57 6034 577g 6012 59% 651; 64% 7738 105% 110% 83 80 80 90 91 557s 46 52 47 51 50 55 51% 56 50 54 51 56% 1414 978 1078 712 ldg 8 111. 1034 1434 13% 14% 901. 74 771 74l2 7834 77% 80 75 78% 843S 45 40i8 43 42 42 44 521- 51 65 41 43 43 54 65 105 105 114 116% 9312 93% 95 9534 96 96 105 106 107% 107% 67 94 97% 95% 97 99 100 95% 97 100 100 67% 7334 68% 7134 6934 7338 71% 74% 71% 73% 9978 100 102 102 92% 921g 94 97% 93% 97 100 97% 101l4 97 100 98 81% 81% 77% 80% 79 80 78 81% 80% 8134 80 807s 77 77 76% 78% 77% 80 95 95 93% 95 109 109 81 81 102% 10334 10134 102 963g 97 10234 10634 1003g 10H4 121 1211.1 11514 11612 9412 97 98 98 108 10812 11012 10914 111 108% 111 96 95 9512 95% 100 62 62 66% 69 86 107 102 103 109 109L 109 93l4 95i2 96 103 103 99% 98 102 981 < 82 103 83 427g 4534 55l2 58 1003] 88% 96 119% 112% 8978 103 100 102 101l2 10234 99% 99% 100l2 100l2 95% 95% 87 9134 90% 92 96% 97% 95% 96% 121 122 113 114% 113 114% 89 90% 89% 93 110 110 107% 110 102% 10534 105 108% 103% 10534 103% 105 10312 108 84% 87 87 92% 92 93% 8934 92% 8S14 96 44% 49 37 47 50 56 60 62 92% 99 99 105 99% 10H2 99% 100i4 99% 101 100i4 100i4 98 98 99 99 100 110 110 102 10*2% 101% 102% 85 86% 101% 101% 112 112 95 95 100 100% 119 120% 104 104% 1051a 10534 102 102 115 115 1027g 1027g 10278 1027g 103% 10314 1O114 101i4 102% 1023t 10378 1037g 103% 104 IOOI4 100% 101 102% 10234 103 97 97 100 100 IOII4 104 86 92% 90 75% 80 76 80 60 62 65 61% 100 100 84 84 9634 105 100 103% 96% 10112 60% 69% 62* 6*6% 63 63 90 91% 80 80 58% 63 97 97 84 84 101 106% 100% 102% 62 68 66% 66% 90% 9134 9134 9212 9134 9212 9134 93 88 90 80 81 85 90 8012 82 70 72 62 70 67 70lg 68 70 85 86 10234 106 86 86 1047g 10658 105 10614 67 7258 711g 725g 7214 7214 a And Int erest. 78 94 9334 9234 9312 9334 94 88% 90 91 8912 90 70 73 72 73% 69 8612 88 104% 10534 105 10778 10738 109% 105 10534 105 107 7158 7212 7214 7634 73 74% 7338 7338 75 75 79% 94% 94 9234 71 79% 94% 927g 93 70% S4% 97 95% 97 75 82% 963S 95% 96% 69 86 9738 96 100 78 88% 88% 92% 92% 10834llll4 107% 109-% 105 110 106% 109% 108% 108% 106% 108% 72% 75 733g 793g 75% 79% 755g 80 7334 78%| 75% 76% 75 75 RAILROAD AND MISCELLANEOUS BONDS 103 1908—Concluded. January February March April May June July August September October November D cember Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High LX)W High Low High BONDS Bethlehem Steel—1926___ 5 8512 63 70 66 Distillers SecuritiesUlinois Steel—1910- 93 68 76 75 92ig 621n 77lg 72 90 62 77 64 95 95 94 93i2 9512 7212 713g 72 87 ___ 7434 7214 71 94 94 10214 10214 101 10212 102 10212 80 8H2 79 81 80 8H4 90 94/g 90 93U 93 93lg 8514 85l4 90 90 90 91 91 9414 9212 98o8 105 106 105 107 65 70U 67 73 81 71 8734 951g 933g 9712 9412 96l2 877g 9514 9234 953g 9414 965g 94l2 941? 897g 6634 78i2 67 102 8434 90 Lackawanna Steel—1st con 5 84 105 102 103 86 84i2 8412 92i2 85 89 85 Republic Iron & Steel—lst--5 U S Leather—deben_______ 6 U S Realty & Imp—deb- — 5 V S Steel—s f 10=60=yr____ 5 Registered---------------------5 Va=Carolina Chemical—____ 5 1st 15-year 1923_________ 5 Westing El & Mfg—conv__ 6 101 6512 8512 8534 89 101 70 89ig 89i2 89 103 6412 861S 867g — 1031g 69 88->s 8834 — 70 75 67 73 82 82 79i2 7912 80 56 COAL AND IRON Buff & Susa Iron—1932____ 6 Debenture 1926__________ 5 Col Fuel & I—s f 1943............ 5 Convert deben 1911--------- 5 Colorado Industrial— First & col1 trust 1934 --5 Fenn Coal, I & RR—Gen____5 Birmingham Division------- 6 Tennessee Division______ 6 Cahaba Coal 1st guar_____ 6 De Bard C & 1 gu_______ 6 Va Iron Coal & Coke—1st—5 TELEGRAPH Am Teleph & Tel coll tr.__ 4 Convertible 1936 gold------- 4 Installment rets for conv. -4 Commercial Cable 1st g____4 Mich State Te'eph 1st______ 5 West Union Teleg—1938—5 Fund & real est 1950 g--4J^ Conv 1936 series A-------- 4 Mutual Un s f 1911---------- 6 MISCELLANEOUS Adams Express—Coll tr___ 4 Chic June & Union S Y------- 5 Detroit M & M L G—IncomeInst for Encouragement of Irr Wks & Devel of Agric--4J^ Internat Merc Marine----- 4J4 Internat Navigation—1st—5 Newp News Ship & D D----- 5 New York Dock—50 year—4 Provident Loan Society—4M U S Reduction & Refining-.3 67 3834 45 88I4 89 10212 104 103 1031? 45 8212 99 100 51 89 102 1017g 100 81 100 87l2 83 86 94 6634 7S12 74 7312 8OI4 77 75 83 100 92i4 94 88 7678 40 86 103 103 103 5212 90 104 104 103 80 85 513s 5812 58 90i2 94 97 104 106 107 10534 102 102 101 83 86 87 81 9212 85 85 75 90i4 88 100 8534 9210 84 89 86 83 77ig 76 95 7112 88 72 98 7614 88 743j ion2102 80 81 94 96 90 90i2 87 93 93i2 95 102 106 78 80 9212 95 901g 9U2 8912 9514 94 95 105 105lg 79 81 77 80 96 9658 963S 100 9534 96/g 97 100 IOOI4 IOOI4 79 63 97°8 107 10534 95 72 85 73 8312 7912 88 85 961" 73 85 733g 85 9712 74 89 7512 83 97 74 91 67l2 85 96 773g 95-V 70 101 82 98 93U 9714 95U 1061" 80 80 80 80 79ig 9934 10U2 101 102ls 10134 993s 101 10078 102b 993g ___ 10412 1007g IO2I4 102l2 8212 9934 9412 103U 95I4 1061" 85b 1033g IO2I4 IO5I4 10212 103 7912 8412 9512 97 92 95 95 99 9512 9512 1021210212 82 84 9734 97 94 941" 9612 9934 9712 971" 8312 8412 80 8412 84 85 84 8312 85 76 78 78 86 95l2 963s 985s 967g 967s 70 85 75 851g 90 75 75 88 90 94 9312 97 85 85 85 8534 82 81 751s 81 893g 87l2 S9U 8612 8S12 8712 887g 88 84H 841" 85l4 87 88 86I4 8634 89 75 79 83 100 883g 8734 92 9712 78b 95 78 9614 78 95 74 98 79>s 95 80 10534 10534 8434 90 100 103 9634 98 110 115 981" 100 105 10519 86 89lg 102lg 10318 102lg 103 ___ 94 91 945S 967s 99 6012 63 62 6934 68 721? 7212 75 97 9712 95I4 971 •> 97lg 991" 99 100 10734 10834 1O612 107 108 108 106 L06 106 10*6 101 8812 87 85 96 7638 92 6912 99b 104 8534 82 99b 10012 9612 98 1003g 114 9634 97 105 106 841" 873( 1001" 103lg 1003s 103 IO5I4 105l2 951] 95 8414 8834 8814 9414 94 90 77 95 90 8012 86lg 86 8814 875s 881" 88 90 847g 897S 891" 943g 91 S414 86 81 84 98 7412 91 7412 85 9334 73l« 93 68 8534 74 9912 1071" 106 108 1011" 1001? 95 95 95 75 100 1091? 107U 108 103 98 7434 1007g 108 107 77 747g 76l2 1031" 104 105b 110 1091g 109lg 107 102 96 10314 96 97 96 971? 907g 923s 91 9319 93 9414 917g 937g 927g 965s 9334 9518 a92l9 94 9978 9973 9334 93 90 87 951" 97 96 98 100 8812 8734 9O7S 9112 921" 90 913» 9U2 97 8434 86 8212 8212 85 84 S61r 84l4 86'2 LOO 921" 96 93 941g 92 94 92 93 9214 93 421o 47 63 75 6512 6334 64i4 637r 72 7734 7734 7512 80 76 85 86 87 81 94 71l2 82i4 71 92 98 95 9414 96lg 943g 9412 8234 83 80lg 82 82 65 70 7512 751? 9214 88 88 76 91 6834 80 6912 89 87 78 0, And inte rest. 6712 69i4 6834 7U4 68l2 7O12 681g 70 84 80 82 82 86 80 8712 88 88 85 85 1 84 85 68 84 96 90 69 85 96 90 85 9214 93 6712 69l2 6234 663] 63ig 71 8434 85 921" 9234 6834 77b 84 89 9012 92 91 93 93 93 89 90 90 90 90 921" 9234 95 ” 95l2 92 1909. BONDS Ann Arbor—1st 1995 gold--4 Atch Top & S Fe gen g 1995 -4 Registered------------------ 4 Adjustment gold 1995------4 Registered------------------ 4 Stamped _____________ 4 Conv 1955 issue of 1909--4 Subscrip rects (part paid) 50-year ccnv gold 1955—4 Registered__________ 10-year conv gold 1917—5 Deben series H 1910____ 4 Deben series I 1911_____ 4 Deben series K 1913____ 4 Deben series L 1914____ 4 Eastern Oklahoma Div 1st.4 Registered------------------4 Transcon Short L 1st g—4 San Fr Pres & Phenlst g--5 Chicago & St Louis 1st—6 Atlan Coast L—1st 1952 g--4 Alabama Midland 1st gu--5 Lou & Nash coll 1952 g—4 Brunswick & W 1st gu g--4 Sav Fla & W 1st g 1934- __6 Sav Fla & W 1st g 1934--5 Sil S Ocala & G guar g----- 4 8 & O—Prior lien g 1925--3 >3 Registered--------------- 3M Gold 1948.......... 4 Registered------------------ 4 January February March April May June July August September October November December Lore High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 84 85 lOOIg 10114 99 100 92 9358 9212 94 10212 10438 103 86l2 ion2 100 95i2 92i4 95i2 86 10058 99 94 8734 IOII4 10038 9514 87i2 10034 100 9312 94 95 93 10534 10358108 10618 10734 106l2 10778 10534 IO8I4 9734 9778 94i2 9578 95i2 96b 95>8 953g 113 113 112 11238 11038 1103g 9414 96l2 ’96b 97l2 96’2 97l2 86 91 93 94 93 93 100l8 IOH4 99 10034 Pitts June & M Div___ 3'A 89l2 89i2 Pitts L E & W Va System-4 95is 96 Southwestern Div 1st g-3JS 9034 913g Registered---------------3 A Cen Ohio Reorg 1st cons 4^ Cleve Lor & W cons 1st g-5 Ohio River 1st 1936 gold--5 General gold 1937--------- 5 Pitts & West 1st 1917 g--4 3uf Roch & Pitts—Gen ’37-5 Consol 1957-----------------4J4 Allegh & West 1st gu g—4 Roch & Pitts 1st 1921____ 6 Consol 1st 1922-.............. 6 Buffalo & Susq—1st ref----- 4 Canada Southern— 1st extended 1913________ 6 2d 1913__________ -.5 Central of Georgia—1st 1945.5 Consol 1945 gold--------------5 1st preference income------- 5 Stamped --------------------Trust receipts---------------Stamped-------------------2d preference income------- 5 Stamped --------------------Trust receipts___________ Stamped------------------Sd preference income____ 5 Stamped --------------------Trust receipts---------------Stamped------------------- 847s 101 100 94 9214 94i8 89l2 93l2 89 90b 93l2 94U 9312 94 92 92 10034 10H2 10012 101 99 99 99 99 95 91 96 93l2 95 917g 91 9112 87i2 lOHg 100?8 9412 8658 87l2 10058 10U2 IOOI4 10078 93b 937s 85U 85k 84 84 83b 86 iooi2 ion2 101 10178 100 IOH4 100i8 1OO5S 1007S 1007S 100 100 93 9414 93b 9334 93b 94b 9334 94U 9412 9314 94 9312 94 115 119b 116 II7I4 115b 120 9334 94b 116 122 11514 II6I4 II5I4 123 1055s 108 118’2 118b 10734 10934 1091411214 111 116b 1155s ]1914 1157812038 11534 1225g 9978 997s 99b 99b 99 99 98b 98b 98b 98b 98b 98b 98b 98b 98b 9814 97 97l2 9714 973S 97b 97b 97b 97b 97 97b 96 96b 9514 95b 95U 955s 9478 95b 94 9434 94 9434 9334 943S 11112 1115s 112b 112is 110b 110b li038 1103s 97 9734 9658 9714 95b 9678 9534 961; 9534 9634 94b 9578 1107811078 109 111 89" £ 9034 9158 9634 9634 89 90 8914 9234 91 9134 89 907g 127 127 11212 1121o 971*4 ’97*14 97 97 9338 9414 9238 93b 94 9412 94 94b 94 94b 93b *95 9234 93 93 93 IOOI4 101 100 101 100 10078 10012 10112 10078 1015s 9934101 99ls 99l8 98b 98b 98 9914 88 89 883S 89 88b 89 9334 94l2 93b 9414 93 9358 93 93b 9338 93b 93 9334 90b 91 907g 9 Us 90b 91 91 91b 91 9U4 90 91 91 91 93b 9412 93b 94 112U 11434 1141s 117 113b 114b 1073811012 109ls 1165s 115 1185s 11334 11334 1101s 110l8 11112 113 11312 11312 1081s 11012 11112112 83 84b 100 10034 99 IOH4 9334 95 93b 95 117 117 116341 20 117 12378 117 813S 10038 9834 94b 7734 79 99i2 100 99i2 9912 94ig 94l2 93b 9434 119U 120 II8I4 120 118b 12234 94U 9434 11834 11834 120 12112 11858 123l8 123U 1183s 12214 1185s 123U 9812 9812 98 98 9358 9414 110b 110b 93b8 9434 9584 95 9414 937s 94U 9534 94 96 89* *91* 89* *9*0’l2 891*4 l*0*l*l2 92 93 9D4 9H4 99 10058 99b 99b 89 89 93b 91 113 113 79 9938 9834 93b 9212 93 9834 9712 883g 92l2 89i2 9234 93U 9912 9834 9934 97l2 883s 9314 92l2 93is 90iS 89r>8 90&8 113 113 11012 11012 98b 98b 1163411634 1163411634 11578 11578 11438 1157s 10934 10934 1101211012 10934 10934 1101s 110b 10212 102U 100 100 IOOI4 IOOI4 11734 1183s 11734 11734 11734 11734 119 119 1181211834 11618116l4 12112 12112 121b I2II4 I2U4 I2U4 12U8 1211s 120b 120b 893S 8934 8112 8U1 87l2 88 116l211634 117 1171S 109 10918 10934 10934 100 100 11834 II834 11834 12*1 121 12H2 89i2 90 1171S 11738 10912 110 106is 106l2 106l2 107 102 10212 102 10212 11512 11612 1083s 10934 IIOI4 111 79 79 79 80 IO6I4 10634 106b 107 IO6I4 107 IO6I4 1065g 10618 106b 1057s 106b 105 10534 104b 105U 104 10514 1043s 105 102 103 IO2I4 10212 10238 10234 102U 10234 101i2 102b 102i2 103 102 102b 10112 102U 1001210134 10034 101 53 55 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 55 55 117 10934 11034 10934 11012 10934 111 80 80 79 80 79b 80 80 80 80 80 66b 6312 62 66I4 5912 64 63 5914 54 5512 59 55 58 63 117 66 65 65 65 81 70b 69 70 65b 66b 62 66 6158 66 61 64ls 6234 6234 110 11138 11012lll 80 9078 ................. 90b 85i2 90 84 84 83b 81 7134 80 76 78 70b 80 76b 76b 71 79b 6978 7812 10934 111 84b 90 75 75b 76 7234 751; 72 72 70 71 1085s 110 83 84 108 109 83 9112 85 891 8734 8734 1077s 109 8978 87 89i2 89 8912 89l2 73 75b 76b 71 75 76 71b 74 8712 87 86 821g 8712 7212 88 75 8212 83 83 75 80 841, 87 85 85 8434 8434 109b 82 85 82 110 85 85 82 76b 761; 71 73 70b 71 85* *8*7*’ 86* 104 RAILROAD BONDS 1909—Continued. January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low H gh BONDS Central of Georgia—(Con) Chattanooga Div 1951__ _4 _5 105 106 Central RR & Banking Ga. .5 Central of New Jersey— General 1987 gold---------- 5 127 128 12734 1283g Registered -- ----------- .5 126 127*2 1273g 1273g Amer Dock & Impt------ 6 109 110 110 110 104 105 12734 1283g 128*4 12914 128’4 129 127U 1273g 1273g 12712 127U127U 110 110 110 11018 110ig 110ig 1 Phivh W-R Cnal 1019. 5 9934 9934 100 100 Cons ext 1910 gu- - 4 >6 997s IOOI4 IOOI4 100i2 IOOI4 lOoi2 1003g 1003g 1003g 1003g 83 83 Central Vermont—gu 1st g _4 SOI4 80*4 85 8934 Chesapeake & Ohio— 103ig 103*s Mortgage 1911 gold------- _6 1st consol 1939 gold------- -5 11458 117 115*2 116i2 115ig 116 115ig 115*2 115% 11512 Registered......... ............ _5 113*2 113*2 11412 11412 IOII4 103 1015g 10234 1015g 102*4 101% 102U Gen fund & impt 1928— -5 General 1992 gold_____ 4 54 104 106*2 106*8 1065g 1047g 10512 105*4 IO6I4 IO4I4 105i2 105 105 Big Sandy 1st 1944------- 4 90*g 907g 903g 91 8912 90*2 8912 90 Coal River 1st 1954 gu-- 4 110 110 110 110 Craig Valley 1st 1940 g-- .5 10712 107*2 109 11034 Potts Creek Br 1st 1946-- .4 90 90 R & A Div 1st cons 1989 g -4 100 100 100 IOOI2 9912 IOOI4 100 100 9912 100 2d cons 1989 g_______ .4 96i4 96*4 Greenbrier Ry 1st 1940-- _4 78i2 78l2 78*4 78*2 78 7834 Chicago & Alton—Ref *49 g -3 7814 793S 79 80 735g 763g 7312 76 7512 767g 76*2 77 Chic & Alt Ry 1st ’50 g-3)4 74 75 Pptricfprprl 3 73 73 Chic Burlington & QuincyGeneral 1958---------------- -4 Denver Division 1922— -4 Illinois Division 1949--3J4 Illinois Division 1949----- .4 .5 Iowa Division 1919 s f-- .4 Nebraska Ext 1927-------- -4 .4 Southwestern Div 1921-- .4 Debenture 1913------------- -5 Hannibal & St Jos cons-- -6 Chicago & Eastern Illinois— Refund & impt 1955 g— .4 1st consol 1934 g---------- 6 General cons 1st 1937— .5 Registered---------------- .5 Chic & Ind Coal Ry 1st-- -5 Chic Ind & Lou—Ref'47 g- -6 Refunding 1947 g---------- -5 -4 Lou N A & Chic 1st 1910- .6 _4 Chic Mil & St P’l term ’ 14 g .5 Gen series A 1989 gold— .4 Gen series B 1989 gold--3 4 .5 _5 Chic & Pacific Div-------- 6 Chic & Pac West Div----- -5 Dakota & Gt Southern— .5 H & D Div 1st 1910------- 7 1st 1910 _ _ _ _ .5 La Crosse & Dav 1st 1919 ,5 Mineral Point Division-- .5 So Minn Div 1st 1910----- .6 Southwest Div 1st 1909-- .6 Wise & Minn Division— .5 Mil & Nnr 1 st M I. 1910 .6 Mil * Nnr 1st cons 1913- _6 Chic & Northwest—1915-. .7 -4 4 General 1987 gold-------- 3 Yi DptricfprpH 3 .6 _6 Registered __ Sinking fund 1879-1929-- .5 Registered---------------- 1 Debenture 1909------------.5 Debenture 1921------------- 8 Sinking fund deb 1933— .5 .5 Ottumwa C F & St P 1st- .5 Fremont Elk H & Mo V Is t. Milw L S & W 1st 1921 g- .6 Ext & impt 1929 g------- 5 Michigan Div 1st 1924 g. .6 .6 995g 10034 ______ __ 91 92i4 1017g 103 100ig 101 100 100 9H2 93 10234 103ig 102*4 102U IO2I4 IO2I4 100 100 102l8 IO2I4 102 102 114*2 114&8 114*2 H5 100lg 100lg - -- .4 Series N 1916_______ .4 Series P 1918--____ .4 C R I & P RR 2002 ------- 4 75>2 79 4 Registered______ ____ Cofi trust 1913 gold--- 5 8712 9312 Burl C R & Nor 1934 g- —. 5 116 117 Choc O & G cons 1952 g__ 5 Keok & Des Moines 1st__ 5 103 103 Chic St P Minn & Omaha-. 6 12912 1307g Chic St P & Minn 1st g— 6 12912 1295g North Wisconsin 1st____ 6 St Paul & Sioux City 1st g 6 Chic & West Indiana—1932. 6 Consol 50-year 1952- ----- 4 9634 97l2 Cin Hamilton& Dayton— Cin Day & Iron gu 1st g.. 5 95 95 Cin Ind & W lst&ref g__ 4 Ind Decatur & West 1st g 5 9612 9612 Clev C’n Chic & St L—’93 g 4 975g 987g Cain Division 1st 1939 g 4 9512 96 Cin VVab & Mich Div 1st.. 4 St Louis Div 1st 1990 g-- 4 9512 9734 Spr & Col Div 1st g 1940- 4 C 1 St I. * C rnns 1920 6 94*2 9412 9334 9334 95 95 7712 81*2 90 9312 13012 1305g 97 98 124*4 1255g 12434 125*2 ____-____ 124 124 1003g 1003g 99‘8 1003g 9978 100 997g 100 113*4 11434 112 10034 10134 1013g 10134 10034 101*2 100*2 103*2 10134 105 104 105 104 10434 103*2 104*2 103*2 104 103 104 113*2 113 897g 90 8858 8884 8884 8934 89*2 89*2 87*2 883g 88 8834 88 893s 893s 89*4 89*4 99*4 100 99 99*2 ___ 775S 775g 74l2 76 75*2 77 . 11412 102*2 105*2 103-2 105 1023g 103*2 10212 103*2 9934 9934 993g 99*2 98 97 97 94*4 77*4 77*4 7734 78*4 78 78 75 75 763g 75*2 757g 73*2 76 73*4 75 75 99 94 94*4 76*4 745S 75*2 73*2 99 88 99 94 76 7434 993r 993ft 9958 1015g 1013g 1015g 10158 102 ___ __ ___ 102% 102% lOlig 101 98 100*8 9934 9934 90 91*2 10034 1017g 88 89 997g 100*2 9934100 90*4 92ig 100 101*2 88 114 115*8 114 88 86*2 87*2 86*8 86*8 85 86 1293812938 129 129 112*8 113 11438 114*2 112*2 114*8 114 114 128 128 113*2 113*2 127*2 128 128*8 128*8 128*2 129 114 114 94 94 10119 102 IO134 10134 9334 9334 95*2 957g 104*2 104*2 104*4 104*4 104 10412 104 104*2 104 104 101*2 10334 893g 90 90 91 90 91 89*2 90 94*4 9434 94 945g 94*2 95 12234 123lg 85 86 126 126 11312113l2 1133g 1133g 112*2 112*2 128*2 129 128*2 128*2 128*2 1285g 114*4 114*4 114 114 100*8 100*8 102 103 88 89*8 9334 95 108*2 108*2 112*2 HI34III34 111*2 111*2 11034 111 101 99 9934 99*8 99*2 89*8 90 100 101 99*2 99*2 99*4 9938 993S 100 9978 100 88*2 87 115 132 132 11934 11934 119*2 119*2 119 119*2 119 119 11934 11934 11912 119*2 113*2 115 123 123 Series L 1914_________ .4 .4 Series M 1915__ __ - http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 101*2 102*4 11434 115*2 114*4 115 10934 10934 1127g 1127g 113% 113% 1123gll23g 112 1013g 10U2 1013g 1013g 101*4 101*4 1017g 1017g 10912 1095g 1101g 1103g 110 IIOI4 110 lioig 110 110% 109*8 110*2 109*4 HO 1087g 109*2 1045g 10458 10512 10512 10534 1057g 1057g 1057g 10212 10234 10212 1025g 10212 1023g 102% 102% 101*2 101*2 101 101 101 101 107 107 1015g 10134 1013g 1013g 1013g 1013g 101lg 1013g 10112 102 10134 1017g 1015g 10134 101*2 1027g IOII4 101% 101*4 101*4 101 IOU4 1003g 100*2 10034 10034 10034 10034 1005g 10034 100og 100% 1003g 1003g 10934 10934 10934 10934 10934 110 110 110 10134 1017g 10134 10134 10734 10734 107% 107% 1155gll6 116 116 11534 II6I2 115*2115*2 115 115*4 114*4 115 1147g 115 101 101 102 102 10034 10034 9934 9934 IOOI4 101 100*2 100*2 100*2 100*2 100*2 100*2 93 9434 9212 9414 925g 9312 9234 93U 92*2 93 90*2 921g 9134 921g 903g 9134 933g 933g 93*8 93*g 112 112 10934 10934 110 110*8 108 IO8I2 109 109 108*2 109 108*2 1085s 11034 11034 IOOI4 IOOI4 10012 10012 100i2 1005g 10034 101 100-% 10034 100*2 1005g 100% 1005g 100% 1005g 108 108 109U IO9I4 109*4 109*4 107*2 107*2 107 107 107*2 107*2 1117g 1117g 113 113 11312 11312 113*2 113*2 113*8 113*2 113 113 111 111 101 10414 10412 105*8 127 128*2 127 128 12634 127*2 1255g 12634 126 127 126*2 126*2 125*2 125*2 125 125 110 110 108*410814 1007s 1007g 100 100 1003g 1003g 1003g 1003g 100*8 100*8 9934 997g 8934 90 895S 90*? 89 89*2 89 89 9934 9934 IOOI4 1003g 99*2 99*2 102*2 103 1023g 10234 10134 102 102 10234 1017g 102 101*2 102 10384 103% 103*4 103*4 10234 10314 10258 10234 102 102*4 ______ __ 105 105 1045g 105I4 105 105 104 10434 1045g 10434 10212 IO3I4 103 10312 10234 10312 103 104 1037g 104% 9U2 9212 92 9234 915g 917g 91*2 9178 91 91% .4 Registered___ __ Coll trust series J 1912__ .4 Series O 1917_________ .4 127 12778 ___ . 10934 lioig 101 101 1003g 100*2 88*2 89*2 105 9834 993g 987s 99*2 89*4 8934 100*8 101 88 87 88*2 131 137 11534 115 115k 114 114 1143gll47g 114% 114% 128*2 128% 129 129 114*g 114*8 112*2 112*2 115 115 129 129 113 1147g 10434 10434 105 105 99*4 100*4 99*4 99*8 9834 993g . ____ 100 100 99*2 9978 90 91 90 90*2 89 90*2 1005g 1013g 1005s 101 100*4 101*8 108*2 108*2 10134 10134 9934 9934 9934 997g 9934 9934 9934 9934 100 100*2 10112 IO2I4 100*4 10034 100*8 1007g 100 100*8 9958 100&8 9958 lOPs 100ig 100l2 IOOI4 1003g 913g 917g 101% 102% 8712 89 8714 881g 87 130 130 130lg 1301g 1151gll5l4 115 11512 115 Chic Rock Isl & Pacific Ry— Mortgage 1917------------- 6 1137g 114 114 11412 Registered__ -- _6 General 1988 gold------- .4 997g 10112 100*2 10112 .4 Refunding 1934 gold----- ,4 905g 92*2 9214 94 Series K 1913___ 100ig 100l2 100i2 100i2 9114 9214 iois410214 IOOI4 1007g 100 10034 913g 9134 102 10214 1055g 106 ___ _____ 997g 100 1003g 1003g 100 IOOI4 10114101*2 10112 102 IOH2 102 100l2 10134 lOlig 101lg 99 99 99*2 99*2 99*2 100ig 102 102 102l2 IO3I4 10212 10212 10212 10234 1035g 10334 10334 10334 10334 10334 1035g 1035g 85 90 1295g 12934 U4121151g 11414 IHI4 114 11434 127 128 90^8 905g IIOI4 IIOI4 105 105l2 104*2 104% 94 94 103 10358 101 1023g 89 89 89 90 93*2 94 93*8 94 110*4 110*4 11034 11034 103 103 108*2 1087g 108*4 10834 108*8 108*8 108 10834 100 100*4 100 100 107 107 100*8 100*8 100*4 100*4 100*4 100*4 100 100 ____ 108*4 10834 113*2 114 90 108 10S*8 100*4 100%. 100*8 1 00*8 1053o 1053c 113 114 113 II334I13 114 10078 1007g 100 100*4 99l2 99l2 90*2 8934 91 89*2 903g 89*4 90 110*8 11138 IIH4 111*4 108*2 108*2 10934 10934 109*’ 109*» 107*2 107*2 109 1125g 109 110 90*2 90*2 118*2 118*2 118 113 113 118 117*4 117*4 111*2 111’4 103*2 103*2 113*4 114*8 113*4 113*2 113*2 114 113 113 11258 1125g 112*2112*2 1115S 11134 113*2 113*2 101 100*4 101 10034 101*2 100*2 101 99*2 100*2 99*4 997g 98 9934 985S 9934 99 100 98*2 9912 9934 100lg 100lg 99 99 93 92% 9234 92 93*8 91*8 92*4 915g 927g 90*8 92*4 91*8 927g 8934 91*2 90*8 9078 90*4 9134 92 97 97 96 96 96 96 96 96 947g 9478 94*2 9412 94 96 95*2 95*2 93*2 93*2 93*2 93*2 80*8 81*2 79*2 8U2 78 80*8 76*2 785g 7634 783g 78*4 85 78 79*2 7834 8II4 80*4 82*4 79*4 81 80 80 92*4 9334 9134 93 89 91 91*4 1005g 101 10234 9014 93 92*2 94*2 91*2 93*2 92 94 90*2 93 115 115 115 115 111 111 111*8 111*8 105 105 105 105 104 105 130 13014 130 130*2 1293g 130 12834 129*2 129 2 12934 129*4 129*4 127*2 128 127 12834 127 127 1265S 12638 127 1283g 1297g 1297g 129*4 12938 128*2 128*2 128*4 128*4 12958 1295g 114 114*8 114*4 II4I4 II4I4 11438 117 117*4 11534 11534 1155811558 110*2 110*2 112 112 11212 11212 11212 112*2 111 111 110*2 110*2 96*4 9714 96 96l2 953S 96 95*4 9558 94*8 94*4 9334 94*2 94*2 94*2 94 94*2 93 93*2 9234 93*8 114 1141g 11334 114% 100 9934 9214 92 IO2I4 103 107*4 107*4 9734 9834 9714 98*2 97% 98 95l2 9534 96 96 94 94 9534 96 9512 96 96*2 96% 106 106 97*4 97 5412 9534 109*2 109*2 105 105 97*2 98 98 98*4 97*2 98 97 94*2 94*2 94*2 9412 95 96*2 9534 9678 957g 96*4 957g 98*2 98 94*2 94*2 94 96 95 1057g 107 10634 108 87 87 98 107*2 108*2 88 88 105 105 97*2 99*8 9778 98*2 9558 97*4 94 95 95 95 94*2 94*2 94*8 95 95*2 94 96 1037g 943g 94 96 10378 RAILROAD BONDS 105 1909—Continued. BONDS January February March April May July June August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Higl Clev Cin Chic & St L—(Conci.') 9878 9878 9878 98% 98% 98% 98% 98% 98% 98% C I St L & C 1st 1936 g.._4 100 100 98% 99% Registered____ .______ 4 98 98% 109% 109% Cin Sand & Clev cons 1st g.5 109% 109% 109% 109% 111% 111% C C C & I cons 1914--------- 4 109% 1091. Gen cons 1934 g_______6 125 125 9458 94 94 92% 92% 93% 93% 95 95 94% 95 95 95% 95% 96% 96 96 92% 94 91 92% 92 " 93" Peo & East 1st cons 1940.4 40 40 50% 52% 55% 60% 56 59 56 41 45 47 48 62 63 Incomes 1990--------------- 4 47% 49% 50 53 57 63 62 67% 82% 85% 80 82 82 80% 8178 80% 82 84 86% 85 87% 85% 86% 82 83% 82 86 Colorado Midland—1st g__ 4 80% 811; 97% 9834 97% 98 97% 98 97% 98% 98 98% 98 99 97% 98% 97 98 97 97% 96% 971; Colo & South—1st 1929 g..4 97U 99 9634 100 99'% 99% 99% 99% 98% 99% 98% 99% 98% 99% 97% 99% 97% 98% 97% 98 99% 100% 99% 100 Refund & exten 1935__ 97% 98% Ft Worth & D C 1st........... 6 U53S 117 117 117% 116 117 115% 116% 115% 116% 115% 115% 114% 115% 115% 115% 115 115% 114 114% 113% 113% 113 1131; Cuba RR—1st 1952 gold—5 95 95 Delaware Lack & Western— 11378 114% 113% 113% 113% 113% 111%112 Morris & Essex 1st 1914..7 114%11438 114% 114% 1st cons gu 1915-----------7 117 117% 117% 117% 116% 117% 116% 116% 116% 116% 115% 115% 114% 114% 114%114% 114% 114% 114 114% 94 94 93% 93% 96% 96% 94 94 1st refund gu 2000 g__ 3)4 119% 120 119% 120 119% 119% 119 119 119 119 118 118 117% 118 117% 11778 N Y Lack & West 1st ’21..6 121* 121’ 120% 120% 110 111 110 110 109% 109% Construction 1923--------- 5 112 112 112 112 112% 112% 112% 112% 110% 110% 110% 110% 110% 111 166% 100% 100% 100% 9934 100% 99% 10078 100%100% 100% 100% 166% 10034 100%100% Terminal & impt 1923__ 4 12o’ 120 Del & Hudson—Penn Div..7 121 122 120%120% 118% 118% Convertible 1916_________ 4 10112 102% 100% 102 100 101 101% 104 103 107% 104% 106 105 106 105 10678 103% 106% 102 10434 100% 103 101% 103 Registered------------------ 4 105 105 103% 103% 1st lien equipment 1922.4 )4 103 103% 101% 103% 103% 103% 102% 10278 103% 103% 103% 103% 1023s 10234 1017s 1023f 1st refunding 1943_______4 101 10178 101% 102% 10178 102% 102% 102% 102% 10278 10134 103 10178 102% 101% 10238 101 101% 100% 101 100% 101 100 1OO78 Registered____________ 4 102% 102%; Alb & Susq conv 1946 g.3 )4 98 99% 98 98% 97 97% 98 102% 102 107 104 10534 105 106 104 105 104 105% 101% 102 100 101% 99% 1007g Rensselaer & Sara 1st '21.7 128% 128% 128 128% 128 128 Denver & Rio Grande— 1st consol 1936 gold_____ 4 96 98% 97 98% 97 98 97% 96% 97% 96 97 96% 97% 97% 9734 97% 97% 9738 97% 97 95 96% Consol 1936 gold______ 4 3^ 106 106 103% 103% 104 104 10334 104 103 104 10234 10234 .................. 104 104 Improvement 1928 gold.-5 10134 10134 102% 102% 102% 103% 102% 103% 102% 103% 102% 103 102% 102% 9234 9434 94% 95% 95 96% 9478 9534 93 95% 93% 94 1st & refunding 1955____ 5 92% 9278 92% 95% 93% 95 94 95 93% 95 93% 94% Registered----------------- 5 94% 94% Rio G Sou 1st 1940 guar..4 80 80 78 78 78 78 9634 95% 9634 95% 96 95% 9638 9434 95 9434 95% 93 93 Rio G West 1st 1939 g—4 95 100% 96% 98% 96% 98 96% 961-> 92% 95 85 85 Mtge & coll tr A 1949 g.4 83 87 85% 85% 85 851 83 83 83% 83% 84 83 85% 85% 86 87 84 Detroit & Mackinac — 95 95 1st lien 1995 g__________ 4 95 95 93% 93 93 92 92 90 Gold 1995............................. 4 89 90 91 92% 90 88 90 73% 7334 73% 74% 81 81% 70 7034 81 81 Detroit Sou—Ohio Sou Div.4 80 80 82 82 111 111 Dul & Iron Range—1st 1937.5 114 116 114 115 113 113% 111% 113 Dul Missabe & Nor—1941..5 106 106 110 110 110 110 Dul S S & A tian—1937 g...5 110% 110% 115 115 115 115 115 115 112 112 113 113 112% 112% Elgin Jol & Eas—1st 1941 g.5 115 115 Erie 1st ext 1947 g_________ 4 101 101 2d ext 1919 gold........... ...5 106% 10638 106% 106% 106% 106% 105%106 106%106% 104% 105 104% 104% 3d ext 1923 gold______ 4 34................ 104% 104% 107 107 107% 107% 106% 107 306 106 106% 106% 4th ext 1920 gold................. 5 6th ext 1928 gold________ 4 97 97 1st consol 1920 gold_____ 7 124% 12478 123% 123% 122% 122% 121 121 124 1241; 124% 124% 124% 125 124% 125% 1243s 125 12134 122% 120% 122% 122 122 122% 122% 124 124 1st consol fund 1920______ 7 8934 9034 88% 90% 88% 90% 88% 89% 82 88% 84 86 84 87 1st cons prior lien 1996 g..4 85 88% 87% 90% 85 87% 86% 88 88 91 82 83 86% 86% Registered --......... .......... 4 75% 76% 75% 77” 1st cons general 1996 g__ 4 7012 74 71% 77% 69% 74% 73 76 76% 80 77% 79% 78 79% 76 79% 7534 77 75 77 83 86% Pennsylv coll tr 1951 g__ 4 85% 85% 83% 84% 75% 80 79% 85% 85% 89% 89 90 89 90 87% 8934 84 85 81 81% 81 83 8034 85 80 82 80 82% 50-yr conv ser A 1953 g..4 71% 77% 73 75 63 72 71% 77% 7734 86 85% 87 85 87% 86 89% 82% 87 71% 75 69% 73 71% 7334 50-yr conv ser B 1953 g--4 63% 68% 62% 69 57% 64% 63% 69% 6934 76% 75 76% 75 7734 74 80 73 76 116 116 116% 116% 115 115 Buff N Y & Erie 1st 1916..7 114 114% 11334 11334 Chicago & Erie 1st 1982 g.5 115% 11534 115%117 116%116% 116% 116% 117 117% 11578 116% 126% 126% 126% 126% Long Dock cons 1935 g__ 6 127“ 127 128% 128% 128% 128% 128% 128% 127 127 Coal & RR 1st curr 1922. .6 120 120 112% 112% 114 114% 103% 104 106 106 Dock & impt 1st 1913___ 6 N Y & Green Lake gu g__ 5 108 108 N Y Susq & W 1st ref g__ 5 107 107 107% 107% 105% 106 90% 9034 89% 89% General 1940 gold_____ 5 91 92 90 90% 100% 100% 100% 10034 Mid of N J 1st 1910 g..-6 10l% 102% 162’ 102 102 102 101% 101% 104% 104% 10334 10334 105 105% 103% 103% 105% 105%.................. Wilkes & East 1st gu g.5 101 102 115 115 114 114 112 114 114 114 114 114 114 114 Ev & Ind—1st cons gu g__ 6 109% 109% 112% 112% 115 115 113 113 115 115 115 115 114 114% 115 115% Ev & T H—1st cons 1921 g.6 113% 113% 103% 103% 103% 103% 100% 100% 1st general 1942 gold____ 5 103 104% 86 88 86 88 86 86 Ft Worth & Rio Gr—1st g..4 85 87% 87% 88 88 88 87% 87% 87% 8734 97 97 Gal H & H of 1882—1st___ 5 99 99 Gt North—C B & Q coll tr._4 97% 98% 97% 99% 98 99% 98% 98% 97% 9834 97% 98% 97% 98% 97% 9838 96% 9734 95% 97% 95% 96% 95% 973s 95% 9534 95% 97% 98% 9838 9734 97% 9634 97% 95% 97 97% 98% 9778 98% 97% 98 Registered-------- --------- .4 97% 98 97% 99 102 102 102 102 101%102 10078 10078 St P Minn & Man 2d 1909.6 102 104 1st cons 1933 g________ 6 131 131 131% 131% 132% 132% 132% 132% 132% 132% 13134 13134 Registered____________ 6 132 132 10734 10734 106 107% Reduced to------------- 4 34 109 111 109% 10978 109% 109% 109% 109% 109% 109% 108%109 108 10834 108 108 107% 108 Dakota Exten 1910 g__ 6 103% 103% 103% 103% 10278 102% 10238 102% 102% 102% 102% 102% 102% 102% 102 102 10138 10138 10138 10138 1013s 10138 98% 9978 99 100 9734 99 Mont Ext 1st 1937 g___ 4 166’ 100% 99% 100 99% 101 100% 100% 100% 101 100% 10034 100% 10034 10034 10034 East Ry 1st div, 1st g..5 101% 101% East Ry of Minn—NoDiv 4 98% 98% 101% 101% Minneap Union 1st ’22 g 6 117 117 13134 13134 130% 130% 130 130 Mont Cent 1st gu 1937 g 6 131% 132% 130% 130% 115 115 114% 114% 113% 114% 1st gu 1937 g................ 5 116 117 115% 115% 116% 116% 115% 115% 114% 115 114% 114% Willmar & S F 1st g____5 116% 116% 116 116 95% 95% 97 97% 95 96 Gulf & Ship Island 1952____5 96 96 Hocking Vail—1st cons g.434 104% 107% 107%108 107% 109 105% 106 105 10534 105 106 105% 106 104% 10534 104 104% 103 103% 102% 103% Col & Hock Vail ext g_____4 98% 98% 98% 9834 Col & Toledo ext 1955_____4 97’ 97" 99% 99% 10438 104% 105%106 Illinois Cent—1st 1951 g___4 103% 103% 104 104 104 104 1st refunding 1955_______ 4 99% 100% 100% 101% 100% 1OO78 10038 100% 100% 10058 99% 100% 99% 100% 9878 9934 98% 9934 99 9934 99 99% 99 99% 94 94 88% 90 9378 94% 92% 93 1st 1951 gold------------------ 334 94 94 Registered____________ 334 Extended 1st 1951 g____3 34 94% 94% 93% 93% 1st sterling 1951_________ 3 80 80 Collateral trust 1952 g____4 100% 100% 100% 100% 10014 10078 102 102 100% 100% 102% 102% 102% 102% Registered____________ 4 99 99 9934 100% 100% 100% 100% 101 L N O & T 1953 g................ 4 100 100 100% 100%‘100% 10158 99 101% 100% 101 100% 10058 100%102 100% 101 Cairo Bridge 1950 g______ 4 99% 99% 100 100 Litchfield Division____ 3 34 79% 79% 88% 88% 8934 8934 89 89% Lou Div & Term 1953 g.3 34 90 90 90% 90% 91 89% 90% Registered............. ...... 3 34 87% 87% 88 Omaha Div 1951 g______ 3 89% 89% 90 90 St Louis Div&Ter '51 g.3 34 10034 10034 West Lines 1st 1951 g___ 4 100% 100% Belle & Caron 1st 1923___ 6 121 121 96% 96% Carbon & Shaw 1923 g___ 4 98 98 117% 117% 119% 119% 11834 119% 119% 11938 11934120 1193411934 Chicago St L & N O *51 g..5 119% 119% Registered___________ 5 119 119 11834 11834 90 90 90 90 Gold 1951........... .......... 3 34 97% 98 Ind Illinois & la—1st g___ 4 96 97 98 98 98 98 98 98 98 98 98% 98% 98 98 109% 110% Internat & Gt Nor—1st ’19 g 6 110 110 .... .... 110 110% 111% 112 111% 111% 109 109 109% 110%. 109%109% 110 112 no no 100% 10038 2d 1909 gold........................ 5 85 87 98 100% 102% 103% 100 10138 101% 103% 105% 107 106 107% 87% 88% 86% 88% 86% 87 98 10078 100 103% Trust Co receipts.__ 87 90 40 40 3d 1921 gold...................... .4 50 50 48 48 105%106 104 106% Iowa Central—1st 1938 g__ 5 109% 109% no 111% 109%110 10834 10934 109%111 103 103 105‘2 105% 75% 77% 75% 7634 Refnding 1951 g________ 4 80% 82 7934 82 78% 81 79% 82 79% 81% 7778 79% 77 78% 7634 77% 75 77% 76 77 Kansas C Sou—1st 1950 g..3 72% 75 74% 75% 74% 75% 7434 75% 7434 75% 74% 75 74% 75 74% 75% 7438 7478 7278 74% 73 7334 7234 74 Refunding & impt 1950__ 5 100 101 100% 101% 100% 1OO78 100% 10034 100% 101% 100% 103 Lake Erie & W—1st 1937 g.5 112% 112% 113% 113% 114 114% 114% 114% 114% 114% 114%11434 114% 115 11438 115% 114% 114% 114 1143S 114 114 114 114 10734 10734 107 107 2d 1941 gold____________ 5 107%107% 107% 107% 107 109% 107 107% 107 107 113* 113” 112% 112% 114% 114% North Ohio 1st gu 1945 g. .5 112% 114% 113% 114% 113% 113% 11334 11334 167" 107 106% 10634 Lehigh Val (N Y)—1st gu.4 34 106% 108 107% 107% 107% 107% 107% 107% 108 108% 10734 108‘s 10734 10734 10734 10734 107% 108 Registered------------------4 34 107 107 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 106 RAILROAD BONDS 1909—Continued. BONDS January February March April May July June August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 97 97ig 97U 97b 97i2 98 971? 971? Lehigh Val (Pa)—2003 g__ 4 97U 97U 97l2 97i2 971? 971? 11584 11534 II5I4 115U Lehigh Val Term—1st gu g-5 116U 1163j 117 117 11834 11834 118U118U 117 118 10834 10834 Lehigh Val Coal—1st 5 109 109 108 108 96 96i2 9634 9634 Lehigh & N Y—1st gu ’45 g-4 96l2 96i2 9634 9634 97 97 10114 10U4 Elm Cort & No gu '14 g__ 5 11134 11134 ______ ___ 11134 112 11238 11258 112Sg 112Sg 11212 11238 1121? H212 Long Isl—1st cons 1931 g—5 110 111 General 1938 gold------------4 965g 965g ___ __ ___ 96 96i2 9612 96l2 97 97 98 97U 9714 9714 9714 _________ 973g 9712 98ig 98i4 97 1001? 1001? Ferry 1922 g__________ 4)^ 1001210012 961? 961? 96 96 96>4 9734 94 98 98 Unified 1949 gold_______ 4 96 961? 967g 97 9412 Guar refund 1949 g---------- 4 97i4 97U 9714 99 97i2 98i2 98 985g 99 995g 97l2 97i2 97 97l2 98i4 98i4 9712 9834 98 98 * 97k 9838 971? 99>8 98 981c 99 Louisiana & Arkan—1st ’27 5 99 99 96 96 971? 971? 991? 97 97i2 96lo 97 Louisv & Nash—Gen '30 g..6 11714 117l2 117 117 116l2116i2 115l2117 “ HGig 116i2 117 117 1151? 11612 11512116 116 117 11612 1161? 116 11712 116l 2 U63 4 110 110 117 117 115 116 114 114 1141? 1141? Gold 1937......... -.................. 5 Unified gold 1940............... 4 100ig IOII4 IOII4 IO2I4 1007g 102 101 10134 1005g IOII4 9934101 10014 10034 9934 10012 99U 9934 9812 9912 99U 100 99U 1001? Registered_____ ......4 100 1001? 1001? 1001? Sinking fund 1910 g_____ 6 1101? 1101? 1101? 1101? 110 110 Collateral trust 1931 g-__ 5 10,834 1091o 10934 10934 110l2 llOln 110 11012 110 110 11O12 1101? 5=20=vear coll tr 1923 g___ 4 97 ’ 100ig 100 ' 100i4‘ 100 100ig 1111? 1111? nn2 im2 EH & Nash 1st 1919 g___ 6 111 111 ” 10734 10734 1073g 1073s 1071410714 Lou Cin & Lex 1931 g __4 1243 4 1243 4 1251 q 1251 s 1253g 1253g 125 " 125ig N O & Mobile 1st 1930 g__6 125 125 125 125 2d 1930 gold ---6 120 120 Pensacola Div 1920 g____ 6 107 107 St Louis Div 2d g__ __ -.3 71 71 9334 94 95lg 95*8 9512 95l2 94 9514 9334 943g 9312 94 Atl Knox & Cin Div........... 4 95 9512 96 96i4 96i4 96*>2 961g 9612 96 96i2 96 96 Henderson Edge 1st *31 g-6 110 110 ___ 963 4 98 983 4 98l 2 983 4 9712 9734 977g 98 97lg 98 9712 9712 97 97 Kentucky Central 1987 g--4 96 97’g 97ig 9612 97 ___ 8834 903g 89i4 905g 89 9034 90 90 917g 92 897g 90 L & N-Sou-Monon joint—4 88 88 88*2 9114 9114 91i4 88 91 9012 91 11434 11434 112Sgll23g 11312 1131? II5I4II5I4 Nash F & Sheff 1st gu g__ 5 11034 11034 109ig‘ 109ig Pens & Atl 1st gu 1921 g-_6 109 109 1101? 1101? So & No Ala cons gu g___ 5 11219 11219 114 115l2 94i-> 941- 94 94 " 94 ’ 9414 9414 94 94 Louis & Jeff Edge—fin g__ 4 9510 951? 9510 94 95 92 ' 96 " 95i2 96i4 9438 95 95 ‘ 9512 95 96 95 9634 95 96 Mexican Cent—Cons 1911 g-4 84 87 83i2 86 84 ' 86i2 87 91 94^8 94^4 82 85 82l4 8434 84 86 86 881, 88 89 Trust Co cert/s dep______ 241? 241? 2710 253g 253g 25 251? 26 26 26 26 26 23l2 271? 1st cons income 1939 g... . . 3 25 26 Trust Co certs dep ____ 2312 26 2H? 23 211? 2558 25U 27lg 27 2812 25 26 27 27 2d cons inc Tr Co ctfs___ 22 241g 2112 2212 2034 23i4 235o 251o Mex International—1st cons 4 80 80 101 101 1005g 10038 Mexican Nor—1st ’10 g_ __6 Midland Terminal—1st *25-5 9812 101 Minneapolis & St Louis— 1331o 1331? 1321? 1321? 1st gold 1927---................. 7 1031o 1031c 10134 10134 Southwest ext 1st__ _____ 7 1st consol 1934 gold_____ 5 109 109U 109 IIII4 11034 1111-, 110 ” 110 “ 109 110 10918 10918 107 107 107 10712 845g 871 4 84l 4 85 85lg 8534 8514 8512 85 86I4 85is 857g 8514 851? 85 85 84 84 85i4 86 8314 835g 1st & refund 1949 g_____ 4 Des M & Ft I) 1st gu____ 4 9112 91U 9912 100 99 991? 9934 9934 997g 100 9912 100 99l2 100 99 99 100 IOOI4 99 " 995g 99lg 9934 9912 9912 M St P & S S M—Cons ’38 g-4 99 99 99 99 Minn S S M & At—1st ’26 g-4 Missouri Kansas & Texas— 1st 1990 gold............. .......... 4 9834 100 985g 100ig 99 100 99 10012 9912 1001g 997g IOOI4 1003g 10114 100 101 100 1003s 9834 IOOI4 9834 9934 99 9934 2d 1990 gold________ ---4 8734 8834 875g 8834 8634 8734 87 88 8714 87'g 87 88I4 87 88 88 883g 88 8812 8734 88I4 8612 88 86 S714 1st extension 1944 gold__ 5 10414 10834 10812 10912 108 109 108 109 10712 1087g 106 106 105 106 10334 IO6I4 104 105 8438 8512 847g 8514 8412 8518‘ 841? 8514 1st & refunding 2004— -4 833g 8634 86I4 87lg 8512 87lg 86l2 877g 86I4 87 86 8634 85I4 8638 85 86 913g 917g 9014 9112 91 91l2 9012 9112 9014 9034 893g 92 90 91 Gen sinking fund 1936-.4^ 90i4 9312 9112 937g 9112 92lg 91 92 89-8 917g St Lou Div 1st 2001 gold__4 89l2 89l2 88 88l2 10912 110 Dallas & Waco 1st gu g__ 5 105 105lg 93 93 93 93 Kan City & Pac 1st ’90 g__4 91 91 Mo K & E 1st gu 1942 g__ 5 113 11312, 114 11412 114 114 114loll41o 11312 H4I4 114 114 11314 11314 113 113 11414 11414 113 113 111 “ 1093 4 11012112 ' 111 111 10712 10712 10634 10634 1071? 10712 Mo K & O 1st gu 1942___ 5 108 11V4 lllig IW2 111 111 109 110 1091410914 M K & T of Texas 1st gu g-5 106 IO8I4 10934 110 10834 10912 107l2109 10712 IO9I4 107l2 10712 10712 10712 10712 108 105 10*8*14 10538 10538 10512 10512 1041? 10512 110U110U Sher Shrev & S 1st gu g_-_5 104 104 Tex & Okla 1st gu ir__ 5 108 108 111U 1113g 109 109 108 108 107 107 113 113 112 112 112 1121g 111 11112 Missouri Pac 1st con 1920 g-6 11312 115 115 ’ 116 ’ 1141211512 11412115 11434 115 113 11312 113 113 Trust 1917 g stamped-—5 10012 1007g lOUg 102U 102 10212 10134 10212 IOII4 102 IOH4 1017g 10138 10214 IOII4 101*7g 101 102 IOII4 102 101 1015g 101 10112 1st collat 1920 gold---------- 5 101 1O312 102 10312 10212 10312 103 10334 1025g IO3I4 10212 10212 10212 10234 102 10212 1011? 102 10112 10212 102 10314 102 102 40-year gold loan 1945.__ 4 7834 82bg 8Hg 85lg 82 83i4 83 84i4 8234 837g 82 833g 8134 8234 8214 84l4 8134 827g 7934 8H2 7934 81 lg 803g 82 9534 9o34 961g 961g 98l2 96l2 3d 7s 1938 extended at----4 947g 947g 951g 95ig 923g 93 ’ 93 93 9434 95'g 9414 95 Cent Eranch Rv 1st 1919 g 4 89 94 9212 95 93 94 91 ” 91 89 89 881? 881? Cent Eranch LJ P 1st *48 g-4 1003g 1003g 1003r 1003r 9934 IOOI4 Pac of Mo 1st ext 1938 g_ _4 100 100 1003g 1003g 10038 1003g 1003s 1001? 113 ~113 ~ 2d extended 1938 g____ 5 115 115 1121211212 113 " 113 ' 113 113l2 113 113 St Louis Iron Mtn & Sou— Gen cons ry & 1 g 1931 g-5 IIII4U2 11112112 111 11134 111 112 111 11112 111 IIII4 11014 111 1101211078 1091? 10934 109 10912 1087s 109"s 109 110 1115c 1115c 110S4 11034 Stamped___________5 Unifying & ref 1929 g—4 86 881g 883g 8912 88i2 90l2 90 905g 893g 90 857g 8938 88l2 89 883g 89 87 8834 87 8834 8634 873g 86 87 903g 91 89l2 9034 8834 897g 8938 897g 89 8934 87 89i2 87 88 88 903g 91 87 Riv & G Div 1933 gold -4 88ig 90 8934 91 90i2 91 102 102 Verdigris & I & W 1st ’26 5 1225g 12234 12212 12212 122U 12234 12214 12214 120 122l2 Mobile & Ohio—New 1927 g-6 11912 125 12312 12412 124 124 11734 11734 1st extension 1927 gold—6 117 117 118 118 1173411734 118 118 118 118 11734 11734 88l2 8834 90 90 91 91 8912 90 8812 89b 89'4 90 General 1938 gold_______ 4 86l2 86l2 88 88 88 90 89 91 1123411278 1123411234 11234 11234 1123411234 1121211212 Montgomery Div 1st '47 g-5 1083g 109 112 112lg tingling 1107g 111 iiii*2 iiii2 1103gll012 10914 10914 Nash Chatt & St L—1st ’13-7 11214II2I4 1131*2 11312 1131211312 113121135g 1131211312 11314 113l2 113 113 1123411278 112 112 110 11034 111 111 1st consol 1928 gold-------- 5 National of Mexico— 102 10212 102lg 102lg 102 102 102 102 102 103 Prior Lien 1926 gold-—4^ 8312 8434 837g 84 83 84 83i4 85 831g 8412 83ig 84 8312 8312 1st consol 1951 gold---------4 80 801? 8II4 8334 National Rys of Mexico— 9234 95 94Bg 9512 94l2 96 94 9538 94l2 95 9434 95 9312 9434 9334 OH- 93b8 9434 Prior Lien 1957------------ 4J^ 88 89 8834 89 85lg 89 87 89 8714 88 87lg 88l2 87l2 885g 8712 88 87b 88 Guar general 1977------------ 4 N Y Cent & Hud River— 923 4 93i 4 923 4 931 2 903g 917g 92 91 923 4 937g 93 9414 93 931 2 931 4 933 4 911 2 92 901 4 91 92lg 93 Gold mortgage 1997-__ 3>£ 9114 92i4 9212 93U 93 93 9012 9012 883g 883g 9214 93 Registered--------------- 33^ 9212 9334 9214 935g ’ 94i" 2 95 ” 951 2 957g 95 9534 953g 96 941 2 951 2 941 2 9534 9514 961 2 95lg 96 95lg 961 4 95k 96 941? 95&g Debenture 1934 gold------- 4 93b8 95 Lake Shore coll g 1998--3 34 84 8534 8412 8534 84 8434 8334 8434 84l4 85 83lg 8434 82l2 83l2 8212 84 8214 83I4 8034 8234 8012 81 80 81 Registered--------------- 334 83 8414 84l2 8412 82 8212 8234 8314 83 8312 825g 825g 8H2 8H2 8134 82 817g 82 8012 81 79 79 78b 80 8434 8434 83 84 80 8OI4 8312 843,4 8212 833g 8312 84 8334 84 83 84 8212 833g 8112 82 80b 81 Mich Cent coll g 1998---3 33 8212 8212 82 8212 78b 78b Registered__________ 334 10034 10034 10034 10034 100 100 100 100 Beech Creek 1st gu---------- 4 100 100 IOOI4 IOOI4 IOOI4 IOOI4 Mohawk & Mai Is gu g—4 9712 971? Carthage & Adir 1st gu—4 108 108 N Y & Northern 1st ’28 g-5 Pine Creek gu 1932---------- 6 131l213112 1101211034 108b 1083,4 110 110 109 109 10834 109U Rome W & O cons 1st----- 5 11058 11058 1105g 1105g 9912 991; Rutland 1st cons 1941-.4 34 91 91 931 2 931 2 91 91 91 931 2 931 2 931 2 9O'\s 9038 0 & JL C 1st gu------------- 4 92 92 Rutland-Can 1st gu g—4 9034 9034 115 115 St Law & Adiron 1st ’96 g-5 IO2I4 IO2I4 Utica & BI Riv gu g-------- 4 LS&M Sgold 1997----3 34 947S 9538 95 955g 94Sg 9514 9412 95b8 9334 95 93U 95 93 94I4 91 93l2 9Hs 92ig 9134 92 91b 92 9134 92i4 9334 9412 9312 94U 9212 921? 9314 9314 9214 9212 9012 91 90b 9012 Registered--------------- 334 Debenture 1928 gold----- 4 95* 97” 9534 97 9512 97 9512 96 957g 9612 9434 96l4 9434 9514 9434 95U 94lg 95 9414 95 94b 95 94b 9514 94 94 95lg 951g 9412 9434 Registered--------------- 4 94b 94b 25-year 1931 gold-------- 4 95* *9*6*’ 9512 96?g 95l4 957g 9434 96 9512 97k 9434 957g 93 95U 943g 95lg 9334 947g ’941*8 *9*47g 94 947g 9334 9*5*l2 9338 93Bg 95 95 Registered---------------- 4 100 100* Pitts & Lake E 2d 1928---5 Pitts McKees & Yough 1st 6 13012 1301? Mich Cent 1st 1909.............. 6 115 115 1931................................ --5 9834 9834 100lg 100lg 10014 IOOI4 1940........ 4 98 98 Registered-----------------4 9334 943 S 923 4 931 2 921 2 925g 91b 9234 93 93i2 9212 93U 943g 9514 931 2 93 ‘ 2 941 2 951g 20-year deben 1929------- 4 89 89 93i2 93i2 92 9214 90 90 91lg 9114 925g 925g 1st 1952 gold................ 334 92 92 N YC& St List 1937 g---4 10012 10112 100l2 10134 102 IO2I4 lOlig 102 10114 1017g 10034 10112 10034 1013g 1003g IOH4 IOOI4 101 99l2 10034 99i2 101 99b 101 1001? 10012 100 100 99b 9912 100 100 Registered -............... —4 921*2 *9212 9112 9134 9312 935g 25-year deben 1931—334 913g 9312 93 933g 9314 935g 9312 94 West Shore 1st 2361 gu—4 103 1035g 1031g 10412 103 10312 103 10312 10234 1035g I6i34 10234 102 103 IO2I4 103 101 1O212 102 10314 103 10314 10H2 102Sg 1017g 1027g 1021 4 103 102 1031 2 100l 2 10112 100l2 101 100l2 101 100 1005g 1011 2 1021 2 10H 2 10214 1005g 1021 2 100 1011 2 1001 2 1011 2 Registered____________ 1 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RAILROAD BONDS 107 1909—Continued. January February March April May July June Augus' September October November December Low Hig) Low Hig) Low Higl Low Higl Low Hig) Low Hig h Low Hig % Low Hig) Low Hig) Low Hig) Low Hig h Low High BONDS N YCent & H R RR—(Conci: NYC Lines—Equip 1910-5 Equipt Trust 1913__ --5 Equip Trust 1914---------- 5 Equipt Trust 1916__ -5 N Y New Haven & Hartford— Conv debl948 ................. -.6 Registered _ 6 Subscription receipts----Conv debenl956 ............. 3H 10178 1017 103*8 1033 1043s 1043; 134% 1351; 133% 1351; 13334 135 134 1351; 98 100*4 9734 99 Non-conv deben 1954—3^ Convertible deben 1954-3 N H & Derby 1918 5 N Y Ont & W—ref 1st g----- 4 98*4 99l2 98 99U Norfolk & West—gen 1931--C 12712127*2 12734 128 New River 1st 1932 gold--6 N & W Ry 1st cons 1996--4 Registered 4 Divisional 1st lien-------- 4 10-25-yr conv 1932____ 4 Pocahon C & C joint-__ 4 Col Conn & Term 1st g gu-5 Scioto V & N E 1st gu g_-4 Northern Pac prior lien ’97 g-4 Registered----------------- 4 General lien 2047 gold___ 3 St Paul-Dul Div g 1996—4 St P & No Pac gen gold—6 Registered _ 6 St P & Duluth 2d 1917--.5 1st consol 1968 gold-__ 4 Wash Cent 1st 1948 g___ 4 North Pac Term 1st 1933 g--6 Pacific Coast Co 1st g-------- 5 Pennsylvania RR— 1st real estate 1923 gold--4 Consol 1919 gold________ 5 98 128% 128% 9912 9834 9914 93% 943g 93% 95 93*8 97% 95 98% 89% 911.J 9II4 9234 96% 98*2 1025g 10338 101 103 73 75 121 121 9734 98 IO3I4 104 102%103 74% 75 74 74 96 96 12012121 120% 120% 104 104 99 99 134% 1351, 13514 1383, 138 1387 138*8 139 138*4 1383; 138% 146 141*4 1 453; 134*2 142* 140*2 140* 14134 1413, 13514 1371; 137*2 138*, 9938 108 IO7I4 10934 10838 1093. 107 1087; 10634 108*' 107 111*; 10334 110 98*4 105 96*2 96*; 95*8 965 95 95*; 95% 95“ 97 97 85 85 109l2 1091; 107 107 98 99 98% 99 98% 99% 987s 9934 9778 99*4 98 99 98 98*S 963s 98*; 97 97* 104 104 101 101 127% 127% 127 127 126*4 126*4 125 126*4 129 129 125 1253. 127 12S1; 98% 99 98% 99 98 99 98 99U 99*2 100 99 100*2 98*2 9934 99 99*2 98*2 99*; 97 97 93 9334 9358 9378 93% 94 9338 937s 9318 9358 93*8 93% 93*4 93*2 91 93*2 9234 93*; 95% 975S 97% 9914 98 99 9734 99 98*2 101 101 10334 101*4 10234 100*8 10234 99 IOH4 9134 92% 9114 923s 92 92% 9214 9258 9134 92*2 91*2 92 91 91 90 91 8934 90*4 133 134 97*2 993; 9434 96 97 97 10234 10358 10134 102% 74% 75 7234 7434 97% 97% 121 121 98 98 10234 103% 102 102% 74% 75 92% 92% 11534 11534 11534 11534 11534 11612 10912110 110 110 109% 110 109% 110 105 105 .................. 103 103 10912 10912 104 104% 104% 10434 104% 10434 104% 1045s 98 9938 97% 9834 9734 98% 9434 9578 95% 9578 9538 96% 9534 9534 9514 95U 103%103% 104 104 104 104 106 106 105%1061? Cons 1948 gold________ 4 10-yr conv 1912 g----- -3M 10-yr conv 1915 gold—3 34 Registered................... 3)4 Phila Balt & W 1st g____ 4 U N J RR & C 1944............. 4 Pennsyl Co—gu 1st g------ 434 Registered ........ 434 Gu coll tr ctfs B 1941—-3 J4 Tr Co ctfs gu 1916 g------ 3M .__ .____ 96% 97 89i4 89i4 Gu coll tr ctfs C 1942—3 34 Gu coll tr ctfs D 1944--.3 34 15-25-yr guar g 1931------- 4 .................. 98% 98% Clev & Pitts A 1942----- 434 1103411034 Series B 1942 ........ -.434 Series C 1948 ___ 3 34 Grand Rap& Indext’41.4 34 P Ft W & Chic 1st 1912 7 2d 1912____ ____ 7 109% 109% 110 110 P Youngs & Ash 1st cons-5 P C C & St L gu A 1942-434 Series B guar 1942------434 Series D guar 1945____ 4 100l8 100i8 102 102 94 95 Series E guar 1949------334 St Jos &Gr Isl—1st g-------- 4 St L & San Rran gen 1931 g-6 General 1931 gold------------5 Gen 15-20-yr 1927............. 5 'flR-Consol 1996 g-._.......... 4 S W Div 1947 gold.......... 5 Refunding 1951 gold------4 St LM & So E gu g-- -.4 34 K C Ft S & M cons 1928 g-6 Refunding 1936 gold----- a 93% 94% 122% 124 HOI2HOI2 ___ .____ 91 91 84% 89 92 95 111 111 89 89% 94 96% 101 101 86 88I4 92% 79 78% 89 93*2 8U2 80% 92% 93 81% 7812 91U 64 66 63% 66 94% 82 7934 92% Gila V G & N 1st gu_____ 5 Hous E & W Tex 1st 1933-5 1st gu 1933 g_________ 5 Hous & Tex Cen 1st 1937- -5 Consol 1912 gold-__ -6 General 1921 gold-- - .4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 96*8 103 100*2 7434 lOH’ 104*o 104*2 104*2 9758 9758 98 98 99 99 98 115 11558 110 111 110 103 110 96*2 97*2 98 .................. 104 104 101 101 104*4 10458 10378 105 103*4 104*4 10058 10134 10134 103*4 102 106*4 9658 97*2 97*8 99*4 9734 99*2 98% 98 1103.; 11034 111*4 111*4 113 108*2 108*2 108*2 109 110 110*2 103 96 103*2 104*2 104 104 103 103*2 104*2 104*8 102% 105*2 99 9634 99*4 95*8 95 103 10434 104% 98*8 96*2 10434 107 102 105 104 113 104 104*8 104*2 993S 101% 9534 96*2 95% 96 103*8 103*8 10334 10334 104*4 106*4 103 103 89*4 90 9734 98 901” 91 9834 9834 98 " 98 96 104*2 104*2 107 107 110 110 109 109 109% 109% 109 109 109 109 10778 10778 IO8I4 10834 108 108*8 95 95 124% 124% 111 111 88% 89*2 96 96 112*4 112*4 110 112 9434 97 123% 123% 110 11012 88% 90i4 94% 95 9578 96 1233412334 12358 1243; IIO34III 11034 11034 90 9134 88 9134 78 105 106*4 105 105 112 112 109*2 109*2 107*2 107*2 107 108*2 116 116 100 101 97% 9334 80 78% 89% 97% 9438 82 79*2 9014 9734 94 82 7914 8978 9778 9412 84 8H4 90l4 97i2 9312 84 79 8912 98 9438 85 81 90l4 106*2 106*2 106*2 106*2 115*2 115*2 99*2 100 98*s 100 98*2 99*2 98% 99*2 98*8 98*8 97*2 9734 9734 98 9634 98 97*8 98 97*2 98 96*4 96% 102*4 102*4 103*2 103*2 9578 96 96 96 96 96 96 96 96 96 12358 12358 12358 12358 123% 12378 110 110*4 110*4 110*2 110 110*4 109 109*2 108*8 108*8 8978 91*2 90 91*2 89*2 90*4 8834 90 8834 90 92 92 92 92 91*4 91*4 100*2 100*2 85*4 86*4 84 85*2 83% 85 86 87*4 8534 87 94 84 79*8 8938 997S 101 84 83*2 84 95 84 79*2 90 98 94*4 84 78*2 893S 75U 855S 85 885s 8734 91 99i2 100 97*2 9712 99*4 100 119*2 119*2 83 8334 82i4 83 98 95 84 79*2 90*8 96 .................. 95 95 84% 86 119 117*0 118*2 823S 82 83 82*2 82*2 100*4 100*4 97*2 97*2 96*4 97 91% 92% 93 93*2 84 84*2 84 84 77*2 78*4 78*2 8038 87 88*2 87 88*8 104 95*2 92*2 93*2 9134 93*4 90 92*2 90 91% 9334 9334 9978 99*8 99*2 99*2 99*8 99*8 99% 99% 103* 105% 102*8 107 10134 104% 101*2 104% 101% 102*8 102*4 102*4 103 105*8 97*8 97% 97 9758 97*8 97% 96*2 97*2 96*2 97*4 9638 9634 96 96 89*s 8934 __ _ .... 89*4 8934 8834 89*4 8834 89 9438 94*2 __ _ ___ 93 93 94 94 90*2 92*2 98 9734 9012 90 90% 9OI4 9038 89*4 S038 94 94 95 95 95 __ - .... IOU4 IOII4 110 110 111 112 10434 10434 104 104 103 105U 1047 8 1047 8 103% 103% 10934 10934 110 110 110 110 .... 110 110 110 11014 110 110*4 1095s 110*4 96 96 96 121% 121*2 108*8 108% 88*2 89*4 119 82 104 1073410734 92 93 93 97% 99% 99i210034 9978 10338 9714 97% 9714 9734 9634 9738 78*2 IIH0IIH2 105 105 107 107 91*8 91% 115 115 9834 100 98*o 98*o 96 9634 97*2 97*2 97 97*2 94*2 9434 92 9434 83*8 8434 77*2 78*4 77*4 78 88*2 8934 88 88*s L04 104 84 84*4 89 90*4 89*4 90 91 91 83 88 99 100*8 99*2 100*8 99% 9934 9834 99*2 9938 99*o 85 85 84 84 86 86 91*8 91*3 IO6I2 106*2 9978 9978 100 10338 108 9334 9334 116 116 6434 6934 68% 75 9512 95% 97 97 9738 9734 9038 94 96 114 114 847g 86% 85% 88I4 87U 88 85U 8714 9934 9934 119*2119*2 84% 83*2 8434 84i2 85i2 837;j 85 83 9738 9738 93*2 94% __ _____ 78 7914 8934 91 108 95*2 98 96 9934 9934 1161211612 106% 106% 10634 10634 107*8 107*8 107*8 107*8 100 100 94% 94% -.4 Cen Pac 1st ref gu g——4 9738 98% 97% 98*2 Registered____________ 4 Mtge guar gold-------- 3 34 89% 9314 9OI4 91 Throug’- St L 1st gu g--4 9314 9314 101i8 101*8 Gal H & San Ant 1st 1910.6 96*4 102*8 100*2 74*4 98*4 102*c 95*2 951; 10934 10934 IO2I4 10234 106 106 105% 106 10634 10634 9134 92 91 92 91 92 91 92 85 85 9978 99% 99% 997 8 2-5=yr coll trust 1910____ 4 .................. .................. 97% 99% ’9912 10034 20-year conv 1929_______ 4 - 96*4 97 102*2 103*4 _________ 7334 75 96*4 96*4 120*2 120*2 120 120 11638 11638 119 120% 8234 86 8412 8534 83 Atl-Birm 30=vear 1st g__ 4 Carolina Central 1949___ 4 Ga & Ala 1st cons 1945--.5 Ga Car & No 1st gu g------- 5 105 105 Seaboard & Roan 1st ’26-.5 So Pac Co—Ct Pac coll ’49 g 4 90 92 Registered 96*4 98 10258 103 101l2 103 7334 75 73 73 135*4 9234 92*8 99*4 102*8 89 90 106*2 106*2 96*4 9634 95 95*8 95 95*2 101*2 103 101*2 102*8 102 103*o IOH4 IOH4 102 102 1011ol02 7234 7438 7134 73 72-% 74*4 72 72*2 70 71 97*2 97*2 95% 95% 96 96 117*8 118*2 118 118 119 119 104 104 106*2106*2 105 10534 105% 10534 105 105 104 10534 105 105 104*4 105 104% 104% 9014 9014 9034 91i4 9034 91 9634 97% 9714 97% .... .... 97i8 97i8 97*4 97*4 97*2 9734 98 98 9734 98 90 90 9034 9034 90% 90% 9834 99 99 99% 9812 9958 .................. 98*2 99 98*2 98*2 98*2 98*2 98*2 100 101 101 105 106 105 106 113% 114% 11378 1137s 10912 10912 10912 10912 10812 10812 93 93 11618 116*4 9934100 9934 10012 993410058 9934 IOOI4 9934100 9978 101 98% 99 100 100 9634 97% 97 9778 97 9734 96% 98i2 9634 97 97 97 10234 10234 KC & M Rv & Bdge gu - 5 St Louis Southwest—lstg --4 2d inc bond ctfs gold____ 4 Consol 1932 gold- ---------- 4 San Ant & Aran P—1st gu g 4 San Fran & N P—1st 1919 -5 Seaboard Air Line—1950 g..4 110% 110% 110l2112 103U 103*2 103% 10414 .................. 102% 102% 10438 105I4 10434 105U 104U 105b 9834 100 100 101% 10038 10134 96 97% 97 9734 965S 9778 C St L & P 1st 1932 a 5 Peoria&Pekin Un—lst’21 g- 6 Pere Marquette— Refunding 1955 _ _ _____ 4 Chic & West Mich 1921__ 5 11334 115 Flint & P M 1920 g---------- 6 II2I4 114U 1st consol 1939 g---------- 5 10434 10434 109% 109% Port Huron Div 1st g____ 5 93% 94 Philippine Ry—1st s f-------- 4 94 95 Reading—Gen 1997 gold—4 Registered ________ 4 Jersey Cent coll 1951 gold-4 Phil & Reading cons 1911.6 97 97 96% 98 10258 1027s IO2I4 103 102 102% 102i8 10214 74% 75 7414 75 7334 7334 97 971« 97l2 97i2 120 12058 115 115 10438 10434 133 .................. 95 95 93 93 105 105 9038 92*# I62’ 105*2 96*4 97*8 88*2 90 9134 921* ... 105 105 110 in. L09*? 109*0 93 93*2 93 Vw 108 RAILROAD AND MISCELLANEOUS BONDS 1909—Continued. BONDS Southern Pac Co—{Concluded) Austin & N W 1st gu g-__ 5 Oregon & Cal 1st gu g----- 5 So Pac Ariz gu 1st g_____ 6 1st gold 1910................ 6 So Pac Coast 1st gu-------- 4 Tex & N O—Sabine Div__ 6 Sou Pac RR 1st ref 1955..4 Registered---------------Southern—1st 1994 gold.___ 5 Registered _____________ 5 Develop & gen Ser A_____4 Mobile & Ohio coll tr g____4 Memphis Div 1st g..4J4-5 St Louis Div 1st gold------- * Atlan & Danv 1st ’48 g__ 4 Colum & Greenville 1st__ 6 E T Va Ga div 1950.___5 Cons 1st 1956 gold--------- 5 E Tenn reorg lien gold------ 5 Ga Midland 1st 1946............3 Ga Pa 1st 1922 g------------ 6 Knoxv & Oh 1st 1925 g—6 Rich & Danv cons gold—6 Deben 1927 stamped—5 Sou Car & Ga 1st g---------- 5 Va Mid Series B 1916.......... 6 Series E 1926--------------- 5 Series F 1931--------------- 5 Gen 1936 _______ 5 Guar stamped------------ 5 West No Caro 1914 g------- 6 Spokane Internat—lst’55 g.5 Term! Assn St Louis—lst-4M 1st cons 1944 gold------------ 5 Gen refund 1953 gold------- 4 St L Merch B & Term____ 5 Texas & Pacific—1st g------- 5 2d income 2000 gold-------- 5 La Div B L 1st 1931 g----- 5 Toledo & Ohio Cent—1st g--5 Western Div 1st gold------- 5 General 1935 gold------------ 5 Kan & Mich gu gold-------- 4 Tol Peoria & West—1st g—4 Tol St L& W—Prior lien--3 50-year 1950 gold------------ 4 Toronto Ham & Buff 1st----- 4 Ulster & De,—1st con g----- 5 1st refunding 1952 g------- 4 Union Pac—RR & 1 g 1947 -.4 Registered--------------------- 4 1st & refunding 2008------- 4 20-yr conv 1927--------------- 4 Registered------------------ 4 Oregon RR & Nav con g—4 Oregon Sh Line 1st g------- 6 1st cons 1946 gold______ 5 Guar ref 1929 gold--------- 4 Registered --------------- 4 Utah& North 1926 gold--.5 Vandalia—Cons 1957 B------4 Vera Cruz & Pac—1st gu-4^ Va & Southwest—1st 2003.-5 1st cons 50-yr 1958---------- 5 Wabash—1st 1939 gold----- 5 2d 1939 gold------------------ 5 Deb income 1939 “A”----- 6 Deb 1939 “B” income----- 6 1st lien equip 1921 g--------- 5 1st lien term! 1954 g--------- 4 1st & refund 1956 g--------- 4 Det & Chic Ext 1941 g----- 5 Des Moines Div 1939 g------4 Omaha Div 1941 gold—3^ To, & Chic Div 1st g------3)4 Wab-Pitts Term—1st g------4 Trust Co ctfs deposit-------2d gold 1954------------------ 4 Trust Co ctfs deposit------Washington Term gu------3H West Maryland—1st g------- 4 Gen & conv 1952 g---------- 4 Trust Co ctfs deposit-------West Va Cent&P—1st ’ll- 6 West N Y & Pa—1st 1937 g-5 General 1943 gold----------- 4 Wheel & L E—1st 1926 g...5 1st cons 1949 gold----------4 Wisconsin Central—1st gen.4 Sup & Dul div & term! lst-4 January February March May July August September October November I December April June Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High\Low High 107*2 107*2 100i4 100*4 101*2101i2 9434 96 88i2 91 9434 9534 9434 96*s 9458 95 111 U278 109 10912 76 79 78*4 79i2 78*4 7958 7812 8212 8812 8912 88 89*2 85*2 87 86*2 89 113 113 875g 8934 8912 91 89i2 8934 89*2 90 106 112*4 11158113 111 112 100*4 100*4 91 91*2 102*2 102*2 9434 95*4 94*2 95*4 9434 96 94 94 112 113 111*2 112*2 111 113*8 110 110*2 82*4 83*4 827g 83*2 8234 85 90 90*2 88*2 89*2 89*4 89*2 90*4 91 945g 95*2 94*2 95 113 110*4 112 110 83*2 80 8234 90*2 89*2 90*2 110*2 110*2 88*2 88*2 88*2 89*4 92*2 92*2 92*2 92*2 112*4 110 8H4 90 103 103 102 102 93*8 9434 94*4 947g 94*2 947g 108 110*2 107 109 110*4 10934 10934 1103g 111 111 112581125g 112 112 113 11314 11012110l2 1133g 11334 111*8 114*8 114*8 114*2 114*2 114*2 114*8 114*4 114*8 105 105 107 107 64 6534 66I4 66I4 64 68 68 H434 116 11512 115*2 11634 11684 115 117 117 118*4 H8I4 110*8 110*4 110 111 IO8I4 IO8I4 10812 109*2 107 1O33S 1033g 103 1033g 103*8 101*2 103 103" 103 103*4 103*4 10258 10258 IO2I4 10214 102*4 107 107 107 107 108*2 108*2 10812 108*2 10714 107U 108*2 109*2 109 116 96 116 96 ’97" 109 9734 117 II8I4 118’ 118*2 118 118 68 75 70 70 105 105 11138 112*4 9234 86I4 91 83i8 94 86*4 91*8 88l2 9438 88 91 8534 95 88 9212 94 90 9138 91 8638 84 86 1083410834 10834 10834 108*2 10834 102 10318 103 104 10034 102*2 103 103 9858 99 103*2106 102 10534 102*2 10358 102 10212 98*2 99 1023410638 9834 9912 120*8 12012 115 117*2 94 95U 94 94 9834 9878 118*2 119 116*2 117 94l2 95 9914 9934 119 119U 117 118 9412 9534 109 110*2 110*2 112 11038 111*4 111*4 1103g 11234 H43g 113*2 114*4 112 113 64 115 65 113 65 113 107*8 107*8 107 106*2 108 103*8 10258 10258 10234 103 102*4 107*2 10734 107*8 108 107 107 109 IO9I4 109U IO8I4 108*4 10634 107 108 108 108 108 107*2 107*2 115 115 115*2 115*2 115*2 117 116 116 116 116 1167s 1167g 96 98 97 97*2 97*2 9758 97*2 97*2 97*8 98 110*4 110*4 110*4 110*4 11578 117 115*2 119 113*2116*2 113 114*2 11234 11234 112 11234 80 85 70 75 65 65 103 103 111 111 112 112*2 112*8 112*2 112 112 112 112 105 105 103*2 103*2 104*2 104*2 93 93 93 93*2 93 93 9412 94*2 91 91 92 92 92 92 90*2 90*2 94*2 9434 903g 9034 91*8 91*8 89*2 90*8 90*8 91*8 9078 907g 84l’8 85"i2 84 847g 83*2 847S 83*2 84 8234 83*2 80 8234 9134 9134 107 107 108 108 89 89 10234 103 102*2103*2 10234 104lg 103*2 10434 103 104 102*4 103*8 102 102 102*2 10234 101*2 101*2 987g 9934 99*2 9978 99*4 100 98*4 9934 98 99 106 108i2 10678 10834 107*2 11158 110*2 11458 11138 124*4 11034 120 118 118 983g 99 985g 99*2 9 8 993g 98*4 99*8 983g 9834 98*2 993S 118*2119 118*2 119*4 119*8 119*8 119*8 119*2 11834119*4 11834 11834 116*2 116*2 116 116*4 116 116*8 114 115*2 114 114 113*2 11438 94 9434 9434 96*4 95 9534 94*4 953S 9458 95*8 94 95 10678 1O6'?s 116*8 116*8 97 97*2 97*2 97*2 97*2 98 109 109 112 113 111 112 83 83 110*2111 91*2 93 93*8 92*4 9038 90*2 893g 80 82 797S 99 99&g 99*2 99*2 99*4 100 1117g 113 112*4 113 112*4 113 104*2 105 103*4 104 103*4 105 90*8 92 102*2 102*2 102*2 102*2 87 87*2 7134 78&8 72*4 77?8 72 75 7234 7558 747S 785g 108 IIU4 IO9I4III 109*4 109U 109*2 10934 10934 110*2 8658 8658 80 80 79*4 79*4 90 90 91*8 91*2 55 50 48 5514 49*4 49*4 50 52 5534 4534 55*2 51 49*2 60*4 48*2 51*2 1412 938 1112 9 8*2 8*2 8*2 11*2 14*4 9 1178 978 75g 9 11*2 8 93U 9334 8238 85 83 8434 83*4 84 8212 86 8378 87 66 68 61 65*2 65 7212 65 65 68 73*2 62 65*2 64 72 67 73 66*2 67 110 9878 112*4 104 110 9958 98 U3 113 104*2 103 96 110 99 113*2 113 104*2 10234 93 94 897g 81*2 101 101 91*2 91*2 925g 925g 89 8938 79*8 81 105*2106*8 86 86 102*4 103*4 101 101*2 97 983s 1123411958 1017g 103 102 102 97 9734 11338 116*4 114 114 98*2 99*4 98*4 9834 1187g 119 117*4 117*4 113*4 114 113 113 9234 94*2 9234 943g IOU4 10234 "97*2 98'*8 114 11634 ’97' ’98*4 117 117*2 11258 113*4 93*2 9434 9334 9334 107*8 107*8 98*2 98*2 99 99 100*2 100*2 117*2 117*2 98*2 98*2 98U 9834 98*4 99 112U 114 11234 114*2 112 113 102i2 10334 103*2 105 10434 105 100l8 100l8 86 90 109*2 109 79*4 813g 797g 81*8 803g 82 897s 90*2 89 90 89 90 110 110 86 86 86 87 92*2 92*2 96 110 96 96 110 110 98 98 97*2 98*2 98*2 99 113*2 112*4 113*4 11134 112*4 111*2 112*2 103*2 101*2 10234 101 102 101*2 103*2 100 100*2 100*2 101 77*4 80*8 7534 777S 745g 785g 7234 76*8 72*4 75*: 1095g 110*4 110*4 110*4 110*4 110*4 90 91*2 78 78 79*2 80 49*4 4778 9 9 92*2 8334 70 52 50*8 9*2 934 92*2 86*4 70 73*4 76*2 75 83 76*2 88 87*2 48 48*2 50 47*4 9*2 9 10 8*2 46*2 477g 44 45 43 45 47 48 4134 48*2 4434 48 43*2 46 42 46*2 7 734 73g 8*2 8 8*4 8*2 8*2 8 9*4 7*4 8*2 7*2 9*2 8*4 9 85*4 87 69 69*4 68*2 69 102 102 111*2 112 8834 8834 85 863 69 70 6834 70 83*2 845g 83*4 67 68 6834 68 100*2 113 113*4 112 112 112*8 112*2 111 116 116 117 117 11634 11634 110 110 94*8 9538 85 93 92 92 91 91 91 91 107 107 109 109 107*4 107*4 8334 86 87 90 8734 88*2 87 87*2 87 88*2 87*2 88*2 87*4 8734 87*2 87*2 86*2 87 83 9434 96 95 96 95 96 95*8 9534 95*4 96 89*2 9478 9234 9478 94 95 95*8 96 94*2 95*2 9334 93*4 94*2 9418 945g 93*4 94*2 9234 93*4 93*8 94*2 93 937g 9234 93*2 92 84*2 86 845g 67 69 100*2 111 85*2 95 93 783g 83 76*2 87*2 5534 56 12*2 1278 8334 86 70 70 67 74 116" 1Y2" 105 105*4 86 88 9358 94*2 92 93 STREET RAILWAY Brooklyn RapTr—1945 g—5 1st refund conv 2002 g—4 Registered------------------ 4 Brooklyn City 1st cons—5 B Queens Co & Sub gu g--5 Brooklyn-Un El 1st g—4-6 Stamped guar------------ 4-5 Kings Co El 1st gold------- 4 Stamped guar--------------4 Nassau Elec gu gold_____ 4 Conn Ry & Ltg—1st g—4 34 Stamped guar------------- 434 Det United—1st cons ’32 g434 Grand Rapids—1st 1916 g..5 Havana Electric—Cons g—5 Interboro-Met—Coll------ .4 M Registered ---------------- 434 Interboro R T 3-yr conv 1911 6 45-year series A 1952------- 5 Internat Trac—Coll tr-------- 4 Manhattan Ry—Cons g------- 4 Stamped tax exempt------- 4 Metropolitan St—1997 g.—5 Trust Co ctfs deposit-------Refunding 2002 gold------- 4 Trust Co ctfs deposit .— Stamped------------------Bway & 7th Ave 1st g----- 5 Col & 9th Av 1st gu g----- 5 Lex Av & Pav Fy 1st gu g-5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 104*2 105 105 1065g 104*2 105 104*2 105 8534 88*s 85*2 8778 857s 88*2 85 885g 8334 87 84*2 84*2 103*4 1035g 103 103*2 103 103 102*2 105 10334 105 10414 105 105 106*2 10534 108 106 10738 106 107 86*4 8834 86*2 89*2 85*4 87 81*2 85*g 81*2 847s 83*4 8478 84*2 87 105 105 10034 102 85 87 78*2 80 I62’ 103 102*2 102*2 9912 99*2 101*2 102*2 102 103*2 102*2 102*2 87 87 86 87*4 87 8734 8058 82 81 82 10238 10238 102’ 102 10138 10138 10178 81*2 8U2 81*2 84l2 85 100 100 89 76*4 8158 77 8078 76 102 85 84 84 103*8 103*4 103 106 103 103 87 87*8 87*2 877g 8V8 84 103 10434 103*4 104*8 103 103 103 104 104*4 104 87*2 87*2 87*2 88 87*2 87*2 87 82 8234 82 83 102 102 102*4 102*4 82*2 82*2 82 82 1037g 103 104 101*2 103 10234 10234 86 86 8734 86*2 885S 86 86*2 8678 867g 81 82 80 81*4 79*2 80 102*2 1025g 1023410234 82*2 82*2 83*2 88*2 100 100 92 92*4 91 92 92 91*2 92 85 81*2 835g 82*8 847S 82*4 837g 92 92 92 92 89 89 89 89 90 90 7938 7734 80*4 7778 803g 77*2 8034 79*8 813S 80 78 78 103*4 104 10338l04” 103*s 10358 1023810378 1033g 1037g 103*4104*4 104 10434 104 104*2 103 103 72*2 72*2 72*2 72*2 72*2 72*2 72 72*4 7178 717s 99 993 g 98 99&s 99 100 99*2 9934 99*2 100 98*4 99 99*2 100 99*8 100*2 9938 99; 9958 100*8 9934100*8 100 100*2 100 10034 100 1005s 997g 100*8 99*4 1003g 8134 84 82 82 84i2 85*4 85 855S 855g 87 8634 87 85l4 88 8134 82*2 81 83 85i2 88 84i2 85 83*4 86 86 87 81*2 86 85*2 87 63 6358 58 58 43*2 48 56 56 56 57 57*4 57*4 56 57 ’55’ 57" 47 48 48*2 48*2 103 104i2 104 105 104 105*2 102*2103*8 102*2105 103 103 103 102l2 102*2 100 101*2 100 101 100 100*2 100 100 166" 100 102*2 102*2 101 101*2 100 100*2 100*2 100*2 104*2 1037g 102 103 102*2 103 103*4 104 10278 103*8 70 70 9834 9834 99*2 99&g 82*2 82*2 81*2 81*2 45 45 102 103*2 102*2 103 84*2 86 84*2 86 7934 81*2 10134 fo’134 94 94 8234 845S 10234 10334 102*2 103*4 103 10378 102 103 1017s 103 102*2 10358 9734 99*2 78 79 98*2 9958 79 793g 48*2 50 103*2 104 94* 94 967g 98 9934 100 79 79 77*2 80*2 97 99 77 77*2 98 9934 80 8034 48 54 52*2 52*2 52 53 101 101 IOH4 101*2 8078 807s 109 RAILROAD AND MISCELLANEOUS BONDS 1909—Continued. BONDS Metropolitan St—(Concl.) 3d Av 1st gu 2000 gold— Cent Tr Co ctfs----------do do stamped .. 1st gold 1937--................ 5 NewOrlRy& Light-------- 4 >6 St Paul City Cable—Cons—5 Tri-City Ry & Lt—1st------- 5 Underground of London—*5 1938 .......... *4« Income 1948 __________ *6 United Rys St Louis—1st g-4 St L Transit impt 1924—5 United RRs San Fran-------- 4 January February March April May July August September October November December June Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 6634 68l2 71 71 70 70 69 70*4 68 7112 70i2 63l4 69 109i2115*2 110 110 109 109 6512 70i4 70l2 71 68 72i4 6734 6734 6412 7(Fg 69 713g 68 72i2 110 110 110 110 110 110 83*s 86*2 68 72 70 70 65*4 69l2 65*4 66l2 6512 70 675g 71 6512 6934 65l4 6734 6512 697g 6734 697g 66 70 10912110 107*2 109 106 107*2 10734 10812 85 8534 86ls 86'g 8512 8614 86 86*2 87 87 107*2 10758 98 80i2 30 84i2 98 73l2 81 80 80i2 78 80 83i4 83 85 84l4 8434 84 8434 8312 851g 83 841g 85 27i2 30 35 22 27i2 27 31 3412 35lg 3H2 337g 36*2 3634 37*2 36i2 37i4 35 36 84l4 84i2 85 85 85 85 86 855g 86 84l4 843g 86 86 85 85 8312 86 73 7434 7412 79 72 73 76 793g 75 76*2 75 77 757g 767g 74i2 72i2 74 75 76 83 3212 8312 86 85 7534 74*2 82 80*2 84*2 31l2 30 34 82 82 85 75*2 73J4 74**2 GAS AND ELECTRIC. Bklyn Union Gas—1st------- 5 Conv deben 1909------------ 6 Buffalo Gas—1st g------------ 5 Detroit City Gas—1923 g—5 Detroit Edison—1st coll tr General Elect—Deben g--3^ 10-yr deben 1917 gold----- 5 Grand Rap Gas L—1st ’15--5 Hudson County Gas—lstKan City (Mo) Gas 1st------- 5 Kings Co Elec L & Pow.. Purchase money 1997-__ 6 Laclede Gas—1st 1919 g- 5 Refund & ext 1st 1934 g--5 Milwaukee Gas L—1st ’27--4 N Y Gas El Lt Ht & P........... 5 Purch money coll tr g------ 4 Ed El Ill 1st 1910 g______ 5 1st cons 1995 gold-------- 5 N Y & Queens E L & P------- 5 N Y & Rich Gas—1st 1921. People’s Gas L & Coke— 1st cons 1943 gold---------- 6 Refunding 1947 gold_____5 Registered ___________ 5 Chic G L & Coke 1st--------- 5 Consumers Gas 1st--------- 5 Ind Nat Gas & Oil------------ 5 Mutual Fuel Gas 1st--------- 5 Syracuse Lighting—1st____5 Westchester Light--1950__ 5 1041g 10614 103 106ig 106l2107 1067g 107*4 107*4 108 107*2 10734 1075g 1075g 107 1075g 120 124 119 123 6012 63 60 63 62 6312 6912 70 7012 74 73 73 68 70 67*2 69 10012 1007g 10114 10114 10112 1015g 10134 102l4 10112 10112 101 10U4 10H410H2 99*2 9912 100 100 84 84 82 80 8212 81 81 8112 823g 825g 83 83 81 8314 138l2140 136 13912 138*2 140 139 14112 1403g 145 145 150 147 155 150 15512 149 155 100 100 107*4 107*: 107*4 10758 64 66 83 83 83 148*4 151*: 147 83 149 67*2 68 101 101 10334 10334 110 110 10234 1031g 103lg 1041g 10414 105 10012 101 10012 10114 101lg 1011g 92 92lg 101 101 1001210114 101 10U2 8314 84 83i2 85 85 857g 100 10034 10012 1007g 111 111 97 97 10412 10412 101 101 92 92 101 1023g 8512 86 1007g 1007g 111 111 973g 973g 118 118 104 105 100 10034 92 92 10212 10312 8514 857g 1005g 10034 110 111 98i2 98*2 104*2 104*2 104 104 100 100 921 92 10212 10314 8414 8534 10012 10012 111 111 103i2 104 100 100 91i4 92 103 104 84l2 867g 100*2100i2 111 112 117*2 117*2 103 103*2 103 103*2 103 103*2 10234 103 101 101 10034 10034 91 913g 91 91 90*2 91 1035g 1047g 103 103*2 102*8 103*2 101 102*2 86 86*2 85*8 86*8 83*2 855g 8234 84 100 100*4 110 110 110*4 110*4 102*4 103 100*2 100*2 102 103 83 84*2 100 100 110 110 97*2 97*2 119 120 120l4120i4 12014 121 1023g 103i4 103 103i4 101l2103 103 103 104 104 10334 104 103 103 1015g 102 103 103 10212 102l2 12034 121 103*2 10334 12012 12012 10334 10334 103*2 103*2 104 104 119*2 120*4 120 120 103 103*2 102*4 103 10334 10412 104*2 10412 104 104 I64’ 104*2 104*4 104*2 104*2104*2 104 102 102 102 102 102 102*4 8634 947g 94 94*2 935g 94 94*2 94*2 1013g 101l2 10134 10134 9912 99*2 120 120 102*2 103*2 103*4 103*4 104U 103*2 104 102 102*8 IOH2IOH2 9934 9934 TELEGRAPH. Am Teleph & Tel coll tr____ 4 Convertible 1936 gold___ 4 Installment certfs----Keystone Teleph—1st '35--5 Mich State Teleph 1st--------- 5 Pacific Tel & Tel 1st________ 5 West Union Teleg—1938__ 5 Fund & real est 1950 g- -4 Conv 1936 series A_______ 4 Registered------------------ 4 Mutual Un Tel 1911______ 6 915g 92 92 927g 93*2 94*2 94 96 92lg 9414 923g 955g 9434 98lg 977g 106 923g 94 95 953g 9434 95lg 945g 95 9358 94*4 93 93*2 923g 93*2 92*4 92*2 92 93 1025g 10534 10312 1053g 104*2 106*2 103 106*2 103*2 107 1037g 107*4 104*4 107*2 103*4 1057g 99i2 100 98 95 84 95 102 98 9634 94 85*2 95 9634 98*g 100 98*2 100 9812 10H2 95*8 933g 94*4 943g 96l4 8412 86*4 8534 88*4 97*4 977g 101 10134 9534 965g 88*4 92l2 9814 9814 9634 9712 9912 10U4 95*2 965g 8734 90 84l2 88i4 100 101 97 98 9834100 77 80 9534 96i4 85l4 88i4 1003g 10112 96i2 9734 100 101l4 77 80 965g 9734 99*8 100*2 95 9534 86*2 86*4 91*8 98 97*2 99 94 92*2 91*8 99 98 99*2 94 95*4 100 100 985g 100 9734 985g 99*8 101*4 93*4 96*2 93*4 10238 92 92 9834 9834 98 9834 100*4 100*4 94*4 95 100 1005g 99 99 98*4 987g 100 100*8 94 96*2 100 10034 99 9934 100 1003g 96 97*4 10034 1025g 100 100 MANUFACTURING AND INDUSTRAL. Allis-Chalmers 1st 1936-___6 Am Agricul Chem 1st 1928-.5 Amer Cotton Oil—deben. .4)4 Amer Hide & Leath—1st—6 Amer Ice Securities—deb—6 Amer Spirits Mfg—1st------- 6 Amer Thread—1st------------- 4 Amer Tobacco—40-year.__ 6 Registered______________ 6 Gold 1951-............................ 4 Registered____________ 4 Armour & Co—1st real est 4 M Bethlehem Steel—1926------- 5 Central Leather—20-year—5 Consol Tobacco—50-year—4 Corn Products Refg—s f----- 5 1st 25-year s f 1934--------- 5 Distillers Securities—conv.-5 E I duPont Powd—30=yr-4J^ Illinois Steel—1910------------ 5 Non-con v deben 1913------- 5 International Paper—1st—6 Consol conv s f--------------- 5 Internat Steam Pump—deb-6 1st sinking fund 1929------- 5 Lackawanna Steel—1st con.5 Nat Starch Mfg 1st------------ 6 N Y Air Brake—Conv-------- 6 Railway Steel Spring—1st--5 Republic Iron & Steel—1st--5 Union Bag & Paper—1st—5 Stamped________________ 5 U S Leather—deben---------- 6 U S Realty & Imp—deben.-5 U S Rubber—coll tr 1918---6 U S Steel—s f 10-60-yr.......... 5 Registered -------— — -—5 Va-Carolina Chemical— 1st 15-year 1923------------- 5 Westing El & Mfg—conv—5 81 835g 96 98 96 97i4 9634 9834 67 69 99 100 106i21073g 106*4107i4 7634 783g 83 85*2 96i2 99 76l2 77l2 80 835g 98 99i2 97 97*4 9834 100 68 69 95l2 95l2 82l2 84 997g 100i4 97ig 97*2 98ig 9834 75 77*2 95*4 97 905g 91 91*4 91i4 106*2 HOig 110 11015 10634 10834 755g 783g "78i4 795g 78i4 78l2 8U4 83i4 99ig 100ig 971g 9714 98 9934 85 86*2 84 101 103*2 97 9834 100*2101 77 80 98 98 9134 9214 ’92 92 ilOSg 11212 1113gll214 111*2112 104*210714 106 1065g 111 111*2 110l2112 74 767g 79i2 807g 797g 8O‘*4 80*8 8078 76i4 76l4 79l2 79i2 96 96l2 95*8 96*g 94*2 95*4 83i2 7912 83 8834 90 89 89* 82 84’ 8334 90 983g 100 99 97 987g 983g 99 983g 99 98*4 99 75*g 76l2 78Q 78l2 793g 7934 80 79*2 80*4 80*8 80*4 00 97i2 977g 98 98i2 97*2 98*g 95 987g 96 97 73l2 787g 75 77l2 7434 77 74 77 7 6 78i4 76 78*4 76 86*2 84*2 85*2 83 85*8 84 85*4 84 857g 10134 102*8 101*2103 10134102*2 101*2102*8 10134 103 98*4 9834 10034 102*2 75 79 59 9934 92 92 111*2 112 11034 111*2 80*2 81 80*8 8034 93 9434 88 90 997g 101 803s 80*2 98 100 80 807g 80*8 80*g 93 9334 883g 893g 100 1005g 7978 80*4 100 100 97*2 98*2 101i2 103*2 70 75 96*2 96*2 77*g 75*4 7734 75 76 ioo” 10’0'ig 101 106*4 105 106 85 88*2 87 88 100 102i2 101*2 102 94 967g 95 98 101 101 104i2105i4 104l4 105lg 104*2105 1043g 105 10434 105*4 105 87i2 875g 87*2 88 86*2 88 87l2 88 87*2 88 87 102 102i2 102 102i2 103 1O334 103*2 1035g 103*2 105 94 97 93 95i2 95i4 985g 9738 99 112’ 11312 109i2112 108 110l2 108ig 110 1097gll2 95l2 95*2 ’99' 100*2 9812 1007g 98* 100 98 9834 99 100 90 90 9134 96*g 96 97*2 1041210514 8434 897g 88 89 10214 10334 10212 103l4 102lg 104U 102*2 10414 102 104l4 103lg 104l4 10512106*2 1051210534 10512 106 Q1 9018 9134 8734 893g 10212 103 1025g 10434 1043g 10434 1025g 1033g 103 10414 104 105*2 1025g 1033g 1015g 1043g 10334 1047g 96 98*8 98 112 116 1147g 1157g 9658 98 100 101*4 101*8 102 96 97*2 97*4 98 97 97 106*4 106*4 106 106 9034 91*2 90 905g 1043g 105*2 105 106 105*8 106*4 105*2 1 063g 105 106 105*4 106*4 9334 947g 947g 971g 961g 97 9614 97 94 97 9212 94*2 92i2 93l2 9234 9334 927g 95 90*4 95 96*2 983g 102 10234 7338 73*2 96's 97 93 93 109 111 10958 110*4 80 8034 80 80 9234 94 8834 90*4 9834 10034 797g 80*4 98*8 98*8 96*2 98*2 10134 102*2 70 73*2 9634 9678 93 93 106 110*2 "77" 8034 78*4 79 93*8 94 89 90 98*2 99*2' 77*4 80 96*2 100 99*8 983g 99 IOH4 102 96*2 9738 97 98 106 106 90 90*2 10434 105*2 106 108*4 106 108*8 1015g 102 96*4 97 97 97 10534 106 88*2 9034 10434 1053g 105 107*2 105 107*8 98*2 102 73*2 97 I65’ 107*4 105*2 105*2 7634 79 933g 883s 98 78*4 98*4 9558 74*2 75*2 74*2 75*4 74 88 89*8 88 88 106 105 105*2 104 105 87*2 88 8934 87 897g 104 1053g 115 116*2 114*2115 98 1013g 70 97 9434 90 99*4 78*4 98*4 9634 75 104*2 103*2 104 88 87*4 91 96*4 965g 96*4 97 98 9834 98*2 995g 99 100*8 73 73 112*211458 113 116 112*2115 97 9734 97*2 98*2 98 98 1007s 102 101 102 1017g 103 96*4 96*4 94*2 97 96 96*2 96*4 97*8 106 106 106 106 105 105 89 91 90 9034 89*2 90 104*2 105*2 104 105*4 104 10458 105 106 10434 105*2 10434 1 0558 10434 1057g 104*2 105*2 1045g 105*2 977g 99*2 98*2 99*2 98*2 993g 97*4 98*2 96*2 9734 97 99*4 100 9234 943g 93*8 95*4 94*2 955g 937g 95 95*2 93*2 945g 94 95 MISCELLANEOUS. Adams Express—Coll tr----- 4 Brooklyn Ferry of N Y—lst-5 Bklyn Ferry—Ctfs dep forlst5 Bush Terminal 1st 1952------ 4 Consol 1955____________ 5 Det M&M Land Grant—Inc-Institution for Irrigation Wks & Delep of Agri 1943-4 M Internat Merc Marine----- 4)4 Internat Navigation—1st—5 N News Shipbldg & D D----- 5 New York Dock—50-year—4 Providence Securities—1957 4 Provident Loan Society--4)4 U S Reduc & Refining-------- 6 92 93l2 9234 93l4( 9234 9334 93ig 93l2 93l4 94 91ig 9134 90 93 93ig 915g 915g 91 91 92*4 9214 94 91l2 91i2 93 93 93 92l4 93i2 92 92l4 9234 94 71 745g 715g 733g 72 74 77 86ig 87 88ig 87*2 88 87 87 91 90 92 90 89 91 93 89ig 90 93 89ig 93 94 90i4 * Quotations are on the basis ol five dollars as the equ lvalent olo ne pound s terllng. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 92*2 93 91ig 90 903g 90 94 95 94*4 95 94 95 733g 743g 71 75 86 87 86*2 87 93l2 93i2 94 90 92*2 94 94 90 93 95 95 94 68 69 72 845S 85*g 95*2 95*2 95*2 7034 68 71*2 94*2 95*8 9434 95 95 95 9034 91 92 925g 92*4 93 30*2 30*2 30 9058 95*2 94 91 92*2 9234 92 91* 91*2 92’ 95 92 92*2 30*2 30*2 32 96*2 38*2 .... 37 95 95 72*4 6934 84 95 9434 94*4 95 72 84 95 94*2 9234 94 9234 9234 i 95*4 703g 83*2 95 93*2 37 96 71*2 8334 95 94*4 110 RAILROAD AND MISCELLANEOUS BONDS 1909—Concluded. BONDS COAL AND IRON. Buff & Susq Iron—1932___ 5 Debenture 1926_________ 5 Col Fuel & Iron—s f 1943—5 Col Fuel—Gen 1919 ____ 6 Convert deben 1911_____ 5 Colorado Industrial— First & coll trust 1934----- 5 Consol Ind Coal—1st 30-yr.5 Grand Riv Coal&C—1st___ 6 Pacahon Cons Collieries -- 5 Tenn Coal I & RR—Gen —5 Birmingham Division----- 6 Tennessee Division_____ 6 Cahaba Coal 1st sruar___ 6 Victor Fuel—1st 1953 s f__ 5 Va Iron Coal & Coke—1st—5 January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 97 96 9834 100l4 98 99 98 98 94 9412 99 99 95 87b 87b 73b 77 71 75b 72 73 72b 74 85 88 102i8 103 10214 103b 101b 103 102b 103 106b 106b 106b 106b IO6I4 IO6I4 108 108 106U 1061- 1061" 1061" 110 ’ 110 95 96 96 96i2 95 95 100 95 96 991, 991, 100 9734 95 9534 95b 95b 97 107 107 87 73b 78 77 79 100 9858 100 97 98 87 98 96 96 97b 98 97 94 94 98b 97b 9778 81 94 85 94 87 777s 8234 81 9314 93U 84i2 82 100 883,1 89 88 89 8S 89 88 10258103 102b 103b 103l2 10312 103b 103l2 103b 108 108 107b 107b 108 108 108 108 108b 1085o 1085c 108i» 109 108 108 9534 96b 97 97 87 87 9934 99 87 100 99 83l2 80 100 88 104 108 100 83 82b 84b 100 100 103b 104 103 10334 103b 104 106 106 __ 98b 99b 98b 99*8 99 99b 1910. BONDS June March April May July August September October January February Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High December Low High 75 77 74 77 76 77 78 79i2 77b 79 78i8 77 78 To 75 77l2 79 77 83 80 83l2 77 Ann Arbor—1st 1995 gold.-4 7712 79 98i8 993g 9734 9938 97l2 98l2 98b 9934 98b 100 977g 9S78 98b 9978 9978 10034 98i8 10034 98i4 99b 9838 99 Atch Top & S Fe gen g 1995-4 9978 101 993 i inn 98 98 100 100 98 98 LOO 100 98b 98b Registered------------------ 4 89i2 90b 88 9012 895s 90b 895g 92l2 9U2 92b 90i4 91b 90 9134 Adjustment gold 1995------4 94U 95 94b 94l2 92i4 94b 91 92i8 89 91 92 92 Registered------------------ 4 89b 9038 89 9012 897g 90l2 8978 9212 91l2 92i2 90 91b 90 92 Stamped _____________ 4 9418 9434 94b 9458 93 94i2 89i4 92l2 89 91 50-year conv gold 1955—4 1151212278 114 11634 IIII4 118l2 IO8I4 114l2 10734 11118 100 107b 101 104 1033.J l07i2 105b 107 105 108b 105b 10732 104 105b Registered____________ 4 L22 122 106 106 105 107 105b 107b 10434 105l2 Convertible issue of 1909--4 116b 122 115 115 117 117 1071" 1131" 10258 104b 1021" 10234 1003i 103b 981" 1025s 98 1025g 10212 103 10212 103 10134 102b Convertible 1960------------- 4 1091 2 1143 4 1043 4 1071 2 1131 2 1197 8 116 1 225 8 105 109 105 110 108 10912 108b110 108 109U 10778 10878 109 115 113b 10-year conv gold 1917—5 118b Deben series J 1912-------- 4 987s 9878 981" 9812 Deben series K 1913____ 4 98b 98b 9818 98l8 ... 98i8 98i8 Deben series L 1914--------4 9534 96l2 97 97b 97 97 Eastern Oklahoma Div lst-4 Transcon Short L 1st g—4 94 9434 94 9434 9414 9434 93 94b 93 93i2 92i2 927g 9212 9234 9234 93 92b 9334 93b 9334 9234 94 93 94b 1091" 1091" 1093 8 1093 8 1071" 1071 2 109b 109b 109 109 Santa Fe Pres& Phen 1st g 5 108 108 108 " 108 ” Chicago & St Louis 1st—6 9334 9534 931 2 95 94 92i 2 94 921 2 94 92 931 2 96l 8 96 963 4 941 2 967 8 933 8 93l 2 94i 2 9334 96 95b 96b Atlan Coast L—1st 1952 g--4 95b 9458 94&g Bruns & West gu 1938 g--4 893 4 913 4 927 8 913 4 93b 9H 2 92 91 94 921 2 93b 923 4 947 8 89 91 93 90 89b 951 2 92b 90b Lou & Nash coll 1952 g—4 9H4 9558 9114 124l812418 Sav Fla & W 1st g 1934--6 112 112 112 112 1st g 1934--..................... 5 96 96 95 95 971? 97b Sil S Ocala & G guar g___ 4 ---917s 9212, 9134 93 92 93 91 89b 907g 90 9034 9012 92 90 92b 93 B & O—Prior lien g 1925--3 Vi 92 9278 91 9212 91 9234 9014 91 Gold 1948.............................. 4 9834 IOOI4 99 100 9712 100b 97l2 9912 97b 98l2 9778 99b 98 99b 98 9912 985S 9912 9812 993g 9734 9834 9734 9914 9634 9634 96b 96b 96 9812 Registered------------------ 4 98 99b 99 997s 112b 112b Pitts Junction 1st 1922__ 6 873 4 873 4 875g 875 g 873 4 873 4 8734 8734 8714 90 89b 89b Pitts June & M Div___ 3tt 8934 89 9012 90 9234 91b 9212 91 9H2 91i4 92i2 921" 9U2 9234 90b 91 90 9034 89 90b 89 92 Pitts L E & W Va System-4 92b 93 90i8 9H2 90 91b 90 9038 90 91 89lg 8912 89 90 9018 9034 8912 9038 89b 90 9012 91 Southwestern Div 1st g.3 90b 90b 90b 91 891" 8912 Registered--------------- 3J4 89b 90b 103 103 Cen Ohio Reorg 1st cons-4 K 118 1 131a 1125811312 nni" in 110 110 110 110 1093s 1O938 109 110 Cleve Lor & W cons 1st g-5 1137o 11 4b Buf Roch & Pitts—Gen '37-5 108‘8108ig 105 105 105 108 Consol 1957-----------------4J4 109^8 109^8 96 96 96 96 Allegh & West 1st gu g__ 4 99b 99b 115 115 11612117 117 117 Roch & Pitts 1st 1921____ 6 116l4ll63j 11 fib llfib Consol 1st 1922------------ 6 72 72 Buffalo & Susq—1st ref___ 4 Canada Southern— 1st extended 1913________ 6 10434 105 10478 105b 105b 10558 105 10512 104 10434 104 10412 10212 10412 10212 104 103b 1043g 103b 1041s 10278 104 10278 10314 2d 1913.................................. 5 101b 10134 10158 10158 101b 10158 ion8 ion2 100l2 101l2 10038 101 100l2 10H8 10012 lOOb —— — 10078 101b ion8 ion8 10034 10H4 lOOlolOOH Registered------------------ 5 10958 1095s 1131" 1131" 113b 113b 1121" 1121" Central of Georgia—1st 1945.5 Consol 1945 gold_________ 5 10838 109 1083s 10834 108 10812 1O712 108i8 10334 105 10412 105 10412 105 105 1055g 10612 10812 106b 1077g 10612 107 106b 10734 1st preference income____ 5 87 88 85 87b 8412 85 82 86 86 87 83 86b 82 85 83 85 86 9112 9012 9134 90 9118 90 102 87 87 90 90 84 85 84 88 88 85 90b 90b 90 91b 91 102 Stamped ----------------90 90 86 86 87 88 84 85 84 85 85 95 Trust receipts________ 91 91 84 84 87 87 Stamped__________ ___ 873 4 811 2 77l 2 871 2 81 843 4 80 75 76 87 87b 79 801 2 80 81 79 80b 8812 87 101 2d preference income____ 5 8334 8334 75 75 87b 88 88% 87 87b 87 79 79 Stamped ___________ 84 871 2 81 " 81 ’ 75 75 88 80 80 791" 88 791 2 87b 87b Trust receipts-----------___ 9934 9934 78 78 80 80 Stamped__________ 86b 86b 87 87b 843 4 855g 83 100 80 81 76 77 78 SO 80 83b 79 75 80i 8 78 78 80 8U 2 79 84b 3d preference income------- 5 80b 82 86b 84 86 8412 85b Stamped ___________ 80 8OI4 80b 81 85i2 851" Trust receipts_______ 10438 10438 Macon & Nor Div 1st g-. Mobile Division 1st-------- 5 110 110 10234 10234 102 102 102 102 Central RR & Banking Ga--5 103 103 Central of New Jersey— General 1987 gold________ 5 12412 12538 12412 125b 124 1 2434 1231212412 124 12412 1221212212 120 12134 1207812158 122 124 123 123b 12258 1 225s 122 122b Registered------------------ 5 124 125 1237g 125 123 123 123 124 12212 12278 120b120b 12078 1 207s 12012 121 1221212212 122 122 1215812178 I2H4 121b 107 107 109 109 109 109 108 108 Amer Dock & Impt_____ 5 108 1081" 1081" 1081" 108b 108b 100l2 10012 10012 100l2 101 10H8 101 IOH4 101 IOH4 10012 10012 100l2 10012 l001-2 10012 Lehigh & W-B Coal 1912--5 98 9958 Cons ext 1910 gu____ 4J^ ioob 100b 100 100 100 100 100 100 100 100 853S 8534 863s 861" 86 867s 85 86 87 87 87 88 881" 881" 873S 8834 Central Vermont—gu 1st g-4 Chesapeake & Ohio— 1001s 1001s 100 100 100 100 Mortgage 1911 gold_____ 6 101b 101b 101 101b 10H8IOH4 101 101 inni" inn3i 103 10312 103 10334 Gen fund & impt 1928____5 105 ’ 105b 103b 105b 104b 10512 103’s 10412 102 10312 102 10212 102 102 1037g 1037g 104 104 1st consol 1939 gold_____ 5 11334 114b 11334 11434 113b 11438 11278 113 nib 113 111 112 11034 11134 11012112 11034 112b 112 112b 11134 112U 112 11312 Registered____________ 5 1121" 1121" General 1992 gold-------- 4^ 102b 103b 102 10312 10H2 103b 101 1017s 99 10112 9934 1015g 993410U2 100 10034 10012 102 ion2 10234 101l8 102 101 10U2 1017s 1017» Registered__________ 4J^ 9358 95b 9312 95b 9334 9412 89 9234 89 9334 95 Convertible 1930______ 4 bi 92b 9134 937g 9314 94 87 87 89 89 " 8838 89 88 88 Big Sandy 1st 1944______4 85 85b 83 83 88l2 88b 8534 8534 Coal Riv Ry 1st gu-------- 4 104 104 1041" 1041" Craig Vail 1st 1940 g___ 5 9712 9834 97i2 9712 97i2 9712 97 973g 9412 95 --. 97 98 R & A Div 1st cons 1989 g-4 9712 98 96b 96b 96 96b 98b 99 9012 9012 93 93 91 91 2d cons 1989 g_________ 4 93 93 91 91 9H" 9H" 87i8 87i8 95 95 Greenbrier Ry 1st gu____ 4 73b 7412 7234 7378 Chicago & Alton—Ref '49 g-3 75 77 74 75 74 7434 74 7412 74 7412 73 7312 71 72 70 7U2 72 72 70 7034 70 71b 68b 70 72 7412 6834 72 69 71 71 Chic & Alt Ry 1st ’50 g-3^ 73b 75 73 74 7234 74 72b 69 7034 69b 71 Chic Burlington & Quincy— 99 9912 Denver Division 1922____4 99b 100 99b 9934 987s 9912 99 99 99 99b 99i„ 99ig 99 99 9914 9958 9914100 8734 8612 8712 87 89 89 87b 86l2 87b 87 88 Illinois Division 1949--3j^ 8834 891" 88I4 89 87i4 883g 87 88b 89* 8734 883g 87b 8878 871" 88 Registered---------------3 3^ 993410058 9978 100b Illinois Division 1949____ 4 100 10058 100 100b 99 100i2 98l2 9934 9878 99b 98l2 99b 98l2 99b 9878 9934 9912 1003g 10058101 10434 1O434 Iowa Div s f 1919________ 5 9938 99i2 99b 99U 9934 99b 9938 98l2 99i2 98l2 98l2 99 1919 s f____ _____ 4 9938 9938 99b 9938 99 100 99 99 98 98 98i2 98l2 9938 9912 9938 99b8 99 99b 98l2 9S34 Nebraska Ext 1927---------- 4 99b IOOI4 99l2 100 9834 9978 9834 983.i 9834 9834 983i 99 99 99 99 99 Southwestern Div 1921__ 4 99 99 97l2 9734 Debenture 1913--------------- 5 10H2 102 10U2 10178 101 10218 101 10158 101 IOH4 101i8 10U2 100i2101 100l2100i2 101b 10U2 10078 101b 10078 10138 10078 IOH4 9834 9958 98 9958 9758 983,t 97 9838 97i2 98b 97ig 98b 9778 98b 97i2 98 97b 9778 97 9738 9634 9758 General 1958------------------ 4 98b 100 951" 951" Registered____________ 4 100b100l2 100l2100l2 Hannibal & St Jos cons__ 6 IOII4IO2 1015c 1013,1 10134 10134 101 101i2 mm ini3o 10138 1013g 10034 mils Chicago & Eastern Illinois— Refund & impt 1955 g------4 8534 86b 84b 8534 83 85l2 8278 83 83i2 8334 81 83 82 8212 82 82 83 85l2 83 8534 83b 84 83 83b 127 127 121 121 1st consol 1934 g------------ 6 127 127 1101211134 11058 112 110i8 11034 109b 110b General cons 1st 1937------ 5 112b113 112 11234 112 11258 10912 112 110 110 109l2110 1083g 1083s 112 112 112 112 110 110b Chic & Ind Coal Ry 1st__ 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RAILROAD BONDS. Ill 1910—Continued. BONDS January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 871? 871? 86 8734 84 Chic Gt West—1st 1959. -.4 84i2 8514 85i4 85 8678 8512 8634 85 86 Chic Ind & Lou—Ref ’47 if. 6 128U 128U 128i8 1291? 128 128 126 127l2 126 126 ’ 1241s 124's 125 125 Refunding; Series C 1947__4 95 95 ” 95 95 97 97 Ind & Louis 1st guar____ 4 IOOI4 IOOI4 100 100 100 100 100 100 Lou N A & Chic 1st 1910..6 931? 9319 93i2 94 94 94 Chic Ind & Sou—1956 ___ 4 92l2 92l2 92 92 103 103 103 103 Chic Mil & St P’l term *14 g-5 103 103 103U 103i2 103 " 103's 1023s 1021? Gen series A 1989 gold__ 4 100 100i2 9978 100i8 99 lOOlg 98l2 99l2 987s 99i2 98i4 9938 98 9834 98i4 99 987g lOOlg 993g 997g 985g 991? 9834 99% 86 8634 86'4 8734 8734 88ig §8 88I4 88 88i2 87i2 88ig Gen series B 1989 gold--3 34 -__ _____ 88i2 89 8638 87 86i2 86i2 87 87 855s 86 25-year debenture 1934--4 933g 9334 93U 9334 92 9334 9134 9238 92i4 93 9H2 92i4 9H2 92 91 9134 93i2 957S 94 92 927s 9314 9234 93 10734 10734 10714 108 Chic & Lake Sup Div____ 5 107 107 1083s 1083s Chic & Mo River Div-- --5 HOI4UOI4 108 108 1081? 1081? 106i8 10634 10612 10612 1053s 1053g 106l2 1065S 107U10714 1065g 107 106'2 W6l2 Chic & Pac West Div----- 5 IO8I4 10834 108 108ig 108 108l2 108lg 1081g 1021o 1025c 1033s 1033s Dakota & Gt Southern__ 5 1031s 103l§ Dubuque Div 1920-6 114l8 11418 113i8 113i8 11312114 11334 11334 11334 114 11684 11634 Fargo & Sou assumed '24-6 1041? 1041? 106 ‘ 106 " 10534 106 1045g 1045g 105ig 105's 105ig 10518 La Crosse & Dav 1st 1919-5 100'g 100i8 Mineral Point Division__ 5 100 100 1051? 1051o 1053, 10.53, 10778 108 Wise & Minn Division__ 5 106'2 10612 Mil & Nor 1st M L 1910--6 IOOI4 IOOI4 IOOI4 IOOI4 IOOI4 IOOI4 100U 1001? 1001? 1005x 1035s 104b Mil & Nor 1st cons 1913 -6 IO5I4 IO5I4 1051? 105l2 10434 10434 105 " 105 Wisconsin Val Div 1920--6 1141s 1141s 114 114 Chic & North West—1915--7 113 113 113 113 11212113 11U211112 IIII4 113 ” __ _ 11078lll 111 1111? 111 111 111 112 111 11U? 1101211034 9934 9934 Extension 1886-1926____ 4 9934101 99 99 oei® 100 99 99 Registered_________ 4 95's 9518 8738 88I4 87 88 General 1987 gold_____ 3 34 89 8934 8834 89 8734 89 87 8712 87i4 88 89 8934 88 8834 875g 88 877S 89lg 88i8 90 Sinking Fund 1879-1929--6 1113411134 11034 11034 llll2 Ill's 111 111 11038 11038 Sinking fund .1879-1929. . 5 108 1091? 107i8 107ig 106 106 106 106 105 105 IO6I4 IO6I4 105&S 106 106 106 Registered _________ 5 Debenture 1921________ 5 105 105 107 107 10534 1O534 106 106 1061? 1061? Registered ..__ ______ 5 110l2 1111? 1091? 111 110 111 110 110 Sinking fund deb 1933___ 5 109 109 Frem Elk & Mo Vail 1933-6 1263g 127 1005g 1005g 1005s 1 00?5 Madison Ext 1st 1911 __ 7 Menominee 1st ext 1911 -7 102U 10238 lOlig 10118 1143, 1 143, 117 II7I4 1145811458 114i8 11514 Milw L S & W 1st 1921 g-6 11658116S8 116 116 115 1151? 1123411234 Ext & impt 1929 g____ 5 109 109 Mich Div 1924 g___ --6 II8I4 11814 3 Incomes 1911 _ _ _ 6 10034 1OO34 Chic Rock I si & Pacific Ry— 1091? 1091? Mortgage 1917-- ______ 6 U158 1,1178 11134 112 1117g 112 1101? 1101? 110 110 lioigiiois 109l2 1095s 109 " 109 " Registered - - _______ 6 98i8 9834 9612 981? 9512 9734 9512 9612 95 96i4 95U 96l2 9412 96i4 9534 98 General 1988 gold-......... -.4 98l4 99 97lg 98 97 98 97 98 9834 9834 Registered____ ___ 4 901? 9138 9018 9U2 89 9H2 8734 8912 86 88 Refunding 1934 gold......... 4 9034 92 86I4 8778 875g 89i4 8834 901? 89 9034 883g 8912 89 897g 87 90 90 88 887g Registered___ 4 87 Coll trust series J 1912-97's 9718 Series K..................... 1913 96i8 96's 96i2 96l2 Series L 1914_________ 4 97iS 97’s Series M 1915 - _____ 4 9412 9412 96 96 941? 941? 9414 94U Series 0 1917---........... -4 C R I & P RR 2002______ 4 79l8 837s 78i2 811? 8034 83 7612 8138 7512 78 ’ 7314 77i2 6678 7334 70i4 74 72lg 7534 74 751? 73U 747g 7U2 73i2 8034 8078 7634 7634 Registered___ __ -4 Coll trust 1913 gold____ 5 10238 10212 9534 96 9434 9534 95 95 93 93 94 94 R 1 Ark & L 1934____ 434 93 93 9314 9314 9314 951o 95 95 Burl C R & Nor 1934 g___ 5 114 11412 114 114 113% 114 1111? 11ll? 1»13U 1131 -> 110 111 106 106 10534 10534 CRIF&NWgu 1921___ 5 Choc 0 & G gen 1919 g___ 5 104 104 110 110 108 108 Choc 0 & G cons 1952 g._ 5 1071? 1085g 108i2 108i2 103i8 104 Keok & Des Moines 1st__ 5 100 “ 10012 Chic St P Minn & Omaha__ 6 12634 12714 126l4 12634 12512 126l2 125 12512 124 124 ia558 1255s 1253s 1253g 1241? 12434 123 12412 12314 12314 123 123 Chic St P & Minn 1st g___ 6 126U 126l4 12612 127 124lg 124l8 1121? 1121? North Wisonsin 1930__ -6 1113, 1113, 11418 114l8 11438 11438 113 114 113 113 11214 112U St Paul & Sioux City 1st g-6 112U 11214 1123s 1123s inaio insio Chic & West Indiana—1932.6 111 111 108l2 112 109 109 1101? 11012 88“ 89'2 891? 92 9212 9338 92U 9312 9058 92 90 " 91l2 Consol 50-year 1952 — -4 9212 93 911? 9212 92 92 9134 93 ’ 9H? 92 Cin Hamilton & Dayton— 1st guaranteed 1959_____ 4 90i4 91 Cin Day & Iron gu 1st g--5 10712 10712 106i2 106l2 10634 108 101 101 105 " 105 105 105 101 101 Cin Ind & W 1st gu 1953- 4 87 8714 85 85 86 8634 10134 102 Ind Decatur & W 1st g--5 105 105'g 105 105 107 107 Clev Cin Chic & St L—’93 g-4 9478 96i2 95U 96l2 9514 96 941? 96 933S 9338 90i2 93 92 93i8 921? 9234 92 ' 9412 94i2 95 95 95l2 921? 9412 Cairo Division 1939 g__ -4 921? 9212 931? 931? Cin Wab & Mich Div 1st- 4 9412 941? 90 90 91 91 92 93lg 95 9534 9312 9312 8934 90 St Louis Div 1st 1990 g—4 94 94 94 95 921? 94i2 92i2 95 9H4 9H4 92 931? 9212 95 ” oiio 9Ho W W Vail Div 1st g 1940..4 90 90 C I St L & C cons 1920___ 6 105U 105*4 97 97 9734 9734 CI St L&C 1st 1936 g----- 4 98i4 98i4 98 98l2 ___ ___ 98l2 98i2 9612 96l2 961? 96i2 98 98 Registered_______ ____ 4 96 96 108 108 Cin San & C 1st 1928 g___ 5 1251? 1251? C C C & I gen cons 1930 g_6 119 119 Peor & East 1st cons 1940-4 92i2 94 9334 94i2 93i2 94l2 9334 9334 90 9312 89 91 90 90 90 92 91 92 89 94 90 9H2 9034 91 “ 65 67 62 66 64 65 55 57 55 57 Incomes 1990 ----- 4 53 54 53 5312 54 61 58i4 60 58 58i4 65 68 6614 691? 69 71 70 7Hg 70 70l2 68 68 Colorado Midland—1st g—4 80 8138 78 79 77 78i4 75i2 77’ 73 765s 68 72 9412 96 9378 95 93 953g 95 965S 947g 9614 947g 95&s 95 967g Colo & South—1st 1929 g—4 96i8 97 96l2 977g 96 97U 9534 9612 95 96 Refund & exten 1935—4 34 9738 98 9734 99 9734 99 97 9818 9612 971? 96 97l8 95 961? 9412 96lg 9578 981g 9714 983g 9634 9712 97 9758 Ft Worth & Den C’y 1st__ 6 1125s 114 113U 11334 11312 114 11212 113 llllo 1111? 11H211112 112 112 11234 1133s 113 113 113 113 100 100 Cuba RR—1st 1952 gold___ 5 Delaware Lack & Western— Morris & Essex 1st 1914 .7 111 IIH4 111 111 11012 111 1081? 1081? 1095s Ill's 1121211212 112 11218 1st cons gu 1915______ 7 114 11418 H3I4 H312 IIII411112 1113g 1113s 11218 1121g 1107g 1113^ Registered -- __7 115 117 1161? 1161? 113 11512 11434 115 117 117 |15U 1151o 11858 1183s II5I4II5I4 N Y Lack & West 1st ’21--6 107b 107b 11012 11012 106 ** 106 ” Construction 1923__ 5 101 101 100 10012 9938 9912 9734 9734 98 98 Terminal & impt 1923—4 98 98 99ig 99ig 985g 99 99 99ig 98l2 98l2 120 120 Del & Hudson—Penn Div. .7 12078 120% 120 120 Convertible 1916------------- 4 9938 102 9934101 100 101 99 100 98 99l2 97 9834 96i2 98i4 97 9834 97ig 99 98U 9914 98 99 98 98'2 1st lien equip 1922-------4 34 10178 103 102 10212 10178 10278 IOH4 102 100"8 1OO78 101 10112 100 101 IOOI4 10012 10034 10034 101 ion? 1007g 101 1st refunding 1943------- -4 9938 10012 9958 10038 981? lOOlg 98 99 9S5g 99l4 985g 99 9834 1 00l8 97?s 9858 975g 9834 9734 98i4 98 9834 981? 99 91 93 Alb & Susq conv 1946 g-3 M 97 lOOlg 96 9712 94 9712 9212 9412 9212 93 921? 9312 9258 9H2 9234 92 931? 931? 95 91 93 95 12634 13014 12658 1 2658 1285g 1285s Renss & Sara 1st 1921___ 7 12314 125 12312 12312 Denver & Rio Grand$— 1st consol 1936 gold____ 4 9512 9614 9614 9712 96 9734 951? 96 9314 9412 93 94 9334 95 9238 94l2 9234 94 93 94l2 94 9514 9312 95 1041? 1041Consol 1936 gold__ 4 34 10334 1041? 1021? 1021? 10H8 10H8 Improvement 1928 gold__ 5 1021? 10234 104 105 102% 102% 10212 10212 10112 102 101 " 10134 10012 103% 100 100 101 101 101 101 92’ 9012 913g 9038 9H2 91 9212 92lg 93 ■ 1st & refunding 1955-5 9318 9412 9234 94 93 94 9O12 923g 89 9012 91 931? 91 9212 91 92 9234 90 921? 90’s 91 Rio G West 1st 1939 g___ 4 93 9412 9212 9312 921? 9312 9H2 9314 !?0 9112 93 93 901? 901? 8734 89 88 92 8312 8412 83]4 8434 8378 8434 8314 8314 83 84 Mtge & coll tr A 1949 g..4 83 84 84 85 831? 84i2 83i2 83'? 94 94 Det & Mack 1st 1955 gold--4 9778 9778 95 96 94 94 95 95 Gold 1995_______________4 91 91 89 89 88 88 89 89 88 89 90 90 91 91 89 89 89 89 74 74 Detroit Sou—Ohio Sou Div,.-4 72 73 74 74 74 74 Dul Missabe & Nor 1941___ 5 105 105 Dul & Iron Range—1st 1937 5 111 111 109 109 IO8I4 IO8I4 106 1061? 1071? 1073, 1081? 109 Dul Sou Sh & Atl—1937___ 5 10Sl4 IO8I4 10612 10612 1061? 10734 1061? 1061? 1071? 1071? Elgin Joliet & Eastern 1941.5 10812 1081? 1081? 1081? II8I4 II8I4 Erie—1st cons 1920 gold----- 7 122 122i2 120 12134 12012 12158 119 119 11812 11812 119 120U 1197gl2014 1201?12112 100 100 100 100 1st extended 1947 gold.__ 4 10634 10678 2d exten 1919 gold______ 5 10414 10414 10312 10312 103 " 103 “ 100l?100i2 3d extend 1923 gold-__ 4 34 4th ext 1920 gold........... - 5 IO6I4 IO6I4 9934 9934 5th ext 1928 gold_______ 4 118 118 N YLE& W fund 1920-..7 1st cons prior lien 1996 g-4 85 87l2 84 8512 85i4 863s 82i4 837s 81 825g 81l2 82&S 8034 82 81 8214 82 8434 851g 867g 8512 8534 83ig 8534 Registered_____ 4 835g 835s 74I4 75% 7012 7212 67 71 71 75 75U 765g 741g 75 1st cons general 1996 g—4 75U 767s 74 76 75 7634 73 7478 7212 73 671g 72 84l2 853s 83l2 86 85 85I4 87 87 861? 861? Pennsylv coll tr 1951 g--4 85i2 8634 85 86 83i2 84i4 8412 8684 85 85 87 87l2 861? 88 85 85 Registered 4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 112 RAILROAD BONDS 1910—Continued. BONDS January February March April June August September October November December May July Low High Low High Low High Low High Low High Low High Low High Low H tgh Low High Low High Low High Low High Erie—(Concl.) 697S 7234 73 77i4 74 76!2 71 74 67 75 64 68 75 79U 79 83 7712 797g 75ig 78 66i4 70 50-yr conv ser A 1953 g.-4 78i2 82 56 6214 59 65i4 6412 68 68l2 7l7g 6834 70i2 68 6934 50-yr conv ser B 1953 g--4 71 73i2 68 72 7034 73i2 69 7214 67 69l2 6U2 66 1137g 11378 1137gll37g 110 110 Buff N Y & Erie 1st 1916--7 110 111 112i 2 115 112 113 llllgllllg 11138 11138 11138 11138 11112 112 iin4iii34 113 115 Chicago & Erie 1st 1982 g-5 lllig HHs 120 122i2; 12414 12414 Long Dock cons 1935 g—6 126 127 1231412314 12412 12412 114 114 Coal & RR 1st curr 1922--6 9914 9914 N Y & Oreen Lake gu g—5 103i2 103l2 104i4 104i4 10U2 1 025g 10012 10012 100i4 100i2 101 101 101 101 104 1041 2 1031 2 104 N Y Susq & W 1st ref g—5 89 89 8912 8912 "96" 90 89 90 General 1940 gold--------- 5 90 93 108U 108l2 108 10812 110 11012 Terminal 1st 1943 g------ 5 Mid of N J 1st 1910 g___ 6 IOO34 101'g 100i4 101 U034 11O34 1st extended, 1940------- 5 981’ 10034 ion2ion2 Wilkes & East 1st gu g llPsllPg Ev & T H—1st cons g 1921--6 1011’ 10U’ 101l2101l2 10U2 10212 101 101 161 101 1st gen 1942 g---------------5 8812 92 Fort St Un Depot 1st g—4>£ 84 841’ Ft Worth & Rio Gr—1st g--4 86 86 86 86 86 87 947g 9534 953g 97 943 4 96 95 963g 941 2 96 941 2 96 963 4 957s 97 9512 96’4 953g 9534 95 961 2 97lg 96 3 g 97lg Gt North—C B & Q coll tr--4 Registered____________ 4 9614 96'g 9514 965g 9434 9612 95 9534 9514 9534 9434 95 9414 9512 9434 9512 95’4 961’ 95»8 963.) 951’ 9534 9514 9512 987g 987g 100 100 991 2 99t 2 98 981 4 99 99 99 99 St P Minn & Man 1933—4 126 128 128 128lg 12614 127 12512 1257g 125>4 12514 1251g 12512 1st cons 1933 g------------ 6 1283g 12834 1053 4 1053 4 1033 4 10 o 34 1057g 1057g 1041 4 105 105 105 106l 2 1063 4 1071 4 1073g 107ig 107ig 105 106 1037g 104 106ig 106ig 1051g 106 Reduced to__________ 4}£ 10012 1005g 1005g 1005g lOOlg 10014 100 100 Dakota Exten 1910 g____ 6 101 1013g lOUglOUg 98" 98~ 98"g 99l 4 97l 2 983 S 98 99 9934 100i4 98 98l2 Mont Ext 1st 1937 g------- 4 East Ry 1st div, 1st g----- 5 9934 993 1141211412 114 114 Minn Union 1st 1922 g—6 113 113 U4l211412 12634 127 125 125 Mont Cent 1st gu 1937 g--6 129 129 129 129 1137g 1137g 1137gll37g 1131g 1131g 1st gu 1937 g__________ 5 llllgllllg 1121411214 ii2i‘2 iihu 87 87 89 89 8714 90 89 90 Gulf & Ship Isld—1st 1952 -5 947g 947g 1031*2 104 997g 101i 2 100 1003 4 1003 4 1021 ’ 100l 4 1023 4 100 1013 4 102 10312 ioii4102I’ 102 1027s 102 103 1021 4 104 100 lOUg Hocking Vail—1st cons g-4J4 95 95 9512 9512 Col & Hock Vail ext g----- 4 95 95 95 95 93 93 104 104 Illinois Cent—1st 1951 g__ 4 10534 10534 92 92 9034 9034 89i2 91 92 92 92 92 1st 1951 gold........... ........ 3X 92 92 99 99 993 4 100 1001 2 1003 4 991 4 1005g 100 99i4 99i4 99 99 9912 991’ 9914 99l4 993g 993g 9734 9938 100 Collateral trust 1952 g----- 4 1st refunding 1955---------- 4 987g 995g 987g 991’ 9812 993g 9734 98 9712 9734 97l2 977g 9612 9712 96 97 967s 98l4 983S 99 97i2 98i4 9634 98 87 87 8512 8512 Purchased lines 1952—3'A 97U 9714 9814 981’ 991’ 991’ L N O & T 1953 g................ 4 9934 100 9912 1003g 99l2 100 985g 985g 9934 9934 99ig 99’s 96 96 Registered____________ 4 8734 8734 871g 8734 Lou Div & Term 1953 g.3>S 88l2 88i2 83i4 83i4 Registered__________ 3y 7734 7734 Omaha Div 1951 g---------- 3 8834 89 St L Div & Term 1951 g-3 X 75i2 75l2 1951_____ 3 9638 963g West Lines 1st 1951 g----- 4 U7l2U7l2 Belle & Caron 1st 1923__ 6 Carbon & Shaw 1923 g—4 99 99 9514 95l4 1143411634 116 116 115 115 116 116 Chicago St L & N O ’51 g--5 117l4117i4 11734119 118 118 118 118 Registered------------------ 5 97l2 97l2 Mem Div 1st 1951 g___ 4 95 95 95l4 95'4 97 97i4 Ind Illinois & la—1st g----- 4 98 98 10812 10812 1071’ 10712 107 107 107 10734 107i4 108 Internat & Gt Nor—1st '19 g 6 1091211034 110 110i2 1095gll0 10912 10912 10912 10912 2d 1909 gold____________ 5 10634 10712 10714 108 110>4lll 11112112 111 111 10634 109 107141101g 110 11234 111 U21g 11014llll2 110 111 1081’110 110 1111’ 106 111 103 106’g 103 103 102 105 Trust Co receipts___ 25 25 19lg 22 23 25 16lg 18lg 15 1518 35 35 3d 1921 gold____________ 4 25 30 191g 191g I03’ ibi 104 10414 1051g 10514 1631*2 103*12 Iowa Central—1st 1938 g--5 106 10634 105l2 1057g 105i4 106 104 10414 102 10312 103 103i2 103 104 6934 6934 6914 6914 70 7334 70 70 65 68 Refunding 1951 g------------ 4 7412 7612 74 76l4 76 771’ 76 77i4 7512 76 94 94’ 94 9412 94 94l2 943g 95 91 91 James F & Clear 1st 1959—4 7212 73 7U2 73 72 721’ 7212 7334 7234 74 73i4 737g 73i4 737g 72l2 73l2 72 7212 7214 73 Kansas C Sou—1st 1950 g--3 725g 735g 73 74 Refund & impt 1950------- 5 102l2103 102 10234 102 102i2 101121021g 10012 10134 99 100i2 9912 100 100 101 10058 101 101 10112 100 lOUg 101 102 98 98 Kansas C Terml 1st 1960—4 1103411034 1081211012 11O1411O14 10958110l4 1091’ 10*912 Lake Erie & W—1st 1937 g-5 1125gll25g llll2llli2 112 112 11034112 11034llll2 10612 10612 10612 10712 2d 1941 gold................ 5 North Ohio 1st gu 1945 g--5 110 112 1081211012 10812 109 10534 106 106 107 107 10714 Lehigh Val (N Y) —1st gu W 108 10812 107ig 10734 107ig 1077g 105 105 105 105 Registered ___________ 4^ 963g 9634 967g 97 973g 97i2 9414 94U 98 98 Lehigh Val (Pa)—2003 g—4 96i2 97 97 97 115 11512 1121’1121’ 113 1136g Lehigh Val Term—1st gu g-5 U5ig 115ig 1151211534 9334 9334 Lehigh & N Y—1st gu ’45 g-4 95 95 ioii2 i’o"i’i2 Elm C & N 1st pref 1914—6 112 112 110l8ll25g 110 110 Long Isl—1st cons 1931 g—5 93 9534 94 94 9514 9514 96 96 97 971g 97 9734 9612 97 General 1938 gold------------ 4 97 9712 98 98 ’971"’ 98i2 975g 9812 1001g 10014 Ferry 1922 g---------------4 941’ 95 9312 94 Unified 1949 gold------------ 4 94 9412 95 95 94l4 96 9412 9634 94i2 97 9714 100 96lg 97 9614 97 95>4 96 96ig 97 Guar refund 1949 g---------- 4 9712 98 94 94 Registered____________ 4 10H4 104 North Sh Bch 1st gu-------5 9534 96 Louisiana & Ark—1st 1927-5 11214 113 112l411234 U234113 116 11634 11334115 U51211512 Louisv & Nash—Gen ’30 g--6 114 11512 114 114 11212 U212 113 113 llll2llll2 Gold 1937______ ---5 973g 983g 97l4 98l2 97l2 99 98 9834 Unified gold 1940------------ 4 991g 100’2 985g 993g 98" *9*9* 977g 9812 B8 9812 9634 9814 965g 971’ 9734 9734 Registered____________ 4 109* 1*0*9*" 10734 108i2 107 107 10712 10712 Collateral trust 1931 g----- 5 110 110 110* 1*1*0* 11114 llll4 112 112 EH& Nash 1st 1919 g----- 6 115 115 IIH4 IIH4 106 106 103 103 105 105 1043g 1O412 1041210412 Lou Cin & Lex 1931 g—4 y2 124 1 245g 1215S 1215g N O & Mobile 1st 1930 g--6 125l4 12514 2d 1930 g.............. 6 1181’ U812 9512 9512 Paducah & Mem Div,’46. .4 108 108 1073411014 1051’ 1051’ Pensacola Div 1920 g------- 6 St Louis Div 1st 1921 g--6 Atl Knox & Cin Div-------- 4 94ig 94l4 Atl Knox & No 1st 1946 g 5 Kentucky Central 1987 g--4 97 97l4 L&N & M&M 1st 1945 gU$ 10512 105!2 L & N-Sou-Monon joint__ 4 9H2 92 Nash F & Sheff 1st gu g—5 111 111 Pens & Atl 1st gu 1921 g--6 So & No Ala cons gu g----- 5 Louis & Jeff Edge—Gu g—4 Mexican Cent—Cons 1911 g-4 9634 9712 1st cons income 1939 g----- 3 2712 31 Trust Co certs dep...........— 28 30 Mex Internat—1st cons ’77 g 4 Stamped guaranteed------- 4 Mexican Nor—1st ’10 g------- 6 Minneapolis & St Louis— 1st gold 1927........................ 7 Southwest ext 1st________ 7 1st consol 1934 gold-------- 5 1st & refund 1949 g-------- 4 8U2 8U2 Des M & Ft Dodge 1st gu-4 9134 9134 M St P & S S M—Cons ’38 g. 4 9914 100 Minn S S M & At—1st ’26 g-4 98i2 98i2 Mississippi Cent—1st 1949--5 Missouri Kansas & Texas— 1st 1990 gold-...................... 4 99lg 100 2d 1990 gold....... ................ 4 86l2 8734 1st extension 1944 gold—5 104 105 1st & refunding 2004------- 4 84 85i4 Gen sinking fund 1936--4 y 8934 9034 St Louis Div 1st 2001----- 4 Dallas & Waco 1st 1940--5 Kan City & Pac 1st ’90 g--4 92 93i2 Mo K & E 1st gu 1942 g__ 5 113 113 Mo K & O 1st gu 1942------5 106i2106l2 M K & T of Texas 1st gu g-5 105 105 Tex & Okla 1st gu g-------- 5 1053g 105l2 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 113 9412 95l2 9412 9512 93l4 9314 113 92l2 9278 9312 9312 97 97 96~g 967g 97 97 96 96 104 104 10512 10512 1045g 105l4 907g 91 9112 9H2 110 11012 11012110l2 1101211012 112 112 111 114 8912 891’ 971g 973g 97l4 97U 9734 98l4 98l4 9814 30 30 31 317g 2712 2712 29>2 30 75 75 77 77 9434 96 9434 95i2 102 102 102 102 90 9U4 90l"2 9l"l4 8912 903g 9034 9034 90i2 9034 109 109 106l4 10614 110l4110l4 1091’ 1091’ 8812 90 90l4 9014 92 94 98l4 9812 98i4 98"i2 9814 9834 99 99 99 99 101 101 10412 105l4 104 104 109 109 80i4 8OI4 79i2 80l2 7814 78l2 75 75 87 87 995g 995g 9834 995g 9734 9834 9714 98 10012 10012 10012 1001’ 10412 105 1025g 103 104 96<g 97l2 97 97 9734 98 104 96iS 98 9412 95 1121211212 110 112 94 95U 103 103 881’ 8912 110 110 99 99U 99i4 99l2 104lg 1041g 107 107 108 108 6712 6712 68 733g 72 73 108 72 108 76 961’ 9612 9714 98 921*8 9212 98l2 99l2 86 867g 103i4 1037g 84 8434 88l2 90 92 93i2 109l2110 105ig 106ig 104i2105 105l2 10512 98l2 99i2 86l2 87 102 103l2 8312 84lg 88l2 8934 98i4 99 975g 98ig 85i4 86l2 8312 85 101 101l2 82i2 827g 82 8334 88 88i2 87l2 88l2 9612 98 82 83l2 101 10H2 81I2 82l2 857g 88 9634 977g 97l4 98l2 97l2 98l2 8214 825g 82 83l2 83 85 lOOlg 10112 100 100 1003g 10334 7812 82 83l2 847g 845g 87 83l2 85 105 105 92i2 92 92 10812 11214 10912110 108 109i2 106 108 106 108 106l2 107 107l2 1075g 106i2 106l2 104 104l2 103 10312 100ig 102l2 100i2100l2 102" 10212 105l2105l2 103 1043g 105 105l2 90 iih2iiii2 975g 98i4 97 98«g 84i2 85ig 84 85ig 102 103 80i2 82 807g 8U4 85l2 8634 85 857g 90 90 91 91 10912 10934 1095g 11012 10812 10812 1043g 1047g 104lg 1041g 105 105 97lg 98 82i4 83l2 10H4 102 79 801’ 84 857g 79l4 7914 897g 897g 89i2 90 111 111 106l"2 i0634 107l8 10 Tig 102 1041g 104 104 1051’ 1051’ 105l210512 113 RAILROAD BONDS 1910—Continued. BONDS June January February March April May August September October November December Jlily Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Missouri Pac 1st con 1920 g-6 109 110 1095g 110ig 110b 111 Trust 1917 g stamped------- 5 10H8 102i4 IOH4 102U 101 102 1st collat 1920 gold--------- 5 102U 1021? 102 102 40-year gold loan 1945___ 4 8034 817g 80b 8H4 95 9512 1st & ref conv 1959---------- 5 95 96 Registered 5 943g 941? 86 ' 86 “ 1003a 1003a 113 113 St Louis Iron Mtn & Sou— Gen cons ry & 1 g 1931 g-5 1091? 110 1091? 110 Unifying & ref 1929 g--_4 841? 855« 847g 86 8734 867g 875g Riv & G Div 1933 gold--4 87 Verd Val I & M 1st g - 5 1021? 1021? 1201? 1211? 1211? 12Ho 1st extension 1927 gold__ 6 89 89i2 90 90 Montgomery Div 1st ’47 g-5 St L & Cairo guar 1931 4 :::: 95 96 Nash Chatt & St L—1st ’13-7 1081211014 10Si2 1 087g 108i2 110 1st consol 1928 gold--------- 5 Jasper Branch 1923 g___ 6 McM M W & A 1st 1917 6 National Rys of Mexico— 94 9512 Prior lien 1957 _ — - 43^ 9334 95 Guar general 1977_______ 4 88i4 9014 885g 901? National of Mexico— 1st consol 1951 gold------- 4 N Y Cent 5- Hud River— Gold mortgage 1997------3)4 Debenture 1934 gold----- 4 Registered __ _ 4 Lake Shore coll g 1998-.3)4 Registered -- - — 3)4 Mich Cent coll g 1998--3^ 82 84 8312 84 1093gll0 109i2 109i2 108ig 10834 10834 1O834 107 108 108 IIOI4 110 110 10934 110 108i2 109I4 10012 IOII4 IOOI4 10034 100ig 101 100 100i8 100 1001? IOOI4 101 101 ion? 10118 10134 101 10134 102 1025g 102 102 100 102 7734 79 80 8II4 78 80 94 955g 9334 941? 933g 94 94b 95 1181? 1181? 87 1081? 1081? 95 95 95 95 IO8I4 1087g 1083g 1087g 108 1103g 11012 10912 10912 109 108 109 9H? 911? 921? 93ls 92 92 9158 92 110 IIOI4IIOI4 no 110 no 115 115 96 96 1071? 108 1071? 1071? 109lg 109lg 108121091? ___ ___ 1171? 1181? 1171? 1171? 1141? 1141? 861? 86’" 861? 861? 107 107 108 " 1091? 1091? 1091? 941? 941? 94 94 10612 107 1061? 10634 10612 0634 110 110 110 110 110 1101? 11578 11578 1181? 119 1141? 11514 84 84 10638 1061? no 110 1081? 10834 95 9534 94 9514 94U 947g 935g 941? 9312 9414 93i2 9434 9458 951? 9412 9478 9414 9434 9414 9434 90 9134 8934 8934 88 90 9114 92lg 895g 9114 89b 90?s 8912 891? 8878 90l8 87i2 87l2 88ig 91 10134 10214 8434 85 ‘ 84l4 85 84 897g 8812 881? 9514 9214 931? 8112 79l2 80 78b 80 -7914 9834 Beech Creek 1st gu_______ 4 Registered __________ 4 Mohawk & Mai 1st gu g__4 N Y & Harlem 2000 g 3)4 981? 9810 N Y & Put 1st gu 1993 g- 4 Rome W & 0 cons 1st___ 5 1085a 1091a 10834 109U 10834 10914 110 110 R W & O Term R 1st--- -5 1017a 1017a 102b 102b 91 ” 91 90 91i4 100 102 L S & M S gold 1997___ 3)4 9H8 921? 91 917g 91 9H2 90 91 89 92 Registered__________ 3 A? 9014 90l4 LS&M Sdeben 1928 g .-4 9414 9534 943g 9514 93 953g 93 9334 941? 94lo| 94 94 9234 9334 25-year 1931 gold--------- 4 94ig 9534 937g 9412 9234 94 Mich Cent 1931_________ 5 1940 . __ 4 99 99 1st 1952 gold - 3)4 8812 891^ 89 90 89U 891? 87 8712 913g 92 20-year deben 1929 - --4 9112 9212 9134 92 N Y C & St L 1st 1937 g--4 997g 100l2 100 10012 99 100i2 99l2 9934 25-year deben 1931__ 3A£ 907a 911? 9U? 9134 91 92 West Shore 1st 2361 gu--4 10034 1021g 101 10214 100 10U2 100 lOUg Registered---------------- -4 993410012 100 10012 99 9934 99 100 N VC Lines—Equip 1910.5 1015g 1015g Equip trust 1912______ 5 106b 106b N Y New Haven & Hartford— 95 96b Non-conv deben 1955___ 4 951r 96 95 9514 945g 95U Non-conv deben 1956----- 4 Convertible deben 1956-3 )4 IOOI4 1017g IOOI4 10314 100 10212 98 ioo’i? Registered-- ---------- 3)4 Conv deb 1948----------------6 13334 13434 13312 135 134 135U 131 13414 13334 13334 13334 13434 132 13314 98 ’ 98 " 98i2 9812 Non-conv deben 1914 4 84 84 Non-con v deben 1954 3 A£ Harlem R & Portches 1st--4 Housatonic RR 1937 g__ 5 116 116 N Y Ont & W—ref 1st g__ 4 9612 9712 9634 9712 97 9734 97 98 lOUg 101lg 101 101 100 100 123 123 Norfolk & West—gen 1931 6 1245g 1245g 126 1263g Impt & exten 1934 g .6 124 12414 12414 124 New River 1st 1932 gold..6 98i4 99 98 100 N & W Ry 1st cons 1996.-4 981? 9912 9834 100 97 97 92 93b 92 9314 911?, 93b Divisional 1st lien-- —4 923g 93 1027g 1081 2 101 10512 10-25-year conv 1932—4 99 10212 IOOI4 104lg 981? 1041? 10-20-yr conv 1932. _ 4 89 9014 89b 9012 Pocahon C & C joint----- 4 89 893g 893g 90 106 106 Col Conn & Term 1st gu g-5 1043, 1043,i 106 106 Scioto V & N E 1st gu g_ 4 95 ’ 95 " 96b 961? 95b 95b 95 95b Northern Pac prior lien’97 g-4 1011? 1023g 1003g 10134 100 ’ 102 ' 9934 1003j Registered 4 1001? 101 991? 991? 713^ 73 733g 74 72l2 74 General lien 2047 gold------3 7234 74 72l2 721? 9612 9712 99 99 118U118U St P & No Pac gen gold__ 6 117 117 Registered . 6 St Paul & Dul 1st 1931 .5 1033a 1033a 2d 1917-____ ______ 5 971? 971? 96i2 961? Wash Cent 1948 g_______ 4 Nor Pac Terminal 1st *33 g__6 105 105 Pacific Coast Co 1st g______ 5 108 1087g Pennsylvania RR— 1031? 1031? 106 ” 106 ’ Consol 1943 gold ____ 4 10=yr conv 1912 g............ 3)4 100b ion2 100 1007g 10034 102 IOOI4 10134 9634 96lg 97 961? 971? 9534 9634 Do do 1915 g______ 3)4 96 96 96 951? 96b Registered -------------- 3)4 Cons 1948 gold-----------4 104U 1045g 1041?1047g 10334 1047g 1027g 104l2 1023, 1023, Alleg Yall gu 1942 g 4 Phil Bal & W 1st g 1943 4 1031? 1031? II N .1 RR & C 1944 4 Pennsyl Co—gu 1st g------4)4 105 105 10414 105 1041? 106 " 104 IO5I4 10334 10334 Gu coll ctfs A 1037 3)4 Gu coll ctfs B 1941 -- .3)4 90lg 9H2 90b 90lg 8912 89?g 895g 895g 973g 973g 97»g 97?g 9714 9714 97 9714 fin coll tr ctfs C 1942 314 90 90 983g 98 98i2 98i2 99" 97l2 971? 15-25-yr guar g 1931------- 4 98 Cin Leb & Nor gu 1942 - 4 Erie & Pitts gu B 1940 3 A£ 106 106 P Ft W& Chic 1st 1912 7 2d 1912 7 10510 10512 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 10012 10134 101i8101i4 77 7778 7578 76 79 9378 9212 9334 9034 92 107 10612 107 10512 107 1061? 10734 1071? 08 1071g 10738 1061? 10714 8312 83 8412 81 831? 83 85l4 8434 8512 8414 85 83 84 83 8412 8234 8434 8434 8534 85 85-’’g 8412 847g 84 85 85 II7I4II7I4 87 lOOlg 101l2 78 7812 78 93 9212 93 9614 9614 10912 110 10912 1095g 1065g 109 106 8334 85 84 86 84l4 85 82 867g 87i2 85 86I4 85 8534 84 120 120 117ig 117b IOOI4 100 101 100 10058 77U 7734 75 79 78 94 891? 931? 91i4 93 9414 9178 92 871? 871? 9814 98i2 98 99 91 89b 905g ,89 89 89 89 9534 94 9534 931? 931? 80l2 8H2 8034 82ig 81 8212 7912 79 79 80 8OI4 80 8OI4 79 7934 80b 797g 81 81 82l4 78 793g 793g 79l2 79l2 9834 92 90 91 90U 90l4 89 9434 9534 95 100 771? 91 9414 84 83lg 84lg 82l2 83 1003g 1001? 83i8 84i4 8412 85 8914 8712 8914 8738 88 8758 8812 88 881? 871? 871? 92 9334 9212 9438 95 93l2 92l4 93 7978 8H2 8012 8112 81 82l2 8OI4 81 79 79l2 ______ 78i2 78i2 78 79 79i2 80 79 79 79 7914 78i2 79 791? 791? 97i2 97i2 89'8 89 8934 88 8734 955g 9334 94~8 93 ‘ 92l4 8134 8012 8214 80 ' 79 80i8 80ig 7834 79 80 81 781? 97 86l2 86l2 90l2 91 92l2 93 881? 8934 93 9334 795g 78i4 79 801? 985a 8034 79 80 801? 985a 981? 98i2 93 93 9634 9634 95U 95U 95l2 95i2 961? 961? 957g 95’g 1071? 107 ' 107 107 107 107 “ 107 ” 10718 10714 104 80*8 85 100 ~100 90 91 90i2 91 90i4 9012 9038 90^2 88 88 881? 881? 881? 88'? 881? 887g 92i« 9314 92 93 92 93 ' 9238 9438 92b 93i2 923g 9314 92 90i2 91i4 987g 100 90 90 9914 IOII4 993g 99i2 IOOI4 IOOI4 89 8734 9434 92l4 81 ‘ 7834 8OI4 98 997g 997r 987g 987g 93l2 93l2 107 104 IOOI4 IOOI4 8312 84 84i4 84l2 93 92i4 93i2 9234 94 90 91 89 89 97l2 99" 98 99 98 99 90 90 90 90 100l2 102 997g 101 IOOI4 10134 9914 99i2 9634 99 9614 98 90 923g 9814 993g 90 90 10012 102 9714100 84 8434 91 89 93 94 93 11012 92 891? 9438 94 945g 110l2 9158 9238 9912100 90U 9H? 101 10134 993g 997g 100 100 90 907g 891? 901? 881? 883j 88l8 89 9278 9384 93 9358 9278 931? 9234 93i2 99 99 86 86 9134 9134 9138 92 99i2100 99 100 10038 10H2 1001? i013g 995g 1OO12 100 , OOI4 9334 9334 9334 9384 94~8 94~8 9478 9478 9414 9414 943g 947g 9414 947g 9734 99 96i2 98l2 9634 9734 9658 98i2 9834 1005g 1001? 10214 1003s 10112 9812 10034 100 100 13034 133 131 132l2 131 132 131igl32 132U 135 13434 13512 13312 1 3478 13234 13418 132 132 133 133 83i2 83l2 81 81 81 96 97l2 9512 9612 95 97 100 101 1233412334 12612 12612 81 83lg 83U 9938 9934 1121? 1121? 1121? 1121? 96l8 97 " 96i8 97 9714 9712 96 96 95 96i8 125 125 125l8 125 123 123 981? 99 98 9834 97 9914 96i2 98 98 99i2 987g lOOSg 98 99U 981? 995g 99 99 9338 9334 921? 9278 92i2 9378 9212 91 92 9H2 923g 91 9212 93 91i2 92 9812 102lg 9412 9912 96i2 99i2 99 99"8 9958 1O118 995g 100&8 99U 10134 101 104 9834 1033g ................ 8612 89 8834 8834 88 88I4 88 88l2 881? 88i2 88 885g 87 88 105 105 96 965g 96 96 94 94 96U 961? 9618 96ig 95 95 100 “ IOH4 100 1013g 99 10012 98>2 100?s 1001210112 100 101i8 9914100i8 99 101 981? 981? 997g 997g 981.1 99U 9914100 99 9934 99 99 99 99 70 7134 7U8 72 7112 69l2 71 71 7178 70l2 713g 70l4 71 7034 72l4 70 69 70 70 70 70 70 96l2 96l2 116 116 1151? 1151? 116l8 116l8 116lg 11618 116l8 116l8 116 115’a 115lg 110 110 103 10314 10314 102 102 103 100 10034 99 951? 96l4 95ig 9514 1027g 10312 102 9934 957g 9514 103i2 98i4 99 94”8 955g ______ __ 10134 103i2 103 103 103l2105 102 102 9812 100l8 95 9534 95l8 9514 10134 10214 10412105 90 89&g 8934 9612 9612 103 10234 103 9878 9918 9878 99I4 9858 987g 9512 96 9558 9612 9578 97 9534 9614 10178 10234 102sg 10334 103 10334 100 100 104 104 8914 89U 9758 9758 91 104S8 1045g 103 IO134 10134 88i2 89i8 ___ __ __ 97i2 98i4 9758 98 91 IO5I4 IO5I4 102U 1035s 9814 9914 9534 963g 103i8 1037s 88 97 89;)8 89^8 105b 1057a 102 102 10412 104 104l2 1031? 104 90 88 9534 9534 97 87 ‘ 87 " 9712 9734 96i4 96i4 9614 9614 9412 96 96 109 109 103 92l4 9214 911? 9112 1101? 1101? IIU4 IIH4 1111? (115S 11H2 llll2 104U 104U IO4I4 10414 104 105 104l8 1041? 104 10478 1041? 1041? i021? 105 1031g 104 10414 10412 103 103 116 97 .................. 981? 98l2 9534 9534 9238 923g 10418 104l8 1041? 1041? 104U 10414 98 98 114 RAILROAD BONDS 1910—Continued. BONDS January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Pennsylvania Co—(Concl.) Tol W V & O ser B 1933-4y2 100 100 PCC & St L gu A 1942-4 H 107is 107>8 Series B guar 1942----106l2 106i2 107 10734 10758 10758 10312 1031 Series C guar 1942----- 4 >2 Series D guar 1945______ 4 "94" 94 94 94 Series E guar 1949----- 3 34 Series G guar 1957_____ 4 11H2 112 C St L & P 1st 1932 g------- 5 11H211H2 11178 11178 1117s 11178 112 112 Peor & Pek Un—1st 1921___6 2d gold 1921.................... 434 Pere Marquette— Refunding 1955--------------- 4 78i4 79 78 783g 77l2 7;8l4 7512 75l2 77i2 77l2 76l2 76i2 Refund guar 1955--------- 4 102 102 10134 10214 Chic & West Mich 1921___ 5 100 101 Flint & P M 1920 g-........... 6 11134 11214 1117S 11178 1121411214 11H211112 1st cons 1939 gold____ 5 105 105 105" 105 101 101 Port Huron Div 1st g__ 5 90 90 88 8912 Philippine Ry—1st s f-------- 4 112 112 Pitts Shenan & L Erie 1st__ 5 97 98i2 97 9734 9758 98i4 9712 100 98 99 9712 98 Reading—Gen 1997 gold__ 4 99lg 100 99 100 9734 9734 95 96 Registered____________ 4 Jersey Cent coll 1951 gold-4 96 9678 97’ 97’l2 9734 9734 9512 9712 9514 9534 95 9534 9578 9618 96l"4 96i4 10U2 10112 Phila & Read cons 1911 -.7 92 89 89 92l8 92 93 90 90 St Jos & Gr Isl—1st g-------- 4 94 94 120 120 St L&San Frft^gen 1931 g.6 12234 12234 123 124 10858 10834 108 IO8I4 105 105 106 106l2 General 1931 gold-------- 5 90 90 88 88 •RR-ConsoI 1996 g________ 4 90 9112 845S 87 Gen 15-20-yr 1927_____ 5 87l2 89 88 8912 885g 90 88 8878 875S 8814 86 8734 84 86 10014 10014 S W Div 1947 gold____ 5................. 80 8178 7812 803s 7834 8U4 Refunding 1951 gold----- 4 83i2 85 8234 8434 8112 8434 8158 83 81i4 83 Registered---------------- 4—........... 11512U634 116 116 114 114 K C Ft S & M cons 1928 g_6 117i2 117i2 115 115 77i2 78i4 7612 7812 76i2 78 Refunding 1936 gold----- 4 8034 8234 81 81l2 8034 8112 78 7934 7734 79 Registered-----------------4 97 97 97 9858 9858 96i4 96i4 96’4 9614 Ozark & C C 1st gu ------ 5 9338 9234 9314 92l2 93l4 91l4 91B8 8814 9034 89l4 91 88 90 St Louis Southwest—1st g-4 8012 81 81 82 81 81 8U4 81i4 8114 8212 2d inc bond ctfs gold-------4 785g 77 78i8 76l2 78 76 77i2 7312 7612 7212 73l2 Consol 1932 gold------------- 4 78 7912 77i8 7978 8434 86i2 8312 8512 83i2 85 88i4 8634 8734 86 87 San Ant & Aran P—1st gu g 4 87i4 88i4 8634 88i4 8312 8412 83l2 83l2 84 84 83i8 83i8 83 83 83i2 83i2 Seaboard Air Line—1950 g-4 86 86 8214 83 8U2 8212 Do do stamped.............. -4 8312 8412 825g 83l4 8334 8534 84 85i8 82’4 84i4 82l2 83 99i4 99i2 99 9938 9914 9958 Coll tr refund 1911 gold—5 9912 9934 9938 9958 9934 100 9978 100l8 9912 100 7034 72 71 7334 72 7514 71 7312 6912 70 Adjustment 1949________ 5 86 80 8312 80 8334 Atl-Birming 1st 1933 g—4 85 87 9112 91 91 Carolina Cent 1st 1949 g--4 104 104 Fla C & Penin 1st 1918 g- -5 10034 10034 Consol 1943 g--------------- 5 Ga & Ala 1st cons 1945__ 5 104 104 104’ 104 10412 10412 10434 10434 104 104 10434 10434 Ga Car & No 1st gu g-------5 106 106 Seaboard & Roan 1st '26--5 90 91ls 89 9012 So Pac Co—Ct Pac coll '49 g_4 9U2 95 92 9312 9 1 9338 9014 9118 90 91 90 90 86 90 90 90 Registered____________ 4 2-5-yr coll trust 1910------- 4 Convertible 1929------------- 4 1O178 106l4 101 10278 10U2 10334 9978 10278 9912 10178 96 100 9234 9734 96 99 96 9634 9558 96>2 96i8 9638 Cen Pac 1st ref gu g-------- 4 97 9712 97 9734 96 9734 96 97 97 97 9412 9638 95i8 9612 Registered------------------ 4 88 88 8712 8712 87i2 87i2 Mtge guar gold----------- 3 34 89 891 o 89 891, 88l2 88i2 88I4 8938 88 89 9212 9312 9HS 9H8 92 92 Through St L 1st gu g--4 9212 94 10378 1O614 10612 10612 G H & S A—M&P Div 1st g5 Houston E & W Texas— 103 105 10314 103l4 1st guar redeemable-—5 105 105l8 10934 10934 109i2 109i2 1101411012 IIOI4IIOI2 11012 110l2 Hous & Tex Cen 1st 1937--5 10934110 92 92 96 98i4 General 1921 gold-------- 4 94 9412 119l4 119U Waco & N W 1930 g___ 6 Morgan’s La & Tex 1918--7 1st gold 1920............... -.6 Oregon & Ca, 1st gu-------- 5 So Pac Cal series E 1912.-6 So Pac N Mex 1st 1911 g--6 San Fran Terml 1st 1950--4 1O178 10178 Tex & N O—Sabine Div--6 102l8 10212 Sou Pac RR 1st ref 1955--4 9412 95 9412 9578 95 9578 94i8 95l8 94 9412 93i2 9438 93l4 94 93&8 9438 941 2 941 2 Registered------------------ 4 Southern—1st 1994 gold—5 10712 11134 10712 10918 107 10918 104 10712 10412 106 104l8 10512 103l8 105 103l2 10578 73l2 75 73 75 7914 7634 78 7514 77 Develop & gen Ser A------- 4 7914 817s 7914 8034 7734 7978 85'2 87i8 85 8512 8814 87 87 Mobile & Ohio coll tr g----- 4 8934 90 89 89l4 8914 9012 106 106 110 110 Memphis Div 1st g--4 34-5 110 110 86 86 St Louis Div 1st gold-------4 86l2 87 85l4 8612 82 8512 8oi2 8h2 8112 82 Ala Cent 1st 1918 g-------- 6 Atl & Danv 1st 1948 g----- 4 2d 1948_______________ 4 Col & Greenv 1st 1916 g--6 E T Va—Ga div 1930 ____ 5 110 110 110 110 110l411012 110 11012 Cons 1st 1956 gold_____ 5 113 114U 1125811258 1123811212 iih8iiii2 106 106 E Tenn reorg lien gold------ 5 iin8iiii2 Georgia Pac 1st 1922 g----- 6 1133411334 11334 11334 11318 1L334 11234 11234 Knoxv & Oh 1st 1925 g__ 6 11412 11412 Mob & Birm prior lien------ 5 10614 10614 Rich & Danv cons gold___6 105 105 1053410534 Deben 1927 stamped___5 106l8 10712 10734 1 0734 10212 102l2 102 102l2 Sou Car & Ga 1st g---------- 5 103l8 103l8 10338 104 10312 10312 10412 10412 Va Mid Series B 1916_____ 6 10834 10834 105 105 Series F 1931__________ 5 105l2 10558 10558 10558 Gen 1936--------------------- 5 107l2 10712 10758 107s8 107l4 107l4 Guar stamped_______ 5 1-05 108 Va & S W 1st 2003 guar.-5 95 9538 9412 95 9412 95 1st cons 1958--------------- 5 98 9814 97 9812 9712 983g 97 9712 98 98 91 91 Wash O & W 1st 1924____ 4 10512 10512 106l8 106i8 West No Caro 1914 g_____6 106* 106 Spokane Internatl—1st g--5 Terml Assn St Louis—lst-434 107l2 10712 10738 10738 10738 10738 10738 10738 109 109 1st cons 1944 gold------------ 5 11412 11412 11512 115l2 115 115i8 115 115 112 115 Gen refund 1953 gold------- 4 97 9712 97l2 9734 9758 98 9712 98 9734 9734 97i2 98i4 98 9812 9712 97l2 109 109 10918 109l8 109 109 St L Merch B & Term_____ 5 Texas & Pacific—1st g------- 5 111 112 1111411212 1115811238 111 112U 109 111 110 110 10812 10934 10812 109 70 70 2d income 2000 gold--------- 5 106 106 Toledo & Ohio Cent—1st g--5 10712 11012 1077s 10812 108i2 1081 10834 1-09 109 11212 1047s l'04”8 99l2 104 99 99 General 1935 gold------------ 5 Kan & Mich gu gold--------- 4 90'2 90i2 ’9112 9"l’l2 91i4 94i4 96 99i4 9634 98i2 2d 20-yr 1927.......... 5 92 9312 92i2 92i2 93 93 Tol Peoria & West—1st g--4 87 89 89l2 8914 8934 90 90 88 88 Tol St L & W—Prior lien. -3 7134 7712 7712 80 81 '79" 81 7878 8012 79 7919 50-year 1950 gold------------ 4 8038 81 SI 8338 84i4 85 86l4 8334 85 CoH tr 1917 ser A------------ 4 87i4 89 90i2 9034 Toronto Ham & Buff 1st------4 90 90 100 103 Ulster & Del—1st con g------5 106 106 Union Pac—RR & I g 1947.4 10078 102 101 10112 997s 10U 9934 10034 9978 101S8 100's 10138 100l4 101 100i4 10078 99 10038 99 99 101 ion2 100 100 98l2 99i2 99i2 100 Registered ----------- ------- 4 20-yr conv 1927--------------- 4 1091211634 10738 11014 108i4 11134 10478 109 104 10678 ion4105 101 104l8 103 10578 1st & refunding 2008------- 4 967g 98l8 967s 98 9634 977g 9612 9712 96 9678 9512 9612 95 9578 9512 96 Oregon RR & Nav con g--4 9658 9812 96l2 9734 95’2 97i2 95 95 9434 95’8 9434 9534 95 96 95 9578 Oregon Sh Line 1st g-------6 116l8 117 11614 117 116 11612 11412115 114 115 1133811414 11314115 11312H412 108l4 110 109 109 1st cons 1946 gold-------- 5 113 11312 113 11334 1123411378 112l211234 11012 111 Guar ref 1929 gold-------- 4 9338 947fj 9414 9434 9278 9434 92l8 931 92 9318 '9112 93’i4 9112 93 9158 93 9758 9758 9758 97=g 98 98 98 98 Vandalia—Cons 1957 Ser B_4 96~ 96 Vera Cruz & Pa—1st 1934 433 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 107 107 10738 1O738 107 107 107 107 106 106 10678 107 106i2 106l2 100'2 10718 97i4 97l4 98i2 9834 9858 9858 98i8 98b8 90i4 9H2 98l2 99i2 9812 99I4 98l2 9834 1121211212 1121211212 112i2 112i2 9012 9012 95 71 101 101 10812 10812 95 7134 7078 7134 67 69i4 70i4 71 102 102 101 01i8 101 104 102 102 105 106 112l8112l8 98 9834 975g 98l4 98 98l4 97 9712 97 98 9734 99 97“8 98b 9712 9734 89 10512 107 9178 863s 87U 8658 99U 80 83 8H8 79 79 117 117 77i2 7834 7734 89 87 87 917s 89l4 8914 87l2 86l8 86”8 86 8634 99U 82i2 8OI4 82i8 8OI4 81'2 116 116ls 78i> 76 78 76- 70 9714 b7l2 9012 9i34 8912 9H4 89i2 90i2 90l8 92 79 79 80 80 80 82i2 80 80 7358 77 73l4 7634 74 76 77 85 8634 8678 86 86l2 86 87 84l2 867s 82i’2 83B8 84 86<8 86I4 85»4 8414 85l4 9978 9978 997S 100 100 100l8 9934100 6934 7034 7014 7214 72 7812 7478 7738 8434 8534 82 8318 8434 8434 84 84 92 92 78 77 10312 10312 104 104 1055810558 90 9212 92 93 9012 91 96"8 98i2 92 92l2 9H2 92U 9678 99 96 9778 9578 9758 9712 98l4 9634 9712 9512 97 8934 8934 90 9012 90s8 9034 9038 91 90 90 10512 109 10714 107U 109S8110 10958 10934 9334 9334 115 115 115l8 115l8 1101211012 100l8 100l8 9334 95 105 19734 7312 76 86 87 108 108 84 8512 93 93l8 9458 9538 9334 95 9258 925g 10158 101S8 9334 945g 108 109 10734 10858 IO7I4 108 765g 7512 7638 76 76 77 8612 8612 85 86 8312 8412 85l8 85 87i8 85 10778 10778 8914 93 8212 8212 10612 10612 85 111 111 II334II334 114 114 116 116 8534 110l8 11112 10958110l8 10458 10458 11278113 113" 113"i8 116 116 105i2 105l2 105l2 10512 105 10534 16314 10314 103 103 103l2 10312 10534 10534 105l2 105l2 105l8 10518 94 94 94 941; 110 95 110 95 10434 1O434 10112 103’4 10434 10434 96 98i8 97i2 98i8 11018 110’s 98 98i4 109 109 10834110i2 iioi2 iiii2 1101811058 108 108 107i2107i2 107B8 10734 10734 109 iooi2 ion2 101 10H2 97 97 9112 92 9612 981; 72 72 80l2 81 10058102 102* 105 9538 9714 95i2 97 11338 1434 IIOI4HH2 92 94l8 9618 9634 77 81 77i8 75 83 10H8 10178 100 100 10278 10512 9678 9712 9612 96”8 115 11514 II2I4II234 93l8 94 96i2 98 10934 ill 76i2 7478 7612 82i2 83 10358 104 101 ion 100 10034 104 106 9638 97 94 95 11438115 111 112 92 9378 9738 9738 105 106 10012 10ll2 100 100 10234 104 96l8 97 94 97 114 115 Illl4ll21« 92 93I4 115 RAILROAD AND MISCELLANEOUS BONDS 1910— Continued. BONDS Wabash—1st 1939 gold----- 5 2d 1939 gold______ _____ 5 Debenture ser B 1939 __6 1st lien equip 1921 gold__ S 1st lien term 1954 gold___ 4 1st & refund 1956 gold___ 4 Det & Chic Ext 1941 g-— 5 Omaha Div 1941 gold__ 3'A Tol & Chic Div 1st g----- 3M Wab-Pitts Term—1st g------ 4 Trust Co ctfs deposit_____ Columbia Trust Co ctfs___ 2d gold 1954___________ 4 Trust Co ctfs deposit. _ _ _ Washington Term gu____ 3% West Maryland—1st gold__ 4 Gen & conv 1952 gold. - -.4 Trust Co ctfs deposit___ West N Y & Pa—1st 1937 g.5 General 1943 gold__ 4 Wheel & L E—1st 1926 g__ 5 Wheel Div 1st 1928 g.. --5 Ext & imp 1930 gold_____ 5 1st cons 1949 gold------- -.4 20-vreauiD 1922 g______ 5 Wisconsin Central—1st gen-4 Sup & Dul div & term lst-4 January February March April May June August September October November December July Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 111 11334 111 112 110 11H2 108 109k 107k 109 108i2 IO9I4 107 10l78 103k 100l2 10U2 101 102 101 10134 100 10U8 99 100 98 86 1017s l(117s 100 100 102 101 101 102 90 90 7758 70 7358 71k 74U 66l2 725s 66k 7238 64l2 697g 56i4 72 1073,. 1073. 105 107k 107U 90 90 45 521? 44 4478 54 40 1112 4 12k 418 90k 857g 84 73 71 6934 73 110 9014 9014 414 434 90k 8434 73 68k 44 45 6 6k 4412 4634 46 3812 49 383g 493g 4458 4712 4538 45 534 612 8ig 612 634 65g 5 5 5 6 5* 534 534 5 65g 6 512 8I9 7 714 5i2 4 4U 6 88l2 8914 89l4 89l2 89l2 823g 84i4 82l4 8312 825g 84lg 8334 86 8534 8634 86 8634 86 85 4812 4834 48 714 7l2 75 39 38 39 41i4 37k 40 412 5 5 4l2 534 412 88I9 89 89 86k 8434 8512 84 ' 108 10834ll0 10834 l097g 10834 109 !0834 1091j 9914 98i4 100i2 99 IOOI4 9914 997g 98k 9934 99 83 647g IO8I4 80 751g 4078 42k 39 40 4234 37 534 6 107 99 99 83 68i2 63l2 665g 62 IO8I4 80 75i8 75ig 751g 76i8 76k 75 5 5I4 109 100 86 35ig 36i2 33 35 3714 3? 86k 85 7U2 71l2 7112 74k 7312 7319 110 11034 1091a 1091a 110 IIOI4 92 92 65i2 60 105 3514 35 35i2 33 657g 6234 65l8 65 7219 77 83 83 35 39 36 3514 3414 40 110 110 1103gll034 88ig 88k 8612 8612 104 105l8 105 105lg 105lg 105lg 10312 10312 1031210312 110 1043. 1043. 104 104 86k 87l4 8534 8534 84k 85 82 85 99 81 99 81 9334 9458 9414 95 93U 95 92k 93 93k 9334 93U 94 92 93 93U 90 93 90 92 90 102 102 795g 7934 7934 77 78i4 8012 82 90 9034 90i8 9112 91 90i4 9014 90 9034 90 927g 92 94 9034 9212 94 79 82 9812 93 93 85l2 83 841g 82 84 9812 94 92l2 9312 9212 937g 9314 9212 9234 92l4 93k STREET RAILWAY. Brooklyn Rap Tr—1945 g—5 10412 10478 104 10438 102 10434 103 103k 112 10312 1027g 10314 103 10319 10134 10212 1021? 105 1st refund conv 2002 g----- 4 82k 87 82 84 83k 85 82k 86I4 8214 8512 82 8434 7934 83 8H2 83 8134 84 Brooklyn City 1st cons----- 5 B Queens Co & Sub guar 5 Brooklyn-Un El 1st g---- 4-5 Stamped guar---------- 4-5 Kings Co El 1st gold-------- 4 Stamped guar------------- 4 Nassau Elec gu gold-------- 4 Conn Ry & Ltg—1st g----- 4>£ Stamped guar.. .. —4JS Det United—1st cons ’32g4>3 Grand Rapids—1st 1916 g-_5 Havana Electric—Cons g—5 Interboro-Met—Coll .. _ 43^ Registered — -- — 4)^ InterboroR T 3-yr conv 1911 6 45-year 1952 Ser A---------- 5 103 103k 103 101-k 103 102 102 8412 85 84 8412 85i4 8334 81 82 80 1011. 82 93 80 82k 103 103 93 8314 82k 104 10378 Manhattan Ry—Cons gold--4 9738 98l4 Stamped tax exempt-------4 9834 9934 Metropolitan St—1997 g----- 5 78k 7834 Refunding 2002 gold----- 4 Trust Co ctfs dep stmpedBway & 7th Ave 1st g----- 5 Registered....... .............. 5 Col & 9th Av 1st gu g— -5 Lex Av & Pav Fy 1st gu g-5 3d Av 1st gu 2000 gold----- 4 Cent Tr Co ctfs stamped- 1st gold 1937---------------5 Mil El Ry & L—Ref 1931. -4 H Refund & ext 1931------- 4J^ NewOrl Ry & Light--------- 4H Tn-City Ry & Lt—1st--------- 5 Underground of Lon 1938-4 78 78k 54 51 54 51 101 102 101 101 101 102 96k 99 67 69k 65 68&g 108 108 104 1011. 1011. 103 103k 102 10234 IOOI4 10U2 10278 103 101 101 8434 85 85 85 84 85 78 80k 77k 7734 102k 102k lOllo 10 H2 10134 101l2102 82k 82i2 82&g 82 8212 103 102k 84 8334 80k 94 94 94 94 94 7834 82k 805s 823s 79 100k 101 100k 101 103 104 833g 8412 831g 831g 10119 1013. 101l9l01l9 100 10U2 9712 99 100 101 993410014 99 101 1005g 103 102 1 027g 1005g 1007g 100 100 9978 10012 10034 10034 10U2 10212 841g 847s 84 76 77 78 8412 7714 76 80 77 76 80 81 767g 76 8U2 82 81 7834 7712 78 10312 1 0334 103k 104 825g 84 8134 831g 10H2102 98 98 10U2 10234 10H2 102U 8234 83 83 8512 77 78l2 IOOI9 100I9 1013. 1013. 80 80 81 8112 80i2 81 98i4 98i4 98k 98i2 79 97k 97k 6412 65k 64 66I4 107 107k Hudson Co Gas—1st 1949—5 1033. 1033. Kan City (Mo) Gas 1st __ 5 Kings Co Elec L & Pow— People's Gas L & Coke— 1st cons 1943 gold----6 Refunding 1947 gold — 5 Chic G L& Coke 1st-------- 5 Consumers Gas 1st---------- 5 Ind Nat G&Oil ______ 5 1001o IOOI9 9134 102k 83>4 100 110 1011. 92 103U 8412 IOOI4 110 1011. 94 82 9514 9514 97l2 97k 66k 67 64k 67i4 107k 1087s 94 94 107 107l2 6434 6434 101 10U2 100l8 10018 105k 105k 97 96k 96k 97 97 64 65 63 647g 105k 106k 96 10578 106k 105k 107 106 107l2 106 6512 66k 6434 66l2 66 66»8 101 101 10H2101i2 1031s 1031s 10219 10219 112k 112k 89k 90 10258 103k 100 101 92k 92k 102 10219 84 87 101 IIOI9III 112 113 100k103 102k 10212 10U2 102 99k 100k 91 91 10012 1O178 10018 101 100 101 84 83 8438 83 84 85 IIOI9IIU9 110l2 111 IOOI4 100k llOl-llOl" 100 100 112 112 105 05 61 101 101 10278 105 100 100 101 101 112 112 112 114 11314 114 92 110 111 65 67 106 107 100k 00k 100 00 10234 10318 102 102 : 1003gl02 91 91 110l2110l2 9U2 92 9U4 93 9112 9212 9134 93 II6I9 11619 103lg 103 103 10Hg 102 102 102 .... 104lg 104l8 10219 104 ______ 102 102 IOH4 1017g 101 101 90 90 100 10H2 99 98 98 99 100 Union Electric L & Pow— 93 100 100 9814 98k 8934 90k 375g 3814 863g 88 101 102 IOU4 102lg 102U 10212 IO2I4 10212 102 10212 99i2 9934 99 99 99i2 100 lOOklOlk 100k 101 897g 90 100 10012 9912 101 100l210134 1015gl02 ion2io2i4 101k 10212 8012 83 80 84 83i4 85i2 8434 8512 84 8512 83k 8758 100 100 100 59 59k 58 60k 107k108 991s 100 110 110 102k 102k Utica Gas & Electric—1957.5 Westchester Lighting—1950 5 Western Electric—1st 1922.5 983g 98l2 ___ 91 102 61 97 101 112 115 87k 87l2 10258 103 IOOI9 101 9134 9134 102 10212 83 85 100 100 110 110 1011.1011. 1051210512 105 105i2 1053g 106 605g 605g 100 10019 9934 9934 100 100i2 10519 10519 105 105 imi9inii9 102 102 10219 102k IO6I9 105 ion2 ion2 119 119 118 118 118k II8I4 104 104 102U 103U 102k IO2I4 10219 10219 10414 10414 10378 104lg 104 104 10278 10278 104 ' 104lg 103 IOII9 102 1015s 1015s 1001. IOH9 Phlla Co (Pitts)—Conv '19-.5 7912 95l2 9534 79k 8H8 78 8U2 77 803g 77i2 795g 7834 82i4 805g 817g 79i2 813g 79lg 803g 81 81 IO2I4 103k 102k103k 102 10234 IOII4 102 IOII4 1017g IOOI4 10134 IOOI4 1007g 10034 103 1003g 10234 1003g 10034 100k 10012 102U 103k 102k 103 10134 102k 10134 102 IOII4 102 100 10H2 100 10034 10058 10218 10U2 102 10U2 1035g 103 104 67k 67k 94 96 9634 97U 9634 97k 97 97 9534 97 937g 95 94 96 97 9734 97 973g 9634 98 95 96 9612 94/g 95l2 95 96i2 9612 98ig 98i4 99ig 98 9834 9734 9834 9612 95 9914 997g 98 9934 97 98k 96 7434 7434 75 75 75 7612 76 77 78 75k 783g 76 7514 7514 76 7712 76k 82k 78 78 7534 82k 75k 7512 75l2 77 7512 75i2 783g 783g 73 80 75k 78 75 78i2 75U 77 75 79 47i2 471? 46 48 48i4 48 48 46 471? 483g 48 4834 48 48k 45" 47i2 48/g 47 4812 45*4 4514 46 48?8 47 49 50 5o" 48k 49 47k 47i2 47 4714 45 45 45 98l2 9834 993. 100 102 102i2 101 102 10114102k 99 100 IOII9IOII9 08i2 98l2 GAS AND ELECTRIC. Bklyn Union Gas—1st------ 5 107 10734 107 10758 Buffalo Gas—1st gold------ 5 64 66k 66 67 Detroit City Gas—1923 g---5 101 101 1001. 1001. Detroit Edison—1st 1933 — 5 102k105 1021s 103 98 98 101 10U2 ____ -__ 84i4 8434 8412 8514 78 78 10119 1015s 96 96 98i2 99i2 96i4 98 98 98i8 9812 64 64 63 63k .... 6OI4 60i2 57U 63 60" 59 61 64 63 64l4 61 6012 64 55 5612 6412 59 62k 106k IO6I9 105l2 10534 10519 1055g 1065g 1065g 1065g 1065g 107 10712 107 107 103 104 10412 104l2 9112 9112 9212 92k 8478 847g 87 87 87 87 87 87 97 99 9714 9778 96 9714 96 97 9618 99 9812 98k 97 99 84l2 85k 831? 85k 84k 85k 85 86 8312 8412 83 8312 8312 86I4 8734 89 8734 8812 88 8912 83k 85 35i2 36lg 3212 36 36 3834 3712 3812 36l2 38 33 35 36 37 37 37i2 Income 1948----—6 31k 33k 32 33 35k 40 7912 7919 80 80 82 82 United Rys St Louis—1st g-4 82k 8234 83 83 81k 81k St Louis Trans 1924--------5 85 85 86k 86k 7112 72i8 71 71k 70 70 k 69 70 67 69i4 65 67l2 6618 70 67 67 66i8 68I4 66l2 675g United RRs San Fran--------4 72 74 85 85 United Rys Inv—Pitts issue 5 Purchase money 1997------- 6 Eg El III Bklyn 1st.......... --4 Laclede Gas—1st 1919 g------ 5 Refund & ext 1st 1934 g—5 Milwaukee Gas L—1st '27.-4 N Y Gas El Lt Ht & P-------- 5 Purch m coll tr gold— -4 Ed El Ill 1st 1910 gold----- 5 1st cons 1995 gold......... -5 N Y & Queens EL&P----- 5 Pacific Gas & El—Cal G & E 87 101 102k 102k 102k 9934 100 100 93 10212 1031g 10218 102lg 10334 104 100l8 1001g 100 100k 100 TELEGRAPH. 90^8 907g 89i8 8934 895g 91U 9034 9II4 90l2 91 Amer Teleph & Tel coll tr—4 9238 93 91 92 91 92 90k 9034 90 92 90 9034 Convertible 1936 gold----- 4 10H2 1055g 101 106k 10278 10514 100 103U 100 10l7g 981210112 98 1005g 9914 10134 100 104 103 10514 104 1063g 1033gl05k Registered------- —4 Mefrop Telep & Tel—1918._5 Mich State Teleph 1st-------- 5 N Y & N J Telep—1920 __ 5 N Y Telephone—1st 1939.4 Pacific Tel & Tel 1st----- —5 West Union Teleg—1938—5 Fund & real est 1950 g--4^ Conv 1936 series A---------- 4 92 99 99 9819 98 987g 993g 99k 10012 96k 9714 10134 10234 Mutual Un Tel 1911-------- 6 9934 9934 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 84k 84k 92 98k 99 98 9834 9834 9914 99k 100 953g 9612 10134 102k 981. 99 101k 10334 9758 99 97 9734 98 991g 97 98SS 99 100 99 100 95 97 95 96k 102 102U IOOI4 101 981’ 99 99~8 99~8 98 98 10219 10219 9812 98l2 9612 96l2 99 95 10118 9734 9714 9919 9612 10138 9534 973g 955g 97 97 99l2 9312 987g 1007g 10H2 10318 10434 95 95 10219 10219 96 95 97 931g 101 9634 9634 97U 94 10U2 961? 9714 97lg 98lg 957g 967g 96 97U 9712 9712 9712 99 93 941g 93 96 lOUgiOlk IOII4IO2 10212 1021? 977g 9812 9678 977g 99 10012 9434 9534 1015gl02l4 101 101 1033gl04l4 10312 10312 98 98l2 97 971» 100 IOOI4 9434 9512 1013g 102 98k 9834 965g 9712 100 100 94 955g 10134 10234 116 RAILROAD AND MISCELLANEOUS BONDS 1910—Concluded. January February March April June July August September October November December May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High BONDS MANUFACTURING AND INDUSTRIAL. Allis-Chalmers 1st 1936___ 5 Am Agricul Chem 1st 1928--5 Amer Cotton Oil—deben--4 Vi Amer Hide & Leath—1st—6 Amer Ice Securities—deb—6 Amer Spirits Mfg—1st____ 6 Amer Thread—1st ____ 4 Amer Tobacco—40-year----- 6 Registered______________ 6 Gold 1951_______________ 4 Registered___ __ 4 Bethlehem Steel—1926____ 5 Central Leather—20-year—5 Consol Tobacco—50-year—4 £orn Products Refg—s f___ 5 1st 25-year s f 1934 - —5 Cuban-Amer Sugar—10=vr_ 6 Distillers Securities—conv--5 E I du Pont Powder_____ 4^ Qeneral Electric—1942__ 3 J4 10-year deb 1917— — 5 nternational Paper—1st—6 Consol conv sf_______ 5 nternat Steam Pump.-1929 5 Lackawanna Steel—1st con-5 82 847s IOH2IO2I4 96i2 98 IOII4 102 72 7214 96 96i4 7934 83 102 103 96i2 97l2 100i2 10U2 70 72 95 96 9214 9214 106 10714 IO4I4 107 ‘ 1061? 1061? 76l2 783g 7612 8534 8OI4 813g 867g 8834 87l2 89 9834 100 99 100 76l2 83i4 7734 80 94 94lg 97 97 933g 96l2 95 96l2 72ig 747g 87l2 871? 82 82 142 147l2 IO4I4 1045g 85 89i4 9534 967g 99 100 5-year conv 1915__ ______ 5 Mat Enam & Stamp—1st 5__ 97 N Y Air Brake—Conv-------- 6 Railway Steel Spring—1st 5 Republic Iron & Steel—1st.-5 Union Bag & Paper—1st 5 Stamped________________ 5 U S Leather—debenture----- 6 U S Realty & Imp—deben--5 LJ S Reduc & Refining __ 6 U S Rubber—coll tr 1918__ 6 Registered______________6 U S Steel—s f 10-60-year----- 5 Registered-------- ---------- 5 Va-Carolina Chemical— 1st 15-year 1923 —----- 5 Westingh El & Mfg—conv.-5 72 87 138 104 84 95 98 73 74 87i2 88 14412 1 0434 85 96 100 97 10934 11434 98U 981? 103lg 103l2 95 9612 96>4 9612 10434 10434 89 94U 88 90 103ig 104‘2 103’s 1031g 104 IO5I4 104 IO5I4 9734 99 91 93 78 827g 102 103 97ig 975g 100 10134 72 73 95 96 9214 93 10514 10912 1051? 1051? 8034 8312 82 82 87 88 9934 102 8034 82i2 9412 9434 961g 96l4 109 110 961? 9734 1033g 10312 10412 10434 89 9234 10212 104lg 771? 79 10034 1017g 9612 965g 100 10034 70 7312 94 94 90 92b 92 93 106 10734 10512 1065g 105 105 7712 82 77l2 7914 77l2 80 102 1021? 9734 9734 100 101 7212 7212 75 78 100 10H2 96 97 97 99l2 73 73 91 91 105 106 105 105 78 7914 78l4 781? 87 88 86l2 871? 86 87i2 99 997g 9834 991? 99U 101 7934 7934 7834 79 ______ ___ 941? 945s 94 95 9412 95 96 96 97 97 745g 70 7312 68i2 703g 67i2 70 8734 88 88 88 88l2 85i2 8734 139 146 IO3I4 105 84 8512 9434 9634 9712 9834 137 14212 102 103l4 84 85 9412 95 97 98 136 141 101 102 86 86 9212 94 957g 973g 86 86 96 96 97 973g 961? 961? 951? 951? 75 75 ~ 109 110 106l2 109 102 105 97 9734 9712 98 9612 97U 104 104 ' 94 95 93 93 93 93 93 93 10412 10412 10412 1041? 10412 10412 89 9U4 88 9112 89 90 89 901? 881? 881? 1027g 1037g 10234 10312 1023g 103U 135 140 101 10112 86 86 9212 93 971? 97i2 74l2 77 100ig 100‘g 961? 9612 96 9634 70 725g 72 77 1005g 1013g 9314 95 9512 96 67 68 94l8 94i8 90 ' 90 “ 104U 1057g 105 10614 1037g 10434 78 ' 79 78 7834 775g 781? 84i2 86i4 8312 847g 97 99i4 97U 99ig 78 78i4 7734 78^8 9312 9334 9412 94 94 96 97 67 6912 67 69 85 85 69 737g 73 75 135l2 13912 136 140 100 101 100 10034 8234 8414 93 92 92 92 ' 9212 973g 96 97 96 96 130 135 100 101 92 97 7734 7934 77i8 78i4 10134 i02l2 102 103 9712 9812 971? 9812 9312 9412 9334 94l2 661? 66l2 66l2 67 95 01 97 97U 93 93 92i8 92i4 104's 10634 106 ’ 107 ‘ 105 055g 1055g l05?g 7834 8238 8OI4 8034 7938 80»g 8OI4 80’4 80 80i8 84 85 8412 861? 86 861? 9838 991? 9918 99's1 9914 9934 79 80 80lg 8012 80 8034 93 93 941? 95 96 96'4 9412* 95 ’ 9378 9434 94 ‘ 95 76 77i2 10078 10112 96 97l4 9212 96 68 68 97 97 89 8934 104”g 1057s 90 94 13912 1 4934 101 03lg 86 85 9U2 9214 9634 97 84 85 901? 917g 921? 91 92i2 94 ’ 96 ” 96 ’ 100 105 102l2 105 97 9714 9634 97 104 104 100 1041210412 10412 105 87 90 87 87 86 86 102 102l2 10134 1033g 10412 1041? 8512 8634 87 88" S7 87 87 88 10134 10212 IO2I4 103 102 74i8 7734 84 84 14612 1523g 103 10412 84 8714 9U4 9214 96 96i2 9U4 917s 76 78i4 102 1021? 9612 97 95 961? 661? 65 97 97 021a 921a 10434 106 ‘ 105 1051? 7934 80i2 855g 8634 9812 995g 97 9434 95 755s 83 80 145 104 841? 91 9534 85 9U4 971? 95I4 95 78 83 8II4 151 105 8634 92 961? 85 9134 103 105 103 10414 102 103 973? 973s 9734 9734 971? 9712 102 ’ 102 ’ 9134 9134 92 93 1011? 103 10412 10412 8634 87»8 873a 881s 1021? 103l4 10412 104l2 87 88I4 87 87 10234 103 104l2 L0434 8612 91 88 88 10212 103’s 104 1053g 10412 10512 10312 10434 103 1043g 10112 104 10134 103lg 102181033g 10312104lg 10334 104l2 103 104lg 10314 104lg 1037g 105 10434 10534 10334 105 103l2 104i4 102 1037g 10l7g 103lg 102 10334 10334 10414 1035g 10412 10312 1041g 103’s 104lg 9734 99 9812 100 90 925g 8884 93 961? 993g 983g 99i4 98 99 98 8712 90 887g 90 87i8 89I4 85 99 98 88i2 86 991? 99U lOOlg 993410014 9912 10012 9912 100l2 88i2 8812 9H2 9U2 93i4 91 9212 91 9278 MISCELLANEOUS. 92 9234 925g 9312 9234 9312 93 93i2 9234 93 4 dams Express—coll tr----- 4 9214 93 923g 93 9134 9278 9H2 92i8 91 92 Armour & Co—1st real est 4)4 92 9412 92lg 93 89 9612 9612 97 Consol 1955_____________5 Ch«c June & Un Stk Yards. 5 Det M & M—1 g incomes___ 40 881? 881? 89 9712 9714 97l2 98 98 9334 94 35 67 82 63i4 6634 60 80 81 80 90 35 35 35 89 89 90 90 9014 9112 90 101 103 103 98 Colorado Industrial— First & coll trust 1934----- 5 80 8214 781? 81 Kan * Hock C & C—1951 97U 97U 96 93 9712 97l2 97i2 96l2 98 ....__ _ 9712 97l2 98 961? 961? 961? 9612 96 96 9312 10734 10734 108i2 108l2 7712 81 78 79 77 78i2 76 78 74 76 70 98i8 98l4 101 75 74i8 78 5 Tenn Coal I & RR—Gen----- 5 1037g 10412 103 104 107 107 107 107 1057g 107 100 100 Va Iron Coal & Coke—1st—5 99 995g 993g 100 10212 103 106 106 98 100 1021? 102l2 106 106 96 97 83 83 102 102 1021? 1021? 102 102i2 102 102 104?g 105 104 104 1033? 1041. 104 104 103 ‘ 103 104 104 1031? 10312 9412 957g 9412 96 96 96 6412 78's 901? 89 8434 | COAL AND IRON. Col Fuel & Iron—s f 1943—5 97 97ig 961? 961? 6634 64lg 6534 6312 79 79 8H2 781? 901? 9138 89 9012 9012 91 9114 84 97i8 65&g 7812 9138 96 96 64 56 62l2 59l8 63l8 62l4 66 81l2 8OI4 8OI4 76 7612 78 78 90 90 93l2 93l2 93l2 93l2 101 9134 93 933g 93 931? 9U2 93 9012 9134 90 91 91 9012 917g 90i4 9234 9212 93l2 9134 93i4 9U4 923g 9U4 927g 88 88 89 89 8914 90 951? 95i2 100 100 40 institution for Irriga Wks 9612 961? 97i2 971? £ Devel of Agric 1943..4^ Internat Merc Marine----- 4)4 6812 7U2 667g 69*2 67 69ig 63 82 82 82 Internat Navigation—1st—5 8234 83 8H2 82 871? 871? 96 98 97b 981? 99 90 90 90 90 9814 9814 97 9812 9634 98 981? 981? 991? 99i2 78 94 100 79i2 76 94 100l8 78 7512 7734 99 102 103 1043g 105 99 1027s 104 1043s 1041? 997g 99 99l8 96 97 9412 951? 1911. March April May June August September October November December January February July Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High BONDS Ann Arbor—1st 1995 gold--4 Atch Top & S Fe gen g 1995-4 Registered_____ 4 Adjustment gold 1995___ 4 Stamped ... -.4 50-year conv gold 1955—4 Registered 4 Convertible issue of 1909 _4 Convertible 1960 — —4 Registered_____ . 4 10-year conv gold 1917—5 Registered _ 5 Deben series K 1913____ 4 Deben series L 1914____ 4 Eastern Oklahoma Div 1st 4 Transcon Short L 1st g—4 Santa F Pres&Phen 1st g__5 Chic & St I ouis 1st 1915 6 Atlan Coast L—1st 1952 g--4 Ala Midland 1st gu ’28 g 5 Bruns & West 1st gu ’38 g 4 Lou & Nash coll 1952 g—4 Sav Fla & W 1st g 1934 -6 1st gold 1934 -.5 Sil S Ocala & O guar g 4 B & 0—Prior lien g 1925--3 Vi Registered _ _ 3% Gold 1948_______________ 4 Pitts Junction 1st 1922_ 6 8012 8334 985g 9914 985g 985g 9134 92 9112 921g 107 10934 108 108 IO5I4 IO8I4 IO8I4 109 10212 103 4 IO2I4 104 787g 80 98ig 997g 98 983g 91l2 92l2 915g 9212 105 10812 827g 85 81lg 83 98 99I3 1 9834 991g 985g 985g 975g 9812 9034 9134 907g 9112 907g 915g 91 921g 1063411014 10712110 80l2 82 9834 99 ______ ___ 911g 9112 913g 917g 112141163g 81 82 985g 991g 97U 98 913g 92 913g 92 111 113U 80 81 79 9834 9918 98l4 98l4 913g 92 • 9078 9112 921g 91 104 ill's 103 80 99l8 98i4 9158 9178 106 79U 80 9834 993g 97 9812 91l2 9134 9H4 917S 104i2 107i2 1071a 108 1081? 1081? 10934 10934 1143g 1143g 1031? 104l2 1035s 1041a 104 ‘ 10434 1041g 1055g 103 1043g 9812 10378 9612 9958 9778 101 1055g 1055g IO8I4IIO 109 11034 108i2llll2 109i2llll2 IIOI4 1143g 113 "11612 1111211312 10534 11134 IO5I4 10712 106 10812 107 107 9934 9934 99U 9914 :::: :zi 983g 9838 983g 983g 97 ” 973g 967g 97ig 967g 971? 967g 973g 961? 967g 96 9612 9614 97 923 4 9312 923 4 935g 9414 9334 94I4 93 935g 92l 2 93i 2 937g 92l 2 931 4 93 ' 933g 93 93l2 109U 10912 IOSI4 IO8I4 1063g 1063g 937g 9434 937g 943g 9334 94ig 9334 96 95I4 957g 9434 953g 95 96lg 95 96i8 9378 96 95U 96 108 108 108 108t>s 95I4 9514 9234 9334 933g 96lg 935g 943g 9334 945g 94 9434 94 9412 9334 9412 92 92 9212 9178 94 94 12434 12434 12412 125 12434 1247g 1251? 1255g 126 126 1105gll05g 111 111 IIII4IIH4 111 ‘ill 971? 971? 971? 971? 97 97 97 97 9212 93 92l2 927g 9212 9234 92 “ 9212 917g 92l2 92 9212 93 9212 9112 9214 9158 93 92i4 93 1 911? 911? 98lj 99 ‘ 98 9812 9818 9812 9778 9878 97i2 9878 98 991? 98 99 9814 991s 98*8 9834 983g 99 98 98 977g 9818 97 97 98 98 981g 98’s 8734 88I2 88 88I2 88I4 883g Monon Riv 1st gu 1919 g 5 Pitts C * Tol 1 st 1922 g 107 107 6 11312 11334 113’s 1131? 973g 973g 1021g 1021g 79i2 80l2 99ig 99i2 -__ -____ 915g 92 9112 9218 107 IO9I4 1005s 102 791? 8034 98's 9934 973g 98l4 9134 91 913g 9134 IO6I4 107U 997s 101l2 IO8I4 10934 108 109 96 9612 96 96 9234 93% 933g 94 10834 10834 9512 96 9314 96 95 96 955g 94 1251a 1251a 92 925g 9112 92I4 9II4 9114 9812 9914 98 98l2 112 112 R81? RRlo 885g 8834 92 9134 9018 91 91 91 915g 90 9114 92 9012 917g 9112 92 91's 92 9012 91 9014 91’s 91 9112 9034 913g 9012 9114 90l2 9034 89i2 90l2 90 91 1J—11112 1115g 1101? 1101? 1021a 1021a 1 10912 10912 |109 1O912 106 106 1 1131s 1131s 1.................. ..................1.................. 9712 9712 1 95 95 1 1 Pitts LE& W Va System_4 9112 921g 91l2 92 “ 91 91’j 9Hg 92 903g 907g 90l2 907g 90 91 Southwestern Div 1st g-3)4 9012 91 Clev Lorain & W 1st g 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 80'g 83 985g 99I4 977g 9834 9112 917g 913g 917g 1091s H37g RAILROAD BONDS 117 1911—Continued. BONDS January February March April May June July August September October ] November | December Low High Low High Low High Low High\Low High Low High Low High Low High Low High Low High Low High Low High 1125gll25gl----- ----................ 1123411234 Buff Roch & Pitts—Gen ’37.5 11258 113 1083g 1083g Consol, 1957_________ 1071g 1071g Allegh & West 1st gu g__ 4 1141*2 1*14*34 11334 11334 Roch & Pitts 1st 1921 g - .6 Cons 1st 1922--------------6 1161211612 1167g 1167g Canada Southern— 1st extended 1913________ 6 103 103l2 103 10378 1027g 10358 10278 1 0358 10234 103 10214 10234 10212 1027g 10214 1025g 10112 1025g 1017g 10214 1017g 10214 1015g 1017g 2d 1913_________________ 5 1007g 101l4 ion8 iois8 101 ion4 101 101 101 10114 1007g 1007g 10034 10034 10012 10034 10012 1007g 10012 101 1003g 10012 lOOlg 1003g Registered____________ 5 10034 10034 11214 11214 11312U312 112 112 Central of Georgia—1st 1945 5 11214 11214 11214 11214 11412 11412 11412 11412 108 1087g 10812U0 1087g 10934 10812 109 107l2 109 10812 10912 109 110 Consol 1945 gold............ -5 10714 108 10734 109 108 1087g 108 109 107 107 10712 10712 Registered------------------ 5 97* *9*7* 95* *9*7* 95 98 ioi’ 1*0*3*' 100 104 10412 108 106 107 101 10714 96 96 1st preference income____ 5 lOOlg 102l2 96i2 97 10014 10014 10612 10612 Stamped ______________ lOOlg 10034 1061g 1061g 98 98 103 103 97 97 Trust receipts___________ 101 101 Stamped_____________ 96 96 96 98 100 105 91 95 2d preference income------- 5 97 100 95 96 95 101 100 10614 102 105 100 100 100 100 96 96 Stamped ______________ 103* 1*0*4% 96 96 93i2 93i2 Trust receipts--------------100 100 Stamped_____________ 98 9812 98 100 96 98 95 100 100 107 85 88l2 3d preference income------- 5 98 98 99 99 98 98 107 107 Trust receipts___________ 873g 873g 88l2 88l2 881g 881g 88l2 88l2 Chat Div Pur mon ’51 g--4 10512 10612 106 10612 Macon & Nor Div 1st ’46 g-5 105l2105l2 10834 10834 10934 10934 Mobile Division 1st_____ 5 10234 10234 102* 1*0*2* 102 102 Central RR & Banking Ga_-5 102’ 1*0*2*’ 102 102 ioi% 1*0*1% 10112 102 Central of New Jersey— General 1987 gold________ 5 12214 12314 12214 12312 12212 123 12234 1231g 12234 123 122 12234 1221g 1221g 12012 12134 121 125 12012 12034 122 1221g 12H2 122 121 121 12014 12014 120 12114 12114 12114 12Hg 12114 Registered____________ 5 1221g 12214 12234 12312 122 12234 12234 12234 122 1225g 122 12214 10612 10612 10612 107 1071g 1071g Amer Dock & Impt_____ 5 108 10814 10012 IOOI9 10012 10012 10012 10012 Lehigh & W-B Coal 1912 -5 100 100 1OO12 100l2 N Y & L B gen 1941 g-—4 89 8912 Central Vermont—gu 1st g--4 8712 8812 89 905g 905g 9214 91l’2 9*1% 901g 907g 8934 90i2 90l2 905g 8812 8812 8914 8912 Chesapeake & Ohio— 10312 10434 Gen fund & impt 1928 ____ 5 1027s 10312 10334 105 1045g 10612 1045g 106 10434 10514 104lg 105 10412 10412 1O41210412 10312104 1st consol 1939 gold_____ 5 113 11312 U23411314 112 1127g 1115gll21g 1117gll27g 112 113 11112 112 11112112 1115gll2 lllig lllig 11114 11134 111 11H2 1U3411134 1111211112 Registered____________ 5 lOlig 10H2 100l210138 10012 101 1003g 101 10034 102 10114 10134 101 1013g 10034 10Hg 10012 10112 16634101% 10114 1017g 101% 10*1% General 1992 gold_____ 4 993g 993g 100 100 Registered--------------- 4H 92% *9*3% Convertible 1930______ 4 Yz 94 9618 9578 9712 957g 967g 95% *9*6*% 957g 963g 96* *9*6*5g 955g 9*6% 9234 95% 92% *9*3% 92% 94** 93 94 8714 89 87i4 87l4 87 87 Big Sandy 1st 1944_______ 4 88* *8*8% 85 85 Coal Riv Ry 1st gu_______ 4 10234 10234 103 103 10234 10234 Craig Valley 1st 1940 g—5 87 87 8612 87 Potts Creek Br 1st 1946--4 95% 95% 953g 953g 95ig 955g 95 9534 9434 9512 94 9512 9434 95 94 95 96 96 95l 4 95i 2 9412 9512 R & A Div 1st cons 1989 g-4 90i2 90i2 9214 9214 2d cons 1989 g--------------4 9112 9112 721g 73 73 73l2 73ig 73l2 73l2 7434 7214 73 70 705g 7134 721g 721g 71 7112 Chicago & Alton—Ref ’49 g-3 7278 7334 73 73 6634 66 68ig 681g 70 6412 661g Chic & Alt Ry 1st '50 g--3 Y 7014 7112 70 71l2 69l2 70l4 68i2 70 69 697g 67 6914 6612 6734 65 66i2 Chic Burlington & Quincy— 993g 993g 993g 9912 9914 99l4 99l2 997g 993g 995g 993g 9934 995g 995g Denver Division 1922------- 4 99l2 9912 991g 9978 99 99l2 Illinois Division 1949---- 3 Y 8734 8812 8712 8814 87lg 88 87l4 88l4 88 88i2 8734 88 8734 8814 8712 881g 8714 88 87l2 88 8734 8812 8712 8812 99ig 100 Illinois Division 1949------- 4 9934 10018 9958 100 993g 9934 993g 997g 993g 100 99l4 9934 99 9912 9834 993g 9814 99 99 9934 9914 100 Registered------------------ 4 100 10038 10434 1047g 1051g 1051g 10514 10514 Iowa Div, 1919, s f_____ 5 991g 991g Iowa Division 1919 s f___ 4 99l4 9938 9914 9914 99i4 99l2 99l2 99l2 99l2 99l2 9912 9912 9912 9912 99i2 99l2 997g 997g 99 997g 9834 100 99ig 99i2 9834 99 99 99 98 98 98 98 98l4 99l4 9814 9812 Nebraska Ext 1927---------- 4 985g 9834 98i2 99i8 963g 99 99 99 98lg 98lg Registered____________ 4 99 991g 99 99 991g 991g Southwestern Div 1921—4 Debenture 1913__________ 5 lOlig 10138 10H8 101l4 101 1013g 10H4 1013g 1013g 10H2 101l4 1013g 101 10114 101 lOlig 1007g 1013g 101 lOlig 10034 101 1007g 101 957g 965g 9534 9614 9534 963g 9614 973g 961g 967g General 1958------------------ 4 973g 98 97l4 9778 9634 973g 965g 97l2 97 97l2 96ig 967g 96l4 97 963g 963g 957g 957g Registered------------------ 4 Hannibal & St Jos cons—6 100l4 10034 100 100l8 Chicago & Eastern Illinois— 8112 8134 81 815g 80 81 82l4 82l2 81 82 81 82 81 82l4 8134 82 80 81 81 813g 801 g 813g Refunding & impt 1995 g--4 82 83 12334 1243g 1263g 1263g 1263g 1263g 1263g 1263g 1st consol 1934 g_________ 6 127 127 ............ 10912 10934 10912110 General cons 1st 1937------- 5 110l4 111 iio* ii’6% 10934110 110 11014 110ig 1113g 111 11112 HOI2IIH2 1095g lllig 109 10912 1083 4 1083 4 Registered____________ 5 1093g 1093g 10934 1097g 110 11014 10934 10934 1097g 1097g Chic & Ind Coal Ry 1st---- 5 Chic Gt West—1st 1959____ 4 8434 85l4 843g 8518 84l2 86 8512 8612 85 861g 847g 855g 843g 851g 8334 845g 82 837g •83 83l2 831g 841g 8212 8334 12712 12712 127 12712 1285g 1285g 128 12834 127 127 127 12712 12612 1265g 126l4 127l2 1271g 1275g 12714 128 Chic Ind & Lou—Ref ’47 g--6 1073g 109 10734 10914 111 111 Refunding 1947 g------------ 5 95 955g Refund series C 1947------- 4 1001 8 1001 4 1001 4 1001 4 LN A & C—C&I Div 11.6 915g 917g 92 92 9312 9312 92l2 92l2 Chic Ind & Sou—1956--------- 4 104 104 10414 10414 104 104 Chic Lake Shore & E—lst-4>£ 1017g 1017g 10214 10214 10214 1027g 1025g 1025g 10214 10212 102 102 Chic Mil & St P term 1914 g-5 10238 10238 10238 10258 102l4 1023g 10212 10212 983*g *9*9% 9834 991g 983 4 991 2 98 983 4 98ig 983 4 991 8 995g 983 4 99l 8 98l 2 99 9834 99 98lg 98l 2 985g 99 98 99 Gen series A 1989 gold----- 4 98l2 98i2 Registered------------------ 4 9918 9918 *87% *8*7% 863 4 881 8 87l 4 875g 87 877g 875g 88 871g 871 4 871 4 88 86l 2 87l 2 87lg 87lg 86i2 87l2 Gen series B 1989 gold--3 Y 86 86 Registered--------------- 3Y 92% *9*2% 91* *9*2% 92% *9*2% 921 4 9234 921 4 923 4 923 4 931g 921 2 927g 921 4 921 2 92 92l 2 921 2 93 92 925g 25-year debenture 1934—4 106 106 1063g 1063g 10612 10612 1065g 1065g Chic & Lake Sup Div____ 5 10634 107 10834 1083 4 109 109 Chic & Mo River Div------- 5 106 10634 1061g 1063g 106 10612 Chic & Pac West Div------- 5 107l4 107l4 10634 10678 1063g 1065g 10612 1065g 10634 107l2 10714 10712 1067g 107l2 106 10634 9434 95 93l2 9434 9434 95 93l2 95 Ch Milw & Pug Sd 1st gu.4 10314 10314 10312 10312 103% 1*0*3% 103% 103% 103% 1*0*3% 103i4 103l4 Dakota & Gt Southern----- 5 1131 4 11314 11314 1131 4 114 114 U41211412 1141g 1141g Dubuque Div 1st s f1920- .6 1173gll73g Fargo & Sou assumed ’24-6 11714 11714 1041o 10412 105 105 La Crosse & Dav 1st 1919-5 10634 10634 1063g 1063g 10634 10634 10634 10634 10614 10614 10614 10614 Wise & Minn Division___ 5 io6% 1*0*7* 10718 10718 1123g 1123g 114 114 Wisconsin Val Div 1920—6 10134 10134 10334 10334 103 1031g 102 102 Milw & Nor 1st cons 1913-6 10014 10014 Extended 1913______ 4^ 107% 1*0*7% 10934 10934 10912 10912 10814 10814 10912 10912 Chic & North West—1915--7 1093411014 112 112 110 1105g 1101211012 110 11012 977g 977g 98 98 98 9934 Extension 1886=1926------- 4 9734 9734 9834 99 98 9734 9812 97 991g 991g Registered------------------ 4 8534 8612 8512 86 85 8612 8634 871g 8712 87 875g 867g 8712 8612 8712 8634 87 8712 General 1987 gold-------- 3 Y 8778 8818 87i2 8778 86 8634 Registered__________ 3 Y 97% *9*8% 97l2 9834 97l2 98l2 General 1987------------------ 4 98% *9*8% 985g 9914 985g 99 97 9912 9834 99lg 98% *9*8% ‘97% *9*8% 97l2 9814 97 98 9734 9734 Registered____________ 4 11134 11134 11134 11134 Sinking Fund 1879=1929.-6 112 112 106 10612 1061*21*0*6*12 10712 1075g 1075g 1075g 10712 10712 Sinking fund 1879=1929---- 5 1037g 1037g 10714 10714 Registered-------------------5 10512 10512 10434 10434 1061g 1061g Debenture 1921--------------- 5 106’ 106 106 106 1093g 1093g 107 107 108l4 108l4 10834 10834 10812 109 10912 10912 Sinking furul deb 1933____ 5 10734 10734 10812 10812 10712 IO734 Registered-------------------5 1277g 1281g 127 12714 1271g 1271g 127 127 Fremont E & Mo Val 1st-.6 115% 11*5% 115 115 114% 1*1*5% 1137g 114 115 11512 Milw L S & W 1st 1921 g--6 115 11514 1691*2 rio 1103g 1103g Ext & impt 1929 g-------- 5 116% 1*1*6% 118 118 Mich Div 1st 1924 g----- 6 118* 1*1*8* 115 115 Northwest Union 1st 1917-7 11334 11334 Winona & St Peter 1st gu.7 Chic Rock I & Pac Ry—1917 6 110 110 110 110 10934 1097g 1095g 1097g 1097gll0 1097gll0 1097g 110 109i4 109l2 1085g 1085g 109lg 109lg 109 10912 109 10914 9534 9612 95i2 96l2 95l2 96l2 96 97 General 1988 gold------------ 4 97 98 96 97l4 96 965g 96l4 977g 97 98 97 975g 96i2 9714 9534 97 8834 893g 89 8934 891g 897g Refunding 1934 gold------- 4 8938 897g 88la 895g 88l2 89 88l2 90 89l2 90 89 8934 89l4 8934 887g 89l2 87l2 89 883g S8l2 89l4 893g Ref 1934 Registered -—4 9734 9734 97i2 97l2 Coll trust series L1914------ 4 9634 967g 97l4 97l4 97l2 97l2 9612 9612 Series M 1915-............ ..-4 96ig 961g Series N 1916--------------- 4 9434 9434 9434 9434 Series P 1918--------------- 4 72 75 70l2 7234 705g 73l2 73 7434 715g 735g C R I & P RR 2002_______ 4 7278 7434 733g 7458 725g 74l4 73i2 75ig ’75’ *7*7* 75l2 765g 75 76 7414 7414 7514 75i4 Registered------------------ 4 9212 9212 933 4 933 4 94 94 93 93 92l2 92l2 931 4 931 4 931 4 94 93 93 R I Ark & L 1934 _____ 4 Yz 11012110l2 112 112 llll4llll4 mis mig Burl C R & Nor 1934 g----- 5 112 11214 11212 H212 HH2II2 1051 4 1051 4 1061 2 1061 2 CRIF&NWgu 1921------ 5 102% 1*0*2% 10212 10212 .................. 10234 10234 Choc O & G gen 1919 g----- 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 118 RAILROAD BONDS 1911—Continued. BONDS January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Chic Rock I & Pac Ry—(Con.) Choc 0 & Q cons 1952 g__ 5 Keok & Des Moines 1st__ 5 100 100 Chic St P Minn & Omaha—6 124 125% Chic St P & Minn 1st g_ --6 124 125% St Paul & Sioux City 1st g-6 Chic & West Indiana—1932-6 Consol 50-year 1952-------- 4 92% 93% Cin Hamilton & Dayton— 2d 1932 gold ............... --4)4 1st guar 1959- _ - -__4 Cin Day & Iron gu 1st g-_5 1041a 1041a Cin Fin & Ft W 1st gu 1923-4 Cin Ind & W 1st tru 1953 4 Ind Decatur & W 1st g----- 5 103 103 Clev Cin Chic & St L—’93 g-4 9334 9434 Cairo Div 1st 1939 g-------- 4 Cin Wab & M Div 1st g- -4 St Louis Div 1st 1990 g---- 4 93% 94 Spring & Col Div 1st g --4 White W Vail Div 1st g- -4 C I St L & C cons 1920---6 C I St L & C 1st 1936 g -- 4 Registered__ - __ 4 Cin San & Clev 1st 1928---5 106 10634 C C C & I cons 1914-___ 7 Gen cons 1934 g------------6 Peor & East 1st cons 1940-4 90 93 Incomes 1990----- --- - 4 59 61% Colorado Midland—1st g—4 6734 69 Colo & South—1st 1929 g--- 4 96 97% Refund & exten 1935—4)4 9758 9834 Ft Worth & Den C’y lst--6 113 113 Delaware Lack & Western— Morris & Essex 1st 1914-_7 108% 10834 1st cons gu 1915----7 1111a 1113a 91 91 1st refund gu 2000----- 3 N Y Lack & West 1st ’21--6 1153a1153a Construction 1923_____ 5 Terminal & impt 1923—4 99 99% Del & Hudson—Penn Div__7 Convertible 1916------------- 4 98% 99 1st lien equip 1922-. - 4)4 101 102 1st refunding 1943---------- 4 99 10012 Alb & Susq conv 1946 g-3 )4 9338 94 Renss & Sara 1st 1921----- 7 1233a 124 Denver & Rio Grande— 1st consol 1936 gold— -4 9234 94 Consol 1936 gold______ 4)4 Improvement 1928 gold—5 1st & refunding 1955------- 5 90 92 Rio Grande June 1st gu__ 5 Rio Grande Sou 1st 1940 -4 Rio G West 1st 1939 g----- 4 9038 9134 Mtge & coll tr A 1949 g--4 83% 85 Detroit & Mack—1st lien g-4 Gold 1995 -_ _____ -4 88% 88% Det Tol & I—Ohio So D 1st g 4 Dul Missabe & Nor—gen '41 5 Dul & Iron Range—1st 1937 5 1085« 1085s 2d 1916 -- _ -............. ...... 6 Dul Sou Sh & Atl—1937___ 5 108 108 Elcrin Joliet & East—1st g- 5 Erie—1st cons 1920 gold-----7 120 12058 N Y & Erie 1st ext 1947 g_ 4 2d exten 1919 gold— -5 104% 104% 3d extend 1923 gold--4)4 1011a 1021a 4th ext 1920 g. _____ 5 105 105 5th extd, 1928 g-__ 4 1st cons prior lien 1996 g--4 85% 86 1st cons gen 1996 g-------- 4 Registered __ __ 4 Pennsylv coll tr 1951 g----- 4 50-yr conv ser A 1953 g—4 50-yr conv ser B 1953 g—4 Buff N Y & Erie 1st 1916-.7 Chic & Erie 1st 1982 g----- 5 Clev & Mah Vail 1938 - . 5 Long Dock cons 1935 g—6 N Y L E & W Coal & RR 6 N Y L E & W Dock & Imp-6 N Y & Greenwood L gu_ 5 N Y Susq & W 1st ref g—5 General 1940 gold — -5 Terminal 1st 1943 gold _5 Midland of N J ext 1940-5 Wilkes & East 1st gu g—5 Evansv & Ind—1st con gu-6 Ev & T H—1st cons 1921 g-6 1st gen 1942 gold---------- 5 Mt Vernon Rr 1st g _ _ 6 Florida East Coast—1st--4)4 Ft Worth & Rio Gr—1st g-_4 Ga H & H of 1882—1st ’13--5 Gr North—C B & Q coll tr--4 Registered------- — 4 1st & refunding 1961—4)4 St P Minn & Alan 1933-- 4 1st cons 1933 g----------- 6 Reduced to - — -4)4 Mont Ext 1st 1937 g____ 4 Registered-- __ - 4 Pacific Ext sterling guar--4 Eastern Ry Nor Div 1st _4 Minn Union 1st 1922 g__ 6 St P M & M—Mont C 1st g 6 1st gu 1937 g--- ___ 5 Will & Sioux F 1st g 1938-5 Gulf & Ship Isld—1st 1952--5 Hocking Vail—1st cons g-4J4 Colum & Hock Vail ext g--4 Col & Toledo 1st ext 1955-4 Houston Belt & Term—1st- 5 Illinois Central—1st 1951 g-4 Registered_______ ____ 4 1st 1951 gold__________ 3)4 Registered -3)4 Collateral trust 1952 g____4 Registered _ ___ 4 1st refunding 1955---------- 4 109% 109% 100 100 100i8 100i8 100l4 100l4 124% 125 12412 12478 1243s 124% 124% 124% 112% 112% 1117811214 112% 112% 109 109% 1091s 1091s 92% 93% 92% 93 92% 9234 101 104 101 10434 102% 104% 88 88 107% 107% 125% 125% 92% 93 59 61 67 68% 9534 97 98% 9834 113 113 97 1243a 1243a 10H4 IOH4 10334 10334 103 9434 9212 94 10634 10634 96 96 10778 10778 90% 92 .... 64% 66 9478 9578 98% 9858 112%11234 103 9134 92 97 90% 9112 54 54 62% 641„ 94% 9512 98 9834 112% 112% 9158 92 50 53 62 65 9514 96l2 98 9834 11238 11258 10734 10734 92 9218 47 47 62 65 9512 9614 98 9858 H2I4H2I4 9112 9134 47 4812 63 6478 9512 9618 98 9838 1113411134 116% 116% 99 99% 99 98% 99 101 10112 98% 99 93% 94 98% 10118 98% 9338 92% 9334 93 99% 99 IOH4 98% 9334 11514 11534 10712 10712 99 99 11558116 98% 99 9834 100 ion8 ion8 10118 10158 983g 9878 9834 99 93% 9334 9312 9414 124 12412 93% 92 9312 9234 9314 93 109 104 109 104 109 90 109 90 90 1081s 109 92 93 94 10314 103l4 103 1063a 1063, 98 98 9734 98 99 9934 10118 10134 9814 9834 93 9418 93I4 9134 92 98 9814 1011210158 977„ 9858 9134 93 9638 9719 1011210112 98 985g 8912 9112 9718 9812 1013410134 9814 987g 90 907s 9038 9112 905g 9H2 90 98 98 9812 9812 88 9034 8414 8812 85 10912 10912 1063s 1063s 99 99 98 88 89 70 70 8712 88 95 106 106 106 IO6I4 106 106 10812 10812 10712 10914 10818 10818 105 9734 101 98l2 91 9812 10134 99 93 99 9712 98 101 101 9838 99 91 9234 122 122 90l2 9012 9034 8978 9112 88 88 81 88 83 90 90 98 9812 8718 8814 80 88 82 92 9112 8812 87 83 81 92 9112 90 87 87 81 91 10412 10412 105 10512 10512 106 106 10738 1073s 1181211834 118%1185g 11914 120 10012 10H4 1011210158 1053a 1053a 10578 108 10134 102% 10378 10378 10634 10634 105 105% 105% 105% 119% 120 87 87% 87 88% 88% 8858 75% 79% 76% 7934 78 7938 70% 72% 70 7234 70% 7214 112 112 11914 II9I4 11818 11914 11812 11812 1183411834 11734 119 10112 10112 104 104 104 104 10612 10612 9912 9912 8512 8712 8712 8912 89 90 8314 8312 86 86 7518 77 76l2 79l2 7814 7934 77 77 88l4 90i2 8812 8812 8714 90 8212 91 7812 84 89 92 7434 7912 7914 8012 7178 75 1115811158 111 111 11114 112 11134112l4 HH2II234 112 113 112% 112% 111% 112% 11138 11138 111 111 12434 12434 125 125 101 118 105 105 88 81 74 88 91 8914 80 7958 74 11058 113 8834 88l4 89 8312 82 8534 7458 7738 76 10914 1093g 111 112 123 123 10418 10418 8814 89l2 88 881s 8534 87i2 8412 8714 7634 77% 75 77 10834 10834 11134 112 1121-.1121? 1251s 1251s 1021s 1021s 10012 10212 10412 10434 10434 103 103 10319 1031s 85% 85% 86% 87% 83 83 110 110 1101811018 1101211012 10014 10014 101 101 99% 9912 9934 997S 100 10118 10012 10012 9912 100 110 11012 1117811178 1111211178 1121s 1121s 11234 113 112% 112% 11218 112l2 101 10H2 101 102 101 10112 IOII9 1011s 101 101 102 102 102 10212 1021s 1021s 104 1013a 1013a 95 84 98% 9658 96% 95 84 95 84 95% 82% 97% 9558 9618 9578 95% 95% 95% 9538 8212 9712 9678 9634 9514 9838 9712 8358 83 84 9712 9578 97 9714 9638 9634 9738 98 8358 9712 9912 9818 10518 105% 8658 885g 8512 8734 86 8818 87 88i2 8714 8912 8314 8314 8312 8414 7878 7834 7434 7612 76 7914 78l2 7934 7812 7914 1005s 1005s 95 84% 84% 84 98% 9534 95% 96 95»8 96 9534 118 101 102 9818 981g 100 10118 1003410034 111781117g 108 108 973g 97 9812 83 83 9712 9712 9634 9758 9618 97i8 9558 9612 9558 9612 9614 967g 9678 9718 9534 961g 9614 9634 9512 96 9978 IOOI4 100 10034 ioo5s mils 9714 9734 97 973„ 95 83 83 8314 83l4 96 10134 10134 103 103 103 10314 87l4 8714 88 90 1101211012 IO8I9 1081s 10812 10812 102 96 985s 985s 9834 99l8 98% 99 12634 12634 12638 12638 1255g 1255g 12558 12558 126 127% 12634 127 126% 127% 126% 126% 1265s 12658 105% 106 105% 105% 105 105% 105% 105% 106 106 125 12658 10512 10578 10558 10558 105 105 96 98% 9734 98% 98% 98% 9514 9514 106 IO6I4 9838 9838 9838 9838 9838 9838 98% 98% 98 9812 a92% 9258 a98 98 96 96 1161211634 1151s 1151s 1141211412 115t8 11518 1287s 1287s 12812 12812 128 ” 128 ‘ 12858 12858 1285S12858 127 127 11219 11219 11234 11234 1123411234 11212 11212 9134 9134 92 91 9534 90 90 9012 92 92 89% 891r 8818 9012 102% 1027s 1021a 102% 10134 102% 102 10358 103 10312 10234 103I4 10212 103 101 102l2 loi 10214 10112 102 94 9434 9412 95 95 95 96 96 1011210112 10018 101 103 103 10U2 102 102 102 10012 100l2 10158 10158 IOOI4 10112 101 101 100 100 90 90% 86% 8934 91 91 89 89 993g 993g 98 98 98% 9838 98 9858 9838 9838 9878 9878 9914 99U 9812 9812 9614 9634 9614 965g 9618 9612 9614 9634 97 98 97 97% 96% 9634 9612 9718 9612 9712 9612 97 9634 9634 86 87 88 88 Purchased lines 1952—3)4 9858 9858 L N O & T 1953 g----------- 4 98% 98% 98 98% 97% 98 975S 9838 9818 9838 9818 9812 9838 9812 9434 9434 Registered ---------------4 a On the b asls of 85 to£l sterli ng. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1003s 10038 103 11519 1157s 10038 10038 101 101 9158 9358 92% 93% 92 9234 91 92 9058 9158 9018 91 10434 10434 61% 6112 91% 92% 91 9234 91% 9212 90 9214 9012 9012 89 90 85 85% 84% 85% 8312 8312 8412 8412 89% 89% 90 1001s 101 10912 10912 1O912 10912 1131211312 9914 9912 1155811558 9958 100 10H8 10H2 9812 9878 9312 94 123l2 12338 111 109 9212 8812 8812 8812 8812 87l2 8712 104 104 104 104 9214 9234 9214 9234 9258 935„ 93 92 93 95% 9212 9312 94 94 90 9018 92 92 9014 9014 92 92 92 9214 91 9112 90 90 91 91 1051s 1051s 10519 10519 10534 10534 9712 9712 9612 9612 9638 963g 97l8 97l8 107U IO7I4 1071s 1071s 12134 12134 9134 9112 9112 90 91 90 90 91 44 40 4012 40 41 4812 40 4H2 40 42 5778 59 58 58 61 63 60 61 5812 59 9558 9614 9434 9618 96 9614 9534 9614 9534 9612 9634 9712 96 981r 96 9718 9612 98 9712 98 112 112 112 112 1117811178 112 11312 11112 112 10758 10758 108% 108% 108 108 111% 111% 111 111 1107s 1107s 1103411078 1105811034 85% 8634 85 86% 8478 8512 82% 82% 75 7534 7434 7512 73% 75% 7434 76 86 87 73 75% 69 70% 1103411034 111%112 101l4 10H4 8834 89 92% 9378 92% 9214 97 10812 10812 101 99 99 100 101 1251? 123i2 12514 123 123 100 1021g 12312 12312 123 1233s 1233s 12338 11214 11214 1113a 1113a 111 108 ’ 108 ’ 10812 10812 108i2 108l2 109 9214 9214 9212 9234 91 9314 9214 88 88 10334 10334 10334 104 104 104 105 105 94 95 94 94% 93% 9478 9418 9434 94 92 92 96 10812 10812 102 102 101 12412 125 125 100l4 100l4 101 103 12458 12458 12434 125 12438 12438 112l4 112i4 109 109 10912 10912 9234 93l2 9234 93I4 106 106 ___ 97 9712 8218 8218 9612 97 9638 9638 10012 10138 99% 99% 10578 106 97% 97l2 1271a 1271a 94 102 94 103 93 95 10212 103 9412 9412 9912 10012 10219 10212 103 103 99 99 9614 9634 96% 9612 99 99 9918 9914 119 RAILROAD BONDS 1911—Continued. BONDS Illinois Central—(Concluded.) Cairo Bridge 1950 g-_ .4 Litchfield Div 1st 1951 g__3 Lou Div & Term 1953 g_3 Omaha Div 1951 g_ ___ 3 St L Div & Term 1951 g--3 St L Div & Term 1951 g-3 3^ West Lines 1st 1951 g_ --4 Chic St L & N 0 1951 g—5 Registered____________5 Ind Illinois & Iowa—1st g--4 Internat & Ot Nor—1st '19 g 6 2d 1909 gold ........... 5 3d 1921 gold ---4 Iowa Central—1st 1938 g—5 Refunding 1951 g_ 4 James F & Clear—1st 1959--4 Kansas C Sou—1st 1950 g--3 Refund & improv’t 1950--5 Kans City Term—1st I960--4 Lake Erie & W—1st 1937 g-5 2d 1941 gold--- ____ --5 North Ohio 1st gu 1945 g--5 Lehigh Val (N Y)—1st gu 4)4 Registered -- ---------- 434 Lehigh Val (Pa)—2003 g---4 Lehigh Val Term—1st gu g-5 Registered _ _ __ 5 Lehigh & N Y—1st gu ’45 g-4 Long Is,—1st cons 1931 g--5 General 1938 gold____ --4 Ferry 1922 gold------- 4)4 Unified 1949 gold- --4 Guar refund 1949 gold----- 4 Registered-----------4 North Shore Br gu __ --5 La & Arkan—1st 1927 -.5 Louisv & Nash—Gen ’30 g--6 Gold 1937....... ...................... 5 Unified gold 1940_______ 4 Collateral trust 1931 g----- 5 E H & Nash 1st 1919 g---6 Lou Cin & Lex 1931 g—4)4 N O & Mobile 1st 1930 g--6 N O & Mobile 2d 1930 g---6 Paducah & Mem Div 1946-4 Pensacola Div 1920 g-_ -6 St Louis Div 1st 1921 g__6 St Louis Div 2d 1980 g- -3 Atl Knoxv & No 1st 1946 g 5 Atl Knox & NO 1st ’46 g-5 Henderson Bdg 1st g s f--6 Kentucky Central 1987 g--4 L & N-Sou-Monon joint—4 Nash F & Sheff 1st gu g--5 Pens & Atl 1st gu 1921 g--6 So & No Ala cons gu g----- 5 Louis & Jeff Bdge—Guar g-4 Mexican Cent—Cons 1911 g-4 Minneapolis & St Louis— 1st gold 1927____ - ---7 Pacific Ext 1st 1921 gold 6 1st consol 1934 gold_____ 5 1st & ref 1949 g _4 Des M & Ft Dodge 1st gu_4 M St P & S S M—Cons ’38 g-4 Mississippi Cent—1st 1949--5 Missouri Kansas & Texas— 1st 1990 gold___________ 4 2d 1990 gold___________ 4 1st extension 1944 gold—5 1st & refunding 2004----- 4 General sink fund 1936--4)4 St Louis Div 1st ref g-- 4 Dallas & Waco 1st 1940. 5 Kan City & Pac 1st ’90 g--4 Mo K & E 1st gu 1942 g--5 Mo K & O 1st gu 1942___ 5 M K & T of Texas 1st gu g-5 Sher Shrev & So 1st gu g- 5 Texas & Okla 1st gu g----- 5 Missouri Pac 1st con 1920 g_6 Trust 1917 gold stamped--5 1st collateral 1920 gold—5 40= year gold loan 1945----- 4 3d 7s extended 1938- __ _4 1st & ref conv 1959- —5 Cent Brch Ry 1st 1919 g--4 Cent Br U P 1st 1948 g 4 Pac of Mo 1st ext 1938 g--4 J June July August September October November December January February March April May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 96 96 97i2 97l2 85i2 85i2 86 86 751g 75ig 86i8 86l8 8634 8634 8614 87i4 8578 8578 8512 85i2 75i2 75i2 76i8 7618 85i2 86i4 86 1151211634 113 115 9614 9612 10712 10758 10812 10834 112 112 105l2 107i8 10712llll2 15 15 10212 103 102 10234 65 6812 67 69 9434 95 9412 9478 7312 7412 7312 7418 1005 8 102 1OO58 102 9634 9634 9714 9714 10912llll4 10818 10818 10414 10414 11312114 1121211212 9612 9612 8612 9558 9558 96 95 95 96 9612 10734 10734 108 1 0834 11518 115t8 112 11378 11312 11984 18 24 101 102 63 6612 66 6834 9412 9412 9412 947s 7338 74 7314 7312 10078 IOH4 10058 1007s 975S 9758 98 98 109 109 10812 10912 1041a 1041a 10412 10412 96 114 96 117 10812 109 120 12H2 119o8 I22I4 16 2178 10034 10H8 67 68 9478 9514 7314 7312 1007s 101 ---- ---1091211014 10412 10412 11034 11034 10512 106 9412 9512 96 9612 95 95 10434 10434 10412 10434 103i2 103i2 9418 9418 11512116 11618 11618 11618 11618 1121a 1121a 98l4 9878 9814 99 9818 9878 109 109 10934 10934 11134 112 111 11112 10438 10438 1185811858 1053/1 1053/1 95 9618 9618 10838 10858 10812 109 10814 10814 108 92 7112 7112 93 9314 93 95 9512 9518 96 9012 91 1123811238 110 110 112 112 92 92 9912 9958 130 94 89 93 94 89 94 94 993,1 100 101 IO2I4 67 681? 9478 9478 7312 7414 10034 101 98 9914 10912 10912 1041a 1041a 97l4 9734 85 86 10H4 10212 7912 81 86 8678 9334 9312 9312 9212 93 II2I4 10512 10512 65 6612 6634 70 80 80 97l2 98 97 97 105b 105b 105 70 70 71 9014 9012 90 90 109 10912 109 10912 iio 110 108 108 10312 10358 10358 10358 104 10414 10514 105>4 105 105 103 10518 109 10934 109 111 109l2110l8 109 10958 10034 101 10012 102 101 IO2I4 101 IOH4 1001210H4 100l4 1015g 10034 102 10034 ion4 7612 7734 7738 82 7712 8034 7738 7912 9114 93 93 9658 9412 9534 9112 95 92 9212 9334 9334 8758 8634 9212 9212 8812 87l2 93l2 9234 793r 8034 7814 79 79 79 11378 11378 IIH4 IIH4 ii Us ini8 9234 94 94 88 8658 9234 93l8 79 77l2 7834 78 8918 8712 9412 93i8 7938 79 7834 78 9314 9314 9612 95l2 9814 105 106 1147s 115U 112 112 99 9912 113 9412 9412 9412 9412 9412 9014 9058 905g 90 90 9114 9114 98 130 1101a 105 7112 70 8112 98 97 9718 8418 102 8012 8714 7914 9114 9112 130 1101a 103 103 75 70 73 7178 72 8112 97 9712 97i2 97 97 9734 8434 103 81 8712 79I4 9612 9634 9634 9634 96 9678 9678 10812 10812 10812 10812 00 00 887s 88 9334 93 8078 7938 7938 76 94 90 97U 9758 97 97l2 84b 8412 8412 85 10012 1007g 9912 101 7812 7812 8534 8712 8312 86 7914 7914 1053a 1053a 8912 8912 8912 8912 8912 8912 8912 897g 110 110 108 10912 10734 10734 1073- 107310612 107 10614 10612 10612 107 10414 10414 105 10538 1053g 1053g l03l2103l2 10434 10434 104 104 109 10934 10914 10938 10812 109 10712 1085s 10612 10734 10012 101 IOOI4 101 10058 101 100 10034 9958 10018 10012 101 IOOI4 101 10038 10078 10038 10058 100b 10012 7738 78i2 77U 7858 77l4 7778 7612 77 75 76 9612 9612 9238 9358 8912 927g 84 94 9234 94U 93 90 92 92 8634 8412 883S 8684 85l4 8614 857s 86l2 84l2 85 12078 122 12012121 120 12012 120 120U 12058121 1155811558 1151211512 11634ll634 86^4 86^4 87 87 8612 8612 1101411014 110 110 110 110 81 81 9312 9412 10638 10612 106 106 106 10618 1091211014 10918 110 10978 IIOI4 iloi2noi2 7314 7478 993410014 981a 991g 10834 11012 104 104 IIOI4 11014 11034 llllg 1111a 1111a 9658 9712 8434 84 10212 103 803« 83 8714 8734 10134 10134 66 67 9238 9234 9212 9212 92 925g 9212 9318 9214 9234 11H2 112 9514 9412 9434 9412 9434 941? 9412 89 ___ __ _ 8914 8914 89U 90 IO8I4 9634 97I4 8418 85 10234 10314 80 81 87l4 88 1091210912 1051g 10518 106 9712 9712 9712 115 11358 11412 1123a 1121a 983S 99 983S 99 1111211112 1121811218 9234 9234 9934 100 100 100 9018 9018 1101211012 107 107 10234 103 8834 90 88 8712 8912 88 9214 9314 94 93 80 8058 80l4 7834 79 78i2 79 7812 79 76 1013s 102 6618 6834 94 94 7358 7378 100 1003g ___ ___ 10834 109 104 1041g 106 96 114 9234 9358 9314 11214 106 106 9412 95 95 89 90 88 110 110 10814 9718 973S 96l2 97l2 8418 8484 8334 8414 ioh2ioi78 10138 10234 797g 8034 7834 8OI4 8534 8634 8612 8714 78 78 9812 9812 9734 9834 1143g 1145g 106 106 9714 9814 98i8 9834 9712 9734 11312115 11412 11412 112 11278 1141211458 1145g 11458 112 112 9834 997s 9812 991g 98b 9878 9812 991g 987s 9912 1083/1 109 10912 10912 11214 112l4 113 113 111 " 111 1051a 1051a 10412 10412 10412 105U 11834 11834 122 “ 12212 121 121 118*8 1181g 9534 9534 9534 9534 9534 9534 9614 9614 95 95 95 95 106 106 9558 9558 11418 11612 11212 11212 983S 99 130 10714 10714 10834 109 105b 105b 74 74 7U2 7H2 70 71l2 8U4 8H4 9758 9534 9714 97 9758 97 93l2 93l2 9712 98 8314 85 10112 1025g 7958 80 8534 8634 96 94lg 95 95 IO8I4 108l2 108i2 109 109 113 92 Mohawk & Mai 1st gu g--4 N Y & Harlem 2000 g—3 34 N Y & Put 1st gu 1993 g--4 Rome W & Ogd 1st cons. .5 .................. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 96lg 9612 9612 96 114 1133/1 1133/t 10114 10258 10112 10238 10112 102 100l2 10H2 67 69 6’ 69 66 7112 6534 6834 94 94 7414 7414 7414 7434 7414 7434 7312 7414 10038 101 9914 10038 981? 991? 9834 100 9834 9914 99 9912 9878 9914 99 99 10834 10834 10912 10912 1041a 1041a 10712 10712 1055o lflfib 10512 106 106 106 105b 105b 1051a 1051a 105b 1051a 1O412 10412 9634 9634 973g 9738 97 9712 9678 97 97 97 11214 H2I4 113 114 11412 11434 114 114 11358 lllb 11358 11358 113 1131g 113 113 9334 9334 9312 9312 9412 9412 9434 9434 1107a 1111a 1091a 110 1103g 1103g 11012lll 923 4 923 4 93 96 96 93 93 93 9812 9812 9812 9812 9812 9812 100 100 9434 9434 94 94 93 93 9534 96 96b 961? 9534 97 9618 9658 96 9634 9614 9634 96 9614 9534 9614 9534 97 Nash Chatt & St L—1st ’13-7 1st consol 1928 gold------ 5 National Rys of Mexico— Prior lien 1957 -------- 4)4 9458 9518 9458 9518 9234 9434 9234 9378 9212 9314 Guar general 1977- -.4 8934 8934 88 88l2 85 8734 8614 8614 8614 8614 National of Mexico— 10034 10034 Prior lien 1926 gold----- 4)4 8H4 8138 8014 813s 1st consol 1951 gold— -4 8234 8318 83i8 83i8 81 83 N Y Cent & Hudson River— Gold mortgage 1997----- 3 Yi R gistered -- -- —3 34 Debenture 1934 gold----- 4 Lakeshore coll g 1998--3)4 Registered - —3 34 Mich Cent coll g 1998--3 'A Registered -......... —3)4 85 8638 87i8 117 St Louis Iron Mtn & Sou— Gen cons ry & 1 gr 1931 g 5 10618 10714 107 108i2 10734 10812 10712 108 10734 10858 10734 10812 10712 10734 108 Unifying & ref 1929 g—4 8314 85 83l2 8778 85b 8612 85 8558 8478 8618 85 8558 8478 855S 84 Riv & Gulf Div 1933 g--4 Mobile & Ohio—New 1927 g-6 1st extension 1927 gold—6 General 1938 gold------- -4 Montgomery Div 1st ’47 g-5 St Louis & Cairo coll tr g__4 85 75i2 75i2 96 108 84 96 96 — 97I4 9734 8412 85 9912 1011? 78 7834 8434 88 78 78 84 120 115 86 104 70 79 97 10618 70 7934 9734 9734 9814 84 85 101 10314 80 80 877s 891g 7834 7834 96 83 10058 7912 88 9734 8478 102 8112 89 88 88 90 91 ---10812 10812 10658 10658 10612 106l2 10612 10612 10312104 104 10478 104 10434 104 104 10714 10734 9934 IOOI4 9934 9934 74 75 10534 10534 108 10814 100 1003g 997s IOOI4 7412 75I4 85lg 887s 88 9038 903s 92 83 96 96i2 10712 108 IO6I4 107 8214 8214 8112 82 85 8614 85 8512 8434 85lg 82l4 12034 12078 120 120 120 1 15b 1153/, ll.Mu 114 87 87 86 87 86 87 87 104 105 70 71 7834 7834 97 9734 108 997s 9978 70 108 IOOI4 10018 7434 8914 8612 8814 92 8312 8312 83 97 97 107 107 8134 83 106 79 10612 82 8214 84 8312 8414 84l8 85 12012 12012 1203g 12038 1203g 1203g 87 110 87 111 11018 11018 83 81 10558 10758 10538 10512 10514 10514 1045g 10512 10412 1045g 1041a 10412 1043g 1043g 11034lll ___ 10934 10934 ___ ___ 110 110 _________ 10912 10912 91 921g 91 83l2 8312 83 921g 9212 9214 923g 92 8412 8414 8514 ___ ____ 80 80i2 80i2 78ig 78lg 79 80 88l4 88l4 991a 99l2 8034 79l2 79l2 7914 79i4 88 8812 9178 9234 9234 93 8534 8534 84 86 7834 81 9134 93 85 85 87l2 88I4 8714 88 88 89 88 88 88 88 9314 9418 9312 9418 9312 94 87i2 88ig 87 88lg 87l2 883g 8734 887g 87l2 885g 87i2 87l2 88lg 88i2 ___ ___ 87i4 87i4 86 86 9314 9334 9234 9334 921g 9334 93 9334 93l4 94 79 8012 791« 7934 79 7814 7912 7712 7712 79 78 79 79 79 787« 77l2 99 99 79 7712 7734 75i2 99 99 99l8 99i8 9018 9018 9714 97I4 108 108 10712 10712 .................. 108 110 8OI4 7934 7912 77l2 797g 7912 787g 75l2 78i2 75 77 78 79i2 78 7912 77 7612 7712 77i2 76l2 78 78 9778 977g —- 10734 IO8I4 1073g 10712 — - — - 107 107 79 79i2 ______ ___ 78 78l2 77 77 7812 7734 777g 76 8034 78 79l4 78 1071g 10714 107ig 107l4 RAILROAD BONDS 120 1911—Continued. January February June March April May July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High BONDS N Y Cent & H R RR—(Cored.) Rutland 1st cons 1941O & I. C 1st guar____ 4 Utica & R R gu 1922 g_ _4 LS&M Sgold 1997..Z-3^ Registered .. .. 3)4 Debenture 1928 gold----- 4 Registered__________ 4 25= year 1931 gold -. -4 Registered__ __ _____ 4 Michigan Central 1931 1940 Registered- 85l2 85i2 86 86l2 87 89 897s 885s 89l2 90 88I4 8812 88I4 88I4 88 9314 9334 935g 94 93I4 9278 93 9312 93 9338 9234 89l2 881? 100 ~ 8934 8812 88I4 88 9334 93 9278 93l2 9218 90 100 90 881g 94I4 89 90i2 9934 100 " 89 ‘ 90 -__ __ 94ig 95 8914 100 8834 8834 94 89i4 100 89l4 8834 9434 983g 983g 89l4 8914 86 86 997g 8834 89 88 895g 895g 88 89 88 90 ___ __ 871g 871g 87l4 88 88 88i2 885g 9334 94U 931g 94lg 92l2 937g 9234 9334 935g 9412 937g 9434 933g 941g 9312 94 9334 9334 931g 931g 93 86i2 86l2 997g 90“ 88I4 89 885g 89 89 941g 933g 9334 93l2 9214 93U 92i2 93io 93U 9312 93 __5 . 4 99 _ 4 111 123 111 99 99 123 1103. 1103. 9S34 9834 9812 9812 99 8634 8634 881? 881? 9112 9112 91 ' 91 ” 91 91 993g 99I4 995g 993g 997g 993g 10018 9834 9834 913 g 917 g 907 g 893 4 8934 9018 901g ___ 9038 90i2 9 1 923g 9014 91 91 9034 9114' 90l2 91 25-year deben 1931—3)4 9058 91 West Shore 1st 2361 gu—4 101 101i2 IOOI4 IOH4 100i2 101 10018 101 10034 10112 101 10112 10012 10112 100 10058 9712 10034 9934 10034 100 101 Registered . -------- -.4 9912 10012 99 9934 9834 9934 9814 99 9814 9914 9812 9812 981g 987g 9734 9834 98 98 97 98 9712 9812 1023g 1023g NYC Lines equip 1916__5 1027g 1027g IOOIq 1001. ________ 87 8714 87U 87U 88 88 1st 19*52 gold 3)4 87 87 20 year debenture 1929..4 9134 9212 9134 92 * 9112 9158 9158 93 N Y C & St L 1st 1937 g--4 99i2 lOOlg 99l2 9934 99l2 100 993S 100 N Y New Haven & Hartford— Non-conv deben 1955____ 4 88 88 87 89 87 92 9212 9134 92l4 9134 93 993g 9912 993g 997g 9914 9934 99 93I4 937b 9334 9334 9314 94 ~ 9312 9312 9334 9414 9934 9934 87 92 9412 9412 99 81 835g 835g 9234 92 92 99 81 13212 13334 13318 13318 13314 13312 N Y Ont & W—ref 1st g----- 4 133 133 933g 931? 93 1131811318 8634 87 8418 8612 86 87 8512 86I4 8512 87 9634 9612 97 95” 96“ 96 9634 95l2 96i4 96 9412 9412 10312 1O312 Improvt & exten 1934 g__6 New River 1st 1932 gold__6 125 125 N & W Ry 1st cons 1996..4 9834 9912 9812 9912 98 98 1245c 1245. 128 ” 128 I26I4 I26I4 125 * 125 " 9878 98l2 '99 98 9834 96 97 92 9434 92 92 12634 13014 13012 133 130 130 1301? 1301? 99 99 9234 9334 935g 9234 931g 9212 925g 9412 9614 9412 95 923g 923g 9614 9614 12434 12434 127 127 1241g 1241g 125 125 9734 983g 9712 98 9012 91U 9934 100 90 90i2 1005g 10H2 98 98 9214 9212 813g 813g Non=conv deben 1947 __3^ 84 84 Convertible deben 1956.3 34 99 100l2 991410018 98l4 9978 9512 9812 95 9714 9414 9734 9434 96 89 9212 89 91 Convertible deben 1948—6 13312 13434 13334 13458 133 134i8 13278 13358 13212 13334 132 1325g 132 13234 129 1321g 12834 130 Cent N E 1st, 1961 gu__ 4 Housatonic cons g. 1937-_5 933g 1105811058 1111211112 94I4 947g 9412 95 9412 95 93I4 9314 9334 92 13112 132 1301? 132 93 93U 943g 95 10212 10212 I23I4 I23I4 124 9712 98 124 1231?1231? 977g 9814 98I4 9912 9814 9934 9712 987g 98 9212 9314 921g 93lg 92I4 9234 9U2 9212 9314 9314 93 94 9334 94b Divisional 1st lien-------- 4 925g 9314 93 9334 9234 93l2 92 933g 9212 94 10=25=year conv 1932—4 10012 1081g 102 107 103i8 109i2 10478 10918 1061g IO8I4 1073g 1097g IO7I4 109 103 107U 10212 IO4I4 IO3I4 1077g 1075g 1103g 10714 10912 921g 91 Pocahontas C & C joint-4 88l2 90l2 8934 90 8858 90i4 8838 8934 89 9OI4 90 9012 897g 90ig 90 90l8 885g 90 8912 9012 93 93 Scioto V & N E 1st gu g..4 North Pac prior lien 1997 g._4 Registered----------------- 4 General lien 2047 gold----- 3 Registered __ _3 St PauUDul Div g 1996 _4 St P & No Pac gen gold—6 St Paul & Dul 2d 1917 96l2 97i2 9978 IOOI4 9834 99 70l2 7078 96 96 96 1161211612 Pacific Coast Co—1st g___ 5 Pennsylvania RR— 1st real estate 1923 gold..4 Consol 1919 gold 5 Consol 1943 gold_____ __4 10-year conv 1912 gold-3)4 10-yr conv 1915 g— - 3)4 Registered_________ 3 Cons 1948 gold_______ -4 Registered_____________4 Alleg Vail gu 1942 g _____ 4 Phila Balt & Wash 1st g--4 105U108 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 97 997g 9834 71 97 10012 9834 7H4 9714 99U 9812 705g ___ 9712 100 991» 9934 9834 987S 99 7112 71 7112 9634 9634 9712 98 11612U612 116l2U6l2 97 97 97 9712 985s 99i2 9834 9934 98 98 99 99 70 71i2 68 7014 68 68 96 96 11534 11612 11538 11538 9118 911g 10712 10712 10612 107 ___ -____ 102 102 9834 9918 9834 99I4 96l8 9612 96i4 96l2 96i8 96i8 10318 104>8 10334 104 ' IOOI4 IOOI4 4 United N J RR & Canal.. .4 Pennsyl Co—gu 1st g----- 4)4 Registered .. ____ 4)4 Gu coll ctfs B 1941____ 3)4 Tr Co ctfs gu 1916 g----- 3 )4 Tr ctfs cu 1944 ser D __3 Aq 15-25=yr guar g 1931___ 4 Cin Leb & No 1st cons gu g 4 Cleve & Pitts gu ser A 4 )4 Erie & Pitts gu ser B g-3)4 Gr Rap & Ind 1st gu g 4)4 P Ft W & Chic 1st 1912. .7 P Ft W & Chic 2d 1912 . 7 P Ft W & Chic 3d 1912___ 7 P C C & St L gu A 1942 4 )4 Series B guar 1942__ 4)4 Series C guar 1942___ 41^ Series D guar 1945__ 4 Series E guar 1949__ 3)4 Series F guar 1953 ____ 4 Series G guar 1957 ___ 4 C St L & P 1st 1932 g 5 Peor & Pek Un—1st 1921. .6 2d gold 1921. ...___ 4)4 Pere Marquette— Refunding 1955 .. ____ 4 Refund guar 1955 ____ 4 Chic & West Mich 1921 5 Flint & P M 1920 g______ 6 1st consol 1939 g___ 5 Port Huron Div 1st g__ 5 Philippine Ry—1st s f____ 4 Pitts Shenan & L Erie 1st 5 1st consol 1943 g. __ 5 heading—Gen 1997 gold—4 Registered __________ 4 Jersey Cent coll 1951 gold-4 Registered______ __ 4 it Jos & Gr Isl—1st g----- .4 it L & San Fr Ry gen 1931 g 6 General 1931 gold— -.5 RR—Consol 1996 g._ .4 Gen 15=20= yr 1927_____ 5 S W Div 1947 gold____ 5 Refunding 1951 gold__ 4 Registered_______ - 4 K C Ft S & M cons 1928 g.6 Refunding 1936 gold—4 Ozark & C C 1st gu-------- 5 96l2 97 9958 10038 99 99U 70l2 7Hg 10234 10234 11138 1113s _______ _ 96 96l4 96i2 9912 10018 9814 9914 7012 7112 691? 691? 96 " 96 ” U634 11634 10234 10234 5 Vor Pac Term—1st gold-. _6 Registered 96l2 9738 100 10034 ___ __ 70l2 71 107 108 105 10512 102 101 101 IOOI4 IOOI4 108 108 10318 10318 1031? 1031? 99 9914 9918 9912 99I4 9912 99 993g 991g 9912 9614 9658 965g 9714 9634 971g 967g 97lg 9634 97 963i 97 103 104 103 10334 10312 1041g 103 10334 1031g 10334 103 103 997g 997. 102 102 102 10212 10212 10212 1011. 1011. 1011210112 991g 9912 965g 97 961? 961? 102 “ IO3I4 104 104 10378 10378 91 91 9012 90i2 IO4I4 IO4I4 103l2 103l2 10718 10734 10712 10712 107 10734 10718 10718 93 106 106 106 106 10658 10658 106 106 106 106 66 66 6812 70 10018 10034 11018 11018 100 IOH4 10112 10H2 _________ 873g 88 11212 11212 11118 1111211112 105 105 105 IO5I4 10434 106 1113. 1113. 92 " 9234 1031? 1043i 991g 957g 9614 102 ‘ 102 102 9914 991g 9912 993g 99^8 9912 9934 967g 96lg 97 967g 97ig 965g 97 96I4 10212 102 10334 1021g 10312 10212 1037g 10H8 101i8 1015g 102 10314 10314 10314 IO3I4 10312 104 975g 9734 88 88 98 99 98 98 89 98ig 98 ion? 1011? 1031? 104 “ 983g 975g 9734 89 99 9712 983g 9filo 9filo 1073*4 10734 105 105 10134 10134 1011? 101l2 101 101 10134 10134 1061g 105121057s 1053g 10512 10614 10614 10fil4 lOfilo 106 “ 10512 10512 10612 1O612 1061o 10612 985g 985g 109 73l8 7634 75 7510 73i2 7 638 743.1 757. IOOI4 IOOI4 11038 11034 1103.11010 101 103 10134 10338 102 102 8634 873g 8634 8634 9812 10018 99 697g 68l2 931« 931. 977g 977g 981g 981g 113 93i2 93i2 69l2 69i2 10034 10078 110 110 10 n210214 106 106 98 991g 983g 69 68 _________ 1153811538 1043g 1045g 105 105 103 9134 9134 93 9958 9958 113 113 113 103 9934 1003g 9934 1003g 9812 99 99 99 6834 6934 695g 70 6812 697g 111 10U2 10112 10112102 IO3I4 10412 1035g 1041g 104 10414 10312 104 10278 10278 885g 885g 8812 89 8818 8818 88 88 97 97U 971» 9718 9714 97U 9714 9714 975g 9734 9714 97l2 9712 975g 9712 9712 88 88 98I4 9858 971 9812 98 98 98l4 98i2 98l4 98l2 9814 99 9812 99 96 9614 9614 9614 9614 9614 91 9712 9712 9712 98 , __ - 10012 10012 100l2 100i2 10012 10012 101 10312 IO4I4 10358 104 91 1041? 1041? 987g 987g 98 1131. 1131. 98 1131211319 109 73l2 75U 70 68 72 70 67 86 98 10012 84 8612 84 68 68 66 67i2 6834 67 110i8 110l2 10934 1097g 102 102 87 8734 8612 8612 86 11278 11278 110l8110l8 9712 9814 97l8 9758 9634 9738 97 9734 975g 9814 9712 9814 977g 98i2 9734 9734 97U 97U 97U 9714 97 9712 97l8 97l2 96 96i4 9634 97 97I4 9712 97 " 97 ” 873g 8834 8612 8712 8634 8634 87 87 88I4 883g I1834 119 119 119 118 118 118 118 107 1O712 10758 10758 107i2 108 107l210734 10712 10734 10712 10712 10712 10778 9018 90l8 90 90i2 90 9012 9OI4 9014 90 9014 90 91 8678 8734 873g 89 86i2 88 87l4 88 893g 90 8834 89i2 8834 90 101i2 101i2 10034 10034 805s 82l2 8H4 823s 81 82 8134 82l4 8134 83 815s 8214 8H4 817g 8034 8034 116 U618 116 11638 116 U612 1161? 1171? 1161. 1161. 7718 783g 78 7934 7912 8012 795g 80lg 80 80i2 801g 81 ' 803s 807g 9838 9858 98l4 99l8 99 9958 99l2 99l2 993g 99l2 993g 9912 97i2 98 9712 9812 97I4 973g 90 90 11918 11918 87lg 887g 7934 8134 84 66 995g 995g 84 84 11214 11214 1131i 11314 97 977g 9712 983g 98 98i2 981g 983g 9718 9718 97I4 9714 9734 9734 97I4 98l4 9714 97U 9712 98 971? 9712 8514 89 87 87 1185o 1 1 »7o 118 11834 108 108 107 107l2 10714 107l2 107 108i2 90 90 85i2 87l2 8512 8734 87l2 887g 88I4 89 100 100 771g 80 77 79l2 80 81 80 8012 86 86i2 11618 U634 117U 118 117 118 79 803g 7834 7912 7834 791g 7834 80l2 797g 8012 99U 993g 9812 99I4 99 99 99 99 99 9918 121 RAILROAD BONDS 1911—Continued. BONDS January February March May June April July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High St Louis Southwest—1st g-4 8978 9034 90i8 90l2 90l4 9H2 81 81 2d inc bond ctfs gold----- 4 78 78 Consol 1932 gold------------ 4 75l8 77 77l2 79 78 783g San Ant & Aran P—1st gu g 4 865s 8714 8634 87l4 86l2 8714 Seaboard Air Line—1950 g-4 8534 8534 Do do stamped---------- 4 8434 8758 8634 8758 8678 87lg Coll tr refund 1911 gold--5 100 100 100l8 100i8 100 100l8 Adjustment 1949------------ 5 7612 7734 75l2 76l4 75 7578 Refunding 1959__________ 4 8634 8634 Atl-Birming 1st 1933 g---- 4 8534 8678 Carolina Cent 1st 1949 g--4 102 102 Fla C & Penin 1st 1918 g--5 106 10638 Consol 1943 g--------------- 5 Ga & Ala 1st cons 1945—5 10412 10412 10414 10414 10414 10414 Ga Car & No 1st gu g----- 5 104 10412 Seaboard & Roan 1st ’26..5 Southern Pacific Co— 92 9278 Cent Pac coll 1949 g____ 4 9H4 9214 90l2 90i2 Registered------------------ 4 Convertible 1929--------------4 97 98l2 98l2 99l4 9738 98l2 Cen Pac 1st ref gu g-------- 4 9614 97l2 96i4 97 96 96l2 9158 92 Mtge guar gold-------- 3J4 9H4 92 Through St L 1st gu g -4 "92" 93li G H & S A—M&PDiv 1st g 5 IO8I4 IO8I4 106i2 106i2 107l4 IO8I4 Gila Vail G & N 1st gu g--5 Hous E & W Tex 1st, 1933 5 1st guar redeemable----- 5 105 105 Hous & Tex Cen 1st 1937--5 10934 10934 10914 10914 Cons int guar g 1912------6 General 1921 gold-------- 4 9512 9512 94 9412 94 94 Austin & NW 1st 1941-..5 Morgan’s La & Tex SS lst-7 1151211512 111 111 1st 1920 gold................. 6 Ore & Cal 1st 1927 g_____ 5 So Pac Cat 1912_____ 6 102 10218 San Fran Terml 1st 1950--4 9234 9234 9238 9318 9212 9234 1015g 1015g Tex & N O—Sabine Div.-6 Consol 1943 gold---------- 5 103 103 Sou Pac RR 1st ref 1955-.4 9412 953g 9478 9514 9458 9518 Registered------------------ 4 Southern— 1st 1994 gold--------------- 5 107l2 108 107l2 108 10638 10734 106 106 Registered -------------------- 5 Develop & gen Ser A------- 4 76 77i2 77 7734 773S 785g Mobile & Ohio coll tr g—4 86 87i2 87l4 88 88 88 Memphis Div 1st g_.4)^-5 St Louis Div 1st gold----- 4 86i2 8714 87l2 88 8758 88 Atlan & Danv 1st g 1948--4 Second 1948-----------------4 Col & Greenv 1st g 1916--6 10658 10658 10612 10612 E T Va Ga div 1930--------- 5 Cons 1st 1956 gold------- 5 10978 llll2 iio34hh4 1101211034 E Tenn reorg lien gold------5 10512 10512 105 1055g Georgia Midland 1st 1946-3 Georgia Pac 1st 1922 g—6 Knoxv & Oh 1st 1925 g---6 Mob & Birm 1945 g-------- 4 Rich & Danv cons gold—6 10558 1055g 1045s 105 Deben 1927 stamped — 5 Rich & Mecklen 1st g 1948-4 71 71 10334 10334 Sou Car & Ga 1st g---------- 5 Va Mid Series D 1921.-.4-5 Series E, 1926__________ 5 Gen 1936______________ 5 107 107 Va & So West 1st gu------- 5 110 110 110 110 Va & S W 1st cons 1958--5 9412 96 9634 97l2 96i4 96l4 Wash O & W 1st 1924------4 i0412 104i2 West No Caro 1914 g------- 6 105 105 Spokane Internat—1st g—5 102 10258 Terml Assn St Louis—lst-4 1051g 1051g 1051g 10518 11238 11238 1st cons 1944 gold---------- 5 Gen refund 1953 gold------- 4 98 98 St L Merch B & Term------- 5 10812 10812 Texas & Pacific—1st g-—5 11118 11158 11038llll4 iioi4iih4 La Div B L 1st 1931 g----- 5 10834 1087g Toledo & Ohio Cent—1st g--5 109 110l8 General 1935 gold------------ 5 102 10312 10112 10H2 9078 9114 Kan & Mich gu gold-------- 4 90 91 90 90 2d 20-yr 1927_________ 5 9712 9734 9714 97l2 9612 975g Tol Peoria & West—1st g--4 90 90 Tol St L & W—Prior lien- .3 M 89 89 891g 8912 8918 8934 50-year 1950 gold------------ 4 74 7478 7178 74 69 72 Coll tr 1917 ser A------------ 4 8112 8112 Toronto Ham & Buff 1st----- 4 87 90 Ulster & Del—1st con g----- 5 10512 106 105i2106 10512 10512 1st refunding, 1952 g----- 4 Union Pac—RR & I g 1947-4 10012 101 10018 10078 100 101 Registered -------------------- 4 9912 10014 100 10018 100 100 20-yr conv 1927--------------4 1037g 10558 10312 10612 10378 10514 Registered------------------ 4 1st & refunding 2008------- 4 9634 97l4 96l2 97 9614 9634 Oregon RR & Nav con g--4 9614 97 95i2 96l2 95 96 Oregon Sh Line 1st g------- 6 1147811518 11478 11514 11418 11434 1st cons 1946 gold--------- 5 1111211312 11212113 1121211258 Guar ref 1929- gold------- 4 9234 9312 9314 937g 933g 94 Utah & Northern 1926 g--5 Vandalia—Cons 1955 Ser A-4 9634 9634 : Cons 1957 Ser B------------- 4 97l2 97l2 Vera Cruz & Pac—1st gu-4)^ Wabash—1st 1939 gold----- 5 1087g 1097g 109 110 10812110 2d 1939 gold____________ 5 9812 99U 9834 101 99 10012 Debenture Ser B 1939------6 1st lien equip 1921 gold--5 100 100 1st & refund 1956 gold—4 6334 6514 64 715g 68l2 7H2 Det & Chic Ext 1941 g----- 5 10814 10814 Des Moines Div 1939 g—4 81 81 74 7534 Omaha Div 1941 gold__ 3)4 Tol & Chic Div 1st g----- 3 )4 4434 46 Wab-Pitts Term—1st g-i__ 4 4714 4512 48 4734 4312 4812 44 48 Cent & Old Colony Tr C6 ctfs Columbia Tr Co ctfs-----46 44 4812 4412 4878 2d gold 1954____________ 4 6l2 6l2 7l2 6l2 7l2 658 8 7 6l2 8 Trust Co ctfs deposit___ Washington Term gu----- 3)4 88l2 88l2 90 90 88i2 88l2 1st 40-year guar 1945------4 West Maryland—1st gold--4 8612 87 86l4 8634 86 865g W Va Cent & P 1st 1911 g-6 10038 1005g 1005g 1005g 1005g 1005g 110 llOig 10978 110 West N Y & Pa—1st 1937 g-5 88i2 8834 General 1943 gold------------ 4 8818 8818 Wheel & L E—1st 1926 g--5 104 105 105’ 105 10478 10478 103l2 103l2 Wheeling Div 1st 1928 g--5 1st cons 1949 gold---------- 4 84" 86 84 85 8418 84‘lg 98i2 99i2 20-year equip 1922 g------- 5 Winston-Salem S B—1st—4 93i2 9234 9312 9212 931g Wisconsin Cent—1st gen—4 92 9212 Sup & Dul div & term lst-4 93U 9234 93 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9H2 9H4 92l4 8234 83 82 79l4 7878 81l2 8658 8712 8712 88l4 8678 87i4 87i8 88 100 100 75°8 79l2 79 80 86 8 86I4 87 9134 9134 103’ 103 10534 10534 91l2 82l4 79i2 87 8714 87 92l4 8214 81l8 877S 87l4 8734 92 8034 7934 87l4 87 87i8 79 80 79i2 82 9234 82lg 80l2 88 87 8738 92l4 925g ’79i4 87 87lg 87 92l4 80 7978 78 79l2 8734 86 87 87*8 87l2 86i2 8634 9112 9178 7938 8012 8714 8734 8634 8734 87l2 88i2 87"8 92 82 7934 87l2 8834 8S58 755S 78i2 74l2 76i2 75i2 8H4 80 8238 8112 8234 82 82l4 81l2 82ig 8134 83 85l4 87 883g 88l2 87l2 89 86 104 104 107 10412 10412 10412 10412 9134 9214 921g 937g 92lg 9358 92 9014 9678 99 9818 100 965s 98 95i4 97 97 97l2 97 973S 9634 9134 9134 9112 9134 9H4 9H2 9114 92l4 93i2 92 9278 10912110 9H4 80 795g 88 87l2 88 86l2 8678 86I4 86l4 86 10434 105 109 109 103 90l2 80 77l2 86l4 87l2 86l4 925g 9U4 92l2 9014 90 90 9534 9878 9714 9634 97l4 9112 91 91 9334 9334 107l2107l2 91 9134 91 107 9214 92l4 9234 9H2 9112 9634 9758 9678 9758 90 9012 9212 9234 107l2 10734 9418 9714 951g 971g 96 9738 9614 9712 90 90 90 90 9H2 9112 10858 10858 103 105 1051g 9138 9212 9658 9738 9638 9678 9012 9012 9212 93 1071210712 103 103 105 10534 1041210412 1041210412 10934 10934 1095811034 1095g 10958 10958 1095g 10712 10712 9434 9434 96 96 96 9334 9434 9434 9434 96 95 108 951g 108 1121211212 102 102 101l2101i2 9012 9112 9038 91 9212 925g 92l4 925g 92 92l2 9H2 92 1017g 1017g 10118 10118 1015g 10158 9434 9534 9434 95I4 9414 95 9358 9434 9378 95 95 9578 9512 96 95 95 10658 107l2 10712 10912 108 7838 79i2 87l4 87i4 10834 10834 87 8734 79i8 80i4 86 87 109l4 109l4 87l2 88 90l2 90l2 10834 108 795S 80 86l4 86l4 109 109i2 88 89 10838 10412107 105 105 77 7958 7434 7778 8612 86l2 86 86 109 109 88l8 8838 "88* 88I4 10812 106 7938 80 87 87l2 109 109 88i2 8834 10558 108 76l4 85 108 87 91 1001g 10018 9114 91 9118 10058 1005s 9434 9518 9458 9518 10712 10812 10712 108 79i2 79 7934 78l2 7938 8534 86i2 86 86l2 87 108 8712 885g 87l2 8734 88 9012 9012 8214 8214 10534 10534 10512 10512 107 107 10734 10734 108 108 1075g 1075g ..................108l4 108l4 11014 11H4 111 11158 11058 lll 111 111 11034 112 110 11038 1091211014 11012 11H2 11034 11118 10634 10634 1055s 10558 1055g 106 106 106 106 106 10614 106U 10618 107 *67* 67” 1121211212 1131s 1131g 113 1133g 1131211312 1131211312 114 11458 11512116 7814 7814 78 78 IO0I4 10514 1057g 1057g 1047g 1047g 104 104 1047g 10478 10412 10412 1035s 10358 10414 10412 10414 10414 10414 10412 103 10312104 1O334 1035g 1035g 10738 1073g 108 108 10738 1073g 1073g 1073g 108 108 1073g 1073g 10812 10812 10812 10812 *96’ 97” 9534 9534 95l2 95i2 95l2 96ig 9434 9434 9514 97ig 97 975g 96i2 9758 96 96 10458 1045g 10434 10434 10458 10458 10212 10212 1055g 1055g 1055g 1055g 10434 1057g 105 105 10538 10512 HO34HO34 112 112 97 9734 9558 963g 9512 9534 96 96 96 96l4 95 95 108 108 9512 96 110 11012 11014 11012 110 110l2 9912 9912 109 10934 10912 10978 109l2109l2 IO3I4 10314 9034 9034 91 917s 98 98 9712 98 '96" 90” 9018 9058 92i2 92l2 89 8912 89 89 68’ 70 " 6834 72i2 72 74l2 78 78 77 78 89 89l2 10512 106 8512 8512 1005s 102 101 10214 101 10112 9914100 10012 10012 10012 10012 10414 10514 105 10738 10634 1095s 10514 10514 9658 973S 9712 9814 97 9734 957S 97 9618 9714 955g 9614 11414 1143s 1143s 11434 1141211412 112581127s 1121211234 112 11212 94 9434 9358 9412 9438 95 108 108 108 10812 9934 101 98 98 104 104 6678 7014. 4114 4534 3912 4512 40 46 612 612 6 634 10814 109 997s 101 1101211034 110 109 109 109 11034 110 109 917S 92 9734 9734 977g 98 91 91 87l2 87i2 70 7034 67l2 70l4 76 76lg 75l2 75i2 90i2 90l2 105l2 105i2 106 106 8512 8512 10034 1013g 1005g 101i2 10012 10012 9914 99l4 10714 llOig 10178 IO8I4 965g 97I4 95 96 1143g 1145g 112 11212 94 9412 110l2 IIOI4 111 11O34111 110l21107g 109 109 10312 10312 "97’ 94 8712 67 75l2 104 104 92 92 97” 97l2 98 97i2 99 94 9212 9212 8712 68I4 67 69l4 68 68i2 75l2 75 77i2 90l2 90l2 105 9812 9 12 9212 94 67l2 68l2 89’ 89*" 105 10412 10412 8512 8512 100 101 1005g 10138 1007g 10H2 10012 10138 10078 1007g 99 99 100 103ig 1007g 10212 102 1043g 1015g 10334 96ig 97lg 9534 971g 93l2 95 931g 9378 H3I4 113l2 113 11312 10914110 93I4 ’94I4 92l2 93l2 9612 9712 94 9512 1131211312 110 1141g 927g 9334 97 9734 95 957g 1131211414 111 11134 9334 9412 971g 9712 95 96 1131a 114 11034 11134 94 9412 97 97 9512 95l2 97lg 97lg 90 90 9212 93 108 10812 10S IO8I4 1077g 10812 10712 108 106 10712 105 IO6I4 10312 106 99 100 9212 9612 9912 100 99 100 98 9812 9412 96 94 95 104 104 6734 6934 6514 10734 10734 8112 8112 7012 85 85 4112 39l’2 4234 40 40 40 43 314 5l2 6 534 6 314 6912 6534 6634 61 100 100 661g 47 631g 525g S712 51 10712 10712 100 100 555g 4912 5638 7012 4934 4312 4312 43 44U 4H2 50 4712 49 4312 4712 3912 4412 40 50 4712 49 4312 47 3912 44I4 40 7 234 27S 2 212 1 1 34 3 714 27g 312 llg U4 Bg 873g 6612 6612 4134 4212 4134 1*8 873g 15g 4OI4 4434 385g 45I4 3912 451g H2 212 134 H2 212 86ig 86l2 86l4 88i2 87l2 877g 877g 8812 8634 881g 8638 871g 863g 88 875g 88lg 100i2100l2 1003s 1003g i0934 16934 109U 10934 109l4 109l4 88i8 88l8 885g 885g 88i2 88l2 10334 10334 10412 10434 1041g 1041g 10412 10412 10434 10434 104 104 1021g 1021g 1021g 1021g 82 85 8212 8412 83l2 85ig 84l"2 86’ 8414 8434 8212 84 8212 84 83 85 89 89 8712 88 109 109 I64l2104l2 '85ig 85’lg 94 95 95 95 925s 9312 9318 9312 93 935g 93I4 935g 9212 £5l2 93 93I4 921g 93 9258 93 9234 93 92 9212 9212 9258 921g 9212 92U 9212 92 921g 9212 9212 917g 9214 921g 9212 92 92l2 122 MISCELLANEOUS BONDS 1911—Continued. BONDS STREET RAILWAY. Brooklyn Rap Tr—1945 g--5 1st refund conv 2002 g__ 4 Brooklyn City 1st cons__ 5 B Q Co & Sub 1916-41 gu 5 Brooklyn-Un El 1st g--4=5 Stamped guar_______ 4=5 March January February April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 103 104 1031a 10334 102 103 10212 104 10312 104 10334 104 1037g 10434 103l2 104l2 103lg 104 8278 837g 835g 8414 8312 845g 837s 8412 8414 8612 8478 86i2 8534 885g 83 86I4 83 84 10134 10134 102 103 10212 10234 102 103 10212 10212 10U2 10238 100 100 101 102 10012 102 10034 IOH4 101 IOH4 IOH4 102U 10H2 102 10134 10314 101l2 103 101l2 101i2 102 102 101 101 10H210U2 lOHg 102 10034101 1011210112 102 102 851? 851? 843? 843? 843? 8512 8434 8434 8212 83 8312 8434 8312 85 84 8412 8312 84 7934 801g 7912 7912 78l4 7814 79i 2 80l 8 78 785g 78ig 783 4 78 79 781 4 80 78 79 10134 10134 102 102 1021g IO2I4 10112 10112 IOH4 IOH4 101 '1011? 102 102 1011210112 8012 8234 8134 8134 8134 8134 8112 8214 82 8214 80 80 9412 941., 9512 97 9734 981g 971? 991? 97 9712 7778 795g 78 83 7834 80 771? 791? 771? 811? 7834 7934 781? 793g 783g 791? 7814 79 7734 7934 7812 7812 10019 1005s 1003s 1001? 1001g IOOI4 100 10018 1031? 1037? 1031? 1035? 1031? 1035? 10312 10334 1035g 10412 10334 10412 1031? 1041? 103 10334 10134 1O312 97 9712 97 9712 9614 9634 9614 9612 967g 985g 9614 9714 9612 97 96 9612 9634 97 9712 98 9612 9712 973g 9812 9612 9734 9718 9712 9634 97I4 97 98 9712 9814 9614 97 76 79 74 75 7712 7812 7712 78 74 761g 75 7814 7512 7512 7318 75 75 763 4 73 74l2 73I4 78 76 7914 77 78 741g 78 74 76 77 7812 75 75 ____ 4512 48 ______ __ 46 46 46 46 46 46 4612 4612 455g 4 6 Stamped gu__ _ ...__4 Nassau Elec guar gold----- 4 Conn Ry & Ltg—1st g _ 43^ Stamped guar..-------4 Det Unit—1st cons ’32 g__4^ Havana Electric—Cons g__ 5 Interboro-Metrop—Coll --4>£ Registered _ _____ 4j^ Interboro R T 3-yr conv ’11_6 45-year 1952 Series A----- 5 Manhattan Ry—Cons gold--4 Stamped tax exempt - - 4 Metropolitan Street—1997 g.5 Trust Co ctfs of deposit----Refunding 2002 gold— -4 Trust Co ctfs deposit- _ Trust Co ctfs dep'stamped 46 48 Refunding when issued _4 Adjust income when iss’d_5 Bway & 7th Ave 1st g----- 5 102 103 100 101 Lex Av & Pa Fy 1st gu g- -5 99l2 100 3d Av 1st gu 2000 gold__ 4 59 59 4612 4612 45 4634 44 4512 4314 485g 47 Refunding & ext 1931. 4 9978 100 9912 100 6014 6014 61 61 85 85 9814 9814 106 106 98l4 98i2 9814 9834 a90i4 92 <z921? 921? a38U 431?. a4212 451g 85 85l2 8514 86 United RRs San Francisco--4 70 71 45 44 4614 433g 46 103 104l2 8314 845g IOH4 102U 10234 10312 97 973g 97 9734 77 91 751g 9Hg 4814 571g 47l2 57 46i2 573g 102 1035g 9612 971g 9612 97U 9112 97 91 97U 5714 59 5412 593g 5312 58 1017g 10214 9914100 9912 9912 7012 73 7034 7534 6914 7412 10912 1103. 833? 847? 71 7614 5312 547g 1025g 104 102 102 1011? 1021? 761? 781g 7614 7814 73U 7634 109141101? 8434 86i2 74l2 7634 1041? 1041? 9314 93i2 102 103 9614 97 97 9712 75 7612 7412 7612 4712 4712 45 45 433g 47 98 84 8514 72 IO6I4 99 9312 56 853g 9814 a93l2 a56i2 8412 9812 95 63 861g 9814 9434 63 8534 70 6912 70 6978 7012 69 9812 95i2 66I2 86 87I4 8714 98l2 9834 87 87 98 95l2 6H2 85 98l2 97l2 97i2 9714 95i2 9512 97 ___ 62 58 62 ___ 85l4 83i4 75 985g IO6I4 98 98i2 9734 (z9312 9418 a93 a4434 58 a56 84 853g 86 7034 725g 70 993g 1001g 993g 993# 64I4 69I4 63 63 683? 701; 621g 6414 623g 7012 6914 6712 7034 6714 685g 63 68 1093g 110 10634 10712 1081? 10834 IO9I4 100 100 6834 7012 9978 100 671? 68I4 67 67 9712 ____ ___ 83l4 75lg 65i2 66 IOH4 10134 10134 10134 8312 86 78 7812 1017g 1017g 101 101 101 101 1017g 1017g 801? 801? 80 80 80 80 991? 9934 9934 9934 981? 981? 78 " 7934 787g 80lg 78i4 807g 10218 10212 10238 1023g 102l8 IO2I4 10H2 10212 10112 10214 10112 10234 10112 10112 9812 9934 9934100 Cent Tr Co ctfs stamped- - 5834 6H4 5912 6034 5912 6134 6012 6312 63 109 1st gold 1937 5 109 111 1st refunding _____ 4 Portland Ry—1st 1930____ 5 St Paul C Cable 1937 5 Tri-City Ry & Light—1st—5 aUndergroundof Lon 1938 4 M alncome 1948-- — - 6 United Rys Inv—Pitts issue 5 5014 45 104 104 10312 10412 8234 841? 8412 86 101l?10134 97 97 100i210134 IOH4 1015g 101 101l2 101121015g 8412 85 8512 86 85 85 86 86lg 78 78l2 77 78 97 96 611? 83 7514 97 96 6212 83l4 7514 981? 105 105 97 97l2 97 9534 9534 95I4 6034 64 6412 991? 9712 96 7612 77 77l2 75 75 83 843g 8214 821?. 65l2 67lg 6612 70 ” 68 71 i GAS AND ELECTRIC. Brooklyn Union Gas—1st--5 10534 107 10612 1073g 107 1073g 10718 10734 10734 IO8I4 10712 10834 10612 10734 IO7I4 10712 1055g 106 106 10634 106 10712 10534 107 62 63 ___ ____ Buffalo Gas—1st gold- - --5 59U 60i2 60 6OI4 60 6012 6OI4 6OI4 5978 6H8 6OI4 62»g 6CH4 60lj> ____-____ 6012 6U2 60 60 95 95 1005g 1005g 1001g IOOI4 100lg 100lg 100 1007g i66i’2 10U4 10134 10134 IOH4 1017g 1061? 1061? 105 105 “ 106 ” 106 10314 IO3I4 103 103 103 103 104 104 105 105 977g 977g 981? 981? 105 105 105 105 105 106 105 “ 105 " 11534 1161? 116 H6I4 1161211612 115 115 117 117 116 116 11512116 118 118lg 881? 881? 88l2 90 103 10312 10312104 10314 104 103 103 10234 103 IO2I4 1027g IO2I4 103 10112 1015g 10134 103 102 10234 1015g 102 10012 102 101 10134 ______ ___ 90 9012 9OI4 905g 90 90 90 90 1047g 1047g 104 104 10314 10414 1041g 10412 10212 1041g IOH4 1027g 102 1031? 10312 104 1023? 1035? 8812 8912 8812 8914 88 89 87 8712 87 8834 88I4 895g 88I4 887g 11234 11234 112 112 1121211212 1121211212 10012 101 10012 10012 10012 10012 100l2 10018 10018 IOOI4 IOOI4 10514 IO5I4 Equit Gas Lt of N Y—1932--5 103 103 IO3I4 10314 1031? 1041? 991? 991? Kings Co F.l 1. &P—lst’37 g 5 10H2 102 IO2I4 1021? Purchase money 1997- - -6 115 "115 115 * 115 “ 11334 11334 10018 10018 10012 10034 100l21OO12 101 Ed Elec III Brooklyn 1st-.4 87I4 87I4 Laclede Gas—1st 1919 g—5 10234 103 * 10234 103 Refund & ext 1st 1934 g--5 IOOI4 10034 10034 101 88 90 102 10212 10012 101 9012 9012 Detroit City Gas—1923 g__ 5 100 101 100 90 91 88 88 IO2I4 10212 100 10034 9012 9012 9012 91 IO6I4 10634 10312 1041g 1021? 1031? 104 106 114 "114 " 115U H5I4 88 90 10212 10314 10112 10112 9012 91 N Y Gas Elec Lt Ht & Pow--E IO2I4 10278 102 1025g 102 10338 10314 104 Purch money coll trust g--4 87 88i2 8734 89 88 8834 8734 89 N Y & Queens El Lt & P___ 5 Pacific Gas & Electric— Calif Gas & El Corp—1937-5 People’s Gas Lt & Coke—1st 6 Refunding 1947 gold----- 5 Chic G L & Coke 1st------- 5 Consumers Gas 1st-______ 5 101 101 100 104 10414 8834 8912 111 111 IIH4 IIH4 1111? 1111? ion? ion? 1007g IOH4 IOH4 9134 9214 92 925g 11618 1161g 1013g 10112 10H? 102 ’ 103 10312 _____ 1011? 1011? 101 10H? 90 “ 913? 91 911? 1001? 1001? 104 " 1051? 10434 106 923g 9534 95 953g 11618 11618 10H2 102 10234 1027g 103 10334 1011? 10134 10138 10158 90 ” 91 10034 10034 107 1083g ion? ion? 101 --iooTg 101 9434 9538 1191? 1191a 1015? 1021? 103 10312 1013g 10138 9412 9614 9512 96 9512 96 95 9534 94 95 9414 9514 117 117 102 10212 1015g 1025g 102 10212 1017g IO2I4 10134 10234 1011?. 1023g 10312 103l2 1031g 1037g 1027g 10334 ___ ___ 103 1031g 103 103 102 102 102 102 IOH4 IOH4 106 110 116 116 82 82 81 81 101 94 95 II6I4 H6I4 1015? 1021? 10234 IO3I4 1011g 101 Syracuse Lt & Pow 1954 __5 Union Elec L & P—Ref ’33-5 1st gold 1932 5 96l4 96l4 95 95 93 96 93 96 100 991? 991? Westchester Ltg—1950 ----- 5 104 1 045g 10412 10412 10434 105 10412 105 105 105 10512 10512 101 95l2 96l2 100 9812 9812 10412 IO5I4 10412 105 IOOI4 IOOI4 10412 IO5I4 10412 10412 1041? 1051? TELEGRAPH. 9112 921g 90 9112 897g 905g 897g 903g 901g 907g 90 905g 8934 90l2 893g 897g 90 9014 90 92 911g 92 Amer Telep & Teleg coll tr--4 90 91 Convertible 1936 gold------4 105 1077s 107 109 10634 10S5g 1081g 109lg 10858 11034 10914 113ig 1071211012 l041g 1075g 105 107l2 10534 107 10634 IIH4 108l2 10912 8312 8312 8312 8312 84 Michigan State Telep—lst--5 N Y & N J Telep—1920 _ _5 N Y Telephone—1st 1939-4^ Pacific Telep & Teleg—1st--5 West Union Teleg—1938—5 Fund & real est 1950 g--4J^ Conv 1936 Series A- - —4 98 98 981S 9914 97 975g 9912 100 95 95^4 103 1 035g 98 1033s 1033g 9934 991? 991? 99 9812 99 9712 977g 9918 997g 95 9534 10334 10334 103 103 9958 995g 10314 103U 983g 9878 985g 9978 995? 10012 9718 9734 9718 9812 9812 9912 9914100 9938 100 10012 102 92 9534 9478 9512 951g 9814 10358 10334 10378 104 104 10414 99 763g 775g 77l2 787g 76l2 78lS 7618 7714 76 79 102 1025g 10134 1025g IOH4 1023g IOH4 1015g 10112102 9734 98 9714 98 98 98i8 981g 9834 97l2 98 97 973g 9614 9812 99 100 98 100 98 98l2 98 99 70 75 75 76l4 75 78 65 66I2 68 73 10034 10234 IOH4 IO2I4 10158 IO2I4 102 1033g 100 101 100 100 100i8 100i8 100 10014 100 101 921? 93 93I4 93I4 9314 9314 9234 9234 935g 935g 10434 IO6I4 106 ‘ 1071? 10658 10734 1063? 108 ‘ 103 ” 1101? 10212 1067g 105 10512 106 106 10634 1073g 85 85 83 83 103 103 100 100 103 103 103 103 1 100 1001g 100 1003g 100 100 104 104 100 101 100 997g IOOI4 9938 9934 1017g 10312 9612 9712 104U 10414 100 IOOI4 99U 9934 10134 103 9612 971g 10412 1045g 997g IOOI4 9812 9912 1001g 10134 9634 9634 10412 10412 997g IOOI4 971g 987g 10012 1021g 9414 96 1043g 10412 9934 IOOI4 9734 9834 10012 102 9412 9634 1043a 1045g 100 101 9812 9912 10012 102 97 9714 10412 1045g 995g 10034 985g 9934 1005g 10134 9612 98 10434 10434 67 747g IOH4 102 977g 981g 96 9612 9812 99 76 76 101 1035g ___ 935g 935g 103581057g 1035g 10612 1027? 1051? 10312 105 104 104 103 10434 68 69 101 1015g 977g 981g 96 96 98 991g 73 74 100 1017g 9914 9914 5712 68 1013g 1017g 96 977g 95U 96 983g 99lg 70 72 101 1025g 101 101 9234 9234 1101g 11412 11034113 1105gll4 875g 9234 881? 91 8712 921g 58 6H4 10134 1021g 9712 9734 95 9512 9812 99 “ 7212 75 102 IO3I4 __ 4934 57 102 1025g 9712 98 95 951g 9812 991? 7012 7212 1025g 10314 100 100 927s 927g 1161? 1193? 1157g 119 1161g IWI4 901? 923? 901g 921g 901s 9214 1163? 1201? 88lg 9034 1165g I2OI4 871? 9034 88I4 8914 10312 10334 104 Mutual Un Tel extd 1941-5 MFG. AND INDUSTRIAL Allis-Chalmers—1st 1936 — E Amer Agric Chem—1st ’28--5 Amer Cotton Oil—Deben-4)^ Debenture 1931_________ 5 Amer Hide & Leather—lst-6 Amer Ice Securities—Deb--6 Amer Smelt Secur—Deb-----6 Amer Spirits Mfg—1st— 6 American Thread—1st____ 4 Amer Tobacco—40-year----- 6 Registered- ----------6 83 83 8312 8312 84 104 7712 787g 1011210178 9712 9814 9612 97 9914100 76 77 10314 1043g 101 101 Gold 1951 2____________ 4 797g 8412 83 837g 8378 8534 8434 86 8438 9312 85 831g 8312 8412 8434 8412 8412 8478 847g Registered _ __ __ - 4 103 103 1003g 9934100 75 7712 10134 1021g 9734 98 9612 9634 991g 997g 76 78 10312 104 102 102 10412115 105 113 1045gll47g 89l4 87 8912 8134 8734 85 8914 8214 867g 851g 8812 8712 88 85lg 885g 1137g 11712 114 1171g 1133g 1171? 90 9112 89U 91 8934 913g P Lorillard Co when iss’d 7 When issued _ __ 5 Liggett & Myers Tob w i_7 8934 9014 90 91 901 g 91 8912 9014 8912 90 1023g 1023g 1023g 1025g 10212 10234 a On the b asis of $5 to the £ sterling Amer Writing Paper— 1st.-5 8934 90 Baldwin Locom Works—1st 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 91 9134 90 10312 10312 917g 8912 9012 8914 8934 8834 8912 10314 10334 123 MISCELLANEOUS BONDS—RAILROAD STOCKS 1911—Concluded. January February March April June July Aug list September October November December May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High BONDS Bethlehem Steel—1926___ 5 Central Leather—20-year__ 5 Registered___ _____ 5 Consol Tobacco—50-year__ 4 Trust receipts Corn Products Refg— s f—5 1st 25-year sink fund 1934-5 Cuban-Amer Sugar—10-yr.-6 Distillers Securities—conv--5 E I du Pont Powder------- 4J^ General Electric—1942—3*4 10-year debenture 1917—5 General Motors—1st 1915-6 International Paper—1st—6 Consol conv sinking fund-5 Internat Steam Pump—1929 5 Lackawanna Steel—1st con-5 1st cons 1950 Series A----- 5 5=year conv 1915-----.5 Nat Enam & Stamp—1st—5 N Y Air Brake—Conv-- --6 Railway Steel Spring—lst--5 Republic Iron & Steel—1st--5 10=30=year sink fund 1940-5 Standard Milling—1st - --5 The Texas Co—Conv 1931- 6 Union Bag & Paper—1st—5 Stamped________________ 5 U S Leather—debenture----- 6 U S Realty & Imp—deben--5 U S Reduc & Refining__ -6 U S Rubber—coll tr 1918---6 U S Steel—s f 10-60-year—5 Registered -------- -- —5 Va-Caro Chemical 1st 1923--5 Western Electric—1st .. -5 Westingh El & Mfg—conv--5 10-year coll notes, 1917--5 8734 89*2 89*2 94*2 93*2 98*g 953S 97 95% 96 89 94 93% 96 86*2 8834 88 89 91*2 9434 93% 94*2 9234 93% 993g 100 99% 97*2 97 95 967g 963S 97 9534 965S 99*2 997g 98% 9934 933g 99*8 9834 99*2 99 99% 99*8 993g 97 9834 9834 87 88% 873g 89*4 817g 8738 85*2 8834 8734 91% 90*8 91% 90*8 92*8 81% 8334 83*4 83*2 85 85*2 85*2 85*2 8434 90 91% 91% 9634 9634 96*2 97 9634 9634 95*2 9634 96 97 —— 96 97 97 97 97 97 97 97*2 9634 975g 9634 97 96 96*2 96 96 96*4 97 963S 96 96*2 96*2 9658 96 96 9634 96% 963g 963g 97 95*2 9634 96*4 97 96*4 96% 96*4 96*2 96% 96*2 96 96 96 95% 96 96 97 95*2 97 97 96*2 97 97 97 96*2 96 96*2 97 7734 793s 77% 78*4 74 743g 7034 7434 74% 78 74% 76*2 76*2 7734 773« 79% 7734 78*2 77 77*2 71 78% 77*4 80 82% 83% 8334 8334 833g 8334 83% 84% 84% 8434 84*2 86*2 86 86 85 85*2 86 83*2 84 85 84*2 85*2 85 85*2 82 82 82 82 81% 81% 81 81 81 81 146b 1491o 149 151 145 149 147 156*2 1541o 167 1621o 1651o 161 162 1461o 1491a 1505s 153 99% 977g 98*2 97 “ 99% 99*4 99 99*8 98 97% 987S 98*4 9834 104 104*2 103% 104 102*2 103*2 101 102 10234 103*2 102 103 102*2 1041? 102*2 104% 102*2 104 102*2103 10234 103*4 103*2 1031o 84 87 85*4 863S 84 85 84 85 85*2 83 84 85 86 86 84*2 83 83 83 85 83 83*2 85 83*2 85 9434 93*2 94 94 94 95 913g 9334 9234 93*2 9234 9334 93*2 94% 94 95 92*2 94 91% 92 91% 9234 91 92*2 9734 99 987g 99*8 98% 99 98% 99 98 985S 98 98*2 97 98 99 96*8 98 98*8 96 97*2 96 97% 96*2 98 88 88*g 87*2 88*4 7S34 80 87 87 85 8H4 8434 80 82 86 79 79 80 78*2 7834 77 9434 96 9134 9234 90 95 94 95 95% 94% 95" 94 90 93 90 91 94% 93*4 94*2 93 91% 91*2/ 90% 91*2 95 95*2 94% 95 94% 94*2 943g 9434 94*2 9434 94*2 947g 95 953g 94 94% 9834 100 102*2 105 102 103*2 102 102*2 102 102*2 103 103b 103b 104 103 104 100 104 94 99% 96 100 99 993g 97% 97% 973g 97*2 9734 97% 97% 97’% 98*2 99 9734 98*4 983S 97% 98 98*2 98*2 98*2 98*2 98*2 98*2 98*2 98*2 97 103*9 103*9 1027a 1031o 1027a 1027a 95 ’ 96 “ 94*2 95 94 897g 907g 91 96 96 91 94*2 91*2 89% 88 88 86 86 87 88*2 88 89 85 87*2 87 ” 87*2 87*2 88 94 98 97*8 94 95 97*2 97*2 96 95 95*2 95 95 92 92 94 943g 94*2 94 94 94 94*2 94*2 94*2 94% 94*2 94 90*2 95 92 95 9434 9434 95 95 95*2 96 102 102% 102*8 1025g 102*4 102% 102*4 102*4 102 102 102 102 102 102% 104*2104*2 10334 105 104*2 104*2 104 104*2 907g 87*2 90 8934 90 89 90 89 90 89 90 91 90 907g 89 90 89% 91 89*4 8934 89*4 8934 88 90 847g 75% 82 70 70 85 88 83 103 103% 103*2 104 103*2 1037g 103*2 105 104%105 104*2 105 104 105 104 10434 10134 1043g 103 104 103*2 104*8 104 104*2 10334 105 104% 1053g 105 105% 105*2 106 105% 106*4 105*8 106 105*2 106 104*2 10558 100 1045g 100*2 10234 101*8 1025g 1013g 1017s 103% 1043g 1047g 1053g 105% 10534 105% 1057g 105% IO6I4 105% 106*8 105% 106*8 104*4 1053g 100 104*2 100% 102% 101*8 10234 IOH4 102% 987g 101 99 100 100 101 10038 1007g 100 100*2 100*2 101*2 101*4 102 IOH4 10134 100 101*2 10034 1 0134 100 101 100 101 100*4 101 100%101 100*2 101 10034 101*2 101*2 1 023g 101% 102% 102*8 1027g 101*2 102*2 102 102% 10134 102*2 102 102*2 102% 102% 9134 9234 923g 93*2 9234 94% 94% 95*4 94% 95% 927g 95% 91 9334 90*2 93 925g 93*4 92*2 93*2 91% 92*2 9238 93 96 96 MISCELLANEOUS. Adams Express—coll trust--4 8934 90*2 90 Armour & Co—1st real est 434 92*2 93*8 93 Bush Terminal—1st 1952—4 90 91 90*4 Consol 1955 ___________5 97 91 93*2 91*4 97 883g 92*2 92% 98 90 93*4 92*2 983g 86*4 88 92% 93 93 93 98 100*2 35 35 35 Chic June & U S Y—1915-- 5 Chino Copper—1st conv____6 Det M & M—land gr incomes Institution for Irriga Wks & Devel of Agriculture-—4 *4 Internat Merc Marine----- 4*4 Internat Navigation—1st—5 Morris & Co—1st 1939 --434 Mortgage Bond Co N Y- -4 New York Dock—50-year --4 Niagara Falls Power ____ 5 Public Service Corp N J------5 Washington Water Power--5 COAL AND IRON. Buff & Susq Iron—1st 1932-5 Debenture 1926- __ --5 Colo Fuel & Iron—s f 1943--5 Convert debenture 1911 -5 Colo Fuel gen 1919___ -6 Colorado Indust—1st 1934 -5 Consol Indiana Coal—1st -_5 Consol Coal Md—ref 1950--5 Kan & Hock Coal & C—lst-5 Pocahontas Cons CoIlieries--5 St L Rocky Mtn & Pac—lst-5 Tenn Coal Iron & RR—-Gen-5 64 78 91 68% 66*2 68*2 65*8 67*4 66 79 79 79*8 7934 7934 9134 9134 91*2 91*2 92 89 90 90 102 96*4 96*4 94 93*2 96 102*9 102*9 96*4 96*4 97 97 97*2 98*2 99 99 100 993a 76*2 79*4 78 78*8 75 84 104 1047g 105 87 94 104% 105*2 105 88*2 96 87*2 93*8 93% 97% 87 92*2 93 97*2 88 86*2 8734 84 86*2 93 92*2 9278 92 9234 93 921q 92*2 97 99 97*2 99 99 1021a 1021a 102 “ 111 83*2 91*2 92 97 100 84% 92*2 92 98*2 84 913g 90 97*2 1043g 101 35 92 93 6634 663g 677S 67*4 6834 67*2 82*g 823g 82 82*2 82*4 913S 9034 91*4 91*4 91 89 84 84 102 94 937g 94*2 9334 94% 9334 90 90 98*2 98*2 97*2 98 100 100 100 100 79*2 75 10334 104% 104 104*2 Birmingham Division. —6'1O434 1O5% 104*2 105% Tennessee Division.. 6 105*8 105*8 Victor Fuel—1st 1953. -.5 87% 87% 9534 96*2 Va Iron Coal & Coke—1st..5 95*2 96 86*2 92% 93 97 89 99 6734 64 64 68 82*2 81*2 82*2 80 9034 7334 76 75 77*2 73 77*2 74 75*2 74 99 99 8334 84*2 82*2 82*2 103*2 104 103*2 103% 102*2 1037g 102 103 100 104*9 1047s 103*2 104 104 105 106 10334 10334 104 1047g 105 94*4 97 113% 110 96*4 98 96*2 98 87*4 92*2 92 99 116 823g 82 937g 92*2 9334 93 97 99 83 86 104% 104 104*2 106 106 106 105 105 105*2 87% 87b 91*2 93 91*2 94 108*2 108 87 91% 9034 98 87*2 92*2 91 9834 93*8 93*8 93% 93*8 647g 67*2 65*2 6734 65% 63*2 65 80 79*2 81 80*2 82*o 80 82 91*o 91*2 100 85 104 106 105 86*4 92 90*2 98 82*2 82*2 94% 93*2 937g 93 90 90 90 90 89 99*o 99 100 100 102b 100 100b 100b 100*4 100b 76*2 73*2 76 86*4 92*2 92 98 96*4 9734 95 97 75 91 97 93*2 92*2 92% 91 98 10734 1073i 74*2 75 99 99*4 72 76 94 94 99 1023g 100*2 1023g 101%102 104 104 104b 103*2 103*2 104 104*4 104*4 96*4 93*2 94 95*2 96*2 PRICES FOR STOCKS AT THE NEW YORK STOCK EXCHANGE. EMBRACING THE YEARS FROM 1907 TO 1911 INCLUSIVE. 1907. r STOCKS RAILROADS. Atchison Topeka & Santa Fe----Preferred --------------------------Rights-------------------------------Atlantic Coast Line RR----------Baltimore & Ohio------------------Preferred — — — — _ — — — _ — — — Buffalo Rochester & PittsburghPreferred — Buffalo & Susquehanna, pref---- Canadian Pacific--------------------Subscription receipts------------Canada Southern--------------------Central of New Jersey--------------Chesapeake & Ohio-----------------Chicago & Alton--------------------Preferred --------------------------Chicago Burlington & Quincy— Chicago & Eastern Illinois, prefChicago Great Western----------4% debentures--------------------5 % preferred A--------------------4 % preferred B--------------------Chicago Ind & Louisville, pref.. Chicago Milwaukee & St Paul— Preferred --------------------------Subscription warrants----------Common certificates------------Preferred certificates------------Chicago & North Western-------Preferred --------------------------Rights-------------------------------Chicago St Paul Minn & OmahaPreferred — Chicago Terminal Transfer-------Preferred --------------------------C.'eve Cin Chic & St Louis-------Preferred --------------------------Cleveland Lorain & Wheeling— Preferred --------------------------- http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis July August September October November Deccnioer May June March A prll January February Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 825g 102*2 89% 98 c86 9638 98% 108*4 99*4 105 99 101% 98 99% 92 98*8 94*2 9734 92l2 96i2 i4 l4 11934 133*8 115 122*2 94 116*2 101 10634 92 104 114% 122 107% 117*2 90*s 110% 96*2 102*2 92 100% 86 89*o 92*8 94% 90 93*4 87 88% 88*s 90 80 90 115 115 95 95 135 135 13934 13934 83 8534 85 85 179*2 195*2 178*2 18834 155 18338 171*2 18934 164 178*2 19434 19434 6334 65*2 63*8 643g 60 63*2 60*2 6338 61 6338 210 220 200 212 165 206 190 195 174 186 49 56 48*2 53*2 3634 5034 39*2 4334 3*34 42% 15 24% 27*2 18 22% 1434 19 17*2 11*2 16 65*2 69 65 65*2 59 61*2 200 200 210 218 115 115 120 120 15*2 *16*2 12*4 15% 10*2 14% 1538 18 9*2 1134 7634 78 75 75 73 73 il 78 77*8 79 69*2 71*2 69*4 7134 61*2 69*8 50 62% 44% 523g 12*2 1738 22% 26*8 2134 23% 17 22*2 15*4 20 86*4 927r 89*2 95 94 92*2 94*4 92 9434 92 85 80 99*2 96*2 86 81 96 96 86 91 125 143*4 150*2 162*2165*4 32 32 127*4 133*4 141 148 6157 168 210 210 14*4 16% 170 170 122*2 1463S 131 145 161 148 112 127*4 129 142*2 137*2 162 207 212 ID 15 120 147 160 160 9*4 934 5 16 16 22% 9 85*2 91*2 63 83 106 106 85 95 139*4 123 159*2 150 116 122 132 139*2 147 15534 200 220 133 10 70 85 16*2 15 74*2 63 101 85 59 95*2 7934 84 97*2 88*8 92*4 7734 86 83*2 83*2 80 78 100 62*8 170 32% 15 50 64 180 36*4 18 54 64 175 34*4 16*2 51 934 70 43 1334 11*4 72*2 45 1738 1034 65 49*2 15 65% 185 36*2 19*4 53 60 62*2 168 170 3034 36 9*8 12*2 49*9 5034 200 “ 200 1134 958 64 65 55 39*2 16*2 12*4 144 8634 663g 77*2 687g 75 78 85 89 81*2 88 803g 90 837S 78 105 170 58 753s 75 68 90 74*? 138 70*9 83*2 80 693g 90 7434 151*2 60*4 61*2 55 60*4 52 59 169 177 158 174 144 155 32% 3434 26-% 33*4 23*4 29% 1034 15 8*g 12*2 48. 49% 48*2 49 205' 228 ’ 6538 79% 75 7234 72*2 85*4 7734 75 148*8 155% 55 156 26% 11 5834 169 31% 14*2 884 9 6% 7% 7 11% 8-% 10*8 7 50 51 46 47 64 64*2 64*9 50 64 25 2934 21 2934 37 50 26*8 45 50 12*4 13*2 85S 12*2 8*9 10*8 8*4 10*4 15 13834 12334 1303g 129*2 136% 117*2 13338 115*4 125*8 98*2 1195s 93*2 104*2 9734 1073g 159 148 15234 148 153*2 145*2 15134 146 148 135 145 130 136 132 138 107 120*2 126*2 139*2 144*4 155*2 205 205 139% 124 100*4 77 99% 87 86 88 91 125 16434 174*2 172lo 178*2 15934 17534 157 171 70 145% 157*2 159 165*2 3 1 3538 130 141 14334 149 17934 205 225 234 16 18% 160 170 160 165 9 9*2 23 25 87*8 927g 107*4 108*2 8134 92*2 85 8834 72 83 89 92% 88% 91 108 113*2 129*2 134*4 139*4 149% 204%205 135*4 125 130 5 5 20 72*2 63 101 11334 12234 132 137*2 145*2 151% 205 209 107*2 116*4 125 134 138 14834 197 210 132 115 124*2 124 160 160 145 132 10% 15 6634 65*8 69% 58 66 90 ** 90 115 115 c Ex divid end and ri gilts. 107 115 128 13134 143*4 14734 ___ 101% 106 3 1 130 126 146 185 201 85 111*2 128*2 183 94 118*2 135 195 9734 90 118% 126% 133 140 185 185 125 110 115 116% 12134 137*2 140 160 334 12 22 22 10*4 10*4 10 6034 6334 49% 60*8 48 52*2 50-% 57*4 85 90 92 92 90 90 130 145 106 160 3*9 I RAILROAD AND MISCELLANEOUS STOCKS 124 1907- Continued. STOCKS. January February Jl/arch July April May June August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Cleveland & Pittsburgh, guar— Colorado & Southern--------------- 33 387g 1st preferred------------------------ 65 69*2 2d preferred------------------------ 54 581s Cripple Creek Central--------------- 69 73 Delaware & Hudson---------------- 208 227i2 Delaware Lackawanna & West’n 480 510 Denver & Rio Grande--------------- 35*2 4278 Preferred --------------------------- 79*2 837g Des Moines & Ft Dodge------------ 15 18 Detroit & Mackinac, preferred-Detroit Southern, vot tr ctfs----Duluth South Shore & Atlantic-- 16*2 19*2 Preferred __________________ 29*2 39 Erie-------------------------------------- 3358 44U 1st preferred------------------------ 69 757g 2d preferred------------------------ 57l2 67 Evansville & Terre Haute, pref-Great Northern, preferred-------- 164 18934 Subscription receipts________ 73* 85 Ore certificates--------------------Rights-------------------------------Green Bay & Western_________ Debenture certificates, Ser A-Debenture certificates, Ser B-- 13 14l2 Hocking Valley_______________ 115 115 Preferred __________________ 87*2 94 J P Morgan & Co, com rec----J P Morgan & Co, pref rec----Illinois Central________________ 158 172 Leased lines stock__________ 9912 99U Iowa Central_________________ 24 287s Preferred __________________ 43 51 Kanawha & Michigan____ ____ Receipts----------------------------- 63 63 K C F S & M, tr ctfs, pref_____ 78 80 Kansas City Southern________ 26*g 3034 Preferred __________________ 56 6134 Keokuk & Des Moines________ 11 11 Preferred __________________ Lake Erie & Western_________ 27 28*2 Preferred __________________ Lake Shore & Michigan Southern Long Island--------------------------- 61 67*2 Louisville & Nashville________ 1337g 145ig Manhattan Elevated__________ 141*2 14334 Mexican Central____________ __ 221g 275g Michigan Central_____________ Minneapolis & St. Louis______ 5634 59 Preferred __________________ 87 90 108 140*4 Minn St P & S S M-............... .. Preferred __________________ 140 168 Rights-------------------------------Missouri Kansas & Texas___ -- 35*2 4134 Preferred __________________ 69*2 7234 Missouri Pacific_______________ 86 9234 Morris & Essex______________ Nashville Chattanooga & St L-- 136 147 National RR of Mexico, pref___ 5212 593g -2d preferred------------------------ 2434 26*2 N Y Central & Hudson River___ 125 13434 N Y Chicago & St Louis_______ 58 6312 1st preferred------------------------ 110 110 2d preferred________________ 83 9134 N Y & Harlem________________ N Y Lackawanna & Western__ N Y New Haven & Hartford----- I84I4 189 Rights-------------------------------N Y Ontario & Western_______ 4212 483g Norfolk & Western____________ 8412 92l4 Preferred __________________ 88 9012 Northern Pacific______________ 149 18912 Subscription receipts________ Rights------------------------- ------ 17 2334 Pacific Coast Co_____________ 121 124lg 1st preferred-----------------------2d preferred------------------------ 115 1241 Pennsylvania RR____________ 129*2 1413g Peoria & Eastern______________ 30 30 Pitts Cin Chic & St Louis_____ 733g 78 Preferred __________________ 105*2 10512 Pitts Ft W & Chicago, guar----Railroad Securities, Illinois Cen tral stock trust certificates----Reading_____________________ 11914 139lg 1st preferred------------------------ 8912 92 2d preferred------------------------ 90 94 Rock Island Co_______________ 25lg 301g ■Preferred __________________ 583g 64l2 175 32 66 5334 175 37*2 67ig 58 201 2147g 495 505 351g 3934 79 81 90 I6I4 30 327g 6734 58 159 69 90 167 206 445 490 28*2 37*4 697g 78*4 90 90 181 193*4 460 474 28*2 315g 75 77 12 12*2 3 3*4 13 15 22 25*? 2234 265g 513g 60*4 35*4 4134 90 Q2 61293 4 4112 171*4 126 163*2 122 13034 50 723 4 56*78 64 834 11*2 71 71 ~ I8I4 3312 373g 7134 6214 ___ 87*2 90 155 I62I4 98U 98*4 23*2 2534 4534 43 78 27 565g 10 160 160 22l2 34 25 28*2 21 5834 6634 57*2 61*4 56 40 44 5512 4634 49 79 2914 61l4 10 23lg 27 934 20 217g 57 3434 17 25 34l4 68*4 58 25*o 22*4 257g 24i2 2784 21 60 57 6034 57*2 6034 51 4034 4734 44*2 4734 40 47 161 190*4 450 470 24 30 70 75 3 10l2 19 20 53*4 33*2 3 12 23*2 25*4 563j 39*2 62 63 12612 136*2 1421, 146 22lg 25lg 52 108 129 15 125 54 5712 49 90 90 86 97 10712 125 136*4 14912 123 60 1287g 143 233g 125 5514 88 12134 146 52 116 134 21 48 50*4 46 503s 41*2 4334 8010 8312 104 1107g 90 10534 94 “ 10812 12912 141 125’g 135 126*2 137 75g 17*8 18 45*2 29*4 1012 20 24 5934 4112 3 9 18 195S 45 3534 3 10 18*2 22 5134 39*c 6*4 1212 16*2 37 27*2 87g 17*2 2038 46 36 758 10 12*4 28 20 83. 13*4 18*4 40*8 28 7*4 13 153g 33*4 2234 11*2 87 80 145 7*2 8*2 83 83 747S 80 7*4 77*4 80 75 84 128 141 134 93 1834 15 17*2 15*4 397g 34*2 3834 35 70 73 73 277g 22*2 28 5834 49*8 57 77g 39 4234 77*2 82 10312 1087g 136 13934 38 4134 761c 7734 93*8 10434 119 130 9 75 534 74 65*4 70 75 8*2 6*4 634 73g 9 63 66 66 74 65 64 80 70i2 697g 70 65 68 82*4 63 68 142 118 135*4 116 90 93 1658 12 16*2 9*2 3734 40*2 39*8 30 125 120 90 10 12 ___ 29 30 45 __ 11*4 15 45*2 40 " 40 11 12 3934 40 30 1053g 110*4 9012 106 85*2 115 122 1007g 1181, 105 1234 163S 1934 14 17 37*2 4134 763, 7Q1o 98*4 106 “ 127 134 40 97*4 113*4 1434 12 26 89 112 13*8 35 96 120 15*2 30 40*2 23*2 2614 783s 7910 741o 7412 62*, 6912 60 95*4 68 " 75*2 721, 81*2 110 12934 115*4 120 116*2 12212 158 35*4 38*4 74 77 77 84 126 1375S 108*2 114*8 307g 36 68 74*2 84 84 113 1325g 96*2 112 119 12034 90 100 95 313g 723g 80 120 106*2 9934 95 38* , 79*4 82 137*0 118*2 987g 94 9878 98*2 9934 85 165 3114 37*8 32 35 17U I7I4 3012 3334 2834 32i4 5012 5334 50 523g 1687g 183 1683g 177*4 92 94 90 91 851, 90 93 93 16ig 18*2 15U 17 31 3812 29l2 3414 25 30i2 30 30 1234 1634 11*2 13 31*2 3734 28 3334 1934 17i2 2134 17 Wisconsin Central_______________ 22l2 257g 20 23 Preferred --------------------------- 447g 5112 43 47 2334 2934 45 51*2 120*4 17134 86 91 85 85*g 1212 15*4 2H2 31*4 19 19 9*2 1234 225g 30*2 14 18 16 20*2 36 46 27*2 30*4 51 *g 547g 1323g 14834 8534 8834 85 85 14 15 24*2 27 15 15 12 133g 25 30 16 177g 1934 17 39 42 280 200 100 270 285 297 210 210 209 212 100 11134 95 100 255 260 6 Ev 9934 104*4 86 103 84 83 2034 46 88 114 86*4 85 233g 51*2 67 3412 63 195g 51 20*g 63 67 39 63 233g 57 2334 72*2 96*g 80 77*2 18*4 42 62 29 60 19 50 17 53 1153g 8410 83 223g 50 62 3534 60 21 56*4 22*4 67*2 97 80 78*2 1834 42 107*4 82 82 22*4 46^2 25 27 65 30 60 19*4 4734 17*2 56*4 68 36 621? 205g 52*4 203g 71 10012 1087g 79 81*2 7934 80 2078 2212 46 483g 122 122 35 35 6534 35*4 63 1934 4634 19 62l2 6534 383g 63 22 52*4 207g 69 84 S4 85*4 103*2 797g 81*2 75 75 173g 2134 40*4 4734 60 30*8 63 15*2 40 145S 50*8 14012 160 3212 34*8 69*2 7214 ___ ___ 121 134*4 104 111*2 92*2 80 101S4 102 1223g 1283g 118*g 1283g 117*4 12238 12138l255g 11434 12234 20 22 25 26 20 20 25 25 697g 72*4 66 71 65 68 67*2 68 ___ 95 95 93*o 94 95 95 91 91 168 " 168 19 19 59 62 29 40 60 65 18 23 45*4 55 1934 25*2 70 79*2 85 92 6934 9134 112 117*2 290 295 228 235 105 105 32 37*4 71*2 76 8412 84*2 U97g 13014 107 112*2 60 37*2 63 20 48 19*2 6412 12*4 30 11 16212 168 3734 39*2 74 80*4 75 75 126*2 139 114 121*4 127 60 65 73 60 65 73 63*2 65 2412 273g 1934 2534 2012 235g 22 24*2 53*8 5634 48 543.1 48 51*2 51 54 47g 5 4 6 8*2 9 427g 4578 83 87 82 85 144*2 1 5534 12512 134 3412 43*2 71 8434 80 827g 114*4 14634 110 127*4 9 15 177g 3734 2712 1383g 114 133*4 1235g 132 IO712 131*4 109 1163g H25g 122I4 1295g 1051c 124 1167c 122 99*- 111 1103c 117 98 120 5234 38 ' 441, 43*4 51*8 61*2 44 56*2 52 58*8 37 3234 40*8 32 39*4 33 37“ 22*2 34*4 2034 25 24 645s 677g 5978 67 63*4 66*4 54 65 53 57 55% 7334 773S 63 7434 67 7178 48 6734 4412 57*4 44*8 1671, 1671o 155 125 125 120 121 120 120 108 116*2 97 50 52*4 4634 501c 47 48*2 4414 4412 39*2 39*2 40 Ifilo 17 21 91 15 17 131o 1 Ain 13 14 13 1101211438 99*2 11134 101*4 107*4 9334 10334 91*2 993,1 89 32 3934 1934 34 29 38 37 40 20*4 247g 24 92 92 85 85 90 72 7434 70 70 ___ 41 43 48 51 51 6512 70 6612 6834 42 483g 39 44 71 71 2234 25*2 2134 2434 53*2 60l2 5414 6212 247g 34 24*2 27f>g 84lg 9412 74 8534 941, 941, 97 97 9OI4 96*4 8934 953g 11634 1181g 117i21177g http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 12 211c 26*4 62 44 15212 16412 1235g 157*2 124 135 133*2 149 464 474 36912 455 400 410 400 425 22*4 25*8 177g 24*4 16 19*4 18*, 22 6534 69 56 67 53 55 60 61 519 51a 5*4 5*4 3534 4412 30*4 445g 3434 3734 30*4 37*2 3012 34*4 685g 7Vg 59 70 637g 6634 6134 66*4 6212 6412 78 87 64 8OI4 72''g 773g 71*2 765g 72 77 179 179 133*2 135 119 130 123 131 131 131*2 .... 5412 56*4 4834 5612 52 54 52 52 49*4 49*4 2434 27 203g 23lg 21*2 211, 124 130l2 111*2 1257g 116 12134 109 11958 108*4 11414 35*g 55 37 45 35 42/g 36 40 109 109 70 7934 72 79*2 74 77*2 365 365 12412 1241, 1797g 185 173*4 182 175 179 164*4 17234 159*2 16534 91 126*2 84 89 83 90 177g 247g 4034 56*2 125 125 290 290 235 247 110 117 280 290 11*4 20 2278 58 40 147 169*2 440 460 20 28*2 647g 70 13 13 300 300 45 50 45 45 57 54*2 55 12114 109 " 120*4 10912 116*4 112*4 118*4 103 1121c 139*2 133*8 140*2 130 136 131 133 110 1327g 237g 19 2212 19*2 2034 20 2134 15*2 201c 112l4l263g 88 9012 88 90 23U 271g 51*, 60 125 125 EXPRESS Adams--------------------------------American-----------------------------United States_________________ Wells, Fargo & Co------------------ 5 11 221? 237g 59 39 8 lll2 934 10*g 8*2 9*4 8 9*2 9*4 80 80 84 85 83l2 91 83*2 83*2 83*2 83*2 ___ 78 81 80 80 85 753gll4 78 80 80 134 155 145 149*2 13412 145 135 144 141*8 92 92 18 21*4 18 17 19*4 18 19*8 1734 19 367g 3S 34 4112 3834 34 42 30*8 43 38*2 50 50 50 50 75 76*2 70 7334 73 74 77*2 76 79 24*8 25*2 253.4 23 2734 23 26 18 28 45 5834 52 613g 575g 6078 55 60-s 5678 734 8 7'8 37*2 37io I9I4 24*g 20*4 25 20 20 57 ’ 61 ” 55 " 67*2 65 65 95 125 114 129*4 18 221, 67 7212 93*2 98 Rome Watertown & Ogdensburg 5 10 20 205s 55 35 166*4 173 465*2470 27 29*4 70 715g 123 138i2 122 132*4 130 116b 129 115 124 123 4934 57*4 55 4912 63 113 115 127 1327g ___ ___ 73 75 100 101 Rutland, preferred-----------------St Joseph & Grand Island_____ St L & San Fran, 1st preferred-2d preferred________________ C & E Ill, new stk trust ctfs-St Louis Southwestern________ Preferred __________________ Southern vot tr ctfs stamped ext Preferred do do_________ M & O stock trust certificatesSouthern Pacific Co__________ Preferred __________________ Rights-------------------------------Preferred subscription rects-Texas Central_________________ Preferred __________________ Texas & Pacific_______________ Toledo Peoria & Western______ Toledo St Louis & Western------Preferred __________________ Union Pacific_________________ Preferred ------------------------- Vandalia ____________________ Wabash_____________________ Preferred __________________ Western Maryland___________ Wheeling & Lake Erie------------1st preferred-----------------------2u prererred------------------------ 160 171 462 4621? 24 267g 7034 73 1834 1734 24 17 2Vs 22 243S 18 22 45'% 441, 52 59*4 51*2 56*2 421c 53*' 41 34 4212 45*4 42 44*2 3134 421- 29*2 35 90 129*4 142*4 1273g 138*2 134 3 28 325g 28*4 31*2 56 71 61 65*8 70 83 70 70 1001, 13234 IO2I2HI34 917g 110*8 91*2 102 75 84 90 91 Qlb 118*8 1215g 106*2 120*2 20 20 15 15 66 67 51 66*4 69*, 82 163 " 163 90*4 80 75 183g 43*2 983g 82 80 21*4 4634 70i2 73 67*4 1212 34 95*8 84 75 19 45*2 56 65 71 76 10312 lllb 15 15 53 60*s 7434 80 721, 73 67 11*4 2612 903g 77*2 69 14*4 35*4 27*2 59*4 56 L55 100 4412 161o 9934 267g S6 57 131 140 27o 414 31*4 3414 61*2 6578 75 77 109*2 12134 101*2 10734 71 7934 85 88 1083g 11534 10 15 60 63 81*8 86 873g 74 74 1334 27*2 107 2412 97*2 75 76 16 33 25*2 64 64 58 60*2 60 3412 393g 27*2 36*2 24 60 30 28 30 155g 40*4 15 52 1412 30 13 41 1434 28*>8 12*s 35 15*2 31 15 41 18*4 49 1634 58*2 1212 25*2 11 37 17*4 47 15*4 53 11 25 10 29*2 7634 86*4 67334 8734 7234 80«4 7634 915g 7934 90*4 8358 87*4 63*4 84*s 64*4 7334 70*2 77*8 114 117 6109*4118 110 11412 111 L13 108*8 11212 109 111*2 100 110*4 101 ,0734 107 110 3, 1 fig 1*4 1075q 11 llo 10fi3o 1101, H)Q5o 119 50 50 85 85 2434 3314 2734 297g 25 2912 25*4 31*8 2834 32 24 303g 25*2 29*4 1734 25*4 1712 19*2 19 21 280 228 105 270 28*2 30 4934 537g 1315g 1507g 87 96 117g 21-8 15 10 22 13 16*g 36 14 2634 15 11 26 15 18*2 40 27 48*4 128&8 84 277g 5012 139*2 87 12*8 22 15 1012 25 15 16 36 133g 25 16 12 26 17 17 41 295 211 98 rights 330 230 114*4 300 24 40 12012 75 267« 4934 [44*8 83 105g 1934 12 8*2 26 28 21*4 ___ 11*2 1634 17*2 133g 40 4034 30*2 13*4 2434 12 11 24*4 13 17 38*2 26*2 48^8 1355S 83*8 2734 5034 148 85 13*4 14 24 26 15 15 165 165 215 215 108*4 Hl 285 285 19*2 30 100 75 257g 45&g .293g 82*, 17*2 2934 10634 75 1934 16*4 18 3434 3j34 36i2 116*4 113*8 12034 80 78->g 81 1034 123g 8 1434 19 22 ___ 6 87g 1012 6 21 25 13 ___ 8 15 15*4 11*2 38 39 28 11*4 20 9 834 20 10 15*2 39 8*8 14*8 8 6*2 13*2 8 11 30 9*4 1612 9*2 7*2 16 8 14*2 30 2378 45 125*4 78 26*2 48*4 134*8 8212 150 165 165 165 180 215*4 202 202 85 .05 280 280 160 165 161 165 L75 200 L75 180 78 897g 70 75 9 153g 10*2 6% 1412 11 12*2 31 1078 19*4 1434 8*2 18 1214 15*2 35 165 165 • 180*4 180*4 75 90 A 125 MISCELLANEOUS STOCKS 1907—Continued. STOCKS January February March July June August September October November December April May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Hlg.i COAL AND MINING Prices 0/ mining stocks of par value of $25 or less are dollars per share, others per cent. Par. Alice Mining----------------------------5 Amalgamated Copper----------- 100 American Coal-----------------------25 Anaconda Copper a_________ 25 Balaklaia Copper_____________ 10 Batopilas Mining------------------- 20 Colorado Fuel & Iron_______ 100 Preferred----------------------------100 Columbus & Hock Coal & Iron 100 Comstock T unnel--------------------- 2 1st income 4s________________ Consolidation Coal_________ 100 Granby Cons Min Sm & P__ 100 Homestake Mining_________ 100 Horn Silver Mining---------------- 25 Iron Silver Mining_____________ New Central Coal------------------- 20 Newhouse Mines & Smelters-10 Ontario Silver Mining............... 100 Pitts Coal of New Jersey___ 100 Preferred__________________ 100 Quicksilver Mining_________ 100 Preferred ________________ 100 Standard Mining_____________10 Tennessee Coal & Iron______ 100 Rights_____ _______________ 26912 29112 269 4612 577g 85 8512 2418 28 30c. 50c. 22c. 22c. 9712 99l2 129 131 lit "134 45g 458 VARIOUS. 501’ 25 47c 23c. 9210 12814 152 “ 85 85 412 41a 1438 181’ 43g 478 11 1U2 5158 54 78 78 158 lt>» 2 2 140 143 51l2 347g 5312 3812 4034 3578 41i4 3512 38i2 37 40 25 281’ 2658 32 24 3912 26l2 3134 241’ 30 62 " 7134 60 65“ 62 ' 66 55 7314 65«8 77 6714 90 97 I3t2 1678 1234 157g 34U 4334 34 39i8 23 2538 221q 25 95 95 19i2 23i2 18l2 2178 80 80 10 1414 25 34l2 19 23i2 90l2 91 1412 1914 75 75 5I4 7 4814 55 31 443g 41i8 4514 4H2 45 100i2 103 101 103 921’ 1027g 29l2 3214 30 337« 27 3214 90 90 88l2 88i2 88 881’ 612 4 4 4U 414 853g 94 65 86ig 146 146 55 6II4 42 55U 834 812 11 512 634 8 71’ 30 3334 22 31 65 65 2434 2514 1912 2434 25c 27c 23c 25c 18 18 86 86 126 12714 100 115 7212 73i4 70 71 1.60 1.6C 50 8I4 5i2 6>4 2412 3012 85 88 16 I9I4 3358 36 70 7434 109l4 11U2 6I4 5 2412 80 1612 32 70 11012 518 414 20 76 12U 27 7.534 5534 11034 101 734 512 29 86 1734 35 658 512 251 ’ 831’ 1638 30 7212 not? Il’s 127g 91S 28 351’ 2614 20 21 15 85 15 1778 1014 75 75 51 •> 71 a 514 5134 6OI2 53 35i8 383g 34 97 9934 98l2 2914 3178 2812 __ J 88 534 634 478 5 2012 22 72 83 12 151’ 25 33 6034 6634 105 110 712 40 40 314 312 24 25i2 23I4 2414 28 28 21 21 92 9318 9134 9134 1415s 155 1381’ 14658 1131211738 11258 11538 19712205 834 1034 4112 4712 129U 13638 I3OI4 131 128" 133" 96 9834 American Woolen Co................. 3034 3612 Preferred ----------------------------- 9912 10278 Rights------------------------ --------2c. 11c. Associated Merchants, 1st pref-18l2 20i2 Bethlehem Steel Corporation___ Preferred ___________________ 56 65 Brooklyn Rapid Transit________ 7178 83»g Brooklyn Union Gas___________ 110 111 Brunswick Dock & C Impt_____ 14 14 Butterick Co----------------------------- 49 49i8 Central Leather________________ 3434 38 Preferred ___________________ 99 10U2 Central, South Amer Telegraph 478 534 Chicago Union Traction-----------Preferred ___________________ 16 193S Trust Co ctfs deposit_________ Pref Trust Co ctfs deposit-----Connecticut Railway & Lighting Consolidated Gas_______________ 133 139 Corn Products-------------------------Corn Products Refining________ 2214 2434 Preferred ___________________ 8234 88 Detroit United Ry_____________ 79 80l8 Diamond Match________________ Distillers’ Securities Corporation 6912 75 Distilling Co of America, pref__ 75 75 Federal Mining & Smelting_____ 160 163 Preferred ___________________ 92 97 Federal Sugar Refining-------------Preferred -__________________ General Chemical_______________ 7434 7512 Preferred ___________________ 10012 102 General Electric________________ 155M 163 12 Rights---------------------------------- 11 Havana Electric________________ 43 47 8612 Preferred ___________________ 83 H B Claflin Co-------------------------- 103 103 IngersolkRand-------------------------- 60 60 Preferred ___________________ 94U 9412 Interboro-Met vot trust ctfs___ 3234 39 Preferred ___________________ 7012 7514 Internat Mercan Marine stk tr ctf Preferred ______________--___ International Paper___________ 1514 1812 Preferred ___________________ 7934 81 International Power__________ 48 5034 International Steam Pump------- 3414 41 Preferred ___________________ 78t2 81 Knickerbocker Ice (Chicago).___ 40 69l2 Preferred ___________________ 65U 68I4 Laclede Gas, preferred-------------Mackay Companies____________ 71 7514 Preferred ------------------ 69 71 a Prices tor Anaconda http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 42 ___ 22 29c. 20c. 30234 181’ 2034 15 1678 1958 14 434 838 638 85fj 5 73g 434 614 4 5 414 414 1134 1538 167s 14 12 1112 121’ 11 16 15l2 115« 13 56 6058 55 5834 49 57 52 5558 50 52 5114 55 ___ ___ 34 78 — -__ 7S 1 7S «4 134 134 2.90 3.70 3.25 3.30 2.40 3.00 2.45 2.50 2.40 2.50 154 162 145 15538 130 147 135 14738 136 148l4 13912 14012 Tennessee Copper____________25 Utah Copper-------------------------- 10 Virginia Iron Coal & Coke---100 77 Allis=ChaImers ________________ Preferred ----------------------------American Agricultural Chemical Preferred ----------------------------American Beet Sugar__________ Preferred ___________________ American Can_________________ Preferred ___________________ American Car & Foundry______ Preferred ______ .____________ American Cotton Oil___________ Preferred ___________________ American District Telegraph----American Grass T wine_________ American Hide & Leather______ Preferred ___________________ American Ice Securities________ American Linseed_____________ Preferred ___________________ American Locomotive__________ Preferred ________ _____ _____ American Malt Corporation_____ Preferred ___________________ American Malt Tr Co ctfs_______ Preferred Trust Co ctfs_______ American Pneumatic Service___ American Smelt Sec, pref B_____ American Smelting & Refining-Preferred ___________________ American Snuff________________ Preferred ___________________ American Steel Foundries--------Preferred ___________________ American Sugar Refining Co___ Preferred ___________________ American Telegraph & Cable CoAmerican Telephone & Telegraph American Tobacco (new) pref— 4 3 4U 99ig 8334 98U 8034 873g 145 145 533g 58’4 a53 74i8 59 647g 55 65 834 93g 778 934 7 734 8I4 918 28 32l2 29 447g 3312 38 27l2 37 55 60 65 75 ___ 57 57 20 2534 25 283g 21’ft 271’ 2114 25 23c. 34c. 27c. 40c. 25c. 35e. 25c. 34c. 18c. ISloc 18c. 20c. 16c. 16c. 80 9n 85 85 120 145 125 136 12514 139 11718 12512 72 56 75 72i2 5512 70 1.60 1.75 1.60 1 65 3.50 3.70 2.35 2.35 612 4 514 5 6I4 71s 6 1103812178 108i2 115i2 78i2 Ill’s 89 2978 35 86 90i2 IO4I4 140U 100 1141’ 205 205 99 99 8]4 934 7is 8l2 42 44U 34 42 12978 1371’ 1147g 1313g 1291’ 131 122 1281’ 75 80b 85 88 128 12812 1181a 119 97 “ 94l2 86i2 95’2 3012 33 24 321? 9978 10012 95 9934 105 105 18 1812 50 50 69 7534 1121212112 1334 14 3518 40 LOO 102 100 IOI4 45 4514 108 11 41 25 89 106U 17 51 7078 116 13U 421, 37U 1007s 712 103 12 49 53 103 13U 49 631’ no 115 12 13 42 4834 2712 32 95 99 10 40 48 105 10 371’ 20 90 70i8 78 92 42 76 9512 60 8519 102lo 10212 156 “ 16134 42 82 47 110 33I4 77 102 4914 55 55 93i2 931’ 92 32l4 36U 2218 6912 7212 52 15 79l2 4534 3314 77i2 48 1734 80's 4734 36lj> 79/8 48 140i4 12312 134U Hl 45 85 102 52 92 335s 6812 13 74l2 40 25 74l2 16i2 7978 47 33i2 7912 75 75 414 43 3514 93 29i2 87 2i4 -__ 37 941 ’ 55“ 5I4 521’ 43 1001’ 34^8 87 418 48 36 92 31 85 30 578 414 4 37s 1914 15 32 57 8 9 22 19 4934 57 106l2 9914 50 42ig 9914 34 85 30 5 4 1712 5334 9 2014 55 102 334 3l8 15i2 60 7 17 49l2 98 412 4 22 22 1914 21 3938 297s H’ 51 ’ 314 14 20 35 35 15 22 30c 19c 15 3 36 2438 78 23 82 3 234 10 81s 638 1612 35 83 31’ 1714 103 103 1038 11 11 565g 5512 L0912 106 I2I4 10 33 39 22I4 24 91 93 L20 120 358 358 1714 17 334 278 17 1371’ 113i2 121 98 9 30 60l2 3714 :io 1334 10 35lft 31 2412 I6I4 94 83 L20 358 258 1414 17 334 2i4 14 17 14i2 98 1212 37i2 5714 ___ 10 31 2212 9214 II6I4 12212 99i2119 135 82l"’ 85" 83 55 60 55 6212 60 8434 inn 85 64 64 64 95 98 9812 98 98 1351’ 14878 cl36 14212 13534 11a 1 2 134 1 30 " 30 75 7?. 77 136 136 82i4 85 30 3514 72 73 106 106 52 52 92l2 93 2434 2778 58l4 63 734 719 2278 24 1334 I5I4 73 7514 43 4434 26 3U4 77 7934 1812 2658 51 621g 7 77g 20 23 IU4 1458 70i8 74i8 43 43 23 27 70 74l2 1 1 52 93 15 42i2 7 1812 12 71 43 22 68 52 93 183g 50i2 8’s 21 1334 715g 44l2 24 72 1518 43 7I4 20 13l4 7U2 43*s 22i2 72 135 85 691’ 85 64 9512 121 82 71 50 55 49 37 94 32i8 82 5 31ft 15 3178 8’s 1834 52 9912 63 63 141 120 138 138 334 80 61 5 73 4 2's 2iS 8 ion 37>8 441’ ___ __ _ ___ 24 28 151s 371’ 41 335S 90lg 291 ’ 80 4 314 3’2 3ig 12»s 12 1012 12/8 1238 7 734 734 1634 1734 17U 3214 40 34 84 9312 851’ 15 221’ 9 18 393. 89 3 212 1012 181’ 1858 2114 75 75 58i4 73 831’ 90 150 150 70 70 45ft 6 20 31i2 995s 107 106 non 96 6 11 53 32 114 431g 57 54l4 5812 8112 114 134 21’ 14 7 74 8 46 3214 113 3734 50 53 85 90 89l2 125 75 78 665„ 791’ 8912 925s 150 150 ~7~ 27 9234 106 60 60 893. 100 99 60 67 66>4 12’s 145g 1334 7934 68 73 10212 80i8 6 13U 834 64i8 48 32 63 L13 114 545g 3778 56 50 85 51 96 7334 47 70 5112 5414 5414 12 35 48l» 85 6 27 1634 4'g 334 312 31’ 20 “ 17 21’ 130 70 60 3i2 391’ 2634 8314 26 80 42 283g 85 2634 80 134 95 125 31s 34 245g 80 21 70 34l4 83 7 27 143g 75 L05 96U 107 95 71 9 281’ 29 80 6 27 1234 73 10412 52i4 534 512 65s 7M 5 14 22 16 16 17 1012 1334 1134 13 16 75 75 7712 75 m2 734 934 814 ion 8 23 2634 80 6 25 n78 68 105 105ft 14 32 32 423g 4914 99'8 10434 10 10 30 3212 1612 19U 80 87 no .10 25g 3 3 1414 3 2l2 3»4 14l2 42 257s 34 134 5 3 171’ 17 22 35 14 19 19 21c 3434 60 90 70 90 54 721’ 54 60 1.65 1.65 1’4 1>4 25 25 534 9 51 ’ 8 21ft 31? 9~i8 8 1O18 7 38i8 50i4 37 43 -__ 1J8 1>8 2.10 2.40 ___ 130 135 98 135" 2i4 3 17 317ft 22 27 1334 19 13 22 31 50U 3158 381’ 10 6 9is 5 17 25 1418 27 1914 1514 18l2 10 825g 75 147g 1U2 13l2 8 1518 20 1578 1712 17 15l2 187s ll5s 173ft 13 62i8 72i4 64l2 67 72 73 7112 777s 71 73 6634 6812 6812 63 6478 6212 6312 61 671’ 71 1271. 1271. 125 25 5034 58 641’ 6914 41 65 61 7U2 62 67 1738 22 19 21 78 871’ 7712 8II4 70 7514 6514 77 1231a 125 62 7614 6812 7378 72 73 144 149 137 147 80 90i2 84 89 54 54 80 83 801g 90 70 70 701» 701’ 99 " 101 *" 97*2 102 13612 15834 145 150 8434 11 40 62ig L25 10 43 48 108 10 36 2934 21 89l2 97 1381’ 14.8 115 278 434 3 1534 13U 16 334 334 3 1341’ 138 140 15 2334 88 7912 30 3634 28 211’ 28 21 50 45 68 5414 433g 99 3178 __ J 51’ 6 4 4 18 197g 62 7134 934 10 24 24l2 545g 6OI4 103 105 2>2 4 22 2234 214 4134 603g 441’ 52 25l8 3 3 1414 31 I5I4 20c 15 90 90 ___ 8734 8734 91 60 857s 91 9078 9078 90 93 11914 13814 11134 13678 11278 I2OI4 1121’ I22I4 90 11378 841’ 1033g 6U4 89lg 8134 97 104 10912 104l4 10912 1031’ 107lg 1041’1081’ 921’ i05lg 951’ 101 195 19.^ 1921’ 1921’ 150 L75 99b inn 821? 8219 75 75 102 102 95 100 6_ 714 434 7 634 7l2 7 512 7 8 512 8 8 9 2834 38 34 3714 37U 41 32 41 35 39 23 35 37 40 1243 4 121 1071 2 123 109 11534 97 1123g 122 12778 11978 127 119 L2278 125 L26 118 L201’ 11578 118 108 117 124 125 124 L25 80 80 75 77 79 80 121 121 122, 123lo Cl 041a 110 1093. 1993. 88 10234 743g 86l2 77 8134 60 8412 92 901, 93l8 9b 93i8 91 93 78i2 2458 26 251ft 281? 21bi 26i2 2038 2412 11 28 31i4 2418 30 201? 9038 9514 90 9114 9034 9134 85 91 88 89 69i8 S5'8 951’ 98 410 4 4~ 15 “ 1712 1112 15l2 1334 19 133 15 21 85>4 77i2 1.90 1.90 135 135 634 551 a 3914 100 3H’ 90 5i2 6i8 4\ 478 16 2H’ 65 75 10 1414 24 27 55l2 6412 1051’ 110 5 514 30 “ 3U2 758 1134 15 4 312 3l2 10l2 734 105g 9 48 5H2 48i8 501’ -__ s4 34 358 107s 934 1178 4 27 303g 1512 30 1514 1714 16 20 825g IOI4 15 14 16 5U 534 52l2 551 ’ 4212 44i2 9734101 31 36i2 86 9212 20 20 578 6l8 4 412 185g 2012 60 7012 9i2 1H8 2212 25 66 6012 10412 10612 312 23 2334 80 90 7012 72 10 Il's 95S 27i8 32 15 20 85 11 16 5’s 52 3734 97 2934 5614 741’ 140 140 3534 48 518 71" 734 I7I4 2612 40 4014 205g 24I4 22c 25c 9i2 28^9 8 23 327s 80 6 25 14 7212 31 109 no 75 1714 8114 ion 23 413 j 91 8 25 1714 7634 7 1014 238 21’ 3 3 55 571a 9834 90 1034 12 52 57 3134 3712 25 431’ 60 70" 8934 90 82 on 103>2 II6I4 1071’118 24l2 2412 75 ___ 18i2 47U 7*4 221’ 15U 72 43ig 25 75l2 9934 9934 9134 151’ 4334 7 19 IU4 14l2 71*2 73 40 44 19 24 66I2 72 91 8 20l2 6 15 91 81ft 24 6 16 13 70 40 20 70 50 65 91 105g 31 6 175g 15 721’ 4134 25 TO?! 511’ 67 87 87 478 97s 5 14 16 26 5 11 15i8 10 9 13 7’2 60i8 71 is 51 38 40°s 35 8 2134 8I4 50 50 70 20 30 65 65 ___ 78 82 638 8U 6 181’ 17 22 534 7 1734 121’ 15 IOI4 8U 93g 62 57 51 35 12i4 IOI4 1334 57l2 571’ 6534 90 90 43 5034 50i4 5512 67 72l2 64l4 6714 66 70l2 59 68l2 60 65i2 40 61 71U 7434 62l2 72»8 67b? 70 58 63 50 6II4 51 65 59 67*2 60 65 69 703g 63 70 67U 69l2 68 69l2 64 673g 65l2 68 Copper p er cent in Jan. and F eb. and do liars per sh (are for rem ainder of t he year. c Ex divid end and ri ghts. < . 126 RAILROAD AND MISCELLANEOUS STOCKS 1907—Concluded. July June August September October November December January February March April May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High STOCKS, 5 5 104 107 77 86% 116%1163g 13% 15% 841 o 85 National Lead Co--------------------- 66 “ 76% Preferred __________________ 102% 103 New York Air Brake__________ 133 141% New York Dock_______________ 42 42 Manhattan Beach Co__________ Metropolitan Street Ry-----------National Biscuit-----------------------Preferred ----------------------------National Enameling & Stamping Preferred ----------------------------- Preferred __________________ N Y & N J Telephone--------------Rights-------------------------------North American Co. new stock-. Pacific Mail Steamship----------Peoples’ Gas-Light & Coke, Chic Pressed Steel Car--------------------Preferred __________________ Pullman Co (The)____________ Railway SteeI=Spring_________ Preferred --------------------------Republic Iron & Steel_________ Preferred --------------------------Rubber Goods Mfg, preferred— Sears-Roebuck, preferred---------Sloss-Sheffield Steel & Iron----Preferred --------------------------Texas Pacific Land Trust______ Third Avenue------------------------Toledo Railways & Light-------Twin City Rapid Transit---------Preferred --------------------------Union Bag & Paper-----------------Preferred --------------------------United Cigar Mfrs, preferred----United Rys Inv of San Francisco Preferred --------------------------United Rys of St Louis, pref----U S Cast-Iron Pipe & Foundry-Preferred --------------------------U S Leather--------------------------Preferred --------------------------U S Realty & Improvement----U S Reduction & Refining-------Preferred --------------------------U S Rubber Co-----------------------1st preferred-----------------------2d preferred-----------------------U S Steel Corporation-------------Preferred --------------------------Virginia-Carolina Chemical------Preferred --------------------------Vulcan Detinning------------------Preferred --------------------------Western Union Telegraph-------- 111 115 3% 412 80% 89% 34 41% 94I4 98% 47 57 98 997g 170 181% 51 57% 98 99 337S 41 96 100 104 80% 114% 14 86 65 99% 132 5 105 85% 116% 15% 87 75% 102% 139% 4 4% 90 104 ‘ 75% 82% 111 1173g 10% 14 79 86 49 69 98 100 100 135% 32 32 113 115 108 79.% 84% 31% 36% 92% 97% 47% 53 97% 99 168% 171% 50% 5434 97% 9919 32% 36% 95% 99 100 100 9310 9414 9312 94 6912 77% 66 “ 7234 105 107 103 103 80 85 79 83% 117% 123 117% 118% 28 29 27 27% 102% 108% 102 105 7 58 93 53 66 45% 49% 83l2 89 12 12 106 112 77 90% 27% 30% 60 68 48% 52 104 109% 75 78% 4234 50% 104 107% 32% 39% 105 108 8 *934 53% 5312 82% 85“ Westinghouse Elec & Mfg, ass’t 148%154 64 85 86 7312 75% 110% 110% 10% 11% sib 8119 5834 627g 96% 99 100 106 91 73% 110% 11% 82 57 98 105 11034 14 82 64% 98% 125% 35 50 6634 7434 110% 114 10 13% 83 85 421o 5734 93 9834 100 1227g 69 70 113% 115 no no no 112 70% 70% 101% no “ 105 105 8034 71% 75% 65 75% 25 29% 22% 27 35 93b 89% 943g 88% 93% 49% 34% 383g 30 373g 86 97 92 95 88 933g 150 168 161%170 160% 168 39 5234 4334 47 39 45 90 98% 91 91% 94% 93 22% 33% 2534 31% 23 29 78 98 81 88% 81 86% 65% 23 89% 31 8734 158% 39 89% 24 81 69 26% 91% 35% 90% 162 42% 91 27% 86% 67 70 26 3l7g 91 9234 33% 38 90 92% 160 16234 41% 43% 89 89 2634 30 82 85 92 92 52% 56 99 100 74 76% 110 114 25% 26193% 98 5334 92% 71 104% 253g 91 57% 96 71 105% 2634 94% 55% 59 95 97 73 73 113 69% 21% 85 30 92 9414 42 6734 100 100lo 68 81 “ 101 117% 24 2834 8734 101% 534 634 5% 50% 55% 52% 87 92 89% 32 " 27 54 44 64 50 6% 8 54% 60 92 94 54 59 8% 61 9478 '62 71% 83 94 74 77% 11034 114 10% 12 801•> 82% 57% 6834 97 101b 98 119 92 100 76 78% 11212 114% 1134 12% 8210 82 57% 64 98% 99% no 11934 30 30 70 70 11134 114% 69 44% 4738 30% 44% 35 86% 863S 74 85 77 78 88 21% 27 60% 6334 47% 5219 105 107% 74 77 42% 4634 103% 106% 31% 35% 106 108 8% 814 50 57 81% 83% 150 150% 1st preferred------------------------ 101% 101% 72 86% 13% 25 437« 68 36% 50% 99% 10634 68 76 31% 4434 91% 103% 25% 33% 101 106 90 90 5134 61 95 9834 75 71 105 116 2534 29 89 96 115 115 5% 7 7 55 55 57% 92 92 92 45 26 36 64 45 5678 69 69 31 3734 38 84% 78 84 7134 78 17% 20% 47 57% 4134 44 101% 10434 7134 75 35% 393g 97% 102 28 303g 102% 104% 109% no 58 6934 12% 17% 40 547g 35% 43 98% 1027g 68 723g 313g 38% 96 1023g 23% 28 1027g 104% 53 537g 8034 83% 78 79% 82 146 150% 1433.1144% 142 145 45 160 b Ex- rights. 91 76 50 68% 57 22% 27% 22% 84 9034 85 25 33% 25% 82 91 83 153 163 155% 3134 40 34% 87 907g 79% 18% 26% 1934 68% 83% 72% 44% 55 35 79 52 60 15 17 42 4734 3334 38 9734 1007g 66 691q 31% 35?g 96% 993g 2 2719 103 105 83% 78% 81 6146 143 145 160 36% 27 76 83 114 114 53 57% 14% 17% 48 52 32% 39% 9734 101% 70 66 35% 39 99 101 25 27% 101%102 8 8 48 48 75% 80 142 146% 79 41% 59 19% 25% 70% 86% 16% 26% 67 80 137 157 21% 35% 75 81% 12 20% 50% 73% 49 5 5% 6% 534 6% 5% 6 54 55% 55 55% 58 57 58 87% 17 20 32 27% 313g 20 26 32 42 34 37 49% 43% 49 31% 35 79 82 6234 26% 8834 31 85 158 38 79% 25 30 36 58% 73% 103 no 8 11 78 78 35 48 80 93 60%109 25 26 71 71 85 100 26 80 45 58’ 20% 43 19% 23% 11% 90% 96% 72 44 60 70 46% 104 2534 23% 25 85 92 96 25 94 36% 45% 72 75 112 112 10% 1134 75 82 45 54% 94 9434 105 113 534 55 87b 24% 38% 4 42 65 12 20% 44% 95 58 43% 1934 94 5 54 80 21 36 25 29 23 28% 59 64 64 68 90 9Sb 99% 102 6% 8% 7 8 4134 37% 443g 83% 90 85 68% 47% 7234 25 25 67% 67% 67b 6S 92 97% 9834 100 33 83 55 45% 41% 4734 37 22% 78 15% 18% 64 71 135%140 23 26% 72 72 127g 17% 54% 61% 19 71 38% 3334 3834 29 88 90 60 42, 57% 20% 17 25 13% 9 934 77 86 75 100 4 4% 4 6 3934 45 4234 4434 79% 77 10% 14-% 12 18% 20 24% 23 31 45 16 9% 6834 100 28% 32 1734 20 17 29 36 81% 77% 80% 49% 75% 49 55 90 no 48% 53 10% 15% 35 49% 27% 35% 85 98 60 65 29% 35% 91% 1007g 19 26 95 101% 50 50 74% 78 136 141. 48 13 3934 27 8834 60 263g 87% 18 95 ___ 52 14% 44 33% 9334 6134 33% 96 21% 98 87 37 7 20 16 62 40 21% 81% 13% 77 2% 100% 48 9% 34% 27% 92% 57 2734 89% 19% 96 2% 50% 50% 73 ' 78 ' 62 74 34% 129 138 138 21 28 76% 797# 17 21% 65 69% 144 148% 26 30 73% 77 15% 18b 62 70 87 36 5% 25 13% 62 39 22% 79% 12% 75 98 47 7 29 1734 7034 44% 25% 863g 16% 93 4 3 32 32 54% 65 32 54 19 55 23 58% 87 37% 6 18% 17% 6834 42 2434 8434 1534 92 42 84 6 25 23% 80 48% 28% 90% 18 90 26 61% 40% 49 60 75 21 54 1908. STOCKS RAILROADS Atchison Topeka & Santa FePreferred-----------------------Atlantic Coast Line RR-------Baltimore & Ohio--------------Preferred-----------------------Buffalo Rochester & Pittsb .Preferred-----------------------Buffalo Susquehanna, pref— Canadian Pacific---------------Subscription receipts------Rights --------------------------Canada Southern---------------Central of New Jersey-------Chesapeake & Ohio------------Chicago & Alton---------------Preferred-----------------------Chic Burl & Quincy------------Chicago Great Western------4% debentures---------------5% preferred A---------------4% preferred B---------------Chic Indianap & Louisv prefChicago Milwaukee & St Paul Preferred-----------------------Common instalment certfs Preferred instalment certfsChicago & North Western — Preferred-----------------------Chicago St P Minn & Omaha. Preferred-----------------------Chicago Terminal Transfer— Preferred-----------------------Cleve Cin Chic & St Louis — Preferred-----------------------C'eveland Lorain & Wheeling Preferred-----------------------Cleveland & Pittsburgh, gu Colorado & Southern---------1st preferred------------------2d preferred--------------------Cripple Creek Central---------Preferred-----------------------Delaware & Hudson-----------Delaware Lacka & Western Denver & Rio Grande---------Preferred-----------------------Des Moines & Fort Dodge .. Preferred..--------------------Detroit & Mackinac pref------Duluth South Shore & Atl__ Preferred - --------------Erie______________________ 1st preferred------------------2d preferred--------------------Evansville & Terre Haute----Preferred_______________ Great Northern, preferred — Subscription receipts-------Ore certificates----------------- http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis August September Oelober November December March July January February April Mag June Low High Low High Low High Low High Low High Low Higl Low High Low High Low High Low High Low High Low Higfc 68% 84% 6734 81 80 75% 74% 87% 75% 90% 8534 75% 66 833g 5934 76% 80 75% 727g 87 68 84% 83 77 6734 83% 59*2 78 817g 79 76 857g 76% 84% 82 79 643a 643^ 151% 142% 154% 140 150 8% 87s 63g 9 62 58 55 ” 56 54 59% 165 183 160 170 162 175 2834 3234 25% 29% 2634 337g 12 10 12% 14% 10 13 Cl473415834 140 73% 85% 7034 82 82 82 81 8934 84 8734 8434 82 847# 7934 8334 79 89% 9234 91% 95 8134 94 84% 93 855# 94% 8334 9134 84% 86 86 87 80 80 105 105 81% 88% 8634 92 93% 93 90 88% 96 8534 943# 91% 83 83 83 9134 93% 9334 96 84 84% ai34 94% 95% 81% 93 93 1017# 85b 89 86% 9434 87 94% 86b 93% 96% 93% 9934 89 105% 113% 138% 144 98% 103% 126% 132% 136 145% 108% 1207g 139% 145 101 112% 129 13534 143 149 195 195 114 121b 121 129 137 145 148 150 134 134 59 171% 30% 12% 48 62 182b 34b 1734 52 61 180 33% 17% 54 63% 188 46% 23% 60 61 185 37 21 5819 61 185 463g 27 5934 61 190 393.1 23% 58 64% 195 44 26 58b 6434 64 196 203% 443# 40% 23 25% 57 57 643.4 65 197 209% 38% 44b 22 28% 58b 60 63 63 196 205 40 44% 27% 41 61 70 133% 143% 151%158 125% 134% 145 151 151% 160% 201 205 136 139 160 160 132% 1441.4 155 15834 129% 140% 150 155 157% 162% 210 216 135 137 158 15S 5 12 12 52 55% 517g 5534 91% 91% 96 96% 140% 1473g 156 16034 132 138 149% 152% 157% 163% 206 210 136 140 155 162 4 3 12 12 54% 59 97 98 127% 146 149%157 126 138 146% 153 154% 164% 200 201 135 136% 159'8 1597s 169 2934 31% 3034 33% 32 36>g 33 57 59% 5834 62% 613g 65 60 58 51% 46% 50% 4834 52% 52 30 30 53 65 147 168 141%1523g 145% 158% 152% 1617# 156 16634 157 162 160 169 167 174 420 500 475 480 475 490 485 540 520 524 500 519 49934 524 1934 213g 14% 20% 143g 21% 183g 21 277s 21% 2734 24% 27% 25% 2734 26 39% 56 62 67 65% 68% 57 59% 41 58 70 60% 66 5H2 5412 57 1134 11 14 5% 5% 5 9 10 170 170 35% 40 66% 64 57 59% 172 3934 64% 57 50 60 160% 174% 500 535 26% 287# 65 67% 165 169 510 53534 30% 27 66 707# 168% 168% 23% 263g 503g 52% 41% 44% 7% 1434 1434 31% 22% 87g 18% 17% 3534 26% 87k 101k 48% 52 48% 56 85% 85% 115 115 168 168 21 25% 51% 52 3934 4234 6 1134 12% 2534 193g 7 14% 15% 3134 223g 135 22% 52 40 6% 12% 12 243g 16 115% 129% 145 152 111 121% 134 143% 145% 152% 195 200 121 1297g 155 155 127%140 150 157 12134 1297g 141 148 150 160 200 130% 137% 150 151 122% 125% 142 145 148 156% 20419 200 127%138 “ 160 165 5 8 15 15 52% 58% 56 61% 85% 94 88 15% 205 130% 132 159 160 47% 59% 53% 59 90 90% ---- 16519 135 2534 2434 32% 2934 6034 58 56% 54 4734 44 51% 48 1034 1934 17% 35 25 9434IOU4 100% 104 104 111% 10634 1117* 92 94 90% 90b 593.4 59«4 1497g 158% 154% 161 157% 1623# 159% 174% 168% 177% 168% 177% 169 ’ 179 173% 180% 1737# 179% 14634 153% 153b 15619 169b 172 173 173 176 177% 334 5b 4% 5% 434 7% 6 73g 6% 7% 6% 7% 53.4 73g 63.J 7% 4% 8% 3% 5 43% 49% 38 40% 33% 39 41 41 45 50 497g 49% 50 50 51% 68% 5934 5934 ___ ___ 15% 20-% 17 20 27% 25 30 21 17% 17% 18 20% 25 20 21% 24 26 283.| 31 23 6 10 93g 73g 934 834 113g 7% 1034 97g 11 5 6% 5% 734 6% 75g 6% 97g 7 103% 117% 138 145 98% 109% 125% 136 135% 152% 185 195 123 132% 140% 153 434 434 11 12 48% 62 89 92 100 102 93% 993s 967g 101% 93 111 98% 109% 88% 911-i 98 98 934 18% 1334 2934 19% 16% 26 19% 36 25% 13% 20 177g 33 23% 60 15 2434 23% 44 30% 62% 11% 19% 175# 3234 2234 12 22 2334 42 30 11% 21 19 34% 24 15% 25 25% 41% 31 98b 14% 21% 22% 3634 28 98% 15 243g 25 41% 31 12 20 2334 39% 29% 15 24% 31% 46% 36% 14% 23 293# 42% 34% 65 206 4234 38 67 68 21134 51% 51% 71 66% 65 211% 229 48b 593g 4834 687g 71% 79 200 210 7% 14% 10% 135g 60 65 57 65 277# 39 34 43 978 17% 13% 16% 50 50 1423g 15134 143% 152% 158 164 161 16434 1403# 145-% 143% 147% 1547# 161 157 161% 162% 177 173% 185% 215b 224 138 153 153 160 163 170 167% 174 534 4 4 6 18b 20 15 20 £4 6934 65 70% 997g 997g 96 99 172 175 175 437# 417# 493# 4834 59 /03g 69% 79 67% 67 597s 59% 64b 6234 76 16% 28 327$ 46% 377# 167% 178% 535 575 29 35% 71 78 17 14 15% 26 307# 43% 36% 80 79 80 82 84 85 85 115%125% n334 1217s 117 12434 1215# 129% 125% 134% 128% 134% 131 137% 135 140 125% 139% 1297g 1347# 133 114 1183g 118b 1233o 12219 126 63 65% 68% «S2j2 673# £7% 63 48% 5534 £0 53’ 51% 5934 5534 597# 57% 633g 577g 623# 58% 69 c ex-rights 183| 3334 36 50 40% 175 1813g 550 567% 3234 40% 78 83% 1334 19% 90 90 15 29 317g 4634 373g 60 1734 33 3534 513g 41 64 85 141% 139 148% 75'r 70 7434 11.SI4 l‘235fi 127 RAILROAD AND MISCELLANEOUS STOCKS 1908- Continued. STOCKS Green Bay & Western— Deb certfs, Ser A------------Deb certfs, Ser B------------Hocking Valley preferred----J P Morgan & Co, com recJ P Morgan & Co, pref rec . Illinois Central -----------------Subscription receipts-------Leased lines stock----------Rights --------------------------Iowa Central--------------------Preferred-----------------------Kanawha & Mich Tr receiptsK C F S & M, tr ctfs, pref— Kansas City Southern-------Preferred-----------------------Keokuk & Des Moines-------Preferred-----------------------Lake Erie & Western---------Preferred-----------------------Lake Shore & Michigan So -Long Island----------------------Louisville & Nashville-------Manhattan Elevated----------Mexican Central-----------------Trust Co certfs of deposit-Michigan Central---------------M nneapolis & St Louis------Preferred------------- ....— Minn St P & S S M................. Preferred-----------------------Missouri Kansas & Texas — Preferred *-----------------------Missouri Pacific ____________ Morris & Essex-----------------Nashville Chatt & StL------National RR of Mex, pref — Tr Co ctfs of deposit-------2d preferred--------------------Trust Co certs of depositN Y Cent & Hudson River -N Y Chicago & St Louis----1st preferred------------------2d preferred--------------------New York & Harlem_______ N Y New Haven & Hartford Rights --------------------------N Y Ontario & Western -- -Norfolk & Western------------Preferred________________ Northern Pacific-----------------Subscription receipts-------Pacific Coast Co-----------------1st preferred_____________ 2d preferred_________ ..___ Pennsylvania RR---------------Peoria & Eastern---------------Pitts Cin Chic & St Louis__ Preferred-----------------------Pitts Ft W & Chic, guar----Railroad Securities, Ill Cent stock trust certificates - — Reading--------------------- - — 1st preferred_____________ 2d preferred--------------------Rensselaer & Saratoga--------Rock Island Co____________ Preferred-----------------------Rome Watertown & Ogdens Rutland, preferred--------------St Joseph & Grand Island -1st preferred____________ 2d preferred______________ St L & San Fran, 1st pref__ 2d preferred______________ Chic & E III stk tr ctfs----Preferred do do C & E Ill. new stk tr ctfs-St Louis Southwestern____ Preferred-----------------------Southern vot tr ctfs stpd ext. Preferred do do_______ M & O stock trust certfs -Southern Pacific Co________ Preferred-----------------------Texas & Pacific-----------------Toledo St Louis & Western-. Preferred-----------------------Union Pacific______________ Preferred-----------------------Utica & Black River_______ Vandalia--------------------------Wabash __________________ Preferred-----------------------Western Maryland--------------Wheeling & Lake Erie-------1st preferred_____________ 2d preferred____ ......___ Wisconsin Central .. _______ Preferred_____ ......------ May January February March Apri August September October November Dec niber Low High Low H igh Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 8 70 63 79 123 13% 9 70 80 62 75 70 133 122% 90 71 1034 934 70% 69 69 63% 1283S 124 71 12 69 73 771? 10% 69 75 12834 123 77112 10% 143g 85 85 77 75 74% 90 803, 79 13634 6129 142 90 334 434 19 12% 16% 15 31% 363g 30% 36% ___ 39 42 60 63% 65 66 223g 24 22 26 51 56% 55 57% 8 10 25 25 25 20 1934 12 14 12 15% 13% 15% 15 15% 14 34 45 36 38 274 274 330 330 3434 30 33 30 30 30 32 40 35 35 9034 103% 87% 9734 89 101 97% 10534 103% 113 120 132% 120% 13034 125 128 120 13434 132 139% 14% 20% 16 19 17% 19% 14% 19% 14% 17% -14% 17% 1038 28 29 62 22 51 13% 10 31 27% 29 31 5978 70 23% 18 54 46 24 26% 621? 67 79% 9478 124% 13134 23 27% 55 59% 41% 47 165 170 9734 114% 4334 4978 90ig 24% 90 6478 103 3334 90 70 1283g 139% 33,, 5 32% 36 6334 70 79 81 11678 129% 105 112 80 93% 85 97 1083411778 15 15 59 70 8478 90 2034 61 86% 123% 175g 46 28% 12 29% 29 66 21 51 24% 64% 96 130 23% 55% 435S 99 108 47% 50 925g 26% 85 60 11 28 29 60 18 47% 20 24% 61 63 9334110 135 13634 17% 25% 46% 56 29% 43 105 49 130% 135 132 134 14 16 84% 83 82 87 S01c 143% 133% 146 139 1401? 1453c 4 18 36% 35 62 25% 57% 6 26 42% 491? ___ iol 11134 135 139 15% 167g 15 17 40 103 136 15% 14% 40 1113s 138% 15% 15«4 43 47 107 111% 137 139% 15% 17 15 17% 25% 66% 108 130% 26% 58% 44% 29% 6634 11334 136% 29 6238 54% 26% 641? 109 136 267g 59 48 29% 66% 117 144 3134 64% 5634 28 66 116 139% 303, 63 54% 110 110 115 115 110 51 17 17 34 36 57 24 57 11 14 24% 30% 914 11 27% 33 77% 77% 66I4 7458 108 111% 12% 19% 12 15 33 35% 11078 123% 80 83 141% 134 2634 46 44 68 29 62 410 24% 43% 43% 67% 28lg 61.% 30^4 4S-3.I 15 45 16 41 18 431^ 17 41 25 56 33 43 110% 11034 133% 1393. 15% 15% 15% 16% 103% 137 15 15% 110% 137% 15% 1734 30% 69 1245g 149% 331.1 657g 60 26% 29% 6634 63 116 125 143 14S7X 28% 333g 62% 66% 50 5834 28% 39% 64 75 120 126 144 148 28% 31% 64 66% 52% 57% 110 109 161? 171? 15 43 " 43 " 45 51% 50% 50% 46 17 109 48% 49 “ 51 167 175 170 185 70 80 250 250 165 166 17934 180 80 85 257 260 45 55 108% 122% 138 148 18% 18% 16% 18% 165 165 381? 52 77 85 122%135 145% 149 30% 3834 65 7H? 56% 64% 1S4 184 112 122 138% 135 142 140 14434 138 17U 1814 103 “ 1067, 105% 118% 37 38% 38% 52% 100 105 72% 72% 72 81% 335 335 145% 1.40 147% 147% 161 10 17 7 5% 12% 7 14l4 36 11 197 73. 1 18 10 17 41 167 167 190 190 80 80 783s 89% 115 12512 18% 26 17% 21 40 46 1345g 151% 80% 85% 10 18% 6 6% 12% 834 16% 39% 14i4 29 16 10l4 2C% 13% 19% 43% 49 16 35U 16*2 42% 52 16% 38% 18% 48 843g. 88% 118 120 2134 25 19 20% 43% 44% 14178 150 82 83% 11 21% 9 512 13 12% 25% 11% 8% 15 10 1778 3812 41% 165 168 190 224 60 60 17 183S 38U 43% 18% 20% 4734 51V 70 70 86 93% 92% 1073? 117 120 118 1203.1 227s 26 24% 26% 197S 237g 22% 271? 4334 50 4914 5914 145 15578 154ig 16434 82% 83% 8234 86I2 5012 16 38% 1634 44 10% 22 1012 6% 15 8 167S 391? 54 1S% 411? 19% 5034 131? 2$% 131? 10?s 21% 12 21% 44 173 180 19934 205 78 78 5210 193o 2514 116%126 49 57% 80 85 345 345 156 161 126% 131% 19% 24% 81 88 108% 108% 128% 23% 85% 104 1834 20 417s 4078 119lg 24 25 1719 45 205c 50 251; ] Sl48 2734 5019 55 293. 283S 32 50 60 16 18 4134 443g 193g 237S 50 55 70 70 9638 1103s 116 120lg 60 1634 445g 20U 51 60 191g 50 23 547g 19512 200 29(7 295 199 200 80 88 300 300 87 132% 29% 881? 104 8934 92 1355g 143% 88% 92 88 99 194 194 195g 24% 22 25% 45% 53%. 53% 625s 124% 124% 33 37% 28 28 19 19 53* 53 50 53 62 69 35% 42% 149 149 118 120 57 66% 19 22% 49% 5434 2234 2634 54 61 82 82 1071? 1201? 118 123% 26% 33 3019 40% 57% 65 172% 1847S 9334 98 1.66’ 10912 1177g 11812 24 2714 26 3134 57% 621? 14938 168/g 158% 1737g 8634 933g 85 90 174 174 85 85 85 85 12 14 1112 13is 12% 13%. 1234 1 55,. 25 29% 24 2'7g 25% 28% 28 365, 151? 1112 1414 10 13 12 14V 113; 912 9 101., 8 8% 9 1514 213^ I0I4 17 24V, 16 18 1534 8% 1()34 1012 13L, 812 11 313 24 2919 26 287g 21lg 27 41 45if 4334 5119 4534 54% 51% 64 200 200 195 210 81 85 122% 122% 125% 121% 127% 16 78 75 80 94 94 98% 9019 94 891? 92% 12034 1373g 1263.t 1341- 13134 1411 87% 893.1 86 88 8714 89 85 88 86 881* 86 89% 53 177g 41 19% 4712 16% 24% 155 47% 56% 85 90 1281? 1337g 14,'% 151% 37% 43% 70% 75% 61% 67% 43% 47% 85% 83 86 88 137% 144 137 143% 86 81 84 93 121% 130% 84% 87 84 881 50 13% 32 14% 40 50 56% 11$% 125% 147 154% 407, 45 74% 86V, 873o S5 139% 157% 135% 145 73% 82% 8OI4 8OI4 83 83 10238 112 10734 11914 109% 117% 112% 122% S2i4 871 SOlg 82% 82 831 80 82 83% 841? 80 81% 81% 8612 81% 84 51 1478 35% 1538 42 75 7238 81 111%115 1634 1914 16% 18% 40 43 1235g 138% 79% 81% 27 OQ 49 32% 57 56 751? 42% 72% 61o 32 26 58 39% 417, 71% 75% 805g 8210 135% 146% 129 136% 6534 75 119% 16 73% 90 18% 15% 18 14% 19 17 38 27 343S 28 37% 31ls 114% 11414 119l8 27 28 28 25 15 17 43 45 22 25 5434 43 49 531? 5312 4538 32 2412 271; 20 29% 25>4 125 28 44% 46 70 32l8 64% 51% 50% 5410 43 122% 1263, 15% 1734 71 76% 9234 933, 50 10 14% 13% 2714 34 33 9% I6I4 25% 42 1134 19% 8% 7% 16 8 15% 39% 50 47 691? 32% 66 8 1203g 126% 15 15 74 76% 90 94% 15% 1334 1638 15% 1912 15% 31 405g 28% 28% 26 34 II4I4II4I4 29% 27 30 30 30 13 181; 42 21 42 57 51 48 48 21% 271; 24% 29% 27% 34 125 100 100 *67* "77’ 109 iin2 12% 1734 14 19% 3334 4214 11012 129 79% 81 84 14 88 90 18% 38 37% 60 261g 61 4 16% 3434 37% 58 241? 58% 80 80 119% 123% 15% 17 72 74 91 98 48 21 15 85 85 18% 3834 37% 59 29 63% 17% 36 37 62 26 58% 82 82 109% 113 14 14 65% 66 ---164 164i4 79 10778 84 80% 84 16% 14% 17% 93 89% 90 95 97 104% 89 91 13634 141% 1391? 149% 142% 1495g 14 85 85 96% 99% 31? 16 33% 35 60 24 54 334 25% 3 16 32 35 15 83 85 171? 171o 107% 10034 105% 103% 110% 100 110% 100% 108% 40% 37 41% 39 41% 3634 40% 34% 391? 102 98 98 7334 75 70% 74% 71 75 74 71% 72 32% 34% 33% 4334 63 66% 65% 7234 80 125% 134% 129% 138% 109% 120% 11838125% 71% 7634 75% 81% 90 90 79 821? 79 79% 80 89 11158 11834 115% 12134 118% 124% 14 15 16 21 18 13 65 69% 69 72 70 71% 87 89% 88 93 81% 89 8% 1038 778 8% 634 15 18% 1414 16 1 3 9 11% 5 11% 13 5% 9 5% 512 4% 14% 19 14 15 13 6I4 11 6 7% 14% 17% 13% 13% 36 43% 33 36 Wells, Fargo & Co._______ 138 14 81 85 88% 85 801c 12578 13534 128% 142-% 135% 1281? 1371? 41? 1734 35 35 ___ 23% 2434 54 58 11% 14 37 41% 39 43% 41% 44 38% 43% 6634 70% 68% 74% 73 7534 71 757g SO SO 82 82 SOI? 81 133 138^4 13658 1423g 1403, 1463, 13034 1463, 121 125 124%129“4 1277g 133% 125 1353X 78% 7934 76 7734 72 7634 65 73% 59% 6134 4m 57 27% 3014 1914 27 EXPRESS 1347g 132 32 69% 115 135% 30% 63% 64% 180 113 503, 40 17 14 82 88 29% 3234 2934 34% 58 65% 59% 651? 793, 74 117 126 12034 129% 103 108% 104% 111% 90 79 75 847g 13% 15% 10i2 13% 26% 30% 20% 2678 115 115 25% 25% 30 18% Adams ________ ......_____ 164 185 American------- ...__________ 190 200 United States------------- ------ 8OI4 90 109 52 2534 67 111 134 2534 58% 45% 180 106% 110 108 46% 51% 49 49 17 22% 25% 63 67 108%11434 ___ ___ 22% 2634 54 59% 40 47% 97% 9378 10134 96% 101% 100 34% 32% 38% 36 31 30 85 100 60 66% 65 69 71 71 80 80 79 94% 111 92% 103% 94U 78 84 80 83% 84 76 82l2 76% 7812 76% 14 15% 29 321 9% 13U 297g 37 60 60 70% 78% 106%112 18% 21 14 15 34 3778 116% 128% 80 8434 12% 34 29 60 2334 55% 13 82 82 190 190 197 200 85 90 302 325 67 24 5578 2334 27% 573g 63% 80 80 115% 122% 120% 125 31% 37% 39% 50 63% 73% 174%, 18434 94% 96V 175% 175% 2058 5234 24 10% 13 20% 26% 12 15% 2934 38% 60 72% 190 190 202 202% 88 90 310 310 COAL AND MINING Prices of mining stocks of par value of $25 or less are dollars per share, others p. c. Par. 3 Alice Mining--------------------- 5 Amalgamated Copper —100 4578 American Coal___________ 25 Anaconda Copper ______ 25 28% Balaktala Copper--------------10 1% Batopilas Mining------------- 20 2% Central Coal & Coke------- 100 Colorado Fuel & Iron.__ 100 19 Preferred--------------------100 Columb & Hock Coa’ & IrlOO 15% Comstock Tunnel---------------2 21c. 1st income 4s-----------------Consolidation Coal---------- 100 00 Granby Cons Min Sm & P.100 7S34 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 2 3% II4 3 2% 2% 5334 45% 52% 4934 62% 565g 120 34 27% 3334 32 4034 36% 4% 2 25S 378 234 314 2% 5 358 60 63 2478 22% 22% 15% 20 16 40 40 49% 17% 15 16% 1434 21 ’ 17k 30c 25c. 27c 20c. 26c. 20c. 90 92 8€% 89% 85 98% 23g 25g 2% 234 23g 3 2% 3 27g 3% 234 3 2% 23g 25, 23g 31; C21g 5914 69% 6434 6812 65% 77% 7434 835g 687g 81»g 72 S07c 793g 883g 7534 85% 120 39% 3714 46% 4014 44% 41% 48% 45 501; 39\s 4834 41% 463 j 46 53% 45% 507g 4% 2534 49% 19% 44c 20 90 ■ 4% 3 70 37g 70 31% 50 1734 24 35c. 40c. 18 19% 89% 89% 92 92 b et-nght 234 3% 2% ' 3% 25% 29% 26% 50 20 23 201? 30c 35c 21c. 33% 50 231.1 32c. 3'-4 32 60 203g 22c 4 87% 87% 90 90 92 105 99% 109% lOOlg 1071; '2% '334 "234 "334 ’2% ”3% 38ig 3038 377g 3334 60 65 23 lg 20 21's 19 25c 20c. 25c. 22c 101 373.1 65 2034 33c. 361.4 65% 1934 280. 16 407g 75 25 35c 16 1043, 993, 109 36% 72% 24% 25c 103 42 72% 27% 32c. 107 128 MISCELLANEOUS STOCKS 190^—Continued. STOCKS llomestake Mining--------- 10C Horn Silver Mining---25 Iron Silver Mining---------------New Centra' Coal- - - 20 Newhouse Mines & Sm------10 Ontario Silver Mining----- 100 Pitts Coal of New Jersey -100 Preierrcd ------------- 10C ( uicksilver Mining -- —10C Preferred--------------------- 100 Standard Mining-------------- 10 Tennessee Copper________ 25 Utah Copper--------------------- 1C Rights _______________ __ Virginia Ir Coal & Coke . 100 January February March Aprit May June July Auguct September October November December Low Higt LOW Htijl Low Higi Low Hig) Low Hhl Low Hig Low Hig Low Hig Low Hig) Low H ig b Low High Low High 72 72 67 72 70 731 7312 74 74i2 75 74 76 76 85 92 92 85 88 88 891 92 96b 9614 961 j 70c 70c 65c. 65c. H ___ 30 30 30 35 40 45 50 50 50 50 634 8b 7 63g 7b 97fi 7 S7j 7 8 5 73 71 6 71 51? 63.) 43? 55 5 41 - 77s 5l4 6I4 2 43 412 ___ 412 6 3 3b 55 5 4 4b 3 4 5k 5 4 3i4 3b 41? 4>, 143? 1H2 13b 1112 127) lib 13 9b 103) 9 93g 113, 11 9i2 8l2 10 1234 145? 10b lib 1012 lib 101 14 427? 3612 40 40 377? 42 443. 43 38 421> 41 47b 42 42b 43 39 43b 40 403. 44 48 493? 4734 50 ___ b s4 Hi 112 134 33g 312 1.S1 1.85 2 2.1C 2 1*2 1»2 H4 H4 lb 134 1 5212 13, 2 2 2 2 1.90 1 90 2 26 3212 2512 301- 26 4234 3612 423? 3512 39b 35b 375? 35 36b 40b 3634 403? 40 47 40 431 52b 43l2 4614 247S 34b 29 20 2712 23U 27 32/g 28b 33 3012 34b 331? 40b 3934 4612 37 463? 401- 4434 42b 523, 43b 49&? s4 43 5312 45 47 49 51 45 51 48 56 48 521- 5U- 60 59 65b 56 59 5612 62 62 68 62I4 65 VARIOUS 6 67? 6 81- 7ig 9b 8I4 97? 9 113? 107? 12 Allis-Chalmers--------------------6I4 5 11 111- IOI4 12b 117? 14/? 1412 163? 12 10 19 22 16ig 18b 14 Preferred --------- --- 34 36% 30 3512 32 40 2112 18’? £21- 20b 25?? 2434 34/? 33 36 481? 5234 39b 50 18-4 17 13 18 16 181- 1634 21b 18 22 2012 247? 2334 26 American Agricultural Chem 241? 2534 2512 29!2 27 3H4 34 29l2 287? 35 8212 86 85 86 86 87 87 921o 91 Preferred_________________ 781, 8419 SOU 80192 91 9412 9534 10 13 912 11 201- 18 American Beet Sugar------— IOI4 13b lib 24?g 17 22i2 17 217? 193.1 221- 17 20b 175? 22 20 233, 19b 2234 65 65 65 65 72i2 75 777? 777s 75 78 Preferred -_____ -___ 80 80 76 76b 8134 80 434 53? 4/g 5b 412 5 4i2 5 434 6'i? 53? 67? 5b 6 5 American Can---------------------534 73g 7 4*4 512 4 10b Sl2 97? 523? 4434 50 457? 5Hg 4919 56 5434 62 5414 5634 53b 57 Preferred_________ ______ 44 5719 60 62 60 72 767g 2612 3334 31 43 " 42 473d 45I4 5034 34 American Car & Foundry------ 2914 323? 2519 30 36b 34b 383? 33 38 40b 39>? 42b 36 “ 41b 39 96 981- 98 104 102 1035? 102b105 101bl03b 103b 108 1 07 109 84 b 931- 921? 96l2 93 98 Preferred - ---------------- - - 88 9034 8434 89 301? 3134 303? 3434 3312 363? 3234 36 American Cotton Oil— — 2934 34«g 2434 327? 2514 29b 26-g 29l2 2834 32 34b 37b 35 4434 40b 437? 82 85 Q23j 97 Preferred________ _______ 80 80 9019 90 90 88 90 92 Q2 93l2 9634 37? 4b 4 534 91- 7b 8b 7 41- 4I2 6 8 American Grass Twine— 71- 73? 734 S?8 7 “ 83,j 73, 103s 23 4 37g 33g 4127g 3l2 3b 4b 47? 4-4 6I4 55g 812 American Hide & Leather------ 3's 414 41? 41- 4 31? 41? 31- 334 4 5 1212 161? 1512 1912 18 14 Preferred - - - — 20i2 18 18 18 21 21 13b 1534 13 20 25b 23b 25 23 24 29?4 28i2 3784 American Ice Securities------- 157? 197? 1212 177g 13b 2134 1912 255? 2112 2912 2512 287? 261- 2834 275? 317S 2312 29b 21 273, 24 28 21. 273g 1134 87? 1012 9 American Linseed--------- — 1012 9 10b IH4 15b 14 101- 103? 1312 10b 1114 10 7*8 83g 6I4 7 1713 3'S 77g 7 1834 1834 23 1812 1812 17 Preferred--------- - - — - 19b 22 20 2612 1812 2112 20 221- 23 23b 24 24 26 24 30 32 30 36l4 42b 483? 461g 523? 407? 5112 47b 56 b 533.J 593? 44 American Locomotive--------- 3434 4134 313? 3734 32 48 53-s 587g 57b 4534 507? 50 59 86 9OI4 9012 9434 91b L0014 100 L031o 100 103 innio inn 106 10Q IOOI9 107 104 Preferred _______ 851, 92 i912 113 3“ 634 5?g 5?? 5 534 4i2 71- 7 6“ 5 American Malt Corporation-- 312 434 734 85? 734 8 ' 7 “ 734 5 8 7i2 21 25lg 295? 33 Preferred________ ______ 2912 32 38 321? 31l2 38 45 51 251? 257? 341- 29 33 46 45 41 45 7412 78 80 76 78i2 78 82b 78 “ 7934 78 ‘ 837? 793? 84i? 79 American Smelt Sec. pref B-. 70 8034 73 821? SOI? 82b S2l4 841? 793, 84 American Smelt & Refining-- 625? 79U 5512 68I4 58 745? 66 7234 69b 785? 73 7714 76 79 99 b 8312 943, 9134 987? 7634 9412 90b 8,83? 107 8734 9112 90 98 977? 1007? 100 108 106 1103? 100 L09b 1023, 1057? 105b 109b 98 10734 94lg 97 9534101 Preferred ------------ -------- 89i4 96 200 200 American Snuff__ -________ 180 180 180 185 1Q014 9nn 200 200 80 81 81 81 88 96 92 92 9012 9012 9719 Preferred_________________ 85 85 95 95 95 93 U 97 96 9712 412 51? 5l2 6 67? 7b 8 514 6b 67? 7 American Steel Foundries------ 534 7 9 9 9" 7l2 71- 9 " 10 81? 8 41 4219 425g Preferred_________ _______ 29 34 34 40 40 38 43 41 35 35 26b 301- 30 3134 31 34b 35 4712 47b 291- 31 32 37U 28 32 385? 4014 New stock-__ __ -- - 30i2 41 4b 6 5b 57g 53g 6 65? 6 71- 734 8I4 8 9 Tr Co ctfs deposit________ 273s 317g 30 33 30 32 347s 331- 3734 363, 41 33 351Pref Tr Co ctfs deposit___ American Sugar Refining Co. 9834 115 10712 1147g 112 L28 123 129 12612 1321? 1211- 13012 1251? 13312 1311- 1373., 1261? 137 1291- 134b 13134 1371? 1 Preferred___________ _____ 108 1141^ 105 13 114 1193, 1201- 123 123 L25I4 1241s 125 123 L2834 12619 129 125 27 126 12Q 1 285o 121 1 5334 54 50 50 64 64158 6012 65 65 68 70 71 71 72 75b American Tel & Cable Co----- 53 53 American Telep. & Teleg Co-- 101 110 105 1061- 10634112 11012 120 117 1187? 116 1201? 1151- L223? 1211- 1273? 1253? 13134 126b 128b 1267? 1325? 1 91 95b 93 947? 91 90 9212 8812 9112 90 97 b 9112 96 American Tobacco (new) pret 7212 817;, 77 801? 77 8512 85 92 97b 1934 24 201? 24 22 243, 23b 2634 23b 2434 2134 24 American Woolen Co________ 1534 20b 1519 191.i 16 V11- 18b 21 24 31/s 877? 93b 92b 94 8414 901? 8734 89 91 ” 9234 91 Preferred___ _____________ 8412 861- 7814 8414 79b 84b 83b 85 92 91i2 97 . 1 Associated Merchants’ 1st pf 100 ,3b 14 16 12 133g 151- 1312 1634 13b 1534 144 21 14 191- 2434 18 233, 20 23 22 27b 261g Bethlehem Steel Corporation- 12 3519 40 381- 391? 351- 351- 35 38 39lg 44 40 44 Preferred__________ _ _ _ 44 50 451? 49 49 49>« 55 52 57 56 447? 50b 471- 53 b 501- 571? 44 “ 55b 46b 503? 48l2 56b 6934 Brooklyn Rapid Transit- — 3838 471- 3714 467), 3934 48 ‘ 441? 483? 457? 54 89 109 110 110 146 1X814 140 137 1521j 1 85 94 112 112 115 136 128 138 Brooklyn Union Gas ______ 90 96 151 113j 7 934 9 6 7 77g 8 8 1012 113.) 111- 1234 12 135g 16s? Brunswick Dock & C Impt-- 6 14b 13b 17 13b 12 2034 19 18 181- 161- 23 20 21 2234 19 213? 185? 2P« 21 Butterick Co________________ 20 25 12ig 15 18 24 19 23\ 16lg 191 151- 181- 167s 20b 193? 251? 231- 2710 231- 261- 25 Central Leather____________ 29b 2734 303? 2334 29b 241- 263s 24 Zg 303r 941- 96 Zs 97 ~ IOII4 93 ” 99 92 ~ 9512 9234 955B 937? 971- 96i2 98 78l2 84 ’ 82b 877? 87 ” 91 Preferred________ ______ 7534 86 100 100 105 105 ’ ,07 107 _ I 101 “ 1071Cent & South Amer Tele?___ 2 2 Chicago Union Traction_____ ib 17g 2 2b Preferred_________________ 121- 1215g 3 23 1 ?12 212 3 37? 3 2!2 212 27s 419 41g 7lg Trust Co ctfs deposit______ 3*g 334 3 35s 219 3 ib 4 11 “ 123? 10 10 1434 9 93.1 13 6 6 4 105? 1334 127? 18 6 6 11 11 13 12 9 7 Pref Trust Co ctfs deposit-- 10 72 Connecticut Ry & Ltg pref _ 96 117b 1121- 123 119 129 1211- 126 124 141b 134 1473? 136 1541- 139 1 4.83, 1421o 167li 1 Consolidated Gas___ _______ 96 1053, 97 103 1934 17b 18b 18 203? Corn Products Refining-- — 107? 1.3 1034 13l2 III4 1434 127g 153? 1412 18b 1534 171? 161- 193? 185? 201- 17 66 701- 68 745? 73ig 78b 76 57 63 57b 73 7734 73 Preferred_________________ 56 73 b 67i2 703? 6934 7512 76 80 4934 47b 48b 48 ” 48 ' Crex Carpet_______________ 39b 45 3814 33 33 321- 33 35 42 56 33*4 38 39 42 39 39 Detroit United Ry__________ 38 38 38 283g 35 303? 36b 30b 345? ?2 3734 33 3584 335? 37b 351? 38b 28 353.) 293^ 32 Distillers’ Securities Corp----- 2914 35 27U 33 7934 7934 7519 80 Federa1 Mining & Smelting._ 80 80 80 80 72U 90 _ 88 94 79>2 791 9 80 80 8434 8412 89 6914 59 66 74 88^4 78 “ 8412 83 66 70 7234 69l2 76l2 71 ' 771- 80 " 85 8OI4 86I4 84 Preferred _ ______ ________ 64 641- 681- 55 62 60 62 Federal Sugar Refining_____ 95b TOO 7319 85 87 89 91 89 90 98 90 95 98 90 90 . Preferred_________________ 75 85 93b 9534 General Chemical___________ 55 58 60 60 50 ” 50 65 65 52 52 90 90 89 90 97 99195 95 97 921? 9218 96 98 97 Preferred_________________ 1307s 1383, 142 ” 148 ~ 1341- 148 137 1451- 144 16034 1 (ieneral Electric____________ 111 125 113 119 1141- 128b 1281- 136 217g 217? 23 ” 23 40 23 " 26 327? 31b 34b 3H2 323? 32 20 " 20 23 Havana Electric____________ 84 70 74 74 70 74 77 77 ” 797? 79b 80 " 80b 80 80 Preferred_________________ 70 Ingersoll-Rand_______ __ __ 60 50 5H- 5H2 697? 70 84 84 841- 84180 80 Preferred __ 15b 67? 81- 73g 111- 934 123? 101? 121- 11 10 12 Interboro-Met vot trust ctfs-- 634 87? r78 12b 93, 11 lib 13b 10 277? 323, 29b 37b Preferred ________________ 1814 2314 17lg f2i 2 17b 2134 20 30 27b 331- 27b 3334 29b 323, 31 3S»4 297? 35 531- 675? 32 66 5910 56 5SU 57 ' 57 54 56 International Harvester_____ 60 99 toil- ioisT 1053Z 1031- 1061? 103 105 103 105 104 “ 110b 1 3S34 110 Preferred__ _ ____________ 6187? 7’z 87g 73g 6 Internal Mercan Mar stk tr ctf 7 8 7 ’ 8 ~ 7 9 734 7 712 9 7b 8 1S34 201 s 20 2334 20b 23b 20 221- 20 “ 23 19b 23 183? 201- 187? 24 16 1614 18 Preferred_________________ 1612 18 21 107? 85? 10 107? 101? Il’s 834 101- Sl2 101- 10 10 12b 9 8 ’ 101- 9lg llz8 9b 11 Internationa1 Paper_________ 13b 5334 53b 60 581- 5234 56 " 53 6H- 53 521- 583? 56 57 60 ' 547? 58 591- 50b 58 b 47 Preferred-- -- ___________ 52 65 29 32b 31 30 30 . 35 International Power________ 317? 3034 29b 34b 217g 25 ■ 2134 245? 22l4 2434 22b 247? 227g 27i2 20 25u 23 International Steam Pump— 13 2114 17i4 20b 19 26 8234 79l2 827? 7434 7312 77 761- 803? 77 81 78 831- 79 Preferred___ _________ 73b 65 675? 675g 743? 70 71b 69 70 " 70 ” Laclede Gas, preferred.___ 74160 74 76 64 60 66 65 66 70 57 6234 62 52 55 57 69'., 68 75 Mackay Companies________ 73b 78 70b 67 6734 6934 67l2 70b 683? 70b 697? 7134 39 71 64 5973 0212 6112 64 6612 6334 6734 6412 66 65 69 Preferred ________________ 61 62 Manhattan Reach Co 214 2*4 2'g 2b 25 30 28 28 28 34 24 30 25 283j 29 30 30 43 15 205? 16 17 25 35 Metropolitan Street Ry------ 20 25 877? 92b 76 72 76b 75 821- 78 863, 84 88 835s 85ls S434 9134 881- 92 87b 893, 87 90 National Biscuit_________ ___ 68 115 116 1145s 1145s 116 120 116 120 1173, 1173, 1161-118 117b 119b 1 Preferred__ _____ ______ 102 106b 107 1071934 7b 7i; 8I4 10 10 912 11 Nat Enameling & Stamping-- 8 12b 91? 105? 9b 101- 103., 1212 9’g 1O34 9b 11 9b 10 81b 82l4 775? 76 76i? 76 77 74 75 76 77 73 Preferred __ ______________ 75 80 75 77 77b 77b 77 86b 85b 82 727? 92 44 5334 60b 575s 74 861, 79 73 84b 60 631- 683? National Lead Co...________ 38 4?1- 36 96.1- 1003, 9S34 997? 991- 104b 102 105 101b 102b 102b 104 104 106b 1 881- 961- 95 ‘ 97 89 91 Preferred__ -_________ 8712 91 70b 79b 77b 98 87 90b 74 56 62 56 6912 641- 731- C6 721- 65 68b 66's 80 New York Air Brake________ 50 72 83b 671- 82 Rights ___________________ lb New York Dock 28 20 7on 701 73 73 74 74 70 71 74?s 747s Preferred 116 98 1013, 90 100 99 100?s 105 101 105 105 103 109 107l2 112b 110b 1141- 113 1161- 116 117 116 122 1 N V & N J Te ephone_______ 214 3 Rights 14b 421g 48*4 2lg 533g 50 64 53 633? 60 6634 61®s 663? 59b 64’? 62b 66b 653, 78 591- 57 North Amer can Co, new stock 43 40U 2412 2634 241- 2712 24b 261- 24is 28b 2434 26b 261? 331291- 25 32 Pacific Mai' Steamship--------- ;534 291 9 25 28b 26 33b 24 84 861- 8534 9034 881- 9234 89i2 9334 91 92b 92 961- 94i? 973j 93b 97b 94b 9612 95 102 People’s Gas-Lt & Coke, Chic 80 89 361- 28b 353? 311., 34b 33-s 41 251- 29b 28'? 3434 33 Pressed Stee Car___________ 1912 "3b 1714 20?? 193? 251- £3 3034 261- 31 95 993, 697s 78 ' 71 92 95 80 811- 76 £6 82 84 S5 95 84 " 87 Preferred -- _____________ 69 97b 923, 96 157 1597? ’,55b 1591- 158b 1681, 165 1661- 1601- 165 162 1 653., 169 171 1 Pul man Co 'The)___________ 147 160 149"150b 150 154 401- 46b Railway Steel-Spring_______ 25 293j 2334 251- 253g 36bj 3212 371- 341- 395? 36 3834 361? 4512 4]12 463? 34 44b 3634 41 96b 101 1 103 98 951? 991- 100 100 100 tool? 97 Preferred_________________ 75 80 85 91 95 95 273? 243? 241? 29 17 1/ 14-4 1 7 ?01r 163? 193, 173? 213? 2034 253? 20b 243? 21 16 1514 20 16*4 19 Re pm hl c Iron tSr Stee'- 817 S 891663? 78 82 821SH4 73 >g 75 6014 G5 '4 63 72 ;U 2 ] 65 ‘ 63 ’ 08 75 713 4 711Preferred - —------— 71b http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 129 RAILROAD AND MISCELLANEOUS STOCKS 1SIO8 - Concluded. STOCKS Sears-Roebuck, preferred___ Sloss-Sheftield Steel & Iron-Preferred _ _ Texas Pacific Land Trust-----Third Avenue_ __________ Toledo Railways & Light-----Twin City Rapid Transit_____ Union Bag & Paper_________ Preferred_____________ __ United Cigar Mfrs, pref-----United Rys Invof San Fran.. Preferred_______ -- - U S Cast-Iron Pipe & Fdry.. Preferred - - -- ______ U S Leather preferred----- --U S Realty & Improvement-U S Reduction & Refining— Preferred __________ U S Rubber Co___________ 1st preferred__________ __ 2d preferred___ ________ U S Steel Corporation__ Preferred------------ - ------Virginia-Carolina Chemical — Preferred__ _____________ June August September Oz,ober November December J anuary February April July March Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Hi.h Low High, 36 42 871, 92 62“ 58 2234 18 912 13b 8412 89b ’20 " 124 * 5 447, 50 80 84 15 21l2 2712 3818 19 2H, 69 95 ' 100 4212 37 512 7 18 20b 20 26 881 o 77 61b 2534 31b 8712 953, 17 18b 87 91 Western Union Telegraph----- 54 West’house El & Mfg, assent’g 41 1st preferred-------------- — 70 38 90 45 1714 9b 78b 42 92 50i2 22 101" 8412 41 911o 49 ' 1512 9" 8212 52 93 59 20 10 85 4 47 82 15 34 1712 63ls 95 36b 4 16 1734 76 42 2612 89l8 16 87 43, 50 83 20 371" 20 68 96 3934 434 18 22 81 50 29b 9334 1712 90 4 51 81 16 337, 1834 6 55 85 187, 373s 27i2 71b 95 41 9 25 233, 86 56 36b 100 205, 9414 3 95 38 6i2 19 18 77 45 28b 92l4 1612 8934 3 43 88 58 1834 8?, 84 48 8934 60 39 10 8734 6 55 57 16 34 235, 68 97i2 40 7 20 18l2 80 49 973, 19b 9012 3lg 25 5534 4634 5434 4834 60 41 521, 3912 435s 38 46 58 70 70 68 77 58 80 90 5214 95 60 347, 15b 9214 123 * 123 5 561, 58 88 90 21 24 417, 39 245S 29 72 76 98 101 523g 40 814 13b 22b 333g 2012 265g 82i4 95 51 61 35ig 393g 100 10334 201g 2534 94 10012 861" 4434 92 57 30 934 90 90 91 91 49 Sll2 6314 53 951" 961" 96U 99 58 ' 60 293g 3434 29lg 337, 9 " 10b 912 10 89 9H2 89 92b 5 57 917, 20b 353g 191" 6ig 57 92 24 40 2734 74 3a 104b 104b 4534 50 10 9 22U 23 24 26 90b 94 58 60 36b 39ls 10034 103 22b 2512 991o 101b 414 4b 901" 6012 100 641" 321" 83,S 88 901" 65b 1021" 721" 47 10 9H4 534 7?g 73g 9 5534 59b 59 64 93 93 20 23 2012 22 36 3934 3614 393g 2534 247, 28", 21 7234 787g 65?, 73 102 10414 115 115 4934 52 46 52 14 11 12 15b 25b 32°, 33 39 243g 31 31 37b 93 993S 97b 10234 70 74 65 61 48 3734 457, 44 10234 109b 1067, 112b 237g 263<{ 25 30 9934 10212 103b HO 5l2 5*2 59 103 697, 39", 8 85 60 92 92 6014 7234 102b108 ___ 40", 27 612 8?, 8834 91b 931" 977, 723, 8134 107 109b 70 76 2412 38b 814 912 90 95b 76ig 110 76 31 8l2 94 8i2 8 7 6134 59 6014 91 95 24 24 34 42 43 50 2634 2334 26 70 72 73 114 118 5534 51 51 87g 10 9 24 28 27 30 351, 35 1013 4 99 101 73 68 691? 48-'-, 481® 45 1121® 10734 111 30 301, 34lg 1097® 10S34 112 95, 8 6634 61 96 97 33 3434 47", 49i" 25b 30b 7134 761" 1131" 115 543, 64 10 14b 28 35 32b 37b 99l2 107 70 751" 471" 583.i 11034 1145, 32 4a 11012115 712 10l2 503, 35 59b 7134 8212 94 10012 125 834 95, 6414 6612 98 98 40 31 5912 47 271" 30?g 7434 7712 115 120 5734 6334 14 13 29's 32 3134 36 105 108 72 751" 51b 56l4 11012 1135s 42b 4534 1131, 115 8 9l2 48i4 50i2 6538 71 83^4 91b 115 120 6514 103 7212 47 81" 90 2134 2412 38 43 23b 26 71 72 £8 49 41 9 9 25 22 287, 2212 95b 85 63 54 41b 37 105'., 10134 2714 2134 107 9312 3ig 28 54 5012 6Hg 51l2 577, 5412 5734 5412 58b 551? 62 8012 6612 79 r77. 43l2 58 44 5712 5312 81i2 65 95 95 88 92 98 79 72 80 65 77 64 5814 61 7 li2 84 98 100 7934 IIOI4 8412 43 151c 963, 1909. STOCKS RAILROADS. Albany & Susquehanna. Ann Arbor____________ Preferred------------------- Rights------------------- Atlantic Coast Line RR. Baltimore & Ohio---------Preferred____________ Beech Creek----------------- January February July March May August September October November December April June Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 226 226 20 25 977g lOlig 98l2 1035, 1023g 1085g 1053, i097g 1065, 110l2 109 IOOI4 10134 IOII4 102ig 102 1043g 103l2 104ig 10334 105 104 107l2lll 108ig 122i2 1085, 11212 103i2 110i2 9212 93i2 92 9334 90 90 Preferred Canadian Pacific_________ Rights................................ Canada Southern_________ Central of New Jersey.___ Chesapeake & Ohio______ Chicago & Alton__________ Preferred_______________ Chicago Burl & Quincy___ Chicago Great Western___ Certificates of deposit-4% debentures_________ 171 60 25 Certificates of deposit. 4% preferred B-------------- Certificates of deposit- Preferred trustjcertfs. 'hicago Milwaukee & Si Preferred____________ Preferred Rights... Preferred_________________ Chicago Terminal Transfer.Preferred_________________ Clev Cine Chic & St Louis-----Preferred___________________ Cleveland & Pittsburgh, gu.. Colorado & Southern_________ 1st preferred_______________ 2d preferred------------------------Delaware & Hudson_________ Delaware Lacka & Western.. Denver & Rio Grande________ Preferred__________________ Des Moines & Fort Dodge.___ Detroit & Mackinac__________ Preferred__________________ Duluth South Shore & Atl-. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 64^4 65 215 230 61 68I4 577g 6534 71 71 6 834 615g 66 225 228 6334 703, 5812 7134 72 78b 414 66i2 67 235 282 69i4 7734 69 7434 73 73 200 225 512 7i, 61ig 37 7i2 14i, 62 2934 35i2 25ig 307g 27 8 10l2 6l2 91, 7 62 28 8 65 68 278 298i2 7434 80i4 695, 723, 75l2 7734 250 250 434 514 63 26 634 64 29 7'2 65 68 285 29434 79-5, 75 67 7112 74 76 2 5i4 5514 60 23 4 2834 71, 1153, 11934 116 12H, 1157, 1245, 1191, 1253, 1181, 1245, 1185, 124 104l4 105 104i4 1053, 104 105 103i2 105b 1041, 105’s 103b 10534 128 134i2 133 1431" 1321" I39l2 13312 14034 133 139b 132 139 11734 122i4 II5I4 1203, 11434 1195, 114 1185, 11434 1177, 11434 1187, 9434 9514 93 94 93 941" 91 92i2 9134 921, 9312 95 97 9934 90 130 133 ‘ 90 133 1821, 188i4 18314 18914 180 1865, 18112 1893, tl757, 185 9 Oifc 67l2 68l2 C812 6934 685, 6834 6812 6812 68 70b 287 291 291 315 305 32312 295 302 290 31634 763, 797, 7812 837, 791, 893, 85", 90 85J4 89", 6534 70»g 64/, 69 67 6934 64 691" 627, 70 727, 727, 73 7312 7234 73 7234 7412 70 70 249 249 12 21, 34 512 312 4 H 9I4 2114 2^4 0.1234 alOb 616 58 60 60 60 6H4 64 62 62 24 251" 315, 32 27 3534 3iig 3534 30 32 32 357g 4 434 43, 87, r241o 2fil2 712 al67. fll51g 521 133 178 182i2 M 4334 1013 6812 70 30412314 8434 91b 66 69 70 71 cl9 65 243o 65 33 c25 31 lo Ql7o 373g AR37 14634 15134 164 167 1433g 147 160 165 174 185 214 225 141 148l4 160 16412 14U2 147 15912 164 1731g 1791, 212 212 155 156 1661" 169 4 4i2 4 4 1712 20 68 73 69l4 79i2 100 101 103 103 175 175 57ig 68I4 5934 67 76i2 85i2 80 85 7314 84l2 76i4 82l4 174i2 182 168 177 547 550 535 545 375g 44 40 487g 79i2 835, 8H2 90 15l2 1634 1514 Preferred________________ 30 Erie__________ ....__________ 28"g 1st preferred_______________ 41 2d preferred------------------------- 33 Evansville & Terre Haute-----Preferred__________________ Great Northern, preferred-___ Ore Certificates------------------Green By & Western— Deb ctfs. Ser A___________ Deb ctfs, Ser B___________ Hocking Valley, preferred____ J P Morgan & Co, com rec.. Illinois Central_______________ Leased lines stock_________ Iowa Central.___ _____________ Preferred----------------------------Kanawha & Michigan_______ Kanawha & Mich trrets-------K C F S & M, tr ctfs, pref-----Kansas City Southern............. Preferred___________ ___ ___ Keokuk & Des Moines....___ Preferred___ ...______ --___ Lake Erie & Western—_______ Preferred___________________ Lake Shore & Michigan Sou.. Long Island_________________ Louisville & Nashville________ 178i4 1673g 174U 6OI4 65M 229 235 555, 65’4 6OI4 70i4 74 76i4 210 210 634 1U2 Certificates of deposit5% preferred A_________ 117 10634 1 117 12212 12112 12814 126l2 129l2 12734 135 1061211212 llll2 1147g 1137, 11534 11434 120 9334 947g 94 96 9312 9534 93i2 95 100 100 92 92 130 130 62 63 63 62 62 165 1737, 173 179 1793, 18134 17934 1853g 70 21 3612 3434 5112 4012 15i2 28 2534 4014 32 18 3H4 325g 49l2 3912 141 1487g 1467, 1517, 14834 15314 150 15812 16512 16434 1 665, 164 16612 165 1571, 15314 1587, 1541, 16312 15312 1651, 15512 164 153b 159b 153l2 159b 17034 169l4 170 16934 181 175 1807, 173 17912 17H2 175 171 173 176 182 208 214 186l2 182l2 18734 187 19812 190 1967, 1851419212 17734 190 223 221 22212 225 225 222 222 225 225 180 183i4 180 184l4 180 216 220 218 220 220 15234 148 170 3 18l2 20 72 78i4 73 1027, 105 152 6134 65U 803g 8434 78 81l2 173 179i4 545 550 4212 46i2 84t>g 88 40 87l2 1612 2934 225g 3612 28l2 40 87l2 19i4 33i4 30 453g 3512 153 1701, 165 4 2 159 1611, 171 174 175 312 312 2 180" 2 763, 7234 7534 73 773, 74 1005, 102 1021, 103b 103 77 103 62i4 6612 7934 85 76i2 83 1777, 185 54934 680 46l2 54 87 8912 1512 1534 95 167, 31b 2814 4414 345, 95 181" 3312 32 495, 401, 165 3 6418 67i2 82 86 8OI4 84i4 18034 200 650 575 483, 523, 87 88 1634 3034 31 48i2 40 183, 331, 3514 525, 4314 56 6434 81 83 80 8034 184 195 645 660 461, 523, 8512 89", 13 13 15U 30 34 51 4114 18 3234 39 551, 4534 5512 5712 81 8212 8014 80», 192 1 957, 649 650 463, 4912 841, 86 12 12 16 31 355, 5212 42l4 60 173, 3234 3734 55 45 60 16312 167 160 164l2 170 180 37, 2 1814 18b 73 7734 715, 7634 105 105 175 175 54 56l2 517, 54 8 1 823, 7912 821, 80 80i2 78 81 18912 1975, 189 19634 550 575 550 555 46'2 525, 43 4812 85 8934 851, 873, 15 30 34 52 42b 60 17b 33b 385, 5634 46 60 160 163 155 156 2 2 3 3 75 79 74 155 170 2 79>, 74 157 170 3 83 b 1047s IOS 5312 51 78 80 78 7812 182 19212 550 570 44b 50 8334 8612 9 11 16 301, 36b 537, 44 60 1412 28b 3134 46 38 15 1512 90 92 122 122b 14712 15534 85 14 90 112 145b 15b 2812 315, 4734 3812 60 175 182l2 221 225 53i2 60 79i2 8H" 78i2 807, 180 189 560 590 46 49l2 8312 85 12 53b 57l2 817, . 81 8OI4 8012 181 187 590 630 4734 531, 837, 8712 161» 14b 1534 15b 2812 3012 3012 35 32 343, 32b 47 50b 46 50 4212 38 41 3812 3134 19 3534 34l2 517, 423, 85 85 83 83 85 14034 14814 1365g 14412 13812 1457, 142 1475, 14312 148 14612 1517, 148l2 1537, 14934 1577, 150 156 1421, 154b 14034 1457, 140 1445, 70 74 6514 727g 651g 69l4 673, 7012 6812 7412 7334 7734 7434 783, 773, 8812 79b 8434 78 84 771, 8312 7734 8212 15 17 9112 93 103 106 142 149 14 90 103 137 2912 3414 27 54l2 6134 55 5314 75 39 69i2 6l2 20 48 59 121 14 14 90 91 102 104 14034 146 991" 1001" 32i2 28 30 61 5512 59i2 15 93 103 14414 5312 7434 76 75 433g 37 43 7434 677g 727g 6 8 6 25 25 24 1912 2212 527g 4912 54 75 76i4 4012 473, 7012 74/g 5 5 20 50 2H, 53ig 66l2 60 60 61 67i2 I2734 12112 1307g 12734 13434 85 85 15 1612 8934 9412 101 L18 14614 15134 85 85 155, 157, 1534 1534 93 93i2 93 9412 10412115 114 126 1481, 15812 15212 1621, 991" 991" 3334 28 323, 29 3212 29 327, 31 593, 5412 5834 55 5734 55 59 57 42 42 56 56 50 60 53 61 57 57 76 77i2 7734 79l2 76l2 7914 77l2 78l2 78 79b 4412 47l2 4412 483, 43 443 4 48", 46 50b 47i2 721, 7334 72l2 74 71 7312 713, 7312 72i2 75i2 6 6 758 75, 8 10 6 6 26 26 32 42 30 30 22 2334 22 25l2 2412 28 26 267, 25 29i2 647, 58 6134 58 63 5112 56 52 53 51 300 320 310 310 308 308 64 6634 65 7U, 667, 70i4 67 7034 67 6934 13312 14014 13812 1403, 13914 145l2 140 1467, 145b 1621, t Ex rig hts. a 1st ins tallment p 14 17 88 92 98 104 14334 14734 100 LOOI4 287, 36 5712 62 1512 90 97 14434 1612 90U 97 1485, 85 15 90 118 1541" T3i"2 90 116 146 8210 'l412 901, 1207, 14834 143, 8934 117 145 21 9012 124 14912 100 100 281, 303, 2712 307, 2634 2934 2734 3014 533, 485, 523, 49 48 5612 50 55b 57 57 79 82 45 481" 71 737, ____ ____ 25 55 55 80 427, 70 6 40 27 6134 53 60 82 80 42l4 70 71, 43 2112 58i2 5512 457, 72 71, 40 803, 77 80l2 457, 425, 45 721, 70 7214 1134 8 934 2412 24 5813 55 2712 64 651, 68l2 65 66 64 64b, 641" 7112 149 1 553, 149 15534 1491, 155 149 1591, aid. 6 2d paid. c 3 d paid. 130 RAILROAD AND MISCELLANEOUS STOCKS 1909—Continued. STOCKS January February Low High Low High Manhattan Elevated_________ 149 153l2 145 March 148l2 142 Mexican Central tr co ctfs dep 21l2 25i4 1912 2234 20 April 14478 14778 14378 147 144 2334 150 54U 65 53 5714 52 57 55 90 90 89i2 89i2 81 89 84 Mina St P & S S M_________ 13212 14912 136 143 139 1 4638 13314 Preferred________________ 15134 159 14712 15412 149i2 158 Michigan Central____________ Minneapolis & St Lou's______ Preferred---------------------------- Rights__________________ Common subscnp rets____ Pref subscrip rets------------Leased lines certfs----------Missouri Kansas & Texas----Preferred________________ Missouri Pacific___________ Morris & Essex------------------Nashville Chatt & St Louis— National RR cf Mex, pref Tr Co ctfs of deposit-------2d pref Tr Co ctfs of dep----National Rys of Mex. 1st pref 2d preferred-------------- -----N Y Cent & Hudson River.— Rights-------- ------------------N Y Chicago & St Louis----1st preferred-----------------2d preferred--------------------N Y Lackaw & West----------N Y New Haven & Hartford.. Rights................. .................. ’ Subscrip rects 1st paid----N Y Ontario & Western-------Norfolk & Western--------------Preferred-----------------------Northern Pacific___________ Subscription rects----------Pacific Coast Co-----------------1st preferred------------------2d preferred--------------------Pennsylvania RR---------------Rights------------------- ------Subscrip rects 1st paid----Peoria & Eastern---------------Pitts Cine Chic & St Louis— Preferred-----------------------Pitts Ft W & Chic, guar------Railroad Securities, III Cent stock trust certificates----Reading___________________ 1st preferred____________ 2d preferred-------- -----------Rock Island Co_____________ Preferred________________ Rome Watertown & Ogdensb Rutland, preferred--------------St Joseph & Grand Island— 1st preferred____________ 2d preferred--------------------St L & San Fran. 1st pref----2d preferred_____________ C & E III. new stk tr ctfs.. C & E III pref stk tr ctfs- .. St Louis Southwestern-------Preferred________________ Southern vot tr ctfs stpd extPreferred do do M & O stock trust ctfs------- Texas & Pacific-----------------Toledo St Louis & Western— Preferred________________ Union Pacific--------------------Preferred-----------------------Vandalia .....____________ Wabash __________________ Preferred________________ Western Maryland--------------Trust Co deposit receipts— Warrants, new stk, 4th paid Wheeling & Lake Erie---------1st preferred------------------2d preferred--------------------Wisconsin Central--------------Pre ferr d________________ Preferred trust rects---------EXPRESS. Adams ___________________ American--------------------------United States--------------------Wells, Fargo & Co--------------COAL AND MINING. Prices of mining stocks of par value of $25 or less are dollars per share, others p. c. Par. Alice Mining______________ 5 Amalgamated Copper----- 100 Anaconda Copper------------- 25 Batopilas Mining-__ _____ 20 Colorado Fuel & Iron------- 100 Preferred_____________ 100 Columb & Hock Coal & I.-100 Comstock Tunnel__________ 2 1st income 4s_____________ Consolidation Coal---------- 100 Granby Cons Min Sm & P-100 Homestake Mining_______ 100 Horn Silver--------------------- 25 New Central Coal_________ 20 Newhouse Mines & Smelt--10 Ontario Silver Mining----- 100 Pitts Coal of New Jersey.-lOO Preferred--------------------100 Quicksilver Mining_____ 100 Preferred--------------------100 Standard Mining_________ 10 Tennessee Copper_________ 25 Utah Copper--------------------10 Virginia Ir Coal & Coke—100 4134 4134 38 44 41l2 45 25U 25U 2234 2234 50 57 50 100 86 5412 48i2 5358 100 87 *78* *7*8* 76i4 78 1571*2 16334 157i8 160i8 158* 1*6*3* 45 49U 8414 9338 8534 88 137 14314 138 14234 80 83 1305s 135 4214 4812 4312 48 8434 92 86 91 8518 85’g 1331*4 14*1*12 13558 14378 137 137i2 80 80 76 9914 100 100 88 100 126l8 13278 128>4 13438 54 30 67 38>4 65i2 30 68i2 42 67 3338 367g 47 53U 68i2 7414 17558 184lg 95 97 8434 8712 1734 1934 4534 52 1934 23i2 1034 2U2 12 3578 6912 1278 257g 15l8 45U 8478 190 190 206 210 85 85 300 300 214 73 43 27S 3834 75 2434 24c 16 102 87 90 91 18 13438 90 92l8 90 91 2078 253s 5758 65k 212 8434 5058 314 45i2 75 28 30c 20 110 90 45i2 45i2 514 6 4 5% 1178 13 45i2 47l2 158 414 4 6I4 3734 *4*9*’ 41 4778 60 64 20l2 50 22 60 24»g 54 2612 65 90U 90i4 121i8 1365g 89 90 90i8 93 22 2518 6034 6538 125 125 28 28 19 19 4934 4934 29 29 65I4 6612 3658 3912 6634 6634 22 50 23l2 61 241’ 58 26i4 6434 11458120 H6I4 12378 11834 122U 12034 12558 30 3734 43 50 6434 7034 172l2 18134 9458 96 3138 3358 4434 5234 6734 733S 173l2 185i2 94 9514 15 1938 17 1834 4 1 5078 42l4 4834 1978 257g 1938 2238 8i2 20 10i8 38 81 1034 2334 12 4534 87i2 190 191 205 210 82 84 9 21 11 461g 8534 86I4 10 23 12 5112 89l4 8778 191 191 205 205 83 85 2 2 65 7734 6612 7558 3734 4638 3934 4512 438 3 314 3 29 4078 31 36i2 70 2138 "2*514 45l2 25c 30c 23c 28c 20 2058 15 16 9734 9734 96 10178 91 98 90 9234 90 92i2 70c 70c 70c 70c 50 50 '*41*3 **5*3g 3i8 45s 4l8 418 3l2 4 IOI4 12k 40 40i4 41* *4*3*’ 2 3l2 234 412 334 5 3 51? 134 134 3434 4158 371*2 *4*2*78 40 4438 39i8 45 57 60 60 60 T Ex rig hts. 56 53 86 142 163 56i4 88 14578 16412 135 1473i 89 4012 731’ 7H2 1387s 1481’ 9078 43lg 74l8 7534 1401’ 140”8 161 161 8938 9134 40i8 44 734, 7578 7112 7712 135 135 130 51 85 141 162 54l2 52l2 56 86I4 84 87 145l2 135 143 162 150U 157 140 160 8912 40l8 7312 67 14034 160 92 4314 7534 7338 142 135 135 1391’ 130 90 40 74 66'2 139l2 14234 137 140lj 51 54U 51l2 54U 851’ 85l2 133 137U 1333g 144 152l2 15414 1537g 157'2 142 91 501? 78i4 7034 135 90 46'8 7314 68i2 135 9018 50i2 75i2 7334 136 90 4678 73lg 6934 139 94 503s 7478 725S 142 6434 6834 55 58 5512 57'8 53 58 69 69 5734 55 57 1021’ 10210 84 861’ 87 88 89 92 95 85 95 88 86 88 87 125 17434 16878 I7H4 1691’ 17258 1685g 17412 161l2172 T154 166 154l2 1591’ 512 6'2 5 5.56I4 1471? 14934 4934 555s 5112 5414 47 5212 46 5078 46 50i4 4534 481’ 46 * 50 ’ 92 89 92i4 891’ 95 9658 92 9614 9334 97 91 961g 9112 102 8612 88 88 9212 90i8 91'S 90 9214 90 9012 8912 8958 89 90 147U 15434 15018 15512 15134 15912 15U2 15912 14434 15714 14212 14912 140U 146-5a 55 8312 84 125 I69I4 172 170 81 46S8 5058 48 50l4 9238 89i2 94i8 89 85i4 87 86 8712 142 14778 14258 14812 91 9934 9212 98 95 9812 97 97U 100 100 lOOli 1001.1 9858 9858 100 100 100 100 9934 9934 13314 13612 13334 1393g 13458 laSU ld6l4 140 2312 2434 24 86l2 93 8712 94 89i8 93i2 9U2 93U 91 105 1081’ 104 104 108 110 110 110 17414 17434 17312 173l2 173l2175 881’ 90 13112 1443g 9U2 93 9012 9312 2312 263s 5812 637s 126 126 144 164 140U 14458 14 ll2 14334 14114 143 50 5414 5H8 5378 5134 55 5112 53l2 5334 61 59 55ig 56 555g 64 57 2338 2658 23 2312 2558 221’ 2514 2212 2558 22l2 2478 21i2 225g 21 2612 26 129 13314 12938135 13112 14178 1351S 147 13012 13914 132 14058 125l2 137i8 tl221412912 123 13234 120l2 129i8 122i2 131i8 *84* *8*6 14458 146 150 150 55 58i4 5434 57U 87 891’ 86I9 87 13634 141 13934 145U 14834 151 151 161 1343. 135 147 ‘ 147 903j 911’ 40>2 4478 35i2 4378 38 43 4U2 4414 41l4 4438 3914 44 * 7234 7414 73 7514 72 7412 7214 7412 71l2 7514 71 75 67iS 727g 65 7338 66i2 73U 73i8 76 71 7714 185 185 182U18219 12212 125 123i2123l2 125 125 129 135 128 130 135 138 VARIOUS. AiliS'-Cha’mers_____________ 1414 1558 1234 1514 13 Preferred------------------------ 46 50 38 487g 41 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 150 6H 56 60 871 85i2 89 146 135 13838 14812 150 130 149 21i2 2338 47l2 54U 25 27lg 60 63i2 82 82 Southern Pacific Co-------------- 11638 12112 Preferred -__ ____________ 120 12312 Rights_____________________ July August September October November December May June Low High Low High Low High Low High Low High Low High Low High Low High 91 92 134i8 148i2 89 93 92 100 2414 2958 64 7134 50 2914 69 38 62l2 51 30 71 461’ 70 23 55 2512 63i2 2514 6058 30i8 70 26 22 92l2 91 913,, 9319 143S8 15934 90 93 94 10434 2812 34 6958 727g 107s 2234 11/g 63/g 88 8834 191 195 209 220 84 99 310 315 9 22 1212 6612 9058 8719 91 91 155l8 166 9312 96 98 102 4238 37 7412 8038 90 1561s 9H2 99 36 7212 125 1733g 9312 103 4012 7812 125 158 17012 91l2 92 97 100 35l2 4138 72l2 7934 12314 135 12619 137 3358 365„ 46*2 52/8 6714 70 18778 195 97 110 89’4 89’4 2014 2438 53 6134 12 22 95 99l2 98 107 90i4 94i2 92 93 70c 1.60 17g 314 10i2 43 6 5 419 5 1312 4912 8ss 10 4034 46 47 53 6134 65 2 7719 4658 33« 40I2 75 62 26c, 20 50 371’ 371oi ...: 30 16 52 30 72 59 68 90 16034 17212 9H’ 9234 96 10112 3814 4H4 7634 841’ 16 53 31 69 54 21 59 41 7H’ 581’ 16714 17212 91 92 991211712 3912 81 8412 9434 20 21 55 6OI4 40 40 6934 74 56 6034 6512 69U 116 116 3134 353g 7412 82 3012 3338 68 7512 255s 283g 6458 6838 2934 34 6912 75 86 861’ 13118 13512 125 139ig 131U 1351s 2834 34M 67i4 747g 30 3258 67i2 71l4 8612 8612 12212 135U 1263g 13334 127 1307s 12734 13814 321f> 3578 4778 5134 68 7014 193 20134 IO2I4 10634 3412 3914 49&8 5234 6912 7258 193i421078 103i8 112 2534 2812 26 6738 7112 64i4 29l2 325s 3012 6634 7112 68i2 19934 19934 22478 230 95 99 86 325 330 2.70 25„ 234 781 7614 8578 4638 4512 52 458 312 4 4O3S 38i2 42 75 75 43l2 64i2 62i4 65i2 21c 27c 25c 30c 17 18 18 24 334 45S 1134 4334 8I4 7 2l2 42i4 481’ 61 50 127„ 10 2512 22 14/r 11 6034 54l2 9058 917« 8934 2 7334 43i8 334 3514 V8 314 10 41 3 5 134 40 4234 6034 15334 162S8 9234 94 97 10U2 32i8 3934 70U 7738 125li 125b 33l2 38l2 38 ’ 381’ 147U 15838 9234 91 97 102 29 34l2 66l2 72 100 105 1021’ 1385g 30 I5I4 ... 5134 5134 50 291’ 70 7034 68 6858 68 73 72 7214 70 7214 6934 44l8 4714 42l4 4638 4514 5638 5414 571’ 5518 6034 55 6934 67 6634 68 6834 66 68 65 67 67 67 15 15 53i2 5312 2414 28i4 5912 6834 29 32l8 6714 7138 82 86 118i2 123 11834 12412 12234 12534 124 12678 *2 3434 33 3434 33 51 5434 50i2 5312 6834 7138 69 7014 18438 18934 186 19034 95 96 96 9812 88 88 88 89 1734 1912 1878 2178 4534 50i4 49 5438 1934 23l2 18l2 2838 9 21 III4 4814 87 86i2 27 93 110 106 IIH4 105 105 107 liui2 105 109 10934 111 105l2 109 105 115 15114 14434 150 tl293414912 1281’ 137"8 734 834 812 834 134 134 25 27 261’ 27 2312 25 24'g 2534 24 26 24 28 9214 93i2 9112 9478 90 9434 9238 961’ 94U 9612 9312 997g 115 116 115 116U 110 11034 115 115 11434 11434 175 175 174 174U 175 175 ' 96 103 100l8 105 9934100 13778 14378 27U 69 331’ 74 35 401’ 4914 54l8 69 7134 19412219 102l8 11812 2414 6338 2912 63 2238 19 2018 2178 20 53i2 58 50 59 46 3l2 1212 334 71’ al3 9 6 113g 8 1138 5 24 1514 2112 17 21 15 13 6i2 ll‘s 758 1212 9 55 5714 55 58 53 61 3138 7058 3218 72 2738 661’ 2834 68 31 6978 321g 7H2 3412 37 50 547g 6734 71 197 20934 10218 10834 33i2 3612 5412 53 681’ 7U4 19912205 IOH4 1047g 34 37U 52 54i8 6878 72sg 1975g «0412 IOII4 105 183s 2iis 193g 2U2 2034 21 5434 537g 46!4 541’ 5012 57 512 1514 621 2314 c3114 35i2 <Z43 48 1078 8i« 95S 8 9l2 8 19 16 19 18i2 1812 1712 1034 9's 10 12 9 912 48/g 51 48 5578 47i8 55 2778 6H4 56 55 1034 2378 1312 4912 9158 8978 897s 8978 90i8 88i2 88i2 225 225 ___ 225 22514 22814 235 8*7* 86 8658 89 90 .... 312 312 315 315 2 88i8 52 512 4538 75 67i4 30c. 2034 214 85 4938 458 538 43i8 4734 78 100 6234 6638 26c. 27c. 2 79 46 2 821’ 4738 4l2 4134 99 64 26c. 2 891g 51 514 483g 1001’ 73b 26c. 230 230 244 255 90 90 100 107 .... .... 35614 475 214 77 4578 414 4134 100l8 72 26c. 2i4 85 51 434 47l2 104 81 30c. 101 106l2 99 103 100 106 97 104l2 9138 91i4 89l2 9034 91 91l2 9134 91 70c. 70c. 70c. 70c. 53 51 1x2 2^8 158 21’ 278 4 312 312 3 312 4 414 1438 13l2 241’ 19 11 2378 11 13 48 50 4778 5134 5134 63 6012 62 938 458 658 5 6ig 313 718 6 638 512 812 6i8 8 5 6I4 9 2 7738 45lg 4 43l2 110 78i8 30c. 20 2 87's 4958 414 47 110 81 234 250 240 270 10012 no 450 580 214 83S„ 4634 358 47 110 787g 37c. 29c. 20 16 314 96ig 5414 37g 5238 115 8814 30c. 16 245 254 103 565 245 300 111 670 2 8512 47l2 3ig 4834 __ _ 86 26c. 15 2 9 n8 5438 334 53 ____ 9112 31c. 20 98i2 10434 102 11012 95 100 88 9U4 7314 86I4 7614 82 70c. 70c. 52 52 2 214 23„ 234 2^8 2^4 2938 2534 293g 1734 223g 22 63l2 721’ 65i2 87l2 60 63 434 33g 4 412 5l8 4 4 53g 6 Sl2 7 7 4Hg 3518 3838 33l2 36l2 35'2 4212 38 41 37l2 4219 365S 39 37 4634 5212 497„ 541’ 47 5134 46 50 48 53 49U 67l4 57k 6334 64 62 65 67 71 7414 67 66 67 757s 69 73i2 70 75 1558 15 1514 1478 I6I4 15l2 16i2 15 16ig 145g 15/3 16l2 1438 157s 15 167g 145g 1558 14 52i8 573g 50i8 54’8 49 5412 5212 57l2 53U 5f.l4 4712 46 5138 4958 52&8 50l2 5434 50\s 55 J Ex dividend and right 8. a 1st ins tallment p aid. b 2d paid. c 3d paid d. 4t h paid. MISCELLANEOUS STOCKS 131 1909— Continued. STOCKS American Agricultural Chem. Preferred-----------------------American Beet Sugar----------Preferred-----------------------American Can______________ Preferred-----------------------American Car & Foundry.— Preferred________________ American Cotton Oil-----------Preferred________________ Amer District Telegraph------American Hide & Leather.__ Preferred-----------------------American Ice Securities-------American Linseed_________ Preferred-----------------------American Locomotive---------Preferred________________ American Malt Corporation.. Preferred-----------------------American Smelt Sec, pref B.. American Smelt & Refining.. Preferred________________ American Snuff____________ Preferred________________ American Steel Foundries----American Sugar Refining Co. Preferred---------------American Tel & Cable Co----American Telep & Teleg Co.. American Tobacco (new) pref American Woolen Co_______ Preferred-_______________ Assoc Merchants, 1st pref— •Second preferred--------------Bethlehem Steel Corporation. Preferred________________ Brooklyn Rapid Transit------Brooklyn Union Gas_______ Brunswick Dock & C Impt__ Bruns Terml & Ry Secur — Butterick Co_______________ Central Leather____________ Preferred________________ Cent& South Amer Teleg-__ Chicago Union Traction Trust Co ctfs deposit_____ Pref Trust Co ctfs deposit.. Consolidated Gas__________ Corn Products Refining------Preferred________________ Crex Carpet________________ Detroit Edison------------------Detroit United Ry_________ Distillers' Securities Corp.__ E 1 duPont Powder, pref----Federal Mining & Smelting-. Preferred________________ Federal Sugar Refining-------Preferred________________ General Chemical__________ Preferred________________ General Electric____________ July June March April May January February Low High Low High Low High Low High Low High Low High Low High 103 104 42 51 121 133 120 1267g 80 80 1397g 142b 100i2 1033g 33b 37b 102b 10734 108 114 27l2 333g 59 64b 76b 827g 1375gl41 1734 2034 29 31i2 5914 62 75 79b 139b 14314 18 T9 32 36b 65 6912 62 67 78 813 751g 813g 142 1503 147b 151b 17 207g 15b 19 295g 31 25b 30 100 104 110 IIOI4 3 lb 327g 325g 347g 31 34 28l4 3034 2812 31b 2914 327g 9934 10212 IOII4 104b 10312 10512 110 110 115 115 30i4 30i4 307g 35l2 10412 108 1131211312 31 35 108 114 53g 534 145g 16ig 126b 140 17«4 193g 74 79b 45g 512 1334 16 136 13934 185g 24 77 85 50 52i4 4 5 12 1334 139 143 223g 253g 865g 89ig 5712 58 3634 393g 97 97 327g 377g 89 9234 8b 12 74 803g 4914 51b 111 112i2 52 60b 100 102b 634 73g 38b 41b 333g 42b 14b 18 31 40 5212 5612 114 II5I4 97 97 347g 36b 1263g 133 129 1297g 75 78 125 1 2934 90b 92 26 2934 9412 97M 106 106b 10112 104l2 2212 26b 2034 -25b 50 54 47 53 67 72b 677g 7234 118 130 118 125 13 163g 14l2 15M 634 73g 37 41b 23b 333g 13b 15 29 335g 49 5434 1107sll43g 7 8&g 47U 64 83 86I4 8034 89 10134104l2 225 235 95 97 35 38b 128 13312 128 1297g 76 76b 128b 1325g 91 9534 275g 33ig 96 IOOI4 106 10634 102 103U 1834 2434 49 54 70 76b 125 135 13 1414 40i4 43U 385g 415g 15b 173g 36 3934 5534 587g 115 117 714 105g 7lg 8I4 47 5334 47 5634 8534 87 86 897g 86 91b 8934 9512 1037g 106l2 106 110&g 250 255 100 100 102 105 37 38b 38 41b 131 136 132 135U 129b 131 12714 129b 7734 7734 75 76 1307g 14234 138b 142U 95 967g 9612 104 3212 35i2 33b 373g 99 1015g 101 106b 105 106 106 108 1017g 104 102b 102l2 22 25 23 297g 52 6134 50 52 7412 79b 7714 8OI4 130 133b 132l2140i2 14 157g 14b 19b 237g 30 2934 33 100i21023g 105 108 27 33b 2734 32 101 103l2 105 108 5b 612 14l4 17b 114i2127i2 16l2 19?g 7314 76b 46 46b 7U2 77b 4414 5H2 107i21115g 49b 54b 99b 103b 634 8b 36 425g 187g 2434 12b 16 29 35 55b 58b 11012 114 7 734 42 47 80 835g 805g 893g 101 104l2 6I4 734 34 42 21 233g 12 15b 29b 35b 49 57&g IO9I4 11234 7 9ig 47 533g 82b 865g 7734 885g 101 105b 35 9634 21b 86b 39b 97 257g 867g 7b 36 39 127 134 12914 12914 75b 77 12514 1275g 917g 94 2734 31 9334 95 514 7 15 I8I4 117ig 165M 177g 20i2 73i2 7634 45 45 56 57U 57 62i2 35l2 403g 32l2 38 71 81 71i4 60 84 80 90 90 61 63 98l2 98l2 152i4 158 Havana Electric______________ 393g 40i2 Preferred________________ 84 84 377g 403g 97 99 34b 3934 9034 95 10 14ig 783g 833g 5034 56b 113 117 585g 68b 102b IO6I4 40 45 IOOI4 101 375g 4412 94 97b Illg 1334 80b 86 5438 58b 1151211712 66 7634 101l2 103 734 9b 4012 43b 36b 413g 15b 20 39b 4 734 57 62b 115 118 9 lib 51 58b 87b 89 877g 97b 109 114b 4l2 534 15 16 13734 1457g 22 26i2 86 93i2 56'2 5612 75 76 5634 59 62 58l2 59 58 6134 373g 35i2 393g 3734 41l2 38U 41U 60 83 65 65 100l2 102 150ig 158 39 40l2 83ig 833g September October November December hi Low High Low High Low High Low High 43 463g 443g 50 45 49 45 467g 4634 497g IOU4 102 103 103 103 103 10U2 102 loin 102 4834 437g 491*) 4134 493g 473g 45 2 4112 93 96 95 96 2 96b 97b 97I2 98 133g 11 12b g 12 15b 1112 133g 12 8OI4 8334 t 813g 84 80b 85b 82b 85b 8 65i2 705g 67b 737g 6934 76b 57b 6712 118 120 11712 1193g 119 120 II7I4 120 72i2 77 2 7134 767g 73 78b 65 79b 4 10H2 1021g 104 107 103 107b 103b 103b 20 734 914 8ig 8 8b 10 7b 9b 8b 9b 403g 49b 43b 493g 39b 46 8 46b 51 21 24ig 2834 33 41b 3212 40 33b 23b 27 15 16b 177g 15b 18 18b 15b 17b 15 16b 44 4684 8 41 45b 3834 4312 38b 433g 59 653g 57 02b 59b 643g 61b 57 118 12134 115b 122 1141g 1183g 115 116 114 116 8 101 9 6 812 9lg 10 8b 9b 7 52 54l2 2 52i2 59 48b 5634 38 50b 92 91 88 89ig 90b 913j 8934 92 913g 987g 945g 101b 93b 101b 953g 105b 1107g 114b Illbll4i4 110b 113 109b 1137g 2701o 285 280 280 102 102 100b 101 100 ‘ 100 104b 104i2 48b 55b 56b 62b 5834 6434 63 663g 125121317g 128 1363g 129b 1347g 1153gl34 124 1257g 125 129 126 127 118 125 76 80 83 85 83b 85 13934 143 b 139b 145b 139b 14334 1397g 145 100 10212 101 100b 10212 99 101 96b101b 335g 3634 3734 40 36 33b 36 33&g 39 10234 1043g 10334 106b 102b 104 1025g 103b 112 112 .... .... 36 38b 96 98 2312 35b 88 93 8 8* 735g 76b 4734 507g 110 11134 51b 5334 loibioib 33b 407g 95b 965S 20b 26b 82 86b 7b 9b 7134 7334 4734 50b 108 111 421g 56 98 100 A ugust 65 65 1005g 102 151l4 158 39ig 43 84l2 85 5 6b 1414 18 13634 148b 225g 25b 843g 92 50 61 3534 683g 81 b 145b 21b 4 1212 137 20b 83b .... 512 13b 146b 2334 87 .... 10 1421g 21b 83b 60 4b 11 15U2 23b 86b 62 69b 7012 64 3534 36b 39 88 7ib 89 92 85i2 64 3784 88 80 90 58b 3534 87^2 82 “ 86b 62U 38b 88 88 91 734 44b 24 14b 39b 59 113 6b 38b 90 96b 110b 812 4834 29 18b 47b 63 116 734 4234 9034 105 11234 lVo 10012 63b 66 116 12434 119 12334 77b 80 139 14312 95 98b 335g 383g 103lg 1055g 112b 113 33b 36b 33b 35 69 67 66 68b 7734 825g 7412 79 141121461o 142 164b 17 18b 17b 18 177g 19U 321; 30b 32b 30 3412 32 37 33 35 42ij 4114 47b 43b 5134 4412 49b 455g 4914 110 108 111 108b110b 108 109b 10634 109 114 .... .... 114 114 .... .... 115 115 5b 6b 13 14b 14212 14834 221g 2412 86 89 59b 60 63 68 375g 39 6934 75 70 95l2 80 90U 80 88 8734 915g 873g 88i2 81i2 82l2 827g 93 51 51 90'8 90'g 91l2 91i2 71 71 77 85 70 75 1005g 102ig 10212 10312 102l2105)2 104l2 105 156 161 15834 16134 159 164i2 162i4 170U 43l2 52 59l2 64 51 53 55 60 86 86ig 88 88l2 89 89 32 63 74 138 17b 435g 49b 101b 101b 4412 48b 93 94b 13 14b 80b 84 b 70b 73 b 118b 120b 65 69b 10312 104b 86l2 90 88I4 94 95 95 92 95 95 90 95 10634 108 10212 103b 104 165 1723 16334 169b 15912 62l2 67 71 78b 78 86 861 90 90 95 104 168b 793g 4 93 104 159b 79 93 106b 16434 85 3b 734 147b 21b 833g 60 57g 13b 162 23b 87b 63 65 67 357g 38b 8712 88 88 89b 89 89 91 93 10312 105 158 I61l2 84l2 103 95 100 1 110 118 : 92i2 98 100 100 227g 257g 541g 633g 105l2n834 124 128 7 8 23 25b 14b 16l2 5734 6212 H B Claflin Co____________ 1st preferred____________ 2d preferred------------------163g 1334 1514 15 205g 187g 24b 1312 1612 115g 157g 127g 17 15l2 17i2 1534 175g 1334 1634 14 Interboro-Met vot trust ctfs.. 143g 19 Preferred________________ 4 0 493g 38 45 3634 453g 39 4714 44 47’4 44i2 523g 443g 51 46 5034 443g 49 47I4 515g 49b 57b International Harvester____ 62 65i2 62i4 66 66i2 7034 6934 84l4 8OI4 837g 8334 86i2 84i2 871 87l2 897g 88 9712 95 104 10212112b Preferred________________ IO9I4III 1105g 112l2 111 11234 1125g 12012 119i2 122 120ig 123 121l2 122ig 120i2122i2 11912 124 123 125b 122 1261 9 53g 7i2 6I4 7*g 6I4 71g 634 7Sg 7 7 7ig 8 Internat Mercan Mar stk tr ctf 8 8' 7I4 8I4 75g 8I4 7 8I4 22 25 Preferred________________ 24l2 275g 23 255g 24i4 25l2 22l4 25i2 1834 2334 20i4 2314 2 1 2334 22 24 22l2 257g 912 11 153g 18 10 13i2 12 1414 14 1634 1512 1634 16 1914 17U 19 14 163g International Paper________ 1112 1212 Preferred------------------------ 551g 5634 50i4 56ig 4734 52i2 5134 68 55ig 61 60ig 6414 63 66Sg 6434 6934 647g 687g 61 663g 58 62 30 30 International Power International Steam Pump__ 3612 42i2 33i2 39M 34lg 39 37lg 405g 387g 4234 3834 4214 38°g 4012 3914 4534 451g 5012 46b 51 4834 54b 493g 53 84l4 8912 867g 8914 87 90 Preferred________________ 8212 8634 82i2 85 8212 847g 8434 87 85i4 89i4 88lg 9134 8734 9034 88b 90b 88I4 90i2 68 68 Knickerbocker Ice, pref____ 6U2 6H2 60 60 67 67 70 70 104* 105’ Laclede Gas (St Louis)_____ 104l2 10434 10412 11012 IO8I4 1133g 92 92 Preferred________________ 97l2 99 97 97 93 96 72 74 8H2 8434 8034 94 Mackay Companies________ 70 76 70 74 74 79i2 7734 8OI4 79 827g 7912 84 90b 94 90 95l2 90l2 93 Preferred________________ 69i2 71l2 70ig 72 703g 7134 71 74 73 74 74 7714 7434 76b 75 Z4 75ig 7334 743g 74lg 75 77b 76b 775g 2ig 2ig Manhattan Beach Co_______ 5 3 3 3b 3 3 5U 5 2512 30 21 28 22 27 Aletropolitan Street Ry_____ 34 42 27 33 25 3034 18 22 ’22" 24 20 20 20 24 23 27b 20 23i2 National Biscuit____________ 96l2 1085g 9912 10412 101l2106 10234 107 104l210734 05 106i2 10534 107 106 108 105 120 113 117 11312117 115b 118i2 Preferred________________ 118i211934 1195gl21 11912 12234 122i2125 123 126 23 12414 1247g 1267g 1251g 127 127 130 125 195g 12112 124 124lg 121 125 Nat Enameling & Stamping.. 1314 15k 125g 14I4 127g 14 13l2 15U 133g 16i2 153g 1834 15 1634 I6I4 1914 18 23 20b 23 22 30b Preferred________________ 82 85 82 82i4 83 83 83 85 85 87 89 89 89 96 9834 99l2 96 97 88I4 92 94l2 97 98 99b National Lead Co__________ 7534 81l2 7U4 80?g 7414 83 81 90>4 86 89i2 82i4 887g 85l2 89 8834 94 88l2 92 85b 9012 86b 91 87b 9034 Preferred------------------------ 1055g IO714 107l2109U 106i2108 10234 10734 1047g llli2 107 109ig 108 112 11134 11334 IIOI4 1117g 110 111 IIOI4 11212 1095glll New York Air Brake_______ 85 92 80 88 83 88 8334 89 85 90M 86l2 90 86 9H2 8934 97 87 92 85 91 9012 97b 92i2 97 New York Dock___________ 30 34 34 35 40i4 40i4 39 40 47 47 40 40 35 35 35i2 35b Preferred________________ 75 75l2 75i2 7734 79 80 78* 79 77i2 78 80 80 7934 80 *82’ 827g 82 82 "79" 80 80b 81 8034 8034 N Y & N J Telephone............... 113 115 11312115 1157g 11714 11912 125 122 124 123 137 134 142 13914 142i2 Rights--------------------------2I4 212 North American Co, new stock 72 8412 78 817g 783g 815g 7912 8412 8134 833g 8034 87l2 82 84i2 82 87 81 8414 76 82 77 8OI4 78b 873g Northern Ohio Tr & Lt_____ 2312 24 26 27 26b 27 30 30 3512 38 Pacific Mail Steamship_____ 295g 3634 29lg 34 29lg 3414 2914 32 2914 31 293g 32 30i2 337g 315g 36l2 35 41i4 4012 48b 397g 4512 29ig 34 Pacific Telephone & Teleg__ 48 64l2 45b 62b 46 493g Preferred-----------------------987g 997g 98 98 98 100 People's Gas Lt & Coke, Chic 10112 10934 107 114 10912115 1131411812 113lg II6I4 112 1163g II4I4 11634 11434120 113b 117ig 114 116b 112b 1161 1125gll7 Rights--------------------------12 3 12 6 Phelps. Dodge & Co_______ 175 200 200 200 225 235 262 252 Philadelphia Co (Pitts)___ 99b 193 Philadelphia Rapid Transit.. 52 53U Pressed Steel Car-.________ 4012 43I4 30i2 4234 3414 39 37 393g 3812 433g 4Hg 453g 43 485g 475g 56 47 5U2 44 517g 50 55b 50b 52'g Preferred________________ 101 1023g 96 103 97U 98 98ig 101 101lg 105 102 1O412 10414 107 1023411134 102 108 IO4I4 107b 10434 1087g 104lg 106 Pullman Co (The)__________ 169 172 170 171i2 169 172lg 172 190 185 19112 18714 190 188 190 187i2 200 19034 19412 190 195 190 194 190 193 Railway Steel-Spring_______ 46 4834 39l2 4714 32l2 43U 3834 40l2 3912 445g 42 4634 43 48l2 47 5412 4734 5H2 45 49 487g 53lg 50 5212 Preferred________________ 100 103 977g 101 99 IOII4 9912 100 101 107 10412108 104i2 106 IO6I4 109 105l2 108 105 109 1045g 108 106b 108b Republic Iron & Steel______ 24 26l2 165g 2434 18 23 22 245g 243g 30 29U 3414 31 3712 3534 397g 37 4912 44 48»g 4434 49b 45 47 Preferred-__ ____________ 8514 88I4 67ig 86 70 7434 735g 8134 82 97U 9634 108i2 1037g IIOI4 104 109 103b 109b 10334 108 105 107b 104 107b Rubber Goods Mfg pref____ 105 109 Sears-Roebuck, preferred___ 101 104 106 110 110 1105g 116 121 114i2115i4 114121145g Sloss-Sheffield Steel & Iron.. 76 79l2 68 81ig 70i2 74l2 7314 77i2 7734 8434 80 87l2 8234 8534 825g 88ig 8334 9212 89 945g 86b 921; 8612 89 Preferred------------------------ 109l2 1097g 1073glll 109U110 112l2 11212 113 115 1153gll7 116i2116i2 119 119 118b 120 119 120 116b118 South Porto Rico Sugar___ 79b 83 Preferred________________ 113 115 Texas Pacific Land Trust.__ 82 851g 80i2 80i2 8434 85 85 89i2 891g 92 8912 90 9014 937g 90 9234 88I4 91 88b 8934 90 91 89 91 Third Avenue______________ 36ig 42l2 35l2 423g 2514 4034 26l2 35U 28 35i2 2012 305g 16 22 181g 2434 21ig 24b 185g 2234 181» 21b 12b 19 Toledo Railways & Light___ 11 153g 1V2 137g Illg 13 834 9ig 9ig 1H4 834 9i2 8&g 9i2 834 834 9b 10l2 12 1314 J 1234 83g 10 Twin City Rapid Transit____ 97 10034 99 107 10334 1067g 103 104i2 103 106i2 1035s 10634 103 106 10312 IIOI4 107,gHl|8 107 111b 108 1101-, 1103g II6I4 Preferred________________ 125 125 140 140 140 142 14434 145 145 145 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 132 RAILROAD AND MISCELLANEOUS STOCKS. 1909— Concluded. STOCKS January February March April May June July August September October November December Low High Low High Low High Low High Low High Low Hight Low High Low High Low High Low High Low High Low High 9% lll2 9% 11% 914 IOI4 10 Union Bag & Paper________ 1312 1214 14% 14 153. 12% 14% 13 15 13 14% 12 1334 12% 14 12 1314 Preferred________________ 66 6934 67 69% 67% 68I4 68 75% 74 77% 76 8II4 75 81 79 79% 75 78% 74 76 74 77 75 7534 United Cigar Mfrs, pref____ 99 100 100i8 102% 102% 103% 102% 104% 105 110 105 107% 107 108% 108 110 109 109 10678 108% 108% IO8I0 109 111 United Dry Goods Cos-------115 119i2 11978 12212 120% 125% Preferred-----------------------110% 1115s IIOI4 111 109% 111% 109 109% 109% 111% 11038 11178 IIOI4 114 United Rys Inv of San Fran.. 35 37 30 34 31% 31% 33% 39 35 37% 37% 39% 3414 38% 36 39% 39 47 40 44% 40 44 41 44 50i4 52 53 Preferred_______________ 5212 55 50l4 54 59 54% 57% 55 57% 53 56% 54 59 59% 77 68 76 70% 74% 71% 7478 U S Cast Iron Pipe & Foundry 28 3034 2438 29% 2534 2914 28% 33 31 35U 3234 35% 31% 3434 31% 34% 31 3358 31% 341o 3Ho 3338 7258 76% 75 7834 7778 87% Preferred----------------------- 74 77 73 75% 70 72 84 86I4 84 8712 83% 86% 85 87% 8312 8434 15 15 U S Leather________________ 14 14 Preferred------------------------ 119 120 117 125 115 128 118 118 120 120 115 123 121 128 127 128 U S Realty & Improvement-. 60 71% 64 68I4 6612 7414 72% 82.% 79% 8512 8078 84 80% 84 82% 83% 81 8OI4 84% 8Hr 82% 81 87 84% 10 10 10 1034 10 U S Reduction & Refining— 12% 1338 10 16% 15 16 11 12 17% 14 I6I4 IH4 1234 13 1478 13 13 26 30 Preferred------------------------ 30 32 24 24 30 30 28 30 387S 34% 37 37 39% 32 38 29 31% 30 33 27% 281« U S Rubber Co____________ 31 34% 27 32% 29% 33 31 35 32% 40% 42 42% 38 42 57% 50 56 45% 54% 49 5478 54% 51 1st preferred------------------- 98 107 100 104 102 104% 10214 10578 104% 112 112 118 115U118 117 123% 118% 123% 11712 12134 115 120 116% 118% 82 8434 84 2d preferred____________ 69 7334 67% 6978 69 70 68I4 72 71% 79% 79 85 89% 86% 89% 8334 88% 80 85% 8H2 8434 Rights--------------------------14 14 U S Steel Corporation---------- 51% 55% 4H4 5314 4278 4914 4878 55 54% 6438 64 6978 6734 74% 7314 787S 7534 90% 85% 9478 85% 93% 86% 9258 Preferred........... .................... II2I4 115 107 115 109% 113% 113% 115% 115% 12034 120% 1283S 125 12878 123 12938 1235s 13034 12534 1 31 122% 129 123% 126 Vrginia-Carolina Chemical — 4234 4878 4078 4678 4214 4514 43 48% 46% 51% 503s 56% 51 5578 46% 54% 45% 4938 45 48% 46^4 51 56% 47 Preferred------------------------ 114 115 114 115 115% 118 115 117 116% 1193s 119 123 120U 122% 122 123% 120 121% 120 121% 121 123 121 128 8 8% 6 6% 6I4 7% 8 934 9% 20 7 Vulcan Detinning__________ 15% 1834 14 8 15% 17 27% 2412 34% 2.310 37% 241- 25 Preferred------------------------ 45 5134 48 48% 49 49 53 57 57% 73% 69 69% 65% 66% 71 78 71% 85 85 91% 75 82 Western Union Telegraph----- 66% 7012 64 68% 65 67 66 71% 73 78% 71% 77% 7138 77% 72 76% 7214 81% 75 7912 76 85% 76% 79% West’house El & Mfg. assent’g 79 86% 74 83% 76 83% 80% 85 82% 85% 83 87i2 84 86% 84 90 84% 89% 83% 88% 81 88I4 80% 8478 1st preferred------------------- 1 115 120 118 120 110 115 117 120 120 121 21 123 121 122 1241o 130 130 145 140 145 134% 140 133 135 1910. STOCKS January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High RAILROADS. 25 33 4819 70 Ann Arbor Preferred 30 36 691? 721? 70 71 33 70 33 70% 70 70 Atchison Topeka & Santa Fe_ 1147S 124% 1101211678 11138 119 10738115i8 10*534 111% 9134 106% 9034 99% 9378 10178 96% 100% 9958106 100% 10534 9838 1017s Preferred__ ______ 103 10414 10212 10378 103 10378 101i2103i2 1013s 1023s 97% 102% 97 100% 97% 100% 99% 101 1001.1 1021a 1007s 1013a 10014 103 26 28% 49% 53% 134% 14078 1553a 159 147 154 2043a 207 140 153 160 160 2 2 77 8H4 80 9214 79l2 89 100l2101 101 101 10078 10078 57% 6178 5412 6534 81 83 80 82 75 79% 7912 805s 7914 81 75 78% 16812 178 17058 17838 168% 175 590 620 570 595 36 4234 39 44 3734 44% 7612 80l2 79 8078 76% 81% 14 24 2514 4134 3238 1638 2958 3014 4712 37 145 1478 2712 2834 471S 3718 158 15l2 291? 3338 5234 42 14 25 27 43% 34 56 15% 2834 31% 49% 3834 56 14 23% 26% 43 3334 1578 30% 2934 4734 3838 20 55 6019 6019 285 248 270 ' 255 265 84% 6534 75% 65 76% 2378 28 45 25 30 66 2734 23 45 50% 11334 135% 146 155 13834 149 203 203 82% 100 60 76% 74 76 157 16834 530 560 27% 38 66 79% 75 100 54 75 10% 23 23% 39% 30% 6334 66 142 148% 132 136 33% 3578 65% 68 1343s 1413s 145 151 86% 8834 38% 43% 68% 70 66 73% 65 65% 148% 155% 136 139 34i2 44% 70 71 138 145 150 1551? 89% 9178 3934 4538 72 73 6812 73 64 70% 144% 152 134 13678 32 37 66% 6834 134 1 4078 150 150% 88% 89% 39 4478 68% 74 66% 72 130 130 60 6234 2534 28l4 1147s 12258 183 183 132 135 6334 65% 27 28% 120U128 135 135% 67% 61% 6434 63 27 2834 27 297s 118 126 116%122% 1153812O 10519 1 O91a 89% 91 107 107 113 119 104 106% 90 91 ’ 104 104 195% 65 65 250 266 267 71% 7938 79 27% 31 32 285 272 280 ___ 8434 8038 85% 78 30 36 81% 30 ' 24% 19 40 47 115 124% 143% 148 137%143 203 203 20% 25% 40 47 118%128% 14534 150 141 146 22 2334 43% 47 117 123 143 148 142% 148% 14 26 28% 46% 36 70 75% 73 75 100 100 51 54% 70 72 70 71 154 166 46 55 70 75 74 74 149% 160 490 525 23% 31 62% 72 27 67 32% 7178 80 80 85 85 10 17 19% 35 26% 11% 23 251o 42% 32 10% 20 22 36% 29% 11% 22% 2678 45 34 72% 99 52% 72 126% 121 12734 5410 50% 57 1234 11 14 12478 125%135 124 13034 126% 1321s 127 1934 15 38 25 172 183g 16 3538 29 23% 2678 46 51% 121 129% 148 151G 14738 15034 204 207 21% 2434 45 4834 120% 12634 146 150 144 149 208 208 21 221? 4334 45% 119% 124% 1443s 1461s 141 144% 203 203 140 145 140 70 99% 56 73% 145 145 7734 991 9 6134 7634 61 70 98 98 58 613g 76% 76% 74 74 160 166 1657s 172 16419 171 495 525 550 575 520 520 2734 3334 28% 32% 31% 35 70% 73 73 78% 6934 75% 4% 434 80 85 96% 96% 10 11% 12 12 11% 1234 21% 24 23% 22 2434 2434 27% 2634 31 27% 3078 41% 4558 45% 51% 46 4934 33 35% 35 40% 35 38 55 61 61 61% 55 60 118 45 12 120 23% 18% 21% 15 43% 3734 4038 33 172 54 67 7134 91 90 96 77 78 76 76% 75% 78 69 3534 27 35 4038 32 3834 31 67 7038 64 68 63% 68 60 778 8 5 7 7 41 41 21 245g 15% 2019 16 15 17 57 60 51 52 45 60% 61 350 375 62 6834 14U4 15512 134 137 42 46 80 80 13112144 151 15414 91 9158 38 4458 70 7312 65I4 7158 121 1 101a 91 105 127 2001s 192 2023g 191 120% 13338 5134 62 12% 14 112 119% 96 101% 2334 23 25% 20 4338 4134 46 37 2319 62 90 102 127 19434 193 1973s 177% 189% 184 195 188 n!175el825s d 88dl89 1421? 150 80 85 103% 103% 62% 75 76% 75 76 167 173 560 565 37% 42 77 807s 1053a rl843j 1843a 67 275 260 88% 7019 4834 27 6478 132 1 3734 13314 140l4 131% 140% 13034 137% 64% 71 61 63l2 7212 6334 7134 61 14% 15% 14l2 15i4 15 18i8 14 16 120 124 90 99 98% 101% 86 90 102 118 110 133 120 124 13814 14314 1837s 145 133% 141% 132 136% 19 39 184 112 72% 100% 56 73 12234 128 5334 57 1278 145S 125 125 12578 13234 121%12838 5619 613g 57% 61% 14% 147g 13% 1634 120 140 131 139 75 70 68 7434 71 69 2878 25% 31% 27% 33% 23 6578 58% 63 58 64 62% 434 6% 6 38 16% 15 15 15% 1634 1678 45 40 " 40 ‘ 35 35 6234 6534 5534 5834 72 74 1607s 16519 526 526 25% 2919 64% 70% 419 4I9 11 21 26% 43 32 60 60 60 124% 130 23 28% 47 51 114 1307s 145% 147 ’ 88 88% 27 33% 57 65 6038 41 11 21 2834 47% 35 60% 120 12438 54 58 13% 15 125 125 75% 75 291s 29% 64 619 41 40 1719 20 39 80 34% 67% 619 42 2019 4119 75 75 ---. ___ 33% 30% 34 29 66I9 65 64 434 434 6 6 37 37 1734 1734 3919 42 ‘ 37% 37% 350 62 65 139%. 149 123 136 32% 27 50 50 128 139% 144 149% 88 89% 29% 40% 65 68% 55% 69 140 13219 1311a 1353a 1313a 1353a 1291a 13Ha 96 96 187s 1778 16% 1738 1634 203g 19 22% 17 33 29% 32 31% 3634 33 37% 30 33 60% 65% 134 144 130%131 23 25% 52 52 1207s 1327s 145'14734 88 88 28% 34% 59% 63 47% 55% 6419 69 1401a 1 443a 131 1431s 23% 24% 40 45 1275s 1 353a 145 14834 86% 88% 3058 32% 61% 63 50 5458 63 68I9 144% 14834 1411? 146 23% 3334 5419 46 131 140% 14719 1493.1 88% 88% 32% 3634 63% 69 5334 59 179% 63 141 140 26 5319 130 1 453a 8834 31% 63 1 27 30 53 56 135% 144% 156 161 146% 15534 205 205 27 3212 54 5912 13918 1 4934 158 16314 150 15912 205 20512 125 1223s 10219 113 10534 114 108 112 113% 1047s 1101o 1O27S 1081" 1001a 106 90% 89 ' 90 " 88 ” 88 ’ 87% 8719 96 96 125 Hi 27 3278 52 5934 14234148 I6U4 165l4 15258 15814 206 206 1312 1418 150 16212 17014 17014 52 5212 80 80 ' 36% 4414 3312 3834 67 71 9 9 7l2 712 Lake Frie & Western_______ 22 2534 6234 Preferred __ __ ____ 60 Lake Shore & Michigan South I ehigh Valley ___________ Long Island . . ________ 63 69 1431? 1593a Louisville & Nashville __ _ Manhattan Elevated __ - 13619 13819 45 5334 Minneapolis & St Louis— Preferred ___ __ _______ 130U 1421s Minn St Paul & S S M__ 150 154 Preferred ______________ Leased line certificates----- 9134 9234 Missouri Kansas & Texas— 41% 5H8 6912 74&s Pre ferret1 _ _ __ _ _ Missouri Pacific___________ 66 723S 1-16 7-32 Right* Morris & Essex Nashville Chatt & St Louis-- 130 139 National Rys of Mex, 1st pref 61 64 243» 285s 2d preferred___ ____ N Y Central & Hudson River- 115% 125% Rights__________________ 519 a First Ins http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 67 275 8138 44 90 ‘ Pre ferred 65 6512 280 298 “ 82% 90 50 54 69 69 1043a U i. Kansas City Southern___ __ Preferred __ ______ Keokuk & Des Moines. _ 67 68I4 290 300 280 295 8334 887g 77l8 85 54 58i4 5318 6058 110 350 173% 1813., 62 139% 14434 13711 140 25U 27% 5019 50% 1411a 127 1313g 1491a 146 148% 89 89 90 35% 29% 32% 62 63 65 5478 44% 471» 186 67 14738 14319 30 5334 1 K C F S & M trust certs, pref. 1-32 5-32 1-16 1-16 12312 13314 129 13334 12278 1311? 120 125% 1085jj 11319 IIOI4 1143s 106 112% 1061s 1143a 90 " 94 9112 9214 90 9219 90 91 95 95 125 125 26 35 2712 30 17634 I83I4 178 182 181 18414 181% 198% al74 174 al77 177 6179 180 C18219 193 to* Rights 1251? 1371? Atlantic Coast Line RR__ Baltimore & Ohio______ _____ 11419 119i8 9278 94 Preferred _ _ __ Buffalo Rochester & Pittsb 101 106 Preferred 133 133 Buffalo & Susquehanna, prefCanadian Pacific - ________ 1777s 1821s ol74 175 Subscription receipts. Rights 10i8 Canada Southern 70 " 70 Central of New Jersey . — 300 312 Chesapeake & Ohio.._____ SOU 92 5778 6634 Chicago & Alton_________ Preferred _ _ Chicago Great Western c23% 24l8 c30 " 30 4% preferred B Chic Great West trust certs-- 30 3678 Preferred trust certificates- 59% 64i8 Chicago Milwaukee & St Paul 145% 15838 Preferred - ___ 165% 172% Chicago & North Western— tl55% 82% 225 225 Preferred 1319 1614 Rights Chicago St P Minn & Omaha 145 150 ’ Preferred 170 170 2 4 C-hRago Terminal Transfer Cleve Cincin Chic & St Louis- 77 82SS 104 103 Preferred ____ 6214 56 Colorado & Southern______ 80 82l4 1st preferred___________ 80 81 2d preferred 17H9 185 Delaware & Hudson. Delaware Lackaw & Western 590 600 39% 52 Denver & Rio Grande. 79 84 Preferred__ _ _ _ Des Moines & Ft Dodge. Detroit Mackinac Preferred Duluth South Shore & Atlan. 1434 1834 3458 26 Preferred____________ Erie____________________ - 2778 345g 5219 46 1st preferred___________ 35% 4134 2d preferred __ 58 58 Evansville Terre Haute 8219 8219 Preferred Great Northern, preferred-.- 130% 1 4378 70 80l2 Ore Certificates _____ Green Bay & V?est ctfs B — 1434 18 Hocking Valley _ _ ______ Preferred 90 90 .1 P Morgan & Co, com rec 106 1187s 14119 147 Illinois Central__ ______ Leased line stock Iowa Central____________ - 22 30 5414 44 Preferred_______ ______ Joliet & Chicago Kanawha & Mich trust reefs 55 55 tallment p aid. b Sec ond Install ment paid. 130 64 247s 11038 130 68 27% 118% 125 130 130 130 135 138 6738 70% 69% 71 69 67 66% 69 23% 28% 27% 31% 301a 32ls 313a 34 105%115 103 115% 109% 114% 113% 120 Ex-right s. c Third installme nt paid. d 4th paid. 140 69 140 7238 371? 337s 3o7a 11034117 109% 113% 333a e Full p aid RAILROAD AND MISCELLANEOUS STOCKS 133 1910-Continued. STOCKS January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High N Y Chicago & St Louis------- 58 65b 5778 63 60 61b 56 60 55i2 67 1st preferred------------------- 1093d 1093d 8234 8534 85 86 90 2d preferred--------------------- 98 98 95i2 97 86 123 123 N Y Lackawanna & Western1563 4 160 ’ g 157 162 149 157 149 155b N Y New Haven & Hartford- 154b 158 Subscription receipts_____ al45 1 4834 1451? 149b 0149 151 al45 149 al45l4 146 N Y Ontario & Western____ 43b 50 43b 4638 44b 4634 4212 46lg 4158 48lg Norfolk & Western________ 95 101b 95b 10234 100i4 108b 99 105i>g 9834 104’g 9-16 Rights ................................... 34 3-16 90 9114 90 90 90 90 Preferred________________ 88b 90?g 88 91 3o Righ ts............................ .. Northern Pacific___________ 13U2 145b 132b 137 132b 1397g 12812138 126 13314 Pacific Coast Co___________ 110 11S34 107 112 109 1143. 108 11212 110bll2 2d preferred_____________ 110 118 105 105 11134 112 108 1123, 110 11312 Pennsylvania RR__________ 13014 137b 1291413438 134b 138b 13P4 1377g 129’8 1355g 61341s 34b Subscription receipts_____ al 293« 333.1 0131 131b 24 24 20 20 22l2 20 Peoria & Eastern__________ 22 28 18b 25 35 35 30 30 Pere Marquette____________ 61 55 55 1st preferred-___________ 62b 40 40 2d preferred_____________ 9834 10134 Pitts Cine Chic & St Louis-- 96b 100b 95 103b 99 104b 991g 104 114 116 115b 115b Preferred_________ ______ 1-16 14 Rights--------------------------Reading___________________ 154 171b 155b 172b 162b 17112 1561g 1685g 15338 16634 1st preferred--...................- 91 93 90b 93b 91 92 9034 9214 90l4 91 98 103b 2d preferred-....................... - 993411012 100b 110b 102 106 98l4 104 Rensselaer & Saratoga-------- 200 200 Rock Island Co___________ 38b 5714 39 507s 44b 5134 41b 4934 41 46 Preferred________________ 81 8112 81b 881? 85b 92 84b 92l2 863g 91 121b 121b Rome Watertown & Ogdensb Rutland, preferred_________ 30 30 28 30 30 30 30 30 St Joseph & Grand Island— 19b 19b 19 19b 19 1934 20 20 54 54 1st preferred------------------- 55 55 50 55 55 55 2d preferred--,__________ 39b 39b 38 40 40 40 38 38 St'Louis & San Fran, 1st pref 69 73 683S 70 687g 7134 6878 7012 64b 67b 2d preferred--------------------- 51 60 45 5138 48b 571.2 45 5212 44 4934 6234 6234 61 60 63 61 C & E III. new stock tr certs C & E Ill, com stk tr certs116b 116b C & E Ill, pref stk tr certsSt Louis Southwestern-------- 2734 3412 2412 30b 28b 30b 27 3H4 2634 32Sg Preferred------------------------ 72 77l2 6934 7434 7234 75 71 7512 7U2 7612 Southern vot tr certs stpd ext 2834 3334 253/ 29b 27b 3038 25 2914 24 271? Preferred do do- 65 75 60 67 62b 683g 5912 657g 59 63'g Southern Pacific Co________ 1253g 138b 11978 128b 125 131b 11914 129l4 11734 12812 60 60 Texas Central_____________ Texas & Pacific------------------ 30 3634 26b 31b 29 32 30lg 3338 30 3314 Toledo St Louis & Western__ 44 5438 42 45b 43b 46b 3912 44 34 393g Preferred------------------------ 6512 72b 62b 67 6534 69o8 63 667s 63 6478 Union Pacific______________ 183b 20434 1781218834 1817g 193b 17712 18938 1753g 186 9334 96 Preferred------------------------ 98b 10334 96 10238 9612 100b 94 98 Wabash --------------------------- 20 2734 1S34 22b 20b 23b I8I4 2314 18l4 2212 Preferred________________ 4634 61 3934 483g 44b 50b 4114 50 403g 48o8 Western Maryland— Trust Co deposit receipts-- d473g 52b d45 4934 d4834 5438 d4514 4914 <Z467g 47 Warrants, new stk, 4th paid 50b 52b 5014 4214 49 Western Maryland Ry-------49b 543s 44 6812 70 70 70 6912 71 Preferred________________ 534 5 312 4's 5 10 5 5 Wheeling & Lake Erie-------512 3 912 1134 8i4 934 8l4 1134 9 23 912 12 1st preferred------------------2d preferred--------------------- 5b 13b 512 6b 512 614 43g 512 4i4 6 48 53 4712 55 Wisconsin Central--------------- 4612 52 45b 50b 50 56 EXPRESS, Adams ----------------------------American--------------------------United States______________ Wells, Fargo & Co--------------Rights--------------------------- 250 270 277b320 280 285 112 145 118 125 *177 *195 152 175 150 150 COAL AND MINING Par. Alice Mining--------------------- 5 Amalgamated Copper----- 100 Anaconda Copper_________ 25 Batopilas Mining------------- 20 Colorado Fuel & Iron----- 100 Preferred_____________ 100 Columb & Hock Coal & 1-100 Trust Co certfs of deposit-Comstock Tunnel___________2 2 2 7734 9034 49 54 3 31? 36 50 112b 116 12b 92b 1st income 4s____________ Goldfield Consol Mines-------- Prices of 2 2 70b 82b 45 51b 3 3b 3212 40b 110 110 13b 217g 27c. 36c. 26c. 20 20 19b Granby Cons Min Sm & P-100 110b 112b Homestake Mining_______ 100 81 " 85 ' 85 75c. Horn Silver--------------------- 25 Nevada Consol Copper------- 5 New Central Coal_________ 20 52b 234 Ontario Silver Mining----- 100 214 3 Pitts Coal of New Jersey.-100 19b 2734 1834 Preferred-------------------------- 69b 85 66b 3 Quicksilver Mining--------- 100 3b 2b Preferred_____________ 100 334 438 3b Standard Mining_________ 10 Tennessee Copper_________ 25 33l2 40b 30b Utah Copper_____________ 10 48b 60b 4234 1-64 Rights —................. ............ 73 62 Virginia Iron, Coal & Coke 100 66 VARIOUS. Allis-Chalmers____________ Preferred________________ American Agricultural Chem. Preferred________________ American Beet Sugar---------Preferred------------------------ 12 45b 43 103 34 897s 15 5434 49 103 47b 9334 Amer Brake Shoe & Fdy------- Preferred-----------------------American Can______________ Preferred________________ American Car & Foundry----Preferred-----------------------American Cotton Oil----------Preferred________________ American Hide & Leather----Preferred-----------------------American Ice Securities-------American Linseed--------------Preferred________________ American Locomotive---------Preferred________________ American Malt Corporation. Preferred-----------------------American Smelt Sec, pref B-American Smelt & Refining-_ Preferred-----------------------American Snuff-----------------Preferred------------------------ 1034 1378 74 811? 6h8 72b 11612 119’g 60 67b 103 104 67g 8b 3812 47 is 20b 2634 14l8 1734 38 46?8 50 6212 112 115 5b 7 33 4H? 8812 90b 8&34 104 107b 11234 250 290 118 170 250 293 131 183 mining st 2.15 3b 7238 84 45b 52 234 3b 3734 437g 11312 116 133g 18 250 250 104 106 172b 175 93 150 al43 40-34 96 153i4 144 45 1013g 90 113 105 107 126b 91 59ig 62b 59b 63 101 101 85 86 149 151 614334 144 39 433g 8812 98’4 88 89 12712 112 120 106 109b 105 105 1333g 12212 130 22 22 50 53 93 100 150 150i2 614312 146 3812 4H2 93 98’4 90 36 96 m8 13 914 121? 36 43 36b 463g 40b 473g 4334 483g 1003/ 103 3178 3934 36b 4112 93b 94 93b 95 1178 10 72 77 56b 64 115 119 57 66b 101 103 7 6 32 407g 20 2438 13b 15b 34b 3978 4538 5212 110 113b 512 8 35b 46b 8634 8934 75b 9138 104b 109b 1034 13 74 79b 615g 683g 117b120 65 6934 103 103 6~g 7i2 38b 42 23b 2914 13b 16 41 38 49U 55^4 112 114 638 75g 42b 48 89 90 78^8 90 105b 111 6134 63 68i2 64 90 90 thru 150b 1527g 614534 4634 39’4 4134 9512 9-7’g 90 15334 155 614712 49l4 4114 44U 9712 101b 687g 63 man 152U156 5148b 49b 4Hg 441» 97 100b 66 150b 153 614634cl47b 39b 4H2 96 101b 89 90 90 11112 118l2 11134 11734 1167g 121’g 11378 120 101b 101b 100 107 112 11634 90 89 90 89 12534 130’g 1265g 130lg 1293g 133l4 1285g 13214 126b 129b 19 36 89 90 61 19ig 18 20 18 20l2 925g 961? 9278 947g 9434 98i2 96 116 116 110 110 113 983g 95 113 100 1407g 1583g 13O5814712 132"8 14712 1365g 1477g 146 1563g 147lg 156 142b 151’8 90'8 91 86 887g 85 85 8612 88b 8612 8612 8734 89 87b 90 9234 99 993g 94b 9734 90 95b 87 95 90 94b 92 102 97 3034 77 120 28 18 50 38 60b 37 415g 87 120 28 18 50 38 65 47 125 125 29l4 70 20'4 54 109 3312 77 267g 62 1247g 1812 303g 5V2 73 18 233g 43 56 103'4115 24 25 57 60i2 2034 24b 4812 55b 108141177g 29b 25 57 66 22 24l4 50i2 55b 110igll6i4 29 31 67 717,g 2312 27”g 54 62 114l812H2 23b 58 25lg 59 1141g 28l4 223, 26b 643,3 55b 02 2814 23b 27b 655g 56 63’s 120 11078 11634 27 20U 47 155l8 89 16 35i2 31 3334 6134 17834 94^2 203g 45 22b 285g 19 2414 4234 50 152l4 163'g 8814 9134 125g 17b 281g 38 25 28 20 24 435g 497g 1571417114 903g 94 1512 19 3112 4014 2534 275g 22 23"g 4914 5534 162b 1677g 90 92 17l4 16 3418 375g 2634 297g 2334 28b 55b 603g 1663gl77 91 94 1612 1912 36 40b 25 23 56 172 917g 16 33b 28 277g 61 119 933g 227g 337g 2712 34 2878 32l4 30”8 3534 79b 5812 6934 62 66^8 63 69b 54 122 122 2812 41 19 18 18 20 18 18 48 48 45 50 45 45 40 38 38 40 40 40’ 39 39 63b 58 61 63 43b 34b 42i4 385g 41 40b 45 36 53 53 41 4512 40 67i4 68b 6714 4 4 35g 8 9l2 81g 4 5ig 41g 47l8 53 44 249 240 100 160 250 245 105 175 45 6812 51g 11 6l2 50 9514 98 4234 45lg 433g 67 68lg 67l4 534 5 5 lib 10 10 734 6 6 47l2 537g 52 255 255 235 240 98 100 4712 6814 612 12 7’g 53b 237 250 99 99 160 165 47U 6834 5 III4 6 53 4934 74 7 18 9b 60 251 251 250 255 101 110 160 170 29"g 34b 283g 31 62b 68 59 63”8 38 18 47 39 6OI4 3834 53 44 18 47 39 63 43b 55 35 35 56 40 62 37 57 50 40 62 40 5934 2434 26b 2012 2334 51b 55 16534 172 9134 93 185g 15b 1678 39b 32b 35 45 485g 73 75 4'g 634 1434 I6I4 7b 8I4 57 64 4414 74 478 12 6 53 5112 77 5b 1378 6b 57b 245 251 240 255 95 100 145 165 235 245 230 230 9312 94 1441o 155 65b 72 39b 435g 2b 2b 307g 363g 110b 110b 4b 412 4 4b 6034 37b 2 2934 ___ ___ 65b 4034 23g 32 ___ o934 a934 25C ocks of p ar value of $25 or I ess are dol lars per s hare, othe rs p. c. 66b 783g 4014 47&8 234 3ig 3534 4212 11338 114lg 13b 7 683g 43 27g 3634 1141g 6 607g 38i4 2 29U ___ 3 4 35c. 28c. 36c. 30c. 35c. 27c. 30c. 25c. 28c. 23c. 25c. 25c. 29c. 23c. 1934 20 18 18 18 18 20 18 20 77g 40 40 40 45 8634 8634 86 89 86 85 85b 89 85b 8812 86b 8612 75c. 70c. 85c. 20's 215g 1758 203g 1712 1934 185g 21b 19U 52b 2 U2 11? 214 3b 21? 234 21? 21? 2lg 21? 2i4 2l4 2 2214 17b 2034 1412 1912 13 1634 14 18 22 20 233g 18 15lg 70b 60l4 66b 65 7412 70b 76b 6934 75 68 7234 61 68l4 653g 3 2b 31 2 37g 25g 2 2b 2> 2 3 31? 31? 31? 21? 3b 434 3b 3b 2'g 314 3 3b 334 334 3ig 434 47g 5?8 4 50c. 50c. 32l4 25 28b 21b 26l4 1934 23 2214 2614 2534 34b 30b 3534 25 4234 48 5134 43b 53 40l4 4912 4012 4734 t3938 451g 40 45 45 38 1-64 3-32 63 63 63 58 59 58 58 50 9512 9512 95b 96b 95b 98 a First Installment paid. 6 Second installment paid. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 270 287 107 118 170 178 60l2 67 93 9’8 34 42b 991. 3538 92 1U2 40 4712 100 4H4 95 834 1112 7Hg 7614 5638 65l4 115 1171? 58 6878 105 106 618 73g 2912 39 2734 23 1234 15 3212 4014 46!2 535g 110 114 558 7 3614 45 8634 89 76l4 86i4 1021g 1073g 277 285 9618 9838 c3d inst 63lg 7212 38 4512 234 3 355S 393g 1143gll5 6'8 10 5714 3534 2’4 30 1123g 518 912 958 10l4 8 297g 33 32 35 43 4U2 4714 38 100 102 383g 2712 36l4 35 91 93 93 9512 89b 90lg 124 125 938 1012 67S 97g 7412 67*4 72 71 5512 62b 481S 591g 113 116 109 115b 6758 5734 6334 59 102b 104 101 1031? 534 634 5 614 31 40l2 30 36b 23 2512 2II4 26 1234 143g 11 1314 2512 3434 32 37 455g 5012 3812 46 108b 110 104b 108 512 534 512 6 3514 36lg 2812 355g 86 8614 8712 84 783g 7234 8VS 68 103 1053g 1003410414 55ig 33b 2i4 22i2 110 4b 64 39b 2?g 33 110 5’g 71? 9 28 303g 35 4134 100 10012 24 3214 89 92b 85b 88 119 12214 834 7 62 69l4 3912 5112 109 11414 52'g 6034 101 10234 4’4 5b 20 31 1612 2414 101g 1234 25b 31 29 403g 104 107 414 5 29 31 82 8514 613g 713g 98’4 102 60 68 37 4Ug 23g 25g 2534 32S4 110 115 33g 6b 934 8 27 33l2 46b 40 100b 102 2734 28 90 9334 86 861 ■> 12319 125 ~ 73g 9 697g 64 43 50b 109 112 53b 63 101 101l4 6 5 25 31 1812 23 lUg 135g 30 35 3234 39 10212105 434 534 30lg 33 8412 85i4 62l4 70i4 101 10414 6434 40 2b 32 ___ 5 4 27c. 9U 85 64 39b 2lg 3134 107 412 5 21c. 734 85 717g 441g 21? 36l4 107 7 6b 23c. 10 8b 8 86 10 83g 85b 87 18C 77g 834 —- 207g 1958 223g 195g 21b 18b 19b 214 214 3 2 2b 2b 2 173g 17 2134 18b 21b 16b 18b 687g 6914 68I4 72 70 73b 66 2b 2b 3 2 21? 2 3b 5b 3 ___ ___ 4-b 5b 5 33b 325g 405g 34b 3834 33b 36’g 467g 4o34 513g 44 52 47 47 50 50 59 50 50 56b 56b 11 834 87g 97g 8 8’4 8b 9 321g 35lg 30b 34b 27b 31 30 31 473g 4234 45 4334 49i2 4234 487g 42 397g 35b 3934 35b 4378 40!g 37 35 92l4 9412 92b 94 93 94 94 91 91b 88 82b 88 86 91 851 •> 8612 127 131b 734 812 81g 101g 9b 107g 8b 9b 66 69 6812 7512 74b 82b 753g 7734 477g 51b 4512 483g 4 53g 50b 56 110»4 11334 1133g 116 114 115 112 115b 6278 68b 61 675g 55b 61b 61 63 103 103i2 104 107 101 106 100 104b 418 478 4b 4b 4 312 6 4b 3234 2034 25 2034 2434 •21 23 19 177g 1934 171g 228g 17b 20»g 163g 18 1134 13 133g 12 11 13 lib lib 3434 30b 34b 30 32b 297g 351g 32 3634 42 34b 38 37 41b 34 38b 10212106 103 l061g 1057gl0634 105 108 5 414 434 4 33g 4b 3b 3b 3234 36 2934 321? 301? 35 32 36b 8412 8612 8634 88 85b 89 85 8634 68b 67 823g 75«4 833g 707g 76b 64 101 103/g 10112 10612 104 106b 102b 10538 245 245 275 275 997g lOOlg 100 101 98b 101 101 101b 101 10U2 100 100b ,91b 102 d 4th install ment paid- *Ex-div. & rights. aliment pa id. t Ex rights MISCELLANEOUS STOCKS 134 1910—Concluded. STOCKS. American Steel Foundries-----American Sugar Refining Co. Preferred • _______ ______ American Tel & Cable Co____ American Telep & Teleg Co-_ American Tobacco (new) pref American Woolen Co________ Preferred__ - --_____ Assoc Merchants, 1st pref-----Associated Oil______________ Bethlehem Steel CorporationPreferred _ _ __ Rrooklvn Rapid Transit_____ Brooklyn Union Gas -______ Brunswick Term &Ry Sec-----Butterick Co_______________ Central Leather_________ ___ Preferred_______ ______ Cent & South Amer Teleg____ Chicago Union Traction—■ Trust Co ctfs deposit______ Pref Trust Co ctfs deposit-Consolidated Gas -__ _____ Corn Products Refining_____ Preferred_________________ Crex Carpet_________________ Cuban-American Sugar______ Preferred_______________ Detroit Edison _ Detroit Un Med Ry__ _______ Distillers’ Securities Corp-----Duluth-Superior Traction___ Preferred_________________ E I du Pont Powder, pref-----Federal Mining & Smelting-_ Preferred_________ ______ Federal Sugar Refining General Chemical___________ Preferred__________ _____ General Electric _ _________ Havana Electric____________ Preferred________________ HB Claflin Co- .. .. First preferred ___ _ Second preferred__________ Ingersoll-Rand________ Interboro-Met vot trust ctfs-Preferred________ _______ International Harvester__ Preferred__________ ______ Internat Mercan Mar stk tr ctf Preferred - - ___________ International Paper_______ Preferred . _ _ _ _ International Steam Pump— Internat Steam Pump Pref -. Kings County Elec Lt & Pow Knickerbocker Ice, preferredLackawanna Steel Laclede Gas (St Louis)______ Preferred__________ ______ Mackay Companies_________ Preferred___ ________ ____ Manhattan Beach Co__ _____ Metropolitan Street Ry_ _ National Biscuit___________ Preferred ___ Nat Enameling & Stamping-. Preferred_____________ National Lead Co___________ Preferred__________ ______ New Orleans Ry & Light___ New York Air Brake_______ New York Dock__ Preferred North American Co, new stock Northern Ohio Trac & Light-Pacific Mail Steamship_____ Pacific Telephone & Teleg— Preferred People’s Gas Lt & Coke, Chic Philadelphia Co (Pittsburgh)Pressed Steel Car___________ Preferred __ _____________ Pullman Co (The)............ ......... Railway Steel-Spring________ Preferred______ - _______ Republic Iron & Steel_______ Preferred __ _ - _____ Sears,. Roebuck & Co_ January February March April May June July August September October November December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 60 66 1185S12334 12018 12212 76 77 135 14134 92 95b 3212 3734 99 10318 110 112 54b 62 118i4127l2 119b 124 77 77 13412 1433s 91 94b 31 38 99 102 56 64 122b 127«g 123b 124 75 75 137b 1 423s 94 9934 3514 39b 1005s 104 56l2 64 120i4 1267g 121 12312 75 75 13312138l4 93l2 98 31l2 39 97ig 101 108 108 49ig 5634 38 53l2 59 53 120 124b 11414 123l2 115 121 119 123i2 115 118~8 115 118 7U2 7U2 133ig 137ig 131 137b 12634 133b 947g 96 91i8 9584 90b 92b 3134 36 265S 33l2 251g 28b 973g 1003g 92b 100 9V8 94 45b 43 115b 121 lift. 119 71b 7114 12934 136b 91b 933g 2934 26 93 97b 41 44 11234119 115 11678 71 7K 1343gl397g 92 94 273g 287g 938g 957g 42 497g lllb 120 112 1167g 75 84 137 141 93b 95b 28b 33b 94 967g 44b 48b 405g 45 115bH9b 113bll53g 115 117b lllb 114b 80 80 140 143b 139 143 943g 96b 92 9434 3134 36 29b 33b 93 973g 90b 94 30 34 62 65 70-b 80b 150 164b 15 18b 32 33 39 4834 106 1087s 115 120 2612 3U2 53 61l2 68b 77 143 162 12b 15 3034 33 35b 43l2 105b 108b 118 11934 2912 3134 59 64 7412 79b 155 157 13 14ig 3034 32 40 4434 106 109l4 116 119b 29'4 32i4 55 6012 7434 82 139 15012 12 1212 307g 307g 4018 463g 106 1083g 115 117 277g 53 7334 133 11 51 5212 2912 21 27 53 823s 71 8OI4 14934 130l2 144 12 8 11 30or 28 30 373g 4234 2914 3814 1057s 108lg 103b 108 115 115 .... .... 2312 29 5934 49 777g 73 127 1361g 834 834 29b 31 29b 37 101 105b 110 116 48 48 26 28b 56 597g 73 77b 133 135b 834 lib 29 29*2 323g 35 104b 106 116 118 27b 347g 583g 64b 76b 797g 135 140 103g 12 30 30 34 37 10434 106 118b 118b 30b 33b 59 63 75 787g 132 1377g 10 10b 30 30*o 3234 3534 105b106 119 119 4 53g 912 12b 140l416038 1834 23b 8234 863g 60 60 4*4 4^4 75S 10 139 147i8 17 19b 783S 84l2 62l2 62b 434 4 9 1H2 140b14934 16b 1934 80b 8412 58 62 4 4l2 8l2 85g 13314 1447g 145g 1712 74 79i2 55 56 212 4 5M 934 1301s 1427r 1434 167g 741g 7834 60 60 65 63 65 59l2 3238 3H8 347S 28 7U2 71 71 70 85 8612 85b 87 87i2 40 40 60 78'g 82b 67b 8134 53 61 61 66 317s 3634 27 86 88 83b 88 94 110 103 105 150 16078 88b 96 9412 99 116b 116b 96 9658 1077s 10934 104 10534 105 147b 156b 149 92 96 91 9412 9412 1978 25b 5378 627s 1161212578 124 129 6I4 712 19-g 243g 13 16 54b 61b 4712 54">8 85b 90s4 18 23ig 45l8 5758 ft8318 12078 120 124 6 678 I8I4 2134 12b 14b 53b 56b 43b 49 82b 88 98 101 98 101 95 95l4 107 103 10412 15734 146 153i2 95 92 971" 96 96 2138 24 5418 60 89b 95ig 121 122b 534 678 1834 22b 12i8 15b 48b 58b 42 49 86 88 77 85 91b 76b 78b 3 3 23 25 109b 115 123 125 22b 28b 9434 96b 80 8958 107 110l2 76 95b 40U 4014 82 8314 76 84 35b 36b 32b 43U 33 46b 95 95 1087s 11638 9934 106b 42 517s 103 107b 188b 19934 40b 5178 1047s 107 36b 4578 99 104b 81 10514 100 104b 93 93 8634 90 89 91 76 7758 76 78 3 3 3 3b 17 20 15 16 101 11058 110 11234 121 123 123 124 20b 24i8 2078 24 95 95 90b 94 74 8334 80 87b 10734110 10738110 72 30 82 75 35 28 33 8H4 30 83 807g 35 33b 40b 105b 111 97 104b 35b 44 10012 103 188b 200 35 43 101 105 33b 41 987s 1027s Preferred 7112 78b 116l811834 81b 84 11V2112 83 90 8 12b 1018 12b 111 1143g 145 145 9b lib 69 70 1O734 109b 118b 120 1O81211112 35 39b 57 693g 23 27 75 79b 72 75b 50b 28i2 3134 2734 70l2 7012 70 70 85 30 67 70i4 60 94 103 1453a 92 96 110 99 104 151 96 96 110 19 235g 5U2 603g 90 9534 121 123 514 614 1612 21 12 137g 50 5314 42 4734 83 86 105 105 19 2112 5034 57 8934 10112 1201" 123 578 5 1612 193g 1012 13 4734 527g 4214 491g 8312 863g 125 125 105isll0 122i2123l2 20i4 ’23i4 91l2 91l2 7512 84 107i4 109 107b 122 123 2d2 21 8512 851" 7234 7978 10688 109 234 334 67g 7b 132b 13834 15b 18b 76 801" 62 64 5012 45 52b 47b 53 51 55 51 3034 2514 28b 27 29b 26b 30b 29 131 138 155g 173g 77b 8034 63 65 39 39 55 333g 31 2b 25g 534 6 130 1 373g 14b 15b 77 79 36 36 106 107 52 68 3434 31 345g 85 33 65 16 4712 93 119 412 1414 95g 47b 4234 80 197g 54 100 12212 5b 183g 12 5114 4678 84lg 42 24 35 31 38 10734112 99 10212 36 4414 9912 1023g 1567s 193 3712 4312 100l4 10458 32 3914 97 101l2 15514 16612 85b 118 414 125g 9 4U2 365g 78b 40 I8I4 107g 4912 44b 8234 41 933a 1003a 89 76 103 10712 123 123 1978 17 95 95 6734 7558 103b 108b 79 71 3 65 29 75 63 36l2 25ig 273g 23i8 27l2 227g 33 3578 3H8 35 30 77b 29 75 70 36b 25b 31 10534 1093g 97 98 36l2 40lg 97b 100 160b 162 37b 40b 102b 103 32 3514 96I4 9812 157 162 72 807g 71 119 120 75 110 113 10314 108 87 97 30i4 3634 93i8 98 155 161 30 39l2 100 10H2 347s 27 90 97i2 150 159U 101 1183a 103 10634 84 89 25 325g 90 963s 155b158 28 32b 95 100 27 3134 8234 92 158 158 121b 1211" 6334 7112 4812 65b 1173a 1173a 114 114 8112 8U2 81 81 lllb lllb 87 90 87 89 86lg 88l2 867g 95 88b 92 6 934 6 712 6 117g 7U 5*2 8i2 7 93g 63g 914 5l2 75g 10b 1134 9 107g 9 113b 115b 112 11412 111 113 10678llll4 103 109 35 46b 108 115b 76 80b 75 82l2 11612123l8 47 5534 121 124 15 1578 60 70b 69 763S 62 71 121 130 s. * Ex d 8Ug 895g 119l8l2238 551g 6H8 12434 128 1812 20 67 74 73ig 78l2 62 76 123 125 ividend an 793g 883g 1153412212 55U 60i2 122 12412 18 18 69i4 69i4 675g 7414 6 1 6834 d rights. 7812 85 11634 119 55U 6212 122b 123b 18 18 62 63 67 685g 6512 61 110 no h Ex stock 7 56 103 101 104 2334 47 15 49 70 4 15 36 107 74 8 5958 104 106 10578 32 60 21 70 76 6 18 42i4 111 77 fi8b 797r 117b 607g 54 119b 124 15 15 1133r 15b 42b 86b 117 43g 14b 103g 47b 38b 7934 183S 497g 98b 119b 5 17 lib 50 407g 82b 17b 47b 94b 1191" 47g 1434 9 4212 3734 81 38b 38b 1035s 99 943a 8534 83 88 75 7212 74 3 104b 120 16b 86b 7034 105b 74 59 78 77 88b 73 845g 71 29 29 8434 86 82l2 82l2 75 815s 70i8 77l2 70ig 7412 6434 71 30ig 35i2 37 41l2 98 98 109 112b 101 10334 40b 47 10U2 10334 191 197b 391g 46b 103 107 35b 41b 99 104b 159 163 121b 121b 74 84 11712 118 84 84 111 114 1414 187g 5214 9534 121 5b 4112 15 86l2 46i2 10134 1051a 778 912 8I4 8I4 60 6534 55l2 62 106 106 1041211612 106 107 108lg 10912 106U 109 3412 37 34 33 647g 6534 62 64b 201g 24I4 20lg 23 6912 75lg 70i4 7434 72l2 77 72l4 81 5 7 5b 534 17 17 3712 45 38 46l4 108 1163g 1095g 114 7578 80 76 81 8b 234 5b 695g 69b 83 84b 8412 8434 84b 85 12 21 25 30 20 25 1734 21b 5514 62b 60 62b 48b 56 37 60b 40 58b 38 38 93 95 93 94 95 95 95 95 ion8 i02i2 1013a 1037o 103 103 103 105 102 1021g 103b 103b 1381a 148 134 * 144 ” 1381r 145 1407r 1 451r 146 157b 151b 160 95 9512 94 94 95b 93b 9412 94 95 95 40 44 45 9934 10312 991" 10512 95 95 84 887g 90 86 90 7534 76i2 73 7512 78 3l2 3l2 3i2 3l2 9 10b 657g 72b 109 109 1171g 120b 1083811058 36 39 65 6S34 21 2634 7218 7812 737s 7834 5lg 7 21 21 42/g 4834 11334116i2 7934 81l2 7b 3 3b 2b 3 47g 47g 8 8 123 1333g 128 13458 121g 147g 13b 1412 1358 16 7038 74b 71b 76b 73 76b 62 62 38 39 90 90 90 90 2l2 5b 122b 13fi 28b 313g 56l2 61b 73b 763g 130 135b 9 9b 28*4 2938 30 33 103 105b 82b 83 15-^ 15 45b 45b 30 30 100 100 103b 103b 1491" 157 96 103b 116b 97 Sloss-Sheffield Steel & Iron-- 76 86b Preferred _ _ _ _______ 115 118b South Porto Rico Sugar 8U2 85 Preferred 113 113 Texas Company (The). Texas Pacific Land Trust------ 8734 89b Third Avenue_____ ___ 12b 19b Toledo Railways & Light----- 10b 1534 Twin City Rapid Transit----- 111 11712 145 145 Preferred 878 13b Union Bag & Paper_________ Preferred - - _____ _____ 6978 73 United Cigar Mfrs, preferred. 108b 109 United Drv Goods__________ 119 122 111 1137s Preferred_________ -United Rys Inv of San Fran.. 33 4214 5612 7238 Preferred _________ U S Cast Iron Pipe & Foundry 27 32 7634 84 Preferred____________ U S Realty & Improvement-. 74 8414 11 U S Reduction & Refining— 9 29b 29i2 Preferred __ _ _ _ U S Rubber Co_____________ J42b 5212 1st preferred_____________ *110b 16b 2d preferred_______________ 78 84 Rights 1-64 l8 U S Steel Corporation ______ 811s 91 Preferred__ _________ _ - I2H4 1253g Virginia-Carolina Chemical — 50 57b Preferred _ _________ _ 122 129l4 20 25 74b 80 Western Union Telegraph----- 6912 77 West’house El & Mfg, assent- 68 82b 1st preferred. _ 120 128*4 t Ex right http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 96 64 33l4 7234 71 87l2 41 69 212 334 7 8l2 129 14H8 1U2 1512 72i8 7614 57 63 38 38 90 90 22 25 53 53 70ig 783g 125 137 8l2 9b 29l2 30*4 25b 33 99b 105 115 115 100 114b 120b 121b 15b 16b 84b 84b 49 525g 103b 10434 69 74 2134 5734 98b 123 5 173g 12 511" 41b 843g 203g 23b 55b 603g 983g 11434 121 12412 5b 5b 17 1834 12 13b 50b 567g 41b 45 82 85b 1834 23b 51b 5934 1093g 115 120b '123b 434 5b 16 1734 1234 14b 5334 57b 42 453g 82 86b 34 40 39 40 10034 100 106b 104b 108 86 93 73b 75 91 74 114b 109l2113b 121b 12134 122 1512 15 18 84 84 50 5234 523g 6312 103 104 104 106 24b 24b 7334 74 71 79b 1095r 120 14 no 112 12l7g 124 16 18 107 1097g 90 93b 33b 367g 95b 97 162b169 337g 38b 9334 9334 31b 355g 93 98b 158 17178 120 120 62b 54 49 57b 50b 58b 116b 1161.1 114b 114b 90 90 111 111 113 113 135 137b 134 144 84 86 90 90 90b 91 6b 10b 8b 10b 9 14Sg 6-b 8b 8 8b 7b 8b 11134ll37g lllb 106b 109 108 69 106b 1077g 87b 88 33 35 93b 95 160 162 3034 3334 90b 91b 29 32b 91b 94b 155 155 83g 8b 55 56 100 102 102 102 102b104 26b 29 54 57b 15 16b 58 56 69 71b 5b 6 78 70 66 39b 337g 46 71 65 6734 6034 65 39 40b 27 33 4212 45 94 95 103b 10534 92 102b 28 31b 93 94 158b 163 30 32b 913g 96 29b 32b 92b 95 179 181b 13612 141 13412 137 90 90 90b 92 103g 14 95g IH4 73g 73g 7b 8 109 lllb 108b 109l2 834 8b 8b 7 5734 5734 52b 547g 32b 357g 33b 365r 104 109 105b 109 65 71 65b 70 6Ug 7234 65b 7334 66b 70b 110b 116b 1123a 1171r 1153r117 5412 603g 56b 59b 57 59b 117 120 117 120 124 12412 15 15 6834 80b 1167gl203g 59 66b 122b126 12 12 75b 8134 1165g 11834 597g 6534 122b 123 67 61 56 6234 60 65b 63 5888 67b 4912 62 52b 62b 59 111 123 120 d vidend. 69 57b 1067g 105b109 92 92b 31 35b 94b 97 164b 167b 33b 36 96b 977g 32b 36 95b 99b 169 190 120 121 4834 53 48b 50b 11412H4b 114b H4b 88 91 101 105 105 10634 27 30 54 58 16 1734 55 5834 69b 72 45g 512 7 9 55 55 102 102 96 97 99b 105 3134 26 60 50 145g 16b 55 5734 68 72 40 106b 108b H9b 1217g 124 16 16 55b 61 50 104 10734 105 8 9 57b 57b 100b 101b 102l2106b 104b 106b 29 3l7g 57 607g 16 18b 56 60 69b 72 6b 7b 18 1934 355g 3834 109 112b 71 75b 6 7b .55 56 ins m3 97b 103 9912 104 2412 31b 48 61b 14b 163g 53 60 6434 71b 4 4 13 13 27 3834 99 109b 5912 75 39 103 92 9534 88 92l2 98 7834 74b 75b 74 76 2b 2l2 2b 3 70 657g 697g 6334 68 66 693g 60b 3834 38b 38b 39 39 23b 28b 255g 32b 31 3384 30 30b 3534 3212 37b 37b 45b 4134 10334 106b 87 88 29b 375g 93b 95b 158 160 30 34b 91 91 28b 3434 88b 95b 18b 207g 51b 56b 108b 112b 121 122ig 4b 5b 15b 16b 1234 13b 54 56 3912 4234 83b 85 100 10212 101b 102b 2412 315g 51b 6034 153g 16b 50b 56 67 69 4b 4l2 15 15 3212 37b 32 38 109 112 109 111 707g 74 72 73 70 75b 115 117 59b 627g 121 124b 60 69l2 76 71 76b 705g 74 6434 0434 75*2 67 74b 65 127b 124 12834 122b 124 120 60 7434 68b 122 RAILROAD STOCKS 135 1011. STOCKS January February May June July March April August September October ) November I December Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High RAILROADS. 60 60 Ann Arbor, pref-----------------Atchison Topeka & Santa Fe. 10034 1075g 102 108 104 1105g 1067g 110 10818 11412 1121211658 1101211414 IO2I4 112 9978 1047g 102 1075g 1055g 109 IO4I4 107 Preferred________________ 10034 10318 102 103 102 103 10218 103 10234 10412 10234 10512 10212 10312 101 1O312 IOH4 10212 10212 10358 1033s 104 1013810438 Atlantic Coast Line RR-------- 117 123 II9I4 124 1187s 122 11812124 124 130 127 13214 127U 13212 12018 13018 1175s 122 1205g 128 12612 13914 13312 138U Baltimore & Ohio---------------- 10434 10912 102 10634 10218 1O412 10312 IO6I4 10412 10714 107 IO9I4 10712 10934 9934 10578 9312 10012 945S 98 973g 10414 IOOI4 10358 8812 897g 8712 881S 88 89 8858 8914 89 90 90 Preferred------------------------ 90 91 8o12 87 86 8712 8612 8812 8812 8934 8834 8934 110 110 Buffalo Rochester & Pittsb-- 108 108 114 126 115 115 100 10712 105 105 Canadian Pacific---------------- 19558 2107s 208 215i8 2113422614 22112 2331g 23114 23934 2363S 2431g 236 247 22734 24434 218 230 22434 2361s 23634 243 2361*8 2423s 8 81g Rights --------------------------62 62 68 68 ................ Canada Southern---------------- 65 65 Central of New Jersey---------- 270l4 27014 275 285 270 275 277 27734 278 280 J284 285 280 280 260 280 260 260 270 280 29634310 298 320 Chesapeake & Ohio------------- 80is 85ig 8134 8634 81 8378 77 8134 7912 84I4! 8178 86 80lg 83 703s 813g 6838 7412 7012 7412 7212 7634 7034 7512 25 26 30 3Hg 30 30 18 24 Chicago & Alton------------------ 30 30 28 28 15 25 17 1912 1714 19 Preferred________________ 52l2 53 5212 521? 52* *5*2* 40 40 37 40 100 105 Chic & East Illinois, pref----Chic Great West trust certs-. 2118 24 2U2 2438 21 2214 201g 22 2012 2212 21i2 25I4 2134 2312 1712 22 19 18i2 2H4 I8I4 2034 1912 18 42 443g 43 4634 441g 45 3612 441g 383g 3614 38 35U 3814 Preferred trust certificates. 45 4812 43 49I4 4312 4512 42 44 3712 40 Chicago Alii waukee & St Paul 123 13012 122 13312 1191g 12312 117 12134 11912 12558 122I4 130 12358 129 lllig 12712 106 1157g 10534 110 108 11412 10734 1117g 147 15412 14812 15512 14778 153 1477g 148 14934 153 153 15512 153 1537g 146 153 141 146 145 148 147 149 145 14712 Preferred____________ 14212 1475s 146 150 14212 1461g 14312 146 144 14812 1461g 15012 146 1487g 1397g 1471g 1381g 14134 1411g I45I4 14412 1473g 142 144 Chicago & North Western 200 209 201 201 201 201 201 201 200 200 197 2011? 195 195 200 200 191 191 191 191 Preferred-----------------140 140 13018 1*3*6 137 13934 139 144 Chicago St P Alinn & Omaha - 13712 13712 132 132 132 132 130 130 13712 13712 157" 157"’ 152 152 152 152 155 155 Preferred___________ 155 155 147* 1*5*0* 150 150 60" 61 61 65 60 601g 5612 59 59 60 Cleve Cincin Chic & St Louis- 63 66 60 63 58 58 51 57 57l2 63l4 61 65 481g 56 9612 9612 9612 9612 94I4 9414 9412 9412 Preferred ________________ 9738 973g 96 96 166i2 166i2 Cleveland & Pittsburgh guar. 51 52i2 5234 56 55 56 Colorado & Southern----------- 567g 60 55 5934 52 56 48 5412 50 55 56 47l( 44 4812 4912 46 47 75i2 7634 74I4 75l2 75 76 76 7712 7734 82 1st preferred------------------- 75 77 8112 82 7712 82 72 75 7412 777g 763g 7634 75 7412 75 2d preferred--------------------- 73l2 73l2 7338 75 7478 75i2 73i2 74lg 75 75 71 70 70 25 25 * Cripple Creek Central______ 20 20 Delaware & Hudson----------- 16414 1685g 16612172 166 168 167 1677g 168 173U 17012 1747g 171 17212 164 17114 15912 16312 16012 1641g 1647g 172 16514 16812 Delaware Lackaw & Western 524 54212 510 528 525 535 545 545 525 53934 540 560 535 548 530 545 505 531 520 560 550 570 535 540 Denver & Rio Grande---------- 2814 31 31l2 35 31 3312 291g 3112 2712 31 271g 32 275g 287g 221g 28 2112 2312 22 243g 23 245g 175g 225g 69l2 74 70 72 68 7034 63l2 69 55U 705g 571g 583g 5034 57 Preferred________________ 68 72 44 51 3634 471g 46 4812 4734 50 6 6i2 534 534 Des Aloines & Ft Dodge----Preferred________________ 40 40 100 100 Detroit & Alackinac------------12018 1201g 120 120 100 100 Preferred-----------------------120 120 934 11 Duluth South Shore & Atlan - 11 1234 1234 I5I4 1314 155s 1412 1512 1438 1512 14 1412 9 9 914 10 10 1934 24 Preferred....... ................ ........ 22 247g 24 2734 25 30ig 247g 2834 24 2812 25 26 24 26 1914 21 1912 20 21 171g 1878 Erie______________________ 2714 291g 2812 3234 2712 3114 2814 307g 30U 3414 331g 38lg 3514 383g 277g 3614 2814 3134 293g 3234 3412 30 33U 52 60lg 5534 6H4 471g 5612 48 5112 4812 5214 1st preferred------------------- 4558 4812 48 517g 471g 50 463g 487g 4734 53 5518 50 54 2d preferred--------------------- 35 37l4 36 4012 36l2 39i2 37 383g 375g 417g 4112 4912 46 4934 39 4512 39I4 417g 41 4212 42^8 4512 4012 4378 85 85i2 Evansville & Terre Haute----60 62 65 68 65 68i2 70 85 8212 8212 85 87 85 85 Preferred-----------------------Great Northern, preferred— 123 1293g 122 13112 1231g 1283g 12334 12812 12612131 13034 1 40 13334 138 12012 13412 119 12434 122 127 12412 12934 12512 12918 Ore certificates__________ 56 6012 5812 6334 58 6314 58l2 6234 595g 6312 61 63l2 5712 61»8 463g 58 4312 49 40 52 4H2 4334i 3334 43 Green Bay & West ctfs A----- 78 78 7612 7712 77l2 77l2 77 8212 ___ ___ 80 80 14 15 1312 1414 1312 I4I4 1312 14 Debenture certificates B— 1334 15I4 1334 15 135g 15 1112 14 12 1234 1H2 127s 11 131g 128 130 128 134 128 128 1281g 128lg Hocking Valley____________ 124 124 125 12512 Illinois Central------------------- 132 13712 13412 13634 133 138i2 136 1381g 136 14014 139 1423g 1411g 147 137 14312 13412 1387g 135U 1393g 139U 14614 140 143 94 94 9612 97 Leased lines stock-----------9412 9412 1634 1834 1734 1834 18 Iowa Central_______________ 18 19U 17 1978 1658 1738 1834 17 1834 16 19 18 17U 347g 345g 3612 307g Preferred________________ 3178 335g 32l4 335g 30 3112 37 3612 38 34 35 3414 75 75 75l2 75i2 75 76 K C F S & Al trust certs, pref. 80 75 77 77 79U 79I4 Kansas City Southern---------- 32* *3*4** 3338 35i2 33 35I4 3212 34I4 335S 357g 34i"2 *37*38 3412 3614 2814 3034 287S 303g 2712 2912 341g 25I4 30 6634 6734 66l4 68 66 6634 67B8 69 68 6934 677g 68I4 65l2 67 Preferred________________ 64l2 67 6112 6512 637g 6512 6434 6634 6612 6684 6i2 734 6 Keokuk & Des Aloines-------6 39 39 35U 36 41 42 Preferred________________ 1634 1634 15 15 I6I4 I6I4 1478 15 Lake Erie & Western----------1212 I4I4 10 10 12 15 14 17 35 3634 35 35 Preferred------------------------ 39 40 31l2 33 27 30 25 25 28i2 32ig 3112 3112 27 27 Lake Shore & Alich Southern350 350 Lehigh Valley--------------------- 17434 180 171 181lg 17034 1763g 16834 175 17212 1801g 175 181 17234 178 15512 17614 151 16212 15612 1657g 166 I8H4 1755g 18678 58 60 59 59 57U 587g 54 Long Island----------------------- 60l2 63 6OI4 6112 45 4512 45 45 5614 497g 53 Louisville & Nashville______ 14212 14834 14314 14834 14312 1457s 143 14612 1451g 1493g 148 153 150 15612 14038 15012 13612 14314 140 148 14712 16034 153 15834 Manhattan Elevated------------ 13734141 138 140 134 13812 135U 137 135 1377g 135 1397g 13612 14212 13412 13712 I3U4 135 13418 135 1341g 136 1337g 136 2312 2834 2112 237g 22 30 30 31 33 4212 3212 3334 3214 3512 33 3412 Minneapolis & St Louis-------- 25U 2812 28 31 31 32 30 37 3634 38 45 4534 47 48 50 50 35 42 36 46 56 5934 44 62 Preferred------------------- — 60 68i2 58 6012 58 60 Rights--------------------------*4 138 14414 1397g 1521 4 132lg 140 61341 2 1481 4 1351 2 1401 2 1361 2 144 1243 4 132 13834143l2 130 140 126 1343g 13312 13612 I3H4 136 Minn St Paul & S S Al--------Preferred------------------------ 1473414934 14812 154 153i2160 150 153 152l2153 153 157 155 156l2 14934 150 147 1505g 146 148 14712 149 Leased line certificates----- 8934 90 8934 901g 883S 90l2 885g 89l8 89 8934 89>8 897g 87l2 89lg 88I4 88I4 87* *8*7*lg 8734 8734 8712 875g 634 8ig 7U 734 Rights--------------------------Preferred rights--------------8i8 8ig 132 134 13412 137l2 136 137U Subscription receipts-------143 143 149 149 Pref subscrip receipts------Missouri Kansas & Texas----- 31l2 3578 31 363g 32 34i2 31 33i2 3214 35l2 3514 381g 3434 373g 29 353g 27 305g 2778 32 305g 331g 285g 31 6684 67l 2 6612 6734 67 69 63i 2 66l 2 66I4 67l 4 67 68I4 67 6734 65l2 67l2 6234 65l2 64 70 66I4 677g 64l4 66l2 Preferred________________ 4538 5214 4838 521g 49 5214 48 5012 39U 49 4978 58 33U 4H4 37 4112 3834 423g 375g 40l2 Missouri Pacific------------------ 4534 52 51 63 142 143 1443 4 150 140i 4 140U 152 148 152 160 Nashville Chatt & St Louis— 158l2159 146 155 14314 14314 63 6534 64 64 65l4 65l4 6734 6734 68 National Rys of Alex, 1st pref 70 7238 7012 72l4 703s 703g 60 60 68 67 67 2d preferred--------------------- 34l2 375g 36l2 383g 34 3734 34’ "3514 2934 34I4 2912 3214 30* ’32*14 257s 30l2 27 303g 30i8 3378 33l8 36ig 33 36 N Y Central & Hudson River. 109U 1133g 107i2115i2 1051g 10912 1047g 107lg 10612 109U 107 11112 10714 10934 1017g 108i2 9978 104l4 10234 106 10434 1093g 104341085g 58U 593g 52l2 5834 48 52 5334 56 48 49 517S 54 N Y Chicago & St Louis------- 64 65 61 62i2 5912 6012 57i2 60 58l2 60 101l2101l2 101&8 1015g 9834 987g 100 100 98i2 98l2 1st preferred-------------------83* 8*4” 83 87 87 84 85 85 82l2 8212 2d preferred--------------------- 90 90 340 340 New York & Harlem-----------13612 14012 N Y New Haven & Hartford-- 14812 151 14912 1511g 14712 15034 142 14714 14212 1461g 1391g 148 1393814114 13134 140 1267g 134 132 1335s Subscription receipts--------- C146 14712 C147 14912 c14612 14812 cl4312 447g C141 1451g Cl44 145 4138 377g 4014 401g 417g 4114 4312 4234 4612 43 467g 3834 ,437g 3734 397g 38 39 N Y Ontario & Western------- 4O7g 425g 4118 4418 41 42 4534 4534 4514 4834 48 50 5212 5212 60 60 50 50 50 50 52 Norfolk Southern---------------47 47 Norfolk & Western------------- IOOI4 10812 10314 10734 1027g 10934 10434 10914 106 10834 107 IIOI4 10712 1095g lOOlg 10*8 9934 103 10H2 1083g 108 IIH4 106 109 9014 9014 8534 8634 8712 91 88I4 897g 89 91 91U 9H4 9014 9012 9012 9012 89 90 90l2 90l2 Preferred------------------------ 90 9012 89 89 Northern Pacific------------------ 116 124 12238 12834 120 1255g 1203g 1261g 12378 13034 13012 1377g 1301g 135 11412 13112 11034 1187g 113U118 117 12212 11534 11938 9434 9434 Pacific Coast Co------------------- 100 102 102 102 95 95 IOII4 IOH4 9934 9934 2d preferred----------------------- 101 102 Pennsylvania RR----------------- 12534 12934 125 1301g 1247g 1271g 12312 12612 ?120121263g I2H4 12514 1235g 12512 1193g 125 1183g 12H8 1197g 12212 12158 12378 1213g 12312 2 23 21(54 215 2*16 2l332 Rights --------------------------Pitts Cine Chic & St Louis— 973g 100 9618 987g 96 987g 9334 973g 9312 9512 94 96 9512 9812 9178 96'">g 901g 93 93 9614 95 9714 957g 983g 112 112 111 111 108 108 1021g IIOI4 10538 10538 Preferred________________ Pitts Ft Wayne & Chicago— 16612 1661? 167 167 93 93 88 8812 89 £ 88 88 Railroad Sec—IIIsCent ctfs.. Reading --------------------------- 1501g 1585g 15212 16134 1533s 1583g 14914 157 15414 1613g 15712 1617g 15534 1603g 1395g 159 134 1443g 1355g 1413g 1395g 1547S 14612 15412 88 90 88l2 9038 8912 91 89 9058 88 90 89 91 91 91 901g 92 8912 90 1st preferred------------------- 89 9034 8934 91 9234 94 *93* *9*7 9634 99 961g 101 9012 93 96 96 2d preferred--------------------- 94 '98 95 99lg 97 977g 94 99 96I4 9612 905g 96 Rock Island Co------------------- 295g 3314 2914 337g 2834 3012 2734 2934 29 3334 32 343g 3078 3314 241g 3112 2234 2534 2314 255g 25lg 28i4 227g 2614 5H4 445g 49I4 48l4 5234 4334 4934 64 6612 4734 6312 44 Preferred------------------------ 60 6414 59 65i2 58 6118 5734 60 6012 6512 63 £ 121 121 11914 II9I4 1151211512 Rome Watertown & Ogdensb 41 41 40 40 40 40 45 45 Rutland, preferred--------------2012 2012 St Joseph & Grand Island----- 18 21 1st preferred-------------------- 50 52 54 5*5* 55 55 39l2 39l2 2d preferred--------------------- 40 40 .... 2434 26 25 St Louis & San Francisco----6234 65 653g 67 6312 6412 68 61 6312 6512 68I4 6712 6914 69 1st pref----------------------------- 62 661g 6318 4234 423g 4712 43 4912 4734 42 4012 43 38 42 401g 4414 2d pref----------------------------- 3812 4212 4012 44 145 145 C & E III com stk tr certs.107 10712 C & E Ill, pref stk tr ctfs.. 59 62 60 60 60 6134 6134 6134 6012 6112 54 54 60 56 60 C & E Ill, new stock tr certs 2834 3212 29i2 32 32 3H2 3334 33 33 30 30 30 33 30 30 30i2 32l4 3U8 3134 St Louis Southwestern--------- 24 3034 3OI4 34 673 4 593 4 68 66i 2 693g 66 69 66 67 69 72 66 70 70 72 66 68l 2 68 71 68 691 2 71 7118 Preferred-----------------------Southern Pacific Co------------- II4I4 1201g 11412 I2H4 II4I4 II8I4 11338 1163g 114ig 120 118 1263g I2OI4 1247g IO7I4 1221g 10412lll 1061g 1103g 10912 11534 109U 11312 253 4 273 4 243 4 273 4 283 4 325g 251 2 297g 27 293 4 283g 303s 26lg 283g 26 29 25i 2 27l 4 30l 4 333g 261 2 32 291 2 313 S Southern vot tr certs stpd ext 6312 683g 6714 73 62 6812 6412 7H4 7012 7412 70 7212 Preferred do do. 6H4 66 63 6634 63 65i2 6214 64 71 7514 6684 73 80 827g M & O stock trust ctfs----- http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis c Third Ins tallment p aid. 6 Ex-rlght s. g Ex-dlvi dend and rl ghts. 136 RAILROAD AND MISCELLANEOUS STOCKS 1911—Continued. STOCKS Texas & Pacific____________ Toledo St Louis & Western-Preferred __ ______ Union Pacific - -_________ Preferred_______ _____ - Wabash__ __ _____ _ - Preferred - -______________ Western Maryland Ry.__ Preferred_____ - - - - Wheeling & Lake Erie 1st preferred-__ --_____ 2d preferred ____ _____ Wisconsin Central__________ January February May June August September October November December March April July Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 25i2 2734 22 " 235S 537» 50 1093. 178b 9212 94 1512 1634 327g 3578 50 ” 5138 75 77 4l4 512 X212 I4I4 5 " 712 625g 57 EXPRESS. Adams _________ _________ 235 American _________________ 224 United States______________ 95 Wells. Fargo & Co_________ 150 COAL AND MINING Par. Amalgamated Copper____ 100 American Coal______ ____ 25 Anaconda Copper._______ 25 Batopilas Mining-.____ 20 Chino Copper. __________ 5 Colorado Fuel & Iron____100 Preferred - ______ -.100 Colum & Hock Coal & I -100 Trust receipts full paid Comstock Tunnel----------------2 1st income 4s__ Consolidation Coal _ __ 100 Goldfield Consol Mines____10 Homestake Mining_____ 100 Maryland Coal, pref_______ Miami Copper- _______ -5 Nevada Consol Copper— .5 Ontario Silver Mining------100 Pitts Coal of New Jersey. .100 Preferred __________ 100 Quicksilver Mining______ 100 Preferred ___ -100 Ray Consol Copper _____ 10 Tennessee Copper-------------- 25 Utah Copper-- - —10 Virginia Iron, Coal & Coke 100 VARIOUS. Allis-Chalmers______________ Preferred __ American Agricultural Chem. Preferred____- _______ American Beet Sugar_______ Preferred - - . ________ American Brake Shoe & FdyPreferred - - ______________ American Can_______________ Preferred . --------------------American Car & Foundry-----Preferred _____ _______ American Cotton Oil________ Preferred - - _________ Amer District Telegraph___ American Hide & Leather— Preferred ________________ American Ice Securities_____ American Linseed__________ Preferred______ _________ American Locomotive_______ Preferred______ -________ American Malt Corporation-. Preferred __ _____________ American Malt Sec. pref B-American Smelt & Refining-. Preferred - - - - - ________ Rights . . _________ .American Snuff____________ Preferred ________ ______ American Steel Foundries— American Sugar Refining Co. Preferred___ -_____ American Teleg & Cable Co.. American Telep & Teleg Co.. Rights ___________________ American Tobacco pref--------Trust Co certfs of deposit American Woolen Co________ Preferred________________ American Writing Paper pref Assets Realization ____ _ Assoc Merchants, 1st pref__ Associated Oil _ __________ Baldwin Locomotive, pref Bethlehem Steel CorporationPreferred _______ __ _ . Brooklyn Rapid Transit- — Brooklyn Union Gas________ Brunswick Term & Ry Sec — Butterick Co________________ Central Leather. - _. ___ Preferred __________ Cent & South Amer Teleg— Chicago Union Traction— Trust Co ctfs deposit — Pref Trust Co ctfs depositConsolidated Gas-------------Corn Products Refining----Preferred------------ - _ — Crex Carpet _____ _ ___ Cuban-American Sugar______ Preferred _ ___ Detroit Edison. - _________ Rights___ - _______ _____ Detroit United Rv Distillers' Securities Corp-----E I du Pont Powder, pref__ Federal Mining & Smelting-Preferred -__ __________ Federal Sugar Refining______ Preferred __ _____________ General Chemical_______ ____ Preferred - - ______________ General Electric____________ General Alotors voting tr ctfs_ Preferred voting tr ctfs___ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 236 255 105 15812 2758 30b 22lg 2434 517» 537s 174b 1811s 93 ‘ 94b 1838 16 35ls 4038 4934 513. 7534 7612 5b 6 “ 1312 1758 7b 8 6014 64b 240 250 100 158 240 255 104 166 26l2 2858 225S 19 481. 51b 1765s 186 " 9534 1512 17b 383 4 36 ” 53 61b 76 81 4b 5 1378 16 614 7b 6614 7134 6814 72b 28 30 19b 23b 463. 52 1833s" 190b 93l2 95b 16b 1734 3534 39b 58b 6134 80i4 81 ‘ 3 * 538 10 17 5 734 67 70 29b 28 21 221? 46 48 1847s 1923s 93l2 96 1512 16b 34 ” 3578 6014 66 82 ' 8814 334 3 7b 10 4 4b 66l2 6958 241 235 9514 16412 163 24 0 245 237 140 97 100 1721s 17510 234 232 95 162 2734 2938 233„ 21 48 53b 1703. 1781." 9078 9414 16b 1734 36l2 39b 4912 51b 7534 75 534 5 1412 141" 612 6112 72 25l2 29 19 21b 45 49b 1731. 1777; 9238 9534 1512 17 3478 3834 4878 52b 75 ’ 75 4 412 1218 1418 240 240 98 158 240 238 240 245 102 165 245 245 981. 100 160 241 242 9978 177 “ 240 235 95 172 Prices 0/ mining st ocks 0/ p ar val ie o/ S25 or I ess are dol 5958 6418 62b 683S 65l2 7ib 6678 70b 61 6538 62l2 67b 6138 65 96 96 4034 39i2 41b 38 41 40b 38 38 39 38l4 40 36b 3812 37 134 134 2 2 2 2 2b 2 218 2 2b 2 lb 2 2218 22&s 21i2 24b 2212 2534 23b 25 22i2 23'b 3638 31 3334 28l2 3214 30 35 31 3378 35b 33 '36 33 36 110 112 110 110 110 110 1101211012 110b 110b 110 110 4 4 3 2 4b 2 6834 884 14 14 12 12 1212 12l2 15 15 22c' 22c. 20c. 26c. 20c. 24c. 22c. 29c. 26cT 34c. 20c. 31c. 17 18l2 1612 17l2 16 16 2258 28121 2214 2434 1734 2012 17 19b 473« 38 38 165b 1893. 153b 1707s 9214 90 ” 94b 89 13b 10 1314 2934 2834 34 19 4978 58 56i2 62 8512 8512 7514 77 2b 3b 212 3 8 778 8b 7 3 4 3 3 537S 67 51 48 2334 25 18b 1934 407s 43b 1581a 164b 90 93b 11 13b 26b 22 5078 5712 78 78 2b 4 7 7 215 238 209 209 210 232b 201 201 90 95 ‘ 85 93 145 162 139 146 207 207 205 212 88 90 148 154b 201" 1834 lb 2218 8218 2 3 1712 38b 4478 60b 19b ?07s 20 227g 1812 19b 19 2114 ib lb 1b 134 1912 2234 1934 2314 7834 88 8334 88I4 2 2 2 2b 2b 212 1614 18b 17b 1838 36b 3878 38b 44 44 4812 47 52b 62 60 61l2 72 934 33b 60b 1021s 54l4 100 95b 134b 12b 887S 57 120 58b 105 203s 19 ib 1914 8234 238 412 17 " 40b 4812 73 221? 20 ib 2214 90 b 3b 514 18 42 51 97 56 3334 ib 1714 2778 110 1858 217? 16b 1914 1678 19 15b 17b 1 lb 1712 2034 1714 18'b 7834 8912 78 84 2b 2b 212 2b 4 4b 414 4 1358 17 12 14 3038 40b 30l4 34b 4112 4912 38 4418 82 82 75 75 3l2 538 438 82 8412 85 50 1678 19b 19 1512 1634 16 1 1 ib 17b 1812 1734 80 7812 81 212 212 2 5 1212 141" 13b 3214 36b 3434 4018 45b 4412 60 60 60 878 934 812 8b 6 61" 2 8 6 6 291" 17 2912 33b 28 28b 1612 1812 934 16b 54 47 51 56i4 5914 57l2 5934 5034 6OI4 48 9912 99l2 51b 5012 55l2 48 5458 4512 54b 51 ’ 5934 98b 100b 97 ' 97 ” 95i2 98 ” 95 “ 99 ~ 99 101 93 90 87 95b 93b 9434 133b 134 1323. 1323. 131b 133 125 125 122b 122b 1038 12b 1014 1134‘ 9 1114 914 1034 93a 1034 8434 88l4 8414 8834 8138 87i4 8012 86b 82b 87 5578 5738 55 5634 4238 4978 45 51 5814 48 1151. 119b 117 II8I4 115 11712 115 116b 113 115 5038 5514 521. 58 5012 57 " 4518 5358 4218 5112 100 ” 100 100b 102 100 100l2 100 ~ 100 “ 95 ” 95 “ 8 8 7b 8 30l2 3258 25 30b 5958 5414 5734 54 1023s 1023s 4312 4712 41 4414 95 961" 97 98 96 97 95b 9512 1367s 137 133 135 914 10b 938 11 80 823S 80b 86b 5218 5412 5014 5412 1141. 118 1147s 116 593a 621. 50b 60b 104b 105 " 105 ’ 105 “ 738 27 56b 1021s 4312 96 ” 9434 130 1014 8538 52 115 4914 100 334 20 1734 1038 3014 3814 108 334 35l4 8658 7234 1031s 1-16 4 4b 2312 2512 2012 22b 1238 12 31b 34 363. 423. 1093." 110b 35« 4 3312 3612 87b 89 75b 81b 105 106 4 4 227S 2414 21 25b 1034 lib 30b 3334 36b 397s 106b 1103. 378 4 3il2 3334 86 87b 7338 7758 103b 105b 334 4b 22 24b 19 2378 1058 11b 3014 33 37 4314 106 109 4b 4b 3312 35 8714 88b 74 813S 105 107 438 5 2334 26b 20 24 lib 1178 3114 33b 40b 423. 1083. 110 412 53s 4212 34 88 88b 7838 837„ 106 10812 412 5 24 2538 2214 2534 1078 1078 30b 3134 3934 4214 105 108 5 538 3912 435S 8814 89b 7838 8034 lOfilo 1071o 4b 24b 23 1012 30b 40 106 4b 4114 8834 79b 106 3l2 37s 18 21b 17 18l4 8b 10 27 2978 331s .36 104b 106b 3 4b 37 42b 82 85 56b 7112 312 37S 20b 22 1714 1812 812 834 26b 29 32lg 3578 102 “ 105l8 334 4 4358 40 82b 86 5934 6678 983. 1951. 903c 1021o 280 300 325 102 102 99 102 101 104 4578 48 3934 4634 41 45 117 121 116bH9b 1173s12078 1153s 1173. 115b 1171s 1181. 119b 83 83 82b 823. 81 81 144 14712 14412 146b 14578 14912 250 250 97b 100 41 4212 118 121'b 118 119 82 82 al39b 5318 7b 95 98b 250 250 9612 97 96 9712 36 40b 32 39 “ 118 11912 113 118b 115 118 793. 80 78 78 13614 13938 1311213612 51. 67. a 87 94b 97 9614 225 22518 96 96 25 32 11214 117 11234 11 filo 80b 81 “ 13234 13618 228 2281c ioib 104 “ 1001s 101 4334 4612 113 116b 111 116 823. 85b 140b 1451g 290 46 52i2 116b 122b 1167» 119b 8412 84 144 146b 9312 9578 95 98 4 23 2412 m2 31l2 37b 1071" 4b 3414 88b 7538 105b 96b100b 9634 98 96 102 4 20 1612 8 27b 34b 104 " 4 38 847S 6734 1041. 91 9212 3412 3114 36b 32 3512 33 3512 3112 3434 3112 3234 28 30 30l2 3212 32 27 “ 96 " 86l2 95b 887„ 92 “ 90»8 94 9112 94l2 94 91 _ 96b 91b 92b 8734 9112 87 30 3034 2812 3412 2734 2958 29 30 29b 31 28b 2912 2912 3012 2714 2912 2412 48 29 59 747« 135 9 29 2814 100 116 234 333« 30 337g 59l2 64 78b 755S 79l2 14212 138 141b 1034 1058 10 2910 28 3012 3234 293. 333s 10438 103b 105 116 118b 120 3b 13534 14334 1312 15 7412 80 62 60 3512 3534 88b 891s 107lI 107b n4 n4 6734 6734 323S 3438 82 82 1734 21 4S12 5712 35 35 100 105 1035s 106 1497q 154 27« 338 678 7b 1383S 14538 1312 15 7834 79b 6112 70 35 35 89b 90b 69 3412 83b 21 57 39b 120 105 152 74 371?. 8418 36 65b 40 30 60 7614 1391. 934 2814 99 120 5278 51 3234 6358 787S 142b 10l2 31 30l4 1O33J 122 31b 3414 6412 61 763S 787S 139 143 9 10 2938 29 26 29 88l4 99i4 120 * 120 2 5l4 14034 1312 78 7434 36l2 893. 93 91 _ 1085s 110b 1097s ___ 13914 14612 13b 1434 78 8O7S 69 70 70 35 8412 2314 59 40b 70 38b 8412 30 61 46 104 104 5512 5112 54 33b 87 2314 5912 42 135 127b 131b 135 10578 10558 10734 108 155b 1451s 152 ' 148 i 1 ' 2 5l4 1 4558 1412 79 7434 36b 92 1097s 36b 87 27l2 60 44 31b 34 60 64 7S14 81b 142 14312 9 912 30 31 2634 3U8 99 ' 1O212 119 119 234 2 5l4 6 14334 14658 1534 14 79b 85 72 72 3712 38 9212 9312 115 116 7034 34i2 90 23 61 7178 3712 97 2934 66b 5112 5112 50 3234 62 79b 143 9b 50 50 52 34b 6418 83 14512 1014 30 100 119 3212 38 6634 60 80 845S 143 14414 9 9b 29b 2978 32b 29b 30b 10378 997s 1005b 11934 2834 38b 6612 74l2 815^ 133 145b 8b 8b 2912 2934 23 2914 95 997s 119l2H9b 212 5 1443g 1434 81b 73 38l2 234 5l2 14812 1538 84 73 40 234 278 278 2 578 57s 5 6 14458 147 132b 145b 1412 1478 12l4 1434 7658 82 82 81 75 75 42 42 9034 92 122 122 72 36 9612 27 61 199b 200 210 215 8634 84 148 151 14b 1412 12 12 20c. 20c. 20c. 21c. 18c. 20c. 20c. 20c. 15c. 20c. 778 812 34 31 50l2 5958 103 103 417s 473g 945s 9712 94 97 135 138 9 10 79i2 823S 525g 5712 118 11812 591s 623a 105b 105b 4 2214 22 10b 30 3534 104 4 3218 87 7058 104 201 216 90 151 38b 29 35i2 31l2 35l2 3334 4014 3614 3934 lb ib 2 ib l'b lb lb ib 2 225S 1612 1914 1712 21 20 2438 22b 27b 26 29 25b 29 33b 25 2834 25b 28 108 110 110 106 108 7b 85« 2758 333? 5212 46 1013. 1013. 3934 4314 9212 94b 90 93 1281s 135b 878 1018 77 " 8214 50i2 55b 115 118 5534 6038 105 * 105 414 2312 21 12 32 41b 11012 412 36b 88I4 79b 105b 3-32 198 208 90 148 1978 2478 12 183g 423. 1693s 1755s 92 93b 534 10b 1414 2434 59 6214 81 83 3l2 5b 1012 1212 638 5 54 5518 lars per s hare. othe rs p. c. 5678 6738 44 5934 48b 54b 5212 6478 5858 6738 101 101 534 7 534 6b 5b 6b 5i2 618 5i2 578 538 57S 5l4 6 512 77« 6i2 7 85 85i2 8412 8412 8534 8534 85 85 84 87 8412 8514 83i2 83l2 8312 83b 8134 83 1814 18i4 19b 1812 20 18 19b 1712 lb lb 134 134 lb lb lb 1714 20 19b 22 19b 223S 1934 6734 69 7934 7758 70 72l2 71 212 278 212 2b 2b 2b 2 3 1634 1712 1512 32 3634 36 39b 3612 39 “ 35 4434 4738 4412 4658 4338 4512 4258 52 54 60 5912 66 61 59 412 50 23l2 251" 18 1938 41 43b 1641. 1785s 9112 96 914 1234 1958 2634 64 7814 82 334 5b 1014 1134 5 612 55 5712 72 74 74 67 38l4 35 367S 30 97 35b 28b 2812 2814 66 6012 47 9814 9714 2914 9014 27 27l2 33l4 115 11834 115 116 78 78 133b 135b 93l2 9412 2912 8514 25 9838 9714 3112. 88l2 2712 2714 2938 54 5714 73l4 75l2 133 13514 9 9 2834 2914 19b 2214 9178 9578 116 116 5 86b «7b 2158 24b 1758 20 1 1 187S 17 815g 8314 3b 334 5 5 1434 19 3414 3834 48b 577g 61 85 3 312 ib 3 65g 12 10l2 15 50 56 5414 6312 105 105 5134 58lg 5134 58 9734 9734 98 100l4 8812 88b 90 9014 127 129 1281. 130 1238 105g 12ig 10 86 9278 89b 93b 6538 4734 5612 52 1141s 1161. 116b 1171. 4158 46 4312 4734 92 ~ 100 9214 9338 18 18 378 37g 312 334 2218 22b 2014 21l2 18 19l4 17b 21 9 9 87g lib 2734 287g 2734 34l2 33 271o 34b 371a 1021o 10234 1025s 106 ” 47g 4b 412 4 4012 4358 405g 4214 8434 86 85b 8638 617g 747g 6858 7512 100 104 102 10412 101 101 345g 30 116b119 115 1165g 103 106 33 3378 11412H612 114b 1161s 135b 142 1373g 14012 99 963s 1005s 991. 27 * 30 " 2512 8634 8834 86b 2634 28 25 965s 102 10514 105 2714 8934 2712 106b 108 4412 4634 47 26 3O3S 613s 54 72 77 129 132 814 9 28 28 1834 24b 9178 97 ' 113 113 458 85 50 23 19 2 20i8 87 412 512 16 39b 5238 62 2812 31 54 60 747S 79b 135 14814 8 8 30 30 21 2418 9134 95 115 116 1031. 107 29 317g 56 617g 7514 7734 139 14214 8 8 287g 2919 1934 2238 911s' 04 " 1155s 11538 134 2b 2 2 2 lb 134 2 434 434 434 5 434 534 434 5b 12834 136 134 13912 138 14414 136b 139b 1034 13b 9b 12 1014 1134 10b lib 7434 7678 75 78 7312 8078 73 76 75 75 45 58 5712 5712 54 54 96 " 96 " 96 961o 95 93 96 97 67 66*2 66I2 70 7512 76 76 3514 29 “ 32 “ 2912 3218 30b 327g 3034 3178 2814 15 1514 1634 17 1614 20 47 5314 4912 52 6412 4718 50 64 “ 6434 90 90 135 135 135 13238 13238 1283a 132b 126 127 120 120 131 1227c 1063^ 1071a 107 107 “ 104 104b 10638 IO6I2 108 10712 108 1587S 155b 1683s 161b166 159 16312 1503. 1623. 142 153 1461. 152 1 501o 1 56 “ 4214 5134 37b 421? 38 40 35 40 81 86b 75 " 82l2 75 781o 77 70 aEx- dividend a nd rights. b First Ins tallment p 13 1814 37 4712 6712 6712 96 “ 96 ** 122 122 10658 1065$ 1 Hilo 166 35 " 37 7412 78l2 aid. 137 MISCELLANEOUS STOCKS—BOSTON BONDS 1911—Concluded. June August September October November December January February March April May July Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High STOCKS Havana Electric___ Preferred________________ Interboro-Met vot trust ctfs. Preferred .. __ ___ Pref voting trust certfs__ International Harvester____ Preferred__ -___ Internat Mercan Mar stx tr ct Preferred____ __ -____ International Paper________ Preferred____ International Steam Pump — Preferred______ Kings County Elec I, & P Knickerbocker Ice, pref_ Lackawanna Steel_________ Laclede Qas (St Louis)_____ Preferred________________ Rights Mackay Companies________ Preferred_______ .____ May Department Stores____ Preferred - - _____________ National Biscuit____________ Preferred_____ __ Nat Enameling & Stamping-Preferred__ ___ ____ - National Lead Co___________ Preferred ___ __ ______ New York Air Brake -- -New York Dock______ _____ Preferred________ Niagara Falls Power rights North American Co new stock Northern Ohio Trac & Light Pacific Mail Steamship _____ Pacific Telephone & Teleg----Preferred - ________ ___ People’s Gas Lt & Coke, Chic Phelps, Dodge & Co____ Philadelphia Co (Pittsburgh) Pittsburgh Steel preferred__ Pressed Steel Car -Preferred___ __ Public Service Corp of N J — Pullman Co (The)__ ______ Railway Steel-Spring ____ Preferred__ _ _ ______ Republic Iron & Steel __ Preferred_______ - ___ Rubber Goods Mfg, pref___ Sears, Roebuck & Co_______ Preferred _ _ ___ __ Sloss-Sheffield Steel & Iron.Preferred ______________ South Porto Rico SugarPreferred ___ - _ _ _ Standard Milling____ ______ Preferred -__ - _ _______ Texas Co. (The)-___________ Rights ______ Texas Pacific Land Trust----Third Avenue __ _______ Trust Co ctfs 1st instal paid New, when issued ____ Toledo Railwavs & Light___ Twin City Rapid Transit-Underwood Typewriter_____ Preferred ______ Union Bag & Paper______ _ Preferred --__ ___ United Cigar Mfrs, pref_____ United Drv Goods_________ Preferred - ________ - United Rys Inv of San Fran-Preferred .. ---------- U S Cast Iron Pipe & Fdy----Preferred _ _ ____ U S Industrial Alcohol--__ Preferred __ ______ ______ U S Realty & Improvement-IJ S Reduction & Refining Preferred U 8 Rubber Co_____________ 1st preferred--_____ ____ 2d preferred__ __________ U S Steel Corporation______ Preferred - _ --__ Virginia-Carolina Chemical— Preferred _____ __ _____ Virginia Railway & Power. _ 951? 961? 96 96 96 95 971? ggl? 951? 9512 203s I8I4 1934 I7I4 19l2 I8I4 1934 1714 197g 553s 50i2 55I4 4734 5458 503. 5414 491s 541? 491? 501? 1141s 1211? 1151? 119 1151? 1191? 119 129 1201? 1261? 1221? 12414 123 " I24I4 12378 1247? 124 I28I4 123 125 434 53# 51? 51? 438 5 438 412 434 5 163, 177s 1534 1734 1612 18 1914 16 I8I4 17 912 12 * 107g 113. 1018 133s 10 ' 111? 91g 11 4618 5034 47 5578 4712 497g 45 4812 445g 52 4314 40 44 3912 4l7g 381? 403. 3812 4114 41 88I4 9012 85 89 8712 893g 8714 89 8778 90 95l2 941? 9334 95 183g 20l8 185g 505g 5538 51 109 1221, 412 1512 12 " 54 3934 8412 1163s 1233? 578 18 1338 563? 4H2 8578 106 38 11412 111 40 113 44 443s 44 1021. 112 ” 102 9314 96 1714 20 5638 49 483. 551? 1211? 1255s 124 “ 1253? 412 45g 1634 I7I4 11 ' 123? 48U 503. 401? 4234 881? 893. 8 634 712 8i2 8 81g 1101? 10912lll ' 108 ' 109 108 ” 109 63 6312, 66 6712 103 103 " IO3I4 1051? 684 7 " 83g| 8 8 9 57 59l2 5634 59I4 581. 593» 563? 58I4 103 104 ' ion? 10U? 1015g 103 100i2 106 106 10634 1051s 1061? 102 1 0534 10218 104 10412 107 10434 1055g 10H8 1 0538 443g 49 315„ 45 4812 40 46 45 6034 70 7434 6912 7512 72 7614 70 15 17 19 17 177g 1512 1712 16 5834 54 5814 5834 57 50 55 61 261. 261. 92 94 6934 667g 7312 7134 7412 6518 6912 67 334 334 4 4 3'8 418 111? 111? IH4 1114 423. 403g 471? 39 36 4778 38 ' 437? 10919 1117s IIH4 114 " 112 1141? llll21147g 721? 74 7334 781? 76l2 79 761? 771? 7634 82l8 745g 791? 7234 785g 713s 80 1161? 120 11734 1207g 118 1195g 1187g 12034 6238 673g 6412 703g 6558 701g 5714 6712 1237s 125 125 127 1261. 1281? 12218 1261? 4112 45 83 83 108 50 73 68 120 98 98 1011? 1025s 137g 153g 4212 46 41 " 441? 1011? 109 ' 116 " 12012 3l2 412 I4I4 1512 95? 105?’ 475g 45 23 29 80 8212 123 123 ‘ 70 70 42 42 371? 30 30 30 31 48 371? 371? 35 1043g 10438 10634 10458 10912 1063? 1081? 1021? 1063? 1011. 1041, 1021, 105 1-32 1-32 9234 891? 921? 8612 89 92 9H2 95 911? 9312 901? 931? 90 94 747g 77 " 7434 7634 7534 7612 7538 77 741g 751. 737? 741? 701? 83 ” 8078 87 80 ” 841g 70 70 112 11278 H3I4 II3I4 1171, 1231? 1211? 125U 121 135 13012141 133 139 135 138i2 133I4 136 124 ' 127 1263? 130 * 1257s 1293. 1265g 1281? 128 12934 128 12914 12712 128 1634 175? 1678 2014 18 ' 22 1712 18 17 17 17 18 1812 17 92 97 86 86 941? 1003. 85 85 90 90 8858 885g 51 * 551. 503s 5234 52 575g 55I4 5734 54 5412 59 58 108 1081^ 106 ” IO8I4 1051. 107 ‘ 1053? 107 ' 1073. 1091? 10734 108 ’ 1073g 1081s 76 ' 70 " 72 7412 73 68 6812 70 75l2 681? 75 70i2 72l8 72 247g 2478 25 25 66 66 13 13 723„ 68 723g 6934 721? 7012 7134 7178 7634 7334 763g 723g 7412 64 4312 4214 43 4312 4434 50 3912 4038 4058 42 5012 25 ” 291? 243s 291? 24 25>? 231g 26 2414 27U 26 " 2734 27 311? 545g 4912 5412 5034 54I4 475g 5214 49 * 521? 49I4 521g 47U 491? 44 95 96 96 991? 99 99 97 9712 10512 109 105 108 10312 108 " 103 10734 1041. 1061. 10512 10634 105 10612 220 220 10012 10658 10412 107 10512 109 1051210612 105 11412 1121211812 103 104 104 105 10334 106 1037g 105* 301 q 3418 323. 36I4 3134 3312 3134 331. 321? 363g 35U 373s 36 ” 375g 92U 97 ” 973? 991? 97 98 9814 101 100 101 1003? 1023? 102 1021? 11618 117 11612120 119 120 11812120 119 11934 119 11934 159 163 1601? 1611? 159 1611? 1591? 162 160 16234 1611216214 1603. 162 3434 341? 38 " 3212 35 3178 34 32 3 578 351? 39 ' 35 ‘ 38 31 98 92 9814 9734100 9914 99 100 1001? 1021g lOHg 103 IOH4 10114 291. 321? 2914 3h8 291? 303? 3U, 3478 323g 3514 317g 34U 3018 34 93 ' 9838 9734 993g 9714 9938 9218 9758 93 931? 95 ' 9678 933g 96 102 102 185 1893, 188 192 144 190 142 146 1361? 1433. 140 146 140 14212 1191,1191? 121 1211? 1211? 122 1213412134 1207? 121 ' 11934 1205g 49 * 5212 49 ” 5212 4912 52 54 51i2 52 481g 50 50 5614 52 112 112 112 112 112 112 112 112 110 110 112 112 82 82 85 85 84 8414 90 90 88 88 113 113 110 112 112 112 1101211012 110 110 110 11012 1634 17 1612 171s 51“ 52 “ 50 51 ' 51 52 131 13512 134 13612 129 136 125 130 127 132 115 12812 109 122 14 1 92 87 91 8812 90 89 88 881g 9012 9012 90l2 90l2 123g 10 858 113s 918 1114 U 1412 10 12 113g 10 918 11 50 50 Preferred Western Union Telegraph----- 73 761? West’house El & Mfg, assent 6512 68 1st preferred-- - -- 116 123 1312 175g 13lg 16 3934 4H4 50 391? 403? 49 1033? 122 991s 1085s 120 ‘ 1243g 115 " 120 ” 4 41? 3I4 41? 163. 14 14 1512 11 9 101? 10 4814 45I4 481g 46 3214 4018 27 33l2 877g 80i2 85 87 50 755g 7134 743g 7158 743g 71 6612 707g 647g 70 120 11712121 117 121 I 7 8 7 71. 1081? 1101? 108 110* 663? 831? 8134111 10512 108 108 ‘ 1131? 734 8I4 7” 8 591. 591. 58 58 10312 104 104 10618 10312 105 10514 108 105 “ 10634 1051? IO6I4 40 423g 37 423. 6812 7212 70 73 I6I4 1812 1612 18 55 583g 571? 593g 25 30 91 97Bg 7218 7934 76 7834 4 4 37g 4 38 425s 112 114 741? 773. 7414 8H4 118 12012 57 64 123 1251g 43 4412 51 51 7234 8412 68 79 11612118 4018 4318 11312 1141g 767g 771? 7518 80 1177g 1193g 5334 61 124 12712 13 60 78l2 7434 118ig 15 70 83 78 119 82 83 86 72 7412 72 73U 80 " 74 10734 1291. 1341? 1231. 1273s 1283. 126 ' 1634 19 14 93 981? 9OI4 4812 551? 421? 108 “ 10934 104 " 51 641g 70 6938 51 2734 3738 7212 541? 31 " 47 96 ion2 ioei2 30 ' 1007s 245? 885g 645g 70 110 15 51 84 753g 553, 333? 501g 98 107 3018 32 46^4 49U 6514 72 3112 29 385g 38 97 102b 104 104 3112 473/ 97 IO8I4 72 553. 291? 463? 98 10434 105 103 31 98 49 34 3912 37 40 721g 7538 10234 105 204 205 10612 10612 101 10212 32 34 100 100 IO8I4IO9 1571,1591? 305s 33 ” 981? 1027s 225g 28 ' 853g 81 139 143 141 1423s 1201? 1211, 1211, 1211? 39 421S 41 43 8712 871? 110 110 110 110 110 15 5214 50 5U4 51 50 91 11O12 85 8612 93 ‘ 7412 89 88 110 51 81 88 110 53 88I4 84 901? 84 85 86 734 1014 734 83. 8 106 107 107 107l2 37l2 39 66 6912 16 16ig 52is 561? 25ls 25is 9934 9934 73 ‘ 761? 1051? 108 “ 104 106 82 ' 991, 87 90 1101? 1133? 108 1101. 53? 63X1 54 58 54 54 1011? 1011? IOOI4 IOOI4 1011? 1031? 97l2 102 1011? 1071? 10034 104 3112 3634 2812 32 601? 5912 6434 52 1314 153g 11 13 46 531g 4012 46 24 24 93b 93I4 90 9H2 667g 74 66 68 14 14 405g 421? 113 “ 1151? 761? 771? 7712 801? 11778 120 55 5914 120 125 381? 381? 80 ” 80 “ 16 16 351? 1081? 1133. 72 75 6914 797g 114 U81g 5H4 585g 117 123 381? 38 78l2 7812 13 13 107 110 93 IO3I4 llll21137g 63? 734 59 ' 59 ' 30 32 30 30 1031? 1061s 1011? 107 7412 82 68 7212 72 71 111 111 1371? 1427s 127 128 1212 1438 943. 961? 481, 551? 1043? 1071? 5434 56 28 35 99 101 25 91 137g 17 45ig 54 433, 523. 1041? 112 120 12012 4 5I4 161? 2212 912 10 4534 32 34U 83 8312 83 8612 85 8512 7212 723/ 727g 7338 74 " 74U 773? 73 1105g 11134 1227s 1293s 1271? 1433, 127 1283.1 125 ' 1281? 1334 15 15 I6I4 92 94 94 9612 421? 48 52I4 1043? 106 105 ’ 10612 45 ’ 55 4712 5834 1371? 1371? 1251? 1331? 1311? 139 36 16 4814 46 ’ 112 122 47g 18 1012 47I4 345g 837g 107 108 101 101 3012 307, 3434 28 96 100 95 108 112 108lgl09 lfiOl? 154 157 156 160 1571, 1591, 361? 2612 3OI4 26 281g 2712 3?7, 1017s 94 98U 9714 97I4 100 " 1027g 293X) 2H4 263? 18 ‘ 23I4.J 1934 2378 947g 8158 92 741g 857S 7834 845g 10412 10412 1031? 1031? 30 " 361? 97 10234 115 116 15.53, 84 735s 791? 109 1311? 129 17 96 5H4 1077? 56 14 44 42 1027s 1201? 4 1434 97g 45U 25 80 3012 3912 104 1091g 66 71 515s 72 1031? 1161. 431g 5412 114 1173. 37 41 78lg 77 87 89 89 87 90 93. 234 1338 41? 7!8 2H4 213. 363g 35 ‘ 41 ' 31 4 4 5i2 1051? 1063, 105 1061, 105 105 891? 104 ‘ 1013, 1071? 987g IIOI4 1081? 1103, 1111? 1113, 1103, 1131? 434 51? 55? 5t2 6 52 535s 501g 53 51 5112 1061? 1061? 104 104 106 106 971? 99 9712 985g 100 100 102 10212 104 106 105 10512 3734 30ig 3312 3OI4 34 34 58 5512 5814 5612 66 6112 Illg 1334 121g 141? 1458 17 42 4214 47 4712 5214 45 2612 2612 93 93 95 95 931? 9312 6812 6812 681g 70i8 6734 69 3 2 214 2 2I4 3 10 -10 40 455s 427s 473, 4812 1053,110 1061, 110 109 1107g 72 7012 76 7612 75 76 625g 553, 657s 601? 693s 50 103 11034 1061, 1101? 10S3s 1115s 4758 54I4 5212 5634 4512 49 116 118 116 119 118 1187g 4012 41 391? 4312 4U2 411? 805g 80 77 811g 8012 81 60 60 7934 74 78 761g 81 78 82lg 73 585g 66l2 6034 66 7212 7614 637g 73 II8I4 H8I4 110l211814 11012llll2 114 115 66I4 6614 7934 7712 807g 77 6334 673g 64 701g 115 115 1171211712 PRICES OF STOCKS AND BONDS IN BOSTON, PHILADELPHIA, BALTIMORE AND CHICAGO. Below we give the highest and lowest prices of bonds and stocks at the Stock Exchanges in Boston, Philadelphia, Baltimore and Chicago for each month of 1910. Actual sales form the basis of the compila tions in all cases. BOSTON BONDS IN 1911 BONDS Amer Agricul Chemical -- 5 Amer Telep & Teleg, 1929—4 Convertible, 1936------------ 4 Amer Writ’g Paper 1st, ’19-5 Amer Zinc L & S deben------- 6 Series B, 1915------6 Arizona Commercial— 1st conv, 1920, gold------6 August September October November December July June April May March January February Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 102l8 102i2 102lg 90lg 907g 897g 1057g 1075g 10714 90 102 102 100 102l2 102 84 87 85 102i2 IOH4 IO2I4 IOH4 ion2 101l2 102 101l2 1013, 10134 IO2I4 101l2 102ig 1005g 1017g 10U8 8934 9158 897g 903g 8978 913g 92 9Ug 92 90l2 89l2 897g 8934 9OI4 90lg 92 109 10734 108i2 108 109 108i211034 1091411U2 10834 10834 104 10412 105l2 IO7I4 106 9834 90 98l2 98 IO2I4 IO2I4 IO2I4 112 112 110 110 115l2 12212 119 121 10234 113 100 105 89 85 Atch Topeka & Santa Fe— General, 1995 - -----------4 99 99l2 9834 99lg 98 Adjustment, 1995----- --- 4 91l2 915g 9134 917g 91 10-year conv, gold, 1917—5 IO8I4 IO8I4 110 110 vorf S Wa <rr»l d. Atl Gulf & W I S S Lines----- 5 68 7212 71 73 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 87 84 87 88l2 92 90l2 92l2 8912 90 9834 99lg 9834 993g 9834 99 99 9134 91 91 91 915g 92 92 110581105g 1095g 10958 7 1 723g 71 723g 71 7012 7112 72 36 80 9834 99 ................... 9H4 9U2 113 70 113 7012 67 102 903g IO6I4 9834 98l2 100i2 10138 102 102 90 907g 90 109 llllg IOOI4 104 106 1025g 90l2 106 44 40 44 42 45 45 5712 99lg 991g 9834 99 9U4 9U4 99 99lg 99 99l2 42 521? 42 70 1 633, 667g 65 67 107 1073g 6412 7012 6712 6912 138 BOSTON BONDS AND STOCKS BOSTON BONDS IN 1911—Concluded BONDS August September October November December January February June 1 July March April May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Burlington & Missouri Riv— Consol. 1918------------------ 6 103 103l2 10314 10314 Cedar Rap & Mo Riv 1st___ 7 Central Vermont, 1st---------- 4 87l2 88l« 88i8 89l4 90 9178 89 90l2 Chic Burl & Quincy—1915--5 10034 10034 101 101 101 10H8 10H4 101l4 Denver Ext, 1922________ 4 99l4 99l4 100 100 99 99l4 99l4 99i4 Illinois Division, 1949—3 88l4 88i4 8734 8734 87B8 8758 9934 9934 Illinois Division, 1949____4 99i8 99i8 B& SW1921sf---............ 4 Iowa Division, 1919--------- 4 99 99 99l2 99l2 Nebraska Extension. 1927.4 Chic Jet Ry & Un Stk Yds--5 ioi ion4 100 10H4 10034 101l4 10078 10138 IOH4 102 Refunding. 1940------------- 4 9034 9034 90l4 90l4 89 8934 89i2 9038 90l4 90l2 Chic Mil & St P—Dub Div. 6 114 114 Wiscon Val Div, 1920.__ 6 11358 11358 Chicago & Nor Mich, 1931___5 98l"2 99 9812 9812 100 101 99l2 99l2 Chicago & West Michigan—5 10058 101 100 10034 101l4 10138 10138 10U2 1013410134 Concord & Mont—Cons 1920.4 Conn & Passump Riv—1st--4 Copper Range_____________ 5 9912 100 100 100 166’ 100 Current River 1st__________ 5 Det Or Rap & West, 1946--4 9534 9634 Dominion Coal. 1st 1940__ 5 96 9612 Fremont Elk & Mo Val lst-6 12714 12714 Gen Elec—Conv deb--------- 5 147 148 14938 15012 147* 148’" 14934 14978 15578 16258 General Motors—1st 1915. .6 Georgia Ry & Electric 1932-5 101 101 Great Northern-C B & Q, coll4 95l2 96 9534 96 9558 96 9578 9634 96l2 97 Registered--------------------- 4 9538 9534 9558 9534 9534 957s 9578 9614 9658 9658 Illinois Steel Non-con v 1913-5 100 1003g 100 10238 100i4 100i2 10038 100i2 10034 10078 9414 9414 K C Clin & Spring_________ 5 100 100 Kan City Ft Scott & G, Ext -5 10018 10018 Kan City Ft Scott & Mem — 6 116 11634 1151211612 115 116 11518 11512 11512116 92 9212 9212 9212 92 92 Kan C Mem & Birm—1934..4 92 9312 88" 89" 88 90 Income-------------------------- 5 89 89 88 88 K C & Mem Ry & Bdge 1st 5 102 10214 102 103 102 102 10234 10234 Maine Central cons 1st, 1912 7 Massachusetts Gas, 1929-4Vi 99l2 Tools 9958 100 99l2 100 9934 100 9934 10018 Registered------------------4 99l"2 9912 Michigan Telephone 1st___ 5 NewEngland—Cons 1945__ 5 New England Cotton Yarn.-5 IOOI4 101 100i2 10034 10112 103 1023s 102l2 10212 103 10134 10134 NewEngland Tel &Tel 1915-5 N Y N H & Hartford9634 9634 9914 9914 9912 9912 Con vert, deben 1956__ Conv debentures------------- 6 13334 13412 133 13434 13338 13358 13234 133l8 133lg 13338 13318 13318 Registered___________ 6 New River (The) conv 1934..5 Oreg Short Line, 1st 1922--6 11434 11434 11478 11478 9834 9834 Pere Marquette deb 1912__ 6 Republican Valley 1st, 1919-6 ioT IO3" 104_ 164" 10418 105 Seattle Electric 1st_______ 6 Shannon-Arizona 1st, 1919. .6 93 93 93 93 10012 10012 101 101 Union Pacific—1947______ 4 10438 10438 ..................il0458 1045s 20-year convertible, 1927-4 United Fruit s f 1923---------- 4M 96 9712 9614 9612 9578 96i2 9578 96l8 96l4 96l2 Debenture, 1925________ 4MS 9618 9618 —-............ 96l4 9638 U S Steel Corp, 2d_________ 5 10414 10434 10434 10538 105 10558 10534 10534 10578 106 98l2 9858 .................. 99 99 West End. 1915.....................—.4 1914.............. 4 3^ 10014 10014 100i8 100i8.................. 10012 10012 1917--------------4 9818 9818 1932---_____ 4 98 98 Western Telep & Teleg_____ 5 9634 98 98 99 97l2 99 ! 97 98l4 Westinghouse El & Mfg conv5 9218 9238 .................. 9238 9238'___. Wisconsin Cent 1st gen____ 4 9314 9314l.................. 10234 10234 ..................Ilyins,} 1115811158 U15811158 88i2 8958 8934 90 90 90 90l4 90l2 90l2 90i2 90 9058 88i2 90 10034 10078 10034 10034 9978 9978 8712 8778 8712 8712 8758 875g 873S 87l2 87l"2 8758 lOlSg 10218 10178 102 10112102 IOH4 102 10078101l4'100 101l2 10034 10H4 87l4 8834 8834 90 9018 9034 9038 9034 9014 9014 8812 8812 90 90 10012 10012 101l2 10U2 100 100 100l8 100l8 1001s 9912 100 101l2 97l2 97l2 98l4 98l4 99l2100 8738 8738 8738 98 128 128 16238 16278 85l2 86 87 98 9814 9814 9758 975s 153i8 153i8 99 99i8 97l2 97l2 98i2 98i2 9712 9834 97 975s 96l8 97 "9553 96"l2 9558 96l2 96l4 9634 96l2 9634 9538 96i8 9614 9614 963s 96i2 9634 9634 96 96l8 9714 98 10012 10078 IOOI4 100l2 100i2 101 1661410’0’u 100l4 100i2 10038 1005s 100l4 100i2 11612 11612 1161211612 1161211612 1161211612 116l4 116l2 11634 11714 11718 11718 92 92 92 92 92 92 89 89 89 89 102l2103l2 100i4 IOOI4 9938 100 9978 10038 9934 10018 9934 100 9934 100 9914 9934 98l2100 9914 9914 10234 103 10238 103 10014 10134 99 99l2 99 99l2 98 99l2 12912 12912 75 75 U3I4U3I4 104 104 104l2 104l2 104l2104l2 104l2104l2 9U2 92 91 9112 80 80 161’ 101 ” 10058 10058 10078 10078 103i8 10318 97 9718 9614 9678 96l4 9638 96l4 96i2 96l4 963s 96l2 9634 9678 97 9658 9678 9634 9678 96 9612 96 96 9578 96 9512 9612 96 96lg 10538 106 10512 10ol2 10438 10434 100 10338 101l2102l2 10 H8 1023s IOH4 10178 9918 9918 IOO’s IOOI4 99 99 98l2 98l2 10412 10412 9938 100 9912100 95l4 9514 98 100 98 9834 98 100 99i2 100l2 9934 100 BOSTON STOCKS IN 1911 January February June July August September October November December STOCKS March April May Price per share, not per cent. Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Atchison Top & Santa Fe.100 102l8 107l4 Preferred____________ 100 101l8 10234 Boston & Albany------------ 100 223l2 225 Boston Elevated_________ 100 1281? 12934 Boston & Lowell________ 100 209 216 Boston & Maine_________ 100 11534 11834 Preferred____________ 100 150 150 212 Rights--------------------------- 1.70 Subscription receipts_____ 116 116 Boston & Northern pref--100 Boston & Providence------- 100 295 295 Bos Bevere Bch & Lynn..100 150 150 Boston Sub Elec Companies-Preferred________________ 72 72 Boston & Worcester ElectricPreferred ________________ 38i2 3912 Chicago Junction Ry_____ 100 157 158 Preferred_____________ 100 110 112 Concord & Mon—Class 1--100 Class 3.............................. 100 Class 4-----------------------100 Conn & Passum, pref_____ 100 138 13914 Connecticut River---------- 100 265 265 Fitchburg, preferred------- 100 128 130 Galveston-Houston Elec--100 54 54 Preferred_____________ 100 Georgia Ry & Electric____ 100 U712120 Preferred--------------------100 8712 88l2 Maine Central-----------------100 .215 215 Rights--------------------------Manchester & Lawrence--100 Mass Electric Companies-100 1734 18l4 Preferred--------------------100 8334 86 Massawippi Valley---------- 100 N Y N H & Hartford___ 100 148l2 151 Subscrip rects part paid----- 146 147l2 Northern N H___________ 100 139 140 Northern Texas Electric.-100 86 89 Preferred--------------------100 90 9534 Norwich & Wore, pref___ 100 210 210 Old Colony_____________ 100 18312 189 Pere Marquette--------------- 100 .................. First preferred------------- 100 Second preferred......... -.100 Providence & Worcester.-lOO 266 266 Rutland, preferred---------- 100 32 34 Seattle Electric__________ 100 106 110 Preferred_____________ 100 101 1O234 Union Pacific-----------------100 171 178 Preferred_____________ 100 9258 9334 Vermont & Massachusetts 100 West End_______________ 50 8978 9278 Preferred----------------------50 103 105 Worcester Nashua & Roch.100 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 10378 107l4 102l4 103i8 223 226 1271212978 207 212 II8I4 12238 150 153 104i211038 102 10234 221l2225 128 12934 210 212 1141212012 153 15312 120 129 295 120 129 298 ___ 6 40 157 112 14 16 ___ 72 75 9 812 9 4034 4012 42 161 158 160 113 107 112 114 U234116l4 10358 105 21912 22234 127l2 12934 215 217 105 110 153 154 111 114 103 U134 10278 10358 lOUg 102i2 221 22214 221 222 12814 130 1261? 13012 216 217 217 21712 105 108 102 10612 151 153 147 147 296 297 299 107l2110i8 102 10218 219 223 127 12914 210 21212 11234 116l2 153 153 10838 11334 10314 10334 219 22114 127 128 214 21618 101 114 29434 296 295 14 14 74 74 812 8l2 4314 4514 156 15712 10712 10812 1312 13K 13 1512 76l4 76l4 75 75 9l2 12 4412 49 4912 571? 157 158 157 160 109 111 11012112 114 292 300 105 160 16012 16012 16012 162 162 161 139 139 13912 13912 13914 13914 265 265 269 270 270 1261 •? 12834 12612 128 125 127 126 296 161 271 128 92 9312 120 129 12912 134 86 8734 93 88 215 215 211 211 298 160 161 140 143 272 272 12612 128 14 73 12 56 160 113 160 47 266 266 33l2 43 110 112 100i2 102 17378 1807g 9314 94i8 158 160 8912 9212 102 104 144 145 47 39 4134 106 112 9712 10H2 17U21781s 90 9314 156 158 90 93 102 103l2 14514 148 263 268 39 41 105l2 106i2 97l2 98 173l2177l2 9412 94i2 158 158 89 90 102l2 104 271 271 3912 41lft 107 110 98 101 17658 186 9412 95l8 1601? 161 89 91 103 103l2 149 149l2 105 14 76 13 58 16014 11512 160 297 298 296 296 1212 1312 12 75l4 761s 75 12 75 52 165 115 51 164 112 160 51 160 114 50 158 111 160 162 162 160 161 14312 14312 14212 14312 2731? 2731? 12612 126 128 125 127 ' 162 162 ___ 125 9312 152 “ 152 132 134 131l2135 92 92 90 91 9312 93 200 200 ftl40 36 220 220 222 222 17 1612 1734 16 19 1712 17l2 2138 2114 24 2214 85l4 88 8734 8934 8914 93l2 93 87 88 86 88 130 130 14914 15138 14612 151 1411214734 14214 14612 13934 148 139 14714 1491? 14412 14712 140 14614 1411s 145 1401? 1461? 140 141 140 142 141 141 14U4 14U4 141 141 142 9534 96 96 90 91 9012 9212 92l2 93 94 97 93l2 96l4 9258 94 9312 95 95 96 9512 96 95 211 212 212 212 212 212 212 18312187 183 187 185 187 185 18714 186 189 187 93 142 92 10058 1045g 10278 10738 106 10838 105 106l2 101 10H2 103i4 103l4 10334 104 104 104 219 221ig 220 221l2 220ig 222l4 220 222 1241?. 1271? 1241? 127 125l2130 129l2130i2 217 218 216 216l2 216 21634 214 21612 99 104 96i2 100 9612 102 99 10012 148 150 143 143 14212 145 144 145 15712 9312 140 39 16114 9212 145 3812 237g 17 95ig 87 16112 155 9212 92 145 135 40 22 93 17 86 14 70 9 4912 160 109 296 299 298 298 14 1412 7434 75 “ 12 12 56 57 162 163 110 111 74 75 53 161 108 56 171 111. 160 160 160 160 161 16134 1421214212 14312145 271 271 125 127 12514 127 162 159 9312 137 19 89 14 72 9 50 162 110 164 94 94 156 160 90l2 93 158 158 160 160 14514 14514 125 73 127 75 145 159 9034 90 225 225 225 225 1834 2234 201? 231? 21l2 2278 8834 95l2 93 96 93 96 132 14114 13112 140 127l4 135 142 97 95 96'2 96l2 213 18712 187l2188 140i2 142 14012 14012 9612 96l2 9312 99 95 96 95 96 2101o211 187 187l2 187 187l2 134 13378 143 14U2142 96 99 96 9612 212 214 188 190 20 25 32 32 30 34 35 45 30 30 2712 35 271 272 272 272 271 271 275 275 272 “272 40 42 39 40 35 45* 33l4 35 3312 38 11018 11112 110 111 10912lll 10812110 107 107 107 10714 102 103 102 103 103 104 103 10312 100 102 101 10212 18358 19012 18512 1921g 1661S 18712 15312 17034 158121643g 16518 17812 937S 9414 943g 95 903g 9038 917g 93 9138 9138 90 90 164 164 163 163 1621? 1621? 88 9112 87 85 88 8612 88 " 89 87 90 85 88 103 105 10H2 103 100 103 100 10012 100 10H4 10U2 10378 149 149 h Ex rich ts 1361? 141 141 97 96 141l2 9834 96l2 18514 189 35l2 45 106 114 101 102 170 175 92l4 9312 163 16418 86 871? 10114 1031? 139 BOSTON STOCKS BOSTON STOCKS IN 1911-Continued June July September October November December April May h Low High Low High Low High Low High Low High Low High Low High Low High Low High January February STOCKS Price per share,not percent. Par. Low High Low High MISCELLANEOUS. American Agricult Chem-100 Preferred--------------------100 American Pneum Service.-SO Preferred--------------------- BO American Sugar_________ 100 Preferred . ................. 100 Amer Telep & Teleg------- 100 Rights 46*2 52*4 99 102 4*2 6l2 14 19U 11334 11634 III34 117 140 145 5034 59l2 2 54I4 5734 102 105 4 101 102 5 6I4 4i2 51 4 4*2 5lg 16 19 15 161 2 14 16 11634122 117 121 116 119*2 116l2119 2 116 118 144 1465g g 14412 14614 56 60b 1015g 103*2 434 57g 16i2 1812 11714 12034 11734 120*g 14534 1493, ____________ 56l2 5914 102i2 103lj 434 5l2 161? 171f 118 1213^ 118 11912 al39l4 53Kj fi 1 5-1 71^ 55 103 4l2 15 118 118 136l4 63g 5934 50 603, 10414 '102l2 IO4I4 3l2 434 5 12lg 1514 16 11934 113 119 119 115 11834 139lj 1315g 1365, 51. 6.311. 7 6 8 30 67lg 2734 395g 1434 7 97g 32 70 30ig 3934 I6I4 54 46 100 10312 31? 41f 12*g 15 112 117l2 11212 11684 13234 136I4 46l2 51 99l2 101l2 3l2 5 14 17 11412 II8I4 114 II6I4 13314 13534 49 56 1003g 103 4*4 47g 1634 15 116 119 11412117l4 135 142 6334 54 10212 10412 4 5*4 1434 17*2 114*2 117 114*2 117*4 137*2 140*2 30 323, »;57i2 61 »59 Subscriptions---------59*2 31 32l2 2814 2812 271? 281? 33 3514 31 35 28 30*2 26*2 27*4 American Woolen------------ 100 31 32 32 33l2 4 32 35 8684 9012 85i2 89l4 86i2 8812 86*2 90 Preferred--------------------100 9134 94 94 9534 90 96l2 9034 9234 88 92 8 88I4 9134 9014 94 320 320 320 320 Amoskeag Manufacturing 79 81 77*2 80 Amoskeag Manufacturing-100 100 IOOI4 99 100*2 Preferred------------------- 100 934 11 1034 10 1012 8 73g 8 8 93g 10 10 10l2 8 8 Atl Gulf & W I S S Lines--100 8I4 10i2 97g 1038 71? 8 734 8 Preferred--------- —_____ 100 22 26 23I4 25l2 2112 225g 22 23 17 20 1514 17l2 1434 I6I4 1412 17 I6I4 17*2 20 22ig 19 20 Boston Land------------------- 10 5*2 6*2 8 814 8 8 7 —- 7 6*2 6*2 1 1 Boston Water Power__ 40c. 40c. lla lla 212 212 Boylston Street Land-Cumb Telep & Teleg____ 100 145U 150 148 150 4 147 151 150 15712 1563g 15912 1573g 158 15412 1575g 150 15212 1497g 15012 151 157 155*2 1575^ 117g 912 1134 91? 10 1134 10 97g 1O3S 10 12 East Boston Land________ 10 7U 834 9 IOI4 912 10 9I4 10*4 934 11*2 4 9 Eastern Steamship_______ 100 7934 82 7878 81 79 811 4 81 9512 89 92 8712 9034 91 118 no 116 88*g 88 9112 90 9134 91ig 9312 93 Edison Elec Ilium_______ 100 28734 291 290 29212 284 292 282 28714 285 28714 283 287 278i4 287 286 287 275 286 280 294 287 292 289 297 General Electric_________ 100 150*g 154 15212 15558 2 148 1585g 155 16734 16112 166 159 16312 151 16212 142 153 14614 152 149 156 152 1553g 5I4 538 6 6 5I4 5I4 5*g 514 Internat Button»Hole____ 10 5*4 514 1261a 128 125 125 1151. 1151. Internat Smelting & Refg-100 128" 13"l 125 125 103 103 103 ’ 103i2 102 102 103 103 103 105 McElwain (W H) 1st pref-100 92*4 93*g 91 94 8934 925g 9012 9l7g 89*4 9034 9212 91 9414 93l2 9534 92l2 9634 8734 93 91 92i2 91 Massachusetts Gas_____ 100 8734 94 95*g 97 9514 98 9534 96 98 9412 98 96 Preferred_____________ 100 95 97 95 9734 94*g 97 97 98 97i2 96 9812 95 9812 93 Mergenthaler Linotype__ 100 211 216 216 221*4 215 220 215 219*2 223 225 223 225 22412 230 2267g 235 22212 2287g 225U 232 230 233 218 229 434 4 434 3 47g 43g 434 3*2 4*22 312 4*4 4 412 4 412 4 414 Mexican Telephone_______ 10 4 3 3*2 4*4 3 Preferred-------------10 6 7 6 6i2 6 7 6*2 6 6l2 6 6l2 6 6I4 6 612 612 6*2 6*22 6l2 612 6 61? 612 6 Minn General Electric-__ 100 108 120 115*2 120 118*2 120*22 123 123 123 125 12412 127 127 12712 127 129 1201?. 1241? 120U 129 127 12812 127 128*2 Preferred--------------------100 109 109*2 106*2107 106 106 106 106 1063. 107 106 106 107 107*4 312 334 314 412 Rights--------------------------Warrants ----------------------120 120122 123 123 1143. 1153. National Carbon------------- 100 119 II9I4 119 12012 l]35o 1135a Preferred--------------------100 New England Cotton Yarn 100 no 114*2 1141211512 II3I4 119 110 113 Ill 115 11312115 112 “ 11312 111 113 104 no 103 104 103 104*2 104 105*2 106 112 112l 2 115 113 109 112 10912lll 108 110 107 10812 102 107 101 IO2I4 105 105 Preferred-------------------- 100 11012 110 111 New England Telephone--100 L37 140 140 145 142 145 140 145 142 148 146 150i2 144 14712 145 150 143 148 144 146 145 150*4 150*2 16512 1031a 1031o 1001a 1001 a 96 96 Pacific Coast Power____ 100 99*2 99l2 100l2103 102 103 105 105 103 10412 Preferred--------------------100 10012 10012 100 100 100 " 100 " Portland (Me) Electric__ 100 58 63 63 64 6512 653g 6612 69 7334 65 Pullman Company_______ 100 159 163 159 16U2 158 161 159U 162 160 1627g I6H4 16212 16O12 16212 156 161i2 153 157 15412 1597g 156 160 157 159*2 1234 1334 12 13 143 4 1234 13 13 13l 4 13 14 14 141 2 Reece Button-Hole________ 10 15 1412 15 137g 1412 1312 14 13 1312 1234 13 484 5 Reece Folding Machine___ 10 5 412 4Bg 434 434 412 5 412 412 412 412 5 4*2 5 5 5 2 41 Rotary Ring Spinning-------10 4 412 1 21? 3 31? 3 412 4 414 43g 4 31? 1007g 10214 1015g 10214 10134 104 10134 10234 101 102l2 9784 103 98 100 Swift & Company_______ 100 100 101 IOOI4 10134 99 101*2 98 1015g Rights -------------------2c. 8c. Torrington______________ 25 30*2 36 30 3134 30*2 32 30 3234 3012 31 30 3134 30 3214 2912 31l4 29 30 29 2934 29 2934 2934 31*4 28l2 29 29 30 Preferred--------------------- 25 28 29 27 291 27l4 28*2 28 30 31 30 29 31 28 29 27 30 2712 29 28 29 34 84 1 1 1-16 Union Copper. Land & Min.25 34 1 34 ®4 ®4 1 181 190 185 191l2 190 197 1911219712 180 193 182 189 184 189 186 19719 ftl78 19634 United Fruit------------------ 100 186 192l2 186 192 1734 18*2 Rights______________ 17*4 18 44 United Shoe Machine Corp.25 54I4 56l2 55l2 5878 4614 52 40i4 475g 4012 4534 4112 43i2 42 50 48 5112 66I4 52*4 55l2 493g 53 27bg 2914 2712 29 281g 2834 28 29 2634 27l2 27*g 287g 2734 28*2 Preferred--------------------- 25 28l4 2914 2858 2914 2612 28 27U 28 7234 785g 743g 81 75I4 797g 7712 80i2 68?g 795g 5134 717g 50 625g 55bg 6534 6012 69*g U S Steel Corporation-__ 100 7138 7978 765g 82*g Preferred_____________ 100 11634 120 11734 120l2 118 1201g 118 12012 11778119l4 1175g 1195g 11334 II8I4 10312116lg io3i2noig 1061211012 10834ni6g Western Telep. & Teleg--100 1612 19*2 19 2314 20 19 2034 1812 20i2 19 22 17 2014 15 19 17 27i4 2634 27*2 1734 20 93 94 Preferred--------------------100 89 92*2 93 97 94 96 96 9714 96 100 9612 99 95 98 95ig 105l2 1051g 10734 1 Wollaston Land-----------------5 99c. ll2 2 84 138 11? 2 Il333. 1333. York Manufacturing____ 100 MININO. Adventure Consolidated__ 25 5l2 7 Algomah Mining--------------25 6 8I4 Allouez_________________ 25 34l2 39 Amalgamated Copper.__ 100 61 65*4 Amer Zinc,Lead & Smelting 25 23 2534 Anaconda_______________ 25 Arizona Commercial_____ 25 13’ 1434 Certfs of deposit 1st paid Arnold -----------------25 *2 Ash Bed-------------------------25 *4 Atlantic_________________ 25 4 Batopilas-------------------------20 17« Bonanza (Development Co) 10 *2 *2 Boston & Corbin C & S____ 5 1H2 1212 Butte Ballaklava Cop_____ 10 412 612 Butte Coalition___________ 15 1734 19*g Calumet & Arizona_______ 10 46 51 Calumet & Hecla--------------25 500 545 Centennial----------------------- 25 1112 1512 Chino Copper_____________ 5 Rights__________________ 5c. Consolidated Mercur Gold--1 5c. Continental Zinc--------------- 25 Copper Range Consolid--100 66i2 68i2 Daly-West----------------------- 20 3*8 3l2 Dominion Coal preferred--100 Dominion Steel Corporation. . East Butte Copper-----------10 115s 13 Elm River_______________ 12 15c. 20c. Franklin________________ 25 7 10 Giroux Consolidated---------- 5 638 7 Granby Consol M S & P--100 30 4012 Greene-Cananea Copper__ 20 5.9334 7 Hancock Consolidated____ 25 18 22I4 Hedley Gold-------------------- 10 15 Helvetia Copper--------------- 25 1 Indiana_________________ 25 11*4 Inspiration Copper________ 10 Island Creek Coal_________ 1 31l2 34 Preferred-_______________ 1 8712 90 Isle Royale--------------------- 25 13 1612 Kerr Lake----------------5 Keweenaw Copper------------25 Lake Copper--------------------25 La Salle Copper--------------- 25 Live Oak Development-__ 10 Mason Valley Mines_______ 5 Mass Consolidated_______ 25 Mayflower----------------------- 25 Mexico Cons Min & Smelt-10 Miami Copper_____________ 5 Michigan________________ 25 Mohawk_________________ 25 National________________ 25 Nevada Consolidated_______ 5 New Arcadian Copper------- 25 New Idria Quicksilver_____ 5 Nipissing Mines---------------- 5 North Butte--------------------15 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 5l2 7U 33l2 625g 23 38 14 53. 6l2 5 812 7*g 8 36 32i2 35 67 6112 65 25l2 23 253. 38 1578 *2 55c. *4 I4 378 514 2 2 *2 55c. 1334 12 47g 6I4 1934 18 50l4 55 470 525 12 13 4 41, 1 15-16 2 x2 *2 55c 1214 13 11*2 45g 5 6 1712 183, 16*g 50 52b 4734 470 505 474 1214 13 11*2 5c. 6c. 6c. 66 6934 3 108 314 108 1214 13l4 18c. 18c 7 *10*2 6I4 8*g 33 36*4 6 7 1934 2414 15 15 1 *2 12 1378 3034 87 1314 634 778 6.9334 2 3l2 2 33U 3514 35l2 414 6 414 32l2 88l2 14l2 738 234 38 5 6 7i8 4*2 5I4 5l2 7 612 8 7 9l2 834 11 31 33 30 34 30 33 5934 64 62l2 68I4 6534 715g 2734 30&g 2414 29 23 25 40 411g 1134 15lg 15*g 181g 16 183g 6312 67 12 18c. 18c. 31 36 558 658 22 *2484 1514 15*2 112 2 12 13*g 7 5-16 8 30l2 32 87 89*4 12l2 14l4 63, 2 2l2 32 36 4 478 5 2 51c. 1234 534 18 51 490 1212 5 178 1214 434 17 49I4 455 Hl?. 23 6 2l8 34 1512 57g 2012 5812 185 14 26 57g 134 70c. 14 5 19 58 460 1234 2314 61» 21g 70c. 1512 6 203g 63 180 1312 247g 6 6 134 2 :2 x2 12 14 412 47g 191g 18 5614 59 435 475 11 1112 2212 2334 35c. 43c. 7c. 15c. 5c. 7c. 418 27g 21 571g 21 36 178 7 8I4 30 6714 293g 37 1434 ____ *2 J2 334 1212 314 5 14 I8I4 46 57 400 455 8 11 1734 215g 4 27g 22 4434 21 34I4 U 4l2 41g 27 595g 2334 3414 2 2 2 4 3l2 14 45 360 8 163g 5 434 1514 52 115 9l2 191g 8c. 7c. 7c. 7c. 8c. 5c. 5c. 512 58*4 63*? 60 63i2 60 63 60 6112 50 601g 4634 54 412 47g 412 6 5 6 5 6 51g 612 5j2 6 1111a 1111a 503g 503g 10l2 1212 11 1314 123g 1434 13l2 145g 87g 141g 9 1114 ___ 10c. 15c. 14c. 27c. 10c. 13c. 10c. 10c. 8 6I4 10 9*8 11 10l2 121? 5l2 11 1078 14 734 5346 4334 534 718 6Sg 71? 6 65g 4 6lg 33g 43g 30 3312 3214 36 2712 31 26 37 33 43l2 371? 40 6 612 6.O6I4 714 7 77g 67g 71? 6 714 534 6.9334 1734 27 18 22?g *2134 2512 24 3014 27 29 17 21 ____ 1412 1512 1512 17 15U 1512| 153g 15 15 1512 13g 1 99c. 15g| 1 114 1 11? 1 H4 34 99c. 1034 I3I4I 117g 15 1234 15 1412 16 512 1212 6 8 6* 2 734 7.1834 934 812 912 81g 8.9334 6I4 8I4 55g 67g 2912 307gj 29U 38l4 38 403g 37 39U 3134 3812 3212 34 8712 88*2 88 90i2 88 91 8734 8834 843g 8834 821g 8512 13 121g 14 17 15l2 1918 1634 1734 1H2 I6I4 m2 1434 6ig 63g 6.1834 634 4 15-16 6 4.9334 512 4.06 5.1834 35g 4.O6I4 2 214 134 2.5614 2l8 334 27g 3 2 214 218 3 3334 38 26l2 3234 31 3834 367g 40 22 34l2 23 2614 4 4 3l2 4 4*4 312 4 3 9-16 4ig 3i2 3l2 3 834 9 77g 9 81g IOI4 9I4 912 87g 9 7 7 8 8 6 7 5i2 6I4 5 612 514' 10 834 8 34 90c. 80c. 1.4334 1 114 U4 3 37c. 1 D? 212 13g 214 3c. 14 13c. 23c. lc. 13c. 185s 1934 19 2058 1934 I8I4 2012 19*2 2034 20 227g 205g 2134 234 134 2 212 312 258 3 2 23g 2 23g 218 2*4 43 45l2 42 45l2 45 36 39 37 45 45 63 46 51 1 1*4 1*4 1 H8 1838 19U 1812 1934 18*2 I9I4 173g 1834 1812 1912 191g 2114 187g 195g 234 3i2 3 334 212 3I4 214 4*4 312 43g 3U 4 234 334 9 9 1034 1138 1058 1138 103g 11 103g 11 1034 718 IOI4 10*2 11 10 2712 3514 33 3614 32 337g 26i2 29i2 2712 3012 28 2912 25i2 29 'Assessm ent paid. a Ex dividend md rights. 7lg 8.9334 412 8I4 85c. 13g 4 212 2412 4834 1934 3414 412 4 29 5412 223g 3414 99c. 43g 3 28i2 5212 2212 3412 10c. 5*2 5 37*? 647g 27 36 *2 4*2 3*2 33 587g 243g 37*4 20c. 13a 2 6*4 6*4 44*4 67*2 26*4 383g 35c. 683. 178 178 13g 13g 1*? 1*? 30C. «4 35c. 40c. 35c. 41c. 412 512 5 8 6*2 6 412 358 4*2 312 4*4 3 1412 17 1534 1812 16’? 23*2 47 50 48i2 5712 547g 6334 375 39912 380 410 390 450 87g 105g 9 13 11*2 19 175g 21 20*4 243g 22*2 27*2 4c. 5c. 3c. 4c. 4c. 5c. 50 52l2 513g 60 49 57*4 5ig 5i2 5*4 534 5*4 7 112 .12 9i2 10l2 ___ 614 7*4 312 4.1834 27I4 3014 55g 7*4 18 2014 143g 143g 80c. 1 5I4 71? 6 77g 32 35 8212 8434 1234 15 25g 334 178 2 2312 2714 334 5l2 2034 2234 71? 71? 7 ‘ 83g 534 5 6i2 5 99c. 30c. »112 95g 15c. 7 4 28 67g 183g 137g «4 *7 734 3434 8434 13*2 234 *2 27 4 20*4 8l2 514 1*4 13 15c. 9*2 5 33l2 812 25 14*2 1*? 1234 93g 41*4 87*4 2112 3*2 2 357g 534 30&8 97g 8 2*2 107g 1378 8*4 37g 2934 7*4 23*2 14*2 1 10 87g 3934 85 1834 258 :2 31*2 45g 3012 9*g 67g 134 3 13 47g 39*2 85g 31*2 20 1*? 155g 1058 44 87*2 23 3 90c. 3734 6 4214 117g 93g 1-16 1834 21 167g 19i2 167g 19Sg 19 2234 21*2 243g 2 2l4 O? 2 2*2 1*2 1*2 1*4 2*2 2 42 41 38 4112 49 44 37 46i2 37 57 167g 19 15 1712 1512 167g I6I4 19*g 1734 20 212 2*g 212 212 334 3 2 3 2 4 8I4 8I4 8I4 814 77g 778 73g 7.6S34 6*2 7*? 75g 8I4 71? 8 87g 71? 2134 3212 20 25 2312 2512 20*4 2614 21*2 293g h Ex-rlght s. $25 paid. BOSTON STOCKS—PHILADELPHIA BONDS 140 BOSTON STOCKS IN 1911—Concluded July August September October November December January Februaiy March April May June STOCKS Price per share, not per c't. Par. Low High Low High Low High Low High Low High L010 High Low High Low High Low High Low High Low High Low Hig" North Lake------------- $8 paid Ojibway - ____________ -.25 Old Colony___________ ..25 25 Old Dominion_________ Osceola ------------------- -.25 Parrot (Silver & Copper) -.10 Phenix Consolidated----- 25 Quincy------------------------ -.25 Ray Consolidated Copper _.1O St Mary’s Mineral Land -.25 Santa Fe (Gold & Copper) -.10 Shannon _____ ______ -.10 Shattuck Arizona - - - -.10 Smith Sidf* 25 South Utah Mines & Smelt..5 Superior ------------------- -.25 Superior & Boston_____ -.10 Superior & Pitts Copper. .10 Tamarack_____________ -.25 Tennessee_____________ -.25 Trinity ---------------------- -.25 Tuolumne Copper______ .. 1 United Copper________ 100 U S Smelt Refin & Minin g.SO Preferred------------------ -.50 Utah-A pex Mining_____ ...5 Utah Consolidated-------- ...5 Utah Copper---------------- -.10 Victoria---------------------- -.25 Winona --------------------- -.25 Wolverine_____________ 25 Wyandotte ---------------- -.25 6% 734 6% 61^1 5% 5 % 1 60c. 3934 42 38 107 124 105 1134 11 12 12c. 65 71 66 16 185? 1634 50 52 48 1% 1% 1% 1134 11 11 21 24 19% 80c. 36 92c. 95c. 42% 36% 6 4 13% 14% 14% 40 52 43 36% 363S 3838 4 4 3538 46% 2% 934 45 5 36% 47 3 13% 46% 2 2% 9% 8 114 120 1% 134 4 35% 46% 2% 11 45 17« 8% 118 1% 7% 7% 80c. 4134 L14 1234 13c. 70 18 52% 138 12% 22 634 4% 634 5% 34 1% 90c. 37 39% 35 107 112 95 12 12% 11% 30c. 66 69 66 1678 18 15% 46% 50% 47 1 1% 34 11% 934 10 18% 21 17 6 6 1 86c. 99c. 34 3534 37 38 30 *53„ 4 5 2.9334 1538 14 15% 1334 46 40 45 34 3838 36% 4% 4 4% 3% 37% 47% 2'% 14 46% 2% 9% 122 2 534 7% 4 9 37g 5 478 4 3% 534 4% 7 27S 1% 134 138 2% 2 3834 48 44% 48% 36 39 82 93 87 102 95 110 11% 1434 8% 9% 9% 12 6% 6% 83S 734 6% 6 8 7 134 1 1 % 3834 3834 44% 44 l06 96 L07 102 12 11 13 12% 834 334 8 4.06% 934 434 8% 5% 7% *378 6 »27g 23g 3% 1% 2% 1% 46 48 35 45% 34l4 49 88 99% 81 06 100 104 13 11% 123g 8% 11% 77S 70 “ 1738 49 1% 10% 21 68 16% 47 90c. 10 18 85c. 34% 5% 14% 40 36% 4% 80c. 1.06% 32 3478 334 6% 16% 14 35 39 70c. 33 6 16% 35 334 4% 4% 478 3 9-16 3638 34 4534 4734 2% 3 14 16% 44% 483g 1% 2 834 6 107% 112 2 1% 4% 4% 72 55 58 12% 17% 12 49 1% 34 99c. 99c. 1038 7% 834 7 14% 18 16 17 1% 1 34 85c. 70c. 80c. 60c. 70c. 60c. 32% 21 28 25% 20 34% 31 23 534 2% 334 2% 8% 5 7 3 18 16 17% 35 23% 34 20% 37% 34 20 25 3478 3478 43% 35% 3% 27g 5 4 4% 3% 4% 3 4% 4% 4% 3% 4% 134 4% 3% 3334 36 33% 34% 46% 48 45% 4634 25 S 2 2% 2% 13 12% 15% 15 425 8 4478 43% 45% 1% 2 1% 134 83 4 7 6 7% 110 121 107 111 1% 1% 1% 1% *Assesme‘nt paid. 72 18% 49% 1% 11% 20 70% 74 17% 18% 50 54 13g 134 12 11 18 20 40 3534 40% 4734 49% 278 3% 20 16 47% 52 134 2 77g 9% 112 115 1% 178 71 17 49 1% 10 16% 74 17% 52 1% 11% 17 373g 39 477g 49 234 3% 16% 17% 48% 50% 1% 2 8 8% 109 115 1% 134 63 13% 49 90c. 7% 15 31% 45% 2 12 41% 1 4% 98 1 3734 48% 234 17 49% *2% 8 109 1% 3038 45% 2 11 38 17« 434 89 57g 5% 1% 40 90 9% ___ 65% 14 3338 47 2% 1234 44 2% 53g 103 31 4534 2 11% 40 1% 4 837g 34 61 58 67 14% 1334 16% 47'% 55 99c. 1 1 .06% 7% 7% 10% 15% 16% 17 1% 60c. 60c. »4 21% 28 27 3% 3 4 6312 76 1434 19 49% 5334 1 1% 9 11 16% 20 70c. 25% 31 3% 4.06% 22% 29 26 25 33 36 36 38% 538 4 3% 3 5% 334 33a 3.933x 3% 334 32% 46% 2% 1634 45 23„ 5% 90 1% 3134 4534 178 15 447g 2% 334 74 30c. 36% 48 234 177g 52% 3% *6 91 80c. 34% 37% 4738 49% 2% 258 14 18 48% 575g 2% 4% 5 612 8734 103 30c. 178 PHILADELPHIA BONDS IN 1911 BONDS January February March April June August September October November December May July Low High Low High Lo High Low High Low High Low High Low High Low High Low High Low High Low High Low High RAILROAD & MISCELLAN. 100 100 100 100l4 Alleghany Valley gen 1942-.4 100 100 100 10014 American Oas & Electric 5 8234 8778 87% 88 85 8778 85 85% 8434 85% 84% 85% 8538 86% 8434 8634 83% 85 83% 8434 8434 85% 84% 85% American Rys, Con---------- 5 9934 100 100 100 100% 100l8 100l8 100i8 100 100 99% 99% 94% 94% 93 94% 94% 94% 9534 96% 95% 96 Coll trust 1917--.................. 5 93% 94 94% 94% 94% 94% 94 94 Atlantic City 1st 1919--------- 5 105% 105% 105 105 1st consol 1951__________ 4 93% 93% Atlan City Elec 1st & ref’38.5 97i2 97i2 95 95 Bergner & Engel, 1st______ 6 100i4 100i4 1163411634 Bethlehem Steel__________ 6 115% 115% 115% 115% 118% 118% 11812 11812 117 117% 116% 116% 116% 116% 116% 116% 100 100 Catawissa 1st cons 1948----- 4 Choctaw & Memphis----------5 108 108 107 107 108 108% Choctaw Okla & Gulf Gen--5 103 103 102i2103 10234 103 102% 103 10238 103 102% 103 102% 103 103 103 103 103 103 103% 10234103 103 103% Consol, 1952------------------- 5 107 107 1061210612 Consol Traction of N J------ 5 103% 104i4 104%10434 104% 10434 104 104% 104% 105% 10478 105% 10458 104% 104% 104% 10334 10334 103% 104% ioi’ 104% 104% 104% Delano Land---------------------5 107% 107% Easton & Amboy_________ 5___ ___ 107i4 10734 106% 10634 106% 106% 106 106 106%106% Edison Elec Lt stk tr certs--5 108 108 .................. 108% 108% 108 108% 108% 108% 108 108 107%107% 107 107 107% 107% 90 9034 89 90 El & Peo Trac—Trust rects-4 87i2 88i2 87 88 87 88 86% 87% 87 87% 87% 91 87% 89 88% 89% 86% 88% 87 90 Elmira & Williamsport lst--4 10034 101 Income 2862____________ 5 112% 112i2 Equit Ilium Gas-Lt, 1st----- 5 106%107 106% 107 106% 107 106% 10634 106% 106% 106% 106% 106% 106% 106 106% 106 106 10534 10534 105% IO6I4 106 106 Ft Wayne & Wab Val Tr lst-5___ ___ 83 84i4 83 83 81% 81% 8234 85 8478 85% 97 97 97 97 Frank Tacony & Holms___ 5 94 9458 945s 9514 94% 95% 95% 95% 95% 96 General Asphalt deben------- 5 94 94% 93% 94% 93% 94 95% 96 95% 96% 82% 82% Harrison Bros, Inc. 1st 1924.5 79 82% 103’ 103% 103% 103% 104 104 Heston Man & Fair cons ’24-5 104 104 Hunt & Broad Top 2d_____ 4 Consol 1925--------------------5 80 80 82% 82% 8234 8234 82 82 82l4 82l4 82 82 Indianapolis St, general----- 4 83 83 Inter State Rys, 1943---------4 55 59% 58 63% 55 62 53 55% 54% 57% 5634 59 58l2 59i2 57i4 5834 55 56l2 56 5634 5634 59 5734 59l2 9478 9514 9478 9478 94% 94% 9434 95 James F & Clear 1st 1959—4 8412 85 Keystone Telephone 1st----- 5 82i2 84% 84 8434 82 8334 82 83% 83 8334 83 84 85 85l2 84 84l2 83 83l4 83 83 6934 71% 68 69% 68% 71% 6812 69l2 67l2 67l2 65 67l2 62 6938 66 Lake Superior Corp, Inc----- 5 62 67 67 73 69 66 66 Lehigh Valley, cons-------- 4)3 104 104 104l8 104l8 Registered---------------- 4)3 104 104i4 104 104 103 103 1st extended 1948---------- 4 103i2 103i2 Registered_____________ 4 103% 103% Cons M, 1923, registered--6----- ----- I118 118 118 118 11614 117 do coupon_____ 6 11734 11734 118 118 118 118 118 118 1181211812 Annuity------------------------- 6 148%148% 146 147% 147 148 14634 148 147 147 148 14812 147 147 147 147 Annuity------------4)3 112%112% 112% 112% 112% 112% 112 112 111 111 111 111 General consol 2003______ 4 9738 98 97 98 97 9734 97i8 9734 9714 98 97% 97% 96% 97% 97 98 97 97l2 97% 98% 9738 98l4 97% bb" Registered------------------- 4 96i2 98 97% 97% 97 97l2 Lehigh Valley Coal, 1st------- 5 lio ll0i2 109% 110% 169’ rib" 109 109% 109 109% 109 109l4 109l"4 109% 109 109l2 10834 109 109 109 108% 108% Registered -------------------- 5 108% 10834 iorib ibbi2 Lehigh Vail Ry 1st reg---- 4)4 104 104 10134 10134 Lehigh Val Tr 1st ser B 1935-5 101 101 101 101 101 10112 10H2 10112 Consol series C 1935_____ 4 7312 7312 9634 9634 9634 9634 9678 9678 9878 98l4 Market St El Pass 1st______ 4 96 96 96% 96% 96 9612 Nat Lt Ht & Pow ser B------- 5 9712 9712 Newark Consol Gas------------ 5 104% 104% 103i2 103i2 Newark Passenger--------------5 10734 10734 107% 107% 107% 107% 107% 107% ................. 107% 107% N Y Phila & Norf, 1st......... -4 98 98 97% 97% ................ 98% 98% Norf & Portsmouth Trac 1st-5----- ----- 84% 85% 86 86 86 9078 90 90 8834 8834 89 89 North Cent 2d ser A 1926--5 ___ ___ 10958 10958 lio' rib" 2d Ser B 1926 ............... --5................. General 1925_________ 4)4 ____ 105 105 North Pennsylvania 1st ’36-4 ___ ____ 102% 102% General 1953--------------- 3.3 ................ 84% 84% 8438 8438 Registered 1953______3.3 ___ ____ 84 84 Pa & N Y Canal—Cons,1939-5 ................ 11434 11434 Pennsylvania—Cons 1919--5 ___ ____ 107% 107% Consol registered, 1919—5___ ___ 107% 107% 107 107 Cons. 1948_____________ .4 103i8 103i8 103% 103% 10234 10234 103 103% 1035810358 102l2 102% Registered------------------ 4 ___ ____ 102% 102% 10058 10058 Trust loan 1913----------- 4)4___ - — 100l2 100l2 Equipment trust 1914___ 4____ ___ 99% 99% Convertible 1912---------- 3)4-— ----9634 97 Convertible, 1915........ -.3)4.................. 97 97 97% 9712 P W & B trust certs, 1921-4 99% 100 99% 9934 99% 9978 99% 99% 9958 9934 9934 9978 99l2 99i2 99l4 99l2 9914 99i4 9978 9978 97 9738 Pennsylvania Co, 1916—3)4 -__ -____ 97i2 97i2 9758 9734 98 98 9758 9758 Series B 1941_________ 3)4 -............... 8712 8712 108 10834 108% 108% 108 108% 108 108l2 108l4 108l2 Penn & Maryland Steel------- 6 109 109 108l4 108% 108 108 108 10814 People’s Passenger—Sttrcts4 92i2 93 92 92% 92% 93 93 93% 93 93 93 93l4 9338 9338 9212 9212 92l4 9234 92l2 92l2 92 92% 104% 104% 104% 104% Perkiomen 1st series 1918--5----- .— 10414 IO4I4 102% 102% Phila Balt & Wash. 1st____ 4 103% 103% 102 102 162’ 102% 10112 10112 9912 9912 Registered Serial 1923----- 4 ............... Philadelphia Co, 1st---------- 5 102% 103 102% 102% IO2I4 102% 102% 102% 10238 10278 10234 10312 102 10312 10214 10234 102 10212 IO2I4 1025? 102 10212 102 10234 Consol & collateral trust--5 96 97i2 97 97% 96% 9758 97 97% 97 9758 98 100 9912 10014 9912 100 97 98% 97 9734 96% 97l2 96% 97 Phila Electric—Trust certs.-5 1O238 103% 103% 104 103%104 103% 104 103 10334 103 10334 10318 104 103% 103% 1021210334 1021210312 IO2I4 103 101% 102% Trust certificates_________ 4 78 79 I 78 7834 7734 78% 78 78% 7858 7912 7878 80 80 83l4 80% 83 79% 81 78 80 77l2 79 79 80 Philadelphia & Erie, 1920-.-5 1073410834b07% 107% 107% 107% 107l4 107l2 10634 10634 .................. Registered ____________ 5------ — ' General 1920-------4100i2101 100i2 100l2 100 100l2 100l4 100l2 10014 10014 .................. 100 100 100l4 100l4 100% 100% 100% 100% General 1920-------------------6 115%115% 115 115% 1151411514 1151811518 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 141 PHILADELPHIA BONDS AND STOCKS PHILADELPHIA BONDS IN 1911 Concluded June July August , September October November January February March April | May BONDS Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Philadelohia & Reading— 116 116 116 116 115i2115l2 2d extended 1933----------- 5 10078 10078 Consol, gold Registered—6 10034 10034 10034 10078 100l210034 10058 10058 1003s 10058 100i2100l2 100i210058 10058 10058 IOOI4 IOOI4 Imp M. ext. 1947............... 4 .................. 10058 10034 10034 10034 10034 10034 100l8 100i8 Consol, ext, 1937_________ 4 Consol coupon,1911------- 7 101 ion8 101 IOH4I............. ..................lOOlg 100l8 Consol, registered, 1911—7 101 101 IOH4 IOH4 100l2100l2 10038 10038 .................. 11512 11534 Reading Terminal------------ 6 11678 117 11634117 117 II7I4 1171411714 11612117 117 II7I4 H7I4II7I4 H7I4H7I4 1163s11638 Phila Wilm & Balt deb 1917.4 9978 9978 99l2 99i2 99 99 Portland Ry 1st & ref 1930..5 Reading, 1997--------------------4 977S 98l4 97 9734 9678 9714 97lg 9734 9758 98ls 9734 98l8 98 9838 97U 9838 97i8 977S 97i2 98l4 9818 9812 Jersey Central collat------- 4 9738 9734 97l8 97l2 9634 97I4 96l2 97 I 97 9714 97 97I4 97U 9712 97U 971j> 97i2 98l4 97l2 9758 97l2 98 100l2 100l2 10034 10078 100l210034 Rochester Ry & Light-------- 5 99U 9934 9934 IOOI4 9934100 9978 9978 100 100 9978 l00i2 100l210034 100 100 IOOI4 100l2 Schuyl R East S. 1st 1925.4 IOOI4 IOOI4 IOOI4 IOOI4 IOOI4 10058' Scranton Ry 1st cons 1932..5 Second Ave (Pitts) 1934------5 10334 10334 IOOI4 IOOI4 Shamokin Sun & Lewis lst-5 Spanish American Iron, lst-6 10134 IO2I4 10H2 102 10112 10134 IOH4 10U2 10U2 10234 10134 10212 10112 10214 10112102 101 1015s 101 101 IOH4 10H2 Standard Qas & Elec 1st con.6 100l2 IOH4 IOH4 10U2 IOH4 10U2 10112102 102 102 102 10218 102 102l8 102 102 10278 103 10234104 IOH4 IOH4 Sunb Hazle & W. 1928------- 5 125 125 2d 1938_________________ 6 95i2 95l2 Union Trac (Ind) 1919------- 5 100 100 IOOI4 10038 United New Jersey 1923------ 4 77 7738 76l2 77l2 77 77l2 77 77l2 76i2 7634 7612 77 77 78 76 76i2 7534 7534 United Rys, gold tr ctf, *49.4 United Rys Inv of San Fran— 1st coll trust, 1926---------- 5 84 8534 84l2 86I4 85 8578 84l2 8538 84l8 857S 85 86l8 8434 85l4 8334 8478 8H2 83i2 81l2 83 8212 85 10078 10078 U S Steel Corp. 2d, 1963____ 5 IO4I4 IO4I4 105l8 105i8 ................. 1055810558 105l2105l2 10358 1035s United Trac, Pittsburgh----- 5 90 90l4 89 90 Weis bach—Coll trust-------- 5 88l2 89 8834 89 89 8934 88l2 90 89 89l2 89 91 8912 90 90 90 1103411034 ..................... 10934 110 109U 109U 109 109U Western N Y & Pennsyl lst-5 88* 88” 88 88 General-------------------------- 4 88l8 88l2 88l2 88l2 8878 89 88l2 89 88i8 88l2 88 88 8838 89 Western Pennsylvania 1928.4 ..................100i2 10012 9958 9958 West Jersey & Sea Sh 1st—4 West Penn Rwys, 1st-------- 5 10234 10234 Wilkes Barre Gas & Elec—5 Wilm & Ches Trac 1918------ 5 York Railways 1st 1937.—5 93l2 9334 CANAL ..................1 65 65 Chesap & Del, 1st mtge----- 5 101 IOH4 .................. 1007s 10078 Lehigh Navigation, ext—4H 9978 9978 RR mortgage, 1914--------- 4 9978 9978 Gold 1914_______ .4 100 100 100 100 100 100 Fund and Impt, 1948------- 4 IOOI4 IOOI4 100 IOOI4 9934 9934 103l2104 10418 10418 General mortgage, 1924.4)4 1003s 10038 Consol 1911-------------------- 7 101 10H8 December Low High 10034 10034 IOOI4 IOOI4 116 116 98ig 98l4 97l2 9734 1005s 10058 IOOI4 100l2 101 10134 9612 97 75* 7534 8234 84 8958 90 89 89 100 100 102l2102l2 9334 94i2 10034 i0034 9934 9934 104 104 PHILADELPHIA STOCKS IN 1911 January February March April May June August STOCKS .uujw, ivj.uy jmLn dJuly wy dxuyuat September October iv ovemoer December November December Price per share, not per cent. Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 1478 1478 15 15 Alliance Insurance------------ 10 15 16 Warrants ----------------------14l2 16l2 1334 14i2 American Cement------------ 50 1634 17l2 16l2 17 American Gas of N J____ 100 34 llg 1 1 7-16 114 112 58 II4 American Milling--------------10 American Railways---------- 50 42 4512 44U 45 4312 44 43'g 4434 4558 4 6 4512 46 4412 4512 Cambria Iron____________ 50 45 46 Cambria Steel____________ 50 4212 4512 4458 4834 4634 4838 45 4712 55l8 55i8 Catawissa, 1st pref---------- 50 5334 5334 5334 5334 53U 5314 2d preferred------------------ 50 Central Coal & Coke------- 100 Preferred-------------------- 100 79l2 7912 75 76l4 75 76lg Cons Traction of N J------- 100 72l4 *75 123 123 Continental Passenger----- 60 121 121 198 198 Delaware & Bound Brook-100 27 Delaware Insurance---------- 10 20 Easton Cons Elec $z5 paid— I2I4 1134 12 Electric Co. of America.—10 1112 12l2 12lg 12U Do do scrip — 5278 5534 5158 53l2 Electric Storage Battery-.lOO 48i2 54l2 53 56 Elmira & W’msport---------- 50 Preferred--------------------- 60 10 10 10 10 Fairmount Park Transport-- 7i2 10 Fire Association--------------- 50 335 335 334 334 Frank & So Pass--------------50 364i2375 373l2375 372 372 368 369 General Asphalt trust ctf .100 33 3434 3134 335g 31l2 34 3134 33 Preferred trust certs----- 100 80 837g 7214 75 72 75 72l2 74 Pref warrants w i------------- 87 945g 90 93l2 93 95 93l2 94l2 II6I4 II6I4 115 115 Germantown Passenger—50 Haddington Passenger......... Harrison BrosCo.,pref—100 Hestonville Passenger... 34 178 78 1 3-16 38 1 Highlander Mill & Mining..5 6 7 7 7 Huntingdon & Broad Top. .50 7i2 7l2 18" 2l” 15 15 Preferred----------------------50 20l2 21 Indianapolis Street-------- 100 2OI4 20l2 Insurance Co of N A-------- 10 *20 2034 20 203g Int Sm Powder & Chem—50 Interstate Rys pref---------- 10 J G Brill Co (The), pref.-.100 91 91 Kentucky Securities Corp. 100 Preferred_____________ 100 87g 9 9 8l2 9 Keystone Telephone-------- 50 8l2 9l8 8 7i2 8l2 8 9 8 8 Trustees’ certificates------- 50 734 8 32 34U 34 36 3212 34 Preferred______________ 50 32 34 Lake Superior Corp-------- 100 28 295g 29U 32 29 31l4 2712 29U Lehigh Navigation------------ 60 9334 98 92 9434 93I4 9434 c87 94 Trustees certificates---------- 9312 98 9214 9434 93 9434 9014 937g Warrants when issued------- 3914 40 3814 40 39 4012 3412 40 Lehigh Valley------------------ 50 8712 90 86 9012 853g 88lg 84l2 8712 Lehigh Valley Transit------- 50 6I4 858 712 87 8I4 9 1-16 8lS ‘ 21 23 2214 2334 2012 2234 Preferred----------------------50 19 23 Lit Brothers-------------------- 10 1612 1634 56l2 57 Little Schuylkill--------------- 50 57 5712 57 57l2 57 57 Manufactured Rubber------- 10 M inehill-------------------------- 50 6034 6H4 61 61l2 6OI4 6U2 6OI4 6034 65 65 Morris Canal------------------ 100 175U 1753g 160 166 Preferred-------------------- 100 New Haven Iron & Steel------ 5 36l4 36i4 4258 50 Norfolk & Portsm Trac.-.100 26 26 75 77l2 78 78 Preferred-------------------- 100 150 150 Norristown----------------------50 146" 146i2 Northern Central--------------50 121 12514 125 127 123l2 125l2 125l2 127 North Pennsylvania--------- 50 97l2 97l2 97l2 9734 97 9734 97 9714 15g 134 U2 ll2 Penn Traffic------------------- 2 )4 Pennsylvania------------------ 50 633g 6478 6258 65 62l2 63l2 6178 633g 97g 105g Warrants when issued------IIH4 *109 112l2 10912lll Penn Salt Mfg------------------ 50 10612 10612 10612 106 10712 *10412 0934 Pennsylvania Steel, Pref-.100 5312 52 5338 5214 54I4 5212 5338 Philadelphia Co--------------- 50 4412 4234 43I4 4212 43 45 Preferred----------------------50 1634 1678 16 163g 161g 1612 Phila Electric---------- $15 paid 1912 2034 17 1912 Philadelphia Rapid Transit.50 1812 2H4 191g 21 1934 1934 165S 1912 Voting trust receipts-------Philadelphia Traction------- 50 84 8612 85 86 837g 8612 82 8418 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ♦Ex-dlvld end. 1258 13 2l2 3 12 14 13 13 214 258 13 13 9734 100 1 1 1-16 1 H8 4318 4412 4312 44 44 4512 44 45 44 4438 4438 45!4 5514 55U 55U 5514 13 133S 1212 1234 I2I4 1212 12l4 1212 12l2 13 12 12 li8 4312 44 4434 56 ll4 4412 44 4712 56 75l2 77l2 76i4 7714 75 77 125 125 25 20 12 52 llg 44 4312 44 5534 114 45 44 4638 5534 7512 76l2 10 10 1 44 43 4078 57 J14 44I4 4414 4438 57 7434 753g 190 191 25 20ig 1218 117g 1214 1178 1214 1134 121g 1112 117g 80 90 80 90 545g 5334 56lg 535g 557g 50l2 55U 49 53l2 llg 1.3114 4312 44I4 43 4412 427g 445g 56 56 138 138 1.1834 llz 44 46l2 45 46 44 4412 44 45 427g 44I4 4312 4434 5512 5612 ♦5434 5434 74l2 75l2 75 20 1112 80 50l2 69 69 734 8i2 32 333g 32 7234 7358 73 94 95 94 1312 15 6l2 20 20 1178 1178 90 53l2 5212 51 343 343 380 383l2 378 378 34 30l2 32 28l2 33 30 34l2 33U 39U 74 72l2 7334 68 7312 68l2 74l2 73 77 9514 95ig 9514 95 9514 78 79 7934 7934 75l2 75U 76 20 121g 1178 I2I4 5534 53 51 7U 7l2 346 346 379 38214 380’ 381 ’ 32 39 287g 333g 72 7614 7012 73 60 64 60 5 5 5 5 5 14 1412 15 15 14 I4I4 14 14 14 105 105l2 207g 21 *2038 2078 2012 2034 2012 2034 2OI4 2034 2034 213g 2114 2034 21 1414 15 15 15 8 8I4 8" ”8" "s’ "s’ "8" 8 8 95 14 I5I4 15 1512 15 55 55 8l2 8l2 8 8I4 734 8 712 77g 7 7 7 712 658 612 612 612 7 634 634 67g 32 34 33 34 31 3214 31 32 30 31 3112 32 30 2712 29U 25 2812 25 273g 2112 24 2212 285g 2614 285g 26 8512 8812 8734 8912 88 9312 85 8734 86 8 89 93 8912 86 8834 88I4 8912 88 94 86 92 8412 8714 8512 8914 8812 9314 8912 3512 3812 8612 897g *8734 9012 86i2 8878 7814 881g 7534 8034 78l2 8234 831g 9012 877g 812 91g 87g 834 912 8 9 8 8i2 8I4 978 9 9 858 21 23 2214 2412 23 24 20 23l2 20 22l2 21 2538 23 25 23 I6I4 I6I4 161g 17 16i2 16l2 17 57" 57 5634 57 57 57 57 5712 57l2 57l2 ^2 ' *5934 6H 2 5934 60i2 60 6034 5934 60i2 60 60l2 60i2 6034 5914 6OI4 61 167 54 167 169 169 55U 60 64 60 7 1912 223g ”8” 95 16 678 67g 301g 28 91 91 933g 9 24 17 60l2 170 170 5434 149i2 149i2 150 150 151 151l2 150l2150i2 149l2150 12712 13038 128 128 *9634 97’ 97 97 97 97 96i2 97 96l2 97 112l1116 H2 ll2 C6OI4 63% 60i2 6212 "61% 6234 5934 625g 5938 6058 ldg 113g 103g 121jg IIOI4 1105g 11058112 112 113 113 114 *112 11412 10412 107 105 10634 10512 10612 106 10634 106 106 5238 5714 5534 5914 5414 56 51 53l2 4814 51 4212 435g 433g 445g 4312 447g 4214 4434 42 4234 I6I4 167g 163g 1738 17U 18 1634 1 77g 16 17 I7I4 1858 1712 2OI4 I9I4 23 217g 24 2034 23 1718 1858 1712 2OI4 1912 231g 2134 241g 2058 23 8214 8312 8314 8714 85 87l2 8412 86I4 82 8512 cEx div. & rights. 15OI4 I5OI4 150 150 125 125 125 1251g 127 127 96 97 9678 97 97 97 ll2 ll2 60 613g 61 6178 607g 6134 11012112 103 105 IIOI4 110l2 11034113 100i2 103 IO2I4 103 16 17 1512 165g 155g 17 4934 517g 5214 5414 5214 5312 42 4234 425g 4334 4312 4334 2112 2312 23 24 215g 235g 2234 24 82 8414 84 85 2234 23i2 225g 2334 843g 85 142 PHILADELPHIA STOCKS—BALTIMORE BONDS PHILADELPHIA STOCKS IN 1911—Concluded July I August September October November December June January February March April May STOCKS. Price per share, not per c't. Par. Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 934 10lg Railways Co General-------- 10 77 79i8 Reading------------------------- 50 75l4 79i8 1st preferred___________ 50 45ig 45316 49l8 4934 4612 4612 2d preferred_______ 50 48 48 243 243 Ridge Avenue Passenger.-50 250 250 2d & 3d St Passenger------- 50 248 248 13th & 15th Streets_____ 50 534 61 4 *558 6I4 5 6ig Tonopah Belm Dev________ 1 Tonopah Mining___________ 1 75g 858 8l8 812 734 812 Union Passenger--------------50 47 4778 Union Traction___________ 50 43 4812 Union Traction of Ind----- 100 2634 2634 United Co’s of N J-------- 100 239 240 23914241 *23812 241 86I4 8712 United Gas Improvement..50 8512 893g 86I4 88 7434 7912 U S Steel Corporation.__ 100 7112 79?g *7634 82 118 118 117 120 118 1201g Preferred_____________ 100 4214 4214 417g 417g Un Traction, Pitts, pref—50 . .............. I 411 2 4112 Virginia Ry & Power----- 100 Preferred_____________ 100 iois "ills 1034 11 Warwick Iron & Steel____ 10 934 IOI4 Washington-Virginia Ry.100 Preferred-------------------- 100 Welsbach______________ 100 40 40 West N Y & Penn------------ 50 55s 558 53 55 *53l2 55l2 W Jersey & Seashore____ 50 5214 53 90 90 91 91l2 Westmoreland Coal.?------- 50 91 91 West Philadelphia------------ 50 Wm Cramp & Sons ctfs.-100 8 York Railways-----------------50 5i2 5i2 6I4 834 8 Preferred----------------------50 21 21l2 213g 25 24i2 25 10 783s 4434 49U 10 77U 45 49 250 250 250 250 534 6I4 6 778 6 534 10 75 4414 49 44 10l8 8058 45l2 50 *42* *42 ’l058 'll 10l2 79U 67 72 677g 70l2 697g 773g 453g 44124 5l16 46 4512 47 48 48 250U 25014 6I4 *6 6I4 634 558 63ie 4734 4514 47 241 242 8512 8658 7278 7812 11834121 10l2 10 10 7878 8034 78l8 80l8 697g 453g 46 48 48 242 2435g 86l2 877g *74l4 8H4 118341191g 40 40 46i2 51 244 244 *87 883g 75ig 80 1177gll85g 41 44 250 253 618 678 5l2 578 49U 525g 63g 5l2 67g *63g 578 6 4934 5234 48 24U4 24134 239 240 87 883g 85l4 88 77l2 8OI4 *687g 7934 II8I4 1195g 1141g 1141g 4212 4212 43 43 3812 3834 3812 3812 785g 7834 79l2 80 97g 10 10 1034 97g 10 97g 10 383g 39 43 433g 39 40 41 43 68 69 69l2 69i2 69 69 69 69 6 6 5334 541g 54 82l4 84 512 512 434 5 54U 5434 5534 54 553g 54 55 79 80 79 81 208 208 734 8I4 7l2 7l2 2434 2538 24 25 end 1012 11 733g 77I4 4414 4414 4612 4612 253 253 256 256 7 61516 8l7l6 8*16 8'ib *8 85j6 634 534 7U 67g 714 6!5le 7l2 197 *201 51 49l2 5H4 50l2 5234 5034 523g 237 240 8414 86 237 238 8434 86 239 240 23634 239i2 85 867g 85i2 88I4 5134 715g 5OI4 6234 557g 6534 605g 693g 105 1145g 10334 1107g 10834 109 40 40 3712 3734 40 4112 40 40 77 77l2 8012 8012 IOI4 *10 10 10l2 4234 4234 4312 43 109 40 111 41 *80* 81 " 1012 12 41 4614 397g 3978 ♦52l4 54 79 79 53 53l2 53 53l2 53 75 78 78 214 214 14 14 7 8l2 8 9 22l2 *2*2*l2 23l2 27 26l2 2834 28 53l2 75 283g BALTIMORE BONDS IN 1911 BONDS March April June July August September October November December January February May Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 84l4 87l2 85 88 84 86 86l2 87 85 8714 8634 8634 84 84 85 86 84l2 87 84l2 85 Alabama Coal & Iron-----------5 80 81 Anacostia & Potomac--------- 5 100 101 10014 100l2 IOOI4 100i2 10034 101 101 101l4 IOH4 IOH4 IOH4 IOII4 IOH4 IOH4 100l2 IOH4 100 10034 101 101 100l210034 101 101 10134 10134 Guaranteed-------------------- 5 10212103 103 103 10234 10234 10212 10234 10234 1O234 103 103 102l2 102l2 87 87 87 87 87 87 Atlanta & Birmingham------- 4 105 105 105 105 10434 105 105 105 105 105 105l2105l2 105 105 Atlanta Consol Street--------- 5 105 10514 10434 105 Atlantic Coast Line RR------- 4 94 943g 9334 943g 9334 94 9334 9512 9514 953g 9514 953g 9434 95lg 953g 9534 9534 9534 9534 9534 95U 957g 95 96 98 985g Certificates indebtedness - -4 9734 983g 983g 1003g 100 1025g 10034 102l2 Consol debenture------------ 4 957g 98 97 9734 97 9714 97 97i2 9712 9812 9834 100l2 9934 1008g Atlantic Coast Line Connect Certificates--------------------5 103 103 104 104l2 10412 10412 9434 9434 92 92 9214 92l4 93l2 95ig 92 92 Certificates 5-20s------------ 4 9112 91l2 92l2 92l2 85 85 85 85 Certificates--------------------4 97 9712 9634 9634 96I4 963g 9534 96 Atlan Coast Line So Caro__ 4 97 97i2 9634 9634 9634 9634 95l2 96 9534 9534 ioir210214 IO2I4 103i2 103 103l2 Augusta Ry & Electric------- 5 101 10214 75 75 Balt & Annap Short Line—5 82l4 82l4 82i2 8212 82i2 83 80i2 80l2 81i2 82 83l4 83l4 83 83l4 Baltimore Brick___________ 5 Balt City Passenger 1st------- 5 100 100 100i8 lOOlg 100l8 IOOI4 IOOI4 1003g IOOI4 1003g lOOlg IOOI4 lOOlg 10014 100 100 100 lOOlg 100 100 100 100 100 lOOlg 100 100 Certificates of indebt__ 4H 99l2 99i2 IO2I4 IO2I4 Bal Caton & Ell Mills 1st—5 9434 9534 95l2 96i2 95l2 96 95 96 94 94l2 94 95 Balt Electric stamped-------- 5 87ig 88I4 8812 9H4J 90l2 91 94l2 95I4 9434 9434 107l4 10714 Balt & Harrisburg 1st-------- 5 Balt & Potomac—Main Line 6 lOOig lOOlg ..................IOOI4 IOOI4 1st Tunnel, 1911--------------6 9714 973g 973g 9712 975g 9734 96i2 97l2 9612 9612 963g 9634 96 96 Balt Sparrows Pt & Ches.4J4 9434 96 96 9614' 96 96 97 97I4 10714 IO7I4 10714 10714 107 107 107U IO7I4 107 107 107 107 Balt Traction 1st 1929--------- 5 107 107 Belair Electric 1st 1940------6 100 100 100 100 35 35 Buffalo & Susque 1953..4^ 92 92 9134 92 92 93lg 9234 9234 9234 93 92 92 92 92 Carolina Central----------------- 4 9212 9234 92 92 92l4 9214 92l4 94 93" 93' Carolina Power & Light----- 5 9212 9212 9212 9212 9212 92i2 10734 10734 107l2 107l2 108 108 Central Ry—Consol 1932__ 5 108l2108l2 Extension and impt 1932..5 108 108 96 9712 97i2 97i2 Charleston Con Ry G & E—5 95 95 96 96 957g 96 9534 96 9634 9634 96l2 97 97 97 10312 104 103 10314 10312 10312 Charleston City Ry 1st------- 5 103 IO3I4 Charleston & West Car lst--5 10534 10534 10534 10534 106 106 106 IO6I9 IO6I4 1063g 166’ 106 106 106 105U 105l2 106i2 106i2 100 100 Chari El Ry, Lt & Pow ref..5 100 100 Chicago City Ry 1st------------ 5 102 102 973g 973g 98ig 985g 9934 997g 991- 9934 99l2 100 IOOI4 1003g 100 IOOI4 995g 100 997g 100 99 100 9934100 Chicago Ry 1st, 1927---------- 5 IOOI4 IOOI4 Chic & East Ills equip. '13..5 8112 8H2 Citizens Ry & L of N News-5 105 105l2 105l2 105l2 10534 10534 105 15514 105 105 105 IO5I4 10514 106 105 105l2 City & Suburban 1st---------- 5 105l2105l2 10534 106 1055s 10534 102i2 102i2 1023410314 103 103 City & Sub (Wash) 1st------- 5 10234 10334 10212 10212 104 104 104 105 104l2 105 103l2105 City Water (Chatta) ref----- 6 101 101 .... 991g 991g Cleveland Electric, 1913____ 5 997g 997g 9412 9412 94 94 Coal & Coke Ry 1st________ 5 95 95 9412 95 101 10134 lOUg 101i2 101 101l2 1011210214 102 102 102 10212 Coal & Iron Ry 1st-------------- 5 10112102 IOII4 10134 10H2 101l2 10612 10612 10634 10634 106* 1*0*6** IO5I4 IO5I4 IO5I4 IO5I4 Columbia & Greenville------- 6 105 106 Colum (S C) Ry, G & E----- 5 94 94 94 94 10834 1087g 10834 10834 109 109 10834 10834 108 108l2 10812 108l2 10834 1087g IO9I4 IO9I4 Consolidated Gas 1939------- 5 10834 10834 109 109 1085g 1085g 973g 98 96I4 9714 9714 98 General, 1954_________ 4 Yi 9212 9312 9412 9634 96l4 97 9734 98ig 9 6 9734 96 9612 957g 9612 96»g 9712 97 9734 9812 9812 Certificates, 1913--------- 4^ 9834 9834 9834 9834 843g 853 4 853 4 88 873g 885g 86 88 87 887g 87 8712 *87* *8*7*12 8534 8712 86 871g 855g 8714 87 8812 877g 8812 Consol Gas Elec & Power.4)^ Consol Power notes------------- j 983g 99I4 9914 9912 9912 9912 9912 100 100 lOOlg 100 100 100 lOOlg 997g 100 995g 100 9934 9934 9934 9934 9212 9212 Consol Power & Light___ 5 102 102 Consolidation Coal 1st__ 4 9314 93i2 Refunding____________ 4 54 93 94 9314 9314 93 937g 93l2 93i2 Refunding----------------------5 96 96 95l2.95i2 95 95i2 Cotton Duck 1st 1949--------- 5 735g 7514 73' 74I4 73 7414 727g 75 7434 76l2 7514 7714 7514 79 7714 7934 7618 7734 74l2 777g 77l2 7834 7634 7734 Detroit & Flint____________ 5 93l2 93l2 98i2 98l2 Det Roch Romeo & L Orion .5 Detroit United--------------- 4)4 7934 7934 805g 825g 8218 821g 8H2 8134 81l2 82l8 82 82l4 82 82 8OI4 8OI4 97 99 98l4 99 Fairmont & Clarksb Trac—5 96l2 97 98l4 99 99 1005g 10058 101 1003g 101 lOOlg 100l2 99 100 9934 100 100 100 99lg 100 Notes__________________ 5 99l2 99l2 97 9714 97 9714 97i2 9712 97 9714 97ig 97lg 9634 97lg 97l8 97ig Fairmont Coal 1931------------ 5 96l2 97 96 96l2 9714 97U Fla Cent & Penin Cons____ 5 106lg 106l2 9614 9614 Florida East Coast_______4}3 917g 923g 92l2 93 Florida Southern 1st-----------4 9112 9212 9212 9212 91l2 91l2 9112 9134 91 91 Georgia & Alabama cons__ 5 1045g 105 10412 1 047g 104l4 10514 10434 1 053g 1047g 1053g 10514 10534 1053g 10534 105l2 106 104 106 106 IO7I4 107lg 1071g Ga Car & North 1st------------ 5 10512 106 10512 10534 10434 10512 10434 10514 10434 10514 l0512 10512 IO5I4 10534 10412 105 104 10*4*58 10412 10512 105l2 10534 105U 105l2 81 82 8112 8112 8OI4 8OI4 79 797g 78i2 78i2 Georgia & Florida_________ 5 78 78 77 77 77 77 II3I4 H3I4 Georgia Pacific 1st_________ 6 11414 1T4I4T13 113 112l2 113 113 113 Ga Sou & Fla 1st 1945--------- 5 10634 107l4 IO6I4 106i2 IO6I4 10612 IO6I4 IO6I4 IO6I4 10612 107 107 107l8 107lg 107 107 107lg 107l2 Equipment, 1912. .— .4^ 9914 99I4 G-B-S Brewing 1st--------------4 4234 44i2 4434 48 4 5 457g 44 4512 42i4 4334 42 43I4 4334 45 42l2 43i2 40 4234 3912 41 3934 33l2 37 2d income----------------------- 5 6 712 7 7 7 7 5 5l2 514 512 5 5 4 4 2i2 334 4 9934 9934 Grand Rapids Ry, 1916____5 847g 847g Indianapolis Nor Traction. .5 Jamison Coal & C—G C___ 5 89 91i2 9H4 9234 94i2 95 94I4 9412 9312 94 9034 9034 9158 92 92 93 9234 93 92 9212 9212 9212 Jersey Cent Traction, gen..5 92i2 92l2 9212 9212 92l2 92l2 92l2 92l2 Kansas City Ry & Lt 1913..5 96l2 96i2 Knoxville Traction--------------5 10314 104" 104 10412 105 105 105 105 1093g 1093g 10938 10912 10914 IO9I4 1093g 10938 Lake Roland Elev-guar gold 5 108 IO8I4 109 109 IO8I4 IO8I4 Lexington (Ky) Street____ 5 87 87 " 91 92 95 95 9512 955g 95l2 95l2 95i2 95i2 96 9614 96 96 97l2 975g 9814 9814 98I4 98I4 98 98 Macon Dublin & Sav_______5 9634 98l4 98 9858 98 98 977g *9*8*l2 98 100 991210212 9634 9634 Macon Railway & Light----- 5 96l4 96l4 97l2 98b 98 98 9812 98l2 99 99 101 10112 Maryland Club_________ 4 IS 98 98 97 97 9834 993g 9834 99 Maryland Electric 1st_____ 5 9634 9734 9714 975g 975g 9834 98 99 987g 99 987g 97l2 98l4 9734 99 9834 99l2 98i*2 *9*914 88i2 89 Maryland & Pennsylvania..^ 875g 875g 89 89 89 90 90 6212 62*12 621*2 *6212 62* *6*3 62 63 Income 4 61i2 61l2.............. 58* *5*8*14 60 65 64* *6*4 * 60 63 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 143 BALTIMORE BONDS AND STOCKS. BALTIMORE BONDS IN 1911—Concluded BONDS Maryland Steel 1st--------------5 Memphis Street Ry------------ 5 Metropolitan Street 1925------ 5 Milwaukee Elec Ry & Lt --4 Vi 1926 ----------------------------- 5 Milwaukee Gas Light 1st—4 Minn St & St Paul C joint—5 Nashville Street 1925--------- 5 Newport News & Old Point-5 Norf & Atl Term 1st 1929--5 Norfolk & Carolina 1st-------- 5 Norf & Portsmouth Trac----- 5 Norfolk Railway & Light—5 Norfolk Street Railway------- 5 North Baltimore Traction—5 Northern Central 1925------ 4^ Gold 1926 Series A-----------5 Gold 1926 Series B---------- 5 Omaha & C B St 1928--------- 5 Pennsyl Water & Pow lst.,5 Petersburg Class A------------ 5 Class B-------------------------- 6 Piedmont & Cumberland —5 Pittsburgh & Allegheny Tel-5 Pittsburgh United Trac----- 5 Potomac Valley-----------------5 Raleigh & Augusta------------ 6 Raleigh & Gaston 1st 1947-.5 Roland Pk Elec & Water—5 Saginaw Valley Trac 1920..5 St Jos Ry Lt, H & Pow------- 5 St Paul C Cable guar 1937--5 Sav Fia & West 1st------------ 5 1st 1934.............. 6 Seaboard Air Line--------------4 Stamped------------------------- 4 10-year------------------------- 5 3-year ---------------------------5 Adjustment -------------------5 Equipment 1915---------- 4H Seaboard & Roanoke, 1916-6 1926 ---------5 Sil Spgs Ocala & Gulf-------- 4 Somerset Coal 1st--------------- 5 Equipment, 1912------------ 5 Equipment, 1914------------ 5 South Bound----------------------5 Suffolk & Carolina--------------6 do do----------------------- 5 Syracuse Gas, 1946------------ 5 United Elec Lt & Pow----- 4)4 United Ry & Electric-----------4 Income ------------------------- 4 Funding ----------------------- 5 Equipment, 1912------------ 5 Notes---------------------------- 5 United Rys of St Louis lst-4 Va Ry Elec & Devel 1st------- 5 Virginia Mid 2d Series 1911-6 3d Series 1916-----------------6 4th Series 1921---------- 3-4-5 5th Series 1926--------------- 5 Virginia Ry & Power---------- 5 Washington Terminal----- 3 )4 Wash & Vandemere-------- 4)4 Western Maryland 1952 - — 4 Western No Car--cons------- 6 West Pennsyl Traction------- 5 West Va Central 1st------------ 6 Wilmington & Newb 1st—4 Wilming & Weldon 1935------ 5 1935 ----------4 August September October November December July June April May March January February Lew High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 97 102 9712 97 97l8 97U 9714 97l2 97l2 98 10634 107 93 9314 93" 93*12 102 98 98 i0478 9212 9212 9212 94 92 93 93 93l2 10934 10934 8734 88I4 8834 90 82 86I4 8534 86l8 86I4 90 82 99l2 100 9978 IOOI4 9934100i8 98i2 9834 9912 9914100 105l2 105l2 107 107 110 IIOI4 110 110 110 110 110 110 93l2 90l4 92 87 108 108 8858 8834 89l2 8812 8912 89 116* 116 *9978 *99% 100 10478 10419 10434 10312 10312 94 94 UPg 1*1*1% 88I4 90 9934 100l8 10712 10712 110 110 106 106 110 110 110 110 99 105 105 90 90 90 90 9038 90l2 10478 10478 105 105l2 9034 9034 9058 9058 104i2 10434 10434 10434 10434 10434 92 98l2 9812 9812 987g 99 10634 10634 IO7I4 IO7I4 IO7I4 IO7I4 9S14 94l2 94l2 89l4 89l2 86I4 89 9914 9978 9938 99l2 IO4I4 105 110 110 109 109 109t2110 110 89 8934 887S 9938 9914100 IO7I4 110 111 110 89 9934 108 110 ill’ 11*1* iio’ 110 110 *99* *9*9* 89l2 88i2 88i2 8734 8734 106 106 87 87 IO6I4 IO6I4 90 91 107 107 100i8 100i8 100 7414 74U 75 1021*2 10*2*l2 116 70 75 114 116 70 114 109l2109l2 10034 1OO34 98i8 98i8 99 99 1103411034 125 125 8718 8718 8478 8712 100 10018 100 10018 7712 78 107 110 8678 87l2 100i8 100i8 100i8 100i8 75l2 7638 8634 87i8 100 10018 100 100l8 7512 7534 8634 87l4 87 88 100 100 100 100 7534 79l2 79I4 80 105 1063s 10638 87 87l2 8678 87i4 8678 87l4 867g 87 7914 80 8634 88i8 87l4 88I4 87l4 88l2 7978 815S 763g 7834 7434 76i2 76 105 97U 9714 9738 9738 109U IO9I4 107 110 106 IO6I4 106i2 803g 80 8214 8134 82l2 9912 99l2 10*6 106 106 9912 9912 108 108lg IO8I4 IO8I4 92 8414 6218 8434 9934 9212 8512 6212 86 9934 i66l*8 IO6I4 100 100 IOH4 IOH4 IO2I4 IO2I4 9212 9212 9212 93 8414 8434 84 847s 62 6314 62 64 8512 86 8512 86 100 100 10212 10212 IOOI4 IOOI4 IOOI4 IOOI4 IO2I4 IO2I4 93 8338 6234 8534 93 84l4 6412 86 9212 84 6414 86I4 93 8512 6534 88 93l2 85 62l2 87 937g 84l2 86l2 85 62i2 64 6158 86 883g 84 93i2 86I4 86I4 87 647g 64 65 88 877g 89 937g 86 63 85 937s 85i2 62i8 84l2 94 86 64 87 94 8534 6312 8634 9414 8684 647g 87l2 99lg 9934 993g 99»8 987g 99l2 9858 99i8 99U 99l2 10478 10478 104 104 100 100l8 10018 10018 10612 10612 104 104 106 10612 106l2 10634 10634 107 9212 93 9258 97i2 97l2 97i2 106* 1*0*6* IO6I4 IO6I4 1101*2 1*10*1*2 95 95 8638 8638 10412 10412 97 97 IOOI4 1003g 97 9334 8578 6212 8734 7778 777g 104 104 106 106 106l2 106l2 95 9534 9534 9534 96 96 86I4 8734 8734 877g 88 88i2 8634 8634 10412 10412 97 97l2 9734 9734 97 97 97 10018 10018 9634 9634 ___ IIOI4 IIOI4 110l8 110i8 IIOI4 IIOI4 110 110 9658 96og 96l8 96ig _________ 9412 9412 86l2 8678 8638 86l2 8634 87 10434 10434 ................... 10434 10434 .................... 97 97 10038 10058 10058 10058 10038 100l2 9314 85 6158 86i2 10618 96 87 9534 96l2 96 8634 88 8734 88 88 103l2 103l2 104 97 97 97 10618 96 87 9614 8734 104 97 IIOI4 110l2 IIOI4 111 96l8 96i8 96 96 BALTIMORE STOCKS IN 1911 April May June January February March July August September October November December STOCKS. Price per share, not percent. Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Alabama Cons Coal & I—100 Preferred------------------- 100 Americano Co (The) pref------Atlantic Coast Line(Conn) 100 Atlantic Coast Line RR—100 g & Aiken Ry & Elec--. Preferred--------------------Baltimore Brick--------------100 Preferred---------------------100 Baltimore Electric pref-... Canton Co--------------------- 100 Consolidated Cotton Duck-50 Preferred----------------------50 Cons Gas Elec L & Power. 100 Preferred-------------------- 100 Consolidation Coal-----------100 Receipts, 25% paid-----Receipts, full paid-------Fairmont & Clarks Tr pref.100 Georges Creek Coal & 1----- 10 Georgia & Florida---------- 100 Preferred--------------------Georgia So & Fla 1st pref 100 2d preferred---------------- 100 Gottlieb Bauernschmidt Stra* Brewing voting trust ctf 100 Houston Oil------------------- 100 Preferred--------------------100 Maryland & Pennsylvania.100 Maryland Del & Va pref-- 50 Mer & Miners’ Tran tr ctfs. Norf & Ports Trac new----Preferred--------------------Norfolk Railway & Light-100 Northern Central------------- 50 Parkersburg Branch-----------Pennsyl Water & Power------Reisterstown Turnpike--------6 Seaboard Air Line-----------100 Preferred-------------------- 100 The Seaboard Co-------------- 100 1st preferred--------------- 100 2d preferred----------------- 100 United Ry & Electric--------- 50 Safe Deposit receipts-------- 25 30 47l2 58 30 58 35 63 34 70 35 72 36l2 36l2 36 71 73i2 70 230 230 225 22712 2271g 240 122 12234 12014 I2OI4 214 214 912 12 11 18 2012 93 4U2 42 116 120 212 4 17 21 89 94 9614 100 103 10312 2812 2812 103 10312 21l2 3612 23 82 4814 17 17 2212 3912 25 8412 5334 175g 18 21 3812 2234 82 24 73 35 230 240 125 127 30 30 4134 42 73 75 74 75 212 212 2I4 2I4 2812 2812 3912 3912 4012 41 120 120 17i4 1712 92 94 99 10012 103 105 2812 2912 9134 93 99 9934 9812 99U 102 104 100 103 ?j5234 '5234 8412 86 93 93i2 93l2 1 1 1 II4 134 8l2 8I4 85g 7 812 4858 45 55 49 55 2212 2212 22 22 14l2 14l2 77 78l2 32 36l2 37 38 75 75 75l2 76 2134 221g 22 25 25 2514 121 12612 12434 126l4 123 12514 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 24 72 35 40 36 56 45 65 240 26512 12712 12712 2212 2212 73 77 4012 40 120 42 120 53 53 257l2 265 13514 135U 23 24i2 77 80 234 234 41 4212 120 122 18l2 18i2 8834 90 92 94 9312 947g 94I4 9512 96 101 9612 9834 99 10012 9912 10012 9912 IOOI4 99U 102 9912 IOOI4 100 100 n5112 5112 9934 9978 991» 9912 8212 8212 82 85 82 82 1H2 II* *1*1* 93 23 3638 2412 85 4314 49 1612 1818 165g 1778 235 245 124 1273g 40 40 7212 80 234 234 248 250 249 25012 214 212 212 30 31 41 4114 42 42 4012 41 115 115 116 116 3 5 5 2012 19 21 20 2018 73 92 8912 9012 8712 93 9534 97 93 98 96 100 102 104 10112 10312 100 102 101 106 2512 26 27 28 26 2712 97 9ft 10212 10212 77 77 7612 7612 75 78 214................. 40 74 22l2 4112 25 83 55 1878 1834 93 1 112 15s 8l2 758 8l8 734 9 83g 10 5934 55 59 55i2 79 71l4 79 19 19 19 19 1 1 7l4 8I4 5014 5412 5412 5412 78 8OI4 77l2 77i2 2514 2514 25 25l4 12312 128 126* 1*2*7*34 129 13034 60i2 60l2 6H4 6H4 26U 45 2712 84 5912 1858 1858 26 44 2634 87 5812 18 I8I4 26l2 45l2 28 8734 61 1838 I8I4 2212 4112 2434 84 5458 1734 17i2 92l2 94 74l2 74l2 2 512 4512 2712 8712 60 1712 27 47 2812 88I4 62 1912 71 71 70 70 2514 25I4 12734 128 56 56 26 45U 2612 87 5912 19i8 26l8 4612 2734 8714 87 87 6034 56 56 1978 17l2 19 n 50% pd. 1 9412 9412 75 75 1 834 9l2 7134 75 7l2 83, 69i2 74 20 31 71 71 25l8 27 123 125 12 1 758 8ig 68I4 71 30i2 30l2 71l2 73 26 26 26 127 5 5 4912 4912 48 53 53 55 3 3 2234 2412 23 25l2 2434 25 45 50 47 49 22 2658 26 26l2 25l2 28 2512 255g 85 89 89 99 99 9978 53 58l2 56 60 5834 65 63I4 6412 17U 1734 1734 18l2 18l8 1878 I8I4 1858 144 BALTIMORE STOCKS—CHICAGO BONDS AND STOCKS BALTIMORE STOCKS IN 1911—Concluded July January February May June August September October November December March April STOCKS Price per share, not percent. Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High U S Steel Corporation------ 100 74 Virginia Ry & Power------- 100 25 Preferred--------------------100 Western Maryland---------- 100 7934 81 25 30 7638 763g 81 78% 78% 7434 75 4034 41 42% 42% 42% 803g 803g 77% 77% 52 36 39% ’391*2 39% 65 63% 53 53 61% 64% 67 40 42 80 80 69 65 CHICAGO STOCKS AND BONDS IN 1911. BONDS AND STOCKS. January February July August | September October November December March May June Apra Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High RR. & MISCEL. BONDS Amer Strawboard 1st 6s 1911 100% 100l2 Armour & Co 4)Ss--------------- 92% 93 Booth Fish Co Deb 5s—1917 90% 93 Do do ..-1924 90 93 Booth Fish Co S F D 6s T rets Cal & So Chic Rys 1st 5s-1927 City Railway 5s------------ 1927 10218 10234 Chicago Elev Ry 5s------- 1914 Chic Pneum Tool 1st 5s.1921 Chic Rys 5s------------------ 1927 973g 98% Do 4-5s. Series “A” -1927 Do 4-5s, Series “B” .1927 82% 833s Chicago Rys 4-5s “C”------Do Collateral 6s .__ 1913 99% IOOI4 Do Fund 6s------------ 1913 100 100 Chicago Ry Temp ctfs 1st 5s Chic Tel 5s------------------------ 102 102U Cicero Oas ref g M 5s----- 1932 Comm Ed 5s---------------1943 100% IOH4 Chic Edison 1st g 5s. .1926 100 100 Commonwealth Elect 5s.1943 10034 10034 Cudahy & Co 5s------------1924 98% 99 Diamond Match con’d 6s.1920 Do receipts ------------------ 166%10234 Kans City Ry & Lt Co 5s, 1913 963g 963g Knick Ice 1st 5s-----------1928 Lake St Elev 1st 5s......... 1928 "77" 80 ’ MetropWSide Elev 1st 4s 1938 82% 83% Extension gold 4s------- 1938 78% 78% Morris & Co 4 34s---------- 1939. 9034 9134 North West Elec 1st 4s..l911 96% 98% N W Qas Lt & C 5s------- 1928 Ogden Qas 5s--------------- 1945 92% 93U Pearson-Taft 4.80s Ser F----People’s Q L&C ref g 5s .1947 101l2 101% Chic Qas L&C 1st 5s. .1937 103U 103% Consumers’ Qas 1st 5s.1936 Mutual Fuel Qas 1st 5s, 1947 South Side Elev 4)4s-----1924 93 94 Swift & Co 1st gold 5s...1914 100 100 Union El (Loop) 5s------ 1945 United Box Board Qen mtg 6s! Western Stone Co 5 s----- 1909, West Elect Co 1st M g 5s, 1922 West Side Elev 1st 4s---------RAILROAD STOCKS. Par Chicago City Railway-—100 Chicago & Oak Park------ 100 Do preferred-------------100 Chicago El Ry common------Do preferred --------------Chicago Junction Ry......... — Chic Rys Part Ctf Series 1— 93 Do do Part Ctf Series 2— 23% Do do Part Ctf Series 3 — 8% Do do Part Ctf Series 4— Chicago Subway------------ 100 Kansas City Ry & Light.100 Do preferred-------------100 Metrop W Side Elev.—100 Do preferred------------- 100 Northwestern Elevated—100 Do preferred------------- 100 South Side Elevated------- 100 Streets W Stable Car LineslOO Do preferred------------- 100 49 93U 933g 93 93 92% 93% 9258 93% 92% 9514 97% 100 92% 94 98 100 98 98% 98% 99 99% 99% 10258 102% 102% 102% 102%102% 102% 102% 102%102% 1025g 102% 98% 99% 8738 90% 90% 91 90 91 90% 90% 87% 89 9734 98% 98 98% 98% 100 9958 9978 9958 9978 9958 99% 9434 9434 9334 9334 93% 93% 93U 9312 93% 9434 83 84% 83% 84% 84 88% 87 88 87 87% 87% 8938 90 90 IOOI4 IOOI4 IOOI4 1003s 1003g 10034 100 100% IOO34 1007s 100% 100% 91% 91% 983g 985g 97% 97% 98 98% "99’ 9958 IO2I4 10234 103 103 103 103% 103 103l8 103 103% 943 4 95 93% 95 101% 10112 IOH4 101l2 101% 1015g ioi% loYig 102’ 102% 102% 103 100 100 10034 IOH4 101 101% IOH4 10112 101% 10134 10134 10134 102% 1025g 9834 99% 9914 9914 99% 99% 99% 99% 9934 99% 103 103% 103% 1045g 10434 105% 105% 106 166" 107% 107% 10734 102U 103 9734 9734 97% 9734 98% 100 78% 78% 79 79 85 89% 80% 82 81 81 82 82 8234 83% 83% 85 84% 85 84% 85 85 8534 85% 8634 7834 80 7834 82 8H4 81% 8 Hg 82% 8234 827g 8234 82% 9034 91 9H2 9134 91% 91% 9H4 91% 9 llg 91% 90% 91 98 9834 98 99% 9858 99% 98% 100 9934100 100 100 9934 100 99% 99% 99% 100 92% 93 92% 93% 93* 94” 93% 9414 92" 941s 93 93% 10134 101% 10134 102 10134 101% 10134 1023g 10238 1023g 10314 10314 103 IO3I4 103 103 102% 103 103 103 10H2 1015g 101l2 101l2 101l2101i2 93% 94 93% 94 93% 9514 94% 9514 95% 953g IOOI4 10034 IOOI4 101% IOOI4 100% 100i2 100i2 92% 92% 90 93 253g 23% 2514 24 8% 9 8% 10 4% 4% 3% 43S 4% 21% 20 25 22 69% 72% 67% 19% 21 21 66% 65 67 21% 61 62 60 60 69 68 69 72 10l2 934 13I4 11% 50 50 50 50 91% 9134. 10234 102% 102% 102% 102% 102% 10234 103% 102% 102% 98% 98% 89 89 99% 100 94% 95% 88% 89% 97% 97% 97% 97% 89 89 89 89% 99% 9934 99% 100 94 94% 94% 94% 87 88% 87% 88% 91 91 i6034 10634 100% 10034 10038 100% 90% 92 100 100% 100 100% 95% 95% 96 97% 88% 90 89% 92 99% 100 99% 9934 99% 9934 103% 103% 102% 102% 102 102 95 95% 10234 103% 102% 103 10234 102% 100 100 102% 103 95% 96 10234 103 100% 100% 101 101% 102% 102% 102% 102% 102% 102% 102% 103 102% 102% 995g 9934 99% 9934 99% 99% 99% 99% 10534 106% 103% 10534 104% 106% 106 110% i07*T09% 86 86% 82% 8934 86 86 86% 86 88 865g 86 86% 84% 8534 825g 81% 81% 90% 89% 89% 93% 94 102% 10234 102% 1025g 103% 1033g 103% 103% 1015g 102 101% 101% 95% 9534 95 9534 1003g 100% 863g 86% 92 25I4 10 5 6 25 72 24% 69% 25 67 72 125g 50 80 2 log 8% 4% 4 20% 68 67* 20% 63 69% 10% 45 85 24 20% 22% 8% 8% 8 412 4% 514 558 418 5I4 22 20 68 71 25 68% 72 22 2U4 2712 63 63 66 7734 71% 1034 11 47 47 ll2 3 1% 21 85 100 100 103 103% 96% 96% 103 103% 87% 85% 80% 90 89 86 81% 90% 99% 99% 99% 99% 93% 9334 93% 94% 94 95 98% 98% 102 102 10134 102% 10134 102% 103% 103% 103% 103% 103 103% 101% 101% 101% 101% 101 101 95 95% 95 95% 95 95% 1003s 100% 100% 100% 102% 103 87% 85 81% 89% 89 8534 82% 90 9934 9934 9434 96% 101% 101% 103% 103% 95% 96% 100% 100% 85 90 102% 1023g 1023g 1023g 1% 2934 24% 26% 93 85 93 95 101 85 87l2 87% 98 22 265g 25% 3034 2634 3 434 10% 10 12% 812 912 9 6 6 7% 5 5I4 5 334 414 3% 4% 2% 3% 16 16 40 40 40 41 40 49 27 27 25 27 72 74i2 74% 75 2634 29i2 66 69 76 80 79% 79% 8i2 9l2 8% 9% 9 10% 40 42 46 50 26 89% 159 159 92 92 26% 30% 9% 10% 55g 6 1% 2% 15 15% 39 41 8% 8% 23 85 29 93 27% 30 92% 94 92 27 10% 5% % 16 96% 33 11 6 2% 16% 95 31 30 32 9134 92 98 91% 99% 34% 33% 377g 10% 11% 6% 7 6% 53g % 1 % 16 21% 21 44 52% 51 1034 11% 8% 8% 8 40 42 38 8% 38% 63l4 63I4 61 61 103g 12i2 10l2 12% 103g 1134 93g 11% 9% 1034 9% 10% 10 12% 10% 12 9% 11 9% 10 80% 82% 80 853g 853g 8834 84% 87% 84% 885g 8134 87% 81 86% 82% 86% 86% 92% 89% 93 300 304 300 300 131 131 130 130 133 133 132 133 126%128 129 129 49* 50” 48 48 64 72% 55 64 54% 57% 50 57 715g 77 65 72 70 73 48 50% 111 111 111 11234 112 113 106% 106% 14434 146% 14458 146 1463g 1491g 148%152% 136% 139% 131% 136 133% 136 133% 1353g 136%14134 137% 140 35 45 50 55 35 42 40 43 40% 44% 41 51 50 59U 35 53 3812 44 45 51 52 5734 43% 43% 50 51 62 70 8838 66 75 64% 69 60% 69 77% 73 7412 62 65 77% 82 51% 51 51 50 50 50 51 49% 51 51 51 ”1% ”l% 118 1% llg Ug ”1% ”1% 1 1% 1% 434 518 5% 534 5 6% 7 3% 4% 4 50% 52 46 51% 39% 4634 44% 47 45 46% 45% 47% 41 46% 46% 55% 50% 54% 48 53% 49 533g 50% 53 115 121 118% 123 118% 124 11938 122% 121 129 120% 124% 123 123% 120 123 119 123 119% 121 122 141% 136% 13934 151% 15334 152% 154 153 155 155 156 155 160 163 170 165 168 160 166 162 165 164% 173% 171 171% 174 180 22% 22% 113 115% 114U 121% 11734 13012 122% 129 12412 1293g 128 130 130 1373g 130 136 133 136% 127% 135% 131% 135% 131% 136 4% 3% 4% 4 281 281 15 1334 14% 1414 14% 14% 14% 1334 14% 14 14% 153g 14% 147g 123g 14% 113g 12% 934 11% 1034 11% 10% 11 78 78 9934 103 10234 105% 102% 104% 96 10434 100 103 1013g 11034 105 110 90 94% 92% 97U 92% 95% 9314 IOOI4 98 101 101% 1033g 102 103 100% 103 100 101% 100% 10134 101%102 101 10334 60 653 4 52% 54% 54 59 52% 6534 54% 59 50% 55% 49% 53 6334 70 61 69% 63% 68% 62% 67% 55 58% 11538 11534 118 119 116% 118% 117 119% 120 129 120% 1243g 12134 124% 104 121 99% 108% 102% 109 106%112 104% 112 2112 2112 22 22 50 50 50 50 50 50% ’46% 5034 50 51 46 40% 41% 38% 41% 40 43% 45 49% 47 50 45% 51% 933g 90 92 92 9334 90 95 92 96 93 97 96 97 93% 94% 93 98 135 137% 12934 133 129 131% 126% 127 141 141 140 142% 117U 123% 123 125% 122 135 133 140 136 138 123 126 124 127 125% 130 126 126 12812 130 128_ 128” 12734 129% 128% 128% 126 126 125 127 127% 127% 125 127% 115% 117 118 119 118 120 114 119 114 120 118 120 112% 128 100 113 100 101 102 104 103 105 100% 104% 118 118 1187g 119 118 120 118%120 119 119 118 118% 118 119 116% 116% 117 119 118% 119 118 120 118 119% 105% 108% 105% 108 103% 107% 103% 108 10334 10612 105%10634 105%107 10134 10634 101 104% 103% 108% 1043g 107 103 105% 184 19234 187 191% 141%191 141 148 13612 144 139% 14534 140%143 136% 141 12334 139 129% 1413g 127% 142% 13978 142% 119 120 120% 1215g 120 122 121 I2H4 120 I2H4 119% 120% 11934 121 118% 120 116 120% 117 118 117 121 120 121% IOOI4 101% IOOI4 10134 100% 102% 101 101% 10134 1021g 101%104 101%103 101% 1027g 9734 102% 98 100% 99 101% 98% 101% 166 170 166 168 165 168 165 172 173 177 177 193 190 192 190 190 187 187 189 197% 195 198 199 212 180 191 198 198 166 168 103 104% 102% 104 103% 104 104 105 10434 106i2 106 106% 106% 107%' 106 107 105%107 105 106% 104 105% 105 105% 134 2% 1% 2% 1 434 5 3 434 23g 4% 2% 3 534 6% 434 6 1% 2 178 134 25g 6% 7 75% 7934 77% 80% 693g 79% 52 7134 50% 62% 56% 6534 607s 69% 7714 81% 75 79U 73 783g 743g 81 7214 80 14 16 19% 24 18 18 21 22l4 19% 19% 1912 2H2 13 15 23 24 21 25 63% 66 9 10 80 8234 265 265 128I4 I28I4 American Shipbuilding---- 100 7134 7612 75 79 Do preferred--------------100 IIOI4 11112 112 112 American Tel & Tel Co-------- 14158 144 145% 145% Booth Fisheries com----------- 40% 43% 43% 58 41% 56 Do do Vot’gTrCtfs 39% 42 Do do pref------------ 68 7238 71 8034 51 52 Cal & Chic Canal & Dock. 100 51 51 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 92% 9258 91% 91% 91% 92% 60 60 10034 10034 H2 3 MISCELLANEOUS STOCKS. Amal Copper----------------------American Can-----------------100 834 10 Do preferred--------------100 76% 82l4 American Radiator--------- 100 265 265 Do preferred--------------100 130 130 Chic Brewing & Malting----Do do preferred-Chicago Pneumatic Tool..100 Chicago Telephone---------- 100 Chicago Title & Trust. —100 Chino Copper--------------------Commonwealth Edison-------Do Rights-----------------Cont & Comm Nat Bank----Corn Prod Ref Co com-------Do do pref-------Diamond Match------------ 100 Hart Shaffner & Marx pref.. Illinois Brick----------------- 100 International Harvester Co.Lindsay Light Co---------------Masonic Temple-----------------McCrum-Howell Co-------- 100 Preferred-----------------------National Biscuit--------------100 Do preferred--------------100 National Carbon--------------100 Do preferred--------------100 People’s Qas Lt & Coke-.lOO Sears-Roebuck common..100 Do preferred--------------100 Swift & Company------------ 100 The Quaker Oats Co------- 100 Receipts------------------------Do preferred--------------100 Un Box Board & Paper Co 100 U S Steel common---------- 100 Western Stone--------------- 100 92% 93
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