Full text of Commercial and Financial Chronicle : The Financial Review : Finance, Crops, Railroads, Trade, Commerce, 1916

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The Mutual Life Insurance Company of New York 34 Nassau Street, New York In the year ending December 31, 1915, the “Oldest Company in America’*  Paid Policyholders a total of $67,978,329.32 This sum exceeded the total amount received directly from policyholders by 88,723,036.35. During the year there was an increase in the amount of new insurance paid for, in total insurance in force, in assets, in reserves, in total income, an increase of over One Million and a Half in total interest and rents, and an increase of nearly Two Million Dollars in the Company’s contingency reserve, or free surplus. On the other hand, notwithstanding a full year of war, there was a material decrease in the mortality ratio (actual to expected) as compared with that of 1914.  Insurance in Force, $1,636,538,117.00 Admitted Assets, 616,528,254.00 Net Policy Reserves, 503,227,820.00 Total Income, 88,251,707.66 Total Disbursements, 81,375,494.91 The amount of new insurance paid for during the year, including dividend addi­ tions, was 8148,176,711. If we include revivals and increase of policies in force, the total insurance paid for was 8160,882,145.  Balance Sheet December 31st, 1915 ASSETS  LIABILITIES  Real Estate________________________________ $21,579,165 Mortgage Loans__________________________ 110,940,930 Loans on Policies________________________ 91,948,198 Bonds and Stocks_______________________ 367,445,360 Interest and Rents due and accrued__ 8,168,051 Premiums in course of collection______ 4,527,957 Cash ($11,148,143 36 at interest)_______ 11,507,163 Deposited to pay claims________________ 411,425  32 90 57 74 23 86 76 62  Total Admitted Assets............... $616,528,254 00  Policy Reserves__________________________ 503,227,820 0D Supplementary Contract Reserve_______ 4,000,441 00 Other Policy Liabilities__ ._____________ 7,600,289 45 Premiums, Interest and Rents paid in advance________________________________ 1,290,765 93 Miscellaneous Liabilities________________ 579,037 88 Taxes, License Fees, &c., payable in 1916 690,609 17 Dividends payable in 1916_______________ 17,839,992 58 Reserve for future Deferred Dividends.. 66,673,718 83 Contingency Reserve___________________ 14,625,579 16  Total Liabilities............................ $616,528,254 00  BOARD OF TRUSTEES GEORGE F. BAKER JAMES M. BECK CHARLES S. BROWN JOSEPH H. CHOATE Jr. EMOlh^W. CLARK JAMES B^OLGATE CYRUS H. K CURTIS JULIEN T. DAVIES WILLIAM B. DE N   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  \  WILLIAM P. DIXON H. RIEMAN DUVAL J. LEVERING JONES AUGUSTUS D. JUILLIARD 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 JOHN G. SHEDD STEWART SHILLITO LEROY SPRINGS LOUIS STERN HENRY W. TAFT  EDWIN S. THORNE WILLIAM H. TRUESDALE PAUL TUCKERMAN CORNELIUS VANDERBILT RODMAN WANAMAKER THOMAS WILLIAMS JAMES H. WILSON EDWIN W. WINTER  BANK OF MONTREAL (Established 1817.)  Head Office  -  -  -  MONTREAL  H. V. MEREDITH__________________________ President SIR FREDERICK WILLIAMS-TAYLOR, LL.D__General Manager  CAPITAL (PAID UP)________________________________ $16,000,000 REST_______________________________________________ 16,000,000 UNDIVIDED PROFITS______________________________ 1,293,952 NEW YORK AGENCY: 64 WALL STREET R. Y. HEBDEN, ) W. A. BOG, > Agents. J. T. MOLINEUX, ( This Bank, with its Branches in every important city and town in Canada and Newfoundland, with offices also in New York, Chicago, Spokane and London, England, offers exceptional facilities for the transaction of a General Banking business. Buys and Sells Sterling and Continental Exchange; Issues Commercial and Travelers’ Credits, available in any part of the World; issues drafts on and makes collections at all points; also makes transfers to its various offices. Savings Departments connected with each Canadian Branch and interest allowed at current rates.  London Offices  ( 47 Threadneedle Street, E. C. ( 9 Waterloo Place, Pall Mall, S. W G. C. CASSELS, Manager.  KOUNTZE BROTHERS BONDS FOR INVESTMENT  FOREIGN EXCHANGE LETTERS OF CREDIT  Act as Fiscal Agents for Municipalities and Corporations  141 BROADWAY,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  NEW YORK  The Canadian Bank of Commerce HEAD OFFICE, TORONTO.  CAPITAL PAID UP RESERVE FUND  -  J. P. BELL  -  -  -  -  $15,000,000 $13,500,000  AND H. P. SCHELL, AGENTS,  NO. 16 EXCHANGE PLACE, NEW YORK. BRANCHES OF THE BANK IN CANADA.  Gilroy, Sask. Gleichen, Alta. Goderich, Ont. Golden, B. C. Granby, Que. Grand Forks, B. C. Grandview, Man. Granum, Alta. Greenwood, B. C. Grimsby, Ont. Guelph, Ont. Hafford, Sask. Halifax, N. S. Hamilton, Ont. Hanna, Alta. Hantsport, N. S. Hardlsty, Alta. Hawarden, Sask. Hemmingford, Que. Herbert, Sask. High River, Alta. Howick, Que. Humboldt, Sask. Huntingdon, Que. Iberville, Que. Ingersoll, Ont. Innlsfail, Alta. Innlsfree, Alta. Joliette, Que. Kamloops, B. C. Kamsack, Sask. Kelowna, B. C. Keremeos, B. C. Kerrobert, Sask. Kincaid, Sask. Kindersley, Sask. Kingston, Ont. Kltscoty, Alta. Knowlton, Que. Lacolle, Que. Ladysmith, B. C. Lake, Saskatoon .Alta. Langham, Sask. Lanigan, Sask. Lash burn, Sask. Lennoxville, Que. I Lethbridge, Alta.  i Cobalt, Ont. Acton Vale, Que. ! Coleman, Alta. Admiral, Sask. Collingwood, Ont. Alberton, P.E.I. Compton, Que. Amherst, N. S. i Cookshlre, Que. Antigonish, N. S. Cornwall, Ont. Asbestos, Que. , Courtenay, B. C. Athabasca, Alta. Cowansvllle, Que. Ayers Cliff, Que. Cranbrook, B. C. Ayr, Ont. Crediton, Ont. Barrie, Ont. Creston, B. C. Barrington, N. S. Crossfield, Alta. Bassano, Alta. Cudworth, Sask. Bawlf, Alta. Cumberland, B. C. Bedford, Que. Danville, Que. Beebe, Que. Dauphin, Man. Belleville, Ont. Dawson, Yukon. Beloeil, Que. Delia, Alta. Bengough, Sask. Delisle, Sask. Berlin, Ont. Dixville, Que. Bic, Que. Dresden, Ont. Biggar, Sask. Bishop’s Crossing, Que. Drinkwater, Sask. Duncan, B. C. Blatne Bake, Sask. Dundas, Ont. Blenheim, Ont. Dunham, Que. Brandon, Man. Dunnville, Ont. Brantford, Ont. East Angus, Que. Bridgewater, N. S. East Hatley, Que. Briercrest, Sask. Eastman, Que. Brookville, Ont. Edam, Sask. Broderick, Sask. Edmonton, Alta. Brome, Que. Calgary, Alta. (4 offices) Elbow, Sask. Elfros, Sask. Camlachie, Ont. Elgin, Man. Campbellton, N. B. Elkhorn, Man. Canora, Sask. . Emo, Ont. Carman, Man. Exeter, Ont. Carmangay, Alta. Farnham, Que. Cayuga, Ont. Fernle, B. C. Central Butte, Sask. Ford, Ont. Chambly, Que. Forest, Ont. Champion, Alta. Charlottetown, P.E.I. Fort Frances, Ont. Fort William, Ont. Chatham, Ont. Fredericton, N. B. Chilliwack, B. C. Frelighsburg, Que. Clarencevllle, Que. I Galt, Ont. Claresholm, Alta. Gilbert Plains, Man. Coatlcook, Que.  Lewvan, Sask. Lindsay, Ont. Lloydminster, Sask. London, Ont. Lougheed, Alta. Macleod, Alta. Madoc, Ont. Magog, Que. Mansonvllle, Que. Marbleton, Que. Marcelin, Sask. Marieville, Que. Medicine Hat, Alta. Megantic, Que. Melfort, Sask. Melville, Sask. Middleton, N. S. Milestone, Sask. Milk River, Alta. Mission City, B. C. Moncton, N. B. Monitor, Alta. Montague, P. E. I. Montreal, Que. (7 offices) Moose Jaw, Sask. Moosomin, Sask. Morse, Sask. Nakusp, B. C. Nanaimo, B. C. Nanton, Alta. Neepawa, Man. Nelson, B. C. New Glasgow, N. S. NewWestmlnster, B.C. Niagara Falls, Ont. Nokomis, Sask. North Battleford.Sask. North Hatley, Que. Nutana, Sask. Olds, Alta. Orangeville, Ont. Ormstown, Que. Oshawa, Ont. Ottawa, Ont. (2 offices) Outlook, Sask. Paris, Ont.  Parkhill, Ont. Parksville, B.C. Parrsboro, N. S. Parry Sound, Ont. PeaceRiv .Cross’g, Alta. Penticton, B. C. Peterboro, Ont. Philipsburg, Que. Phoenix, B. C. Pincher Creek, Alta. Pointe aux Trembles, [Que. Ponoka, Alta. Portage la Prairie,Man. Port Arthur, Ont. Port Colborne, Ont. Port Perry, Ont. Port Stanley, Ont. Prince Albert, Sask. Prince Rupert, B. C. Princeton, B.C. Provost, Alta. Quebec, Que. (2 offices) Radisson, Sask. Radville, Sask. Rainy River, Ont. Red Deer, Alta. Regina, Sask. Retlaw, Alta. Revelstoke, B. C. Richmond, Que. Rimouski, Que. Rivers, Man. Rock Creek, B.C. Rock Island, Que. Rockyford, Alta. Roxton Falls, Que. St.Armand Sta’n, Que. St. Catharines, Ont. (2 offices) St. Chrysostome, Que. St. Felix de Valois, Q. St. Ferdinand de Halifax, Que. St.Gabriel de Brandon, Que. [Que. St. George, Beauce,  St. Hyacintlie, Que. St. John, N. B. St. Johns, Que. St. Joseph de Beauce, St. Remi, Que. |Que. St. Thomas, Ont. Salmon Arm, B. C. Sarnia, Ont. Saskatoon, Sask. Sault Ste. Marie, Ont. (2 offices) Schumacher, Ont. Scotstown, Que. Seaforth, Ont. Shaunavon, Sask. Shelburne, N. S. Shellbrook, Sask. Sherbrooke, Que. (3 offices) Simcoe, Ont. Smith’s Falls, Ont. Souris, P. E. I. South Hill, B.C. South Porcupine, Ont. Springhill, N. S. Stanbridge East, Que. Stanstead, Que. Stavely, Alta. Stony Plain, Alta. Stratford, Ont. Strathcona, Alta. Strathmore, Alta. Strathroy, Ont. Sudbury, Ont. Summerland, B. C. Summerside, P.E.I. Sutton, Que. Swan River, Man. Swift, Current, Sask. Sydney, N. S. Taber, Alta. Thedford, Ont. The Pas, Man. Thetford Mines, Oue. Thetford Mines West, Que Three Rivers. Que.  Tilsonburg, Ont. Timmins, Ont. Toronto, Ont. (19 offices) Transcona, Man. Treherne, Man. Truro, N. S. Tugaske, Sask. Valcourt, Que. Vancouver, B. C. (9 offices) Vegreville, Alta. Vermilion, Alta. Vernon, B. C. Victoria,B.C.(3 offices) Virden, Man. Vonda, Sask. Vulcan, Alta. Wadena, Sask. Walkerton, Ont. Walkerville, Ont. Warner, Alta. Waterloo, Ont. Waterloo, Que. Waterville, Que. Watrous, Sask. Watson, Sask. Weedon, Que. West Shefford, Que. Wetasklwin, Alta. Weyburn, Sask. White Horse, Yukon Wiarton, Ont. Wilcox, Sask. Willow Bunch, Sask. Windsor, N. S. Windsor, Ont. Windsor, Que. Wtngham, Ont. Winnipeg, Man. (8 offices) WIseton, Sask. Woodstock, Ont. Yellowgrass, Sask. Yorkton, Sask. Youngstown, Alta.  IN THE UNITED STATES.  Portland. Ore.,  New Yoke.  San Francisco, Cal.,  IN MEXICO.  Seattle. Wash,  IN GREAT BRITAIN.  Mexico City. IN NEWFOUNDLAND.  London: 2 Lombard Street, E. C.  St. Johns.  Commercial and Travelers’ Credits issued. Travelers’ Checks sold. Banking with Canada where the Baifk’s 373 Branches give it unsurpassed facilities.  C Foreign Exchange bought and sold.  business of every description transacted  and Exchange  BROWN BROTHERS & CO., PHILADELPHIA,  NEW YORK,  4th and Chestnut Sts.  BOSTON,  59 WALL ST.  ALL CONNECTED BY  60 State St.  PRIVATE  WIRE.  Members of tlie \ew York, Philadelphia and Komon Stock Ciclianges  Investment Securities Lists furnished upon request; orders executed on commission.  BILLS OF EXCHANGE BOUGHT AND SOLD.  Arrangements made with Banks and Bankers in the United States, enabling them to Issue their own Drafts on Foreign Countries. Telegraphic Transfers Certificates of Deposit Deposit Accounts  Commercial Letters of Credit Travelers' Letters of Credit Collections Travelers’ Cheques  J  Brown, Shipley & Co., London,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Head Office: Founders’ Court, Lothbury, E. C., Office for Travelers, 123 Pall Wall, S. W.  ESTABLISHED 1882  J. S. FARLEE & CO. 66 BROADWAY, NEW YORK  INVESTMENT SECURITIES Specialists in New England and Pennsylvania Securities  DOMINICK & DOMINICK ESTABLISHED 1870  Wiggins Block CINCINNATI, OHIO  1 15 Broadway NEW YORK CITY  BONDS AND STOCKS FOR INVESTMENT Members New York Stock Exchange  Harvey N. Wadham  Jae. C. Colgate  Edward W. Harden  JAS. B. COLGATE & CO. Members New York Stock Exchange  36 Wall Street, New York  INVESTMENT SECURITIES Lieber’s and Hartfield’s Codes  Cable Address, “Trevor”  Arthur N. Peck  William T. Rasmus  Calvin Truesdale  Peck, Rasmus & Truesdale Members of the New York Stock Exchange.  Dealers in Railroad and Other Investment Securities   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  45 WALL STREET, NEW YORK  ARTHUR O. SLAUGHTER.  PRANK W. THOMAS  PHILIP W. SEIPP.  A. O. SLAUGHTER & CO.. 110 West Monroe Street CHICAGO, ILL. MEMBERS STOCK NEW YORK EXCHANGE COTTON NEW YORK EXCHANGE COFFEE NEW YORK EXCHANGE PRODUCE NEW YORK EXCHANGE CHICAGO BOARD OF TRADE CHICAGO STOCK EXCHANGE ST. LOUIS MERCHANTS’ EXCHANGE WINNIPEG GRAIN EXCHANGE MINNEAPOLIS CHAMBER OF COMMERCE  BRANCH OFFICES  Produce Exchange NEW YORK  Chamber of Commerce BOSTON  Chamber of Commerce KANSAS CITY  Union Stock Yards CHICAGO  AUGUST BELMONT & CO., No. 43 Exchange Place,  New York  MEMBERS OF 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, real and 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.  W. EUGENE KIMBALL.  JAMES F. MOSTYN.  LEEDS JOHNSON.  R. J. KIMBALL & CO. BANKERS AND BROKERS MEMBERS OF THE NEW YORK STOCK EXCHANGE SINCE 1869.  5 NASSAU STREET............................................... ' ' ' NEW YORK (HANOVFR BANK BUILDING.)  INVESTMENT SECURITIES Bonds and Guaranteed Stocks for Savings Banks, Institutions, Estates and individual Investors Lists of Investment Offerings Sent Upon Application.  SIMON BORG & COMPANY   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  o  Members New York Stock Exchange  20 NASSAU STREET, NEW YORK CITY ESTABLISHED 1869.  William  P  onbright  & Company  INCORPORATED  Public Utility Securities 14 WALL STREET, PHILADELPHIA  -  -  -  NEW YORK DETROIT  BOSTON  PARIS Bonbright &, Co.  LONDON William P. Bonbright & Co.  ARCHIBALD F. McLIESH. M. R. CAMPBELL. Special  MAYNARD C. EYRE. WILLIAM A. JENNINGS,  PRINCE & WHITELY, BROKERS  No. 52 Broadway, New York, AND  J 5 CENTER ST., NEW HAVEN, CONN. 30 POST OFFICE ARCADE, BRIDGEPORT, CONN* All Classes of Railway Stocks and Bonds Bought and Sold on Commission  INVESTMENT SECURITIES A SPECIALTY  Direct Private Wires to Boston, New Haven, Bridgeport, Chicago, Pittsburgh, Baltimore, and Richmond, Va.  Bertron, Griscom & Co. INVESTMENT SECURITIES 19 Boulevard des Capucines PARIS  40 Wall Street NEW YORK  Land Title Building PHILADELPHIA  A. D. Converse & Co. NEW YORK CITY, 49 WALL STREET  Information for guidance of in­ vestors always available.  Cable Address : “Adconco"   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  PHILADELPHIA, COMMERCIAL TRUST BLDG.  bonds AND  PREFERRED SHARES PUBLIC UTILITY SECURITIES  Our Statistical Dept. is at the service of banks, trustees and individuals.  Codes : Western Union  Diversified list of offerings furnished on application.  Hartfrel™**7  *  Wm. A. Read & Co. Members of the New York, Chicago, Boston and Philadelphia Stock Exchanges  Municipal, Railroad and other Investment Securities. List of Current Offerings upon application Nassau and Cedar Streets, New York CHICAGO  PHILADELPHIA  BOSTON  LONDON, E. C.  234 So. La Salle St.  1421 Chestnut St.  19 Congress St.  6 Austin Friars  Maitland, Coppell & Co. 52 WILLIAM ST., NEW YORK. ORDERS EXECUTED FOR ALL INVESTMENT SECURITIES  BILLS   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  OF  EXCHANGE,  TELEGRAPHIC  TRANSFERS  —ON—  Union of London & Smiths Bank, Limited, London,  Messrs. Mallet Freres & Cie., Paris, -ANDON-  Banco Nacional de Mexico, Mexico, and its branches.  TRAVELERS’ LETTERS OF CREDIT  The Financial  Rf v i ew  FINANCE, CROPS, RAILROADS, TRADE, COMMERCE  ANNUAL—1916  WILLIAM B. DANA COMPANY, PUBLISHERS COMMERCIAL AND FINANCIAL CHRONICLE  Front, Pine and Depeyster Streets, New York M H "A-  '  ■Copyrighted in 1916, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. C.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  INDEX TO CONTENTS.  Page.  Page.  RETROSPECT OF 1915_______________________________ _____ - 7 Range of Leading Stocks in 1915______________________________ 15 Sales at New York Stock Exchange Since 18Q6-__________________ 16 Monthly Review of Current Events, Money Market, Stock Market and Foreign Exchange___________________ :________ ,______ 16=6^ Monthly Fluctuations of Leading Stocks—See Each Month of Retrospect  GERMAN BANK STATEMENT— Gold Holdings, Circulation, Discounts, Deposits_______________ 10 0  CLEARINGS AND SPECULATION IN 1915____________________ 63 Sales of Stocks______________________________________________ 65  TRADE AND COMMERCE— Our Foreign Trade in 1915—-Calendar Year?_________________ ,.102 Values of Exports and Imports by Fiscal Years, 1883-1915_______ 105 Exports of Leading Articles of Domestic Produce for Three Years..105 Imports of Leading Articles of Merchandise for Three Years_____ 106 Imports and Exports by Countries and Geographical Divisions for December and Year 1915---_______________________________ 104 Comparative Prices of Merchandise, 1860, 1879 and 1912-1916___ 106 FOREIGN EXCHANGE— Daily Prices in New York on London for Three Years___ ...107-109 Daily Rates of Exchange on Continental Centres for 1914 & 1915.109=113 Monthly Range for Three Years at New York on Continental Cen­ tres _________________________ __________________ ____ 114-115  LISTINGS OF SECURITIES ON THE NEW YORK STOCK EXCHANGE________________________ 66  BUILDING OPERATIONS IN UNITED STATES AND CANADA.. 68 FAILURES IN 1915____ Failures by Branches of Business______________________________ Yearly Failures Since 1857___________________________________ Detailed Statement of Failures in United States and Canada in 1915- -  70 72 73 73  BANKING, FINANCE AND CURRENCY— Call Money Rates for Every Day in 1915_______________________ 74 Money Market for Three Years_____________________________ 74-75 Federal Reserve Bank of New York—Weekly Returns___________ 76 Federal Reserve System (12 Combined Banks)—Weekly Returns.. 77 N. Y. City Clearing House Banks (Members Federal Reserve Bank) —Actual Condition End of Week and Averages for Week_____ 78=79 N. Y. City Clearing House Banks (State Banks Not Members Fed­ eral Reserve Bank)—Actual End of Week and Averages for Week_78=79 N. Y. City Clearing House Trust Cos. (Not Members Federal Reserve Bank)—Actual Condition End of Week and Averages for Week..80=81 N. Y. City Clearing House Banks and Trust Cos. Combined—Aver­ ages for Week and Actual Condition End of Week___________ 80=81 State Banks and Trust Cos. Not in Clearing House—Weekly Returns 82 All Banks and Trust Cos. Combined—Loans and Money Holdings.. 82  CROP AND OTHER PRODUCTIONS— Our Harvests in 1915_______________________________________ 83 The Crops for a Series of Years—------------------------------------------ 83=85 IRON, COPPER AND OTHER METALS— Pig Iron Production and Prices____________________________ 86=87 Anthracite Coal Production__________________________________ 85 Copper Production and Prices for Last Four Years______________ 85 Weekly Record of Prices, Iron, Steel and Other Metals, and Their Products for 1914 and 1915______________________________ 88=89 Daily Prices of Copper, Tin, Lead and Spelter for 1914 and 1915.-90=91  GOLD AND SILVER— Review of Gold and Silver Production________________________ 92 Product of Gold in United States, Africa, Australasia, Russia, &c..92=94 World’s Gold Production since 1881___________________________ 93 World’s Silver Production since 1891__________________________ 94 Monthly Range of Silver Prices in London for Three Years_______ 99 GREAT BRITAIN—BANKS AND TRADE— Review of the Year’s Influences and Events_____ ______________ 95 Statement of Bank of England Weekly in 1915_________________ 96 Bank of England and Continental Discount Rates______________ 99 Bank Clearings at London and Provincial Centres______________96 British Imports and Exports------------------------------------------------97=99   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  FRENCH BANK STATEMENT— Gold Holdings, Circulation, Discounts, Deposits____________ ...101  RUSSIAN BANK STATEMENT— Gold Holdings, Circulation, Discounts, Deposits________________101  UNITED STATES DEBT, MONEY AND SECURITIES— Debt of the United States, 1793-1915_________________________ 116 Detailed Statement of Public Debt on December 31 1915_________ 116 Stock of Money in Country----------------------------------------- '___ 116-117 Highest and Lowest Prices of United States Bonds, Monthly, 1860-1915-------------------------------------------------------------- ...117=121  STATE SECURITIES— Highest and Lowest Quotations of State Securities .^Yearly Range, 1860-1913---------------------------------------------- ----------- -------- 122-124 Prices of State Securities, Monthly, for Years 1914 and 1915_______ 125 FOREIGN GOVERNMENT SECURITIES— Highest and Lowest Quotations, Monthly, 1914 and 1915________ 121  RAILROADS AND THEIR SECURITIES— Railroad Statistics for the United States_____________________ 126 Mileage, Capitalization, Wages, Passenger and Freight Statistics.126=129 Earnings, &c., Fiscal Years Ending June 30 1900-1914___________ 130 Railroad Earnings in calendar years 1914 and 1915___________ 131=136 Railroad and Industrial Dividends for Ten Years—See “Railway and Industrial” Section pages 197-200. RECORD OF STOCK EXCHANGE TRANSACTIONS— Bonds in N. Y., 1911-1915—Highest and Lowest Prices Monthly. 136=170 Stocks in N. Y., 1911-1915—Highest and Lowest Prices Monthly 171-186 Bonds in Boston, 1915—Highest and Lowest Prices Monthly______ 186 Stocks in Boston, 1915—Highest and Lowest Prices Monthly__ 187-188 Bonds in Philadelphia, 1915—Highest and Lowest Prices Monthlyl88=189 Stocks in Philadelphia, 1915—Highest and Lowest Prices Monthlyl89=190 Bonds in Baltimore, 1915—Highest and Lowest Prices Monthly. 190-192 Stocks in Baltimore, 1915—Highest and Lowest Prices Monthly____ 192 Bonds in Chicago, 1915—Highest and Lowest Prices Monthly.. 192=193 Stocks in Chicago, 1915—Highest and Lowest Prices Monthly_____ 193 NEW YORK “CURB” MARKET TRANSACTIONS— Highest and Lowest Prices for Five Years__________________ 194=198 Highest and Lowest Prices by Months for 1915______________ 199-200  “RAILWAY AND INDUSTRIAL” SECTION— (Issue of Feb. 26 1916 bound up with the Review)_________ Appendix  Volume and Course  of  Trade.  3o  VW  I  >  'o  15*  ANNUAL AND MONTHLY RESULTS. RETROSPECT OF 1915. While the year 1915 will forever live in history by reason of the gigantic and terrible war in Europe, with its appalling loss of human lives, its unparalleled destruction of property, its prodigious expenditure of capital and dissipation of accumulated savings and wealth, the miseries it entailed, the sacrifices it made necessary and the blot upon civilization which it and the barbarous and inhuman methods employed in its prosecution constituted—while the year will al­ ways be remembered because of this awful visita­ tion and the attendant events, it will in addition hold a distinctive place in American trade annals because of the part the war played on the course of business here and the sudden and wonderful transformation it brought about in the whole realm of industrial affairs in this country. In the long run it is no doubt true that one part of the world cannot count on thriving upon the miseries and calamities of other parts; yet in this instance it is undeniable that the United States has been deriving important advan­ tages and benefits from the train of events growing out of the frightful conflict in Europe. The outbreak of hostilities occurred in the previous year and the first effect here was disorganizing in the extreme, the same as among the belligerents themselves. Evidence of this is furnished in the fact that the New York Stock Exchange in 1914 was forced to suspend business immediately upon receipt of the news, for the first time since the panic of 1873, and had to be kept closed for a period of over four months. During 1915, however, the situation was completely reversed. The countries engaged on one side of the conflict, namely the Quadruple Entente, composed of Great Britain, France, Russia and Italy, (the smaller countries on the same side, namely, Serbia, Belgium and Montenegro, not being very potent elements in that respect), drew, in unlimited degree, upon the resources and productive capacity of the United States in seeking to carry the war to a successful conclusion. The other set of belliger­ ents, the great Central Powers of Europe, made up of Germany, Austria and Turkey, and to which was subsequently added Bulgaria, would, no doubt, also have availed of our resources if Great Britain’s command of the seas had not closed the ocean lanes to them and cut them off completely from foreign commerce with the United States. The Quadruple Powers needed our grain supplies and our foodstuffs generally. They called upon us for large amounts of supplies of other kinds and they placed orders here for munitions and for military stores of all descriptions. Not only did they buy all these things of us, but their necessities were such that we were enabled to fix our own prices for what they so urgently wanted. Their vast accumulations of savings and of wealth were used freely in making payment here for the things which they were thus forced to purchase from us. Large benefits neces­ sarily accrued to the United States from this state of things. The losses were those of the belligerent   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  countries, the gains were unquestionably and indis­ putably ours. The year was one of contrasts and of startling trans­ formations and in what has been said the reader has the reason for the complete reversal of position which occurred in so many directions. Slowly, but surely, this pouring of the wealth of Europe into the lap of the United States exercised a stimulating influence upon trade and upon the country’s general activities. It may have been literally blood money that we were getting, but it was a factor of great potency never­ theless and put new life into many industries which, as it happened, were sadly in need of some quicken­ ing impulse. Many misgivings were felt as to the ultimate gain that might be looked for, and the re­ sponse of domestic trade was for a long time slow, but eventually as the war went on and Europe’s gold continued to flow this way the cumulative effect became overwhelming and, other favoring develop­ ments also coming in at the same time, one branch of industry after another fell in line. In other words, at first only the industries directly engaged in filling war orders manifested activity, chief among which was the iron and steel trade; later the move­ ment spread until eventually all came within its em­ brace. Even in steel, however, progress was very slow at first and the year was well advanced before producing capacity was employed to its full extent. The transformation in outlook and in condition between the beginning and the end of the year was unquestionably one of the most wonderful on record. This comment applies to the foreign exchange mar­ ket, it applies to the situation on the Stock Exchange, and no less so to the labor market and to the state of the country’s general trade and business. Memo­ ries are short and, having become accustomed to the change, most persons have probably already for­ gotten that when the year opened unemployment was so pronounced that the problem of taking care of the idle during the cold winter months became pressing and serious. Special commissions were ap­ pointed in several of the larger cities for dealing with this problem and for providing measures of relief. In this city investigations and inquiry brought forth data that indicated that in New York City alone no less than 400,000 persons customarily employed were for the time being idle. That the situation here was symptomatic of affairs in other parts of the country is evident from the circumstance that the year 1914 had closed with the steel mills employed to only about 30 to 35% of their capacity. Business in the United States had not been good even before the war broke out in 1914; the occurrence of that cataclysm produced utter demoralization in all current activities here, and the country was still suffering from the upheaval when 1915, the year under review, opened, leaving the demand for labor and for everything else ex­ tremely slack. As subsequent events have demon­ strated, however, things were at their very worst at that time. The turn of the year marked also the  8  RETROSPECT.  transition from the period of gloom and depression into brighter vistas. Recovery and convalescence were necessarily slow for a time, but progress towards renewed activity under the stimulus of the orders from abroad was steady and uninterrupted, and in the last three months of the year business activity proceeded with a rush and gained tremendous momentum. Accordingly, at the end of 1915 there was practically no unemployment except among the chronic indigent. Indeed, there was a positive dearth of labor. A good illustration of the complete reversal in the tide of affairs was the fact that steel making was now engaged to full capacity, a flood of home orders, coming on top of the foreign demand, having overwhelmed producers, so that premiums nad to be paid to ensure prompt delivery. While the Steel Corporation early in the year was obliged to suspend dividends on its common stock, such were its earnings and prospects at the end of the twelve months that immediately after the close of 1915 it was able to make a voluntary advance of 10% in the wages of its unskilled labor and to resume dividend payments. On the Stock Exchange minimum prices were still in effect when 1915 opened—a flood of foreign selling being particularly feared—and, as a matter of fact, during the early months of 1915, these minimum prices had to be repeatedly lowered in order that trading might go on. The shares of the Steel Cor­ poration, strange as it may now seem, furnished an instance where this drastic process had to be applied. It was not until the last day of March after a great speculative revival on the Exchange that the special Committee of Five of the New York Stock Exchange charged with the duty of exercising control over prices felt justified in abolishing all price limitations and other restrictions, the order becoming effective April 1. The advances in Stock Exchange prices in the remaining months of the year were startling in their magnitude. As regards the foreign exchange market, the coun­ try, when 1915 opened, had completely emerged from the derangement of the exchanges produced by the sudden outbreak of hostilities in Europe, accompanied by the declaration of moratoria by the leading coun­ tries of Europe, these latter having made American credits abroad, even in the case of the United King­ dom, unavailable for the time being. Sterling sight bills on London, immediately following the outbreak of war, had got up to $7 a £, and while, by the end of 1914, exchange rates were back to normal fig­ ures and gold imports might have been made if the Bank of England had interposed no obstacles, some concern was still felt in certain quarters as to the safety of our stock of gold in view of the impending liquidation in this market of foreign-owned American securities. The feeling still was that we might be overwhelmed by this flood of securities. It was not until Jan. 7 1915 that simultaneous formal announce­ ment was made in London and Washington of the discontinuance of the International Conference be­ tween the United States and Great Britain which had been inaugurated the previous October with the arrival here of commissioners from Great Britain at the invitation of Secretary of the Treasury McAdoo. A week subsequently a hint was conveyed of the complete reversal of the exchange situation which was in prospect. In other words, on Jan. 15 there came another simultaneous announcement in London and New York, but this time by the bankers in the two   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  countries and much more far-reaching in importance and significance. These bankers then stated that they were “authorized to say that after a conference held by the Chancellor of the Exchequer with the London bankers, it was resolved that inasmuch as exchange between the United States and the United Kingdom was now substantially normal, no definite action at the present time was required, but that if, during the continuance of the war, or for one year thereafter, the exchanges between the two countries should become such that gold exports from either coun­ try to an unreasonable amount might result,commit­ tees of bankers could be appointed in the United States and in the United Kingdom, respectively, to consider plans for dealing collectively with the situa­ tion by such methods as may seem at the time mu­ tually desirable.” This statement looked a great way ahead and sub­ sequent events showed the necessity for the course of action suggested. The exchange market again became demoralized, but this time by reason of a great drop in quotations, and the following Septem­ ber sterling demand bills on London were quoted as low as $4 50. This was notwithstanding very heavy shipments of gold to the United States in the interval. But the trade balance which was steadily accumu­ lating in favor of the United States by reason of the heavy purchases here on foreign account was of such huge dimensions that it was impossible to liquidate it by shipments of gold. At various times during 1915 credits of one kind or another were established here in favor of the European countries—Great Brit­ ain or France or Russia or some of the minor nations —for the purpose of correcting the dislocation of the exchanges. All this, however, did not suffice, being indeed, in view of the magnitude of the trade balance, hardly more than a drop in the bucket. Heroic measures were necessary for dealing with the prob­ lem. The state of the exchanges was not alone be­ coming exceedingly disconcerting to the debtor countries, but threatened grave danger to all con­ cerned, not excepting the United States. Accordingly, in September a joint commission came here from Great Britain and France to nego­ tiate an external loan of unexampled magnitude. They undertook to raise $1,000,000,000, but on the advice of banking interests concluded to rest satis­ fied with $500,000,000. This loan was placed here in the shape of 5-year 5% obligations, and the Com­ missioners succeeded in obtaining a price of 96 for the obligations, making the actual yield in money $480,000,000. The loan was placed here through J. P. Morgan & Co., with the co-operation of the leading banking and investment houses throughout the country. The underwriting of the loan proved an unqualified success. The public offering, how­ ever, which was at 98 and afforded a yield to ma­ turity of 5^%, met with rather a limited demand, in part, however, by reason of the fact that practically every one who desired to do so had been allowed to participate in the underwriting, and thus obtain the bonds at 96 plus a commission of about for ex­ penses, making the cost of the bonds 96J4, at which figure the yield was almost 6% per annum on the investment. Even after the placing of this huge loan, sterling exchange rates, though having sharply recovered from the extreme low point reached in September, manifested considerable weakness at times. But the British Government and British banking inter-  RETROSPECT.  ests were determined to deal effectively with the situation, and as a further move in the rectification of the exchanges a separate bankers’ credit in favor of Great Britain was subsequently established here for $50,000,000. Large shipments of gold from London to the United States were also kept up, and finally the British Government undertook a mobili­ zation of English-owned American securities on a large scale. This mobilization was with a view to either selling the securities thus collected in New York or securing loans upon them here. It remains to be said that entirely independent of the action of the British Government persistent and heavy liquidation of American securities on foreign account was in progress here all through the year. As bearing on that point, a statement prepared by L. F. Loree, Pres, of the Del. & Hudson Co., showed that nearly $500,000,000 of railway securi­ ties had been returned to this country in an interval of five to six months in 1915. The figures related entirely to securities standing in the names of their foreign owners; in addition, of course, there were sales of securities foreign-owned but not carried in the names of their owners. There were likewise considerable, sales of industrial securities on foreign account. Thus, a statement issued after the close of the year by the U. S. Steel Corporation reported a reduction in the foreign holdings of Steel shares during 1915 of $53,130,200. By these various methods and processes complete control of the exchanges was gained towards the end of the year. In December sight sterling on London advanced from 4 70*4 to 4 74J^ and French exchange also showed great firmness. This was the more note­ worthy in vipw of the renewed demoralization of Austrian and German exchange, the latter dropping to new low records. As Germany’s and Austria’s trade with the United States was completely cut off, they had no trade debts of any consequence to settle here and no considerable amount of exchange bills to offer. But this absence of foreign trade cut both ways. There being no trade, the United States was making no purchases from those countries, and accordingly there was no demand whatever for the small amount of exchange offering. That seems to have been the explanation of the renewed decline in exchange rates on the Teutonic countries. As to the extent to which the rest of the world— outside of the Central European Powers, namely Germany, Austria and Turkey—became indebted to the United States, an idea of its magnitude is furnished by the foreign trade statistics. For the 12 months ending Dec. 31 merchandise exports of the United States reached the huge total of $3,550,915,393, against only $2,113,624,050 in the preced­ ing year and $2,484,018,292 in 1913. The merchan­ dise imports, on the other hand, were but $1,778,605,855, against $1,789,276,001 in 1914 and $1,792,596,000 in 1913. This gave a trade balance in the prodigious sum of $1,772,309,538, against only $324,348,049 in 1914 and $691,421,812 in 1913. The net gold importations for the twelve months reached $420,528,672, against net exports of gold in the previous year of $165,228,415 and net exports of $28,093,778 in 1913. In the war in Europe the year was one of sharp contrasts, the same as in everything else. At its opening it seemed only a matter of time when the. Teutonic countries would find themselves completely crushed. In Belgium and in France the advance of   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  9  the German armies had been definitely checked and at many points, in fact, they had been actually beaten back; in Poland they had been repulsed in their attempt to capture Warsaw, and further south the Russians were in practically complete possession of Galicia, notwithstanding that the Aus­ trians had gained some minor advantages in the cam­ paign in the Carpathians. In Serbia the Austrians had met with renewed defeat. As 1915 advanced, how­ ever, German arms gained successes everywhere. About the only exception to the rule came in March, with the surrender to the Russians of the Austrian fortress of Przemysl, the name of which the Russians immediately changed to Permysl. The fortress had been besieged since the previous Sept. 10 1914. But the Russian victory was to be short lived. In less than three months the Austrians, aided by the Germans, were to recapture the fortress. As early as February both the Germans and the Austrians had gained important successes over the Russians. In that month East Prussia was entirely cleared of the Russian invaders, while Bukowina was evacuated by the Russians and Czernowitz, the capi­ tal, occupied by the Austrian forces. In March, as it happened, the capture of the Austrian fortress of Przemysl was not the only Russian success. The Rus­ sians also again crossed the East Prussian frontier near Tilsit and took possession of the fort of Memel, on the Baltic, though the Germans soon succeeded in re­ occupying the fort with the aid of their warships. Thereafter, however, Russia encountered almost con­ tinuous reverses. In April it appeared that the Ger­ mans had invaded the Russian Province of Courland, that the Russians had been severely defeated in Central Poland and that the Austro-German army in West Galicia was achieving great successes. On May 3 a statement was given out from German army headquarters saying that after bitter fighting the Teutonic troops had pierced everywhere and crushed the entire Russian front in West Galicia, from the neighborhood of the Hungarian frontier to the junc­ tion of the Duajec River with the Vistula and that large captures of Russian soldiers and of guns and supplies had been made. During May the AustroGerman armies added further to their great victories, notwithstanding that Italy entered the war in this month on the side of the Entente Powers, compelling Austria to divert a portion of her forces to deal with this new foe. The Russians were forced to retreat through the Carpathians everywhere, until at the end of the month they had been driven back all the way to Przemysl, and on June 3 the announcement came that the fortress itself had been recaptured. On June 22 the Russians were obliged to evacuate Lemberg, the Galician capital, which the Russians had occupied the previous Sept. 3, when they first began invading the outlying Austrian provinces. By the end of the month the Russian forces had been driven out of practically the whole of Galicia and back over their own frontiers. All this time the Germans were pushing their cam­ paign in Poland with increasing success, and on the night of Aug. 4 Warsaw definitely capitulated to the German besieging forces. That proved simply the beginning of a whole series of successes which kept developing daily for the rest of the month. In three weeks of August no less than nine Russian fortresses, including three of the most powerful—Knovo, Novogeorgievsk and Brest-Litovsk—were captured. The fortress of Grodno then remained as the one strongly  10  RETROSPECT.  defended position in the hands of the Russians in all the wide stretch of Russian territory, south of the Baltic Provinces, covered by the Austro-German for­ ward movement, and on Aug. 31 the German troops had reached the outer forts of Grodno. Simultane­ ously, the Austrians gained further successes, and on Aug. 31 took the Russian fortress of Lutsk, just north of the Galician frontier. In all the different operations, large captures of Russians were reported by the various army groups of the Germans and Austrians. A German state­ ment issued Sept. 1 stated that with the addi­ tional captures in August the number of Russian prisoners taken by German and Austro-Hungarian troops since May 2 (when the spring campaign had begun) had increased to considerably more than 1,000,000. In September the German and Austrian armies continued their successes in Russia, and on Sept. 16 General von Mackensen’s forces occupied the Russian city of Pinsk, while on Sept. 19 General von Hindenburg’s army occupied Vilna, the Germans thereby firmly establishing themselves on the north and south line of railway running for some 500 miles from Riga on the Baltic to Tarnopol and Lemberg in the southern part of the battlefield. All these suc­ cesses were gained while the Austrians were actively battling with the Italians, whose entrance into the conflict thus afforded no appreciable relief for the Entente Powers. The result of these accumulating Russian defeats was that the Grand Duke Nicholas was relieved of command of the Russian army in Europe and sent to the Caucasus, Emperor Nicholas on Sept. 7 taking personal command of the Russian armies. On Sept. 11 the Russian Cabinet resigned and was replaced by a coalition ministry. While the rest of the year the Teutonic countries were unable to make further headway against the Russians, and indeed in the southeast the Russians gained some distinct successes against the Austrians (retaking from the latter some important positions previously captured by them along with considerable numbers of Austrian prisoners), on the other hand the Germans now began to prosecute a campaign against Serbia. In this they had the active aid of Bulgaria, (which definitely entered the war in Oc­ tober), and under the combined operations of the Germans, the Austrians and the Bulgarians another notable series of victories was placed to the credit of the Central Powers. Belgrade, the Serbian capi­ tal, was taken by storm Oct. 8. On Oct. 26 a junc­ ture was effected in the Dobradoda Mountains be­ tween the German army and the Bulgarians, thus giving the Central Powers an opening through Northeastern Serbia and through Bulgaria to the Aegean Sea and Constantinople. This made possible the re-opening of the Danube and arrangements were at once begun to ship war materials to Bulgaria and Turkey. At the very close of the month the Ger­ mans had occupied Kraguyevac, the main arsenal town of Serbia, taking enormous quantities of am­ munition and war materials, while Bulgarian forces had pushed their way through the mountains to Nish and were actually bombarding the outer forts at that point. On Nov. 28 the German General Staff was able to give out an official statement announcing the”close of the Serbian campaign as far as the Serbi­ ans were concerned. It was asserted that more than 100,000, almost half the entire Serbian fighting forces, had been taken prisoners, this being inde­ pendent of Serbian losses in battle and by deser­   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  tions which could not be estimated. While the Ger­ mans had been pushing south, the Bulgarians had continued their campaign from the east and appar­ ently were successful everywhere except in the south and where they came in conflict with French forces. At the end of the month, Monastir, though not yet occupied by them, was within their control. Prisrend, in western Serbia near the Albanian border, was captured by the Bulgarians Nov. 28. Having completed operations against the Serbians, the Aus­ tro-Hungarian army began its offensive against Mon­ tenegro. Here again resistance proved powerless. The Entente Powers, or more particularly France and Great Britain, landed considerable bodies of troops at Saloniki in Greek Macedonia, but not in sufficient forces to lend effective aid to Serbia. The inability to come to the rescue of the latter caused great popular discontent in both Great Brit­ ain and France. The problem of these two countries was complicated by the fact that the attitude of Greece gave occasion for much concern. The En­ tente Powers were very anxious that Greece should become actively identified with their cause. Greek sympathy, too, seemed to be largely with the Entente countries. On the other hand, King Constantine felt that Greece should not enter the war on either side, fearing that if Greece took up arms against the Central Powers its fate might be like that of Serbia or Belgium, since the Entente Powers were not in po­ sition to put a large enough force at the disposal of Serbia to hope to vanquish the armies of the Central Powers. Accordingly the Greek Government ad­ hered to a policy of “benevolent neutrality,” which meant that Greece would remain neutral, but with a benevolent leaning towards the Entente Powers. Accordingly only a nominal protest was made against the landing of French and British troops at Saloniki. One of the notable events in connection with the attempt to win the support of the Greeks was the offer made Oct. 21 by Great Britain of the Island of Cyprus in return for Greece’s intervention on the side of the Entente countries. The offer was not accepted because King Constantine was de­ termined to adhere to a policy of strict neutrality. Great Britain and France then undertook to bring pressure to bear on the Greeks by withholding certain trade privileges and concessions which Greece had previously been enjoying, but without avail, the only effect being to cause a feeling of resentment on the part of the Greeks. At a new election held in De­ cember King Constantine’s policy was endorsed and the attitude of neutrality continued unchanged. The complete failure of the Dardanelles campaign so confidently entered upon by the .British and the French early in the year was another of the misfor­ tunes of the Entente Powers. The assurance felt in the success of the undertaking when it was initiated in February will be evident from the fact that there was active discussion then as to what disposition should be made of Constantinople, its capture having been regarded as a foregone conclusion. Sir Edward Grey, British Secretary for Foreign Affairs, in the House of Commons went so far as to say that Great Britain was in entire accord with Russia’s desire for access to the sea, meaning, obviously, that the English Government was ready to ignore British traditions and would permit Russia to occupy Con­ stantinople. The opportunity never came however. The forts at the entrance to the Straits were quickly reduced, but the Turks were not inactive, and in  RETROSPECT. March the British and French fleets, in continuing their operations, suffered the loss of several of their most powerful ships. It was then determined to be more sparing in the use of ships and to land an army on the Gallipoli Peninsula, with the view to conduct­ ing a combined land and sea campaign. On April 25 a landing was successfully effected, the Turks being unable to hold out against the fire of the monstrous fleet and the onrush of the army. The military operations proved as disastrous as the naval operations had been. In August a new landing was effected at other points, the Turks being taken unawares, but being able to inflict terrific losses as soon as they succeeded in rallying their forces. Thereafter the invaders found it difficult to maintain their hold except at tremendous sacrifices, and it now became evident to the whole world that the campaign was doomed to failure, and that the venture had been an ill-fated one from beginning to end. When the Germans began their Balkan operations there were suggestions that it might be the part of wisdom to abandon the Dardanelles campaign, but the inten­ tions of the British and French Governments re­ mained shrouded in mystery. In December, how­ ever, evidence came of a change in British policy, and on Dec. 20 it was officially announced that with­ drawal of the troops, together with their guns and stores, from the positions as Suvla and Anzac had been effected with insignificant casualties without knowledge on the part of the Turks. This still left the invaders in possession of the tip of the peninsula and the forces there were also withdrawn the next month (January 1916). The ill-success of the Dardanelles operation and of the military plans generally, led to so much popular discontent that both the British and the French Min­ istries underwent reorganization. In Great Britain a coalition Cabinet was installed as early as May, though Premier Asquith retained his position as Prime Minister and the other leading spirits in the old Cabinet, and particularly Lloyd George, also remained. In October the rumblings of discontent over the unfortunate results of the war became very manifest, and Sir Edward Carson withdrew from the British Ministry, while in France the French Min­ istry was entirely reconstructed, a coalition Govern­ ment being formed for the first time in the history of the French Republic. Towards the close of the year there were indications of further changes in the British Cabinet, arising in connection with the difficulty of enforcing conscription or compulsory enlistment. The carrying-out of Germany’s submarine warfare was marked by events which more than once in­ volved the possibility of a break in the relations be­ tween the United States and Germany. The sink­ ing of the Lusitania was one of these events. This occurred May 7, and only 764 survived out of a total of 1,917 on board (1,250 passengers and a crew of 667). Among the passengers there were 188 Amer­ icans, of whom 114 perished. Germany was then told by our Government that American citizens act within their indisputable rights in traveling wherever their legitimate business calls them upon the high seas, and that they are justified in feeling that their lives will not be endangered by acts done in clear vio­ lation of universally-acknowledged international obli­ gations. The German Government was asked to dis­ avow the act, make reparation and take immediate steps to prevent the recurrence of anything so obvi­ ously subversive of the principles of warfare. The   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  11  reply of the German Government was unsatisfactory and a new note from the United States became neces­ sary in June. This led to the resignation of Secre­ tary of State William Jennings Bryan. The German reply came in July and was not given a very cordial reception in this country, the concensus of opinion being that the document was evasive and that the German Government was obviously endeavoring to avoid specific replies to the demands of the United States under cover of professions of friendship. Another communication from our Government followed, which left no doubt of the attitude of this country. The German note was declared “very unsatisfactory” and the emphatic statement made that “the Government of the United States will con­ tinue to contend for the freedom of the seas, from whatever quarter violated, without compromise and at any cost.” Most important of all, the American rejoinder wound up with the broad asser­ tion “that repetition by the commanders of German naval vessels of acts in contravention of those rights [meaning the rights of neutrals and the instincts of humanity] must be regarded by the Government of the United States, when they affect American citizens, as deliberately unfriendly.” In August the sinking of the White Star liner Arabic, with the loss of two Americans, by a German submarine, for a time threatened to invest the sub­ marine controversy with new menace. Fortunately, the German Government recognized the gravity of the situation and took prompt measures to relieve public tension. On August 24 Count von Bernstorff notified our State Department that he was in receipt of very friendly instructions from his Government asking suspension of judgment in the Arabic case until Germany could make an investigation and declaring unqualifiedly that “if Americans should actually have lost their lives this would naturally be contrary to our (Germany’s) intentions.” The outlook thereafter became more assuring and on Sept. 1 the German Ambassador wrote to Secretary of State Lansing announcing that his instructions concerning Germany’s answer to the latest American Lusitania note contained a passage saying that “liners will not be sunk by our submarines without warning and without safety of the lives of noncombatants, provided that the liners do not try to escape or offer resistance.” But the affair was by no means ended. In September a formal note also came from Germany, with reference to the torpedoing of the Arabic and this made the attitude of that Government again appear less assuring. Germany expressed regret over the loss of American citizens on the steamer, but said it was unable “to acknowledge any obligation to grant indemnity in the matter even if the commander should have been mistaken as to the aggressive intentions of the Arabic.” Submarine attacks on other ships from time to time, on which it was feared there were Americans, tended to keep anxiety alive, but on Oct. 5 the strain was eased and the tension relieved when the German Ambassador sent a letter to our State Department stating that the attack of the German submarine on the Arabic had been undertaken “against the instruc­ tions issued to the commander,” and that “the Im­ perial German Government regrets and disavows this act and has notified Commander Schneider accord­ ingly.” The letter also asserted that the orders is­ sued by the German Emperor to submarine com­  12  RETROSPECT.  manders “have been made so stringent that the re­ currence of incidents similar to the Arabic case is considered out of the question.” A memorandum from the German Government made public by our State Department Oct. 29, but written under date of Sept. 9, with reference to a submarine attack the previous July on the Cunard Liner Orduna also con­ tained reassuring news. It was stated that the at­ tack on the Orduna was not in accordance with the German instructions, which provided that large pas­ senger steamers were to be torpedoed only after pre­ vious warning and after the rescue of passengers and crew. A significant fact revealed by this German communication was that early in July, more than a month before the attack on the Arabic, German sub­ marine commanders had received instructions not to sink “large passenger steamers” without warning. In November there came another startling develop­ ment in the sinking of the Italian liner Ancona in the Mediterranean Sea, the missing including a number of Americans, by a submarine flying the Austrian colors. There now rose apprehensions of renewed diplomatic troubles, this time with Austria. The captain of the steamer declared that the sub­ marine had given no warning and did not afford those on board the vessel any opportunity to escape. The Austrian Government admitted the attack but denied that the vessel had been sunk without warn­ ing. The next month Secretary of State Lansing called upon the Austro-Hungarian Government to “denounce the sinking of the Ancona as an illegal and indefensible act,” and demanded “that the officer who perpetrated the deed be punished, and that repa­ ration by the payment of an indemnity be made for the citizens of the United States who were killed or injured by the attack.” The Austro-Hungarian Government in its reply evinced a disposition to palter and its words failed to meet requirements, leading to active discussion of the possibility of the rupture of American relations with Austria. A new note from our Government followed, in which it was declared that the United States Government “finds no other course open to it but to hold the Imperial and Royal Government responsible for the act of its naval commander and to renew the definite but re­ spectful demands made in its communication of the 6th of December 1915.” Under date of Dec. 29 Austria made further reply and this time it practically acceded to the request of the United States. Aus­ tria concurred in the view “that private ships, in so far as they do not flee or offer resistance, may not be destroyed without the persons aboard being brought into safety.” It contended that all the passengers might have been rescued had there been no bungling on the Ancona. Nevertheless, the con­ clusion had been reached that the Austrian com­ mander “had omitted to take adequately into con­ sideration the panic that had broken out among the passengers, which rendered difficult the taking to the boats, and the spirit of the regulation that Imperial and Royal marine officers shall fail in giving help to nobody in need, not even to an enemy. Therefore the officer had been punished, in accord­ ance with the existing rules, for exceeding his instruc­ tions.” It then appeared as if the whole submarine contro­ versy had been settled. But on Jan. 1 1916 there came news of another startling attack—this time the sinking Dec. 30 in the Mediterranean of the Brit­ ish passenger steamer Persia of the Peninsula & Ori­   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ental line. One of the persons who lost his life was Robert N. McNeely who had just been appointed American Consul at Aden and was proceeding to his post on the Persia. It was supposed that the subma­ rine concerned in this attack was an Austrian vessel, but no information on that point has been forthcom­ ing. After sufficient time had elapsed to get reports from all the various submarine commanders, both Austria and Germany announced that none of their ships had been engaged in such an attack. For all that is known to the contrary the Persia may have struck a mine. The disaster, however, gave occasion for declarations of an assuring nature from both Austria and Germany. The Austrian Charge d’ Affaires at once announced that he felt confident that his Government would not hesitate “to satis­ factorily adjust the matter” if it should be proved that the disaster was the work of an Austrian sub­ marine, while the German Ambassador on his part, on Jan. 7 (1916) delivered a communication from Berlin saying that “German submarines were per­ mitted to destroy merchant ships in the Mediter­ ranean only after passengers and crews had been accorded safety”; also, that if commanders of German submarines should not have obeyed the orders given to them, they would be punished. But the matter was destined still later—in Feb. 1916—to assume very grave character again by the announcement that the German Government would from the 29th of February, treat armed merchant ships, though armed only for defensive purposes, as war ships, liable to be sunk without warning. All the leading belligerent countries were able to finance their huge military and naval requirements without difficulty. Great Britain, Germany and France alike negotiated war loans of great magni­ tude. The final installment of the British war loan for £350,000,000 in the shape of 3)^%s brought out in December 1914 at 95, did not fall due until April 1915. In June the British Chancellor of the Ex­ chequer announced the British Government’s plan for a new loan and he secured a unanimous vote in the House of Commons granting authority to raise £1,000,000,000 ($5,000,000,000) if needed. The rate of interest this time was fixed at 4^%, with the issue price par. Holders of the £350,000,000 loan of 1914 were allowed to convert into the new loan on subscribing in cash for a corresponding amount of the new loan. In other words, a holder of £100 3)/£s had to bring £100 in cash, his old war loan stock (issued at 95) and £5 in cash and then received in return new war loan stock for £200. Consols were made convertible in the same way, but only £50 of the new loan was offered for £75 of consols providing the applicant subscribed for £100 of the new loan. This made the consols ex­ changeable at a price of 66 2-3. The new loan (the first installment of which, aside from the 5% which accompanied the subscription, fell due July 20 and the last Oct. 26) proved a great success. The bonds contained a guaranty that in the event of future issues (other than issues made abroad or issues of Exchequer bonds, Treasury bills, or similar shortdated securities) at a higher rate of interest, the rate for the war loan issue was to rise automatically to the same figure. Independent of the conversions, the subscriptions yielded £586,316,000 in cash. In October an Anglo-French loan for $500,000,000 was placed in this country, the rate of interest being made 5%, and the price obtained by the two Govern-  RETROSPECT. merits, each getting one-half the proceeds, being 96. Great Britain financed the rest of its extensive re­ quirements through the issue of Treasury bills and other short term obligations. At first these were placed at low interest rates. Thus in February six months Treasury bills were placed at an average of 1%% and “yearlings” at 2%%; in March £50,000,000 of 3% 5-year Exchequer bonds were sold on a basis of 3 15-16% and £15,000,000 of six months Treasury bills were placed on an interest basis only a shade over 2%%. Gradually, however, inter­ est rates had to be raised and in October the issue of 5year 5% Exchequer bonds was authorized—the price being par. In April a change in the British Govern­ ment’s policy regarding the issuance of Treasury bills was announced. Beginning with April 14 such issues were made at specific rates of interest instead of being subject to competitive tender. Furthermore, there was to be no limit to the amount to be put out. In August the fixed rate on Treasury bills was advanced to 4)4% and in October to 5% for yearlings. Con­ siderable additional amounts of currency notes were also put out, the total at the end of the year standing at £103,125,099, against only £38,478,164 at the beginning. France did not undertake any permanent financing until November, when a French unlimited issue of 5% rentes was announced. The issue price was 88, except that those who elected to pay in cash instead of in installments, were allowed a discount of 15 centimes in the 100 francs. The issue price in foreign countries appears to have been 87)4- This loan was as much a refunding loan as an issue to obtain new cash. The aggregate of subscriptions and conversions reached no less than 15,130,000,000 francs (83,026,000,000); of this 6,368,000,000 francs (81,273,600,000) represented new subscriptions. The remainder represented conversions of other outstand­ ing issues, which had been put out in large amounts during the year, such as National Defense short­ term bonds and longer term defense bonds and con­ versions of 3% and 3)4% rentes. The Government also obtained further advances from the Bank of France. A statement published by “l’Economiste Francais” in its issue of Jan. 22 1916 furnished the following summary of the extra resources obtained by the French Treasury from the time of the out­ break of the war on Aug. 1 1914: Extra Resources Obtained by the French Treasury from the Outbreak of the War.  Payments on the 3>$ % redeemable loan since Aug. 1 1914.. 460,000,000 Bonds of National Defense (i. e., short-term bills)_______ 8,900,000,000 Obligations of National Defense (10-year maturity)______ 3,824,000,000 Payments in cash on the 5% National Loan____________ 6,368,000,000 Advances of the Bank of France up to Jan. 13 1916_____ 5,300,000,000 Loan made in the United States (half of the Anglo-French loan of 8500,000,000)---------------------------------------------- 1,295,000,000 Loan made in London, providing for the sending of 505,000,000 francs in gold-------------------------------------------- 1,512,000,000 23 27,659,000,000  Germany had perhaps the greatest success of all with its war loans. Two of these were put out in 1915 in addition to the one floated in 1914. The rate of interest for all was 5%, but the subscriptions kept increasing with each new issue and each issue was made at a higher price. Subscriptions for the second war loan were received in March and the issue price was 98)4, against 97)4 in September 1914. The subscriptions this time aggregated no less than 9,060,000,000 marks (82,265,000,000), against 4,460,000,000 marks (81,115,000,000). The third war loan was brought out in September, the issue price now being 99 and the subscriptions reaching 12,100,100,000 marks (83,025,250,000). Austria brought out its second war loan in June and the subscriptions were reported as aggregating 2,630,-   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  13  000,000 to 2,670,000,000 kronen (8526,000,000 t° 8534,000,000). The first Austrian war loan was offered in Novemeber 1914 and consisted of 5)4 per cents at 97)4; subscriptions were 2,165,000,000 kronen (8433,000,000). A third Austrian war loan was placed in October, the issue price being 93.60, the rate of interest 5)4% and the date of maturity 1930; the subscriptions this time reaching 4,015,000,000 to 4,075,000,000 kronen (8803,000,000 to 8815,000,000). Subscriptions to a third Hungarian war loan were at the same time reported as having amounted to 2,000,000,000 kronen (8400,000,000). The two previous Hungarian loans (the first offered in Nov. 1914) are said to have yielded combined subscriptions of 2,235,000,000 kronen (8467,000,000). With reference to Russia, little current information has been available from time to time, but an article in the February 1916 number of “The Americas” re­ ported that the following new loans had been con­ tracted since the beginning of the war: 5% Short Term Loans at various dates__Rs.2,650,000,000 81,364,750,000 First 5% War Loan of 1914 (Oct. 1914).. 500,000,000 257,500,000 First 5% War Loan of 1915 (Feb. 1915). 500,000,000 257,500,000 Second 5>£% War Loan of 1915 (May 1915) __________________________ 1,000,000,000 515,000,000 4% Series of the Treasury (Aug. 1914).. 300,000,000 154,500,000 4% Series of the Treasury (March 1915) _ 300,000,000 154,500,000 Short Term Treasury Obligations dis­ counted in Great Britain, £132,000,000 1,248,324,000 642,886,860 Short Term Treasury Obligations, dis­ counted in France, Frs. 625,000,000.. 234,750,000 120,896,250 Special Currency Loan (April 16 1915).. 200,000,000 103,000,000 5>£% Short Term War Loan of 1915 (Nov. 1915)._____ _______________ 1,000,000,000 515,000,000 Rs.7,933,074,000 84,085,533,110  The improvement in domestic trade was slow and did not come, as already stated, until the last third of-the year. Such improvement as ensued before that time was confined to the industries stimulated directly or indirectly by war orders. Work in execu­ tion of these war orders did not proceed at a very great pace until the second half of the year, it being necessary to acquire the requisite tools and the other special facilities needed. Such war orders even­ tually, however, proved a stimulating agency of great force and potency, as set out above, and finally do­ mestic trade was carried along on the tide and itself began assuming larger and still larger proportions. Two important and powerful influences tended to keep domestic trade in check until the latter part of the year. One was the deplorable condition of the railroad industry, and the other the depression and lassitude in the South. The outbreak of war in Europe and the big drop in the price of cotton had dealt the South a blow from which it took a long time to recover. In September 1915, however, an import­ ant rise in the price of the staple occurred, and the rest of the year cotton values were well maintained at the higher level. The South then quickly recov­ ered from its depression, and this proved a new stimulus to domestic trade. The outlook for the railroads remained uninviting —in fact, dismal—until the last quarter of the year. Their revenues ruled at a low level and their credit was poor. A significant pointer in that respect was the fact that in February the New York Central put out 8100,000,000 convertible debentures and had to make the rate of interest 6%. The roads were forced to practice extreme economy, and as a consequence net earnings recorded considerable increases in many instances. But this was de­ ceptive of their real situation, reflecting merely the reductions in expenses wrought in carrying out their enforced policy of retrenchment. The test of the state of their traffic and revenues was found in the gross receipts, and these failed to improve, speak­ ing of the roads collectively, until September. Thus  14  RETROSPECT.  the rail-carrying industry was in no condition to make large new capital expenditures, and hence it is not surprising that the “Railway Age-Gazette” found that the total of new road built during the twelve months was the smallest in half a century, having been less than 1,000 miles. Moreover, several more large systems had to seek refuge in the courts, the new receiverships including, among others, that of the Missouri Pacific, the Missouri Kansas & Texas, the Chicago Rock Island & Pacific and the Western Pacific. In April there came the award of the Arbitration Board in the case of the demands of the locomotive engineers and firemen on Western roads for increased wages. The men succeeded in getting only a small part of their demands, and yet the increases actually granted, it was estimated, would aggregate $5,000,000 per year. In August the roads in Western Classifi­ cation Territory suffered a grievous disappointment in the action of the Inter-State Commerce Commis­ sion on their application for advances in rates. Most of the advances were denied. One of the Commissioners who was in favor of more liberal treatment of the roads estimated that the aggregate increase of revenue permitted would scarcely exceed $1,600,000. As total freight earnings of the 41 roads involved in the fiscal year 1914 had been $641,000,000, this meant an addition to the extent of *4 of 1%. In another case, where the Commis­ sion had initiated an inquiry of its own—the case of the anthracite carriers from the Pennsylvania coal fields to tidewater—a reduction in rates was ordered. A statement - prepared by the “Railway AgeGazette,” and published in its issue of Oct. 15, showed 41,988 miles of road operated by receivers. By the end of the year this had been reduced to 38,661 miles through the taking of the Wabash RR. out of the hands of receivers, and some other adj ustments. The capitalization of this 38,661 miles of road was $2,354,900,301, consisting of $1,607,895,500 of bonds and $747,004,801 of stock. In the first four months of the year railroad gross earnings showed considerable decreases as compared with the corresponding period of the preceding year. From May to August, inclusive, there were relatively unimportant increases. In September all of a sud­ den important gains occurred on some of the larger systems and the result was an increase of $17,783,141, or 6.43%, for the railroads as a whole in that month. For October the gain reached $37,087,941, or 13.57%, for November $66,310,622, or 27.58%, and for December $62,438,948, or 26.82%. In the net earnings the ratios of improvement for the later months were yet more striking, as expenditures were kept low, maintenance outlays having been based on the small earnings of the early months of the year. For November the increase in net was $50,002,894, or 73.32%, and for December $44,692,200, or 73.04%. Thus it will be seen what a wonderful change was worked in the railroad situation and in the railroad outlook, and it all occurred in the last four months of the year. In addition, the country was blessed with a very bounteous agricultural season. The wheat crop was of unexampled dimensions, reaching 1,011,505,000 bushels. The oats crop was also the largest on record, amounting to 1,540,362,000 bushels. The corn crop did not reach unprecedented proportions, and yet was large, the yield being 3,054,535,000 bushels.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Altogether it will be seen there were many cheering circumstances and events. In addition, the indi­ cations were that the public attitude towards the carriers and towards business interests was being somewhat modified for the better. Two U. S. Supreme Court decisions in March, involving State laws fixing railroad rates, were also deemed highly en­ couraging. One of these cases dealt with freight rates and the other with passenger rates. In these decisions the Court laid down the important prin­ ciple that a State cannot compel railroads to do a given class of business at non-compensatory rates on the theory that the roads derive adequate profit from other operations. Nor would the Court sanc­ tion the argument that so long as the rate decreed by the State does not involve positive loss, it is free from legal objection. The decision adverse to the U. S. Government in the suit against the United States Steel Corporation under the Sherman Anti-Trust Law was also one of the favorable events of the year. This came in June and was as conclusive in favor of the Corpora­ tion as could well be wished. The decision was by the U. S. District Court at Trenton, N. J., and while the price-fixing agreements that were alleged to have followed the Gary dinners, which stopped before the suit was instituted, were condemned, the charge of monopoly was dismissed. Two of the three Judges were not willing to admit that the original purpose was wholly good, but they con­ curred in the general conclusion that the Corporation was now in strict conformity with the law. There was nothing in the course of the money mar­ ket to check the recovery in trade. Absolute ease prevailed from the beginning to the end of the year. Such a situation was rendered inevitable by the re­ duction in the reserve requirements of the banks under the Federal Reserve Act and the large influx of gold from abroad. The year will of course always remain noteworthy for the tremendous rise in prices established on the Stock Exchange. Indeed, in no particular was the year more remarkable than in the transformation wrought in Stock Exchange conditions. When 1915 opened there was trepidation and fear; when it closed there was buoyancy and confidence. When it opened minimum prices were in effect to guard against downward plunges, demoralization and collapse, and these were not removed until the 1st of April; when it closed the pendulum had swung so far in the opposite direction that concern was lest the rise had been carried too far, though substantial and wholesome recessions from the extreme high figures were recorded in the later months. It follows from what has been said that the fluc­ tuations in prices covered a very wide range. In that particular, indeed, the record was as remarkable as in other respects. There have probably been few occa­ sions in the past (if an y at all) where the extremes in a period of twelve months have been so far apart, and certainly the year is unmatched in the transform­ ation and translation of low-priced shares into the high-priced realm. Two stocks in this category claim special attention, namely Bethlehem Steel common and General Motors common. Bethlehem Steel in January was still quoted at 46)4; the following Octo­ ber saw it up to 600. What made the rise in this stock (and many others as well) all the more note­ worthy was that up to that time no dividend had ever been paid on the common shares, though pay-  RETROSPECT. merits were begun early in 1916. When the shares first got above par and were approaching the 200 mark, there were suggestions that possibly a clique or a pool had engineered a corner in the shares. On the other hand, when the stock touched 600 everyone took this as evidence of actual intrinsic worth, and there was talk of the price going to 1000. The close actually was at only 459^, and, necessarily, transactions were now very infrequent and fluctuations of 25 and 50 points between sales not at all rare. The strong feature in the company’s affairs was the circumstance that apparently it held contracts at profitable figures sufficient to keep it busy for a long time to come— contracts, too, that seemed not to be dependent upon the continuation of the European war. The advance in General Motors common was hardly less noteworthy than that in Bethlehem Steel. Motors stock was looked upon as high in Janu­ ary when it commanded 82, but December saw it up to 558, the company evidently doing a tremen­ dous business and making a distribution of 50% in cash in October; here there was much less of a reaction, the close being at 500. The two stocks mentioned must undoubtedly be considered as belonging in a class by themselves as far as intrinsic merit is concerned. As to what justification will be found for the prodigious ad­ vances in the whole list of the so-called “war brides” only the future can tell. The speculative furore, so palpably the result in no small measure of manipu­ lation, was confined almost entirely for a good part of the year to these war stocks, that is stocks of companies supposed to have large orders, to net huge profits, in war supplies of one kind or another for the belligerent countries of Europe. The unsubstantial and dangerous character of the specula­ tion consisted not alone in the fact that prices were pushed to what seemed absurd heights, but that the realization of the expected profits depended mainly upon the continuance of the war, and the time when the war would cease was beyond the ken of any man. Fortunately for the speculators the war continued with unabated fury and violence. Had peace come any time during the twelve months a stock market calamity of untold proportions might have been precipitated. Many of the concerns engaged in the execution of war orders have em­ barked in a line of business entirely new to them, and have had to spend large sums in providing special machinery, tools and plants, in the mean­ time neglecting or abandoning their ordinary business. In not a few cases the ordinary business was practically given up for the time being because of dull trade and utter inability to keep factories and plant busy on that account. We furnish below a record of the high and low prices for the twelve months, together with the openand closing prices for some of the more prominent shares. The record is certainly an unequaled one. Taking a few of the most noteworthy industrial stocks, we find that Allis-Chalmers common, which was quoted in January at only 7%, sold in October at 49)^. American Locomotive common, which was quoted at 19 in March, sold in October at 74%. Baldwin Locomotive common ran up from 26% in March to 154% in October, and—as indicating the substantial nature of the reaction which occurred in the closing months—sold down to 117% at the end of December. Crucible Steel of America common   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  15  jumped from 18% to 109% and closed at 73, CubanAmerican Sugar common from 38 to 177, Goodrich Co. (B. F.) common, a rubber concern, from 24% to 80%, Lackawanna Steel from 28 to 94%, with the close at 81, Maxwell Motor common from 15% to 92, with the close at 76, Studebaker Corp, common from 35% to 195, South Porto Rico Sugar common from 40 to 164, Republic Iron & Steel common from 19 to 57%, &c., &c. The railroad shares for a time were laggards. As evidence, however, of the material rise which occurred in the better class of railroad properties, we may note that Baltimore & Ohio common, which opened the year at 68%, closed in December at 95%; Erie common between the beginning and end of the year ran up from 21% to 44; New York Central from 84% to 110%; New York New Haven & Hartford from 54% to 77; Reading common from 71% (half shares) to 84; Canadian Pacific from 156 to 183; Chicago Milwaukee & St. Paul common from 87 to 100%; Great Northern from 112% to 127%; Northern Pacific from 100 to 118; Southern Pacific from 82 to 103%; Union Pacific common from 115% to 139%; Atchison Topeka & Santa Fe common from 93 to 108%; Chesapeake & Ohio from 41 to 64%; Norfolk & Western from 99% to 121%; Southern Railway common from 14 to 24, &c., &c. We now insert the table already referred to. RANGE OF LEADING STOCKS IN 1915. All prices dollars per share, not per cent.  Par.  Trunk Lines—Baltimore & Ohio____ 100 Cleve Cin Chic & St L.100 Erie________________ 100 N Y Central & Hud Riv 100 N Y Chic & St Louis__ 100 Pennsylvania_________ 50 New England and Eastern— Boston & Albany_____ 100 Boston & Maine______ 100 N Y N H & Hartford..100 Coal Roads— Central of New Jersey.. 100 Delaware Lack & West..50 Delaware & Hudson__ 100 Lehigh Valley_________ 50 N Y Ontario & Western 100 Reading_____________ 50 Western and Pacific— Canadian Pacific_____ 100 Chicago & Alton_____ lOO Chic Milw & St Paul..100 Chic & North Western. 100 Chic Rock Isl & Pacific-100 Colorado & Southern..lOO Denver & Rio Grande.. 100 Great Northern, pref_.100 Illinois Central_______ lOO Minn St Paul & S S M.100 Northern Pacific_____ lOO Rock Island Company. 100 Preferred___________ 100 Southern Pacific Co__ 100 Toledo St Louis & West 100 Union Pacific________ lOO 8 outhwestern— Atch Topeka & S Fe__ 100 Kansas City Southern_ 100 Missouri Kans & Tex..100 Preferred_________ 100 Missouri Pacific______ lOO St L & San Fr, 2d pref.100 St Louis Southwestern.lOO Texas & Pacific______ 100 Southern Roads— Chesapeake & Ohio___ 100 Louisville & Nashville_ 100 Norfolk & Western.__ 100 Seaboard Air Line____ 100 Preferred_________ 100 Southern Railway____ lOO Preferred_________ 100 M iscellaneous— Allis-Chalmers Mfg v t c 100 Am Agricul Chemical_ 100 American Beet Sugar_ lOO American Can_______ 100 American Car & Fdy_ 100 American Cotton Oil__ 100 American Locomotive_ 100 Amer Smelt & Refg.__ 100 Amer Steel Foundries_ 100 Amer Sugar Refining_ 100 Amer Telep & Teleg__ lOO American Tobacco___ 100 Anaconda Copper____ 50 Baldwin Locomotive__ 100 Bethlehem Steel Corp..100 Calif Petroleum v t c_ 100 Colorado Fuel & Iron..100 Continental Can_____ lOO Crucible Steel of Amer.lOO Cuban-American Sugar lOO Distillers Secur Corp__ lOO General Electric______ lOO General Motors v t c__ 100 Goodrich (B F) Co.__ 100 International Paper__ 100 Lackawanna Steel____ 100 Maxwell Motor tr ctfs-.lOO  Open­ ing.  Lowest.  Highest.  63% Feb. 25 96 Dec. 31 21 Jan. 18 52 Oct. 22 19% Feb. 24 45% Nov. 19 81% Mar 110% Dec. 31 30 June 29 46% Dec. 23 51% Feb. 24 61% Nov. 3 170 Mar. 5 198 Jan. 12 20 Feb. 13 37% Oct. 11 54% 43 Feb. 25 89 Oct. 11 324 250 Sept. 1 325 Jan. 22 199% 199% Jan. 6 238 Nov. 23 142 138 y Aug. 31 154% Nov. 4 65%, 64% Feb. 24 83% Nov. 19 22% 21% Jan. 6 35 April 20 71% 69% May 10 85% Nov. 3 156 138 July 194 Nov. 1 93 8 Aug. 15% Aug. 25 87 77% July 101% Dec. 31 125 118% July 135% Nov. 16 21% 10% July 38% April 15 25 24 Mar. 38% Nov. 3 , 5 4 Jan. 16% Nov. 16 112% 112% Jan. 128% Nov. 5 107 99 July 113 April 19 106 106 Jan. 126% Nov. 1 100 99% Feb. 118% Dec. 31 % July 1% April 9 1% % June 2% April 9 82 Feb. 104% Dec. 31 1 81% 1 Jan. 8% Nov. 30 115% 115% Jan. 141% Nov. 18 93 92% Feb. 111% Nov. 4 21% 20% Feb. 35% Nov. 1 8% 4 Sept. 15% April 19 26 10% Sept. 40 April 5 7% 1% July 18% April 19 10% Nov. 8 1?* 113 Jan. Sept. 23 Nov. 17 12 8% July 17% April 19 41 35% July 64% Nov. 19 112 104% July 130% Nov. 4 99% 99% Jan. 122% Dec. 14 11% 11% July 20% Nov. 5 38 43% Nov. 4 30% July 14 12% July 26 Nov. 1 58 42 July 65 Nov. 3 8 7% Jan. 49% Oct. 4 48 48 Jan. 74% Nov. 8 33% 33% Jan. 72% Dec. 7 25% 25 Feb. 68% Oct. 4 44% Feb. 98 Oct. 4 39 Jan. 64 Oct. 23 23 Mar. 74% Oct. 23 56 Jan. 108% Dec. 31 26% 24% Mar 74% Oct. 19 104 99% Feb. 119% Nov. 5 iie% 116 Jan. 130% Nov. 4 ■. 220% 195% Dec. 252% April 22 C5O% c49% Feb. 91% Nov. 17 40 26% Mar. 154% Oct. 23 46% 46% Jan. 600 Oct. 22 8 July 38% Dec. 31 22 21% Jan. 66% Sept. 29 40% 40% Jan. 127 Oct. 5 621% 18% May 109% Sept. 29 38 38 Jan. 177 Dec. 1 11% 5% Mar. 50% Oct. 22 140% 138 Mar. 185% Oct. 4 82 82 Jan. 558 Dec. 9 25 24% Jan. 80% Oct. 14 8 8 Jan. 12% Dec. 27 28 28 Jan. 94% Sept. 29 15% 15% Jan. 92 Oct. 26  if* 21% 84 % 35 52%  Clos­ ing.  RETROSPECT.  16 Par.  Open­ ing.  Lowest.  Highest.  Clos­ ing.  Miscellaneous— Mexican Petroleum___ 100 54% 51 Jan. 9 124% Dec. 31 123 National Lead ______ 100 44 44 Jan. 4 70% May 1 66% New York Air Brake__ 100 59 56% Feb. 26 164% Sept. 23 140% Pacific Mail SS______ 100 18% d8 % Dec. 3 38 Aug. 3 11% People’s Gas Lt & Coke 100 117% 106% Dec. 21 123% April 3 111% Pressed Steel Car_____ 100 33% 25 Mar. 6 78% Oct. 4 64% Railway Steel Spring__ 100 22% 19 Mar. 6 54 Oct. 1 45 Republic Iron & Steel..100 20 19 Feb. 1 57% Dec. 9 55% South Porto Rico Sugar 100 40 40 Feb. 16 164 Dec. 1 145 Studebaker Corp (The) 100 35% 35% Jan. 2 195 Oct. 22 167% Texas Co (The)____ .100 134% 120 May 14 237 Dec. 20 233 U S Industrial Alcohol. 100 15 15 Jan. 27 131% Dec. 24 129% U S Rubber_________ 100 51% 44 July 24 74% April 14 56 U S Steel Corporation..100 49 38 Feb. 1 89% Dec. 27 88% Preferred___ .100 105 x 102 Feb. 1 117 Oct. 30 117 Va-Carolina Chemical.100 15 15 Jan. 4 52 Oct. 26 49% Western Union Teleg__100 57 57 Jan. 2 90 Nov. 4 88% Westingh Elec & Mfg__ 50 33% 32 Feb. 24 74% Oct. 26 z69% Willys-Overland (The) .100 87 Feb. 23 268 Nov. 1 236 c Par value at this time was $25 per share and quotations were actually one-half of the figures here given; in July the par value was changed to $50 per share (by doubling up the shares—one new for two old). These quo­ tations are all on same basis, namely par value of $50 per share. d Ex dividend in liquidation. x E± dividend. e First sale was on May 1.  We need hardly say that the volume of business for the year was very large, both in stocks and bonds. The stock sales aggregated 173,145,203 shares, which compares with only 47,900,568 shares in 1914, when the Stock Exchange was closed from July 31 to Dec. 11, both inclusive, and with 83,470,693 shares in 1913, when dealings went on throughout the year. The sales were the largest of any year since 1909, but were by no means the maximum on record, as will appear when we say that in 1906 the transactions were larger by over 100 million shares, reaching 284,298,010 shares, as will be seen by the table we now insert: SALES AT THE NEW YORK STOCK EXCHANGE SINCE 1896.  Calendar Years.  Railroad, and Miscellaneous Stocks.*  Railroad and Miscellaneous Bonds.  Government Bonds.  State, Mun. and Foreign Bonds.  Shares. $ $ 77,324,172 2,004,950 529,843,960 10,394,950 1897 ................................... 112,699,957 888,747,630 24,581,980 3,642,700 1898 _________________ 10,582,180 2,013,200 176,421,135 826,711,400 1899 _________________ 138,380,184 2,082,200 569,159,000 7,012,080 1900 _________________ 1,892,670 2,502,800 994,235,400 1901_________________ 265,944,659 3,675,900 879,749,150 1,378,050 1902 .................... ............ .. 188,503,403 1,162,050 470,600 161,102,101 684,300,400 1903 _________________ 187,312,065 1,014,812,700 681,180 24,652,575 1904 _________________ 1,189,120 1207,513,450 815,716,200 1905 _________________ 263,081,156 67,588,850 605,554,200 1,809,800 1906 ____________ _____ 284,298,010 196,438,824 858,050 69,196,100 456,116,300 1907 _________________ 81,713,500 197,206,346 999,025,800 521,820 1908 _________________ 1,279,404,100 771,200 37,115,700 1909 _________________ 214,632,194 42,594,450 164,150,061 591,769,200 359,200 1910__________ _____ _ 794,987,200 3,467,500 96,755,400 127,207,258 1911_________________ 1,243,500 25,802,000 648,168,000 1912.................. ................. 131,128,425 28,806,700 471,035,100 1,729,200 83,470,693 1913______________ _ 33,632,000 427,198,000 692,600 1914 (see note)________ 47,900,568 173,145,203 3,040,000 51,394,000 906,659,200 1915............................... .. * 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. Note.—On account of European war, the Stock Exchange was closed in 1914 from July 31 to Dec. 11, both inclusive, in the case of stocks, and from July 31 to Nov. 27, both inclusive, in the case of bonds.  Below we bring together some general statistics for 1915 and 1914, affording an interesting contrast between the two years. GENERAL SUMMARY FOR TWO YEARS. * 1915. 1914. Coin and currency in U. S. Dec. 31_____ $4,401,988,337 $3,972,373,686 Bank clearings in United States . . $ 187,759,076,986 155,245,118,234 Business failures __ . _ _______ .$ 302,286,148 357,908,859 Sales at N. Y. Stock Exchange___ shares 173,145,203 47,900,568 Imports of merchandise (12 months)___ $ 1,778,605,855 1,789,276,001 Exports of merchandise (12 months)___ $ 3,550,915,393 2,113,624,050 Net imports of gold (12 months) ____ $ 420,528,672 *165,228,415 Gross earnings (12 months) _ ____ $ 3,150,734,979 2,993,369,266 Net earnings (12 months).. _ . $ 1,034,748,002 824,407,920 Railroad constructed ____ . . miles xl,532 Wheat raised ____ _______ .bushels 1,011,505,000 891,017,000 Com raised. ... . . _ .bushels 3,054,535,000 2,672,804,000 Oats raised______ _ .. bushels 1,540,362,000 1,141,060,000 Cotton raised___ _ _____ _ . .bales all,161,000 al5,966,000 Pig iron produced .. . (tons of 2,240 lbs.) 29,916,213 23,332,244 Lake Super.ore ship’ts by rail (gross tons) 46,318,804 32,021,897 Copper production in United States, .lbs. 1,647,000,000 1,531,781,000 Anthractie shipments (tons of 2,240 lbs.) 66,122,062 68,342,601 Coal of all kinds. . . (tons of 2,000 lbs.) 518,000,000 513,000,000 Petroleum production (whole U. S.)_-bbls 291,400,000 284,000,000 Immigration into United States . No. 6258,678 6688,495 Building operations, 252 cities _ $ 922,034,298 879,821,460 * Net exports. a Agricultural Department’s estimate, which does not include linters. x Estimates of “Railway Age Gazette.” b These are the arrivals of alien immigrants. The net alien arrivals (immigrant and non-immigrant) for 1915 were 43,005, against 262,853 in 1914. MONTH OF JANUARY. *  Current Events.—Many developments tended to stimulate decidedly more hopeful feeling in the opening month of the new year, but trade continued on a very restricted scale. Unemployment was one of the marked features, and in the large cities, particularly New York, excep­ tional measures of relief had to be adopted to provide sustenance for those in enforced idleness. Sentiment im­ proved unmistakably, but the poor returns of earnings for December,received the latter part of January, the bad state­  a   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ment for the December quarter submitted by the U. S. Steel Corporation after business hours Jan. 26, and the action of the Corporation in suspending dividends on the common shares, indicated how deeply depressed were the country’s industries. Ground for very sanguine views was found in the state of the country’s foreign trade. The return for De­ cember issued about Jan. 20 had few parallels up to that time in the favorable balance disclosed, mainly owing to the tremendous grain shipments at high prices. Notwithstand­ ing the low price and diminished shipments of cotton, mer­ chandise exports increased from $233,195,628 in Dec. 1913 to $245,632,558 in Dec. 1914, while the imports, owing to the European war, and the check thereby imposed upon trade with the countries engaged in the conflict, especially Ger­ many, fell from $184,025,571 in Dec. 1913 to $114,656,545 in Dec. 1914, leaving a trade balance for Dec. 1914 of $130,976,013, being the largest of any corresponding month in trade annals, and but once exceeded up to that time in any month in the country’s history. It was obvious, too. that this exceptional foreign trade situation must continue during 1915 unless indeed peace should come, and, as a matter of fact, subsequent returns were destined to reveal yet more striking results. Financial developments, too, were highly encouraging, indicating a return to normal conditions after the upheaval which had ensued the previous August follow­ ing upon the outbreak of war in Europe. According to pro­ gram, business was resumed on the London Stock Exchange on Monday, Jan. 4, after having been suspended since the previous July 30. The resumption was under rigid limita­ tions, minimum prices being fixed and it being provided that all trades must be for cash and arbitrage business being pro­ hibited. Dealings were allowed only between 11 a. m. and 3 p.m., inside or outside of the Exchange. As the Exchange thus closed before American quotations could reach London (on account of the five hours difference in time), and deal­ ings at other hours were forbidden, trading between New York and London was rendered out of the question. On Jan. 7 simultaneous formal announcement was made in London and Washington that the international conference between the United States and Great Britain for the consid­ eration of the foreign exchange situation (as a result of which Sir George Paish and Basil B. Blackett had, on the invita­ tion of the U. S. Sec. of the Treasury, spent some time in this country the previous Oct. and Nov.) had been formally discontinued. The announcement in this country came from Gov. Charles S. Hamlin of the Federal Reserve Board, who, on behalf of Sec. of the Treas. McAdoo, stated “that in view of the fact that exchange between the United States and the United Kingdom had become practically normal (‘normal’ here had reference to the disappearance of the state of the exchanges adverse to the United States and not to the opposite state of the exchanges which subsequently developed), it was no longer necessary for the two Govern­ ments to exercise their good offices in connection therewith, and that any further consideration of the question should be left to the banks and bankers of the respective countries.” This was followed Jan. 15 by another simultaneous an­ nouncement in London and New York, but this time by the bankers in the two countries and much more far reaching in its importance. They stated that they were “authorized to say that after a conference held by the Chancellor of the Exchequer with the London bankers, it was resolved that, inasmuch as exchange between the United States and the United Kingdom was now substantially nor­ mal, no definite action at the present time was required, but that if, during the continuance of the war or for one year thereafter, the exchanges between the two countries should become such that gold exports from either country to an unreasonable amount might result, committees of bank­ ers could be appointed in the United States and in the United Kingdom respectively, to consider plans for dealing col­ lectively with the situation by such methods as may seem at the time mutually desirable.” The significance of this latter announcement lay in the fact that it showed that Great Britain was now becoming solicitous concerning possible drafts upon her own stock of gold and was seeking the co­ operation of American bankers to guard against such a result. All the developments of the month tended to emphasize the advancing importance of the United States in the world’s financial transactions and a growing tendency to substi­ tute New York for London in the carrying through of such transactions. A Russian credit of $25,000,000 was arranged in New York through a group of leading banks and bankers, including J. P. Morgan & Co., who agreed to purchase the drafts on a 5% interest basis with one-half of 1% additional for acceptance. The drafts were for 90 days with privilege of one renewal at the same acceptance rate. It was expressly stated that the arrangement was not a loan but merely a banking transaction, the proceeds to be used in payment for supplies purchased in this country. France also took means to reinforce her credits here. On Jan. 4 Lazard Freres with­ drew $2,000,000 in gold bars from the New York Assay Office and deposited the same with the First National Bank of this city for account of the Bank of France. Somewhat later £10,000,000 ($50,000,000) 5% French Treasury bills were offered in the London market and over-subscribed on a basis of about 4 % %. It was understood the proceeds were meant in great part to reinforce French credits in New York so as to provide for the large purchases of supplies here for the French Government. Announcement also came of ship­ ments of gold to the United States for account of China and  RETROSPECT. Japan. With reference to these gold imports from China, it was explained that ever since the outbreak of the war there had been a disposition on the part of German banks in China, and Germans having financial and mercantile con­ nections there, to get their assets out of China. The ordi­ nary way of doing this would have been to export silver, but as the shipment of this metal on account of its bulkiness would have been too expensive, gold was sent. Since the gold could not be shipped to Germany, it was forwarded to the Guaranty Trust Co.of this city and was tantamount to establishing a German credit here to that extent. Because of the war the gold was sent direct to the home office of the Guaranty Trust Co. in New York instead of to the London branch of the company, where Chinese business had been handled in large measure in the past. It also appeared that since the previous Oct. 1 the International Banking Corporation of this city had brought into the United States some $10,000,000 in gold from Japan, this having been sold to the United States Mint at San Francisco. It was stated that this constituted payment for commodities, principally cotton and steel, purchased by Japan in this country since the outbreak of hostilities. Previous to the war Japan had been, it was reported, a heavy buyer of machinery and steel from Germany, but the war made it necessary for her to turn to the United States for such supplies. Another important development, significant in the same way, was the nego­ tiation here of many foreign loans. This tendency was observable even before formal pro­ mulgation by the British Treasury of regulations rigidly limiting new capital issues in the British market. These regulations definitely closed the English market to new obligations representing undertakings outside the British Em­ pire, these being banned during the continuance of the war. The official announcement, which came Jan. 18, stated that it appeared to the Treasury that in the existing crisis all other considerations must be subordinated to the paramount ne­ cessity of husbanding the financial resources of the country with a view to the successful prosecution of the war. Ac­ cordingly fresh issues of capital of any kind would have to have the approval of the Treasury before they were made, and where they were for undertakings in the United Kingdom they would only be allowed when it was shown to the satis­ faction of the Treasury that they were advisable in the national interest. Issues for oversea undertakings in the British Empire would only be approved where it was shown that they were of urgent necessity and that special circum­ stances existed, while issues representing undertakings out­ side the British Empire would not be countenanced at all. Among the foreign loans negotiated here was an offering on Jan. 4 by banks and bankers in New York, Boston, Phila­ delphia, Pittsburgh and Chicago of $15,000,000 6% gold notes of the Republic of Argentina. The notes were sold within a few hours. Boissevain & Co. of this city invited subscrip­ tions in this country for a Netherlands Government 5% loan of 275,000,000 guilders ($110,000,000), but none of this was placed here. The previous month (December) $5,000,000 6% 2-yr. Treasury notes of the Kingdom of Sweden had been offered here, and the latter part of November $3,000,000 2 and 3-yr. 6% notes of the Kingdom of Norway had been offered. The Equitable Trust Co. of this city on Jan. 7 purchased $2,700,000 4J^% 1-yr. gold treasury notes of the Province of British Columbia. In December bankers in this city had purchased $6,900,000 5% 3-yr. gold coupon deben­ tures of the City of Montreal on a joint bid of 98.671, a basis of about 5.486%. Quite a large amount of new Canadian railway obligations was also placed here during January. Can. Pac. placed $12,690,000 equip, tr. 4J^s, Can. North. $2,000,000 equip, tr. 5s and Winnipeg Elec. Ry. sold $1,500,000 6% 1 to 2-yr. gold notes. The previous month Toronto Ry. had placed in this country $1,500,000 1 to 2-yr. 6% notes. Among the other financial developments of the month was the announcement that the $100,000,000 Gold Pool, or Gold Fund, formed during the trying times immediately following the outbreak of the European war, to ease foreign exchange, no longer had any reason for existence, and would be dis­ solved. This announcement came after a meeting of the Gold Fund Committee at the N. Y. Clearing House on Jan. 22. The total fund pledged was $109,000,000, but only one call for 25% of the subscription was made. About $10,000,000 of gold was shipped to Ottawa, this being for account of the Bank of England, and it was now determined to return the remainder of the subscription promptly to the partici­ pating banks. It also appeared that there was little need for the Cotton Loan Fund of $135,000,000, which was an­ other one of the emergency measures devised to deal with exceptional situations growing out of the war. This Cotton Loan Fund did not get in definite working order until the beginning of the new year, and the first application for a loan was accepted Jan. 8. Conditions attending tbe granting of loans were not particularly easy, and as the price of cotton had in the meantime considerably improved, applications for loans proved inconsequential. Under the terms of the ar- i rangement requests for loans could not be made later than ; Feb. 1, and as it was determined not to extend the time limit, i the activities of this fund practically ceased with the end of , the month. The cancellation of the last of the emergency i currency notes taken out under the Aldrich-Vreeland Act by the banks of this city occurred towards the last of the • month and large further amounts were also retired in other ' parts of the country. A little over $144,000,000 was the   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  17  aggregate which the local institutions had taken out through the National Currency Association; for the whole country the amount was $384,485,000, of which about $70,000,000 remained outstanding at the close of the month. In business circles the most definite indication of improve­ ment was, perhaps, seen in the dry goods market. This manifested increased activity, with a decidedly firmer tend­ ency to prices. The improvement followed largely as a re­ sult of the firmness of the cotton market. Middling upland cotton in New York advanced from 7.80c. Dee. 31 to 8.70c. Jan. 21; the close was at 8.45c. Print cloths at Fall River remained at 2%c. The cotton ginning report of the Cen­ sus Bureau, issued Jan. 23, made it certain that the crop would be the very largest on record, or something like 16,500,000 bales. In grain a further great rise in prices occurred, particularly in the case of wheat, where the May option in Chicago jumped from $1 29% Jan. 2 to $1 52 Jan. 30. Foreign governments purchased with great freedom, and the export movement reached large proportions. Other grains also made substantial advances, the May option for corn at Chicago rising from 73^ Jan. 2 to 82X Jan. 28, and the May option for oats from 53 Jan. 2 to 60 Jan. 30. This great rise induced President Wilson to order an investigation, as far as wheat was concerned, by the Department of Justice. In a formal letter on Jan. 18 Attorney-Gen. Gregory was called upon to “actively” investigate “any sort of combina­ tion,” whether “a corner or otherwise,” which might account for the rise in price of the commodity. The President’s action followed a petition addressed to him under date of Jan. 15 by Mrs. Julian Heath, the President of the Naiional Housewives’ League, in which he was besought, “in view of the situation regarding wheat and flour, to take drastic meas­ ures at once to protect your people, even if necessary to place an embargo on these products.” There was also active agi­ tation of the matter in Congress. In the steel trade there was less stagnation than had existed in December, the steel mills being employed to about 50% of their capacity, against 30 to 35% in December; but conditions remained very unsatis­ factory. Prices stiffened a little in certain directions, steel billets at Pittsburgh rising from $19 a ton to $19 50, and steel bars, plates and beams from $1 05 per 100 lbs. to $1 10. The statement of the Steel Corporation for the December quarter was the worst of any submitted in the entire history of the Corporation. Not alone was nothing earned for the com­ mon shares during the quarter, but only $567,360 was earned toward the payment of the $6,304,920 required for the quar. div. on pref. Moreover, each month during the quarter made a worse showing than its predecessor. For Oct. the profit (after deducting interest on merely the bonds of the subsidiary companies) was quite small, being no more than $5,580,533; but in Nov. there was a drop to $2,798,388 and in Dec. to only $2,554,249. This latter was so small that if continued for a period of 12 months, the Corporation would have fallen $17,000,000 short of meeting its fixed charges for the year. In copper a further marked rise ensued, Lake cop­ per at New York advancing from 13 J£c. to 14^c. and elec­ trolytic from 13c. to 14%c. There was concealment, how­ ever, of the statistical situation of the metal. The Copper Producers’ Association decided upon dissolution at a meeting on Jan. 13. Monthly statements of production, shipments and stocks had been made by the Association since Jan. 1909, but with the outbreak of the war the announcement had come on Aug. 4 that the July report would not be published. No monthly returns were issued thereafter. In the European war the battles for trenches in Flanders and France continued, according to cablegrams, without cessation from the sea to the Swiss border—“in the mud of Flanders, the floods of the Aisne Valley, and the snows of the Argonne and the Vosges”—without, however, yielding any decisive results. On the Eastern front Russian arms appeared to be successful in a number of battles in East Prussia, Poland and Galicia, though Teutonic and Russian versions differed widely. It seemed to be conceded, how­ ever, that practically the whole of Bukowina was in Russian hands. Count Berchtold, Austrian Premier, resigned and was succeeded by Baron Stephen Burian, the Hungarian Minister to the Royal Court. A sensational event was a raid upon English towns by a fleet of Gorman airships on the night of Jan. 19. These air craft dropped in all about 20 bombs, killing four persons and injuring possibly a dozen others and doing also considerable property damage. Yar­ mouth and King’s Lynn, the largest towns visited, suffered the greatest damage. On Sunday, Jan. 24, a German squadron undertook to make an attack on British coast towns, but was checked by a British patrol squadron and in a running fight the German armored cruiser Bluecher was sunk, and two German battle cruisers seriously damaged. The German ships turned about when they found they had been discovered and sought the protection of their mine fields. The Germans claimed that at least two English warships had been sunk, but this was denied by the British Admiralty, which stated that the battleship Lion and the British destroyer Meteor had been disabled, but repairs could be speedily effected. Stringent regulations for the conservation of the food supply of Germany were put into effect by the Federal Council at Berlin. All stocks of corn, wheat and flour were ordered seized by Feb. 1; all business transacted in these commodities was forbidden from Jan. 26; all municipalities were charged with the duty of setting aside suitable supplies of preserved meat; the owners of grain were ordered to report their stocks immediately, whereupon con­  18  RETROSPECT.  fiscation at a fixed price was to follow. A notice in the Imperial Gazette stated that the action taken was “necessary in order to make certain the sufficient and regular supply of our people with breadstuffs until the next threshing of the new harvest and is, besides, a necessity of life for the Government and the nation.” The purpose was, it was stated, “to bring about the sparing use of our limited sup­ plies of breadstuffs which, however, are in reality sufficient for our needs.” The Danish Government on Jan. 18 de­ cided to take over all the white flour in Denmark, estimated at 50,000,000 lbs., for the protection of the interests of its people. The Australian embargo on merino wool was con­ ditionally lifted early in the month so as to permit the ship­ ment of wool to the United States in British ships under a shippers’ guarantee against the re-export of the raw or manu­ factured product. The Indian wool embargo was also raised. On Jan. 8 announcement was made by the British Ambassador at Washington that arrangements had been practically completed whereby dealers and manufacturers of the United States could obtain supplies of rubber from Great Britain. The preliminary reply of Great Britain to the communication of the U. S. Government complaining of the seizures and detentions of American cargoes destined to neutral European ports and bearing date Jan. 7 was made public Jan. 10. The British note, while conceding the principles contended for by the American Government, pointed out difficulties in actual practice, referred to alleged fraudulent practices by shippers and cited statistics showing an increase rather than a decrease in certain neutral com­ merce as supporting Great Britain’s suspicions that Ger­ many and Austria were indirectly obtaining contraband through neutral countries. The note promised that Great Britain would make redress whenever the action of the British fleet “may unintentionally exceed” the limits of international law. Announcement was made Jan. 16 by way of London through Morgan, Grenfell & Co. that J. P. Morgan & Co. had been appointed commercial agents for the British Government, “with the view to affording de­ partments means of negotiating in America such contracts and purchases as they need to make in that country.” This was stated to be the first time that Great Britain had ever designated any American banking house as her commercial agent. Italy placed a $200,000,000 25-year loan at home for use in connection with its military operations. The French Chamber of Deputies on Jan. 28 adopted a bill increasing by 1,000,000,000 francs ($200,000,000) the issue of Treasury bonds, raising the total authorized amount to 3,500,000,000 francs ($700,000,000). It also provided for the issuance of short-term Treasury bonds. On Jan. 13 an appalling earth­ quake occurred in Italy, occasioning a dreadful loss of life. Avezzano, 60 miles east of Rome, and Sora, 15 miles south of Avezzano, were the worst sufferers so far as loss of life was concerned and Avezzano was practically leveled, but about 60 other towns and villages also sustained either total demolition or serious damage. Tremors and new shocks occurred for several days and the death lists aggregated about 30,000 while the property loss was estimated at over $50,000,000. The Federal Commission on Industrial Relations began hearings in this city into the workings of the Rockefeller Foundation, the Carnegie philanthropies, the Russell Sage Foundation and other similar organizations. Preliminary thereto Frank P. Walsh, Chairman of the Commission, un­ dertook to express his own views on industrial unrest and the causes therefor. Mr. Walsh gave voice to his opinions before the East Side Forum Sunday, Jan. 17, and indulged in some wild vaporings which were made the subject of gen­ eral ridicule by the press. He declared it was necessary to “restore to the people the natural resources which have been embezzled from them” and (among other things) that “au­ tocratic control of industry is close to tyrannical control of Government and it is the belief of the Commission that the United States is fast drifting in that direction.” His re­ marks were of importance only as showing the bias with which the investigation was being conducted. Quite a num­ ber of well-known persons appeared before the Commission to furnish answers propounded by it. President Wilson on Jan. 28 vetoed the Immigration Bill which had been sent to him containing a literacy test under which “all aliens over 16 years of age, physically capable of reading, who cannot read the English language or some other language or dialect, including Hebrew or Yiddish,” were to be excluded from entering the United States in the future. The same test had served to bring about the veto of immigration legisla­ tion by Presidents Cleveland and Taft. Mr. Wilson argued that under the provisions of the bill “those who come seek­ ing opportunity are not to be admitted unless they have already had one of the chief of the opportunities they seek— the opportunity of education,” and that the measure em­ bodied a radical departure from the traditional and longestablished policy of the country. The damages awarded to D. E. Loewe & Co., independent hat manufacturers, of Danbury, Conn., in the action against members of the United Hatters of North America, were affirmed by the U. S. Supreme Court on Jan. 5. The case, generally known as the “Danbury Hatters’ Case,” had been in the courts for 11 years and the proceedings, instituted under the Sherman Anti-Trust Act, were brought by the firm because of boycotts of its products by Union hatters in an attempt to force it to unionize its shops. The aggre­ gate damages represented in the award (on retrial) with its trebling under the law and the inclusion of counsel fees and   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  costs, was $252,131. The Supreme Court decision uphold­ ing the award was unanimous, and Justice Holmes in ex­ pressing the opinion of the Court said that the question was now narrowed to the responsibility for what was done with the sanction and by the procurement of the societies named. He declared it was a tax upon credulity to ask any one to believe that members of labor unions of that kind did not know that the primary and secondary boycott and the use of “we don’t patronize” or the “unfair” list were expected to be employed in the effort to unionize these shops. The jury could not but find that by the usage of the unions the acts complained of were authorized, and authorized without regard to their interference with commerce among the States. By a divided vote, reversing the Supreme Court of Kansas, the U. S. Supreme Court on Jan. 25 held invalid the statute of the State of Kansas declaring it a misdemeanor punish­ able by fine or imprisonment to require as a condition of em­ ployment that the employee must not become or remain a member of a labor organization during the time of employ­ ment. The case arose out of the conviction of T. B. Coppage, a division superintendent on the St. Louis & San Fran­ cisco system, for threatening A. R. Hedge, a watchman, with dismissal if he did not withdraw from the Switchmen’s Union of North America. Justice Pitney, in delivering the majority opinion, held that the statute was repugnant to the 14th Amendment to the Federal Constitution, which forbids a State from depriving a person of life or liberty. “Just as labor organizations have the inherent and constitu­ tional right to deny membership to any man who will not agree that during such membership he will not accept or retain employment in company with non-union men, and just as a union man has the constitutional right to decline proffered employment unless the employer will agree not to employ any non-union man, so the employer has the consti­ tutional right to insist that the employee shall refrain from affiliation with the union during the term of employment.” By a vote of 5 to 4, the U. S. Supreme Court on Jan. 5 held that the holder of a claim as a depositor against an insolvent bank in the State of Oklahoma cannot bring an action in the courts to recover from the State Banking Guaranty Board, since suits against the Board are in effect suits against the State. The Board, as an administrative body of the State, claimed the right to pay off such depositors as it saw fit and to refuse to pay other depositors. The U. S. District Court at Philadelphia on Jan. 2 denied the prayer in the suit brought by the Government on Dec. 30 1911 to dissolve the Keystone Watch Case Co. on the ground of violation of the Sherman Anti-Trust Law, but granted an injunction to prevent the carrying on of boycotting methods through the attempt to compel jobbers and retailers to deal exclusively in the company’s products. The conviction of Patrick Quinlan on charges for inciting a mob to violence during the Paterson silk strike in Feb. 1913 was affirmed by the Court of Errors and Appeals of New Jersey on Jan. 27. Railroad Events and Stock Exchange Matters.—The stock market up to the passing of the dividend on Steel com. was in a very satisfactory shape, a sharp rise in prices occurring all around, with the tone strong and confidence apparently steadily increasing. The January investment demand ap­ peared to be decidedly in evidence, as indicated by a widen­ ing inquiry not alone for bonds but for the better class of stocks. Business broadened from day to day and became more and more substantial in character as a result of the favoring events noted above. Indications of a reaction be­ gan to appear even before the suspension of the Steel divi­ dend. With this news, Steel shares completely collapsed and the entire market became demoralized. As a consequence no inconsiderable portion of the previous general advance in values was lost. The action of the Steel board was an­ nounced on Tuesday, Jan. 26, but not until after the close of business. The shares had closed at 51 %, but on Wednes­ day the only dealings were at 48 (this being the minimum price at that time in force on the Stock Exchange), and soon dealings in the shares ceased altogether, since it was impos­ sible to find purchasers at that figure. On the curb trans­ actions were recorded as low as 43, and after the close of business the Stock Exchange authorities fixed that figure as the new minimum, to become effective Thursday morning, Jan. 28. Even that, however, proved to be too high, and at the close of the day the minimum was again lowered, this time to 40, to become effective Friday, Jan. 29. After the .close of business on Saturday, Jan. 30, the minimum was further reduced to 38, this to go into effect on Monday, Feb. 1. There appeared to be some liquidation on foreign account in certain stocks the latter part of the month, but it was not very extensive. Mil. & St. P. shareholders were given the right to subscribe at par for $29,141,300 conv. gen. & ref. 5s, a bankers’ syndicate having underwritten the offer­ ing for 1%% commission. Penn. RR. sold $49,000,000 of consol, (now 1st) mtge. 4%s to a bankers’ syndicate who then offered them to the public at 103%, the offering being heavily oversubscribed. Ill. Cent, sold $10,000,000 I1L. Cent. & Chi. St. L. & N. O. div. jt. 1st ref. 5s. A sub­ syndicate the next month offered one-half the amount at 99 and in one day placed the entire block. Bankers offered $3,000,000 N. Y. State Rys. 1st consol. 4%s. Bankers of­ fered $5,000,000 1st ref. 3%s of Morris & Essex RR. at 83%, to yield about 4.20%. Bankers announced that they had placed with investors at 98% the balance of $4,722,000 So. 1 Ry. 1st cons. 5s not taken by holders of Rich. & Danv. 1st mtge., due Jan. 1 1915, under an offer of exchange- Bankers-  19  RETROSPECT. offered S5,000,000 1st lien 6% 5-yr. gold notes of Mich. Ry. Co. Pittsburgh Steel Co. sold $5,000,000 of 6% notes due in 1918, 1919 and 1920, and they were offered at 99@99|^. We have referred above to the placing of $12,690,000 equip, tr. 4|^s of the Can. Pac. Upon application of creditors the M. Rumely Co. was placed in receiver’s hands. B. & O. re­ duced its s.-a. div. from 3% to 2^%. Nashv. Chat. & St. L. reduced its s.-a. div. from 3J^% to 2J^%. Bethlehem Steel Corp, declared dividends for 1915 at the rate of 7% per annum against the previous 5%. Pressed Steel Car Co. decided not to declare a div. on com. from the earnings of 1914. Va.-Car. Chem. Co. omitted the div. on pref. Phila. Co. of Pittsburgh again made the div. on com. payable in scrip and so did Cambria Steel. Bang. & Aroostook re­ duced its Jan. div. to 1% against 2% the previous July and 1 % in Jan. 1914. In the following we show the opening and closing and the lowest and highest prices during the month of certain railroad and industrial stocks which either in this or succeeding months became active or experienced large fluctuations: Eh Stock  Fluctuations.  Railroads— Atch Top & Santa Fe. Baltimore & Ohio___ Canadian Pacific____ Chesapeake & Ohio__ Chic Milw & St Paul.. Erie. ___ ___________ Great Northern, pref. Louisville & Nashville. N Y Cent & Hud River N Y N H & Hartford. Norfolk & Western__ Northern Pacific____ Pennsylvania..... .......... Reading Company__ Southern Pacific Co.. Southern Railway___ Union Pacific________ Industrial, &c.— Allis-Chalmers Mfg__ Preferred_________ Amalgamated Copper. Amer Agric Chemical. American Beet Sugar. American Can____ . Amer Car & Foundry. Amer Coal Products.. American Locomotive. Amer Smelt & Refin.. American Woolen___ AnacondaCop(par$25) Baldwin Locomotive.. Bethlehem Steel Corp. Central Leather______ Colorado Fuel & Iron. Continental Can____ Cuban-Amer Sugar__ General Chemical___ General Motors______ Goodrich (B F)______ Insp Con Cop (par $20) Lackawanna Steel___ Maxwell Motor____ Pressed Steel Car____ Railway Steel Spring. _ Republic Iron & Steel. Studebaker Corp(The) Texas Co (The)______ U S Industrial Alcohol U S Rubber................ United States Steel__ Western Union Tele?.  Jan. 2. 93 68 >4 *155 156 *40 41 87 *21 Vi 22 112% *___ 112 *84 85 54% 98% 100 100 104% 143% 82 *___ 14 115% *6%  Jan. 30.  94% 72% 158% 44 >88% 23% >115% >117% >89% 50% 103 >104 107 >145% 85% 17 119% 9  9  51% *___ 48 33% 25% 44% *___ 83 23 56 *15 25 525% *___ 40 46% *37% *20 23 *40 42 *___ 48 *160 165 82 *23 25 S16%  15% 33% *18% 20 35% *130 134% *15 25 51% 49 57  53% 50 38 28 45% *___ 83 23% 61% *15 25 $26% *___ 35 48% *>34% 34% *23% 26  41% al65 92% 31% $18%  *22 *19  17 29  23 19% 41% 135 *15 25 >57 40 63%  Range for Month.  Low. High. 93 Jan 2 96% Jan 67% Jan 9 74% Jan 154% Jan 9 168% Jan 41 Jan 4 46% Jan 86% Jan 4 93% Jan 21% Jan 4 23% Jan 112% Jan 2 >118 Jan 112 Jan 5 >121% Jan 84% Jan 4 >92% Jan 49 Jan] 29 57 Jan 4 103% Jan] 99% Jan 2 >107 Jan 100 Jan 104% Jan 4 108% Jan 142% Jan 2 153« Jan 4 88% Jan 81% Jan 4 14 Jan 18 Jan 2 122% Jan 115% Jan 7% 35 51% 48 33% 25% 44% 82 » 22% 56 16 $25 35 46% >33 21% 40% 38 165 82 24% $16% 28 15% 28 22% 19% 35% 132 15 51% 40 57  Jan Jfin Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan ’ Jan  26 26 21 26 22 21 22 22 22 19 22 22 22 22 22 23 22  12 11 Jan 8 37 Jan' 2 58% Jan 4 52% Jan 6 38% Jan 2 31% Jan 2 48% Jan 20 82 Jan 20 28% Jan 2 64 Jan 5 17% Jan 2 $28% Jan 29 40 Jan 2 54% Jan 27 39% Jan 5 27 Jan 4 49% Jan 25 47 Jan 26 165% Jan 2 94% Jan 7 32% Jan 2 $19% Jan 7 30 Jan 6 19 Jan 29 39 Jan 7 25% Jan 9 22% Jan 2 44 Jan 4 135% Jan 27 15 Jan 2 59% Jan] 29 53% Jan 2 63 % Jan '  a Less than 100 shares. ? Quoted ex-dividend during the month and this date. * Bid and asked price: no sale.  19 16 21 19 30 19 18 20 12 21 23 21 11 18 8 21 19 26 26 28 29 18 29 12 11 12 19 18 11 27 9 21 29 prior to  The Money Market.—Extreme ease prevailed and call money rates dropped to 1%@2%. Even on the opening day of the year, when, on account of the large interest and dividend payments, there is usually a sharp upward spurt, call money did not range higher than 2J^@3%. Time money at the close was down to 2J£@2%% for 60 days, 2M@3% for 90 days, 3% for 4 mos. and 3J4% for 5 and 6 mos. Commercial paper rates also were down to low figures, the close being at 3J^@4% for 60 to 90 days endorsed bills receivable and 4 to 6 mos. single names of choice character, while even for single names not so well known the rates were no higher than 4Money holdings of the N. Y. Clearing House banks increased from $330,177,000 Jan. 2 to $370,562,000 Jan. 30, and gold on deposit with the Federal Reserve banks increased from $100,297,000 to $108,286,000; surplus reserves increased from $114,084,920 to $144,259,930. Deposits ran up from $2,114,101,000 to $2,212,908,000 and loans from $2,191,508,000 to $2,233,224,000. Foreign Exchange, Silver, &c.—In foreign exchange, rates dropped to the lowest figures reached in years. Demand bills early in the month declined as low as 4 83)4, a figure fully ll^c. in the pound lower than that at winch under normal conditions an import movement of gold might have been expected. No gold imports, however, from Europe resulted. A special cause of weakness at that time was that the Canadian Government had arranged a loan in London, the proceeds to be used in purchasing war supplies in the United States, and bills against the first installment of this loan, namely £1,000,000, were offered in New York. We have referred above to the importations of gold at San Fran­ cisco from Japan and China and the transfer of these funds to New York. Aggregate gold imports into the United States, however, during the month were only $6,896,398. For a time fluctuations in exchange here continued narrow in the vicinity of the low figures named, but the latter part of the month a sharp rise occurred, notwithstanding quite liberal offerings of grain and general merchandise bills. The strength was due to a demand for remittance in connection with maturing finance bills as well as in payment for sales of American securities on foreign account. On the rise sight   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  exchange got up to 4 85%, but at the close of the month there was a downward reaction again, quotations Jan. 30 being 4 84 @4 84The Bank of Sweden early in the month reduced its official discount rate to 5)4% from 6% at which it had ruled since Aug. 28 1914. The National Bank of Denmark also reduced to 5)4% from 6%, the latter figure having been in effect since Aug. 12 1914. Open mar­ ket discounts in London, which at the beginning of the month were 2 5-16% for 60-day bills and 2% @2)4% for 90-day bills were down at the close of the month to 1)4@1 9-16% for all maturities. There were no rates for the Continental centers except that about the middle of the month an open market rate of 4)4% was reported at Berlin. Silver in Lon­ don fluctuated within a narrow range—that is, between 22 9-16 and 22 15-16d. MONTH OF FEBRUARY.  Current Events.—Under the influence of Europe’s tre­ mendous demand for foodstuffs and other supplies (shipments of arms and munitions at this stage were not yet of the di­ mensions they subsequently attained), our merchandise ex­ ports mounted to huge proportions, reaching for Jan. and Feb. combined $567,685,182, against $377,986,748 in 1914 and $421,029,872 in 1913, while the merchandise imports were only $247,271,708, against $302,787,699 in 1914 and $312,977,356 in 1913, making the trade balance in favor of the United States for the two months of 1915 $320,413,474, against $75,199,049 in 1914 and $108,052,516 in 1913. The effect was seen in a dip in exchange rates, not alone on Lon­ don, but also on the Continental centers, to figures appar­ ently lower than any previously known since the time of the commercial crisis of 1857. Discussion accordingly became rife of the probability that American bankers would now have to co-operate with London bankers (as provided under the arrangement of the previous month), with a view to re­ lieving the Bank of England of the necessity of parting with much gold. An apparent menace, however, to our foreign trade grew out of a formal announcement by the German Admiralty, declaring the waters around Great Britain, in­ cluding the whole of the English Channel, a zone of war, and giving notification that after Feb. 18 all enemy merchant vessels encountered in those waters would be destroyed, even if it might not always be possible to save their crews and passengers. Notice was furthermore given that within this war zone neutral vessels would be exposed to danger, since in view of the misuse of neutral flags ordered by the Govern­ ment of Great Britain and of the hazards of naval warfare, neutral vessels could not always be prevented from suffer­ ing from the attacks intended for enemy’s ships. It was pointed out that the routes of navigation around the north of the Shetland Islands, in the eastern part of the North Sea, and in a strip thirty miles wide along the Dutch Coast, were not within the danger zone. This move of the German Government was in retaliation for the action of the British Government in deciding to seize all food ships destined for Germany, owing to the fact that the German Government had commandeered food supplies within German domain, rendering it impossible to make sure that foodstuffs nominally consigned to the civilian population might not reach the Ger­ man army. It happened that while there was discussion as to whether Great Britain had really sanctioned the use of neutral flags by British ships, news came that the Cunard Line steamship Lusitania, upon entering the waters of the Irish Sea while bound for Liverpool from New York, had flown the American flag to escape becoming a mark for Ger­ man submarines. It was also reported that still another British steamship in leaving British waters had for’a time used the American flag. A statement given out by the British Foreign Office on Feb. 7 said that the use of a neutral flag was, with certain limitations, well established in practice as a ruse de guerre. It was declared that the British Government considered the use of the British colors by foreign vessels legitimate for the purpose of escaping capture. Such practice not only in­ volved no breach of international law, but was specifically recognized by the law of Great Britain in the Merchant Ship­ ping Act of 1894. It was, furthermore, pointed out that in the instructions to British consuls in 1914 the statement ap­ pears that “a ship is liable to capture if a British character is improperly assumed except for the purpose of escaping cap­ ture.” In view of the situation thus created the American Government at once addressed notes to both Great Britain and Germany. In its note to Great Britain, sent through Ambassador Page, our Government, while reserving for future consideration the legality and propriety of the deceptive use of the flag of a neutral Power for the purpose of avoiding cap­ ture, took occasion to assert that it would view with anxious solicitude any general use of the flag of the United States by British vessels in view of the announced purpose of the Ger­ man admiralty to engage in active naval operations in certain sea areas adjacent to the coasts of Great Britain and Ireland. The United States added that it “trusts that His Majesty’s Government will do all in their power to restrain vessels of British nationality from the deceptive use of the United States flag in the sea area defined by the German declaration, since such practice would greatly endanger the vessels of a friendly Power navigating those waters and would even seem to impose upon the Government of Great Britain a measure of respon­ sibility for the loss of American lives and vessels in case of an attack by a German naval force.” The note to Germany, dispatched through Ambassador Gerard, expressed “the con-  20  RETROSPECT.  fident hope and expectation that the Imperial German Gov­ France and Russia—thereby delaying an answer. The even­ ernment can and will give assurance that American citizens tual result was a determination to cut off the whole of Ger­ and their vessels will not be molested by the naval forces of many’s commerce, both imports and exports. On Mar. 1, Germany otherwise than by visit and search, though their therefore, identical notes were presented to Sec. of State vessels may be traversing the sea area delimited in the procla­ Bryan by the French and British Ambassadors, announcing mation of the German Admiralty.” The communication the determination of the Entente Powers to prevent commodi­ added significantly that “if the commanders of German ves­ ties or supplies of any kind from reaching or leaving Ger­ sels of war should act upon the presumption that the flag of many. In the carrying out of this plan the British and the United States was not being used in good faith and should French Governments said they would hold themselves free destroy on the high seas an American vessel or the lives of to detain and take into port ships carrying goods of presumed American citizens, it would be difficult for the Government of enemy destination, ownership or origin. It was stated, how­ the United States to view the act in any other light than as an ever, that it was not intended to confiscate such vessels or indefensible violation of neutral rights.” Great Britain, in cargoes unless they would otherwise be liable to condemna­ her reply, stated, in justification of the action of the Lusitania tion. The treatment of vessels and cargoes which had pre­ in raising the U. S. flag on her voyage to Liverpool, that such viously sailed would not be affected. The British Ambassa­ action was taken in consequence of the reported intention of dor was at the same time advised to inform the American the German Government of sinking British merchant vessels Government that this step was not to be taken as an answer at sight, “without giving any opportunity of making any pro­ to the U. S. suggestion respecting a possible limitation of use vision for the saving of lives of non-combatant crews and pas­ of submarines and mines and an arrangement for supplying sengers.” The reply pointed out that the British law per­ food to Germany. This suggestion, it was stated, was being mits the use of the British flag by foreign merchant ships in taken into careful consideration by his Majesty’s Govern­ time of war for the purpose of escaping capture, and expressed ment in consultation with their allies. Germany’s answer to the belief that in the case of some other nations there was the suggestion was dispatched on Sunday, Feb. 28, and was, similar recognition of the same practice with regard to their on the whole, favorable, though it was stated that “the flag. It was argued it would hence be unreasonable to ex­ adoption of a definitive attitude must, of course, be post­ pect His Majesty’s Government to pass legislation forbidding poned until the German Government, on the basis of further the use of foreign flags by British merchant vessels to avoid communication from the American Government, is in a posi­ capture by the enemy, now that the German Government tion to see what obligations the British Government, on its had announced their intention to sink merchant vessels and side, is prepared to assume.” their cargoes at sight with their non-combatant crews, a In the European war zone both the Germans and the Aus­ proceeding hitherto regarded by the opinion of the world, not trians gained important successes over the Russians. East as war, but piracy. The U. S. Government (the argument Prussia was entirely cleared of the Russian invaders and went on) could not fairly ask the British Government to order Bukowina was also evacuated by the Russians and CzernoBritish merchant vessels to forego a means always hitherto witz, the capital, was occupied by the Austrian forces. A permitted of escaping not only capture but the much worse German war bulletin announced that the winter battle in fate of sinking and destruction. The British Government the Mazurian district had come to an end and that the total had no intention, however, of advising their merchant ship­ booty taken included seven Generals, more than 100,000 ping to use foreign flags as a general practice,or to resort to men, upward of 150 cannon (this number was subsequently them otherwise than for escaping capture or destruction. increased to 300) and quantities of other material of all de­ Germany, in her reply, repeated the allegations previously scriptions. The latter part of the month the British and made against Great Britain, complained of the shipment of French fleets began operations against the Dardanelles, and war materials from neutral countries to Great Britain, and the British Admiralty on the night of Feb. 25 announced that suggested that the United States send war ships as convoys all forts at the entrance had been reduced. Constantinople to American ships carrying peaceful cargoes through British advices claimed that in the attack three warships of the Al­ waters. Said the German Government: “The BritishGov- lied fleet had been damaged. The object of these fleet oper­ ernment has supplied arms to British merchant ships and in­ ations was, of course, the capture of Constantinople, and the structed them forcibly to resist German submarines. In opening up of the Black Sea, thereby releasing large accumu­ these circumstances, it would be very difficult for submarines lations of Russian grain. At this time it was argued that as to recognize neutral merchant ships, for search in most cases soon as the Dardanelles were forced, Turkey would sue for cannot be undertaken, seeing that in the case of a disguised peace, and Constantinople be occupied without resistance. British ship from which an attack may be expected, the Sir Edward Grey, British Secretary for Foreign Affairs, in searching party and the submarine would be exposed to de­ the House of Commons on Feb. 25 stated that Great Britain struction. Great Britain then was in a position to make the was in entire accord with Russia’s desire for access to the German measures illusory if the British merchant fleet per­ sea, meaning obviously that the English Government was sisted in the misuse of neutral flags and neutral ships could not ready to reverse British traditions and would permit Russia otherwise be recognized beyond doubt. Germany, however, to occupy Constantinople. Early in the month the Turks being in a state of necessity, wherein she was placed by viola­ made an attack on the Suez Canal, but were driven off with tion of law,must render effective her measures in all circum­ heavy losses. According to advices from Buenos Aires, the stances, in order thereby to compel her adversary to adopt German auxiliary cruiser Kron Prinz Wilhelm, operating on methods of warfare corresponding with international law, the northern coast of Brazil, sank four British vessels during and so to restore the freedom of the seas, of which Germany at this and the preceding month. The American steamship all times is the defender and for which she to-day is fighting. Evelyn, laden with cotton for Bremen, was sunk Feb. 22 Germany, therefore, rejoices that the United States has made off Borkum Island, Germany, by a mine, and the American representations to Great Britain concerning the illegal use of steamship Carib foundered Feb. 23, also off the German their flag, and expresses the expectation that this procedure coast, by contact with a mine. China delivered to Great will force Great Britain to respect the American flag in the Britain, France, Russia and the United States a memoran­ future. In this expectation, commanders of German sub­ dum of 21 demands made by Japan, the latter part of Janu­ marines have been instructed, as already mentioned in the ary. These demands, which Japan claimed were restricted note of Feb. 4, to refrain from violent action against American to the territory within her “spheres of influence” in China, merchant vessels, so far as these can be recognized. In order were so extreme as to threaten a rupture of relations between to prevent in the surest manner the consequences of confusion Japan and China, but subsequently the Tokio Government —though naturally not so far as mines are concerned—Ger­ intimated that it would not insist upon certain groups of many recommends that the United States make their ships general demands, thus affording a basis for subsequent com­ which are convoying peaceful cargoes through the British promise of the dispute. French Rentes, which early in the war zone discernible by means of convoys. Germany believes month were quoted at 72.75, declined to 68.75, but subse­ that it may act on the supposition that only such ships would quently recovered to 69.60. The French Government au­ be convoyed as carried goods not regarded as contraband thorized the issue of 1,000,000,000 francs 5% national de­ according to the British interpretation made in the case of fence bonds at 96^, payable at par in 1925, but redeemable Germany. How this method of convoy can be carried out is at tho option of the Government after 1920. Subscriptions a question concerning which Germany is ready to open nego­ were invited Feb. 25 and aggregated 428,000,000 francs in tiations with the United States as soon as possible. Ger­ the first three days. At the same time the authorized issue many would be particularly grateful, however, if the United of Treasury bonds was raised Feb. 13 from 2,500,000,000 States would urgently recommend to its merchant vessels to francs to 3,500,000,000 francs. Notice was posted Feb. 18 avoid the British naval war zone, in any case, until the settle­ by the Committee of the London Stock Exchange that Eng­ lish stockholders of N. Y. Central would not be permitted ment of the flag question.” Neither of these replies promised any early or definite solu­ to participate in the subscription to the new $100,000,000 tion of the vexatious problem. Accordingly President Wilson convertible bond issue of the company, which a syndicate informally conveyed certain suggestions of his own to Great headed by J. P. Morgan & Co. had just underwritten. Simi­ Britain and Germany. In the interests of humanity and the lar action had been taken the previous month with reference safeguarding of legitimate commerce, he asked that all mines to a conv. bond issue of Chic. Milw. & St. P. An issue of be removed from the high seas except those directly necessary £10,000,000 of Russian Treasury bills was made in London for the protection of coast defenses and harbors. Great Feb. 15 and doubly subscribed for. They were offered with Britain was asked to acquiesce in a plan to permit the distri­ the consent of the British Government at a discount of 5% bution of imported foodstuffs to the civilian population of and were made repayable in 1 year. On Feb. 23 tenders were Germany, in return for which Germany was to abandon the received for £20,000,000 British Treasury bills, one-half con­ sinking of merchant vessels by submarines, which she had sisting of 6 months’ bills and the other half of 12 months’ begun to do promptly when the time limit fixed in her war- bills. The six months’ bills were placed at an average rate zone decree had expired, on Feb. 18. The President’s plan of 1%% and the yearlings at 2%%. Germany announced contemplated that the distribution of foodstuffs for the Ger­ a second large war loan at 5%, subscriptions to remain open man population be under the supervision of American Con­ from Feb. 27 to Mar. 19, the loan to take the form of both suls. Great Britain submitted these proposals to her allies— ' Imperial and Exchequer bonds—the latter to be redeemable   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  RETROSPECT. by drawing, but the Imperial securities not to be redeemable until Oct. 1 1924. Issue price was made 98%, a against 97for the first war loan. Subscriptions were to be un­ limited. The result is announced in our narrative for March. The Stock Exchange at Amsterdam was reopened Feb. 9 for business for the first time since the war began. For the time being the Amsterdam Bourse alone was reopened, the provincial exchanges throughout Holland remaining closed. The Austrian Government the latter part of the month con­ fiscated the entire stocks of grain and flour in the Monarchy. Mexican affairs continued very much disturbed and one de­ velopment was the action of Gen. Villa in proclaiming him­ self provisional President as well as military chief. Villa gave as his reason for taking this step that communications had been cut off between the Convention Government and the division under his command. On the other hand, the Spanish Minister to Mexico, Senor Jose Caro, was expelled from the country by Gen. Carranza. Another act of Car­ ranza was to issue a decree calling on business establishments in the Federal District of Mexico to furnish inside of 72 hours a sum totaling more than 20,000,000 pesos, the penalty of failure being confiscation of property and imprisonment. General business remained exceedingly quiet, but in the iron and steel industry work proceeded on an increasing scale under the growing volume of war orders. Whereas the Steel companies the previous December were operating only to about 35% of their capacity, the Carnegie Steel Co. was now operating at 65% of capacity, other steel companies at be­ tween 50 and 60%, while independent tin plate makers were working from 75 to nearly 100%. Galvanized sheets ad­ vanced $8 a ton (from 3 cents a lb. at Pittsburgh to 3.40 cents) because of the exceptionally high price of spelter, zinc blend in Missouri having reached a record price. Spelter at St. Louis sold up from 7.30 cents per lb. to 10.35 cents and the following June got up to 26 cents, and galvanized sheets at Pittsburgh then sold at 5.00 cents. Railroad or­ ders for rolling stock and for supplies were on a very slender basis, owing to the poor prospects for the carriers at that time. Amer. Ry. Asso. began the compilation of monthly statements of idle cars on U. S. railways after having three months before suspended the publication of semi-monthly returns, and showed an increase in idle cars between Nov. 1 1914 and Feb. 1 1915 from 172,325 to 280,573; by Mar. 1 there had been a further increase to 322,290 ears. The Steel Corporation reported a small further increase in unfilled or­ ders on the books of the subsidiary corporations—from 4,248,571 tons to 4,345,371 tons. In response to a report from a Committee on Food Supply, appointed by Mayor Mitchel of this city, in which it was suggested that consideration be given to the placing of an embargo on wheat exports by the Federal Government in view of the large foreign demand for the cereal, President Wilson called upon the Sec. of Agri­ culture for a statement concerning the supply. This state­ ment, made public under date of Feb. 17, said that there was sufficient wheat on hand to permit the export of nearly 1,000,000 bushels a day until July 1, before which time the new crops would begin to be available. The May option for wheat at Chicago, after advancing from SI 53 Feb. 1 to SI 67 Feb. 5, dropped to SI 46 Feb. 26, owing to a fear that the Dardanelles might soon be re-opened, making available Russian wheat; the close Feb. 27 was SI 53J4. May corn in Chicago declined from 83% cts. Feb. 2 to 70% cts. Feb. 26, with the close Feb. 27, 74 cts. May oats at Chicago fell from 62 cts. Feb. 2 to 54% cts. Feb. 26, with the close Feb. 27 57)4 cts. Middling upland cotton in New York moved up from 8.45 cts. Jan. 31 to 8.70 cts. Feb. 4 and closed Feb. 27 at 8.35 cts. The U. S. Cotton Futures Act (the Lever bill) enacted Aug. 18 1914 became operative Feb. 18. Print cloths at Fall River remained at 2% cts. per yard. Presi­ dent Wilson nominated the five members of the new Federal Trade Commission. He named Joseph E. Davies, Commis­ sioner of Corporations, whose bureau was merged into the new Commission; Edward N. Hurley, Pres, of the Ill. Mfg. Asso.; William J. Harris, Director of the Census; Will II. Parry, Treas. of the Seattle Chamber of Commerce and formerly Editor of the Seattle “Post-Intelligencer,” and George Rublee of Cornish, N. H., counsel for the Alaska Railway Engineering Commission. The Panama-Pacific Exposition at San Francisco was opened at San Francisco at noon Feb. 20; it remained open until the following Dec. 4. The Federal Commission on Industrial Relations continued its investigation by examining men of prominence, and its Chairman, Frank P. Walsh, gave vent to further sensational utterances. There was another outbreak of the foot-andmouth disease in Jan. and Feb., making necessary renewed quarantines against cattle and the placing of embargoes on cattle shipments from certain States—the Federal Govern­ ment having on Jan. 27 issued an order prohibiting the ship­ ment of live stock in the case of the Chicago Union Stock Yards and those at Pittsburgh. The $135,000,000 Cotton Loan Fund organized the previous year was definitely closed Feb. 5, the applications for loans having aggregated no more than $28,000. At the meeting of the Dominion Parliament on Feb. 11a radical revision of the Canadian tariff and the imposition of special war taxes as a means of raising $30,000,000 of additional revenue was provided for in the budget speech of the Minister of Finance. With a small list of ex­ ceptions, an all-around increase of 7%% in the general and of 5% in the British preferential tariff was announced with the abolition of the free list save for certain specified articles. The Colorado Coal Commission, of which Seth Low was   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  21  Chairman, and which was selected by President Wilson the previous November to deal with the Colorado mining troubles, received from the operators of the coal mines in Colorado a letter in response to one written by Mr. Low on Jan. 19, and was informed that there was no way in which the Comwould be unwise for the Commission to go to Colorado or to attempt in any way to raise new issues or revive those which had been settled by the termination of the strike. The op­ erators stated that there were no differences to be adjusted with their employees, and that if differences did exist they would “be loath to submit their adjustment to a Commission, a majority of which we believe to be strongly biased against us, or one which has in its membership an official or member of the United Mine Workers of America.” i In a decision made public Feb. 11 the Inter-State Com­ merce Commission gave permission to transcontinental roads to establish commodity rates to Pacific point terminals, lower than those to intermediate points, in order to meet new traffic conditions that arose with the opening of the Panama Canal. On Feb. 12 Sec. of the Treas. McAdoo revoked the order issued the previous Oct. 28 directing col­ lectors of customs to withhold from the public information concerning steamship manifests for a period of 30 days after clearance. It was claimed that there was no longer any need for maintaining secrecy concerning manifests owing to the general adoption of the plan to have officials of the United States and British Governments inspect the loading of ves­ sels. Comp, of the Currency Williams addressed a letter to the national banks saying that the granting of overdrafts was objectionable and that the practice must cease entirely. The banks were requested to adopt a resolution directing that no officer or employee of the bank should pay or charge to the account of any depositor any check of such depositor when there are not sufficient funds on deposit to the credit of the drawer of the check to meet the same. The Comp­ troller also required the directors of six national banks of this city to make good losses incurred on investments made several yearsbefore. It was understood|that altogether about $2,000,000 was involved, the directors of the National Bank of Commerce in New York (under a former Administration) being called upon to make up $750,000. The transactions concerned were reported to have been in the nature of un­ derwriting operations, the Government holding that they were investments not authorized by law. The Comptroller likewise forwarded new forms to the banks on which to make their reports of condition and calling for information on a number of new items, one of these asking as to the number of shares of the stock of the bank actually owned by officers and directors regardless of the amount indicated on the stock ledger. The U. S. District Court in this city on Feb. 3 by unanimous decision dismissed the two Government suits brought against the American-Asiatic Steamship Co. and others in Aug. 1912 comprising what was called the Far Eastern Steamship Conference, and the Prince Line and others, constituting the Brazilian Steamship Conference, in both of which the defendants were charged with violation ' of the Sherman Anti-Trust Law. The U. S. Supreme Court on Feb. 23 upheld the constitutionality of the Cal. law limit­ ing to 8 hours a day the employment of women in manu­ facturing and mercantile establishments, except those in harvesting and canning fruit, boarding houses and graduate nurses in hospitals. The decision established the principle that reducing woman’s labor to 8 hours a day is not an im­ proper exercise of a State’s police power. The Court had previously upheld a limitation to 10 hours a day in the Mass, law and 54 hours a week in the Ohio law. In another decision on the same day in the case of the Louisv. & Nashv.. RR. the Supreme Court denied the right claimed by the Commerce Commission to inspect the files and correspon­ dence of railroads. The Court held that the Commission’s powers were limited to an inspection of “accounts, records and memoranda” and could not be stretched to include “correspondence. ’ ’ Railroad Events, Stock Exchange Matters, &c.—Stock ex­ change price movements were decidedly irregular, with the industrial properties strong, but with the tendency sharply downward the last half of the month. Industrial concerns which, from the nature of their business, were deriving advan­ tages growing out of the war in Europe, Bethlehem Steel and Amer. Beet Sugar, for instance, particularly manifested strength. But the complete absence of any snap to domestic trade, notwithstanding greater activity in certain branches of the iron and steel industry, coupled with the fear that serious complications might arise in this country’s relations with Ger­ many or Great Britain, or both, were influences that operated to repress speculative activity. The feeling of distrust gradu­ ally wore off and the market then became decidedly strong, the decision of the Inter-State Commerce Commission in the Inter-Mountain case contributing to that end. Weak fea­ tures, nevertheless, continued to develop, N. Y. Cent., for instance, dropping several points on the news that the com­ pany was about to negotiate a -$100,000,000 6% loan. As a consequence of the removal at the close of the previous month (Jan. 27) of the restrictions on foreign selling, through the re­ scinding of the requirement that sales must be either for cash or in the regular way (that is, for next day’s delivery), thereby putting a bar on foreign selling, considerable liquidation on European account occurred, and this served to accentuate the prevailing weakness for the time being. The last few days an  RETROSPECT.  22  upward reaction occurred under which a part of the previous losses were quite generally recovered. This, however, still left most of the railroad shares well below their opening fig­ ures, though some of the industrial shares closed at substan­ tially higher figures. Local bankers took and soldonFeb.25 at 99% 816,003,000 2-yr. 5% notes of Anaconda Cop. Min. Co. Lackawanna Steel sold $6,000,000 6% 2-yr. notes. Bankers offered at 93, to yield about 5.27%, $10,000,000 1st mtge. s. f. 5% bonds of 1914 of Swift & Co. A syndicate headed by J. P. Morgan & Co. underwrote $100,000,000 20yr. 6% conv. deb. bonds of N. Y. Cent. RR. The bonds were offered the next month (subject to approval by stock­ holders in April and by the public authorities) at par to the shareholders. Subscriptions were payable 50% May 1 1915, 25% Sept. 1 and 25% Oct. 1 1915. Erie RR. disposed of $7,400,000 Erie & Jersey RR. 1st 6% s. f. gold bonds, and they were offered to the public at 104 %, yielding over 5.70%. The Erie also disposed of $6,000,000 Genesee Riv. 1st mtg. 6s, which were offered in March at 103 %. Both blocks of bonds had previously been used as collateral. The company the next month also authorized $10,000,000 new 1-yr. 5% notes, in these various ways providing for the retirement in full of $20,550,000 of old notes maturing March 1, April 1 and Oct. 1 1915. J. P. Morgan & Co. purchased $7,500,000 50-yr. 1st 5s of Lex. & East. Ry. guar, by L. & N. They were offered the next month at 98%. Bankers offered at 81, to net 4.57%, $4,000,000 1st mtg. 3%s of Mich. Cent. RR. It was also announced that there would be a new issue of $3,000,000 4%% 1-yr. notes of Mich. Cent., the proceeds, along with treasury funds, to be used to take care of $6,000,000 4%_% notes due Mar. 2. Montreal Tramways & Power Co. dis­ posed of $7,000,000 2-yr. 6% col. tr. notes which were subse­ quently offered at 99%, to yield over 6.40%. Montana Pow. Co. sold $6,000,0(X) 1st & ref. 5s, due July 1 1943, and they were offered at 91 %. Southern Ry. passed the div. on pref. Cal. & Hecla Min. resumed divs. by declaring 20% after having passed the previous Dec. and Sept. Sears, Roe­ buck & Co. made a distribution of $20,000,000 out of accumu­ lated surplus by paying a div. of 50% in new stock. Stock Fluctuations. Railroads— Atch Top & Santa Fe. Baltimore & Ohio___ Canadian Pacific____ Chesapeake & Ohio__ Chic Milw & St Paul.. Erie___ ____ ______ __ Great Northern, pref. Louisville & Nashville. N Y Cent & Hud Riv. N YNH& Hartford.. Norfolk & Western__ Northern Pacific____ Pennsylvania. _______ Reading Company__ Southern Pacific Co.. Southern Railway___ Union Pacific________ Industrial, &c.— Allis-Chalmers Mfg__ Preferred_________ Amalgamated Copper. Amer Agricul Chem _ . American Beet Sugar. American Can___ __ American Car & Fdry. American Coal Prod.. American Locomotive. Amer Smelting & Ref American Woolen___ AnacondaCop (par$25) Baldwin Locomotive.. Bethlehem Steel Corp. Central Leather.. . . Colorado Fuel & Iron. Continental Can____ Cuban-American Sugar General Chemical___ General Motors______ Goodrich (B F).___ Insp Con Cop (par $20) Lackawanna Steel___ Maxwell Motor______ Pressed Steel Car____ Railway Steel Spring. . Republic Iron & Steel. Studebaker Corp (The) Texas Co (The)______ U S Industrial Alcohol U S Rubber_________ United States Steel__ Western Union Teleg.  Feb. 1.  93 X z70 159X 43 X 88 X 23 X 114X *116 119 89)4 50)4 103)4 104 2:105)4 146 85 X 16X 119)4  Feb. 27. 94)4 64 X 157 40 85 20 X 113)4 0112 82 X 45 *>99 101 100X 104 X 142)4 >82 13)4 119)4  Range for Month.  Low. 92 X Feb 63 X Feb 153 X Feb 40 Feb 83 X Feb 19)4 Feb 112X Feb 112 Feb SIX Feb 43 Feb 99 X Feb 99 X Feb 103X Feb 140 X Feb 81X Feb 12 X Feb 116X Feb  24 25 5 23 24 24 24 24 26 25 6 24 24 24 5 24 23  High. 95 X Feb 11 >71 Feb 2 9 159X Feb 1 44 X Feb 89 Feb 1 1 23 X Feb 116X Feb 11 117X Feb 2 1 90 X Feb 1 52 X Feb 1 103 X Feb 105 X Feb 2 >106 X Feb 4 147X Feb 2 1 85 X Feb 17 Feb 2 121X Feb 11  9 Feb 10 9 Feb 10 10 37 33 Feb 10 36 Feb 4 53)4 50 X Feb 24 55 X Feb 11 48 X Feb 25 *48 X 50 50 X Feb 9 Feb 11 35 X Feb 24 42 38X 25 Feb 24 29 X Feb 2 26X 40 Feb 23 45 X Feb 11 40X o82 Feb 9 a82X Feb 11 *... 82 1 20 X Feb 27 23 X Feb 20 X i58X Feb 24 67 X Feb 13 >61X 18 Feb 16 *15)4 18 17X Feb 23 $26 $24 X Feb 24 $27 X Feb 11 28 Feb 27 28 33 X Feb 2 1 47 X Feb 54 X 57 X Feb 10 34 X 32 X Feb 20 37 X Feb 11 23 Feb 24 26 X Feb 13 23X 45 Feb 23 47 Feb 11 *43 X 45 40 Feb 26 8 *40 X 41X 45 X Feb 0178 166X Feb 8 172 Feb 24 91 82 Feb 23 94 X Feb 11 29 Feb 24 33 X Feb 4 31X $18 Feb 23 $19X Feb 13 $18X *28 X 32 28 X Feb 20 30 Feb 11 17 17)4 2 25 Feb 17 17X Feb 24 X 29 27 Feb 23 27X 31X Feb 13 *20 24 *20 22 21 Feb 18 23 Feb 8 19 19 Feb *19 20 1 21 Feb 11 42 1 41X Feb 45 X 47 X Feb 8 135 127 1 123 X Feb 24 135 Feb *15 30 ♦15 40 57 53 Feb 24 58 X Feb 2 54 X 1 38 Feb 38 X 42 X 44 X Feb 13 61 Feb 23 2 63 X 62 X 64 X Feb  10 37 54 X 49 X 38)4 27)4 45 X *... 83 23 X 60)4 *15 25 $27 *... 35 48 X 34)4 *23)4 26 *45 47 *40 45 al65 94 31X $18)4 *8 *34  *8 *...  a Less than 100 shares. ] Quoted ex-divldend during the month and prior to this date, x Ex-dividend. ♦ Bid and asked price; no sale.  The Money Market.—In money great ease continued the dominant feature. Call loans at the Stock Exchange at no time were higher than 2%%, with the minimum 1%%. Money on time was quoted at the close at 2% @2% for 60 days, 2%@3 for 90 days, 3@3% for 4 mos. and 3%@3% for 5 and 6 mos. Commercial paper was 3%@4 for choice double names and prime single names, and 4% @4% for good single names. Money holdings of the Clearing House in­ stitutions fell from $370,562,000 Jan. 30 to $363,494,000 Feb. 27; the gold holdings with the Federal Reserve banks between the same dates increased from $108,286,000 to $113,066,000. Loans ran up from $2,233,224,000 to $2,297,504,000 and deposits from $2,212,908,000 to $2,268,448,000. Foreign Exchange, Silver, &c.—A great collapse in exchange, not only for sterling bills, but for Continental, was the ab­ sorbing feature, and this was of a nature to arrest world-wide attention. Rates dropped to figures never known to the present generation, and apparently without a parallel since the commercial panic of 1857. The chief influences in the de­ pression were the prodigious trade balances steadily being piled up in favor of this country, and the fact that, contrary   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  to the practice in ordinary seasons, no portion of these ex­ ports had been anticipated by advance drawings of bills of exchange, the Bank of England having the previous summer insisted upon shipments of gold by us in settlement of our obligations maturing abroad, notwithstanding that our European credits had been rendered completely unavailable by the promulgation of moratoria by the leading countries of Europe. There were also indications of transfers of capital fron London to the United States, in part for safe keeping, but in part because a practice appeared now to be growing up on the part of the world at large to draw bills on New York in settlement of international transactions, instead of on London, as was previously almost exclusively the case. On Feb. 1 demand sterling was quoted at 4 84%@4 84 15-16 and cable transfers at 4 84 15-16@4 85%. By Feb. 16 de­ mand bills were down to 4 79 and cable transfers to 4 79%. A sharp recovery then ensued, but by Feb. 24 rates were down again to 4 79% for demand bills and 4 79% for cable transfers. Closing quotations Feb. 27 were 4 79 13-16@ 4 80 and 4 80 5-16@4 80% for the two classes of remit­ tances. There appears to have been considerable selling of American securities on foreign account. The demand for remittance, however, on this account was of small conse­ quence alongside of the other influences mentioned. The extraordinarily low rates of exchange prevailing would ordi­ narily have led to very heavy engagements abroad of gold for importation into the United States, but the Bank of England resisted an outflow as far as possible. Some amounts of gold were engaged, nevertheless, and a number of consign­ ments were received from Ottawa, representing, it was un­ derstood, gold released by the Bank of England and deposited here for account of the Bank of France and the French Gov­ ernment. The month’s aggregate imports at all ports were $12,726,492. The gold holdings of the Bank of England were heavily reduced, but open market discounts at London continued to rule exceedingly low, at one time being quoted at 1%@1 5-16, and the close was at 1 7-16@1%%. No open market rates were reported from the Continental cen­ ters. Silver in London ranged between 22 %d. and 23 l-16d., closing at the latter figure. MONTH OF MARCH.  Current Events.—A decidedly more hopeful feeling devel­ oped, which was reflected in a limited way in trade circles and in a wonderful burst of activity in the security markets. A belief in an early termination of the European conflict for one reason or another gained wide currency. In addition, the adjournment of Congress was hailed with much satis­ faction. With the exception of about six weeks, late in the autumn of 1914, this Congress had been sitting practical­ ly continuously since the President had convened it in extraor­ dinary session on Apr. 7, two years before. As a result of its labors, a number of disturbing and vexatious laws interfering with the course of business were put upon the statute books, and still other measures, even more destructive in their char­ acter and tendency, had been under consideration, but happi­ ly failed of enactment. There was further occasion for gratitude in the fact that the Ship Purchase Bill, which would have conferred upon the Government authority to purchase and operate ships and which might have precipitated trouble with some of the belligerent countries should it have been attempted to acquire interned vessels as part of the scheme (and no others appeared available), was definitely shelved in the dying hours of Congress, as it had become apparent that to endeavor to pass the bill at the last moment, as had seemingly been planned, would lead to renewed filibustering by the Republicans in the Senate and cause the failure of the regular appropriation bills. As it was, two supply measures failed of passage, namely the Post Office Appropriation Bill and the Indian Appropriation Bill, but in both cases joint resolutions were passed continuing in force current appro­ priations. Postmaster-General Burleson’s efforts to prevent the fixing of railway mail pay on a basis satisfactory to the railroads was one of the main reasons for the failure of the Post Office Appropriation Bill. With the adjournment of the Federal legislative body, President Wilson issued a state­ ment, saying: “A great Congress has closed its sessions. * * * Business has now a time of calm and thoughtful adjustment before it, disturbed only by the European war.” The President also allowed it to be known that he had no intention of convening the new Congress in advance of the time for the regular session the following December. This announcement came Mar. 22 and was in response to sugges­ tions that Congress be convened in extra session during the summer to take up the question of giving the President authority to declare an embargo on the exportation of muni­ tions of war. What further helped to revive confidence were indications tending to show a modification of the political attitude of hostility towards railroads and business interests. In that sense a speech by former Congressman Oscar W. Underwood, now U. S. Senator from Alabama, was consid­ ered full of significance. Mr. Underwood’s remarks were addressed to the members of the Sphinx Club at their dinner at the Waldorf-Astoria on Mar. 9. He presented an accurate picture of the plight of the railroads in the following words, which were taken as promising improved treatment of the railroads for the future: “In recent years accumulated sur­ pluses of railroads have largely disappeared, dividends have been greatly reduced and the ability to secure long-time loans at low rates of interest has passed away. Without cheap money for development, new facilities cannot be obtained  RETROSPECT. and low rates for transportation maintained. If railway in­ vestments cannot be made attractive to capital, is not the nation threatened with an inevitable breakdown of its trans­ portation systems? We never can have permanent prosper­ ity in the country until our great problem of transportation is settled, and settled wisely.” Two decisions of the U. S. Supreme Court, holding in­ valid State laws fixing railroad rates, were also considered full of encouragement. One involved passenger rates and the other freight rates. In the freight case the roads were the Nor. Pac. and the Minn. St. Paul & Sault Ste. Marie, and in the passenger the Norf. & West. One of the laws was the North Dakota lignite coal rate law and the other the West Virginia two-cent passenger rate Act of 1907. Jus­ tice Hughes delivered the opinion in the two cases, which were considered more or less together, as the principle in both was the same. Justice Pitney alone dissented. The de­ cisions laid down the proposition that a State has not the right to compel railroads to do a given class of business at non-compensatory rates on the ground that the roads derive adequate profit from other operations, nor would the Court permit the argument that so long as the rate decreed by the State does not involve positive loss, it is free from legal ob­ jection. The law fixing the rate at 2 cents a mile in West Virginia was declared invalid because under it “the company is forced to carry passengers, if not at or below cost, with merely a nominal reward considering the volume of the traf­ fic affected.” The State Court in the North Dakota case had held that it was “within the power of the Legislature to reduce rates on a particular article provided the carriers are enabled to earn a fair profit upon their entire intra-State business”; but the U. S. Supreme Court declared that in so segregating a particular commodity or class of traffic, and compelling the carrier “to transport it for less than the proper cost of transportation, or virtually at cost, the State has exceeded its authority.” In arriving at its general con­ clusion, the Court held that when a State selects one com­ modity or class of traffic for regulation, it must apportion to it a proper part of all general expenses and then allow sub­ stantial compensation. “The State cannot estimate the cost of carrying coal.” In the West Virginia case the Court said: “It would appear to be outside the field of reasonable adjustment that the State should demand the carriage of passengers at a rate so low that it could be justified only by placing upon shippers of goods a burden of excessive charges in order to supply an adequate return for the entire service.” Furthermore, the Court declared, such action could not be justified as a “declaration of public policy to develop an infant industry or to make one community independent of another.” “While local interests serve as a motivefor en­ forcing reasonable rates,” the Court added, “it would be a very different matter to say that the State may compel the carrier to maintain a rate less than reasonable to build up a local enterprise. That would be to go outside the car­ rier’s undertaking and would be equivalent to an appropria­ tion of its property to public uses upon terms to which the carrier had in no way agreed.” Another encouraging feature was the success attending the sale on Mar. 10 by New York State of 827,000,000 highway and canal bonds (822,000,000 having 50 years to run and 85,000,000 30 years); the rate of interest had been fixed at 4)4%, as against 4)4% at the previous year’s sale. The proposals received aggregated 898,569,000 and the bonds were awarded to a banking snydicate at their bid of 103.459 for “all or none,” a basis of about 4.08%. At the 851,000,000 sale of 4)4% bonds on Jan. 21 1914 the award was on an interest basis of 4.208%. Seven months before that, in June 1913, the State, to tide over emergencies, had put out 827,000,000 8 months’ notes on a basis of 4.87%. With it all, our merchandise exports continued of extraordinary magnitude, leading finally to gold imports on a large scale, notwithstanding the efforts of the debtor countries of Europe to check the flow of gold this way. A great improvement likewise occurred in the outlook in the South, owing to a decided appreciation in the market value of cotton. On Saturday, Feb. 27, the price of middling upland spot cotton in this market was 8.35 cts., and on Monday Mar. 1 was 8.25 cts.; Mar. 31 the price was 9.80 cts. The belief in an early termination of the European war found wide acceptance. All through the month advices from Europe spoke of the probability of the early entrance of Italy into the conflict, and this, it was then reasoned, would mean the speedy closing of the struggle. Rumor also had it that some of the Balkan countries were likely to take active part in the contest on the side of the Entente countries, thus further increasing the odds against Germany and compelling the Kaiser to sue for peace. The English and French fleets continued their efforts to open up the Dardanelles and cap­ ture Constantinople, and there were expectations then that the task would be accomplished by Easter. One result counted upon was that the countries which were still hesita­ ting as to whether to take part in the war and on which side, would thereby be induced to throw their lot in with the En­ tente Powers. Italy was looking with covetous eyes upon the Austrian districts of Trent and Trieste, these being desired, as claimed, for the purpose of the rectification of the Italian frontier. Advices had it that Prince von Buelow, the Ger­ man Ambassador, was conducting negotiations at Rome with the view of getting Austria voluntarily to cede these districts and Italy to accept them in satisfaction of her desires, there­ by insuring the continued neutrality of Italy. A warlike   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  23  spirit appeared to be fast growing up in Italy towards the close of the month. In Greece King Constantine succeeded in maintaining neutrality of his country, and the Premier, Eleutherios Venizelos, finally resigned and advised the King to invite Alexandras Zaimis, former Prime Minister, to form a new cabinet. M. Zaimis declined, but the King prevailed upon M. Gounaris to constitute a new cabinet. The latter assumed the task on a condition that the Chamber should be adjourned for a month and then be dissolved by royal man­ date. Thus the Greeks gained time. As it happened, the Entente fleets met with unexpected disaster in their attacks on the Turkish forts, though this did not diminish confidence in the ultimate success of the undertaking. In a dash to get past the forts the French warship Bouvet was blown up by a drifting mine and sunk, while the British warships Irresistible and Ocean were also sunk, and several other warships, and in particular, the French Gaulios and the British Inflexible were badly damaged. The sinking of the Bouvet caused the loss of a great many lives. Other British and French warships were immediately sent to take the place of the lost or disabled ships, and operations were resumed later in the month, but were now conducted with greater caution. By all odds the most important event in the field of war was the surrender on Mar. 22 to the Russians of the Austrian fortress of Przemysl. The Russians immediately changed the name to Permysl. The fortress had been besieged since the previous Sept. 10 1914. On Mar. 19 the garrison, which was on the verge of starvation, had made a last desperate dash to the east along the Valley of the San, right against the heaviest Russian bat­ teries, with the result that thousands fell and about 5,000 famished men gave themselves up as prisoners. The Rus­ sians reported that about 120,000 men had surrendered when the fortress capitulated, including 2,602 officers and officials. The Austrians sought to minimize the extent of the surrender, and a dispatch from Vienna through the Austro-Hungarian Embassy at Washington, given out Mar. 28, stated that after the loss of 10,000 in the last sortie, the Przemysl garrison con­ sisted of 34,000 of all ranks who surrendered. Besides these, there were in the fortress, it was stated, 45,000 civilians, in­ cluding laboring population, and 25,000 sick and wounded. The Russians also again crossed the East Prussian frontier in the Northeast, near Tilsit, and took possession of the port of Memel on the Baltic, though this latter victory proved short­ lived, the Germans soon re-occupying the port with the assis­ tance of their warships and driving out the Russians. In the western area of the war the French and British troops also made advances at a number of points. At Neuve Chappelle the British achieved a particularly important victory, though at a great sacrifice of life. That French prospects were deemed to have brightened materially was evident from a considerable rise in French rentes. These early in the month sold at 69)4, but sub­ sequently advanced to 73, which was the price Mar. 31. On the other hand, in the case of English Consols the British Treasury on Mar. 18, in posting on the London Stock Ex­ change a new list of minimum prices, allowed a reduction of two points, enabling these to be sold at 66)4, as against 68)4, the minimum that had ruled since the London Exchange had reopened. In fixing the new minimum list, American securi­ ties were not included, these being left subject to change from time to time without reference to the Treasury to correspond with the minima fixed in New York. Previously London minimum prices had been those of July 27th, while the New York minima were on the basis of the much lower prices reached July 30. Subscriptions for a second German 5% war loan were received, as announced under February events, and it was reported to have been a tremendous success, no less than 9,000,000,000 marks (82,250,000,000) having been subscribed for. Announcement also came from Chandler & Co., a Stock Exchange house here, that their offer to take 810,000,000 German Treasury notes had been accepted by the German Government. The firm reported that half of the total issue had been subscribed by banks and trust companies of this city, and the remainder by institutions and individuals in Philadelphia, Cincinnati and other places. The notes ran for 9 months, being dated Apr. 1 1915 and falling due Jan. 1 1916. They were subsequently offered for public subscription by Chandler & Co., Inc., at 99)4, yield­ ing 5.52%. There was evidence on every side that the war was costing more than originally computed and considerable additional British Treasury obligations were issued. In a financial statement in the House of Commons on Mar. 1 Premier Asquith pointed out that by Apr. 1st the conflict would have lasted 240 days with an average expenditure on the part of Great Britain of £1,500,000 daily and said that by Apr. 1 the British Government would be spending roughly £2,000,000 daily above the normal. Mr. Asquith, there­ fore, asked for a vote of credit of £250,000,000, said to be the largest single credit up to that time ever put before the House of Commons. This was unanimously voted. It was expected to cover the period extending through the second week of July. On Mar. 10 the British Treasury received tenders for £50,000,000 3 % 5-year Exchequer bonds. The tenders aggregated £73,000,000 and the average price realized was £95 18s. Id., making an average rate of substantially 3 15-16%. On Mar. 30 the British Treasury also disposed of £15,000,000 of 6 mos. Treasury bills on an interest basis a shade over 2%%. £11,728,800 Queensland 4)4% bonds were also placed in London, and £5,000,000 issue of Dominion of Canada 4)4% bonds brought out, the issue price being 99)4, and the loan being largely over­  24  RETROSPECT.  subscribed. In France, Albert Metin, reporting for the B ldget Committee in the Chamber of Deputies on the bill authorizing the French Government to raise the issue of Treasury (5%) bonds to 4,500,000,000 francs (which bill on Mir. 18 unanimously passed the Chamber of Deputies) announced that subscriptions in France had already reached 3,003,000,000 francs and that including foreign subscriptions, the aggregate was 3,684,000,000 francs. This was in ad­ dition to subscriptions to the 5% long-term bonds (re­ payable in 1925) offered at 96% which started on Feb. 25. The French Parliament adopted the Government’s pro­ position providing for advances to Russia, Servia, Belgium, Greece and Montenegro as friends of the Entente Powers of 1,35 J,(XX),000 francs. The most important feature of French finance, however, was the announcement at the close of the month that J. P. Morgan & Co., the Nat. City Bank of New York and the First National Bank of this city had concluded arrangements with the French Government for the placing in the United States of $50,000,000 French 1-yr. 5% bonds, dated Apr. 1 1915 and due Apr. 1 1916, the proceeds to be expended only for purchases made by the French Republic in this country. The bonds were offered for public sub­ scription on Apr. 1 at 99%, yielding slightly over 5%%. The general French moratorium was extended for 60 days from Mar. 1 to May 1. Early in the month M. Ribot announced that the governing body of the French Bourse had decided to exclude provisionally from transactions in thar market all securities owned by foreigners. It was explained that the purpose of the regulation was to prevent the sale in France of German and Austrian-owned securities with the object either of drawing cash from France or of depressing and manipulating the French market. Early in the month $15,0(0,000 of Government of Switzerland 5% gold notes were brought out in this country by American banking houses for the purpose of providing funds to be applied to purchases of commodities in the United States. The entire loan was quickly subscribed; $5,000,000 of the notes, due Mar. 1 1916, were offered at 99% and int., yielding about 5%%; $5,000,COO, due Mar. 1 1918, were offered at 97%, and $5,000,000, due Mar. 1 1920, at 95%, the yield in these two last instances being 6%. Financial institutions of this country also brought out here $15,000,000 6% gold notes of the Gov­ ernment of Argentina, dated Dec. 15 1914 and due $5,000,000 Dec. 15 1915, $5,000,000 Dec. 15 1916 and $5,000,000 Dec. 15 1917, the different issues of notes being offered at prices to yield respectively 5.18%, 5.76% and 5.84%. In addi­ tion, considerable amounts of Canadian municipal loans were placed here. A statement prepared by the “Monetary Times” of Montreal early in April made the sales of Canadian Provincial Government, corporation and municipal bonds since the beginning of the previous December, $101,957,022, and showed that only $9,937,022 had been placed in Canada, $25,000,000 in Great Britain (being the £5,000,000 Dominion Government loan referred to above and the only sale in Lon­ don since the outbreak of war at the end of the previous July), and the remaining $67,020,000 in the United States. The Germans continued their submarine warfare, causing the loss of many British merchant ships, the most of them of small tonnage, and also a few merchant ships of other na­ tionalities. An event of the month was the arrival of the German converted cruiser, Prinz Eitel Friedrich, at Newport News on Mar. 10, after a long course of sea roving during which the ship had preyed on commerce in both the Pacific and Atlantic oceans. It appeared that altogether eleven ships had been sunk, including (what had not been known before) the American sailing ship William P. Frye, laden with wheat from Seattle to Queenstown, &c., and insured by the Government War Risk Bureau. The cruiser had on board more than 500 persons, including 342 of the crew and passengers of destroyed vessels, in addition to her own crew of over 100. The William P. Frye, it appeared, had been sunk Jan. 28. After our Government had established the fact that the cargo of wheat had been consigned “to order,” and that no evidence existed in the papers of the ship to prove that the foodstuffs were destined to any belligerent forces—in the absence of which evidence the wheat would not be contraband and the destruction of the ship unjusti­ fiable—demand was made upon Germany for an indemnity of $228,059. The United States entered no claim for the value of the cargo, which was said to have been sold to a British subject while in transit, but the German Govern­ ment signified its willingness to pay for the loss of both the vessel and the cargo if it were established that both were owned by American citizens at the time of their destruction. The German Government insisted, nevertheless, that the action of Com. Thierichens of the Prinz Eitel Friedrich was “quite in accordance with the principles of international law, as laid down in the Declaration of London and the German Prize Ordinance.” It reasoned that the ports of Queens­ town, Falmouth and Plymouth, whither the ship was bound, were strongly fortified English coast places serving, more­ over, as bases for the British naval forces. Being foodstuffs, the cargo was conditional contraband, and was to be consid­ ered as destined for the armed forces of the enemy pending proof to the contrary. In the trial the owners of ship and cargo would be at liberty, it was stated, pursuant to the Declaration of London, to adduce proof that the cargo had an innocent destination and did not therefore have the char­ acter of contraband. If such proof should not be adduced, the German Government would not be liable for any compensa­ tion whatever, according to the general principles of inter­   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  national law. The right of the United States, however, to reparation from Germany was conceded under two PrussianAmerican treaties, entered into in 1799 and 1828, these treaties providing that contraband belonging to the subjects or citizens of either party cannot be confiscated by the other in any case, but only detained or used in consideration of payment of the full value of the same. Accordingly, the American owners of ship and cargo were entitled to compen­ sation even if the Court should declare the cargo of wheat contraband. Next month (Apr. 9) the Prinz Eitel Fried­ rich was interned at Newport News, Commander Thier­ ichens having decided upon that as the wisest course within a few hours of the limit fixed by the U. S. Government Neu­ trality Board, within which the vessel was obliged to leave the territorial waters of the United States or interne. One of the British steamers sunk by a German submarine in St. George’s Channel on Mar. 28 was the Falaba, and on it Leon Chester Thrasher of Hardwick, Mass., supposed to bo an American citizen, lost his life. The German Government early the next month (Apr. 6) issued a disclaimer of respon­ sibility, saying responsibility rested with the British Govern­ ment, which, contrary to international law, had inaugurated a commercial war against Germany and, contrary to inter­ national law, had caused merchant ships to offer armed re­ sistance. Domestic trade remained slack, but a continued influx of war orders on a growing scale tended still further to widen activity in the iron and steel trades. The “Iron Age” of this city reported that the orders placed the last two weeks of the month with steel works in this country by European governments had exceeded those in any fortnight since the war began. Lake copper at New York advanced from 15% cts. to 17 cts. and electrolytic from 14% to 15%. From an investigation undertaken by the Metropolitan Life Insurance Co. to ascertain the number of unemployed among its indus­ trial policy holders in this city, it was estimated that the number of unemployed in New York City at the time of the canvass was approximately 400,000. An enumeration made by the Bureau of Labor Statistics of the U. S. Department of Labor the first half of February arrived at substantially the same result. The German Nat. Bank of Pittsburgh, with $500,000 capital and somewhat over $5,000,000 de­ posits, was closed Mar. 4 by the Comptroller of the Currency. The bank was said to have held as collateral for loans con­ siderable stock in the Pittsburgh Brewing Co., whose se­ curities had heavily declined, and the Comptroller stated the failure was caused “by a persistent disregard of the ele­ mentary principles of sound banking.” There was a break in the May option for wheat at Chicago from $1 51 Mar. 1 to $1 35% Mar. 5, with a sharp upward splurge again to $1 60 Mar. 16, as it appeared that the British and the French fleets were making little headway at the Dardanelles; later the indications seemed to point to the entrance of Italy into the war, which it was supposed would mean the early termi­ nation of the conflict. Accordingly, by Mar. 27 the price was down again to $1 47%, but a quick rebound brought it back to $1 54% and the close Mar. 31 was at $1 51 %. May corn at Chicago, opening at 73%, sold down to 71 cts. Mar. 2, advanced to 75% cts. Mar. 15, was back again to 71 cts. Mar. 27 and closed at 72% cts. Mar. 31. May oats at Chi­ cago were 56% Mar. 1, got down to 53% Mar. 2, touched 61% Mar. 19 and closed Mar. 31 at 57 cts. The U. S. Senate ratified President Wilson’s appointments of the mem­ bers of the new Federal Trade Commission (whose names ap­ pear in our narrative for February), except that of George Rublee of Cornish, N. H., who was personally distasteful to Senator Gallinger of New Hampshire (Republican); after adjournment of Congress Mr. Wilson gave him a recess ap­ pointment. The Government ship-purchase bill, as already stated, was shelved in the dying hours of Congress. Among the other measures which failed of enactment were the bills providing for the regulation of railroad securities, for rural credits, for conservation legislation, the Philippine bill, the Child Labor bill, Woman’s Suffrage, and the Prohibition Amendments. Among the measures that became laws were the Seamen’s bill, containing much prohibitory and restrictive legislation which was to lead to the withdrawal of a considerable num­ ber of American ships from service, and also a Neutrality bill, empowering the President to prevent ships leaving Amer­ ican ports with supplies for belligerents. The President signed the Seamen’s bill Mar.4. It was ostensibly intended i to provide better working conditions for American sailors and to afford greater safety for passengers at sea. One of its provisions imposes upon foreign vessels leaving American ports the same requirements as to life-saving appliances as are demanded of American ships. All ships built after July 1 1915 must carry life-saving equipment for all persons on board, of which 75% must be regular lifeboats and not more than 25% life rafts or collapsible lifeboats. Between May 15 and Sept. 15 vessels on the Great Lakes and domestic waters within a three-mile limit off shore must carry 50% lifeboat equipment. It is also provided that on reaching , American ports seamen may demand and receive half of their i pay already earned; if this demand is refused, the seaman is : freed from his contract and is then entitled to all he has earned up to that time. Other provisions fix the percentage j of a crew that must be able seamen, the percentage of each department that must understand the language of the of­ ficers, and define seamen as men over 19 years old having had three years’ experience. R. P. Schwerin. President of  25  RETROSPECT. the Pacific Mail Steamship Co., operating seven trans-P" cific steamships, at once declared (according to a San Fra cisco dispatch to the daily papers), that with the enactment of such a law the Pacific Mail would have no alternative but to go out of business. He said that under the bill the com­ pany’s operating expenses would be increased 200%, “the total increase would be $800,000 and the company has never earned more than $200,000 in any one year.” Another meas­ ure enacted which was destined to cause considerable trou­ ble was Senator Cummins’s billjjprohibiting railroads from re­ stricting their liability in the carrying of freight. The pur­ pose of the bill was to do away with the limited liability clause under which railroads had been receiving live stock shipments, and to make the carriers liable for the full value of shipments destroyed in transit, but it was found to have a much wider application and for a time it seemed that the ef­ fect might be, contrary to its purpose, an increase in rates in many cases. In May, however, the Inter-State Commerce Commission rendered a decision, saying: “Applying correct rules of interpretation, the Cummins Amendment does not automatically bring into effect the increased rates named in the classifications and tariff publications as applicable to shipments which are not made subject to the terms of the uniform or carriers’ bill of lading.” One offect wastomake a change in the rules governing passenger baggage. Under the practice previously in force, the carriers had placed an arbitrary value of $100 on the baggage carried. Under the regulations made necessary by the new law, passengers are obliged in each instance to declare the value and required to pay a charge for any value in excess of $100. The Treasury Department began withdrawing Govern­ ment deposits from the national banks with a view to their ultimate transfer to the Federal Reserve banks. The Fed­ eral Reserve Banking Law was slightly amended so as to increase the amount of acceptances based on the importa­ tion or exportation of goods which Federal Reserve banks may discount. As it stood the law provided that the aggre­ gate of acceptances discounted should at no time exceed onehalf the paid-up capital and surplus of the bank for which the rediscounts are made. Under the amendment the Fed­ eral Reserve Board may authorize the discount of accep­ tances up to the full amount of the capital stock and sur­ plus of the member bank. Announcement was made Mar. 22 of the designation of Nashville as a Reserve city and the Federal Reserve Board made known the requirements that would be necessary in the future before consideration would be given to the designation of any city as a reserve city, namely a population of at least 50,000; combined capital and surplus of national banks in the applying city of Dot less than $3,000,000,with deposits of not less than $10,000,000; in­ dorsement of the application by at least 50 national banks located outside of the applying city who will state that they are carrying or intend to carry upon such designation ac­ counts with a national bank in the applying city. In the New York Supreme Court at Special Term Justice Shearn handed down a decision upholding the right of a stock broker’s firm to pledge with banks as collateral for money borrowed securities purchased for or received from a customer for whom the firm is carrying an account on mar­ gin. The decision was given in an action brought by William P. Fisher, a customer of the failed firm of Stoppani & Hotchkin, against the Mechanics & Metals National Bank of this city. The New York Legislature passed what is known as the Widows’ Pensions Bill, intended to provide relief for dependent mothers with children, by permitting funds for charitable purposes to be used by municipalities to keep the families of destitute widowed mothers in their homes. The plan contemplates the devoting to this use of money which otherwise would be expended in keeping the children in public institutions. Under an emergency message from Gov. Whitman, the New York Legislature on Mar. 31 passed a bill suspending until May 1 the operation of the Secured Debt Tax Law under which on the payment of a recording tax of one-half of 1% securities were rendered exempt from all future taxation. Next month a bill was passed increasing the registration fee from one-half of 1 % to three-quarters of 1 % and limiting the period of exemption to five years. Gov. Fielder vetoed three bills amending the “Seven Sisters” Laws of New Jersey on the ground that they would weaken these laws. One other bill amending the “Seven Sisters” Act he had signed on Mar. 31. This latter modifies the prohibi­ tion against corporations organized under the laws of the State from holding the stock or the indebtedness of other corporations so far as to allow purchases for investment where the holdings are not used “by voting or otherwise to restrain trade or to bring about, or in attempting to bring about, the substantial lessening of competition.” The New York Court of Appeals upheld the constitutionality of the provision in the State Labor Law prohibiting the employ­ ment of women between the hours of 10 p. m. and 6 a. m. in factories. Railroad Events and Stock Exchange Matters.—The many fa­ vorable events noted above and the general growth of confi­ dence were reflected in a rise in prices and a development of speculative activity the like of which had not been wit­ nessed for a very long time. From the start the security markets were generally strong on the adjournment of Con­ gress and a growing belief in the early termination of the war, but the volume of business at first was small. In the second I week a downward reaction occurred, which, however, did j not last long or go very far, the upward movement being   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  p^oedily resumed and the market broadening. The latter of the month transactions reached large proportions, . under manipulation of a pronounced sort prices moved v by leaps and bounds. Though the improvement in values was nominally based’onprospects of an early close of the war, the market acted in an inconsistent fashion, the stocks taken in hand and whirled upward with such lightning speed being mainly those which were supposed to be profiting greatly by the war and which, by a parity of reasoning, would suffer a serious loss of business should the war suddenly close. Bethlehem Steel com. jumped from 54*4 to 91)4 and all the stocks of the automobile and motor companies were pushed upward with great speed. In Chic. R. I. & Pac. there ap­ peared to be a contest for proxies, under which the price rose from 18)4 to 36%. On the last day of the month (Mar. 31) the important announcement came that the gov­ ernment of the Stock Exchange had decided to abolish all minimum quotations, effective Apr. 1, and to remove all restrictions upon trading in the case of both bonds and stocks. Amer. Steel Foundries Co. passed its quar. div. and Can. Westinghouse Co. reduced its quar. div. from 1% to 1%. Sloss-Sheffield Steel & Iron Co., which had paid its Jan. div. on pref. in scrip, decided to defer the April div. altogether, and did not resume again until Oct., when 1%% quar. was paid again in scrip, but in Jan. 1916 paid 1%% and 1%% extra, both in cash. Quincy Mining Co., which had resumed the previous Dec. (after suspension since Sept. 1913), paying 2%, declared another payment and made it 4%. Stock Fluctuations.  Railroads— Atch Top & Santa Fe. Baltimore & Ohio___ Canadian Pacific___ Chesapeake & Ohio__ Chic Milw & St Paul.. Erie. ______________ Great Northern, pref. Louisville & Nashville. N Y C & Hud River.. N Y N H & Hartford.. Norfolk & Western__ Northern Pacific____ Pennsylvania _______ Reading Company__ Southern Pacific Co.. Southern Railway___ Union Pacific________ Industrial, &c.— Allis-Chalmers Mfg__ Preferred ___ Amalgamated Copper. Amer Agricul Chern.. American Beet Sugar _ American Can_______ Amer Car & Fdy____ Amer Coal Products.. Amer Locomotive___ Amer Smelt & Refg... Amer Woolen_______ AnacondaCop (par$25) Baldwin Locomotive.. Bethlehem Steel Corp. Central Leather____ Colorado Fuel & Iron. Continental Can____ Cuban-Amer Sugar__ General Chemical___ General Motors_____ Goodrich (B F)______ Insp Con Cop (par $20) Lackawanna Steel___ Maxwell Motor_____ Pressed Steel Car____ Railway Steel Spring.. Republic Iron & Steel. Studebaker Corp (The) Texas Co (The)_____ U S Indus Alcohol___ U S Rubber_________ United States Steel__ Western Union Teleg.'  March 1.  March 31.  Range for Month.  Low. [ High. 94% 94% Mar 1 100% Mar 29 98% 64% Mar 1 64% 72% 73% Mar 29 zl54% 161% il53% Mar 1 165 Mar 29 40 Mar 1 40 45% 46% Mar 31 89 84% Mar 1 85% 90% Mar 25 21 20% Mar 1 25 25% Mar 31 113% 118 113% Mar 1 119 Mar 27 110 Mar 1 120 Mar f29 110 118 82% >85 81% Mar 1 >87% Mar 29 45 Mar 1 45 62% Mar 31 59% *99 101% *101 102% 100% Mar 2 103 Mar 25 104% 100 % 100% Mar 2 106% Mar 27 103 % 106% 103% Mar 1 108% Mar 30 142% 145% 142 Mar 18 148% Mar 27 82% 86% 81% Mar 3 88% Mar 27 *13% 14 16% 13% Mar 2 17% Mar 31 124% zll7% zll7% Mar 1 126% Mar 29 *8 10 *____ 37 53% *48% 50 39% 26% 40% *____ 82 20% 61% *15% 18 $26% 28 54% 34% 23% *43% 45 40 al80 92 32 $18% *28% 32 24% *27% 29 *20 22 19% 45% 128 *15 40 53% 42% 62%  12 45% 62% >49% 44% 31% >47% a91 28% 68 *16 17% $29 35 86 35 27% 60% 50 *184 186 122% 41% $25 35 42% 33% 24% 22% 56 >140 *25 .......... 64% 48% >65%  8% 34 53% >48 38% 26 40% 82 19 61% 15% $25% 26% 54% 33 23 45 40 180 91% 30% $18% 28% 24% 25 19 19% 45% 127% 20 53% 42% 62%  Mar 4 Mar 4 Mar 1 Mar 24 Mar 1 Mar 1 Mar 2 Mar 3 Mar 2 Mar 8 2 Mar | 6 Mar 2 Mar 3 Mar 1 Mar 2 Mar 17 Mar 4 Mar 1 Mar 16 Mar 4 Mar 6 Mar 1 Mar 22 Mar 1 Mar 6 Mar 6 Mar 13 Mar 1 Mar 1 Mar 8 Mar 1 Mar 1 Mar 1  13% Mar 47 Mar 63% Mar 50% Mar 46 Mar 32% Mar >47% Mar 90 Mar 28% Mar 69% Mar 17% Mar $29% Mar 36 Mar 91% Mar 36% Mar 28% Mar 61 Mar 52% Mar 192% Mar 127 Mar 44% Mar $25% Mar 35 Mar 47 Mar 34% Mar 25% Mar 23 Mar 58% Mar 143% Mar 27 Mar 66% Mar 49% Mar 67 Mar  31 31 31 31 30 31 31 30 31 31 12 31 31 30 24 24 31 24 3 31 31 31 31 31 29 31 30 31 30 24 30 29 31  a Less than 100 shares, j Quoted ex-dividend during the month and prior to this date, x Ex-dividend. * Bid and asked price; no sale.  The Money Market.—Continued ease prevailed, the range on call being 1%@2)4%. On time, rates at the end of the month were 2% for 60 days, 2% for 90 days, 2%@3 for 4 mos. and 3 @3% for 5 and 6 mos. Commercial paper was quoted at 3 % @3 Vv for choice double and prime single names and 4 for good single names. Money holdings of the Clear­ ing-House institutions continued to rise and were $395,541,000 Mar. 27 against $363,494,000 Feb. 27. Simultaneously the gold holdings with the Federal Reserve banks increased from $113,066,000 to $115,055,000. The loan item further ran up from $2,297,504,000 to $2,384,820,000 and deposits moved up from $2,268,448,000 to $2,386,018,000. Foreign Exchange, Silver, &c.—In our foreign exchange market the tremendous merchandise exports and the large trade balance in the country’s favor caused a further break in rates to a new low level. At the beginning of the month an appreciably firmer tone prevailed on fears that the pur­ pose to enforce a complete blockade of German trade might tend to cut down our exports, and also on reports that Great Britain had established, or would establish, large credits here to liquidate her indebtedness. The latter part of the month gold engagements reached large proportions, consid­ erable amounts being drawn from Ottawa, Canada. Alto­ gether the importations were $25,620,467. On Mar. 23 de­ mand bills dropped to a new low figure at 4 78%, on an over­ whelming supply of bills, but from this extreme low point recovery subsequently ensued. The fact that J. P. Morgan sailed for Europe and arrived there Mar. 26 seemed to lend color to the reports that the British Govt, was arranging for a large credit hero. In rates on Continental centers German marks moved up sharply at one time, presumably as a result of subscriptions in this country for the new German obliga­  26  RETROSPECT.  tions. For most of the month, however. Continental ex­ change, and particularly Italian and Swiss exchange, was weak. The high point for bankers’ sight sterling was 4 80% @4 81% Mar. 5, the low point 4 78%@4 78% Mar. 23 and the close Mar. 31 4 79%@4 79%. The bullion holdings of the Bank of England continued to fall off heavily, and there was a slight stiffening in open market discounts at London, which were 2% at the close. There were no open market discounts reported from the Continental centers. Silver in London advanced still further, reaching 24 5-16d. Mar. 11, but the price Mar. 31 was only 23 %d. MONTH OF APRIL.  Current Events.—While there were no encouraging devel­ opments in the European war situation and the belief en­ tertained so widely the previous month that the conflict would be brought to an early close largely disappeared, trade in this country continued to give signs of greater activity. In certain directions improvement was still entirely lacking. Nevertheless, the tone and feeling were better all around. The main feature, however, was that orders of huge dimen­ sions for munitions of war, armaments, &c., were inducing not a few manufacturing concerns to turn from their ordinary line of work, in which they had encountered so much idle­ ness, to these new fields of industry, thereby insuring a spe­ cial kind of activity for the time being Very little of a defi­ nite nature transpired with reference to the war orders, and the magnitude and character of this business was un­ doubtedly greatly exaggerated; b’i ? apparently the Canadian Car & Foundry Co. had contracts for shrapnel and howitzer shells from the Russian Government aggregating about $83,000,000 and was engaged in parceling these out among different American concerns, while the Bethlehem Steel Corporation, as had been known for a long time, had con­ tracts for munitions of war and armaments and kindred things reaching a huge figure, sufficient to keep its plant busy for a long time to come. The latter part of the month it was stated that the Can. Car & Foundry Co. had already given sub-contracts for $21,724,000 out of its order, these being distributed among 37 steel and powder companies in the United States, and that negotiations were then pending for placing four other sub-contracts amounting to $30,104,330, the remainder of the order to be filled by the Can. Car & Foundry Co. itself. There were also rumors of the plac­ ing of all sorts of orders with American mills for miscellaneous artillery, field and machine guns, and the like. The Westinghouse Electric & Mfg. Co. was credited with having ob­ tained a contract for supplying 1,000,000 rifles at $27 50 each, and with having another similar order under consid­ eration. Among contracts of a different kind, the American Woolen Company was reported as having received a to­ tal of $7,500,000 of orders for clothing and materials to replace uniforms destroyed, the orders having come chiefly from Great Britain, France and Russia. In addition, practically all the automobile and motor car companies were understood to hold extensive orders for cars, motor trucks, &c., for use at the scene of the war. On the Stock Exchange these orders were treated as if they represented that much profit immediately available for dis­ tribution, and in addition fancy and fiction added many or­ ders wholly non-existent. That improvement in domestic lines of activity was proving small, notwithstanding the help of war contracts, was evident from the large number of idle cars on the railways and from the fact that the unfilled orders on the books of the U. S. Steel Corp, failed to record any in­ crease, but continued to diminish. The various steel com­ panies were understood at the end of April to be working at about 70% of their capacity. The quarterly return of the U.S. Steel Corp, for the March quarter, issued after the close of business on Apr. 27, made a very poor showing,inasmuch as the figures indicated that the Corporation had fallen $5,389,861 short of earning the sum needed to pay its pref. stock div. of 1 %%. The return, nevertheless, had an encouraging aspect in that it furnished testimony to the improvement which had occurred in a striking increase of earnings from month to month. For January the net was given as only $1,687,150, for February $3,638,578, and for March $7,132, 081. This improvement in the net followed not only from an increasing volume of business, but still more from a great bet­ terment of prices. Steel billets at Pittsburgh were $20 a ton in April, against $19 at the opening of the year; steel bars at Pittsburgh were 1.20e. per lb., against 1.10c., and plates at 1.15c., against 1.10c.; many contracts for plates, shapes and bars, it was understood, had been executed in the earlier months as low as 1.05c. The great further advance in copper was also one of the features of the month. Lake copper, for which there was a special demand, sold up to 21c. per lb., as againstonly 17c. on March 31 and but 13 %c. at the opening of the year. Electrolytic copper advanced to 18%c., against 15%c. Apr. 1 and 13c. Jan. 1. Grain prices made a renewed rise on the extraordinary foreign demand coincident with dwindling supplies. The May option for wheat at Chicago advanced from $1 51 Apr. 1 to $1 65% Apr. 26, with the close Apr. 30 $1 62. May corn at Chicago rose from 72%c. Apr. 1 to 78%c. Apr. 24, with the close 76%c. The May option for oats, however, at Chicago dropped from 58% cts. Apr. 19 to 53% cts. Apr. 27, with the close Apr. 30 54% cts. In cotton, also, there was a further’great appre­ ciation in values. On Apr. 23 middling upland spot cotton in this market was quoted at 10.60c., as against 9.80c. Mar. 31 and only 8.25 cts. at the beginning of March. The   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  foreign demand for the staple continued of exceptional mag­ nitude, notwithstanding the inability to make shipments to Germany. Print cloths at Fall River were marked up from 3c. to 3%c. on Apr. 16 and to 3%c. on Apr. 17. News regarding the war in Europe indicated a number of reverses for the Allies, and certainly there was nothing to encourage hope in an early closing of the struggle. The Germans took the offensive in both the Eastern and Western theatres of the war. In the Western arena a notable battle occurred northeast of the Ypres Canal in which the Germans on Apr. 22 took several villages and captured 1,600 French and British soldiers, together with a considerable number of cannon and guns. The Canadian contingent apparently covered itself with glory, but at a great sacrifice of life, the Cana­ dian casualties in killed, wounded and missing reaching over 5,400 of non-commissioned officers and men, while, including officers, the total was estimated at 6,000. On the Russian frontier overflowing rivers and marshes prevented movements on a large scale the early part of the month, and the progress of the battle in the Carpathians was greatly ham­ pered by spring thaws. But the Germans and the Aus­ trians, in a conference held in Berlin Apr. 23, completed plans for a new offensive in the Southeast—in Galicia, &c. Gen. Mackensen, Commander of the German Ninth Army, came from Poland to attend the conference, and left for the front the same night to take command. This new move apparently proved very successful, and early the next month (May 3) German Army Headquarters gave out state­ ments claiming notable victories all along the Eastern line. It appeared, in the first place, that, aside from the new move in Galicia, they had invaded the Russian Province of Courland on the Baltic Sea (German patrols being reported at Libau) and captured over 3,000 prisoners south of Mitau, a point a little to the south of the Russian port of Riga. Rus­ sian attacks southeast of Kalwarya, near the East Prussian frontier, were reported repulsed with heavy losses, the Rus­ sians having been defeated also northeast of Skiemiewice in Central Poland. The greatest success of all, how­ ever, fell to the Austro-German army in West Ga­ licia, operating along a line running from the junction of the Vistula and Dunajec Rivers, southeastward practically to the Dukla Pass. The announcement here from Berlin on May 3 was as follows: “In the presence of the Austrian Commander-in-Chief, Field Marshal Archduke Frederick, and under the leadership of Gen. von Mackensen, the Allied (Teutonic) troops yesterday, after bitter fighting pierced everywhere and crushed the entire Russian front in West Galicia from the neighborhood of the Hungarian frontier to the junction of the Duajec River with the Vistula. Such of the enemy as succeeded in escaping are in hasty retreat toward the east, closely pursued by the Allied troops. The trophies of the victory cannot yet even be approxi­ mately estimated.” Later accounts of this battle indicated that over 50,000 Russian soldiers had been captured, to­ gether with a large number of cannon and machine guns. Then, also, the French cruiser Leon Gambetta was tor­ pedoed on the night of Apr. 26 by the Austrian submarine U-5, in the Strait of Otranto and 552 of those on board, including all her commissioned officers, perished. The cruiser was attacked, when on patrol duty, in the waterway leading to the Adriatic Sea. Another event of the month was the shelling of Dunkirk on the northern coast of France and the killing and wounding of quite a number of persons. At first it was thought that this was the work of German warships, but it later appeared that the firing was due to German artillery, the shells having come from a monster German or Austrian gun located behind the German line near the Belgian coast, some 22 miles away. In the war against Turkey, however, the English-French Allies appar­ ently made some progress; British troops established them­ selves on the Gallipoli Peninsula and made considerable advance toward the narrows of the Dardanelles. The landing of the British began at daylight of April 25 and a disembarkation was successfully effected at several points. The Turks, under the guidance of German officers, vigorously resisted the invasion, but were unable to hold out against the fire of the monstrous fleet and the onrush of the army, and had to fall back. It was reported that 40 to 50 war ships of the Allies were engaged in the bombardment of the Turkish positions and fortifications. Another event of the month was the action of the German Ambassador at Washington, Count von Bernstorff, in send­ ing a memorandum to our State Department complaining that, while the United States had failed to maintain its right to export foodstuffs to Germany, American manufacturers were permitted to make shipments of munitions of war in unlimited quantities to Great Britain and her Allies. The communication declared that “if the American people desire to observe true neutrality, they will find means to stop the exclusive exportation of arms to one side, or at least to use this export trade as a means to uphold the legitimate trade with Germany, especially the trade in foodstuffs.” While the memorandum was not made public until Sunday, Apr. 11, it was really presented to our State Department in a note dated Apr. 4. Our Government replied on Apr. 21 in a note drafted at the State Department and signed by Secre­ tary Bryan, but which Washington advices stated had been carefully revised by President Wilson. The language, while diplomatic and apparently chosen with care, was caustic at many points, and impliedly censured the German Ambassador for his action. Referring to Germany’s statement regarding  *  RETROSPECT. the exportation of arms, the reply averred that the placing of an embargo on this trade under the circumstances existing would constitute a direct violation of the neutrality of the United States. In financial events abroad the most important happening undoubtedly was the change in the British Government’s policy regarding the issuance of Treasury bills. It was an­ nounced that, beginning with Apr. 14, these Treasury issues of bills would be made at specific rates of interest and would not be subject to competitive tender. Furthermore, there would be no limit to the amount put out. The Bank of England, acting on behalf of the Treasury, was empowered to offer the bills daily for either three, six or nine months from date of issue, the bills to be in amounts of £1,000 and £5,000 or £10,000. Under the old policy a final offering of £15,000,000 bills for competitive bidding was made Apr. 13, the tenders aggregating £44,316,000. The allotment was at an average discount rate of 3)4%« On Apr. 6 an offering of £15,000,000 six months’ bills was also largely over-subscribed, but the interest rate in this case was only about 3)4%. It was reported that the proceeds of that issue were to be uti­ lized to pay off similar notes about to mature. Under the new policy, the Government began by fixing 2)4% as the rate for the 3-mos. bills, 3 % % for 6 mos. and 3 )4 % for 9 mos. It was reported at the close of the month that the new Treas­ ury bills had been marketed, in satisfactory amounts from day to day and were supplanting commercial bills in the English market, owing to the comparative scarcity of the latter. Discount rates in London, however, continued un­ affected. The two final installments on the British war loan (in 3)4 %s at 95) for £350,000,000, negotiated the previous Dec., fell due Apr. 12 and Apr. 26. Owing to the super­ abundance of funds, the British Treasury manifested some disposition to moderate its attitude of extreme resistance to foreign loans in carrying out its plan to conserve British funds for purely British or Colonial uses. The French Govt, pub­ lished a decree granting a further continuance of the morato­ rium for 90 days. The great rise in prices on the N. Y. Stock Exoh. exercised a potent influence in modifying conditions on the London Stock Exch. and led to the removal of some of the restrictions on trading. On Saturday, Apr. 17, it was announced that the London Stock Exchange Committee had agreed to certain relaxations of the rules prohibiting arbi­ trage business. One change was to permit direct sales by members in London to Wall Street. The rules, however, were not sufficiently relaxed to permit sales by Wall Street to London. The note of the United States, taking exception to the British Order-in-Council of the previous month, virtually declaring a blockade against commerce to and from Ger­ many, was made public Apr. 5. In seeking a modification of the British order, our Government declared that “were its provisions to be actually carried into effect as they stand” the order would constitute “a practical assertion of unlimited belligerent rights over neutral commerce within the whole European area and an almost unqualified denial of the sov­ ereign rights of the nations now at peace.” It was pointed out that the order “embraces many neutral ports and coasts, bars access to them and subjects all neutral ships seeking to approach them to the same suspicion that would attach to them were they bound for the ports of the enemies of Great Britain, and to unusual risks and penalties.” “Itjis manifest,” it was added, “that such limitations, risks and liabilities placed upon the ships of a neutral Power on the seas, beyond the right of visit and search and the right to prevent the ship­ ment of contraband, already referred to, are a distinct in­ vasion of the sovereign rights of the nation whose ships’ trade or commerce is interfered with.” Notification that the British Government had agreed to purchase the cargo of the American steamer Wilhelmina and to reimburse the owners of the ship and the cargo for the delay occasioned by the ac­ tion of the British authorities in sending the case before the Prize Court, was received by the State Department at Wash­ ington Apr. 12. This American ship, laden with foodstuffs, had left New York for Hamburg on Jan. 22, had called at Falmouth of her own accord on Feb. 9, and her cargo was detained as prize on Feb. 11. During the proceedings before the Prize Court, the Crown Solicitor at London introduced an Order-in-Council not previously published, providing that the British Government might requisition any neutral ship destined to the enemy country. The German converted cruiser Kronprinz Wilhelm, which had been roaming the high seas since her departure from New York the previous Aug. 3, and attacking enemy ships, arrived at Newport News Apr. 11 and was interned Apr. 29. During the eight months she is said to have sunk 15 vessels—10 British, 4 French and 1 Norwegian—and to have taken 960 prisoners from the de­ stroyed vessels, the most of these being sent to South Amer­ ica by other German vessels to which they had been trans­ ferred. The Arbitration Board appointed under the Newlands Act to pass upon the demands of the locomotive engineers and firemen on Western roads for increased wages made its award Apr. 30. It was estimated that the increases granted would amount to about 85,000,000 a year. At the opening of the hearings the previous Nov. 30 it was stated that if the men were successful in securing their original demands something like 833,000,000 would be added to the pay-rolls of the rail­ roads annually, and that with the further demands subse­ quently made the added burden would be raised to $40,000,000 for the 98 roads involved. The award concerned   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  27  65,000 employees and appeared to be entirely satisfactory to no one. Only four of the six members of the Board signed the award, namely Jeter C. Pritchard, Presiding Judge of the U. S. Circuit Court of Appeals of the Fourth Circuit, and Charles Nagel, former Secretary of Commerce & Labor, the two neutral members of the Board, and the two railroad representatives, namely H. E. Byram of the Chic. Burl. & Q. and W. L. Park of the Ill. Cent. The two representatives of labor declined to sign and filed a dissenting opinion. They were F. A. Burgess, Asst. Grand Chief of the Brotherhood of Locomotive Engineers, and Timothy Shea, Asst. President of the Brotherhood of Locomotive Firemen & Enginemen. These two stated that “the very best that can be said of such an award is that it settles nothing, but simply postpones any further action on the questions involved for a period of twelve months. On the other hand, Messrs. Bryam and Park con­ tended that the agreement under which the arbitration was held gave no latitude to the Board to adjust or reconcile unequal conditions, that it was one-sided and that it permit­ ted standardization only if made upward. Decidedly unusual weather was experienced at the opening of the month, one of the eccentricities being an Easter bliz­ zard. On Saturday Apr. 3 a blizzard swept over the Atlantic coast and resulted in a snowfall of 10 inches in New York, placing it on record as the heaviest April snowstorm in this city in the history of the Weather Bureau, and covering the city with a white mantel for Easter. The storm was severest in Philadelphia, where a fall of 19 inches broke all 12-hour records for that city. In Boston the snowfall measured 8.3 inches. In New York the snowfall, which was accom­ panied by a 60-mile gale, lasted from 8:30 a. m. until 10 p. m. The storm temporarily tied up trans-Atian tic shipping, and telegraphic communication south of Washington was for a time interrupted. Easter Sunday, however, proved bright and mild, and under the influence of a warm sun the snow quickly disappeared. Railroad Events and Stock Exchange Matters.—On our Stock Exchange a great speculative furore developed and under clique and pool manipulation prices were whirled upward with startling rapidity. The stocks selected as special leaders were those of companies which it was supposed would benefit most largely from war orders. Suggestions of incredible profits to accrue from this business were treated as if they were gospel truth. Day after day the same rumors were re­ peated, only in greatly inflated form, and were made to do duty over and over again in sending some particular stock or group of stocks on skyrocket expeditions. There seemed to be no limit to the gullibility of the public and under the in­ fluence of these reports, supported by purchasing orders of great volume, enormous advances in prices were often estab­ lished over night. Railroad shares, particularly those of the'better class, were largely neglected, though these were carried several points higher in the general upward swing. Bethlehem Steel com. and Gen. Motors com. were especially prominent objects. These were stocks of companies rather favorably situated. As a matter of fact, however, there was no discrimination, and those engineering the specu­ lative movement became daily more bold under the stimulus of previous successes and the prestige which this gave. As one illustration, Amer. Locomotive com., whose plants in Jan. and Feb. had been running to only about 11% of their capacity, and which even by Apr. 1 had got no higher than 15% of capacity, was run up from 19 Mar. 2 to 68 Apr. 16. In five days alone the price was marked up from 31)4 to 68. On Friday the 16th, indeed, the price opened up 10)4@ 16)4 points (the range on the initial transaction being ex­ ceedingly wide on enormous purchasing orders), as compared with the close the previous day. According to report, one main reason for the over-night jump in price was that an or­ der for 15,000 shares had been placed in the stock for execu­ tion at the very opening, this being followed by several other large orders, so that the transactions for the day aggregated 64,870 shares. Of course, all this was accompanied by skil­ fully circulated reports of enormous profits to be derived from the execution of war orders of fabulous amount. In similar fashion, N. Y. Air Brake was whirled up from 56)4 Feb. 26 to 100 Apr. 30, and Mex. Petroleum, notwithstanding the chaotic conditions in Mexico, was sent up from 67)4 Apr. 6 (after having been raised from 51 the previous Jan.) to 97 Apr. 26. New groups of shares were taken up from day to day to giv,e a false appearance of strength and to deceive as to the spontaneous nature of the movement. When Chic. R. I. & Pac. Ry. was placed in the hands of receivers, and its shares, which had been sent upward from 18)4 Mar. 1 to 38)4 Apr. 15, suddenly dropped to 20)4 Apr. 21, it was supposed that speculative manipulation had received a black eye from which it would take a long while to recover. The market did stagger for a time, but the pools and cliques were equal to the occasion, and by renewing their old tactics were able to keep speculative confidence unimpaired. Internat. Mercantile Marine Corporation was placed in the hands of a receiver owing to failure to tneet interest on the col. trust 4)4s. Chic. R. I. & Pac. Ry. was put in receivers’ hands on application of creditors. Balt. & Ohio sold 840,000,000 4 )4 % 2-yr. and 3-yr. notes to retire 835,000,000 notes due June 1 and for gen. purposes. N. Y. N. H. & H. disposed of $27,000,000 1-yr. notes to take up maturing notes. Atl. Coast Line sold $5,000,000 Gen. Un. 4)4s; they were offered by bankers at 89)4- Commonwealth Edison (Chic.) sold 88,000,000 1st 5s, mainly to retire other obligations. Chic. June. Rys. & Union Stock Yds. sold $10,000,000 mtge. &  RETROSPECT.  28  col. tr. ref. 5s to take up a like amt. of bonds maturing July 1. Interborough Rap. Trans, declared an extra div. of 5%, same as in Jan. Phila. Company of Pittsb. reduced its quar. div. from 1% to 1^%. Miami Copper resumed di vs. Stock Fluctuations. Railroads—■ Atch Top & Santa Fe. Baltimore & Ohio___ Canadian Pacific-. .. Chesapeake & Ohio__ Chic Milw & St Paul.. Erie_________________ Great Northern, pref. Louisville & Nashville, N Y C & Hud River,, NYNH& Hartford-. Norfolk & Western__ Northern Pacific____ Pennsylvania________ Reading Company__ Southern Pacific Co_. Southern Railway___ Union Pacific_______ Industrial, &c.— Allis-Chalmers Mfg— Preferred_________ Amalgamated Copper. Amer Agricul Chem__ Amer Beet Sugar. ... Amer Can___________ Amer Car & Fdy_____ Amer Coal Products.. Amer Locomotive___ Amer Smelt & Refg__ Amer Woolen___ ____ AnacondaCop(par$25) Baldwin Locomotive.. Bethlehem Steel Corp. Central Leather______ Colorado Fuel & Iron. Continental Can_____ Cuban-Amer Sugar__ General Chemical___ General Motors. .__ Goodrich (B F)______ Insp Con Cop (par $20) Lackawanna Steel___ Maxwell Motors___ Pressed Steel Car_____ Railway Steel Spring.. Republic Iron & Steel. Studebaker Corp (The) Texas Co (The)_____ U S Indus Alcohol___ U S Rubber_________ United States Steel__ Western Union Teleg.  April 1. 99% 71 % 161% 45% 89% 25% 117% 118 z83% 00 101% 104% 106% 145% 86% 16% 124%  Range for Month.  April 30.  zl02% 77% 165% 47% 96 28% >120% *124 126 88% 67% 105% >110 zl09% >151% 93 19 131%  Low. 99 April 71% April 106% April 44 April 88% April 25% April >117 April 117% April z83% April 59% April 101% April 104% April 106% April 144% April 86% April 16% April 124% April  Hf(Zh. 1 105 April 19 3 79% April 19 1 174 April 19 1 49% April 19 1 98% April 19 1 30 April 19 8 122% April 19 5 125% April 20 1 92 % April 21 1 71% April 21 1 106% April 19 1 >112% April 19 1 111% April 21 1 157% April 19 1 95 April 21 3 19% April 9 1 134% April 19  12 19 11% April 5 20 45 53% 43 April 7 56% 62% 61% April 1 >77 79% 49% April 1 59 50 *57% 58% 44% 44% April 3 50% 49% 31 April 7 44% 43% 31% 46% April 3 47 58 59 % 92% 91% April 1 102 *95 98 28% April 1 68 60% 28% 66% April 6 73% 76 68 31 16 April 6 32 *16 17% $36% z$28% April 1 $39 z$28% *34% 38 59% 35 April 3 60% 86 83% April 1 155 143% 34% 34% April 1 39% 44% 27 April 1 32% 27% 36% 59% April 1 65% 59% 63% 51 April 1 63% 51 60 al84 186 April 7 215 *210 215 144 122 April 1 150 123 41 April 1 53% 41% 51% $24% $33% S24% April 1 $35% 33 April 16 45% 35 45 42 April 1 43 52% 58 32% April 1 32% 57% 59% 24 24 April 3 36% 35% 22% 22% April 1 34% 30% 54 April 1 56% 77 77% *136 140 136 April 5 144% 140 *24 .......... 45% 26% April 9 46 65 64% April 6 74% >70% 48 58% 47% April 1 60% 66 69 70% 65 April 6  April 19 April 19 April 22 April 26 April 29 April 30 April 16 April 12 April 16 April 26 April 30 April 26 April 30 April 13 April 19 April 16 April 5 April 19 April 28 April 10 April 9 April 26 April 30 April 14 April 30 April 19 April 16 April 30 April 19 April 29 April 14 April 19 April 28  a Less than 100 shares, j Quoted ex-dividend during the month and prior to this date, x Ex-dividend. * Bid and asked price; no sale.  The Money Market.—In the money market extreme ease continued the dominant feature. The activity on the Stock Exchange did not have the effect even of establishing appre­ ciably firmer call money rates. Call loans ranged between 1% and Time money Apr. 30 was for 60 days, 2% for 90 days, 3 for 4 mos. and 3@3b£ for 5 and 6 mos. Commercial paper was quoted at 3^6 @3% for choice double and prime single names and 4 @4)4 for good single names. Money holdings of the Clearing House institutions, after declining the first two weeks, again resumed their in­ crease and were $424,497,000 May 1, against $395,541,000 Mar. 27. In addition, gold holdings with the Federal Re­ serve banks were augmented from $115,055,000 to $121,334,000. Loans were further swelled from $2,384,820,000 to $2,430,593,000, and deposits increased from $2,386,018,000 to $2,475,655,000. Foreign Exchange, Silver, &c.—There was no important modification of the peculiar conditions previously existing, and the level of rates remained abnormally low. The new British policy regarding the issuance of Treasury bills did not operate to stiffen money rates in the open market at London, and on Thursday, Apr. 22, demand exchange in this market got down to 4 78 15-16, or close to the low point of 4 78J/g, touched on Mar. 23. There was considerable sell­ ing here from time to time throughout the month of American securities for foreign account, induced by the rise in prices on our Stock Exchange, but even this did not serve to correct the dislocation and strain in exchange occasioned by the tre­ mendous merchandise trade balance in favor of the United States. The gold importations at all ports were $16,203,028. This included $7,000,000 gold shipped about the middle of the month from Ottawa to New York, consigned to Lazard Freres, the agents in this country of the Bank of France, and understood to be for the French Government to use as needed to pay for supplies. The high point for bankers’ sight bills was 4 79 ^@4 80 Apr. 9, and the low point 4 78 15-16@4 79 Apr. 23, with the close Apr. 30 4 79)4@ 4 79 7-16. The Bank of England’s bullion holdings, after a further heavy loss at the beginning of th? month, made some recovery in the later weeks. Open market discounts at London Apr. 30 were 2% for 60-day bills and 2)4 @2 15-16 for 90-day bills. No rates were reported from the Conti­ nental centers. Silver in London fluctuated between 23)4 and 23 15-16d., with the close 23 13-16d. MONTH OF MAY.  Current Events.—Momentous occurrences marked this month. Germany’s submarine policy was carried to such lengths as to threaten a rupture of the friendly relations with the United States, and Italy definitely entered the war on the side of the Allies. At the same time the Russian campaign in Galicia suffered an almost complete collapse, the armies of the Czar being driven back some 75 or 80 miles beyond the great fortress at Przemysl, which they had taken only two months before (on March 22) after a siege lasting over six months. In Belgium and France the   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  situation proved somewhat more encouraging for the Entente Powers, and yet great dissatisfaction was felt with the course of the campaign. As a result, English public sentiment forced a reorganization of the British Ministry, the Asquith Government having to make way for a Coalition Cabinet, composed of the leading figures in the different political parties, though Mr. Asquith remained as Premier. In Germany’s submarine policy the first serious incident was the torpedoing of the American oil tank steamer Gulflight off the Scilly Islands on May 1. The Gulflight had sailed from Port Arthur, Tex., on Apr. 10 for Rouen, France. The stpamer, according to its chief officer, was flying a large American ensign at the time of the attack, which was said to have been made without warning. Alfred Gunter, captain of the ship, died of heart failure as a result of the shock. Two members of the crew jumped overboard and were drowned, the other members being rescued by patrol boats. The surviving members of the crew were landed at Penzance, Eng. A few days before (on Apr. 28) an attack had been made on the American vessel Cushing by a German aeroplane. The Cushing, a Standard Oil steamer, was attacked by German aviators in the North Sea. Two bombs were said to have been dropped, but no damage was done. The attack was reported upon her arrival at Rotter­ dam on Apr. 30. The Cushing had sailed from Philadelphia on Apr. 11 for Rotterdam, via Deal, with a cargo of refined petroleum and lubricating oil. The vessel was the former German steamer Prometheus. She had been changed to American register the previous November. While our Government was engaged in investigating these acts, there came the crowning blow of all in the torpedoing and sinking of the British steamship Lusitania, with the loss of many American lives. The Lusitania had left here on Saturday, May 1. She was attacked and sunk off the coast of Ireland on Friday, May 7. She had on board 1,250 passengers and carried a crew of 667, making 1,917 altogether. Only 764 i of these survived. The ship carried among its passengers : 188 Americans, of whom 114 perished. Only 15 to 20 i minutes are said to have elapsed from the time the ship was ! struck until she sank. Two torpedoes, apparently, were ; fired at the ship, though the Germans claimed that only , one was fired, the second explosion being caused by the blowI ing up of ammunition on board. A notice warning travel­ ers of the dangers of embarking on ships of Great Britain and her Allies had been published as an advertisement in various newspapers throughout the United States by the Imperial German Embassy on the day the Lusitania sailed. The German Government, while officially expressing regret over the loss of so many lives, considered that this warning ought to have been heeded, and also sought to excuse the act by charging that the Lusitania was armed with guns and likewise carried large supplies of ammunition. Col­ lector Malone declared, however, that the ship was inspected before she sailed and no guns were found, mounted or un­ mounted. The manifest of the vessel showed that she car­ ried 4,200 cases of cartridges and ammunition for London and 1,271 cases for Liverpool, but these are stated to have been cartridges for small arms, packed in separate cases, such as all passenger ships are allowed to carry, and it is stated that these could not have injured the vessel by ex­ ploding, and did not come under the classification of ammu­ nition as defined by the military authorities. Alfred G. Vanderbilt, Charles Frohman, the theatrical manager, Charles Klein, the playwright, and Elbert Hubbard, pub­ lisher of the “Philistine,” perished in the sinking of the vessel. Others who lost their lives were Justus Miles Forman, author and playwright; John Harvey Page, VicePres. of the Mark Cross Co.; Harry J. Keser, Vice-Pres. of the Philadelphia National Bank; Herbert S. Stone, son of Melville E. Stone, General Manager of the Associated Press; and Dr. F. S. Pearson of the Pearson Engineering Corporation, Ltd., of New York. This destruction of the Lusitania with the loss of so many lives, some of them mere babes, aroused public sentiment in a way unknown before for probably half a century. President Wilson, however, acted with the calmness befitting the occasion. Beyond allowing Secre­ tary Tumulty to announce on the 8th that he was consider­ ing “very earnestly but very calmly the right course of action to pursue,” and knew “that the people of the country wished and expected him to act with deliberation as well as with firmness,” he maintained silence for several days. He did not even consult the members of his Cabinet until Tues­ day, May 11, when, in submitting a draft of the communi­ cation to be sent to Germany, he made known the policy he had determined upon. The note was understood to have been drawn entirely by the President. It was perfected by the President on the 12th and transmitted to the German Foreign Office in Berlin on the 13th, its text being withheld from publication in the United States until Friday morning, May 14. The President did not allow his work on the note to inter­ fere with the deliverance of an address which he had promised to make some time before to a gathering of newly-naturalized citizens in Philadelphia on Monday, May 16. The meeting was held at Convention Hall and his remarks were listened to by 15,000 persons, of whom 4,000 were newly-naturalized Americans. His utterances not unnaturally were carefully studied for an indication of his probable course towards Ger­ many. In this state of things unusual prominence was given to his statement that “the example of America must be a special example. The example of America must be the ex-  RETROSPECT. ample not merely of peace because it will not fight, but of peace because peace is the healing and elevating influence of the world, and strife is not. There is such a thing as a man being too proud to fight. There is such a thing as a nation being so right that it does not need to convince others by force that it is right.” This latter remark in the circum­ stances attracted a great deal of attention, and according to cable dispatches, the words “too proud to fight” the next day became the subject of jest in the London music halls. The President took occasion, later, to point out that his re­ marks were intended to be broader and more general than the circumstances of any particular case, and that they were not meant to have any reference to the Lusitania affair. When the note of our Government was finally published, it met with general approval in this country, as it stated the position of the United States with great force and clearness and yet was couched in language to which Germany could not take exception. It began by referring to the sinking of the British passenger steamer Falaba by a German submarine on Mar. 28, through which Leon C. Thrasher, an American citizen, had been drowned, then adverted to the attack on Apr. 28 on the American vessel Cushihg by a German aero­ plane, then mentioned the torpedoing on May 1 of the Ameri­ can vessel Gulflight by a German submarine, and finally came down to the torpedoing and sinking of the steamship Lusi­ tania. These, the note (which was nominally in the name of Secretary of State Bryan, following diplomatic usage in that respect) said, constituted “a series of events which the Government of the United States had observed with growing concern, distress and amazement.” Our Government, it was declared, could not bring itself to believe “that these acts, so absolutely contrary to the rules, the practices and the spirit of modern warfare, could have the countenance or sanction” of the German Government. It pointed out that the United States had already taken occasion to inform the German Government that we could not admit that the new measures of warfare adopted by the Germans, in the use of submarines, or a mere warning of danger, operated “as in any degree an abbreviation of the rights of American shipmasters or of American citizens bound on lawful errands as passengers on merchant ships of belligerent nationality.” The United States did not understand the German Government to ques­ tion those rights. It assumed, on the contrary, “that the Imperial Government accept as of course the rule that the lives of non-combatants, w’hether they be of neutral citizen­ ship or citizens of one of the nations at war, cannot lawfully or rightfully be put in jeopardy by the capture or destruction of an unarmed merchantman, and recognize also, as all other nations do, the obligation to take the usual precaution of visit and search to ascertain whether a suspected merchant­ man is in fact of belligerent nationality, or is in fact carrying contraband of war under a neutral flag.” It was asserted that “American citizens act within their indisputable rights in taking their ships and in traveling wherever their legiti­ mate business calls them upon the high seas, and exercise those rights in what should be the well-justified confidence that their lives will not be endangered by acts done in clear violation of universally acknowledged international obliga­ tions, and certainly in the confidence that their own Govern­ ment will sustain them in the exercise of their rights.” This was followed by the statement that the Government of the United States “confidently expects, therefore, that the Im­ perial German Government will disavow the acts of which the Government of the United States complains; that they will make reparation so far as reparation is possible for injuries which are without measure, and that they will take immediate steps to prevent the recurrence of anything so obviously subversive of the principles of warfare for which the Imperial German Government have in the past so wisely and so firmly contended. * * * Expressions of regret and offers of reparation in the ease of the destruction of neutral ships sunk by mistake, while they may satisfy international obli­ gations if no loss of life results, cannot justify or excuse a practice the natural and necessary effect of which is to subject neutral nations and neutral persons to new and immeasura­ ble risks.” The note concluded with the following signifi­ cant declaration: “The Imperial German Government will not expect the Government of the United States to omit any word or any act necessary to the performance of its sacred duty of maintaining the rights of the United States and its citizens and of safeguarding their free exercise and enjoy­ ment.” While our Govt, was still awaiting the reply of the German Government another unfortunate incident occurred in the disabling of the American steamer Nebraskan on the night of May 25 by an explosion off the coast of Ireland. No lives were lost in this instance. It was not known at first whether the explosion was due to a submarine attack or had been caused by a mine, but investigation made after the Nebraskan reached Liverpool under her own steam indicated that the ship had been the victim of a German submarine. Germany’s answer to the American note, when it came, was found to be unsatisfactory and entirely irresponsive to Ameri­ can demands. The reply, signed by Herr von Jagow, the German Secretary for Foreign Affairs, was handed to Ameri­ can Ambassador Gerard in Berlin on Saturday, May 29, a press summary of it being issued on the same date. The press associations furnished the complete text on May 30, but with the translation rather freely made and the official translation was not given out until May 31. With reference to the torpedoing of the British steamer Falaba, in which an American citizen lost his life, the statement was made that   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  29  it was intended to offer ample time for the passengers and crew to leave the ship. The action of the Captain, however, in sending up rockets, made more summary proceeding neces­ sary. _ Even then the commander of the submarine granted ten minutes for those on board to leave the ship, and actually allowed 23 minutes “and did not fire the torpedo until sus­ picious, steamships were hurrying to the aid of the Falaba.” As regards tha cases of the American steamers Cushing and Gulflight, the American Embassy had already been informed that it was far from the intention of the German Government to countenance attacks by submarines or flyers on neutral vessels not guilty of any hostile act. The German Govern­ ment would treat these cases in accordance with that policy. An investigation was in progress, and its results would be communicated to the American Embassy shortly. It was added that “the investigation might, if thought desirable, be supplemented by an international commission of inquiry pursuant to Title III. of the Hague Convention of Oct. 18 1907 for the pacific settlement of international disputes.” On May 31 the announcement came that the American Am­ bassador at Berlin had been notified by the German Govern­ ment that the commander of the German submarine which sank the Gulflight did so through mistake, thinking it a British boat, not having noticed the American flag on the stern until just after giving the order to fire. In the case of the Lusitania the reply was not only disap­ pointing, but deeply provoking. The German Government reiterated its previous assertion that the vessel when she left New York “undoubtedly had guns on board, which were mounted under decks and masked,” that the ship also “had Canadian troops and munitions on board, including no less than 5,400 cases of ammunition destined for the destruction of brave German soldiers who were fulfilling with selfsacrifice and devotion their duty in the service of the Fatherland,” and that “the German Government believes that it acts in just self-defense when it seeks to protect the lives of its soldiers by destroying ammunition destined for the enemy with the means of war at its command.” Germany consid­ ered these facts “of sufficient importance to recommend them to a careful examination by the American Govern­ ment.” Accordingly it begged “to reserve a final statement of its position * * * until a reply is received from the American Government.” American press comment on this attitude of Germany was practically unanimous in consider­ ing it unsatisfactory, and no one had the least doubt that President Wilson would reaffirm the original demands of the United States and insist on full respect and full guaranties for American rights. As a preliminary, however, the Presi­ dent granted an interview on June 2 to Count von Bernstorff, the German Ambassador to the United States. At this in­ terview, it was understood, he informed the German Ambas­ sador frankly that the American Government would not consent to discuss details regarding the Lusitania until the German Government had assented to the principle that the lives of innocent non-combatants would not be sacrificed on the high seas. At the Count’s request, arrangements were made to transmit for him, through the State Depart­ ment and the American Ambassador in Berlin, communica­ tions to the German Government setting out these facts, the German Ambassador having found it very difficult to com­ municate with his Government by cable or wireless. Italy’s entrance into the war was foreshadowed quite early in the month. On Thursday, May 13, Premier Salandra pre­ sented to King Victor Emmanuel his resignation and that of the entire Cabinet on the ground that the Cabinet did not have the unanimous support of the Constitutional Party of the country in its international policy. At that time former Pre­ mier Giolitti was conducting an active campaign opposed to the idea of war and in favor of Italy maintaining its neutral­ ity. The news of the resignation of the Salandra Ministry caused an immense sensation throughout Italy, there being wild demonstrations, amounting almost to riot, at Genoa, Florence, Naples, Palermo and elsewhere. The King made one or two efforts to induce other statesmen to form a new Cabinet, but encountered only refusals. Popular sentiment in favor of war was unmistakable. This was on the idea that more territory could be gained from Austria in that way than by accepting what Austria had definitely agreed to cede in order to avert war in the bargaining that had been going on between Italy and Austria for months through German medi­ ation. On May 17 the King induced Salandra to remain in office, and the act elicited enormous enthusiasm on the part of the Italian populace. On May 20 the Chamber of Deputies granted war powers to the Cabinet by a vote of 407 to 74, the outside enthusiasm being duplicated in the Chamber. The next day the Senate approved the action of the Chamber by a vote of 262 to 2. A very spectacular demonstration of the people before the palace of the King at Rome was the imme­ diate sequel. On Sunday, May 23, Italy formally declared war on Austria. It appeared that on May 4 Italy had defi­ nitely renounced the Triple Alliance which had existed for 33 years between it and Germany and Austria. In the German Reichstag on May 19 the Imperial Chancellor, Dr. von Bethmann-Hollweg, outlined the final concession which Austria had offered to Italy as the price of the latter’s continued neu­ trality, and it was seen that these concessions had been by no means inconsiderable. Premier Salandra, on the other hand, declared that Italy had submitted to every humiliation from Austria-Hungary for the love of peace, and he put Italy’s ac­ tive intervention on the ground that Austria, by her ultimatum to Serbia the previous July, had annulled the equilibrium of  30  RETROSPECT.  the Balkans and prejudiced Italian interests there. Hostili­ ties between Italy and Austria began immediately after Italy’s declaration of war, and in the land campaign at least all the early actions resulted in favor of the Italians, their armies en­ tering the Italian provinces of Austria and taking a whole series of small villages, though there were no engagements of any great magnitude, the Austrians falling back after com­ paratively little resistance. In the old arena of the war the Austro-German armies added further to their great victories over the Russians, compelling the latter to retreat through the Carpathians everywhere until at the end of the month they had been driven back all the way to Przemysl, and on the last day of May it was reported that three of the forts north of that city had been captured by Bavarian troops. AustroGerman forces were also reported as having captured the im­ portant town of Stry in Galicia, southeast of Przemysl. All this apparently indicated an early complete expulsion of the Russians from Galicia, and on June 3 the announcement came from Vienna that the fortress itself had been recaptured, the Austrians having entered the city at 3.30 o’clock that morning after bombardment of the forts with heavy guns from the north, west and south by the German and Austro-Hun­ garian armies for 20 days. A statement given out by the German General Straff on June 2 stated that in the month of May 863 Russian officers and 268,869 men had been taken prisoners in the southeastern theatre of war, while 251 can­ non and 576 machine guns had been captured. Of these numbers the capturing of 400 officers, including 2 generals, 153,254 men, 160 cannon, including 28 heavy ones, and 403 machine guns, was placed to the credit of the troops under Gen. Mackensen. Including prisoners taken in the eastern theatre of war, it was stated, the total number of Russians who had fallen into the hands of the Germanic allied troops during the month of May amounted to about 1,000 officers and more than 300,000 men. In Belgium and France the Germans apparently had to yield ground at a number of points, especially in the region of Ypres, but the fighting consisted largely of trench warfare, in which the loss of life proved enormous, but where it was practically impossible for either side to make great progress. In the Dardanelles, the conflicts proved indecisive, but very sanguinary, with the Turks making desperate resistance on the Gallipoli Peninsula to new attacks in which both sides suffered tremendous losses. British troops were, early in the month, landed on the north side of the peninsula, near Ari Burnu, which afterward came to be known as Anzac Cove, the name being formed from the initials of the Australian and New Zealand Army Corps, which comprised the landing forces. Their object was to cross the peninsula and cut the communication of the Turkish divisions at Ssddel-Bahr, the tip of the peninsula, and storm the Turkish forts on the Gallipoli side of the narrows, thus opening the way for the safe entrance of the British fleet. They suffered terrible losses during the landing, and failed of their object, finding themselves in a sort of bowl whose rocky brim bristled with machine guns, whore there was nothing to do except to intrench in the best way possible. Great Britain lost several more battleships. On May 13 the battleship Goliath, of 12,950 tons, was torpedoed, and of the crew of over 700 only 180, including 20 officers, were saved. On May 26 the British battleship Triumph, of 11,800 tons, carrying 700 men, was blown up by a submarine while operating in support of the Australian and New Zealand forces on the shore of the Gallipoli Peninsula. Most of the officers and men were saved. On May 27 a Turkish or German submarine tor­ pedoed and sank the British battleship Majestic, of 14,900 tons, carrying 757 men, nearly all being saved. Another British marine disaster was that which befell the steamship Princess Irene, a new liner of 6,000 tons, formerly belonging to the Can. Pac. Ry., but taken over by the Admiralty. This ship was blown to pieces on May 27 off Sheerness, England, apparently by an internal explosion. Report had it that she had been used for mine laying and was undergoing repairs. The personnel of the British Coalition Cabinet was officially announced in London May 25 and it took up the reins of government immediately thereafter. Premier Asquith retained his position as Prime Minister, Sir Edward Grey his portfolio of Foreign Secretary. Lloyd George was suc­ ceeded as Chancellor of the Exchequer by Reginald Me Kenna, former Home Secretary, who was himself succeded by Sir John Simon, a Liberal, who had been AttorneyGeneral since 1913. The Attorney-Generalship in turn went to Sir Edward Carson, the Ulster leader, who, the previous year, had played such a conspicuous role in raising the Ulster volunteer force. Lloyd George assumed new duties as the head of a specially created department called the Ministry of Munitions, its duties being solely the organization of the manufacture and supply of munitions of war. Arthur J. Balfour became First Lord of the Admiralty, succeeding Winston Spencer Churchill, who was appointed to the honor­ ary post of Chancellor of the Duchy of Lancaster. Earl Kitchener continued as Secretary of State for War, but was relieved of details regarding the production of ammunition, these, as stated, being confided to Lloyd George. The Prime Minister, Mr. Asquith, assumed the duties of First Lord of the Treasury, while Lord Lansdowne, who had been Secretary for War from 1895 to 1900 and Foreign Secretary from 1900 until 1905, was assigned to a place without port­ folio, allowing him to act in an advisory capacity at the Cabinet councils. A. Bonar Law, the Unionist leader, was   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  made Secretary of State for the Colonies, while Arthur Henderson became President of the Board of Education, being placed in the Cabinet, it was understood, with the hope that he might render assistance to the Minister of Munitions because of his influential labor affiliations. The Marquis of Crewe, who had been Secretary of State for the Colonies from 1908 to 1910, and Lord of the Privy Seal in the dis­ solved Cabinet, was appointed President of the Council, Viscount Curzon taking his place. Austin Chamberlain became Secretary of State for India. Walter Runciman was continued as President of the Board of Trade, while Walter H. Long filled the place of Presidentof the Local Government Board and Augustine Birrell became Chief Secretary to Ireland. As reconstituted, the Ministry consisted of 13 Liberals, 8 Unionists and 1 Labor member. Admiral Sir Henry Bradwardine Jackson was appointed First Sea Lord of the Admiralty to take the place of Admiral Lord Fisher, whose resignation, owing, it was said, to differences with Winston Spencer Churchill, then First Lord of the Admiralty, precipitated the Cabinet crisis. An outgrowth of the Lusitania disaster was the deep resent­ ment against Germans created in Great Britain. In many places this resentment found expression in riotous proceedings in which stores and buildings occupied by Germans were sacked or looted and the police and military authorities found great difficulty in suppressing disorders of that kind. In Liverpool alone no less than 200 business places were said to have been looted. On May 13 Mr. Asquith announced in the House of Commons that the Government proposed to segre­ gate “all adult male enemies for their own safety and for the safety of the country.” In addition, he stated that “all male enemies over military age will be repatriated.” Mr. Asquith also said that “women and children in suitable cases would be repatriated, though some might remain.” Japan on May 7 presented to China anmltimatum insisting that the latter accede to the demands of the Tokio Govern­ ment. This was after the Japanese Government had made certain modifications of the 24 demands previously presented by Tokio. The Chinese Government seemed to recognize its helplessness, and on May 25 two treaties establishing Japan’s influence in the Province of Shantung in Manchuria and in Eastern Mongolia were signed by the representatives of Japan and China at Peking. The limit of issue of French Treasury bonds which had been raised in March from 3,500,000,000 francs to 4,500,000,000 francs, was further raised on May 18 to 6,000,000,000 francs, not including amounts advanced to Allied Powers. The Minister of Finance was also authorized to create Treasury bonds for 6 months or more to be discoun­ ted by the British Government to a maximum sum of 1,059,500,000 francs (£42,000,000 sterling). The French Minister of Finance, M. Ribot, in the Chamber of Deputies on May 8 stated that up to that time about 841,400,000 of Frenchowned securities had been sold in the United States, and that the British Chancellor had agreed to place 1,500,000,000 francs of French bonds in England to cover French credits there and in the United States and Canada—France, on her part, to furnish sufficient gold to permit England to maintain exchange with the United States. As part of this arrange­ ment, the Bank of France shipped £8,000,000 gold to the Bank of England. Later in the month the Bank of France’s authorized limit of circulation was raised to 15,000,000,000 francs and the limit of advances to the Government increased to 9,000,000,000 francs. An Argentine loan for 850,000,000, consisting of 6% 5-year gold coupon Treasury bonds was offered, one-half in London and the other half in this country. The offering in this country was subscribed for in full, but the 825,000,000 offered in London was reported to have been sub­ scribed for to only about 12%. The bonds were offered at 99. The export demand for steel continued, and the steel works found employment for a still larger proportion of their produc­ tive capacity. Prices in some instances were further ad­ vanced, particularly in the case of galvanized sheets, the ad­ vance here resulting from the soaring market for spelter. At St. Louis the price of spelter jumped from 14e. to 22c. per lb., and galvanized sheets at Pittsburgh rose from 3.40c. per lb. to 4.25c. The price of Lake Copper at New York remained at 21c.; electrolytic copper advanced to 18%c. The winterwheat condition report of the Agricultural Bureau at Wash­ ington for May 1 was quite favorable, and with a new wheat crop of large proportions presently to be harvested, prices sharply declined. The May option at Chicago dropped from 81 64 May 1 to 81 37 May 29, and the July option from 81 37 % May 1 to 81 25% May 29. July corn at Chicago de­ clined from 80%e. May 1 to 74%e. May 24 and closed May 29 at 76%e. July oats at Chicago fell from 55%c. May 1 to 49%c. May 29. The price of cotton sharply declined, middling upland grade in New York dropping from 10.50 cts. April 30 to 9.50 cts. May 26, with the close May 29 9.60 cts. The coal miners’ strike in Eastern Ohio which had been in progress since April 1 of the previous year was definitely settled. The indictments handed down Jan.15 1914 at Houghton, Mich., in connection with the strikes in Michigan copper mining districts against Pres. Charles H. Moyer and 37 other members of the Western Federation of Miners were quashed on May 17. This was done on motion of Prosecutor W. J. Galbraith of Houghton County, who said: “The strike has established in this community certain funda­ mental facts and principles, and its conduct, leadership and subsequent events have thoroughly discredited the imported mercenary agitators and the gospel of class hatred.” The Federal Commission on Industrial Relations, with Frank P.  RETROSPECT. Walsh as Chairman, brought its hearings to a close after the development of further sensational incidents caused by Mr. Walsh’s bias and his examination of witnesses whom he wanted to discredit or from whom he sought to obtain dam­ aging admissions. To meet water competition through the Panama Canal the Inter-State Commerce Commission au­ thorized the transcontinental railroads to make rates from the East to inter-mountain territory by adding to the ter­ minal rates on the Pacific Coast not more than 75% of the local rates from the nearest terminal to destination, or by adding arbitraries to the terminal rates varying with the distance from the ports, these arbitraries not to be more than 75 % of the local rates and the aggregate not to exceed the maximum prescribed for intermediate points. The Commission had some time previously entered an order permitting the railroads to reduce terminal rates to meet the competition of the Canal. In the matter of the boat lines operating on the Great Lakes as auxiliaries of the East and West Trunk Line railroads the Commerce Commission de­ creed that trunk line interest in, and operation of, these boat lines plying on the Great Lakes must cease the following December. The following Nov. 30 the Commerce Commis­ sion denied the application of the trunk lines for a rehearing of the case. The Federal Reserve Board granted the petition of North­ ern New Jersey bankers for their transfer from the Phila­ delphia Federal Reserve District to the New York Federal Reserve District. This action (made effective July 1) placed 132 banks previously allied with the Phila. District in the New York zone. The subscriptions to the Reserve Bank capital of the 132 banks amounted to $1,950,300 and their Reserve Bank deposits on Dec. 11 1914 had aggregated $3,164,000. The Reserve Board also granted the petition to transfer the banks in Southern Oklahoma from the Dallas Federal Reserve District to the Kansas City District and to accede to the request that Wetzel and Tyler counties in West Virginia be incorporated in the Cleveland District instead of the Richmond District. The Board refused to transfer Wyoming and Nebraska from the Kansas City Dis­ trict to the Chicago District. Under the Oklahoma change the entire State of Oklahoma except five counties—Marshall, Bryan, Choctaw, Pushmataha and McCurtain—was placed in the Kansas City District. A Gold Settlement Fund, des­ tined to assume large magnitude, was established at Wash­ ington by the Federal Reserve Board for arranging clearings between the Federal Reserve banks. The New York Fed­ eral Reserve Bank announced that beginning June 1 an intra-district collection system would be inaugurated. A cir­ cular letter issued by the bank stated that only checks or drafts drawn on and received from the member banks which had joined the collection system would be received, such checks being credited at par to the sending bank and charged and forwarded direct to the bank on which they are drawn. The New York Federal Reserve Bank also announced that on June 15 it would discontinue accepting checks or drafts drawn on other Federal Reserve banks for immediate credit with the exception of those drawn on the Federal Reserve banks of Boston and Philadelphia, which would continue to be received as before for immediate credit at par. The following October, however, Richmond was added to the list. Checks or drafts drawn on the other Federal Reserve banks would be received “for collection” only and would be cred­ ited to the account of the member bank depositing them, subject to final payment, in accordance with a time schedule which allowed one day after receipt for the Reserve Bank at Richmond, the delay of one day in this case being, as just stated, subsequently eliminated; for two days after receipt for the Reserve banks at Atlanta, Cleveland, Chicago, St. Louis, Minneapolis and Kansas City; three days after re­ ceipt for the Reserve bank at Dallas; and six days after re­ ceipt for the Reserve bank at San Francisco. Railroad Events and Stock Exchange Matters.—In the stock market the course of values was completely reversed and the gigantic speculation of the two preceding months suffered entire collapse for the time being. The market may be said to have been weak from the very beginning of the month, realization having apparently come that the bull campaign based on war orders had been carried too far for the time being. The reverses which the Russians were experiencing furnished occasion for part of the early setback, though the market was in such a top-heavy condition that almost any other factor might have answered equally well for the purpose. The an­ nouncement that the American oil-tank steamer Gulflight had been sunk off the Scilly Islands on May 1 produced a dis­ tinctly uneasy feeling, and caused a visible weakening of values, beginning with May 3. It was not, however, until the announcement on Friday, May 7, of the disaster to the Lusitania that prices took a really serious down turn. First reports stated that all the passengers had been rescued, and this tended, in a measure, to quiet apprehensions. When the extent of the disaster was revealed in the newspapers on Saturday morning, May 8, the bottom almost dropped out of the market on that and succeeding days, and the dizzy super­ structure of high prices reared during March and April came tumbling to the ground. For a number of days there was very extensive forced liquidation to which exhausted margins contributed in no small degree, and the declines were, of course, most pronounced in those stocks which had been special objects of manipulation and of very much less conse­ quence in the railroad shares, which had been largely neglec­ ted. After liquidation had been completed, the volume of   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  31  business was greatly reduced and the market became dull and stagnant. Then an upward reaction ensued, as the convic­ tion grew that, owing to the way the President was handling the controversy, there was little likelihood of a rupture of relations with Germany. On the whole, a quite substantial recovery in prices occurred the last half of the month, with a trace of weakness on Saturday, May 29, on a forecast of Germany’s answer, which was distinctly different from what had been expected. Penn. RR. disposed of $65,000,000 gen. mtge. 4J^s, the proceeds going to pay off the convertible bonds maturing Oct. 1 1915 and other obligations due in 1915 and to provide for additions and betterments; the bonds were offered by Kuhn, Loeb & Co. at 98 Quite a number of different copper companies increased divs. or resumed, in­ cluding Ray Cons., Utah Cop. and Quincy Min. Co. Stude­ baker Corp, announced an initial quar. div. of 1 on com. Maxwell Motor Co. declared an initial quar. div. of 1%% on 1st pref. and % of 1% additional on account of arrears. Va.-Car. Chem. Co. declared 4%, payable in scrip, on its cum. pref. in satisfaction of the quar. divs. deferred in Jan. and April. Anaconda Cop. Min. Co. authorized an increase in the par of its shares from $25 to $50 and reduced the num­ ber of shares correspondingly. Amal. Copper arranged for dissolution and the exchange of its shares for those of the Anaconda Co. Default was made May 1 on the principal of $5,761,000 coll, joint notes of the Atlantic & Birmingham Constr. Co. and the Atlanta Birmingham & Atlantic RR. Slock Fluctuations. Railroads— Atch Top & Santa Fe. Baltimore & Ohio___ Canadian Pacific____ Chesapeake & Ohio__ Chic Milw & St Paul.. Erie_________________ Great Northern, pref. Louisville & Nashville. N YC&Hud River.. N Y NH & Hartford-. Norfolk & Western__ Northern Pacific____ Pennsylvania________ Reading Company__ Southern Pacific Co.. Southern Railway___ Union Pacific________ Industrial, &c.— Allis-Chalmers Mfg__ Preferred_________ Amalgamated Copper. Amer Agricul Chem.. Amer Beet Sugar_____ Amer Can___________ Amer Car & Edy_____ Amer Coal Products.. Amer Locomotive___ Amer Smelt & Refg__ Amer Woolen__ _____ AnacondaCop (par$25) Baldwin Locomotive.. Bethlehem Steel Corp. Central Leather______ Colorado Fuel & Iron. Continental Can_____ Crucible Steel of Amer Cuban-Amer Sugar__ General Chemical___ General Motors______ Goodrich (B F)____ Insp Con Cop (par $20) Lackawanna Steel___ Maxwell Motors_____ Pressed Steel Car____ Railway Steel Spring. . Republic Iron & Steel. Studebaker Corp (The) Texas Co (The)______ U S Indus Alcohol___ U S Rubber_________ United States Steel__ Western Union Teleg.  May I.  Range for Month.  May 29.  102% 99% 77% 72 166% 155% 47 *39% 40 96 88% 28% 25% 121 116% ♦123% 125% *115 116 84% 88% 67% *61% 62% 105% *7101% 102% 104 109% 109% 106% 142% 151% 92% 88 16% 18% 131% 126%  Low. 96 % May 69% May 152 % May 39 May 85% May 22% May 114% May 113 May 81 % May 60 May 101 May 102% May 105 May 138 Vi May 84J4 May 15% May 121 May  *14% 16 12% 19% 53 46 38 76% 65% 62% *57% 58% ♦50 52 50 49% 46% 39% 43% 36% 29 58 46 51% ♦95 98 *92 96 92 60 46 38 73% 61% 765% 31 *27 30 26 $31% $36% $29% 48 61 38 145 *136% 137% 125 35% 33 39% 32% 30 23% *63 64% *58% 63 58 26% 21% 18% 62 70 51 *210 215 a214 202 145 136 125 52 44% 37% $33% $26 29% 46% 41 37 53% 42% 35 58% 44% 36 36 25 30 27% 31% 24 79% 765% 59 *138% 140 7122% J120 45 *37 40 36 63% 70% 56% 54% 58% 48% 69% 65% 63%  May May May May May May May May May May May May May May May May May May May May May May May May May May May May May May May May May May  14 10 7 20 10 10 10 14 10 10 14 10 14 10 10 10 14  High. 102% May 77% May 166% May 47 May 96 May 28% May 121 May 121 May 90 May 68% May 105% May 110% May 109% May 151% May 93% May 18% May 132% May  10 10 10 10 10 10 14 10 14 10 10 10 10 14 10 10 14 10 10 13 10 14 10 15 14 14 14 10 10 14 14 10 10 15  19% 53% 77% 59% 49% 44 58% 95% 60% 73% 32% $36% 61% 159 41% 33% 63% 34% 70% 215 146% 53% $33% 49 54% 59 40 31% 80 139% 45 71 60% 69%  May May May May May May May May May May May May May May May May May May May May May May May May May May May May May May May May May May  1 1 1 1 1 1 1 3 3 4 1 1 1 3 1 1 3  1 3 1 5 1 1 1 4 1 1 3 1 1 7 1 3 3 24 24 5 4 1 1 1 4 1 1 l 1 3 1 1 3 l  a Less than 100 shares. ) Quoted ex-dlvldend during the month, andjprlor to this date. * Bid and asked price; no sale.  The Money Market.—The dominant feature in money con­ tinued to be the excessive supply of funds. On the Stock Exchange the call loan rate at one time dropped to 1 %. The range for the month was 1@2|^. On time, rates at the close were for 60 to 90 days, 2%@3 for 4 mos. and 3@3M for 5 and 6 mos. Commercial paper then was i 3J^@4 for choice double and prime single names, and 4J4@ for good single names. Money holdings of the New York Clearing-House institutions further incresaed from $424,497,000 May 1 to $437,786,000 May 29, but the gold holdings with the Federal Reserve banks diminished from $121,334,000 to $117,430,000. Surplus reserves, after being reduced from $170,180,370 May 1 to $162,393,840 May 8, increased to $183,332,440 May 29. Loans May 29 were $2,437,358,000 against $2,430,593,000 May 1 and deposits were $2,490,197,000 against $2,475,655,000. Foreign Exchange, Silver, &c.—In the -foreign exchange market there was a further dip to a new low record the latter part of the month, but the early part the tone was strong and the course of exchange upward. For this early strength the demand for remittances of the proceeds of American se­ curities sold on foreign account was measurably responsible. These sales were especially heavy before the great collapse in prices on the Stock Exchange, after which the inducement to sell was, of course, greatly diminished. Later, exchange showed a waiting attitude, in view of the delicate internation­ al situation created by the Lusitania affair. The latter part of the month distinct weakness occurred, and on May 21 sterling demand bills on London were quoted as low as 4 78, or % below the low level reached the previous March. A new low record (up to this time) was the same day established for francs, namely 5 43 H for checks, the normal rate of exchange  32  RETROSPECT.  for francs (check) being about 5 18 @5 19. At the close there was a slight strengthening of exchange all around. An im­ portant event of the month was the shipment of £8,000,000 gold by the Bank of France to the Bank of England. This enabled the latter to release gold at Ottawa for shipment to New York. There were, however, considerable direct im­ portations at New York from Paris. Total importations into the United States from all points reached 831,136,311. The high point for bankers’ demand sterling was 4 79 4 80 May 8 and the low point 4 78 @4 78 5-16 May 21, with the close May 29 4 78b£@4 78 9-16. The £8,000,000 gold received from the Bank of France served to reinforce the bullion holdings of the Bank of England. Open market rates at London May 31 were 2% @2% for 60-day bills and 2 13-16 @2J/g for 90-day bills. There were no open market rates for the Continental centers. Silver in London moved be­ tween 23 5-16, which was the closing figure, and 23 ll-16d. MONTH OF JUNE.  Current Events.—There were further disturbing develop­ ments during June, relieved, however, by one conspic­ uously favorable event, namely a decision in favor of the U. S. Steel Corporation in the suit brought by the Federal Government against the company under the Sherman AntiTrust law. The month opened under the influence of the unsatisfactory nature of the German reply to President Wil­ son’s note with reference to the sinking of the Lusitania. But anxiety as to the immediate outcome was gradually al­ layed with the news of the granting of an interview by the President on June 2 to Count von Bernstorff, the German Ambassador to this county, and the announcement that President Wilson had acceded to the Count’s request that he be permitted to send a special agent in the person of Dr. Anton Meyer-Gerhard, a German Red Cross lecturer in the United States, to Berlin to personally inform the German authorities as to the situation created here by the Lusitania affair. Meyer-Gerhard sailed promptly on the steamer United States of the Scandinavian-American line on June 3. The sending of this special messenger served the good pur­ pose of relieving tension in the United States concerning the relations of this country with Germany by encouraging the belief that an amicable way of settling the controversy be­ tween the two countries would be found. A rude shock, however, to the growing feeling of hope was dealt by news on the evening of June 8 that the Secretary of State, William Jennings Bryan, had resigned his post in President Wilson’s Cabinet. The resignation came just on the eve of the trans­ mission of the Administration’s second note. The resigna­ tion caused renewed uneasiness for the time being, because it gave rise to the impression that the President’s reply would be of a bellicose nature, the reverse of what it actually proved to be, and that it was for this reason that Mr. Bryan found himself unable to append his signature to the document. That notion was also encouraged by certain paragraphs in Mr. Bryan’s letter of resignation to the President, the pas­ sages referred to reading: “Obedient to your [the President’s] sense of duty and actuated by the highest motives, you have prepared for transmission to the German Government a note in which I cannot join w ithout violating what I deem to be an obligation to my country, and the issue involved is of such moment that to remain a member of the Cabinet would be as unfair to you as it would be to the cause which is near­ est my heart, namely the prevention of war. I therefore respectfully tender my resignation, to take effect when the note is sent, unless you prefer an earlier hour. Alike de­ sirous of reaching a peaceful solution of the problems arising out of the use of submarines against merchantmen, we find ourselves differing irreconcilably as to the methods which should be employed. It falls to your lot to speak officially for the Nation. I consider it to be none the less my duty to endeavor as a private citizen to promote the end which you have in view by means which you do not feel at liberty to use.” The President replied, saying that he accepted the resignation simply because Mr. Bryan in­ sisted upon it, that their objects were the same and that they ought to pursue them together, but concluding with the re­ mark that “we shall continue to work for the same causes even when we do not work in the same way.” Mr. Bryan’s first act after retirement was to issue a statement explain­ ing his attitude on the submarine question. He said that two of the points upon which he and the President differed “each conscientious in his convictions,” were, “first, as to the suggestion of investigation by an international commis­ sion, and second, as to warning Americans against traveling on belligerent vessels or with cargoes of ammunition.” He believed “that this nation should frankly state to Germany that we are willing to apply in this case the principle which we are bound by treaties to apply to disputes between the United States and thirty countries with which we have made treaties providing for investigation of all disputes of every character and nature.” Proceeding along these lines, he wrent on to say: “These treaties, negotiated under this administration, make war practically impossible between this country and these thirty governments, representing nearly three-fourths of all the people of the world. Among the nations with which we have these treaties are Great Britain, France and Russia. No matter what disputes may arise between us and these treaty nations, we agree that there shall be no declaration of war and no commencement of hos­ tilities until the matters in dispute have been investigated ! by an international commission and a year’s time is allowed   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  for investigation and report. This plan was offered to all the nations without any exceptions whatever, and Germany was one of the nations that accepted the principle, being the twelfth, I think, to accept. No treaty was actually entered into with Germany, but I cannot see that that should stand in the way when both nations endorsed the principle. I do not know whether Germany would accept the offer, but our country should in my judgment make the offer. Such an offer, if accepted, would at once relieve the tension and si­ lence all the jingoes who are demanding war. Germany has always been a friendly nation and a great many of our peo­ ple are of German ancestry. Why should we not deal with Germany according to this plan, to which the nation has pledged its support? The second point of difference is as to the course which should be pursued in regard to Americans traveling on belligerent ships, or with cargoes of ammuni­ tion. Why should an American citizen be permitted to in­ volve his country in war by traveling on a belligerent ship when he knows that the ship will pass through a danger zone? The question is not whether an American citizen has a right, under international law, to travel on a belligerent ship; the question is whether he ought not, out of consideration for his country, if not for his own safety, to avoid danger when avoidance is possible. It is a very one-sided citizenship that compels a government to go to war over a citizen’s rights, and yet relieves the citizen of all obligation to consider his nation’s welfare. I do not know just how far the President can legally go in actually preventing Americans from travel­ ing on belligerent ships, but I believe the Government should go as far as it can and that in case of doubt it should give the benefit of the doubt to the Government. But even if the Government could not legally prevent citizens from traveling on belligerent ships, it could, and in my judgment should, earnestly advise American citizens not to risk themselves or the peace of their country, and I have no doubt that these warnings would be heeded. President Taft advised Americans to leave Mexico when insurrection broke out there, and the President has repeated this advice. This advice, in my judgment, was eminently wise, and I think the same course should be followed in regard to warning Americans to keep off vessels subject to attack. I think that American passenger ships should be prohibited from carrying ammuni­ tion. The lives of passengers ought not to be endangered by cargoes of ammunition, whether that danger comes from pos­ sible explosion from within or from possible attack from with­ out. Passengers and ammunition should not travel together. The attempt to prevent American citizens from incurring these risks is entirely consistent with the effort which our Government is making to prevent attacks from submarines. The use of one remdey does not exclude the use of the other. The most familiar illustration is to be found in the action taken by municipal authorities during a riot. It is the duty of the mayor to suppress the mob an d prevent violence, but he does not hesitate to warn citizens to keep off the streets during the riot. He does not question their right to use the streets, but for their own protection and in the interests of order he warns them not to incur the risks involved in going upon the streets when men are shooting at each other. The President does not feel justified in taking the action above suggested; that is, he does not feel justified, first, in suggesting the submis­ sion of the controversy to investigation, or, second, in warn­ ing the people not to incur the extra hazard involved in traveling on belligerent ships or ships carrying ammunition. And he may be right in the position he has taken, but as a private citizen I am free to urge both of these propositions and to call public attention to these remedies in the hope of securing such an expression of public sentiment as will sup­ port the President in employing these remedies if in the future he finds it consistent with his sense of duty to favor them.” The new note of the United States to Germany, which had led to the resignation of Mr. Bryan, was forwarded to Berlin on June 9 over the signature of Robert Lansing, former Coun­ selor of the State Department, who was designated by the President on that date to act as Secretary of State ad interim, and was definitely given the office on June 23. The text of the note was not made public, however, in the United States until Friday morning, June 11. When its tenor and language were studied, general surprise over the action of Mr. Bryan was expressed, as its strictures were really less severe than those contained in the original note. On June 12 the ExSecretary gave out a statement intended to explain why he signed the May 13 note to Germany, yet declined to sign the later one of June 9. The two notes, according to Mr. Bryan’s reasoning, must be considered in connection with the conditions under which they were sent. The first note, he argued, was like the plaintiff’s statement in a case, his claim being based upon the facts as he presents them. Mr. Bryan contended that, while he did not agree entirely with the lan­ guage of the first note, the difference was not so material as to justify a refusal to sign it. He mentioned three things which he had hoped for at that time, and which would have helped the situation, but which failed of realization, viz.: That the United States would announce its willingness to employ the principle of investigation embodied in thirty treaties with other nations, take action which would prevent American citizens from traveling on belligerent ships or on American ships carrying contraband, and that our Government would insist upon its protest against interference of our trade with neutrals. In the matter of the later note, however, a rejec­ tion of the arguments which Germany presented and of the allegations made, together with a reiteration of the original  RETROSPECT. demands, created, in Mr. Bryan’s view, “a very different situation from that which existed when the first demand was made.” Mr. Bryan also stated that when he saw the final draft of the note just before his resignation took effect, it contained an important change; this change, he said, while very much softening the note, was not, however, sufficient, in his judgment, to justify him in asking permission to withdraw his resignation: “As Germany had suggested arbitration, 1 felt that we could not do less than reply to this offer by ex­ pressing a willingness to apply the principle of the peace treaties to the case. These treaties, while providing for in­ vestigation of all questions, leave the nations free to act inde­ pendently after the international commission has concluded the investigation.” The only clause in the new note even remotely suggestive of an ultimatum was the closing sentence reading as follows: “The Government of the United States deems it reasonable to expect that the Imperial German Government will adopt the measures necessary to put these principles into practice in respect of the safeguarding of American lives and American ships, and asks for assurances that this will be done.” The note assured the German Government that it had been misinformed regarding the equipment of the Lusitania— that she was not armed for offensive action, was not serving as a transport, and that she did not carry a cargo pro­ hibited by the statutes of the United States, and added that “whatever may be the contentions of the Imperial German Government regarding the carriage of contraband of war on board the Lusitania, or regarding the explosion of that material by the torpedo, it need only be said that in the view of this Government these contentions are irrelevant to the question of the legality of the methods used by the German naval authorities in sinking the vessel.” The Cushing, the Gulflight and the Falaba cases, which were dealt with in President Wilson’s previous cmmunication, were again referred to in the later note Our Goverment noted “with gratification the full recognition by the Imperial German Government, in discussing the cases of the Cushing and the Gulflight, of the principle of the freedom of all parts of the open sea to neutral ships, and the frank willingness of the Imperial German Government to acknowledge and meet its liability where the fact of attack upon neutral ships, which have not been guilty of any hostile act, by German aircraft or vessels of war is satisfactorily established.” The following paragraph in the note was considered very significant: “The Government of the United States is happy to observe that Your Excellency’s note closes with the in­ timation that the Imperial German Government is willing, now as before, to accept the good offices of the United States in an attempt to come to an understanding with the Govern­ ment of Great Britain, by which the character and conditions of war upon the sea may be changed. The Government of the United States would consider it a privilege thus to serve its friends and the world. It stands ready at any time to convey to either Government any intimation or suggestion the other may be willing to have it convey, and cordially invites the Imperial German Government to make use of its services in this way at its convenience. The whole world is concerned in anything that may bring about even a partial accommodation of interests or in any way mitigate the terrors of the present distressing conflict.” To this was added the following further statement and appeal: “In the meantime, whatever arrangement may happily be made between the parties to the war, and whatever may, in the opinion of the Imperial German Government, have been the provocation or the circumstantial justification for the past acts of its commanders at sea, the Government of the United States confidently looks to see the justice and humanity of the Government of Germany vindicated in all cases where Americans have been wronged or their rights as neutrals invaded. The Government of the United States, therefore, very earnestly and very solemnly renews the representations of its note transmitted to the Imperial German Government on the 15th of May, and relies in these representations upon the principles of humanity, the universally recognized understandings of international law, and the ancient friend­ ship with the German nation.” The rest of the month cable dispatches from Berlin were of a decidedly assuring character, nearly all suggesting that Germany, while not abandoning her submarine policy, would make certain concessions tend­ ing to satisfy our Government and appease public sentiment in the United States. On the very last day of the month (June 30), there came another development growing out of Germany’s submarine warfare, which at first seemed calculated to disarrange plans for avoiding trouble. The new development consisted in the announcement that the Leyland Line steamship Armenian from Newport News had been torpedoed at 8 p. m. on June 28, 20 miles west by north of Trevose Head, Cornwall, by the German submarine U-38, with the loss of 29 men and the injury of 10 others, the list including a number of American horse attendants, mostly negro muleteers and some members of the crew. The Ar­ menian had been chartered by the Leyland Line to the Do­ minion Line, and was flying the British flag. She had sailed from Newport News on June 17 and was bound for Avonmouth, England, with a cargo of horses and mules, which are contraband of war. On July 1 the American Ambassador to Great Britain announced that he. had been informed by the British Admiralty that the Armenian had been engaged in business for the Admiralty, which made her legitimate prey. In the war area on the Continent of Europe, Germany and   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  33  Austria gained further noteworthy successes in the campaign against Russia. The Galician fortress of Przemysl was on June 3 recaptured by the Austro-German armies, and the rest of the month the Teutonic Allies continued to press their advantage everywhere, compelling the Russians to retire after enormous losses. On June 22 the Russians were forced to evacuate Lemberg, the Galician capital, which the Rus­ sians had occupied the previous Sept. 3, when they first began invading the outlying Austrian provinces. By the end of the month the Russian forces had been driven out of practically the whole of Galicia and back over their own frontiers. Berlin dispatches June 29 stated that the Galician town of Halicz had fallen and said the Austro-Germans had crossed the Dniester River after five days’ desperate rearguard action by the Russians, while June 30 the news was that the Russians had been driven back over their own frontier north of Lemberg, with the loss of Tomazow and forced across the River Gnila Lipa, in Southeast Galicia; also that between the Bug and Vistula rivers German and Austro-Hungarian troops had occupied Belz, Komarow and Zamose—that, in fact, the Russian armies continued to retreat before the AustroGermans along a front of approximately 250 miles. The Teutonic armies were also reported to have made further large captures of Russians in addition to their enormous captures of the preceding month. Vienna official advices claimed the taking in the first 15 days of June of no fewer than 108 Russian officers, 122,300 men, 53 cannon and 180 machine guns. In the Western arena of the war the contest continued to be one chiefly of trench warfare, and the French seemed to have succeeded in carrying important lines of German trenches. Progress, however, was necessarily very slow, as the warfare consisted very largely of the gradual blasting out by artillery fire of the German positions. In Turkey, on the Gallipoli Peninsula, bloody fighting contin­ ued, but without decisive results, naval operations having been restricted out of fear of attack by German submarines, one of these having arrived safely at Constantinople after having made a trip of 3,000 miles, all the way around from the North Sea and through the Mediterranean. In the con­ flict between the Italians and the Austrians in the outlying Austrian provinces, the Italians gained some further, though not very important, advantages. The British Government obtained a further large war credit and announced a new British war loan of huge dimen­ sions. The new war credit was for £250,000,000, making, with the credits previously granted, a total of £862,000,000 authorized for war purposes. This was on (June 15. On June 21 Reginald McKenna, the new Chancellor of the Ex­ chequer, announced the Government’s scheme for a new loan, and he secured a unanimous vote in the House of Commons giving the British Treasury authority to raise £1,000,000,000 ($5,000,000,000) if needed. The Chancellor did not deem it advisable to indicate the precise amount probably to be issued beyond fixing the maximum, which he felt would not fall far short of a thousand million pounds sterling. The issue price was par, the interest 4)4%, and the Government has the option of redemption between 1925 and 1945. A distinctive feature of the loan was that holders of both the British war loan of £350,000,000 put out the previous November, and of English Consols, were given the privilege of conversion at specified terms. To make the new loan in every sense a popular subscription, it was issued in small bonds of from £5 to £25, obtainable through the post offices, and in addition there were war-loan vouchers for five shillings ($1 25) and multiples thereof, these vouchers being offered for sale at post offices, trade union headquarters, &c. The right to con­ vert was on condition of a subscription in cash for a corres­ ponding amount of the new loan. In other words, a holder of £100 3)4s had to bring£100 in cash,his old war loan stock (issued at 95) and £5 in cash, and then received in return new war-loan stock for £200. Consols were made convertible in the same way, but only £50 of the new loan was offered for £75 of consols, providing the applicant subscribed for £100 of the new loan. This made the Consols exchangeable at a price of 66 2-3. Mr. McKenna pointed out that the mini­ mum price at which dealing had been permitted in Consols had been 66)4, and that except for that minimum the price would have gone many points lower, and, after the issue of the new loan, was sure to drop still further. The next day, June 22, the Stock Exchange Committee lowered the mini­ mum to 65. The Chancellor pointed out that if Consols were all converted it would mean an application for £600,000,000. With reference to the 3)4% loan put out the pre­ vious November, Mr. McKenna pointed out that this netted the investor 4)4% and the loan was now standing at a dis­ count. Then he added: “If on the old war loan the investor can get rather better than 4)4, we cannot expect the new issue to be floated at less than 4)4- The Government is fully aware of all the objections, not only of meeting the interest, but of the effect on other loans. The effect of the issue of a 4)4% loan will be to depreciate other securities, and foremost in the Government’s mind is the old war loan. This country never will leave its creditors in the lurch, and the Govern­ ment, therefore, proposes to give the new rights to holders of the old war loan.” A feature of the new loan, the Chan­ cellor further explained, was that if it was found necessary to pay more than 4)4% for future bonds, then the rate on the 4)4% issue would be automatically raised to that of the later issue. One effect of the placing of the rate at 4)4% was to bring about an adjustment of security values on the London Stock Exchange by a quite general decline in prices. Another  34  RETROSPECT.  effect was to induce still further liquidation in our market of American securities by British holders who desired to sub­ scribe for the new British Government loan. An event of the month was the sale of $71,000,000 New York City 4%% bonds—$46,000,000 consisting of 50-year corporate stock and $25,000,000 of serial bonds maturing annually from June 1 1916 to June 1 1930. Preliminary to the sale dealings in the bonds “when issued” indicated that the city might realize 103, or better, for the new obligations. As a matter of fact, the price obtained proved a disappoint­ ment. The $46,000,000 50-yr. bonds were sold at an average of $101,253, thus netting 4.437% interest, and the $25,000,000 of serial bonds brought an average of 101.306, making the interest basis 4.297%. The average price for the entire $71,000,000 was 101.2716. The $25,000,000 15-year serial bonds were for non-revenue-producing improvements and in thus issuing serial bonds the city made a departure, start­ ing the so-called “pay-as-you-go” policy, which calls for the redemption of the bonds within the probable life of the improvements for which they are issued. The last previous sale, on April 15 1914, consisted of $65,000,000 50-year 4%s, which were awarded at 101.45, making the interest basis 4.18% at that time. Another note from the Government of Germany in reply to the representations of the American Government on the sinking of the American sailing vessel William P. Frye was received. This note combatted the contentions of the United States made in the reply of the U. S. Government to the first German note and insisted that a prize court was necessary to fix the amount of compensation and contended that there was no occasion for direct diplomatic negotia­ tions in the case unless the prize court should fail to award compensation. A memorandum was received by the United States from Great Britain relative to the British Order-inCouncil virtually declaring a blockade against commerce to and from Germany. This sought to justify the British attitude. Importing firms, however, having business rela­ tions with Germany and Austria continued to protest against the seizure by Great Britain of non-contraband cargoes from Germany. The British House of Commons passed the bill providing for the new department to look after supplies of munitions, and David Lloyd George, the new Minister of Munitions, urged workmen for the duration of the war to suspend union regulations so that every available man and woman could be employed in the necessary work. A move­ ment was inaugurated by the French Government for utilizing American securities held in France as an offset to the Government’s purchases of supplies in the United States. The Government offered to purchase Penn. RR. 4s due in 1921 and Mil. & St. Paul 4s due in 1925. American securi­ ties were also collected irrespective of the Government to be forwarded to New York either for sale or as collateral for loans. Arrangements were likewise perfected between J. P. Morgan & Co. and the Rothschilds for the placing of a loan in the United States on behalf of the French Government. The loan, it was estimated, would aggregate between $50,000,000 and $75,000,000 and was to be secured by Ameri­ can railway bonds placed in France in more recent years. The announcement by J. P. Morgan & Co. stated that the Rothschilds of Paris had arranged to borrow in this market for a period of one year a considerable amount of money, the proceeds of which the Rothschilds would make available to the French Government here for the payment of its com­ mercial obligations in this country. A French loan of $50,000,000 had been offered here the previous April, but the fact that less than $40,000,000 of the issue had been sold at the time was said to have induced the private negotiations for credit. Announcement came June 24 that the French mora­ torium had been extended for a new period of 90 days—this time up to Nov. 1 1915. Announcement was made June 2 of what appeared to be a change of policy by President Wilson towards the revolutionary factions which were rending Mexico. It consisted of a statement which was forwarded to Car­ ranza, Villa, Zapata and Garza, the principal military lead­ ers, in effect telling them to get together, that while the people and Government of the United States wanted nothing for themselves in Mexico they could not stand in­ differently by and do nothing to serve their neighbor. The decision in the case of the U. S. Steel Corp, under the Sherman Anti-Trust Law was by the U. S. District Court at Trenton, N. J., Judges Buffington, Woolley and Hunt. It was as conclusive in favor of the corporation as could well be wished. The main opinion was by Judge Buffington, who pointed out that the controversy involved in essence merely business facts. He argued that all the trust cases previously decided settled down to this, that only such com­ binations come within the prohibition of the Sherman Law as by reason of the intent of those forming them or the in­ herent nature of their contemplated acts, wrong the public by unduly restricting competition or unduly obstructing the course of trade. All the judges held that the price fixing agreements which may have followed the Gary dinners, but which stopped before the suit was instituted, were unlawful and the Court indicated its willingness to allow the Govern­ ment to retain jurisdiction if an attempt should be made to renew price fixing practices, though it was suggested by Judge Buffington that such matters could now be controlled by the new Trade Commission. The charge of monopoly was dismissed and Judge Buffington asserted that the test of monopoly is not the size of that which is acquired, but   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  the trade power of that which is not acquired. The Steel Corporation in ten years had increased its business about 40%, but eight great competing steel companies had in­ creased theirs even more, the lowest one 60%, the highest 3,700%. Two of the Judges, Woolley and Hunt, were not willing to admit that the original purpose was wholly good, but they concurred in the general conclusion that the cor­ poration was now in strict conformity with the law. From the proofs, Judge Buffington showed that the idea of estab­ lishing a monopoly never entered the heads of the promoters of the undertaking, that so far from the effect having been to restrain trade, its influence had been to promote trade, and that,indeed, in the export business in iron and steel the Steel Corporation had been a most beneficial agency, the growth of that business following directly as a result of its efforts. There was a further increase during June in the employed capacity of the steel works and additional ad­ vances in prices of certain finished products. Galvanized sheets rose still higher, from $4 25 per 100 lbs. to $5, from which, however, there was a reaction to $4 50. Spelter at St. Louis got up to 26 cents a pound, but subsequently de­ clined to 17Yv cts., one influence in the decline being the filing of suit against all the Missouri smelting companies for alleged violations of the State Anti-Trust Law; the price at the close was 21 cents. Copper in New York advanced from 21 cts. to 22% cts. for Lake copper and from 18% cts. to 20% cts. for electrolytic copper. London prices of metals tended lower on an intimation in Parliament that the British Government might take over control of the metal markets. Under the very promising crop outlook in this country grain prices sharply declined. The July option for wheat in Chicago dropped from $1 24% June 1 to $1 June 22 with the close June 30 $1 06%. July corn in Chicago declined from 76% cts. June 1 to 69% cts. June 8, recovered to 76% cts. and closed June 30 at 73% cts. July oats in Chicago from 49% cts. June 1 fell to 42% cts. June 22 and closed at 44% cts. Middling upland cotton in New York closed June 30 at 9.60 cts., same as May 29, but in the interval had been as high as 9.80 cts. and as low as 9.45 cts. The Federal Reserve Board on June 24 approved the request of the Federal Reserve Bank of Atlanta to open a branch at New Orleans. Besides New York the Federal Reserve Banks at Chicago, Boston and other points inaugurated intra-district collection systems. The New York Clearing House Association, beginning with June 15, imposed a col­ lection charge of l-20th of 1% on checks on the San Fran­ cisco Federal Reserve Bank. The Treasury Department at Washington notified all U. S. Sub-Treasuries to dis­ continue business daily at 2.15 p. m. instead of 3 p. m. The change was made in order that the daily financial state­ ment of each sub-Treasury might be forwarded to the Treasury Department at the end of each day’s business instead of on the succeeding day as theretofore. General T. Coleman du Pont purchased from the J. P. Morgan estate a majority interest in the $100,000 capital stock of the Equitable Life Assurance Society; the late J. P. Morgan had in Dec. 1909 acquired through purchase 502 shares of the stock held by Thomas F. Ryan, paying therefor about $3,125,000. While no profit over the price paid by Mr. Morgan was realized it was figured that the addition of interest made the cost to General du Pont close to $4,000,000. The U. S. Supreme Court on June 14 refused to grant a writ of certiorari for a review of the reversal of the conviction of officers of the National Cash Register Co. under the AntiTrust Law. The section of the General Statutes of Kansas allowing attorney fees to shippers in suits for damages grow­ ing out of the failure of the railroads to furnish freight cars was annulled as unconstitutional by the U. S. Supreme Court on June 1. On June 21 the U. S. Supreme Court in a unani­ mous decision also held that the so-called “Grandfather Clause” as enacted in Oklahoma and Maryland was in vio­ lation of Article XV of the Federal Constitution, which pro­ vides that the right of citizens to vote shall not be denied on account of race, color or previous condition of servitude. The “Grandfather Clause” as contained in the laws of many of the Southern States prevents Negroes from exercising the right of suffrage by usually applying strict literacy and prop­ erty tests to voters, and exempting from such tests those enitled to vote prior to 1870, when the 15th Amendment was adopted, or their ancestors. In the Oklahoma case persons who were on Jan. 1 1866 or any time prior thereto entitled to vote under any form of government nor any lineal descend­ ants of such person were to be denied the right to register and vote because of their inability to read and write. In the pro­ ceedings intended to compel West Virginia to assume its just share of the debt of Virginia outstanding when West Virginia, as a result of the Civil War, was erected into a sepa­ rate State, the U. S. Supreme Court on June 14 handed down its decision fixing the amount which West Virginia must assume, including arrears of interest, and announced it would issue its decree awarding judgment against the State for the sum fixed. Governor Brumbaugh of Pennsylvania vetoed a bill which would have repealed the full-crew law of that State and have lodged with the Penn. Public Service Com­ mission authority to determine the manning of crews on trains. In New York and New Jersey similar bills,amending full-crew laws, failed of passage. The U. S. Supreme Court in the suit brought by the Federal Government against the D. L. & W. RR. and D. L. & W. Coal Co. by a unanimous decision on June 21 upheld all the contentions raised by the Government against the validity of the relations between the  35  RETROSPECT. two companies; the decision of the lower Court (U. S. Dist. Court for the Dist. of New Jer.) rendered on Apr. 7 1914, was reversed, the Supreme Court holding that the contract of Aug. 2 1909 between the two companies not only violated the Com­ modity Clause of the Hepburn Law, but also the Sherman Anti-Trust Act, which prohibits contracts in restraint of trade. Railroad Events and Stock Exchange Matters.—In the stock market there were some extremely violent fluctuations. The opening prices on Tuesday, June 1, following the Memorial Day holiday (celebrated on May 31, since May 30 was Sun­ day), were generally at considerably lower figures than the closing quotations the previous Saturday, owing to the un­ satisfactory character of the German reply to President Wil­ son’s note regarding the Lusitania. But these losses were soon recovered on the feeling that the President could be trusted not to provoke a break in the relations with Ger­ many. While prices on the Stock Exchange were slowly re­ covering there came on Thursday, June 3, the announcement of the decision of the Federal Court at Trenton adverse to the Government in the suit for dissolution of the Steel Cor­ poration. The decision was not definitely known until after the close of the Exchange on that day, but some foreknowledge of it had led to a rise in Steel common on that day from 55% to 59%, and the next morning there was a further sharp rise on tremendous buying orders, the opening being at a wide range, all the way from 62 to 64. In the general market the advance over night amounted to 2 to 16points, the latter in the case of the Int. Harvester of N. J. common to 114. These extreme prices, however, were not maintained, and Steel common closed at 60% and Harvester common at 104, with a downward reaction in the general list of proportion­ ately the same extent. The market was evincing a receding tendency when the announcement came on June 8 of the resignation of Sec. of State Bryan. This occasioned on the 9th a quite sharp break in values, the impression created by the resignation being that Mr. Bryan’s differences with the President indicated that our Government’s response was going to be exceedingly warlike. When it appeared that this view was a wrong one, the market once more recovered, and when the note itself was made public on Friday morning, June 11, the tone was completely restored. The last half of the month the course of prices was decidedly irregular under mixed favorable and unfavorable conditions. Manipu­ lation brought about sharp advances in the case of a number of the so-called war stocks, but, on the other hand, unsettle­ ment was produced by the collapse of some specialties that had been boosted to extremely high figures on the upward movement earlier in the year and which now proved unable to maintain their rise. Extensive liquidation on foreign account was also a depressing influence, so was the poor suc­ cess attending the New York City bond sale. Stock Fluctuations.  Railroads— Atch Top & Santa Fe. Baltimore & Ohio___ Canadian Pacific_____ Chesapeake & Ohio__ ChloMilw&St Paul,. Erie ___________ ____ Great Northern, pref. Louisville & NashvilleN Y C & Hud River.. N Y N H & Hartford . . Norfolk & Western__ Northern Pacific_____ Pennsylvania________ Reading Company__ Southern Pacific Co.. Southern Railway___ Union Pacific__ _____ Industrial, &c.— Allis-Chalmers Mfg__ Preferred ___ _____ Amalgamated Copper. Amer Agricul Chern.. Amer Beet Sugar_____ Amer Can___________ Amer Coal Products.. Amer Locomotive___ Amer Smelt & Refg__ Amer Woolen________ AnacondaCop(par$ 25) Baldwin Locomotive.. Bethlehem Steel Corp. Central Leather._____ Colorado Fuel & Iron. Continental Can.. .. Crucible Steel of Amer Cuban-Amer Sugar__ General Chemical___ General Motors______ Goodrich (B F).. .. Insp Con Cop (par $20) Lackawanna Steel___ Maxwell Motors_____ Pressed Steel Car_____ Railway Steel Spring -. Republic Iron & Steel. Studebaker Corp (The) Texas Co (The)______ U S Indus Alcohol___ U S Rubber_________ United States Steel__ Western Union Teleg.  June I.  99 7144 X15245 3954 88 24 K 117 *114 110 85 6144 102 10344 10644 14144 x8544 1544 2123  *1444 16 *45 46 6444 50 45 3544 *90 95 4554 6444 ♦27 30 $3044 4744 135 3544 29 05854 2544 68 *205 215 13544 4244 $2844 *39 42 4244 44 *28 2944 2744 66 *121 125 *37 40 6144 5344 6544  June 30.  10045 7645 J143J4 3944 9045 2644 118 *11644 120 89 6444 103 107 105J4 148 8754 16 12744  al644 53 75 5144 4844 4544 J11344 4945 80 ♦25 29 $3644 6454 16844 4044 3144 ♦65 67 3254 87 220 156 5344 $3144 *44 48 4044 4744 *3044 38 2945 7754 J128 *55 5744 5144 60 J6644  Range for Month. Low. 99 June 7144 June 14154 June 3744 June 88 June 2454 June 117 June 117 June 85 June 6045 June 102 June 10345 June 10544 June 141)4 June x8544 June 1545 June xl23 June 1544 47 6444 50 45 3544 97 4544 6445 28 $3045 4744 135 35 2854 62 2454 68 215 13544 4244 $2845 44 3944 4344 30 2745 6544 12244 39J4 4844 53 44 6544  1 1 29 21 1 1 1 7 1 2 1 1 29 1 1 9 1  JuneJ 2 June 2 June 1 June 1 June 1 June 1 June 9 June 1 June 1 June 8 June 1 June 1 June 1 June 1 June 1 June 3 June 1 June 1 June 2 June 1 June 1 June 1 June 2 June 24 June 1 June 2 June 1 June 1 June 2 June 3 June 28 June 1 June 1  High. 10244 June 7844 June >15744 June 4154 June 9344 June 2754 June 120 June 120 June 9054 June 67 44 June 104 June 10844 June 10754 June 151 June 9054 June 1744 June 12954 June  4 23 4 4 14 23 4 2 23 4 21 14 4 28 4 4 12  1944 54)4 7744 54 J4 5354 4754 >115 5444 8444 30 44 $3744 6954 17254 42 34 6945 3254 91 220 159 5544 $3355 5044 4754 5054 3454 3054 8054 13244 5945 67 44 64 6854  16 28 15 4 14 14 29 22 14 14 12 21 21 22 15 22 12 18 30 29 29 15 15 7 22 21 4 22 4 26 8 4 4  June June June June June June June June June June June June June June June June June June June June June June June June Juen June June June June June June June June  a Less than 100 shares, j Quoted ex-dlvldend during the month and prior to this date, x Ex-dividend. ♦ Bid and asked price; no sale.  Gen. Rubber Co. sold $9,000,000 deb. 5s, due in 1918, to take up a corresponding amount of deb. 4%s maturing July 1 1915. Bankers offered the new debs, at 97% to yield about 5%%. Interborough Rap. Tran, sold $5,000,000 additional 1st and ref. 5s. Bankers offered $5,000,000 1st mtge. 40-yr. 5s of the Public Service Newark Term. Ry at 95%. Further increases in the divs. of the copper mining companies occurred, the list including Granby Cons.Mining, Smelt. & Pow. Co., which resumed, and Osceola Cons. Mining   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Co. and Anaconda Mining Co. Pac. Gas & Elec. Co. ar­ ranged to distribute to common shareholders 6% in com. to reimburse for net earnings applied to bond redemption through sinking fund. Pitts. Cin. Chic. & St. L. arranged to defer the s. a. div. on pref. Ches. & Ohio omitted its div. Hocking Val. declared only 1%, making with the 3% paid the previous Dec., 4% for the fiscal year, against 8% the preceding fiscal year. United Shoe Mach. Corp, declared an extra div. of 10% in cash on com. stk., also 10% extra in com. stk. in addition to the usual 2%. Cal. Pet. Corp, reduced its quar. div. on pref. from 1%% to 1%. The Money Market.—There was no modification of the prevailing extreme ease, and under the large gold importa­ tions the surplus reserves of the Clearing House institutions at one time rose to above $200,000,000. The range for call loans during the month was 1@2%. Time loans June 30 were 2%@2% for 60 days, 2% for 90 days, 2%@3 for 4 and 5 mos. and 3 @3% for 6 mos. Commercial paper fell to 3 @3% for choice double and prime single names and to 3% @4 for good single names. Money holdings of the Clear­ ing House banks, after increasing from $437,786,000 May 29 to $463,145,000 June 19, fell to $455,551,000 June 26. Gold with the Federal Reserve Bank ran up from $117,430,000 May 29 to $131,887,000 June 26. Surplus reserves June 19 touched $200,400,190, but were $193,253,030 June 26. Loans rose from $2,437,358,000 May 29 to $2,476,297,000 June 26 and deposits moved up from $2,490,197,000 to $2,582,564,000. Foreign Exchange, Silver, &c.—The feature of the foreign exchange market was additional large gold imports and a further drop in exchange rates to new low levels, both for sterling and for Continental bills. The announcement of the new British War Loan was attended by an important ad­ vance in open market discounts at London, which ordinarily would have brought a sharp rebound in sterling, but now was practically without influence. There were large sales on our market all through the month, of American securities on foreign account, and there were reports that considerable pressure was being brought unofficially to induce such sales • But exchange rates continued to drop lower and still lower. The latter part of the month announcement came of the for­ mal completion of arrangements for a large French credit in New York, to be based on deposits, as collateral, of American securities collected in France on behalf of the French Gov­ ernment. In addition, English holders made liberal sales of American short-term notes, payable in dollars, in order to take advantage of the unusually favorable conditions for converting dollars into sterling equivalent. Nevertheless, exchange rates steadily declined and sterling demand bills on June 30 got down to 4 75%. Francs on the same day sold as low as 5 70 and cables on Paris at 5 69, being in both instances new low records, while exchange on Berlin also dropped to new low records, checks selling below 81. Gold imports into the United States reached no less than $52,341,740. The high point for bankers’ demand sterling was 4 78 % @4 78 9-16 June 1 and the low point 4 75% @4 76% June 30. The gold holdings of the Bank of England were again heavily reduced, and under this and the borrowing of the Government open market discount rates the latter part of the month sharply advanced, and June 30 were 4%% for both long and short bills. Silver in London declined and June 30 was 22 %d. MONTH OF JULY.  Current Events.—As a result of the filling of war orders, the tone in trade circles became steadily more confident, notwith­ standing the outcropping of new disturbing incidents in our relations with Germany and notwithstanding also that such of the industries as were receiving no direct benefits from the war demand continued to lag. An indication of the growing activity of the steel trade was furnished in the quarterlyreturn of the U. S. Steel Corporation given out after the close of business on July 27. This showed net income above ex­ penses and the requirement of interest on the bonds of the subsidiary companies in amount over double the income for the March quarter, or $27,950,055, against only $12,457,809. There remained a surplus above the call for the quarter’s proportion of the 7% div. on the pref. shares of no less than $8,267,645, whereas, in the March quarter the income had fallen $5,389,861 short of meeting the 1 %% dividend for the quarter. The most significant feature was that each of the six months showed better earnings than its predecessor. In January the net was $1,687,150, in Feb. $3,638,578, in March $7,132,081, in April $7,286,409, in May $9,320,576 and in June $11,343,070. These improved results followed as a con­ sequence alike of greater activity and higher prices, and in both respects the situation became still more favorable during July. Not only did the demand for steel for use in the manu­ facture of war material in this country increase, but large orders were received for steel for direct shipment to the En­ tente countries. The “Iron Age” of this city, in its issue for July 29 reported a total of 220,000 tons of bars placed with a Cleveland interest for shipment to France, bringing the total on that account, it was stated, up to 350,000 tons, divided between the U. S. Steel Corporation and the Lackawanna Steel Co. An additional 100,000 tons, it was asserted, would be placed for delivery in the next six months if prices and deliveries could be agreed upon. France was also said to be in the market for shell forgings for more than 1,100,000 shells, 6-in. to 11-in., to be delivered at the rate of 6,000 a day. Russia was stated to have placed large orders for rails and for  36  [RETROSPECT.  ears. These are given as only a few instances among many, The “Age” estimated that 20 to 25% of the current output of the leading steel companies was represented in war materials, and the Steel Corporation was reported to be employed to 93% of its ingot capacity, and as having started additional blast furnaces so that its pig iron production was up to about 87% of its capacity. Prices sharply advanced all around, but particularly in the case of material needed for war orders. The “Age” reported a further rise in shrapnel rounds so that whereas early in the war contracts had been made at 1.50c., the figures now quoted were 2.75c. to 3c., with some sales as high as 3.50c. Steel billets at Pittsburgh during July ad­ vanced from $21 a ton to $22, as against $19 at the beginning of the year. Bars, plates and structural shapes were quoted at 1.30c. at Pittsburgh for third quarter delivery, this com­ paring with 1.10c. at the beginning of the year. Pig iron production kept steadily increasing, and for July was reported at 2,563,420 tons, against 2,380,827 tons in June,2,263,470 tons in May, 2,116,494 tons in April, 2,063,834 tons in March, 1,674,771 tons in Feb., 1,601,421 tons in Jan. and 1,515,752 tons in Dec. 1914, which was the minimum. In most of the other metals, however, prices declined after the sharp advances of the previous month. Thus, in spelter at St. Louis there was a drop from 21 cts. to 18 cts., but com­ paring with 5.40 cts. Jan. 1. Lead at New York declined from 5.75 cts. to 5.50 cts., comparing with 3.80 cts. Jan. 1, and tin from $40 a ton fell to $36, comparing with $33 25 Jan. 1. Lake copper at New York was reduced from 22.50 to 22 cts., but comparing with 13% cts. Jan. 1, while electrolytic copper fell from 20% cts. to 18% cts., at which comparison was with only 13 cts. Jan. 1. This decrease in price was due to the increase in production. At the outbreak of the Euro­ pean war American copper producers restricted output to about 50 to 60% of capacity, while many of the smaller pro­ ducers shut down altogether. But with the advance in price to 20 cts. output rapidly increased, while at the same time consumers instead of placing orders ahead began to re­ strict their purchases to immediate needs. As at the same time the crop situation in the United States continued on the whole satisfactory, notwithstanding some damage west of the Mississippi (particularly in Kansas) from excessive rains and overflows, there wrere thus many circumstances to encourage a hopeful outlook, notwithstanding little or no progress was being made in the adjustment of the somewhat strained relations between the United States and Germany. The German Govt, was slow in answering the note of our Government sent under date of June 9, but a reply boar­ ing date July 8 was handed to U. S. Ambassador Gerard at Berlin on July 9. The German Government showed a dis­ position to parley and before the actual delivery of its reply to Ambassador Gerard furnished him an outline of the same and asked him to submit the proposals therein to our State Department, with the intimation that these proposals might be made the basis for preliminary negotiations pending the definite framing of Germany’s formal answer. The Presi­ dent promptly let it be known that he would not discuss any tentative propositions and would refuse to receive piecemeal statements. On the same day that the reply was handed to Ambassador Gerard at Berlin (namely July 9) press dispatches containing a translation of it were cabled from Berlin and appeared in the newspapers here Saturday morning, July 10, but the official text of the message was not received by Secre­ tary of State Lansing until July 11. The German reply was not given a very cordial reception in this country, the general tenor of editorial comment being that the document was evasive and unsatisfactory and that the German Govern­ ment obviously was endeavoring to avoid specific replies under cover of professions of friendship. Germany under­ took to throw the blame for the Lusitania disaster upon Great Britain, and merely offered “assurances that American ships will not be hindered in the prosecution of legitimate shipping and the lives of American citizens in neutral vessels shall not be placed in jeopardy,” and then suggested certain untenable and unacceptable proposals for making these “assurances” good. The gist of the German attitude was contained in the following paragraphs: “The case of the Lusitania shows with horrible clearness to what jeopardizing of human lives the manner of conducting war employed by our adversaries leads. In the most direct contradiction of international law all distinctions between merchantmen and war vessels have been obliterated by the order to British merchantmen to arm themselves and to ram submarines and the promise of re­ wards therefor, and neutrals who use merchantmen as travel­ ers thereby have been exposed in an increasing degree to all dangers of war. If the commander of the German subma­ rine which destroyed the Lusitania had caused the crew and passengers to take to the boats before firing a torpedo this would have meant the sure destruction of his own ves­ sel. After the experiences in sinking much smaller and less seaworthy vessels it was to be expected that a mighty ship like the Lusitania would remain above water long enough even after the torpedoing to permit passengers to enter the ship’s boats. Circum­ stances of a very peculiar kind, especially the presence on board of large quantities of highly explosive materials, de­ feated this expectation. In addition, it may be pointed out that if the Lusitania had been spared thousands of cases of munitions would have been sent to Germany’s enemies and thereby thousands of German mothers and children robbed of bread-winners. In the spirit of friendship wherewith the German nation has been imbued towards the Union and its   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  i inhabitants since the earliest days of its existence, the Im­ perial Government will always be ready to do all it can during the present war also to prevent the jeopardizing of lives of American citizens. The Imperial Government therefore repeats the assurances that American ships will not be hin­ dered in the prosecution of legitimate shipping and the lives of American citizens in neutral vessels shall not be placed in jeopardy. In order to exclude any unforeseen dangers to American passenger steamers, made possible in view of the conduct of maritime war by Germany’s adversaries, German submarines will be instructed to permit the free and safe pas­ sage of such passenger steamers when made recognizable by special markings and notified a reasonable time in advance. The Imperial Government, however, confidently hopes that the American Government will assume to guarantee that these vessels have no contraband on board, details of arrange­ ments for the unhampered passage of these vessels to be agreed upon by the naval authorities of both sides. In order to furnish adequate facilities for travel across the Atlan­ tic for American citizens the German Government submits for consideration a proposal to increase the number of avail­ able steamers by installing in passenger service a reasonable number of neutral steamers under the American flag, the exact number to be agreed upon under the same condition as the above American steamers. The Imperial Government believes it can assume that in this manner adequate facilities for travel across the Atlantic Ocean can be afforded American citizens. There would, therefore, appear to be no com­ pelling necessity for American citizens to travel to Europe in time of war on ships carrying an enemy flag. In particular, the Imperial Government is unable to admit that American citizens can protect an enemy ship through the mere fact of their presence on board. Germany merely followed England’s example when she declared part of the high seas an area of war. Consequently accidents suffered by neu­ trals on enemy ships cannot well be judged differently from accidents to which neutrals are at all times exposed at the seat of war on land when they betake themselves into danger­ ous localities in spite of previous warnings. If, however, it should not be possible for the American Government to acquire an adequate number of neutral passenger steamers, the Imperial Government is prepared to interpose no objec­ tions to the placing under the American flag by the American Government of four enemy passenger steamers for passenger traffic between North America and England. Assurance of ‘free and safe’ passage for American passenger steamers would then extend to apply under the identical pro-con­ ditions to these formerly hostile passenger steamers.” While the tenor of this reply was discouraging and the first effect was rather disturbing on the Stock Exchange, there ap­ peared little fear anywhere of any actual rupture of relations between the two countries. Mr. Wilson was taking a brief vacation at Cornish, N. H., at the time, and it was officially announced that the proposed American reply to the German communication would be submitted to the Cabinet on Tues­ day, July 20, when the President would temporarily return to Washington. On July 21 the reply was put into final shape, and on the same day it was forwarded to Ambassador Gerard for delivery to the German Government. On Friday even­ ing, July 23, it was furnished to the newspapers for publica­ tion the next morning. The German note was declared “very unsatisfactory,” and the emphatic statement made that “the Government of the United States will continue to contend for the freedom of the seas, from whatever quarter violated, without compromise and at any cost.” After impressing “very solemnly upon the Imperial German Government the necessity of a scrupulous observance of neutral rights in this critical matter,” Secretary Lansing wound up with the broad assertion “that repetition by the commanders of German naval vessels of acts in contravention of those rights must be regarded by the Government of the United States, when they affect American citizens, as deliberately unfriendly.” The note of the German Government was declared “very unsatis­ factory, because it fails to meet the real differences between the two Governments and indicates no way in which the ac­ cepted principles of law and humanity may be applied in the grave matter in controversy, but proposes, on the contrary, arrangements for a partial suspension of those principles which virtually set them aside. If a belligerent cannot re­ taliate against an enemy without injuring the lives of neu­ trals, as well as their property, humanity, as well as justice and a due regard for the dignity of neutral powers, should dic­ tate that the practice be discontinued. If persisted in it would in such circumstances constitute an unpardonable offense against the sovereignty of the neutral nation affected. The rights of neutrals in time of war are based upon princi­ ple, not upon expediency, and the principles are immutable. It is the duty and obligation of belligerents to find a way to adapt the new circumstances to them. The events of the past two months have clearly indicated that it is possible and practicable to conduct such submarine operations as have characterized the activity of the Imperial German Navy within the so-called war zone in substantial accord with the accepted practices of regulated warfare. The whole world has looked with interest and increasing satisfaction at the demonstration of that possibility by German naval comman­ ders. It is manifestly possible, therefore, to lift the whole practice of submarine attack above the criticism which it has aroused and remove the chief causes of offense.” It was added that “The Government of the United States, while not indifferent to the friendly spirit in which it is made, cannot  RETROSPECT. accept the suggestion of the Imperial German Government that certain vessels be designated and agreed upon which shall be free on the seas now illegally proscribed. The very agreement would, by implication, subject other vessels to il­ legal attack and would be a curtailment, and therefore an abandonment, of the principles for which this Government contends, and which in times of calmer counsels every nation would ooncede as of course.” In view of the declaration that the repetition of acts in con­ travention of neutral rights would be considered “deliber­ ately unfriendly” when they affect American citizens, quite a shock to the public mind was given when the news was re­ ceived on Monday, July 26, right on the heels of the Presi­ dent’s challenge, that the American steamship Leelanaw from Archangel, July 8, for Belfast, with a cargo of flax (which the Germans had declared contraband), had been sunk on Sun­ day, July 25, by a German submarine off the northwest coast of Scotland. This was at the outset regarded as an act of defiance by Germany, and the news at first caused a severe break in the New York stock market, but it appeared on the receipt of further advices that ample opportunity had been accorded to the captain and crew to leave the ship, and as a matter of fact all those on board were saved, and indeed were taken into Kirkwall in the ship’s own boats. While these measures took the matter out of the category of inhuman acts, such as the United States would consider “deliberately unfriendly,” our Government nevertheless in­ sisted that the sinking of the ship was a violation of the Prus­ sian-American Treaty of 1828, and accordingly made a de­ mand upon Germany for reparation. The case was viewed by officials in Washington as practically the same as that of the American ship William P. Frye, sunk by the Prinz Eitel Friedrich; Another untoward incident which was brought to notice, while the American Government was framing its reply to the German communication, consisted in allegations that a German submarine had attempted to tor­ pedo and shell the Cunard Line steamer Orduna on the morning of July 9, when the vessel was about 37 miles south of Queenstown, bound from Liverpool for New York. The allegations were made by the captain, passengers and mem­ bers of the crew of the liner when she arrived in this port on July 17. The Orduna carried 227 passengers, of whom 21 were Americans; her crew, including officers, numbered 265, making a total of 492 persons aboard. The captain of the ship stated that he put on extra steam when attacked and made all haste to get away, and the efforts of our State De­ partment were directed to ascertaining whether or not a torpedo was fired at the Orduna as a warning before the sub­ marine began shelling her. In the military operations in Europe, the Germans and the Austrians, after having the previous month driven out the Russians from the greater part of Galicia, engaged in a gigantic enveloping movement which had for its object on the one hand the capture of Warsaw, the Polish capital, and on the other hand the destruction of the Russian army. The contest extended along a line of huge front, reaching all the way from the Baltic Provinces of Russia down to Bessarabia. The Russian Grand Duke Nicholas, realizing the danger of annihilation, kept steadily drawing back his troops, while at the same time engaging in desperate rear­ guard actions with a view to saving his army. At the end of the month the Russian lines had been pierced at numerous points. The Austro-German armies apparently met with success at both extremities. The occupation of the city of Lublin, southeast of Ivangorod, and the capture of the important town of Cholm in the same vicinity, indicating that the Austro-Germans had cut the Lublin-Cholm Ry., one of the important avenues of retreat from Warsaw, was re­ ported at the end of July. At the beginning of August Mitau, the capital of the Russian Province of Courland, only 25 miles southwest of Riga, was occupied by German troops, while at the other end of the line marked progress was evi­ dently being made in Southeast Poland. Warsaw was defi­ nitely taken by German troops on the night of Aug. 4. The Germans had some of their most noted generals at the front, including Field Marshal von Hindenburg at one end and General von Mackensen at the other, and also General von Buelow, while the Austrians were under command of Arch­ duke Joseph Ferdinand. Official statements given out from Berlin and Vienna indicated that the German and AustroHungarian armies, in addition to the large number of Rus­ sian prisoners previously taken, had captured in July 230,000 more Russians, together with 67 cannon and 558 machine guns. It was announced by Reginald McKenna in the House of Commons on July 13 that the subscriptions to the new Brit­ ish war loan (bearing 4)4% interest) through the Bank of England had reached an aggregate of £570,000,000 ($2,850,000,000). In addition the subscriptions for small amounts through the Post Offices reached £24,000,000, making to­ gether close to £600,000,000, or $3,000,000,000. No state­ ment was made as to the extent to which the £570,000,000 subscribed through the Bank of England consisted of ordi­ nary subscriptions and how far applications which equally involved a cash subscription, but which were made for the purpose of securing the privilege of converting holdings of the first war loan and of the old Consols into the new 4)4s. Some very heavy subscriptions, from large financial institu- j tions, were included in the total, the Prudential Assurance ] Co. having announced that it was investing £3,000,000 in I the new issue and three leading banks having each announced   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  37  subscriptions of £20,000,000 or over, namely Lloyds, the London City & Midland and the London County & West­ minster, the aggregate for the three being £62,000,000. The London County Council was reported as subscribing £1,000,000, and it was understood that other county and munici­ pal authorities had subscribed liberally. The bonds con­ tained a guaranty that “In the event of future issues (other than issues made abroad or issues of Exchequer bonds, Treas­ ury bills, or similar short-dated securities) being made by his Majesty’s Government, for the purpose of carrying on the war, stock and bonds of this issue will be accepted at par, plus accrued interest, as the equivalent of cash for the purpose of subscriptions to such issues.” A payment of 5% accompanied the subscriptions which were payable in install­ ments unless the subscribers chose to pay in full by July 20 under discount at the rate of 4|^%. The dates of the dif­ ferent installments were fixed as follows;£10% on Tuesday, July 20; £15% on Tuesday, Aug. 3; £15% on Tuesday, Aug. 17; £15% on Tuesday, Aug. 31; £10% on Tuesday, Sept. 14; £10% on Tuesday, Sept. 28; £10% on Tuesday, Oct. 12; £10% on Tuesday, Oct. 26. Dealings in the new loan with “conversion rights on” commenced on July 29 and began at 99@99hi, from which there was an advance to 99^2, easing off to 98)4- On July 30 the quotation de­ clined to 97)4; July 31 London Stock Exchange was closed. Trading ex-conversion rights was scheduled to take place Aug. 3. In France and in Belgium and in the Italian-Austrian theatre of the war the developments were not of very high importance. The Italian navy, however, suffered the loss of one of its ships, an Austrian submarine having early in the month successfully torpedoed the cruiser Amalfi in the narrows of the Adriatic. Closing of the Adriatic Sea to merchant vessels of all nations except when bound for Mon­ tenegrin or Italian ports under convoy furnished by the Ital­ ian Minister of War was announced in a cablegram from Ambassador Thomas Nelson Page at Rome on July 8. On July 9 it was announced that Gen. Botha, commanding the British forces in South Africa, had accepted the surrender of the entire German forces in Southwest Africa, bringing hos­ tilities to a close in that section, and adding—so the cablegram said—322,000 sq. miles to the Union of South Africa. The U. S. Navy Department on July 8 took over the new and powerful wireless station at Sayville, L. I., this being the remaining one of two stations in the United States maintain­ ing direct communication with Germany. The other one, located at Tuckerton, N. J., had been taken over by the U. S. Government the previous September. The Sec. of Commerce found that German interests owned the entire stock of the company, and that the plant in all its parts was new. The U. S. Government considered that to grant the license asked under these circumstances would be an un­ neutral act on the part of the American Government. The British Parliament before adjournment granted the request of the Government for a new credit of £150,000,000. This did not contemplate an additional loan, but was merely authority to spend for war purposes money already in hand. This supplementary vote brought the sum appropriated by Parliament for war expenditures since the beginning of the new financial year the previous March up to £650,000,000. With the amount voted prior to March 1 1915 and since Aug. 5 1914, the grand total of war appropriation was raised to £1,012,000,000. Premier Asquith stated that for the first seventeen days of July the war expenditures had been £54,000,000 and that the rate of expenditure showed a daily tendency to rise. In the French Parliament a bill appro­ priating 5,600,000,000 francs to cover Government expenses for the three months beginning July 1 was passed. M. Ribot stated that in eleven months the French public had subscribed to 8,400,000,000 francs of National Defense bonds and other national obligations. The Government received authority to raise the limit of the authorized amount of the treasury defense bonds from 6,000,000,000 francs, as fixed by the law of May 18, to 7,000,000,000 francs, subscriptions having already exceeded the previous limit by more than 150,000,000 francs. The next month (Aug. 5) in asking for a further extension of the limit M. Ribot stated that on July 31 there were 6,958,000,000 francs of treasury issues in circulation, that in July alone 825,000,000 francs net had been placed in short-term bonds and 322,000,000 francs in long-term obligations. On July 3 M. Ribot addressed a letter to the Bank of France suggesting that special counters be set aside in that institution and its branches throughout France for receiving gold from those who desired in that way spontaneously to render service to the national defense. Besides receiving a bank note in exchange for their gold, each depositor was to be handed a certificate setting forth his service to the country. The Government’s invitation met with an enthusiastic popular response and enabled the Bank of France to make very important additions to its gold hold­ ings. On July 10 the French Government issued a decree prohibiting the exportation of gold, the prohibition, how­ ever, not to apply to the Bank of France. The Russian Minister of Finance also issued an order prohibiting the export of gold, exceptions, however, being made in favor of the subjects or citizens of allied or neutral States. The Swiss Federal Council, likewise, determined to prohibit the exportation of gold. In the case of Germany, the export of the metal had been forbidden some time previously—that is, on the outbreak of war. According to German accounts, subscriptions to the second Austrian war loan, the lists of  38  RETROSPECT.  which had been extended until July 5, aggregated 2,630,000,000 kronen—about $525,000,000. The Russian Minis­ ter of Finance by Imperial edict dated July 3, was authorized to make two issues of Treasury obligations of $250,000,000 each in the form of 5% short-term notes free of income tax, to be issued in denominations of $50 and upwards, and to mature in six months. The Swiss Government decided to issue a new loan of $20,000,000 at 96%, to bear interest at 4%%, the proceeds to be used to cover the cost of mobiliza­ tion. The Government of Australia announced a £20,000,000 local war loan. It was announced that the subscrip­ tions to the Italian war loan up to July 20 had amounted to 950,000,000 lire—about $190,000,000—not including all sums subscribed by Italians in North and South America. The Canadian Government, for the first time in its history, undertook to borrow from New York bankers, the Dominion having previously done its financing in London. The loan was for $45,000,000 at 5% interest and consisted of $25,000,000 1-year notes, which were offered at par and interest and $20,000,000 of 2-yr. notes offered at 99% and interest. These notes were convertible at the option of the holder at any time prior to three months before maturity into 20-yr. 5% bonds of the Dominion of Canada, par for par, and free from any right to prior redemption. The Dominion also stipulated that it would not borrow further sums in the United States during the calendar year 1915. The issue was taken by a syndicate composed of J. P. Morgan & Co., Brown Bros. & Co., the National City Bank, the First Nat. Bank of this city and the Local Agency of the Bank of Mon­ treal. Subscription books were opened at 10 o’clock Satur­ day, July 24, and closed shortly thereafter, subscriptions having been greatly in excess of the amount offered. More than 200,000 miners in the South Wales coal fields on July 15 refused to work unless they obtained higher wages. The British Admiralty at once issued a proclamation requisi­ tioning the entire available coal supply in the market. The strike was settled on July 20 through the efforts of the Minis­ ter of Munitions, David Lloyd George, by a further increase in wages in addition to the large increase previously granted. The German Government, according to a memorandum re­ ceived at the State Department from Ambassador Gerard at Berlin on July 15, admitted the torpedoing by a German sub­ marine of the American steamer Nebraskan which was dis­ abled off the coast of Ireland on May 25. The memorandum said: “The attack was not meant for the American flag nor is it traceable to any fault on the part of the commander of the German submarine, but is to be considered an unfortunate accident.” The German Government expressed its regret at the occurrence and declared its readiness to make compensa­ tion for the damage thereby sustained by American citizens. The Austro-Hungarian Government forwarded a note to the American Government protesting against the large shipments of munitions of war from this country to the Entente Powers. The note was said to bear date of June 29. A rebuke for the publication of an advertisement on May 6 of a machine for the manufacture of poisonous shells, described as capable of causing wounds which would result in an agonizing death within four hours, was administered by Secretary of Com­ merce William C. Redfield, in letters addressed to the pub­ lishers of the paper and an officer of the Cleveland Automatic Machine Co., which is alleged to have inserted the advertise­ ment. The British steamship Iberian, of the Leyland Line, bound for Boston from Liverpool, was torpedoed and sunk on July 30 by a German submarine with a loss of one or two Americans. It appeared, however, that the ship had been ordered to stop and submit to search and had been shelled when attempting to escape. Grain prices were erratic. It was known that both Canada and the United States had wheat harvests of unexampled di­ mensions. But, on the other hand, there seemed no early probability of the forcing of the straits of tho Dardanelles. Under the influence of these two sets of factors, any important development one way or the other was sure to produce decided fluctuations. Thus, on July 26, prices, after being run up several points, sharply declined, owing to the sinking of the Leelanaw off the coast of Scotland by a German submarine, the July option at Chicago dropping from $1 16% to $1 11 %, though with some recovery before the close. The low point in this option was $1 05% July 6, the high point $1 18 July 15 from which figure there was a drop again to $1 07% July 21, with a recovery to $1 16% July 26 and a renewed drop to $1 07% July 31, with the close that day at $1 08%. July corn at Chicago rose from 73 %c. July 1 to 81 %c. July 24, with the close July 31at79%c. July oats at Chicago on bad weather and decreasing stocks ran up from 44 %c. July 1 to 59 %c. July 31, but on the distant options, owing to the certainty that the new crop of oats was to be large, fluctuations were narrow on a much lower basis, the extremes for the September option being 37 July 6 and 38% July 28. Cotton sharply de­ clined because of fears of serious complications with Germany from 9.60c. July 1 (middling uplands grade in New York) to 8.90c. July 10, but subsequently recovered and July 31 was 9.30c. Print cloths at Fall River were reduced July 10 from 3%c. to 3%c. An attack on the life of J. P. Morgan was made July 3 at Mr. Morgan’s country home on East Island near Glen Cove, L. I., by a German instructor at Cornell University known as Frank Holt, but who was identified as Erich Muenter, a Harvard instructor, who disappeared after having been in­ dicted for the murder of his wife in 1906. Holt killed himself in the Nassau County Jail at Mineola on July 6. Besides his   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  attack upon Mr. Morgan, Holt was responsible for the wrecking of the Senate reception room in the Capitol at Washington by a bomb on July 2. In a statement concerning his attack on Mr. Morgan, Holt said that his motive was “to try to influence Mr. Morgan to use his influence in the manu­ facture of ammunition in the United States and among mil­ lionaires who are financing the war loans to have an embargo put on shipments of ammunition so as to relieve the American people from complicity in the deaths of the thousands of our European brothers.” Holt forced his way into Mr. Morgan’s house, carrying two revolvers and sticks of dynamite. Mr. Morgan grappled with him and attempted to disarm him, but Holt succeeded in firing two shots at the banker, one of the bullets entering the groin and lodging near the base of the spinal column, the other piercing the right groin and passing out through the thigh. The banker, however, was not seri­ ously injured and quickly recovered. The U. S. District Court at Philadelphia in the suit of the United States against the Reading Co. and its allied com­ panies, the Phila. & Read. Ry. and the Read. Coal & Iron Co., held that there was nothing in the relations of these companies that constituted a violation of either the Sherman Anti-Trust Law or the Commodities Clause of the InterState Commerce Act. The opinion, written by Judge Mc­ Pherson and concurred in by Judges Buffington and Hunt, differentiated this case from the Lackawanna case just de­ cided by the U. S. Supreme Court by pointing out that the decision in the Lackawanna case was based upon the fact that the Supreme Court held that the Lackawanna RR., originally the owner of coal, retained an interest therein and was therefore prohibited from also carrying the coal, while in the ease of the Reading, the Railway company never owned coal at all or had any interest in it, the Phila. & Read. Ry. and the Read. Coal & Iron Co. being distinct and sepa­ rate corporations. The decision was favorable to the Gov­ ernment in three minor respects, the most important of these being in regard to the ownership of nearly all the stock of the Lehigh & Wilkes-Barre Coal Co. by the Central RR. of N. J., which is controlled by the Reading Co. The District Court thought that the united control of the Phila. & Read. Coal & Iron Co. and the Lehigh & Wilkes-Barre Coal Co. was condemned by the rules laid down in the Northern Securities case by the U. S. Supreme Court. The privilege sought by railroads in Official Classification Territory of imposing special charges for “spotting” freight cars—placing them on private sidings and industrial-plant tracks for loading and unloading—was denied in a decision handed down by the Inter-State Commerce Commission on July 12. A charge for the service of 5% cents a ton, or a minimum of $2 per car, had been proposed by the roads; the proposed tariffs were filed during the hearing of the 5% rate case and the charge had been advocated by Louis D. Brandeis, Special Attorney to the Commission when the 5 % rate case was un­ der consideration, as a means of increasing the revenue of the roads. According to the view of the Commission, the im­ position of the additional charge for “spotting” on the in­ dustries served and not upon other industries for which line­ haul services are performed “would, result in unjust dis­ crimination.’ ’ The Commerce Commission also made known its decision with regard to the changes in lighterage and stor­ age regulations sought by the railway companies operating lines entering New York City from the West and North; while some of the applications for increased charges and re­ duction in the time of the free storage privileges were granted, the majority of the petitions were declared by the Commis­ sion unjusitifed. These proceedings also derived interest from the circumstance that the changes proposed arose out of a recommendation of the Commission in its decision in the 5% case, that the carriers investigate their terminal and other services with a view to the conservation of their reve­ nues. In the Commission’s estimation, however, the tariffs under investigation were not “responsive to the spirit of that recommendation.” As illustrating the difficulties be­ setting the railroads on every side, Postmaster-General Burle­ son on July 13 issued orders increasing the size limit for arti­ cles sent by parcel post from 72 inches in combined length and girth to 84 inches, and also directing the giving of re­ ceipts for all parcel post packages on the payment of 1 cent for the same. It was stated that the principal effect of the increase was to bring the commercial crate within the regu­ lations. The 72-inch limit had barred out from parcel post shipment practically all standard-sized crates used in the commercial exchange of berries and fruits. The Postmaster also arranged to increase rural mail delivery service by es­ tablishing new rural routes and extending the service over existing routes. The disappearance of the conditions ne­ cessitating Federal and State quarantines against cattle, owing to the prevalence of the foot-and-mouth disease, was evi­ denced by the announcement of the removal of most of the restrictions not previously removed. Chicago suffered one of the worst excursion disasters on record in the capsizing on July 24 of the excursion steamer Eastland, claiming the lives of 812 persons, according to the revised report of the Coroner’s office issued the following September. The Eastland had been chartered to carry some of those who were to take part in the annual picnic planned by the Western Electric Company for its employees and ar­ ranged for at Michigan City, Indiana, across Lake Michi­ gan. The steamer was the first of five boats scheduled to leave Chicago with the excursionists, and overturned atther pier in the Chicago River just as she was to depart ;tthe  RETROSPECT. hawsers were still attached to the vessel when she went oyer, and the force of its plunge tore the pilings from the pier. The vessel was officially authorized to carry 2,500 and was supposed to have had close to that number on board. Secretary of the Treasury McAdoo on July 27 made a call on the national banks for a return of Government deposits to the amount of $3,097,500 between Aug. 10 and Aug.25. This action was in furtherance of the Department’s policy of limiting these funds in bank depositaries to the amount necessary for the transaction of the Government’s business, and was in addition to about $5,000,000 Government funds withdrawn from the national banks several months before for the same reason. The N. Y. Clearing House Association passed a resolution authorizing the establishment in the Clear­ ing House of a department for the collection of out-of-town checks, and the system was inaugurated early the next month —Monday, Aug. 9. The new plan did away with the old system whereby each New York bank was compelled to send separately for collection each day to the respective banks outside the city the out-of-town checks it had received drawn upon them. The new department began by collecting items drawn on banks which had agreed to remit at par on day of receipt. There were 388 such institutions on the dis­ cretionary list when the department was inaugurated, the list embracing banks and trust companies in Massachusetts, Rhode Island, Connecticut, New Jersey and New York. By Nov. 1 the number of institutions on the discretionary list had increased, according to a circular then issued, to 492. For items payable in the cities of Boston, Providence, Al­ bany, Troy, Jersey City, Bayonne, Hoboken,Newark, Phila­ delphia, Baltimore, and for items payable at all Federal Re­ serve banks but San Francisco, the charge is discretionary. The Federal Reserve Board under date of July 15 announced a regulation dealing with “trade acceptances” as a distinct class of commercial paper for which the Board was “ready to approve the establishment of a discount rate somewhat lower than that applicable to other commercial paper.” The Connecticut Legislature the previous March 30 passed an Act which took immediate effect permitting savings banks to invest in the acceptances authorized by Section 13 of the Federal Reserve Act of any national bank, or member of a Federal Reserve bank, in Connecticut, or in the cities of Boston, Providence, New York, Philadelphia or of any State bank or trust company in Connecticut which may be authorized to issue such acceptances. Railroad Events and Stock Exchange Matters.—In the stock market there was a recrudescence on a large scale of specula­ tion in the war stocks. The advances in some of the share properties which were the special object of manipulation reached sensational proportions and gave occasion for deep concern. In the case of the Crucible Steel Co., a member of the executive committee deemed it incumbent to state that, in his estimation, there was no warrant for the figures to which the common stock had been boosted. He said that the previous year the company had been obliged to suspend pay­ ments on its pref. shares, that there were large arrears of divi­ dends on these shares which would have to be paid before any­ thing could be distributed on the common; that while the company was handling very considerable business growing out of war contracts, and this business would undoubtedly yield large profits, yet the business itself in current statements was being greatly exaggerated, and that altogether prevailing prices for the shares seemed wholly unjustified. The first effect of this was to cause the common shares to drop from about 51 to 39, but those behind the movement were not at all disconcerted, and after the lapse of a few days succeeded in getting the stock moving upward again, and July 29 it touched 83, then, however, a renewed tumble began, the close being at 68 The speculative furore was confined largely to the war stocks, and railroad properties did not par­ ticipate in it to any great extent, and in fact on occasions were decidedly weak. Even in the case of the war stocks, the rise was not uninterrupted or continuous. The whole market was weak at times for special reasons. One spell of weakness came at the very beginning of the month, when St. Paul com. sharply declined because of rumors that the dividend might be reduced (it was subsequently cut from 5% to 4%), and No. Pac. became sympathetically weak, while Can. Pac. was unfavorably affected by continued poor reports of earnings. The attempt on the life of J. P. Morgan on Saturday, July3, did not improve the situation at this stage, and foreign liqui­ dation proved very extensive, so that during the first ten days of the month nearly the whole list of railroad shares, and in particular N. Y. Central, New Haven, Reading, Un. Pac., So. Pac. and Leh. Val. suffered serious declines. The first effect of the German reply also proved disturbing, but there­ after the market was taken in hand, and, under the leadership ! of the war stocks, was subjected to ballooning tactics which resulted in carrying the whole list of stocks upward. The news with regard to the sinking of the American steamship Leelanaw caused a sharp downward plunge on Monday, July 26. Almost immediate recovery, however, ensued, as it appeared that the act did not come within President Wilson’s ‘ definition of a “deliberately unfriendly” act. Later, the up­ ‘ ward movement in the war stocks was carried to still dizzier ! heights and many of the railroad shares moved along on the I general tide. At the very close of the month, however, I realizing seemed to be in progress on a large scale, and some ,■ sensational declines were noted, of which Crucible Steel fur­ ; nished a sharp example. Atl. & Chari. Air Line sold $3,500,000 1st Mtg. series “B” 5s. New Jersey Zinc Co.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  39  authorized an increase in its stock from $10,000,000 to $35,000,000 for the purpose of making a 250% stock dividend. Western Maryland defaulted on prin. and int. of $10,000,000 5% and $6,000,000 6% notes maturing July 1. The InterState Commerce Commission granted a petition of the ex­ press companies, which had the effect of increasing express rates on the average nearly 4% on packages weighing less than 100 lbs. Chic. Mil. & St. P. reduced its s.-a. div. on com. from 2% to 2%; U. S. Rubber omitted the quar. div. on com. Pacific Coast Co. omitted the quar. div. on com. Kan. & Mich, omitted its quar. dividend. American Bank Note Co. resumed by declaring 1% on com. Consol. Gas of New York declared extra in addition to the usual l/^% quar. payable Sept. 15, this being the second extra quar. payment. Pittsburgh Steel resumed on pref. by declaring 1^4% quar. Stock Fluctuations. Railroads— Atch Top & Santa FeBaltimore & Ohio___ Canadian Pacific____ Chesapeake & Ohio__ Chic Milw & St Paul-. Erie______ __________ Great Northern, prefLouisville & Nashville. N Y C & Hud River. . N Y N H & Hartford.. Norfolk & Western__ Northern Pacific_____ Pennsylvania............ .. Reading Company__ Southern Pacific Co.. Southern Railway___ Union Pacific________ Industrial, &c.— Allis-Chalmers Mfg__ Preferred_________ Amalgamated Copper. Amer Agricul Chern.. Amer Can. ________ Amer Car & Fdy......... Amer Coal Products. . Amer Locomotive___ Amer Smelt & Refg__ Amer Woolen________ AnacondaCop (par$50) Baldwin Locomotive. _ Bethlehem Steel Corp. Central Leather______ Colorado Fuel & Iron. Continental Can____ Crucible Steel of Amer Cuban American Sugar General Chemical___ General Motors_____ Goodrich (B F)______ Insp Con Cop (par $20) Lackawanna Steel___ Maxwell Motors____ Pressed Steel Car_____ Railway Steel Spring. _ Republic Iron & Steel. Studebaker Corp (The) Texas Co (The)______ U S Indus Alcohol___ U S Rubber_________ United States Steel__ Western Union Teleg.  July 1.  100 % 76% 143 38% 90% 26% 118 *116% 120 88% 64 X 103 106% 105 % 147% 87% 15% 127% 17 52% 74% *51 52 45% 54% 113 49 78% *24 29 s$71% 64% 168% 40% 31 *55 61 31% *86% 89 224 154% 52% $31 *45 47% 40 47% 30% 29% 76% 128 *37 39 51% 59% *65% 67  July 31. >100% >79% 144% 41 81 26% >117% *>109% 112 >88% 62 *105 106 >106% 107% >147% 87% 13% 128%  Range for Month.  Low. 98% July 75 July 138 July 35% July 77% July 24% July zll4% July 104% July >82% July 55 July 101% July zl01% July 104% July 143 July 82% July 12% July 123 July  16 52% 69% 55% 48% 44 57% 52% 57 145% 113 42% 53% 74 78% *20 27 22 «$69 s$65% 78% 64 255 164% 40 41% 39 30% 74% 64% 29 68% 110 86% 0280 224 178 153% 48% 51% $32% $29% 50 43% 33% 29 50% 43% 35% 30 42% 27% 84% 76% 133 125% *56% 58% 53% 45% 44 66% 58% *68% 69 65% 32% 69  July July July July July July July July July July July July July July July July July July July July July July July July July July July July July July July July July  10 8 23 9 26 9 9 8 9 10 9 8 9 12 17 23 9  High. 102% July 82% July 147% July 41% July 91 July 27 July 118% July 117% July 89% July 65% July 106% July 107% July 108% July >149% July 88% July 16 July 130 July  28 28 28 28 2 28 6 2 6 6 28 28 30 30 2 1 28  12 10 27 12 10 10 1 12 9 26 27 1 7 3 10 10 12 10 1 1 19 26 9 28 10 7 10 3 9 9 24 7 12  33% 72 75% 56% 61% 59% 170% 60 80% 25% s$72 85 275 43% 43% 78% 83 125 290 189% 55 $32% 52% 40% 53 37% 46% 85 133% 59% 53% 68% 70%  31 29 6 31 27 29 12 29 15 12 1 27 29 21 29 29 29 22 9 17 2 31 29 2 29 29 29 30 29 28 1 29 14  July July July July July July July July July July July July July July July July July July July July July July July July July July July July July July July July July  a Less than 100 shares. ) Quoted ex-dividend during the month' and prior, to this date, s Par changed from $25 per share to $50. x Ex-dividend. * Bid and asked price; no sale.  The Money Market.—The money market stiffened a bit and quotations for time loans fractionally advanced. Call money, however, did not get above 2% the entire month. Time money July 31 was for 60 days, 3 for 90 days, 3M for 4 mos., for 5 mos. and 3^ for 6 mos. Commercial paper remained at 3@3J^ for choice double and prime single names, while good single names were quoted at 3/4 @4. Money holdings of the New York Clearing House institutions were further reduced from $455,551,000 June 26 to $430,768,000 July 10, but recovered to $449,003,000 July 31. The gold on deposit with the Federal Reserve Bank after dropping from $131,887,000 June 26 to $126,523,000 July 10, increased to $133,737,000 July 31. Loans July 31 were $2,577,944,000 July 31, against $2,476,297,000 June 26, and deposits $2,695,302,000 against $2,582,564,000. Foreign Exchange, Silver, &c.—Foreign exchange tended towards still lower figures. At the beginning of the month there was some manifestation of strength, which was ascribed to the liberal selling here of American securities on foreign account, growing out of the huge subscriptions to the new British war loan. Reports were current all through the month of negotiations for the establishment of a large Brit­ ish credit in New York, but nothing definite transpired in that regard. Dearer money in London, growing out of the war loan subscriptions, was an inducement to American banks and bankers to hold their balances abroad rather than draw their funds home, but exchange closed at the lowest figures of the month. The placing in this country of the $45,000,000 Canadian Government loan undoubtedly played some part in interrupting the gold movement from Canada. The month’s total gold importations into the United States were $17,262,938. Bankers’ demand sterling, after touch­ ing 4 76%@4 77% July 7, was only 4 75%@4 76% July 31. The Bank of England succeeded in augmenting its bullion holdings handsomely, but the demands of the Government in connection with the new war loan and the further output of Treasury bills at high interest rates tended still further to raise open market discount rates, which advanced above the 5% official minimum rate maintained by the Bank of England; on July 31 quotations were 5% for 60 days and 5@5% for 90 days. No open market discounts were reported for the Continental centers. Silver in London tended still lower, and July 29 was quoted at 22 5-16d. per oz. The price July 31 was 22 7-16d.  RETROSPECT.  40 MONTH OF AUGUST.  Current Events.—The sinking of the White Star Liner Arabic by a German submarine for a time threatened to invest the submarine controversy with new menace. Ger­ many’s course, however, with regard to the act was such as to give the affair a most dramatic ending. After the lapse of a few days the Kaiser’s Government unreservedly ex­ pressed its intention to accord full satisfaction to the United States should investigation establish that the act was the work of a German submarine. It went further and yielded completely to this country as regards the request for the pro­ tection of the lives of Americans traveling in ocean steam­ ships. The Arabic was bound from Liverpool for New York and was torpedoed by a submarine on Thursday morning, Aug. 19, about 60 miles off Fastnet on the south coast of Ireland. All accounts agreed that the vessel had been at­ tacked without warning. She sank in about ten minutes. She carried 423 persons, 180 passengers and 243 members of the crew; of this number 44 remained unaccounted for, 25 being members of the crew. It was understood that be­ sides 29 American passengers there were also some Americans among the crew. It was definitely established that two Americans lost their lives—Mrs. Josephine S. Bruguiere of New York and Dr. Edmund F. Woods of Janesville, Wis. The survivors, who left the liner in the ship’s boats, were picked up by passing vessels and arrived at Queenstown on Thursday night, Aug. 19. Just before the shot was fired at the Arabic the British freight steamer Dunsley had been torpedoed, and it was while the Arabic’s passengers were observing the Dunsley sink that their own boat was torpe­ doed. The British Admiralty Aug. 23 authorized a denial that the Dunsley was an armed patrol acting as a convoy to the Arabic or that the Arabic was under naval convoy of any kind and so liable to attack without warning. On the voyage across from this side to Groat Britain the Arabic had been heavily loaded with ammunition, but being on her re­ turn trip she carried, of course, no munitions of war. Sug­ gestions that the Arabic had attempted to ram the submarine were likewise refuted. The Arabic had 2,813 bags of mail on board, mostly for the United States. First accounts that she carried a considerable amount of gold were later denied, but she seems to have had an extensive quantity of securities on board. As the last note of the United States to Germany had made it plain that a repetition of submarine attacks in­ volving loss of American life would be regarded by our Gov­ ernment as a “deliberately unfriendly act,” the Adminis­ tration at Washington was confronted with a grave situation, and the feeling in official circles was exceedingly tense and pessimistic. A rift in the clouds appeared, quite unexpect­ edly. This was the presentation on Aug. 24 to our State Department by the German Ambassador, Count von Bernstorff, of very friendly instructions just received by him, asking suspension of judgment until Germany could make an investigation, and declaring unqualifiedly that “if Americans should actually have lost their lives, this would naturally be contrary to our (Germany’s) intentions.” The state­ ment was as follows: “So far no official information is available concerning the sinking of the Arabic. The Ger­ man Government trusts that the American Government will not take a definite stand after hearing only the reports of one side, which, in the opinion of the Imperial Government, can­ not correspond with the facts, but that a chance will be given to Germany to be heard equally. Although the Imperial Government does not doubt the good faith of the witnesses whose statements are reported by the newspapers in Europe, it should be borne in mind that these statements are naturally made under excitement which might easily produce wrong impressions. If Americans should actually have lost their lives this would naturally be contrary to our intentions. The German Government would deeply regret the fact and begs to tender its sincerest sympathies to the American Govern­ ment.” This was followed the next day (Aug. 25) by the issuance by the Imperial Chancellor at Berlin of an even more emphatic statement to the same effect, and saying that if the commander of the German submarine had gone “beyond his instructions” the German Government “would not hesitate to give complete satisfaction to the United States.” The outlook grew steadily more assuring after that, and a cablegram on Aug. 30 stated that the pacific intentions as declared by Dr. von Bethmann-Hollweg, the German Im­ perial Chancellor, had been approved at a conference with the German Kaiser at the latter’s headquarters on the East­ ern front, attended by Admiral von Tirpitz and others. On Sept. 1, following an oral statement to Sec. of State Lansing that Germany had accepted the declarations of the United States in the submarine controversy, Count von Bernstorff wrote to Mr. Lansing as follows, apparently closing the matter: “With reference to our conversation of this morning, I beg to inform you that my instructions concerning our answer to your last Lusitania note contain the following pas­ sage: ‘Liners will not be sunk by our submarines without warning and without safety of the lives of non-combatants, provided that the liners do not try to escape or offer resist­ ance.’ Although 1 know that you do not wish to discuss the Lusitania question till the Arabic incident has been defi­ nitely and satisfactorily settled, I desire to inform you of the above, because this policy of my Government was decided on before the Arabic incident occurred.” Almost simul­ taneously there came cablegram reports that Admiral von Tirpitz (the German Minister of Marine and author and in­   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  stigator of Germany’s submarine warfare, and who was sus­ pected in this country of having been engaged secretly in attempts to thwart the German Government's intentions to modify its submarine policy) was ill from, overwork and ex­ haustion and would take a holiday extending over several weeks. Another important event of the month growing out of the European conflict was the declaration of cotton as contra­ band of war by the British and the Allied Governments. The United States was notified in advance of the intention to take this step, and for some time previously an insistent— almost uncontrollable—public demand seemed to be de­ veloping in England to force the British Government to such action. At a meeting held at Queens Hall in London reso­ lutions were adopted urging it upon the Government. At this meeting Sir William Ramsay, the eminent British sci­ entist, declared that cotton was the only substance required for the manufacture of munitions with which the Germans could not supply themselves. No chemical products, he asserted, could take the place of cotton in propulsive am­ munition, and that ammunition made from used cotton was not as effective as that made from unused cotton. Sir Charles Macara, President of the Master Cotton Spinners’ Association of Great Britain, declared that Great Britain must utilize its command of the highways of the seas, both practically and diplomatically, to prevent cotton reaching enemy countries. A letter was also read at the meeting from Lord Beresford, saying that had cotton been declared contra­ band the previous February the war would now be ap­ proaching its final scenes. On Aug. 19 the British Embassy at Washington authorized the statement that “the Allied Governments have agreed in principle that cotton is contra­ band of war.” It was then stated, however, that the exact date when an announcement to that effect would bo made was “still under consideration, as well as other details con­ nected with the proclamation.” The official proclamation making cotton absolute contraband of war was signed by King George on Friday, Aug. 20, and officially published in the “London Gazette,” in a supplement issued on Satur­ day night, Aug. 21. On this latter date the British Foreign Office made the following announcement regarding tho matter: “His Majesty’s Government have declared cotton absolute contraband. While the circumstances might have justified such action at an earlier period, his Majesty’s Government are glad to think that the local conditions of American interests likely to be affected are more favorable for such a step than they were a year ago, and, moreover, his Majesty’s Government contemplate initiation of meas­ ures to relieve as far as possible any abnormal depression which might temporarily disturb market conditions.” Nothing definite developed as to the nature of the plans which the British Government had under consideration for the “initiation of measures to relieve as far as possible any abnormal depression” in the staple. On Aug. 24 a statement was given out by the British Embassy at Washington, in­ dicating that it was not proposed to restrict consignments of cotton to neutral countries that were proved to be exclusively destined for the normal consumption of those countries. The effect of the contraband proclamation on the price of cot­ ton was practically nil. As a matter of fact, the market value the latter part of the month actually improved. The Treasury Department at Washington took occasion to state that the Government was prepared to see that there should be no lack of monetary accomodation for financing cotton planters bocause of the closing of the German market for the staple. On Aug. 23 Sec. of the Treas. McAdoo announced that the Treasury Department would, if neces­ sary, in view of Great Britain’s action, deposit $30,000,000 in gold in the Federal Reserve banks of Richmond, Atlanta and Dallas. He stated that in the exercise of the discretion given to him by law he would for the time being charge no interest on such deposits in the Federal Reserve banks; that such action was justified by the unusual situation respecting cotton caused by the European war; that it was a matter of economic importance to the entire nation that those who have produced the cotton crop should have a fair oppor­ tunity to dispose of it gradually and in an orderly manner so that they might not be forced to sell at sacrifice prices. Mr. McAdoo said that one of his chief objects was to create a basis for such enlarged credit in the South that the banks would have ample resources to extend to producers such accommodations that they would be able to carry the cotton in warehouses for a reasonable length of time until it could be marketed advantageously. He asserted that the banks could well afford to carry cotton for producers at 6%, especially if they are able to rediscount cotton paper at the Federal Reserve banks at a much lower rate. He also announced that should it appear that the object in view could be accomplished with greater efficiency by depositing Government funds in the national banks direct, instead of in the Federal Reserve banks, he would take that course and make deposits in such national banks as would give him the assurance that the money so deposited, or the credit based thereon, would be loaned on cotton insured or ware­ housed and at a rate of interest not to exceed 6%. In a statement as to the c mdition and resources of the national banks Comptroller of tho Currency John Skelton Williams made the assertion that the national banks and the 12 Federal Reserve banks “have at this time an unemployed loaning capacity sufficient to enable them if need be to carry for our own people at market value the entire cotton crop  RETROSPECT and half, if not the whole, of the wheat crop and tobacco crop, and also finance until the purchasers can pay us in gold or its equivalent a thousand million dollars or so of exports of food stuffs or manufactured products to be shipped to the rest of the world.” In the steel trade further advances in prices occurred, the main features of the steel situation as reported by the “Iron Age” being the large amount of new war business offered, particularly in bars and wire. The “Age” reported that “with each month the war is taking a larger part of the country’s steel production;” also there “seems no end to the barb wire demand from Europe.” The same authority also stated: “The heavy demand for large steel rounds is still easily the leading feature. France has placed a good part of tho 100,000 tons recently pending, paying 2.35 cents to two important companies. Probably 200,000 tons more is involved in estimates now before the trade.” Inquiries from the railroads still continued meager and it was stated that “the possibility that war orders for large bars may fill up certain rail mills for the early months of 1916 has started no rail buying as yet and steel makers are not solicit­ ing rail business.” There was a sharp break in spelter, the price at St. Louis at one time getting down to 11% cents per pound, but there was a quick recovery and the quota­ tion at the close was 16 cents. Copper also sharply declined. Lake copper was only 18 cts. at the close; electrolytic copper at one time was down to 16 cts. but closed at 17% cts. Crop reports in this country continued very favorable. After the close of business Aug. 12 there were rumors that large contracts for shipments of wheat to Europe had been suddenly canceled, owing to peace talk or a prospect of forcing the Dardanelles and opening up supplies of Russian wheat. This precipitated a sharp decline in prices the next day. The latter part of the month continued favor­ able crop advices and the unsettled political situation growing out of the sinking of the Arabic were depressing influences. Sept, wheat in Chicago after touching SI 12 Aug. 12 dropped to 92% cts. Aug. 31. Sept, corn at Chicago declined from 76% cts. Aug. 20 to 71% cts. Aug. 31. Sept, oats at Chicago fell from 42% cts. Aug. 4 to 35% cts. Aug. 31. Cotton fluctuated within a narrow compass. On Aug. 21 middling upland grade at New York got down to 9.20 cts.; the close Aug. 31 was at 9.85 cts. The Brazilian Congress passed a law for the valorization of coffee; coffee prices de­ clined nevertheless. The Federal Commission on Industrial Relations concluded its labors and furnished abstracts of its reports. These showed that the members were divided in their views, as had been expected. There were three separate reports, a minority headed by Chairman Frank P. Walsh making very radical findings and recommen­ dations. To relieve the disturbing situation caused by the renewed demoralization of foreign exchange, enormous special ship­ ments of gold and of foreign-owned American securities were made to this country. Sterling bills, as set out further below in our review of the foreign exchange market, several times during the month fell to new low levels, and on the last day (Aug. 31) sight bills on London dropped to $4 55%, the par of exchange being $4.8665. There were reports all through the month of possible negotiations for the establish­ ment of a huge credit, or yet again the floating of a British loan here for a large amount, and it was known that depu­ tations of financial representatives from both the British and French Governments were on the way to tho United States for the purpose of taking up the grave problem with American bankers. Brown Bros. & Co. announced on Aug. 24 that arrangements had been concluded for a $20,000,000 French commercial credit. This credit was independent of the Morgan-Rothschilds loan arranged for the French Gov­ ernment the previous June, and part of the collateral for which consisted of bonds of the Pennsylvania Co. Messrs. Brown Bros, explained that the purpose of this commercial credit was to enable American exporters to be paid in dollars in the United States, eliminating any risk of exchange and thus facilitating our exports. It would also enable French buyers of American merchandise and other commodities, who had found it difficult to do so owing to the extraordinary conditions prevailing, to obtain exchange with which to settle their accounts with American merchants. The credit was for a period of one year and was to bo availed of by drafts at ninety days’ sight. Care had been taken, it was stated, to comply with the requirements of our banking laws relat­ ing to commercial acceptances. In addition to the respon­ sibility of the French drawers of the bills, the credit was se­ cured by the guaranty of the Bank of France of payment at maturity in gold, if necessray. Collateral was also deposited in New York as additional protection of tho credit. As the drafts came forward and were discounted in the open mar­ ket, an opportunity would be offered for the first time, it was declared, to American institutions and investors of buying commercial paper drawn by firms and institutions of tho highest character in Europe on correspondingly strong firms and institutions in this country, which should discount at the finest rates. The first of several special shipments of gold arrived here Aug. 11. It consisted of 1,050,000 ounces of U. S. gold coin, worth $18,604 per ounce, and having a value of $19,534,200. There were also about $30,000,000 of se­ curities. The shipment was consigned to J. P. Morgan & Co., who were acting as the fiscal and commercial agents for the British Government in this country. The shipment was conveyed from England to Halifax on a British battleship   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  41  and was shipped from the latter place to this city by special train. On Sunday, Aug. 29, there was a second arrival here of gold and securities from Halifax, where the consignment had been delivered by a British cruiser. The shipment con­ sisted of $19,500,000 gold, together with securities of an esti­ mated value of $35,000,000, though no precise information as to tho latter was vouchsafed. The consignment was from the Bank of England to J. P. Morgan & Co., and tho under­ standing was that the securities would be used as collateral for loans to help pay for Great Britain’s enormous purchases of munitions of war in the United States. Besides these special shipments, large amounts of gold were received by the Unitod States in the ordinary course. In connection with French financing J. P. Morgan & Co., representing the Roth­ schilds, closed a contract with Kuhn, Loeb & Co. for the sale by the Morgan firm of between 140,000,000 and 150,000,000 francs of Pennsylvania Company 3%% bonds, pledged as part security for the loan to the Rothschilds, negotiated by the Morgan firm the latter part of June. The effect of this transaction was to make available immediately to the French banks the equity in the loan, and it also had the effect of transferring these bonds to the United States, with the result that a loan maturing the following July was paid off now, and hence did not need to be refinanced. By agreement with the Pennsylvania Company the latter ar­ ranged to pay off the loan in francs (the operation being attractive, since francs were ruling at such a large discount) and to reissue the obligation in 4%% bonds in regular dol­ lar form. Both the English and French Governments furthered movements intended to draw gold from internal circulation and from private hoards. The British Treasury early in the month instructed the Post Office and all public departments making cash payments to use notes instead of gold whenever possible. The public was earnestly requested, in the inter­ est of the nation, to co-operate with the Treasury in this policy by paying all available gold to the Post Office and the banks, and making general payments whenever possible in cheeks and notes instead of gold. The Bank of France continued to gain gold through its appeal to tho patriotism of the people, asking them to bring gold to the Bank and take notes instead. It was stated on Aug. 25 that the amount of the precious metal deposited in the Bank of France in response to this appeal had passed 500,000,000 francs. The French Government issued a decree placing on sale at post offices Treasury bonds (bonds of national defense) in denomi­ nations of 20 francs and 5 francs (at 5 % interest), exchange­ able for bonds of larger amounts when desired. On Aug. 9 the Bank of England, in order to stimulate the demand for Treasury bills and in recognition of the fact that the new British war loan was competing with these bills, raised the fixed rate for the bills to 4%% for all dates, this comparing with the previous rates of 2%% for 3 mos. bills, 3%% for 6 mos. and 3%% for 9 and 12 mos. In the European war field the German and AustroHungarian troops continued their drive against the Russians and gained further striking successes, pushing the Russians back everywhere along an enormous front. As noted in our review of July, Warsaw definitely capitulated to the German besieging forces on the night of Aug. 4-5, the Bavarians, com­ manded by Prince Leopold, being the first to enter the city. But that was simply the beginning of a whole series of suc­ cesses which kept developing daily for the rest of the month. In three weeks no less than nine Russian fortresses, including three of the most powerful—Kovno, Novogeorgievsk and Brest-Litovsk—were captured. The Russian fortress of Ivangorod, 55 miles southeast of Warsaw, was captured by the Austro-German army commanded by Archduke Joseph Ferdinand, these troops beginning to enter the fortress Aug. 4. The Polish city of Siedlco, 55 miles southwest of Warsaw, was captured by the Germans on Aug. 13. Kovno was captured Aug. 17 together with many prisoners and sev­ eral hundred guns. Aug. 19-20 Field Marshal von Hindenburg took Novogeorgievsk, together with an enormous num­ ber of cannon and guns and 90,000 prisoners. Aug. 23 Ber­ lin announced that the fortress at Ossowetz had been evacu­ ated by the Russians and occupied by the Germans. On Aug. 26 came the most important news of all, the capture by the Teutonic forces of Brest-Litovsk. German and Aus­ tro-Hungarian troops, it was stated, stormed the works on the western and northwestern front, and on the night of Aug. 25 succeeded in entering the center of the fortress and the Russians then gave it up. This fortress was considered one of the strongest in all Europe, and was the southern base of the second Russian line of defenses to which the armies of Grand Duke Nicholas retreated after the fall of Warsaw. The citadel was situated on the Bug River and at the junc­ tion of several railways, 131 miles south of Grodno and 120 miles east of the Polish capital. The town, though having a population of only about 50,000, was a very important dis­ tributing point for military supplies and considered of greater consequence from a strategic point than Warsaw. On Aug. 27 the announcement came that the Russian fortress of Olita, 30 miles south of Kovno on the Niemen River, had been evacuated by the Russians. 11 was the ninth important Russian fortress to fall before the invaders in three weeks. The fortress of Grodno remained as the one strongly defended position in the hands of the Russians in all the wide stretch of Russian territory south of the Baltic provinces covered by the Austro-German forward movement. The end of the month found the German forces steadily advancing on that  42  RETROSPECT.  fortified position. The capture by storm of Lipsk about 20 miles west of Grodno, was announced by the War Office at Berlin on Aug. 30, and on Aug. 31 the German troops had reached the outer forts of Grodno. There were a series of naval encounters in the Gulf of Riga from Aug. 16 to Aug. 21 between portions of the German and part of the Russian fleet, in which the Germans seem to have got badly worsted, though Berlin denied the statement of the President of the Burna that the Germans had lost some large ships. At the close of the month a renewed offensive by the Austrians against a very small section of Galicia where the Russians still retained a foothold was reported; dispatches from Vienna under date of Aug. 29 stated that Austrian successes east of Vladimir-Vilynsky and on the Zlota Lipa had broken Russian resistance on a front of 200 kilometers (125 miles). On Aug. 31 the Austrians took the Russian fortress of Lutsk, just north of the Galician frontier. All through the month large captures of Russians by all the various army groups of the Germans and the Austrians were reported. According to a statement from German army headquar­ ters given out Sept. 1, the number )f Russian prisoners taken by Ger nan troops in the eastern and southeastern theatres of war during August totaled more than 2,000 officers and 269,839 men, along with 2,300 cannon and 560 machine guns. It was stated that of these, 20,000 prisoners and 827 cannon were taken at Kovno, while about 90,000 prisoners, including 15 Generals and more than 1,000 other officers, together with 1,200 cannon and 150 machine guns were taken at Novogeorgievsk, though it was asserted that as the counting up of cannon and guns had not been completed at either place, these numbers were certain to be considerably increased. The Austrians reported the capture during August of 190 officers and 53,290 men together with 34 guns and 121 ma­ chine guns. The German statement also reported that, with the additional captures in August, the number of Russian prisoners taken by German and Austro-Hungarian troops since May 2 (when the spring campaign in Galicia began) had increased to considerably more than 1,000,000. In the operations in the Dardanelles, renewed activity on the part of the Entente countries was reported. The British surprised the Turks by landing troops at an entirely new point in the vicinity of Suvla Bay, but did not obtain their objec­ tive, which was to cut off or outflank the Turkish forces at the lower end of the Galh'poli Peninsula. As soon as the Turks were able to collect troops at the new point of attack, desperate encounters ensued, in which the British suffered exceedingly heavy losses. Advices from usually trustworthy sources indicated that the losses of the Entente forces in the attf ck simultaneous with th9 Anafarta (Suvla Bay) landing amounted to about 5,000 in kill ed alone. The new Greek Cab­ inet headed by Eleutherios Ven’zelos as Premier and Minister of Foreign Affairs was definitely formed on Aug. 24 and took the oath of office amid great popular enthusiasm. The change in Cabinet was interpreted as marking the ascendency of the war party in Greece, but the new Ministry was des­ tined to have a short-lived existence. Italy, which had de­ layed declaring war on Turkey, notwithstanding active hos­ tilities were being waged against Austria-Hungary, formally severed relations with the Ottoman Empire Aug. 21. On Aug. 30 Secretary Lansing made public a cablegram from Ambassador Sharp at Paris to the effect that the French Government had given formal notification of the establish­ ment of a blockade of the entire Turkish coast of Asia Minor extending from the Island of Samos (opposite the port of Smyrna) to the Egyptian frontier. Accordingly, it was stated that the blockade would operate against Smyrna as well as against the ports of Alexandretta, Beirut, Tyre, Acre, Jaffa and Gaza. The seizure of the American steamer Dacia, captured the previous February by a French cruiser in the English Chan­ nel and taken to Brest, was confirmed by a French prize court Aug. 4. The Court held that the vessel could not be con­ sidered as belonging to a neutral, since it had been purchased from German owners during the course of the war. The vessel was then sold and the name changed by the French owner to the Yser. The State Department at Washington on Aug. 3 made public five diplomatic communications ex­ changed between the United States and Great Britain relat­ ing to the interferences with American trade in connection with the British Order-in-Council, by which trade with Ger­ many and Austria was cut off. The five notes comprised an answer by Great Britain, under date of July 24, to the Ameri­ can protest of Mar. 30, taking exception to the British Orderin-Council, virtually declaring a blockade against commerce to and from Germany; the caveat which was sent by this country to Great Britain on July 17; Great Britain’s answer to the caveat, under date of July 31; the United States pro­ test against the detention and unloading of the American steamship Neches, and Great Britain’s reply to this protest. The British note of July 24 was received by the Stato De­ partment on July 26, but its publication was withheld by request of Sir Edward Grey, British Minister for Foreign Affairs, pending the arrival of a supplementary note. The first of the British notes attempted to defend the British Order-in-Council, declaring a blockade, and pointed out that in view of the atrocious methods of warfare adopted by the Germans Great Britain felt justified in enforcing the Orderin-Council. The note argued that inasmuch as England had the right to exercise a blockade of German ports, it had the right to intercept and stop trade between Ger nany and a neutral country conducted through a neutral country con­   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  tiguous to Germany. In brief the British Government merely reiterated previous arguments and reaffirmed its previous attitude. The reply of Germany to the American note regarding the sinking of the Wm. P. Frye was also published. In this Germany rejected the contention of the United States that the sinking of this sailing ship by the German auxiliary cruiser Prinz Eitel Friedrich was a violation of the Prussian-Ameri­ can treaties despite the fact that the vessel was carrying con­ traband. The point at issue between the two Governments was simply whether the question of reparation which was demanded by the United States was one for the considera­ tion of German prize courts, or whether it involv sd a disputed interpretation of treaty provisions and therefore was one to be settled by direct negotiations between the two Govern­ ments. The Ger nan note informed our Government that the case had been settled in the Hamburg Prize Court except as to the determination of the amount of indemnity to be paid; as to this Germany proposed that each of the tw > Gov­ ernments designate an expert for the purpose of jointly fixing the amount, the payment to be on condition that it was not to be considered as “satisfaction for the violation of American treaty rights but a duty or policy of this Govern­ ment founded on the existing treaty stipulations.” In a new note the United States replied that a payment made on this understanding would be agreeable “provided that the acceptance of such payment should likewise be understood to be without prejudice to the contention of the Government of the United States that the sinking of the Frye was without legal justification, and provided also that an arrangement could be agreed upon for the immediate submission to arbi­ tration of the question of legal justification in so far as it involved the interpretation of existing treaty stipulations.” Germany acceded to this the next month. The reply of the U. S. Government to the Austro-Hungarian note protesting against the export of war supplies from this country to Eng­ land and the other enemies of Austria-Hungary was also published. Our State Department took the ground that “the principles of international law, the practice of nations, the national safety of the United States and other nations without great military and naval establishments, the preven­ tion of increased armies and navies, the adoption of peaceful methods for the adjustment of international differences, and, finally, neutrality itself, are opposed to the prohibition by a neutral nation of the exportation of arms, ammunition or other munitions of war to belligerent Powers during the progress of the war.” A speech delivered by ex-President Theodore Roosevelt on Aug. 25 at the Plattsburg (N. Y.) military training camp for business and professional men, in which he excoriated President Wilson’s Administration for its lenient treatment of Germany, resulted in the administration of a rebuke to Major-General Leonard Wood in charge of the camp by Sec. of War Lindley M. Garrison. Mr. Roosevelt in the course of his remarks had said: “For thirteen months America has played an ignoble part among the nations. We have tamely submitted to seeing the weak, whom we had cove­ nanted to protect, wronged. We have seen our men, women and children murdered on the high seas without action on our part. * * * As for the professional pacificists and the pol­ troons and college sissies who organize peace-at-any-price societies and the mere money-getters and mere money-spend­ ers, they should be made to understand that they have got to rendor whatever service the country demands.” Sec. of War Garrison, however, stated that the rebuke was not due to what had been said by Mr. Roosevelt, but that the censure had been administered because of the opportunity which had been given to any one to present to the men “any matter excepting that which was essential to the necessary training they were there to receive.” Sec. of State Lansing held several conferences with diplomatic representatives from Argentina, Brazil, Chile, Bolivia, Uruguay and Guatemala with a view to taking concerted action for ending the dis­ turbing situation in Mexico. The outcome of these confer­ ences was the making of a joint appeal to the Mexican mili­ tary and revolutionary leaders, asking them to come together “far from the sound of cannon” and reach some common understanding for ending the destructive warfare which had been in progress so long. The Inter-State Commerce Commission handed down de­ cisions in two very important cases pending before it. They both proved deeply disappointing to the railroads. The first decision was announced Aug. 11 and was on the appli­ cation of 41 roads in Western Classification Territory for increases in rates on a limited number of articles. Most of the advances were denied. Two of the members of the Board, namely Commissioner Harlan and Commissioner Daniels, dissented from the decision of the majority, whose conclusions were summarized under twelve heads and cannot therefore be enumerated here. As indicating what a mere pittance was granted, Commissioner Daniels estimated that the aggregate increase of revenue permitted would hardly exceed SI,600,000. As the majority report stated that ag­ gregate freight revenues in the fiscal year 1914 for the 41 roads involvod in the proceeding had been approximately S641,000,000, it accordingly appeared that the Commission had granted relief to the extent of of 1%. The second deci­ sion came the next day, Aug. 12, and under it the Commission ordered a large and general reduction in the rates on anthra­ cite coal from Pennsylvania coal fields to tidewater. This decision was the outcome of a general investigation initiated  RETROSPECT. by the Commission on June 10 1912. The Commission’s conclusion was that prevailing rates were unreasonable, as yielding too great a profit on the operating cost, and it ordered a reduction from the producing districts in the Wyom­ ing, Lehigh and Schuylkill regions of Pennsylvania to tide­ water and to certain interior points of from 5 to 80 cents per ton. The new rates were to go into effect Oct. 1, but the date was later postponed. It was pointed out that this de­ cision did not rescind the 25 cents advance in anthracite freight rates to Chicago and Buffalo put into effect some weeks earlier. Railroad Events and Stock Exchange Matters.—On the Stock Exchange the speculative furore of the previous month made further spectacular progriss. The market was, however, subjected to wide and sensational fluctuations, under the in­ fluence of the momentous events that marked the course of the month. At the beginning there was rapid recovery from the setback experienced at the close of July, and many new high records were established. The industrial issues were again very prominent and advances of 5 to 15 points or more were common. But railway shares were also taken in hand, and though the advances in them were much more moderate, they were, nevertheless, substantial. The movement was inaugurated on the theory that the Inter-State Commerce Commission would grant the advances in rates requested by Western railroads. Can. Pac. enjoyed an exceptional rise when it appeared that there would be no reduction in the dividend rate. When the decision of tha Commission was announced on Aug. 11, it proved very disappointing, a mere pittance of an increase being allowed. This was followed by another decision the next day in the case of the anthracite coal roads, and here the Commission ordered a reduction in rates. These two decisions caused a sharp break in the railroad shares and gave the entire market a black eye for the time being. The cliques and pools in the war stocks, how­ ever, were not discouraged, and had resumed their manipula­ tive tactics (as one instance, Studebaker com. was on Aug. 16 jumped up from 102 *4 to 120), when news came on Thursday, Aug. 19, that the White Star steamship Arabic had been tor­ pedoed that morning and that some Americans had lost their lives. The market immediately suffered a severe setback and the downward plunge assumed large proportions the next two days. The collapse reached its culmination on Monday, Aug. 23, under further startling declines. By the end of that day, however, a considerable upward reaction was established on rumors that Germany was not at all inclined to stand by the action of the commander of the submarine. When these rumors were replaced by definite advices to the same effect, the Stock Exchange continued its response, and the next few days the bulk of the large losses was recovered. As it became day by day plainer that Germany was in a conciliatory mood, the market gave evidences of great residency, prices rebound­ ing to their former high levels, and manipulation carrying special stocks to new heights. Railroad shares were also again taken in hand, this time on the theory that they must soon share in the revival in business which the European war orders were gradually bringing about, and New Haven stock was made the object of special attention. On the appli­ cation of a creditor President Benjamin F. Bush was made receiver of Mo. Pac. Ry. and its subsidiary St. L. Ir. Mt. & So. A banking syndicate, headed by J. P. Morgan & Co., offered $12,935,000 2-yr. 5% col. gold notes of Chic. & West. Ind. at 99. This issuo was made to takeup $10,000,000 notes maturing Sept. 1 and for other purposes. A loading invest­ ment house placed at 98% to net about 5%% $11,500,000 2-yr. 5% col. tr. notes of Can. Nor. Ry. Stockholders of West. Elec. & Mfg. Co. subscribed for $18,237,000 new eonv. bonds out of $18,695,000 offered at 105. The next month the company increased its quar. div. on com. from 1% to 1%%. Rep. Iron & Steel resumed on pref. by paying 1%% quar. and %% on account of arrears. Stock Fluctuations.  Aug. 2.  |  Aug. 31.  Railroads— Atch Top & Santa Fe. 100% 101% Baltimore & Ohio____ 79 y» 81% Canadian Pacific_____ 144 >151 Chesapeake & Ohio__ 40 K 47% Chic Milw & St Paul., >83 81% Erie ________________ 26% 28% Great Northern, pref. 118 118 Louisville A Nashville112 *115 117 N Y Cent & Hud River 88% 91% N Y N H & Hartford _ 62 67 Norfolk & Western__ 106 Zl06% Northern Pacific____ 106% 107% Pennsylvania________ zl06% 108% Reading Company__ 148% 148% Southern Pacific ._ .. 87% z88% Southern Railway___ 14 15% Union Pacific________ 128% 131% Industrial, &c.— 34 37% Allis-Chalmers Mfg__ Preferred________ 71 68 Amer Agrlc Chemical55% 61% American Beet Sugar. 56% 65 American Can _______ 59% 57% Amer Coal Products. . 148% 150 54% American Locomotive. 53% Amer Smelt & Refining 79 >80% American Woolen___ *23% 26% 34 $69% AnacondaCop (par$50) $72% Baldwin Locomotive.. 79 82% Bethlehem Steel Corp. 291 . 255 Central Leather______ 43% 41% Colorado Fuel & Iron. 39 42% Continental Can____ 75 85% Crucible Steel of Amer 74% 67 Cuban-Amer Sugar__ 117 110 General Chemical___ *275 290 a295 General Motors______ 181 219% Goodrich (B F) ____ 51% 61% Insp Con Cop (par $20) $33% $35   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Range for Month. \  Low. 100 Aug 78% Aug 144 Aug 40% Aug >80 Aug 26% Aug 116 Aug 110 Aug 88 Aug 61 Aug 104% Aug 104% Aug 106% Aug 144% Aug 85% Aug 13% Aug 125% Aug  30% Aug 64 Aug 54 Aug 54% Aug 52% Aug 139 Aug 48 Aug 76% Aug 26% Aug $66 Aug 70 Aug 250 Aug 41% Aug 37 Aug 75 Aug 65 Aug 103 Aug 287% Aug 181 Aug 51% Aug $31% Aug  High. 23 104% Aug 23 84% Aug 2 158% Aug 2 47% Aug 21 86% Aug 23 30% Aug 23 120% Aug 5 116 Aug 23 92% Aug 23 67% Aug 23 109% Aug 23 110% Aug 2 110% Aug 23 154% Aug 23| 91% Aug 2 16% Aug 23 134% Aug  23 23 23 7 23 11 23 23 4 14 23 2 2 23 2 23 11 6 2 2 23'  46% Aug 76 Aug 65 Aug 66% Aug 64% Aug 159 Aug 58% Aug 84% Aug 38% Aug $74% Aug 83% Aug 311 Aug 46 Aug 44% Aug 94% Aug 92% Aug 125 Aug 300 Aug 224 Aug 64% Aug $36% Aug  11 11 11 31 11 11 11 30 11 31 10 11 11 11 11 11 11 12 12 30 25 16 30 17 10 17 30 10 6 19 16 16 7 25 26 12 17 30  Stock Fluctuations.  43 Aug. 1.  Aug. 31.  Range for Month.  Indus., &c. (Con.)Low High Lackawanna Steel__ 50 50 Aug 2 72 Aug 70% Maxwell Motor______ 34 42% 31 Aug 9 49 Aug Pressed Steel Car_____ 59% 50 Aug 2 67 Aug 50 Railway Steel Spring.. 36 38% 35% Aug 2 44% Aug Republic Iron & Steel. 43% 43 38% Aug 23 47% Aug Studebaker Corp (The) 84% 82% Aug 3 120 Aug >108% Texas Co (The)______ 133% 152% 133% Aug 2 157 Aug U S Industrial Alcohol 57 57 Aug 2 76% Aug 71% U S Rubber_________ 45% 49% 45% Aug 2 54% Aug United States Steel__ 66% 75 66% Aug 2 77% Aug Western Union Teleg. 74% 68% 68 Aug 2 75% Aug a Less than 100 shares, j Quoted ex-dlvidend during the month and prior this date, x Ex-dividend. * Bid and asked price; no sales.  30 17 16 18 17 16 30 25 18 18 31 to  The Money Market.—In the money market there was no change from the condition of extreme ease previously prevail­ ing. On call loans the month’s range was 1%@2. Time loans Aug. 31 were 2% for 60 days, 2% for 90 days, 3 for 4 mos. and 3 % for 5 and 6 mos. Commercial paper was 3 J4 @ 3 % for choice double and prime single names and 4% for good single names. Money holdings of the Clearing House banks after decreasing from $449,003,000 July 31 to $445,288,000 Aug. 7 rose to $488,554,000 Aug. 28. Gold on deposit with the Federal Reserve Bank was $141,358,000 Aug. 28, against $133,737,000 July 31. Surplus reserves, after falling from $180,384,050 July 31 to $166,058,340 Aug. 7, rose to $204,799,580 Aug. 28. Loans ran up from $2,577,944,000 July 31 to $2,655,374,000 Aug. 28 and deposits increased from $2,695,302,000 to $2,809,622,000. Foreign Exchange, Silver, &c.—In foreign exchange there was, as already indicated, renewed demoralization, and more utterly so than before. Rates again and again touched fig­ ures never previously reached under the present method of quoting sterling. On more than one occasion breaks of sev­ eral cents a day were registered. And curiously enough, the heaviest declines were established at the times of the large special importations of gold and securities noted above. The first special shipment arrived here on Aug. 11. Bankers’ sight bills were then in the neighborhood of 4 75. By the 16th they had got down to 4 64. Recovery occurred, and for a time sight bills stood in the neighborhood of 4 67. Then rates gradually fell off again and a new low level at 4 63 % was reached Aug. 27. On Aug. 28 rates held steady at a range of 4 63 J4 @4 63%. The second large special importation of gold and securities was received here on Sunday, Aug. 29. So far from this having a steadying influence upon exchange, the result was precisely the reverse, the same as before. On Monday, Aug. 30, there was a drop to 4 60%, while on Aug. 31 the exchange market went all to pieces, and at the close of the day transactions as low as 4 55% were reported, while it was quite apparent that the bottom had not even then been reached. On the opening business day of the month (Aug. 2) the range for sight sterling was 4 76 @4 76%, and the decline from those figures to 4 55%, therefore, represented a drop of 20% cents. This occurred in face of gold importations into the United States of $61,641,191—thire having been other gold imports both on the Atlantic and on the Pacific besides the two special importations aggregating, roughly, $39,500,000, made on consignments to J. P. Morgan & Co. Exchange on the Continental centers was also depressed, though the lowest figures were not in all cases reached on the closing day of the month. French cheeks on Aug. 17, when sight ster­ ling got down to 4 64, were quoted at 6 04, meaning that it required over six franes to make a dollar, where, under nor­ mal conditions, only about 5.2 francs are required for the purpose. In this case there was considerable recovery with a renewed break at the close, the closing quotation Aug. 31 being 6 01. German reichsmarks on Aug. 31 reached the new low record of 80%. The reason why the large special impor­ tations of gold did not serve to arrest the downward course of rates was found in the circumstance that the gold was used directly in the settlement of debts owing in this country, and that exchange was not purchased to cover the gold importa­ tion as is generally the custom when normal conditions exist. The understanding was that J. P. Morgan & Co. used the gold to pay for purchases of munitions of war and other things on British account, thereby avoiding the discount which would have to be borne if payment were made with bills of exchange commanding 20 to 30 cts. less per pound sterling than the gold value of the pound. The downward plunge of rates was accentuated by the action of large buyers of exchange in re­ fraining from purchasing bills on the idea that by waiting they could buy at still lower figures. Thus, one of the papers in its report of the exchange market for Aug. 31, stated that the “chief feature of the market was the absence of buyers, and this absence was most pronounced in the market for cotton bills.” With heavy off wrings of 60 and 90-day bills, “bankers would not buy even at these concessions. Business in ster­ ling was small because of this lack of buyers, and exchange on other financial centers simply held to parity with demand sterling, but with declines in rates, also without any material amount of business.” The $25,000,000 Russian acceptances, arranged the previous January, became duo Aug. 5 and were paid off, but new credit extended. The Bank of England’s gold holdings were hsavily increased throughout the month. Open market discounts for 60 to 90 days bank bills at London Aug. 31 were 4%@5. From Berlin an open market rate of 3% was roported. At the other Continental centers there were no quotations. Silver in London ranged between 22% and 23 1-16d., with the close 23d. MONTH OF SEPTEMBER.  Current Events.—In this month the financial arrangements of the countries at war overshadowed the military devel­  44  RETROSPECT.  opments, though these latter were of great importance and at 98, yielding approximately 5J^%. The syndicate con­ included the launching of a powerful drive against the Ger­ tracted to purchase the loan from the two Governments at mans by the British and French troops over a front of 300 96. The loan was made free from all present or future Eng­ to 400 miles in Belgium and France, and also the imposition lish and French income‘or other taxes. To attract small in­ of somewhat of a check to the Germans in their campaign vestors, the bonds were issued in denominations as low as against Russia. Foremost among the financial arrange­ $100 and subscribers allowed to make payments in install­ ments, was the placing of a huge loan in this country by ments. It was also announced that J. P. Morgan & Co. and Great Britain and France. The negotiations for the float­ the many banking and financial houses to be associated with ing of this British-French loan were brought to a speedier them would act as managers without compensation. Com­ conclusion than had generally been deemed possible, consid­ mittees were formed at Boston, Philadelphia, Chicago, St. ering the magnitude of the sum involved. The proposition Louis, Denver, San Francisco and at other centers to organ­ met with some opposition, as expected, on the part of Ger­ ize groups of banks and investors within the district allotted man-Americans in active sympathy with the German cause. to them, these different groups comprising all the leading In the Middle West, rumor had it, certain depositors had in­ bond distributing houses. Apart from this loan to rehabili­ timated an intention to withdraw their deposits in case the tate the exchanges, the English authorities were grappling institutions undertook to assist in floating the new obliga­ all through the month with various financial problems grow­ tions. But it was everywhere recognized, and particularly ing out of the war. in financial circles, that the granting of a credit to the foreign A statement was issued by the Comptroller of the Currency purchasers of our goods, through the placing of a large amount saying that inquiries had been received (this evidently hav­ of British and French obligations, was absolutely necessary ing reference to investments in the Anglo-French loan) to the correction of the dislocation of the foreign exchanges. asking as to whether national banks would be limited in The only alternative was to discontinue trade altogether with I taking Government loans by the provisions of Section 5200 the Entente countries, but as trade with the Teutonic coun- : of the Revised Statutes which restrict the total liabilities tries was already cut off by Great Britain’s command of the to any national bank of “any person or any company, cor­ seas, this would have meant almost complete cessation of all poration or firm for money borrowed” to one-tenth of the foreign commerce and have led to utter demoralization of capital and surplus of the bank, but in no event to exceed our external trade, and not unlikely have involved disaster 30% of the capital stock of the bank. In a reply the Comp­ to the country’s industrial and agricultural interests as a troller stated that he had been advised by counsel that Gov­ whole. As the proposition was a broad one for the protec­ ernments are not “corporations” or “persons” within the tion of the whole country, and had to be considered entirely meaning of Section 5200, and that investments made by na­ apart from the question as to whether such a loan would be of tional banking associations in Government securities such financial advantage to Great Britain and France in the prose­ as Government bonds in excess of 10% of the unimpaired cution of the war, J. P. Morgan & Co., as the representatives capital and surplus of the association would not be in viola­ of American banking interests, acted in a broadminded way tion of that section. and invited participation on the part of all, whatever their The British Parliament reconvened Sept. 14, and on Sept. sympathies or affiliations or connections. In like manner, 15 the Premier, Mr. Asquith, in the House of Commons, and the Anglo-French Commission, which had been charged with Earl Kitchener, Secretary for War, in the House of Lords, the duty of conducting the negotiations, discussed the matter explained very frankly the financial and military situation with members of all the different banking groups, not ex­ preparatory to a request for another vote of credit, which of cepting those known to have very intimate German connec­ course was duly authorized. The credit was for £250,000,tions. The terms upon which the loan should be offered 000 and was the seventh vote of credit that had been adopted seemed to give the Commission the most trouble, the British since the outbreak of the war. The new vote brought the Commissioners naturally contending for a low rate of return total up to £1,262,000,000 ($6,310,000,000). The Premier in view of England’s financial prestige. It was pointed out warned his hearers that, although the war expenditure was to them, however, that the condition which confronted them now averaging more than £3,500,000 a day, there was more was one of world-wide war, that banking and investment in­ likelihood of an increase than a decrease in the near future, terests in this country had not yet become accustomed to owing to advances by Great Britain to her Allies and Domin­ foreign Government loans—indeed, had on some recent oc­ ions. These had already reached £250,000,000. The Premier casions taken rather unkindly to them—and that it was ab­ estimated, however, that the weekly gross expenditure would solutely necessary to the success of the proposal that a very not exceed £35,000,000. Since the war began, he said, nearly tempting rate of return be offered. In the end, the members 3,000,000 men had enlisted in the army and navy. Besides, of the Commission accepted this view, though apparently 800,000 persons were now engaged in the manufacture of muni­ with considerable reluctance. tions. But both totals would have to be increased, and he The Commission was composed of four British and two appealed to the women of the country to give their assistance, French representatives. In addition to Baron Reading, believing that they would in this way make “a gigantic Lord Chief Justice of England, the English members con­ stride toward the solution of one of their most pressing prob­ sisted of Sir Edward Hopkinson Holden, Chairman of the lems.” Lord Kitchener was inclined to be optimistic. “The London City & Midland Bank; Sir Edward Babington Germans,” he said, “appear almost to have shot their bolt. Smith, President of the National Bank of Turkey, and Basil Their advance in Russia, which at one time averaged five P. Blackett, an expert from the British Treasury. The miles a day, now has diminished to less than one mile French representatives were M. Ernest Mallett, Regent of a day.” the Bank of France, and M. Octave Homberg, who repre­ On Sept. 21 Reginald McKenna, Chancellor of the British sented the French Foreign Office. The Commission ar­ Exchequer, introduced in the House of Commons the new rived in New York on the steamship Lapland on Friday morn­ War Budget which had been so eagerly awaited. He pro­ ing, Sept. 10, and went to the Hotel Biltmore, which they posed an addition of 40% to the existing income tax and a made their headquarters. Lord Reading, in response to the reduction in the maximum of exemption from £160 to £130. queries of newspaper reporters, gave out a statement saying: On sugar he provided an increase in the duty from Is. lOd. “The joint Anglo-French mission has come to the United to 9s. 4d. per hundredweight. A heavy tax on the profits States in connection with the question of exchange between of manufacturers of war supplies also was announced. Fifty New York, London and Paris. The object of the visit is to consult with American bankers and other interested persons as to the best means to be adopted for regulating the ex­ tax which works out at 60% of the profits. Mr. McKenna changes between the cities named, in order that the com­ estimated the revenue from this particular source in a full merce of the three countries may suffer as little as possible year at £30,000,000. An all-around increase of 50% in the during the course of the war.” Lord Reading also said that duty on tea, coffee, cocoa, chicory, tobacco, dried fruits and he and his associates had come over without final plans. They other articles was suggested, and also an increase of 100% on were open minded and exceedingly anxious fora full and frank patent medicines. Another source of revenue was to. be an interchange of views. The Commission at first talked of increase in postal rates, which was expected to bring in £4,borrowing a full $1,000,000,000, but eventually yielded to 975,000. The Chancellor planned to abolish the half-penny American banking opinion and limited the loan to $500,000,- postage and to impose additional charges on telephones and 000. On Sept. 28 definite announcement was made here and telegraph messages. A tax of 33 1-3% ad valorem on all at Chicago, whither four of the Commission had gone to en­ imported motor cars and bicycles, moving-picture films, list support in the West, of the completion of the negotiations. clocks, watches, musical instruments, plate glass and hats The announcement said a definite plan had been agreed upon was also included in the plan. The Chancellor estimated for a loan to the British and the French Governments, to that the increase in the income tax would bring in £11,274,000 be issued in this country on a broad and popular basis. The for the rest of the fiscal year and for a full fiscal year £37,proceeds were to be employed exclusively in America for the 400,000. The supertax was to be increased on incomes of purpose of making the rate of exchange more stable, thereby j £8,000 and over, the new rates running from 34d. to 42d. helping to maintain the volume of American exports. The 1 per pound. A man with an income of £20,000, he pointed $500,000,000 loan was to consist of 5% five-year bonds, these out, would pay £6,029 income tax, or over 30%. A pos­ to be a direct joint and several obligation of the British and sessor of an income of £100,000 would have to pay £34,000 French Governments as regards both capital and interest. income tax. It was arranged that simultaneously with the It was pointed out that no other external loan had been is­ increase in the sugar duty to 9s. 4d. per hundredweight sued by either of the two Governments apart from notes of the Royal Commission on Sugar Supplies, which was sup­ the French Treasury for a limited amount maturing during plying all the sugar to consumers, should reduce by the next six months. The bonds would be repayable at the 30d. to 36d. the prices to refineries, the net effect being an end of five years or convertible at the option of the holder increase of 5s. per hundredweight, or J^d. per pound. The into 4^6% bonds of the two Governments, repayable not new sugar tax, Mr. McKenna estimated, would produce earlier than 15 years and not later than 25 years from the additional revenues of £5,360,000 the current fiscal year and present time by the two Governments jointly and severally. ’ £11,700,000 in a full year. The new revenues, it was esti­ It was added that the bonds would be issued to the public mated, would amount to £102,155,000 ($510,775,000).   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  RETROSPECT. Germany also carried its financing a stop further. A third war loan was offered for public subscription and proved a great success. The loan carried the same rate of interest as the two previous loans, namely 5%, but wras offered at 99, whereas the second loan had been offered at 98 E? and the first at only 97 Eb Tho loan was in the shape of bonds which cannot be called before 1924 and subscriptions were payable in Berlin, 30% Oct. 18 1915, 20% Nov. 24, 25% Dec. 29 and the final 25% on Jan. 22 1916. On Sept. 24 it was of­ ficially announced by Dr. Karl Helfferich, Secretary of the German Imperial Treasury, that the subscription aggregated over 12 billion marks ($3,000,000,000)—12,100,100,000 marks the final figures proved to be. Dr. Helfferich con­ tended that the success surpassed that attained by Great Britain wdth her last loan and which had been “hailed through­ out the world as an unbeatable performance.” “The third loan thereby,” he said, “is the greatest financial operation in the world’s history.” He also declared that the achieve­ ment showed that “Germany can hold out financially and make war indefinitely.” He stated that with the amount obtained by the two previous German loans, the German peo­ ple had furnished altogether $6,250,000,000 in the form of a consolidated loan for carrying on the war. He also said: “In long-time loans England, up to the present, has raised $4,062,000,000 and Germany $6,250,000,000. England’s war expenses have been little less than Germany’s thus far, and soon will be bigger, since to-day England pays out for war nearly $25,000,000 daily, and Germany not much more than $15,000,000. That makes the daily per capita cost of war 25 cents in Germany and in England 55 cents. I doubt very much if the English financiers to-day still are confident that they’ll have the longer wind. Germany has put out her three war loans at the same rate of interest,at rising prices, namely, 9798hg and 99 for the third loan, whereas England has had to raise the rate of interest from 3h£ to 4)^, and in all probability will now be compelled to make it 5% for the new war loan, whether floated in England or America. Our success must open the world’s eyes and show how great is Germany’s financial strength, how strong her will to win. Germany finds the sinews of war at home and needs no outside help.” Zimmermann & Forshay of­ fered some of the new German bonds for sale in this country, pointing out that on account of the low rate of exchange pre­ vailing the bonds could be bought on the basis of $210 for each 1,000 marks, making the purchase price 84. In the French Parliament M. Ribot, Minister of Finance, introduced a bill on Sept. 16 in the Chamber of Deputies, appropriating 6,200,000,000 francs ($1,240,000,000) for the expenses of the last quarter of the year. According to a re­ port of the French Budget Commission, France’s war ex­ penditures to the beginning of 1916 were expected to aggre­ gate 30,500,000,000 francs ($6,100,000,000). The average monthly expenditures, the report said, had increased from 1,300,000,000 francs to 2,070,000,000 francs. The Fronch people continued to turn in private hoards of gold at the Bank of France in exchange for notes. The effort of French bank­ ers to induce French investors to sell their holdings of Ameri­ can securities for the purpose of improving the status of foreign exchange was continued. One notable transaction mentioned as the result of this campaign was the sale of 100,000 shares of Utah Copper Co. stock. In the war arena of Europe the tide of battle seemed at last to be turning in favor of the Entente countries. The first half of the month the German and Austrian armies con­ tinued their successes in Russia and on Sept. 16 Gen. von Mackensen’s forces occupied the Russian City of Pinsk, while on Sept. 19 Gen. von Hindenburg’s army occupied Vilna, the Germans thereby firmly establishing themselves on the northand-south line of railway running for some 500 miles from Riga on the Baltic to Tarnopol and Lemberg in the southern part of the battlefield. The Germans were engaged in a groat enveloping movement and for a time it appeared as if a large part of the Russian forces could not escape capture. In the end the latter managed to extricate themselves from their difficult position as many times before. The German objective seemed to be the railway center of Dvinsk, about 100 miles northeast of Vilna on the railroad line already re­ ferred to, and except towards the close of the month they were making considerable progress in that direction. But while the Germans continued to advance slowly in the north and center, the Russians in the south gained important suc­ cesses against the Austrians, retaking from the latter some important positions previously captured by them and also taking large numbers of Austrian prisoners. It was apparent that the Germans could not spare additional men to help the Austro-German forces in the southeast, and indeed the new offensive begun in France by the Anglo-French armies made it necessary for the Germans to transfer considerable men from the battle front in Russia to that in France. Early in the month, that is on Sept. 7, Emperor Nicholas of Russia announced that he had placed himself in personal command of all the Russian armies. This was taken as an indication of dissatisfaction with the campaign of Grand Duke Nicholas, who, however, was referred to in eulogistic terms by the Czar when he relieved him of his command. The Grand Duke was transferred and placed in command of the Russian army in the Caucasus. On Sept. 11 the Rus­ sian Cabinet resigned and was replaced by a coalition Min­ istry. On Sept. 16 the Russian Duma was prorogued by the Czar until the middle of November. The act met writh con­ siderable public disapprobation, and as a matter of fact the   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  45  legislative body was not allowed to meet at all for the rest of the year. The new drive undertaken by the English and French armies in Belgium and France was referred to as the most important offensive movement inaugurated in the West­ ern theater of the war since the battle of the Marne of the previous year. The attack, which appeared to take the Ger­ mans by surprise, was preceded by a 70-hour bombardment in which everything in the way was annihilated. The at­ tack began Saturday morning, Sept. 25. The battle line extended along 300 miles from the North Sea to the Vosges. Before long Souchez was entirely in French hands, while Loos, about 12 miles from Lille, was captured by the British. In the Champagne district, the French claimed by the end of the month, according to the report of General Joffre,the French commander, to have won a footing in the second line of the German defenses. Fighting of a most desperate char­ acter was carried on all along the line. A statement given out by the French on Sept. 29 stated that up to that time the number of prisoners taken exceeded 23,000 men and that 79 German cannon had been brought to the rear. On the other hand, the Germans claimed that 7,000 French and British prisoners had fallen into their hands. In the Balkan regions important developments were brew­ ing and a general mobilization order was issued Sept. 22 by the Bulgarian Government. The Bulgarian Premier, in a formal statement, declared that the object of the step was to provide “armed neutrality.” He at the same time announced the definite signing of the convention with Turkey, under which the Ottoman Government made important territorial and railway concessions to Bulgaria. Indications appeared to multiply that Bulgaria was getting ready to range itself on the side of the Teutonic countries, though the Bulgarian Government took pains to deny that it had any such inten­ tion. It was plain that Bulgaria was playing a deep game for the recovery of that portion of Macedonia which it was obliged to cede to Serbia under the Bucharest Treaty after the second Balkan war. It had hoped that the Entente countries would succeed in prevailing upon Serbia to return this slice of Macedonia voluntarily. Having failed in this, it was apparent that Bulgaria contemplated pouncing upon Serbia at an opportune moment,and take what it wanted by force. In view of the mobilization of the Bulgarian army, Greece and Rumania became apprehensive and also ordered partial mobilization. On Sept. 28 Sir Edward Grey, Brit­ ish Foreign Secretary, felt called upon to issue a warning to Bulgaria in a speech he made in the House of Commons. He said his official information from the Bulgarian Government was that they had no aggressive intentions whatever, but should Bulgaria nevertheless assume an aggressive attitude on the side of the Teutonic countries, Great Britain was prepared to give its friends in the Balkans all the support in its power, in a manner that would be most welcome to them, in concert with its Allies, without reserve and without quali­ fication. A formal note was received from the German Government with reference to the torpedoing of the White Star liner Arabic and this made the attitude of that Government appear less assuring than it did when Germany first communicated with our State Department through Count von Bernstorff, tho German Ambassador. In its note the German Government declared that the submarine commander acted in supposed self-defense, as he feared from the actions of the vessel that an attempt was to be made to ram the submarine. In its note the German Government expressed regret at the death of American citizens, but said it was unable “to acknowledge any obligation to grant indemnity in the matter even if the commander should have been mistaken as to the aggressive intentions of the Arabic.” Germany offored to submit this point to The Hague Tribunal for arbitration if the two Gov­ ernments could not reach an agreement, but on the under­ standing that “the arbitral decision shall not be admitted to have the importance of a general decision on the permissi­ bility or the converse under international law of German sub­ marine warfare.” The submarine situation was further complicated by the fact that the Allen Liner Hesperian, bound for Montreal from Liverpool, became the victim, ap­ parently, of a German submarine on the evening of Sept. 4 while off the Irish coast and sank early Monday morning, Sept. 6, after an attempt had been made to tow the vessel into Queenstown. The vessel carried 350 passengers and a crew of 300. There was an unconfirmed report that one of the missing sailors was an American citizen. Apparently six second-cabin passengers, six third-cabin passengers and 13 of the crew remained unaccounted for, besides one woman of St. Johns, Newfoundland, whose body was taken to Queenstown. A note from Germany declared that its infor­ mation seomed “to exclude almost absolutely the possibility that a German submarine could under any circumstances have been concerned in sinking the British passenger steamer Hesperian.” The friendly attitudo, however, of the German Govern­ ment was again in evidence in a new note regarding the sink­ ing of the Wm. P. Frye, iu which it announced that it “agrees with the proposal of the American Government to separate the question of indemnity from the question of interpretation of the Prussian-American treaties of 1785, 1799 and 1828.” The new note, which was received on Sept. 22, went further and said that, while from the standpoint of law and equity, Germany was not in its opinion prevented from proceeding against American ships carrying contraband according to its interpretation until the question was settled by arbitration,  46  RETROSPECT.  “nevertheless the German Government in order to furnish to the American Government evidence of its conciliatory attitude, has issued orders to the German naval forces not to destroy American merchantmen which have loaded con­ ditional contraband even when the conditions of international law are present, but to permit them to continue their voyage unhinderod if it is not possible to take them into port.” Vienna was informed that Dr. Constantin Dumba, the Austro-Hungarian Ambassador, “is no longer acceptable to the Government of the United States,” and his recall re­ quested “on account of improper conduct.” This action was taken by our State Department after Dr. Dumba had “admitted that he proposed to his Government plans to instigate strikes in American manufacturing plants engaged in the production of munitions of war.” Dr. Dumba in turn asked his Foreign Office to recall him on leave of absence in order that he might make a personal report. This, however, was not satisfactory to the United States, and he was finally definitely recalled by his Government and he sailed for Europe .on Oct. 5. By a unanimous vote 610 delegates to a British Trade Union Congress, held in Bristol and representing 3,000,000 workers,on Sept. 9 registered their opposition to conscription or compulsory enlistment. Lloyd George-, the Minister of Munitions, in a speech before the Congress declared that “the Government cannot equip the army at this time unless the Union suspend during the war all restrictions barring unskilled labor and all restrictions tending to prevent a maximum output.” He quoted from a Trade Union circular issued in Coventry in which the men were counselled in effect not to work at their full capacity. The attitude of the Labor Unions also appeared in the course of a debate in the House of Commons on Sept. 16, when James Henry Thomas, a Laborite member and Assistant General Secretary of the Amalgamated Society of Railway Servants, declared that every lodge of the Railway Union had informed his executive committee that on the introduction of conscription the men would stop work—bringing railway transportation to a stand­ still, of course. He added: “If the conscriptionists want an industrial revolution let them proceed with their agitation.” Another strike of the South Wales coal miners was threatened at the beginning of the month, but was averted by the making of further concessions to the men. The British Prize Court handed down a decision on Sept. 16 adverse to the American beef packers and confiscating to the Crown the cargoes of various ships laden with beef products that had been seized on the ground that their cargoes were on the way to Ger­ many. All the shipments were destined to neutral countries, but it was held that the amount of the goods was many times what under normal circumstances would have gone to those countries, and hence it must be assumed that they were on their way to Germany. The decision related to four steam­ ships the meat products of which were valued at about $2,500,000. Besides the cargoes involved in these particular cases, there were additional shipments of packing house products valued at more than $12,000,000 not yet brought before the Prize Court. The Austro-Hungarian Government forwarded another note to the United States regarding ex­ ports of war supplies from this country to England and her Allies. In this it was affirmed that Austria-Hungary never intended to imply that it expected the United States to forbid American citizens from carrying on a normal traffic in war material with the enemies of the Dual Monarchy, but merely protested against tho economic life of the United States being made subservient to the production of war material on the greatest possible scale so that the United States became “militarized.” The U. S. Consul-General at Munich, Thomas St. John Gaffney, was asked by the State Department to resign because of many complaints of partisan attitude towards Germany assumed by Mr. Gaffney in relation to the war. Mr. Gaffney, like other American Consuls, was also in charge of British affairs. Gustav Stahl, a Gorman reserv­ ist who had been indicted for perjury in swearing to a false affidavit that the Lusitania carried guns concealed below her decks, and who had finally pleaded guilty, was sentenced to serve 1 yr. and 6 mos. in the Federal penitentiary at At­ lanta and to pay a fine of $1. The Russian Government granted a moratorium for 6 mos. to the inhabitants of the Provinces of Vilna, Grodno, Kovno, Courland, Livonia and Minsk. Settlements of balances on the Paris Bourse,which had remained open since the outbreak of the war, were made on Sept. 30. The French Government prohibited the expor­ tation as well as the re-exportation of silver coin. In August a decree had been issued requiring that every traveler thence­ forth leaving France must declare the amount of funds in coin in his possession. If he had more than 50 francs ($10) he must exchange the excess for paper money. In July the exportation of gold excopt by the Bank of France had been prohibited. Business activity continued to widen under the influence of war orders, but domestic trade also now began to manifest indications of revival. The surplus of idle cars on the rail­ roads was reduced during the month from 191,309 to 88,351 cars. Merchandise exports increased still further, exceeding for the first time $300,000,000, and as the imports were only slightly more than $151,000,000, left a trade balance of over $149,000,000. In the steel trade, the “Iron Age” re­ ported that signs of increasing home consumption were plainer and that railroad buying was becoming a real factor. Yet tho “Age” also reported that export business was more distinctly the dominant factor in the steel trade than in any   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  previous month of the war. Further advances occurred in finished products of iron and steel. Spelter again see-sawed a great deal, and the price at St. Louis from 16c. a pound dropped to 13c., but with a recovery to 14%e- Copper at New York at the close of the month was 18c. for both Lake and electrolytic. Grain prices fluctuated rather widely. A squeeze in Sept, wheat sent this option at Chicago up ll%e. Sept. 30 to $1 15%; this compared with 91%c. Sept. 7. The Dec. option was 89 %o. Sept. 7 and 97%c. Sept. 11, with the close Sept. 30 95 34c - - Dec. corn at Chicago de­ clined from 61 %c. Sept. 1 to 54%c. Sept. 30. Dec. oats were 35%c. Sept. 7, 36%c. Sept. 11 and closed Sept. 30 at 36 %c • In cotton there was an advance of over 2c. a pound under the influence of unfavorable crop reports and (the latter part of the month) fears regarding the effects of a tropical storm in the Caribbean Sea which was headed west and northwest and struck the Gulf Coast with great violence. Rainfalls occurred of 6 to 6% inches in Missis­ sippi, Alabama and even Georgia. The velocity of the wind at times reached 120 and 130 miles an hour. The storm struck New Orleans on Wed. afternoon, Sept. 29, and for more than 7 hours swept over the city at a rate exceeding 60 miles an hour. The barometer fell to 28.11,something un­ heard of, and the New Orleans Cotton Exchange was closed for three days, owing to the interruption to wire service iso­ lating that city. Middling uplands spot cotton in New York advanced from 9.75c. Sept. 1 to 12.40c. Sept. 28, and closed Sept. 30 at 12e. Print cloths at Fall River were marked up Sept. 16 from 3%c- to 3%c. The details of the plan of Secretary McAdoo for depositing public moneys in the banks with a view to helping cotton planters were announced on Sept. 3. The Secretary ar­ ranged to deposit immediately $5,000,000 in each of the three Federal Reserve banks in the South, namely, Richmond, Atlanta and Dallas. At the same time the Federal Reserve Board announced that it had adopted regulations authoriz­ ing the Federal Reserve banks to give special rates for the re-discount of “commodity paper,” which was to cover notes secured by warehouse receipts based on cotton. The ar­ rangement provided that member banks should be charged 3 % for re-discounting such paper provided they agreed not to charge the borrowers on such paper a rate in excess of 6%, including all commissions and expenses. A branch of tho Atlanta Federal Reserve Bank was opened Sept. 10 at New Orleans, this being the first branch established under tho Federal Reserve system. A third large consignment of gold and securities was received by J. P. Morgan & Co. as noted under “Foreign Exchange.” Railroad Events and Stock Exchange Matters.—-The pace con­ tinued fast and furious. In the early part of the month there was, at times, some hesitancy, the sinking of the Hes­ perian and renewed doubts as to Germany’s submarine policy playing some part in this. The latter part of the month, however, there was a renewed manifestation of the specu­ lative fever on a scale surpassing even the unexampled dar­ ing and recklessness previously witnessed. The so-called war stocks were, as before, the most prominent features, but the movement was by no means confined to the manufactur­ ing shares. The success attending the negotiation of the Anglo-French credit w’as made to do duty in promoting the speculation and so was the forward movement of the AngloFrench armies. Little consideration, however, was as a rule given to general conditions. Instead all sorts of rumors re­ garding possible profits and regarding contests for control of this property or that property found favor and belief. To­ wards the very close the market assumed a perfectly runaway appearance, and it seemed to be utterly impossible to keep it within control. As one illustration, Baldwin Locomotive common on one day (Sept. 28) jumped from up 119 to 150 with the close that day 128; for the month of Sept, the range of this stock was from 78 to 1503/8, with the close Sept. 30 131%. Crucible Steel sold up from 73% Sept. 1 to 109% Sept. 29, with the close Sept. 30 105. The reorganization under new interests of the executive management of the Mid­ vale Steel Co. and the election of William E. Corey, former head of the U. S. Steel Corporation, as President, furnished a plausible basis for suggestions of all sorts of combinations of manufacturing concerns, and intensified the speculative fever. Transactions were on an enormous scale. The rail­ road shares were neglected most of the time, but nevertheless were carried upward in the general swing, and enjoyed sub­ stantial improvement. At the close, however, while the industrial list was still making sensational advances, the railroad shares showed a decidedly reactionary tendency. On tho application of a creditor, Pres. Charlos E. Schaff was appointed receiver of Mo. Kan. & Tex. Del. & Hud. share­ holders were offered at par $14,451,000 5% 20-yr. conv. bonds. Bankers offered at 993/2 $5,000,000 2-yr. 5% notes of Amer. Cot. Oil Co., the proceeds to be used to retire an oqual amount of 4%% debentures maturing Nov. 1. Denv. & Northw. Ry. omitted divs. altogether after having previ­ ously reduced them. Ala. & Vicksburg made an annual div. of 5% against the previous 7%, and Vicksb. Shrev. & Pac. omitted altogether on pref. The E. I. duPont de Nemours Powder Co., Wilmington, which had been paying a number of extra divs,. declared 200% on com., payable in com. stock of E. I. duPont de Nemours & Co., in accordance with a plan previously agreed upon. Gen. Motors Co. declared a cash div. of 50% on com. Sloss-Sheffield Steel & Iron declared 1 %% quar. on pref., payable in scrip, this being tho first div. since that of the previous Jan., which was also in scrip.  47  RETROSPECT. West. Un. Tel. increased its quar. div. from 1% to 1)4 %• Continental Can made an initial quar. div. of 1)4 on com. New Jersey Zinc Co. made an extra div. of 2% (besides reg. quar. 2 )4%) on the $35,000,000 stock as increased by a 250% stock div. paid in July. St. Joseph Lead Co. paid 1% extra in addition to 1 )4 quar. Swift & Co. increased its quar. div. from 1)4 to 2%. Rubber Goods Mfg. Co. omitted divs. on com. Some more copper companies either increased or re­ sumed divs., including Cal. & Ariz., Wolverine, Butte & Su­ perior and No. Butte. Tonopah Min. reduced from 25% quar. to 15% quar. Stock Fluctuations.  Sept. 1.  Railroads— Atch Top & Santa Fe. 101 Baltimore & Ohio___ 81% Canadian Pacific___ 150 Chesapeake & Ohio__ 46% Chic Milw & St Paul.. 82% Erie______ - ______ 28% Great Northern, pref. 118% Louisville& Nashville. *112 117 N Y Cent & Hud River 91% N Y N H & Hartford. 66% Norfolk & Western__ 106% Northern Pacific____ 107 Pennsylvania________ 108 Reading Company__ 148 Southern Pacific Co.. 88% Southern Railway___ 15% Union Pacific..____ zl28% Industrial, &c— Allis-Chalmers Mfg__ 37% Preferred. _______ 68% Amer Agric Chemical. 61% 64% American Beet Sugar. American Can___ __ 58% Amer Car & Foundry. 68% Amer Coal Products. . 150% 54 American Locomotive. Amer Smelt & Refin.. 80% American Woolen___ 33% AnacondaCop (par$50) $71% Baldwin Locomotive.. 82% Bethlehem Steel Corp. 285 Central Leather____ 43% 42% Colorado Fuel & Iron. Continental Can.__ 83% 74 Crucible Steel of Amer Cuban-Amer Sugar__ 117% General Chemical___ *290 298 219% General Motors____ Goodrich (B F)______ 60% $35 Insp Con Cop (par $20) 70 Lackawanna Steel___ Maxwell Motor___ 43 59% Pressed Steel Car.... Railway Steel Spring.. 38% 42% Republic Iron & Steel. Studebaker Corp (The) 107 152% Texas Co (The)______ 71 U S Industrial Alcohol U S Rubber... . ... 50 74% United States Steel__ Western Union Teleg. 75  Range for Month.  Sept. 30.  Low. 100% Sept 103% 88% 81% Sept 159% 150 Sept 46 Sept 50% 81% Sept 87 28 Sept 32% 117% Sept >120 *120 122% 115% Sept 91 Sept 96% 69 65 % Sept 114 106 Sept 110% 106 Sept 113 108 Sept 153% 147% Sept 93% 87% Sept 15% Sept 18% 132% a;127% Sept 46% 75 >63% 66% 64% >82 >152% 69% 85% 51% $73% 131% 364 52% 61 >119 105 118 *285 290 1315 77% $43% 89 52% 73 52% 53% 140% 167% 92 53% 79% >77  36% 67 61 63% 55% >66% 148% 51% 79% 33% $69% 78% 283% 43 41% 82 73% 113 288 219% 60% $34% 67% 42% 58% 37% 41% 106 151 70%  Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept  73% Sept 74 Sept  1 1 1 2 2 2 1 7 3 7 1 2 1 3 2 2 1  1 7 20 1 11 11 11 11 1 1 11 11 7 7 1 7 1 17 27 1 1 23 11 1 3 13 1 1 3 3  High. 105% Sept 89% Sept 163% Sept 51% Sept 89 Sept 33% Sept >122% Sept 122 Sept 98% Sept 70% Sept 115% Sept 112 Sept 114% Sept 154% Sept 95 Sept 19% Sept 134% Sept  48% 77% 64% 68% 65% 85 156 72% 88% 57 $74% 150% 369 53% 66% >120% 109% 123% 298% 375 74% $43% 94% 57% 75% 53 55% 145% 173% 98 54% 1 79% 3 >77%  j Quoted ex-dlvidend during the month and prior to this date, * Bid and asked price; no sale.  Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept Sept  27 27 25 27 27 27 27 25 27 29 25 27 27 27 27 27 27  28 28 30 22 27 29 23 29 27 23 28 28 28 29 29 30 29 23 2 28 29 30 29 22 29 30 29 28 27 28 30 27 28  x Ex-dlvldend.  The Money Market.—The Anglo-French negotiations had no influence whatever upon the money market, which re­ mained in a condition of extreme ease. The range for call money was 1)4@2. Ratos on time Sept. 30 were 2)4 @2)4 for 60 days, 2% for 90 days, 2%@3 for 4 mos. and 3 for 5 and 6 mos. Commercial paper was 3 @3)4 for the best names and 3hi@4 for others. Money holdings of the Clearing House banks increased from $488,554,000 Aug. 28 to $526,763,000 Sept. 18, and then fell to $503,372,000 Oct. 2. Gold on deposit with Federal Reserve banks was $146,705,000 Oct. 2 against $141,358,000 Aug. 28. Surplus reserves in­ creased from $204,799,580 Aug. 28 to $224,122,990 Sept. 11, at which figure they reached the maximum for the year, but by Oct. 2 were down to $196,372,130. Loans further in­ creased from $2,655,374,000 Aug. 28 to $2,780,450,000 Oct. 2, and deposits increased from $2,809,622,000 to $2,960,560,000. Foreign Exchange, Silver, &c.—In foreign exchange the dominant influence was the Anglo-French new loan negotia­ tions. On Sept. 1 tho market reached its extreme of demor­ alization with sterling demand bills down to the extraordi­ narily low figure of $4 50. Short sales as well as panicky fears appeared to have played a part in this precipitate de­ cline, and during the next two days, under covering of short sales and a feeling that the situation had reached a point where dofinite steps for the establishment of a large credit here would have to be pressed to an early conclusion, a re­ covery of no less than 22 cts. to $4 72 occurred. At that time the proposed visit to this country of the Anglo-French Commission was still veiled in considerable mystery, and by the 8th sterling demand bills had suffered a downward re­ action again to 4 62)4- The Commission, as already stated, arrived here on the morning of Sept. 10, and on that day the quotation recovered to 4 69)4- After that the market see­ sawed a good deal, but gradually developed firmness. The high figure for the month was 4 73 on the 17th, with the quo­ tation Sept. 30 4 72@4 72)4. Another very large consign­ ment of gold to J. P. Morgan & Co., the third one, reached here Sept. 8 from Great Britain via Halifax. It consisted of American gold coin valued at $7,850,000 and British sov­ ereigns to the amount of £2,390,000, valued at approxi­ mately $11,615,000, making together $19,465,000. In the consignment there were also included $15,000,000 to $30,000,000 of securities, but no announcement as to these was made. Aggregate gold imports into the United States were $42,062,449. The Bank of England, because of liberal ex­ ports of gold, suffered a material reduction of its gold hold­ ings. Open market discounts at London Sept. 30 were I1 4% for 60-day bank bills and 4 11-16@4)4 for 90-day bills. ’   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  From Berlin an open market rate of 3% was reported. Sil­ ver in London moved higher and Sept. 30 was 23%d. MONTH OF OCTOBER.  Current Events.—In this month Bulgaria definitely entered the European war and simultaneously Germany, in conjunc­ tion with Austria-Hungary, began its drive against Serbia. The German and Austro-Hungarian armies, under the direction of Field Marshal von Mackensen, undertook to push their way southward by effecting crossings of the Drina, Danube and Save rivers, while Bulgarian forces pressed westward. The Serbian army could not resist the combined onslaught. Belgrade, the Serbian capital, was taken by storm Oct. 8 and von Mackensen was quoted as having said: “The passage of so large a river (the Danube) without the use of a bridge, and in the face of the enemy, is in fact an achievement unknown in the war history of all times.” The Serbian capital had previously been trans­ ferred to Nish, and later had to be repeatedly transferred to other points. On Oct. 28, according to an official Sofia (Bulgaria) bulletin, the Bulgarian army entered Pirot (Serbia), a strongly fortified point 35 miles southeast of Nish, 10 miles inside the Serbian frontier and located on the NishConstantinople RR. A juncture was also effected on Oct. 26 in the region of the Dobravoda Mountains between the German army which had crossed the Danube at Orsova, and the Bulgarians who had invaded Serbia near Prahovl, thus giving the Central Powers an opening through northeastern Serbia and through Bulgaria to the Aegean Sea and Con­ stantinople. This made possible the reopening of the Danube and arrangements were immediately begun to ship war materials to Bulgaria and Turkey. At the very close of the month it was announced that the Germans had occupied Kraguyevac, the main arsenal town of Serbia, taking enor­ mous quantities of ammunition and war materials, while Bulgarian forces had pushed their way through the moun­ tains to Nish and were actually bombarding the outer forts at that point. From the junction of the Danube and Timok rivers in the northeast to Uskub in the south, the Bulgarians continued to move westward, driving the Serbians out of the towns into the mountains under conditions of most des­ perate fighting. From Uskub southward the Bulgarians suffered a cheek, as the Serbians in that territory had been reinforced by French and British troops who had been landed at Saloniki in Greeeian territory and moved northward. The inability to extend effective aid to Serbia, foreshadowing for that country the fate that had already befallen Belgium, led to a popular outburst in Great Britain against the way military operations had been conducted on behalf of the Quadruple Entente. Great dissatisfaction was also ex­ pressed with the ineffective campaign against the Dardanelles. In France, likewise, a spirit of great restlessness developed. British and French diplomacy in the Balkans was criticised for having allowed Bulgaria to become a Teutonic ally and having raised doubts even as to whether active co-operation on the part of Greece and Rumania could be depended upon. The effect was to create dissensions in the British Cabinet and to cause a reconstruction of the French Cabinet. The situation for the Entente countries was greatly complicated by suspicions regarding the good faith of Greece. Greek sympathy seemed to be largely, though not wholly, with the Entente countries, but apparently many Greeks were in dread of what might happen should Greece actively oppose the Cen­ tral Powers. The Greek Premier, Venizelos, who was an ardent supporter of the Entente countries, while having pro­ tested against the landing of troops at Saloniki, was known to have taken that course largely as a matter of form and to pro­ tect the integrity of Greek territory. King Constantine, however, whose wife, the Queen, is a sister of the Kaiser, was opposed to Venizelos’s general policy, feeling that Greece could not afford to antagonize either side, and hence must re­ main neutral. Accordingly, Venizelos, though he had only just returned to power, was again forced to resign. On Oct. 7 Alexander Zaimis accepted the Premiership in succes­ sion to Venizelos, at the invitation of King Constantine, and decided also to serve as Foreign Minister. It was then con­ cluded that Greece should maintain an attitude of “benevo­ lent neutrality.” Zaimis had twice before held the office of Prime Minister and had more recently been governor of the Nat. Bank of Greece. He selected a composite Cabinet, five of the members being former premiers. Zaimis alono among these had not opposed the Quadruple Entente, and it was con­ sidered that his ideas best represented a policy of absolute neutrality. The position of the Entente countries was now an anomalous one. The question arose whether, in sending troops to Saloniki and moving them against Serbia they could depend upon tho continued friendship of the Greek Govern­ ment, or whether that Government might not at any moment, under German influence, or in fear of the Germans, interfere with the Entente movements. On Oct. 21 the startling an­ nouncement came that Great Britain had made a formal offer of the Island of Cyprus (situated 60 miles from the coast of Asia and the third largest island in the Mediterranean), in return for Greece’s intervention on the side of the Entente countries and to get her to abide by the terms of the agree­ ment entered into after the second Balkan war, to come to the aid of Serbia if the latter should be attacked by Bulgaria. Cyprus had been a Turkish possession from the Middle Ages until the Treaty of 1878 put it under semi-British control. It was definitely annexed to the British Empire on Nov. 5 1914, with the breaking out of war between Turkey and England,,  48  RETROSPECT.  and had a population of 300,000, principally descendants of the early Greeks. The offer of Cyprus to Greece was not by any means re­ ceived with unanimous favor by the London press, the “Even­ ing Standard,” for instance, calling it a bribe and saying the only thing which distinguished it from German bribes was that Germany offered other people’s territory, while Great Britain was offering her own. It was understood, however, that the Entente Powers offered other concessions, too, in­ cluding some Turkish territory in Asia Minor. There were at the same time intimations of an intention to abandon the previous passive policy towards both Greece and Rumania, the latter of which had (according to a Bucharest dispatch dated Oct. 13, via Paris Oct. 16) made a new pronouncement in favor of Rumania maintaining neutrality, after the Cabinet had again gone over the war situation. The offer of Cyprus proved wholly unavailing, and the effect apparently was to stiffen the resolve of the Zaimis Government to maintain its attitude of “benevolent neutrality.” On Oct. 22 all the evening papers in Athens published an identical note said to be an exact representation of the Government’s viewpoint on the situation. The note expressed surprise at the interven­ tion of the Powers in the relations between Greece and Serbia, the faculty of interpretation of the treaty of alliance between those countries belonging exclusively to the contracting par­ ties, the accord having been freely concluded without the in­ tervention or guarantee of a third party. “It must not be forgotten,” said the note, “that Greece is an independent nation that disposes of its fate in full sovereignty.” The note contended that the Austro-German attack on Serbia released Greece at least from the obligation of armed intervention, and that, independent of that attack, it was practically impossible for Serbia to give Greece the support of 150,000 men stipula­ ted in the treaty in case of war with Bulgaria, and that the Entente Powers had not furnished a contingent equivalent. The note added that the specialists best qualified considered that the Balkan expedition would require at least 400,000 men, and that under these conditions Greoce would ruin her­ self without even the consolidation of sa ring Serbia. “On the other hand,” said the note, “Greece offers all the service she can render in allowing the free passage over its territory of the Allies’ troops going to the Serbian front, and in main­ taining her own army on a war footing.” The note alluded to the Greek sympathies for the Entente and the benevolence of the neutrality thus far maintained. It ended by saying that Greece does not forget that a State, no matter how small, has the absolute right to regulate its own fortunes. Before Bulgaria actually began hostilities, strenuous efforts were made to impress her with the seriousness of the step she was about to take and of the consequences it would involve. Russia, after having given Bulgaria 24 hours in which to com­ ply with the demand that German officers sent to the Bul­ garian army be dismissed, on Oct. 5 notified Premier Radoslavoff that a rupture of diplomatic relations between the two countries now existed. Actual declaration of war on the part of the different countries came somewhat more slowly—Great Britain Oct. 15, France Oct. 17 (to date from 6 a. m. Oct. 16), Italy Oct. 19 (although technically she was not at war with Germany). On the latter day Russia issued a manifesto concluding as follows: “The Russian people regarded with sorrow the treason of Bulgaria, which was so near to it until these last few days, and with bleeding heart it draws its sword against her, leaving the fate of the betrayer of the Slav cause (meaning, apparently, the Bulgarian King Ferdinand) to just punishment of God.” In Great Britain the rumblings of discontent with the un­ fortunate results of the war, were manifest from the beginning to the end of the month Well-defined rumors were in circu­ lation concerning impending changes in the British Cabinet. The most persistent rumor was that Sir Edward Carson, Attorney-General in the Cabinet, had handed in his resigna­ tion, but that Premier Asquith had refused to accept it. These rumors were based on Sir Edward’s absence from the meeting of the British Cabinet on Oct. 13, during which time he had sat chatting with friends at a nearby residence. On the same day the resignation of M. Theonhile Delcasse, the French Foreign Minister, was announced by Premier Viviani in the Chamber of Deputies. The French Premier took the portfolio of Foreign Affairs himself for the time being. The specific reason for M. Delcasse’s action was not made known and the Premier refused to read the letter of resignation when requested by members of the Chamber. In the evening M. Viviani received a vote of confidence of 371 to 9. It soon appeared, however, that the Cabinet situation in neither Great Britain nor France had yet been entirely cleared up. Sir Edward Carson’s resignation proved to have been true. The formal resignation was accepted on Monday, Oct. 18, though official announcement of the act did not occur until Wednesday, Oct. 20, immediately after he had called at Buckingham Palace and handed to King George the seal of his office. In an explanation to the House Sir Edward declared that he had found himself at complete variance with the Cabinet over questions of Near Eastern policy, and he therefore felt that his presence in the Cabinet would be a source of weakness and not of strength. It proved fortuitous that at this juncture Mr. Asquith was taken slightly ill and unable to appear in Parliament; this gave opportunity for calm reflection and prevented pre­ cipitate action. He quickly recovered and it was then an­ nounced that he would make a statement in the House of Commons regarding the situation on Tuesday, Nov. 2. In   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  the meantime, the subject of reconstructing the French Cabinet was actively pressed, though it was denied that there was the slightest approach to a Cabinet crisis. On Oct. 28 Premier Viviani and his Cabinet resigned. M. Viviani, in his letter of resignation, reviewed the difficulties which he had encountered since an important group in Parliament in­ sisted upon secret sessions of the Chamber of Deputies, which he disapproved. He also pointed out that more than 150 members of the Chamber had declined to vote on his recent request for a vote of confidence. Under the circumstances he and his colleagues were united in the belief that there should be constructed a Cabinet which would secure unanim­ ity and consolidate all elements around the Government. On the evening of Oct. 29 a new Cabinet, headed by Aristide Briand, who took the portfolio of Minister of Foreign Affairs, came into existence. Ex-Premier Rene Viviani entered the new Cabinet as Minister of Justice. The list of members was a most eminent one, a coalition Cabinet composed of all factions and parties, and patterned after the English Minis­ try, having been formed for the first time in the history of the French Republic. The action was the result of a feeling that at a moment of supreme crisis in national affairs there should be united action by all the parties in common support of the Government. Press dispatches pointed out that the coalition was remarkable in personnel, including such venerable figures as Charles de Freycinet, who was one of Gambetta’s aids in the upheaval of 1870; Jules Meline, a former Premier, who instituted the protective system of France, and Leon Bourgeois, known as the “Grand Old Mau of the Radical Party.” The new body was also notable in having the popular military leader, General Gallieni, as the head of the War Office, and Rear Admiral Lacaze as head of the Ministry of Marine, both of them replacing civilians. The Radical Party, besides having M. Bourgeois, was repre­ sented by M. Combes, a former Premier, and Rene Renoult, one of the foremost Parliamentary leaders of the Radicals. The Republican Socialists had as members M. Briand, M. Viviani and Professor Painleve. The Socialist group was represented by Jules Guesde, who had been the Socialistic head since the death of Jean Leon Jaures, and by Marcel Sembat and Albert Thomas, prominent Socialist lead­ ers. The Democratic Left had as members Gabriel Guist’hau and Joseph Thierry, while the Radical Left had Etienne Clementel as its representative. The Royal­ ist and Clerical element was represented by Denys Cochin. In the Dardanelles campaign Major-Gen. Sir lan Hamilton was relieved of the command of the British forces and ordered home to report to the War Office. He was succeeded by Sir Charles C. Monro, and the British Government later also decided to send out Major-Gen. Sir Bryan T. Mahon, who had commanded the columns which relieved Mafeking in the South African War, to co-operate with the French. Announcement was made in London Oct. 29 that a note had been addressed to the Japanese Government on Oct. 19, inviting it to give adherence to the declaration of Great Britain, France and Russia, signed on Sept. 5 1914, that none of these nations would conclude a separate peace. On the same day that this request was made, Count Inouye, Japan­ ese Ambassador to Great Britain, replied that he had been authorised by his Government to give “their full and com­ plete adherence to the terms of this declaration.” As for the war operations elsewhere, the Entente countries seemed to realize that the best way to help Serbia and influence the neu­ tral Balkan States was to make attacks everywhere. Ac­ cordingly, Italy pushed her attacks in Tyrol and Trentino; the British and the French made further drives against the Germans in Belgium and France, and Russia evinced new resisting power in repelling the invasion of her territory and made herself particularly troublesome to the Germans on the Galician frontier. It did not appear, however, that any of the developments here were of controlling importance, though with their forces so largely needed elsewhere the Germans found it impossible to push their advantages previously gained against the Russians any further. Field Marshal von Hindenburg having been foiled in his attempts to reach Riga and Dvinsk by other routes, at the very close of the month was advancing along the railway skirting the shores of the Gulf of Riga from Tukum and was reported to have reachefl the Raggasem-Kemmern-Jaunnesm line west of Schlok. Following the declaration of war against Bulgaria, the Rus­ sian fleet began bombarding the Bulgarian Black Sea ports and did considerable damage at Varna. After the close of the month the Germans reported having taken over 40,000 prisoners during October on the Russian and Serbian fronts. As indicating the financial strain grow­ ing out of the war, an incident which produced some degree of depression on the London Stock Exchange occuiTed on Oct. 13, when Financial Secretary to the Treasury Edwin Samuel Montagu, in replying in the House of Commons to criticisms of the extra taxes imposed by the new Budget, declared that the man who was not prepared to place, if necessary, half his income at the disposal of the State, either by tax or loan, was not doing his duty. With everything indicating that the end of the war was still remote, the influences which had been making for greater industrial aetvitiy in this country were given a new impetus, and their effects became manifest on every side. In the iron and steel trades the demand on account of war orders grew so urgent that it was found necessary to pay premiums in numerous instances to insure prompt delivery. Other industries, previously laggards in that respect, began  RETROSPECT to reveal the presence of quickening trade revival. The rail­ roads, in their turn, after having previously given not the slightest indication of an increasing volume of traffic, now all of a sudden showed a marvellous growth in tonnage and reported striking increases in earnings, especially as compared with the lean period of twelve months before. The Pennsyl­ vania RR., in its return for September, issued at the close of October, and showing 82,873,614 increase in gross and 82,703,574 increase in net on the combined lines east and west of Pittsburgh, as compared with Sept. 1914, issued an ex­ planatory statement saying: “Due to an extraordinarily heavy traffic in the eastern part of the country, largely as a result of the shipment of material of most every kind manu­ factured for use in European countries, the gross earnings of the Pennsylvania RR. lines east of Pittsburgh directly oper­ ated, for the month of September, were 820,817,361, the largest for any one month in the railroad’s history, except August and October 1913, which were but slightly larger. The net earnings of 87,282,021 for the month of September 1915 were the largest net earnings for any one month in the history of the Pennsylvania RR. lines east of Pittsburgh.” The surplus of idle cars, so long a burden to the carriers, be­ came considerably reduced and the railroads now felt called upon to place orders on a liberal scale for equipment and for supplies, thereby tending still further to promote trade activ­ ity. In Canada the tremendous wheat crop raised and its rapid movement to market occasioned transformation in the railroad returns of all the leading Canadian systems. The Canadian Pacific, which had been reporting heavy losses in gross in every week with one single exception since the first week of December, 1913, began with the last week of September to register a small increase—876,000. The first week of October this was followed by a gain of 8642,000, the second week by a gain of 8762,000 and the third week by a gain of 81,028,000 and the fourth week by a gain of 81,727,000, making the improvement for the month 84,159,000. The October returns of United States roads also proved highly encouraging. The statement of the Amer. Ry. Assoc., however, for Nov. 1, still showed 52,867 idle cars on the railways of the United States and Canada, and as against this the aggregate shortage of cars was no more than 26,628. This compared with a shortage of only 10,010 cars Oct. 1 1915, 6,300 cars Sept. 1 and but 948 cars Aug. 1, but never­ theless left an excess of idle cars to the number of 26,239 cars. Some considerable reduction in the idle car surplus would have come anyway as a result of the beginning of the move­ ment of the new crops, but the actual diminution was large and very sudden, just as was the development of activity in local trade. On June 1 the Amer. Ry. Assoc, still reported 300,146 idle cars. Even on Aug. 1 the number was 266,312, while as late as Sept. 1 the total still stood at 191,309. It was then that the demand began to get urgent, and Oct. 1 saw the number down to 88,341, while by Nov. 1 there was a further reduction to 52,867, as already stated. In the case of the returns of railroad earnings, the story was much the same. Some 35 to 40 roads render weekly returns of gross earnings, comprising mainly Southern and Western lines, together with the three large Canadian systems, and the aggregates of these showed larger or smaller decreases each week right up to the fourth week of September, when a gain of 8692,211, or 3.86%, was recorded. For the first week of October the gain proved to b 3 81,143,643, or 8.63%; for the 2d week 81,532,386, or 11.98%; for the 3d week 82,146,247, or 17.49% and for the 4th week 83,803,454, or 21.73%. In the iron and steel trades where there had been exceptional activity for many months, positive buoy­ ancy developed, the influx of domestic orders, in no con­ siderable measure from the railroads, having come at a time when the capacity of mills and furnaces was already being taxed to the fullest extent in the execution of orders for munitions. For the first time in the history of the industry the monthly production of iron in the United States passed the 3,000,000-ton mark, the “Iron Age” of this city reporting the make for October at 3,125,491 tons. This was over double the product the previous December (1914) at 1,515,752 tons. The “Iron Age” reported that despite efforts of the larger steel companies to hold the demand in check, signs of a runaway steel market were increasing, that orders were coming in at such an enormous rate that they were being held under consideration before being accepted and that on some classes of material it was a question of getting deliveries, not a matter of prices. Steel bars, tank plates and beams at Pittsburgh were all raised to 81 50 per 100 lbs. from 81 35 the previous month, and 81 30 Sept. 1. Steel billets at Pittsburgh were marked up to 825 per ton from 824 50 the previous month and 823 50 Sept. 1 for Bessemer, and to 826 from 825 and 824, respectively, for open hearth steel. Copper prices weakened a little on a less active de­ mand, both Lake copper and electrolytic at New York being quoted|at 17% cts., against 18 cts. Grain prices tended upward, notwithstanding that all accounts showed that the harvest in the case of practically all the leading cereals would be of extraordinary proportions. The large wheat move­ ment to the primary markets at times occasioned weakness; the December option at Chicago advanced from 94% Oct. 1 to 81609% Oct. 14, with the close Oct. 31 81 01%. Dec. corn at Chicago, after declining from 55% cts. Oct. 1 to 53 cts. Oct. 4, advanced to 61% cts. Oct. 16 and closed Oct. 31 at 57% cts. Dec. oats sold up from 35% cts. Oct. 2 to 40% cts. Oct. 16, with the close at 38% cts. Cotton fluctuated sharply. The spot price in New York Oct. 1 was 11.90 cts.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  49  and Oct. 2 11.85 cts.; on Oct. 4 came the Government report, making the condition Sept. 25 only 60.8, against 69.2 Aug. 25 and the price jumped to 12.50 cts., with a further advance Oct. 5 to 12.75 cts.; heavy liquidation the latter part of the month on a belief that unfavorable conditions had been over­ discounted, caused a break which culminated on Oct. 28 at 11.85 cts., but the close Oct. 30 was at 12.25 cts. Print cloths at Fall River were marked up from 3% cts. to 3% cts. Oct. 6 and to 3% cts. Oct. 9. The tense situation which had developed in the relations between the United States and Germany as a result of the sinking of the Arabic was cleared away on Oct. 5, when Count von Bernstorff, the German Ambassador, sent a letter to Secretary of State Lansing, in which it was stated that the attack of the submarine had been undertaken “against the instructions issued to the commander,” and that “the Im­ perial German Government regrets and disavows this act and has notified Commander Schneider accordingly.” The letter also said that the orders issued by the German Emperor to submarine commanders “have been made so stringent that the recurrence of incidents similar to the Arabic case is con­ sidered out of the question.” The Count also stated that his Government was prepared to pay an indemnity for American lives lost on the Arabic, and that he personally was authorized to negotiate with reference to the amount of this indemnity. In a note made public by the State Department at Washing­ ton on Oct. 1, Sir Edward Grey, the British Foreign Minister, denied that the British Government, by means of its various orders affecting international commerce, had been seeking to hamper American exports to neutral countries and at the same time increase British exports to those countries. The note was the outgrowth of a request made to the British Foreign Office by Ambassador Page on June 3 asking that ConsulGeneral Skinner in London be furnished with figures showing British exports of cocoa. The note, after stating that these figures had been furnished to Mr. Skinner, went into an elab­ orate analysis of the statistics of British and American exports of certain articles and commodities with a view to refuting statements which Sir Edward Grey believed were being circu­ lated in this country by German agents to the effect that England was trying to stop American trade with neutrals so as to secure the trade for herself. Sir Edward summed up by saying that “everything in the statistics I have quoted tends to show that the mercantile community of the United States has made profits proportionately equal to or greater than those of the mercantile community of Great Britain in respect to all those demands which have inevitably arisen in Scandinavia and the Netherlands as a consequence of the closing of German ports.” The note was dated Aug. 13, but had been transmitted by mail instead of by cable. In ressponse to a question in the House of Commons on Oct. 12 Sir Edward Grey announced that Great Britain had declared raw cotton, cotton waste, and cotton yarn contraband, and that it was intended also to declare contraband cotton piece goods and other cotton products and to prohibit the exports to neutral countries contiguous to Germany and Austria of goods susceptible of being used in the manufacture of explo­ sives. The United States in a new note to Germany on the sinking of the American sailing vessel William P. Frye agreed, without admitting that the Declaration of London was in force, to accept that declaration pending the arbitra­ tion of the case “as the rule governing the conduct of the German Government in relation to the treatment of American vessels carrying cargoes of absolute contraband.” It was pointed out that this acceptance of the proposal by the United States was on the distinct understanding that “the requirement in Article 50 of the Declaration that ‘before the vessel is destroyed all persons on board must be placed in safety’ is not satisfied by merely giving them an opportunity to escape in life-boats.” On Oct. 21 Sec. of State Lansing by special messenger sent a lengthy note, and which had been in preparation a long time, to Ambassador Page for presentation to the Brit­ ish Foreign Office, protesting against Great Britain’s inter­ ference with commerce between the United States and Eu­ rope. The note was made public the following month (Nov. 7). In summarizing his conclusions Mr. Lansing gave it as his belief that “it has been conclusively shown that the methods sought to be employed by Great Britain to obtain and use evidence of enemy destination of cargoes bound for neutral ports, and to impose a contraband character upon such cargoes, are without justification; that the blockade, upon which such methods are partly founded, is ineffective, illegal and indefensible; that the judicial procedure offered as a means of reparation for an international injury is in­ herently defective for the purpose; and that in many cases jurisdiction is asserted in violation of the law of nations.” It was declared that “the United States, therefore, cannot submit to the curtailment of its neutral rights by these meas­ ures, which are admittedly retaliatory and therefore illegal, in conception and in nature, and intended to punish the enemies of Great Britain for alleged illegalities on their part.” The United States further warned Great Britain that “it cannot with complacence suffer further subordination of its rights and interests to the plea that the exceptional geo­ graphic position of the enemies of Great Britain require or justify oppressive and illegal practices.” The United States insisted that the relations between it and Great Britain be governed, “not by a policy of expediency, but by those es­ j tablished rules of international conduct upon which Great Britain has in the past held the United States to account  50  RETROSPECT  when the latter was a belligerent engaged in a struggle for national existence.” The note stated that our Government unhesitatingly assumed the “task of championing the integ­ rity of neutral rights,” and would devote its energies to ac­ complishing this task. Ten ships flying the American flag were included in a list of 47 neutral vessels under suspicion posted by the British Admiralty on Oct. 23. It was stated, however, that any ship on the list which established evidence showing that it was neither controlled by German capital nor engaged in unneutral service would bi mmediately re­ moved from the list. Following this action the British Gov­ ernment by an Order-in-Council published in the London “Gazette” of Oct. 25 declared that it would no longer be bound by Article 57 of the Declaration of London, which provides that the neutral or enemy character of a merchant vessel is determined by the flag which she is entitled to fly. In lieu of this article, a regulation was substituted by Great Britain, providing that ships be treated in the same manner as their cargoes, the ownership of the vessel to be the test of its na­ tionality. This rule, which was followed by England and the United States before the framing of the Declaration of London, permits the condemnation of a vessel if it is proved that a subject of an enemy country has an interest in it. On Oct. 26 President Poincare of France also signed a decree providing that the ownership of a ship was to be the con­ trolling factor. Advices were received on Oct. 27 from Ber­ lin by the State Department at Washington to the effect that on Oct. 21 the German Government had passed a law forbidding German citizens who own or have a share in any merchant ship to sell or in any way dispose of the interest to any one not a subject of Germany. A conspiracy to blow up vessels sailing from American ports with cargoes of mu­ nitions for the Entente countries was basis for the arrest in Weehawken, N. J., on Oct. 24 of Robert Fay, who claimed to be an officer in the German army, and Walter E. Scholz; subsequently additional arrests wore made in the alleged conspiracy. The U. S. Navy Department on Oct. 22 made public a list of officers from the two German cruisers, Kronprinz Wilhelm and Prinz Eitel Friedrich, intern ad at Norfolk, who had broken their parole and had failed to return after leave of absence. The list included six warrant officers from the former vessel and one Lieutenant and two doctors from the latter. The Navy Department reported that none of the enlisted men of either ship had escaped. Japan requested China to postpone the project for the re-establishment of a monarchial form of government. The Japanese Foreign Office praised the administrationof President Yuan Shih-Kai, but expressed solicitude lest the sudden move to re-establish the monarchy lead to disorders. The Chinese Government was little inclined to heed the request. The Anglo-French Loan for $500,000,000 5 % 5-year bonds was carried to completion without a hitch. Subscriptions to the underwriting closed at 10 a. m. Oct. 5 with the loan over-subscribed in a sum estimated at between $50,000,000 and $100,000,000. The subscription, it was stated, might have been closed the previous Saturday, but the managers of the syndicate were anxious to give ample opportunity to persons from other sections of the country to participate and decided to keep the books open long enough to get re­ ports from all parts of the United States. One-fifth of the entire loan, or $100,000,030, was understood to have been subscribed for by six applicants. Though the syndicate managers declined to disclose the identity of those from whom these applications had come, it was reported that Charles M. Schwab, or the Bethlehem Steel Co., and the du Pont interests were among the larger subscribers. One of the six subscriptions was for $35,000,000, one for $20,000,000, one for $15,000,000 and three for $10,000,000. These were underwriting subscriptions and the syndicate underwrote the bonds at 96. The public offering was not made until Oct. 15, after the French and British Governments had both authorized the loan. The signing of the agreement took place on the morning of the same day, all the Anglo-French Com­ missioners annexing their signatures and J. P. Morgan & Co. signing as agents for the syndicate managers. The under­ writing was by a country-wide syndicate composed of banks, trust companies and bond houses located in 69 cities of 28 States. The public offering (which comprised only about half the loan, the other $250,000,000 of the bonds having been withdrawn from sale by the syndicate) was at 98, but practically every one who sought permission had been allowed to join in the syndicate participation, under which the bonds could be obtained at 9834—34% being allowed for expenses. At 98 the bonds yielded nearly 534% and at 9634 over 5%%. The bonds are convertible at the option of the holder on any date not later than April 15 1920, or at maturity par for par into 15-25-year 434% bonds. The result of the public offer­ ing is announced in our narrative for December. With the ex­ ception of one English and one French member, all of the Anglo-French Commissioners sailed for home Oct. 15. Lord Reading announced before sailing that a further credit would probably be sought in this country in the near future. It was well known here that this would be a pure banking transaction and that no public subscriptions were contemplated. The public offerings of the bonds provided that payment might be made either in full on Oct. 29, or at the option of the pur­ chaser 50% on Oct. 29 and the remainder on Dec. 3. A first installment for 15% of the syndicate subscriptions was called for payment Nov. 15. The terms of the agreement provided that subscribing banks might retain the amount of their sub­ scriptions as special deposits, crediting the same to the joint   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  account of the two Governments and paying 2% thereon until called for. When called for, the funds had to be deposited with the National City Bank of N. Y., there to be drawn upon by the members of the Anglo-French Commission remaining in this country. Kuhn, Loeb & Co. decided not to partici­ pate in the loan, the senior member of the firm, Jacob H. Schiff, saying: “With differing sympathies on the part of the individual members of our firm we decided at the out­ break of the war to refrain from financing public Joans for any of the Governments of the belligerent nations. Con­ cerning the present Anglo-French dollar loan we have felt that as American bankers we should assist in what we believe will result in promoting the interest of the country’s com­ merce and industries, but it not having been found practicable to give any actual assurances that the Government of Russia —against whose inhumanity the members of our firm have ever raised their voices—is not to derive benefit from the funds that are to be raised through the Anglo-French loan, 1 have felt constrained to advise my firm to refrain from becoming participants in the loan.” J. P. Morgan & Co. received on Oct. 19 another large consignment of gold from Great Britain by way of Canada, consisting of $25,000,000 in English sovereigns, this being the fourth of a series of shipments sent to the Morgan firm from Great Britain since the previous Aug. 1. The first consignment arrived in this city on Aug. 11 and consisted of $19,534,200 ip. gold, and securities estimated at over $30,000,000. The second shipment was received Aug. 29 and was made up of $19,500,000 in gold and about $35,000,000 in securities. The third shipment arrived here Sept. 8 and consisted of $19,465,000 in gold and of securities estimated at between $15,000,000 and $30,000,000. The fourth con­ signment, it was understood, was unaccompanied by securi­ ties. On Oct. 27 the Morgan firm received another $5,000,000 in gold from Great Britain by way of Canada. It became known, however, that the Bank of England and large English banks generally were strongly discountenancing withdrawals of gold in connection with individual exchange transactions or for private purposes, the English authorities taking a stand in the matter that fell short only of an actual embargo on private exports of the metal. To facilitate temporary borrowing by the British Government and to tempt purchases of British treasury bills by investors and financial institutions the rates in these bills were advanced from the figure of 434% which had previously been current, to 5% for bills running for one year, 4%% for 9 months and 4 % % for 6 months. An issue of $25,000,000 Italian Government 6% 1-year gold notes was made here, the notes being offered for public subscription at par, the proceeds to be used to meet expendi­ tures for merchandise and commodities purchased by the Italian Government in this country. The notes were all sold and the syndicate dissolved as noted under December. Ad­ vices from Vienna stated that subscription lists for the third Austrian war loan had been opened on Oct. 7 and would re­ main open until Nov. 6. The price was fixed at 93.60, the loan was to bear 534% int. and to mature in 1930, payments were to be 10% at time of subscription, 20% on Dec. 6, 20% on Jan. 5, 25% on Feb. 5 and the remainder on Mar. 5. Ger­ man banks offered the new issue at 90 to holders of the first and second loans. The result of the subscription is an­ nounced under the events for November. The National City Bank of New York was notified by the French Govt, that the $10,000,000 1-yr. 5% notes placed here at 9934 in 1914 would be paid at maturity on Nov. 4. The French moratorium was prolonged to the end of the year. A tele­ gram from Vienna to Amsterdam stated that the official organ of the Austrian Government had reported that the moratorium for payments in foreign countries had been again prolonged for four months. The situation in Mexico began to clear up. At a conference of La tin-American envoys held at Washington on Oct. 9 a unanimous decision was reached that the Carranza faction be recognized as the de facto Government of Mexico. On Oct. 19 the Carranza Government was formally recognized as such de facto govern­ ment by the United States, Argentina, Brazil, Chile, Boliva, Uruguay and Guatemala. The action followed the fifth and final session of the Latin-American conferees in the office of the Secretary of State in Washington. To assist General Carranza in suppressing armed opposition Presi­ dent Wilson issued a proclamation announcing the re-im­ position of the embargo on the exportation of arms to Mexico. The President in a supplemental order, however, made an exception in favor of Carranza, and Treasury Department officials at United States points of exportation were in­ structed to give permission for shipments of arms to all ports under the control of the Carranza Government, while the embargo was put in force against such border ports as re­ mained under General Villa. The latter kept up warfare but now held control only of parts of Northern Mexico and there his control was steadily being weakened under succes­ sive defeats and continual desertions from his ranks. One feature was occasional clashes with American citizens, and shooting across the American border was a frequent occur­ rence. Some commotion was caused by the news that the Ameri­ can steamship Hocking and the Dutch steamer Hamborn, both outward bound from New York, had been seized by British warships and taken to Halifax in charge of prize crews, the vessels arriving at that port on Oct. 31. The Hocking, which was bound for Norfolk, was formerly the Danish  RETROSPECT steamer Gronland, but had changed to American registry and was flying the American flag. She was one of the ships which the British Government had placed on a blacklist. The Hamborn sailed from New York with a general cargo for Caibarien, Cuba, and was seized by a British cruiser when 85 miles from New York. The State Department at Washington asked the British Foreign Office for an explanation of the reasons for the seizure of the Hocking. Great Britain replied the next month that she had been seized as being of enemy ownership. It also appeared that a British prize crew had gone aboard the American oil tank steamer Llama, which had stranded Oct. 31 on the coast of Scotland. The State Department on Oct. 29 made public a memorandum from the German Gov­ ernment, written under date of Sept. 9, explaining the sub­ marine attack the previous July on the Cunard liner, Orduna. The note stated that the steamer had been proceeding with­ out any flag or neutral markings and had been taken for a small enemy steamer. It was also stated that the attack on the Orduna by a torpedo had not been in accordance with the instructions which provided that large passenger steamers only were to be torpedoed after previous warning and after the rescue of passengers and crew. A repetition of the mis­ take, it was declared, appeared to be out of the question, in view of the more explicit instructions issued in the meantime. It was also stated that the same submarine had halted the American bark Normandie, and that “although the cargo contained contraband, the sailing vessel was permitted to continue her voyage unhindered, as it was impossible to guar­ antee that the crew would surely be rescued in the small boats if the ship was sunk.” A significant fact revealed by the German note was that, early in July, more than a month be­ fore the attack on the Arabic, German submarine comman­ ders had received instructions not to sink “large passenger steamers” without warning. Announcement was made Oct. 30 that U. S. naval experts who had examined the piece of metal supposed to have been picked up on the deck of the Hesperian before she sank, asserted that the fragment was part of a torpedo. As the American Government, however, had no evidence to prove that the fragment had actually come from the deck of the Hesperian, it was stated that it was un­ likely that the matter would be the subject of further contro­ versy. A harrowing incident growing out of the war was the con­ demnation and execution by the German military in Belgium of Miss Edith Cavell, an English nurse and head of a training school in Brussels, for her action in aiding English, French and Belgian soldiers to escape from Belgium. The truth of the charge was not disputed, but the severity of the punishment in the case of a woman of such noble attributes and who had given freely of her services to wounded German soldiers ex­ cited the execration of the entire civilized world. Secy, of the Treas. McAdoo announced Oct. 6 that he would recommend to Congress that the Emergency Revenue Act be extended until peace was restored in Europe and also that the existing duties on sugar be retained for several years instead of being abolished as provided in the Tariff Act of 1913. Sugar prices advanced, granulated being marked up from 4.90c. per lb. to 5.25c., and in succeeding months ad­ vanced still further, being quoted Dec. 31 at 5.95c. The Federal Reserve Board on Oct. 12 ruled against a proposal for the establishment of joint agencies of the Federal Reserve banks in Central and South America. The suggestion had come from Secretary McAdoo aod had been approved by President Wilson in a letter to the Secretary. The Reserve Board took the view that Federal Reserve banks—being the custodians of the reserve money of the member banks— should not be permitted to do pioneer work in Latin-Ameri­ can countries, granting credit facilities that would lead to a lock-up of reserve money in loans which, in most of the cases, would be subject to wide fluctuations of foreign exchange. It was pointed out that the policy pursued for generations by the large Government banks of Europe has been not to go into foreign fields except that these banks hold, as secondary re­ serves, foreign bills on the most important European coun­ tries where large discount markets exist and where the gold standard is established beyond question. Comptroller of the Currency John Skelton Williams, in his campaign against high interest rates, addressed a letter to the institutions under his jurisdiction calling attention to the oath which the direc­ tors are required to take, binding them not to commit any vio­ lations of the provisions of the National Bank Act. He re­ ferred particularly to the section limiting the charge of inter­ est to the maximum rate allowed by the State. The banks were directed to read the letter at the next meeting of their directors and to see to it that a copy of it be sent to any absent member. Evidence that these instructions had been ob­ served was required to be supplied to the Comptroller’s office not later than Dec. 20. The Comptroller’s action was the outcome of an investigation which he had made following criticisms of the action of the Treasury Department and the Federal Reserve Board in undertaking to prescribe the maxi­ mum rate of interest on loans to member banks who obtained rediscounts from the Federal Reserve banks in the South which had been put in position to make such rediscounts by the placing with them of special Government deposits of $5,000,000 each. The results of that investigation were dis­ closed in an address made by the Comptroller before the Ken­ tucky Bankers’ Association on Oct. 6. The Comptroller cited numerous instances of alleged charges of usurious inter­ est rates. He asserted that the practice was particularly prevalent in the country districts and he painted lurid pic­   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  51  tures of the suffering and hardship thereby inflicted upon needy individuals. Among other things he said: “But the real brutality and horror of it develop in the more remote dis­ tricts, in small communities of agricultural districts, having but one bank, or in which two or three banks combine to maintain rates on money. * * * Here in the country we find bankers, men in a business that should be the most respectable, as it is the most responsible, of all secular avoca­ tions, literally crushing the faces of their neighbors, deliber­ ately fastening their fangs in the very heart of poverty.” He asserted that he had sworn reports in his office going to show that many banks charged all the way from 200% to 2,000% per annum. It appeared, however, that these were all small loans for short periods and were mostly cases closely akin to pawn-brokerage, where the circumstances were such as not to admit of the charging of ordinary interest rates. The most glaring instance of all mentioned by the Comptroller was dis­ tinctly of a pawn-brokerage variety, being the case “of a loan by a national bank of $3 50 to a woman for 6 days with an interest charge of $1, which figures out about 6% a day, or 2,400% per annum.” Indictments charging perjury in con­ nection with the proceedings brought by the Riggs National Bank of Washington, D. C., against the Treasury officials were returned by the Grand Jury in Washington on Oct. 1 against Charles C. Glover, Pres, of the bank; Williams J. Flather, Vice-Pres., and H. H. Flather, Cashier. The indict­ ments charged perjury in making an affidavit saying the bank had never engaged in stock market transactions and had had no dealings with the stock-brokerage firm of Lewis Johnson & Co., which failed in Nov. 1914. There were fail­ ures in Buffalo, N. Y., of stock-brokerage firms—J. L. Hol­ land & Co. and Paul Lambert & Co.—alleged by the N. Y. Stock Exchange to be bucket-shops and having extensive wire connections, with branches all over the United States and Canada. Paul Lambert & Co. was said to be the regis­ tered name for Henry C. Tucker, who had some time before secured a temporary injunction restraining the Western Union Teleg. Co. and the Gold & Stock Teleg. Co. from shutting off ticker service with the N. Y. Stock Exchange, the Exchange having refused to approve the applications of these brokers for ticker service. The Cotton Futures Act regulating dealings in cotton futures and compelling the use of Government standards of grades was declared unconstitutional by Judge Charles M. Hough of the U. S. District Court in this City on Oct. 13 on the ground that the measure originated in the Senate, whereas the Federal constitution provides that all measures for raising revenue must originate in the House of Repre­ sentatives. An appeal was taken to the U. S. Supreme Court. The N. Y. Cotton Exchange on Oct. 27 by a vote of 119 to 40 adopted an amendment to the by-laws restricting the privileges of alien members. The amendment provides that no member elected after Nov. 1 1915 shall while an alien be entitled to vote at any meeting or election of the Exchange or be eligible to serve as an officer or manager of the Exchange or make any contract on the Exchange or per­ mit any contract made on the Exchange to be signed by a firm of which he is a partner unless at least one other partner of such firm is either a member of the Exchange elected prior to Nov. 1 1915 or a member of the Exchange who is a citizen of the United States. A plan prepared by John D. Rockefeller, Jr., designed to promote industrial peace in the Colorado mining districts was submitted to officers and employees of the Col. Fuel & Iron Co. at Pueblo on Oct. 2. The plan was the result of a tour of inspection of the mining camps undertaken the previous month by Mr. Rockefeller who for the time being had become one of the miners, living and working with them in order that he might understand the problem from their view point. A committee of the United Mine Workers of America issued a statement Oct. 3 indicating disapproval of the plan, but it was accepted by the directors of the company and approved at a meeting of mine officers and subsequently at a referendum vote of the miners themselves. John R. Lawson, the Colorado strike leader, who had been convicted of murder in connection with the Colorado coal strikes was admitted to bail Oct.7in the sum of $35,000 by the State Supreme Court. Before ad­ mitting Lawson to bail the Colorado Supreme Court had on Aug. 17 issued a writ prohibiting Judge Granby Hillyer of the District Court at Trinidad from acting in the coal strikers’ cases, he having formerly been an attorney for Colo­ rado coal mine owners and being charged with prejudice against the strikers. The Pennsylvania law passed in 1913 imposing a tax of 2J^% on the market value of every ton of anthracite coal prepared for market in that State was de­ clared unconstitutional for “inequality of taxation” by the State Sureme Court in a decision handed down in Pittsburgh on Oct. 28. Anticipating such a decision, however, a new measure intended to obviate the objections to the 1913 law had been passed by the 1915 legislature. Railroad Events and Stock Exchange Matters.—The specula­ tive mania on the Stock Exchange continued unabated, and after some halt at the beginning of the month, further start­ ling advances in the war stocks were recorded. The Stock Exchange authorities early in the month made a rather feeble attempt to apply a check. On the afternoon of Oct. 5 they sent out a circular calling the attention of the members of the Exchange to certain resolutions adopted long before and directing strict observance of the same. One of these resolutions prohibits the carrying of accounts of clerks of members and of financial institutions, and the other makes  52  RETROSPECT  it an act detrimental to the interest and welfare of the Exchange for a Stock Exchange house to accept an account “without proper and adequate margin.” The effect of the call for additional margins was to precipitate a sharp break by the wiping out of large numbers of poorly margined accounts. As one illustration of the effect upon prices, Crucible Steel in the course of the next day (Oct. 6) dropped from 96% to 79%. It had sold the week before at 109%. After the weakly-margined holdings had been shaken out there was the usual quick rebound and this particular stock closed the same day at 84%. The setback to the general market was only temporary and the upward movement was soon resumed with new energy. One stock after an­ other was again taken in hand and raised to previouslyundreamed-of heights. There was such an utter lack of re­ straint in the way prices were shoved forward, and purchasing orders were continued with such reckless abandon after each new prodigious further advance, that a decided feeling of un­ easiness developed in conservative circles and banks began to take additional precautions in loaning upon these shares. As it happened, too, peace rumors got currency. The result was that a sharp reaction in these war stocks ensued the latter part of the month, with the fluctuations even wider and more erratic than they had been before. A wholly new feature was that the railroad shares were also taken in hand and advanced but within more moderate limits. This was evidently to meet the criticism that there was palpable evidence of manip­ ulation in the extraordinary activity of the manufacturing stocks, while the railroad shares were in large part being neg­ lected. In addition, however, there was reason now for looking upon railroad securities with favor in the circumstance that the carriers were at last beginning to reflect the presence of trade activity in larger earnings. Accordingly, it hap­ pened that even at the beginning of the month a substantial all-around rise in the railroad stocks was registered with some very noteworthy advances in special properties. The latter part of the month the upward movement in this class of shares was carried still further and the speculation in them was also used to moderate the results of the fall which then occurred in the industrial list. A conspicuous indication of this was furnished on Thursday, Oct. 28. A great decline had been in progress for two or three days in the war stocks and the mar­ ket began to wear a panicky aspect. It was, apparently, recognized by the powerful interests behind the speculation that this might have serious consequences if not checked be­ fore the end of the day. Accordingly, in the last hour of that day—from 2 p. m. to 3 p. m.—attention was concentrated on the railroad stocks, and rapid advances established in them. Erie com. was sent up from 39% to 43%, Kansas City Sou. com. from 30% to 32%, Nor. Pac. from 111% to 113%, Reading com. half shares from 79% to 82 (equal on a percent­ age basis to a rise from 159 to 164), Lehigh Valley, also a half share, from 77% to 80 (or on a percentage basis from 155 to 160), Can. Pac. from 173% to 176, Gt. Nor. from 121% to 123%, L. & N. from 125% to 128, &c., &c. On the 29th the railroad shares were pushed still higher—Can. Pac., for exam­ ple, at one time touching 185%—and with the denial the night before by Lloyd George in the House of Commons that peace negotiations were being considered, or would even be entertained, the war stocks regained some of their former vigor. On the 30th (the 31st was Sunday) the railroad shares advanced yet further, while the industrial list was irregular and in some instances weak and lower. The option given in 1912 to purchase the remaining $20,000,000 Brooklyn Rap. Trans. 6-yr. 5% secured gold notes was exercised; the notes were then offered to old syndicate participants and over-subscribed. There was an offering of $5,500,000 1st 5s of Ft. Dodge Des Moines & Sou. RR.; also an offering of $4,000,000 Hock. Val. 2-yr. 5% notes. The Midvale Steel & Ordnance Co. was organized to take over the Midvale Steel Co., the Remington Arms Co. of Del. and Worth Bros. & Co. (Coatesville, Pa.), the Coatesville Rolling Mills Co. and Buena Vista Iron Co. Pac. Mail reduced its stock from $20,000,000 to $1,000,000 by change of par value from $100 to $5. The next month a distribution of $25 on the old shares was made, this representing the greater part of the $5,200,000 derived from the sale of five Pacific steam­ ers to the Int. Merc. Marine Co. In December it arranged to sell also its remaining assets, but this action was in 1916 revoked—see December narrative. Int. Nickel declared 10% on com. payable in com. stock. Maxwell Motor Co. announced a plan for the payment of 14%% of accumulated divs. on 1st pref. to stockholders of record Dec. 29 1915, payable either (a) in cash in such installment or installments as might from time to time thereafter be fixed by the direc­ tors; or (6) at option of holders at any time from Jan. 3 1916 until and including June 30 1916 in 1st pref. stock at par, carrying dividends from Jan. 1 1916. In a circular dated Oct. 22 Pres. Nathaniel Curry, of the Canadian Car & Foundry Co., stated that the company’s railway equipment business was less than in former years, but that several of the company’s plants, as well as those of Canadian Steel Foundries, Ltd., had been equipped for the manufacture of parts of shells. Plants were working 24 hours a day and business during the fiscal year to Sept. 30 1916 should be in excess of $150,000,000, as compared with about $27,000,000 in the best previous year in the company’s history. An important alteration in the rules of the New York Stock Exchange with reference to the commission to be charged for buying and selling stocks took effect,beginning   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Oct. 13. Previously it had been the custom in the case of stocks having a par of $100 to charge a commission of $12 50 per 100 shares, or 12% cents per share, and in the case of stocks having a par of $50 to charge $6 25 per 100 shares, equivalent, to 6% cents per $50 share, or 12% cents, for two shares with an aggregate par of $100. Under the new rules a commission of 12% cents per share irrespective of par value was fixed, making the charge the same per share for $50 shares (or for that matter, for shares of any other de­ nomination) as for $100 shares, provided only that the shares were selling at $10 per share or over. On the other hand, for all stocks selling under $10 per share (also irrespec­ tive of par value) the commission was fixed at 6% cents per share. The effect was to double the rate of commission on the so-called half-shares selling at high figures, like Penn­ sylvania, Del. Lack. & Western, Reading, Lehigh Valley, &c., &c. The Philadelphia Stock Exchange followed suit and rescinded its rule fixing a special commission of 6 % cents per share on the stocks just mentioned and raised its mini­ mum to 12% cents per share. The Chicago Stock Exchange also made certain changes in its commission rates induced by the action of the New York Stock Exchange. Stock Fluctuations.  Oct. 1.  Oct. 30.  Range for Month.  Railroads— Low. High. 4 108% Oct 103 % 103% Oct Atch Top & Santa Fe. 108% 4 94% 94% Oct Baltimore & Ohio___ 87% 87% Oct Canadian Pacific------2 185% Oct 160 183% 155% Oct 2 62% Oct Chesapeake & Ohio— 62% 50% Oct 50 '4 94% 86 Oct 2 Chic Milw & St Paul-. 87 95 Oct 5 44% Oct 32% 42% 31% Oct Erie______ . ----------4 125% Oct Great Northern, pref119% 125% 118% Oct Louisville & Nashville- *120 129 121% Oct 6 130% Oct 122% N Y Cent & Hud River 98 96% Oct 2 >103% Oct >103 69 2 N Y N H & Hartford.. 82% 68 Oct 89 Oct 114 Norfolk & Western__ 113 Oct 2 119% Oct 119% 4 >115% Oct Northern Pacific------110% >115% 109% Oct Pennsylvania (par $50) 1/56 Oct 2 1/60% Oct i/50% 1/60% Reading Co(par$50)-1/76 % 1/J83 1/75% Oct 6 l/>84% Oct Southern Pacific Co-92% Oct 5 102 Oct 93% 101% Southern Railway___ 18% Oct 6 25% Oct 18% 25% Union Pacific________ 133 131% Oct 4 139% Oct 138% Industrial, &c.— 49% Oct 43 47 40% Oct 28 Allis Chalmers Mfg__ 76 74 71% Oct 6 76% Oct Preferred_________ 64% 64% Oct 73 Oct 1 Amer Agricul Chem_. 71% 61 Oct 67% 66% 6 68% Oct Amer Beet Sugar_____ 64% 62 59 Oct 6 68% Oct Amer Can___________ Amer Car & Foundry. 82% 76% Oct 6 98 Oct 87% 153 Amer Coal Products. *>150 153% >150 Oct 28 168 Oct 70% Amer Locomotive___ 59% Oct 6 74% Oct 69% 93% 86% 83% Oct Amer Smelt & Refg__ 6 95% Oct 54% Amer Woolen___ 53% 48 Oct 6 57% Oct $74% >$82% $70% Oct 6 >$83% Oct AnacondaCop (par$50) 134% 132 102 Oct Baldwin Locomotive.. 6 154% Oct 364 524% 362 Oct 1 600 Oct Bethlehem Steel Corp. 59% Central Leather._____ 52% 50% Oct 6 59% Oct 62 57% 50% Oct 6 64% Oct Colorado Fuel & Iron. 99% 95% Oct 28 127 Oct Continental Can_____ 119% 85 79% Oct 106 6 106% Oct Crucible Steel of Amer 118 112 Oct Oct Cuban-Amer Sugar__ 118% 6 122 345 290 Oct 5 360 Oct General Chemical___ 290 394 321 320 Oct 15 395 Oct General Motors_____ 72 Oct 78% 76% 6 80% Oct Goodrich (B F)______ $41% Oct $44% $46 4 $47% Oct Insp Con Cop (par $20) 84 90 77% Oct 6 91% Oct Lackawanna Steel___ 83% 52% Oct 1 92 Oct 53 Maxwell Motor______ 72% Pressed Steel Car____ 73% 65 Oct 6 78% Oct 49% 44% Oct 54 Oct 54 Railway Steel Spring.. 6 54 54% 48% Oct 6 56% Oct Republic Iron & Steel. 142 172 136 Oct Studebaker Corp (The) » 195 Oct 169 170% 160 Oct 21 172% Oct Texas Co (The)______ 119 93% 92 Oct 1 128 Oct U S Indus Alcohol___ 54% 56 52% Oct U S Rubber________ 6 56% Oct 79% 87% 76% Oct United States Steel__ 6 88% Oct Western Union Teleg. 77% 81 75% Oct 81 Oct 7  j Quoted ex-dividend during the month and prior to this date. price; no sale, y Quoted S per share beginning October  30 29 29 30 30 29 30 29 30 11 30 30 30 29 30 30 30  4 1 23 1 4 4 14 23 18 20 30 23 22 25 1 5 1 18 8 30 14 7 1 26 4 1 19 22 2 23 27 30 29  * Bid and asked  The Money Market.—There was no improvement in money. Call loan rates continued to rule at 1 %@2. Time loans Sat­ urday, Oct. 30, were 2% for 60 days, 2% for 90 days, 2%@3 for 4 mos. and 3 for 5 and 6 mos. Commercial paper was 3@3% for the best names and 3%@3% for others. Money holdings of the Clearing House banks after some fluctuations were $526,287,000 Oct. 30, against $503,372,000 Oct. 2. Gold on deposit with Federal Reserve Bank increased from $146,705,000 Oct. 2 to $164,621,000 Oct. 30. Surplus re­ serves from $196,372,130 Oct. 2 fell away to $188,263,720 Oct. 16, but recovered to $196,215,170 Oct. 30. Loans fur­ ther increased from $2,780,450,000 Oct. 2 to $3,044,229,000 and deposits moved up from $2,960,560,000 to $3,269,811,000. Foreign Exchange, Silver, &c.—The foreign exchange mar­ ket proved a disappointment. It had been expected that as a result of the successful conclusion of the $500,000,000 Anglo-French loan, exchange at least for a time would be de­ cidedly firmer. Instead, rates showed a renewed tendency to collapse. But as the autumn is always a period of large exports, and now the outward movement was being increased by the shipments of war materials and other things growing out of the war, the trade balance in favor of the United States for October reached $178,857,552. Thus it was obvious that banking credits of large amount would have to be estab­ lished here in addition to the huge credit obtained through the Anglo-French loan, and as matter of fact the AngloFrench Commissioners themselves had given a hint that this was in prospect before their departure for Europe. On Oct. 1 demand sterling was quoted at 4 72%@4 72%. By Oct. 27 the price had got down to 4 60% @4 61%, notwithstand­ ing large sales here of American railway securities for foreign account induced by the advance on the Stock Exchange. This decline in sterling in turn afforded additional encour­ agement for foreign selling, inasmuch as a given amount realized here in dollars would,under the drop in exchange, yield a correspondingly larger sum in pounds sterling. The latter part of the month, accordingly, exchange recovered;  RETROSPECT Oct. 29 demand bills sold at 4 64@4 65%, with the close Oct. 30 4 62% @4 64%. Gold imports into the United States were prodigious, reaching $79,669,359. The Bank of England, by reason of its continued exports of the metal, suffered further heavy reduction of its bullion holdings. Open market discounts Oct. 30 were 4% @4% for short bills and 4% @4 15-16 for long bills. There were no open market rates from the Continental centers. Silver in London ad­ vanced still further, getting up to 24 %d., with the close Oct. 30 24 l-16d. MONTH OF NOVEMBER.  Current Events.—As the result of a further extension of business activity, a freight blockade on the trunk lines to the seaboard developed. This was caused, however, not alone by the magnitude of the freight movement, but by the fact that the shipments were in great part for export in connec­ tion with the war in Europe, and, owing to the scarcity of steamships, ocean freight room was not available in suffi­ cient quantity to take care of the shipments, with the effect of causing great congestion at all the railroad terminals. In the war arena, the feature was the vigorous prosecution by Germany, Bulgaria and Austria of their Balkan campaign and the inability of the Entente countries to interpose any effective obstacles to the onward movement. The British and the French continued to land troops at Saloniki, from whence they were sent into the southern part of Serbia, and though this force was not sufficient to overcome the invaders, it is significant that only in southern Serbia did the Bulgar­ ians and Austrians fail to overwhelm the Serbian army. The invaders took one strong point after another, despite obstinate resistance, capturing large numbers of Serbian prisoners and also numerous guns and extensive supplies of ammunition. On Nov. 28 the German General Staff gave out an official statement announcing the close of the Serbian campaign as far as the Serbians were concerned. The state­ ment said: “With the flight of the scanty remains of the Ser­ bian army into the Albanian mountains, our great opera­ tions against the same are brought to a close, our object of effecting communications with Bulgaria and the Turkish Empire having been accomplished.” The statement further said: “The movements of the army of Field Marshal von Mackensen; the operations of the Austro-Hungarian army under Gen. Koevess, which was reinforced by German troops, against the Drina and the Save; the operations of the army under Gen. von Gallwitz against the Danube near Semendria and Rambasias, were commenced on Oct. 6, and the advance of the army under Gen. Boyadjieff (Bulgarian) against the Negotin-Pirot line, began Oct. 14. The same day a second Bulgarian army under Gen. Theodoroff also commenced operations in the direction of Skoplje and Veles. Since then our troops have accomplished quickly and smoothly the formidable undertaking of crossing the Danube in the face of the enemy, impeded, moreover, by the untimely Kossovo assault, and have captured the enemy frontier fortresses at Belgrade, at the taking of which the Austro-Hungarian Eighth Army Corps, with the Brandenburg Reserves, es­ pecially distinguished themselves. Zaiecar, Kajazevac and Pirot fell into the hands of the Bulgarians. In addition to this, our troops have completely broken the tough resistance of an enemy who, in addition to being supported by the na­ ture of the country, is inured to war and fought bravely. More than 100,000, almost half the entire Serbian fighting forces, have been taken prisoners. Their losses in battle and by desertions cannot be estimated. Guns,including heavy artillery, and an incalculable quantity of material of all kinds, have been captured. The German losses, however deplorable, have been extremely moderate, and our troops have not suffered from disease.” The next day Berlin Mili­ tary Headquarters reported the capture of more Serbian prisoners, and added to the previous statement the further information that up to date the total number of cannon taken from the Serbians had reached 502, many of the guns being of heavy caliber. While the Germans had been pushing steadily south, the Bulgarians continued their campaign from the east and were successful everywhere, apparently, except in the south and where they came in conflict with the French forces. At the end of the month Monastir, though not yet occupied by them, was within their control, they hav­ ing, on Saturday, Nov. 27, crossed the river Carassou to the north of Monastir. Large numbers of Serbians sought refuge in Montenegro and in Albania. The Austrians at the end of the month, in dealing with the Montenegrins, crossed the frontier of the latter. Under date of Nov. 29 a statement was given out by wireless from Berlin saying that after the termination of the operations against the Serbian main army, the Austro-Hungarian offensive against Montenegro started with the whole of the Austro-Hungarian force. The first offensive, begun some time before, had only been intended to impede the Montenegrins from participating in the operations in the Sanjak. After having obtained this result, the general offensive against Montenegro had now begun. As the north­ west frontier was a natural fortress, the attack would be di­ rected from the Sanjak. The Austro-Hungarians already had passed the Lim River. The capture of Prisrend, in Western Serbia, near the Albanian border, by the Bulgarians took place Nov. 28. The Bulgarians after the large batches of prisoners previously captured were stated to have taken between 16,000 and 17,000 more, together with 50 field cannon and howitzers, 20,000 rifles, 148 automobiles and a large amount of war material. The attitude of Greece caused   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  53  great perturbation all through the month and there were also some apprehensions concerning the probable course of Rumania. The Russians were reported as having massed an army of 250,000 to 300,000 men to deal with Rumania or to invade Bulgaria. As concerns Greece, Venizelos on Nov.4 exercised his power in the Chamber of Deputies to defeat the Zaimis Ministry, which at once tendered its resignation. On Nov. 10 King Constantine issued a decree dissolving the Chamber of Deputies, just the thing the Venizelos party did not desire, and fixing the new election for Dec. 19. The decree was regarded as extra-constitutional by the King’s opponents, it being contended that the Government had no right to call an election while the army was mobilized, owing to the impossibility of the soldiers casting their votes. Pend­ ing the holding of the elections, a new Cabinet under Premier Skouloudis was constituted on Nov. 7 and he at once gave formal assurance of “very benevolent neutrality” toward the Entente Powers. In a telegram to the French Foreign Min­ ister, the Premier announced that the “new Cabinet accepts as its own the declarations of former Premier Zaimis regard­ ing the friendly attitude of the Royal Government as to the Allied troops at Saloniki.” Field Marshall Earl Kitchener, British Secretary of War, who on Nov. 6 had unexpectedly been sent on a mission to the Eastern war arena, made a visit to Greece and had an interview with the King and some of the Government officials and military authorities. To bring pressure to bear upon the Greeks, a commercial block­ ade of Greece was threatened. Later, however, it was de­ clared that instead of declaring a general blockade of the Greek ports, the Entente Powers had, according to a state­ ment issued by the British Foreign Office on Nov. 23, with­ drawn, or threatened to withdraw, the special privileges which Greek commerce had enjoyed since the outbreak of the war, such as permission to draw her supplies of coal from Welsh collieries and to take other commodities, the export of which was permitted only to certain countries. On Nov. 24 the Entente Powers were understood to have presented a collective note to Premier Skouloudis, demanding freedom of movement for their forces in Macedonia without interpo­ sition of obstacles of any kind. A dispatch on Nov. 30 from the Athens correspondent of Reuter’s Telegram Co. stated that the basis of Greece’s reply was a neutrality which would continue benevolent to the Entente as long as the sover­ eign rights of Greece were not infringed and no restric­ tions of a military character were imposed. In the British Parliament the policy that had been pursued in the campaign against the Dardanelles and towards the Balkan countries was the subject of frank discussion on the part of the English Government. Premier Asquith having recovered from his previous indisposition, addressed the House of Commons on Nov. 2 and presented a comprehensive survey of the plan underlying the military operations. He accepted his full share of responsibility for the first attack on the Dar­ danelles which resulted in failure with the loss of several capi­ tal ships. This attack, he explained, was made after full in­ vestigation and consultation with naval experts. It was sanc­ tioned by the Government, notwithstanding some doubts in the mind of its principal naval adviser, Baron Fisher (then First Sea Lord). “The proposed attack was carefully consid­ ered,” he said. “It was approved by the French and enthusi­ astically received by the Grand Duke. The matter came again before the war council. Before a shot was fired it was communicated to the Cabinet. It was decided at first to make the attempt with the navy and the navy alone. I take my full share of responsibility and deprecate attempts to allot the responsibility to one Minister or another.” The Premier apparently referred to the very general disposition to accord to Winston Churchill the responsibility for the Dardanelles campaign. Regarding the indirect object of the attack on the Dardanelles, Mr. Asquith said that the view was that it would influence the Balkan situation, would open the way for supplies for the Russians and strike a blow at the heart of the Turkish Empire. Naval operations were continued system­ atically for a month, culminating in the attack on the Narrows which resulted in a setback. It was then suggested that by aid of an adequate military force the attack could be driven home with success. Gen. Sir Ian Hamilton was sent out and reported that he was in agreement with the suggestion that a joint military and naval attack was necessary. The Premier pointed out that if the efforts to force the Dardanelles had been successful they would have been of immeasurable value. “The results of the August attempt,” continued the Premier, “were disappointing. It must be considered what would have happened if it had not been taken. The Russians might have had a serious Turkish attack in the Caucasus, and we might have had to face attacks in Egypt and Mesopotamia. Our force on the Gallipoli Peninsula was holding up 200,000 Turks. It is too soon to pronounce final judgment.” As re­ gards the Near East the Premier said: “When the Allies are reproached for not acting with sufficient speed as regards Serbia, it must be remembered that up to the last moment there was the strongest reason to believe that Greece would act up to her treaty obligations with Serbia. On Sept. 21, after the Bulgarian mobilization had begun, Premier Venize­ los asked France and Great Britain for 150,000 men on the ex­ press understanding that the Greeks would mobilize also. Greece did mobilize on Sept. 24, but not until Oct. 6 did Premier Venizelos find himself able to agree to the landing of the British and French troops under formal protest. On Oct. 4 M. Venizelos announced in the Chamber that Greece must be bound by her treaty with Serbia. The next day the  54  RETROSPECT  King repudiated the declaration of M. Venizelos, who re­ signed; but the new Greek Government declared its desire to remain on friendly terms with the Allies, at the same time declining to depart from the attitude of neutrality. The re­ sult was that Serbia, without Greek support, was left to bear the central attack and a side attack from Bulgaria. We in the United Kingdom, France and Russia could not allow Ser­ bia to become the prey of this sinister, mysterious combina­ tion. Serbia may rest assured that her independence is re­ garded by us as one of the essential objects of the war.” The Premier declared emphatically that there was nothing he wished to unsay or undo, and would not resign. “I am not going to shelve the burden laid on my shoulders until I am satisfied I can no longer bear the burden. As long as I enjoy health and the confidence of my sovereign, the House and the country, I will not surrender the task, heavy though it be.” With regard to the future Mr. Asquith announced that there would be close co-ordination between the staffs of the Entente Powers. On the part of the British the war was to be con­ ducted by a small Cabinet Committee which would consult with the full Cabinet on questions of the most serious import. On Nov. 11 the Premier declared that the new War Commit­ tee would consist of five members, including himself, he act­ ing for the time being as Secretary for War, in the absence of Lord Kitchener, the other four members being A. J. Balfour, First Lord of the Admiralty; David Lloyd George, Minister of Munitions; Andrew Bonar Law, Secretary of State for the Colonies; and Reginald McKenna, Chancellor of the Im­ perial Exchequer. On Nov. 11 the Premier asked and re­ ceived another war credit amounting this time to £400,000,000, thus bringing the amount up to £1,300,000,000 for the financial year ending with March, and making the total allot­ ted for war purposes £1,662,000,000 ($8,310,000,000). In the other theatres of war, things also did not quite go to the liking of the Entente Powers, with the exception of in Russia, where the Germans commenced the evacuation of Mitau, their former base in the Riga-Dvina region, and, in view of the renewed aggression of the Russians, apparently gave up the task of capturing Riga and the Dvina line. From Italy reports came several times that Gorizia, consid­ ered by the Austrians as one of their most formidable posi­ tions, had been taken by the Italians after a campaign lasting more than four months. The report, however, did not prove true, though it was admitted by the Austrians that the Italian attacks were of the most desperate character and that the summit northeast of Oslavia had been temporarily lost by the Austrians and then been recaptured by them. The importance of the town was supposed to consist in its being well situated on railway lines connecting the upper and lower valleys of Isonzo. Berlin reported that the Italians were suffering appalling losses in their fighting on the Isonzo front, having apparently decided to capture Gorizia regard­ less of cost. From the British Army operating in the Tigris Valley reports came that it had reached the ruins of Ctesiphon (Sulman Pah), 18 miles southwest of Bagdad, the ob­ jective of the campaign. After taking the place and repuls­ ing Turkish counter attacks, the British forces, it was stated, were compelled to retire three or four miles down the river to obtain considerable water supply. The Turkish version, however, claimed a serious reverse for the British, and this subsequent advices confirmed, the British forces being obliged to retreat a long distance. A new French 5% loan of unlimited issue was announced Nov. 25, with subscriptions to close Dec. 15. We report the details under our narrative for December. During the month, also, a one-year credit of 815,000,000 in favor of French industrial interests was opened in this country by a banking syndicate formed by William P. Bonbright & Co., Inc., of this city, and Bonbright & Co., their Paris corre­ spondents. It was stated that, although this credit was not for the French Government, it was made with its approval, and that the syndicate managers expected shortly to com­ plete arrangements for an additional 815,000,000 credit. The entire 830,000,000 was to be spent in the United States for commodities. The credit was to be in the form of ac­ ceptances which, it was understood, would run for 90 days, with the privilege of three renewals, the interest rate to be 5 % with one-half of 1 % extra for each renewal. The National City Bank, as central depository of Great Britain and France, on Nov. 15 received about 872,000,000 as a result of the pay­ ment of the first installment of 15% on account of the 8500,000,000 Anglo-French loan. On Nov. 29 it received a fur­ ther 8144,000,000 in response to a second call, this time for 30%, issued on Nov. 18. A credit of 850,000,000 was also arranged with large banks throughout the United States in favor of eight of the great London banks, namely, Lloyds, the London City & Midland, the Union of London & Smiths, the London County & Westminster, Parr’s Bank, Barclay 6 Co., the National Provincial Bank of England and the London Joint-Stock Bank. The credit was for six months, bore 4%% interest and was secured by a deposit in the Bank of England of £11,000,000 British Government bonds. Each bank entering into the transaction was to receive the joint obligations of each of the eight London banks. The ar­ rangement provided that the credit was to be drawn in dol­ lars and that when the participating banks in Great Britain desired to make payments for their clients in this country, they would draw upon the New York banks against this credit in the proper amount. There was to be no renewal of the credit at the end of the six months’ period. It was understood that additional credits for 8100,000,000 would   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  follow as needed in the form of separate transactions. Ne­ gotiations were also understood to be pending for a loan by American banking interests to the Russian Government. On Nov. 19 the question of mobilizing British-owned Amer­ ican securities in England was the subject of a conference at the British Treasury Department in London between Regi­ nald McKenna, the Chancellor of the Exchequer, and repre­ sentatives of the leading British insurance companies. This had reference to the acquisition of the holdings of the insur­ ance companies and was preliminary to the general mobiliza­ tion scheme which was developed the next month. The congestion of export freight at railroad terminals on the Atlantic seaboard reached such serious proportions that unusual measures were required to cope with it. At a meet­ ing of the Trunk Line Association on Nov. 24 it was agreed to reduce the free storage time on export freight not consigned on through bills of lading from 30 days to 15 days. The ar­ rangement was not to go into effect, however, until Jan. 1 1916, and it was questioned whether it would provide the de­ sired remedy. The Del. Lack. & West, declared an embargo effective at midnight Nov. 27 on all shipments for export. The Penn. RR. and the Balt. & Ohio followed on Nov. 29 with an embargo on certain exports. In the case of the Penn, the embargo applied to all grain for export at Philadelphia and Baltimore and on shipments of lumber and flour for ex­ port at New York. Iron and steel shipments for export at New York were alone affected by the embargo declared by the Balt. & Ohio. The congestion was the result of a scarcity of steamers and lighters, and on Nov. 30 it was the subject of a conference of railroad presidents at the executive offices of the Penn. RR. in New York City. The conference was held at the instance of Samuel Rea, Pres, of the road, for the purpose of taking action for remedying conditions, and it resulted in the appointment of a committee delegated to meet daily and devise methods of relief. A statement from Chicago at the end of the month estimated that there were about 50,000 oaded freight cars here in the East awaiting unloading into vessels for export, where normally the number was only 10,000. The practice indulged in by Western shippers in for­ warding consignments without first engaging steamers to carry the exports was largely blamed for the situation. Pittsburgh dispatches stated that the freight congestion would not seri­ ously affect the transportation of war munitions and other materials made for European Governments. Shipments to France and Great Britain, it was averred, were being made in bottoms provided by those countries, while Great Britain was taking care of all Government freight for Russia, including thousands of steel cars being made in the Pittsburgh district. The interests chiefly affected were those shipping to private buyers abroad, their consignments being held until all Government freight had been loaded. An important event of the month was the commandeering by the Dominion Government on Sunday, Nov. 28, of all high-grade wheat stored in elevators in Canada from Fort William, on Lake Superior, to the Atlantic Coast. The amount taken over was later reported at 15,612,681 bush­ els. Canada had raised a phenomenal crop in 1915, and it was estimated the grain-growers still held nearly 200,000,000 bushels of wheat. The British Government had made in­ quiries for supplies, but had not indicated the methods to be employed, and the Dominion Government felt that if Govern­ ment purchases should be made in the open market the result would be a prodigious rise in prices similar to that which oc­ curred in 1914 after the outbreak of the war. The Canadian authorities stated that the price to be paid for the wheat would be fixed on a “fair basis,” and on Nov. 29 the prices were announced as being 81 04% for No. 1 Northern, 81 03% for No. 2 Northern, and 93 %c. for No. 3, these being the closing prices on the Winnipeg Grain Exchange on Nov. 27. The action of the Canadian Government naturally had some­ what of a disorganizing effect on the grain market. The Win­ nipeg Grain Exchange met on Sunday, Nov. 28, and adopted a resolution barring trading in wheat futures, but on the fol­ lowing day,Monday,agreed to resume trading in futures the next day (Tuesday, Nov. 30). At Chicago initial prices Nov. 29 were l%@2%c. higher, December wheat opening at 81 05@81 06, as against 81 03% at the close Saturday, Nov. 27, and May wheat opening at 81 07@81 08%, as against 81 06 @81 06%. The close Nov. 30 was 81 05 for the December option and 81 07% for the May option. De­ cember wheat at Chicago was at its lowest Nov. 1 at 81 00% and at its highest Nov. 5 at 81 07. The May option was at its lowest at 81 02% Nov. 1 and at its highest at 81 08% on Nov. 30. There was a sharp rise in both corn and oats the latter part of the month, December corn at Chicago selling up from 57% Nov. 1 to 65% Nov. 26, with the close Nov. 30 at 64 cents, and the December option for oats moving up from 38 cts. Nov. 9 to 42 cts. Nov. 29, with the close at 41%cts. Business activity continued to expand. In the iron and steel Business activity continued to expand. In the iron and steel trade the demand was phenomenal, and the “Iron Age,” in one of its weekly reviews stated: “The steel trade is rushing on at a speed which may easily carry it past any danger sig­ nal. The rapid advance of prices is viewed with concern in some quarters, but the protests are rather of helplessness in the face of such a situation. The Penn. RR.’s announce­ ment of the withdrawal of its inquiry for 11,000 cars on which the bids showed a startling advance in prices—nearly 100% in some cases over the lowest car bids of the year—is the first strong demurrer in the home market.” Advances in prices were by leaps and bounds and so persistent and uninterrupted  RETROSPECT  55  that it was almost impossible to keep track of them, especially I Suez Canal for military reasons and the rumors had some in­ in the case of finished steel. Steel bars and beams at Pitts­ fluence in certain directions, tin rising sharply, for instance, burgh advanced $4 more per ton from 1.50c. to 1.70c. per lb. and it took several days to determine that there had been no and tank plates at Pittsburgh rose $8 a ton, or from 1.5Qc. interruption to traffic through that waterway. The Sea­ to 1.90c. per lb., at which figure comparison was with only men’s Act, put upon the Federal statute book at the previous 1.05c. a lb. twelve months before. Bessemer steel billets at session of Congress and containing many burdensome re­ Pittsburgh advanced from $25 per ton to $29, and open- strictions upon the operation of American ships, went into hearth billets from $26 to $30, both comparing with ony $19 effect Nov. 4 so far as vessels of the United States are con­ twelve months before. Galvanized sheets jumped from 3.60c. cerned. The Pacific Mail Steamship Co. had in anticipation to 4.75c., this comparing with only 2.85c. twelve months withdrawn its service from the Pacific Ocean (selling its previously. But even the higher quoted prices did not indi­ steamers), and curtailment of steamship service by Ameri­ cate the full measure of the advance, as large premiums were can ships in other directions also resulted. In so far as offered for prompt delivery. The “Iron Age” stated in its the Act applies to foreign vessels, its provisions issue of Dec. 2 that new export business had been checked by do not become operative until March 4 1916. Cable dispatches indicated that subscriptions to the third the action of leading producers in refusing offers from abroad at several dollars a ton above domestic prices, also by the rail­ Austrian war loan had reached a total of 4,015,000,000 crowns road embargo and the stringency in the ocean freight situa­ ($803,000,000) and that the aggregate of subscriptions to tion. In one case it was stated 60,000 tons of plates, shapes the third Hungarian war loan amounted to 2,000,000,000 and bars were refused, though 2.10c. Pittsburgh was offered. crowns ($400,000,000). In Germany at the end of the Copper advanced over 2c. a lb.. Lake touching 20c. and elec­ month the text of a contemplated law for taxing the war trolytic 19 %c. Railroad earnings reflected the growing re­ profits of joint stock companies was made public in Berlin. vival in very large increases in gross, and yet larger increases It compelled such companies and other entities to carry as a proportionately in the net. Complete October tabulations reserve 50% of the additional profits made during the period showed $37,087,941 gain in gross, or 13.57%, and $30,079,562 of the war. There was no intimation as to how much of the gain in net, or 33.70%, while complete compilations for No­ war profits the State would levy upon beyond indicating vember (not available until the following January) showed that the proportion would not exceed 50%, and it seemed to $66,310,622 gain in gross, or 27.58%, and no less than $50,- be intended to insure investments in war bonds, since it was 002,894 gain in net, or 73.52% stated that payment might ultimately be made in such Rumors of peace negotiations were again rife, but met with bonds. On the London Stock Exchange official announce­ no encouragement from the Entente countries. Germany or ment was made Nov. 23 that the minimum price restrictions Austria, or both, were represented as being secretly engaged that had been put into operation at the outbreak of the war in fathering peace plans, and yet report had it that the and subsequently on a number of occasions had been modified, German Socialist newspaper “Vorwaerts,” of Berlin, had been were in numerous instances to be abolished. The new order suspended by the German Government for its outspoken still left the minima effective in a large number of Colonial comment on the subject and its demand that Germany should Government and British railway bonds and preference shares. state the terms upon which it would conclude peace. Eng­ It applied, however, to all Indian and Colonial corporation lish and French political leaders all ridiculed talk of peace. stocks and all foreign stocks and bonds as well as to Consols Premier Asquith, in a speech at the Lord Mayor’s banquet, and the annuity issues. The effect of the announcement said: “We shall not falter nor pause until we have secured was to bring the open prices for securities down to the basis for the smaller States of Europe their charter of independence at which they had in fact been appraised in the market. and for Europe itself final emancipation from a reign of Consols which had been officially quoted at 65 at once force.” The new French Premier, M. Aristide Briand, said dropped to 57, but enjoyed a quick recovery and on Nov. 27 to American newspaper correspondents in Paris: “We can were quoted at 60%. The closing quotation Nov. 30 was think of nothing but to drive forward to complete success by 58%. It appeared that out of £536,000,000 Consols out­ arms. Even to mention a peace by compromise or concession standing only £204,000,000 had taken advantage of the op­ is to be untrue to those who are giving their lives at the front.” portunity to exchange into the new British loan, while even In Italy, according to cable advices from Rome, the utter­ of the old war loan only £135,000,000 out of the £350,000,000 ances of one member of the Cabinet to the effect that Italian issue had been turned in for exchange; of all other Govern­ interests would be best served by assisting in a movement ment securities only £8,400,000 out of an outstanding total toward a restoration of peace was said to have caused angry i of £33,626,000 sterling was utilized in this way. Thus alto­ protests and to have led to bitter recriminations. gether only £347,400,000 of other issues were converted into One of the startling events of the month was the sinking the latest war loan. Operations on the Tokio Stock Ex­ of the Italian liner Ancona in the Mediterranean Sea on change in Japan were suspended Nov. 30 on account of gigan­ Nov. 7 by a submarine flying the Austrian colors. The tic speculative manipulation for higher prices. As in the steamer is stated to have had 482 persons on board, including case of the United States, large purchases of war munitions passengers and crew; of these 149 were reported missing, in­ had caused in Japan great business activity, and this in turn cluding some Americans. The Captain of the Ancona sub­ produced a great rise in stock prices and engendered specula­ mitted a report in which he stated that the submarine gave tive activity and manipulation. Japanese steamship com­ no warning to the liner and did not afford those on board the panies put a virtual embargo upon the exportation of gold vessel any chance to escape. The act appeared to be a repe­ from Japan to United States by increasing their freight rates tition of the course of the German submarine in sinking the on the metal so as to make exportations of it to this country Lusitania, and accordingly there arose apprehensions of practically prohibitive. This they were able to do, owing renewed diplomatic troubles, this time with Austria. On to the fact that with the withdrawal by the Pacific Mail the other hand, some of the survivors were quoted as stating Steamship Co. of its service on the Pacific Ocean Japanese that the Ancona had been overhauled and warning given for steamships were about the only ones operating between the the removal of the passengers. The Ancona had sailed from United States and Japan. Dollar exchange between Aus­ New York for Naples on Oct. 17 and had arrived on Oct. 29, tralasia and the United States was inaugurated through the on which trip she had on board over 1,000 Italian reservists establishment by the Bank of New Zealand of direct relations and a general cargo. The State Department at Washington with the Irving National Bank of New York and other finan­ undertook an investigation and on Nov. 17 received from cial institutions in this country. This was done so as to ob­ American Ambassador Penfield at Vienna a statement from viate the loss resulting from the decline in sterling exchange. the Austrian Government, giving its version of the affair. The Dominion of Canada brought out a $50,000,000 5% do­ Austria admitted the attack, but denied that the vessel had mestic loan running for 10 years. The bonds were offered at been sunk without warning. It was declared that the sub­ 97% with subscriptions payable 10% on application, 7%% marine had fired a warning shot across the bow of the steamer, Jan. 3 1916 and 20% each Feb. 1, Mar. 1, April 1 and May 1 whereupon the latter had fled at full speed, and did not stop 1916. It was provided that in the event of future Govt, issues until receiving several hits; furthermore, that forty-five min­ —other than issues made abroad—for the purpose of carrying utes had been given passengers and crew to leave the ship. on the war, bonds of this issue would be accepted at the same Winston Churchill delivered a speech in the House of Com­ price (97%) as the equivalent of cash for the purpose of sub­ mons in his own defense on Nov. 15, following his resigna­ scriptions to such issues. Recognized bond and stock bro­ tion from the Cabinet some time before. “I won’t have it kers were allowed a commission of % of 1% on allotments said,” was his dramatic assertion, referring to the Darda­ made in respect of applications bearing their stamp. The nelles attack, “that this was a civilian plan foisted by a po­ subscription lists closed Nov. 30 and on Dec. 2 it was an­ litical amateur upon reluctant officers and experts.” The nounced that there had been 26,000 separate subscribers for purpose of the speech was to indicate that in every case ex­ a grand total of $110,000,000 bonds. Subsequently it was perts had counseled and concurred in the course before any announced that with the consent of the subscribers an aggre­ of the expeditions which had more recently been so severely gate of $104,000,000 of bonds would be allotted. criticized were undertaken. The American ship Zealandia, The November elections attracted special attention by rea­ was reported to have been forcibly searched by a party from son of the fact that constitutional amendments providing for a British cruiser while lying in the Mexican port of Progreso. woman’s suffrage were voted on in several Eastern States. In response to an inquiry by the American Government, the In New Jersey such an amendment had been defeated at a British Government stated that its information was that the special election the previous month by a vote of 184,474 Zealandia when searched was outside the three-mile neutral “against” and 133,201 ballots “for.” Now woman suffrage zone at Progreso, and thus technically on the high seas. was also defeated in New York, Pennsylvania and Massa­ Convictions for violating the neutrality of the United States chusetts. In New York the vote was 748,332 “no” and by conspiring to hire men in this country for the British 553,348 “yes”; in Massachusetts 295,702 “no” and 162,615 Government were obtained against two men in San Francisco “yes”; and in Pennsylvania 441,034 “against” and 385,348 on Oct. 27. The convictions were under an old statute which “for.” A new constitution in New York, voted on at the makes it a crime of conspiracy to employ men on American same time, was overwhelmingly defeated, only 400,423 ballots soil for military service abroad. There were rumors early being cast in favor of it and 910,462 ballots against it. In in the month that the British Government had closed the Massachusetts an amendment giving full power to the Legis-   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  56  RETROSPECT  lature to levy a State income tax was adopted.The U. S. Su­ preme Court upheld the validity of the Alien Labor Law of New York State, enacted in 1909, prohibiting the employ­ ment of aliens on State and city public works. The opinion was by Justice McKenna, who said the case was controlled by the principles laid down in Atkin vs. State of Kansas (191 U. S. 207), in which it was declared that “it belongs to the State, as guardian and trustee for its people and having control of its affairs, to prescribe the conditions upon which it will permit public work to be done on its behalf or on behalf of its municipalities.” The law was called in question in the matter of the employment of alien labor in the construction of the subways in New York City, and had been modified the previous March after the decisions in the State courts sus­ taining the law when it appeared that enforcement of its provisions would bring work on the subways to a standstill. In an action against the N. Y. Central RR., the N. Y. Court of Appeals decided that the New York State Workmen’s Compensation Law applies to employees of railroads engaged in inter-State commerce until such time as Congress shall enact a Federal Workmen’s Compensation Law. The Court also held that the State Compensation Law does not impose any unreasonable condition upon inter-State commerce. The Arizona Anti-alien Labor Law was held unconstitutional by the U. S. Supreme Court Nov. 1. This law provided that an employer of more than five workers at any one time in the State must employ not less than 80% qualified electors or native-born citizens of the United States. The opinion was by Justice Hughes, who was careful to note that the case did not involve the question of the employment of alien laborers on public works, but dealt rather with private industry. This differentiated it from the Alien Labor Law of New York, which prohibits the employment of aliens on public works. He said the Arizona law would exclude aliens from Arizona, since aliens could not live where they could not work, and the result would be that although the United States had the power of admitting aliens to the country, the States could keep them out by such legislation as the Arizona law. The Massachusetts law providing that employees in and about steam railroad stations “shall not be employed for more than nine hours in ten hours of time, the addi­ tional hour to be allowed as a lay-off,” was declared unconstitutional by the Massachusetts Supreme Court on Nov. 23. The Court held that the question was governed by a decision of the U. S. Supreme Court, which had declared that a statute prohibiting labor for more than ten hours a day in an ordinarily healthy occupation was an “illegal in­ terference with the rights of individuals, both employers and employees, to make contracts regarding labor upon such terms as they think best.” The temporary injunction sought by the Great Atlantic & Pacific Tea Co. against the Cream of Wheat Co. was denied Nov. 10 by the U. S. Circuit Court of Appeals at New York. The proceedings involved the appli­ cation of Section 2 of the Clayton Anti-Trust Act, making it unlawful for any person “engaged in commerce to either direstly or indirectly discriminate in price between different purchasers of commodities,” but with substantial qualifica­ tion, and providing, furthermore, that nothing contained in the Act “shall prevent persons engaged in selling goods, wares or merchandise in commerce from selecting their own cus­ tomers in bona fide transactions and not in restraint of trade.” The Great Atlantic & Pacific Tea Co. endeavored to compel the Cream of Wheat Co. to continue to sell to it its product after the defendant had decided to sell only to wholesalers, and also sought to enjoin the defendant from sending to the trade requests not to sell Cream of Wheat to the Tea Co. Judge Lacombe in delivering the opinion of the Court pointed out that the Cream of Wheat Co. had elected not to sell to consumers or retailers, but to confine its sales exclusively to wholesalers, and this it had a perfect right to do. He said it was “no offense against common law, statutes, public policy or good morals for a trader to confine his sales to per­ sons who will buy from him in large quantities,” and the Clayton Act itself expressly recognized the existence of this right. The Federal Court for the District of South Dakota, Southern Division, sitting at Sioux Falls, held the 1915 South Dakota Blue Sky Act unconstitutional. The InterState Commerce Commission on Nov. 10 denied the petition of the Western railroads for a reopening of the Western Freight Rate Advance Case, but announced that it would undertake on its own initiative an investigation of the rates, rules and practices in relation to the transportation of live stock, fresh meats and packing house products in Western Classification Territory. An important event of the month was the launching of a new organization known as the American International Corporation, under the support of powerful leaders in trade and finance, for the purpose of furthering trade between the United States and foreign countries; $25,000,000 of the $50,000,000 capital stock was offered to stockholders of the Na­ tional City Bank of New York, and $24,000,000 to those in­ stitutions and individuals who had agreed to aid in the pro­ motion of the company; the other $1,000,000 consists of preferred stock which can be held only by such directors as are actively engaged in the management of the company, and the more important officers and employees. The com­ mon and preferred are to be treated alike until an aggregate of 7% shall have been paid or declared on both classes of stock during any one year. Thereafter the preferred stock is to be entitled to receive one-fifth of any further distribution of surplus during that year and the common stock is to be   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  entitled to receive four-fifths thereof. Frank A. Vanderlip, President of the National City Bank, in an interview pointed out that no other American corporation had ever tried the scheme of issuing managers’ shares, although it had been tried frequently in England and Germany. The purpose of course is to attract men of high character and ability to the corporation. Chas. A. Stone of Stone & Webster was made President of the corporation. Only 20% of the stock was to be called for until the business of the corporation assumes proportions requiring additional capital. Secretary of the Treasury McAdoo on Nov. 24 announced that he had determined to appoint the Federal Reserve banks as depositaries and fiscal agents of the Government, and with that end in view, beginning Jan. 1 1916, transfer “to each of the Federal Reserve banks the funds of the Government now on deposit with the national banks in each of the cities in which a bank is located, thus giving to each of the Reserve banks the funds held by the national banks in its own city.” It was estimated that the total amount to be transferred would amount to $8,436,000. A second installment of the reserves required to be held with Federal Reserve banks by member banks fell due Nov. 16. The banks in the Central Reserve Cities were required the previous year to deposit in full the whole of such portion of the reserves as must be held with the Federal Reserve banks, namely 7% out of 18%, but member banks in Reserve cities had to deposit only 3% out of 15% and now had to increase to 4% (with additional amounts to come later on), and country banks had to increase their proportion from 2 % out of 12 % to 3 % (also with further installments to be paid at stated intervals in the future). Attorney-General Gregory gave an opinion holding that the Federal Reserve Board did not possess the power to abolish any of the twelve Reserve districts or the twelve Reserve banks in those districts as established by the Organization Committee. The Comptroller of the Currency, in the call issued for a statement of the condition of national banks on Nov. 10, required information on a number of items never previously called for, just as he had requested special infor­ mation in preceding calls. One of the new inquiries asked for the number of new loans and discounts since the last state­ ment and the number of such loans renewed in full or in part; another inquiry asked as to the membership of the executive (or finance) committee, how many years each member had served continuously on such committee, how often such com­ mittee met, the names of directors who had been members of the board continuously during the preceding five years but had not served on the executive (or finance) committee in that period, &c., &c. The department in the New York Clearing House for the collection of out-of-town checks re­ ported on Nov. 1 a further increase in the number of institu­ tions on its discretionary list, bringing the number up to 492. The out-of-town collection department had begun operations on Aug. 9, and at that time the discretionary list contained the names of but 388 institutions. The Boston ClearingHouse Association, under new regulations, permitted mem­ bers and non-members to receive upon deposit at par checks and drafts on many additional points outside of New Eng­ land. The Wisconsin Bankers’ Association put into effect a rule imposing a charge for the presentation of drafts, whether paid or not, and for the furnishing of credit information. Former U. S. Senator James Smith Jr. of New Jersey made an assignment Nov. 20 for the benefit of his creditors, placing his affairs in the hands of the Fidelity Trust Co. of Newark as trustee. On the same day he withdrew from the presidency of the Federal Trust Co. of Newark. A committee of bank men made an investigation of the books of the Federal Trust Co. and reported it in “sound and safe contition.” Mr. Smith was induced to take such action by the fact that National Bank examiners who had examined the banks from whom he had been borrowing for himself or for the companies in which he was interested, had reported to the Comptroller of the Currency that his affairs were in a dangerous condition. Mr. Simth’s outstanding obligations were estimated at $1,750,000. He owned all the stock of the Newark Daily Advertising Publishing Co., which publishes the Newark “Eagle” and the Newark Evening “Star.” Railroad Events and Stock Exchange Matters.—The stock market manifested much quieter conditions. Transactions were on a reduced scale and there was an absence to a great extent of the manipulative practices so decidedly in evidence in preceding months. In the early part repetition of peace rumors induced a heavy liquidation in the war stocks. The declines in prices then experienced in this class of shares were not recovered subsequently except in a few instances, though at the lower level of values cnosiderable firmness was dis­ played. The railway shares continued to command increased interest, and in some instances made new high records early in the month, this being particularly true of Can. Pac., which on Nov. 1 touched 194 against 160 Oct. 1. The rise was due to the wonderful increases shown in the company’s weekly returns of earnings. Generally speaking, however, the railroad stocks did not follow an independent course, but fluctuated with the general list, usually reacting when the industrial shares moved downward and resuming their upward course when the industrial list moved forward again. On the whole, the market may be said to have been decidedly irregular for both the war stocks and the railroad list. The copper stocks, though, displayed exceptional strength, and many of them made new high records for the year the latter part of the month, on the advance in the price of the metal to 20 cents a pound. A few specialties, like General Motors  RETROSPECT common and Texas Company (oil), made further phenomenal advances. Pac. Mail Steamship Co. distributed $25 per share in liquidation—see remarks under Oct. and under Dec. Atch. Top. & Santa Fe arranged to issue $10,000,000 new pref. stock; J. P. Morgan & Co. disposed of the entire amount at private sale subject to approval of P. U. Comm, of Kansas. Kuhn, Loeb & Co. and Speyer & Co. offered for subscrip­ tion $60,000,000 Balt. & Ohio 5% ref. and gen. mtge. bonds, part of the proceeds being intended to redeem $40,000,000 notes maturing in 1917 and 1918, subject to prior redemp­ tion. Republic Ry. & Light disposed of $3,000,000 3-yr. notes and $7,000,000 5-yr. bonds of Mah. & Shen. Ry. & Lt. Co., mainly for refunding purposes and to furnish funds for construction. Maine Central new 1st 20-yr. 4J^% bonds for $7,000,000 along with $3,000,000 5% cum. pref. stock were offered at par to stockholders for purchase, or exchange for stock, as part of the plan to retire $10,000,000 of the $24,907,467 stock of the company. Kans. City Term. Ry. disposed of $5,000,000 4^% 3-yr. notes in order to retire £1,000,000 3-yr. 5% notes. Clev. Cin. Chic. & St. L. Ry. gen. 1st 5s for $4,161,000 were sold by N. Y. Cent, through J. P. Morgan & Co. Chic. Gt. Western made an initial div. of 1% on its 4% cum. pref. stock. Amer. Cotton Oil for the first time since 1911 madeadiv. on com.,being 1% quar. Central Leather declared 4% on com. payable Dec. 30, this comparing with 3% Feb. 1915 and 2% Feb. 1914. Stude­ baker Corp, declared 1% extra on com. in addition to 1^% quar. Continental Motor Mfg. Co. declared a stock div. of 100% on com. Copper Range Co. resumed div. by declaring $3 per share, this being the first payment since Oct. 1 1913. Gen. Chemical Co. declared an extra stock div. of 5% and a special stock div. of 10% upon com. Rep. Iron & Steel, which resumed in Oct. on pref., declared 1 % % quar. on pref. and 1 % extra on account of arrears. Crucible Steel resumed with 1M% quar. on pref. Duplicating its action in Sept., the St. Joseph Lead Co. declared 15 cts. a share quar., to­ gether with 10 cts. extra. Pittsb. Brewing, after having suspended the previous Feb., resumed on pref. by declaring 1%. Pennsylvania Co. sold its holdings of Cambria Steel Co. stock to financial interests (who subsequently transferred it to the Midvale Steel & Ordnance Co.) and a portion of its holdings in Penn. Steel Co. at a profit estimated at $15,700,000. Stock Fluctuations.  Nov. 1.  Nov. 30.  Range for Month.  Low. High. Railroads— >106% >106% Nov 10 111% Nov 4 109 Atch Top & Santa Fe. 93 Nov 10 95% Nov 4 94 95 Baltimore & Ohio.__ 181% Nov 10 194 Nov 1 Canadian Pacific____ 184 % 2:183 62% 63% 60% Nov 10 64% Nov 24 Chesapeake & Ohio__ 94% 93% Nov 29 96% Nov 1 95 Chic Milw & St Paul.. 43% 40% Nov 10 45% Nov 19 Erie_________________ 43 ys 123% Nov 9 128% Nov 5 126 Great Northern, pref. 126 129 126 Nov 19 130% Nov 4 127% Louisville & Nashville. 100% Nov 10 104% Nov 4 103% 102% N Y Cent & Hud River 72% Nov 27 83 Nov 1 N Y N H & Hartford. 83 76% 2:117% 116% Nov 9 122% Nov 3 Norfolk & Western__ 120 114 Nov 9 117% Nov 19 Northern Pacific____ 116% 116% 1/60 1/58% Nov 10 y>61% Nov 3 I/z60 Pennsylvania (par $50) 1/80% Nov 10 1/85% Nov 3 If84 1/82 Reading Co(par$50).. 99% Nov 8 103% Nov 10 102 X 2:101% Southern Pacific Co.. 23% 22% Nov 10 26 Nov 1 Southern Railway___ 25% 135 Nov 9 141% Nov 18 Union Pacific._______ 139% 140% Industrial, &c.— 27 Nov 10 42% Nov 1 42% 34% Allis-Chalmers Mfg__ 71% Nov 10 83 74% 82 Nov 29 Preferred__ __ _____ 70 Nov 3 72% *72 73 74% Nov 8 Amer Agrlc Chemical65 Nov 9 71% Nov 30 70% American Beet Sugar. 67 63 56% Nov 10 64% Nov 26 62% American Can_______ 76% Nov 10 88% Nov 3 Amer Car & Foundry. 87% 81% 135% Nov 9 150 Nov 1 147 Amer Coal Products.. 150 58% Nov 10 73% Nov 29 American Locomotive. 71 71% 90% Nov 3 zl01% Nov 26 >99 Amer Smelt & Refining 93% 46 Nov 10 54% Nov 1 54 50% American Woolen___ $81% Nov 3 $91% Nov 17 $82% $88% AnacondaCop (par$50) 105% Nov 10 137% Nov 1 114 134 Baldwin Locomotive.. 400 Nov 10 500 Nov 1 460 Bethlehem Steel Corp. 500 59% 56 Nov 10 61% Nov 1 Central Leather _____ 59% 48% Nov 9 58% Nov 1 51% Colorado Fuel & Iron. 58% 85 Nov 10 100 Nov 1 99% 90 Continental Can____ 74% 67 Nov 10 85 Nov 1 85 Crucible Steel of Amer 111 Nov 10 174% Nov 30 173 Cuban-Amer Sugar__ 119% 328% Nov 27 340 Nov 1 *326 330 340 General Chemical___ 462 365 Nov 3 476 Nov 29 395 General Motors.......... 67% Nov 10 77% Nov 1 71% Goodrich (B F)______ 77 $45% $41% Nov 10 $47% Nov 17 $46% Insp Con Cop (par $20) 82% 67 Nov 10 85% Nov 26 83% Lackawanna Steel 74% 62% Nov 10 83 Nov 1 82% Maxwell Motor______ 60 Nov 10 72% 65% 73% Nov 1 Pressed Steel Car____ 42% Nov 10 49% Nov 4 *45 47% 49 Railway Steel Spring.. 51 47 Nov 10 55% Nov 1 54% Republic Iron & Steel. 153% 140 Nov 9 173 Nov 1 Studebaker Corp (The) 173 211 165 Nov 10 220 Nov 24 Texas Co (The) _ _ _ 170% 101% Nov 10 125 Nov 30 125 120% U S Industrial Alcohol 54% 52% Nov 10 58% Nov 5 U S Rubber _____ 56% 83% Nov 9 88% Nov 1 86% 88% United States Steel__ 81% Nov 1 88 90 Nov 4 Western Union Teleg. 81% J Quoted ex-dlvldend during the month and prior to this date, x Ex-dlvldend. * Bid and asked price; no sale, y Quoted S per share beginning October.  The Money Market.—Notwithstanding the large payments on account of the Anglo-French loan and the gradual widen­ ing of trade activity, the local money market remained ex­ tremely easy and time money rates dropped to still lower figures. The continued importations of gold, of course, tended to accentuate monetary congestion. The range for call loans during the month was 1 J^@2; time loans Nov. 30 were 2)4 for 60 days, 2)4 for 90 days, 2)4@2% for 4 mos. and 2^4 for 5 and 6 mos. Commercial paper was 2% @3 for the best double and single names and 3 )4 @3 Vz for good single names. Money holdings of the N. Y. Clearing House banks and trust companies increased still further, rising from $525,369,000 Nov. 6 to $537,138,000 (the maximum of the year) Nov. 20, but the next week dropped and Nov. 27 were only $521,335,000. Gold on deposit with the Federal Reserve Bank increased to $169,031,000 Nov. 13, but was   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  57  only $165,102,000 Nov. 27. Surplus reserves fluctuated from week to week, but were only $183,477,340 Nov. 27, against $196,215,170 Oct. 30. Loans further increased from $3,044,229,000 Oct. 30 to $3,133,235,000 Nov. 27, and de­ posits ran up from $3,269,811,000 Oct. 30 to $3,370,206,000 Nov. 20, and then fell to $3,362,137,000 Nov. 27. Foreign Exchange, Silver, &c.—The foreign exchange mar­ ket showed great strength and rising quotations almost throughout the whole month, with the result that sterling demand bills, which on Nov. 1 sold at $4 61)4'@4 63)4, had risen by Nov. 30 to $4 69)4 @4 71)4 • The trade balance continued to accumulate infavor of the United States in pro­ digious amounts, but, on the other hand, $216,000,000 was placed to the credit of the Anglo-French authorities on ac­ count of the $500,000,000 Anglo-French loan, besides which an independent $50,000,000 American credit for British banks was arranged in this country and a $15,000,000 credit in favor of French industrial interests was also opened in this country. The continued large importations of gold tended further to relieve the pressure on exchange. Consignments of the metal were received on almost every steamer, and $60,981,540 altogether was imported during the month. Exchange was also favorably influenced by the much higher discount and money rates prevalent in London. On Nov. 13 the Bank of England, while keeping its minimum at 5%, began charging 5)4% in its regular transactions with banks. This had the effect of producing a state of nervousness and causing London banks to advance their open market rates. This latter advance, however, was found difficult to maintain, and open market discounts for 60 to 90 days’ bank bills Nov. 30 were 5)4%. German exchange was very weak. On Nov. 30 sight mark bills touched 79 9-16, the lowest figure on record up to that time, while Austrian kronen bills drawn on Vienna dropped to 14.10, also the lowest on record up to that time, though still lower depths were reached in December in both instances. French exchange, on the other hand, was very strong, being quoted at 5.87 francs to the dollar, Nov. 30, against 5.95% Nov. 1. The Bank of England’s bullion holdings were heavily reduced during the month. An open market rate of 4% was reported from Ber­ lin, with no quotations from other Continental cities. Sil­ ver in London enjoyed a noteworthy rise, advancing over 3d. and being quoted at 27 3-16d. Nov. 30. MONTH OF DECEMBER.  Current Events.—There were further disturbing develop­ ments in connection with the submarine warfare of the Teutonic countries, while the difficulties of the British Min­ istry on account of the ill-success attending its conduct of the war increased; at the same time an important change in British policy with regard to the war in the Dardanelles oc­ curred, a large portion of the British forces being withdrawn from the Gallipoli Peninsula. The session of the 64th Con­ gress opened on Monday, Dec. 6, and there was naturally considerable interest in the contents of the President’s Mes­ sage, which was read by Mr. Wilson in person at a joint ses­ sion of the Senate and House on Dec. 7. The keynote of the Message, as had been expected, was the Administration’s policy with respect to the national preparedness of the coun­ try in all its phases—military, naval, industrial and financial. The Message made it evident that the President had con­ siderably changed his views in that regard. In his annual message the previous year he had dealt with the assertion that the United States was not prepared for war by asking: “What is meant by being prepared?” and had then gone on to add: “Is it meant that we are not ready upon brief notice to put a nation in the field, a nation of men trained to arms? Of course we are not ready to do that; and we shall never be in time of peace so long as we retain our present political principles and institutions.” But could we defend ourselves from attack? “We have always found means to do that and shall find them whenever it is necessary, without calling our people away from their necessary tasks to render compulsory service in times of peace. * * * We shall not turn America into a military camp. We will not ask our young men to spend the best years of their lives making soldiers of themselves. Our energy will know how to declare it­ self and make itself effective, should occasion arise.” This was the previous year. In his present message Mr. Wilson said: “But war has never been a mere matter of men and guns. It is a thing of disciplined might. If our citizens are ever to fight effectively upon a sudden summons, they must know how modern fighting is done, and what to do when the summons comes to render themselves immediately avail­ able and immediately effective.” Accordingly, he argued in favor of a large increase in the army and a considerable ex­ tension of the navy. Speaking with reference to the attempts of German-Americans in this country to destroy the trade in munitions with belligerent countries, he denounced those “who have sought to bring the authority and good name of our Government into contempt, to destroy our industries wherever they thought it effective for their vindictive pur­ poses to strike at them and to debase our politics to the uses of foreign intrigue.” He urged Congress to enact adequate Federal laws for dealing with such conspiracies and intrigue. He also made known the intention to present to Congress proposals for the purchase or construction of ships to be owned and directed by the Government, along the lines of the meas­ ure submitted to the previous Congress, but modified in some particulars. For the purpose of raising money for ad­ ditional revenue, he suggested an increase in income taxes,  58  RETROSPECT  the extension of the Emergency Revenue Act, the continu­ ance of the duty of 1 cent per pound on sugar, which under the Tariff Law of 1913 was to be repealed on May 1 1916, and the imposition of taxes on gasoline and naphtha, on auto­ mobiles, on bank checks, on pig iron and on fabricated iron and steel. A joint resolution was promptly passed by Con­ gress continuing the Emergency Revenue Act in force an­ other year, or until Dec. 31 1916. The President also took occasion to refer to the long period of trial which the railroads have had to endure, and to suggest remedial legislation, say­ ing: “The transportation problem is an exceedingly serious and pressing one in this country. There has from time to time of late been reason to fear that our railroads would not much longer be able to cope with it successfully, as at present equipped and co-ordinated. I suggest that it would be wise to provide for a commission of inquiry to ascertain by a thorough canvass of the whole question whether our laws as at present framed and administered are as serviceable as they might be in the solution of the problem. It is obviously a problem that lies at the very foundation of our efficiency as a people.” In response to the President’s suggestion, here made, resolutions were promptly introduced in Congress providing for the appointment of a committee of inquiry. The new developments relating to submarine warfare arose out of the sinking the previous month of the Italian liner Ancona in the Mediterranean Sea by a submarine fly­ ing the Austrian colors. On Dec. 6 Sec. of State Lansing sent a note to Austria through Ambassador Penfield at Vi­ enna in which the Austro-Hungarian Government was called upon to “denounce the sinking of the Ancona as an illegal and indefensible act, that the officer who perpetrated the deed be punished and that reparation by the payment of an indemnity be made for the citizens of the United States who were killed or injured by the attack.” The communication was not made public until Dec. 13, though forwarded Dec. 6. In a statement issued shortly after the disaster the Austrian Admiralty had admitted the attack on the vessel, but had denied that it had been sunk without warning. Secretary Lansing’s note, referring to this statement of the AustroHungarian Admiralty, said it substantially confirmed the principal declaration of the survivors, “as it admits that the Ancona, after being shelled, was torpedoed and sunk while persons were still on board.” It was the view of our Gov­ ernment “that the commander violated the principles of international law and of humanity by shelling and torpedoing the Ancona before the persons on board had been put in a place of safety or even given sufficient time to leave the ves­ sel. The conduct of the commander can only be charac­ terized as wanton slaughter of defenceless non-combatants, since at the time when the vessel was shelled and torpedoed she was not, it appears, resisting or attempting to escape; and no other reason is sufficient to excuse such an attack.” Our Government was forced to conclude, therefore, either that the commander of the submarine acted in violation of his instructions, or that the Austrian Government failed to issue instructions to the commanders of its submarines in accordance with the law of nations and the principles of humanity, and this latter the Government of the United States was loathe to believe. Mr. Lansing’s note concluded with the following paragraph: “The Government of the United States expects that the Austro-Hungarian Govern­ ment, appreciating the gravity of the case, will accede to its demand promptly and it rests this expectation on the belief that the Austro-Hungarian Government will not sanction or defend an act which is condemned by the world as inhuman and barbarous, which is abhorent to all civilized nations and which has caused the death of innocent American citizens.” The reply to this by the Austro-Hungarian Government was made under date of Dec. 15 and given out Saturday evening, Dec. 18, by our State Department for publication in the pa­ pers Sunday morning Dec. 19. This reply showed a dispo­ sition to palter and was not at all satisfactory, leading to active discussion of the possibility of the rupture of our re­ lations with Austria. The Austrian reply observed “that the sharpness with which the Government of the United States considers it necessary to blame the commanding of­ ficer of the submarine concerned in the affair, and the firm­ ness in which the demands addressed to the Imperial and Royal Government appear to be expressed, might well have warranted the expectation that the Government of the United States should precisely specify the actual circumstances of the affair upon which it bases its ease. * * * The Gov­ ernment of the United States has also failed to designate the persons upon whose testimony it relies, and to whom it ap­ parently believes it may attribute a higher degree of credi­ bility than to the commander of the Imperial and Royal fleet. The note also fails to give any information what­ soever as to the number, names and more precise fate of the American citizens who were on board of the said steamer at the critical moment. However, in view of the fact that the Washington Cabinet has now made a positive statement to the effect that citizens of the United States of America came to grief in the incident in question, the Imperial and Royal Government is in principle ready to enter into an exchange of views in the affair with the Government of the United States.” Our Government made prompt response to this procras­ tinating communication in a new note to the Austrian Gov­ ernment under date of Dec. 19. In this new note it was pointed out that “on Nov. 15 1915 Baron Zweidinek, the Charge d’Affaires of the Imperial and Royal Government at   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Washington, transmitted to the Department of State a re: port of the Austro-Hungarian Admiralty with regard to the sinking of the steamship Ancona, in which it was admitted that the vessel was torpedoed after her engines had been stopped and when passengers were still on board. This ad­ mission alone is, in the view of the Government of the United States, sufficient to fix upon the commander of the submarine which fired the torpedo the responsibility for having wilfully violated the recognized law of nations and entirely disregarded those humane principles which every belligerent should ob­ serve in the conduct of war at sea. In view of these admitted circumstances, the Government of the United States feels justified in holding that the details of the sinking of the Ancona, the weight and character of the additional testi­ mony corroborating the Admiralty’s report, and the number of Americans killed or injured, are in no way essential mat­ ters of discussion. The culpability of the commander is in any case established, and the undisputed fact is that citi­ zens of the United States were killed, injured or put in jeop­ ardy by his lawless act. The rules of international law and the principles of humanity which were thus wilfully violated by the commander of the submarine have been so long and so universally recognized and are so manifest from the standpoint of right and justice, that the Government of the United States does not feel called upon to debate them and does not understand that the Imperial and Royal Govern­ ment questions or disputes them. The Government of the United States therefore finds no other course open to it but to hold the Imperial and Royal Government responsible for the act of its naval commander and to renew the definite but respectful demands made in its communication of the 6th of December 1915.” Under date of Dec. 29 the AustroHungarian Government made further reply and this time it practically acceded to the request of the United States. The text of Austria’s new reply, as cabled from Vienna, was pub­ lished in the daily papers Jan. 1 1916, but the official English translation was not made public by Sec. of State Lansing until late in the afternoon of Jan. 6. It said that “the Im­ perial and Royal Government agrees thoroughly with the American Cabinet that the sacred commandments of hu­ manity must be observed also in war. * * * The jm_ perial and Royal Government can also substantially concur in the principle expressed in the very esteemed note that private ships, in so far as they do not flee or offer resistance, may not be destroyed without the persons aboard being brought into safety.” It then went into a lengthy account of the circumstances under which the Austrian submarine conducted its attack and contended that all the passengers might have been rescued if there had been no bungling on the Ancona, and that the commander of the submarine was by no means to blame for the loss of life. Nevertheless, the conclusion had been reached that the commander “had omitted to take adequately into consideration the panic that had broken out among the passengers, which rendered difficult the taking to the boats, and the spirit of the regula­ tion that Imperial and Royal marine officers shall fail in giving help to nobody in need, not even to an enemy. There­ fore the officer was punished, in accordance with the exist­ ing rules, for exceeding his instructions.” The year closed, therefore, with the idea that the Austrian submarine controversy had been satisfactorily adjusted in accordance with the views of the United States, just as the German submarine controversy had been settled earlier in the year. Unfortunately, on Jan. 1 1916, there came the startling news of the sinking of another passenger ship in the Mediterranean—by an Austrian submarine, it was presumed, though the fact was not subsequently established. The steamer sunk was the British passenger steamer Persia of the Peninsular & Oriental Line. The sinking occurred on Dec. 30 off the Island of Crete, in the Mediterranean, and one of the persons who lost his life was Robert N. McNeely, who had just been appointed American Consul at Aden and who was proceeding to his post on the Persia. It was stated that there were 184 passengers on board the vessel at the time she went down, while the crew numbered 315. It appeared that besides Mr. McNeely two other Americans had boarded the vessel at London, one of whom had left the Persia at Gibraltar and the other had been landed at Alexandria, Egypt, where the survivors had been taken. The survivors numbered 166, including 65 passengers and 101 crew. The reports had it that the ship had been sunk by a torpedo, and that no warning had been given; it also appeared that the vessel had carried a 4.7 inch gun. The submarine—sup­ posing it was a submarine—-was observed by no one, but some of those aboard the Persia claimed to have seen the track of a torpedo. Very naturally fears arose of new trouble with Austria, but the Austrian Charge d’Affaires at once an­ nounced that he felt confident that his Government would not hesitate “to satisfactorily adjust the matter” if it should be proved that the disaster was the work of an Austrian sub­ marine. Count von Bernstorff, the German Ambassador, on his part on January 7 (1916) delivered a communication from the Berlin Foreign Office to Mr. Lansing saying “that German submarines were permitted to destroy mer­ chant ships in the Mediterranean only after passengers and crews had been accorded safety”; also that if commanders of German submarines should not have obeyed the orders given to them, they would be punished and, furthermore, the German Government would make reparation for dam­ age caused by the death of or injury to American citi­ zens. The Austrian Government later announced that it  RETROSPECT had received reports from all the submarines operating in the Mediterranean and that none had made mention of having attacked the Persia. News regarding the British withdrawal from the Galli­ poli Peninsula came on Dec. 20, when an official statement was issued saying that “all the troops at Suvla and Anzac, together with their guns and stores, have been successfully transferred with insignificant casualties to another sphere of operation.” In giving the House of Commons this infor­ mation, the Premier, Mr. Asquith, stated that the transfer had been made in pursuance of a decision reached some time before by the Cabinet and that the withdrawal had been effected without knowledge of the movement on the part of the Turks. The withdrawal was taken as foreshadowing the end of the Dardanelles campaign, though the British still retained their hold on the tip of the peninsula, and the next month the British forces were withdrawn from that point too. Matters regarding conscription in Great Britain approached a crisis. Dec. 11 was the last day in the test of Lord Derby’s recruiting scheme; at first no definite announcement on the result of the test was forthcoming, but later it was admitted that the test had not been altogether successful, and that some form of conscription would have to be resorted to. The labor unions were opposed to conscription and in the House of Commons on Dec. 22 John Redmond, leader of the Irish Nationalists, created a sensation by declaring that the Nationalists would oppose conscription by every means in their power. It then seemed that a rupture of the Brit­ ish Cabinet was imminent, and that even Mr. Asquith might have to yield up office. Early in the next month, however, he managed to save the day, as he had so many times before, by making concessions and fixing up a compro­ mise. He then introduced a bill omitting Ireland from the conscription requirements, and in that form got the measure passed. All through December Lloyd George made stren­ uous appeals to the labor unions to relax their restric­ tions regarding skilled labor, and in the House of Commons on Dec. 20 he stirred British public feeling to the depths by asserting that Great Britain could not escape the charge of having always at critical moments been “too late.” The cable dispatches stated that while the startled and silent House listened with painful intentness, Mr. Lloyd George rang the changes on these direful words “too late.” “We have been too late in this, too late in that, too late in arriv­ ing at decisions, too late in starting this enterprise or that adventure. The footsteps of the Allies have been dogged by the mocking spectre of ‘too late.’ Let not ‘Too Late’ be inscribed on the portals of our workshops.” All that Lloyd George asked was that the unions admit a larger ad­ mixture of unskilled with skilled labor in munitions factor­ ies with a view to properly manning such establishments and enabling them to increase their output to maximum ca­ pacity. “We want 80,000 skilled men and from two to three hundred thousand unskilled men for these new factor­ ies. * * * Here only organized labor can help us. We have done our best to get skilled labor by the system of munitions volunteers. It is no use my going into the ques­ tion of why we got only 5,000 or 6,000 men, although that story may have to be told later. The whole question de­ pends on organized labor. Unless it allows us to put un­ skilled workers on the work which hitherto has been the mo­ nopoly of skilled labor, we cannot perform this task.” The cable dispatches said that James Henry Thomas, Labor mem­ ber for Derby, and Assistant General Secretary of the Amalamated Society of Railway Servants, speaking for the Laor Party after Mr. Lloyd George had concluded, asserted that organized labor would be found willing to follow whereever the Minister of Munitions led, if their rights were properly guaranteed. He added that what the Ministers ought to do was to pass a bill guaranteeing to trade unions the re-establishment of the status quo at the termination of the war. This attitude was in line with the action of this same James Henry Thomas in speaking in the House of Commons on Sept. 16, as related under our narrative for September. Dissatisfaction with the conduct of the war found expression in some further changes in the British army. Sir John French was relieved of British command in France and Flanders, though this action was reported as having been at the Field Marshal’s own request. He became Commander-in-Chief of the armies in the United Kingdom, and for his service at the front was decorated with the title of Viscount. His successor was General Sir Douglas Haig, who from the landing of the expeditionary force in France had commanded the First Army and had been repeatedly commended in the dispatches by his chief. In Great Britain new financial arrangements of much im­ portance were announced. A bill was passed by the British Parliament providing for the mobilization of American securities held in Great Britain and provision was made for the issue of 5-yr. 5% Exchequer bonds. After the close of business on Dec. 16 official announcement came that the Bank of England was prepared to receive applications for these Exchequer bonds. They are redeemable Dec. 1 1920. The issue price was fixed at par. On such of the bonds as pass to foreign investors theinterest will be payable free of all British Taxes. In the event of the issue of future war loans these Exchequer bonds are to beaccepted as equivalent to cash to the amount of their face value in payment of subscriptions to such loan. Up to Dec. 31 £18,200,000 had been sold. As to the mobilization scheme, this provided that the British Government might make either outright purchase  g   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  59  of American securities and pay for them in cash or bor­ row such securities with the view to using them for the purpose of obtaining loans upon them in this ocuntry. In the latter event the owners were to receive Yz of one % per annum from the Government in addition to the income the securities themselves provide. Reginald McKenna, the British Chancellor of the Exchequer, estimated that the American securities held in Great Britain had a value some­ where between £300,000,000 and £800,000,000 ($1,500,000,000 to $4,000,000,000) and expressed the hope that the scheme would suffice “to meet our liabilities and to main­ tain exchange in the United States for the period of the war.” Where the securities are taken under loan they must be transferred to the Treasury for two years from the date of transfer. The Treasury bound itself to sell the securities at any time on a request from the depositor and pay the proceeds in sterling at the exchange rate of the day or the lender might make his own arrangements for the sale on condition that the proceeds were remitted to England through the Treasury agent in New York. The Treasury, however, reserved to itself the right to sell all or any of such securities after notify­ ing the depositor, the Treasury in that case to pay the quoted New York price plus 2^%. At the end of the two year period the securities if unsold will be returned to the depositor in exchange for the Treasury certificates given in exchange for them. The next month (Jan. 7 1916) the British Government furnished a list of the American securities it was prepared to buy outright and the prices for the same. As these bonds were to be paid for in London in pounds and to be sold in the United States for dollars and British ex­ change in this country was at a discount so that a given amount in dollars yielded more in pounds sterling than the intrinsic equivalent in gold, there was a profit in the ex­ change operation and accordingly the prices the British Government offered to pay were some points higher than the New York prices. For the same reason the prices were subject to daily changes. In France subscriptions to the French permanent war loan were received up to Dec. 15. This was as much a refunding loan as it was to provide new funds for the Government. The loan was in the shape of 5% rentes without fixed maturity, but not to be paid off or converted before Jan. 1 1931; the issue price, except for cash, was 88, the obligations being free from all French taxes. Payment in bonds of the Defense Nationale (Treasury bonds) were accepted at the net price of 95.92. The subscriptions reached 15,130,000,000 francs ($3,026,000,000). As the issue price in the regular way was 88, this corresponded to an actual subscription of 13,314,000,000 francs ($2,662,800,000). This sum, again reduced by the 15 centimes in the 100 francs allowed to cash buyers at 88, became 13,243,000,000 francs ($2,648,600,000). The total subscribed was made up as follows: Cash, 6,368,000,000 frs. ($1,273,600,000); National Defense short-term bonds, 2,227,900,000 frs. ($445,580,000); longer-term Defense Bonds, 3,191,900,000 frs. ($638,380,000); 3^% Rentes used as part payment, 24,450,000 frs. ($4,890,000); 3% Rentes, 1,430,530,000 frs. ($286,106,000). Of the total England subscribed for 602,000,000 fr. ($120,400,000) M. Ribot in a speech on Dec. 16 stated that while the French war expenditure at the beginning of the conflict was 1,500,000,000 francs ($300,000,000) a month it was now 2,100,000,000 francs ($420,000,000). In the course of the dis­ cussion Deputy Jules Roche said the war already had cost France26,000,000,000francs ($5,200,000,000) and her enemies 47,000,000,000 francs ($9,400,000,000). Europe as a whole he said had expended 194,000,000,000 francs ($38,800,000,000). Gold holdings of the Bank of France were further largely increased, in part by cash payments for the new loan, and passed the previously unexampled mark of 5,000,000,000 francs, reaching 5,028,300,000 francs Dec. 15 and 5,070,464,000 francs Dec. 22 but the next week there was a decrease of 55,276,000 francs bringing the total down to 5,015,188,000 francs. The French moratorium was again extended, this time until April 1 1916. Cash payments up to Dec. 31 on the third German war loan were reported as being 11,295,000,000 marks or 92.9% of the total sub­ scriptions, though no more than 75% of the total was due up to that time. The German Reichstag was asked to vote a further war credit of 10,000,000,000 marks supplementary to the 1915 budget. In the Reichstag on Dec. 14 the Secre­ tary of the German Imperial Treasury Dr. Karl Helfferich announced that the previous war credits had amounted to 30,000,000,000 marks ($7,500,000,000), the last 10,000,000,000 marks having been voted in August. He said he had then estimated the monthly demand at about 2,000,000,000 marks and the increase since then had not been very material despite the fact that not only had there been a growth in the army and in field operations but an increase in the price of almost all necessities for the army and navy. Against the credit votes of 30,000,000,000 marks three loans had yielded 25,500,000,000 marks ($6,335,000,000) and the remainder had in part been covered by short term Treasury certificates. This method would be followed until the issue of the next war loan. The Reichstag on Dec. 21 voted the new credit of 10,000,000,000 marks, a Socialist minority of 19 alone opposing the grant. The Government’s war taxation bill passed its second and third readings on the same day. Dr. Helfferich stated that the Government had spared the people as long as possible from increased taxation but the budget could not now be balanced without new revenues. For 1916-1917 the people would therefore have to reckon  60  RETROSPECT  not only with the war profit tax but with other tax proposals French banks in 1910 and aggregating 250,000,000 francs, now being worked out. these now to be exchanged for dollar bonds. A large part It was reported that the war was costing Russia $12,000,- of this issue was already on deposit with J. P. Morgan & 000 a day. Unofficial details from Petrograd under date of Co., as collateral for a loan by the bankers made to the Dec. 17 stated with regard to the Russian loan of 1,000,000,- Rothschilds in Paris the previous summer. The arrange­ 000 rubles ($500,000,000) at 5%% that in financial circles it ments provided for the sale of this block to Kuhn, Loeb & was estimated that 600,000,000 rubles had been subscribed Co. as representatives of the St. Paul RR. and their acqui­ by Russian banks and that the remainder had been placed sition, too, of the remainder of the issue still held in France. at the disposal of the people who had already taken 300,000,- Up to Jan. 1916 $30,000,000 of dollar bonds had been issued. 000 rubles worth. A cablegram from Rome under date of The Trustees of the four Carnegie Trust funds in Great Dec. 24 reported that a Royal decree had authorized the Britain, in conformity with the wish of the British Govern­ issue of an Italian National loan, the bonds to be redeemable ment, decided to sell $25,000,000 50-yr. 5% bonds of the in 25 yrs. but not convertible before 1926. The interest was U. S. Steel Corp, held by them in order that the proceeds to be at 5%, the bonds to be free from all taxes present and might be reinvested in English securities. future; the issue price was fixed at 97 lire—subscription Trade activity continued to develop in all directions, and lists to be open from Jan. 10 to Feb. 10 in Italy and until in the iron and steel industry production and orders were Mar. 31 in the colonies and abroad. Holders of the last phenomenal. The U. S. Steel Corporation Dec. 31 reported bond issue were given the right to convert their bonds into unfilled orders on the books of the subsidiary corporations the new bonds on payment of 2% lire a hundred. The sum aggregating 7,806,220 tons, against 7,189,489 Nov. 30; of $441,500,000 was (according to statistics made public in 6,165,452 tons Oct. 31; only 3,836,643 tons Dec. 31 1914 Rome) the expense sustained by Italy for her army and navy and 3,324,592 tons Nov. 30 1914. The make of iron in the from June 1 to Nov. 30; adding $120,000,000 spent in May United States established a new high record, the output for and Dec., the total cost of the war to Italy was given as December aggregating 3,203,322 tons, as against only more than $561,000,000 without including the expenses of 1,515,752 tons in Dec. 1914. The freight embargo at the the military preparations before the opening of hostilities. seaboard became intensified, affecting still other of the lines Lee, Higginson & Co., who headed the American syndicate to the Eastern seaboard, even the New Haven road Because which handled the $25,000,000 6% one-year Italian Govern­ of congestion at the terminals being obliged on Dec. 26 to ment loan underwritten in this country in October, announced declare an embargo on all freight (except livestock, perish­ on Dec. 17 that the syndicate had been dissolved, all the ables, foodstuffs for human consumption, coal, coke and notes having been sold. Norway negotiated a loan of news print paper) from connecting lines for points south of $5,000,000 to run for 7 yrs. and bear 6% interest with bank­ the line of the Boston & Albany. On some of the trunk lines, ing interests in this country. The Argentine Government however, the embargo was modified for the better in some concluded arrangements to borrow about $6,000,000 here for particulars by the close of the month. The freight conges­ six months at 6% interest; this was understood to be purely tion was due mainly to the accumulation of export freight a banking transaction. and the inability to obtain steamers to carry it off. As in­ The 60-day life of the syndicate which underwrote the dicating the abnormally high ocean freight rates prevailing $500,000,000 Anglo-French loan expired Dec. 14. It ap­ the charge for cotton at the end of the year from American peared from a statement given out by the syndicate man­ ports to Liverpool was $12 50 per bale and shipping room was agers that over $300,000,000 of the bonds had been taken scarce even at that rate; this was as against a rate of only $2 for investment. The larger part of the bonds so taken went to $3 per bale in ordinary times. The ‘‘Iron Age” in its to those who joined the syndicate in the main for investment last issue of the year stated that the British and French purposes or to clients of the underwriters who were allowed Governments and their New York agents were putting forth to take the bonds at actual cost to the syndicate (such par­ every effort to get vessels to New York to help break the ticipants thus getting their bonds at 96% instead of being deadlock in steel and munitions shipments, but the situation obliged to pay 98 for the bonds at public offering, practically was full of uncertainty. Meanwhile the steel companies everybody who chose to come in on that basis having been were turning some mills to home orders on which there had allowed to join in the syndicate participation) and as a con­ been great pressure for shipments. The “Age” also stated sequence only a limited additional amount of the bonds that the freight embargo was one factor in the large increase was taken at the public offering. Approximately $45,000,- in unfilled orders reported by the Steel Corporation. It 000 bonds were disposed of at the public offering; as about said that the embargo was a blessing to domestic consumers. $275,000,000 of the bonds were originally withdrawn by While exports of steel had been declining since August, members of the syndicate this left about $180,000,000 for largely because of transportation difficulties, they were yet distribution among the underwriters. The syndicate man­ large enough to bring measurable relief if diverted into home agers announced that the amount of cash which would be channels. Further advances in prices occurred, copper distributed to those who had not withdrawn their bonds for getting up to 22% @23 cents for both Lake and electrolytic. investment would be between 10% and 11% of the amount Finished products of iron and steel nearly all made additional of their participation. As the time approached for the sharp gains in price. Steel bars at Pittsburgh got up dissolution of the syndicate a sharp decline in the price of the to 2 cts. a lb., against 1.70 cts. Dec. 1 and only 1.05 cts. Anglo-French bonds on the Stock Exchange occurred. Pre­ Jan. 1. Tank plates at Pittsburgh were quoted at 2.25 cts. viously the range had been between 97 % and 98%; with the per lb., against 1.90 cts. Dec. 1 and 1.05 cts. Jan. 1. Steel approach of the expiration of the syndicate agreement bind­ beams at Pittsburgh were 1.90 cts. Dec. 31, against 1.70 cts. ing the syndicate not to dispose of their bonds except at the Dec. 1 and 1.05 cts. Jan. 1. Galvanized sheets at Pitts­ syndicate price, sales on seller’s 15-day and 30-day options burgh remained at 4.75 cts., but at that figure comparison began to appear at several points below the syndicate price was with 2.75 cts. Jan. 1. Wire nails at Pittsburgh rose of 98. After the expiration of the syndicate agreement on to 2.10 cts., against 2 cts. Dec. 1 and 1.50 cts. Jan. 1. Dec. 14, sales in the regular way at similar reductions ap­ Bessemer steel billets at Pittsburgh got up to $32 a ton and peared and the price dropped as low as 93% with the close open hearth to $33 a ton, as against $29 and $30 respectively, Dec. 31 at 94%. The German authorities feigned to believe Dec. 1, and only $19 a ton for both Jan. 1. Spelter at St. that the loan had been far from successful, gauging success Louis after declining from 18 cts. a lb. to 14.75 cts. Dec. 8 by the amount of the public takings (which were limited as recovered to 17% cts., at which figure comparison was with has been explained) and Dr. KarlHelfferich of the German only 5.40 cts. Jan. 1. Lead at St. Louis advanced to 5.32% Imperial Treasury publicly characterized the loan as a cts., against 5.20 cts. Dec. 1 and 3% cts. Jan. 1. The price failure in an address before the Reichstag on Dec. 15 when of tin fluctuated considerably, the quotation at New York speaking in support of the bill for a supplementary German declining from 39.50 cts. Dec. 1 to 37.25 cts. Dec. 8, then war credit of 10,000,000,000 marks. He argued that recovered to 39.50 cts. Dec. 22 and closed at 39.25 cts., at English financial prestige on which the British Empire was which figure comparison was with 33.25 cts. Jan. 1. The founded had been shaken and that accordingly the British U. S. Steel Corp, gave notice that employees under the Empire itself was tottering. He then went on to say: “We profit-sharing plan would be allowed to subscribe for $3,stand like rocks in the soil of the home country, and on the 500,000 common stock at 85; no offer had been made the columns of the British Empire are written in glowing letters previous year. Immediately after the close of the year the the same words as were written on the wall of Belshazzar’s corporation made a voluntary advance of 10% in the wages palace.” [The reference is to the words “Mene, mene, of unskilled labor. tekel, upharsin,” thus interpreted by the prophet Daniel: In other lines of trade there was also growing activity, ‘‘Mene; God hath numbered thy kingdom, and finished it. but business was by no means universally good and the Tekel; thou art weighed in the balances and art found want­ monthly statement of the American Railway Association ing. Peres; thy kingdom is divided, and given to the Medes actually showed an increase during the month in the number and Persians.”] Circulars were issued by the German of idle cars on the railways of the United States from 60,793 Reichsbank urging all banks in the Empire to serve notice to 70,391. There were of course car shortages in certain on those renting safe deposit vaults since the outbreak of the districts, but the total of these Dec. 31 was only 23,310 cars war that rent arrangements would be discontinued with the against 23,391 Dec. 1. One of the events of the year was expiration of the present term unless a declaration was signed a sharp advance in the price of petroleum and the products to the effect that the vaults contained no gold. This was with of the same. A low level was reached in April and until Aug. a view to preventing the hoarding of gold in safe deposit the price of the Pennsylvania standard grade was $1 35 a vaults. Announcement was made Dee. 23 by Kuhn, Loeb barrel; then the price began to advance and at the end of the & Co. that they had completed negotiations in Paris for the year it was $2 25. Production of crude petroleum for the account of the Southern Pacific Co. for acquisition of bonds year 1915 slightly exceeded that for 1914 and stocks of crude of the Cent. Pac. Ry. Co. 4% European loan of 1911 guar, petroleum at the end of the year were reported the largest by the So. Pac. Co. and of which there were outstanding ever known, but the output the last 6 mos. of the year heavily 250,000,000 francs. It also appeared that arrangements declined and the product of the Great Cushing Pool in Okla­ were contemplated by the Chic. Mil. & St. P. Ry. for re­ homa suffered a tremendous falling off, declining from 300,funding its 15-year 4% debenture bonds sold to a group of 000 barrels a day in May 1915 to less than 100,000 barrels in   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  RETROSPECT Dee. One effect of the rise in petroleum was a sharp ad­ vance in the price of gasoline, the grade used in automobiles and motor boats having risen from 13 cts. a gallon to 22 cts. The Panama Pacific Exposition at San Francisco closed Dec. 4, after having been open since the previous Feb. 20. Grain prices advanced sharply all around on a tremendous export demand, supplies from Australia and Argentina being largely shut off from Europe by the scarcity and the dearness of ocean freight room. Advices from France stated that the French Government was requisitioning wheat. Australia offerings were said to be large, but the difficulty of finding shipping room for such supplies changed the complexion of the situation as far as the immediate needs of the European importing countries were concerned. The May option for wheat at Chicago advanced from $1 07% Dec. 1 to SI 29 Dec. 27, with the close Dec. 31 SI 25%. May corn at Chi­ cago rose from 68% cts. Dec. 1 to 78% cts. Dec. 27, with the close 76% cts. May oats at Chicago moved up from 43% cts. Dec. 1 to 48% cts. Dec. 31. Cotton declined for part of the month on extensive liquidation by operators for a rise, influenced also by fears growing out of the submarine con­ troversy with Austria, but the last half ot the month there was an upward reaction, owing to the fact that ginning re­ turns showed a smaller amount of cotton ginned than had been expected. Middling upland spot cotton closed Dec. 31 at 12.40 cts., the same as Nov. 30, but in the meantime had been up to 12.75 cts. Dec. 7 and down to 11.95 cts. Dec. 17. Therangefor the yearwas 12.75 cts. Dec.7 and 7.90cts.Jan. 2. Print cloths at Fall River remained 3% cts. a yard; the low point here was 2% cts., which ruled from Jan. 1 to Mar.31 Some advances in rates were allowed the railroads in dif­ ferent parts of the country—most of these in readjustment of tariffs or schedules rather than in direct increases. Thus, a readjustment involving some increases of live stock rates in the territory north of the Ohio and Potomac rivers and east of the Mississippi was authorized in a decision of the Inter-State Commerce Commission made public Dec. 13. The. Commission stated it was impossible to estimate the additional revenues to the roads. Calculations were that the changes would yield an increase of several hundred thou­ sand dollars a year. Under date of Dec. 18 the Commission allowed increases to the railroads in Western Classification Territory on certain commodities, including agricultural implements, canned goods, and boots and shoes. Aggre­ gate amounts of revenue involved were apparently not very large, but the decisions were hopefully regarded as indicat­ ing a more liberal policy on the part of the Commission. Some increases in passenger fares on Western railroads were also authorized by the Commission on Dec. 7. The terri­ tory involved was the State of Illinois, west of the Chicago & Alton RR.; the State of Wisconsin, the upper peninsula of Michigan and the States of Minnesota, Iowa, Nebraska, Kansas and Missouri, and from points within said territory to points in other States. The Commission did not grant all the increases sought, but allowed a good many of them. In these various findings the Commission referred to the fact that the carriers were feeling the increased costs of liv­ ing, and it pointed out that the public has the right to ex­ pect adequate, comfortable and safe service and that for such service and facilities the roads should be allowed, under reasonable rates, to earn a reasonable return upon the prop­ erty used in that service. A statement prepared by L. F. Loree, Pres, of the Del. & Hud. Co., showing the foreign holdings of American railroad securities compared with a similar statement issued in June by him indicated that nearly $500,000,000 of securities had been returned to this country in the interval of say 5 to 6 mos., the latest figures being based on data covering the eriod from Feb. 1 to July 1 1915 and the June statement aving been made up from information collected from Oct. 1914 to April 1915. The latest statement showed $2,223,510,229 of American railroad securities owned abroad as against $2,704,402,364 by the previous statement, making a decrease of $480,892,135 in par value and the figures of course related entirely to securities standing in the names of their foreign owners; obviously, in addition, there were securities foreign-owned but not carried in the names of their owners. The computations, as stated, related only to railroad securities; in addition there has been a considerable foreign ownershin of industrial and other securities in which the resales to the United States were also heavy. Thus from a statement issued after the close of the year by the U. S. Steel Corporation it appaared that the foreign holdings of the Steel Corporation stock, common and preferred, dur­ ing the calendar year 1915 had been reduced from 1,502,521 shares to 971,219 shares, being a reduction of 531,302 shares. With the par value of the shares $100 this means that the United States had to take back $53,130,200 of Steel stock. The Federal Reserve Board authorized the purchase in open market operations by the Federal Reserve banks of bankers’ acceptances based on domestic trade. Previously the Re­ serve banks had been limited to bankers’ acceptances based on the importation or exportation of goods. The Reserve Board passed a resolution saying that in its opinion “persons holding political or public office in the service of the United States or of any State, territory, county, district, political subdivision or municipality thereof, or acting as members of political party committees, cannot consistently with the spirit and underlying principles of the Federal Reserve Act, serve as directors or officers of Federal Reserve banks” and “that no such persons should henceforward be elected   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  61  or act as directors or as officers of the Federal Reserve banks” and prescribing as a condition of eligibility that candidates for election shall comply “with the terms of this resolution.” The Philadelphia Clearing House Association on Dec. 15 inaugurated a plan for the collection of checks drawn on the 31 non-member local trust companies and three Camden national banks which had affiliated themselves with the new system, thus doing away with the old plan of sending in­ dividual runners to non-member institutions; instead the checks are sent to the Clearing House, which collects the same by runners and credits each member institution accordingly. The Richmond (Va.) Country Clearing Associ­ ation started active business Dec. 23. The new Association which was designed to facilitate the collection of checks on banks in the Richmond Federal Reserve district undertakes to collect checks on interior banks without relation to their membership or non-membership in the Reserve system. An amendment to the rules of the New York Clearing House Association was adopted Dec. 29 extending the privilege of collecting checks at par to banking institutions located at points sufficiently near to New York to permit of mail arriving not later than 8 a. m. the day after posting. This action served to enlarge the discretionary list which had previously applied to banks and trust companies in Boston, Providence, Albany, Troy, Jersey City,Bayonne,'Hoboken,Newark, Philadelphia and Baltimore and to items which the Federal Reserve bank receives for its members for immediate credit at par. The Interstate Commerce Commission reported the re­ sults of its inquiry in response to a resolution adopted by the U. S. Senate on Feb. 2 1914 into the alleged giving of un­ lawful rebates by the United States Steel Corporation dur­ ing the preceding six years. The Commission said that it came into constant contact with the records and accounts of the railroads and saw no reason to believe that there was any basis for the allegations made. Edward E. McCall, Chair­ man of the Public Service Commission of the State of New York for the First District, was removed from office by Governor Whitman. The action grew out of charges of misconduct in office and neglect of duty preferred by the joint committee of the Senate and Assembly, of which Senator Thompson was Chairman, appointed to investigate the Commission. Altogether nineteen charges were filed by the Thompson committee against Mr. McCall, but his removal was based solely on the allegation that he had violated Sec. 9 of the' Public Service Commission’s Law in failing to divest himself of the holdings of a corporation sub­ ject to the Commission’s jurisdiction. The next month (Jan. 3) Robert C. Wood, another member of the same Commission, against whom charges of misconduct in office had been filed, resigned his position but denounced as ut­ terly false the insinuations suggested against himself. Still another member of the Commission, namely George V. S. Williams, likewise tendered his resignation, saying that he had some time previously contemplated taking the step and now felt free to take that course inasmuch as the legislative investigating committee had completed its labors. In Mexico, in furtherance of the resumption of full diplo­ matic relations with the United States, the appointment was announced on Dec. 9 of Eliseo Arredondo, General Car­ ranza’s confidential representative in Washington, as Mexi­ can Ambassador to the United States. Another event of the month was the relinquishment by General Francisco Villa of the leadership of the Chihuahua army and the surrender of his forces, including all his former general officers except Villa himself, together with their command, aggregating about 5,000 men, to the Carranza Government. This ap­ parently ended organized rebellion against the new Govern­ ment in the northern part of the Republic, but Villa took to the mountains evidently with the idea of resuming his career as a bandit. Cable advices from Pekin Dec. 11 gave par­ ticulars of a Presidential mandate issued by Yuan Shih-Kai, making it clear that China had reverted to a monarchial form of government. The new potentate, however, put off actually assuming the crown for the time being. The State Department at Washington received a cablegram from the American Embassy at Paris, saying that canal tolls through the Suez Canal would be raised 50 centimes (9 6-10 cents) after April 1 1916, making the rate for laden ships 6 francs 75 centimes ($1 30) and for ships in ballast 4 francs 25 cen­ times (82 cents) a ton. In Norway the State Council on Dec. 3 issued a temporary edict prohibiting the sale of ships to for­ eign countries. In France the Government had the previous month prohibited, both in France and abroad, the voluntary sale to a foreigner of any French seagoing vessel during the remainder of the war and for a period of six months after the cessation of hostilities. In Germany a law had been passed the previous October forbidding German citizens who own or have a share in any merchant ship to sell or in any way dis­ pose of the interest to any one not a subject of Germany. After a visit of the German Kaiser (on the sixty-seventh anniversary of the reign of the Emperor Francis Joseph) or simultaneously therewith a number of resignations from the Austrian Cabinet were announced. The Austrian Emperor on Dec. 1 accepted three resignations, namely that of Dr. Karl Heinold D’Udynski, Minister of the Interior, Dr. Rudolf Schuster von Bonnott, Minister of Commerce and Baron Engel von Mainfeldon, Minister of Finance. In place of these Prince Hohenlohe Schillingfuerst, President of the Supreme Court of Accounts, was made Minister of the Interior; Ritter von Leth, governor of the Postal Savings Bank, was made Minister of Finance, and Herr von Spitz-  62  RETROSPECT  millner, director of the Kredit Anstalt, Minister of Com­ merce. These changes were construed as indicating the further ascendancy of the element permeated with German views and German policies and in favor of the continued vigorous prosecution of the war. They also seemed to in­ dicate the accession to control of men less inclined to mis­ givings as to Austria’s financial ability to continue the war. At the Greek elections on Sunday Dec. 19 King Constantine’s policy was endorsed, the neutrality party led by M. Gounaris being successful; M. Venizelos, the former Premier, who was in favor of Greece entering the war on the side of the Entente Powers had advised his followers to abstain from voting. No change in the Greek Ministery was made, however, as a result of the elections, M. Gounaris having informed King Constantine that he would continue to support the existing Cabinet under M. Skouloudis of which indeed he was a member, occupying, the post of Minister of the Interior. In the Serbian campaign the Bulgars and the Germans completed their victories and the British and French troops, who had been endeavoring to co-operate with the Serbians, were forced to retreat over the Greek frontier. By arrange­ ment with the Greek Government a clear road was left for them to fall back on the port of Saloniki, which was there­ upon strongly organized and fortified as a base. An official German report declared that approximately two English divisions had been annihilated during the retirement. The Entente forces, however, destroyed railway bridges and roads as they fell back, and by stubborn rearguard actions kept the Bulgarians at a fairly safe distance. The Entente Powers kept adding to their forces at Saloniki and erected fortifi­ cations which it was hoped would prove impregnable. They also effected two new landings, one being made by the British 60 miles east of Saloniki to guard the right flank of the long defence line around the Entente Balkan base, and the other by the French on an island off the Asia Minor coast, whence a stroke might possibly be delivered at the communications of any Teuton-Turkish force operating against Egypt. Elsewhere in the theatre of war wintry weather with its great suffering and restraint upon operations appeared to interfere with the carrying out of any extensive plans of cam­ paign by either side, though the Russians appeared to be pressing their advantages in Bessarabia and on the Galician front. In the Mesopotamian campaign the British reverse kept assuming increasing dimensions and General Townshend in his retirement after the attempted march to Bagdad rap­ idly drifted into a critical position. Notwithstanding con­ tinued activity in so many different directions, rumors of peace continued to prevail, and yet found little support in any direction. Strangely enough, the rumors all suggested that the Central Powers were seeking peace, notwithstand­ ing their growing military successes. In response to an interpellation by a Socialist leader, Dr. von BethmannHolweg, the German Chancellor, made a statement in the Reichstag early in the month which served to dispel any no­ tion that Germany had any intention of suing for peace. He said, among other things: “If our enemies make peace proposals compatible with German dignity and safety, then we shall always be ready to discuss them. So long as in the countries of our enemies the guilt and ignorance of statesmen are entangled with confusion of public opinion, it would be folly for Germany to make peace proposals which would not shorten but lengthen the war. First the masks must be torn from their faces.” Representatives of the Entente Powers —French, British and Russian—talked in the same strain. They all declared that peace was out of the question until after the conquest and humiliation of Germany. As one illus­ tration, General Gallieni, French Minister of War, in asking the French Senate on Dec. 27to give him the 1917 class of recruits for Jan. 5 1916, aroused great enthusiasm, according to press accounts from Paris, by his statement that what France wanted was war, not peace. “Eighteen months ago France wanted peace, to-day she wants war most energet­ ically, and to that end will use all her resources. Whoever says a word of peace in the streets is considered a bad citizen. Mothers are not mourning for lost sons; they want them to be avenged.” The peace expedition from this side, arranged by Henry Ford of Detroit, the automobile manufacturer, departed from Hoboken Dec. 4 on the Scandinavian-Ameri­ can liner Oscar II. carrying Mr. Ford and his compan­ ions. The peace party numbered some 165 persons, in­ cluding fifty odd newspaper correspondents and several moving-picture photographers. Mr. Ford’s original plan was to get the soldiers out of the trenches by Christ­ mas, but he afterwards said the main thing was to get them to stop shooting, if not by Christmas, by New Year’s Day, Easter, or July 4. The expedition excited general ridi­ cule, and dissensions in the peace party itself rapidly devel­ oped. When the party arrived at Christiania it was an­ nounced that Mr. Ford was ill and would consequently have to return, and accordingly he sailed for home on Dec. 24. He reached here Jan. 2 (1916) and said he had gone to Europe “blaming the capitalists, the bankers, the munition makers, for this war,” but had “come back blaming the people—the very people who are being slaughtered in the trenches.” The peace expedition itself obtained permission to travel to The Hague through Germany by special train. It was announced that the expedition would disband at The Hague on Jan. 12, those not designated for places on the permanent peace board then departing for home. A note protesting against the re­ moval by the French cruiser Descartes of six Germans and Austrians from the American steamships Carolina-Coamo   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  and San Juan, was cabled on Dec. 14 by the U. S. Govern­ ment to Ambassador Sharp at Paris for presentation to the French Foreign Office. The United States asked for the re­ lease of the men on the ground that the seizure of citizens of any nation from an American vessel on the high seas was with­ out legal justification and constituted a flagrant violation of American rights. The State Department was advised early the next month that the French Government had ordered the immediate release of the seized men and that acknowledgment of the justice of the contention of the United States had been formally received by the American Ambassador at France and the promise made that the offense would not be repeated. The State Department at Washington on Dec. 3 made known that the recall had been requested of Captain Karl Boy-Ed and Captain Franz von Papen, the Naval and Military At­ taches, respectively, of the German Embassy. The only reason officially given for this action was that the two Ger­ man representatives were no longer acceptable to the United States “on account of what this Government considers im­ proper activities in military and naval matters.” It was announced on Dec. 10 that Emperor William had personally recalled the two men. The British armored cruiser Natal (13,660 tons) was wrecked by an internal explosion, with tho loss of 300 of her crew. Prison sentences of one year and six months were imposed on Dec. 4th against Dr. Karl Buenz, Managing Director of the Ham burg-American Line; Adolph Hachmeister, purchsing agent, and George Koetter, superintending engineer, all of whom, together with Joseph Poeppinghaus, a super­ cargo, and the Hamburg-American Line itself, had been found guilty on Dec. 2 of having conspired to defraud the U. S. Government, through false representations as to cargoes and their destinations. The prosecutions grew out of a complaint made by Sir Courtenay Walter Bonnett, British Consul-General, who charged that the HamburgAmerican Line had endeavored to use the Norwegian steam­ ships Fram and Somerstad as auxiliaries to the German navy by carrying coal and provisions from this country for the converted German cruisers Kaiser Wilhelm der Grosse and Karlsruhe. It was also charged that the American steam­ ships Lorenzo and Berwind were chartered for similar pur­ poses. Of the two indictments returned by the Federal Grand Jury, on which the convictions were secured, one charged conspiracy to defraud the United States Govern­ ment “in and by causing collectors of customs by means of false statements to make, record and transmit untrue and inaccurate records.” The other charged conspiracy to defraud by obtaining clearance papers by means of false manifests. The indictments did not deal with the question of neutrality but merely with infractions of the shipping law. An investigation by the Federal Grand Jury for the So. Dist. of New York into the activities of Labor’s National Peace Council resulted on Dec. 28 in an indictment against eight men on a charge of conspiring in violation of the Shorman Anti-Trust Act to restrain the foreign commerce of the United States in munitions of war. The indictment charged the instigating and causing strikes and walk-outs among the workmen employed at the plants and factories of manu­ facturers with the view to restraining the shipping and transportation in foreign trade and commerce of the articles manufactured. The men indicted were Frank Buchanan of Illinois, a member of Congress, and formerly President of Labor’s National Peace Council; Franz Rintelen, a German naval captain, awaiting death in London as a spy; H. Robert Fowler, former Congressman from Illinois, counsel for Labor’s National Peace Council; Frank S. Monnett, ex-AttorneyGeneral of Ohio, and Chairman of the Peace Council’s Committee on Resolutions; David Lamar, the so-called “Wolf of Wall Street;” Jacob C. Taylor of East Orange, N. J., President of Labor’s National Peace Council; Henry B. Martin, Secretary of the Peace Council and Herman Schulteis,also understood to be identified with the organiza­ tion.  Ex-Attorney General Frank S. Monnett, who came  from Columbus to answer the indictment, declared inability to understand the matter and said the subject of strikes in munitions factories had never been mentioned in any of their meetings. Two indictments, each containing five counts, were returned on Deo. 23 by the Federal Grand Jury in this city against Paul Koenig, head of the Bureau of Investiga­ tion of the Hamburg-American Line; Richard Emil Leyen­ decker, a Fifth Avenue dealer in art goods, and Edmund Justice, of Brooklyn. One indictment was directed against Keo nig and Leyendecker, and charged them with having planned to blow up the Welland Canal and other works of military importance across the border; the other was directed against Koenig and Justice, and charged them with prepar­ ing a military enterprise “to ascertain the number of troops which were being transported from Canada to France and Great Britain, the names of the steamships, the kind and quantity of supplies being sent, and other information that might be of use to the German Government. Their arrest and release on bail was followed on Dec. 18th by that of Frederick Schleindl, a clerk employed in the credit depart­ ment of the National City Bank; he was accused of having aided Koenig by turning over to him correspondence bearing on deposits of credit in the bank in connection with the ship­ ments of munitions to the Allies. Five new indictments against those previously indicted for alleged conspiracy to blow up vessels leaving American ports with cargoes of munitions for the Allies were handed down by the Federal Grand Jury in this city on Dec. 6. The men involvedjwere  CLEARINGS AND SPECULATION Robert Fay, Max Breitung, Walter Sholz, Paul Daeche, Dr. Herbert Kienzle and Engelbert Bronkhorst. Railroad Events and Stock Exchange Matters.—The course of the stock market was decidedly irregular during December and on more than one occasion there was decided evidence of weakness. In a general way it may be said that the railroad stocks were strong on the excellent returns of earnings made by the roads, some leading railroad shares establishing their highest prices for the year, while the industrial list, on the other hand, was weak and lower, though not without ex­ ceptions. The industrial shares appeared to be largely left to themselves and there were indications of extensive liquida­ tion in them; when the weakness in the industrial list was most pronounced it often carried the general list down with it, including the railroad shares. Some few of the war stocks, however, were still subjected to manipulating tactics, and in the ballooning process attained their highest level of the year, while the copper stocks almost uniformly advanced by reason of a further rise in the price of the metal. The con­ troversy with Austria over the submarine question had no special adverse influence, as the speculative fraternity did not appear to take seriously the talk of a possible rupture in American relations with Austria-Hungary. In the railroad list, Balt. & Ohio common, Milw. & St. Paul com. and pref., N. Y. Cent., Sou. Pac. and Northern Pacific all reached the highest points of the year on the last day of tjhe month. Many of the copper stocks also made their best prices toward the close of the month. On Dec. 31, on advices that the Austrian Government had yielded to American demands to the extent that the officer of the submarine which attacked the steamship was to be punished, the whole market devel­ oped aggressive strength and some sharp advances occurred all around. A further 825,000,000 1st and ref. 5s of Interbor. Rap. Trans, was offered by bankers at 99^2. There was also an offering of 814,500,000 1st and cons. Series “A” 6s of Sea­ board Air Line Ry. at 99 U>. Erie stockholders were offered at 85 819,627,130 4% 50-yr. gen. mtge. conv. 4s of 1903, most of the proceeds to go to retire notes maturing in 1916 and 1917. United Fruit stockholders were offered 812,198,100 new stock at 120 to provide primarily for retiring 812,000,000 6% notes on May 1 1916. Shareholders of Chevro­ let Motor Co. voted to increase stock from 820,000,000 to 880,000,000 and authorized directors to issue the new stock in their discretion for the stock of the General Motors Co. in a ratio not greater than 5 shares of Chevrolet Motor stock for 1 share of General Motors com. Bankers offered at 96)^ 84,500,000 10-yr. 6% conv. debentures of Gt. Western Power Co. of Cal. Guggenheim Exploration Co. underwent partial liquidation, having sold its holdings of Utah Copper Co. stock to the Kennecott Copper Corp, for stock of the latter and now distributing the stock so acquired. Pac. Mail arranged to sell its remaining steamships at a figure to net stockholders 810 a share and a contingent 82 50 (see remarks for October for previous distribution of 825 cash per share in liquidation), but the following Feb. (1916) it was decided to cancel the proposed sale and remain in operation. Appli­ cation was made for a receiver for Tex. & Pac. Ry., based on failure to pay interest on 2d mtge. incomes, but this applica­ tion was denied the following February. Pitts. Steel de­ clared 3)^% on pref., being one-half of the dividends in arrears. West. Un. Tel. declared ^2 of 1% extra besides the reg. quar. of 1)4%. Allis-Chalmers Mfg. Co. declared 1)4 quar. on pref. together with 1)4 on arrears, being the first div. since reorganization in 1913. Penn. Company and Pittsb. Cin. Chic. & St. Louis both declared enlarged divs. Sloss-Sheffield Steel & Iron besides 1% quar. on pref. de­ clared 1% extra; in Jan. and Oct. 1915 divs. were paid in scrip. Phelps, Dodge & Co. besides 2)4 quar. paid 3% extra. U. S. Smelt. Ref. & Mining resumed on com. Many more copper companies either increased divs. or resumed. Amer. Express Co. increased from 1% to 1)4% quar. Stock Fluctuations.  Dec. 1.  Dec. 31.  Range for Month.  Railroads— Low. High. 105% Dec. 21 108% Dec. 31 Atoh Top & Santa Fe. 106 % 108 M 94 % 92 Dec. 13 96 Dec. 31 Baltimore & Ohio___ 95 % Canadian Pacific____ 183 178 Dec. 11 184% Dec. 7 183^ 64% 61 Dee. 17 64% Dec. 31 Chesapeake & Ohio__ 63 % 94% 92 Dec. 14 101% Dec. 31 Chic Milw & St Paul.. ioo % 44 Erie_____ . __ __ 43^ 40% Dec. 17 44% Dec. 7 Great Northern, pref. 124% Dec. 17 127% Dec. 7 126 ' 127% Louisville & Nashville. *127 128% 129% 127 Dec. 17 130% Dec. 8 N Y Cent & Hud Riv. 110% 101VS Dec. 2 110% Dec. 27 102 Vi N Y N H & Hartford. 75% 73% Dec. 21 77 77% Dec. 28 Norfolk & Western__ 117% 116% Dec. 2 122% Dec. 28 121% Northern Pacific __ 116^ 118 115^ Dec. 3 118^6 Dec. 31 Pennsylvania (par S50) 1/59% 1/58% Dec. 16 J/60% Dec. 27 1/59% 1/79 % Dec. 13 1/84 Dec. 31 Reading Co (par $50). 1/84 1/81% Southern Pacific____ 101% 104 99% Dec. 3 104% Dec. 31 Southern Ry_________ 24 23% 21% Dec. 14 24% Dec. 7 Union Pacific________ 139% 135% Dec. 17 139% Dec. 7 zl38% Industrial, &c. 30% Dec. 2 34% 34% Dec. 6 Allis-Chalmera Mfg__ 31% 82 l82 Preferred ______ 78% Dec. 2 85% Dec. 30 72 72% 69% Dec. 18 Amer Agricul Chem.. 72% Dec. 7 American Beet Sugar. 68% Dec. 29 72% Dec. 7 70 70 % American Can_______ 61% 62% Dec. 1 62 X 58% Dec. 18 Amer Car & Foundry. 82 75% Dec. 21 82% Dec. 7 78% >157% 147 Dec. 2 >160 Dec. 27 Amer Coal Products.. 147% 69 67% Dec. 2 72% Dec. 1 American Locomotive. 71% Amer Smelt & Refining 99 108% 96% Dec. 13 108% Dec. 31 ♦49% 51 46% Dec. 16 American Woolen___ 48% 50% Dec. 7 $84% Dec. 16 $91% Dec. 31 AnacondaCop (par$50) $88% 391% Baldwin Locomotive.. 114 117% 109% Dec. 2 121 Dec. 28 450 Dec. 3 485 Bethlehem Steel Corp. *445 460 459 M Dec. 9 Central Leather. __ 59 X >54% >52% Dec. 17 52 52% 48% Dec. 2 54 Dec. 27 Colorado Fuel & Iron. *84 85% Continental Can____ 90 90% Dec. 7 73 Crucible Steel of Amer 75% 70% Dec 2 76% Dec 1 nan t«l 177 Dec. 1 CHban-i"’”- q.i<rar 174V hkr   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  i  Stock Fluctuations.  Dec. 1.  Indus. &c. (Con.) General Chemical___ *320 336 General Motors______ 465 Goodrich (B F)______ 71% Insp Con Cop (par $20) $45% Lackawanna -Steel___ 83% Maxwell Motor_____ 74% Pressed Steel_______ 65% Railway Steel Spring.. 45% Republic Iron & Steel. 51 StudebakerCorp (The) 154 Texas Co (The)_____ 213 U S Indust Alcohol__ 126 U S Rubber_________ 54% United States Steel__ 87 Western Union Teleg. 88  63 Dec. 31. *i250 275 500 75% $46 81 76 64% 45 55% 167% >233 129% 56 88% >88%  Range for Month. Low. <z315 Dec. 450 Dec. 70% Dec. $43% Dec. 80 Dec. 71% Dec. 63 Dec. 43% Dec. 48% Dec. 148% Dec. 206 Dec. 116 Dec. 53% Dec. 84% Dec. >86% Dec.  3 24 2 11 17 2 2 21 2 2 2 2 17 2 22  I  High. <z315 Dec. 558 Dec. 77% Dec. $46% Dec. 84% Dec 78% Dec. 66% Dec. 46% Dec. 57% Dec. 177% Dec. >237 Dec. 131% Dec. 56% Dec. 89% Dec. 89% Dec.  3 9 29 28 6 7 7 6 9 15 20 24 6 27 8  a Less than 100 shares, j Quoted ex-dividend during the month and prior to this date, i Ex-dividend. * Bid and asked price: no sa’e. y Quoted $ per share, beginning October.  The Money Market.—Time money was fractionally higher for some maturities but otherwise there was no modification of the long-continued condition of extreme ease. Prepara­ tions for the large first of January interest and dividend dis­ bursements which in most seasons cause a stiffening of money rates at the close of the year were without appreciable in­ fluence, such was the plethora of funds. On call the range for the month was 1)4 @2)4- Time loans Dec. 31 were 2) 4 @2)4 for 60 days, 2)4@2% for 90 days, 2%@3 for 4 and 5 mos. and 3% for 6 mos. Commercial paper was 3@ 3) 4 for choice double and prime single names and 3)4 for single names not so well known. Money holdings of the Clearing House banks and trust companies were reduced still further, getting down to 8485,263,000 Dec. 24 with a recovery, however, to 8490,049,000 Dec. 31. Gold on de­ posit with Federal Reserve Bank, however, after decreasing from 8160,429,000 Dec. 4 to 8157,443,000 Dec. 11, in­ creased to 8165,278,000 Dec. 31. Surplus reserves were heavily reduced and were only 8145,951,130 Dec. 31, against 8179,310,030 Dec. 4. Loans continued to expand and were at their maximum of the year on Dec. 31 at 83,257,606,000, this comparing with 83,137,859,000 Dec. 4 and no more than 82,191,508,000 the previous Jan. 2. Deposits also reached their maximum Dec. 31 at 83,466,720,000, this being against 83,360,276,000 Dec. 4 and only 82,114,101,000 Jan. 2. Foreign Exchange, Silver, &c.—The cumulative effect of the various measures and means taken by the British Government for regulating the exchange situation became apparent and rates for sterling bills decidedly improved throughout Decem­ ber. On Dec. 4 bankers’ sight sterling was quoted at 4 70)4 @4 70)4, but by Dee. 30 rates had advanced to 4 73J4@ 4 74)4, as a result of the establishment of European credits here, the continued large gold importations from abroad and the drawing upon the proceeds of the 8500,000,000 AngloFrench loan negotiated in this country in October, together with exceedingly heavy sales here of American securities for European account. The demand for remittance for the 1st of January payments on foreign-owned American securities also played its part in strengthening rates. Rates for sight sterling at the close (Dec. 31) stood at 4 73 @4 73%. Gold importations into the United States for the month were 845,412,677. French exchange fluctuated more or less and bankers’ checks on Paris Dec. 31 were 5 85)4 to the dollar, against 5 82 at the beginning of the month. German and Austrian exchange dropped to new low levels. Bankers’ sight drafts on Berlin were quoted at only 76% Dec. 31, against 79% Dec. 1, while Austrian kronen sight finished at 13.15, against 13.90 Dec. 1. The usually accepted par of German exchange is 95%. The Bank of England, after a long series of weekly losses in bullion holdings, showed some gains in the closing weeks. Open market discounts at Lon­ don continued to rule above the Bank of England minimum and Dec. 31 were quoted at 5% for both long and short bills. From Berlin an open market rate of 4)4 was reported, with no open market rates at any of the other Continental centers. The official bank rates at the close of the year were 5% at London, Paris, Berlin, Vienna and Copenhagen. In Italy, Norway, Sweden and Portugal the rate was 5%, in Russia 6 %, in Switzerland, Holland and Spain 4 %. Silver in London reacted from the high figures reached in November, and Dec. 24 was down to 25%d.; the price Dec. 31 was 26%d.  CLEARINGS AND SPECULATION IN 1915. Bank clearings for 1915 furnished indisputable evi­ dence of a decided recovery from dulness and de­ pression. In the first part of 1915 the volume of trade passing was far from satisfactory. But the growing volume of war orders finally exercised a telling effect in all directions. Later on, a satisfac­ tory agricultural situation was not without effect, and at the end of the summer a notable revival in trade, even outside of those lines especially favored by war orders, was discernible. Of course it is hardly necessary to refer to the fact that right along the volume of our export trade continued of phe­ nomenal proportions. But, most noteworthy of all, n September the railroads began to feel the effect  64  CLEARINGS AND SPECULATION.  Inc. Inc. Clearings Inc. of increasing trade, and during the closing months of Year. New York or Outside or Total or Clearings. Dec. Dec. Clearings. Dec. New York. the year made very satisfactory exhibits in both gross S S $ % % % and net earnings. Building operations—another 1915............ 110,564,392,634 + 33.2 77,194,684,352 + 6.9 187.759.076.986 -4-20.9 1914______ 83,018,580,016 —12.3 72,226,538,218 —3.9 155,245,118.234 —8.6 unfailing barometer—likewise late in the year showed 1913 ______ 94,634,281,984 —6.1 75,181,418,616 + 2.7 169,815,700,600 —2.4 1912______ 100,743,967,262 + 9.1 73,208,947,649 + 7.9 173,952,914,911 + 8.6 gratifying activity in most sections of the 1911 ______ 92,372,812,735 —5.0 67,856,960,931 + 1.6 160,229,773,666 —2.4 1910............ 97,274,500,093 —6.1 66320+29,906 + 7.3 164j095+29i999 —1.0 country. 1909 ______ 103,588,738,321 + 30.7 62.249,403,009 + 17.2 165,838,141,330 +25.2 ______ 79,275,880,256 —9.1 53,132,968,880 —8.4 132,408,849,136 —8.8 The total of clearings at New York for 1915 not 1908 1907 ............ 87,182,168,381 —16.7 57,843,565,112 +4.8 ,45.025.733.493 —9.3 1906 ............ 104,675,828,656 + 11.6 55,229,888,677 + 10.1 159^905,717^333 +11.0 only exhibited a gain of 33.2% over 1914 and an aug­ 1905 ............ 93,822,060,202 + 36.7 50,005,388,239 + 13.9 143.827.448.441 4-27.7 ............ 68,649,418,673 + 4.1 43,909,594,342 + 1.3 112,559^013,015 + 3.0 mentation of 16.8% over 1913, but, contrasted with 1904 1903 ............ 65,970,337,955 —13.6 43,238,849,809 + 3.8 109,209 + 87,764 —7.4 1902 ______ 76,328,189,165 —3.9 41,695,109,575 + 6.7 ,18.023.298.740 —0.4 the high record of 1906 (made during a period of large 1901............ 79,427,685,842 + 50.9 38,982,329,340 + 16.6 118.410.015.182 4-37.fi 1900............ 52,634,201,865 —13.4 33,436,347,818 + 0.5 86370349383 —8.5 dealings on the Stock Exchange and obvious activity The influences responsible for the fluctuations in in other financial operations), there was an increase of 5% billion dollars, or 5.6%. Outside of New York, clearings from month to month have been so fully cov­ also, the comparison with earlier years was favorable, ered in our Retrospect of 1915, given on preceding although there was only a small gain over the high pages, that it would be merely a matter of repetition to record established in 1913, the total at $77,194,684,- advert to them here. We confine ourselves, there­ 352 contrasting with $72,226,538,218 last year, fore, to stating that, as indicated by the clearings of $75,181,418,616 two years ago and $73,208,947,649 the banks, there was little or no activity in commer­ in 1912. Every section of the country presented a cial or industrial lines until the second half of the year, higher total than a year ago. In the Middle division although war orders contributed to swell the volume (New York City excluded), 16 cities out of 27 showed of merchandise moving prior to that time. But begin­ gains over 1914. Where losses were exhibited they ning with September there was a pronounced revival were small as a rule, and in the aggregate of all the in practically all important lines which was maintained increase was 6.4%, Philadelphia being the leading con­ thereafter. We subjoin a table showing the totals tributor thereto. Of the 13 cities grouped under of clearings, month by month, and quarter by quar­ New England, all but one registered larger totals than ter, for the whole country and outside of New York a year earlier, and collectively the gain was 10.3%, for 1915 and 1914, giving also the percentages of gain or loss for each period. Hartford and Waterbury, cities benefiting largely by Clearings, Total All. Clearings Outside New York. war orders, being conspicuous in matter of percent­ Month. 1914. 1915. 1914. 1915. % % age. The Middle Western section, comprising 39 S $ $ S cities, included 31 with heavier clearings than a year Jan__ 13,478,488,698 16,193,199,048 —16.8 6,190,796,165 6,826,078,655 —9.3 Feb .. 11,908,010,330 12,865,538,277 —7.5 5,426,183,783 5,627,982,795 —3.6 earlier, and the combined aggregate recorded an aug­ Mar.. 13,842,354,632 14,253,206,041 —2.9 6,278,240,930 6,403,915,996 —1.9 mentation of 5.1%, Cleveland, Akron, Canton, Lan­ 1st qr. 39,229,853,660 43,316,943,366 —9.4 17,895,220,878' 18,857,977,446 —5.1 sing and Flint showing the greatest ratios of gain. Apr .. 15,008,877,252 14,899,452,513 + 0.8 6,197,212,178 6,352,935,192 —2.4 May . 14,622,873,941 13,167,100,346 + 11.1 5,987,717,981 5,928,568,788 + 0.9 On the Pacific Slope a slight increase in the total June.. 14,117,551,611 13,948,023,685 + 1.2 6,092,070,062 6,103,820,918 —0.2 for 20 cities was reported, gains at San Francisco and 2d qr. 43.749,302,354 42,014,576,544 + 4.1 18,277,000,221 18,383,324,898 —0.6 . . Salt Lake being sufficient to overbalance losses at 6 inoa. 82,979,156,014 85,331,519,910 —2.8 36,172,221,099 37,241,302,344 —2.9 14,924,887,812 14,493,300,896 + 3.0 6,229,474,244 6,312,816,275 —1.3 such points as Los Angeles, Seattle, Portland, Spo­ July.. Aug .. 14,267,498,178 9,932,296,349 + 43.7 5,730,056,007 5,351,095,754 + 7.1 kane and Tacoma. At the South 32 cities furnished Sept.. 15,759,725,270 10,028,059,886 + 57.1 6,135,361,992 5,399,936,423 + 13.6 an average increase of 6.6%. In some portions of 3d qr. 44,952,111,260 34,453,657,111 + 30.5 18,094,892,243 17,063,848,452 + 6.0 this latter section the contraction in the movement of 9 mos. 127931,267,274 119785,177,021 + 6.8 54,267,113,342 54,305,150,796 —0.1 .. 20,146,989,846 11,735,570,732 +71.7 7,407,311,191 6,126,133,754 +20.8 cotton had been effective in holding down the volume Oct Nov.. 19,378,037,759 11,080,625,483 +74.9 7,548,618,024 5,681,184,128 + 32.8 Dec .. 20,302,782,107 12,643,744,998 +60.6 7,971,641,792 6,114,069,540 +30.4 of clearings, but important gains were to be noted at Galveston, Richmond, Savannah, Oklahoma and El 4th qr. 59,827,809,712 35,459,941,213 +68.7 22,927,571,010 17,921,387,422 + 27.9 Paso. In the “Other Western” division—the terri­ Year . 187759.076,986 155245,118,234 +20.9 77,194,684,352 72,226,538,218 + 6.9 The exhibit by quarters calls for no extended com­ tory lying west of the Mississippi River but not in­ cluding the three Pacific Coast States, nor Utah, ment. In fact the compilation below, which covers Nevada, Oklahoma and Texas—quite noteworthy the totals by quarters for each group for the last six years, indicates clearly the course of clearings from activity was reported at some of the 28 cities, period to period, and shows as well how some special with the result that the total for the year exceeded influence has operated in one section to the exclusion 1914 by 13.8%. Kansas City was most conspicuous in of the others. the matter of gain. Clearings Reported. First Second Third Total Fourth Quarter. Quarter. Quarter. Quarter. Year. Altogether 99 of the 159 cities outside of New York U (000s omitted.) ■ $ S S $ S reported aggregates greater than in 1914. For the 11915— 21,334,633 25,472,302 26,857,219 36,900,239 110,564,393 1914 — 24.458,966 23,631,252 17,389,808 17,538,554 83,018,580 whole country the total of bank clearings for 1915 New York_____ 1913.. 25,019,571 23,771,361 21,563,031 24,280,319 94,634,282 1912.. 24,565,184 25,571,025 22,840,201 27,767,557 100,743,967 reached $187,759,076,986, overtopping the previous [ 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 year by 32% billion dollars, or 20.9%, exceeding (1915— 3,593,596 3,846,426 3,876,392 4,950,232 16,266,646 1913 by 18 billions and establishing by 13% billions Total other 1914.. 3,892,252 3,996,416 3,674,787 3,718,165 15,281,620 — 4,075,871 4,203,982 3,874,167 4,234,488 16,388,508 a new high record, displacing 1912 from that position. Middle_______ 1913 1912— 3,749,219 3,841,720 3,785,150 4,267,851 15,643,940 1911 — 3,553,524 3,700,011 3,498,495 3,724,577 14,476.607 The time has yet to come, moreover, when New York (1910- 3,532,896 3,656,683 3,395,374 3,679,394 14,264,347 will cease to be the preponderating factor in bank (1915— 2,228,099 2,435,760 2,236,670 3,027,575 9,928,104 1914— 2,442,640 2,401,959 2,031,566 2,122,330 Total 8,998,495 — 2,599,225 2,325,398 2,165,822 2,512,641 clearings; new clearing houses have been added from New England. 1913 9,603,086 1912— 2,720,365 2,594,287 2,375.904 2,705,774 10,396,330 1911 — 2,483,820 2,359,548 2,236,348 2,570,029 time to time, and yet that preponderance continues 9,649.745 1910- 2,625,146 2,265,658 2,153,742 2,533,056 9,577.602 by a good margin, reaching in 1915 some 33 billion 1915— 5,624,016 5,809,978 5,863,107 6,803,915 24,101,016 1914.. 6,072,175 5,925,918 5,499,205 5,437,085 22,934,383 dollars, whereas in 1900, with the number of outside Total Middle West. J 1913 — 5,828,587 5,738,688 5,734,506 6,050,838 23,352,619 1912— 5,333,094 5,529,010 5,411,743 5,929,928 22,203,775 clearing houses only 90, it was but 19 billions, and in 1911_ _ 4,933,959 5,020,607 4,951,408 5,206,979 20,112,953 1910— 5,048,470 5,091,076 4,787,959 5,061,566 19,989,071 1890 (48 outside cities) was 15 billions. In the fol­ 1915— 1,467,119 1,482,319 1,537,000 1,785,835 6,272,273 lowing compilation we show the aggregates for New 1914— 1,556,667 1,572,434 1,510,283 1,578,179 6,217,563 — 1,640,459 1,610,246 1,577,568 1,729,239 6,557,512 York, for outside cities, and the total of all annually Total Paolflc___ 1913 1912— 1,555,450 1,567,328 1,585,920 1,790,019 6,498,717 1911 — 1,366,950 1,426,511 1,450,055 1,610,084 5,853,600 for the sixteen years, 1900 to 1915, inclusive: 1910— 1,345,534 1,411.831 1.382.950 1.475,833 5.616,148   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  CLEARINGS AND SPECULATION Clearings Reported. (OOOs omitted.)  First Quarter.  Second Quarter.  Third Quarter.  Fourth Quarter.  $ (1915.. 2,279,081 2,166,479 2,138,097 2,970,578 Total 1914.. 1,967,886 1,890,743 2,046,703 2,492,139 Other West.-.j 1913.. 1,971,729 1,899,225 1.993.334 2,280,388 1912.. 1,793,351 1,792,804 1,832,069 2,300,310 1911.. 1,755,129 1,668,917 1,674,669 1,980,170 1910— 1,838,775 1,779,187 1,757,791 1,994,815  (1915— 11914— Total Southern..{1913.. 1912— I 1911 — 11910—  2,706,997 2,931,347 2,851,987 2,721,955 2,695,126 2,522,222  (1915— 39,233,541 1914.. 43,321,933 Total all________ 1913 —143,987,429 1912— 42,438,618 1911— 40,236,533 1910— 45,359,443  Outside New York.  (1915— 1914.. 1913— 1912— 1911 — 1910—  17,898,908 18,862,967 18,967,858 17,873,434 16,788,518 16,913,043  2,531,582 2,444,395 2,590,865 2,301,305 2,570,330 2.484.335 2,513,716 2,399,853 2,441,067 2,441,987 2,351,524 2,195,979 43,744,846*44,952,880  Total Year. $  9,554,235 8,397,471 8,144,676 7,718,534 7,078,885 7,370,568  42,009,587 42,119,230 43,409,890 39,760,622 41,088,911  34,453,657 39,392,763 40,230,840 38,337,898 36,245,744  3,399,415 11,082,409 2,573,489 10,397,006 3,228,366 11,135,018 3,112,128 10,747,652 3,106,991 10,685,171 2,952,769 10,022,994 I 59,827,809 187,759,076 35,459,941 155,245,118 44,316,279 169,815,701 47,873,567 173,952,915 41,894,721 160,229,774 41,421,202 164,095,300  18,272,544 18,378,335 18,347,369 17,838,865 16,616,651 16,555,959  18,095,661 17,063,849 17,829,732 17,390,639 16,252,962 15,673,794  22,927,570 17,921,387 20,035,960 20,106,010 18,198,830 17,677,931  77,194,683 72,226,538 75,181,419 73,208,948 67,856,961 63,820,730  65  transactions. Sales of all classes of bonds for the year aggregated 8961,093,200, par value, against $461,523,600 in 1914 and 501^ millions in 1913, with the high-water mark slightly over 1,317 million dollars in 1909. A summary of the dealings is sub­ joined. Twelve Months 1914.  Twelve Months 1915. tion.  Actual Value.  Par Value or Quantity.  Aver.l Par Value Price.! or Quantity.  Actual Value.  Aver. Price.  1 47,900,568 173,145,203 St’k/Sh’s.. IVal .. $14877,142,145 $12661,476,002 85.1 $4,182,829,699 $3,898,414,285 93.2 781,288,374 86.2 404,923,494 94.8 906,659,200 427,198,000 RR. bonds. 3,040,000 3,047,328 100.2 692,600 722,299 104.3 Gov’t bds48,156,976 93.7 St. & For.. 51,394,000 33,632,000 33,862,843 100.7 654,535 216.6 544,670 200.8 Bank stks. 302,200 271,300 Total $15838,537,545 $13494,623,215 85.2 $4,644,622,699 $4,338,467,591 93.4  The relation the transactions of 1915 bear to those of earlier years becomes clearly apparent by con­ Our compilation covers so great a number of cities sulting the subjoined compilation which affords a that it is impossible to refer in detail to the causes comparison back to 1893. explaining the gains and losses at each. In some lo­ NUMBER AND VALUE OF SHARES SOLD AT N. Y. STOCK EXCHANGE. Aver. Values Aver. Values Stocks, Stocks, calities increases of importance were in evidence when Year. Shares. Year. Price. (approximate) Shares. Price. (approximate) indications of any general business revival were $ $ — 173,145,203 85.1 12,661,476,002 1903— 161,102,101 73.2 11,004,083,001 almost wholly lacking, but in seeking the reason 1915 1914.. 47,900,568 93.2 3,898,414,285 1902.. 188,503,403 79.3 14,218,440,083 1913.. 83,470,693 96.2 7,170,862,086 1902— 188,503,403 79.9 14,218,440,083 therefor it was readily found in orders for war muni­ 1912 — 131,128,425 97.7 11,562,129,835 1901 — 265,944,659 79.0 20,431,960,551 127,208,258 95.8 11,003,600,829 1900.. 138,380,184 69.2 9,249,285,109 tions and supplies for Europe. Among the cities 1911.. 1910— 164,051,061 96.2 14,125,875,897 1899— 176,421,135 78.6 13,429,291,715 1909— 214,632,194 97.5 19,142,339,184 1898— 112,699,957 72.7 8,187,413,985 feeling this early impulse may be named Hartford, 1908.. 197,206,346 86.6 15,319,491,797 1897.. 77,324,172 67.0 4,973,553,065 — 198,438,824 85.8 14,757,802,189 1896— 54,654,096 65.2 3,329,969,940 New Haven, Waterbury, Cleveland, Detroit, Kansas 1907 1906— 284,298,010 94.2 23,393,101,482 1895— 66,583,232 60.3 3,808,338,604 1905.. 263,081,156 87.3 21,295,723,688 1894.. 49,075,032 64.2 3,094,942,769 City, Omaha and Joplin. Greater speculative ac> 1904— 187,312,085 69.9 12,061,452,399 1893— 80,977,839 60.3 4,550.260,916 tivity likewise served to swell the volume of clearihgs As a careful reading of our Retrospect of the year at New York before the half-year had closed. But in will furnish all requisite information as to the influ­ August and September considerable improvement ences operating in the stock market, there is little to was witnessed, and spread until in November only 13 be added to the foregoing. Still, as of more or less cities, and in December 15 cities, showed decreases interest, we present below a table covering the deal­ from 1914. We append without further comment ings in shares, month by month, and quarter by the following statement, which indicates the course quarter, for two years. of clearings at leading cities for December and for 1914. 1915. the twelve months of the last four years: Mth BANK CLEARINGS AT LEADING CITIES.  (000,000s 1915. 1914. 1913. 1912. 1915. omitted.) $ $ $ $ $ New York_______ .12,331 6,530 8,000 8,809 110,564 Chicago_________ - 1,578 1,313 1,437 1,360 16,199 Boston . . ____ . 835 579 678 711 8,257 Philadelphia____ . 1,036 662 8,864 770 745 St. Louis________ . 344 427 4,154 377 368 Pittsburgh______ - 269 202 236 241 2,666 San Francisco___ . 262 220 224 231 2,694 Baltimore............. . 209 156 160 180 1,834 Cincinnati ____ . 139 119 1,374 105 121 Kansas City_____ . 382 323 3,834 245 250 Cleveland_______ 157 96 113 108 1,546 New Orleans____ 110 85 110 105 972 Minneapolis_____ 172 143 131 134 1,342 Louisville_______ 79 65 742 53 70 Detroit..... ............. 151 98 117 101 1,485 Milwaukee______ 80 73 73 836 65 Los Angeles____ 84 1,049 103 101 109 Providence_____ 43 32 41 421 38 Omaha________ 92 78 76 75 983 Buffalo_________ 61 47 55 52 611 St. Paul _____ 72 57 662 50 48 Indianapolis_____ 43 36 444 40 37 Denver_________ 42 51 37 45 510 Richmond_______ 69 42 37 42 537 Memphis_______ 45 33 51 48 358 54 53 Seattle__________ 51 58 613 20 Hartford________ 22 37 20 355 Salt Lake City__ 42 32 36 33 350  1914. $ 83,019 15,693 7,517 7,916 3,889 2,626 2,516 1,874 1,293 3,016 1,238 904 1,374 668 1,350 848 1,145 401 883 591 585 415 460 422 363 633 261 315  1913. 1912. $ $ 94,634 100,744 16,073 15,381 8,116 8,964 8,524 8,166 4,137 4,028 2,932 2,799 2,624 2,678 1,968 1,957 1,317 1,369 2,850 2,713 1,276 1,150 981 1,058 1,312 1,182 716 725 1,331 1,128 786 725 1,210 1,169 427 443 909 861 635 579 531 579 432 435 476 488 419 430 422 421 665 602 254 246 333 369  Total...... .......... 18,929 11,536 13,463 14,195 174,256 142,215 156,290 161,389 Other cities______ 1,374 1,108 1,238 1,116 13,503 13,030 13,526 12,564 Total all______ 20,303 12,644 14,701 15,361 187,759 155,245 169,816 173,953 Outside New York. 7,972 6,114 6,701 6,552 77,195 72,226 75,182 73,209  A revival of speculative activity began to be ex­ perienced on the New York Stock Exchange in March and thereafter to the close of the year the dealings in shares properties were in excess of any time since 1909, the aggregate for the 12 months reaching 173,145,203 shares. In 1914 not only were opera­ tions on a restricted scale, but transactions were sus­ pended from July 30 to Dec. 12. Consequently the total sales for the year at 47,900,568 shares were the smallest since 1878. The aggregate dealings of 1913 were 83,470,693 shares, of 1912 131,128,425 shares, and of 1909 some 214 million shares. The high rec­ ord is that for 1906—284^4 million shares. Bonds were quite freely dealt in during the year with the Anglo-French Loan issue prominent in the December   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Number of Shares.  fan 5,076,210 Feb 4,383,449 Mar. 7,862,308  Values.  Par. $ 435,534,900 380,032.785 681,471,315  Actual.  Number of Shares.  $ 302,461,298 10,088.895 262,372,421 6,220,059 535,476,914 5,855,260  Values.  Par. $ 881,625,495 556,109,360 518,398,024  Actual.  $ 847,963,208 515,947.918 483,147,619  Istqr 17,321,967 1,497,039,000 1,100,310,633 22,164,214 1,956,132,879 1,847,058,745  Apr _ 21,022,930 1,799,436,335 1,619,407,302 7,145,284 May 12,581,040 1,037,762,960 958,264,713 4,757,405 June. 11,004,042 912,619,430 832,467,913 4,002,748  623,482,570 398,348,240 343,676,540  593,476,978 374,842.097 324,688,914  2d qr 44,608,012 3,749,818,725 3,410,139,928 15,905,437 1,365,507,350 1,293,007,989 6 mos 61,929,979 5,246,857,725 4,510,450,561 38,069,651 3,321,640,229 3,140,066,734  July. 14,371,633 1,288,908,620 958,643,288 7,920,924 701,681.140 No transactions. Aug. 20,432,350 1,791,656,625 1,434,978,418 No transactions. Sept. 18,399,286 1,644,499,895 1,400,247,698  652,478.409  3d qr 53,203,269 4,725,065,140 3,793,869,404 7,920,924  652,478,409  701,681,140  9 m’s 115133 248 9,971,922,865 8,304,319,965 45,990,575 4,073,321,369 3,792,545,143 No transactions. Oct . 26,678,953 2.239.956.655 1,942,416,213 No transactions. Nov. 17,634,270 1,468,445,970 1,325,497,208 Dec. 13,698,732 1.196.816.655 1,089,242,616 1,909,993 159,508,330  105,869,142  159,508,330  105,869,142  4thqr 58,011,955 4,905,219,280 4,357,156,037 1,909,993  Year 173145 203^14877,142,145 12661,476,002 47,900,568 4,182,829,699 3,898,414,285  At other centers of stock speculation of the coun­ try, as at New York, 1915 witnessed a revival of ac­ tivity and was in consequence a more satisfactory year than for some time. Boston’s trading covered 12,603,768 shares, against only 3,522,187 in 1914 and 5,705,588 shares in 1913, and Chicago reported sales of 710,625 shares, against 385,783 shares and 1,001,417, respectively. Philadelphia’s operations totaled 6,232,464 shares, against 2,016,319 shares and 4,751,542 shares one and two years ago; Pitts­ burgh, 2,194,787 shares, against 703,012 shares and 1,014,632 shares; and Baltimore, 600,206 shares, against 256,399 shares and 327,848 shares. Bank clearings in the Dominion of Canada, al­ though making a better showing on the whole in the final quarter, exhibited for the whole year a falling off in the aggregate from 1914, which,in turn, was much  LISTINGS ON NEW YORK STOCK EXCHANGE.  66  below the high record total established in 1913. The war in Europe was, of course, primarily responsible, but its effect had naturally been intensified in western sections, where even before the close of 1913 a reac­ tion from unprecedented boom conditions had already set in. Of the twenty-three cities from which we have returns, comparison is possible at twenty-two, and for those the total of clearings for 1915 at $7,776,770,273 recorded a decrease of 3.6% from 1914 and a decline of 15.8% from 1913. Losseswere quite general at the individual cities, with the exhibit least favorable at such points as Vancouver, Calgary, Vic­ toria, Edmonton, Saskatoon, Fort William, New Westminster and Medicine Hat, where the decreases were in most instances over 30%. The gains over last year were confined to Winnipeg, Ottawa, Halifax, London and Brandon, and those merely nominal or very moderate. The Canadian Stock Exchanges ex­ perienced a fairly satisfactory twelve months as re­ gards the extent of the trading. Montreal reported dealings in 1,536,573 shares and $1,838,495 bonds, against 1,087,926 shares and $2,778,860 bonds in 1914 and 1,765,651 shares and $5,243,473 bonds in 1913. The Canadian clearings, summarized by quar­ ters for six years, are as follows: Clearings Reported. (000s omitted.) f1915.. 1914.. 1913.. 1912.. 1911.. 1910..  First Quarter.  Second Quarter.  Third Quarter.  Fourth Quarter.  Total Year.  $ $ S S $ 1,645,358 1,738,286 1,736,400 2,656,726 7,776,770 1,965,310 2,113,537 1,982,408 2,008,138 8,069,391 2,153,721 2,298,379 2,189,863 2,597,178 9,239,141 1,955,667 2,306,316 2,265,014 2,629,702 9,156,699 1,587,168 1,793,111 1,781,062 2,182,891 7,344,232 1,370,488 1,465,522 1.524,949 1,754,201 6,115,160  LISTINGS ON THE NEW YORK STOCK EXCHANGE FOR THE YEAR 1915. Listings on the New York Stock Exchange during 1915 have been indicative of a gradually improving credit situation, made manifest by a reduction in the amount of short-term financing in favor of more permanent flotations. These last were considerably in excess of the total for the year 1914, which will al­ ways be remembered as a period that suffered for several months from a complete shut-down of the security market. Bond issues during the twelve months total 541 millions, as compared with only 488 millions in the year previous. The greatest increase in bond issues is noted in the item of bonds issued for new capital­ izations—i. e., for brand new capital, for funding floating debt and for the capitalizing of enterprises previously of a private character—thus evidencing a greater degree of confidence on the part of the large business interests of the country. The total amount of stock issues listed for the en­ tire year was 939 millions, an increase of approxi­ mately 368 millions over last year’s aggregate of 571 millions. In this class of investment a total of 319 millions is recorded of stock issued for new capi­ tal, &c. The principal note issues of the year, as compiled at the end of this article, show a total of hardly 375 millions, as compared with 561 millions for 1914. This total, of course, includes to a considerable fig­ ure, notes issued for the renewal or extension of ma­ turing notes. Note issues, it will be recalled, are not only as a rule not listed themselves, but they serve to a greater or less extent to reduce the volume of stock and bonds that normally should be presented for listing on the Exchange. The decrease indicated is therefore an excellent sign of the times. Following is our usual ten-year listing table:   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  LISTINGS ON NEW YORK STOCK EXCHANGE.  Bonds. 1915 1914 1913 1912 1911 1910 1909 1908 1907 1906 1915 1914 1913 1912 1911 1910 1909 1908 1907 1906  .................................... .................................... ................................... .................................... .................................... ............... . .................. .......................... .................................... ................... Stocks. .................................... .................................... __________ __________ . ........................ __________________ __________ ................. ................. ....... ............................  Issues for New Old Issues Replacing Capital, &c. Now Listed. Old Securities.  Total.  •  $  $ 451,854,514 361,770,667 447,815,200 447,676,900 397,563,800 571,526,800 712,734,963 648,869,500 246,733,914 2303,112,000 319,506,950 130,383,000 264,714,115 463,935,140 255,897,215 304,681,590 297,253,037 123,977,900 159,106,244 237,479,600  40,539,000 5,000,000 25,000,000  35,122,000 52,008,300 8,479,000 95,794,000 72,362,000 12,304,500  96,127,390 193,956,217 38,000,000 467,175,700 363,701,600 248,780,200 321,056,300 16,440,700  $ 541,192,300 48,798,786 488,993,000 122,222,333 175,250,900 648,066,100 654,977,750 207,300,850 580,834,400 148,148,600 808,162,500 184,627,400 377,742,537 1,098,956,500 872,958,000 128,294,500 101,717,086 420,813,000 256,482,000 2571,898,500  523,691,900 441,413,360 347,279,115 503,139,433 349,717,615 467,644,255 664,571,448 141,169,350 95,869,506 408,849,150  939,326,240 571,796,360 611,993,230 1,161,030,790 643,614,830 1,239,501,545 1,325,526,085 513.927.450 576,032,050 662.769.450  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. BONDS.  Electric Ry. $  1915.. 1914.. 1913.. 1912.. 1911.. 1910.. 1909.. 1908.. 1907.. 1906 . .  325,655 344,983 281,291. 209,752 298,003 444,167. 770,500 506,160 267,992 .305,727  Miscell.  Railroad.  $ S $ 23,810,000191,727,200 367,827,670 14,515,000129,494,200 346,016,100 183,631,000 183,144,000 242,809,650 177,401,500 267,823,350 136,034,100 34,160,000 248,670,500 204.889.550 53,679,000 310,315,800 361,665,460 37,339,000291,116,800 742,508,115 65,076,000 301,722,000 200,502,600 16,072,000136,749,000 146,750,800 126,231,000 <zl39940 000 248.186.550  S ,403,200 ,065,100 ,139,000 .405,900 ,226,600 ,763,500 ,002,500 ,417,600 ,443,400 ,210,100  $  ,095,370 715,160 ,044,580 ,590,790 ,498,680 ,072,585 015,470 007,250 ,837,850 372,800  Railroad bonds listed for the year total 425 mil­ lions, 107 millions for the first half-year compared with 218 millions for the other 6 months. The former period showed a degree of hesitancy regarding capi­ tal expenditures, whereas in the latter period we note a different tone, notably the 28 million Chic. Milw. & St. Paul Ry. Gen. & Ref. M. “B” 5% con­ vertible bonds, issued for improvements and equip­ ment, and the $4,000,000 Mich. Central 1st M. 3J^% 50-year bonds, issued for betterment purposes. The miscellaneous bond listings are noted as largely for capital purposes, particularly in the latter half of the year. The total includes the 92 millions of 4/4% bonds of the City and State of New York, the 25 millions Consolidated Gas Co. of N. Y. converti­ ble debenture 6s, as well as the Virginia-Carolina Chemical $5,000,000 6% convertible debentures. The most prominent railroad bond issue of the year, the New York Central 20-year convertible debentures, amounting to $96,218,600, was listed in August. This flotation was made chiefly for the purpose of retiring 1915 note maturities. The Pennsylvania RR. $48,351,000 4^% consolidated mortgage was issued also for the retirement of notes, as well as for equipment. Included in the list of railroad stock issues is the 98 millions new stock of the Wabash Railway Co. which was issued under the reorganization plan, to take over 'the properties, &c., of the Wabash Rail­ road Co. The Atchison Topeka & Santa Fe has issued and listed preferred stock in the- amount of $9,999,970 for purposes of improvements and additions. In the early part of the year the Interborough Consolidated Corporation issued $45,740,500 in exchange for old preferred stock under the readjust­ ment plan, and 932,627 shares of common (no par value) in exchange for old common stock. In the miscellaneous stock issues, the $20,000,000 common stock listed of Sears, Roebuck & Co. was issued in the form of a 50% stock dividend, paid Apr. 1. Other prominent issues of miscellaneous stock included the Chile Copper Corp., $95,000,000 capital stock, General MotorsJ$10,675,800 6% cum. preferred, and the Greene Cananea $48,000,600 capital stock issued to take up the stock of its con­ stituent companies. The City^of New York 4^4%  LISTINGS ON NEW YORK STOCK EXCHANGE.  67  The several stock issues and the objects of each 15-year corporate stock and the issue maturing ser­ ially, totaling 71 millions, is also included in the are embraced in the following compilation: total. RAILROAD STOCKS, FIRST SIX MONTHS. Company and Class of Stock. Amount. Purpose of Issue. The purposes on account of which the several Atch Top & Santa Fe Ry, common $4,004,000--Exchange convertible bonds Seattle Port Ang blocks of bonds listed during the year were issued Chic Milw & St Paul Ry, common- 506,000--Construe & Western Ry. Cleveland & Pittsburgh RR— are seen from the following: Special guar betterm’t stock.__ 1,182,550..Impts & equip’t for 1913. RAILROAD BONDS, FIRST SIX MONTHS. Company and Class of Bonds—  Purpose of Issue. Buff Roch & Pitts Ry consol 414s-$l,000,000_ Refunding 50% equip, bds.  Amount.  Chic & North West Ry gen 5s____ 9,000,000 Retire old bonds. do do do _ 1,000,000 Impts. & equipment. do St P & East Gr Tr 1st gu 4J^sl,120,090-_Pay old bonds, do Des Plaines Val 1st gu 4>£s- 2,5o0,0o0_ Construction of road. Chic St Paul M & Om deb 5s____ 1,700,000_ Impts., extens. & equipt. Consol 6s----------------------------31,OO0--Exchange old bonds. Galv Har & San Ant-Mex & Pac Extension 2d guar 5s_________ 2,539,000-.Old bonds “stamped" with interest reduced. Ill Cent-Chlc St L & New Orl— Joint lst& Ref bdsser “A"____ 10,000,000_ Constr'n, extensions, &c. Kan City Southern ref & impt 5s._ 1,000,000_ Improvements. Kansas City Term Ry 1st 4s_____ 3,000,000-_Constr’n, impts. & real est. Morris & Essex 1st & ref guar 3J^s. 7,000,000_ Retire old bonds. New York Central RR ref & imptl40,000,000-(Retire unfunded debt for 4}^s. ser “A”--------------------- / / capital account. Pittsb Cine Chic & St Louis— Consol guar 4s, ser “H”______ 2,909,0001 do do 43^s, ser “I” ’ __ 4,000,0001 Construction, real estate, do do 4>£s, ser “J’ 3,494,000) improvements, &c. do do 4>£s, ser “I’ 3,000,000_ Retire Steub. & Ind. 1st M. bonds. Rutland RR 1st consol 50-yr 4J^s. 800,000--Retire 1st & 2d M bonds. Southern Ry 1st consol 5s_______ 7,136,000-.Retire old bonds. Term RR Assn of St L gen ref 5s_ 1,000,000_ Impts, real estate, &c. Union Pac RR 1st lien & ref 4s___ 358,000-.Exchange for £ bonds. Wabash RR 1st ref & ext 50-yr 4s. 5,000,000-.Deposited under $5,000,000 4>£% notes foreclosed. Total.................................... $107,587,000  [RAILROAD BONDS, SECOND SIX MONTHS. Company and Class of Bonds—  Amount.  Purpose of Issue.  Atch Top & S Fe Ry Mt Div 4 % Ser “A”------------------------------ $3,000,000 Acquire old bonds. Atl C L RR gen uni M “A” 4J^S-.14,480,000-.Retire old bonds. Chic Mil & St Paul Ry Co gen & ref 5% conv “B”—--------------28,808,000--Impts. & equipment. Chic St Paul Minn & Om 5% debs, “stamped”-------------------------- 2,000,000-_Extension & betterments. Clev Cine Ch & St L g m 4% coup. 2,336,000--Retire bonds; improvem’ts. do do do do “B” 4,161.000-. do do do Ind Union Ry gen M gtd “A” 5s.. 4,000,000--Construction & additions. Kansas City So ref & imp M 5s___ 1,000,000..1mprovements. Mich Cent RR 1st M 33^ % 50-yr. 4,000,000.-Improvements & betterm’s. Nash Chat & St L 1st cons 5s, due 1978 --------------------------------- 1,500,000.-Redemption of prior liens. N Y Cent 20-yr conv 6% debs___ 96,218,600-.Retire 1915 notematuritias. Penna RR Co 4H % cons mtge___ 48,351.000.-Retire notes & equipment. St Louis Southwestern 1st term & uni M “A” 4J^s-------------------- 8,155,000-.Exten. & equipment. Union Pac RR 1st lien & ref 4s___ 58,500..Construction & additions. Total----------------- ------- ..$218,068,100 Total 12 months_________ 425,655.100 ELECTRIC RAILWAY BONDS, FIRST SIX MONTHS. Company and Class of Bonds—  Amount.  Purpose of Issue.  B’way & Seventh Ave RR, N Y—1 $500,000/ Retire 2d M bonds due 1st consol 5s-----------------------/ 1 July 1 1914. Public Service Corp of N J— General 50-year 5s___________ 261,000--Impts, equipment. &c. 23d St Ry impt & ref 50-yr 5s____ 1,500,000--Pay judgment entered June 8 1914 on note to Met St Ry due July 1910. Virginia Ry & Power Co 1st & ref 5s 32,000--Improvements, &c. Total ........................................$2,293,000  ELECTRIC RAILWAY BONDS, SECOND SIX MONTHS. Company and Class of Bonds.  Amount.  Company and Class of Bonds—  Amount.  Purpose of Issue.  Brooklyn Rapid Transit 6-yr 5%1 $19,745,000/ Pur. N. Y. Ry. Corp. 5% secured coupon notes_______ / / sinking fund bonds. N Y Railways Co 1st real estate & refund M 30-year 4%________ 1,772,000.-Refunding & acquisitions. Total_______ _______ ___ $21,517,000 Total 12 months__________ 23.810.000 MISCELLANEOUS BONDS. FIRST SIX MONTHS. Purpose of issue  New York Central RR stock___ 249,590,500-.Exch stocks constit cos. Norfolk & Western Ry, common.. 308,500_ Exchange convertible bonds Total.................................... $255,591,550 RAILROAD STOCKS, SECOND SIX MONTHS. Company and Class of Stock—  Amount.  Purpose of Issue.  Company and Class of Stock—  Amount.  Purpose of Issue.  Atch Top & S F Ry pref stock___ $9,999,970.-Additions & betterments. Clev & Pitts Ry Co betterment stk 1,222,050.-Construction & equipment. Minn & St Louis RR pref stock 381,7001 Exchange Des Moines & do do do do ___ 2,141,500/ Ft. Dodge stock. M Wabash Railway Co— 5% profit-sharing pref “A”____ 32,650,8001 Take over properties, &c., 5% convertible pref “B”______35,088,000} of Wabash RR. Co., acCommon stock ____________ 30,752,100/ according to reorg. plan. Total_______ _______ --.$112,236,120 . Total 12 months_________ 367,827,670 ELECTRIC RAILWAY STOCKS, FIRST SIX MONTHS.  Interborough-Consolidated Corpl45,740,500/ Exchange old pref stock Preferred_________________ J 1 under readjustment plan. Exch. old com. stocks (no par value—treated in to­ tal as $100 shares).  J  Total.................................... $139,003,200 ELECTRIC RAILWAY STOCKS, SECOND SIX MONTHS. Company and Class of Stock—  Amount.  Purpose of Issue.  Company and Class of Stock—  Amount.  Purpose of Issue.  Philadelphia Company com stock.$l,400,000.-General corporate uses. Total ..................................... $1,400,000 Total 12 months_________ $140,403,200 MISCELLANEOUS STOCKS, FIRST SIX MONTHS. Amer Agric Chern Co. pref--------- $445,5001 Purch “Herman Brand” Common---------------------------100,000/ & Ashepo Fertilizer Co. Amer Coal Products Co, common. 33,500--Issued under profit-sharin g plan. American Snuff Co, pref (new).__ 94,200,-Exchange old stock under disintegration plan. Amer Tel & Tel Co, stock-----------20,942,900_ Exchange convertible bds. Amer Tobacco Co, pref (new)___ 144,800-.Exchange old stock under disintegration plan. BoothFisheriesCo 7%cumlstpf stk 2,000,0001 Acquire assets A Booth&Co Common stock----------------- ... 5,000,000) and provide work. cap. 7% cum 1st pref-------------------- 200,000.-4% div on com stk Apr 1913 Butte & Superior Copper Co, Ltd- 601,250--Subscribed by stockholders. do do do _______ l,l27,390-.Old stock just listed. do do do ----------- 997,450--Exchange convertible bonds Case (J I) Threshing Machine Col / Old certfs stamped extendpref stk tr certfs ext_________ / 2,851,200/ ed to 1918. Dome Mines Co, Ltd, stock_____ 3,500,000.-Acquire prop & retire $450,000 bonds. General Chemical Co, pref_____ 1 1,250,0001 Exchange pref stock Cal do do do ...........-/ 208,300/ Co. do do common_____ 542,800_ 5% stock dividend. General Electric Co stock_______ 22,20O.-Exchange convertible bonds General Motors Co com vot ctfs__ 42,0001 Exchange for stocks. do do pref vot ctfs__ 64,400/ Guggenheim Exploration Co stock 50,000..Sold for gen purposes. Hackensack Water Co stock_____ 1,000,000..Subscribed at par. Inspiration Cons Cop Co stock.__ 55,100..Acc’t purch New Keystone Co. Kings Co El Lt & Pow Co stock__ 112,900.-Exchange convert bonds. Manhattan Shirt Co 7% cum pref- 2,377,3001 Purchase assets New JerCommon__________________ 5,000,000/ sey Co. Nat’l Cloak & Suit Co 7% cumpfd. 5,000,000/ Acquire assets predecessor Common__________________ 7,000,000/ Co. Ray Consol Copper Co stock____ 53,250-.Exchange Ray Central Cop­ per Mining stock. Sears, Roebuck & Co common___ 20,000,000.-50% stk div pd Apr 1 1915. Tobacco Products Corp 7% cuml (.Cash & purch stks M Melapref_____________________ / 6,808,509) chrino & Co, Inc, and I Surbrug Co. United States Rubber Co 1st pref. 42,400.-Exchange 2d pref stock. Westinghouse El & Mfg Co com__ 1,262,150_ Exch West Mach Co stock. Willys-Overland Co common____ 17,299,0001 Acquire prop of former WilPreferred___________________ 4,721,000/ lys-Overland Co. Common__________________ 2,701,000..Sold at par. do ________________ 1,000,000.-5% stock dividend. Total.................................... $114,650,490 MISCELLANEOUS STOCKS, SECOND SIX MONTHS.  Alaska Gold Mines Co— 10-year conv 6% debentures___ $1,500,000..Improvements. Amer Agric Chern conv deb 5s___ 7,000,000_ Impts & working capital. Company and Class of Stock— Amount. Purpose of Issue. Bethlehem Steel Corp 1st & ref 5s. 4,300,000--Retire $3,000,000 notes and Alaska Juneau Gold Mine Co— Capital stock______________ $13,967,330-.Capital purposes. for improvements. Booth Fisheries Co sk fd deb 6s 1,442.812.-Redeem old deb 5s. Amer Coal Products 7% cum pref. 2,069,7001 Provide for stock div. and do do do ___ 2,074,188..Acquis’ns, work. capltal,&c. do do common____ 538,000/ retirement of notes. Chile Copper Co coll trust 10-yearl 15,000.000/ Paym’t prop’ty, improv’ts Am Zinc Lead & Sm Co cap stock. 2,397,850.-Exchange outstanding ctfs. convertible 7s______________ J 1 working capital, &c. Atlantic Nat Bank stock________ 990,900.-Change of name. City of New York— Burns Bros 7% cum preferred___ 1,813,9001 Conversion of constituent 4>£ % corporate stock due 1984.35,000,000--Various munlc. purposes. do common __________ 5,500,000/ corps.’stk. into new corp. do do do do .20,000,000_ Water supply. Bush Terminal common stock___ 5,000,000--Acquisitionsofprop., &c. do do do do .10,000,000_ Constr’n rap transit roads. Chat &Phen Nat Bk cap stock__ 2,551,300..Capital increase. Consol Gas Co of N Y conv deb 6s.25,000,000-_Acquis’ns & secur’s sub cos. Chile Copper Corp capital stock__ 95,000,000..General purposes. Louisville Gas & Elec Co of Ky— Comp-Tab-Rec capital stock____ 6,081,400.-Acquire constit. cos.’ stk. 1st & ref 5-year 6s____________ 1,671,274_ Retire old bonds. Cons Gas El L & Pow, Balto_____ 4,302,300-.Capital purposes. do do _______ 6,828,726-.Acquis’ns, impts & pur­ Crucible Steel of Amer com stock.. 421,600.-Return to co.’s treasury. Dayton Power & Lt 6% cum pref. 1,269,8001 Betterments and construcchase $3,000,000. MontanaPowerCo 1st &ref 5s ser A 6,000,000--Improv’ts, extensions, &c. do do common___ 1,646,400/ tion. Mortgage Bond Co of N Y— Diamond Match Co capital stock. 413,400. .Exch. 6% 10-yr. conv. deb. 10-20-year 5s, ser 3___________ 500,000..Acquire real estate mtges. General Motors Co 6% cum pref. 10,675,8001 Exchange for voting trust Prov of Alberta, Can, 434 % debs._ 5,000,000..General purposes. common___ 13,933,800/ certificates. State of New York 4K % bonds__ 8,000,000_ Erie Oswego & Champlain Greene Cananea Cop capital stk-.48,000,600--Take up stk. of constit. cos. Inter Nickel Co 6% non cum pref. 3,317,2001 In accordance with consolido do do do __ 4,000,000_ Cayuga & Seneca Canal. do do common stock 6,005,400/ dation agreement. do do do do --- 10,000,000_ Highway improvement. do do common stock 3,803,lOO-.Stock dividend. do do do do —2 5,000,000-.Barge Canal terminals. Maxwell Motors stock trust ctfs.. 12,601,000.-By trustees for lst7% cum. preferred. Total Montana Power Co, common stock 75,700..Exch. stk.-purch. warrants. National Surety Co capital stock.. 1,000,000- -Capital increase. MISCELLANEOUS BONDS.SECOND SIX MONTHS. New York, City of, 4)^% corp stk46,000,0001 Municipal purposes. do do 15-year serial-25,000,000 J Company and Class of Bonds— Amount. Purpose of Issue. Studebaker Copr, common______ 2,068,400.-Pay 5% ser gold notes. Bush Term Bldgs Co 1st gtd 5%, “stamped”_________________ $550,000.-Construction & improv’ts. Total....................................$316,444,880 Comput-Tab-Rec 6 % 30-yrsf___ 5,851,000--Acquisition of stock. Total 12 months_________ 431,095,370 Granby Cons M S & Pow conv 1st M 6% coupon “A”___________ l,120,200-.Equipment & development. PART-PAID AND TEMPORARY CERTIFICATES, FIRST TIME Great Falls Power Co 1st M s f 5% QUOTED, BUT NOT REGULARLY LISTED, 1ST 6 MONTS. gold bonds__________________ 4,750,000.-Impts., exten. & add’ns. Rep Iron & Steel 10-30-yr s f 5s__ 6,139,000--New construction. Chicago Milwaukee & St. Paul Ry.— Va-Car Chern 10-yr 6% s f conv Subscription receipts for Gen. Ref. M. conv. 5s, ser. B. debs___________________ ... 5,000,000-.New working capital. do full paid 2014, 2nd installment 65% paid. City of New York— Total____ ______________ $23,410,200 Temporary certificates for 4 % corporate stock due 1916-30. Total 12 months_________ 191,727,200 do do do do do do do June 1 1965.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  BUILDING OPERATIONS  68  New York Central R R.— Subscription receipts for 20-yr. conv. deb. 6s, 1935, full paid. do do do do do do 1st installment paid. Pennsylvania RR.—Temporary certfs. for consol. 4Hs, full paid. do do gen. 4>£s, due 1965, “and int.” from June 1 1915. Texas Co.—Subscription receipts for full paid stock. do do do do stock 1st install. (25%) paid. Westinghouse Electric & Mfg. Co.—Guaranty Trust Co. cert, of dep. for conv. 5s (S12.131.000). PART-PAID AND TEMPORARY CERTIFICATES, 2D 6 MONTHS. American Woolen Co., Guaranty Trust Co., N. Y., Old Colony Trust Co., Boston, certificates of deposit for common and preferred stock. Chic. & East. Ill. Guar. Tr. Co., N. Y., cert, of dep. gen. cons. 1st M. 5s. Chic. R. I. & Pac., Bankers’ Tr. Co., N. Y., cert, of dep. 20-yr. 5% debs. International Mercantile Marine Co.— Central Trust Co., N. Y., cert, of dep. 6% cum. pref. stock. U. S. Mtge. & Tr. Co., N. Y., cert, of dep. common stock. Missouri Pacific Railway— Columbia Tr. Co., N. Y., cert, of dep. 1st coll. M. 5s, 1920Guaranty Trust Co., N. Y., cert, of dep. conv. 5% 1st & ref. 50-year“A.” Bankers’ Trust Co., N. Y., cert, of dep. 40-yr. 4% gold loan bonds, 1905. Guaranty Trust Co., N. Y., cert, of dep. trust 5% bonds, due Jan. 1 1917. Guaranty TrustCo.,N. Y.,cert. of dep. “stamped” 1st coll. M.5s, 1920. Central Trust Co., N. Y., cert, of dep. for stock. Rumely (M.) Company, N. Y. Trust Co., N. Y., cert, of dep. pref. & com­ mon stock. Toledo St. Louis & Western, Union Tr. Co., N. Y., cert, of dep. 4% gold bonds, due 1917, series “A.” Westinghouse Electric & Mfg. Co. subscription receipts for conv. 5% s. f. coupon bonds of 1915.  The new (unlisted) notes for which a market was sought during the late year include, with others, the following issues, representing a total of 375 millions, and contrasting with 561 millions, 539 millions and 368 millions in 1914, 1913 and 1912, respectively. PRINCIPAL NOTE ISSUES IN 1915—NOT LISTED. Railroads and El. Rys.—  Int.  Date.  Maturity.  Amount.  Arkansas & Memphis Ry, Bridge & Terminal Co___ 6 % 1915 1918 $5,000,000 Auburn & Syracuse El RR.. 6% Feb 1 1915 Aug 1 1916 150,000 Aurora Elgin & Chicago RR. 6% Mar 1 1915 *Mar 1 1918 800,000 Baltimore & Ohio RR_____ 4 MS % June 1 1915 J’ne 1 ’17-’18 40,000,000 Bangor & Aroostook RR___ 5% May 1 1915 May 1 1916 1,500,000 Baton Rouge Electric Co___ 6% April 1 1915 April 1 1918 150,000 Birm (Ala) Ry Lt & P Co.. 6% May 1 1915 *May 1 1917 1,150,000 Boston & Lowell RR_______ 6% Mar 1 1915 Mar 1 1916 500,000 do do ______ 5J^% June 1 1915 June 1 1916 135,000 Brooklyn Rapid Transit____ 5% July 1 1912 *July 1 1918 20,000,000 Canadian Northern Ry____ ___ July 11 1915 July 11 1916 3,675,000 Canadian Northern Ry____ 5% Sept I 1915 Sept 1 1917 11,500,000 Charleston (W Va) Inter RR 6% May 1 1915 *May 1 1918 450,000 Chatt Ry & Light Co_____ 5% June 1 1915 *June 1 1917 615,000 Cities Service Co, N Y____ 7% May 15 1913 *Mayl5 1918 7,000,000 Columbus (O) Ry P & L Co-5>6 % June 1 1915 *June 1 1916 1,200,000 Concord & Montreal RR__ 5% Dec 1 1914 June 1 1920 200,000 Connecticut River RR____ 6% June 1 1915 June 1 1916 2,450,000 Cum berland Corporation__ 5% June 1 1915 June 1 1916 5,000,000 Denver & Salt Lake RR___ 6% Feb 1 1915 Feb 1 1917 250.000 Detroit United Rys________ 5% Feb 5 1916 May 5 1918 3,500,000 Erie RR_________________ 5% Apr 1 1915 Apr 1 1916 10,000,000 Lorain (O) Street RR______ 6% Jan 1 1915 *Jan 1 1918 200,000 Fitchburg RR____________ 6% Mar 1 1915 Mar 1 1916 1,359,000 do do ___________ 6% June 1 1915 June 1 1916 750,000 Grand Trunk Ry of Canada,5)^ % July 1915 July 1920*12,500,000 Kanawha Trac & Elec Co__ 5% June 15 1915 June 15 1917 1,100,000 Lewiston (Me) Augusta & Waterville Street Ry____ 5% June 1 1915 June 1 1918 614,000 Manchester (N H) Traction, Light & Power Co_______ 5% June 1 1915 *June 1 1918 1,000,000 Massachusetts Electric Cos_ 5% April 1 1915 April 1 1918 3,000,000 Memphis Street Ry_______ 6% Nov 1 1915 Nov 1 1917 1,500,000 600,000 do do _______ 6% Nov 1 1915 Nov 1 1916 Michigan Central RR_____ 4>£% Mar 2 1915 Mar 2 1916 3,000,000 Minneap St Paul Roch & 1918 750,000 1915 Dub Elec Traction Co____ 6% Mo Kan & Texas Ry_______ 6% May 1 1915 *May 1 1916 19,000,000 Missouri Pacific Ry________ 6% June 1 1915 *June 1 1916 24,485,000 Montreal Tram & Power Co. 6 % April 1 1915 *April 1 1917 7,000,000 N YNH& Hartford RR... 5% May 1 1915 *May 1 1916 27,000,000 1915 *July l’15-’2O 500,000 Northern Ohio Trac & Lt Co 6% July 1915 1917-1920 1,500,000 Ohio Traction Co_________ 6 % Dec 1 1914 *Dec 1 1915 4,000,000 Pacific Gas & Elec Co_____ 5% May 151915 May15 1916 2,000,000 Philadelphia Co of Pittsb__ 5% Portland (Ore) Ry L & P Co 5% May 1 1915 *May 1 1917 5,000,000 Dec 1 1915 *Dec 1 1918 3,000,000 Republic Ry & Light Co------ 5% ______ _________ _____ 246,666 San Fran-Oakland Term Rys__ ________ _________ 317,260 San Joaquin Lt & Pow Corp.---June 22 1915 June 22 1916 2,500,000 Tenn Ry Lt & Power Co___ 6% Dec 1 1914 *Dec 1 ’16-T7 750,000 Toronto Railway Co--------- 6% April 15 1915 *J’ly’16-Jan’l8 5,500,000 United Gas & Elec Corp----- 6% Jan 1 1915 Jan 1 T8-’2O 1,500,000 United Light & Rys-------- 6% Jan 1 1915 *Jan 1 ’18-’20 750,000 United Light & Rys............. 6% June 1 1915 June 1 1916 2,300,000 Vermont RR____________ 6% May 1 1915 *May 1 1916 1,500,000 Washington Utilities Co----- 5% June 1 1915 June 1 1917 *1,500,000 West Va Trac & Elec Co----- 6% Winnipeg (Canada) Elec Ry 6% Jan 15 1915 Jan ’15-T7 1,500,000 Wisconsin Central Ry----------5% Feb 15 1915 *Feb 15 1918 1,000,000  Total railroad and street railway notes, Miscellaneous Cos.—  Int.  Aetna Explosives Co., Inc.— Series “A”______________ 5% Series “B”______________ 5% Series “C”______________ 5% Alabama Power Co-------------6% Amer Cotton Oil Co----------- 5% Amer Iron & Steel Mfg Co__ — Amer Power & Light Co----- 6% Amer Public Utilities Co— 6% Amer Rolling Mills Co____ 6% Anaconda Copper Min Co.. 5% Arizona Power Co_________ 8% Ayer Mills_______________ 5% Braden Copper Co_________ 7% B’dgep’t(Conn)HydraulicCo 5% Central Maine Power Co— 6% City Light & Water Co------ 6% Clinchfield Coal Corp----------6% Connecticut River Pow Co. . 6% Consol Gas El Lt & Power Co, Baltimore__________ 5% Consolidation Coal Co------ 7% Consumsers’ Power Co------ 6% Duquesne Light Co-------------5% Eastern Texas Electric Co.. 6% Elkhorn Coal Corp-------------6% General Rubber Co----- 5% Internat Harvester Co of NJ 5% International Harvester Corp 5% Lackawanna Steel Co-------- 6% Lord & Taylor--------- ------- 6% Louisville Gas & Elec Co— 6% Merch & Miners’ Transp Co 5 % Mt Ver-Woodberry Mills,Inc 6% Mt Ver-Woodb’y Mills.Inc. 6% National Fruit Co, NY----- 6% Norfolk County Water Co.. 6%   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  &c_________________ $254,446,926  Date.  Maturity.  Amount.  May 1 1915 ♦Dec 15 1915 $1,000,000 May 1 1915 Jan 15 1916 1,000,000 May 1 1915 Feb 15 1916 1,000,000 Feb 1 1915 ♦Feb 1 1918 2,000,000 Nov 1 1915 ♦Nov 1 1917 5,000,000 500,000 July 13 1915 July 13 1916 3,000,000 Mar 1 1915 ♦Mar 1 1918 1,500,000 April 1 1915 ♦Apr l’17-’2O 2,500,000 Mar 1 1915 Mar 1 1917 16,000,000 200,000 July 1 1915 ♦Jan 1 1919 Mar 1 1915 ♦Mar 1 1918 1,000,000 988,000 Nov 1 1915 May 1 1916 July 1 1915 ♦July 1 1920 1,500,000 600,000 Feb 1 1915 Feb 1 1918 250,000 Sept 1 1915 ♦Sept 1 1916 Nov '1 1914 ♦Nov 1 1916 1,200,000 500,000 1920 1915 Mar 15 1915 ♦Mar 15 '17 2,500,000 Feb 1 1915 Feb 1 1917 7,000,000 500,000 Nov 1 1913 May 1 1917 Feb 1 1915 ♦Feb 1 1918 2,500,000 500,000 Dec 1 1915 ♦Dec 1 1918 Dec 1 1915 Dec 1 1925 4,000,000 July 1 1915 ♦Dec 1 1918 9,000,000 Feb 15 1915 Feb 15 1918 20,000,000 Aug 15 1914 Feb 15 1918 5,000,000 Mar 1 1915 ♦Mar 1 1917 6,000.000 July 1 1915 Jan 1 1916 5,000,000 300,000 Oct 1 1914 April 1 1918 Mar 1 1915 Mar 1 1916 1,750,000 Feb 2 1915 ♦Feb 21 1918 2,500,000 200,000 Feb 2 1915 ♦Feb 2 1918 150,000 Dec 1 1914 ♦Dec 1 1918 275,000 1915 ♦May 1 1918 May  Miscellaneous Cos.—  Int.  Date.  Maturity.  Amount.  Pacific Light & Power Co, Los Angeles____________ 6% July 1 1915 *July 1 1917 $2,338,000 Pennsylvania Salt Mfg Co.. 5% June 1 1915 *June 1 1918 1,500,000 Phila Electric Co__________ 5% Aug 2 1915 *Aug 1 1917 3,500,000 Portland Un Stock Yds Co.. 6% July 1 1915 *July 1 1918 110,000 Sheriff St Mkt & Storage Co 6% 1915 2H years 500,000 Southern Calif Edison Co... 6% Mar 15 1915 *Mar 15 ’20 2,000,000 Southern Counties Gas Co.. 6% April 1 1914 *April 1 1917 40,000 Standard Gas & Elec Co___ 6% Oct 1 1915 *Oct 1 1935 500,000 Steel Co of Canada_______ 6% _________ July 15 '17-’2O 400,000 United Coal Mining Co___ 6% Aug 1 1915 Aug 1 1917 250,000 U S Window Glass Co_____ 6% Mar 1 1915Sept’15-Sept’16 160,000 Western Power Co_________ 6% Mar 1 1915 *Mar 1 1917 1,000,000 Worcester Gas Light Co___ 414% Sept 1 1915 Sept 1’17-’2O 1,000,000 Total miscellaneous companies_______________________ $120,211,000 Total railroads, street railways and miscellaneous________ 374,657,926 * Subject to call at an earlier date at a certain price at company’s option. See previous article, V. 101, p. 330.  BUILDING OPERATIONS IN 1915. A revival of activity in building construction op­ erations in the United States as a whole in the last five months of the year coincident with improve­ ment in the commercial and industrial affairs of the country served to furnish for the full year 1915 an exhibit for this leading industry that cannot fail to be considered satisfactory and really gratifying, even though the result attained fell noticeably short of 1913 and 1912. The year opened with building operations running behind the contracted figures of 1914 and each month up to and including July showed a greater or less decline. In the meantime, however, orders for war materials from abroad had begun to exert an influence in this industry as in others, through the necessity for enlarging plants in order to fill them and the need for providing dwell­ ing accommodations for the additional help required. Bridgeport, Hartford, New Haven and Waterbury in the East and Akron in the Middle West were the first to feel the impetus of this demand for phenom­ enal quantities of war supplies, but by August the country quite generally east of the Mississippi River, but not including any great part of the South, be­ gan to experience something in the nature of a build­ ing boom. August operations as a whole exhibited a gain of 9.8% over 1914, September 31%, October 31.2%, November 50.9% and December some 80%. In most months, too, the full figures of 1913 were ex­ ceeded. As regards the territory west of the Mississippi, considerable activity was witnessed at a number of points during the year, but on the immediate Pacific slope the situation can be best described as one of virtual inertia, a marked decline in operations being noted almost everywhere and especially in localities that experienced boom conditions in 1913 and several years prior thereto. At the South the cotton situ­ ation served to hold in check any tendency that might otherwise have been manifested to enter upon any extensive building operations. It is true of course that prices for the staple were higher in 1915 than during the closing months of 1914, and in the last quarter of the year bore a favorable relation to the average of recent seasons, but with demand restricted and contraction in the volume of exports stocks in the South were abnormally large. Following the plan pursued annually since we began the collecting of these statistics, we have this year made every endeavor to further extend the scope of our compilation with the result that 252 cities are now included and moreover every State but Mississippi is represented. Where it has been possible to do so returns have been secured from official sources, but in a number of cases in the absence of ordinances covering the matter we are indebted to private individuals for the information furnished. We note, however, a tendency, even in some of the small-  69  BUILDING OPERATIONS. est municipalities, to take the subject under official di­ rection. For the 252 cities which contribute returns the estimated outlay under the contracts arranged in 1915 footed up $922,034,298, against $879,821,460 in 1914, exhibiting an augmentation of 4.8%. In 1913 the aggregate for the identical cities was 968 million dollars and in 1912 slightly over 1,037 millions, this latter falling only nominally below the record total of 1909. In segregating the returns into groups, we have adhered to the plan of former years of giving promi­ nence to the leading cities in each State or section, and as Greater New York exerts a preponderating influence its operations head the compilation. For the five boroughs of this city, while the construction work for which permits were issued during 1915 cov­ ered a much heavier aggregate of expenditure than for the preceding twelve-month period and showed a moderate gain over 1913, a considerable loss was exhibited from 1912 or several earlier years. All boroughs shared in the 1915 increase, but greatest activity was to be noted in the Bronx, where the con­ tracts called for an outlay 66% in excess of 1914. In Manhattan almost all the operations of recent years have been in the replacing of old buildings by new and more commodious and elaborate structures, and consequently the expenditure, although large and affording either business or dwelling accommo­ dations to a greater number than before, decreases rather than increases the building units. For 1915 the estimated cost for all five boroughs totaled $172,945,720 against $138,115,266 in 1914, or a gain of 25.2%. Our replies from the Middle States outside of Greater New York embrace 57 cities, for which the aggregate outlay reported was $171,580,737 against $168,983,751 in the preceding year. Operations involving noticeably larger expenditures than in 1914 were to be noted at Philadelphia, Buffalo, Jersey City, Rochester, Syracuse, Mt. Vernon, Yonkers, Tren­ ton and Washington and some 17 smaller munici­ palities, and more or less conspicuous lack of activity was recorded at Pittsburgh, Wilmington, Wheeling, Binghamton, Atlantic City, Allentown, Erie, East Or­ ange, West Hoboken and Norristown. In New Eng­ land the showing for 1915 was distinctly favorable, the building contracts for 48 cities totaling $122,270,168 against $100,168,639 in the preceding year. We have already noted that impetus to building by war orders was furnished in New Haven, Hartford, Bridgeport and Waterbury, but in addition note­ worthy activity was to be mentioned in Boston, Chelsea, Holyoke, Lowell, Lynn, Medford, Newton, Quincy, Salem, Portland and Manchester. The only losses of moment were to be found at Worcester and Cambridge. The Middle West also made a very satisfactory exhibit for the late year, the total establishing a new high record. At such cities as Cleveland, Cin­ cinnati and Detroit the returns furnished evidence of unprecedented development in building lines follow­ ing great activity between 1909 and 1914 and an important increase in operations occurred at Chi­ cago. Furthermore, gains worthy of special note were recorded at Toledo, Akron, Canton, Evansville, East St. Louis and Flint, and mentionable losses were confined to Columbus, Indianapolis, Peoria, Grand Rapids and Louisville. For the 49/ cities included in the compilation the aggregate of expendi­ tures at $261,589,632 exceeded 1914 by a little more   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  than 29 million dollars, Chicago participating to the extent of 13^ millions and Cleveland and Cincinnati each over 5 millions. Operations on the Pacific slope in 1915 were, in the aggregate, very much less than in 1914, and in fact the smallest in magnitude for over a decade. At San Francisco a greater number of permits was issued than in the previous year, but the estimated cost of construction fell off fully 50%, and at Los Angeles and most of the smaller cities of California, as well as at Portland and Seattle, the situation can be most aptly described as one of marked dulness in building work. The 20 cities in this group afforded a total of but $55,648,311, or some 33^ millions less than in 1914, nearly 59 millions smaller than in 1913 and 61 millions below 1912. The States west of the Mississippi River to the Pacific slope, exclusive of Louisiana, Texas, Okla­ homa and Arkansas (which are grouped by us with the South) did not experience the effect of the busi­ ness revival of the last half of the year to the same extent as more easterly sections of the country. At the same time, there was nothing in the nature of a slump in building operations, although quite notice­ able decreases occurred at some of the larger cities. These included St. Paul, St. Louis, Denver, Salt Lake City and Davenport. Gains, however, were not wanting, a little more than in 1914 being done in Minneapolis, Kansas City, Duluth and Sioux City and considerable activity characterizing operations at Wichita, Omaha, Topeka, Sioux Falls, Butte and Reno. Collectively the 33 cities that make up this group furnished a total of $83,969,577, or 2^ million dollars less than for the previous year. The South, and not unnaturally so under the conditions that pre­ vailed there, made an unfavorable exhibit, second only to that of the Pacific slope. Savannah, El Paso and Galveston reported considerable increases in prospective outlay over 1914, and Atlanta and Char­ lotte did a little better, but most of the other of the 44 cities embraced in the group showed up poorly with decreases most marked at Birmingham, Shreveport, Fort Worth, Dallas, Waco, Houston, San Antonio, Little Rock and Oklahoma City. The total for the section at $54,030,153 showed a diminution of close to 10)/£ millions as compared with 1914 and a decline of 211/2 millions from 1913. For the United States outside of Greater New York the total for 1915 was slightly better than for 1914, the contrast being between $749,088,578 and $741,706,194, but compared with 1913 there was a loss of 56J^ million dollars. A compilation covering the building statistics for the last four years for some of the leading cities in each section of the country, together with the aggregates for the remaining munici­ palities in each State is now appended : UNITED STATES BUILDING OPERATIONS. 1915. 1914. Inc. or Dec. 1913. 1912. New York City— $ $ % $ $ Manhattan...................... 73,672,674 56,293,871 +30.9 85,439,254 127,469,492 Other boroughs............... 99,273,046 81,821,395 +21.3 77,503,031 101,131,816 Total N. Y. City...172,945,720 Maine—2 cities................. 2,058,974 N. H.—Manchester___ 2,598,055 Vermont—Burlington 399,350 Massachusetts—Boston . 29,113,692 Other 21 cities.............. 47,612,237 Connecticut—Hartford._ 5,575,895 New Haven.................... 7,104,947 Other 15 cities................ 18,973,667 Rhode Island—5 cities.. 8,833,351  138,115,266 +25.2 162,942,285 228,601,308 1,461,765 +40.8 1,950,000 1,613,395 1,649,867 +57.5 1,652,889 2,720,541 454,748 —12.2 ________ ________ 24,527,335 +18.7 17,493,330 21,166,349 42,067,383 +13.2 39,983,806 43,656,111 4,052,081 +37.6 5,784,751 7,379,525 4,379,842 +39.4 4,790,151 4,762,341 12,760,300 +48.7 11,553,277 11,616,301 8,815,318 +0.2 10,181,783 10,685,312  Total New Eng. (48)..122,270,168 New York—Rochester.. 9,108,333 Buffalo........................... 11,798,000 Other 13 cities.............. 24,601,616 New Jersey—Newark... 8,006,044 Other 17 cities.............. 22,903,920  100,168,639 +22.1 8,733,257 +4.3 10,709,000 +10.2 22,575,664 + 9.0 10,080,587—20.6 21,271,515 +7.7  93,389,987 9,642,124 11,992,661 34,125,528 16,317,973 24,965,048  103,539,875 12,035,466 12,992,000 26,767,709 11,616,358 27,222,255  MERCANTILE FAILURES  70  Pennsylvania—Phlla____ Pittsburgh..................... Other 14 cities_______ Delaware—Wilmington . Maryland—Baltimore__ Other 2 cities................ D. C.—Washington_____ West Virginia—3 cities..  1915. $ 39,445,125 14,327,017 12,656,754 1,524,853 11,774,322 932,273 11,748,121 2,754,359  1914.  s  Inc. or Dec. 1913. * % +11.4 38,763,850 --21.3 15,470,955 --14.0 14,623,814 1,876,753 --32.7 +4.0 11,711,501 1,154,979 -25.5 9,196,711 + 29.7 3,004,917 -18.6  35,419,605 18,194,182 14,714,581 2,265,824 11,325,505 1,251,918 9,060,081 3,382,032  1912. $ 37,173,635 11,145,043 16,437,733 1,843,803 10,385,892 1,194,679 14,939,370 2,892,270  Total Middle (57).. 171,580,737 168,983,751 + 1.5 192,846,814 186,646,213 Ohio—Cleveland_______ 32,660,305 27,309,010 + 19.6 23,841,160 18,180,078 8,348,432 9,031,381 8,387,368 + 67.2 Cincinnati___________ 14,025,333 4,675,303 5,508,408 6,885,065 —28.4 Columbus ...................... 4,928,425 19,068,214 22,608,819 20,887,709 + 17.7 22,437,289 Other 9 cities________ 9,150,407 9,361,973 7,083,642 7,933,381 —10.7 Indiana—Indianapolis_ 8,147,233 8,280,922 8,161,804 + 0.9 Other 9 cities________ 8,236,390 Illinois—Chicago_______ 97,291,480 83,651,610 + 16.3 89,521,970 88,198,500 Other 10 cities_______ 12,230,234 13,509,188 —9.5 12,914,163 11,056,895 Michigan—Detroit......... 32,238,550 28,207,355 + 14.3 30,434,380 25,588,470 6,204,261 9,973,470 Other 7 cities________ 11,626,387 10,101,995 + 15.1 Wisconsin—Milwaukee. - 11,564,325 10,442,519 + 10.8 13,647,624 15,730,860 1,609,680 2,966,253 —13.8 2,074,857 Other 2 cities________ 2,556,915 6,552,730 4,054,180 3,415,860 4,397,310 —22.3 Kentucky—Louisville__ 1,973,265 1,546,802 +4.1 1,869,538 Other 4 cities............... 1,294,497  + 12.5 —11.1 + 4.5 + 44.1 + 7.5 —19.6 + 1.2 + 16.8 + 70.1 + 93.5 + 5.0 —1.3 —11.2 —29.4 —48.5 + 58.7 + 35.2 —24.5 —31.9 + 64.7 —25.2 —23.6 + 9.6 —70.5 + 99.2  242,336,207 15,340,112 10,578,162 1,342,613 12,857,935 9,441,216 5,326,011 4,110,733 1,678,350 1,087,365 2,181,626 3,874,600 6,993,748 2,797,148 784,142 1,194,264 642,300 2,110,425 887,420 822,337 701,030 111,540 414,668 1,630,286 210,000  227,120,461 20,675,803 12,396,328 1,525,908 14,229,475 8,051,417 3,130,543 4,546,761 1,185,135 1,195,700 1,777,226 2,101,050 5,869,822 5,332,675 1,607,731 1,427,898 139,730 5,262,398 670,819 735,450 638,422 172,820 300,000 662,723 150,000  Total Oth. West. (33) CaHIornia—San Fran.. Los Angeles_________ Oakland____________ Other 10 cities______ Oregon—Portland_____ Salem____________ Washington—Seattle__ Spokane____________ Other 3 cities________  83,969,577 86,582,763 —3.0 13,990,704 28,177,563 —50.3 11,888,662 17,361,925 —31.5 5,045,289 4,717,520 + 7.0 10,510,432 14,274,604 —26.4 4,869,550 8,334,075 —41.6 214,360 278,760 —23.1 6,449,040 12,664,970 —49.1 1,196,367 1,462,965 —16.8 1,483,907 1,813,075 —17.8  87,118,031 21,676,655 31,641,921 9,106,191 22,757,415 12,956,915 358,500 9,321,115 3,314,780 3,080,822  93,785,837 23,873,367 31,367,995 8,821,950 24,222,693 14,652,071  Total Pacific (20).. . Virginia—Norfolk____ . Richmond__________ Roanoke___________ . North Carolina—5 cities . South Carolina—2 cities Georgia—Atlanta______ . Other5 cities________ Florida—4 cities_______ . Alabama—3 cities____ . Louisiana—New Orleans Other 2 cities________ Texas—Dallas________ . Other 8 cities________ . Arkansas—2 cities......... Oklahoma—3 cities.__ . Tennessee—Memphis .. . Other 3 cities________ .  55,648,311 1,865,928 3,244,752 1,069,377 3,261,188 792,216 4,589,214 4,320,346 4,003,118 2,371,604 2,826,670 897,907 3,116,900 12,793,946 808,545 2,747,135 2,730,488 2,610,819  Total Mid. West. (49). 261,589,632 232,567,874 Missouri—St. Louis____ 11,439,320 12,862,915 Kansas City_________ 10,667,405 10,204,970 1,077,574 Other 3 cities________ 1,552,260 Minnesota—Minneapolis 16,353,963 15,214,525 St. Paul_____________ 11,942,530 14,852,839 3,705,223 Other 2 cities________ 3,750,000 5,385,005 4,610,456 Nebraska—Omaha____ 1,003,287 Lincoln________ _____ 1,706,049 964,695 497,880 Kansas—Wichita. . ...... 1,658,268 Other 2 cities________ 1,741,765 1,761,000 1,785,000 Iowa—Cedar Rapids___ 6,242,021 7,032,268 Other 4 cities.......... .. 2,648,575 3,750,460 Colorado—Denver.......... 406,062 Other 2 cities.............. 787,620 1,232,491 South Dakota—2 cities.. 1,955,671 North Dakota—Gr.Forks 452,725 334,898 2,250,720 2,982,337 Utah—Salt Lake City. . Ogden_____________ 572,160 840,680 1,024,032 621,685 Montana—Butte______ 122,553 163,055 Idaho—Boise ................ 94,418 123,558 Wyoming—Cheyenne. . 249,313 NewMex.—Albuquerque 273,667 216,911 767,521 Arizona—Phoenix_____ Nevada—Reno............... 446,070 223,940  Total South (44)___ . 54,030,153  89,085,657 2,014,681 3,391,571 1,440,823 3,925,853 908,373 4,564,387 3,676,813 4,416,454 4,155,149 2,949,751 1,427,738 5,093,497 15,138,291 1,148,373 3,713,542 2,946,818 3,405,596  —37.5 114,214,314 116,613,265 —7.4 2,379,357 3,127,423 —4.4 3,636,476 6,255,711 —25.7 1,231,914 1,020,694 —16.9 3,995,319 2,957,724 —12.8 1,315,947 1,128,345 +0.5 5,112,944 9,987,444 + 17.5 4,346,556 4,537,208 —9.4 5,116,176 6,968,255 —42.9 7,481,440 5,154,298 —4.2 4,087,281 3,309,620 —37.1 1,511,804 1,332,590 —38.8 8,480,580 5,005,538 —15.5 15,015,297 14,579,287 —29.6 1,853,483 2,300,542 —26.5 3,151,901 2,256,616 —7.3 3,949,368 7,162,214 —23.2 3,123,910 3,772,187  64,317,710 —15.8  Total 262 cities......... .922,034,298 879,821,460 Outside New York____ .749.088,578 741,706.194  8,415,325 2,563,627 2,696,237  75,610,839  81,034,810  + 4.8 968,458,477 1037341,769 + 1.0 805.516,192 808,740,461  The exhibit made in building operations in Canada in 1915 was decidedly less satisfactory than for 1914, which in turn made a very poor showing in compari­ son with the two preceding years. The setback can be in great measure ascribed to the European war, in which the Dominion as a colony of Great Britain is an active and earnest participant, but was also in con­ siderable part explainable, as regards the Western Provinces, particularly, by the natural and inevitable checking of the phenomenal development of several years prior to 1914. A boom of marvelous propor­ tions was experienced at almost every point in Manitoba, Alberta, Saskatchewan and British Co­ lumbia in that period, and activity in building lines was extreme. But with the setting in of depression antecedent to the war, the check came and conditions arising out of the war simply and greatly accentuated it. The effect was seen in a drop from 18 millions   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  estimated outlay in Winnipeg in 1913 to 14 millions in 1914 and less than 2 millions in 1915, and from 20 millions in Calgary in 1912 to millions in 1913 and 3J/2 millions in 1914 and barely 150 thousand dollars in 1915. The returns for Edmonton, Van­ couver and Victoria were similarly unsatisfactory. The Eastern Provinces also had been unfavorably affected, but not so drastically. Our compilation for 1915 covers 64 cities, of which 37 in the East and 27 in the West, and shows that the permits issued during the year covered estimated ex­ penditures for construction work of but $37,519,102, against $107,945,266 in 1914, or a falling off of 65.2%, and there were losses of 77.7% and 81.2%, respec­ tively, from 1913 and 1912. Analyzing the returns by sections, we find that the 37 cities in the Eastern Provinces exhibited a decrease of 53.7% from the pre­ vious year, with Montreal, Toronto, Hamilton and Ottawa recording conspicuous declines, and only three municipalities showing gains. In the West the 27 cities, as already intimated, made an exceedingly poor exhibit, losses being universal, and the total of all falling 85.2% behind 1914. A statement of the results for the four years 1912 to 1915 inclusive, is subjoined. CANADIAN BUILDING OPERATIONS. 1914. Inc.orDec. 1913. 1915. $ 8 % $ Quebec—Montreal______ 8,511,221 17,638,446 —51.7 27,032,029 9,834,008 Other 8 cities................ 5,778,292 8,265,000 —30.1 Ontario—Toronto______ 6,651,889 20,694,288 —67.9 27,038,624 3,703,865 —58.9 5,110,000 Hamilton____________ 1,523,248 3,991,380 Ottawa______________ 1,605,160 4,332,600 —62.9 Other 21 cities_______ 5,608,385 11,968,905 —53.1 17,240,626 1,261,617 990,193 +2Z.4 1,157,037 Nova Scotia—2 cities__ 901,055 —13.4 New Brunswick—2 cities 780,475 2,592,780  19,641,955 8,325,199 27,401,761 5,491,800 3,621,950 17,824,107 1,179,961 745,200  Total East, 37 cities.. 31,720,287 68,494,352 —53.7 93,996,484 Manitoba—Winnipeg__ 1,826,300 13,942,050 —86.9 18,622,250 Other 2 cities________ 368,260 1,197,727 —68.8 1,238,840 8,619,153 Alberta—Calgary_______ 150,550 3,429,450 —95.6 Edmonton___________ 301,725 4,913,277 —93.8 9,242,450 504,954 Lethbridge__________ 58,420 413,320 —85.9 6,679,812 Other 4 cities________ 206,810 3,179,511 —93.5 Saskatchewan—Regina.. 464,065 1,765,875 —73.7 4,018,350 4,453,845 Saskatoon___________ 20,200 337,210 -—94.0 88,222 — 80.8 4,238,470 Moose Jaw__________ 459,610 92,136 1,149,367 —92.0 2,484,530 Other 4 cities________ Brit. Colum.—Vancouver 1,593,279 4,484,476 —64.5 10,423,197 292,450 4,037,992 Victoria_____________ 2,243,660 —87.0 336,398 Other 8 cities________ 1,953,381 —82.8 4,051,815  84,231,933 20,475,350 1,451,012 20,394,220 14,446,819 1,358,250 5,665,894 8,047,309 7,640,530 5,275,797 3,191,610 19,428,432 8,208,155 7,144,276  1912.  Total West, 27 cities.. 5,798,815 39,450,914 —85.2 78,615,658 122,727,654 Total all, 64 cities___ 37,519,102 107.945,266 —65.2 172,612.142 206,959,587  FAILURES IN 1915. A further marked expansion in the number of business disasters in the United States in 1915 was the feature of the failures compilation of Messrs. R. G. Dun & Co. for the year. Very naturally, this attracted attention, especially as there was not only a large excess over the previous year but the total almost established a new high record in the ratio of suspensions to the aggregate in business, as well asbeing actually the greatest total of insolvencies. It is but natural that from year to year the number in business in a growing country like ours should steadily, and at times very materially, increase. Obviously then, any true comparison of results from year to year must take that fact into account. On that basis the total of failures for the late year would reveal a distinctly favorable situation as contrasted with a like aggregate ten years ago with the num­ ber in business increased to the extent of say 26% in the interim. But in 1915 the mercantile casu­ alties increased in much greater proportion than did the number in business, and in consequence the relation of one to the other was raised to 1.29%, against 1.10% in the previous year, 0.99% in 1913, only 0.77% in 1906, and the high mark of 1.31% in 1896. It is to be stated, however, that the first  MERCANTILE FAILURES.  71  six months constituted the really unfavorable j a contracting company in Pennsylvania, $1,500,000; period of the year, improvement in the failures the Carter Iron Co., Pittsburgh, $750,000; a lumber situation having been cotemporaneous with the ' concern in Washington (State) and a leather manu­ facturer of Chicago, each $600,000, and a boat comlater revival of business activity. There is nothing anomalous in the fact that there | pany and auto body company in Michigan for should have been a considerable increase in the $541,000 and $328,670, respectively, the most number of failures in 1915 when surrounding con­ notable. But in the trading division liabilities ditions were taken into account. The depression in jumped to over 21 millions among the disasters for commercial and industrial lines already in evidence $100,000 or over, J. B. Greenhut Co., $12,000,before the European war started and greatly accen­ 000; A. D. Matthews Sons, $1,100,000; depart­ tuated by that unfortunate development, was still ment stores in St. Louis, Newark and Providence, existent when the late year opened, and it was not $1,500,000, $480,000 and $400,000, respectively, until after the half-year had been passed that the and a Boston lumber concern, $727,176, contributing impulse of reviving trade began to make itself felt. much the greater part of the total. The notable In the meantime, manufacturers and traders of failures in the remaining class were the National limited capital were being pushed to the wall in Realty Co., Tacoma, $1,100,000; Butte-Duluth great numbers along with the few of large resources. Mining Co., $750,000; a brokerage firm in New It is only requisite, in fact, to glance at the record York, $500,000 and another in Cincinnati, $741,736. In the third quarter of the year there was a marked for the first six months of 1915 and note the phenom­ enal increase over 1914, or of any earlier year, in drop in both the number and aggregate liabilities the number of bankruptcies, most of them among of large failures, reflecting within certain limits the lightly capitalized, to appreciate the unfavorable the improving business situation. Two saw mills nature of the exhibit. Large failures, too, were a in Florida, for a total of $1,830,000; a lumber com­ striking feature of the first six months, reaching pany in Georgia, $700,387 and the General Brake practically the same in number as in 1914, and Shoe & Supply Co. of Chicago, $600,000, constituted falling below that year in liabilities simply because the most notable disasters in the manufacturing class. No specially notable insolvency was to be the $40,000,000 Claflin disaster was then included. But in the last half of the year, as already stated, mentioned among traders, but in the brokers, &c., there was marked improvement in the situation. division a life insurance company for $737,000; a Still, no month of the year was free of its quota of phosphate company in Florida for $750,000 and noteworthy insolvencies, and although these in the two real estate concerns in New York City for $750,aggregate constituted only a meager percentage of 000 and $700,000, respectively, may be mentioned. The last three months’ period of 1915 witnessed the total of failures in 1915, they made up the greater part of the liabilities. Specifically, they some increase in failures for comparatively important aggregated 331 and covered $122,739,907 of indebted­ amounts as contrasted with the quarter immediately ness, against 409 for $210,715,947 in 1914. In preceding, but the exhibit, especially as regards 1915, moreover, these large disasters, although only volume of debts, was much more favorable than in 1.5% of the aggregated failures, accounted for either the first or second quarters. Manufacturers 40.6% of the failed indebtedness. Of the large forced into insolvency were 37 in number, with failures of the year 163 for $58,700,533 were in the the Vanoscope Co., New York, for $1,007,861; a manufacturing division, 111 for $38,986,288 in the Newark daily newspaper (involved by ex-Senator trading group and 57 for $25,053,086 among brokers, Smith), $1,300,000; Russell Falls Co. (paper), transporters, &c. It is not feasible, of course, to $464,564; Brookford Mills, North Carolina, $400,000, a New York contracting firm $900,000 showing enumerate all of the insolvencies for large amounts, and the heaviest liabilities. The only conspicuous trad­ but reference to some of the more important of them ing failure was the Mason Hotel & Investment Co. would seem to be essential in reviewing the year’s in Florida for $1,250,000, and the notable disasters result. In the first quarter, liabilities of some 30^ in the miscellaneous class were two brokerage houses million dollars in manufacturing lines was made in Buffalo for $900,000; the Realty Union, San Fran­ up mainly by the M. Rumely Co., $16,000,000; a cisco, $869,031; Henry Corn, real estate, New York, saw mill in Florida, $1,000,000; the American Round $1,852,004; West Jersey Mortgage Co., $500,000, the McGraw Coal Co., West Virginia, $1,000,Bale (Cotton) Press Co., $934,607; Libman Con­ and 000. Segregating the large failures into classes by struction Co., New York, $750,000; Ideal Steel months and quarters, we have the following exhibit Wheel Co., Indiana, $600,000; Jay C. Wemple Co., for 1915: LARGE FAILURES IN 1915. New York, $561,000; a brewing concern in Illinois, $500,000; two distilleries in Kentucky, $425,000; Manufacturing. Trading. Brokers, &c. Speedwell Motor Car Co., Ohio, $465,000; a printer No. Liabilities. No. Liabilities. No. Liabilities. in Boston, $452,220; a turpentine manufacturer in January__________ 24 $22,435,849 13 $3,422,171 6 $1,250,897 17 February_________ 16 3,885,415 4,449,490 3 5,559,100 13 4 2,407,165 4,441,778 17 753,487 Florida, $400,638, and a New York City publishing March___________ 43 $10,278,826 13 $7,563,484 First quarter___ 57 $30,763,042 company, $400,000. Among traders during the April $4,772,034 12 $4,701,008 21 10 $15,622,949 _____________ 2,582,422 4,558,339 16 11 1,397,262 6 _____________ same period the leading casualties included a Pitts­ May 6 3,543,000 1,190,038 857,212 10 7 June_____________ burgh hotel, $1,507,000; two chinaware houses in Second quarter.. 42 $10,897,456 33 $21,371,326 23 $6,955,482 New York, $1,200,000; a New Jersey liquor dealer, First half-year ,. 99 $41,660,498 76 $31,650,152 36 $14,518,966 $613,518; a department store at Fort Worth, Texas, July............................ 4 $2,277,530 6 $1,309,762 7 $1,702,859 1,362,789 12 4,658,573 4 960,000 ___________ 8 $535,000, and a Florida lumberman, $415,968; while August September________ 9 6 1,072,710 2 1,187,155 1,682,681 in the brokerage, &c., class there was but one really Third quarter__ $7,651,016 21 $4,138,358 27 10 $4,424,685 conspicuous disaster, that of the Idaho-Oregon October__________ 16 $2,004,463 9 $4,312,161 5 $5,512,535 14 2,837,272 665,032 5 November________ 2 596,900 Light & Power Co., with debts of $4,900,000. December________ 2,239,686 528,283 4 7 The second quarter witnessed a decidedly better Fourth quarter.. 14 11 37 $9,389,019 $3,197,778 $6,109,435 64 $17,040,035 35 $7,336,136 21 $10,534,120 situation among manufacturers, the large failures Second half-year— 163 $58,700,533 111 $38,986,288 57 $25,053,086 covering less than 11 millions of indebtedness, with Total year________   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  MERCANTILE FAILURES.  72  Geographical analysis of the 1915 figures indicates that in all but one of the sections into which the returns are divided the number of failures in the year was greater than in 1914, the excess being especially large in the Middle Atlantic, South Atlantic, Central East and South Central groups of States. As regards liabilities, however, the Middle Atlantic section, comprising the States of New York, New Jersey and Pennsylvania, made a much more favor­ able exhibit than a year ago. In each State there was an increase in the number of insolvents, but in the first-named the debts dropped some 48 million dollars below the 1914 total, which was inordinately swelled by the Claflin failure. Pennsylvania, moreover, showed a diminution of over 22 millions. The feat­ ure of the returns from the Central East group was the marked increase in liabilities in Indiana, due pri­ marily to the Rumely failure in the opening month of the year. As compiled by Messrs. R. G. Dun & Co., the number of failures in 1915 in the United States was 22,156 with liabilities of $302,286,148, this contrast­ ing with 18,280 and $357,908,859 in the preceding year, 16,037 and $272,672,288 in 1913 and 15,452 and $203,117,391 in 1912. The latest total of in­ debtedness was exceeded not only in 1914, but in 1893, when, although the number of failed firms was very much less than in the year just closed, the volume of debts was 44J^ millions above that of 1915. The failures situation, quarter by quarter, the last two years is set forth below: FAILURES BY QUARTERS. 1915. No.  First quarter.............. Second quarter_______ Third quarter________ Fourth quarter_______  1914.  a Average  Liabilities. Liability  No.  TOTAL FAILURES. Number. 1915.  1914.  LfaMZttfes. 1913.  7,216 5105,703,355 $14,648 4,826 $83,221,826 $17,265 5,524 82,884,200 15,004 3,717 101,877,904 27,410 4,548 52,876,525 11,626 4,298 86,818,291 20,200 4,868 12,494 5,439 60,822,068 85,990,838 15,810  A study of the failures as segregated into branches of trade reveals the fact that in all but five lines in the manufacturing division the number of insolvencies was greater in 1915 than in 1914. The aggregate indebtedness of manufacturers for the twelve months, however, at $112,026,484 was 23J/£ millions under 1914, notwithstanding the Rumely failure for 16 millions in the late year, and fell below 1913 by 11 millions. In the trading group virtually every branch of business reported more disasters than in 1914, and augmented liabilities are to be noted in most instances. Dry goods and carpets, however, made a very favorable comparison, the Claflin and O’Neill-Adams insolvencies having served to ab­ normally swell the total indebtedness in 1914. The aggregate of trading debts at $150,233,647, therefore, while 15^ millions under 1914, contrasted unfavor­ ably with earlier years. Brokerage, &c., failures were also much more numerous than in the previous year, but liabilities exhibited a considerable decrease. Banking disasters, on the other hand, were not only fewer than in 1914, but the liabilities, although above the average of recent years, were materially less. The failed institutions in all numbered 133, of which 18 were national banks, 4 trust companies, 6 savings banks and 105 State and private banks. There is no reason to regard banking suspensions in the same  1914.  1915.  1913.  Manufacturing_____ 5,116 4,620 4.243 SI 12.026.484 $135,636,279 $123,122,528 Trading___________ 16,030 12,851 11,145 150.233,647 165,864,852 115,115,212 Other_____________ 1,010 809 649 40,026,017 56,407,728 34,434,548  Total___________ 22,156 18,280 16,037 $302,286,148 $357,908,859 $272,672,288 Banking___________ 133 212 56,005,107 31,546,314 120 37,223,235 Total all.................. 22,289 18,492 16,157 $339,509,383 $413,913,966l$304,218,602  A considerable decrease in the number of failures in 1915 was shown by the compilation for the Dominion of Canada, but the liabilities exhibited rather marked expansion. The insolvencies numbered 2,661 against 2,898 in the preceding year and only 1,719 in 1913, while the indebtedness rose to $41,162,321, con­ trasting with $35,045,095 and but $16,979,406. Im­ provement in number of disasters was revealed in British Columbia, Alberta and Saskatchewan, and as regards liabilities a favorable comparison was to be noted in the first-named, where the aggregate de­ clined from $11,650,670 to $9,377,601. An aug­ mentation of 4% millions occurred in Quebec, over 2 millions in Manitoba and 1)4 millions in Alberta. Among banks the insolvencies of the year numbered but one (in British Columbia) with liabilities of $150,000, this contrasting with a like number for $250,000 in the same province in 1914. FAILURES BY BRANCHES OF BUSINESS. The statement of failures by branches of business, as com­ piled by Messrs. R. G. Dun & Co., for the last three years, is as follows:  1 Average Liabilities. Liability  Total, year________ 22,156 5302,286,148 $13,644 18,280 $357,908,859 $19,579   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  light as commercial failures, but as an essential part of the year’s record we include them in the sub­ joined tabulation:  Calendar Year. From Dun's Review.  1914.  1915. No.  Liabilities.  No.  Liabilities.  1913. No.  $ Manufacturers. | $ 3,999,092 80 4,184,220 95 Iron, foundries and nails 91 Machinery and tools__ 29C 25,274,648 297 24,084,975 287 Woolens, carpets & knit 49 1,770,072 51 2,153,536 37 goods_____________ 40 1,361,242 39 Cottons, lace & hosiery. 37 1,451,126 Lumber, carpenters and 484 16,304,701 505 coopers _ __ _ 481 22,517,908 694 Clothing and millinery. 8,574,760 789 7,789,341 858 109 1,636,104 105 165 2,289,075 Hats, gloves and furs__ 492,220 51 510,435 43 Chemicals and drugs__ 27 1,312,744 23 350,979 40 30 Paints and oils___ ____ 221 4,035,286 Printing and engraving 276 5,270,229 178 375 1,858,748 289 2,645,943 262 Milling and bakers____ 125 1,673,395 126 Leather, shoes & harness 126 3,219,045 122 7,401,629 Liquors and tobacco__ 182 3,933,703 105 Glass, earthenware and brick____________ _. 123 4,522,977 147 137 3,112,205 All other_____________ 2,033 33,427,623 1,762 50,498,802 1,590 Total manufacturing. Traders. General stores_________ Groceries, meat and fish Hotels and restaurants. Liquors and tobacco__ Clothing and furnishing. Dry goods and carpets . Shoes, rubbers & trunks Furniture and crockery. Hard ware,stoves & tools Chemicals and drugs. Paints and oils__ ____ Jewelry and clocks.. . Books and papers______ Hats, furs and gloves.. All other_____________  Liabilities. $ 15,142,492 22,533,281 1,361,400 1,487,573 19,460,891 8,484,105 1,646,966 858,110 901,237 2,643,942 2,337,718 3,527,375 4,084,397  5,060,894 33,592,147  5,116 112,026,484 4,620 135,636,279 4,243 123,122,528 2,334 3,614 767 1,286 1,747 1,179 568 497 491 631 78 494 123 118 2,103  20,371,938 14,460,248 10,121,331 9,898,475 14,028,839 28,846,365 3,716,724 6,315,546 5,054,565 4,950,067 1,009,269 5,822,430 822,158 1,086,896 23,728,796  1,789 3,022 634 958 1,558 916 453 354 351 509 62 393 102 123 1,627  15,735,321 15,769,574 7,370,302 6,014,236 15,472,621 54,320,728 4,522,988 4,491,862 6,321,488 3,356,431 895,084 4,663,309 817,546 2,098,057 24,015,310  1,615 2,771 510 882 1,155 728 453 283 341 467 52 322 87 85 1,465  13,183,035 15,558,243 4,870,891 5,922,520 11,074,778 17,819,447 4,748,617 3,359,588 4,505,482 2,665,352 655,960 3,749,296 509,442 938,991 25,553,570  Total trading_______ 16,030 150,233,647 12,851 165,864,852.11,145 115,115,212 809 56,407,728 649 34,434,548 Agents and brokers____ 1,010 40,026,017  Total commercial___ 22,156 302,286,148 18,280 357,908,859 16,037 272,672,288 Banking______________ 212 56,005,107 133 37,223,237 120 31,546,314 Note.—Iron, woolens and cottons include all the branches of those manufacturers; machinery Includes vehicles, shipbuilding, hardware, fixtures and Implements; lumber includes saw, planing, sash and door mills and furniture; clothing includes furnishings; chemicals include chemical fertilizers; printing includes books and maps; leather and shoes include saddlery, trunks and rubber goods; liquors Include wines, brewers and bottlers; glass includes pottery, lime, cement, quarry and stone; general stores include department stores and Installments; groceries include creamery, teas and coffees; hotels Include lodging houses and caterers; dry goods include curtains and draperies; furniture includes glass and glassware; hardware includes Implements and utensils; and jewelry includes watches and optical goods. Brokers include agents, commission men, real estate agents, Insurance, storage, express, harbor lines, &c.  73  MERCANTILE FAILURES MERCANTILE FAILURES IN THE UNITED STATES AND CANADA IN 1915. PREPARED BY MESSRS. R. G. DUN & CO. CLASSIFIED FAILURES, 1915.  COMMERCIAL FAILURES.  STATES. No. |  New England— Maine______________ New Hampshire------Vermont____________ Massachusetts_______ Connecticut-------------Rhode Island________  Total....... ............... 1914 _________ Middle Atlantic— New York__________ New Jersey-------------Pennsylvania________  Total 1914.  Total 1915. Assets.  Liabilities.  $  $  No.  Liabilities.  No.  Liabilities.  No.  Liabilities.  $  $  Other Commercial.  Trading.  Manufacturing.  Liabilities.  No.  777,984 1,524,445 199 961 360 657 291,733 528,521 5,286,307 13,209,920 1,333,030 3,374,090 1,287,331 1,852,073  234 1,825,068 429 577 54 47 318,436 866 12,103,140 370 3,924,130 154 1,088,746  69 11 28 380 92 59  414,572 120,246 310,257 4,932,349 1,567,227 853,077  1,965 1,725  9,176,346 20,849,706 11,668,732 19,689,097  1,725 19,689,097  639 596  8,197,728 8,056,703  40,118  1  1 83 12 7  2,200 1,991,650 264,789 93,346  ..  1,210 10,259,875 1,028 8,315,400  116 101  2,392,103 3,316,994  1 1  35,000 1,200,000  5  140,000  225 14,913,987 19 982,552 70 3,406,792  Total................... 1914...................... South Atlantic— Maryland___________ Delaware----------------District of Columbia. Virginia____________ West Virginia.............. North Carolina--------South Carolina--------Georgia--------------------Florida_____________  5,617 53,063,'512 104,207,365 4,848 174,570,504 4,848 135,813,641 174,570,504  1,883 39,207,095 3,420 45,696,939 1,683 65,785,701 2,924 71,908,516  314 19,303,331 241 36,876,287  Total....................... 1914 ...................... South Central— Kentucky___________ Tennessee-----------------Alabama_____________ Mississippi__________ Arkansas____________ ■Oklahoma__________ Louisiana-----------------Texas_______________  2,801 27,786,000 35,175,398 2,067 25,875,744 2,067 23,767,470 25,875,874 4,134,079 3,444,018 4,935,563 2,220,332 2,576,850 2,833,770 6,114,670 9,220,565  63 81 32 22 45 30 39 63  Total....................... 1914 ...................... Central East— Ohio . ............... -............ Indiana______________ Illinois______________ Michigan-----------------Wisconsin------------------  3,619 23,555,111 34,342,361 2,619 35,479,847 2,619 23,441,136 35,479,847  375 275  805 542 1,517 426 340  245 3,639,492 528 405 115 18,894,086 353 8,661,257 1,087 2,877,777 299 110 2,514,131 77 248  Total-----------------1914___________ _ Central West— Minnesota___________ Iowa________________ Missouri-------------------North Dakota-----------South Dakota_______ Nebraska____________ Kansas______________  3,630 41,244,491 63,300,468 2,820 55,875,390 2,820 45,890,576 55,875,390  280 232 628 67 46 109 203  4,280,715 2,970,983 6,436,588 837,272 462,151 951 955 3,582,950  76 57 155 9 4 32 46  1,074,341 449^998 2,480,913 108,453 10,150 296,678 451,330  Total........................ 1914........................ Western— Montana____________ Idaho _______________ Wyoming____________ Colorado____________ New Mexico________ Arizona______________ Utah________________ Nevada______________  1,883 12,579,994 18,320,925 1,565 1,565 11,929,470 19,522,614  19,522,614  379 315  9 4  69,067 25,750  18 3 5 10  125,431 159,800 6,360 51,545  Total........................ 1914........................ Pacific— Washington__________ Oregon______________ California____________ Total____________ 1914........................ United States— Total________________ 1914.................................  366 512 443 279 396 462 278 883  341 317 717 72 56 177 203  2,193,977 2,978,796 3,677,910 2,439,511 3,892,533 4,828,317 1,720,216 2,060,745 2,701,251 3,859,867 3,567,326 2,655,545 2,432,969 3,172,340 5,519,109 10,197,060  7,274,789 9,155,041 16,473,189 24,624,536 9,920,654 19,100,428 5,721,825 3,465,435 4,110,824 4,698,638  2,395,670 1740435 5,637,098 467,284 274,169 1,204,058 860^980  3,756,484 2,553,098 7,906,723 703,690 519,905 1,711,393 i;i69;632  2,096,594 648,177 433,412 3,011,468 2^596A13 1,412,245 1,716,196 5,126,079 8,835,290  243 30 82 327 185 175 173 448 404  253 416 274 195 236 365 165 715  703 15,738,758 6,063,613 289 1,306 24,797,612 287 5,395,588 3,879,819 235  $  13  1,381 25,171,633 2,136 32,733,622 282 3,933,813 136 4,521,601 366 9,513,861 1,002 9,029,504  3,288,745 4,233,937 386,173 708,745 270,491 892,930 3,003,874 2,056,607 2,150400 2,792,367 2,823,644 2,721,960 3,002,503 3,326,569 6,647,096 6,478,209 7,329,528 10,847,920  Liabilities.  1,069,755 240,411 216,064 6,285,921 1,542,074 905^650  190 32 31 578 262 117  3,742 32,477,504 72,819,242 3,227 120,805,551 437 9,437,966 6,092,011 387 , 9,661,406 1,438 14,493,997 21,950,157 1,234 44,103,547  296 26 57 457 218 293 316 638 500  No.  $  $  272 43 60 1,041 366 183  BANK FAILURES.  2 016.854 661,864 81,379 587,350 280,275 966,077 160,858 1,623,153 4,151,266  35,000  9 22,086,484 14 22,226,485 19 13,989,000  179 16 40 374 189 255 298 541 393  1,339,472 43,381 403,653 2,379,224 1^288^310 1,593,370 3,100,831 4,742,675 5,026,500  21 1 2 11 11 8 3 17 27  877,611 3,500 407,898 37,300 1,223782 162,513 64,880 281,268 1,670,154  4 5 2 17 4  690,000 86,500 52,000 1,085,630 320,000  415 10,529,076 2,285 345 8,607,892 1,639  19,917,416 14,262,588  101 83  4,728,906 3,005,394  32 30  2,234,130 6,177,000  1,319,686 1,093,693 490,913 167,459 873,627 284,609 331,007 1,081,578  1,411,075 2,296,685 4,188,487 1,801,557 2,754,249 2,939,461 2,836,033 8,947,247  17 21 9 7 17 10 2 24  248,035 287,532 148,917 91,729 231,991 343,256 5,300 168,235  5 4 7 1 6 1 3 9  278,000 321,020 1,746,000 76,400 307,000 10,000 395,000 2,101,490  5,642,572 3,137 27,174,794 9,075,577 2,260 23,661,612  107 84  1,524,995 2,742,658  36 79  5,234,890 10,590,212  3,591,704 5,037,357 7,666,197 2,744,492 1,990,323  32 22 77 17 15  1,923,845 693,093 2,772,974 99,556 194,184  3 8 3 2 2  528,000 1,050,285 560.671 229,000 394,994  900 36,586,743 2,567 21,030,073 822 30,293,794 1,853 20,739,350  163 145  5,683,652 4,842,246  2,367,676 2^074^967 4,752,997 594,837 506,927 1,409,415 681,717  12 9 33 1 1 2 12  314,467 28,133 672,813 400 2,828 5,300 36,585  1 3 1 10 2  80,000  4,871,863 1,434 12,388,536 5,484,298 1,193 12,335,414  70 57  1,060,526 1,702,906  17 25  2,297,000 2,520,000  52 59 21 110 27 21 66 22  527,599 344,285 246,775 1,180^249 205,833 89,530 305,477 70,714  3 3  770,000 12,055  3  372,000  7  223,651  4 1 1  139,560 2,500 5,000  5 1 3  1.589,779 75,000 52,000  —  96 9 15 72 18 30 15 80 80  286 410 402 250 334 422 237 796  253 251 529 62 51 143 145  18 2,762,860 40 15,988,000  150,000 885,000 400,000 782,000  64 66 21 135 30 30 77 23  1,240,174 286,423 168,732 1,297709 262,022 232,753 173,180 36,459  1,366,666 382,090 246,775 1,529331 365,633 235,450 359,522 75,714  91 74 16 129 25 24 98 32  886,756 599 026 159,169 1,274,328 139,265 680495 676 303 144,496  446 489  3,696,952 2,632,106  4,561,181 4,559,538  489  4,559,538  49 53  437,953 899,491  378 426  2,970,462 3,518,039  19 10  1,152,766 142,008  12 8  2,088,779 3,933,000  4,948,280 7,813,044 3,628,234 1,987,853 5,414,846 10,087,466  495 489 1,163  7,245,340 6,945,756 8,144,899  115 94 267  3,037,985 1,101,102 2,414,367  382 275 942  2,853,695 2,239,317 5,702,540  28 24 68  1,921,364 287,815 1,970,559  2 1 —  279,000 65,000  2,195 12,350,979 21,528,744 2,147 22,335,995 2,147 13,149,915 22,335,995 --------  476 531  6,553,454 7,432,827  1,599 10,795,552 1,528 11,123,933  120 88  4,179,738 3,779,235  3 10  344,000 1,607,895  525 393 1,277  22,156 183,453,383 302,286,148 18,280 357,908,859 18,280,265,293,046 357,908,859 ___  1 5,116 112,026,484 16,030 150,233,647 4,620 135,636,279 12,851 165,864,852  1,010 40,026,017 809 56,407,72s  133 37,223,235 212 56,005,170  The following is a record of the yearly aggregate of failures back to 1857: YEARLY AGGREGATE OF FAILURES. Year. No. Liabilities. Year. No. Liabilities. Year. No. Liabilities. Year. No. Liabilities. 1915. 22.156 $302,286,148 1905.. 11.520 $102,676,172 1895.. 13.197 $173,198,000 1885.-10,637 $124,220,321 1914. 18,280 357,908,859 1904.. 12.199 144,202,311 1894.. 13.885 172,992,858 1884..10.968 226,343,427 --------- 272,672,288 1903.. 12.069 155,444,185 1893.. 15.242 346,779,939 1883.. 9,184 172,874,172 1913 .16,037 1912. .15,452 203,117,391 1902.. 11.615 117,476,769 1892.. 10.344 114,044,167 1882.. 6,738 101,547,564 81,155,932 1911 .13,441 191,061,665 1901.. 11.002 113,092,376 1891.. 12.273 189,868,638 1881.. 5,582 1910 .12,652 201.757,097 1900.. 10.774 138,495,673 1890.. 10.907 189,856,964 1880.. 4,735 65,752,090 90,879,889 1889.-10,882 148,784,357 1879.. 6,658 98,149,053 1909 .12,924 154,603,465 1899.. 9,337 1908 .15,690 222,315,684 1898.-12,186 130,662,899 1888.. 10.679 123,829,973 1878.-10,478 234,383,132 1907 .11,725 197,385,225 1897.. 13.351 154,332,071 1887.. 9,634 167,560,944 1877.. 8,872 190,669,936 226,096,834 1896.-15,088 1886.. 9,834 114,644,119 1876.. 9,092 191,117,786 1906. .10,682 119,201,515  Year. 1875. 1874. 1873. 1872. 1871. 1870. 1869. 1868. 1867. 1866.  No. 7,740 5,830 5,183 4,069 2,915 3,546 2,799 2,608 2,780 1,505  Liabilities. $201,060,333 155,239,000 228,499,900 121,056,000 85,252,000 88,242,000 75,054,054 63,694,000 96,666,000 53,783,000  Year. 1865.. 1864.. 1863.. 1862.. 1861.. 1860.. 1859.. 1858.. 1857..  Liabilities. No. 530 $17,625,000 8,579,000 520 7,899,900 495 23,049,000 1,652 6,993 207,210,000 79,807,000 3,676 64.394,000 3,913 4,225 95.749,000 4,932 291,750,000  CANADIAN FAILURES IN 1915. Provinces.  Quebec-- _____________________________ -_______ _ British Columbia___________________________ -______ Newfoundland_________________________ -__________ Manitoba_________________________ ............... New Brunswick _ _ _ _______________________ _______ Alberta - _ _______________________________________ Saskatchewan ------------ ------------------------ - ------------------Total •• “ “ •' •• •• “ “ “ “ “ “ "  1915................ ........................................................ 1914................. .................................. ................... 1913........................................................................... 1912__....................................................... ............... 1911-................................... -.................................. 1910.......................................................................... 1909 _ . ..................................................................... 1908................ .......... ........ ...................................... 1907. _ . ................................................................. 1906............... ........................................................ 1905.................. ........ ............................................... 1904 . 1903______________________________ _______ 1902___________________________ _________   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Total Commercial. No.  Assets.  Liabilities.  Manufacturing. No. i Liabilities.  Trading. No.  Liabilities.  743 $4,167,804 $5,240,503 822 10,303,396 14,767,300 276 15,703,605 9,377,601 76 193,105 476,406 9 282,700 485,700 3,530,703 4,037,706 297 64 223,404 303,003 4 26,500 65,600 164 2,830,536 3,362,901 206 2,264,605 3,045,601  225 $2,091,202 228 5,477,601 7l| 3,961,497 14 154,504 l! 200 66 1,234,403 7i 23,200 700,505 234,302  491 $2,365,298 7,592,097 566 170 2,269,501 62 321,902 8 485,500 2,519,696 213 279,803 57 4 65,600 140 2,500,396 177 2,797,097  $39,526,358 $41,162,321 $30,909,563 $35,045,095 12,658,979 16,979,406 8,783,409 12,316,936 9,964,604 13,491,196 11,013,396 14,514,650 10,318,511 12,982,800 12,008,113 14,931,790 9,443,227 13,221,250 6,499,052 9,085,773 6,882,005 9,854,659 8,555,875 11,394,117 7,552,724 4,872,422 7,772,418 10,934,777  655 $13,877,414 614 $11,063,191 452 6,792,763 323 4,556,615 321 4,760,016 292 7,030,227 354 3,933,938 426 5,967,498 6,667,452 393 293 3,482,511 289 3,129,262 307 4,138,908 227; 3,043,298 209 4,247,723  1,888 $21,696,890 2,164 $18,677,935 8,681,419 1,216 975 6,906,665 986 7,606,891 6,943,579 947 1,059 7,867,287 1,171 8,242,436 847 5,756,651 863 5,145,142 1,039 6,552,821 914 6,577,788 725 4,243,543 874 6,221,017  2,661 2,898 1,719 1,357 1,332 1,262 1,442 1,640 1,278 1,184 1,347 1,246 978 1,101  19 24  Other Commercial.  Banking. Liabilities.  Liabilities.  No. 27 28 35  $284,003 1,697,602 3,146,603  18  283,607  5 5  162,000 14,202  118 $5,588,017 120 $5,303,968 1,505,224 51 59 853,656 1,124,289 5 23 540,850 29 1,181,575 712,856 43 797,156 38 28 458,120 19 172,576 25 679,421 265,933 26 466,037 18  1  $150,000  1 1 1  $150,000 $250,000 125,000  1 2  71,194 2,546,871  2  2,137,224  5 2 6 6  3,672,269 30,745 2,199,228 269,000  Money M arket and New York City Banks. MONEY RATES FOR FIVE YEARS.  We furnish herewith a record of the money rates at New York for the last five years. A review of the money market by months will be found in the “Retrospect of 1915”, 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 1915 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 1915. Day of the Month.  Feb.  Jan.  April.  M arch.  June.  May.  Aug.  July.  Oct.  Sept.  Nov.  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____ 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 ___  Holiday Saturday Sunday 2%—3 2%-2% 2 -2% 2%—2% 214—2% Saturday Sunday 214-2% 2 -2% l%-2 2 -2% 2 —2 Saturday Sunday 2 —2 154-2 l%-2 l%-2 154-2 Saturday Sunday l%-214 l%-2 1%—2 154-2 l%-2 Saturday Sunday  l%-2 154-2 2 -2% 1%—2 l%-2% Saturday Sunday l%-2% l%-2% 2 -2J4 1%—2 Holiday Saturday Sunday l%-2% 2 -2J4 2 -214 154-2 l%-2 Saturday Sunday Holiday 154-2 154-2 154-2 l%-2 Saturday Sunday  l%-2 154-2 114-2 l%-i% 154-2 Saturday Sunday 114-2 154-2 l%-2 114-2 154-214 Saturday Sunday l%-2 U4-2 U4-2 114-2 114-2 Saturday Sunday l?4-2 114-2 114-2 l%-2 114-2 Saturday Sunday 114-2 l%-2 154-2%  2 -214 Holiday Saturday Sunday 154-2% 154-2% 2 -214 2 -214 2 -214 Saturday Sunday 214-214 2 -214 214-214 2 -214 2 -214 Saturday Sunday 114-2% 114-2% 114-2 114-2 114-2 Saturday Sunday 114-214 U4-214 114-214 114-214 154-2%  Range  154-254  154-2%  l%-2%  154-2%  Saturday Sunday U4-214 U4-214 154-2% 2 -214 154-2% Saturday Sunday 2 -214 U4-214 U4-214 U4-214 U4-214 Saturday Sunday U4-2 U4-2 114-2 U4-214 1 -2 Saturday Sunday 1 -2 114-2 114-214 114-2 114-2 Saturday Sunday Holiday 1  U4-2 114-2 i -114 U4-2 Saturday Sunday U4-2 U4-2 114-2 114-2 114-2 Saturday Sunday U4-2 114-2 114-2 U4-2 114-2 Saturday Sunday 114-2 114-2 1%-154 1%-154 114-2 Saturday Sunday 154-2 U4-2 U4-2  -2%  1  -2  U4-2 114-154 Saturday Sunday Holiday 1%-154 U4-2 l%-2 U4-2 Saturday Sunday 114-2 114-2 H4-2 114-2 114-2 Saturday Sunday 114-2 114-2 114-2 114-2 114-2 Saturday Sunday U4-2 114-2 U4-2 U4-2 114-2 Saturday 114-2  Sunday 114-2 U4-2 114-2 114-2 114-2 Saturday Sunday 114-2 1J4-2 114-2 114-2 114-2 Saturday Sunday U4-2 U4-2 114-2 114-2 114-2 Saturday Sunday 114-2 114-2 114-2 114-2 114-2 Saturday Sunday 114-2 154-2  114-2  114-2 154-2 U4-2 Saturday Sunday Holiday U4-2 114-2 114-2 114-2 Saturday Sunday U4-2 114-2 U4-2 U4-2 U4-2 Saturday Sunday 114-2 U4-2 114-2 U4-2 114-2 Saturday Sunday U4-2 114-2 114-2 U4-2 U4-2  U4-2 Saturday Sunday 114-2 114-2 114-2 154-2 U4-2 Saturday Sunday 114-2 Holiday 114-2 U4-2 U4-2 Saturday Sunday 114-2 114-2 114-2 114-2 114-2 Saturday Sunday U4-2 U4-2 13-4-2 114-2 114-2 Saturday Sunday  U4-2  Day of the Month.  U4-2 Holiday 154-2 114-2 114-2 Saturday Sunday U4-2 114-2 114-2 114-2 114-2 Saturday Sunday U4-2 114-2 2 —2 114-2 114-2 Saturday Sunday U4-2 114-2 U4-2 Holiday 114-2 Saturday Sunday U4-2 114-2  U4-2 U4-2 114-2 Saturday Sunday 114-2 114-2 154 2 114-2 114-2 Saturday Sunday 114-2 114-2 114-2 114-2 114-2 Saturday Sunday 114-2 114-2 U4-2J4 114-214 114-2 Holiday Sunday U4-2 U4-2 114-214 114-214 114-214  U4-2  U4-214 ____Range  ------------- 1 ________ 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 1915. CALL LOANS. 1915. WEEK Ending—  Jan.  8. 15. 22. 29. Feb. 5. 12. 19. 26. Mar. 5. 12. 19. 26. April 2. 9. 16. 23  May 7. 14. 21. 28. June 4. 11. 18. 25. July 2. 9. 16. 23. 30. Aug. 6. 13. 20. Sept. 3. 10. 17. 24. Oct. 1. 8. 15. 22. 29. Nov. 5. 12. 19. 26. Dec. 3. 10. 17. 24. 31.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  At Stock Exchange.  Range.  2 -3 U4-214 U4-2 114-214 154-2% l%-214 154-2% U4-2 114-2 114-214 U4-2 U4-2 154-2% 114-2% 2 -214 154-2% U4-214 154-2% U4-214 l -2% l -214 1 —2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-2 114-214 114-214  COMMERCIAL PAPER.  TIME LOANS.  30  60  90  days.  days.  days.  Aver.  Range.  Range.  Range.  2% 2% 1% 1% 2 2 2 1% 1% 2 1% 1% 2 2% 214 2 2 2 2 2 154 154 l% 1% 154 1% 154 l% 1% 1% 154 114 154 154 1% 154 154 154 l% 154 i% 114 1% 1% l% 1% l% l% 1% 1% 2 2  — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —  3% 3J4 214 214-214 214-214 214-214 214-214 214-214 214-214 214-214 214 214 214 214-214 214 214 214-214 214-214 214-3 214-214 214-214 214 214-214 214-214 214-214 214-214 214-214 214-214 214 214-214 214-214 2J4 214 214 214 214 214 214-214 214-214 214-214 214-214 214 214 214 214 214-214 214-214 214 214 214-214 214-214 214-214  314-3% 314 3 2J4-3 214-3 214-3 214-3 214-3 214-3 214-3 214-3 214-3 214 214-3 3 3 214 214 3 3 214-214 214-214 214-214 214 214 214 214 214 214-214 3 3 214 214 214 214 214 214 214 214 214 214 214 214 214 214 214 214 214 214 214-214 214-214 214-214  Seven Four Six Five months. months. months. months. Range.  314-314 314-314 3 -314 3 3 3 3 -314 3 -314 3 3 3 3 3 -314 314 314 314 3 3 314 3 -314 214-314 214-3 214-3 214-3 214-3 214-3 214-3 214-3 214-3 314 314 3 3 3 3 3 3 214-3 214-3 214-3 214-3 214-3 214-3 214-3 214-3 214-3 214-3 214-214 214-214 214-3 214-3 214-3  Range.  Range.  Range.  314-4 3% 314-3% 314 314 314-3% 3%-3% 3%-3% 3% 314 3 -3% 3 -3% 3% 3 %-3% 314-3% 3%-3% 3 -3% 3 -314 3%-3% 3%-3% 3 -314 3 -3% 214-3 214-3 2%-3 214-3 214-3 214-3 3 3%-3% 314-3% 3 -314 3 -314 314 3% 314 3 -314 214-3 3 3 3 3 3 3 3 214-3 214-3 214 214 214-3 214-3 214-3  314-4 3% 314-3% 3% 3% 314-3% 314-3% 314-3% 3% 3% 3% 3 -314 314 314-3% 3% 314-3% 3 -3% 3% 314-3% 3 %-3% 3 -3% 3 -314 3 -314 214-3 3 -314 3 -3% 3 -3% 3 -314 3% 3% 3% 3 -314 3 -314 3% 3% 3% 3 -3% 3 3 3 -314 3 -314 3 -314 3 3 -3% 3 214-3 214-3 254 214 3 3 •3  — — —  — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —  Double Names. Single Names.  1915.  Choice Prime Good 60 to 90 4 to 6 4 to 6 Days. Months. Months.  WEEK Ending—  314-4 314-4 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 314-3% 3%-3% 3%-3% 314-3% 314-3% 314-314 3%-4 3%-4 3%-314 3%-3% 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3 -3% 3 -3% 3 -3% 3 -3% 3 -3% 3%-314 314-314 314-314 314-314 314-314 3 -3% 3 -3% 3 -3% 3 -3% 3 -3% 3 -3% 3 -3% 3 -314 3 -314 3 -314 214-3 214-3 214-3 3 -314 3 -314 3 -314 3 -314  314-4 414-4% 3%-4 414-4% 314-4 4%-4% 3%-4 414-4% 3%-4 414-4% 3%-4 4 %-4% 3%-4 414-4% 3%-4 4%-4% 314-3% 4 -414 314-3% 314-4 314-3% 314-4 314-3% 314-4 314-3% 314-4 314-314 4 -414 3%-4 414-4% 3%-4 4% 3%-314 4 -414 3%-314 4 -4% 3%-4 4% 3%-4 4% 3%-4 414-4% 3%-4 4% 3%-4 4% 3%-4 4% 3%-4 4% 3 -3% 3%-4 3 -3% 4 3 -3% 4 3 -3% 314-4 3 -3% 314-4 3%-314 4-4% 314-314 4 314-314 4 314-314 4 314-314 4 3 -3% 314-4 3 -3% 314-4 3 -3% 314 3 -3% 4 3 -3% 4 3 -3% 4 3 -3% 4 3 -314 3%-3% 3 -314 3%-314 3 -314 3% 214-3 314-3% 214-3 314-3% 214-3 3%-3% 3 -314 3% 3 -314 3% 3 -314 3% 3 -314 3%  8 15 22 29 -Feb. 5 12 19 26 -Mar. 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 8 15 22 29 -Nov. 5 12 19 26 .Dec. 3 10 17 24 31 Jan.  NEW YORK MONEY MARKET  75  MONEY MARKET AT NEW YORK—RATES IN 1914. CALL LOANS. 1914. WEEK Ending—  Jan. z2 9 16 23 30 Feb. 6 13 20 27 Mar. 6 13 20 27 April 3 10. 17. 24. May 1 8. 15 22 29 June 5 12 19 26 July 3 10 17 24 31 Aug. 7 14 21 28 Sept. 4 11 18. 25. Oct. 2. 9. 16. 23. 30. Nov.  6.  13. 20. 27. Dec. 4. 11. 18. 24. 31.  At Stock Exchange.  Range.  Aver.  4%—10 2 -5 l%-3 l%-2% 1%—2 1%—3 1%—2 1/4—2 l%-2 1)4-2 l%-2 1%—2 l%-2 l%-2 1)4-2 1)4-2 1)4-2 D4-2 1)4-2 1)4-2 1)4-2 1)4-2 1)4-2 1)4-2 1)4-2 1)4-2 D4-2 y 2 -3 2 -3 i)4-2 y 2 -7 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -7 5)4-7 6 -6 4)4-6  4% 3)4 2)4 2 2 1% 1% 1)4 1)4 1% 2 2 1% 1)4 1)4 1)4 1% 1% 1)4 1)4 1% 1)4 1)4 1)4 1)4 1)4 1)4 2% 2% 2)4 3)4 7 6 6 6 6 6 6 6 6 6 6 6 6 6  4y-6 4y~ay  3)4-5 3 -4 3 —3% 2)4-3 2%-3%  ay  5 4)4 4)4 3% 3)4 2)4 3  COMMERCIAL PAPER.  TIME LOANS.  30  | Range. -  — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —  90  60  days.  days.  days.  Range.  Range.  Four Five Six Seven months. months. months. months.  Range.  Range.  Range.  4%—5 4)4-5 4)4-5 4)4-5 4)4-5 3%-4 4 4 -4% 4 -4% 4 -4% 4 4 -4% 3% 3)4-3% 3% 4 2)4-3 3%-3% 3% 3% 2%-2% 3 -3% 3% 3%-3)4 3% 2% 3 -3% 3% 3%-3% 3)4 2%-2% 3 3 -3% 3%-3)4 3%-3% 3 2% 3 -3% 3%-3)4 3)4 3 2% 3% 3%-3% 3)4-3% 2)4-3 3 -3% 3% 3%-3% 3%-3% 3% —3% 3)4 3)4-3% 2)4-3 3% 2)4-3 2%-3 3 -3% 3%-3% 3%-3% 3 2)4-3 2%-3 3% 3% 2%-2% 2% 2%—3 2%-3 3 2%-2% 2% 2%-3 2%-3 3 2)4 2)4-2% 2%-3 2%-3 3 -3% 3 3 3% 3% 3)4 2)4-3 2%-3 3 -3% 3%-3% 3%-3% 2%—2% 2% 2%-3 3 3 —3)4 2%-2% 2% 2%-3 3 3 -3% 3 3 2% 2)4 2%-3 3 3 -3% 2% 2% 2%-3 2 3 2% 2)4 2% 3 3 -3% 2% 2%-3 2)4 2%-3 3 -3% 3% 2% 2)4 3 3 -3% 3%-3)4 2% 2% 2%-2% 2%-3 3 3%-3% 3%-4 2%-2% 2%-3 3 -3% 3)4-3% 3%-4 2%-2% 2%—3 4 3)4 3% 3%-4 4 -4% '3% 3)4 2% Nomina lly 6% f or all d ates. 8 8 7 6 6 6 -7 6 -7 6 -7 6 -7 6 -7 8 8 8 7 -8 7 -8 7 -8 8 8 8 8 6 -8 6 -8 6 -8 8 7 -8 6 -8 6 -8 6 -8 6 -8 7 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -7 6 -7 6 -8 6 -8 6 -7 6 -8 6 -8 6 -8 6 -7% 6 -7 6 -7 6 -7 6 -7 6 —7 6 -7 6 -6)4 6 -ey 6 -6)4 6 -6)4 6 -6% 6 -ey 6 -6% 6 -6)4 6 -6)4 6 -6% 6 6 ay-e 6 6 ay-ay ay-ay 5 -5% 5 -5% a -ay 4)4-5 4%—5 4%-5 !4%-5 4%-5 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% 3)4-4 3%-4 3%-4 3%-4 3%-4 3)4-4 3)4-4 3%-4 3%-4 3%-4 3)4-3% 3)4-3% 3% 3%-4 3%-4  Range. — — —  — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —  Double Names.  Single Names.  Choice  Prime  Days.  Good  months. months.  ay-ay ay-ay 6 -6% a -ay a -ay ay-ay a -ay  4)4-4% 4)4-4% 4 -4% 4 -4% 4 -4% 4 -4% 3%-4 3%-4 3)4-4 3)4-4 3%-4 3%-4 3%-4 3%-4 4 -4% 4 -4% 4 -4% 4 -4% 3%-4 3%-4 3)4-3% 3)4-3% 3)4-3% 3)4-3% 3)4-3% 3)4-3% 3)4-3% 3)4-3% 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3%-4 3)4-4 3)4-4 3)4-4 3)4-4 3%-4% 3%-4% 3%-4% 3%-4% 3%-4% 3%-4% 4 -4)4 4 —4)4 4%-4% 4%-4% 5 -ay 5 -ay  ay-6 6 -ey ey-7 ey-7 ey-7  ay-6  4%-5 4)4-5 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%  4y-4y 4)4-4% 5 5 6  ey  6 -6% ey-7 6)4-7 7 -7% 6)4-7 7)4 ey-7 7)4 6 -7 6 -7 7)4 6)4-7 6)4-7 7)4-8 6)4-7 6)4-7 7)4 ey-7 6)4-7 7)4-8 ey-7 6)4-7 7)4-8 6 -7 6 -7 8 6 -6)4 6 -6% 7 -7% 6 -6)4 6 -6)4 7 -7)4 6 -6)4 6 -6)4 7 5)4-6 ay-e ey-7 5 -ay 5 -ay 6 -6)4 4)4-5 4)4-5 ay-e 4)4-5 4)4-5 a -ay 4%-4)4 4%-4)4 4%-5 4 -4y 4 -4)4 4)4-5 4 -4)4 4 -4)4 4)4-5 4 -4% 4 -4% 4)4-4%  1914. WEEK Ending—  .Jan. x2 9 16 23  -Feb.  30  6 13 20 27 .Mar. 6 13 20 27 -April 3 10 17 24 -May 1 8 15 22 29 -June 5 12 19 26 .July 3 10 17 24 31 -Aug. 7 14 21 28 .Sept. 4 11 18 25 .Oct. 2 9 16 23 30 .Nov. 6 13 20 27 .Dec. 4 11 18 24 31  x Covers only the portion of the week falling in 1914.  MONEY MARKET AT NEW YORK—RATES IN 1913. CALL  1913.  WEEK Ending—  Stock  LOANS. At Exchange.  Range.  Jan. x3____....... 3 -6 10-.................... 2)4-3% 17..................... 2)4-3 2 -3 24................... 31..................... 2)4-3 Feb. 7___________ 2)4-3 14___________ 2)4-4% 21______ _____ 2)4—4 28..................... 2)4-4% Mar 7___________ 2 -4% 14................... 2%-6 21....................... 2%-5% 28___________ 3 -5 April 4..................... .. 2%-7 11___________ 3 —4 18___________ 2%-3% 25_____ ______ 2%-3 May 2.................... 2 -3 9..................... 2 -3 16___________ 2%-3 23___________ 2%-3 30___________ 2 -3 June 6___________ 2%-3 13-..................... l%-3 20....................... l%-2% 27______ _____ 1 -2% July 3----------------- l%-2% 11---................. l%-2% 18.____ _____ 2 -2% 25....................... 2 -2% Aug. 1....................... 2 -2% 8___________ 2 -2% 15......... .............. 2 -2% 22................. .. l%-2% 29----------------- 2%-2% Sept. 5....................... 2 -4% 12...................... 2%-3 19----------------- 2%-3% 26___________ 2 -3 Oct. 3___________ 2%-4% 10___________ 3 -5 17....................... 2%-3% 24___________ 2%-3% 31--.................. 2%-10 Nov. 7___________ 2 -6 14____ . 3 —4 21___________ 2%-3% 28.................... 2%—10 Dec. 5....................... 2%-8 12___________ 2%—6 19-.-................. ! 3 -4 26__________ 3 —4 31 (3 days).__ 2 -6  Aver.  30  days.  Range.  days.  Range.  Range.  — — — — — — — — — — — — — — — — — — — — — — — __ _  — —  3%-4 3% 3%-3% 3% 4% 4%-4% 4%-5 4%-5 6 5% 5 -5% 4 -4% 4%—5 4 -4% 3% 3%-4 3%-3% 3%-4 3)4-3% 3%-4 4 -4% 4 3% 3%-3%  a  4 -4% 4,-4% 3%-4 3%-4 4 4%-4% 4%-4% 4%-5 4% 6  x Covers only the portion of the week falling in.1913.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Double Four Five Seven Six Names. Single Names. months. months. months. months. Choice Prime Good 60 to 90 4 to G 4 io 6 Range. Range. Range. Range. Days. Months. Months  4%-5 4%-5 4%-5 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 4%-5 4%—5 4% 4% 4% 5%-6 ay-6 ay-6 ay-ay ay-ay 5% ay-ay a -ay a -ay 5 a 4 -4% 4 -4% 4 -4% 4 -4% 4%-5 4%—5 4%—5 4%—5 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% 3%-4 3%-4 4%-4% 4%-4% 3%-4 4 -4% 4%-4% 4%-5 4%-4% 4%-4% 5 -5% ay-ay 4%-5 4%-5 ay-ay ay-G 3%-4 4%-4% 4%-5 ay-ay 3%-4 4%-4% 4%-5% ay-ay 2%-3 3%-3% 4 -4% 4%-5% ay-ay 3 -3% 4 -4% 4%-5% ay-ay ay-6 4 -4% 4%—5 ay-ay ay-e 6 3%-4 4%-4% a -ay ay-ay 5%-6 3%-4 4%-5 ay-ay ay-e ay-6 a a'y-G 5%-6 4% 3% 3%-4 4%-4% a -ay ay-G 5% 3% 4% 4% ay-ay 5%-5% 5 3%-3% 4%-4% 4% a 4 -4% 4%-4% 4%-5 a 5 4 -4% 4%-4% 5 5 5 4%-4% 4%-4% 5 -5% a -ay 5 -5% 4%-4% 4%-4% 4%-5 4%-5 4%-5 4 -4% 4%-5 4% 4% 1 4%—5 4%-4% 5 -5% 5 -5% 4%—5 4%—5 4%-4% 5 5 5 4%-5 4%-4% 4%-5 4%—5 4% 4%-5% 5 -5% 5 -5% 4%-5% 4%-5% 5 5 5 4%-5 4%-5 4%-5 4%—5 4%-5 4%-5 4% 4%-5 4%-5 4%-5 4%-5 4% 4%-5 4%-5 4%-5 5 5 5 5 5 5% ay-ay ay-ay a -ay 4%—5 4%-5 5 a -ay 4%-5 4%-5 4%-5 4% 4%-5 4%—5 4%-5 4%-5 4%-5 4%-5 4%-5 4%-5 4%-5 4%-5 4  __ __  -90  60  days.  a -ay  ay  2% 2% 2% 2% 2% 3% 3% 3% 3% 4% 4% 4% 4% 3% 3 2% 2% 2% 2% 2% 2% 2% 2% 2 22 2 2% 2% 2% 2% 2% 2% 2% 2% 2% 3 3 3 3% 3% 3% 4% 4% 3% 3 4 6 5 3% 3% 5  COMMERCIAL PAPER.  TIME LOANS.  ay ay ay-ay a -ay 4y-ay a sy ay ay-ay ay-ay ay-6 ey-ey ey-ey ey-ey ey ■ey 6 -ey 6 -ey ay-ey ay-6 ay-ay ay-ay ay-6 ay-ay ay-ay ay-6 ay-ay ay-ay ay-e 5%—6 ay-G ey-ey 5%-6 ay-6 ey-ey 5%-6 ay-6 ey-ey 5%-6 ay-6 ey-ey 5%-6 ay-6 ey-ey 5%-6 ay-6 ey-ey 6 -ey 6 -Gy 6y-7 -ay 6y-7 -&y -ay ey-7 -Gy 6 -ay ey-7 6 6 ey-6y 5%-6 5%-6 ey-ey 5%—6 ay-6 ey-ey 5%-6 5%-6 ey-6y 5%-6 5%-6 ey-ey 5%—6 ay-6 ey-ey 5%—6 ay-6 ey-ey 5%-5% ay-ay 6 -6y 5%-6 ay-6 ey-ey 5%-6 ay-6 ey-ey ay-ay ay-ay " -ey ay-ay ay-ay -ey ay-ay ay-ay -ey ay-ay ay-ay -ey ay-ay ay-ay -ey ay-ay ay-ay -ey ay-ay ay-ay - -ey ay-G ay-6 ey-ey a y-G ay-G ey-ey ay-G ay—6 ey-ey ay-ay ay-ay 6 -ey 6  __  __  __ __ — — — — — — — — — — — — — — — — — — — — — —  — —  6  a 5 4%-5 4%-5 4%-4% 4%-4% 4%-4%|4%-4% 4%-4% 4y—4y 4%—5 4y-5 5 5 5 -5% a -ay 5%-5% ay-ay 5%-6 ay-G 5%-6 5 y-G 5%—6 ay-6 5%—6 ay-G 5%-6 ay-G ay—6 ay-G 5 -ay a -ay 5 —ay a -ay 5 -ay 5 -ay  1913.  WEEK Ending—  ...Jan.  3 10 17 24 31 ...Feb. 7 14 21 28 ...Mar. 7 14 21 28 --April 4 11 18 25 ..May 2 9 16 23 30 ..June 6 13 20 27 --July 3 11 18 25 -.Aug. 1 8 15 22 on ZZSept. 5 12 19 26 ..Oct. 3 10 17 24 31 __Nov. 7 14 21 28 ..Dec. 5 12 19 26 (3 days) 31  WEEKLY RETURNS OF THE FEDERAL RESERVE BANKS.  The following tables we have prepared from the weekly statements issued by the Federal Reserve Board. In the first table we show for each week of the year 1915 the re­ sources and liabilities of the Federal Reserve Bank of New York separately, as also data relating to the Federal Reserve notes issued to the bank. The second table presents corresponding statistical information concerning the Federal Reserve System (12 banks combined) as a whole. Where places meant for figures are left entirely blank, the figures could not be obtained from any published report. STATEMENT OF RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANK OF NEW YORK FOR EACH WEEK OF YEAR 1915.—Stated in thousands of dollars; that is, ,000 omitted. Jan. 1 $  RESOURCES. Gold coin and certificates: Settlement fund—Credit balances________________ Held by the bank____________________________  Total reserve.......................... ............ .......... .............. Bills discounted and bought: Commercial paper . ............................. ............................... Bankers’ acceptances_______________ _ _______ _____ 1 J  566  1,683  1,471  1,014  1,532  1,396  785  2,230  3,604  3,765  4,414  5,080  5,499  5,842  6,211  6,044  6,118  5,501  4,851  4,189  3,597  4,573  5,196  50  5,050  5,261  5,261  5,261  5,362  5,710  5,362  6,903  6,903  6,903  7,407  7,256  7,444  7,544  7,754  7,885  8,139  9,360  9,408  9,666  9,595  7,329  2,149 { 2,495  18,466 20,059 19,833  14,861  13,013  5,554  8,946  7,393  8,792  9,682  8,026  9,427  4,817  7,264  11,417  15,792  8,494  4,045  869  .........  —  .......... 1,644  11,090  LIABILITIES. 6,692 6,686 6,985 6,667 6,640 6,640 6,641 6,638 6,639 6,638 6,640 6,638 6,633 3,322 3,322 3,322 3,394 3,604 Capital paid in____________ _______________________ 101,563 111,703 117,769 122,824 117,345 122,990 122,560 120,455 126,096 122,420 122,859 125,513 125,493 129,267 128,683 129,967 131,458 131,472 Reserve deposits—Net_______________________________ ..... .. — — — — — — — — ----Due to other Federal Reserve banks—Net____________ ............ ......... .......... .......... .......... 1,804 2',obi All other liabilities________________________ _________ 104,885 115,025 121,091 126,218 120,949 129,623 129,200 127,096 132,734 129,058 129,497 132,152 132,133 135,907 135,350 136,653 139,954 140,458 Total liabilities-______________ ______ ___________ Memorandum— 19,040 25,040 27,040 11,800 10,600 10,000 Federal Reserve notes Issued to bank.......................... 3,328 2,248 419 2,840 5,481 Federal Reserve notes in hands of bank..._________ 23,712 16,792 11,381 7,760 4,519 Federal Reserve notes outstanding___________ How Secured— 24,859 26.859 18,833 11,561 10,170 By gold.................................................. ................... ............ 11 9,915 85 By lawful money________________________________ 181 207 181 239 430 By commercial paper__ ___________ ____________ 2,041 3,147 180 2,410 5,396 Account of Federal Reserve notes—Net assets 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 Oct. 1 Oct. 8 Oct. 15 Oct. 22 July 9 July 16 July 23 July 30 Aug. 6 Aug. 13 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5,032 1,954 6,274 3,734 3,189 2,356 5 846 7,125 10,151 13,733 10,915 12,819 12,618 15,736 18,009 13,369 13,532 127,044 (117,093 112,132 113,001 114,326 112,441 113,219 113,521 113,502 113,668 113,558 120,346 131,027 133,071 133,952 129,903 132,752 55 55 55 55 55 55 55 t 55 55 55 55 55 55 55 55 55 129,400 122,994 119,312 123,207 128,114 123,411 126,093 126,194 129,293 131,732 126,982 133,933 134,271 138,158 135,961 136,232 136,541 9,510 16,594 10,107 15,368 13,360 28,495 16,123 12,710 17,601 16,301 12,736 15,726 11,020 17,573 10,823 10,650 12,657  July 2  Gold coin and certificates in vault___________________ 1 Gold redemption fund_________________________ _____ J  Total gold reserve____________ __________________ Legal tender notes, silver, &c________ _____ _________ Total reserve___________________________________ Bills discounted and bought: Commercial paper_______________________ _______ Bankers’ acceptances _____ ___ ________ _____ ____ Total______________________________________ Investments: United States bonds___ _________ ______ ________ Municipal warrants________ ______ __ _____ _____ -Federal Reserve notes—Net__ _________ ___________ Due from other Federal Reserve banks—Net_________ All other resources_____________________ ___________  Total resources___ _________ ____________________   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  3,246  4*466 153  9,962 9,962 9,962 9,944 9,962 9,962 9,959 9,962 129,444 127,864 128,962 127,474 127,330 133,472 131,757 141,844 1,156 2,563 4,492 7,670 8,895 3,bib 5429 2,032 2,694 3,069 4,695 4,006 2,417  142,404 142,952 140,956 141,286 142,924 152,621 153,395 163,118  27,040 29,440 29,440 31,840 32,440 35,100 38,100 40,500 3,484 4,646 3,358 34,616 35,854  28,482  26,859 29,259 29,260 31,660 32,260 34,920 37,920 40,320 181  181  180  180 3,178  180  180  180 3,304  180 4,466  Oct. 29 Nov. 5 Nov. 12 Nov. 19 Nov. 26 Dec. 3 Dec. 10 Dec. 17 Dec. 23 Dec. 30  $ $ $ $ $ $ $ $ 8 $ 994 8,021 6,613 4,492 3,735 3,006 2,891 3,885 9,415 6,717 129,981 144,470 143,818 147,884 151,218 147,834 151,607 153,635 173,377 168,965 55 55 55 118 55 55 55 55 55 55 134,528 148,260 146,879 150,830 155,158 157,304 152,656 161,711 180,108 175,737 30,344 25,609 25,665 25,681 29,783 26,856 21,287 21,060 4,000 7,477  145,523 135,704 136,913 139,508 140,850 139,137 137,113 143,767 140,116 142,382 139,639 143,443 150,865 148,265 151,329 149,592 165,036 164,872 173,869 172,544 176,511 184,941 184,160 173,943 182,771 184,108 183,214 282 264 249 369 316 263 275 239 392 439 403 237 501 459 417 513 532 494 445 496 466 486 587 629 593 585 515 5,014 4,647 4,918 5,348 5,615 5,835 6,571 7,540 8,715 4,787 4,880 4,884 5,412 4,919 5,128 4,991 5,345 5,495 6,066 6,050 6,078 5,103 5,537 5,842 4,828 4,835 4,613 5,383 4,963 5,181 5,630 5,879 6,110 6,820 8,952 5,226 5,283 7,779 5,383 5,545 5,420 5,343 5,925 5,989 5,877 6,564 6,124 6,338 6,516 6,511 5,343 5,464 5,206 5,688 4,269 2,965  4,630 3,807  ¥,936 5,474  5460 4,584  5,688 6,263  7,161 7,689  7 ,211 6,537  7*,056 7,191  IO',802 7,245  9*,192 8,156  9‘, 103 8,656  9',058 7,600  9',305 7,988  9,355 8,928  9',231 9,089  9,113 8,872  8,513 9,781  8,390 11,376  6,701 9,498  6,562 11,457  10*.853 12,273  10",414 13,442  6,635 11,755  6,493 l'l",486 ¥.771 15,584 15,287 14,163  ¥,269 15,877  376 "402 "398 "363 "363 "388 "406 "441 391 "392 "383 ”372 ■'160 "157 "188 "ibi "327 "322 ■■§49 "363 "388 "399 "347 "362 "342 "391 "382 158,260 149,762 152,717 155,101 159,252 160,647 157,726 164,941 165,062 166,118 163,622 166,388 173,920 172,282 175,576 174,669 188,948 190,304 195,823 196,544 205,220 214,825 208,792 202,493 206,752 208,227 209,753  LIABILITIES. 9,962 10,536 10,559 10,812 10,824 10,982 10,982 10,982 10,978 10,982 Capital paid In_______________ ______________________ Government deposits____________ ______ _________ ___ Reserve deposits—Net________________ ______________ 135,421 135,131 136,630 141,409 142,411 144,355 138,900 146,697 150,128 147,299 4,521 5,904 2,601 1,660 4,490 3,769 11,409 2,151 3,818 5,271 Due to Federal Reserve banks—Net 1,541 1,355 3,316 1,940 1,944 1,710 1,220 1,527 1,991 1,468 All other liabilities__ _____ ___________________ _______ Total liabilities______________ _____ _____________ 158,260 149,762 152,717 155,101 159,252 160,647 157,726 164,941 165,062 166,118 Memorandum— 40,500 42,900 45,320 45,320 47,720 50,120 50,120 51,720 52,820 55,220 7,889 7,515 8,426 6,707 7,361 3,145 3,987 5,674 4,784 6,463 Federal Reserve notes In hands of bank.,____________  How Secured—By gold______________________________ By lawful money________________________________ By commercial paper___________________________ Account of Federal Reserve notes—Net assets------------  3',304 143  5,171  3,407 2,716 3,098 2,102 3,148 2,006 991 2,448 2,171 1,136 2,190 2,574 866 1,270 330 439 2,214 5,457 4,663 3,829 3,233 2,555 1,638 104,885 115,025 121,091 126,218 120,949 129,623 129,200 127,096 132,734 129,058 129,497 132,152 132,133 135,907 135,350 136,653 139,954 140,458 142,404 142,952 140,956 141,286 142,924 152,621 153,395 163,118  Total resources_____________________________ _____  RESOURCES.  4,872  279  37,355 38,913 39,646 40,536 41,257 42,231 43,413 44,359 45,305 46,794 140,320 42,720 45,120 (45,120 47,520 49,920 49,950 51,550 52,550 54,950 I "200 "200 "200 "■I76 "170 "270 "270 7,245 8,156 2,965 3,807 5,474 4,584 6,363 7,689 6,537 7,191  10,982 10,982 10,986 10,987 10,987 10,987 11,047 11,047 11,077 11,059 11,060 11,060 11,062 11,065 11,063 11,063 11,063 147,506 149,079 154,172 152,737 157,806 161,355 170',920 17*4,443 175*,252 18U7W 176',4i4 183",438 178",810 17¥,347 180",653 182,334 183,208 8,284 4,406 7,468 8,010 6,092 4,404 13,998 16,433 10,624 10,120 6,580 6,301 2,398 2,270 3,605 6,752 7,362 2,914 3,775 7,472 3,894 8,296 6,961 3,748 2,327 2,575 2,416 2,461 2,466 2,379 2,864 2,722 163,622 166,388 173,920 172,282 175,576 174,669 188,948 190,304 195,823 196,544 205,220 214,825 208,792 202,493 206,752 208,227 209,753  56,820 56,820 59,220 61,620 64,020 65,520 67,920 70,960 70,960 74,360 76,760 79,160 79,160 83,560 85,960 87,040 89,440 9,198 8,258 9,359 9,092 10,001 11,596 9,668 11,627 12,443 13,592 11,895 15,724 15,427 14,303 16,017 7,870 8,926 47,894 48,950 50,962 52,422 54,661 56,428 57,919 59,364 61,292 62,733 64,317 65,568 67,265 67,836 70,533 72,737 73,423 58,950 61,350 56,550 63,750 65,300 67,700 70,740 70,790 74,190 76,590 79,010 79,020 83,420 85,820 86,900 89,300 56,550 "270 "270 "270 "270 "270 "220 "220 "220 "170 "170 "l70 "150 "140 "140 "140 "140 "140 9,781 11,376 9,498 11,457 12,273 13,442 11,755 15,584 15,287 14,163 15,877 8,656 7,600 7,988 8,928 9,089 8,872  FEDERA L RESER VE BANK STAT EMEN TS.  103,464 103,345 108,408 103,633 112,463 82,235 86,153 87,713 90,946 85,196 96,474 98,881 98,396 98,991 98,763 97,201 98,023 96,260 94,634 95,378 94,307 95,113 91,940 95,804 96,824 98,643 9,334 15,729 15,334 11,956 10,622 11,490 13,321 16,329 20,778 18,669 17,324 15,321 21,239 24,726 25,487 21,223 24,961 35,224 38,948 37,619 7,090 9,756 5,248 16,864 7,503 4,139 99,099 93,656 91,852 96,194 92,286 106,230 108,215 114,125 114,325 110,719 107,823 109,513 109,581 110,963 116,156 112,976 112,437 107,261 117,043 121,550 124,130 124,687 128,306 143,632 142,581 150,082 540 4,362 4,631  Total gold reserve _____________________ Legal tender notes, silver, &c............................. .............. .. ______  Total . .......... ................... .......... .................................... Investments: United States bonds________________________ -_____ Municipal warrants................................. ........................... Due from other Federal Reserve banks—Net.................... Federal Reserve notes—Net___________ _______ ________ All other resources____________________________________  Jan. 8 Jan. 15 Jan. 22 Jan. 29 Feb. 5 Feb. 12 Feb. 19 Feb. 26 Mar. 5 Mar. 12 Mar. 19 Mar.26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Apr. 30 May 7 May 14 May 21 May 28 June 4 June 11 June 18 June 25 $ S S 5 $ S $ $ $ S $ $ $ $ $ 8 $ S $ $ 5 $ S $ $ 3,599 4,478 100,034 107,985  STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF EACH WEEK OF THE YEAR 1915. Given in thousands of dollars—that is, .000 omitted. Jan. 1  Jan. 8 Jan. 15 Jan. 22 Jan. 29 Feb. 5 Feb. 11 Feb. 19 Feb. 26 Mar. 5 Mar. 12 Mar. 19| Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Apr. 30 May 7 May 14 May 21 May 28 June 4 June 11 June 18 June 25 $ $ S $ $ $ $ $ $ S $ $ S $ $ $ S S S $ $ $ $ S 235,417 248,256 241,344 237,278 219,187 217,281 217,161 222,746 23,426 28,950 29,360 31,360 ’"488 "653 "824 "950 1,027 1,081 232,553 236,516 239,662 235,905 256,217 259,256 251,808 248,909 247,251 246,999 245,018 242,168 239,176 239,540 237,206 238,710 238,228 244,034 241,063 243,376 243,640 242,515 246,231 246,521 255,187 17,997 16,228 18,747 20,882 22,614 22,117 29,887 29,085 23,292 21,603 21,650 23,098 25,627 30,018 29,360 29,184 26,518 34,021 36,561 36,832 31,989 35,337 44,632 48,916 47,848 250,550 252,744 258,409 256,787 278,858 281,373 281,695 277,994 270,543 268,602 266,668 265,266 264,803 269,558 266,566 267,894 264,746 278,055 277,624 280,208 275,629 277,852 290,863 295,437 303,035 9,876 12,442 13,062 13,955 |16,420 17,090 17,762 ?18,577 125,731 27,785 29,894 (22,001 133,678 35,251 35,915 36,478 (22,774 T35.440 34,735 34,626 124,747 134,708 36,007 (25,427 25,996 1 1,892 I 9,682 I 9,204 110,162 10,379 "705 | 9473 IO",434 I 2,015 114,704 15,546 15,314 J 5,406 120,107 20,478 21,572 I 6,639 122,299 22,751 23,303 24,628 113,812 ( 6,813 128,284 28,721 29,342 1 6,947 24,938 f 7,187 7,208 7,601 5,762 111,165 112,011 114,940 1 9,996 9,664 11,509 118,656 (23,094 16,343 21,675 23,496 27,135 31,124 32,636 33,076 37,886 45,838 48,263 51,466 53,262 55,977 58,002 59,218 61,106 62,055 63,724 63,456 63,968 63,992 59,646 53,190 52,461 55,485 5,038 3,179 3,215 6,091 6,909 7,765 6,204 7,753 9,124 9,142 4,462 2,766 6,249 7,595 7,421 5,419 6,551 8,088 7,162 5,352 5,659 5,315 8,254 5,573 10,289 9,468 10,139 13,215 6,650 7,435 7,132 14,878 8,145 8,311 9,121 15,144 13,491 6,551 8,917 4,550 6,814 7,712 6,823 8,905 8,496 3,019 8,605 7,482 10,080 9,437 4,425 9,175 11,971 11,648 5,426 12,901 6,146 6,533 5,501  RESOURCES. $ $ Gold coin and certificates in vault______ ______ __________ 228,641 232,125 Gold settlement fund__________ _____ __________________ _ . ""428 "’•428 Gold redemption fund with U. S. Treasurer___________ _______ Total gold reserve__________________________________ 229,069 Legal tender notes, silver, &c________________________________ 26,578 Total reserve________ ____________________________ .. _ 255,647 Bills discounted, members________ ______ ____________________ 9,909 Bills bought In open market*------------------------------------------------"205 Investments, 11. S. bonds------- ----------------------------- -----------------Investments, municipal warrants-------------------------------- ----------734 Total earning assets- --------------------------------------- ----------- . Federal reserve notes—Net_____________ _________ _____ _____ Due from Federal Reserve banks—Net-----------------------------------All other resources___________________________•'------------------------  10,848 5,418 7.930 5.931  FEDERAL RESERVE NOTES—AGENTS’ ACCOUNTS. Federal Reserve notes—Issued to Federal Reserve banks______ In hands of banks------------------------------  17,199 6,591  In circulation____________________ 10,608 11,492 How Secured—By gold coin and certificates----------------------------By lawful money---------------------- — - - - --------------------------- 112,252 14,676 Credit balances In gold redemption fund------------------ ... Credit balances with Federal Reserve Board......................... By commercial paper------------------------------------------------------4,947  Total______________________________________________  14,966  17,199  15,193  18,795 4,295  27,590 4,633  41,186 7,419  54,336 7,892  67,156 9,309  79,386 82,961 9,168 10,472  14,500  22,957  33,767  46,444  57,847  67,325 70,218 72,489  15,401  15,702  15,921  19,702 20,844 23,413 26,961  28,359 30,969 33,779 34,379 37,694 39,185 42,315 43,845 48,605 51,091 54,691 58,291 61,431 65,871 68,996  3,394  6,746  10,217  12,021  12,465  13,965  18,795  27,590  41,186  54,336  67,156  82,961  July 2 July 9 July 16 July 23 July 30 Aug. 6 Aug. 13 Aug.r20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 Oct. 1 Oct. 8 Oct. 15 Oct. 22 Oct. 29 Nov. 5 Nov. 12 Nov. 19 Nov. 26 Dec. 3 Dec. 10 Dec. 17 Dec. 23 Dec. 30 $ RESOURCES. $ s $ $ S S $ $ 8 $ S $ $ $ $ $ $ $ $ $ $ $ S $ 244^229 $ Gold coin and certificates in vault.......................................... 231,368 218,021 213,472 214,047 212,988 207,822 209,697 205,951 211,145 209,369 212,130 224,402 229,972 227,274 227,769 226,956 227,005 218,224 232,678 233,430 245,400 245,986 251,810 257,373 276,197 266,546 Gold settlement fund---------------------------- --------------------- 31,840 47,106 46,680 48,450 52,140 52,290 53,490 54,930 55,930 57,880 68,690 63,040 59,050 55,180 55,850 58,620 54,670 61,960 60,810 62,790 69,345 73,830 79,700 68,060 76,330 69,960 77,293 1,104 Gold redemption fund with U. S. Treasurer...................... 1,080 1,116 1,064 1,084 1,202 1,212 1,222 1,227 1,227 1,232 1,252 1,252 1,292 1,184 1,224 1,124 1,036 1,076 1,084 1.104 1,162 1,202 1,212 1,212 1,197 1,187  Total gold reserve------------------------------------------------ 264,288 266,243 261,188 263,573 266,192 261,196 264,271 261,985 268,179 268,411 282,007 288,639 290,224 283,656 284,831 286,788 282,887 281,406 294,715 297,447 315,977 321,068 325,181 321,162 334,887 347,381 344,963 Legal tender notes, silver, &c-------------------------------------- 24,841 22,494 26,492 25,913 22,092 24,916 20,949 27,117 19,878 19,274 20,235 16,001 22,920 16,493 21,302 19,748 34,626 37,058 31,567 31,806 32,173 37,212 32,681 28,441 26,978 9,673 13,525 Total reserve___________________________________ 289,129 288,737 287,680 289,486 288,284 286,112 285,220 289.102 288,057 287,685 302,242 304,640 313,144 300,149 306,133 306,536 317,513 318,464 326,282 329,253 348,150 358,280 357,862 349,603 361,865 357,054 358,488 Bills discounted, members------------------------------------------- 26,367 27,084 28,669 29,085 29,102 28,853 28,609 29,020 29,275 29,917 30,340 30,676 31,373 30,034 30,561 29,403 29,987 30,448 29,353 30,010 31,639 32,794 33,350 33,569 33,012 32,662 32,368 9,820 9,593 8,971 10,338 11,625 12,073 12,209 12,731 13,564 13,039 12,918 12,985 13,058 14,846 14,804 14,556 13,335 13,619 13,774 13,138 13,510 16,179 18,306 19,108 19,684 21,759 23,013 Bills bought In open market*------------------------ - ------------7,652 7,923 9,483 10,380 10,480 10,505 10,533 12,003 12,674 12,919 13,875 14,401 14,523 15,060 15,797 7,898 7,923 7,923 8,503 8,607 8,843 8,852 9,328 9,329 Investments, TJ. S. bonds------------------------------------------8,740 8,836 9,047 Investments, municipal warrants-------------------------------- 12,390 13,895 14,391 15,110 16,007 18,100 18,558 18,553 25,808 24,013 23,710 24,444 24,945 27,381 27,029 26,583 25,381 25,014 22,148 22,801 27,519 27,308 17,821 18,053 13,600 14,094 12,220 56,229 58,470 59,954 62,456 64,757 67,529 67,983 69,044 77,483 75,812 75,820 77,152 78,704 81,590 81,877 80,922 79,183 79,586 75,808 77,952 75,342 89,200 83,052 85,131 80,819 83,575 83,398 Total earning assets............ ....................................... .. 7,601 9,953 9,227 11,029 12,578 11,266 7,723 10,160 12,314 8,533 12,483 16,175 15,827 14,053 19,775 19,718 21,331 24,977 20,767 8,379 6,990 7,761 8,142 7,409 11,194 Federal reserve notes—Net---------------- - ----------------------8,533 6,805 9,862 5,229 Due from Federal Reserve banks—Net---------------------5,855 7,078 5,987 4,028 12,740 12,491 12,941 13,375 12,481 14,866 15,378 15,523 15,236 15,680 19,723 15,184 19,537 18,792 19,176 18,118 22,286 20,939 21,008 21,910 6,107 3,660 3,694 4,436 4,765 5,904 5,623 3,577 3,326 3,124 3,018 3,162 3,645 2,962 3,275 3,662 4,633 6,552 5,335 4,322 4,194 6,547 5,263 All other resources______________________________ _____ 4,075 3,841 3,382 4,777 4,962 Total resources__________________________________ 366,481 365,387 367,878 371,163 377,052 377,469 374,120 382,468 389,983 388,274 403,420 406,188 417,700 411,637 414,380 415,872 427,880 429,951 432,719 446,192 471,773 485,342 485,359 482,073 489,276 490,808 491,110 LIABILITIES. Capital paid in_________________ _____ ________________ 54,128 54,104 54,135 54,170 54,181 54,315 54,331 54,329 54,689 54,762 54,772 54,749 54,748 54,728 54,781 54,775 54,834 54,838 54,848 54,846 54,854 54,846 54,859 54,902 54,900 54,901 54,915 Government deposits------------------------------------------------15,100 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,101 Reserve deposits—Net------------------------------------------------ 297",883 295",808 297",616 30"l",063 306",183 306",002 301,926 3 l’o",095 316",989 312,316 313,053 316,953 329,941 324,884 326,787 328,766 340,444 343,554 346,063 359,317 384,997 397,952 392,966 390,249 397,879 398,603 400,012 Federal Reserve notes—Net—..------------------------ -------- 12,797 13,375 14,242 14,521 14,965 15,420 15,723 15,847 16,738 17,670 17,527 16,562 15,348 14,359 15,225 14,791 14,809 13,918 13,661 13,007 12,923 13,385 13,969 14,686 14,461 14,670 13,486 1,732 2,140 2,197 2,540 2,793 2,641 3,147 4,022 3,999 4,159 8,565 7,236 7,036 7,634 7,596 1,409 1,723 2,100 1,885 2,924 2,663 2,666 2,587 All other liabilities___________________________________ 1,673 1,567 3,526 3,068  FEDERAL RESERVE BANK STATEMENTS.  Total resources__________________________________________ 285,774 287,301 297,098 304,538 302,234 322,224 325,022 326,454 331,733 330,357 331,122 333,181 333,211 339,674 340,701 341,179 346,691 347,603 361,093 366,266 362,474 360,247 357,531 371,281 370,329 381,456 LIABILITIES. Capital paid In______________________________________________ 18,051 18,058 18,075 18,432 20,440 35,123 35,841 36,056 36,069 36,082 36,087 36,119 36,105 36,123 36,165 36,207 36,727 39,669 53,487 54,023 54,135 54,158 54,184 54,195 54,201 54,200 Reserve deposits—Net_______________________________________ 263,948 267,389 277,185 284,193 279,516 284,101 284,996 285,468 290,336 287,883 288,031 288,575 288,217 293,954 294,042 294,154 297,210 294,832 293,316 295,523 295,038 292,050 288,281 299,653 299,361 311,349 Federal Reserve notes—Net--------------------------------------------------3,775 1,854 1,838 1,913 2,278 3,000 4,185 4,930 7,004 8,487 5,328 6,392 8,889 9,597 10,449 10,767 10,889 11,038 11,197 11,224 10,859 10,921 11,413 12,098 12,100 12,617 All other liabilities-----------------------------------------------------------------51 45 1,865 2,064 5,496 2,442 3,118 3,653 5,335 4,667 3,290 3,093 Total liabilities__________________________________________ 285,774 287,301 297,098 304,538 302,234 322,224 325,022 326,454 331,733 330,357 331,122 333,181 333,211 339,674 340,701 341,179 346,691 347,603 361,093 366,266 362,474 360,247 357,531 371,281 370,329 381,456  Total liabilities---------------------------------------------------- 366,481 365,387 367,878 371,163 377,052 377,469 374,120 382,468 389,983 388.274 403,420 406,188 417,700 411,637 414,380 415,872 427,880 429,951 432,719 446,192 471,773 485,342 485,359 482,073 489,276 490,808 491,110 FEDERAL RESERVE NOTES—AGENTS’ ACCOUNTS. Federal Reserve notes: Issued to Federal Reserve banks 84,581 89,131 93,361 94,131 In hads of banks_________ _____ 8,769 9,889 11,416 10,711  In circulation____________ How Secured—By gold coin and certificates___________ k t By lawful money---------------- ------------------- ----------Credit balances In gold redemption fund--------------Credit balances with Federal Reserve Board........... By. commercial paper_____________________ _____ -  75,812 79,242 81,945 ,83,420 78,006 70,616 74,246 77,656 "120 15,705  16,005  Total...................................................... ....................... 84,581 89,131 93,361 * Including bankers’ and trade acceptances bought In the open market.  94,131   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  13,965  14,885  97,831 101,731 102,571 107,691 109,901 114,531 119,851 124,000 133,060 141,000 148,590 153,790 159,280 168,370 170,310 179,335 183,275 187,815 190,985 200,265 205,205 211,735 214,125 12,704 14,213 12,308 14,858 14,668 15,036 16,343 15,378 17,398 18,782 18,268 18,025 17,711 22,345 17,828 22,710 22,389 22,511 20,987 24,953 23,843 23,673 25,099 85,127 87,518 90,263 92,833 95,233 99,495 103,508 108,622 113,662 122,218 130,322 135,765 141,569 146,025 152,482 156,625 160,886 165,304 169,998 175,312 181,362 188,062 189,026 81,071 84,316 85,446 89,361 90,606 94,386 98,956 96,826 105,235 110,451 116,630 120,010 119,920 126,480 127,495 133,515 132,695 136,535 135,177 139,902 136,860 137,040 139,940 5 5 100 100 100 "668 "673 "360 ”365 "380 "380 "400 410 440 "450 "490 "500 "520 "550 "560 570 580 580 "590 "630 "650 "650 "650 7,300 9,500 12,400 13,500 15,700 22,000 24,800 25,950 28,970 33,380 33,880 38,380 42,380 56,710 56,860 16,092 16,742 16,765 17,965 18,915 19,765 20,495 19,447 17,880 17,699 17,970 17,580 16,840 16,540 16,305 16,180 16,520 16,720 16,838 17,353 50,330 17,365 17,335 16,675 97,831 101,731 102,571 107,691 109,901 114,531 119,851 123,988 133,060 141,000 148,590 153,790 159,280 168,370 170,310 179,335 183,275 187,815 190,985 200,265 205,205 211,735 214,125  <1  AND TRUST COMPANIES. NEW YORK CITY CLEARING HOUSi In the tables on this and the three pages following we furnish a summary of the weekly Clearing House returns for 1915. The inauguration of the Federal Reserve banking system, Nov. 16 1914, necessitated the adoption of an entirely new form of statement in which the results for the banks and trust companies which are Federa Reserve members, State banks which are not Federal Reserve members and trust companies which are not Federal Reserve members are each stated separately. The figures for each of these three classes of institutions and also the aggregate of all, both actual and average in every case, are presented herewith. MEMBERS OF FEDERAL RESERVE BANK.  MEMBERS OF FEDERAL RESERVE BANK.  AVERAGE OF DAILY CONDITION EACH WEEK, STATED IN THOUSANDS OF DOLLARS.*  ACTUAL CONDITION AT END OF WEEK, STATED IN THOUSANDS OF DOLLARS.*  1915.  Loans, Dis­ counts, Invest­ ments, &c.  January— S 2.... 1,265,839 9___ 1,260,365 16___ 1,273,922 23___ 1,287,483 30___ 1,306,678 February— 6___ 1,315,647 13___ 1,331,544 20___ 1,327,104 27.... 1,338,940 March— 6___ 1,370,435 13___ 1,385,257 20___ 1,386,407 27.... 1,382,247 April— 3___ 1,388,061 10___ 1,386,979 17___ 1,387,409 24___ 1,385,240 May—• 1.... 1,400,649 8___ 1,390,877 16___ 1,391,809 22___ 1,389,129 29.... 1,400,861 June— 5.... 1,409,961 12___ 1,426,613 19___ 1,435,491 26___ 1,459,504 July— 3.... 1,516,880 10___ 1,510,569 17___ 1,507,656 24.... 1,514,917 31___ 1,517,478 August— 7___ 1,540,749 14___ 1,559,276 21___ 1,581,891 28___ 1,586,026 September4___ 1,593,375 11___ 1,619,998 18___ 1,637,225 25.... 1,685,454 October— 2___ 1,708,226 9___ 1,735,213 16___ 1,833,866 23.... 1,860,590 30___ 1,887,497 November6___ 1,903,243 13___ 1,923,603 20___ 1,922,598 27___ 1,930,512 December4___ 1,915,451 11___ 1,932,076 18___ 1,944,580 25___ 1,956,194 31 1,972,309  Net Net Time Total Demand De­ Deposits. Deposits. posits.  Gold.  $ 1,224,912 1,229,406 1,270,485 1,306,630 1,329,000  S 5,268 4,949 4,541 5,737 5,837  S 1,230,180 1,234,355 1,275,026 1,312,367 1,334,837  1,347,253 1,360,379 1,356,627 1,369,125  7,005 7,531 7,977 7,865  1,402,491 1,400,112 1,429,245 1,439,551  7,981 7,799 8,160 8,289  Gold on Deposit Total with Total Money. Federal Reserve. Reserve Banks.  Surplus Reserve.  Required Reserve.  Total Gold & Gold in Federal Reserve Banks.  Silver.  Total Specie.  Legal Ten­ ders.  $ 113,509 107,826 114,402 119,173 128,510  $ 46,224 52,494 59,981 61,133 60,522  8 159,733 160,320 174,383 180,306 189,032  8 49,038 52,548 56,723 59,248 57,524  8 208,771 212,868 231,106 239,554 246,556  $ 100,297 100,738 108,103 113,039 108,286  $ 309,068 313,606 339,209 352,593 354,842  $ $ $ 220,747,560 88,320,440 213,806 221,540,530 92,065,470 208,564 228,914,350 110,294,650 222,505 235,480,250 117,112,750 232,212 239,511,850 115,330,150 236,796  1,354,348 1,367,910 1,364,604 1,376,990  136,288 133,356 139,626 141,700  63,094 62,872 60,368 59,409  199,382 196,228 199,994 201,109  56,743 56,292 55,409 53,394  256,125 252,520 255,403 254,503  112,645 113,293 111,696 113,066  368,770 365,813 367,099 367,569  242,860,290 245,244,770 244,591,710 246,835,750  1,410,472 1,407,911 1,437,405 1,447,840  140,495 142,990 149,743 164,406  64,623 47,739 64,209 64,722  205,118 190,729 213,952 229,128  51,858 48,128 49,761 49,009  256,976 238,857 263,713 278,137  111,665 113,070 115,412 115,055  1,451,374 9,277 1,460.651 166,126 1,447,951 10,065 1,458,016 166,198 1,460,560 11,090 1,471,650 175,274 1,472,917 11,357 1,484,274 184,027  61,194 57,911 57,150 64,212  227,320 224,109 232,424 248,239  51,648 51,842 54,555 53,037  278,968 275,951 286,979 301,276  Exact Amounts.*  Exact Amounts.*  Fed. Nat. Res'rve Bank Bank Notes Notes [not cnted [not res’ve]. as res.]  Nat. Bank Circu­ lation.  $ 4,714 5,669 3,934 4,143 3,865  $ 48,569 46,216 42,946 42,542 41,439  965 2,743 248,933 246,649 955 2,189 251,322 1,052 2,748 740 2,628 254.766  40,694 39,464 39,415 39,118  368,641 351,927 379,125 393,192  252,847,430 115,793,570 252,160 1,512 1,863 252,020,160 99,516,890 256,060 1,462 2,455 257,672,100 121,452,900 265,155 1,189 2,433 971 2,322 259,533,630 133,658,370 279,461  39,114 38,784 39,556 38,623  118,676 118,920 120,184 121,440  397,644 394,871 407,163 422,716  261,711,170 261,134,430 263,455,300 265,692,910  135,932,830 133,736,570 143,707,700 157,023,090  284,802 1,172 1,474 37,603 285,118 1,326 2,008 37,619 295,458 1,229 2,415 37,646 305,467 1,260 2,478 37,798  125,909,710 120,568,230 122,507,290 120,733,250  $ 455 567 637 713 788  1915.  Loans, Dis­ counts, Invest­ ments, &c.  January— 2............ 9............ 16___ 23______ 30______ February— 6______ 13______ 20______ 27______ March— 6......... .. 13______ 20______ 27............ April—3............ 10______ 17.......... 24______ May— 1_____ 8______ 15............ 22______ 29............ June— 5............ 12______ 19______ 26______ July— 3............ 10______ 17............ 24______ 31............ August— 7______ 14______ 21............ 28______ September-  $ 246,895 251,173 254,645 253,828 255,233  11........... 18______ 25______ October—  4.  9______ 16______ 23______ 30______ November6........... ® 13______ 20______ 27______  4............ 11______ 18............ 25............ 31............  p  TotalSpecie.  Legal Ten­ ders.  Gold on Deposit Total with Total Money. Federal Reserve. Reserve Banks.  Required Reserve.  Surplus Reserve.  Total Gold & Gold in Exact Federal Amounts.* Reserve Banks.  Exact Amounts.*  Fed. Nat. Res’rve Bank Bank Notes Notes [not [not c nted res’ve]. as res.]  Nat. Bank Circu­ lation.  s 4,631 5,457 4,341 4,474 3.982  $ 49,123 47,539 43,556 42,800 41.829 40,986 39,987 39,464 39,255  $ 1,211,167 1,217,973 1,251,400 1,296,921 1,315,104  S 5,546 4,975 4,539 5,364 5,774  $ 1,216,713 1,222,948 1,255,939 1,302,285 1,320,878  $ 113,976 105,217 113,643 117,800 126,800  S 48,460 59,415 55,494 59,321 58,915  $ 162,436 154,632 169,137 177,121 185,715  $ 49,180 51,705 54,179 58,442 58,334  $ $ $ $ S S 211,616 99,002 310,618 218,287,360 92,330,640 212,978 206,337 98,949 305,286 219,483,890 85,802,110 204,166 223,316 105,153 328,469 225,478,950 102,990,050 218,796 235,563 111,529 347,092 233,713,980 113,378,020 229,329 244,049 107,736 351,785 237,007,420 114,777,580.234,536  1,314,167 1,329,607 1,327,007 1,335,243  1,341,276 1,358,710 1,357,387 1,365,864  6,457 7,479 7,626 8,006  1,347,733 1,366,189 1,365,013 1,373,870  134,721 134,829 137,007 142,362  59,932 63,174 63,274 58,606  194,653 198,003 200,281 200,968  57,140 56,404 55,601 53,807  251,793 254,407 255,882 254,775  110,487 111,661 112,152 113,886  362,280 366,068 368,034 368,661  241,752,530 244,941,750 244,710,960 246,255,820  120,527,470 245,208 856 3,110 121,126,250 246,490 910 2,376 123,323,040 249,159 1,006 2,690 914 2,339 122,405,180 256,248  1,362,360 1,376,340 1,385,652 1,389,135  1,395,226 1,408,598 1,420,569 1,436,733  8,000 7,962 7,772 8,275  1,403,226 1,416,560 1,428,341 1,445,008  142,227 142,674 146,584 155,870  62,690 61,361 61,060 64,529  204,917 204,035 207,644 220,399  51,272 51,879 49,106 48,952  256,189 255,914 256,750 269,351  113,403 113,113 114,082 116,013  369,592 369,027 370,832 385,364  251,540,680 253,547,640 256,091,020 259,025,690  118,051,320 115,081,260 114,740,980 126,338,310  255,630 255,787 260,666 271,883  1,082 1,369 1,336 1,149  3___ 10-..-17___ 24___  1,384,142 1,386,939 1,388,102 1,386,828  1,445,339 9,057 1,454,396 167,898 1,446,757 10,019 1,456,776 165,727 1,459,387 10,567 1,469,954 172,412 1,470,839 11,265 1,482,104 183,361  62,715 57,461 60,563 60,682  230,613 223,188 232,975 244,043  50,510 52,284 53,721 53,887  281,123 275,472 286,696 297,930  115,911 118,897 118,847 120,995  397,034 394,369 405,543 418,925  260,613,870 260,917,210 263,218,010 265,314,270  136,420,130 133,451,790 142,324,990 153,610,730  283,809 284,624 291.259 304,356  1,076 2,041 38,122 1,199 1,765 37,611 1,229 2,132 37,622 1,205 2,405 37,719  di 1  $ 497 527 646 634 638  2,193 2,270 2,775 2,093  39,116 38,864 38,769 38,631  1,494,322 1,458,776 1,468,734 1,468,258 1,481,996  11,706 13,264 13,855 14,970 14,809  1,506,028 1,472,040 1,482,589 1,483,228 1,496,805  188,165 182,761 198,962 201,962 204,364  62,085 58,847 50,501 50,423 53,149  250,250 241,608 249,463 252,385 257,513  55,431 45,550 50,345 50,948 49,397  305,681 287,158 299,808 303,333 306,910  121,334 119,550 117,934 118,691 117,430  427,015 406,708 417,742 422,024 424,340  269,563,260 263,242,880 265,064,870 265,034,940 267,499,730  157,451,740 143,465,120 152,677,130 156,989,060 156,840,270  309,499 302,311 316,896 320,653 321,794  37,863 37,866 37,938 37,971 37,857  1___ 8___ 15___ 22___ 29....  1,391,976 1,407,897 1,391,213 1,391,097 1,394,302  1,479,651 1,467,101 1,465,905 1,470,084 1,476,015  11,632 13,318 13,882 14,281 15,012  1,491,283 1,480,419 1,479,787 1,484,365 1,491,027  185,319 180,771 193,032 201,996 204,234  61,383 53,773 53,541 50,988 52,501  246,702 234,544 246,573 252,984 256,735  53,895 45,722 51,717 49,432 49,222  300,597 280,266 298,290 302,416 305,957  121,580 118,570 117,600 118,917 118,300  422,177 398,836 415,890 421,333 424,257  266,918,780 264,744,080 264,557,000 265,329,170 266,433,300  155,258,220;306,899 134,091,920 299,341 151,333,000 310,632 156,003,830 320,913 157,823,700 322,534  1,500,906 1,528,201 1,545,329 1,563,292  15,964 16,170 16,672 16,672  1,516,870 1,544,371 1,562,001 1,579,964  212,829 227,835 240,626 233,185  51,127 46,958 46,786 44,898  263,956 274,793 287,412 278,083  50,634 42,439 39,721 36,596  314,590 317,232 327,133 314,679  119,267 127,577 126,456 131,887  433,857 444,809 453,589 446,566  270,961,280 275,884,680 278,992,820 282,226,160  162,895,720 168,924,320 174,596,180 164,339,840  332,096 1,584 2,326 37,977 355,412 1,704 2,361 37,962 367,082 1,848 2,446 37,950 365,072 2,066 2,950 37,850  5___ 12___ 19.... 26___  1,406,406 1,424,378 1,433,295 1,452,154  1,496,031 1,516,055 1,539,373 1,558,997  15,390 16,127 16,248 16,671  1,511,421 1,532,182 1,555,621 1,575,668  211,691 220,383 236,970 234,830  51,757 47,218 46,469 48,025  263,448 267,601 283,439 282,855  49,809 44,320 39,672 37,744  313,257 311,921 323,111 320,599  118,753 123,423 126,388 129,708  432,010 435,344 449,499 450,307  270,055,080 273,696,250 277,899,540 281,453,010  161,954,920 161,647,750 171,599,460 168,853,990  330,444 1,479 2,275 37,877 343,806 1,614 2,322 37,937 363.358 1,748 2,675 37,949 364,538 1,995 2,804 37,914  1,596,742 1,591,141 1,600,679 1,617,194 1,622,191  17,270 16,492 16,461 16,953 18,609  1,614,012 1,607,633 1,617,140 1,634,147 1,640,800  201,708 189,927 199,885 203,033 206,605  52,221 56,799 58,029 58,983 57,959  253,929 246,726 257,914 262,016 264,564  43,868 50,852 51,023 51,602 53,166  297,797 297,578 308,937 313,618 317,730  127,244 126,523 127,450 133,516 133,737  425,041 424,101 436,387 447,134 451,467  288,277,060 287,229,980 288,945,270 291,942,570 292,924,830  136,763,940 136,871,020 147,441,730 155,191,430 158,542,170  328,952 316,450 327,335 336,549 340,342  1,564 1,886 1,786 2,043 1,800  1,552 2,142 3,078 3,212 2,505  37,901 37,985 37,915 37,931 37,580  1,489,215 1,511,628 1,511,812 1,512,716 1,513,154  1,583,889 1,581,397 1,594,156 1,603,404 1,615,663  16,912 16,724 16,548 16,672 17,798  1,600,801 1,598,121 1,610,704 1,620,076 1,633,461  221,824 189,705 195,874 201,760 206,156  51,382 51,314 52,076 54,167 56,667  273,206 241,019 247,950 255,927 262,823  37,481 47,190 48,768 50,922 53,302  310,687 288,209 296,718 306,849 316,125  127,811 125,850 127,413 128,390 132,209  438,498 414,059 424,131 435,239 448,334  285,945,620 285,487,660 287,775,480 289,446,320 291,709,240  152,552,380 128,571,340 136,355,520 145,792,680 156,624,760  349,635 315,555 323,287 330,150 338,365  2,342 1,928 3,123 3,198 2,913  37,877 37,904 37,957 37,885 37,805  1,631,838 1,681,211 1,717,528 1,733,345  18,594 18,587 19,093 18,475  1,650,432 1,699,798 1,736,621 1,751,820  208,939 230,470 236,538 240,647  51,344 58,937 58,911 60,864  260,283 289,407 295,449 301,511  49,932 50,779 53,163 54,109  310,215 340,186 348,612 355,620  130,924 131,227 138,647 141,358  441,139 471,413 487,259 496,978  294,660,540 303,547,330 310,109,690 312,925,850  146,478,460 167,865,670 177,149,310 184,052,150  339,863 361,697 375,185 382,005  1,617 1,673 1,715 1,987  2,516 2,670 2,793 3,101  37,500 37,570 37,097 37,070  1,545,871 1,549,797 1,575,322 1,583,922  1,640,339 1,655,315 1,699,153 1,718,484  18,562 18,589 18,897 18,909  1,658,901 1,673,904 1,718,050 1,737,393  206,602 220,433 231,951 239,713  54,736 54,123 56,905 54,241  261,338 274,556 288,856 293,954  51,154 50,280 52,522 51,749  312,492 324,836 341,378 345,703  131,729 130,715 133,850 139,282  444,221 455,551 475,228 484,985  296,189,120 298,886,150 306,792,390 310,272,570  148,031,880 156,664,850 168,435,610 174,712,430  338,331 1,723 2,661 351,148 1,681 2,746 365,801 1,749 2,656 378,995 1,773 3,031  37,477 37,456 37,401 37,037  1,751,717 1,778,945 1,807,122 1,841,368  18,136 16,559 16,496 20,972  1,769,853 1,795,504 1,823,618 1,862,340  265,622 277,513 279,697 270,445  55,066 45,796 52,759 56,355  320,683 323,309 332,456 326,800  48,548 44,187 41,248 37,983  369,236 367,496 373,704 364.783  138,440 139,594 143,190 144,246  507,676 507,090 516,894 509,029  316,215,860 321,038,050 326,106,760 332,494,840  191,460,140 186,051,950 190,787,240 176,534,160  404,062 417,107 422,887 414,691  1,756 1,771 1,724 2,604  2,577 2,926 2,960 2,546  37,005 36,978 36,684 36,585  1,589,349 1,606,607 1,629,216 1,673,444  1,745,047 1,755,643 1,793,560 1,829,492  18,363 16,729 16,497 20,851  1,763,410 1,772,372 1,810,057 1,850,343  257,887 270,870 278,038 275,483  55,573 44,256 50,552 52,338  313,460 315,126 328,590 327,821  52,531 44,504 43,034 38,649  365,991 359,630 371,624 366,470  139,077 138,108 139,937 143,904  505,068 497,738 511,561 510,374  315,026,610 316,852,190 323,665,650 330,351,110  190,041,390 180,885,810 187,895,350 180,022,890  396,964 1,682 2,944 36,988 408,978 1,625 2,917 36,978 417,495 1,732 3,075 36,735 419,387 2,096 2,785 36,643  1,863,743 1,881,880 1,992,422 2,043,219 2,069,833  20,398 18,841 19,394 19,525 19,395  1,884,146 1,909,721 2,011,816 2,062,744 2,089,228  258,471 254,844 261,986 277,003 282,679  57,049 54,150 47,282 49,183 45,716  315,520 308,994 309,268 326,186 328,395  45,571 42,134 44,372 44,010 39,889  361,091 351,128 353,640 370,196 368,284  146,705 147,430 155,428 161,080 164,621  507,796 498,558 509,068 531,276 532,905  336,494,540 339,680,450 359,605,660 368,755,670 373,539,690  171,301,460 158,877,550 149,462,340 162,520,330 159,365,310  405,176 402,374 417,414 438,083 447,300  2,202 2,614 2,448 2,744 2,642  2,116 2,322 2,441 2,288 1,963  36,379 35,690 35,546 35,714 35,601  1,704,874 1,725,445 1,762,962 1,858,915 1,880,057  1,861,113 1,874,057 1,918,515 2,027,422 2,068,451  20,671 19,199 19,549 19,433 19,423  1,881,784 1,893,256 1,938,064 2,046,855 2,087,874  268,267 255,503 258,937 263,213 287,176  54,881 53,303 53,080 52,557 45,899  323,148 308,806 312,017 315,770 333,075  43,269 44,881 43,299 44,808 42,134  366,417 353,687 355,316 360,578 375,209  142,803 146,759 151,081 158,846 163,841  509,220 500,446 506,397 519,424 539,050  336,033,890 338,290,210 346,310,150 365,907,610 373,292,330  173,186,110 162,155,790 160,086,850 153,516,390 165,757,670  411,070 402,262 410,018 422,059 451,017  2,376 2,350 2,482 2,650 2,736  2,307 2,327 2,327 2,287 2,039  36,379 35,998 35,637 35,678 35,693  2,084,705 2,120,132 2,105,572 2,106,616  19,014 19,505 20,048 19,605  2,203,719 2,139,637 2,125,620 2,126,221  271,060 282,737 270,535 267,814  57,106 58,947 65,105 58,937  328,166 341,684 335,640 326,751  38,608 33,688 36,777 34,034  366,774 375,372 372,417 360,785  164,930 169,031 160,892 165,102  531,704 544,403 533,309 525,887  376,197,600 382,599,010 380,005,360 380,171,130  155,506,400 161,803,990 153,303,640 145,715,870  435,990 451,768 431,427 432,916  2,773 2,646 2,806 3,050  2,065 2,366 2,717 2,353  35,182 34,487 35,051 35,101  1,901,726 1,913,129 1,917,693 1,927,359  2,081,454 2,102,636 2,102,372 2,101,467  19,142 19,344 19,792 19,620  2,100,596 2,121,980 2,122,164 2,121,087  275,077 278,552 273,670 266,061  51,437 53,350 57,169 57,915  326,514 331,902 330,839 323,976  37,690 36,730 37,722 34,600  364,204 368,632 368,561 358,576  165,321 169,325 165,939 165,450  153,906,180 158,515,320 155,083,440 144,780,940  440,398 447,877 439,609 431,511  2,571 2,840 2,682 2,727  1,744 2,241 2,522 2,416  35,425 34,894 34,901 35,087  19,915 19,987 19,667 19,843 19,481  2,111,560 2,135,473 2,139,194 2,122,505 2,144,760  270,993 271,131 268,760 237,928 229,404  56,644 63,814 56,277 53,700 55,248  327,637 334,945 325,037 291,628 284,652  37,879 40,787 40,374 43,000 51,970  365,516 375,732 365,411 334,628 336,622  160,429 157,443 161,261 162,506 165,278  525,945 533,175 526,672 497,134 501,900  377,491,850 381,786,830 382,498,210 379,471,310 383,524,270  148,453,150 151,388,170 144,173,790 117,662,690 118,375,730  431,422 428,574 430,021 400,434 394,682  2,748 3,002 2,701 3,085 3,078  2,167 2,123 2,040 2,465 2,564  35,084 35,103 35,12fi 35,175 35,197  1,916,597 1,927,656 1,942,559 1,957,000 1,970,217  2,088,590 2,109,940 2,122,627 2,131,820 2,121,950  19,709 19,931 19,787 19,914 19,520  2,108,299 2,129,871 2,142,414 2,151,734 2,141,470  263,053 273,886 272,249 255,041 235,063  58,615 56,652 52,627 56,436 52,990  321,668 330,538 324,876 311,477 288,053  36,617 40,533 40,542 46,973 48,615  358,285 371,071 365,418 358,450 336,668  163,174 161,305 164,091 166,802 165,045  t;29,525 ?37,957 ?34,500 “24,026 5 521,459 532,376 529,509 525,252 501,713  375,618,820 379,441,680 379,416,560 379,245,060  2,091,645 2,115,486 2,119,527 2,102,662 2,125,279  3___ 10___ 17___ 24___ 31___ August— 7___ 14___ 21___ 28___ September4___ 11___ 18___ 25___ October— 2___ 9___ 16___ 23.... 30___ November6___ 13___ 20___ 27___ December4___ 11___ 18___ 25___ 31....  376,931,650 380,785,750 383,062,210 384,723,300 382,927,000  144,527,350 151,590,250 146,446,790 140,528,700 118,786,000  426,227 435,191 436,340 421,843 400,108  2,847 2,860 2,990 2,910 2,917  2,461 2,125 2,090 1,970 2,454  35,103 35,114 35,049 35,120 35,233  994 1,298 1,389 1,464 1,487  2,155 2,010 2,182 2,425 2,351  Net Demand Deposits.  S 268,119 271,752 272,998 271,792 270,719  Net Time De­ posits. S 3,486 3,252 3,295 3,299 3,298  Total Deposits.  Gold.  Silver.  Total Specie.  $ 271,605 275,004 276,293 275,091 274,017  S 29,939 30,847 31,088 30,454 31,245  $ 19,119 17,485 15,837 17,678 15,001  S 49,058 48,332 46,925 48,132 46,246  Legal Ten­ ders.  S 9.861 9,327 7,876 7.861 7,990  Res. on Deposit Nat. Total with Bank Notes. Money. Legal Depos.  S 5,174 6,077 6,273 5,277 5,177  $ 64,093 63,736 61,074 61,270 59,413  S 5,534 5,725 5,907 5,683 5,912  Total Legal Res.  S 69,627 69,461 66,981 66,953 65,325  Exact Amounts.*  Add’l Fed. Res. Dep .with Bank Legal Notes Deposi­ Exact [not taries. Amounts.* reserve].  S 48,261,420 48,915,360 49,139,640 48,922,560 48,729,420  $ 21,365,580 20,545,640 17,841,360 18,030,440 16,595,580  Required Reserve.  1,162 1,224 1,406 1,341 1,434  1,797 1,820 1,920 1,949 2,035  2,663 2,131 2,190 2,403 2,736  37,797 37,842 37,853 37,943 37,880  STATE BANKS NOT MEMBERS OF FEDERAL RESERVE BANK. AVERAGE OF DAILY CONDITION EACH WEEK, STATED IN THOUSANDS OF DOLLARS.*  $  3 27 19 11 21  S 2,738 2,820  270,946 270,886 266,103 262,800  3,296 3,294 3,285 3,271  274,242 274,180 269,388 266,071  30,864 30,719 28,685 27,375  13,364 12,849 12,700 11,201  44,228 43,568 41,385 38,576  7,762 9,031 8,804 9,271  4,362 4,103 3,971 3,800  56,352 56,702 54,160 51,647  6,099 6,088 6,183 6,205  62,451 62,790 60,343 57,852  48,770,280 48,759,480 47,898,540 47,304,000  13,680,720 14,030,520 12,444,460 10,548,000  20 11 8 7  2,667 2,552 2,544 2,627  254,227 259,986 258,514 261,515  262,351 293,902 270,446 274,977  3,257 3,257 3,258 3,256  265,608 297,159 273,704 278,233  27,537 27,831 27,947 28,130  10,484 29,749 11,705 12,828  38,021 57,580 39,652 40,958  9,876 16,136 12,891 12,541  3,664 3,514 3,543 3,860  51,561 77,230 56,086 57,359  5,823 6,228 6,156 6,112  57,384 83,458 62,242 63,471  47,223,180 52,902,360 48,680,280 49,495,860  10,160,820 30,555,640 13,561,720 13,975,140  9 8 4 2  2,800 2,466 2,568 2,555  262,918 259,203 260,086 259,848  274,538 271,161 273,246 273,879  3,254 3,270 3,275 3,309  277,792 274,431 276,521 277,188  29,227 29,155 29,739 30,081  11,844 12,469 13,236 12,143  41,071 41,624 42,975 42,22$  10,173 8,650 9,116 9,486  3,241 3,814 3,675 3,697  54,485 54,088 55,766 55,407  6,214 6,728 6,787 7,496  60,699 60,816 62,553 62,903  49,416,840 48,808,980 49,184,280 49,298,220  11,282,160 12,007,020 13,368,720 13,604,780  2 1 2 2  3,166 3,131 3,067 3,214  262,059 262,622 253,342 250,720 251,067  274,139 275,716 272,700 272,490 277,781  3,300 3,317 3,315 3,315 3,307  277,439 279,033 276,015 275,805 281,088  30,490 31,396 32,499 32,644 33,749  12,192 11,234 13,561 14,937 17,987  42,682 42,630 46,060 47,581 51,736  8,100 8,086 10,598 12,017 13,187  3,472 3,413 3,718 3,563 3,429  54,254 54,129 60,376 63,161 68,352  7,456 7,179 7,303 7,631 7,393  61,710 61,308 67,679 70,792 75,745  49,345,020 49,628,880 49,086,000 49,048,200 50,000,580  12,364,980 11,679,120 18,593,000 21,743,800 25,744,420  2 3 2 6 4  2,936 2,111 2,494 3,305 3,038  259,030 256,873 254,737 258,646  282,609 282,869 276,928 281,497  3,285 3,283 3,302 3,301  285,894 286,152 280,230 284,798  35,270 33,237 35,965 33,538  13,236 15,534 10,828 14,129  48,506 48,771 46,793 47,667  12,957 15,274 13,917 13,042  3,531 3,764 3,575 3,341  64,994 67,809 64,285 64,050  7,572 7,551 7,432 7,558  72,566 75,360 71,717 71,608  50,869,620 50,916,420 49,847,040 50,669,460  21,696,380 24,443,580 21,869,960 20,938,540  4 3 3 4  2,198 2,379 2,724 3,075  262,955 264,194 267,143 269,234 273,971  287,598 284,210 283,155 285,103 293,614  3,312 3,284 3,266 3,253 4,938  290.910 287,494 286,421 288,356 298,552  33.053 33,405 33,094 32,986 34,529  12,884 12,055 11,181 10,951 11,880  45,937 45,460 44,275 43,937 46,409  17,782 13,361 10,604 10,003 12,221  2,960 3,337 3,744 3,421 3,716  66,679 62,158 58,623 57,361 62,346  7,744 7,388 7,361 7,406 7,744  74,423 69,546 65,984 64,767 70,090  51,767,640 51,157,800 50,967,900 51,318,540 52,850,520  22,655,360 18,388,200 15,016,100 13,448,460 17,239,480  4 6 5 4 46  3,253 2,381 1,814 2,141 4,747  277,304 280,348 279,176 278,801  291,909 290,437 291,743 296,899  4,924 4,908 4,885 4,860  296,833 295,345 296,628 301,759  34,602 33,931 33,402 34,832  10,876 10,446 10,422 12,744  45,478 44,377 43,824 47,576  10,994 9,417 10,171 12,354  3,592 3,515 3,509 3,383  60,064 57,309 57,504 63,313  7,934 7,838 7,938 7,903  67,998 65,147 65,442 71,216  52,543,620 52,278,660 52,513,740 53,441,820  15,454,380 12,868,340 12,928,260 17,774,180  47 56 60 73  4,367 4,693 3,976 3,861  2§Q,964 281,375 286,963 270,572  297,146 296,057 301,430 287,258  4,854 4,846 4,844 68,000  302,000 300,903  355,258  35,864 36,671 36,411 33,817  10,491 9,189 11,608 10,570  46,355 45,860 48,019 44,187  12,656 10,202 10,948 9,479  2,928 3,374 3,044 2,880  61,939 59,436 62,011 56,546  8,000 7,801 7,082 6,916  69,939 67,237 69,093 63,462  53,486,280 53,290,260 54,257,400 51,706,440  16,452,720 13,946,740 14,835,600 11,755,560  66 93 59 9  3,707 3,307 1,120 991  265,886 272,188 277,863 285,818 285,743  291,456 299,906 308,149 311,511 311,603  68 141 141 144 222  291,524 300,047 308,290 311,655 311,825  34,175 38,321 36,352 36,188 34,563  13,996 11,332 12,205 11,322 12,532  48,171 49,653 48,557 47,510 47,095  13,809 11,425 13,336 11,740 13,024  2,563 3,079 3,106 3,393 3,064  64,543 64,157 64,999 62,643 63,183  7,287 8,316 9,142 9,002 9,333  71,830 72,473 74,141 71,645 72,516  52,462,080 53,983,080 55,466,820 56,071,980 56,088,540  19,367,920 18,489,920 18,674,180 15,573,020 16,427,460  7 116 58 137 38  1,403 1,440 1,928 2,638 2,411  287,741 286,599 286,866 284,447  311,905 311,299 312,091 309,801  243 250 173 104  312,148 311,549 312,264 309,905  35,077 35,890 33,844 33,514  12,397 12,417 12,574 12,503  47,474 48,307 46,418 46,017  10,028 9,321 9,177 8,635  2,902 3,420 3,130 2,888  60,404 61,048 58,725 57,540  9,199 9,227 12,520 13,131  69,603 70,275 71,245 70,671  56,142,900 56,033,820 56,176,380 55,764,180  13,460/100 14,241,180 15,068,620 14,906,820  41 37 37 45  1,921 2,045 2,105 3,430  285,269 284,668 281,407 280,464 284,584  309,839 309,117 302,153 305,335 315,210  81 67 67 57 59  309,920 309,184 302,220 305,392 315,269  31,586 32,146 28,918 27,986 28,368  11,645 11,875 11,844 12,039 13,038  43,231 44,021 40,762 40,025 41,406  9,355 8,954 9,702 10,922 12,784  2,645 3,027 2,427 2,775 3,141  55,231 56,002 52,891 53,722 57,331  14,364 14,313 14,309 17,638 18,768  69,595 70,315 67,200 71,360 76,099  55,771,020 55,641,060 54,387,540 54,960,300 56,737,800  13,823,980 14,673,940 12,812,460 16,399,700 19,361,200  37 52 81 49 74  3,781 4,028 3,172 4,036 8,795  * Three ciphers (,000) are omitted from the figures In every column except those headed “Required Reserve” and “Surplus Reserve”; those two columns show the exact amount of those Items.  Res. on Deposit Nat. Bank Total with Notes. Money. Legal Depos.  Total Legal Res.  S 6,109 5,481 6,320 5,243 5,237  $ 63,288 64,906 63,180 60,884 59,524  $ 5,738 5,732 5,769 5,854 5,771  8,210 8,510 8,837 9,330  4,612 4,141 4,151 3,913  58,265 56,478 54,582 53,316  38,890 41,378 41,086 41,148  9,977 10,436 13,967 12,461  3,587 3,657 3,386 3,669  11,832 11,817 12,755 12,543  40,372 40,943 42,238 42,363  10,720 8,913 8,933 8,841  30,168 31,841 32,315 32,633 33,262  12,594 11,826 12,549 13,969 15,958  42,762 43,667 44,364 46,602 49,220  286,041 285,548 282,625 282,842  35,722 33,268 34,550 35,588  16,607 13,805 12,719 12,484  3,313 3,288 3,274 3,261 4,911  287,328 288,811 288,581 290,203 297,018  33,671 33,345 34,042 33,368 34,300  293,877 292,840 292,375 295,325  4,926 4,918 4,894 4,872  298,803 297,758 297,269 300,197  279,236 281,358 284,401 271,134  295,237 298,604 299,451 290,116  4,869 4,845 4,851 52,000  269,422 270,314 274,883 282,011 286,109  289,576 301,137 304,765 310,987 311,228  Loans, Disc’ts, Invest­ ments, Ac  Net Demand Deposits.  January— 2............ 9______ 16______ 23............ 30______ February— 6______ 13........... 20______ 27______ March— 6______ 13______ 20______ 27______ April— 3______ 10______ 17______ 24______ May— 1______ 8______ 15______ 22............ 29______ June— 5______ 12______ 19______ 26______ July — 3______ 10.___ 17______ 24______ 31______ August— 7______ 14______ 21______ 28______ September4______ 11______ 18______ 25______ October— 2........... 9______ 16______ 23______ 30______ November6______ 13______ 20______ 27______  $ 245,921 248,814 254,076 253,693 255,013  $ 265,565 270,696 274,018 271,642 270,907  256,881 257,220 257,313 255,225  4........... 11_____ 18______ 25_____ 31...........  284,400 284,424 283,337 281,101 283,101  Surplus Reserve.  256,474 257,769 255,473 254,328   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Silver.  $ 1,257,570 1,257,430 1,265,042 1,285,755 1,297,122  STATE BANKS NOT MEMBERS OF FEDERAL RESERVE BANK.  1915.  Gold.  January— 2.... 9____ 16___ 23.... 30___ February— 6___ 13___ 20___ 27___ March— 6___ 13___ 20___ 27....  ACTUAL CONDITION AT END OF WEEK, STATED IN THOUSANDS OF DOLLARS.* Loans, Disc’ts, Invest­ ments, &c.  Net Net Time Total Demand De­ Deposits. Deposits. posits.  1915.  Required Reserve.  Exact Amounts.*  Fed. Res. Add’l Bank Dep.with Legal Notes Exact [not Deposi­ Amounts.* reserve]. taries.  $ 69,026 70,638 68,949 66,738 65,295  S 47,801,700 48,725,280 49,323,240 48,895,560 48,763,260  8 21,224,300 21,912,720 19,625,760 17,842,440 16,531,740  5,920 5,976 6,169 6,046  64,185 62,454 60,751 59,362  49,035,060 48,677,580 48,386,520 47,987,100  52,454 55,471 58,439 57,278  6,085 6,040 6,129 6,020  58,539 61,511 64,568 63,298  3,358 3,365 3,865 3,682  54,450 53,321 55,036 54,886  6,006 6,308 6,761 7,233  8,598 8,470 9,865 11,713 12,814  3,735 3,502 3,704 3,552 3,587  55,095 55,639 58,433 61,867 65,621  52,329 47,073 47,269 48,072  13,278 14,297 14,846 12,675  3,372 3,679 3,691 3,485  13,591 11,710 11,400 11,458 13,022  47,262 45,055 45,442 44,826 47,322  14,833 15,463 12,757 11,041 11,646  34,449 34,650 33,916 34,813  13,161 10,739 11,273 12,670  47,610 45,389 45,189 47,483  300,106 303,449 304,302 342,116  34,595 36,144 36,584 34,754  11,676 10,262 11,652 11,092  68 144 141 144 222  289,644 301,281 304,906 311,131 311,450  33,161 38,048 38,452 37,286 34,231  286,429 312,633 287,188 f 311,366 286,602 311,299 286,885 311,961  243 248 174 104  312,876 311,614 311,473 312,065  310,681 308,192 305,203 304,053 311,914  81 72 67 59 59  311,762 308,264 305,270 304,112 311,973  Net Time De­ posits.  Legal Ten­ ders.  Total Deposits.  Gold.  Silver.  Specie.  $ 3,467 3,272 3,300 3,299 3,303  S 269,032 273,968 277,318 274,941 274,210  S 31,277 30,456 31,017 30,265 30,606  8 16,236 19,030 16,767 17,420 15,737  $ 47,513 49,486 47,784 47,685 46,343  $ 9,666 9,939 9,076 7,956 7,944  272,417 270,431 268,814 266,595  3,300 3,291 3,288 3,277  275,717 273,722 272,102 269,872  31,281 30,667 29,873 28,114  14,162 13,160 11,721 11,959  45,443 43,827 41,594 40,073  255,231 256,024 258,705 259,937  264,586 267,842 273,813 273,392  3,262 3,262 3,257 3,253  267,848 271,104 277,070 276,645  27,427 26,961 27,853 27,743  11,463 14,417 13,233 13,405  261,738 260,672 259,475 259,679  273,024 271,253 272,276 272,948  3,256 3,265 3,274 3,297  276,280 274,518 275,550 276,245  28,540 29,126 29,483 29,820  261,619 263,827 257,350 251,828 250,823  274,782 278,414 274,021 272,294 274,911  3,304 3,310 3,319 3,312 3,311  278,086 281,724 277,340 275,606 278,222  254,973 258,810 255,625 256,803  282,744 282,260 279,326 279,543  3,297 3,288 3,299 3,299  260,441 263,525 265,621 269,887 274,807  284,015 285,523 285,307 286,942 292,107  276,269 279,469 279,506 277,621  Surplus Reserve.  $  S  2 45 23 21 26  2,875 2,855  15,149,940 13,776,420 12,364,480 11,374,900  21 11 14 7  2,969 2,624 2,600 2,790  47,625,480 48,211,560 49,286,340 49,210,560  10,913,520 13,299,440 15,281,660 14,087,440  8 9 4 3  2,951 2,619 2,642 2,700  60,456 59,629 61,797 62,119  49,144,320 48,825,540 49,009,680 49,130,640  11,311,680 10,703,460 12,787,320 12,988,360  3 1 5 4  2,954 3,196 3,142 3,291  7,388 7,342 7,273 7,623 7,489  62,483 62,981 65,706 69,490 73,110  49,460,760 50,114,520 49,323,780 49,012,920 49,483,980  13,022,240 12,866,480 16,382,220 20,477,080 23,626,020  5 7 4 5 6  3,270 2,624 2,437 2,978 3,194  68,979 65,049 65,806 64,232  7,475 7,422 7,475 7,362  76,454 72,471 73,281 71,594  50,893,920 50,806,800 50,278,680 50,317,740  25,560,080 21,664,200 23,002,320 21,276,260  6 9 7 5  2,946 2,303 2,489 3,000  3,160 3,257 3,840 3,662 3,864  65,255 63,780 62,039 59,529 62,832  7,544 7,571 7,317 7,480 7,874  72,799 71,351 69,356 67,009 70,706  51,122,700 51,394,140 51,355,260 51,649,560 52,579,260  21,676,300 19,956,860 18,000,740 15,359,440 18,126,740  9 11 7 7 47  3,364 2,642 2,117 2,192 4,809  11,942 10,266 9,875 11,593  3,467 3,552 3,489 3,364  63,019 59,207 58,553 62,440  7,991 7,901 7,803 7,811  71,010 67,108 66,356 70,251  52,897,860 52,711,200 52,627,500 53,158,500  18,112,140 14,396,800 13,728,500 17,092,500  51 58 60 68  4,639 4,511 4,281 3,939  46,271 46,406 48,236 45,846  13,084 11,711 10,391 9,870  3,020 3,329 3,385 2,926  62,375 61,446 62,012 58,642  7,854 7,866 7,122 6,910  70,229 69,312 69,134 65,552  53,142,660 53,748,720 53,901,180 52,220,880  17,086,340 15,563,280 15,232,820 13,331,120  63 77 70 12  3,709 3,533 977 914  12,838 12,530 12,221 12,152 12,157  45,999 50,578 50,673 49,438 46,388  10,493 14,472 12,301 12,786 12,316  2,943 2,886 3,137 3,352 3,269  59,435 67,936 66,111 65,576 61,973  7,194 7,511 8,751 9,198 9,111  66,629 75,447 74,862 74,774 71,084  52,123,680 54,204,660 54,857,700 55,977,660 56,021,040  14,505,320 21,242,340 20,004,300 18,796,340 15,062,960  15 34 73 76 74  1,046 1,422 1,700 2,253 2,597  35,439 35,653 36,011 33,702  12,777 12,533 12,167 12,659  48,216 48,186 48,178 46,361  11,790 9,470 9,199 8,841  2,862 3,374 3,231 3,010  62,868 61,030 60,608 58,212  9,062 9,286 10,680 13,122  71,930 70,316 71,288 71,334  56,273,940 56,045,880 56,033,820 56,152,980  15,656,060 14,270,120 15,254,180 15,181,020  39 45 38 42  2,033 1,811 1,874 2,570  33,126 31,924 30,062 28,765 28,274  12,948 11,873 11,984 11,711 12,153  46,074 43,797 42,046 40,476 40,427  8,763 8,792 8,89.8 9,480 11,938  2,994 3,059 2,719 2,531 3,145  57,831 55,648 53,663 52,487 55,510  14,135 14,151 14,084 16,800 18,798  71,966 69,799 67,747 69,287 74,308  55,922,580 55,474,560 54,936,540 54,729,540 56,144,520  16,043,420 14,324,440 12,810,460 14,557,460 18,163,480  45 45 72 68 60  3,698 3,637 3,926 3,368 7,877  * Three ciphers (.000) are omitted from the figures In every column except those headed “Required Reserve” and “Surplus Reserve”; those two columns show the exact amount of those items.  NEW YORK CITY BANK MOVEMENTS  80  TRUST COMPANIES NOT MEMBERS OF FEDERAL RESERVE BANK. ACTUAL CONDITION AT END OF WEEK. STATED IN THOUSANDS OF DOLLARS.*  1915.  Loans,' Disc’ts, Net Net Total Invest­ Demand Time ments, Deposits. Deposits. Deposits. &c.  January— $ $ 2....................... 678,774 529,134 9 _________ __ 677,361 530,122 16____________ 668,841 515,780 23......................... 670,902 519,616 30........................ 671,313 522,812 February— 6____________ 690,542 525,779 13......................... 698,066 535,596 20......................... 704,371 533,322 27......................... 704,236 537,777 March— 704,976 532,771 6.................... .. 13......................... 724,062 558,220 20—_.............. — 738,499 559,474 27-.................. — 741,058 562,565 April— 3-.................. 748,063 576,433 10____________ 747,639 564,751 17........................ 742,311 561,904 24-._......... ........ 755,001 561,740 May—■ 1................ ........ 767,885 579,869 8 791,931 610,636 15-...................... 783,484 597,506 22......................... 778,175 589,142 29____________ 785,430 597,875 June— 775,975 585,479 12.____ ______ 777,310 587,736 19____________ 784,279 590,253 26____________ 758,147 599,969 July— 3........................ 776,523 629,648 10____________ 773,289 632,106 17____________ 778,196 636,414 24-.-......... ........ 781,948 632,740 31-.-.................. 786,495 635,424 August— 7------------------ 771,645 614,530 14____________ 775,265 617,401 21......... ............... 785,749 631,865 28____________ 790,547 637,285 September— 4____________ 780,201 623,433 11____________ 778,587 620,238 18____________ 784,573 656,985 25................ ........ 810,314 698,332 October— 2 806,338 684,175 9____________ 816,846 696,365 16____________ 861,813 755,352 23-....................... 873,157 743,782 30____________ 870,989 744,124 November— 6____________ 905,690 780,220 13-...................... 912,509 787,812 20____________ 921,999 807,022 27---......... ........ 918,276 800,209 December— 4............ ........ 937,139 813,874 11____________ 945,460 814,820 18____________ 964,283 826,053 25____________ 975,199 847,613 31......................... 1000,713 874,252  Gold.  Silver.  Reserve Required Nat. on Dep. Total Reserve. Total Legal Bank Total with Legal Specie. Tenders Notes. Money. Legal Reserve. • Exact Depos. Amounts*  $ 83,182 81,453 82,017 79,890 81,242  $ 612,316 611,575 597,797 599,506 604,054  $ 45,828 47,239 47,376 48,154 49,140  $ 6,162 8,141 5,014 5,574 8,726  $ 51,990 55,380 52,390 53,727 57,866  $ 2,260 2,599 4,144 3,138 3,133  $ ■ 3,063 2,999 2,878 2,936 3,594  81,912 82,297 86,735 87,610  607,691 617,893 620,057 625,387  48,304 48,440 46,004 46,354  3,883 4,544 4,276 4,751  52,187 52,984 50,280 51,105  1,718 2,615 2,003 3,231  91,609 94,085 94,946 97,380  624,380 652,305 654,420 659,945  46,114 45,394 46,267 46,349  4,824 5,145 8,438 5,537  50,938 50,539 54,705 51,886  98,775 105,790 106,847 109,055  675,208 670,541 668,751 670,795  47,220 48,574 49,260 49,109  5,648 5,351 7,279 5,636  52,868 53,925 56,539 54,745  112,319 115,666 116,421 113,493 114,429  692,188 726,302 713,927 702,635 712,304  51,074 59,343 52,643 52,779 52,945  6,551 4,067 7,595 5,420 5,011  115,180 119,275 117,704 117,833  700,659 707,011 707,957 717,802  52,078 5,992 54,016 4,104 9,602 55,655 57,146 12,112  58,070 58,120 65,257 69,258  2,531 5,387 3,903 5373  116,507 113,766 114,103 116,917 120,526  746,155 745,872 750,517 749,657 755,950  58,247 56,233 56,303 58,991 53,703  4,954 7,120 6,045 6,160 8,139  63,201 63,353 62,348 65,151 61,842  3,871 5,384 6,877 6,319 4,775  122,168 121,643 118,740 118,758  736,698 739,044 750,605 756,043  54,348 58,512 61,509 60,050  119,377 118,413 116,269 103,732  742,810 738,651 773,254 802,064  100,715 113,973 119,162 121,981 124,634  Fed. Res. Add’l 1 Bank Deposits Notes Legal Exact \not Deposi­ Amounts.* reserve]. taries.  Surplus Reserve.  $ 26,456 26,509 25,790 26,020 26,163  S 83,769 87,487 85,202 85,822 90,756  $ S 79,370,100 4,398,900 79,518,300 7,968,700 77,367,000 7,835,000 77,942,400 7,879,600 78,421,800 12,334,200  3,217 3,330 3,330 3,008  57,122 26,146 58,929 26,685 55,613 26,608 57,344 26,803  83,268 85,614 82,221 84,147  78,866,850 80,339,400 79,998,300 80,666,550  3,160 2,221 3,131 4,660  2,912 2,757 2,696 3,499  57,010 26,545 55,517 27,883 60,532 27,974 60,045 26,582 ,  83,555 83,400 88,506 86,627  3,423 5,313 2,951 3,401  2,389 2,619 2,554 2,337  58,680 61,857 62,044 60,483  28,828 25,327 23,223 24,185  57,625 4,596 2,341 63,410 12,705 2,375 60,238 4,524 2,476 58,199 3,114 2,376 57,956 2,097 2,471  64,562 78,490 67,238 63,689 62,524  2,524 2,415 2,567 2,391  $, 57,313 60,978 59,412 59,802 64,593  $  S  69 83 52 90 104  48,829 51,221  4,401,150 5,274,600 2,222,700 3,480,450  95 114 81 65  46,668 41,062 47,364 55,787  79,915,650 83,733,000 83,921,100 84,384,750  3,639,350 333,000 4,584,900 2,242,250  85 181 190 132  57,746 47,296 51,015 53,305  87,508 87,184 85,267 84,668  86,464,950 84,712,650 84,285,600 84,261,000  1,043,050 2,471,350 981,400 407,000  159 174 197 144  38,055 38,854 49,645 54,449  22,782 20,355 24,359 26,264 27,905  87,344 98,845 91,597 89,953 90,429  86,980,350 91,595,400 89,625,900 88,371,300 89,681,250  363,650 7,249,600 1,971,100 1,581,700 747,750  176 220 235 236 193  61,466 61,451 62,659 60,863 75,529  63,125 65,922 71,727 76,822  26,374 24,027 20,745 21,148  89,499 89,949 92,472 97,970  87,821,850 88,160,400 88,537,950 89,995,350  1,677,150 1,788,600 3,934,050 7,974,650  205 212 246 227  64,318 67,235 74,431 78,709  2,408 2,295 2,430 2,536 2,310  69,480 71,032 71,655 74,006 68,927  29,490 31,236 30,805 25,191 30,989  98,970 102,268 102,460 99,197 99,916  94,447,200 94,815,900 95,462,100 94,911,000 95,313,600  4,522,800 7,452,100 6,997,900 4,286,000 4,602,400  195 217 250 218 246  64,919 64,459 66,659 72,865 66,250  10,742 6,844 3,240 4,142  65,090 7,754 2,165 65,356 10,297 1,948 64,749 5,315 2,307 64,192 3,581 1,848  75,009 77,601 72,371 69,621  21,296 21,508 24,919 28,945  96,305 99,109 97,290 98,566  92,179,500 92,610,150 94,779,750 95,592,750  4,125,500 6,498,850 2,510,250 2,973,250  275 315 290 266  80,440 76,046 68,190 72,919  51,452 59,560 60,254 65,041  8,648 19,077 11,453 4,685  60,100 78,637 71,707 69,726  9,161 1,801 14,701 1,887 17,257 2,084 19,735 2,077  71,062 95,225 91,048 91,538  23,651 21,935 22,250 22,996  94,713 93,514,950 1,198,050 117,160 93,035,700 24,124,300 113,298 98,547,750 14,750,250 114,534 104,749,800 9,784,200  242 270 232 258  79,064 88,955 88,423 81,307  784,890 810,338 874,514 865,763 868,758  66,097 70,394 77,951 78,973 81,872  3,299 9,313 18,664 3,600 8,141  69,396 79,707 96,615 82,573 90,013  6,561 1,781 77,738 30,591 10,994 2,000 92,701 23,761 10,486 1,937 109,038 24,392 4,512 1,998 89,083 37,191 2,643 2,164 94,820 37,221  108,329 116,462 133,430 126,274 132,041  102,626,250 5,702,750 104,454,750 12,007,250 113,302,800 20,127,200 111,567,300 14,706,700 111,618,600 20,422,400  250 482 499 486 558  67,027 74,094 69,123 78,971 82,303  125,358 125,043 125,300 125,802  905,578 912,855 932,322 926,011  87,549 79,135 91,199 90,138  5,208 9,228 5,274 7,589  92,757 88,363 96,473 97,727  3,232 6,128 7,207 2,851  2,202 98,191 38,976 137,167 117,033,000 20,134,000 2,167 96,658 39,314 135,972 118,171,800 17,800,200 2,316 105,996 40.360 146,356 121,053,300 25,302,700 2,432 103,010 39,876 142,886 120,031,350 22,854,650  577 658 691 746  88,282 92,489 80,149 77,686  124,922 127,681 127,578 129,646 132,439  938,796 942,501 953,631 977,259 1006,691  86,642 84,411 74,204 79,388 77,625  5,765 4,609 5,757 6,029 9,571  92,407 89,020 79,961 85,417 87,196  3,642 3,131 2,503 8,986 6,359  2,425 2,478 2,384 2,516 2,541  749 723 735 653 494  76,620 72,585 61,389 65,061 66,173  98,474 94,629 84,848 96,913 96,096  40,640 139,114 40,648 135,277 40,932 125,780 42,059 138,972 43,256 139,352  122,081,100 17,032,900 122,223,000 13,054,000 123,907,950 1,872,050 127,141,950 11,830,050 131,137,800 8,214,200  TOTAL FOR ALL CLEARING HOUSE MEMBERS. ACTUAL CONDITION AT END OF WEEK, STATED IN THOUSANDS OF DOLLARS.* Nat.Bk. Required Notes Reserve Reserve. Legal [res. for with Total Total Ten­ State Total Legal Legal Exact Specie. ders. Institu­ Money Deposi­ Reserve. Amounts* tions]. taries.  Loans, Disc'ts, Net Net Total Invest­ Demand Time ments, Deposits. Depos. Deposits. &c. January— 2............ 9 ............ 16............ 23 ______ 30 ______ February— 6............ 13......... . 20............ 27............ March— 6............ 13............ 20............ 27............ April— 3 .......... 10............ 17............ 24 ............ May—  1............ 8............ 15 ............ 22............ 29 ............ June— 5 ............ 12............ 19 ............ 26............ July—  3.........  10 ............ 17 ............ 24 ............ 31 ............ August—  14ZZZZZZ  21............ 28.......... September 4 ______ 11............ 18 ............ 25 ............ October— 2............ 9............ 16 ............ 23............ 30 ............ November 6 ............ 13............ 20 ............ 27............ December 4_____ 11............ 18............ 25........... 31 ............  2,191,508 2,188,899 2,197,408 2,212,213 2,233,224  2,022,165 2,031,280 2,059,263 2,098,038 2,122,531  91,936 89,654 89,853 88,926 90,377  2 114,101 2 120,934 2, 149,116 2 186,964 2; 212,908  $  S 189,276 185,912 192,866 197,781 208,895  $ 71,505 78,120 80,832 84,385 84,249  S 260,781 264,032 273,698 282,166 293,144  $ 61,159 64,474 68,743 70,247 68,647  8,237 9,076 9,151 8,213 8,771  $ 330,177 337,582 351,592 360,626 370,562  2,262,663 2,287,379 2,286,948 2,297,504  2,143,978 2,166,861 2,156,052 2,169,702  92,303 93,122 97,997 98,746  2 ,236,281 2 ,259,983 2 ,254,049 2 ,268,448  215,456 212,515 214,315 215,429  80,341 80,265 77,344 75,361  295,797 292,780 291,659 290,790  66,223 67,938 66,216 65,896  7,579 7.433 7,301 6,808  369,599 368,151 365,176 363,494  r 132,287 462,464 348 ,379,080 132,972 470,554 349, ,974,190 139,800 491,392 355, 420,990 144,742 505,368 362, 345,210 140,361 510,923|366, 663,070 144,8901 514,489 370, 497,420 146,066 514,217 374, 343,650 144,487 509,663 372, 488,550 146,074 509,568 374, 806,300  2,329,638 2,369,305 2,383,420 2.384.820  2,197,613 2,252,234 2,259,165 2,277,093  102,847 105,141 106,364 108,925  2 ,300,460 2 ,357,375 2 ,365,529 2 ,386,018  214,146 216,215 223,957 238,885  79,931 82,633 84,352 83,087  294,077 298,848 308,309 321,972  64,894 66,485 65,783 66,210  6,576 6,271 6,239 7,359  365,547 371,604 380,331 395,541  144,033 147,181 149,542 147,749  509,580 518,785 529,873 543,290  2,399,042 2.393.821 2,389,806 2,400,089  2,302,345 2,283,863 2,295,710 2,308,536  111,306 119,125 121,212 123,721  2 ,413,651 2 ,402,988 2 ,416,922 2 ,432,257  242,573 243,927 254,273 263,217  78,686 75,731 77,665 81,991  321,259 319,658 331,938 345,208  65,244 65,805 66,622 65,924  5,630 6.433 6,229 6,034  392,133 391,896 404,789 417,166  153,718 150,975 150,194 153,121  2,348,330 127,325 2 ,475,655 2,345,128 132,247 2 ,477,375 2-----------------------j338,940 133^591 2 ,472,531 2,329,890|131,778 2 ,461,668 2.437.358 2,357,652 132,545 2 ,490,197 2,444,966 2,368,994! 134,429 ,503,423 2,460,796 2,398,8061138,72812 ,537,534 2,474,507 2,412,5101137,678 2 ,550,188 2,476,297 2,444,758 137,806(2 ,582,564 2.556.358 2,513,988 137,08912 ,651,077 2,548,052 2,507,457 133,542l2 ,640,999 2 552 995 2,520,248 133,830 2,,654,078 2^566;099l2’535i037| 137J23 672,160 2,577,944 2,551,229 144,073 ,695,302  269,729 273,500 284,104 287,385 291,058  80,828 74,148 71,657 70,780 76,147  350,557 68,127 347,648 66,341 355,761165,467 358,165:66,079 367,205 64,681  5,813 5,788 6,194 5,939 5,900  424,497 419,777 427,422 430,183 437,786  300,177 315,088 332,246 323,869  70,355 66,596 67,216 71,139  532 66,122 684163,100 462 57,541 ,008 54,811 ,067165,521 ,539j 69,597 ,537 68,504 ,104 67,924 815,70,162  6,055 6,179 6,142 5,732  $  2,430,593 2,445,430 2,428,635 2,418,024  293,008 70,059 279,565175,974 289,282'75,255 295,010 76,094 294,837 77,978  Total Gold & Gold in Exact Federal Amounts* Reserve Banks. Surplus Reserve.  Fed. Res. Bank Notes [not res’ve]. $ 527 677 708 825 913  Nat. Bank Notes [not c’nted as res].  Add’l Depos. with Legal Depos­ itaries.  $ S 5,102 6,000 4,007 4,154 51,567 5,865 54,041  114,084,920 120,579,810 135,971,010 143,022,790 144,259,930  289.573 286.650 300,969 310,820 317,181  143,991,580 139,873,350 137,174,450 134,761,700  328,101 1,080 2,743 49,335 325.808 1,080 2,189 43,614 326,011 1,141 2,748 49,908 812 2,628 58,414 328,495  379,986,260 389,045,470 390,273,480 393,414,240  129,593,740 129,739,530 139,599,520 149,875,760  325,811 328,858 339,369 353,940  1,606 1,651 1,383 1,105  1,863 2,654 2,433 2,322  60,546 49,762 53,583 55,860  545,851 542,871 554,983 570,287  397,592,960 394,656,060 396,925,180 399,252,130  148,258,040 148,214,940 158,057,820 171,034,870  361,249 362,847 374,457 384,657  1,333 1,501 1,428 1,406  1,474 2,008 2,415 2,478  41,221 41,985 52,712 57,663  151.572 147,084 149,596 152,586 152,728  576,069 566,861 577,018 582,769 590,514  405 404 403 402 407  888,630 170,180,370 467,160 162,393,840 776,770!173,241,230 454,440 180,314,560 181,560 183,332,440  442,709 450,963 463,145 455,551  153,213 159,155 154,633 160.593  595,922 610,118 617,778 616,144  409 414 417 422  652,750 961,500 377,810 ,890,970  186,269,250 195,156,500 200,400,190 193,253,030  419,444 442,665 458,702 455,756  1,793 1,919 2,097 2,297  2,32666,516 2,361(69,614 2,446(77,155 2,950 81,784  5,368 5,632 6,174 5.957 6,026  433,956 430,768 439,215 444.985 449,003  164,478 165,147 165,616 166,113 172,470  598,434434,491,900 595,915 433,203,680 604,831 435,375,270 611,098 438,172,110 621,473 441,088,950  163,942,100 162,711,320 169,455,730 172,925,890 180,384,050  420,252 406,088 416,732 428,526 428.574  1,763 2,109 2,041 2,265 2,092  1,552 2,142 3,078 3,212 2,505  68,172 66,840 68,473 75,006 70,997  5,757 5,463 5,816 5,231  445,288 475,096 478,487 488,554  160,154 160.573 171,504 178,206  605,442 439,383,660 635,6691448,436,140 649,991 457,403,180 666,760 461,960,420  166,058,340 187,232,860 192,587,820 204,799,580  428,813 454,140 470,096 476,887  1,939 2,044 2,065 2,326  2,516 2,670 2,793 3,101  84,807 80,739 72,166 76,780  4,729 5,261 5,128 4.957  502,237 522,157 526,763 512,867  170,091 169,330 172,522 174,158  672,328 691,487 699,285 687,025  463,217,090 467,364,010 478,911,910 488,951,080  209,110,910 224,122,990 220,373,090 198,073,920  491,378 513,338 519,552 513,349  2,064 2,134 2,015 2,871  2,577 2,926 2,960 2,546  82,771 92,262 89,543 82,298  |  I  391,063 1,172 2,155 64,402 393,050 1,521 2,010 63,562 402,038 1,626 2,182 65,153 406,076 1,706 2,425 64,168 408,488 1,684 2,351j78,567  2,589,698 2,614,889 2,646,816 2,655,374  2,538,277 2,589,049 2,641,136 2,667,529  145,686 145,138 142,718 142,093  ,683,963 ,734,187 ,783,854 ,809,622  297,889 322,913 331,449 335,529  72,962 76,227 72,573 77,750  2,654,540 2,679,960 2,708,761 2,766,340  2,672,296 2,695,240 2,765,537 2,826,958  142,367 139,818 137,609 124,772  ,814,663 ,835,058 ,903,146 ,951,730  352,938 373,744 376,362 369,103  74,205 74,062 75,820 71,610  370,851'68,680 399,140 70,493 404,022 68,649 413,279)70,044 427,143'70,365 447,806! 69,090 452,182 69,453 440,713 67,197  2,780,450 2,824,247 2,973,542 3,019,565 3,044,229  2,839,379 2,878,151 3,055,923 3,098,512 3,125,560  121,181 132,955 138,697 141,650 144,251  ,960,560 ,011,106 ,194,620 ,240,162 ,269,811  358,743 363,559 376,289 392,164 399,114  74,344 74,795 78,151 64,105 66,389  433,087 438.354 454,440 456,269 465,503  65,941 64,553 68,194 60,262 55,556  4,344 5,079 5,043 5,391 5,228  503,372 507.986 527,677 521,922 526,287  184,583 179,507 188,962 207,273 211,175  687,955 687,493 716,639 729,195 737,462  491.582.870 498.118.280 528.375.280 536,394,950 541,246,830  196.372.130 189.374.720 188.263.720 192,800,050 196,215,170  505,448 510,989 531,717 553,244 563,735  2,459 3,212 3,005 3,367 3,238  2,116 2,322 2,441 2,288 1,963  68,430 75.534 71,051 81,429 84,714  3,096,674 3,122,711 3,131,463 3,133,235  3,176,830 3,219,243 3,224,685 3,216,626  144,615 144,798 145,521 145,511  ,321,445 ,364,041 ,370,206 ,362,137  393,686 397,762 395,578 391,466  74,711 80,592 82,953 79,029  468,397 478.354 478,531 470,495  51,868 49,137 53,161 45,520  5,104 5,587 5,446 5,320  525,369 533,078 537,138 521,335  213,105 217,572 213,772 218,109  738,474 750,650 750,910 739,444  549,373,500 556,804,630 557,235,040 555,966,660  189,100,500 193,845,370 193,674,960 183,477,340  558,616 566,793 556,470 556,568  3,391 3,341 3,534 3,841  2,065 2,366 2,717 2,353  90,203 94.534 82,254 81,116  3,137,859 3,162,204 3,190,270 3,211,857 3,257,606  3,215,358 144,918 3,239,423 147,735 3,247,733 147,312 3,255,610 149,546 3,314,7411151,979  ,360,276 ,387,158 ,395,045 ,405,156 ,466,720  389,221 387,688 371,882 345,302 335,397  74,054 463,275 80,298 467,986 73,878 445,760 71,768 417,070 77,8571413,254  50,876 52,872 52,579 62,902 71,113  5,070 5,505 4,811 5,291 5,682  519,221 526,363 503,150 485,263 490,049  215,433 212,404 216,502 222,203 227,302  734,654 738,767 719,652 707,466 717,351  555,343,970 559,650,890 560,793,700 561,573,560 571.399.870  179,310,030 179,116,110 158,858,300 145,892,440 145.951.130  549.650 545,131 533,143 507.808 500,675  3,534 3,777 3,517 3,787 3,646  2,167 2,128 2,040 2,465 2,564  80,401 76,613 64,561 69,097 74,968  * Three ciphers (.000) are omitted from the figures in every column except those headed “Required Reserve” and “Surplus Reserve”; those two columns show the exact amount of those Items.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  NEW YORK CITY BANK MOVEMENTS  81  TRUST COMPANIES NOT MEMBERS OF FEDERAL RESERVE BANK. AVERAGE OF DAILY CONDITION FOR EACH WEEK, STATED IN THOUSANDS OF DOLLARS.*  Loans, Disc’ts, Net Net Invest­ Demand Time Total ments, Deposits. Deposits. Deposits. dc.  1915. January—2__ 9__ 16-__._______ 23____________ 30____________ February— 6____________ 13__________ 20____________ 27____________ March— 6____________ 13____________ 20____________ 27____________ April— 3____________ 10____________ 17____________ 24____________ May— 1........................ 8____________ 15____________ 22____________ 29____________ June— 5___................ 12____________ 19____________ 26____________ July—  10____________ 17-___________ 24____________ 31......... ............... August—■ 7____ _____ 14____________ 21____________ 28____________ September—• 4____________ 11____________ 18____________ 25____________ October— 2 9____________ 16____________ 23____________ 30____________ November— 6____________ 13........................ 20_________ 27____________ December— 4____________ 11____________ 18____________ 25____________ 31............. ...........  Gold.  Silver.  Reserve Nat. on Dep. Total Total Legal Bank Total with Legal Specie. Tenders Notes. Money. Legal Reserve. Depos.  Required Reserve.  Exact Amounts*  Add’l Fed. Res. Deposits Bank with j Notes Legal j Exact [not Deposi­ Amounts.* reserve}. taries. Surplus Reserve.  $ 679,384 677,962 674,796 670,051 669,493  $ 523,268 528,415 525,520 519,329 521,962  $ 82,972 82,306 81,408 80,002 80,810  $ 606,240 610,721 606,928 599,331 602,772  $ 45,161 46,668 46,576 .48,010 48,573  S 4,981 7,186 5,767 4,928 9,390  $ 50,142 53,854 52,343 52,938 57,963  S 2,147 2,639 3,198 3,189 3,473  $ 3,707 3,193 3,047 2,864 3,197  $ 55,996 59,686 58,588 58,991 64,633  S 26,112 26,402 26,273 25,980 26,079  S 82,108 86,088 84,861 84,971 90,712  $ $ 78,490,200 3,617,800 79,262,250 6,825,750 78,828,000 6,033,000 77,899,350 7,071,650 78,294,300 12,417,700  685,748 697,977 704,272 708,914  529,155 536,639 537,665 542,782  80,893 81,787 84,484 86,350  610,048 618,426 622,149 629,132  49,247 48,462 47,144 45,933  5,662 3,818 3,963 5,247  54,909 52,280 51,107 51,180  2,008 2,253 2,200 2,898  3,282 3,270 3,368 3,310  60,199 57,803 56,675 57,388  26,398 26,691 26,786 27,055  86,597 84,494 83,461 84,443  79,373,250 80,495,850 80,649,750 81,417,300  704,032 713,736 732,849 741,031  536,714 541,731 555,950 564,454  89,046 92,301 94,924 95,319  625,760 634,032 650,874 659,773  46,788 46,110 46,620 46,268  5,351 5,376 7,337 5,969  52,139 51,486 53,957 52,237  3,832 3,076 ■2,996 3,900  2,966 2,829 2,766 2,992  58,937 57,393 59,719 59,129  26,721 27,017 27,782 27,650  85,658 84,410 87,501 86,779  741,398 750,360 744,561 747,332  567,989 569,986 565,146 562,543  98,056 102,323 108,015 107,932  668,045 672,309 671,161 670,475  46,626 47,883 48,934 49,165  4,971 5,732 5,973 6,047  51,597 53,615 54,907 55,212  4,720 4,307 3,057 3,068  2,749 2,650 2,632 2,436  59,066 60,572 60,596 60,716  28,397 27,112 25,199 25,430  87,463 87,684 85,795 86,146  757,343 788,581 791,902 778,104 782,220  569,846 606,563 607,739 588,680 592,404  111,152 114,600 116,373 115,187 112,746  680,998 721,163 724,112 703,867 705,150  50,436 8,892 59,328 58,210 10,219 68,429 54,764 5,060 59,824 52,908 5,171 58,079 52,824 6,332 59,156  4,268 11,944 4,362 3,485 3,182  2,465 2,520 2,418 2,392 2,496  66,061 82,893 66,604 63,956 64,834  21,414 87,475 20,332 103,225 25,741 92,345 26,400 90,356 24,850 89,684  778,906 776,811 784,658 756,121  589,375 589,317 586,799 595,772  114,868 117,657 118,645 117,824  704,243 708,984 705,444 713,596  52,581 53,372 54,839 56,483  4,527 7,545 5,146 10,110  57,108 60,917 59,985 66,593  1,845 5,348 3,275 4,305  2,474 2,541 2,486 2,489  61,427 68,806 65,746 73,387  28,098 22,075 24,169 20,880  766,521 773,005 772,621 778,728 783,194  613,676 629,040 630,971 633,745 634,333  118,395 113,885 113,765 115,269 117,583  732,071 742,925 744,736 749,014 751,916  57,164 56,340 57,742 58,272 54,040  9,118 8,540 7,644 7,165 7,140  66,282 64,880 65,386 65,437 61,180  4,905 4,562 6,616 6,984 4,245  2,394 2,398 2,443 2,506 2,439  773,091 773,678 779,984 786,553  618,469 614,771 624,115 632,846  121,086 121,989 119,478 118,253  739,555 736,760 743,593 751,099  54,250 55,627 60,594 60,547  6,751 9,393 4,620 4,787  61,001 65,020 65,214 65,334  5,856 8,261 7,240 4,251  786,006 778,720 785,224 789,801  632,432 619,135 656,619 689,665  118,949 119,228 116,694 112,587  751,381 738,363 773,313 782,252  58,100 54,526 59,834 64,073  5,617 15,459 12,106 8,714  803,895 809,120 833,868 835,345 873,503  686,345 682,945 708,922 740,750 740,134  101,927 107,068 118,404 119,630 122,907  788,272 790,013 827,326 860,380 863,041  67,455 66,320 72,146 81,667 75,364  893,643 912,839 913,836 923,962  771,316 786,371 799,119 802,251  124,806 124,879 123,739 125,688  896,122 911,250 922,858 927,939  931,831 938,327 950,927 989,344 993,038  .$  74 79 64 63 109  49,542 47,711  7,223,750 3,998,150 2,811,250 3,025,700  85 94 77 78  49,654 38,867 41,741 48,893  80,507,100 81,259,650 83,392,500 84,668,100  5,150,900 3,150,350 4,108,500 2,110,900  66 192 177 170  58,000 53,190 49,970 50,803  85,198,350 85,497,900 84,771,900 84,381,450  2,264,650 2,186,100 1,023,100 1,764,550  139 148 224 195  45,932 35,539 45,597 52,980  85,476,900 1,998,100 90,984,450 12,240,550 91,160,850 1,184,150 88,302,000 2,054,000 88,860,600 823,400  198 206 222 257 214  60,248 61,621 57,192 59,861 69,782  89,525 90,881 89,915 94,267  88,406,250 88,397,550 88,019,850 89,365,800  1,118,750 2,483,450 1,895,150 4,901,200  206 223 230 225  67,922 64,653 64,798 76,074  73,581 71,840 74,445 74,927 67,864  22,279 95,860 28,060 99,900 28,084 102,529 26,587 101,514 31,187 99,051  92,051,400 94,356,000 94,645,650 95,061,750 95,149,950  3,808,600 5,544,000 7,883,350 6,452,250 3,901,050  236 224 252 236 237  72,360 65,337 65,872 66,424 64,947  2,128 2,094 2,291 2,115  68,985 75,375 74,745 71,700  26,846 21,361 22,501 25,569  95,831 96,736 97,246 97,269  92,770,350 92,215,650 93,617,250 94,926,900  3,060,650 4,520,350 3,628,750 2,342,100  245 308 306 300  70,387 76,260 73,009 70,897  63,717 69,985 71,940 72,787  4,945 1,839 12,617 1,894 16,178 2,062 18,401 2,063  70,511 84,496 90,180 93,251  26,745 21,812 22,185 22,606  97,256 106,308 112,365 115,857  94,864,800 92,870,250 98,492,850 100,449,750  2,391,200 13,437,750 13,872,150 15,407,250  253 259 255 261  77,119 84,543 86,577 82,015  3,498 5,268 8,009 3,870 6,697  70,953 71,588 80,155 85,537 82,061  11,022 1,947 6,235 1,950 9,580 2,005 4,853 2,003 2,766 2,100  83,922 79,773 91,740 92,393 86,927  23,239 107,161 102,951,750 26,873 106,646 102,441,750 23,716 115,456 106,338,300 37,039 129,432 111,112,500 36,977 123,904 111,020,100  4,209,250 4,204,250 9,117,700 18,319,500 12,883,900  306 327 490 513 546  80,351 69,923 70,788 68,702 77,176  85,110 81,949 87,103 88,880  7,407 6,508 7,810 5,750  92,517 88,457 94,913 94,630  4,497 4,171 7,424 3,335  2,062 99,076 38,555 2,078 94,706 39,265 2,201 104,538 39,937 2,328 100,293 40,009  115,697,400 21,933,600 117,955,650 16,015,350 119,867,850 24,607,150 120,337,650 19,964,350  553 641 697 699  84,029 86,196 85,324 77,972  812,342 125,264 937,606 90,023 805,941 128,813 933,754 82,725 811,080 129,116 940,198 75,780 831,933 129,373 961,306 75,645 862,850 130,200 993,050 78,089  5,600 5,283 5,218 4,947 7,559  95,623 88,008 80,998 80,592 85,648  3,180 2,434 2,380 3,907 5,246  2,412 2,418 2,388 2,385 2,426  141,721 121,851,300 19,869,700 133,146 121,041,150 12,104,850 126,172 121,662,000 4,510,000 128,218 124,789,950 3,428,050 136,078 129,427,500 6,650,500  742 740 727 685 539  74,066 73,681 66,799 58,937 66,168  101,215 92,860 85,766 86,884 93,320  40,506 40,286 40,406 41,334 42,758  137,631 133,971 144,475 140,302  TOTAL FOR ALL CLEARING HOUSE MEMBERS. AVERAGE OF DAILY CONDITION FOR EACH WEEK, STATED IN THOUSANDS OF DOLLARS.*  Loans, Disc’ts, Net Net Total Invest­ Demand Time ments, Deposits. Depos. Deposits. tic.  $ s 91,985 2,091,985 90,553^107,-637 89,247,2,140,185 88,665 2,176,557 89,887,2,197,860 2,256,796 2,284,804 2,288,592 2,299,382  90,650 92,557 95,398 97,633  2,233,498 2,258,337 2,259,264 2,272,874  Gold.  Surplus Reserve.  Nat.Bk. Required Notes Reserve. Reserve Legal [res. for with Total Total Ten­ State Total Legal Legal Exact Silver. Specie. ders. Institu­ Money Deposi­ Reserve. Amounts* taries. tions}.  Exact Amounts*  Total Gold & Gold in Federal Reserve Banks.  Fed. Res. Bank Notes [not res've}.  Nat. Bank Notes [not c’nted as res}.  Add'I Depos­ its with Legal Depos­ itaries.  S 190,414 69,677 260,091 182,341 75,631 257,972 191,236 78,028 269,264 ________ 196,075 81,669 ____ 277,744 .. 205,979,84,042 290,021  60,993 64,283 66,453 69.587 69,751  9,816 8,674 9,367 8,107 8,434  S 330,900 330,929 345,084 355,438 368,206  $ 130,852 131,083 137,195 143,363 139,586  $ 573 651 733 718 773  79,756 80,152 78,958 75,812  295,005 294,110 292,982 292,221  67,358 67,167 66,638 66,035  7,894 7,411 7,519 7,223  370,257 368,688 367,139 365,479  142,805 144,328 145,107 146,987  962 1,015 1,097 999  3,110 2,376 2,690 2,339  2,193 60,951 2,270 55,809 2,775 52,612 2,093153,503  215,249 213,958 214,024 216,409  S 4.835 5.835 4,409 4,571 52,417 4,052 50,566 52,623 41,491 44,341 51,683  2,321,623 2,346,100 2,377,206 2,390,103  2,196,526 2,218,171 2,250,332 2.274.579  10 10 10 10  79,504 81,154 81,630 83,903  295,946 296,899 302,687 313,784  65,081 65,393 66,069 65,313  6,553 6,486 6,152 6,661  146,209 146,170 147,997 149,683  513,789 514,948 522,905 535,441  1,156 1,570 1,517 1,322  2,387,278 2,397,971 2,392,138 2,393,839  2,286,352 2,287,996 2,296,809 2.306.330  11 11 11 12  79,518 75,010 79,291 79,272  322,582 317,746 330,120 341,618  65,950 65,504 65,711 65,796  6,107 6,015 6,497 6,118  150,314 152,317 150,807 153,658  544,953 541,582 553,135 396,999,590 : 567,190 398,826,360  1,218 2,041148,886 1,348 1,765 38,735 1,458 2,132 48,739 1,404 2,405,56,271  2,410,938 2,460,305 2,440,465 2,421,029 2,427,345  2,324,279 2,352,078 2,347,665 2,331,058 2.343.330  12 13 13 13 13  82,869 75,818 71,150 70,128 74,791  348,792 346,640 351,261 357,665 365,111  66,761 66,136 65,944 64,630 65.218  6,200 6,022 6,122 5,944 6,083  150,382 146,244 150,614 152,940 150,639  572,135 565,042 573,941 581,179 587,051  2,440,285 2,459,999 2,473,578 2,465,078  2,368,150 2,387,632 2,405,498 2,434,312  13 13 13 13  72,891 372,885 68,568 375,591 64,334|390,693 70,619 397;520  64,932 63,965 57,793 54,724  5,846 6,220 6,177 5,974  154,326 597,989 152,920 598,696 158,032 612,695 157,950,616,168  188,633,750 185,795,400 196,496,930 195,031,450  418,747 1,691 2,275 70,868 430,446 1,846 2,322 66,956 452,747 1,985 2,675 67,287 456,609 2,225 2,804 79,074  2,516,177 2,548,158 2,550,054 .2,561,331 . 2,571,155  2.481.580 2,495,960 2,510,434 2,524,091 2,542,103  13 13 13 13 14  74,091 71,564 71,120 72,790 76,829  386,750 350,954 358,778 366,190 371,325  57.219 67.220 68,141 68,947 69,193  5,554 5,655 6,283 6,168 6,303  449,523 423,829 433,202 441,305 446.821  157,634 607,157 161,481 585,310 162,814 596,016 162,457,603,762 171,270,618.091  78,037,280 54,072,200 162,239,610 167,604,370 178,652,550  440,470 405,240 415,071 421,790 426,705  2,042 2,055 2,179 2,192 2,319  2,342 1,928 3,123 3,198 2,913  . . . .  2,595,231 2,602,944 2,634,812 2,648,096  2,552,685 2,562,926 2,615,643 2,646,655  14 14 14 14  74,648 74,255 72,798 71,698  369,949 384,965 399,259 406,771  68,952 68,807 69,637 67,593  5,595 5,646 5,780 5,479  444,496 459,418 474,676 479,843  427,030 441,425 460,311 474,355  2,019 2,047 2,115 2,141  2,66175,026 2,746 80,771 2,656,77,290 3,031 74,836  ' . . .  2,654,591 2,666,685 2,698,841 2,734,379  2,672,716 142,181 2,673,382 140,802 : 2,749,630'l38,042 : 2,789,273 133,490 i  72,866 69,977 74.310 72,144  423,448 431,517 448,766 446,454  70,570 68,832 69,603 66,920  4,859 5,223 5,447 4,989  498,877 505,572 523,816 518,363  489,659 1,998 2,944 499,648 1,961 2,917 514,393 2,057 3,075 518,214 2,369 2,785  80,828 88,076 87,554 82,929  . . . . .  2,778,191 2,804,879 2,871,711 3,006,271 3,039,669  71,217!440,100 71,101 430,972 73.310 442,845 68,579 450,745 64,753 461,524  64,784 65.588 65,180 62,447 57,216  4,890 4,836 5,142 5,355 5,369  509,774 501,396 513,167 518,547 524,109  511,686 506,630 520,616 541,012 560,612  2,697 2,711 3,045 3,239 3,356  2,307 2,327 2,327 2,287 2,039  81,397 71,345 72,488 70,955 79,773  . . . .  3,081,798 3,113,156 3,118,131 3,138,206  2,837,0341122,666, 2,858,1391126,411 2,932,202,138,094 3,070,296,: 3,079,159 139,207 3,218,366,: 3,119,813 142,552 3,262,365 : 3^309,594 . 3,165,403 3,200,373 3,344,844 : 3,212,790 : 3,356,495 : 3,215,679 ! 3,361,091 :  71,621 72,391 77,146 76,324  467,247 468.545 473,930 464,967  53,977 50,371 54,345 46,776  4,924 5,452 5,432 5,338  526,148 524,368 533,707 517,081  560,947 565,479 562,723 554,093  3,163 3,526 3,417 3,468  1,744 2,241 2,522 2,416  86,062 88,007 87,198 80,542  77,163 73,808 69,829 73,094 72,702  463,365 462,343 447,920 432.545 414,128  48,560 51,759 51,820 60,360 65,799  5,406 5,477 5,107 4,916 5,571  517,331 217,815 519,579 :215,742 504,847 :218,581 497.821 224,936 485,4981226^601 712,0991568,499,020  549,376 549,840 542,182 526,253 506,471  3,634 3,645 3,789 3,663 3,516  2,461 2,125 2,090 1,970 2,454  77,764 77,318 70,725 62,305 74,045  i 3,211,613 3,225,073 3,238,910 3,267,806 i 3,296,714 :  : i i ,  3,356,667 3,371,889 3,387,880 3,417,112 3,446,493  : : : : :  401,856,440 1' 405,843,050 1. 405,041,630 ' 402,644,090 404,777,880  1,365 1,437 1,632 1,603 1,654  2,663 2,131 2,190 2,403 2,736  63,518 64,245 59,629 62,839 72,976  75,724 67,979 67,989 68,616 69,756  * Three ciphers (.000) are omitted from the figures In every column except those headed "Required Reserve” and "Surplus Reserve”: those two columns show the exact amount of those items.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  NEW YORK CITY BANK MOVEMENTS  82  STATE BANKS AND TRUST COMPANIES NOT IN THE CLEARING-HOUSE. [Compiled from weekly returns of averages to the State Banking Department.] 00s omitted. 1915.  Loans and Investm’ts.  Specie.  $  $  January—  9.............. 561,408,3 43,602,0 16_______ 555,130',9 43,218,9 23_______ 555,101,2 43,342,7 30_______ 554,327,6 43,142,7 February— 6............. 554,046,7 43,591,1 13_______ 554,326,1 42,872,7 20............ 555,915,9 43,950,2 27_______ 560,642,7 44,104,4 March— 6.............. 559,341,8 44,011,2 13_______ 559,988,5 43,883,2 20_______ 559,233,9 44,109,5 27.............. 559,963,4 43,932,5 April— 3.............. 560,578,9 43,691,7 10.............. 561,016,6 44,211,8 17.............. 565,595,9 44,615,5 24.............. 570,378,1 44,871,7 May— 1_______ 569,857,0 45,137,8 8.............. 571,554,4 45,713,7 15.............. 576,171,4 46,221,5 22.............. 574,120,5 48,309,7 29........... 574,744,5 49,281,3 June— 5.............. 574,125,7 49,548,7 12......... .. 575,659,2 49,455,5 19.............. 576,562,8 49,212,1 26_______ 580,567,1 49,096,8  *LegaI Tenders.  $  Re­ Deposits, Reserve Total serve Less Due on to Deposits. From Other Deposits. Dep. Banks, &c.  $  $  $  %  12,220,0 11,241,4 10,891,8 10,892,3  645,095,4 644,302,7 650,162,9 650,007,1  563,483,9 555,720,9 557,080,0 556,551,5  140,338,5 146,997,2 151,805,3 152,654,2  26.2 27.3 28.0 28.3  10,300,6 10,290,8 10,085,4 10,101,6  643,427,0 642,500 5 656,355,8 651,358,3  557,025,7 560,399,4 565,315,5 566,432,7  145,081,6 140,851,9 150,129,7 143,074,7  27.4 27.0 28.4 27.4  9,853,2 9,758,1 9,834,5 9,920,4  649,153,2 648,820,7 656,037,6 661,157,5  565,013,0 566,630,1 567,075,0 568,118,0  139,740,0 138,528,3 145,853,7 150,421,5  26.7 26.7 27.8 28.3  9,875,8 9,781,6 9,779,1 9,521,8  670,274,2 675,458,1 682,862,1 696,786,9  570,443,0 574,700,4 580,136,3 586,637,4  156,201,9 158,267,2 161,092,1 168,999,5  29.2 29.4 29.4 30.4  9,414,9 9,360,8 9,406,6 9,177,2 9,432,9  702,705,0 706,678,9 708,686,5 706,683,8 720,732,0  586,490,9 587,045,1 589,346,3 591,807,8 591,931,3  176,033,0 179,126,6 181,054,4 178,277,8 193,179,1  31.2 31.6 31.6 31.2 32.8  9,311,2 9,596,0 9,287,9 9,753,2  717,476,4 712,139,9 715,153,1 715,873,8  589,847,7 589,882,7 590,000,0 594,303,2  191,228,0 180,154,5 182,781,1 179,832,4  32.8 31.5 32.0 31.5  Re­ Deposits Reserve Total Less Due on serve Deposits. From Other Deposits. to Dep. Banks, &c.  00* omitted. 1915.  Loans and Investm’ts.  Specie.  July— 3_______ 10_______ 17_______ 24_______ 31_______ August— 7__ 14_______ 21_______ ] 28.-.......... September — 4_______ 11_______ 18----------25.............. October—■ 2_______ 9_______ 16_______ 23_______ 30_______ November— 6_______ 13.............. 20_______ 27_______ December— 4_______ 11_______ 18_______ 24_______ 31_______  $ 588,861,2 596,369,9 595,340,3 595,176,4 587,513,0  $ 48,976,5 49,049,9 48,696,4 48,705,2 47,676,4  $ 9,457,4 9,829,3 9,741,2 9,348,7 8,691,0  $ 728,306,1 737,082,2 740,697,0 746,878,0 734,395,0  $ 602,374,0 597,835,5 613,682,8 614,494,5 604,965,8  $ 182,543,3 181,033,0 181,157,8 185,821,3 188,182,6  % 31.7 31.3 31.7 31.9 31.4  588,858,5 589,622,3 592,512,2 590,964,6  49,287,5 49,977,9 50,020,8 49,979,1  8,530,0 8,696,3 8,550,5 8,467,1  742,631,5 747,039,9 748,257,5 752,137,5  608,368,4 609,587,5 612,303,4 610,217,5  188,028,0 192,903,7 189,577,2 195,052,2  31.7 32.1 31.7 32.5  589,509,9 588,461,3 586,366,2 583,388,9  49,965,8 49,670,9 49,891,5 49,707,0  8,445,0 8,645,5 8,634,2 8,923,3  756,040,8 757,230 2 762,645,6 762,828,7  607,670,0 608 527,7 606,458,0 606,877,6  206,405,4 200,627,2 207,999,6 207,966,4  32.9 33.0 33.8 33.6  580,705,0 583,772,3 595,813,0 602,249,3 602,805,6  49,561,8 51,045,2 51,364,0 51,555,9 52,041,6  8,997,6 8,864,5 9,101,4 9,211,0 9,268,9  758,814,8 758,418,5 782,818,1 781,345,8 794,484,3  606,094,2 616,046,0 622,220,3 629,925,9 628,992,7  204,334,5 198,919,3 214.800,5 208,142,5 223,361,9  32.9 32.3 33.7 32.6 34.2  610,088,2 612,829,5 617,357,3 615,592,0  52,278,7 52,375,8 52,341,3 52,589,8  9,265,0 9,408,7 9,467,8 9,532,4  812,652,4 821,328,3 820,045,6 822,102,3  637,643,8 639,379,9 645,345,4 642,369,5  231,727,4 238,143,6 231,215,5 234,554,8  34.9 35.4 34.3 34.8  617,558,9 619,241,5 622,463,4 627,080,9 639,101,0  52,662,9 9,868,0 823,497,6 642,059,1 52,804,8 9,996,6 830,851,0 645,585,9 52,889,0 10,083,8 826,895 4 648,696,2 53,058,5 10,188,5 829,831,1 655,095,2 53,619,8 10,245,6 853,200,8 669,087,4  235,564,8 241,578,9 232,046,5 229,294,3 241,995,4  35.0 35.6 34.6 34.2 34.8  *Legal Tenders.  * Includes bank notes. Figures for May 16 and succeeding dates were made up under the provisions of a new State banking law which went Into effect April 16. See “Chronicle” May 23 1914, page 1585.  ALL BANKS AND TRUST COMPANIES COMBINED. The averages for the Clearing-House banks and trust companies, combined with the weekly averages of the State banks and trust companies outside of the Clearing-House, for each week of the year, in the case of the loans and the money holdings are shown in the following: 1915. Week Ending— Jan.*2 9  Ell! "30 Feb. 6  gfr 20  ”27 Mar.6 13. 20 27. April3 10 17 24   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Loans and Investments.  Total Money Holdings.  $2,744,806,500 2,745,614,300 2,749,071,900 2,764,600,200 2.775.955.600 2,810,842,700 2.839.130.100 2.844.507.900 2,860,024,700 2,880,964,800 2,906,083,500 2.936.439.900 2,950,066,400 2.947.856.900 2.958.987.600 2.957.733.900 2.964.217.100  $386,758,300 386,751,000 399.544.300 409.672.500 422,241,000 424,148,700 421.851.500 421.174.600 419,685,000 421.444.400 422.419.300 428,852,000 439,610,900 448.206.500 443.258.400 456.722.600 467.925.500  1915. Week Ending— May 1___________ ___ 8............................. 15............................. 22............................. 29............................ June 5______________ 12............................. 19............................ 26............................. July 3............................. 10............................. 17............................. 24...........-............... 31............................. Aug. 7______________ 14............................ 21............................. 28.............................  Loans and Investments.  Total Money Holdings.  $2,980,795,000 3,031,859,400 3,016,636,400 2,995,149,500 3,002,089,500 3,014,410,700 3,035,658,200 3,050,140,800 3,045,645,100 3,105,038,200 3,144,527,900 3.145.394.300 3,156,507,400 3,158,668,000 3,184,089,500 3.192.566.300 3,227,324,200 3,239,060,600  $476,305,700 473.872.500 478,955,100 485.725.900 495.126.200 502.522.900 504.827.500 513,163,000 517,068,000 507.956.900 482.708.200 491,639,600 499.358.900 503,188,400 502.313.500 518,092,200 533,247,300 538.289.200  1915. Week Ending— 11............................. 18......... ................... 25............................. Oct. 2................ -.......... 9______________ 16............................. 23............................. 30______________  13____________ __ 20____ _________ 27............................. Dec. 4______________ 11______________ 18-......................... 24__________ ____ 31______________  Loans and Investments.  Total Money Holdings.  $3,244,100,900 3,255,146,300 3,285,207,200 3,317,767,900 3,358,896,000 3,388,651,300 3,467,524,000 3,608,520,300 3,642,474,600 3,691,886,200 3,725,985,500 3,735,488^300 3,753,798,000 3,750,386,900 3,769,648,500 3,799,286,400 3,834,525,900 3,885,457,000  $557,287,800 563.888.400 582.341.700 576,993,300 569.333.400 561.305.700 573.632.400 579.313.900 585.419.500 587.691.700 586.152.500 595,516,100 579,203,200 579.861.900 582.380.400 567,819,800 561,068,000 549.363.400  Crop  and  Other Productions.  CEREALS, IRON AND COAL PRODUCT.  OUR HARVESTS IN 1915. The final estimates of production of our grain crops in 1915, as made public by the Depart­ ment of Agriculture, fully confirmed the very satisfac­ tory general situation indicated by the preliminary approximations issued at various earlier dates. Almost all of the grain harvests—in fact, all but winter wheat, which fell a little under the high mark then set—were in excess of 1914, and in several instances (spring wheat, oats, barley and rye) new high records in production were established. Corn, moreover, as regards quantity, was only very moder­ ately under the bumper yield of 1912, but un­ fortunately, as a result of unfavorable meteorological conditions in important localities at time of maturing, was below the average in quality, materially reduc­ ing its value as food. Aside from grains, a satisfactory agricultural outcome, on the whole, is to be noted, even though in most cases previous record marks have not been reached. White potatoes, a universal food crop, for example, were in quite full supply, notwith­ standing the fact that the yield has not turned out to be as bountiful as in 1914. Sweet potatoes, unaffected by the excessive moisture that in many localities unfavorably affected the white variety, makes an exceptionally good return, the yield per acre being stated as the highest since 1880, and the aggregate crop a record one by a wide margin. Cotton, with area quite measurably reduced, the growing season in important localities below the average, and a marked reduction in the use of fertilizers in localities where artificial aids to pro­ ductiveness were considered quite essential, shows a material contraction in yield from the record growth of 1914-15. But the continuation of the war in Europe acted to seriously restrict demand for the staple, and, moreover, as a considerable proportion of last year’s product was carried over into this season, there is no dearth of supplies. It is to be noted, moreover, that the price situation in this staple product was at the close of the year and for a few months preceding decidedly satisfactory; middling uplands ruling in the New York market around 12c., or above the average price for the preceding ten-year period, whereas at the end of 1914 it commanded less than 8c. The Department of Agriculture, in summing up the situation generally in November stated the production index of all crops of the coun­ try for 1915 at about 7% higher than in the pre­ ceding year and 17.3% greater than the average of the preceding five years (1909 to 1913.) The corn yield is stated at3,054,535,000 bushels, or 38124 million bushels more than the production of 1914 and only 70 millions below the bumper out­ turn of 1912. An increased yield over 1914 is reported from virtually all the large producing States, except Michigan, Wisconsin, Minnesota and Iowa, but in some other sections the ultimate result was below early expectations. In the northern portion of the belt the yield was materially reduced by frost damage, a large proportion of the crop in the States mentioned above, and in the Dakotas, Nebraska and Montana, as well, failing to mature,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  having been in the dough or milk or even less mature stages at the time of freezing weather. Such corn was very chaffy. The quality in States where injury by frost was greatest is very low, elsewhere it is generally fair and for the most part better than in 1914. But for the whole country the average at 77.2 was the lowest since 1901. The wheat crop of 1915 at 1,011,505,000 bushels exceeds by 120 million bushels that of 1914, the former record, this being the fourth year in succession that a new high figure in aggregate wheat yield has been set. Since 1912 the yield has risen from 730 million bushels to 1,011)4 millions. The gain in 1915, however, was entirely in spring wheat, this being in direct contrast with 1914. Fallplanted wheat came out of the winter in very satis­ factory condition, and the loss in area through winter-killing was very small—only a little over a million acres—leaving under the crop 40,453,000 acres—the largest acreage ever reported. In May, however, adverse weather and the ravages of insects reduced the promise quite a little, so that the out­ turn, which at first was expected to mark a new high record, proved to be moderately under that of 1914—655,045,000 bushels, comparing with 684,990,000 bushels. Furthermore, continued rains over a considerable portion of the winter-wheat belt at harvest rendered a material quantity of the grain unsuitable for milling and consequently only usable for stock feed. Spring-wheat area was in­ creased to the extent of nearly 10% in 1915 and the crop was favored by quite generally satis­ factory conditions. The result is seen in the largest yield in the history of the country—356,460,000 bushels, against only 206,027,000 bushels in 1914 and the previous record of 330,348,000 bushels in 1912. In the case of oats, from an area 4)4% greater than in 1914 the Department makes the yield about 400 million bushels (nearly 35%) larger, giving a crop of 1,540,362,000 bushels, and establishing a new high record, exceeding 1912 by 122 million bushels. The crop suffered rather severe damage, however, from excessive rains in a number of im­ portant States at time of harvest, but elsewhere the conditions were so exceptionally good that quality in the country, as a whole, was up to the 10year average. The barley crop at 237,009,000 bushels is a high mark, exhibiting a gain of 42 mil­ lion bushels over 1914 and an increase of 13)4 mil­ lions over 1912. The rye yield for the season at 49,190,000 bushels, also establishes by a good margin a new high record and the same is true of rice. To indicate the aggregate production for the last five years of the five principal cereals referred to above (corn, wheat, oats, barley and rye) we give the following tabulation. CROPS OF WHEAT, CORN, OATS, BARLEY AND  Total Department. Production. 1915.  Department. 1914.  Department. 1913.  Department. 1912.  RYE. Department. *1911.  Bushels. Bushels. Bushels. Bushels. Bushels. Corn____ 3,054,535,000 2,672,804,000 2,446,988,000 3,124,746,000 2,531,488,000 Wheat___ 1,011,505,000 891,017,090 763,380,000 730,267,000 621,338,000 Oats______ 1,549,362,000 1,141,060,000 1,121,768,000 1,418,337,000 922,298,000 237,009,000 194,953,000 178,189,000 223,824,000 160,240,000 Barley___ 49,190,000 42,779,000 41,381,000 Rye______ 35,664,000 33,119,000 Total 5,892,601,000 4,942,613,000 4,551,706,000 5,532,838,000 4,268,483,000 ♦ Department totals revised on basis of Census results for 1909.  CROP AND OTHER PRODUCTIONS  84  The foregoing denotes that the aggregate for the five cereals was not only 950 million bushels greater than for 1914, but 360 millions more than for 1912 and exceeded the composite high production of those crops by 67 million bushels. The potato crop, at 359,103,000 bushels, ranked fourth among the potato crops of the country, having been exceeded only in 1914, 1912 and 1909, and then not materially. Quality, however, was lower than average. The hay crop was much better than in a year ago , 85*4 million tons, comparing with 70 millions. Tobacco, although not turning out as well as at first expected, nevertheless at 1,060,587,000 pounds was above the average in yield and exceeded 1914 by 26 million pounds. Quality, at 82.6, was the low­ est since 1901. Although an inconclusive method of arriving at value, the Department of Agriculture continues its efforts to indicate the financial return to pro­ ducers from their various crops, using as a basis the farm value per unit on December 1. Without further comment, we subjoin the result for the five principal grain crops as officially announced, simply as a matter of record. FARM VALUES ON DECEMBER 1.  Crops. Com____ Wheat.... Oats______ Barley -__ Rye______  1915.  1912.  1913.  1914.  1911.  $ $ $ « $ 1,755,859,000 1,722,070,000 1,692,092,000 1,520,454,000 1,565,258,000 930,302,000 878,680,000 610,122,000 555,280,000 543,063,000 555,569,000 499,431,000 439,596,000 452,469,000 414,663,000 95,731,000 112,957,000 139,182,000 122,499,000 105,903,000 23,636,000 26,220,000 27,557,000 41,295,000 37,018,000  Total__ 3,405,524,000 3,243,102,000 2,863,761,000 2,664,796,000 2,689,723,000  Cotton, too, makes a more favorable exhibit than for 1914, notwithstanding the much smaller pro­ duction, there having been a marked recovery in prices from the low level current in 1914. There were gains also in the aggregate values of potatoes and hay. The Department finally made the re­ turn from 310,527,000 acres, covering the crops already mentioned, and buckwheat, flaxseed, rice, sweet potatoes, and sugar beets, as well, $5,381,973,000, against $4,973,527,000 in 1914 and $4,966,497,000 in 1913. Furthermore, as indicating more clearly the favorable nature of the 1915 financial outcome, we note that from an area only 3.2% greater, the value of the specifically stated crops on the basis of December 1 prices, was 8.2% in excess of 1914. And this notwith­ standing the fact that the 1915 prices per unit were in all cases, except buckwheat, flaxseed, sugar beets and cotton, more or less materially lower than a year ago. 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.  As of interest in connection with the foregoing we note that official estimates indicate much larger wheat harvests in 1915 than in 1914 in a number of the other important localities of pro­ duction. The official approximation for Canada is 336,258,000 bushels, or double the yield of 1914, and giving an exportable surplus of 228,132,000 bushels. South American crops were larger than a year earlier generally, and the same was apparently true of India, North Africa and Japan. The vari­ ous countries of Continental Europe, too, excepting France, reported greater yields and advices from Australia were to the effect that the year’s surplus —the amount available for export—would reach 100,000,000 bushels and the problem of obtaining vessels to carry it to Europe was a serious one. CROPS OF WHEAT, CORN, OATS, POTATOES AND COTTON SINCE 1885.  Wheat. 1886................ 1887 .............. .. 1888 ................ 1889 1889 (Census) 1890 ................ 1891.. .......... 1892 ________ 1893 ................ 1894 ................ 1895 ................ 1896 ................ 1897 ................ 1898 ................ 1899 1899 (Census) 1900 ................ 1901a.............. 1902 ________ 1903 ................ 1904............... . 1905 ________ 1906 ................ . 1907 ________ 1908 ................ 1909 ................. 1909 (Census). 19106............... 1911.. .......... . 1912 ................. 1913 ................ . 1914 ................ . 1915 ................ .  a These are the revised grain figures of the' Agricultural Department Issued after the 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 ported its results for 1909, showing smaller totals for wheat and corn than those of the Department. * These are our own figures of the commercial crop, d Estimate of the Department of Agriculture.  WHEAT CROP FOR FIVE YEARS. Wheat.  1914.  1913.  1912.  1911.  1910.  1909.  Cents. Wheat____ ..per bushel 92.0 83.9 Rye----------36.1 Oats______ 51.7 Barley____ 57.5 Com______ 78.7 Buckwheat61.6 Potatoes__ 174.0 Flaxseed__ 90.6 Rice..............  Cents. 98.6 86.5 43.8 54.3 64.4 76.4 48.7 126.0 92.4  Cents. 79.9 63.4 39.2 53.7 69.1 75.5 68.7 120.0 85.8  Cents. 76.0 66.3 31.9 50.5 48.7 66.1 50.5 115.0 93.5  Cents. 87.4 83.2 45.0 86.9 61.8 72.6 79.9 182.0 79.7  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  The farm value of hay December 1 was stated at $10 70 per ton, against $11 12 in 1914 and $12 43 in 1913; tobacco at 9.1 cents per pound in 1915, against 9.8 cents and 12.8 cents, respectively, and cotton at 11.2 cents per pound in 1915, 6.8 cents in 1914, and 12.2 cents in 1913.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Production, Production, Production, Production, Production, 1912. 1911. 1914. 1913. 1915.  Bushels. Ohio ........................... 40,194,000 Indiana ...................... 47,300,000 Minnesota_________ 73,420,000 Kansas____________ 106,538,000 California________ _ 7,040,000 Illinois..... .......... ........ 53,200,000 North Dakota______ 151,970,000 South Dakota______ 63,762,000 Missouri___________ 34,108,000 Michigan..... ............... 20,448,000 Pennsylvania______ 24,605,000 Oregon____________ 20,025,000 Wlsconsn_________ 4,662,000 Nebraska__________ 72,154,000 Washington_______ 50,394,000 Iowa______________ 15,557,000  Bushels. 36,538,000 43,239,000 42,975,000 177,200,000 6,800,000 46,250,000 81,592,000 31,566,000 43,333,000 17,316,000 23,747,000 16,604,000 3,511,000 68,116,000 41,840,000 15,066,000  Bushels. 35,100,000 39,775,000 68,040,000 86,983,000 4,200,000 41,888,000 78,855,000 33,975,000 39,586,000 12,776,000 21,862,000 15,717,000 3,665,000 62,325,000 53,300,000 16,395,000  Bushels. 9,760,000 10,080,000 67,038,000 92,290,000 6,290,000 9,819,000 143,820,000 52,185,000 23,750,000 7,000,000 22,320,000 21,018,000 3,564,000 55,052,000 53,728,000 12,850,000  Bushels. 36,240,000 34,354,000 43,935,000 51,387,000 8,640,000 42,000,000 73,200,000 14,800,000 36,110,000 18,450,000 17,402,000 16,726,000 3,097,000 41,574,000 50,661,000 10,622,000  Total____________ 785,377,000 695,693,000 614,442,000 590,564,000 499,198,000 All others__________ 226,128,000 195,324,000 148,938,000 139,703,000 122,140,000 Total United States a  891,017,000 763,380,000 730,267,000 621,338,000  a Of which 655,045,000 bushels winter wheat and 356,460,000 bushels spring wheat in 1915, against 684,990,000 bushels winter wheat and 239,819,000 bushels spring wheat in 1914.  AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS. 1915.  Potatoes.  Colton*  Oats  Corn.  Bushels. Bales. Bushels. Bushels. Bushels. 457,218,000 1,665,441,000 624,134,000 6,513,623 168,051,000 456,329,000 1,456,161,000 659,618,000 7,017,707 134,103,000 415,868,000 1,987,790,000 701,735,000 6,935,082 202,365,000 490,560,000 2,112,892,000 751,515,000 7,313,720 204,881,441 217,546,362 468,373,968 2,122,327,547 809,250,666 399,262,000 1,489,970,000 523,621,000 8,655,616 148,289,696 611,780,000 2,060,154,000 738,394,000 9,038,708 254,423,607 515,949,000 1,628,464,000 661,035,000 6,717,147 156,654,819 396,131,725 1,619,496,131 638,854,850 7,527,212 183,034,203 460,267,416 1,212,770,052 662,086,928 9,892,761 170.787.338 467,102,947 2,151,138,580 824,443,537 7,162,476 297,237,370 427,684,347 2,283,875,165 707,346,404 8,714,011 252,234,540 530,149,168 1.902.967.933 698,767,809 11.180.960 164,015,964 675,148,705 1,924,184,660 730,905,643 11,235,383 192.306.338 547,303,846 2,078,143,933 796,177,713 , 9,439,559 228,783,232 658,534,252 2,666,324,370 943,389,375 273,318,167 522,229,505 2,105,102,516 809,125,989 10,425,141 210,926,897 748,460,218 1,522,519,891 736,808,724 10,701,453 187,598,087 670,063,008 2,523,648,312 987,842,712 10,758,326 284,632,787 637,821,835 2,244,176,925 784,094,199 10,123,686 247,127,880 552,399,517 2.467.480.934 894,595,552 13,556,841 332,830,300 692,979,489 2,707,993,540 953,216,197 11,319,860 260,741,294 735,260,970 2,927,416,091 964,904,522 13,550,760 308,038,382 634,087,000 2,592,320,000 754,443,000 11,581,329 297,942,000 664,602,000 2,668,651,000 807,156,000 13,828,846 278,985,000 737,189,000 2,772,376,000 ,007,353,000 10.650.961 376,537,000 389,194,965 683,349,697 2,552,189,630 ,007,129,447 635,121,000 2,886,260,000 ,186,341,000 12,132,332 349,032,000 621,338,000 2,531,488,000 922,298,000 16,043,316 292,737,000 730,267,000 3,124,746,000 ,418,337,000 14,128,902 420,647,000 763,380,000 2,446,988,000 ,121,768,000 14,884,801 331,525,000 891,017,000 2,672,804,000 . ,141,060,000 15,067,247 409,921,000 1011505000 3,054,535,000 11 ,540,362,000 dll,161,000 359,103,000  CORN CROP FOR FIVE YEARS.  Corn.  Iowa_____ Illinois___ Kansas__ Missouri_  Nebraska .  Indiana .. Ohio.......... Texas____ Tennessee . Kentucky .  Penn’a.__  Arkansas.. Wisconsin Michigan.. Minnesota. Oklahoma.  Production, 1915.  Production, 1914.  Production, 1913.  Production, 1912.  Production, 1911.  Bushels. 303,000,000 376,164,000 172,050,000 209,450,000 213,000,000 190,950,000 156,040,000 175,075,000 94,500,000 114,000,000 58,520,000 62,100,000 40,825,000 56,000,000 62,100,000 123,900,000  Bushels. 389,424,000 300,034,000 108,225,000 158,400,010 173,950,000 163,317,000 142,715,000 124,800,000 80,400,000 91,250,000 62,178,000 42,000,000 69,862,000 63,000,000 91,000,000 50,000,000  Bushels. 338,300,000 282,150,000 23,424,000 129,062,000 114,150,000 176,400,000 146,250,000 163,200,000 68.675,000 74,825,000 57,057,000 47,025,000 66,825,000 56,112,000 96,000,000 52,250,000  Bushels. 432,021,000 426,320,000 174,225,000 243,904,000 182,616,000 199,364,000 174,410,000 153,300,000 88,298,000 109,440,000 61,582,000 50,490,000 58,262,000 55,250,000 78,177,000 101,878,000  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 58,080,000 55,770,000 74,140,000 36,888,000  Total... 2,407,674,000 2, 110,555,000 1,891,705,000 2,589,537,000 2,032,433,000 All others. 646,861,000 562,249,000 555,283,000 535,209,000 499,055,000  Total U. S. 3,054,535,000 2,672,804,000 2,446,988,000 3,124,746,000 2,531,488,000  CROP AND OTHER PRODUCTIONS. OATS CROP FOR FIVE YEARS. Oats.  Illinois Iowa.. Minnesota_ Wisconsin .. Kansas......... Ohio ........... Missouri___ Pennsylvania New York.. Michigan__ Nebraska__ Indiana___ No. Dakota. So. Dakota. Texas_____  Production, 1915.  Production, 1914.  Bushels. Bushels. 195,435,000 125,990,000 198,000,000 165,000,000 85,120,000 134,375,000 62,100,000 99,975,000 58,960,000 43,725,000 50,325,000 69,003,000 25,800,000 31,850,000 32,190,000 43,320,000 54,270,000 ' 40,162,000 50,752,000 64,260,000 69,600,000 70,400,000 65,520,000 44,888,000 98,000,000 64,904,000 72,450,000 44,165,000 22,500,000 44,375,000  Total ____ 1,284,958,000 All others__ 255,404,000  942,456,000 198,604,000  Production, 1913.  Bushels. 104,125,000 168,360,000 112,644,000 83,038,000 34,320,000 54,360,000 26,500,000 35,774,000 42,712,000 45,000,000 59,625,000 36,380,000 57,825,000 42,135,000 32,500,000  Production, 1912.  Bushels. 182,726,000 217,818,000 122,932,000 847746,000 55,040,000 93,280,000 37,125,000 36,377,000 36,714,000 51,826,000 55,510,000 79,799,000 95,220,000 52,390,000 31,140,000  Production, 1911.  Bushels. 121,536,000 126,225,000 67.214,000 67,050,000 30,000,000 54,570,000 17,760,000 31,724,000 38,645,000 42,900,000 34,750,000 47,068,000 51,230,000 11,396,000 18,499,000  935,298,000 1,232,643,000 760,567,000 186,470,000 185,694,000 161,731,000  Total U.S. 1,540,362,000 1,141,060,000[l, 121,768,000 1,418,337,000j 922,298,000  THE COPPER TRADE IN 1915. The course of the copper trade in 1915 was the re­ verse of that in 1914. In the latter year the trade was in a very unsatisfactory shape and a low level of values was reached, so that many different cop­ per-producing companies had to reduce or suspend dividends. In 1915, on the other hand, a very active demand for copper set in, a high level of values was reached, and dividend resumptions and dividend in­ creases by the various copper-producing companies were among the noteworthy features of the year. Unfortunately, there was a concealment of the statistical situation of the metal. At a meeting on Jan. 13 1915, the Copper Producers’ Association de­ cided upon dissolution. This meant the discontin­ uance of the monthly returns of production, ship­ ments and stocks which had been made by the As­ sociation since January 1909, but which had been withheld with the outbreak of the European war, the announcement having come on Aug. 4 1914 that the July (1914) report would not be published. No re­ ports were thereafter issued in 1914, and the dissolu­ tion of the Association involved the complete omis­ sion of the returns for the future. In a general way it may be said that curtailment of production was practiced during the first quarter of the year, but that during the remainder of the year output was pushed to the utmost. It is estimated that the production of refined copper from primary sources, domestic and foreign, reached 1,647,000,000 pounds, against 1,533,781,000 pounds in 1914 and 1,615,000,000 pounds in 1913, the previous maxi­ mum. At the opening of the year Lake copper at New York was quoted at 13% cents and electrolytic copper at 13 cents. An advance began almost im­ mediately. By the end of April the quotation for Lake (forwhich a special demand existed) sold up to 21 cents per pound, and electrolytic up to 18% cents. June saw Lake copper up to 22% cents and electro­ lytic up to 20% cents. In July there was a down­ ward reaction, however, due to the increase in pro­ duction. At the outbreak of the European war American copper producers had restricted output to about 50 to 60 per cent of capacity, while many of the smaller producers shut down altogether. But with the advance in price to 20 cents, output rapidly increased, while at the same time consumers, in­ stead of placing orders ahead, began to restrict their purchases to immediate needs. In July also the British Government decided to release raw copper for export under certain stipulations and guarantees, and some of such copper was bought by American refiners. In August Lake copper sold down to 18 cents and electrolytic copper was at one time as low as 16 cents. In November, however, sharp advances   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  85  again occurred, and in December the upward move­ ment was carried still further, so that both Lake and electrolytic were quoted at 22% cents. War orders played an important part in the rise in the metal throughout the year. Exports of cop­ per itself were not of exceptional extent, the German demand being completely cut off, so that for the twelve months of the calendar year 1915 the export shipments of copper in the shape of pigs, ingots, bars, plates, rods, scrap, &c., were only 681,953,301 pounds, against 840,080,922 pounds in the calendar year 1914 and 926,241,092 pounds in the calendar year 1913. But copper entered extensively into many of the war orders on European account, which constituted such an important feature in the history of the year. A daily record of the fluctuations in prices for the whole of the years 1915 and 1914 is furnished on pages 90 and 91. In the following we show the average monthly price of electrolytic copper in New York for each month of the last four years. The table also gives average prices in London for the same period of time. The figures are those compiled by “The Engineering & Mining Journal” and printed in its issue of Jan. 8 1916. MONTHLY AVERAGE PRICE OF COPPER. ---------------- New York---------------—Eleat olvtic----1914. 1913. 1912. 1915. Cents. Cents. Cents. Cents. January__ ....13.641 14.223 16.488 14.094 February_ ....14.394 14.491 14.971 14.084 March___ ....14.787 14.131 14.713 14.698 April____ ___ 16.811 14.211 15.291 15.741 May______ ___ 18.506 13.996 15.436 16.031 June______ ___ 19.477 13.603 14.672 17.234 July.......... ___ 18.796 13.223 14.190 17.190 ♦ 15.400 17.498 August___ ___ 16.941 ♦ September. ...17.502 16.328 17.508 ♦ 16.337 17.314 October__ ...-17.686 November. ___ 18.627 11.739 15.182 17.326 December . ___ 20.153 12.801 14.224 17.376 Year__ ....17.275  15.269  16.341  1915. £ 60.756 63.494 66.152 75.096 77.600 82.574 76.011 68.673 68.915 72.601 77.744 80.773  72.532  -London Standard1914. 1913. 1912. £ £ £ 64.304 71.741 62.760 65.259 65.519 62.893 64.276 65.329 65.884 64.747 68.111 70.294 63.182 68.807 72.352 61.336 67.140 78.259 60.540 64.166 76.636 ♦ 69.200 78.670 ♦ 73.125 78.762 * 73.383 76.389 53.227 68.275 76.890 56.841 65.223 75.516 ....  68.335  72.942  New York, cents per pound; London, pounds sterling per long ton of standard copper. * No quotations. Note.—The “Iron Age” gave the following weekly quotations for electrolytic copper for the months missing in 1914 in the above table: Aug. 5, 12.50c.; Aug. 12, 12.50c.; Aug. 19, 12.25c.; Aug. 26, 12.37^c.; Sept. 2, 12.3714c.; Sept. 9. 12.25c.; Sept. 16,12.12}4c.; Sept. 23,11.8714c.: Sept. 30,11.750.; Oct. 7.11.6214c.; Oct. 14, 11.3714c.; Oct. 21, 11.25c.; Oct. 28, 11.25c.  ANTHRACITE COAL PRODUCTION FOR 1915. As often happens, conditions in the anthracite trade ran counter to those in trade in general. Under the stimulus of war orders, production in iron and steel and in most other industries in 1915 was on a much greater scale than in the year preceding. Not so in the case of anthracite coal production. Here war orders did not come into play, the bulk of the hard coal mined being destined for family use and the home fireside. Winter weather is often a more important element in controlling the consumption of anthracite than the state of general trade and busi­ ness, and, as it happened, winter weather in the early months of 1915 was relatively mild, just as it had been in the early months of 1914 and of 1913, thus curtailing family consumption of this class of fuel. There was a marked decrease in the amount of anthracite mined during the spring and summer months, due to the failure of dealers and consumers to purchase coal and to take advantage of the spring and summer discounts. In the closing month of the year, owing to the congested condition of traffic on the Eastern railroads generally, there was ina­ bility to secure cars for loading, though the shipments to market were nevertheless greater than in Decem­ ber 1914. For the full twelve months of 1915 anthracite shipments to tidewater aggregated 66,122,062 tons,  86  CROP AND OTHER PRODUCTIONS.  against 68,342,601 tons in 1914, showing a decrease for the year of 2,220,539 tons. This is almost pre­ cisely the amount of the decrease in the six months from April to September, inclusive, when the ship­ ments as compared with the corresponding period in 1914 fell off 2,221,424 tons. The decrease in 1915 is additional to some decrease in 1914. In 1913 the shipments to market had been close to the largest on record, notwithstanding the mild weather, but this was natural at that time in­ asmuch as in the year preceding (1912) the output had been greatly cut down owing to a suspension of work at the anthracite mines during the whole of April and the greater part of May, because of differ­ ences on account of wages, and the loss in those two months was only in small part made up in subsequent months. On the other hand, in 1915 as also in 1914, there was no occasion to push production, and with no urgent inquiry by reason of weather conditions or other causes, production was on a falling scale. The maximum record for anthracite shipments was reached in 1911, at 69,954,299 tons. As compared with this total, the shipments in 1915, four years later, were 3,832,237 tons smaller. There was some advance in 1914 in the retail price of coal, as explained in our “Financial Review” of last year. This advance was maintained in 1915, and doubtless played its part in curtailing the family consumption of coal. Tidewater stocks of anthracite on Dec. 31 1915 were only 559,460 tons, against 669,833 tons on Dec. 31 1914 and 602,328 tons Dec. 31 1913. On Dec. 31 1912, after the suspension of mining in that year, the quantity of coal on hand at tidewater shipping points was only 340,637 tons. On Dec. 31 1911 tidewater stocks were 712,958 tons, and on Dec. 31 1910 they were 734,898 tons. In the following we record the anthracite movement for each year back to 1874. The figures, it should be understood, relate only to the shipments to market. They do not include coal used at the mines or sold locally, nor yet the consumption by the anthracite carriers themselves. To get at the total output, it is customary to add from 12% to 15% to the ship­ ments. We learn also from the Anthracite Bureau of Information, from whom all our figures are de­ rived, that the shipments as reported to it did not include those made over the Lehigh & New England RR. nor any of the output from Sullivan County. These together, it is stated, amounted in round fig­ ures to about 2,200,000 tons in 1915. The sales to the local trade are estimated by the Bureau at 1,800,000 tons and the quantity consumed for fuel at the mines at about 8,600,000 tons—about 11% of the total output. Aggregate production for the year is accordingly put at 78,720,000 tons, which compares with 81,090,631 tons for 1914, as reported to the United States Geological Survey.  Months— January____ February___ March______ April________ May________ June________ July................ August______ September__ October____ November__ December__  1915. 4,734,535 4,275,107 4,985,398 6,486,201 5,797,961 5,316,102 4,934,205 5,330,831 5,518,771 6,505,892 6,297,215 5,939,844  1914. 5,175,732 4,121,451 5,164,703 6,072,164 6,281,553 6,130,186 5,391,857 5,483,743 6,246,192 6,644,476 5,928,286 5,702,258  1913. 6,336,419 5,674,169 4,909,288 5,966,189 5,995,742 5,970,047 5,487,852 5,369,900 5,572,279 6,338,194 5,786,931 5,662,618  1912. 5,763,696 5,875,968 6,569,687 266,625 1,429,357 6,191,646 6,285,153 6,576,591 5,876,496 6,665,321 6,165,536 5,944,502  1911. 5,904,117 5,070,948 5,936,894 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  Total tons.66,122,062 68,342,601 69,069,628 63,610,578 69,954,299 64,905.786  We also add the following to indicate the shipments by the different anthracite carriers: -------- 1915-------- ----------- 1914-------- —----- 1913-------- -------- 1912--------Tons. % Tons. % Tons. % Tons. % Reading...11,488,444 17.37 11,998,779 17.56 12,914,887 18.70 12,852,386 20.20 Lehigh Vail 12,932,526 19.56 13,136,759 19.22 13,011,370 18.84 11,791,601 18.54 Del.S.&S.f Cen. of N.J. 8,017,816 12.13 8,924,936 13.06 9,092,433 13.16 8,342,477 13.12 D.L.&W. 9,579,053 14.49 9,912,578 14.50 9,903,541 14.34 9,065,622 14.25 Del. & Hud 8,016,988 12.12 7,313,541 10.70 7,094,258 10.27 6,361,238 10.00 Penn. RE- 6,124,596 9.26 6,434,937 9.42 6,351,756 9.20 5,548,193 8,72 Penn. Coal] Erie____ 7,874,062 11.91 8,288,585 12.10 8,192,352 11.86 7,435,679 11.69 N Y S &W N.Y.O.&W. 2,088,577 3.16 2,352,486 3.44 2,509,031 3.63 2,213,382 3.48 Total ...66,122,062 100  68,342,601 100  69,069,628 100  63,610,578 100  THE COUNTRY’S PIG IRON PRODUCTION IN 1915. The official statistics of pig iron production, as compiled by the Bureau of Statistics of the American Iron and Steel Institute, confirm the figures given by private investigators and furnish eloquent tes­ timony to the noteworthy character of the year in the iron and steel trade. Whatever the future course of affairs, 1915 will always remain memorable for the record established in production and in prices. The results in that respect are the more significant by reason of the complete reversal of the situation which had existed in the iron and steel trade in 1914, the year 1915 having been one of striking contrasts in that respect as in others. In 1914 the demand for iron and steel in their various forms was at an extremely low ebb—in part because, as pointed out by us at that time, business enterprise was dead, in part because the railroads, ordinarily very large consumers, were in no condition either to purchase or to need extended supplies, and in part because of the previous year’s tariff changes. At the same time, and as a conse­ quence of the same causes, prices ruled exceedingly low, so that the year was a dismal one throughout. In 1915 war orders on a prodigious scale wrought a complete transformation in the situation and the outlook. These orders, as the year progressed, served to revive activity even in the lines of domestic trades not directly concerned in the execution of war contracts, and the latter part of 1915 a sudden revival of railroad traffic, which later developed into freight congestion, brought large orders for material and equipment even from the rail carriers, whose orders were now added to those which were being executed for the belligerent countries of Europe. That phenomenal buoyancy and advances in prices should have ensued in this state of things is not to be wondered at. Year— Year— Tons. Tons. The Iron and Steel Institute reports the make of 66,122,062 1894 ............................................... 41,391,200 1915____ .................................... 1914................ ....................... .. 68,342,601 1893................................................... 43.089,536 iron for the calendar year 1915 29,916,213 tons, 1913_______________________ 69,069,628 1892......... .................................... 41,893,320 1912............................................. 63,610,578 1891............................................... 40,448,336 which compares with an output of only 23,332,244 1911.............................................. 69,954,299 1890................ .............................. 35,855.174 1910.............................................. 64,905,786 1889............................................... 35,407,710 tons in the calendar year 1914, but falls a million 1909.............................................. 61,969,885 1888.............................................. 38,145.718 1908.............................................. 64,665,014 1887............................................... 34,641,017 tons below the record output of 1913, which was 1907.............................................. 67,109,393 1886.............................................. 32,136,362 1906............................................. 55,698.595 1885.............................................. 31,623,529 It must not be forgotten, however, 1905................................. ............ 61,410.201 1884.............................................. 30,718,293 30,966,152 tons. 1904.............................................. 57,492,522 1883......... ..................................... 31,793.027 that the activity was progressive throughout the 1903............................................. 59,362,831 1882............................................. 29.120,096 1902........................................... 31,200,890 1881.............................................. 28,500,017 1901.............................................. 53,568,604 1880.............................................. 23.437,242 year and that in the last six months the make of iron 1900.............................................. 45,107,486 1879............................................... 26,142,689 1899.............................................. 47,665,203 1878.............................................. 17,605,262 exceeded that of the first six months by nearly 5T£ 1898.................. ............................ 41,899,751 1877............................................... 20.82S.179 1897.............................................. 41,637,866 1876............................................... 18.501.011 million tons, the product for the first half of 1915 1896.............................................. 43,177,483 1875............................................. 19,712,472 1895.............................................. 46,511,477 1874.............................................. 20.145.121 having been 12,233,791 tons and for the second half The monthly record of the shipments, covering the 17,682,422 tons. This latter, it will be seen, was last six years, is shown in the following: thus at the rate of over thirty-five million tons a   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  CROP AND OTHER PRODUCTIONS. year. Moreover, if we take the monthly figures, as compiled by the “Iron Age” of this city, we find that almost without exception each month showed an increase on its predecessor and that the product for December reached 3,203,322 tons, which was at the rate of 39 million tons a year, as against only 1,515,752 tons in December 1914, or at the rate of but 18 million tons a year. We may note, too, that the United States Steel Corporation on Decem­ ber 31 1915 had unfilled orders for iron and steel on the books of its subsidiary corporations aggre­ gating 7,806,220 tens, against only 3,836,643 tons Dec. 31 1914. The half-yearly record of production, according to the official records, is as follows back to 1900. PRODUCTION OF PIG IRON Gross Tons. 1900—1st half.................. .......... 7,642,569 2d hall.................. ......... 6,146,673 1901—1st half .... . 7,674,613 2d half.................. ____ 8^203^741 1902—1st half.................. ......... 8,808,574 2d half......... ........ ......... 9.012,733 1903—1st half_________ ____ 9,707,367 2d half............... ____ 8,301,83d 1904—1st half.................. ......... 8,173,438 2d half................ ......... 8,323,598 1905—1st half.................. ......... 11,163,175 2d half.............. ......... 11,829,205 1906—1st half 12 582 260 2d half_________ ..........12,724,941 1907—1st half.................. ......... 13,478,044 2d half.................. ......... 12,303,317  IN HALF-YEARLY PERIODS. Gross Tons 1908—1st half.............. ..............6,918,004 2d half.............. ......... .. 9,018,014 1900u—1st. half,.............. _______11,022,346 2d half.............. .............. 14,773,125 1910—1st half.............. .............14,978.738 2d half.............. .............. 12,324.829 1911—1st halt_______ .............. 11 66P.996 2d half.............. ..............11,982,551 1912—1st half.............. _______14,072.274 2d half_______ _______15,654,663 1913—1st half_______ _______16,488,602 2d half.............. _______ 14,477,550 1914—ist half 12,536.094 2d half......... .. _______10.7hfi.l60 1915—1st half_______ _______ 12.233,791 2d half_______ _______ 17,682,422  We insert a second table to indicate the production of pig iron by grades for the period from 1900 to 1915. PRODUCTION OF PIG IRON BY GRADES. 1900 1915.  Years. 1900 ____ 1901 ___ 1902 ___ 1903.. .1904___ 1905- ... 1906- --. 1907.. .. 1908___ 1909- — . 1910 — — 1911____ 1912___ 1913— — 1914.. .. 1915____  Basic.  Bessemer.  Foundry.  Malleable. Forge.  1,072.376 1,448.850 2,038,590 2,040,726 2,483,104 4,105,179 5.018,674 5,375.219 , 4.010,144 8.250,225 9,084,608 8.520.020 11,417.886 12,536,693 9,670,687 13,093,214  7,979,327 9,596,793 10,393,168 9,989,908 9,098,659 12,407,116 13,840.518 13,231,620 7.216,976 10,557,370 11,245,642 9,409,303 11,664,015 11,590,113 7.859,127 10,523,306  3,376,445 3,548,718 3,851,276 4,409,023 3,827,229 4,758,038 4,773.011 5,151,209 3,637.622 5,322,415 5,260.447 4,468,940 5,073.873 5,220,343 4,533,254 4,864,348  173,413 793,092 256,532 639,454 311,458 833.093 473,781 783,016 263,529 550,836 635,236 727,817 699,701 597,420 920,290 683,167 414,957|457,164 658,048 725.624 843,123,564,157 612,5331408,841 825,643|469,183 993,736 324,407 671,771 361,651 829,921 316,214  All Total. Other. Gross Tons. 394.589 388,007 393,722 312,798 273,676 358,994 377,867 419,856 199,155 281,789 305.590 229,910 276,337 300,860 235,754 289,210  13,789.242 15,878.354 17,821,307 18,009,252 16,497,033 22,992,380 25,307.191 25,781,361 15,936.018 25,795,471 27.303,567 23,649,547 29,726,937 30,966,152 23.332,244 29,916,213  The part played by war orders in exciting activity is seen when we look at the volume of the exports. Turning for this purpose to the foreign trade statis­ tics, as compiled at Washington by the Bureau of Foreign and Domestic Exports, we observe striking results. Taking only the articles reported by weight it is found that the exports of iron and steel in 1915 reached no less than 3,532,342 tons, as against only 1,638,829 tons in 1914. W’e believe the 1915 figures have never been equaled. In some of the articles the increases have been phenomenal in extent; thus, the exports of wire (for use presumably in erecting barbed wire obstructions) aggregated no less than 1,060,837,124 pounds, as against only 405,146,289 pounds in 1914. Of rods the exports were 1,323,874,143 pounds, against 414,074,672 pounds. Of nails, the outward shipments were 265,107,474 pounds, against 111,202,766 pounds, of sheets 936,989,137 pounds, against 627,413,557 pounds. As illustrating the need of the cavalry branch of the military service, it is a fact of interest that the exports of horse shoes aggregated 35,534,062 pounds, against 13,223,439 pounds. Of steel billets the exports were 560,728 tons, against 50,496 tons, of rails 391,491 tons, against 174,680 tons, and of structural steel 232,937 tons, against 182,395 tons. In value our exports of iron and steel, and manu­ factures thereof, reached 8388,703,720, against 8199,861,684 in 1914 and 8293,934,160 in 1913. A summary of the imports and exports by weight for the last six years is furnished in the exhibit we now present.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  87  IMPORTS AND EXPORTS OF ALL KINDS OF IRON AND STEEL. 1915. 1914. 1913. 1912. 1911. 1910. Imports............... tons 282,433 289,775 317,260 225,072 256,903 487,967 Exports--.................. 3,532,342 1,638,829 2,745,635 2,947,551 2,187,811 1,537,942 Excess of exports.3,249,909 1,349,054 2,428,375 2,722,479 1,930,908 1,049,975  It is always interesting to have the figures of pig iron production by States. We accordingly present the following table. Very few of the States are able to show for 1915 totals equal to the maximum reached in 1913, but Michigan forms an exception to the rule, and reports for 1915 the largest quota on record. PRODUCTION OF PIG IRON BY STATES. Tons 2240 lbs.  1914.  1915.  1912.  1913.  1911.  1910.  1909.  Southe rn States. Tons. Tons. Tons. Tons. Tons. Tons. Tons. Ala— 2,049,453 1,826,929 2,057,911 1,862,681 1,712,211 1,939,147 1,763,617 293,642 444,976 256,167 391,134 251,346 271,228 341,815 Va... 324,648 397,569 333,845 Tenn. 177,729 216,738 280,541 338,238 291,472 228,282 ! 274,360 174,661 W Va. 1 95,202 100,509 315,731 1 68,760 86,371 Ky.i. ( 291,040 236,393 1,200 14,725 26,072 Ga... Texas 1 326,214 195,594 219,546 255,816 286,856 289,959 Md .. 251,548  Total. 3,021,116 2,746,882 3,285,957 3,019,752 2,974,191 3,397,801 3,116,177  Penna 12,790,668 Ohio . 6,912,962 N Y_. 12,104,780 N J.. / Illinois 2,447,220 Mlcha 1,986,778 Wise 6 372,966 271,921 Mo c Massd 7,802  9,733,369 12,954,936 12,552,131 9,807,07311,272,323 10,918,824 5,283,426 7,129,525 6,802,493 5,310,506 5,752,112 5,551,545 1,559,864 2,187,620 fl,939,231 1,562,756 1,938,407 1,733,675 294,474 1 36,876 40,663 264,781 1,847,451 2,927,832 2,887,359 2,108,002 2,675,646 2,467,156 964,289 1,557,355 1,775,883 1,770,628 1,163,932 1,250,103 329,526 367,326 303,370 276,807 307,200 348,177 395,968 428,612 382,766 267,777 324,263 397,731 6,594 9,649 16,582! 18,388 12,810 17,366  GrTot 29,916,213 23,332,244 30,966,152 29,726,937 23,649,547 27,303,567 25,795,471 a Including Indiana. 6 Including Minnesota, c Including Colorado, Washing­ ton and California, d Including Connecticut, x Including Mississippi.  As regards the changes in prices the record of the previous year is precisely reversed. In 1914 the trend was strongly downward and the lowest quota­ tions were all made the latter part of the year. In 1915, on the other hand, the end of the year reveals the highest and best prices. And the ad­ vances have been of extraordinary extent. This remains true, even though since the close of the year there have been further advances to still higher levels. Steel billets, which January 1 were quoted at only 819 a ton, sold December 31 at 832 a ton. In finished steel the advances have been yet more striking. Steel bars at Pittsburgh during the year advancedfrom 1.05 to 2.0 cents, tank plates at Pitts­ burgh from 1.05 cents to 2.25 cents, steel beams from 1.05 cents to 1.90 cents and galvanized sheets from 2.75 cents to 4.75 cents. In the following table we show the prices for a few grades of iron and steel at the opening and the closing of 1914, with the low and high points for the twelve months and the dates when reached. A much more elaborate compila­ tion showing the fluctuations in all grades of iron and steel for each week of the last two years will be found on the pages immediat3ly succeeding.  S Old Iron T railsa 13 00 No.2fdy.p.lrona 14 25 Basic, pig Iron .a 13 50 Gray forge pig Iron_______ 6 13 45 Bess, pig Iron.6 14 70 Steel billets at mills_______ b\ 19 00 1 05 Steel bars___ 6 Tank plates__ 6i 1 05 Beams, &c___ 6 1 05 Galvanlz. sheets No. 28____ b 2 75 Wire nails b 1 50 a At Philadelphia. 6  Price -Dec. 31 ! 1915.  RANGE FOR YEAR 1915.  Price Jan. 1 1915.  High.  Low.  $ $ $ 13 00 Jan. 1 to Apr. 14 19 50 Dec. 22 to Dec. 31 19 50 14 25 Jan. 1 to July 21 19 50 Dec. 15 to Dec. 31 19 50 13 25 Apr. 14 to June 2 18 50 Dec. 22 to Dec. 31 18 50  13 35 June 16 to June 30 18 20 Dec. 29 to Dec. 31 18 20 14 55 Jan. 13 to May 1920 45 Dec. 29 to Dec. 31 20 45 19 1 1 1  00 10 10 10  Jan. Jan. Jan. Jan.  1 1 1 1  to to to to  Jan. Feb. Mar. Feb.  13 32 24 2 31 2 24 1  00 00 25 90  Dec. Dec. Dec. Dec.  22 22 22 22  to to to to  Dec. Dec. Dec. Dec.  31 32 00 31! 2 00 31 2 25 31; 1 90  2 75 Jan. 1 to Jan. 20 5 00 June 17 to June 23 1 50 Jan. 1 to Jan. 6 2 10 Dec. 22 to Dec. 31! At Pittsburgh.  4 75 2 10  We add one other table to complete our review, namely a comparison of the yearly averages for a series of years. Here, however, the high level of values reached at the end of 1915 is in great meas­ ure hidden. AVERAGE YEARLY PRICES OF IRON AND STEEL. 1908 TO 1915. 1915. 1914. 1913. 1912. 1911. 1910. 1909. 1908 Articles— S $ $ « S t $ $ Old Iron T rails at PhSbi___ to .15.53 14.53 17.54 16.74 16.90 19 09 19.42 18.60 No. 2 anth. fdy. pig at fhOa ' 15.26 14.74 16.47 16.56 15.71 17.36 17.80 17.70 Gray forge pig iron. Lake ore, at Pittsburgh___________ ‘ 14.25 13.60 15.23 14.54 13.96 15.24 15 55 15.23 Bessemer p Ig Iron at Pittsb — ‘ 15.78 14.90 17.10 15.94 15.71 17.19 17.41 17.07 Steel rails at mills la Penn.. • 28.00 28.00 28.00 28.00 28.00 28.00 28.00 28.00 Steel billets at mills at Pittsb. * 22.44 20.08 25.74 22.38 21.46 25 38 24 61 26.31 Best refined bar Iron from 1.37 1.18 1.48 1.76 1.64 1.85 1.75 1.70  CROP AND OTHER PRODUCTIONS  88  WEEKLY RECORD OF IRON AND STEEL PRICES FOR 1914 AND 1915. [Complied from quotations given each week by “The Iron Age” of New York.]  a,  8 g §  © S  IS  N  1915. Jan.— 6— 13... 20... 27— Feb — 3... 10— 17.._ 24... Mar.— 3... 10... 17... 24... 31 — Apr.— 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.— I... 8— 15... 22... 29... Oct.— 6— 13. __ 20... 27— Nov.— 3. . 10... 17... 24... Dec.— 1... 8... 15... 22... 29...  8  §  1914.  Jan.— 1... 7... 14.__ 21... 28... Feb.— 4... 11... 18 — 25— Mar.— 4... 11... 18—. 25... Apr.— 1— 8... 15— 22... 29.. . Afay— 6— 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—  £ Q ©» S f e  Cl  ei  5?  §  ci 8  £  *5 ©» s -©  *5 ©» K 3 «O  s  §  s  ©  *. S© 3  ~r©  © & £  £ ©> jl  g  ci © r  FINISHED IRON AND STEEL—PER POUND TO LARGE BUYERS.  STEEL BILLETS, &C.— PER GROSS TON.  PIG IRON—PER GROSS TON. ©  £*. <» c ft  p  s8  b5 cq  oq  © © s. •  §  3  §  ’§ ©’  ««'  ©>  £ £  *©» ii  K. £  ?a> 5 6  © © ©-©  1^  eq  ©  ©  £  R. ©  $ 21.50 21.50 21.50 21.50 22.40  *©  p  §5 fc.  8® oq  © ©»  £  55  $2  CQ  S  'S .  © • © ©> s CQ,©  S ©  r  S  © ©» © &3 cb-©  § s  eq S  F •4  eo © K ©>  ► ©> co *U3  s’g  is  »S  oq  oq  cts.  Cts.  1.31 1.36 1.36 1.36 1.36  1.20 1.20 1.20 1.20 1.20  1.30 1.30 1.30 1.30 1.30  1.35 1.35 1.35 1.35 1.30  piS r  cts. cts. cts. cts.  cts. cts. cts.  25.00 25.00 25.50 25.50 25.50  1.25 1.25 1.25 1.25 1.25  cZs. 1.225 1.35 1.10 1.20 1.20 1.35 1.10 1.20 1.20 1.35 1.125 1.20 1.20 1.35 1.10 1.20 1.225 1.35 1.10 1.20  1.36 1.36 1.36 1.36 1.36  1.20 1.20 1.20 1.20 1.20  1.36 1.36 1.36 1.36 1.36  CIS. 1.20 1.20 1.20 1.20 1.20  22.40 22.40 23.40 23.40  26.00 26.50 26.50 26.50  1.25 1.25 1.25 1.25  1.225 1.25 1.275 1.275  1.35 1.40 1.40 1.40  1.10 1.125 1.125 1.125  1.20 1.20 1.20 1.20  1.36 1.36 1.36 1.36  1.20 1.20 1.20 1.20  1.36 1.36 1.36 1.36  1.20 1.20 1.20 1.20  1.36 1.36 1.36 1.36  1.20 1.25 1.25 1.25  1.30 1.35 1.35 1.35  1.30 1.30 1.30 1.30  25.00 25.00 25.00 25.00  23.40 23.40 23.40 23.40  26.50 26.50 •26.50 26.50  1.25 1.25 1.25 1.25  1.275 1.25 1.25 1.225  1.40 1.40 1.35 1.35  1.125 1.15 1.15 1.15  1.20 1.20 1.20 1.20  1.36 1.36 1.36 1.36  1.20 1.20 1.15 1.15  1.36 1.36 1.31 1.31  1.20 1.20 1.20 1.15  1.36 1.36 1.31 1.31  1.25 1.20 1.20 1.20  1.35 1.25 1.25 1.25  1.30 1.30 1.30 1.25  22.00 22.00 22.00 22.00 21.00  25.00 25.00 25.00 25.00 25.00  23.40 23.40 23.40 23.40 22.40  26.00 26.00 26.00 26.00 26.00  1.25 1.25 1.25 1.25 1.25  1.225 1.225 1.225 1.20 1.20  1.35 1.30 1.30 1.30 1.30  1.175 1.15 1.125 1.125 1.10  1.15 1.15 1.15 1.15 1.15  1.31 1.31 1.31 1.31 1.31  1.15 1.15 1.15 1.15 1.15  1.31 1.31 1.31 1.31 1.31  1.15 1.15 1.15 1.15 1.15  1.31 1.31 1.31 1.31 1.31  1.20 1.20 1.20 1.20 1.20  1.25 1.25 1.25 1.25 1.25  1.25 1.25 1.25 1.25 1.25  20.00 20.00 20.00 20.00  21.00 21.00 21.00 21.00  25.00 25.00 25.00 25.00  22.40 22.40 22.40 22.40  26.00 26.00 25.50 24.50  1.25 1.25 1.25 1.25  1.20 1.20 1.20 1.20  1.30 1.30 1.30 1.25  1.10 1.10 1.10 1.10  1.15 1.15 1.15 1.125  1.31 1.31 1.31 1.285  1.15 1.15 1.10 1.10  1.31 1.31 1.26 1.26  1.15 1.15 1.15 1.125  1.31 1.31 1.31 1.285  1.20 1.20 1.20 1.20  1.25 1.25 1.25 1.25  1.25 1.25 1.25 1.25  20.00 19.50 19.50 19.00  20.00 19.50 19.50 19.00  21.00 20.50 20.50 20.00  25.00 25.00 25.00 25.00  22.40 22.40 22.40 22.40  24.50 24.50 24.50 24.50  1.25 1.25 1.25 1.25  1.20 1.17 1.17 1.175  1.25 1.25 1.25 1.25  1.10 1.10 1.05 1.05  1.125 1.125 1.10 1.10  1.285 1.285 1.26 1.26  1.10 1.10 1.10 1.10  1.26 1.26 1.26 1.26  1.125 1.125 1.10 1.10  1.285 1.285 1.26 1.26  1.20 1.15 1.15 1.15  1.25 1.20 1.20 1.20  1.25 1.25 1.25 1.25  15.75 15.75 15.75 15.75 15.75  19.00 19.00 19.00 19.00 19.00  19.00 19.00 19.00 19.00 19.00  20.00 20.00 20.00 19.50 19.50  25.00 25.00 25.00 25.00 25.00  21.90 21.90 21.90 21.90 21.90  1.25 1.25 1.25 1.25 1.25  1.175 1.175 1.175 1.175 1.175  1.25 1.25 1.25 1.25 1.15  1.00 1.00 1.05 1.05 1.05  1.10 1.10 1.10 1.15 1.15  1.26 1.26 1.26 1.26 1.31  1.10 1.10 1.10 1.10 1.10  1.26 1.26 1.26 1.26 1.26  1.10 1.10 1.10 1.15 1.15  1.26 1.26 1.26 1.26 1.28  1.15 1.15 1.15 1.15 1.15  1.20 1.20 1.20 1.20 1.20  1.25 1.25 1.25 1.20 1.20  13.65 13.65 13.65 13.65  15.75 15.75 15.75 15.75  19.50 20.00 20.50 21.00  19.50 20.00 20.50 21.00  20.50 21.00 21.50 22.00  25.00 25.00 26.00 26.00  21.90 22.40 23.40 23.40  24.50 24.50 24.50 24.50 24.50 • 24.50 24.50 25.00 26.00  1.25 1.25 1.25 1.25  1.175 1.175 1.175 1.175  1.15 1.15 1.20 1.20  1.075 1.075 1.075 1.075  1.15 1.20 1.20 1.20  1.31 1.36 1.36 1.36  1.10 1.20 1.20 1.20  1.26 1.36 1.36 1.36  1.15 1.20 1.20 1.20  1.26 1.36 1.36 1.36  1.15 1.15 1.20 1.20  1.20 1.20 1.25 1.25  1.20 1.25 1.30 1.30  13.50 13.25 13.25 13.25 13.00  13.65 13.65 13.65 13.65 13.65  15.75 15.75 15.75 15.75 15.75  21.00 21.00 21.00 21.00 21.00 21.00 21.00 ,21.00 21.00 21.00  22.00 22.00 22.00 22.00 22.00  26.00 26.00 26.00 26.00 26.00  23.40 23.40 23.40 23.40 23.40  26.50 26.50 26.00 26.00 26.00  1.25 1.25 1.25 1.25 1.25  1.15 1.15 1.12 1’12 1.12  1.20 1.20 1.20 1.15 1.15  1.075 1.075 1.075 1.05 1.05  1.20 1.20 1.20 1.20 1.20  1.36 1.36 1.36 1.36 1.36  1.20 1.20 1.20 1.20 1.20  1.36 1.36 1.36 1.36 1.31  1.20 1.20 1.20 1.20 1.20  1.36 1.36 1.36 1.36 1.36  1.20 1.20 1.20 1.20 1.15  1.25 1.25 1.25 1.25 1.20  1.30 1.30 1.30 1.30 1.30  14.90 14.90 14.90 14.65  13.00 13.00 13.00 13.00  13.65 13.65 13.40 13.40  15.75 15.75 15.75 15.75  20.50 20.00 20.00 19.50  20.50 ,21.50 20.00 20.50 20.00 20.50 19.50 20.00  26.00 25.00 25.00 25.00  23.40 22.90 22.40 22.40  26.00 26.00 26.00 25.50  1.25 1.25 1.25 1.25  1.12 1.12 1.12 1.12  1.15 1.15 1.15 1.15  1.00 1.00 1.00 0.975  1.15 1.15 1.15 1.15  1.31 1.31 1.31 1.31  1.15 1.15 1.15 1.10  1.31 1.31 1.31 1.26  1.15 1.15 1.15 1.15  1.31 1.31 1.31 1.31  1.15 1.15 1.15 1.15  1.20 1.20 1.20 1.20  1.25 1.25 1.25 1.25  12.50 12.50 12.50 12.40  14.55 14.55 14.55 14.70  13.00 13.00 12.75 12.75  13.40 13.40 13.40 13.40  15.75 15.75 15.75 15.75  19.50 19.50 19.00 19.00  19.50 19.50 19.00 19.00  20.00 20.00 20.00 20.00  25.00 24.00 24.00 24.00  21.40 21.40 21.40 21.40  25.50 25.50 25.00 25.00  1.25 1.25 1.25 1.25  1.12 1.12 1.12 1.12  1.15 1.15 1.15 1.15  0.975 0.95 0.95 0.95  1.10 1.10 1.10 1.10  1.26 1.31 1.26 1.26  1.10 1.10 1.05 1.05  1.26 1.26 1.26 1.26  1.10 1.10 1.10 1.10  1.26 1.26 1.26 1.26  1.10 1.10 1.10 1.10  1.15 1.15 1.15 1.15  1.25 1.25 1.25 1.25  13.50 13.50 13.50 13.50 13.50  12.50 12.50 12.50 12.50 12.50  14.70 14.70 14.70 12.70 14.70  13.00 13.00 13.00 12.75 12.75  13.40 13.40 13.40 13.40 13.45  15.75 15.75 15.75 15.75 15.75  19.00 19.00 19.00 19.00 19.00  19.00 19.00 19.00 19.00 19.00  20.00 19.50 20.00 20.00 20.00  24.00 24.00 24.00 24.00 24.00  21.40 21.40 21.40 21.40 21.40  25.00 25.00 25.00 25.00 25.00  1.25 1,25 1.25 1.25 1.25  1.12 1.17 1.17 1.175 1.175  1.15 1.15 1.15 1.15 1.15  0.90 0.90 0.95 0.95 0.95  1.10 1.10 1.05 1.05 1.05  1.26 1.26 1.21 1.21 1.21  1.05 1.05 1.05 1.05 1.05  1.26 1.26 1.21 1.21 1.21  1.10 1.10 1.05 1.05 1.05  1.26 1.26 1.21 1.21 1.21  1.10 1.10 1.10 1.10 1.10  1.15 1.15 1.15 1.15 1.15  1.25 1.25 1.20 1.20 1.20  13.0C 13.0C 13.00 13.00  13.50 13.50 13.50 13.50  12.50 12.50 12.50 12.50  14.70 14.55 14.55 14.55  13.00 13.00 13.00 13.00  13.45 13.45 13.45 13.45  15.75 15.75 15.75 15.75  19.00 19.00 19.50 19.50  19.00 19.00 19.50 19.50  20.00 20.00 20.50 20.50  24.00 24.00 24.00 24.00  21.40 21.40 21.40 21.40  25.00 25.00 25.00 25.00  1.25 1.25 1.25 1.25  1.175 1.175 1.175 1.20  1.15 1.15 1.15 1.10  0.975 0.975 0.975 1.00  1.10 1.10 1.10 1.10  1.26 1.26 1.26 1.26  1.10 1.10 1.10 1.10  1.26 1.26 1.26 1.26  1.10 1.10 1.10 1.10  1.26 1.26 1.26 1.26  1.10 1.10 1.10 1.10  1.15 1.15 1.15 1.15  1.20 1.20 1.20 1.20  9.50 9.50 9.50 9.50  13.00 13.00 13.00 13.00  13.50 13.50 13.50 13.50  12.50 12.50 12.50 12.50  14.55 14.55 14.55 14.55  13.00 13.00 13.00 13.00  13.45 13.45 13.45 13.45  15.75 15.75 15.75 15.75  19.50 19.50 19.50 19.50  19.50 19.50 19.50 19.50  20.50 20.50 20.50 20.50  24.00 24.00 24.00 24.00  21.40 21.40 21.40 21.52  25.00 25.00 25.00 25.00  1.25 1.25 1.25 1.25  1.20 1.20 1.20 1.20  1.10 1.10 1.10 1.10  1.00 1.025 1.075 1.10  1.10 1.10 1.10 1.10  1.26 1.26 1.26 1.269  1.10 1.10 1.10 1.10  1.26 1.26 1.26 1.269  1.10 1.10 1.10 1.10  1.26 1.26 1.26 1.269  1.10 1.10 1.10 1.10  1.15 1.15 1.15 1.15  1.20 1.20 1.20 1.25  12.40 12.40 12.15 12.15 12.15  9.50 9.50 9.25 9.25 9.25  13.00 12.75 13.00 13.0C 13.00  13.50 13.50 13.50 13.50 13.50  12.50 12.50 12.50 12.50 12.50  14.55 14.55 14.55 14.55 14.55  13.00 13.00 13.00 13.00 13.00  13.45 13.45 13.45 13.45 13.45  15.75 15.75 15.75 15.75 15.75  19.50 19.50 19.50 20.00 20.00  19.50 19.50 19.50 20.00 20.00  20.50 20.50 20.50 21.00 21.00  24.00 24.00 24.00 25.00 25.00  21.52 21.52 21.52 21.52 21.52  25.00 25.00 25.00 25.00 25.00  1.25 1.25 1.25 1.25 1.25  1.15 1.15 1.15 1.15 1.15  1.10 1.10 1.10 1.10 1.10  1.10 1.10 1.10 1.125 1.125  1.15 1.15 1.15 1.15 1.15  1.319 1.319 1.319 1.319 1.319  1.10 1.10 1.10 1.10 1.10  1.269 1.269 1.269 1.269 1.269  1.15 1.15 1.15 1.15 1.15  1.319 1.319 1.269 1.269 1.269  1.10 1.10 1.10 1.10 1.125  1.15 1.15 1.15 1.15 1.175  1.25 1.25 1.25 1.25 1.25  12.75 12.75 12.75 12.75  12.15 12.40 12.40 12.40  9.25 9.50 9.50 9.50  13.0C 13.00 13.00 13.00  13.50 13.25 13.25 13.25  12.50 12.5C 12.5C 12.50  14.55 14.55 14.55 14.55  13.00 13.00 13.00 13.00  13.45 13.45 13.45 13.45  15.75 15.75 15.75 15.75  20.00 20.00 20.00 20.00  20.00 20.00 20.00 20.00  21.00 21.00 21.00 21.00  25.00 25.00 25.00 25.00  21.52 21.52 22.02 22.02  25.00 25.00 25.00 25.00  1.25 1.25 1.25 1.25  1.15 1.15 1.15 1.15  1.20 1.20 1.20 1.20  1.15 1.15 1.15 1.15  1.20 1.20 1.20 1.20  1.319 1.369 1.369 1.369  1.15 1.15 1.15 1.15  1.269 1.319 1.319 1.319  1.20 1.20 1.20 1.20  1.269 1.369 1.369 1.369  1.125 1.125 1.125 1.125  1.175 1.175 1.175 1.175  1.25 1.25 1.25 1.25  14.25 14.25 14.25 14.25  12.75 12.75, 12.75 12.75  12.40 12.4C 12.4C 12.40  9.50 9.5C 9.5C 9.50  13.00 13.00 13.0C 13.00  13.25 13.25 13.25' 13.25  12.50 12.5C 12.50 12.50  14.55 14.55 14.55 14.70  13.00 13.00 13.00 13.00  13.45 13.45 13.45 13.45  15.75 15.75 15.75 15.75  20.00 20.00 20.00 20.00  20.00 20.00 20.00 20.00  21.00 21.00 21.00 21.00  25.00 26.00 26.00 26.00  22.02 22.02 22.02 22.02  25.00 25.00 25.00 25.00  1.25 1.25 1.25 1.25  1.175 1.175 1.175 1.175  1.20 1.20 1.20 1.20  1.15 1.15 1.15 1.15  1.20 1.20 1.20 1.20  1.369 1.369 1.369 1.369  1.15 1.15 1.15 1.15  1.319 1.319 1.319 1.319  1.20 1.20 1.20 1.20  1.369 1.369 1.369 1.369  1.125 1.125 1.15 1.15  1.175 1.175 1.20 1.20  1.25 1.25 1.25 1.25  14.25 14.25 14.25 14.25 14.25  12.75 12.75! 12.75 12.50, 12.50  12.4C 12.4C 12.4C 12.65 12.65  9.5C 9.5C 9.5C 9.75 9.75  13.0C 13.00 13.0C 13.00 13.00  13.25 13.50 13.50 13.75 13.75  12.50 12.50 12.65 12.65 12.65  14.70 14.70 14.70 14.70 14.70  13.00 13.00 13.00 13.00 13.00  13.45 13.45 13.35 13.35 13.35  15.75 15.75 15.75 15.75 15.75  20.00 20.00 20.50 21.00 21.00  20.00 20.00 20.50 21.00 21.00  21.00 21.00 21.50 22.00 22.00  23.00 26.00 26.00 27.00 27.00  22.02 22.02 22.02 22.02 22.02  25.00 25.00 25.00 25.00 25.00  1.25 1.25 1.25 1.25 1.25  1.175 1.175 1.175 1.225 1.225  1.25 1.25 1.25 1.25 1.25  1.20 1.20 1.20 1.20 1.20  1.20 1.20 1.20 1.20 1.25  1.369 1.369 1.369 1.369 1.419  1.15 1.15 1.15 1.15 1.20  1.319 1.319 1.319 1.319 1.369  1.20 1.20 1.20 1.20 1.20  1.369 1.369 1.369 1.369 1.369  1.15 1.15 1.15 1.15 1.15  1.20 1.20 1.20 1.20 1.20  1.25 1.30 1.30 1.30 1.30  14.25 14.25 14.25 14.50  12.75 12.75 12.75 12.75  12.65 9.75 12.65 9.75 12.65 9.75 12.90 10.00  13.00 13.00 13.00 13.00  13.75 14.00 14.00 14.00  12.65 13.00 13.00 13.00  14.70 14.95 14.95 15.20  13.00 13.00 13.00 13.00  13.45 13.45 13.45 13.45  15.75 15.75 15.75 15.75  20.50 21.00 22.00 22.00  21.50 22.00 22.00 22.00  22.00 22.50 23.00 23.00  27.00 27.00 28.00 28.00  24.56 24.56 24.56 30.00  25.50 25.50 25.50 26.00  1.25 1.25 1.25 1.25  1.225 1.225 1.225 1.30  1.25 1.25 1.25 1.25  1.20 1.20 1.20 1.20  1.25 1.25 1.25 1.25  1.419 1.419 1.419 1.469  1.20 1.20 1.25 1.25  1.369 1.369 1.369 1.369  1.25 1.25 1.25 1.25  1.419 1.419 1.419 1.419  1.15’ 1.20 1.20 1.25 1.20 1.25 1.25 1.30  1.30 1.30 1.30 1.30  14.50 14.75 15.00 15.50  12.75 13.25 13.25 14.50  13.15 13.90 13.90 13.90  10.25 11.00 11.00 11.00  13.50 13.25 13.50 13.50  14.00 15.25 15.50 15.50  13.00 14.00 14.25 14.50  15.20 15.95 16.20 16.45  13.50 13.25 13.50 13.50  13.45 13.95 14.20 14.45  15.75 15.75 16.25 16.25  22.50 23.00 23.50 23.50  22.50 23.50 24.00 24.00  23.50 24.00 24.50 24.50  28.00 28.00 29.00 29.00  30.00 30.00 30.00 32.00  26.00 27.00 27.00 28.00  1.25 1.25 1.25 1.25  1.35 1.40 1.459 1.459  1.25 1.30 1.30 1.30  1.20 1.20 1.25 1.25  1.30 1.30 1.30 1.30  1.469 1.469 1.469 1.519  1.25 1.25 1.25 1.30  1.419 1.419 1.469 1.469  1.30 1.30 1.30 1.30  1.469 1.469 1.469 1.519  1.25 1.25 1.25 1.30  1.30 1.30 1.30 1.35  1.30 1.30 1.30 1.35  15.50 16.00 16.00 16.25 16.25  14.50 14.50 14.50 14.75 14.75  13.90 13.90 14.15 14.40 14.40  11.00 11.00 11.25 11.50 11.50  13.50 13.50 14.00 14.25 14.25  16.50 17.00 17.00 17.25 17.00  14.50 14.50 14.75 15.00 15.00  16.45 16.95 16.95 16.95 16.95  13.50 13.50 14.50 15.00 15.00  14.45 14.70 14.70 14.70 14.70  16.25 15.75 15.75 15.75 15.75  23.50 24.00 24.00 24.50 24.50  24.00 24.50 24.50 25.00 25.00  24.50 25.00 25.50 25.50 25.50  30.00 32.00 32.00 32.00 33.00  32.00 32.00 30.00 30.00 30.00  28.00 29.00 30.00 30.00 30.00  1.25 1.25 1.25 1.25 1.25  1.459 1.459 1.459 1.509 1.509  1.35 1.35 1.35 1.35 1.35  1.25 1.25 1.25 1.35 1.35  1.30 1.35 1.35 1.35 1.35  1.519 1.519 1.519 1.519 1.569  1.30 1.35 1.35 1.35 1.35  1.519 1.519 1.519 1.519 1.569  1.35 1.35 1.35 1.35 1.35  1.519 1.519 1.519 1.519 1.569  1.30 1.30 1.30 1.35 1.35  1.35 1.35 1.35 1.40 1.40  1.35 1.35 1.35 1.35 1.40  16.25 16.25 16.25 16.25  14.75 14.-75 15.00 15.00  14.40 14.40 14.90 15.40  11.50 11.50 12.00 12.50  14.25 14.25 14.75 15.25  17.00 17.00 17.00 17.00  15.00 15.00 15.00 15.00  16.95 16.95 16.95 16.95  15.00 15.00 15.50 15.50  14.70 14.70 14.70 14.70  15.75 15.75 15.75 15.75  24.50 24.50 24.50 25.00  25.00 25.00 25.00 26.00  25.50 25.50 25.50 27.00  33.00 34.00 34.50 40.00  30.00 30.00 32.00 32.00  31.00 31.00 32.00 33.00  1.25 1.25 1.25 1.25  1.509 1.559 1.559 1.559  1.40 1.40 1.40 1.45  1.35 1.35 1.35 1.45  1.40 1.40 1.45 1.50  1.569 1.569 1.619 1.669  1.40 1.40 1.45 1.50  1.569 1.569 1.619 1.669  1.40 1.40 1.45 1.50  1.569 1.569 1.619 1.669  1.40 1.40 1.40 1.45  1.45 1.45 1.45 1.50  1.40 1.50 1.50 1.75  16.75 16.75 17.25 17.75  15.00 15.25 15.75 16.00  15.90 15.90 16.40 16.40  13.00 13.00 13.50 13.50  16.50 17.00 17.50 17.50  17.00 17.00 17.50 17.50  15.50 15.50 16.00 16.00  16.95 17.45 17.70 17.95  16.50 17.00 17.50 17.50  15.20 15.45 15.95 16.45  16.75 16.75 17.25 17.25  25.00 26.00 27.00 28.00  26.00 27.00 27.00 29.00  27.00 28.00 28.00 29.00  42.00 45.00 48.0C 50.00  32.00 32.0C 34.0C 35.00  35.00 35.00 37.00 38.00  1.25 1.2b 1.25 1.25  1.659 1.709 1.759 1.859  1.50 1.50 1.60 1.65  1.45 1.45 1.50 1.60  1.50 1.60 1.70 1.70  1.669 1.769 1.869 1.869  1.50 1.60 1.70 1.90  1.769 1.769 1.869 2.169  1.50 1.60 1.60 1.70  1.669 1.669 1.769 1.869  1.45 1.60 1.60 1.70  1.50 1.70 1.70 1.80  1.75 1.75 1.75 1.75  18.25 18.25 19.50 19.50 19.50  17.00 17.50 18.00 18.50 18.50  16.90 16.90 16.90 17.40 17.40  14.00 14.00 14.00 14.50 14.50  18.00 18.00 18.00 18.00 18.50  17.75 18.00 18.00 18.50 18.50  16.50 17.50 17.50 18.00 18.00  18.95 19.45 19.45 19.95 20.45  18.00 18.00 18.00 18.50 18.50  16.95 17.95 17.95 18.10 18.20  17.75 17.75 19.25 19.25 19.25  29.00 30.00 30.00 32.00 32.00  30.00 31.00 31.00 33.00 33.00  30.00 31.0C 31.00 35.00 35.00:  52.00 52.00 52.00 52.00 55.00  36.00 36.00 36.0C 40.00 40.00  38.00 40.00 40.00 40.00 40.00  1.25 1.25 1.25 1.25 1.25  1.859 1.959 1.959 2.059 2.059  1.65 1.8C 1.8C 1.8C 1.801  1.60 1.60 1.75 1.75 1.75  1.70 1.869 1.70 1.869 1.80 1.969 2.00 I 2.169 2.00 2.169  1.90 1.9C 1.9C 2.25 2.25  2.169 2.16S 2.16S 2.41S 2.419  1.70 1.70 1.70 1.90 1.90  1.869 1.86$ 1.86$ 1 2.06$ 2.069 1  1.70 1.70 1.70 1.70 1.70  1.80 1.80 1.80 1.80 1.80 !  1.90 1.90 1.90 2.00 2.00  $ 15.00 14.85 14.50 14.50 14.75  $ 13.00 13.00 12.75 12.75 12.75  $ 13.75 14.00 14.00 13.75 13.75  $ 10.50 10.75 10.75 10.50 10.50  14.75 15.00 15.00 15.00  13.00 13.25 13.25 13.25  13.75 13.75 13.75 14.00  15.00 15.00 15.00 15.00  13.25 13.25 13.25 13.25  15.00 15.00 15.00 15.00 15.00  $  $  14.00 14.00 14.00 13.50 13.50  $ 14.00 14.00 14.00 14.00 14.00  $ 12.50 12.50 12.50 12.50 12.50  $ 15.15 15.15 14.90 14.90 14.90  $ 14.50 14.00 14.00 13.50 13.50  $ 13.90 13.90 13.65 13.40 13.40  $ 15.25 15.25 15.25 15.25 15.25  $ 20.00 20.00 20.00 20.00 20.50  $ 20.00 20.00 20.00 20.00 20.50  21.00 21.00 20.00 20.00 21.00  $ 24.00 24.00 24.00 24.00 24.00  10.50 10.50 10.50 10.75  14.00 13.75 14.00 14.25  14.00 14.00 14.25 14.25  13.00 13.25 13.25 13.25  14.90 15.15 15.15 15.15  14.00 13.75 14.00 14.00  13.65 13.65 13.65 13.65  15.25 15.25 15.25 15.25  21.00 21.00 21.00 21.00  21.00 21.00 21.00 21.00  22.00 22.00 22.00 22.00  25.00 25.00 25.00 25.00  14.00 14.00 14.00 14.00  10.75 10.75 10.75 10.75  14.25 14.25 14.25 14.25  14.50 14.00 14.00 14.25  13.00 13.00 13.00 13.00  15.15 15.15 15.15 14.90  14.25 14.25 14.25 14.25  13.65 13.65 13.65 13.65  15.25 15.25 15.25 15.25  21.00 21.00 21.00 21.00  21.00 21.00 21.00 21.00  22.00 22.00 22.00 22.00  13.25 13.25 13.25 13.25 13.00  13.75 13.75 13.75 13.75 13.75  10.50 10.50 10.50 10.50 10.50  14.25 14.25 14.25 14.25 14.25  14.25 14.25 14.25 14.25 14.25  13.00 13.00 13.00 13.00 13.00  14.90 14.90 14.90 14.90 14.90  14.25 14.25 14.25 14.25 14.25  13.65 13.65 13.65 13.65 13.65  15.25 15.25 15.25 15.75 15.75  21.00 21.00 21.00 21.00 20.00  21.00 21.00 21.00 21.00 20.00  15.00 14.75 14.75 14.75  13.00 13.00 13.00 13.00  13.75 13.75 13.75 13.75  10.50 10.50 10.50 10.50  14.25 14.00 14.00 14.00  14.25 14.00 14.00 14.00  13.00 13.00 13.00 13.00  14.90 14.90 14.90 14.90  14.25 14.00 14.00 14.00  13.65 13.65 13.65 13.65  15.75 15.75 15.75 15.75  20.00 20.00 20.00 20.00  14.75 14.75 14.75 14.75  13.00 13.00 13.00 13.00  13.75 13.75 13.50 13.50  10.50 10.50 10.25 10.25  14.00 13.50 13.50 13.75  14.00 14.00 14.00 14.00  13.00 13.00 13.00 13.00  14.90 14.90 14.90 14.90  14.00 13.75 13.75 14.00  13.65 13.65 13.65 13.65  15.75 15.75 15.75 15.75  14.75 14.75 14.75 14.75 14.75  13.00 13.00 13.00 13.00 13.00  13.50 13.25 13.25 13.25 13.25  10.25 10.00 10.00 10.00 10.00  13.75 13.75 13.75 13.75 13.75  14.00 14.00 14.00 14.00 14.00  13.00 13.00 13.00 13.00 13.00  14.90 14.90 14.90 14.90 14.90  14.00 14.00 14.00 14.90 14.00  13.65 13.65 13.65 13.65 13.65  14.75 14.75 14.75 14.75  13.00 13.00 13.00 13.00  13.25 13.25 13.25 13.25  10.00 10.00 10.00 10.00  13.75 13.75 13.75 13.50  14.00 14.00 14.00 14.00  13.00 13.00 13.00 13.00  14.90 14.90 14.90 14.90  14.00 14.00 14.00 14.00  14.75 14.75 14.75 14.75 14.75  13.00 13.00 13.00 13.00 13.00  13.25 13.25 13.25 13.25 13.25  10.00 10.00 10.00 10.00 10.00  13.5C 13.50 13.25 13.00 13.00  14.00 14.00 14.00 14.00 14.00  13.00 13.00 13.00 13.00 13.00  14.90 14.90 14.90 14.90 14.90  14.75 14.75 14.50 14.50  13.00 13.00 12.75 12.75  12.90 12.90 12.90 12.90  10.00 10.00 10.00 10.00  13.00 13.00 13.00 12.75  14.00 14.00 14.00 14.00  13.00 13.00 12.75 12.50  14.50 14.50 14.50 14.50  12.75 12.75 12.75 12.75  12.90 12.90 12.90 12.90  10.00 10.00 10.00 10.00  12.75 12.50 12.50 12.50  14.00 14.00 14.00 14.00  14.25 14.25 14.25 14.25 14.25  12.75 12.75 12.75 12.75 13.00  12.65 12.65 12.40 12.40 12.40  9.75 9.75 9.50 9.50 9.50  13.00 13.00 13.00 12.75 12.75  14.25 14.25 14.25 14.25  13.00 13.0C 13.00 13.00  12.40 12.40 12.40 12.40  9.50 9.50 9.50 9.50  14.25 14.25 14.25 14.25  13.00 13.00 13.00 13.00  12.40 12.40 12.40 12.40  14.25 14.25 14.25 14.25 14.25  13.00 13.00 13.00 13.00 12.75  14.25 14.25 14.25 14.25  $  * The average switching charge for delivery to foundries In the Chicago district Is 50 cents per ton.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  cts. cts.  CROP AND OTHER PRODUCTIONS  89  WEEKLY RECORD OF IRON AND STEEL PRICES FOR 1914 AND 1915. [Compiled from quotations given each week hy “The Iron Age” of New .York.]  11.5C 11.5C 11.5C 11.5C  11.25 11.25 11.25 11.00  11.50 11.50 11.50 11.50  10.50 10.50 10.50 10.50  9.50 9.75 9.75 9.75  11.50 11.50 11.50 11.50  12.00 12.00 12.00 12.00  12.25 12.25 12.25 12.00 12.00  15.00! 15.00 15.00 14.00; 14.001  11.25 11.25 11.25 11.25 11.25  11.00 11.00 11.00 11.00 11.00  11.50 11.50 11.50 11.50 11.50  10.50 10.50 10.25 10.25 10.00  9.75 9.75 9.75 9.75 9.75  11.50 11.50 11.50 11.50 11.50  12.00 12.00 12.00 12.00  14.00 14.00! 14.00, 14.00  11.25 11.25 11.25 11.25  11.00 11.00 11.50 11.50  11.50 11.50 11.25 11.25  9.75 10.00 10.50 10.50  9.75 9.75 9.75 9.50  11.50 11.50 11.50 11.50  12.00 12.00 12.00 12.00 11.25  14.00 14.00, 14.00 14.00! 14.00  11.25 11.25 11.00 10.75 10.75  11.50 11.25 11.50 11.25 11.00 11.25 11.00 11.00 11.00 11.00  10.50 11.00 10.75 10.50 10.50  11.25 11.25 11.00 11.00  14.00 14.0C 13.OC 13.00  10.75 10.75 10.50 10.50  10.50 10.5C 9.50 9.50  11.00 11.00 10.75 10.50  11.00 11.00 11.00 11.00  13.00 13.00 13.00 13.00  10.50 9.75 9.50 9.50  9.50 10.00 9.5C 10.00 9.50 10.00 9.50 10.00  11.00 11.00 11.00 11.00 11.25  13.00 13.00 13.00 13.00 13.00  1915. Jan.— 6... 13... 20... 27... Feb. 3... 10... 17— 24... Mar.— 3... 10... 17... 24... 31... Apr.— 7... 14.__ 21... 28... Mag— 5... 12... 19... 26... June— 2... 9... 16.__ 23... 30. .. July— 7... 14.__ 21... 28... Aug.— 4... 11... 18... 25... Sept.— I... 8... 15...  22... 29... Oct.— 6... 13... 20... 27... Nov.— 3... 10... 17... 24... Dec.— 1... 8... 15... 22... 29...  1 Cast, Pit tsb urg h.  N o.  Car Wh eels,  Chica go.  Ir on Ra ils ,  Car Wh eels, Chic ago.  9.50 9.50 9.50 10.00 9.50 10.00 9.75 10.25 9.75 10.50  1.85 1.85 1.85 1.85 1.85  10.75 11.25 10.75 10.75  1.95 1.95 1.95 1.95  2.95 2.95 2.95 2.95  1.60 1.60 1.60 1.60  1.6C 1.6C 1.6C 1.65  1.4C 1.4C 1.4C 1.4C  2.00 2.00 2.00 2.00  1.85 1.85 1.85 1.85  2.0C 2.0C 2.0C 2.0C  2.50 2.50 2.50 2.50  2.60 2.75 2.75 2.75  15.00 15.00 15.00 15.00  14.75 14.70 14.625 14.50  5.25 5.30 5.25 5.20  5.40 5.45 5.40 5.35  4.05 4.05 3.87 3.87!  4.15 4.15 4.00 4.00  40.87! 41.00 39.25 38.12E  7.00 7.00 7.00 7.00  3.25 3.30 3.30 3.30  13.00 13.0C 13.00 13.00  10.50 10.50 10.25 10.25  1.95 1.95 1.95 1.95  2.95 2.95 2.95 2.95  1.60 1.60 1.60 1.6C  1.6E 1.65 1.65 1.6E  2.00 2.00 2.00 2.00  1.85 2.00 1.90 1.85  2.0C 2.0C 2.0C 2.0C  2.50 2.50 2.40 2.40  2.75 2.75 2.65 2.65  15.00 14.75 14.75 14.875  14.376 14.25 14.25 14.50  5.15 5.15 5.15 5.12!  5.30 5.30 5.30 5.27  3.87! 4.00 3.90 4.00 3.90 4.00 3.87! 4.00  37.90 38.12E 38.40 38.50  7.00 6.90 6.75 6.75  3.30 3.30 3.30 3.30  13.00 13.00 13.00 13.00 13.00 12.50  10.25 10.25 10.25 10.25 10.25  1.95 2.95 1.95 2.95 1.90 2.90 1.90 2.90 1.90 2.85  1.60 1.60 1.60 1.60 1.60  1.6E 1.65 1.65 1.65 1.65  1.4C 1.4C 1.40 1.40: ! 1.40 1.40 1.40 1.40 1.40  2.00 2.00 2.00 2.00 2.00  1.85 1.85 1.90 1.85 1.85  2.0( 2.00 2.00 2.00 2.00  2.40 2.40 2.40 2.40 2.40  2.55 2.50 2.50 2.50 2.50  14.875 14.875 14.75 14.75 14.50  14.37E 14.55 14.37E 14.25 14.12E  5.12E 5.125 5.10 5.00 4.85  5.27. 3.70 5.27! 3.67' 5.25 3.67! 5.15 3.70 5.00 3.80  3.80 3.80 3.80 3.80 3.90  37.90 36.70 36.40 35.60 34.60  6.75 6.75 6.75 6.75 6.75  3.30 3.30 3.30 3.30 3.30  10.25 10.00 10.00 10.00  1.85 1.85 1.85 1.85  2.85 2.80 2.8C 2.75  1.60 1.55 1.55 1.55  1.65 1.60 1.6C 1.60  9.75 9.75 9.75 9.75  1.85 2.75 1.80 2.75 1.80 2.75 1.80 2.75  1.5C 1.50 1.50 1.50  12.00 12.00 12.00 12.00 12.00  9.75 9.75 9.75 9.50 9.50  1.80 1.80 1.80 1.80 1.80  2.75 2.75 2.75 2.75 2.75  12.00 12.00 12.00 12.00  9.50 9.50 9.50 9.50  1.80 1.85 1.90 1.90  9.50 9.50 9.00 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4.50 4.75  32.00 32.75 33.25 33.50  28.00 28.50 29.00 34.25  3.15 3.15 3.15 3.15  2.25 2.35 2.75 2.60 2.50 2.50 3.00 2.75 2.25 2.50 3.00 3.00 2.10 2.35 2.75 3.00  17.875 18.25 19.00 19.875  17.875 18.125 18.875 19.875  14.75 15.75 17.125 18.75  15.00 16.00 17.375 19.00  4.80 5.05 i 5.15 5.175  4.90 5.15 5.25 5.25  35.875 36.50 42.75 39.25  35.50 36.00 37.50 39.50  3.15 3.25 3.30 3.40  2.10 2.10 2.75 3.25 3.00  19.875 20.00 19.875 19.625 19.50 19.75 20.25 20.25 22.25 22.25  18.01 14.75 16.50 17.25 17.25  18.25 15.00 16.75 17.50 17.50  5.20 5.175 5.25 5.30 5.325  5.25 5.25 5.40 5.40 5.40  39.50 37.25 37.65 39.50 39.25  40.00 39.00 39.00 39.00 39.50  3.50 3.50 3.50 3.50 3.60  12.50 9.50 13.00 9.50 13.50 9.50 13.50 10.00  1.75 1.75 1.75 1.75  4.00 3.85 3.60 3.40  10.00 10.00 10.00 10.00 10.50  1.90 1.90 1.90 1.90 1.90  3.60 1.65 3.60 1.65 3.60 1.65 3.50 1.75 3.50 1.75  1.60 1.50 2.50 1.60 1.50 2.50 1.60 1.50 2.50 1.60 1.60 2.60 1.60 1.60 2.60  1.50 1.75 2.00 1.50 1.75 2.00 1.6C 2.001 2.15 1.60 2.00 2.15 1.70 2.25 2.15  13.00 14.00 10.50 13.00 14.00 10.50 12.75 14.00 10.50 13.50 14.00. 10.50  2.00 2.00 2.00 2.10  3.50 1.75 3.50 1.75 3.5C 1.85 3.50 1.85  1.70 1.60 1.70 1.60 1.70 1.70 1.80 1.70  1.75 1.85 2.00 2.50  12.50 13.50 14.00 11.75 12.75 13.50 14.00 11.75 13.50 14.00 14.50 12.00 15.00 14.00 14.50 13.00  2.15 2.20 2.25 2.40  3.60 1.85 3.7C 1.85 4.00 1.90 4.25 1.90  1.80 1.70 2.70 1.80 1.70 2.70 1.80 1.75 2.75 1.85 1.75 2.75  2.50 2.50 2.50 2.50 2.50  4.75 4.75 4.75 4.75 4.75  15.00 11.75 15.00 11.75 14.50 11.75 14.50 11.75 14.50 14.50 14.50 14.75  2.75 1.50 2.75 1.55 2.75 1.55 2.90 1.55  1.95 1.90 1.90 1.90 1.90  1.80 1.85 1.85 1.90  14.50 14.50 17.25 15.00 15.00 14.50 14.50 15.00 17.50 15.50 15.00 15.25 14.50 15.50 17.50 15.75 15.75 15.25 14.50 16.00 17.50 16.00 15.75 15.251 14.75 16.00 17.50 16.00 16.00 15.25,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  $  1.95 1.90 1.95 1.95 1.95  9.00 9.00 9.50 9.25  12.50 13.00 13.25 14.50  3.40 3.40 3.40 3.25 3.25  1.3E 1.3C 1.35 1.3E 1.35  10.00 10.00 10.00 10.00  17.50 17.50 17.50 17.50  7.00 7.00 7.00 7.00 7.00  1.5E 1.56 1.5E 1.56 1.6C  11.50 11.75 11.75 11.50  14.25 14.50 15.00 16.00  cts.  37.37 36.60 36.70 37.85 39.12!  1.55 1.50 1.55 1.55 1.55  11.00 11.0C 11.00 11.00  12.00 14:00 12.00 14.00 12.00 13.50 12.00 13.50  cts.  4.25 4.15 4.10 4.10 4.10  2.85 2.85 2.85 2.85 2.95  9.75 10.00 10.00 10.00  13.50 18.50 13.50 18.50 13.50 17.50 13.50 17.50  cts.  4.10 4.05 3.97 3.97 4.02  1.85 1.85 1.85 1.85 1.95  $ 2.0C 2.0C 2.0C 2.0C 2.0C  11.25 13.00 11.25 13.OC 11.50 13.0C 11.50 13.00  12.25 18.00 11.75 13.50 18.50 11.75 13.50 18.50 11.75 13.50 18.50 11.75 13.50 18.50 12.00  cts.  5.35 5.30 5.25 5.25 5.35  Pit tsburg h.  15.00 15.00 15.00, 15.00  T in Pla te, 100-/6 . box,  12.75 12.75 12.75 12.75  cts.  5.20 5.15 5.10 5.10 5.20  [  10.00 9.75 9.50 9.50  Ant im on y, Hallett ’s, New Yo rk.  10.50 10.50 10.75 10.75  $  l  11.5C 11.5C 11.5C 11.5C  Tin , St . Lo ui s.  11.75 11.75 11.75 11.75  cts. cts. cts. cts. cts. cts.  ■  11.5C 11.5C 11.5C 11.5C  cts.  Lead , New Yo rk.  15.50 15.50 15.00, 15.00,  cts. 14.87E 14.875 14.00 | 14.37E 14.50  Lead , St . Lo ui s.  12.75 12.75 12.75 12.75  11.5C 11.50 11.50 11.50 11.50, 11.5o'  cts. 15.125 15.125 14.50 14.75 15.00  New Yo rk .  12.0C 12.0C 11.5C 11.5C 11.5C  $ 2.60 2.60 2.60 2.60 2.60  r  Spe lter ,  12.0C 12.0C 12.0C 12.0C 12.0C  $ 2.50 2.50 2.50 2.50 2.50  New Yo rk.  11.75 11.5C 11.5C 11.5C 11.5C  Spe lter , St. Lo ui s.  16.50 15.50 15.50 15.50 15.50  ft  Elec troly tic Cop per,  11.75 11.5C 11.5C 11.5C  12.75 12.75 12.75 12.75 12.75  11.50 ! 10.00 11.50 1 9.75 11.25 i 9.75 11.00 9.75 ! 11.00 9.75 11.00 9.5C 11.00 9.50 11.00 10.00 10.75 10.25  If  r  !.  Lak e Cop per, New Yo rk.  12.25 12.25 12.25 12.0C  •S  METALS—PER POUND TO LARGE BUYERS.  Fo un dry Coke, Pr om pt.  12.7E 12.7E 12.2E 12.2E  10.00 10.00 10.25 10.25 10.50  Pittsbu rgh .  12.2E 11.7E 11.7E 11.7E  1  10.75 10.75 10.75 10.75 10.75  Pittsb urg h.  16.50 16.50 16.50 16.50  $  $ 12.00 12.00 12.00 12.00 12.00  Barbe d W ire , Gale. ,  13.00 12.75 12.75 12.7E  $  Cut N ail s, Pit tsb urg h.  12.50 13.00 13.00 13.00  10.00 10.00 10.00 11.00 11.00  $ 9.00 9.0C 9.25 9.5C 9.75  Fence W ire . Base .  11.25 12.0C 12.0C 12.0C  $  COKE. CON­ NELLSVILLE— PER NET TON AT OVEN.  |  10.25 11.00 10.50 10.25  $  |  11.00 11.00 11.00 11.00 !  $ 1  Pi tts bu rg h . W ire N a il s, Pit tsb urg h.  12.25 12.75 12.75 12.75  $  1  12.5C 12.5C 12.75 12.7E  Pittsbu rgh .  12.25 12.75 12.5C 12.25  fe:  .  Jan.— 1-.. 7... 14... 21... 28... Feb.— 4... 11... 18... 25— Mar.— 4... 11... 18... 25... Apr.— 1... 8... 15... 22... 29... Mav— 6... 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... Noe.— 4... 11... 18... 25... Dec.— 2... 9... 16... 23... 30—  Galv. Shee ts, N o. 28,  16.50 16.50 16.50 16.50  go  1  13.00 13.00 13.25 13.25  § axS  Shee ts, Bla ck, N o. 2 8 ,  12.00 12.00 12.00 12.5C 12.50  e of  1 Cas t, Chicago (net to n) .  11.5C 11.5C 11.5C 11.75 12.0C  e  N o.  Heavy Steel Scr ap, Ph ila de lph ia.  15.50 15.50 15.50 15.50 16.00  -a.  Ph ila de lph ia.  He avy Steel Scrap, Pit tsb urg h.  $  13.00 13.00 13.00 13.00 13.0C  $ 10.5C 10.5C 11.OC 11.OC 11.5C  o  1914.  SHEETS, NAILS AND WIRE—PER POUND TO LARGE BUYERS.  Fu rna ce Coke, Pr om pt.  OLD MATERIAL—PER GROSS TON.  15.00 15.00 15.75 16.75 16.75  13.75 13.75 13.75 13.75 13.75  2.60 2.60 2.70 2.70  2.00 1.85 1.85 2.85 2.00 1.90 1.85 2.85 2.00 1.90 1.85 2.851 2.10 1.90 1.95 2.95 2.10 1.90 1.95 2.95  2.40 2.40 2.40 2.40 2.40  2.75 2.75 2.75 3.25 3.25  2.25 2.25 2.25, 2.25  3.00 3.00 3.00 3.00 3.00  90  CROP AND OTHER PRODUCTIONS  DAILY PRICES OF COPPER, TIN, LEAD AND SPELTER—1914. [Compiled from quotations given each week by "The Iron Age” of New York.]  [Cents per Pound, for Early Delivery.]  Copper, N.Y. 1914  Tin.  Elec­ New Lake trolytic York  Lead. New York  Spelter.  Copper, N. Y. Tin. Elec­ New Lake trolytic York  St. Louis  H. 4.075 4 075 S. 4.05 4.05 4.05 4.05 4.00 3.975 S. 3 975 3.975 3.975 3.975 3.975 3.975 S. 3.975 3.975 3.975 3.975 4.00 4.025 s. 4.025 4.025 4.025 4.025 4.025 4.025  H. 5.35 5 35 S. 5.30 5.30 5.30 5.30 5.25 5.25 S. 5 25 5.25 5.25 5.25 5.25 5.25 S. 5.25 5.25 5.25 5.25 5.25 5.25 s. 5.30 5.35 5.35 5.40 5.40 5.40  H. 5.20 5 20 S. 5.15 5.15 5.15 5.15 5.10 5.10 S. 5 10 5.10 5.10 5.10 5.10 5.10 S. 5.10 5.10 5.10 5.10 5.10 5.10 s. 5.15 5.20 5.20 5.25 5.25 5.25  S. 15.00 15.00 15.00 15.00 15.00 15.00 8. 15.00 15.00 15.00 H 15.00 15.00 8. 15.00 15.00 15.00 15.00 15.00 15.00 8. H. 15.00 15.00 15.00 15.00 15.00  8. 14.75 14.75 14.75 14.625 14.625 14.625 S. 14.625 14.70 14.70 H. 14.70 14.70 8. 14.625 14.625 14.625 14.625 14.50 14.50 8. H. 14.50 14.50 14.50 14.50 14.50  H. 15.125 15.125 S. 15.125 15.125 15.125 15.00 14.75 14.50 s. 14 50 14.50 14.50 14.50 14.625 14.625 S. 14.75 14.75 14.75 14.75 14.875 14.875 s. 15.00 15.00 15.00 15.00 15.00 15.00  H 14 875 14 875 s 14.875 14.875 14.875 14.50 14.125 14 125 S. 14 125 14.00 14.00 14.125 14.25 14.25 S. 14.375 14.375 14.375 14.375 14.50 14.50 s 14.50 14.50 14.50 14.625 14.625 14.625  H. 4.15 4.15 s. S. 36.45 4.15 36.75 4.15 36.60 4.15 36.35 4.15 36.90 4.10 4.10 s. S. 36 95 4 10 36.80 4.10 36.70 4.10 36.90 4.10 37.05 4.10 37.00 4.10 S. S. 37.45 4.10 37.75 4.10 37.85 4.10 38.80 4.10 38.20 4.10 38.35 4.10 s. s. 39.00 4.10 39.25 4.10 39.125 4.10 39.50 4.10 40.00 4.10 40.25 4 10  1____ 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____  14.875 14.875 14.875 14.875 s. 14.875 14.875 14.875 14.875 14.75 14.75 S. 14.75 14.75 14.75 14.75 14.75 14.75 S. 14.75 14.75 14.75 14.75 14.75 14.625 S. 14.50 14.50 14.50 14.50  14.50 14.50 14.55 14.55 S. 14.55 14.55 14.55 14.55 14.50 14.50 S. 14.45 14.375 14.375 14.375 14.375 14.375 8. 14.375 14.25 14.25 14.25 14.25 14.25 8. 14.125 14.125 14.125 14.25  37.75 37.50 37.20 37.30 8. 37.15 36.70 36.75 36.95 36.95 36.90 S. 36.95 36.40 36.15 36.20 36.50  1____ 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____  13.875 13.875 13.875 H. S. 13.875 14.00 14.00 14.00 14.00 13.875 B. 13.875 13.875 13.75 13.75 13.75 13.75 S. 13.75 13.75 13.75 13.75 13.75 13.50 S. 13.375 13.375 13.25 13.60 12.875  13.40 13.50 13.50 H. S. 13.625 13.75 13.75 13.75 13.625 13.625 8. 13.625 13.625 13.50 13.50 13.50 13.50 S. 13.50 13.50 13.375 13.375 13.375 13.25 S. 13.125 13.00 12.875 12.75 12.50  31.10 31.00 31.70 H. 8. 32.20 32.00 31.95 32.55 32.35  1____ 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____  12.00 12.00 12.00 S. 12.00 12.00 12.00 12.00 12.00 12.00 8. 11. 12.00 11.75 11.75 11.75 11.75 S. 11.625 11.50 11.50 11.50 11.50 11.50 S. 11.50 11.50 11.50 11.50 11.50 11.50  11.75 11.75 11.75 S. 11.625 11.625 11.50 11.50 11.50 11.50 S. H. 11.50 11.375 11.375 11.375 11.375 S. 11.25 11.25 11.25 11.125 11.125 11.25 S. 11.25 11.25 11.25 11.25 11.25 11.25  31.05 3.70 31.125 3.70 3.70 S. S. 31.00 3.60 30.875 3.50 30.625 3.50 30.35 3.50 30.25 3.50 30.00 3.50 8. 8. H. II. 29.75 3.50 28.95 3.50 28.40 3.50 28.50 3.50 3.50 8. 8. 28.70 3.50 29.00 3.50 3.50 30.50 31.50 3.50 31.45 3.50 3.50 S. S. 31.25 3.50 30.75 3.50 30.45 3.50 30.50 3.50 30.80 3.50 31.10 3.50  H 36.70  8. 40.50 40.50 40.875 41.00 40.85 40.75 8. 40.25 40.90 41.00 H. 40.40  3.70 3.70 3.70 3.70 S. 3.675 3.675 3.675 3.675 3.675 3.675 S. 3.675 3.675 3.675 3.675 3.675 3.70 8. 3.70 3.70 3.70  5.125 5.125 5.125 5.125 S. 5.125 5.125 5.125 5.125 5.125 5.125 S. 5.10 5.10 5.05 5.05 5.05 5.00 8. 5.00 5.00 4.95 4.95 4.95 4.90 8. 4.90 4.85 4.85 4.85  14.50 14.50 8. 14.50 14.50 14.50 14.50 14.375 14.375 S. 14.375 14.375 14.375 14.375 14.375 14.375 S. 14.375 14.375 14.375 14.375 14.375 14.375 8. 14.375 14.375 14.375 14.375 14.375 H. S.  14.25 14.25 S. 14.20 14.20 14.20 14.20 14.05 14.05 S. 14.125 14.125 14.125 14.125 14.125 14.125 8. 14.125 14.125 14.125 14.125 14.125 14.125 8. 14.125 14.125 14.125 14.125 14.125 H. 8.  34.10  3.70 8. 3.80 3.80 3.80 3.80  5.275 5.275 5.275 5.275 S. 5.275 5.275 5.275 5.275 5.275 5.275 S. 5.25 5.25 5.25 5.25 5.20 5.15 8. 5.15 5.15 5.10 5.10 5.10 5.05 8. 5.05 5.00 5.00 5.00  3.90 3.90 S. 8. 33.825 3.90 33.10 3.90 33.10 3.90 33.50 3.90 33.35 3.90 3.90 S. 8. 33.40 3.90 33.70 3.90 33.80 3.90 33.95 3.90 34.45 3.90 3.90 8. 8. 33.20 3.90 33.00 3.90 33.00 3.90 33.15 3.90 33.20 3.90 3.90 8. 8. 33.25 3.90 33.25 3.90 32.90 3.90 31.80 3.90 31.45 3.90 H. H. S. 8.  3.775 3.775 3.75 H. S. 3.75 3.75 3.75 3.75 3.75 3.75 8. 3.75 3.75 3.75 3.75 3.75 3.75 S. 3.75 3.75 3.75 3.75 3.75 3.75 s. 3.75 3.75 3.725 3.725 3.725  5.00 5.00 5.00 H. S. 5.00 5.00 5.00 5.00 5.00 5.00 8. 5.00 5.00 5.00 5.00 5.00 5.00 8. 5.00 5.00 5.05 5.05 5.05 5.05 s. 5.10 5.10 5.10 5.05 5.00  4.85 4.85 4.85 H. S. 4.85 4.85 4.85 4.85 4.85 4.85 S. 4.85 4.85 4.85 4.85 4.85 4.85 S. 4.85 4.85 4.90 4.90 4.90 4.90 S. 4.95 4.95 4.95 4.90 4.85  12.875 S. 12.875 12.875 12.875 12.875 12.875 12.875 S. 12.875 12.875 12.75 12.75 12.75 12.75 8. 12.75 12.75 12.75 12.75 12.75 12.75 S. 13.00 13.00 13.00 13.00 13.00 13.00 S. 13.00  12.50 S. 12.50 12.50 12.50 12.50 12.50 12.50 8. 12.50 12.50 12.375 12.375 12.375 12.375 S. 12.25 12.25 12.25 12.25 12.25 12.25 S. 12.375 12.375 12.375 12.375 12.375 12.375 8. 12.375  38.00 8. 50.00 57.00 60.50 60.50 61.00  5.10 5.00 5.00 8. 5.00 4.95 4.90 4.85 4.85 4.85 8. II. 4.80 4.75 4.75 4.75 4.80 8. 4.80 5.00 5.10 5.15 5.10 5.10 S. 5.10 5.10 5.10 5.10 5.10 5.10  4.95 4.85 4.85 8. 4.85 4.80 4.75 4.70 4.70 4.70 8. H. 4.65 4.60 4.60 4.60 4.65 8. 4.65 4.85 4.95 5.00 4.95 4.95 S. 4.95 4.95 4.95 4.95 4.95 4.95  s. 11.50 H. 11.50 11.50 11.50 11.50 S. 11.50 11.50 11.50 11.50 11.50 11.75 S. 11.75 12.00 12.125 12.25 12.375 12.375 S. 12.625 12.625 12.75 H. 12.75 12.75 8. 12.75  8. 11.25 H. 11.25 11.25 11.25 11.25 S. 11.25 11.25 11.25 11.375 11.50 11.625 8. 11.75 11.875 12.00 12.125 12.25 12.375 S. 12.50 12.50 12.625 H. 12.625 12.625 S. 12.625  8. 4.15 4.15 4.15 4.15 4.15 4.15 S. 4.15 4.15 4.15 H. 4.00 4.00 S. s. 40.25 4.00 39.75 4.00 39.25 4.00 39.75 4.00 39.20 4.00 4.00 8. 8. H. H. 38.60 4.00 38.125 4.00 38.375 4.00 38.00 4.00 38.00 4.00  8. 36.00 35.60 35.50 35.05 34.30 34.40 8. 34.75 34.60 34.65 34.25  A U GUS  JULY  8. 32.25 31.50 31.55 31.70 31.85 32.00 8. 32.125 31.60 31.70 31.60 31.15 30.625 S. 30.25 30.875 30.95 30.625 34.00  3.90 3.90 3.90 H. 8. 3.90 3.90 3.90 3.90 3.90 3.90 8. 3.90 3.90 3.90 3.90 3.90 3.90 8. 3.90 3.90 3.90 3.90 3.90 3.90 S. 3.90 3.90 3.90 3.90 3.90  oc TOB   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Speller.  Copper, N.Y. Tin. Elec­ New Lake trolytic York  New York  St. Louis  8. 5.40 5.40 5.40 5.45 5.45  S. 15.00 15.00 15.00 14.75 14.75 14.75 S. 14.75 14.75 14.75 14.75 14.75 14.75 S. 14.75 14.75 14.75 14.875 14.875 14.875 8. 14.875 14.875 14.875 14.875 14.875 14.875 S. 14.875 14.875  8. 8. 14.50 38.00 14.375 37.90 14.375 37.90 14.25 37.90 14.25 37.65 14.25 S. S. 14.25 37.375 14.25 37.75 14.25 38.125 14.25 37.70 14.125 37.70 14.125 37.80 8. 8. 14.125 38.05 14.125 38.20 14.25 38.40 14.375 38.10 14.375 37.95 14.375 38.05 8. 8. 14.375 38.50 14.50 38.65 14.50 38.50 14.50 38.35 14.50 38.25 14.50 38.15 S. 8. 14.375 37.90 14.375 37.90  ER 3.55 3.55 3.55 S. 3.45 3.375 3.35 3.35 3.35 3.35 S. H. 3.35 3.35 3.35 3.35 3.35 S. 3.35 3.35 3.35 3.375 3.375 3.375 S. 3.375 3.375 3.375 3.375 3.375 3.375  8. 64.00 64.25 62.00 60.00 50.00 8. 39.00 49.00 48.00 44.00 40.50 40.00 8. 39.00 39.00 39.00 39.25 39.00 38.75 8. 38.50  3.90 8. 3.90 3.90 3.875 3.85 3.85 3.85 8. 3.85 3.85 3.85 3.85 3.85 3.85 S. 3.875 3.875 3.875 3.875 3.875 3.875 8. 3.875 3.875 3.875 3.875 3.875 3.875 8. 3.875  M ARC  S. 5.45 5.45 5.45 H. 5.45 5.40 8. 5.40 5.40 5.40 5.40 5.40 5.40 8. H. 5.35 5.35 5.35 5.35 5.35  S. 5.25 5.25 5.25 5.30 5.30 5.30 8. 5.30 5.30 5.30 H. 5.30 5.25 S. 5.25 5.25 5.25 5.25 5.25 5.25 8. H. 5.20 5.20 5.20 5.20 5.20  3.80 3.80 8. 3.80 3.80 3.80 3.80 3.80 3.80 8. 3.80 3.80 3.80 3.80 3.80 3.80 8. 3.80 3.80 3.80 3.80 3.80 3.80 8. 3.80 3.80 3.80 3.80 3.80 H. s.  5.00 5.00 8. 5.00 5.00 5.10 5.10 5.15 5.15 8. 5.15 5.15 5.15 5.15 5.15 5.15 S. 5.15 5.15 5.10 5.10 5.10 5.10 8. 5.10 5.10 5.10 5.10 5.10 H. S.  4.85 4.85 8. 4.85 4.85 4.95 4.95 5.00 5.00 s. 5.00 5.00 5.00 5.00 5.00 5.00 s. 5.00 5.00 4.95 4.95 4.95 4.95 8. 4.95 4.95 4.95 4.95 4.95 H. 8.  14.375 14.25 14.25 14.25 14.25 14.25 S. 14.125 14.125 14.125 14.125 14.125 14.125 8. 14.125 14.125 14.125 14.125 14.125 14.125 8. 14.125 14.125 14.00 14.00 14.00 13.875 8. 13.875 13.875  14.125 14.00 14.00 14.00 14.00 14.00 8. 14.00 13.875 13.875 13.875 13.875 13.875 8. 13.875 13.875 13.875 13.875 13.875 13.75 8. 13.75 13.75 13.50 13.50 13.50 13.50 8. 13.40 13.40  8. 34.25 34.25 33.875 33.75 33.50 33.00 8. 33.00 32.50 32.00 32.00 32.50  8. 33.60 33.875 33.875 H. 33.50 33.375 8. 33.10  S. 3.50 H. 3.50 3.50 3.50 3.50 S. 3.50 3.50 3.50 3.60 3.60 3.60 S. 3.60 3.70 3.70 3.90 3.90 3.90 8. 3.90 3.90 3.90 H. 3.90 3.80 S. 3.80  S. 4.00 4.00 4.00 4.00 4.00 4.00 8. 4.00 4.00 4.00 4.00 4.00 4.00 8. 4.00 4.00 4.00 4.00 4.00 4.00 8. 4.00 4.00 4.00 3.90 3.90 3.90 8. 3.80 3.80  3.90 3.90 3.90 3.90 3.90 3.90 S. 8. 30.70 3.90 30.65 3.90 31.15 3.90 31.15 3.90 30.80 3.90 3.90 8. 8. 29.875 3.90 30.05 3.90 30.40 3.90 30.55 3.90 30.45 3.90 30.375 3.90 8. 8. 30.60 3.90 30.75 3.90 30.60 3.90 29.75 3.90 30.10 3.90 30.25 3.90 8. 8. 30.375 3.90 30.45 3.90  5.00 8. 5.00 5.00 5.00 5.00 5.10 5.25 8. 5.35 5.50 5.50 5.55 5.65 5.65 8. 5.70 5.75 5.75 5.85 5.90 5.95 8. 6.00 6.05 6.05 6.05 6.05 6.05 8. 6.05  4.85 S. 4.85 4.85 4.85 4.85 4.95 5.10 s. 5.125 5.35 5.35 5.40 5.50 5.50 8. 5.55 5.60 5.60 5.70 5.75 5.80 8. 5.85 5.90 5.90 5.90 5.90 5.90 8. 5.90  13.00 13.00 13.00 13.00 13.00 s. H. 13.00 13.00 12.75 12.75 12.75 8. 12.75 12.75 12.75 12.75 12.50 12.50 S. 12.50 12.50 12.50 12.50 12.375 12.375 8. 12.375 12.25 12.00  12.375 12.375 12.375 12.375 12.375 s. H. 12.25 12.25 12.125 12.125 12.125 S. 12.125 12.125 12.00 12.00 11.875 11.875 S. 11.875 11.875 11.875 11.875 11.875 11.875 8. 11.875 11.75 11.75  38.00 36.50 36.50 36.00  3.875 3.875 3.875 3.875 3.875 s. s. H. H. 33.75 3.875 33.00 3.875 32.25 3.875 31.75 3.875 3.875 8. 8. 31.50 3.875 31.35 3.875 31.25 3.85 31.35 3.85 31.65 3.85 3.85 8. 8. 31.875 3.85 31.60 3.85 31.50 3.85 31.20 3.75 31.00 3.75 3.75 S. S. 30.75 3.75 30.875 3.75 31.00 3.75  S. 5.05 H. 5.00 5.00 4.95 4.95 8. 4.95 4.95 5.00 5.00 5.00 5.05 8. 5.10 5.10 5.15 5.20 5.20 5.25 8. 5.25 5.30 5.30 H. 5.30 5.30 8. 5.30  s. 4.90 H. 4.85 4.85 4.80 4.80 8. 4.80 4.80 4.85 4.85 4.85 4.90 8. 4.95 4.95 5.00 5.05 5.05 5.10 8. 5.10 5.15 5.15 H. 5.15 5.15 8. 5.15  13.00 13.00 13.00 13.00 13.00 s. 13.00 13.00 13.00 13.00 13.125 13.25 8. 13.375 13.625 13.50 13.50 13.50 13.50 S. 13.50 13.50 13.50 13.50 H. 13.50 S. 13.50 13.50 13.50 13.50  12.75 12.75 12.75 12.75 12.75 8. 12.75 12.75 12.875 12.875 13.00 13.00 8. 13.125 13.375 13.375 13.375 13.375 13.375 S. 13.25 13.25 13.125 13.125 H. 13.125 S. 13.00 13.00 13.00 13.00  33.15 33.125 33.25 33.60 33.50 S. 32.75 32.50 32.50 32.75 33.375  Spelter. New York  St. Louis  1914  S. 3.875 3.875 3.875 3.875 3.90 3.90 S. 3.90 3.90 3.90 3.90 3.90 3.90 S. 3.90 3.90 3.90 3.875 3.875 3.875 S. 3.875 3.875 3.875 3.775 3.775 3.775 S. 3.675 3.70  8. 5.35 5.30 5.30 5.30 5.30 5.30 8. 5.30 5.30 5.30 5.30 5.30 5.30 8. 5.30 5.30 5.30 5.30 5.275 5.275 8. 5.275 5.275 5.275 5.275 5.275 5.275 S. 5.275 5.275  S. 5.20 5.15 5.15 5.15 5.15 5.15 8. 5.15 5.15 5.15 5.15 5.15 5.15 S. 5.15 5.15 5.15 5.15 5.125 5.125 8. 5.125 5.125 5.125 5.125 5.125 5.125 S. 5.125 5.125  ____ 1 _____2 _____3 _____4 _____5 ____ 6 ____ 7 _____8 ------- 9 ____ 10 ____ 11  3.80 3.80 3.80 3.80 3.80 3.80 8. 3.80 3.80 3.80 3.80 3.80 3.80 S. 3.80 3.80 3.80 3.80 3.80 3.80 8. 3.80 3.80 3.80 3.775 3.775 3.775 8. 3.775 3.775  5.10 5.10 5.10 5.10 5.10 5.10 8. 5.10 5.10 5.10 5.10 5.10 5.10 S. 5.10 5.10 5.10 5.10 5.10 5.10 8. 5.10 5.05 5.05 5.05 5.05 5.05 8. 5.05 5.05  4.95 4.95 4.95 4.95 4.95 4.95 S. 4.95 4.95 4.95 4.95 4.95 4.95 8. 4.95 4.95 4.95 4.95 4.95 4.95 s. 4.95 4.90 4.90 4.90 4.90 4.90 8. 4.90 4.90  _____1 _____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  6.05 6.00 6.00 5.90 5.85 S. H. 5.80 5.75 5.70 5.60 5.55 S. 5.50 5.45 5.45 5.40 5.40 5.40 8. 5.35 5.35 5.25 5.15 5.15 5.15 S. 5.15 5.15 5.10  5.90 5.85 5.85 5.75 5.70 s. H. 5.65 5.70 5.55 5.45 5.40 s. 5.35 5.30 5.30 5.25 5.25 5.25 s. 5.20 5.20 5.10 5.10 5.00 5.00 S. 5.00 5.00 4.95  ____ 1 _____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  5.35 5.40 5.45 5.50 5.60 S. 5.65 5.65 5.65 5.70 5.75 5.80 8. 5.80 5.80 5.75 5.70 5.65 5.65 S. 5.65 5.65 5.60 5.60 H. 5.60 s. 5.60 5.55 5.60 5.60  5.20 5.25 5.30 5.35 5.45 S. 5.50 5.50 5.50 5.55 5.60 5.65 8. 5.65 5.65 5.60 5.55 5.50 5.50 S. 5.50 5.50 5.45 5.45 H. 5.45 s. 5.45 5.40 5.45 5.45  . 1 .. 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  St. Louis  H  _____ 12  ____ 13 ____ 14 _____15 ____ 16 ____ 17 ____ 18 ____ 19 ____ 20 ____ 21 ____ 22 ____ 23 ____ 24 ____ 25 ..........26 ____ 27 ____ 28 _____29 _____30 ____ 31  JUNE  T 3.725 S. 3.725 3.725 3.70 3.675 3.675 3.675 8. 3.675 3.675 3.675 3.675 3.675 3.675 8. 3.70 3.70 3.70 3.70 3.725 3.725 8. 3.725 3.725 3.725 3.725 3.725 3.725 8. 3.725  8. 3.375 H. 3.40 3.40 3.40 3.40 S. 3.40 3.40 3.40 3.50 3.525 3.525 S. 3.525 3.625 3.60 3.775 3.775 3.775 8. 3.775 3.775 3.75 H. 3.75 3.675 S. 3.675  31.25 30.45 30.75 30.95 30.40  SEPT EMB E R  NO VEM BER 8. 31.80 H. 33.25 33.85 34.125  Lead. New York  8. 4.05 4.05 4.05 4.05 4.05 4.05 8. 4.05 4.05 4.05 H. 3.875 3.875 S. 3.875 3.875 3.875 3.875 3.875 3.875 S. H. 3.875 3.875 3.875 3.875 3.875  MAY.  A PRIL  3.80 3.80 3.80 3.80 S. 3.80 3.80 3.80 3.80 3.80 3.80 S. 3.80 3.80 3.80 3.80 3.80 3.80 S. 3.80 3.80 3.80 3.80 3.80 3.80 8. 3.90 3.90 3.90 3.90  St. Louis  FEB RUA R Y  J A NUA R Y 1 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  Lead. New York  New York  St. Louis  3.725 3.725 3.725 3.725 3.725 s.  H.  3.725 3.70 3.70 3.70 3.70 8. 3.70 3.70 3.675 3.675 3.675 3.675 8. 3.675 3.675 3.675 3.60 3.60 3.60 S. 3.575 3.575 3.60  D E CEM BER  3.80 3.80 3.80 3.80 3.80 S. 3.80 3.80 3.80 3.80 3.80 3.80 8. 8. 34.75 3.80 34.75 3.80 34.50 3.80 34.05 3.80 34.00 3.80 3.80 8. 8. 33.50 3.80 33.30 3.80 33.25 3.80 33.50 3.80 H. H. 3.80 8. 8. 33.75 3.80 33.25 3.80 33.125 3.80 32.875 3.80  3.675 3.675 3.675 3.675 3.675 S. 3.675 3.675 3.675 3.675 3.675 3.675 8. 3.675 3.675 3.65 3.65 3.65 3.65  8.  3.65 3.65 3.625 3.625 H. 3.625 8. 3.625 3.625 3.625 3.625  CROP AND OTHER PRODUCTIONS  91  DAILY PRICES OF COPPER, TIN, LEAD AND SPELTER—1915. [Compiled from quotations given each week by “The Iron Age” of New York.]  [Cents per Pound, for Early Delivery.} Copper, N. Y. Tin.  1915  Lead.  Elec- New Lake. trolytic York.  Spelter.  New St. New St. York. Louis. York. Louis.  Copper N.Y. Tin.  Elec- New Lake. trolytic York.  H. 13.50 S. 13.50 13.50 13.50 13.50 13.50 13.50 S. 13.625 13.75 13.875 13.875 13.875 13.875 S. 13.875 14.00 14.00 14.25 14.25 14.25 S. 14.50 14.625 14.75 14.75 14.875 14.875 S.  H. 13.00 S. 13.00 13.00 13.25 13.375 13.375 13.375 S. 13.50 13.625 13.625 13.625 13.75 13.75 S. 13.75 13.875 13.875 14.125 14.125 14.125 S. 14.375 14.375 14.50 14.50 14.625 14.625 S.  1____ 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____  17.00 17.00 17.00 S. 17.00 17.25 17.25 17.25 17.25 17.25 S. 17.59 17.75 17.75 18.00 18.50 18.75 S. 20.00 20.50 20.50 21.00 21.00 21.00 S. 21.00 21.00 21.00 21.00 21.00  15.875 47.90 15.875 47.875 15.875 48.00 S. 8. 15.875 47.875 15.875 47.25 15.875 48.50 16.00 54.00 16.125 58.00 16.125 S. S. 16.25 57.50 16.375 57.00 16.50 55.00 16.625 53.00 16.875 50.50 17.00 8. S. 17.375 49.50 17.375 46.50 17.625 44.00 17.75 42.00 17.875 42.00 17.875 42.00 S. 8. 18.375 42.00 18.625 42.00 18.75 41.50 18.625 40.00 18.625 39.50  1____ 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____  22.50 22.50 22.50 S. H. 22.50 22.00 22.00 22.00 22.00 S. 22.00 22.00 22.00 22.00 22.00 22.00 S. 22.00 22.00 22.00 22.00 22.00 22.00 S. 22.00 22.00 21.75 21.50 21.25 21.00  19.875 39.10 19.75 38.80 19.75 8. S. H. H. 19.75 39.25 19.625 38.625 19.50 38.375 19.50 38.90 19.50 8. 8. 19.50 38.625 19.50 38.125 19.375 37.75 19.25 37.50 19.125 37.50 19.00 8. 8. 19.00 37.00 19.00 36.625 19.00 36.875 18.875 36.875 18.75 36.50 18.625 S. S. 18.50 36.125 18.50 36.00 18.50 35.75 18.375 35.75 18.25 35.00 18.25  1____ 2____ 3____ 4____ 5......... 6___ 7____ 8____ 9____ 10____ 11 12. . 13____ 14____ 15.... 16. __ 17____ IS . 19____ 20 21... 22____ 23.. _ 24____ 25____ 26... 27_ ... 28____ 29......... 30____ 31____  18.00 18.00 S. 18.00 18.00 18.00 18.00 18.00 18.00 S. 18.00 H. 18.00 17.875 17.875 17.875 S. 17.75 17.75 17.75 17.75 17.75 17.75 S. 17.875 17.875 17.875 17.875 17.875 17.875 S.  18.00 18.00 S. 18.00 18.00 18.00 18.00 18.00 18.00 8. 18.00 H. 18.00 18.00 18.00 18.00 S. 17.75 17.75 17.75 17.75 17.75 17.75 S. 17.875 17.875 17.875 17.875 17.875 17.875 S.  H. S. 33.10 33.25 33.375 32.85 33.375 33.625 S. 33.75 33.35 33.60 33.00 33.30 33.50 S. 33.875 33.85 34.125 34.75 34.95 S. 35.65 35.50 35.30 35.75 37.125 S.  H. 3.80 8. 3.80 3.80 3.80 3.80 3.80 3.80 S. 3.70 3.70 3.70 3.70 3.70 3.70 S. 3.70 3.70 3.70 3.70 3.70 3.70 8. 3.70 3.70 3.70 3.80 3.80 3.80 S.  APRI 4.20 4.20 4.20 S. 4.20 4.20 4.20 4.20 4.20 4.20 8. 4.20 4.20 4.20 4.20 4.20 4.20 8. 4.20 4.20 4.20 4.20 4.20 4.20 8. 4.20 4.20 4.20 4.20 4.20  H. H. 3.625 5.60  II. s. s. 5.45 8. 3.60 5.70 5.55 3.60 5.75 5.60 3.60 5.85 5.70 3.60 5.90 5.75 3.60 5.95 5.80 3.60 5.95 5.80 S. S. S. 3.50 6.00 5.85 3.50 6.05 5.90 3.50 6.05 5.90 3.50 6.10 5.95 3.50 6.10 5.95 3.50 6.10 5.95 8. S. S. 3.50 6.20 6.05 3.50 6.25 6.10 3.50 6.50 6.30 3.50 6.875 6.75 3.525 7.125 6.875 3.525 7.25 7.00 S. 8. 8. 3.525 7.50 7.30 3.525 7.50 7.30 3.525 7.50 7.35 3.625 7.60 7.45 3.625 7.70 7.55 3.625 7.70 7.55 8. S. S.  15.00 15.00 15.125 15.125 15.125 15.125 8. 15.25 15.25 15.25 15.25 H. 15.25 S. 15.25 15.25 15.25 15.25 15.25 15.25 S. H. 15.25 15.25 15.25 15.25 15.25 S.  14.50 14.50 14.75 14.75 14.75 14.75 8. 14.75 14.75 14.75 14.75 H. 14.625 S. 14.625 14.625 14.625 14.625 14.625 14.625 S. H. 14.625 14.625 14.625 14.625 14.625 S.  3.70 3.80 3.80 3.80 3.80 3.80 S. S. 37.00 3.80 36.00 3.80 35.875 3.80 36.15 H. H. 3.80 35.85 S. S. 3.80 36.25 36.125 3.85 36.125 3.85 37.25 3.85 3.85 39.45 39.50 3.85 S. S. H. H. 38.60 3.85 3.85 37.75 38.00 3.85 3.85 38.85 3.85 S. 8.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  4.50 4.50 S. S. 32.00 4.50 32.00 4.50 32.70 4.50 32.50 4.50 32.40 4.50 4.50 S. 8. 32.75 4.50 H. H. 32.65 4.50 32.75 4.50 32.80 4.50 4.50 S. S. 33.00 4.50 33.25 4.50 33.325 4.50 33.25 4.75 33.25 4.75 33.25 4.75 8. 8. 33.50 4.75 33.50 4.75 33.625 4.75 34.25 4.75 4.90 35.00 4.90 S. S.  Copper, N. Y. Tin. Elec- New Lake trolytic York  9.50 9.50 9.50 8. 9.50 9.625 9.75 9.75 9.75 9.875 8. 9.875 9.875 10.00 10.25 10.50 10.75 8. 11.25 11.50 12.00 12.50 12.75 13.125 S. 13.625 14.00 14.25 14.25 14.50  9.25 9.25 9.25 S. 9.25 9.375 9.60 9.60 9.60 9.75 8. 9.75 9.75 9.85 10.10 10.35 10.60 S. 11.10 11.35 11.75 12.25 12.50 13.00 S. 13.50 13.75 14.00 14.00 14.25  21.00 S. 21.00 21.00 21.00 21.00 21.00 21.00 S. 21.00 21.00 21.00 21.00 21.00 21.00 S. 21.00 21.00 21.00 21.00 21.00 21.00 S. 21.00 21.00 21.00 21.00 21.00 21.00 S. H.  18.625 8. 18.625 18.625 18.625 18.75 18.75 18.75 S. 18.75 18.75 18.75 18.75 18.75 18.75 8. 18.75 18.75 18.50 18.50 18.50 .18.50 S. 18.50 18.50 18.50 18.50 18.625 18.75 S. H.  39.50 S. 39.50 39.00 38.50 38.75 39.50 42.00 S. 40.50 40.00 40.00 39.25 38.75 38.625 S. 39.00 38.25 37.75 37.50 38.00  5.65 5.675 5.675 8. H. 5.625 5.60 5.60 5.60 5.60 8. 5.55 5.50 5.50 5.50 5.50 5.50 8. 5.50 5.50 5.45 5.45 5.45 5.45 S. 5.45 5.45 5.40 5.30 5.30 5.10  22.00 22.00 22.00 8. H. 22.00 22.50 22.80 22.50 22.25 S. 22.00 22.00 21.75 21.25 21.00 20.50 8. 20.25 20.25 20.00 19.75 19.50 19.25 8. 18.75 18.25 18.25 18.125 18.125 18.00  21.50 21.50 21.50 S. H. 21.50 22.25 22.55 22.25 22.00 S. 21.75 21.75 21.50 21.00 20.75 20.25 S. 20.00 20.00 19.75 19.50 19.25 19.00 8. 18.50 18.00 18.00 17.875 17.875 17.75  8. 21.00 21.00 20.75 20.50 20.00 20.00 S. 20.00 20.00 20.00 19.75 19.75 19.50 S. 19.25 19.00 19.00 19.00 19.00 19.00 S. 19.00 19.00 18.00 18.00 18.00 18.00 S. 18.00 18.00  8. 18.25 18.25 18.25 18.125 18.00 18.00 S. 17.875 17.75 17.50 17.25 17.25 17.25 S. 17.00 16.75 16.50 16.25 16.25 16.125 S. 16.00 16.00 17.50 17.875 17.875 17.875 S. 17.875 17.75  S. 35.00 35.50 35.25 35.00 34.625 34.50 S. 34.25 34.625 35.00 34.50 34.375 34.25 S. 34.50 34.50 34.00 33.90 33.625  14.50 14.50 S. 14.25 14.25 14.25 14.00 13.75 13.50 S. 13.25 H. 13.25 13.25 13.25 13.25 8. 13.25 13.50 13.75 14.00 14.00 14.00 8. 14.25 14.25 14.25 14.75 14.875 14.875 S.  14.25 14.25 S. 14.00 14.00 14.00 13.75 13.50 13.25 S. 13.00 H. 13.00 13.00 13.00 13.00 S. 13.00 13.25 13.50 13.75 13.75 13.75 8. 14.00 14.00 14.00 14.50 14.625 14.625 8.  17.875 H. 18.125 18.125 18.125 18.125 S. 18.25 18.25 18.375 18.375 18.50 18.625 S. 18.75 19.00 19.00 19.00 19.25 19.50 s. 19.625 19.875 19.75 H. 19.75 19.875 S. 20.00 20.00  17.875 H. 18.00 18.00 18.00 18.125 S. 18.125 18.125 18.25 18.25 18.375 18.50 S. 18.625 18.875 18.875 19.125 19.375 19.625 S. 19.625 19.875 19.625 H. 19.625 19.75 S. 19.875 19.875  35.875 H. 36.25 36.50 36.10  4.20 S. 4.20 4.20 4.20 4.20 4.20 4.20 S. 4.20 4.20 4.20 4.20 4.20 4.20 8. 4.20 4.20 4.20 4.20 4.20 4.20 8. 8. 37.75 4.20 37.875 4.30 37.25 4.30 37.25 4.40 4.50 37.75 4.75 8. S. H. H.  A  4.45 4.425 8. 4.425 4.425 4.425 4.425 4.425 4.425 S. 4.425 H. 4.425 4.425 4.425 4.425 S. 4.425 4.425 4.425 4.625 4.625 4.625  7.35 7 45 7.875 7.875 8.00 8.00 8. 8.00 8.00 8.15 8.25 H. 8.25 S. 8.50 8.75 8.95 9.10 9.35 9.35 S. H. 9.35 9.60 9.85 10.00 10.10 S.  15.25 15.25 15.25 15.25 15.25 15.25 S. 15.25 15.25 15.25 15.25 15.25 15.25 S. 15.25 15.25 15.25 15.50 15.50 15.75 S. 15.875 16.00 16.50 16.75 16.875 16.875 S. 16.875 17.00 17.00  14.625 14.625 14.625 14.625 14.625 14.625 S. 14.625 14.75 14.75 14.75 14.75 14.75 S. 14.75 14.75 14.75 14.875 15.00 15.25 S. 15.25 15.375 15.375 15.375 15.625 15.625 S. 15.625 15.625 15.875  40.375 40.75 42.00 44.50 48.75  4.075 S. 4.075 4.075 4.075 4.07 4.10 4.10 8. 4.10 4.10 4.10 4.10 4.10 4.125 8. 4.125 4.125 4.125 4.125 4.125 4.125 S. 4.125 4.225 4.225 4.325 4.425 4.675 S. H.  14.25 S. 14.25 14.25 14.50 14.50 14.50 14.50 S. 14.25 14.25 14.25 14.25 14.50 15.00 S. 15.25 15.50 15.75 16.25 17.00 17.25 8. 18.00 19.00 19.25 20.00 21.00 22.00 8. H.  14.00 S. 14.00 14.00 14.25 14.25 14.25 14.25 S. 14.00 14.00 14.00 14.00 14.25 14.75 S. 15.00 15.25 15.50 16.00 16.75 17.00 S. 17.75 18.75 19.00 19.75 20.50 21.75 S. H.  21.00 21.50 22.00 22.50 22.50 8. 22.50 22.50 22.50 22.50 22.50 22.50 S. 22.50 22.50 22.50 22.50 22.50 22.50 S. 22.50 22.50 22.50 22.50 22.50 22.50 8. 22.50 22.50 22.50  18.75 19.00 19.00 19.125 19.25 S. 19.625 19.625 19.75 19.875 19.875 20.125 S. 20.375 20.375 20.125 20.00 20.00 20.00 S. 20.00 20.00 20.00 20.00 20.00 20.00 s. 20.00 20.00 20.00  37.75 37.625 37.75 38.20  s.  4.625 4.625 4.625 4.625 4.80 4.80 8.  S. 36.25 36.50 37.00 39.50 43.50 44.00 S. 44.50 42.75 42.25 41.25 40.00 39.50 S. 39.50 39.25 39.50 H. 39.50 39.75 8. 39.75 39.50  Spelter. New York  St. Louis  3.85 3.85 3.85 3.85 3.875 3.875 S. 3.875 3.875 3.875 3.875 3.875 3.875 8. 3.875 4.00 4.05 4.05 4.05 4.05 8. 4.05 4.05 4.125 4.125 4.125 4.125 8. 4.125 4.125 4.125  10.35 10.50 10.75 11.00 11.25 11.25 S. 11.25 11.25 10.50 10.00 9.50 9.50 S. 9.50 9.625 9.75 10.00 10.125 9.75 8. 9.75 9.50 9.50 9.25 9.25 9.25 8. 9.50 9.50 9.50  10.20 10 35 10.50 10.75 11.00 11.00 8. 11.00 11.00 10.00 9.00 8.875 9.00 8. 9.00 9.125 9.375 9.75 9.875 9.50 S. 9.60 9.35 9.25 9.00 9.00 9.00 8. 9.25 9.25 9.25  4.825 4.825 4.95 5.20 5.375 S. 5.60 5.875 6.50 6.75 7.00 7.75 S. 7.25 7.00 7.00 6.00 5.65 5.35 8. 5.35 5.35 5.35 5.35 5.35 5.35 S. 5.50 5.60 5.625  22.50 24.50 25.50 26.00 26.00 S. 26.50 26.50 26.50 25.00 23.50 23.00 S. 22.50 22.00 21.00 20.00 19.50 18.50 S. 18.25 18.00 18.00 18.50 20.00 20.50 8. 21.00 21.50 22.00  22.00 ____ 1 24.00 2 25.00 .. 3 4 25.50 5 25.50 s. _____6 26.00 ._ 7 26.00 8 26.00 9 24.50 10 11 23.00 22.50 ____ 12 8. ...13 22.00 14 21.50 15 20.50 16 19.50 17 19.00 18 18.00 19 8. 20 18.00 21 17.50 22 17.50 _____23 18.00 24 19.50 25 20.00 26 s. 27 20.50 _____28 21.00 29 21.50 30 31  15.25 15.00 15.00 14.75 S. H. 14.50 14.50 14.00 14.00 14.00 S. 14.00 14.00 13.75 13.75 13.75 13.50 8. 13.50 13.25 13.75 13.875 14.00 14.25 S. 14.50 14.50 14.25 14.50  15.00 14.75 14.75 14.50 8. H. 14.25 14.25 13.75 13.75 13.75 S. 13.75 13.75 13.50 13.50 13.50 13.25 8. 13.25 13.00 13.50 13.625 13.75 14.00 8. 14.25 14.25 14.00 14.25  _____1 .......... 2  18.125 17.50 16.50 16.00 8. 15.00 15.00 15.00 15.00 15.50 15.50 8. 16.00 16.75 17.50 17.50 17.50 17.50 8. 17.50 17.50 17.50 17.50 17.30 H. 8. 17.40 17.50 17.50 17.50 17.50  17.875 17.25 16.25 15.75 8. 14.75 14.75 14.75 14.75 15.25 15.25 S. 15.75 16.50 17.25 17.25 17.25 17.25 S. 17.25 17.25 17.25 17.25 17.15 H. S. 17.15 17.25 17.25 17.25 17.25  ____ 1 _____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  1915  4.90 4.90 5.00 5.20 5.20 S. 8. 39.25 5.50 40.00 5.75 40.25 6.00 40.00 6.25 40.75 6.50 7.00 S. 8. 7.00 42.40 42.25 7.00 41.50 7.00 41.00 6.25 6.00 41.15 5.75 S. S. 41.50 5.75 5.75 41.25 5.75 41.00 41.00 5.75 5.75 41.25 5.75 S. 8. 5.75 40.50 40.00 5.75 39.375 5.75  8. 17.75 17.50 16.75 16.50 16.00 15.50 S. 14.25 14.25 14.00 13.50 12.50 12.25 8. 12.25 11.75 11.25 11.00 11.25 11.50 8. 12.00 12.50 13.50 14.50 16.00 16.00 S. 16.50 16.25  8. 17.50 17.25 16.50 16.25 15.75 15.25 S. 14.00 14.00 13.75 13.25 12.25 12.00 S. 12.00 11.50 11.00 10.75 11.00 11.25 S. 11.75 12.25 13.25 14.25 15.75 15.75 S. 16.25 16.00  18.00 18.00 18.00 18.00 8. H. 18.00 18.00 18.00 18.00 18.00 S. 18.00 18.00 18.00 18.00 18.00 18.00 s. 17.875 17 875 17.875 17.875 17.875 17.875 S. 18.00 18.00 18.00 18.00  17.75 17.75 17.75 17.75 S. H. 17.50 17.50 17.25 17.25 17.25 S. 17.25 17.75 17.75 17.75 17.75 17.75 S. 17.75 17.75 17.75 17.75 17.75 17.75 S. 18.00 18.00 18.00 18.00  33.50 4.90 33.625 4.90 33.875 4.90 4.90 8. S. H. H. 33.25 4.90 33.25 4.90 33.125 4.70 33.25 4.70 4.70 8. S. 33.625 4.70 33.375 4.50 33.125 4.50 33.25 4.50 33.25 4.50 4.50 S. 8. 33.00 4.50 33.00 4.50 32.75 4.50 32.25 4.50 32.50 4.50 4.50 8. 8. 33.00 4.50 33.25 4.50 33.00 4.50 32.375 4.50  15.00 H. 14.75 15.25 15.30 15.50 S. 15.75 16.00 16.00 16.25 16.50 16.75 8. 17.25 17.375 18.00 18.25 18.25 18.25 S. 18.75 19.00 19.00 H. 19.00 18.75 8. 18.50 18.25  14.75 H. 14.50 15.00 15.05 15.25 S. 15.50 15.75 15.75 16.00 16.25 16.50 8. 17.00 17.125 17.75 18.00 18.00 18.00 8. 18.50 18.75 18.25 H. 18.25 18.50 S. 18.25 18.00  20.00 20.00 19.875 19.875 S. 19.875 19.875 19.875 19.75 19.75 19.75 S. 19.75 19.75 20.00 20.00 20.00 20.00 S. 20.125 20.25 21.00 21.00 21.25 H. S. 21.50 22.25 22.25 22.375 22.50  19.75 19.625 19.625 19.625 S. 19.625 19.625 19.50 19.50 19.50 19.50 S. 19.50 19.50 19.625 19.75 19.875 19.875 S. 20.125 20.25 20.50 20.875 21.125 H. S. 21.50 22.25 22.25 22.375 22.50  5.25 5.25 5.25 5.25 8. 5.25 5.25 5.25 5.25 5.25 5.25 8. 8. 5.25 37.75 5.40 37.65 5.40 37.75 5.40 39.25 40.00 5.40 5.40 8. 8. 5.40 40.00 39.50 5.40 38.75 5.40 38.875 5.40 39.125 5.40 H. H. S. 8. 39.125 5.40 39.25 5.40 39.45 5.40 40.00 5.40 40.50 5.50  3.90 3.90 3.90 3.90 3.95 3.95 S. 8. 49.50 3.95 47.00 3.95 44.00 3.95 46.00 3.95 49.375 3.95 3.95 S. S. 51.00 3.95 52.50 4.10 53.00 4.10 52.75 4.10 53.75 4.10 53.50 4.10 S. 8. 53.50 4.10 50.50 4.10 49.25 4.15 46.00 4.15 47.00 4.15 4.15 S. 8. 53.00 4.15 52.00 4.15 49.75 4.15  1  _____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  JUNE  8. 4.90 4.90 4.90 4.90 4.90 4.90 8. 4.65 4.40 4.375 4.375 4.35 4.35 S. 4.35 4.35 4.35 4.35 4.30 4 30 S. 4.35 4.35 4.50 4.60 4.75 4.75 S. 4.75 4.75  SEPT EMB ER  NOV E M B E R 4.90 H. 4.90 5.00 5.00 5.00 8. 5.00 5.15 5.15 5.15 5.15 5.15 8. 5.25 5.25 5.25 5.25 5.25 5.25 s. 5.25 5.25 5.25 H. 5.25 5.25 8. 5.25 5.25  St. Louis  M ARC H 7.50 7.60 8.00 8.00 8.125 8.125 8. 8.125 8.25 8.30 8.50 H. 8.50 S. 8.75 9.00 9.10 9.25 9.50 9.50 S. H. 9.50 9.75 10.00 10.15 10.25 S.  UGU ST  8. 5.00 5.00 5.00 5.00 5.00 5.00 8. 4.75 4.50 4.50 4.45 4.40 4.40 8. 4.45 4.50 4.475 4.45 4.45 4.45 S. S. 33.50 4.475 33.75 4.50 34.50 4.60 34.70 4.70 34.25 4.90 4.90 S. S. 33.375 4.90 33.50 4.90  Lead. New York  3.525 3.625 3.625 3.65 3.675 3.675 8. 3.675 3.675 3.675 3.675 H. 3.70 8. 3.70 3.725 3.75 3.775 3.775 3.775 S. H. 3.775 3.80 3.80 3.80 3.80 S.  MAY  4.125 4.125 4.125 8. 4.125 4.125 4.125 4.125 4.125 4.125 S. 4.125 4.125 4.10 4.10 4.10 4.10 8. 4.10 4.10 4.10 4.10 4.10 4.10 8. 4.10 4.10 4.075 4.075 4.075  O CTO BER  32.25  35.30 35.75 37.00 36.50 37.00  L  JULY 5.75 5.75 5.75 8. H. 5.75 5.75 5.75 5.75 5.75 S. 5.70 5.65 5.625 5.625 5.625 5.60 S. 5.55 5.55 5.50 5.50 5.50 5.50 S. 5.50 5.50 5.50 5.40 5.40 5.20  Spelter.  F E BRU ARY  J A NU A RY 1____ 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____  Lead.  New St. New St. York. Louis. York. Louis.  4.80 H. 4.80 4.90 4.90 4.90 8. 4.90 5.05 5.05 5.05 5.05 5.05 8. 5.15 5.15 5.175 5.175 5.175 5.175 8. 5.175 5.175 5.20 H. 5.20 5.20 S. 5.20 5.20  4.75 4.75 4.75 4.75 8. H. 4.75 4.75 4.55 4.55 4.55 8. 4.55 4.35 4.325 4.325 4.325 4.325 8. 4.325 4.325 4.325 4.35 4.40 4.40 S. 4.425 4.425 4.425 4.45  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  D E CEM BER 39.00 38.50 38.50 38.50 S. 37.75 37.25 37.25 37.25 38.00  5.175 5.175 5.175 5.175 8. 5.175 5.175 5.125 5.125 5.10 5.10 S. 5.10 5.25 5.30 5.30 5.30 5.30  s.  5.30 5.30 5.325 5.325 5.325 H. 8. 5.325 5.325 5.35 5.35 5.40  Production of Gold and Silver. UNITED STATES AND THE WORLD. GOLD AND SILVER PRODUCTION AND MOVEMENT IN 1915. The striking feature in the history of the world’s gold productionin 1915 was that, notwithstanding the tremendous conflict going on in Europe, involving not only all the leading nations of the Continent, but Great Britain and her Colonies, the aggregate of the precious metal produced was of very sat­ isfactory proportions. In fact a new high record was made. This was possible simply because the total amount of gold obtained from mines in the countries engaged in the war is a negligible quantity except from Russia, and the gold fields of that country are well removed from the disturbed area. The year actually witnessed a noteworthy expansion in the amount of gold mined, an outcome to be ascribed most largely to augmentation of output in Africa and the United States. In Africa, for instance, with the working force in the Transvaal (Rand and outside districts combined) fully recov­ ered from the disorganization which followed the strike in June of 1913 and the further labor troubles of January 1914 (starting with railway employees that time) there was a very satisfactory gain in pro­ duction over 1914, and the record yield of 1912 was almost equaled. The mines of the United States, too, showed an increase in product for 1915, according to the preliminary estimate of Mr. R. W. Woolley, Director of the Mint, carrying the year’s result very close to the high-water mark of 1909. Russian mines, moreover, did very well in the late year, as far as can be judged from such information as came to hand, the utilization of prisoners of war in the work­ ings materially assisting. The loss in Austral asia was, as we stated a year ago, merely the oft-told story of poorer grade ores in the lower levels of the mines and the retrogression in Mexico simply reflected the unsettled conditions there. A feature of the year, second only in importance to the actual yield of gold itself, was the extremely large gain in the visible stock of the metal in the world—a gain far transcending the total product of the various fields. In the United States the result reported was above all years except 1909, which it, however, very closely approximated, and may even be found to have exceeded when the final figures are compiled some months hence. All the leading producing States apparently increased their output in 1915, but the gain was in greatest degree contributed by Cali­ fornia, Colorado and Montana. Little is to be said of the Transvaal except that, as intimated above, with normal conditions practi­ cally restored, the mines were being systematically developed. Almost every month during the year witnessed accessions to the working force in the mines, the number of laborers increasing from 164,650 at the close of 1914 to 184,155 at the end of the half-year and 208,438 on Dec. 31 1915. The fact that the force could be so measurably augmented in the face of the unsettlement caused by the necessity of carrying on war with the Germans in Africa was a   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  decidedly favorable feature of the situation. As re­ gards the other African fields, suffice it to say that Rhodesia and West Africa, &c., further increased their production in the late year, so that, outside the Transvaal, a moderate addition to the aggregate yield is to be noted for 1915. For the whole of Africa the output at 10,598,411 fine ounces is a new high record, exhibiting as it did a gain of 789,471 fine ounces over 1914 and of 303,757 fine ounces over the 1912 mark. An augmentation of the gold production of Canada in 1915 was indicated by the preliminary approxima­ tion of Mr. John McLeish of the Department of Mines of the Dominion, the addition coming mainly from British Columbia, which of late years has made noticeable advancement as a producer of the precious metal, actually outstripping the Yukon each year since 1907, only excepting 1912. The Colar field of India, on the other hand, made a reduced contribu­ tion to the world’s aggregate new supply in 1915, practically every working sharing in the shrinkage in production, and in Australasia the history of the late year is simply a continuation of that of every year since 1905—decreasing yield in about every Province. It is difficult to realize, as we intimated last year, that Australasia at one time stood at the head as a gold producer of the world—in fact, as late as 1904— and much was expected of its mines. But poorer grade ore began to be run into in 1906 as the lower levels were reached, and since then output has steadily declined until in 1915 it reached only a little over 2 million fine ounces, against 4^4 millions ten years earlier, a reduction of nearly one-half. Very little information is at hand from other goldproducing localities, but such as has been received seems to warrant the conclusion that the results, when made public, will show that a greater quantity of the metal was mined in South America and Japan and some less prominent producers in 1915 than in 1914. Russia (including Siberia) likewise, and for the reasons already stated, doubtless will exhibit expansion in yield when the figures are available, but it is obvious that in France and Austria, the only other countries in Europe from which any mention­ able amount of gold is secured, a further contrac­ tion in output was the outcome of 1915. No data, however, have been obtainable, and consequently such estimates as have been given out since the year closed for any of the countries at war, including those incorporated in our compilation, may be considered to be off-hand estimates, subject to more or less change. Conditions in Mexico have been such as to materially interfere with mining operations, and a further decrease in yield there is entirely probable. 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 Volume 70 of the “Chronicle,” page 256, and from 1851 to 1871 in Volume 54, page 141, or in 1887 issue of the “Financial Review.”  PRODUCTION OF GOLD AND SILVER. GOLD.—PRODUCTION IN THE WORLD—OUNCES AND VALUES.  ♦For figures from 1851 to 1881 see Vol. 70, pages 256 to 260. ........................ 1851 to 1871 see Vol. 54, p. 141 to 144 or 1887 Financial Rev. The ounces in the foregoing table for any of the countries given may he 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 1915, stated in dollars, is 5283,168,345, and in sterling £45,019,929.  As summarized above, the gold production of the world in 1915 was approximately 23,063,673 fine ounces, valued at 8476,767,636, or an increase of 1,023,115 fine ounces, or $21,149,629, over the pre­ vious year, and a gain of 497,976 fine ounces, or 810,294,061, over 1912, the previous high record year. In the last decade the annual yield of gold rose from 18,290,567 fine ounces to 23,063,673 fine ounces, or a gain of 4,773,106 fine ounces. The ad­ vance in Africa during the same period, however, was from 5,494,473 fine ounces to 10,598,411 fine ounces, or an augmentation of 5,103,938 fine ounces. It is clear, therefore, that outside of Africa there has been a decrease in the ten years of 330,832 fine ounces. In tracing the annual production of gold in the world to its place of ultimate lodgment, which we have made a feature of this review for some years past, considerable difficulty has been encountered the last two years on account of the situation in Europe. Under normal conditions our investigations have, within certain limits, met with very satisfactory results, but with many of the leading nations of the world engaged in a bitter war, and all anxious to in­ crease their holdings of the precious metal, an anomalous situation is disclosed. In other words, a very large amount of privately hoarded gold has been brought into visible channels. In the first place it is to be noted that with practically no source of new supply from within and virtually no inward move­ ment from abroad, the gold holdings of both the Bank of France and the Bank of Germany increased largely in 1915, following very extensive gains in 1914. In the first instance the addition to the gold   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  93  stock, which totals 150 million dollars, can be ac­ counted for by the popular exchange of the metal for the Government’s paper obligations and the making of payments in gold of subscriptions to the various internal war loans that have been issued. As re­ gards Germany, too, the gain of 92 million dollars is evidently explainable in a similar manner. Other European banks, too, materially added to their holdings of the metal; the Netherlands to the extent of 88 million dollars and practically doubling its gold stock within the year. Spain, fur­ thermore, held 58 million dollars more at the close than at the opening of the year, of which imports from Great Britain accounts for about 38 millions; Russia gained 30 millions, and Sweden, Norway, Denmark and Switzerland collectively reported 19 millions more on hand on Dec. 31 than on Jan. 1. The aggregate gain here disclosed is 437 million dollars. On the other hand, the Bank of England lost 90 million dollars, which is more than explained by direct net exports from Great Britain (of which the greater part to the United States), and the amount sent from Canada to the United. States for account of the bank and included in its weekly state­ ments. A diminution of 18 millions in the gold stock of the Italian Bank brings the sum of the losses up to 108 millions, leaving the net accumulations for the year of all the European banks 329 millions, this following an enlargement of 690 million dollars in 1914. In addition to the large gain in gold by the European banks, it is to be stated that the visible stock in the United States as compiled by the Treasury Department increased 497 million dollars in 1915, the general stock of gold coin and bullion in the country at the close of the year being reported at $2,312,444,489 against $1,815,976,319 on Jan. 1. We have, therefore, for the European institu­ tions and the United States, an augmentation in gold holdings of 826 million dollars, from which should be deducted the 8 millions net received in Great Britain from India, Egypt, South America, &c., leaving, net, 818 million dollars. This, it will be noted, is 342 million dollars greater than the year’s production of new gold, without making any allowance for the amount of gold used in the arts, &c., in the world, which for 1913 was estimated by the United States Bureau of the Mint at 166 million dollars. That figure, of course, under prevailing conditions, is apt to be very much over the mark, but its inclusion either in full or in part in this analysis is not necessary in order to indicate how largely the war has brought out the privately hoarded gold. Official Details from Gold-Producing Countries.  From the returns we have obtained from the mines, mint bureaus and other official and semi-official sources respecting gold-mining in 1915, we are able to deduce the following: United States.—An appreciable augmentation in the yield of gold from the mines of the United States was denoted by the preliminary estimate issued jointly by the Bureau of the Mint and the Geological Survey, the output being put at 210,881 fine ounces more than in 1914 and only 37,852 fine ounces less than the record of 1909. The increase in 1915 was contributed in greatest measure by California, Colorado and Montana, where there were gains of 84,845 fine ounces, 110,720 fine ounces and 29,969 fine ounces, respectively. The Philippines, moreover, showed very satisfactory increases, and production also advanced in Utah, Alaska, Oregon, South Dakota and New Mexico. Arizona, on the other hand, showed a decline, and results in Nevada, Washington and Idaho fell below those of the previous year. The ounces and values as estimated for each State in 1915 contrast as follows, with the final figures for 1914 and 1913:  PRODUCTION OF GOLD AND SILVER  94  GOLD PRODUCTION IN UNITED STATES Gold 1913----------------------- 1915------------ ------------1914- - ■ Fine ozs. Value. Fine ozs.. Value. Production. Fine ozs Value. Colorado___ 1,073,499 $22,191,200 962,779 $19,902,400 876,057 $18,109,700 879,174 20.241.300 California__ 1,112,906 23,005,800 1,028,061 21,251,900 735,364 15.201.300 Alaska______ 804,317 16.626.700 800,471 16.547.200 7,214,200 South Dakota 357,850 7.397.400 354,782 7,334,000 348,988 160,647 Montana___ 230,415 4,763,100 200,446 4,143,600 3.320.900 Arizona____ 198,406 4,101,400 198,695 4.107.400 221,020 4,568,900 163,362 172,711 3.570.300 Utah........... .. 169,061 3,494,800 3,377,000 558,064 11.536.200 579,408 11,977,400 547,349 11.314.700 Nevada____ 60,193 1.244.300 Idaho_______ 50,726 1,048,600 57,431 1,187,200 84,144 Oregon............ 71,495 1.477.900 76,887 1,589,400 1.739.400 58,974 43,149 1,219,100 892,000 69,176 New Mexico. 1,430,000 31,806 657,500 Washington. . 267,200 28,435 587,800 12,926 9,534 7,253 149,900 South. States . 197,100 8,616 178,100 53,648 35,133 726,300 Other States . 63,259 1,307,700 1,109,000 Totals___ 4,783,857 $98,891,100 4,572,976 $94,531,800 4,299,784 $88,884,400  Africa.—A satisfactory gain in the volume of gold obtained from the mines of Africa in 1915 is indicated by the returns at hand, a not unnatural result following the settlement of the labor troubles in the Transvaal. Each month ofthe year gave a better return from the Rand workings than in the corresponding period of the previous year, and from June on to the close new high records were made in each period. For the twelve months, therefore, the augmentation over the previous high-water mark was 19,351 fine ounces. The output of the Rand monthly for the last seven years is subjoined: Ounces. January.. February. March... April .... May____ June____ July____ August .. September October.. November December  WITWATERSRAND DISTRICT—FINE OUNCES. 1914. 1909. 1910. 1911. 1912. 1913. 591,976 579,743 625,826 709,280 760,981 621,902 597,545 550,645 550,422 585,863 674,960 702,394 581,899 649,247 796,755 760,324 657,708 592,415 587,626 655.607 594.339 638,421 706,763 755,858 606,724 658,196 689,259 603,411 746,948 761,349 598.339 657,023 722,588 716,267 688,232 596,216 735,941 625,107 610,664 679,881 703,136 599,078 684.607 590,924 623,129 682,405 732,197 697,686 716,495 676,411 585,736 677,063 621,311 669,773 703,985 738,082 687,515 581,132 627,445 677,923 727,699 644,320 685,450 576,768, 617,905 691,462 745,860 642,786 669,075 583,209 616,668 680,782  1915. 689,817 653,213 727,167 717,225 737,752 727,924 742,510 749,572 749,235 769,798 753,605 755,101  Totals .7,039,136 7,228,588 7,896,802 8,753,568 8,430,998 8,033,569 8,772,919  Districts of the Transvaal outside the Rand did hardly as well as a year earlier, but a better showing was made by Rhodesia, where production increased from 854,538 fine ounces to 915,028 fine ounces, and from West Africa, Mo­ zambique, Madagascar, &c., the collective contribution to the world’s new supply was but nominally less than in 1914, according to the preliminary figures. Finally, the yield of the whole of Africa was 789,471 fine ounces more than in 1914 and 303,757 fine ounces greater than in 1912, the former record year. The subjoined compilation, covers the progress in goldmining in all districts of Africa since 1886. AFRICA’S GOLD PRODUCTION—FINE OUNCES. -----Witwatersrand----Total----------Ounces. Ounces. £ £ Year. Ounces. £ 28,754 1887(partyr) 28,754 122,140 122,140 212,390 240,266 50,000 1,020,600 1888_______ 190,266 808,210 71,552 303,939 479,302 1890 _______ 407,750 1,732,041 2,035,980 1895_______ 1,845,138 7,837,779 270,000 1,146,906 2,115,138 8,984,685 341,908 1,452,357 3,904,721 16,586,472 1898 _______ 3,562,813 15,134,115 305,784 1,298,909 3,665,875 15,571,927 1899 _______ 3,360,091 14,273,018 166,922 709,051 562,307 1900 .............. 395,385 1,679,518 2,388,569 474,696 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 14,092,784 788,040 3,347,436 5,494,473 23,339,094 1905_______ 4,706,433 19,991,658 1911............. 7,896,802 33,544,036 1,469,199 6,240,863 9,366,001 39,784,899 1912 _______ 8,753,568 37,182,795 1,541,086 6,546,225 10,294,654 43,729,020 1913 _______ 8,430,998 35,812,605 1,609,420 6,837,083 10,040,418 42,649,688 1914 _______ 8,033,569 34,124,434 1,775,371 7,541,421 9,808,940 41,665,855 1915 _______ 8,772,919 37,265,605 1,825,492 7,754,324 10,598,411 45,019,929  Australasia..—The declining tendency in production in Australasia, which has been an annual feature since 1905 (due largely to the poorer grade ores in the lower levels as well as to some extent to exhaustion) continued in 1915, the latest year’s yield being only a little more than half of that of ten years earlier. The subjoined table indicates the pro­ duct of each colony and the total of all since 1905. PRODUCT OF GOLD IN AUSTRALASIAN COLONIES—FINE OUNCES. New So. Queens- Western New South Tasma- Total AusYears. Victoria. Wales. land. Australia. Zealand.. iustralia. nia, &c. tralasia. 1905 ____ 810,050 274,263 577,559 1,955,316 520,040 20,547 74,316 4,232,091 1906 ____ 786,054 253,987 493,120 1,794,542 532,922 14,078 50,888 3,925,597 1907 ____ 710,269 247,363 457,596 1,698,553 477,303 11,870 65,354 3,668,308 1908 ____ 676,001 224,788 452,451 1,648,505 474,415 14,500 60,453 3,551,113 1909 ____ 654,222 204,709 455,577 1,595,269 472,464 20,052 44,777 3,447,070 7,108 40,434 3,177,465 1910 ____ 578,860 189,214 440,784 1,470,632 450,433 1911 _____ 502,914 177,418 359,999 1,371,848 426,813 20,000 52,418 2,911,410 1912 ____ 480,131 165,283 317,946 1,282,654 310,962 6,592 43,310 2,606,878 1913 _____ 434,932 149,657 265,735 1,314,043 343,595 6,556 54,793 2,569,311 1914 _____ 413,212 124,507 248,395 1,232,973 187,243 6,258 47,049 2,259,637 1915 ____ 329,065 132,304 229,172 1,210,676*185,000 *17,000 *49,524 2,152,741  ♦Partly estimated.  Canada.—Continued development of mining in British Columbia and better results in the Yukon district account for the increased production of gold in Canada in 1915. As regards the 1915 yield of the mines, Mr. John McLeish, Chief of the Division of Mineral Resources and Statistics, Department of Mines of Canada, on such information as is available, estimated the output at $19,900,000, or 962,664 fine ounces. The exhibit for the last fifteen years follows: CANADA’S PRODUCTION SINCE 1899. Value. Ounces. Value. 1,350,475 1908..................... $9,842,100 1901 .................... 24,462,222 1,183,362 1909............... 9,790,000 l£02.................... 20,741,245 1,003,359 1910 .................. 10,205,835 1903.. ............... 18,834,500 911,118 1911 .......... 9,781,077 1904........... 16,400,000 793,350 1912 _________ 12,648,794 1905.. _______ 14,486,800 700,800 1913................. 16,598,923 1906........... 12,023,932 581,660 1914 _________ 15,983,007 1907__________ 8,382,780 405,553 1915 _________ 19,900,000 1900 .................... $27,916,752   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Ounces. 476,112 473,592 493,708 473,159 611,885 802,973 773,178 962,664  India.—The returns from the Colar field, from which very much the greater part of the East Indian gold product is obtained, denote that the yield of the country in 1915 was less than in the preceding year, the decline being shared in by all districts except North Anantapur. The details for the last seven years are appended. EAST INDIA—GOLD PRODUCTION PRINCIPAL MINES. 1914. 1913. 1912. 1911. 1910. 1915. Ounces. Ounces. Ounces. Ounces. Ounces. Ounces. Champion Reef____ ..127,488 137,255 133,375 132,338 123,195 118,351 Ooregum__________ .. 86,643 96,261 95,235 92,177 94,034 93,767 Mysore____________..207,981 230,665 232,100 231,687 230,135 228,727 Nundydroog_______ .. 76,063 79,924 80,379 86,995 90,173 89,229 Balaghat__________ _. 16,083 17,403 17,495 17,379 17,027 15,997 5,282 North Anantapur.a. 7,271 159 15,570 13,350 10,780 Hutti, &c__________ .. 26,768 27,045 19,745 16,991 13,723 ............  1099. Ounces. 113,877 92,063 228,249 86,606 21,203 2,009 ............  Totals___________ ..556,596 601,903 589,109 584,838 573,569 546,230 544,007  a Mysore West and Wynaad for 1909 and 1910.  Russia.—But very little early information of a reliable na­ ture is obtainable from Russia in a normal year, and under existing conditions it is to be inferred that virtually no data as regards gold-mining operations in 1915 will be available for some time. The situation, however, as explained above, was such that a small gain in production may have occurred in 1915. We therefore hazard a tentative estimate of $29,000,000, or 1,403,000 fine ounces, as the output of the Rus­ sian mines in the late year, or abour 20,103 fine ounces more than in 1914. Details for the last 13 years are appended. RUSSIA’S PRODUCTION SINCE 1901. Ounces. Value. Value. 1,100,000 1909 ....................$32,381,300 1902____ ___ $22,739,013 1903____ ___ 24,632,200 1,191,580 1910 __________ 35,579,600 19C4_____ ____ 24,803,200 1,199,857 1911 ................. 32,151,600 1,078,356 1912 __________ 22,199,000 1905____ ____ 22,291,600 943,056 1913 ................. 1908____ ___ 19,494,700 26,507,800 1,290,840 1914 ............... 1907____ ____ 26,684,000 28,587,000 1,357,027 1915................ 1908____ ____ 28,052,200 29,000,000  Ounces. 1,566,448 1,721,163 1,555,333 1,073,875 1,282,313 1,382,897 1,403,000  Other Countries.—It is not restrictions the war has placed upon the sources of informa­ tion and means of communication in Europe, that from other sections of the Continent, as well as from Russia, reliable data as to gold production could be secured now. France and Austria are the only countries to be credited with a mention­ able yield, but with both involved in the war it must have decreased quite materially. In Mexico, too, it is to be assumed, a further falling off in output occurred under the conditions existing. South and Central America and Japan and China, on the other hand, seem to have con­ tributed a little more largely to the world’s new stock of gold in 1915 than in 1914. But “Other Countries” collec­ tively, and not including Mexico, which appears separately in our compilation, apparently decreased their production by about 30,000 fine ounces. Silver Production of the World. We can merely repeat that the difficulties that beset us in investigating the course of gold mining in 1915 are as nothing compared with those encountered in following up silver production. The estimate of the Bureau of the Mint covering the result in the United States showed a decrease of about five million ounces from 1914, Idaho and Nevada measurably decreasing their output. For Canada Mr. McLeish put the silver yield at 26,900,000 ounces, or 1 million ounces less than in 1914. This com­ prises nearly all the really authentic information we have at hand regarding 1915, but there is reason to believe that in Mexico and Australasia production declined. The price of silver in London fluctuated in wider limits during the year than in 1914, the close having been at 26)4d., against 22 9-16d.at the opening, with the highest price 27 3-16d.,the lowest 22 9-16d. and the average 23^d. In 1914 the average was 25 5-16d., or 1 ll-16d. higher. We now present a statement of silver production covering each year since 1890. See “Chronicle” of Feb. 11 1899, page 258, for results back to 1871. SILVER.—WORLD’S PRODUCTION IN OUNCES AND STERLING. AU Other United Total. Mexico. Australia. Producers. Total Fine Stales. 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 25,370.613 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 9,682,856 33.206,394 167,689,192 17.292,944 1903.. . . 54.300.000 70.499,942 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 90.90S.654 1908.. . 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.. . 60,399,400 79,032,440 16,578,421 69,362,583 225,372,844 23,094,847 1912.. . 63,766,800 74,640,300 14,737,944 71.165,610 224,310,654 26,198,751 1913.. . 66,801,500 70,703,828 18,128,577 68,273,938 223,907,843 25,714,416 1914.. . 72,455,100 70,703,828 3,520,274 64,424,175 211,103,377 22,264,809 1915— 67,485,600 65,000,000 3,500,000 60,000,000 195,985,600 19,708,999 a Values of sliver 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  Great Britain-Banks & Trade. COMMERCIAL MOVEMENTS IN 1915.  BUSINESS IN ENGLAND IN 1915. London, January 24 1916. A coherent account of anything so essentially hand-to-mouth and makeshift as business in Great Britain last year is hardly to be attained. After the sharp jolt caused by the war everybody sought to settle down as was best possible to new and narrowed conditions. In the autumn of 1914 the more urgent problems presented by the riving asun­ der of normal European relations had been dealt with, but none of them had been, or could be, solved outright and many difficulties were tided over by free resort to the expedient of suspense accounts. In spite of categorical warnings from the military authorities and of the stark logic of the stricken field, British conservatism retained the belief that it could not long be exiled from its accustomed courses. Probably it was all to the good that disillusionment was gradual, as it conduced to the preservation of an even, and comparatively contented, mind. Per­ haps there was too much serenity but it must be owned that this quality enabled the business world of Great Britain, from time to time, to accept and act upon the frequently belated requirements of the Government. One of the most competent of minor Ministers of the Crown has drawn attention to the disadvantage under which British industrial enter­ prise has labored, owing to the lack of adventurous spirit in our banks, but that has been part of the salvation of the country. Banking adventures in peace are apt to spell lock-ups in war, and our banks were happily free to follow their traditional, if nar­ row, policy of making advances to customers of good credit and furnished with ample security. If, and when, a list is’published of the establishments that have done their part in supplying munitions of war it will be seen that not only have the most diverse and unexpected industries volunteered or been enlisted in the national service but that through their diversity and multiplicity the banking resources of the king­ dom have been fully and directly applied with cumu­ lative force to fulfilling the call of the hour. The first financial episode of last year was the reopening of the London Stock Exchange under rigid restrictions which put all transactions on a cash basis, required all sales to be accompanied by particulars of the stocks or shares offered, insisted on proof that no securities dealt in should come out of enemy ownership, and fixed minimum prices for invest­ ment securities. Formidable and laborious forms necessar­ ily accompanied these restrictions and a once free and responsive market lumbered along clumsily under the re­ straints, which have been lightened from time to time. The Stock Exchange community, lodged in expensive offices, with concomitant rates and taxes, in a narrow district, where a few feet of frontage with no great depth had been computed in millions sterling, suffered as severely as any class through the war. At the beginning of last year its numbers had been much reduced by enlistment among those of military age while others had flocked to the Navy or Army pay de­ partments or to fill the places of younger men in banks, insurance offices and the like. Nobody who has watched the city and its ways since the war began can be indifferent to the manner in which nearly every individual has sought a niche into which he could fit and clear the way for a younger man to go fighting. Here it may be suitable to say how well women have adapted themselves to banking work, in which they had virtually no part until the past year. With   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  all its disabilities and sufferings the Stock Exchange plodded along loyally; some of its members with connections result­ ing from generations of work did well but the majority had a poor and variable existence. The number of trans­ actions marked never quite reached 4,000 on any one day and the liveliest weeks were those in which American railroad shares, one after another, attained the prices of the end of July 1914, which enabled suspended bull positions in them to be liquidated. This meant a tremendous relief, and here was the first occasion when the city had to be thankful that the United States was neutral and prosperous. There was no false modesty about liquidating the account and the solving of position in American securities contributed greatly to the total of about 80 per cent of hung-up Stock Exchange commitments that is estimated to have been cleared off in the course of the year. In the Revenue Return for the nine months to the end of 1915 appear some startling figures; two of them arrest atten­ tion, not so much because of their magnitude, but because of their originality in such a place. On one side are “Re­ payments to the Bank of England, £160,427,623.” This, of course, represents the making good by the Government of its guaranty of bills rediscounted “without recourse.” It is not the measure of the ultimate loss we may be sure, but just as the rediscounting privilege was extended to preserve the status of the commercial bill drawn on London and to relieve those who found themselves locked up in what should have been an absolutely liquid and negotiable security, so the Government repayment was to set the Bank free for the pursuit of its more normal and indispensable prac­ tice. The second entry of unusual import in the Revenue Return was “by American Loan £35,329,000,” roughly, one-third of the credit established on behalf of Great Britain and France in the United States. Criticism has been made on the terms on which this loan of 8500,000,000 was granted —criticism applied equally to the assumed incapacity of the negotiators on our behalf and to the assumed rapacity of those who lent the money. The answer to all such carp­ ing is to be discovered in the profound concern aroused in the city by the violent diversion of the exchanges to the prejudice of Europe. Those who were best aware that the solvency of Britain was not in doubt were most distressed over the temporary depreciation of the sterling unit where and when its integrity was of supreme importance. The anx­ iety took some time to infect Government circles but it cap­ tured them, resulting in the dispatch of Lord Reading’s Commission and later in the organization by which private holdings of American securities in the British Isles are being put at the disposal of the Treasury either by sale outright or by deposit for use as collateral for loans in the United States. Though Government purchases of supplies have produced the intense dislocation of the exchanges the ordin­ ary machinery has been thrown out of gear by the fall in our exports, and bankers have established credits independent of the Government measures. The play of the exchanges is still keenly watched, by some in the pure interest of the inviolability of the sovereign, but by most in a more prac­ tical sense and with a due understanding that our ability to remit bears on your volume of export, so that interest is not wholly one-sided. If only on account of their magnitude, the war borrowings of the year could hardly be side-tracked into a paragraph about new issues. The main war loan was of unspecified amount, as, in order to attract subscriptions, holders of older British securities—Consols, annuities and the war loan of 1914—were given privileges of conversion into the new type, conditional on the possession of certain amounts of the new issue. It was soon found impossible to main­ tain this rigid restriction of the right of conversion. In practice there was nothing to prevent arrangements between subscribers to the new loan who owned no convertible securities and holders of the latter who could not acquire the requisite privilege. A regular traffic sprung up with the connivance of the authorities, combination deals in which holders of new loan bought Consols or old war loan which they could convert and then conveyed to the sellers  BUSINESS IN GREAT BRITAIN.  96  the new Ioan scrip minus the talon which conveyed the conversion privilege, became common. When the conver­ sion period expired it was found that some 70 per cent of the available rights had been employed but that under 40 per cent each of the outstanding Consols and 3)^ per cent war loan had been transformed into the new type. The moder­ ate proportion of Consols converted was understandable, as huge sums were held by Government departments and in trusts which could not be interfered with, but that £215,000,000 of £350,000,000 of the 1914 loan should be left on the 3 }/2 per cent basis when a payment of £5 per cent in cash could have turned it into a per cent was less compre­ hensible. At the end of the year the revenue return showed £586,316,000 received on account of the new war loan, so that the total fell short of the £600,000,000 aimed at. But all of this sum was cash. From the appended table showing the situation of the Bank of England from week to week it is possible to gather some inkling of the varying characteristics of the year. The Bank rate did not change at all. The note circulation reached its maxima at the usual times, the end of each quarter, but throughout the year the outstanding Treasury notes gradually increased. Bullion holdings fell as the effort was made to satisfy the ever widening discrepancy in the exchange between this country and yours. In the early autumn the public was persuaded to surrender its gold pocket'money, but the accretion soon ebbed away. Public deposits rose and fell according as installments of loans matured and exceeded current disbursements, until the inauguration in April of the system of selling Treasury bills daily at fixed rates kept a more even level of Government credits. The last return of July marks an epoch, for then we find “other” deposits cut into by war loan subscriptions and much of the money employed to relieve the Bank of the bills rediscounted without recourse, for which the Govern­ ment now assumed direct responsibility :  13 ............ 20______ 27-.......... Feb. 3............ 10............ 17.......... 24............ Mar. 3______  10-......  17-.......... 24 ______ 31............ Apr. 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. 1____  8-.......... 15............ 22______ 29-..........  £ 35,8 35,1 34,7 34,7 34,8 34,4 34,1 34,2 34,5 34,2 32,6 34,1 35,1 34,9 34,5 34,3 34,6 34,9 35,0 34,0 32,9 33,5 33,1 32,9 33,1 34,6 35,0 34,4 33,7 33,5 33,4 32,4 31,9 31,8 32,3 31,7 31,5 31,6 32,7 32,8 32,5 32,5 32,7 33,4 33,1 33,0 33,3 34,2 34,1 34,2 35,0 35,3  £ 68,8 69,3 69,9 69,1 67,6 67,2 65,5 63,8 59,9 59,8 59,4 57,2 53,8 53,7 55,3 55,6 55,3 56,3 63,6 61,7 61,7 58,6 59,3 56,5 54,1 52,0 53,2 53,1 59,4 60,9 62,2 65,7 67,1 67,3 68,4 67,4 63,7 62,9 61,5 61,2 59,9 58,8 56,2 56,6 55,3 53,5 52,4 51,2 50,2 50,2 51,0 51,4  £ £ 23,8 133,3 44,8 116,0 37,5 126,2 47,3 117,5 38,6 123,9 46,4 115,8 40,3 117,6 26,9 132,8 51,8 118,8 50,1 129,7 70,9 100,4 92,0 93,0 113,6 89,7 105,2 97,6 104,1 102,9 125,4 88,7 132,0 87,0 134,1 85,1 127,8 95,6 130,3 94,6 87,7 132,0 131,7 84,0 123,3 91,4 113,0 101,7 99,5 109,5 81,5 140,6 67,8 139,8 52,9 157,9 109,2 134,6 177,6 95,5 84,2 147,0 142,6 85,0 102,6 124,6 89,4 134,0 137,9 87,9 129,5 85,9 121,5 90,1 108,7 89,6 116,2 76,6 81,3 98,3 97,9 70,8 46,1 98,3 39,8 99,6 45,5 95,7 48,9 90,4 50,1 91,6 52,1 84,6 50,3 93,5 52,4 90,0 52,1 94,1 53,1 98,7 49,6 111,9  Reserve Market or Rate Notes Bank 3Mos.’ Other. and Rate. Bank Coin. Bills.  Securities.  Oovernment. £ 14,8 18,0 18,0 21,3 21,3 24,5 24,5 26,9 26,9 27,1 30,0 35,3 44,6 44,6 47,8 47,8 51,0 51,0 51,0 51,0 51,0 51,0 51,0 51,0 51,0 51,0 51,0 51,7 53,1 53,1 46,8 45,9 45,6 45,6 44,4  34,4 34,4 31,3 31,2 31,2 25,9 18,8 18,8 18,8 18,8 18,8 18,8 29,8 32,8 32,8 32,8 32,8  £ IOS ,9 108,2 110,2 108,8 108,0 104,6 101,7 102,9 118,1 127,0 115,7 126,5 140,0 138,7 137,8 144,3 146,6 146,1 143,0 145,5 139,2 138,8 136,8 139,4 136,3 152,9 137,9 140,0 164,5 192,1 155,2 148,1 146,1 142,1 145,1  145,2 144,9 135,6 132,3 119,2 114,7 98,6 96,5 98,5 97,6 101,7 98,1 96,4 92,9 96,8 102,4 112,0  £ 51,4 52,6 53,6 52,9 51,2 51,2 49,8 48,0 43,9 44,0 43,8 41,5 37,1 37,2 39,1 39,7 39,0 39,8 47,0 46,1 47,2 43,5 44,6 42,0 39,4 35,9 36,6 37,0 44,1 45,8 47,1 51,7 53,6 53,9 54,5 54,1 50,6 49,7 47,6 46,8 45,8 44,7 41,8 41,6 40,6 39,0 37,6 35,4 34,5 34,4 34,4 34,6  % 5  % 2% 2%,-l4 1% 15g-34 13S  lU-%6 l%rh! 1+ 1%-%, 1>2 23g-l2  214-3s 238-l2  3-314 3-3%,  2%-3  278-% 2?8 2%-7g  2%-7s 2%-7g  2%-7s  2%-78 278  4-414 4%,-l8 5 5 5-5l8 4% 4%-78  478-5 478-5 4%-7S  434-% 484-78  45g-% 4%A 434-% 4%-34  434 478-% 478-% 478 514 514 514 5's-%, 518  --  5I8-%« 5%,-q  Money was never scarce throughout the year, for almost as fast as the Government gathered it in it was disbursed. Allowing freely for the gold which left hoards and sovereign cases for the Bank the circulation of actual cash was far beyond the usual. Only in the City was the turnover of credit instruments less than the severely reduced total of the preceding year. In London outside the city limits the bank clearings, which had shown a trifling rise in 1914, went ahead very well. In the country check clearings the increase was more than ten times as great as the decrease in 1914. All the industrial and shipping centers returned greatly enlarged clearings. Newcastle more than made good on   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1915. 1914. Inc. (+), or Dec. (—). London— £ £ £ % Town__________ 10,911,090,000 12,434,322,000—1,523,232,000 —12.2 Metropolitan____ 929,064,000 860,262,000 +68,802,000 +7.9 Country________ 1,567,571,000 1,370,464,000 +197,107,000 +14.3 Total-................ 13,407,725,000 14,665.048,000—1.257,323,000 —8.5  It is superfluous to give the usual comparisons for Stock Exchange pay days and Consols settling days,as settlements have been effected from day to day under existing conditions. Even the comparisons for Fourths of Months need hardly be given, but the total for such dates was £537,247,000, a decline of £75,279,000, or 12.2%. The leading provincial clearing houses show these changes : Birmingham -__ Bristol________ Leeds_________ Leicester______ Liverpool______ Manchester.. Newcastle_____ Nottingham____ Sheffield...............  1915. £ 89,999,333 39,734,000 32,860,355 20,610,309 292,700,925 351,705,431 77,991,900 18,976,754 31,083,231 955,662,238  BANK OF ENGLAND IN 1915—(00,000s omitted).  Deposits. Bullion Note in Both Cir­ cula­ Dep'rt- Public. Other. tion. menls.  naval and other armaments what it must have suffered through interruption of the North Sea trade. Sheffield and Birmingham did not exceed Leeds and Leicester in the extent of their expansion, for clothing and boots wear out more quickly than guns, and munitions have been made in all sorts of places besides the normal homes of their manu­ facture. If and when a list of the firms contributing to the service of the artillery and bombing arms is published the British people will wonder why it was not frankly told that such and such articles were scarce and dear because the manufacturers were otherwise engaged. It would scarcely have benefited the enemy and it might have heartened the British people to know a little more of the concentration of our industrial powers on war work. Of course, the enemy might have been too hard, and our own people too easy, to persuade of the earnestness of our effort. Here are the figures of the London and the principal provincial bank clearings in comparison with those of the preceding year :  1914. £ 76,889,874 36,216,000 25,864,645 16,269,869 228,827,051 322,694,286 58,147,300 17,976,008 24,862,999 807,748,032  Inc. C+'i.orDec. (—).  £ + 13,109,459 +3,518,000 +6,995,710 +4,340,440 +63,873,874 +29,011,145 + 19,844,600 + 1,000,746 +6,220,232 + 147,914,206  % + 17.0 +9.71 +27.1 +26.8 +27.9 +9.0 +33.1 +5.5 +25.0 + 18.3  Owing to the raising of about £440,000,000 for war pur­ poses in the closing quarter of 1914 the record of the London capital market for that year, exceeded all previous records by well over £200,000,000, although the advances to local companies, British Colonies and foreign countries, were materially reduced. In the past year subscriptions in the latter directions were quickly restricted, owing to the regula­ tion which places in the hands of the Treasury the right of refusing or sanctioning every projected issue of new capital, including those required for existing undertakings; but the restriction in this direction has been much more than counter­ balanced by further borrowings for prosecuting the war and for financing the Allies who have needed that kind of assistance. The British Government 4J£% war loan and the net amount of Exchequer bond issue of March last represent together about £621,140,000, comparing with £364,420,000 in 1914 and under £36,000,000 in 1913. London also subscribed £24,000,000 of the recently issued war loan. In February the Russian Government raised £10,000,000 of one-year Treasury bills at 95 and in May Argentina placed £5,000,000 6% five-year Treasury bonds at 99. For the East Indian Ry. £3,500,000 was obtained on 4j^% deben­ tures, and5% five-year notes for £500,000 were subscribed for the Grand Trunk Ry., while £3,000,000 was raised by the Central Argentine & Buenos Aires Western Rys. Apart from the war issues the feature of the year in connection with new capital issues has been the popularity of short-dated securities. In the following table the total capital subscrip­ tions in the United Kingdom are shown for the past two years with the increases or decreases in 1915, as compared with 1914: TOTAL CAPITAL SUBSCRIPTIONS OF THE UNITED KINGDOM DURING 1915 AND 1914. 1915. 1914. Inc. (+) or Dec. (—). £ £ £ % United Kingdom.............621.140.000 364.420.400 +256.719.600 +70.2 India and Ceylon ______ 3,721,200 6,150,200 —2,429,000 —68.2 British Colonies. ______ 18,568,200 74,790,000 —56,221,800 —72.5 Foreign countries ______ 41,912,300 67,162,000 —25,249,700 +37.6 Total Indian, colonial and foreign ______ 64,201,700 148,102,200 —83,900,500 —56.7 Grand total...--------- 685,341,700 512,522,600 + 172,819,100 +33.7  When the circumstances of the period, at home and abroad, are fully considered the British trade statistics for the year make a better showing than could have been reasonably expected and it is satisfactory to be able to add that the December results were by far the best of the twelve months, for while the increase in the imports was no more than £3,621,000, British exports rose to the extent of £7,669,000  BUSINESS IN GREAT BRITAIN. and there was a gain of £1,831,000 in the re-exports. The total value of the imports for the year was £853,756,279, an amount largely in excess of any previous twelve months. As compared with 1914 the increase amounted to£157,121,000 or 22.55%, while in contrast with 1913, the augmentation was £85,021,000. The increase was chiefly due to the higher prices ruling for nearly all the leading commodities, cotton being the only important exception. Foodstuffs and tobacco rose £84,000,000 over the 1914 total and £91,000,000 over that of 1913, though with the exceptions of tea, coffee and cocoa, the quantities imported were rather smaller. Taking wheat as an instance, £57,313,000 was paid for 88,681,000 cwts. last year, as against £44,700,000 for 103,900,000 cwts. in 1914. The imports of sugar were about 10,000,000 cwts. smaller than in either of the two preceding years; but the price rose from £23,000,000 in 1913 to nearly £32,000,000 last year. Apart from moderate in­ creases in the purchase of bacon and hams, the meat imports were but little changed; but there was an addition of £23,726,000 to cost. For raw materials generally nearly £51,000,000 more was paid in 1915 than in the preceding year. Wood cost £7,400,000 more for about the same quantity received; about £10,000,000 additional was paid for a rather larger quantity of wool, but while an extra £9,322,000 was paid for raw cotton, the sum purchased 26,476,000 centals, against 18,641,000 centals in 1914 and 21,741,000 centals in 1913. If, therefore, the Lancashire cotton industry has felt the pinch of war, as it undoubtedly has, it has not been because of dear raw material. Oil seeds, &c., have risen over £8,000,000 (partly owing to a further advance in petro­ leum) in spite of a reduction of 50,000,000 gallons in the supplies. Manufactured articles imported increased by over £21,000,000, chiefly in leather, chemicals and metals other than iron and steel, notably in copper, lead and spelter. With an increase of 350,000 centals in the quantity of rubber received the cost advanced by about £4,500,000. The aggregate value of exports of British commodities was £384,647,000, being £46,074,000, or 10.69% less than that of the preceding year, while, as compared with 1913, the reduction was £140,598,000, or 26.5%. The latter decline is, of course, a very serious one; but it has to be remembered that 1913 was the “banner” year, so far as British exports are concerned, the total of £525,245,000 contrasts with £290,800,000 a decade previously. In ten years, therefore, the value of the exports had nearly doubled, so that a moderate reaction would not have been very sur­ prising in any circumstances. That the actual shrinkage should not have been greater bears striking testimony tc the thoroughness with which Britain still “rules the waves,” while Germany’s boasted sea power practically exists only as a pirate force. The re-exports of foreign and colonial merchandise increased last year by £3,323,000, or 3.48% to £98,797,000, though there was a decrease of £10,778,000, compared with the 1913 aggregate. Owing to the stoppage of shipments to Germany, Austria and Belgium and smaller sales to South America the exports of coal fell off to the extent of £3,378,000; machinery exhibits a falling off of £12,171,000 and there was a drop of £17,340,000 in the exports of cotton goods. France was a much larger pur­ chaser, both of cotton yams and piece goods; but the in­ crease in this direction was far from making good the cessation of shipments to enemy countries and the lessened sales to others. Woolen goods rose to the extent of £1,388,000, entirely in consequence of larger French purchases; chemicals rose £2,550,000 and oil seeds, &c., mainly owing to bigger shipments to Holland, accounted for an expansion of £1,425,000. Deducting the re-exports from the imports, the excess of imports for the year amounted to £370,312,000, as against an excess of £170,340,000 and £133,915,000 in 1914 and 1913 respectively. The Board of Trade figures for inward and outward trade come out as below. The totals do not always coincide with the sum of the monthly figures, as adjustments are made from time to time : January.... February__ March____ April_____ May_______  June______ July______ August___ September _ October.__ November_ December_ Y ear_ _   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  IMPORTS. 1915. 1914. Inc. (+), or Dec. (—). £ £ £ % . 67,401,006 68,005,009 —604,,003 —0.8 . 65,268,814 62,053,651 +3,215,,163 +5.1 . 75,590,918 66,947,315 +8,643,,603 + 12.9 73,678,288 61,626,830 + 12,051,,458 + 19.5 . 71,644,966 59,099,290 + 12,545,,676 +21.2 76,117.797 58.281.653 + 17,836,,144 +30.6 75,548.147 59,376,484 + 16,171, 663 +27.2 69,496,695 42.342.707 +27,153, 988 +64.1 70,292,919 45,006,607 +25,286, 312 +56.2 67,792,557 51,379,435 + 16,413, 122 +31.9 71,647.160 55,518,130 + 16,129, 030 +29.0 70,938,394 67,316,898 +3,621, 496 +5.3 .853,756,279 696,635,113 + 157,121,166 +22.5  97  BRITISH EXPORTS. 1915. 1914. Inc. (+), or Dec. £ £ £ January____ ................ - 28,247.592 47,806,165 —19.558,573 —40.9 February___ -------------- 26,176,937 41,261,797 —15,084,860 -36.5 March_____ .......... ....... 30,176,066 44,518,661 —14,342,595 -32.2 April______ .................. 32,169,733 39,946,822 —7,777,089 -19.4 May_______ .................. 33,618,992 42,051,190 —8,432,198 -20.0 June..____ .............. . 33.233,568 39,872,976 —6.639,408 -16.6 July ______ -............ . 34,721,511 44,405,380 —9,683,869 -21.8 August____ ............ — 32,438.855 24,211,271 +8,227,584 -33.9 September __ .............. — 32,308,432 26,674,101 +5.634.331 -21.1 October. .. .................. 31,968,965 28,601,815 +3,367,150 -11.7 November__ .................. 35,639,166 24,601,619 + 11,037.547 -44.8 December__ .................. 33.947,519 H29.1 26,278,928 +7,668,591 Year____ ................ .384,647.336 430,721,357 —46,074,021 -10.6 FOREIGN AND COLONIAL EXPORTS. 1915. 1914. Inc. (+},or Dec. (—). £ £ £ % January______ -............ 6,895,465 9,596,943 —2,701,478 —28.1 February_____ _______ 6,809,710 10,228,981 —3,419.271 —32.4 March_______ ----------- 8,067,133 9,536,295 —1,469.162 —15.4 April _______ ----------- 9,957,054 10,789,244 —832,190 —7.7 May_________ ----------- 10,243,319 10,371,519 —128,200 —1.2 June_________ ----------- 9,350,339 8,753,434 +596,905 +6.8 July____ ___ _______ 9.408,790 7,825,916 + 1,582.874 +20.2 August______ _______ 7,323,749 4,419,833 +2,903,916 +65.7 September___ ----------- 7,564,327 5,274,041 +2,290,286 +43.4 October.____ .............. 7,162,633 7.179,857 —17.224 —0.2 November____ ----------- 8,312,703 5,642,977 +2,669.726 + 47.3 December____ ............ 7,701,901 5,870,546 + 1,831.355 +31.2 Year _____ ----------- 98,797,123 95,474,166 +3,322.957 +3.4  Abnormal conditions prevailed throughout the textile industries generally and in the cotton trade, more especially, employers were harrassed by numerous difficulties. The general experience was not worse, however, than had been expected. Spinners of yarn did better, on the whole, than manufacturers of cloth, while many merchants had a de­ cidedly reduced turnover. Special features were the sub­ stantial rise in prices and the shortage of labor, owing to the heavy enlistments in the army. At the commencement of the year middling American cotton on the spot in Liverpool was at 4.71 d. and with comparatively small change, 5.66d. was reached at the close of April, while the first half of the year closed with the commodity at 5.22d. There was not much change in July, but by Aug. 30 the rate was 5.73d., and a month later 6.85d. was ruling. The advance went on pretty steadily and on Dec. 31 the price was the highest of the year at 7.92d. The Egyptian growth for last season amounted to 6,346,768 cantars, contrasting with 7,684,172 cantars in 1913-14. The yield for this season is expected to be about 4,750,000 cantars. A feature of in­ terest at the commencement of the year was the activity and strength of coarse American yarns, owing to the demand for heavy cloths for war purposes, and throughout the period producers of such eounts have done well. Fine numbers continued in rather poor request, but towards the close of June the scarcity of operatives became pronounced, and gradually mills were forced to stop machinery and place less yam upon the market. “A little late,” as Mr. F. W. Tattersall writes in his annual review, “users began to be alarmed at the course of events and in September an import­ ant buying movement began. Exclusive contracts were placed in anticipation of future wants and certain counts and qualities, especially in wefts, began to get decidedly scarce. Since that time there has continued a healthy demand for quick delivery. No checks of any moment in first hands can be met with and production of the mills is being well cleared.” Although standing charges of weavers have considerably advanced, spinners have lately been receiving more remunerative prices than for a good while previously, and stock taking results in the near future are likely to show fairly satisfactory profits. A feature of export trade, which has been moderately good, has been the active buying on French account. India has also done better and producers have healthy engagements, while the loss of trade with Germany has been made up by larger exports to other countries. In dealing with the prospects of the cotton industry Mr. Tattersall says that “Although the market is now rather 'quieter, a considerable business has been done during the last few weeks, and the prospects for 1916 may be described as more encouraging. The much smaller takings in piece goods by several of our outlets abroad during the past twelve months must result in freer buying sooner or later, and, although prices at the present moment are on a distinctly high level, there are indications that our customers want supplies of certain descriptions. Manufacturers, therefore, should do better this year than last. Spinners of yarn are now in a position to demand profitable prices, and as there is no probability of over­ production in the near future, trade should continue more remunerative. A distinct improvement has recently occurred in Egyptian yarns. There are bound to be many difficulties in connection with transport, and as the groups under Lord Derby’s scheme are called up, the scarcity of operatives will become more pronounced than ever. Prices in raw cotton  98  BUSINESS IN GREAT BRITAIN.  the three months to the end of October (the latest date at present available) there was a recovery of about 1,500,000 tons. It is remarkable that the decrease in the output was not much greater, in view of the steady depletion of labor, owing to enlistment and to the attractions of muni­ tion work. It is estimated that the number of colliery workers who joined the forces in the first thirteen months of the war exceeded 250,000, or about 22.5% of the total number employed. As a rule, the pits during the last few EXPORTS OP TEXTILE FABRICS. months were worked more regularly than during the pre­ 1913. Year’s Exports. 1914. 1915. war period, and the men shortened their holidays. Absentee­ Quantities. Cotton yarn----------- . . lbs. 188,178.700 178,527,800 210,175,500 ism remained about the same as during the first seven Piece goods___ _____ ..yds. 4,748.904,600 5,735,854,700 7,075,558,400 months of the war, or about 9.8%, but the Coal Mining 41,974,500 34,753,100 Jute yarn - --------------- ..lbs. 36,733,100 109,153,600 134,738,800 172,386,000 Organization Commissioner points out that “were there no Piece goods_________ ..yds 16,337,300 12,464,100 Linen yarns--------- -- ..lbs. 6,417,800 Piece goods ______ ..yds. 128,824,100 178,892,100 193,695,500 avoidable absenteeism the output would be increased by 54,727,500 from 13,000,000 to 14,000,000 tons per annum.” Lack 33,341,100 Woolen yarn. ________ ..lbs. 12,628,300 Woolen tissues_______ ..yds. 81,996,700 105,957,100 92,445,900 62,511,900 of tonnage, at the South Wales ports more particularly, Worsted tissues_____ _ ..yds. 55,590,800 70,304,400 £ £ Values. £ 15,007,017 and extremely high freights have adversely affected coal 11,973,056 Cotton yarn_________ 10,312,934 97,820.623 shipments. Denmark, Norway and particularly France, 64,702,574 79,182,753 Piece goods___ _____ 781,125 Jute yarn____________ 774,967 674,077 3,065,062 have increased their coal imports from Great Britain; while 2,555,288 Piece goods_________ 2,542,835 1,215,446 886,714 535,244 Linen yarn__________ 5,967,766 decreased quantities have been shipped to Spain, Italy, 5,481,373 Piece goods____ 4,937,327 5,461,797 1,988,472 3,419,569 Woolen yarn. _ . ___ 14,466,625 Egypt and particularly South America and the islands of 11,598,063 Woolen tissues ______ 16,491,463 6,187,789 the Pacific. How the coal output of the first year of the 6.205,372 Worsted tissues.. . 6,100,124 From this table it will be seen that despite the increased war, and in the preceding twelve months, was disposed of is cost of raw materials most of the textile exports yielded shown below : Aug. 1914 to Aug. 1913 to smaller returns; but when the circumstances of the period July 1915. July 1914. Tons. Tons. are borne in mind the matter for surprise is that the shrinking Output_______________________________ 250,357.000 281,076,000 in values has not been greater. Exports______________________________ 46,458,000 76,065,000 21,162,000 The past year was a period of almost extraordinary activ­ Foreign bunkers________________________ 14,934,000 Balance for home use and Admiralty____ 188,965,000 183,849,000 ity in the woolen trade of Great Britain. During the whole time the market was mainly dominated by the war and the The Organization Committee have reason to believe that requirements which rose in connection with it. At the the demand is now no less than it was during the pre-war close of 1914, while cross-breeds were in keen demand, period, for though collieries have been held up for want of merinos were a dull and dragging market, and it then looked transport facilities, they have heard of no instance of a as if it would be a difficult matter to deal with all supplies colliery standing idle for lack of orders. Whilst the demand as they came forward. In some measure this proved to be for coal in some directions may be less, in others it is un­ the case, but the difficulty arose in handling and trans­ doubtedly greater than usual. For the whole of the past portation, demand, with one or two set backs, having steadily year the coal exports amounted to 45,770,000 tons of the increased throughout the year, as the prices finished 1915 value of £38,823,000, comparing with 61,830,000 tons and at the highest point and in many cases at a record level. £42,202,000 in the preceding year and 76,688,000 tons in Early in the year the Government permitted the exports quantity and £53,660,000 in value in 1913; while the amount of merinos to the United States and other neutral countries of coal shipped for the use of steamers, the value of which under satisfactory guarantees, such as were approved by the is not included in the exports was 13,630,964 tons, against Textile Alliance in America and the Netherlands Oversea 18,535,616 tons in 1914 and 21,031,550 tons in 1913. The Trust in Holland. The home demand for merino wool, too, latter falling off has been mainly due to the shortage of was much greater than had been at all anticipated, and the ships, the tonnage available in Cardiff having at times been placing of Government orders in the United States helped so inadequate as almost to bring export to a standstill and to create a demand from this quarter beyond all precedent partly to reduce the price of steam coal. and sent prices up to unexpected heights. In reference Even in a greater degree than its immediate predecessor to cross-breeds the huge army orders placed in Yorkshire the past year has been an eventful one in the iron and steel and later on in the United States, forced values up again, trades. In connection with them the persistent and unpre­ while in the autumn the Government’s permission for the cedented demand has been coincident with absolutely shipment of a limited quantity of cross-breed to America abnormal conditions, such as dislocated railway and ship­ and other neutral countries further stimulated the demand ping facilities, labor shortage and the deficient supplies of for this class, with the result that the “record” level of Decem­ certain raw materials. In October 1914 the value of Rubio ber 1914 has since been left a long way behind. At the ore was 18s. 6d. per ton, whereas just a year later it was close of the year Messrs. Schwartz, Buchanan & Co 31s. 6d. and has since risen to 35s. With such an advance state merinos are fully 50% and cross-breeds about 30% and much dearer coal and labor it is not at all surprising dearer than at the close of the previous year. They add that many descriptions of manufactured iron and steel have that “perhaps the most striking result of this enormous risen from 30 to 40%. Nor is there any prospect of any demand for our own troops and those of our Allies has been important decrease so long as the demand for war material the absorption of practically the whole Colonial clip, in spite continues. A point of great interest to exporters was the of the total cessation of the normally huge deliveries to attitude, probably induced by force of circumstances, taken Germany, Austria, Belgium and the great textile districts by the railway companies in connection with shipping. The of Northern France, at present in enemy hands. The home companies felt bound to adopt the arbitrary but protective trade has actually taken 72% of the whole supplies, as policy of refusing to carry goods to seaports until they re­ compared with its ordinary normal share of about 35% ceived a definite undertaking that a certain vessel was The Australian clip showed a decrease of nearly 200,000 prepared to receive them on their arrival. This is only one bales, but owing to delayed shipments at the end of 1914 of the many difficulties with which iron and steel manu­ and the improved facilities for shipping in the present year facturers have had to contend. Not since the year 1872, the actual exports from Australia are 115,000 bales less. as the result of the Franco-German War, have such prices But 60,000 bales more have gone to Japan, so that the im­ prevailed, and in some cases they are higher now than at ports into Europe and America show a decrease of 175,000 that period. There was a large reduction of iron and steel bales. From the Cape there has been an increase of about exports to all countries except France, Italy, Portugal and 20,000 bales. The River Plate, too, has shown a small Egypt. In the case of France the increase was from increase, but some 30,000 bales (equal to about 72,000 138,500 tons to 626,600 tons, and this tonnage does not Colonial bales) have been held back for account of specu­ include the shipments made by the British Government to lators awaiting the end of the war. The actual supplies France for war purposes. But notwithstanding all the to the trade, therefore, have been about 227,000 bales less difficulties which have had to be encountered, the falling than in the preceding year.” off in the exports only amounted to 685,000 tons, or about In no directions has the influence of the war been so marked 17)'2%, while the value fell off to the extent of £1,246,000. as in the coal, iron and steel industries. In the first twelve This points to a considerable advance in prices, and in months of the ever-widening hostilities the production of point of fact, the appreciation varied from 50 to 100%. coal fell off by nearly 30,000,000 tons, or about 11%, as The production of rails has naturally been affected by the compared with the year to the end of July 1914, though in war to a very considerable extent, many of the large rolling  at the moment are rather artificial, and there are rumors of Government intervention with regard to the freight question. At the moment there is not much fear of a slump, but if increased facilities for importing from the United States are available it is not unreasonable to anticipate some fall in values.” The quantities and values of textile exports from Great Britain for the past three years are given in the appended table:   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  BUSINESS IN GREAT BRITAIN mills having, for the time being, at least, relinquished this manufacture in favor of more urgent and more profitable work. Prices have advanced very considerably and the few works that are still rolling are asking £11 to £12 per ton, according to specification, and even at these rates are not keen in accepting orders. The demand for tin plate has been good throughout the year, for although the export decreased 66,800 tons, the home trade has increased. Allow­ ing for the cessation of our trade with Germany and Belgium, which in 1913 amounted together to 48,100 tons, the falling off in the shipments to the United States and Rumania would alone account for the whole of last year’s loss. The price of I. C. coke plate has just about doubled in the twelve months from 13s. to 26s. per box Swansea. In the following table is shown the shipments of iron from Great Britain for the past two decades:  British shipbuilders have been placed at a considerable disadvantage by the high cost of materials and the dearness and scarcity of labor. Before the war the costs of construc­ tion for cargo steamers were from £7 to £8 per ton dead­ weight, but the basis of recent contracts for new merchant tonnage, of which early delivery could be promised, is about £18 per ton. The requirements in connection with the war continue to dominate the whole of the shipping industry and the matter for surprise is not so much at the fall which has actually taken place in the construction of new mer­ cantile tonnage, but that it has not been very much more pronounced. The value of the new ships delivered in the past year amounted to £1,687,000, comparing with £6,932,000 for the preceding year and £11,026,000 in 1913, repre­ senting a shrinkage of £9,339,000, or about 85% in two years. PRICE OF SILVER FOR THREE YEARS.  EXPORTS OF IRON AND STEEL FROM GREAT BRITAIN.  1915........................................ 1914____________________ 1913.................. ..................... 1912......................................... 1911........................................ 1910.................. ................... 1909 ...................................... 1908........................................ 1907........................................ 1906 ........................................ 1905........................................ 1904 .................. ..................... 1903........................................ 1902 ........................................ 1901........................................ 1900........................... ............ 1899........................................ 1898........................................ 1897 .................. ..................... 1896 ____________________  Pig Iron.  Rails.  Tons. 613,190 782,319 1,129,048 1,267,188 1,209,113 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  Tons. 242,289 433,507 500,117 411,625 375,296 482,327 580,215 452,521 429,161 460,328 546,569 525,371 604,076 716,210 572,724 463,731 590,667 609,403 782,045 747.662  Total.  Tons. 3,199,121 3,884,513 4,933.704 4,807,528 4,515,905 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 fiMl.SPg  In consequence of the war the usual annual statement of Lloyd’s Register regarding the shipbuilding industry of the world has not yet been published; but the latest quarterly returns, excluding war ships and taking into account vessels of 100 tons and over and actually begun, show that at the end of the year 420 ships of 1,363,590 gross tons were in course of construction, being about 173,000 tons less than at the close of September, or 240,000 tons short of the Dec. 1914 total; but, as the return states, “it will be under­ stood that the rate of progress in merchant ship construction continues to be very much reduced in the present circum­ stances and that the immediate output will be considerably less than that which would be obtained under normal con­ ditions.” In this connection the information compiled by the Glasgow “Herald” may be very usefully referred to pending the publication of the fuller details by Lloyd’s Register. The figures given showing the vessels launched in the following table represent but little more than half the new mercantile tonnage of 1914, but that is because the shipyards have been so largely employed upon Government orders : 1915. Nos.  Tons.  High.  Y’r 27 3-16 22 5-16 231$  Tons.  Jan. 1 Mai. 9 Sept. 7 Sept. 28  3,165  1915.  Clyde______________________________________ Tyne______________________________________ Wear______________________________________ United States_______________________________ Holland..'__________________________________ Germany___________________________________ Japan______________________________________ Norway____________________________________ Denmark___________________________________ France_____________________________________ Sweden____________________________________ Italy______________________________________   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Tons.  215,060 124,300 111,250 270,100 217,600 179,800 98,213 61,480 51.400 41.400 26,000 20,200  1905. to Mar. 8. to Sept. 6. to Sept.27. to Dec. 31.  1914. Tons.  460,258 250.600 278,540 270,900 279.600 505.600 136,300 54,100 33,500 196,500 14,600 41,800  275$  Low.  High.  25 15-16 27 19-32  25 5-16 291$  221$  Aver.  d. d. d. 291$ 28 5-16 28 31-32 28 13-16 27 1-16 28 11-32 27 7-16 26 1-16 26 21-32 28 1-16 26 7-16 27 13-32 28 3-16 271$ 27 13-16 27 11-16 261$ 27 3-16 271$ 26 13-16 27 1-16 27 9-16 27 3-16 27 11-32 28 11-16 27 7-16 27 31-32 28 7-16 271$ 28 3-32 27 11-16 26 7-16 271$ 25 15-16 26 23-32 271$  Jan 1 April 6 May 4 June 22 Sept. 14 Oct. 12 Oct. 20  Rate Number of days. %  Year.  1910. 3 67 days Jan. 1 to Jan. 5 21$ 182 days Jan. 6 to Jan. 19 3 21 days Jan. 20 to Feb. 9 4 95 days Feb. 10 to Mar. 16 Mar. 17 to June 1 3 365 days June 2 to June 8 June 9 to Sept. 28 Sept. 29 to Oct. 19 4 95 days Oct. 20 to Nov. 30 31$ 28 days Dec. 1 to Dec. 31. 4 49 days 31$ 84 days Year’s average... 4 28 days 5 8 days 1911. 6 73 days an. 1 to Jan. 25. an. 26 to Feb. 15. 4.27 365 days eb. 18 to Mar. 8. Mar. 9 to Sept. 20. Sept. 21 to Dec. 31. 6 17 days 5 84 days Year’s average__ 41$ 14 days 1912. 4 112 days 41$ 77 days Jan, 1 to Feb. 7. 4 days Feb. 8 to May 8. 51$ 6 3 days May 9 to Aug. 28. 7 54 days Aug. 29 to Oct. 16. Oct. 17 to Dec. 31. 4.92 365 days Year’s average__ 1913. 7 2 days Jan. 1 to April 16. 6 14 days Aprll 17 to Oct. 15 7 days Oct. 2 to Dec. 31. 4 42 days 31$ 14 days Year’s average__ 3 70 days 1914. 21$ 217 days an. 1 to Jan. 7. 3.01 366 days an. 8 to Jan. 21. an. 22 to Jan. 28. an. 29 to July 29. 21$ 13 days 3 77 days 1 to Aug 21$ 189 days 3 7 days 4 7 days 5 49 days Year’s average... 41$ 23 days 1915. 365 days Jan. 1 to Deo. 31.  Year’s average...  1906. to April 5. to May 3. to June 21. to Sept. 13. to Oct. 11. to Oct. 19. to Dec. 31.  Year’s average...  1907. Jan. Ito Jan. 17. Jan. 18 to April 11. April 12 to April 25. April 26 to Aug. 15. Aug. 16 to Oct. 31. Nov. 1 to Nov. 4. Nov. 5 to Nov. 7. Nov. 8 to Dec. 31.  Jan. 1 Jan. 14 April 1 Oct. 7 Oct. 14 Oct. 21 Dec. 9  817 454 23 1,294 271 1,600  d. d. d. 265$ 26 7-16 261$ 261$ 26 11-16 261$ 27 26 11-16265$ 271$ 26 13-16 27 27 3-16 25 15-16 265$ 261$ 25 11-16 25 15-16 261$ 25 3-16 235$ 25 31-32 231$ 275$ 25 3-16 23 9-16 241$ 241$ 22 3-16 23 3-16 221$ 22 11-16 23 221$ 221$ 231$  Rate Number of days. %  Year.  The biggest liner launched in the past year was the “Aotcaroa,” a vessel of 15,000 tons, intended for the New Zealand trade. This is much below the records of recent years; while the German builders who had been constantly striving to outdo Great Britain and reached 56,000 tons with the “Bismarck,” did not get beyond 14,000 tons last year. In spite of the absence from the British statistics of war­ ship figures, which constitute the real measure of the year’s work, the United Kingdom still occupied the leading position in the matter of output. The Clyde was again in the fore­ front with an output of 215,000 tons, and it is to a Scottish firm, Messrs. Russell & Co. of Port Glasgow that the credit belongs of heading the merchant tonnage output list with a total of 48,330 tons. Messrs. Swan, Hunter & Wigans, Richardson, came third with 43,400 tons and Messrs.Gray & Co. fourth with 38,012 tons, the second place being held by a German yard. The fifth place is held by an American company and the sixth and seventh by Danish and Dutch shipyards respectively. In the following table our Scottish contemporary gives the output of mercantile shipping in the leading British centers in comparison with the more important foreign competitors in the shipbuilding industry:  384,417 233,501 31,418 649.336 32,937 989.337 1,671,610  1913. Aver.  BANK OF ENGLAND RATE OF DISCOUNT.  966,839 508,945 246,370 1,722,154 67,994 1,694,023 3,484,171  298 207 12 517 183 955 1,655  Low.  High.  d. d. d. Jan 22 15-16 22 9-16 22 11-16 22 21-32 Feb 23 1-16 221$ 23 23-32 Me 24 5-16 231$ Apr 23 15-16231$ 23 11-16 M’y 23 11-16 23 5-16 23 9-16 221$ 23 9-32 J’ne 231$ July 22 15-16 22 5-16 22 9-16 22 9-16 Aug 23 1-16 225$ 23 3-16 23 19-32 Sep 235$ 23 13-16 23 15-16 Oct 241$ Nov 27 3-16 241$ 25 1-32 261$ Dec 27 1-16 255$  Jan. 1 Jan. 3 Jan. 17 Jan. 24 Mar. 6 Mar. 20 May 29  England__ _ _ Scotland__ _ .___ Ireland. ..... United Kingdom totals. Dominions.__ ___ Foreign .. __ _ . ___ Totals ____ _ ___  Aver.  Low.  Year’s average...  1914. Nos.  1914.  1915.  Other Descriptions. Tons. 2,343,642 3,208,717 3,106,539 3,128,715 2,931,496 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  99  1908. to Jan. 2. to Jan. 16. to Jan. 23. to Mar. 5. to Mar. 19. to May 28. to Dec. 31.  Year’s average__  1909. to Jan. 13. to Mar. 31. to Oct. 6. to Oct. 13. to Oct. 20. to Dec. 8. to Dec. 31.  Year's average...  5 days 41$ 4 14 days 31$ 21 days 3 35 days 4 77 days 31$ 7 days 3 112 days 4 21 days 5 42 days 41$ 31 days 3.72 365 days  41$ 25 days 4 21 days 31$ 21 days 3 196 days 4 102 days 3.47 375 days  4 38 days 31$ 91 days 3 112 days 4 49 days 5 76 days 3.77 366 days  5  106 days 41$ 168 days 91 days 5 4.77 365 days  5 7 days 14 days 41$ 4 7 days 3 182 days 4 1 day 8 1 day 10 5 days 6 2 days 5 146 days 4.03 365 days  6  365 days  CONTINENTAL DISCOUNT RATES. Ian. Feb. Mar Apr. May June July Aug. Sept. Oct. Nov. Dec. Dec. 1915. Rates of interest at 1 1 1 1 1 1 1 1 1 1 1 31 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__ Petrograd— Bank rate_____ Open market__ Madrid— Bank rate_____ Open market ... Copenhagen— Bank rate_____ Open market__  5  5  5  5  5  5  5  6 5 41$  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  51$  6  8  5  5  5  5 5 31$  5  5 5 5 41$ 41$ 41$  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  5  41$ 41$ 41$ 41$ 41$ 41$ 41$  5  5  5  5  5  5  5  5  5  51$  51$ 51$ 5  5  5  5  5  5  5  5  5  6  6  6  6  6  6  6  6  6  6  6  6  5 ..  5  41$ 41$ 41$ 41$ 41$ 41$ 41$ 41$ 41$ 41$ 41$ 41$ 41$  6  51$ 51$ 51$ 51$ 51$ 5  • Occasional rate reported during month.  5  5  5  5  5  5  IMPERIAL BANK OF GERMANY  100  WEEKLY RETURN OF THE IMPERIAL BANK OF GERMANY (DEUTSCHE REICHSBANK). SHOWING GOLD HOLDINGS, DISCOUNTS, ADVANCES, NOTE CIRCULATION, DEPOSITS, &c. LIABILITIES.  (1) Total Coin and, Bullion. Jan.— 7—15— 23— 31— Feb.— 7— 15— 23___ 28___ March— 7— 15___ 23___ 31___ April— 7—15— 23___ 30— May— 7___ 15—23— 31.. .. June— 7— 15___ 23— 30 ___ July— 7— 15___ 23— 31 — Aug.— 7— 15— 23___ 31— Sept.— 7— 15___ 23— 30 ____ Oct.— 7.__ 15— 23— 31 ____ Nov.— 7— 14.. .. 23.. .. 30.. .. Dec.— 7— 15—23— 31—  (2) Of which Gold.  Marks. Marks. 1,488,604,000 1,204,089,000 1,558,814,000 1,256,468,000 1,601,177,000 1,286,467,000 1,574,877,000 1,266,187,000  (3) Treasury Notes*  (4) Notes of Other Banks.  GO)  (7) Invest­ ments.  (8) Other Assets.  (9) Notes in Circulation.  Deposits.  Marks. 74,587,000 68,089,000 56,413,000 70,699,000  Marks. 399,142,000 353,180,000 317,331,000 298,201,000  Marks. 229,322,000 216,929,000 212,582,000 223,676,000  Marks. 2,303,064,000 2,051,102,000 1,925,066,000 2,052,782,000  Marks. 803,790,000 807,025,000 860,259,000 699,579,000  Marks. 83,801,000 84,652,000 78,668,000 64,517,000  786,902,000 56,276,000 787,107,000 62,179,000 800,384,000 58,609,000 879,722,000 120,884,000  285,181,000 275,996,000 257,489,000 276,825,000  202,801,000 198,061,000 199,434,000 215,862,000  1,919,169,000 768,617,000 1,825,652,000 907,923,000 1,734,699,000 1,036,662,000 1,953,997,000 905,037,000  64,529,000 65,078,000 70,422,000 70,423,000  (5) Bills Discounted.  Marks. Marks. Marks. 53,077,000 27,689,000 1,168,285,000 63,567,000 38,151,000 894,097,000 809,745,000 71,411,000 45,382,000 62,524,000 8,292,000 828,657,000  (6) Advances.  (ID  Other  Liabilities.  1,277,614,000 1,309,341,000 1,337,321,000 1,292,574,000  65,771,000 70,231,000 76,236,000 63,427,000  17,590,000 25,723,000 31,849,000 11,332,000  1,616,232,000 1,299,255,000 1,639,295,000 1,317,624,000 1,653,296,000 1,322,081,000 1,579,445,000 1,259,980,000  64,985,000 66,856,000 80,254,000 58,896,000  21,936,000 900,835,000 30,492,000 884,051,000 39,878,000 864,563,000 10,164,000 1,361,818,000  69,612,000 65,611,000 62,574,000 84,168,000  259,966,000 240,116,000 200,254,000 292,376,000  207,286,000 214,091,000 266,469,000 220,486,000  1,856,878,000 997,215,000 1,795,679,000 1,058,377,000 1,785,042,000 1,094,484,000 2,427.670,000 890,487,000  32,280,000 32,577,000 33,283,000 34,717,000  1,581,949,000 1,627.359,000 1,691,643,000 1,656,897,000  59,329,000 65,444,000 76,820,000 67,506,000  29,195,000 1,137,312,000 40,774,000 939,677,000 48,641,000 870,208,000 11,419,000 924,743,000  71,101,000 83,240,000 54,156,000 90,009,000  303,452,000 267,074,000 246,930,000 244,781,000  218,008,000 214,592,000 221,649,000 219,339,000  2,217,641,000 895,559,000 2,037,038,000 914,004,000 1,915,240,000 1,007,107,000 2,101,317,000 825,005,000  32,667,000 32,639,000 33,211,000 33,893,000  1,587,842,000 1,629,404,000 1,667,830,000 1,611,453,000  1,272,679,000 1,310,667,000 1,353,461,000 1,324,031,000  1,655,946,000 1,326,761,000 1,674,471,000 1,342,665,000 1,686,055,000 1,353,364,000 1,635,143,000 1,313,232,000  68,340,000 20,821,000 71,320,000 29,981,000 74,192,000 37,677,000 60,786,000 7,909.000  863,563,000 828,750,000 793,008,000 877,097,000  66,583,000 59,510,000 55,959,000 66,355,000  241,513,000 259,371,000 257,230,000 275,028,000  215,734,000 218,007,000 223,009,000 224,132,000  2,006,450,000 1,911,096,000 1,839,368,000 2,013,864,000  837,345,000 941,280,000 998,167,000 842,340,000  34.226 000 34,555,000 35,116,000 35,767,000  1,650,117,000 1,687,635,000 1,711,955,000 1,630,600,000  1,325.387,000 1,356,205,000 1,371,078,000 1,306,154,000  63,491,000 19,748,000 803,934,000 66,938,000 26,309,000 782,404,000 71,530,000 32,111,000 755,402,000 49,859,000 9,667,000 1,212,746,000  59,617,000 64,257,000 54,985,000 71,632,000  261,862,000 253,832,000 263,591,000 367,014,000  225,687,000 224,421,000 273,368,000 218,211,000  883,908,000 1,909,765,000 1,834,404,000 979,974,000 1,804,569,000 1,066,047,000 2,406,580,000 858,296,000  36,204,000 36,939,000 37,847,000 40,374,000  1,625,839,000 1,668,825,000 1,691,398,000 1,528,026,000  1,311,094,000 1,344,072,000 1,356,857,000 1,253,199,000  50,795,000 59,104,000 65,479,000 33,443,000  23,431,000 973,583,000 62,505,000 33,078,000 807,651,000 59,696,000 750,892,000 50,200,000 40,106,000 11,513,000 2,081,075,000 202,190,000  373,364,000 347,044,000 330,819,000 396,603,000  213,210,000 208,097,000 200,408,000 218,079,000  2,192,302,000 837,170,000 895,041,000 1,994,564,000 1,890,895,000 943,964,000 2,909,422,000 1,258,466,000  38,776,000 39,411,000 39,964,000 48,562,000  1,595,618,000 1,590,221,000 1,596,129,000 1,606,922,000  1,477,558,000 1,508,528,000 1,529,775,000 1,556,499,000  96,680,000 22,812,000 3,737,074,000 226,292,000 194,238,000 126,753,000 31,835,000 4,425,984,000 180,984,000 200,621,000 118,583,000 39,516,000 4,616,010,000 162,775,000 209,412,000 183,159,000 9,342,000 4,750,067,000 104,929,000 163,326,000  237,651,000 222,031,000 228,685,000 211,496,000  3,897,203,000 3,881,931,000 3,999,962,000 4,234,873,000  1,879,477,000 2,551,754,000 2,619,763,000 2,441,337,000  79,206,000 90,265,000 96,906,000 98,552,000  1,619,888,000 1,653,419,000 1,704,513,000 1,737,445,000  1,580,148,000 1,620,900,000 1,675,832,000 1,716,071,000  160,335,000 14,122,000 4,679,769,000 108,812,000 116,705,000 155,880,000 19,252,000 4,660,453,000 118,884,000 90,407,000 149,292,000 23,103,000 4,712,152,000 125,477,000 79,624,000 336,475,000 7,347,000 4,755,770,000 30,581,000 105,906,000  209,570,000 215,497,000 269,434,000 228,528,000  4,138,066,000 4,053,605,000 3,992,806,000 4,490,893,000  2,418,942,000 97,714,000 2,494,257,000 111,451,000 2,708,975,000 107,335,000 2,350,718,000 105,962,000  1,789,356,000 1,824,761,000 1,858,173,000 1,890,344,000  1,770,700,000 1,801,719,000 1,828,085,000 1,858,314,000  949,163.000 23,529,000 3,300,035,000 833,402,000 24,803,000 2,975,029,000 741,578,000 25,536,000 2,928,679,000 869,830,000 10,583,000 2,773,543,000  42,878,000 31,562,000 26,704,000 35,592,000  97,614,000 73,904,000 82,258,000 38,430,000  266,503,000 224,344,000 218,169,000 224,376,000  4,198,879,000 4,061,172,000 3,967,953,000 4,170,787,000  1,915,429,000 100,291,000 1,571,532,000 100,622,000 1,555,058,000 103,607,000 1,305,495,000 111,937,000  1,921,580,000 1,956,265,000 1,993,669,000 2.035,576,000  1,885,416,000 1,915,970,000 1,948,686,000 1,991,254,000  859,218,000 23,247,000 2,642,943,000 758.040,000 25,229,000 2,769,714,000 599,867,000 26,809,000 2,887,493,000 743,405,000 9,276,000 2,932,364,000  33,146,000 30,873,000 35,100,000 35,824,000  35,120,000 33,190,000 29,568,000 28,412,000  221,643,000 216,885,000 227,177,000 211,727,000  4,084,842,000 4,060,009,000 4,009,164,000 4,205,363,000  1,282,060,000 1,357,007,000 1,415,795,000 1,397,443,000  2,060,624,000 2,096,914,000 2,116,761,000 2,129,676,000  2,018,931,000 2,051,999,000 2,075,481,000 2,092,811,000  691,220,000 12,501,000 3,035,967,000 627,570,000 16,067,000 3,070,950,000 754,135,000 18,044,000 3,655,663,000 875,000,000 5,312,000 3,936,568,000  45,359,000 26,494,000 228,477,000 4,229,928,000 64,268,000 295,086,000 228,614,000 4,275,316,000 46,807,000 35,854,000 273,303,000 4,431,579,000 22,870,000 33,972,000 215,013,000 5,045,899,000  2,153,428,000 2,177,032,000 2,196,742.000 2,213,981,000  2,111,847,000 2,129,710,000 2,145,050,000 2,163,753,000  547,065,000 9,118,000 3,801,948,000 413,757,000 24,047,000 3,770,074,000 323,943,000 29,949,000 3,720,092,000 265,485,000 5,111,000 3,783,946,000  63,841,000 39,490,000 40,745,000 42,367,000  31,483,000 18,640,000 16,253,000 15,759,000  217,844,000 210,914,000 202,620,000 210,187,000  4,779,290,000 4,591,893,000 4,483,688,000 4,658,588,000  1,630,143,000 1,642,474,000 1,624,588,000 1,452,612,000  160,815,000 165,108,000 167,589,000 171,157,000  2,240,931,000 2,276,058,000 2,302,989,000 2,314,255,000  2,195,057,000 2,228,566,000 2,254,281,000 2,270,632,000  200,332,000 10,343,000 3,859,667,000 153,746,000 22,733,000 3,862,386,000 188,898,000 31,165,000 4,026,780,000 216.020,000 6,194,000 4,094,624,000  41,864,000 40,893,000 37,466,000 43,349,000  15,813,000 15,518,000 15,712,000 18,497,000  196,623,000 186,350,000 187,180,000 182,275,000  4,671,970,000 4,637,404,000 4,635,353,000 4,862,704,000  1,450,650,000 1,498,100,000 1,723,676,000 1,581,527,000  188,469,000 167,701,000 176,682,000 176,504,000  2,335,177,000 2.358,090,000 2,374,996,000 2,377,690,000  2,293,614,000 2,315,895,000 2,329,888,000 2,337,528,000  203,955,000 185,920,000 175,425,000 563,427,000  10,891,000 10,113,000 11,947,000 18,642,000  4,260,587,000 4.436,580,000 4,875,432,000 6,859,900,000  37,421,000 37,274,000 35,780,000 16,742,000  25,466,000 57,306,000 26,591,000 16,870,000  186,288,000 196,418,000 286,168,000 226,689,000  4,905,145,000 4,937,223,000 4,944,067,000 5,624,026,000  1,711,802,000 1,895,893,000 2,380,330,000 4,036,988,000  188,359,000 194,106,000 207,463,000 158,396,000  2,387,404,000 2,401,825,000 2,411,858,000 2.416,729,000  2,347,419,000 2,355,437,000 2,361,761,000 2,368,526,000  589,548,000 946,194,000 799,105,000 769,764,000  30,597,000 39,578,000 42,075,000 11,417,000  4,341,020,000 3,551,617,000 3,434,828,000 3,788,336,000  23,944,000 23,782,000 18,257,000 19,262,000  17,120,000 26,578,000 23,494,000 21,156,000  196,097,000 190,070,000 185,508,000 199,769,000  5,378,531,000 5,125,619,000 5,055,021,000 5,310,282,000  1,787,683,000 1,643,631,000 1,431,418,000 1,463,852,000  158,966,000 149,844,000 168,136,000 170,125,000  2,421,808,000 2.424,459,000 2,428,377,000 2,431,515,000  2,373,348,000 2,376,156,000 2,378,360,000 2,379,455,000  630,529,000 18,125,000 3,849,706,000 517,136,000 21,548,000 3,988,654,000 524,689,000 25,642,000 3,982,113,000 445,306,000 8,879,000 4,147,639,000  16,988,000 17,102,000 15,460,000 16,755,000  24,383,000 19,677,000 22,222,000 21,609,000  188,455,000 180,870,000 177,170,000 173,233,000  5,242,302,000 5,198,980,000 5,142,718,000 5,317,878,000  1,484,427,000 1,547.605,000 1,548,939,000 1,506,861,000  161,491,000 162,311,000 223,466,000 159,647,000  2,431,690,000 2,433,468,000 2,436,275,000 2,434,344,000  2.381,976,000 2,382,215,000 2,384,572,000 2,387,607,000  297,187,000 12,531,000 4,202,728,000 263,669,000 17,381,000 4,294,119,000 338,949,000 19,829,000 4,220,117,000 507,932,000 6,523,000 4.917,753,000  15,344,000 16,168,000 15,027,000 15,660,000  20,961,000 23,831,000 21,197,000 20,339,000  176,875,000 189,263,000 230,619,000 195,115,000  5,289,679,000 5,244,018,000 5,224,910,000 5,840,334,000  1,437,907,000 1,508,015,000 1,613,844,000 1,799,296,000  169,190,000 225,316,000 182,709,000 197,486,000  2,435,810,000 2,440,036,000 2,442,393,000 2.445,209,000  2,390,931,000 2,392,439,000 2,393,565,000 2,400,690,000  251,071,000 22,324,000 4.880,410,000 283,162,000 27,109,000 4,654,413,000 287,344,000 33,401,000 4,551,601,000 257,390,000 6,800,000 4,784,590,000  14,619,000 13,413,000 13,701,000 17,040,000  23,140,000 21,087,000 19,978,000 19,800,000  188,544,000 183,677,000 180,470,000 177,330,000  5,603,615,000 5,412.246,000 5,314,782,000 5,538.160,000  1,737,563,000 1,736,399,000 1,719,552,000 1,651,600,000  214,191,000 213,702,000 234,004,000 257,840,000  2,448,292,000 2,450,492,000 2,452,890,000 2,455,074,000  2,402,690,000 2,404,373,000 2,406,330,000 2,410,204,000  166,689,000 11,133,000 4,762,936,000 234,896,000 14,896,000 4,728,442,000 236,005,000 18,764,000 4,744,553,000 210,530,000 6,275,000 4,941,699,000  13,434,000 12,843,000 12,771,000 15,282,000  24,219,000 23,140,000 23,012,000 25,532,000  188.904,000 202,844,000 221,352,000 219,342,000  5,457,490,000 5.388.773,000 5,317,218,000 5,564,335,000  1,645,592,000 1,755,527,000 1,817,041,000 1,736,312,000  251,975,000 262,775,000 314,538,000 312,537,000  2,456,335,000 2,457,208,000 2,457,402,000 2,456,879,000i  2,413,833,000 2,414,203,000 2,414,909,000 2,419,434,000  249,582,000 11,011,000 5,067,401,000 205,759,000 13,631,000 5,152,442,000 183,883,000 18,334,000 5,326,867,000 885,127,000 11,934,000 7,470,576,000  12,762,000 13,793,000 12,379,000 13,134,000  26,982,000 28,945,000 31,132,000 37.829,000  222,101,000 234,081,000 310,561,000 251,714,000  5,559,885,000 5,570,674,000 5,548,661,000 6,157,630,000  1,716,023,000 2,009,319,000 2,249,234,000 4,416,255,000  2,458,519,000| 2,462,543,000, 2,466,446,000 2,466,841,000 2.466,885,0001 2,469,607,000 2,473,449,000 2,472,562,000,  887,905,000 16,824,000 4,375,969,000 2,422,972,000 2,426,359,000 830,792,000 20,872,000 4,390,377,000 2,429,680,000 1,125,454,000 23,344,000 3,923,447,000 2,431,798,000 1,137,847,000 8,272,000 4,206,501,000  14,364,000 13,777,000 14,824,000 18,937,000  37,930,000 36,515,000 35,774,000 35,265,000  235,329,000 238,271,000 241,152,000 240,979,000  5,877,543,000 5,777,260,000 5,675,017,000 5,946,364,000  1,615,523,000 1,677,611,000 1,618,594,000 1,622,687,000  257,716,000 265,318,000 282,113,000 292,758,000 *1 273,324,000 277,726,000 276,280,000 285,041,000  960,323,000 13,303,000 4,285,295,000 792,836,000 19,384,000 4,320,347,000 556,745,000 20,334,000 4,666,794,000 668,621,000 9,154,000 4,671,790,000  15,629,000 16,072,000 12,654,000 15,748.000  34,323,000 33,301,000 31,473,000 34,684,000  256,353,000 278,690,000 278,695,000 269,569,000  5.910,018.000 5,932,945,000 5,764,868,000 5,999,412,000  1,574,536,000 1,549,881,000 1,723,347,000 1,587,847,000  287,007,000 286,861,000 291,379,000 294,319,000  2,472,118,000 2,474,971,000 2,476,313,000 2,477,258,000  461,673,000 15,451,000 4,991,924,000 2,436,197,000 2,437,768,000 320,361,000 19,036,000 5,275,435,000 501,587,000 22,519,000 5,405,901,000 2,441,329,000 2,445,185,000 1,287,865,000 3,130,000 5,803,314,000  13,581,000 14,613,000 13,815,000 12,939,000  32,683,000 30,323,000 50,262,000 51,375,000  277,230,000 299,800,000 434,337,000 272,229,000  6,040,890,000 6,099,781,000 6,270,380,000 6,917,922,000  1,667,269,000 1,765,726,000 2,046,073,000 2,359,012,000  295,951,000 308,510,000 327,731,000 370,626,000  115,516,000 118,701,000 120,245,000 139,299,000  1,484,550,000 131,755,000 1,714,293,000 155,381,000 2,054,534,000 159,975,000 1,756,907,000 161,126,000  1915.  Jan.— 7— 15— 23___ 30___ Feb.— 6—. 15— 23___ 27____ March— 6— 15— 23— 31— April— 7—15— 23.. .. 30.. .. May— 7— 15— 22—. 31— June— 7— 15— 23.. .. 30— July— 7—15— 23— 31— Aug.— 7— 14— 23— 31— Sept.— 7—15— 23— 30— Od.— 7— 15— 23— 30___ Nov.— 6— 15— 23— 30___ Dec.— 7— 15— 23— 31—  2,432,490,000 2,433,202,000 2,434,754,000 2,435,254,000  Notes.—The capital of the Reichsbank remained at 180,000,000 marks throughout. The reserve fund, which at the beginning of 1914 amounted to 70,048,000 marks, was increased on March 7 1914 to 74,479,000 marks and on March 31 1915 to 80,550,000 marks. The German designations for the above columns are as follows: (1) Metallbestand; (2) Darunter Gold: (3) Reichskassen-und Darlehnskassen Schelne; (4) Noten anderer Banken; (5) Wechselbestand, Schecks und Diskont Schatzanweis; (6) Lombard-Darlehen; (7)lEffektenbestand; (8) Sonstige Aktlva; (9) Notenumlauf; (10) Depositen; (11) Sonstige Passlva.  * Including, since the outbreak of the war, "Darlehnskassen Schelne.”   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  BANKS OF FRANCE AND RUSSIA  101  WEEKLY RETURNS OF THE BANK OF FRANCE  WEEKLY RETURNS OF THE BANK OF RUSSIA  SHOWING GOLD AND SILVER HOLDINGS, DISCOUNTS AND ADVANCES, NOTE CIRCULATION, DEPOSITS, ETC.  SHOWING GOLD HOLDINGS, ADVANCES, NOTE CIRCULATION, DEPOSITS, ETC.  (.Three 000’s omitted.')  (Three 000s omitted.)  ASSETS.  1914.  Week Ending.  Coin & Bullion. Cold.  Adv. to •Discount Gov’t Silver. & Adv for War.  ASSETS.  LIABILITIES. Notes in Circulation.  Jan.— Fr. Fr. Fr. Fr. 2— ,507,675 638,575 ,772,575 6,034,625 8... ,502,625 639,150 ,544,675 6,017,475 15— ,511,850 635,350 ,398,325 6,011,375 22______ ,520,800 643,750 ,331,525 5.877.30C 29 ............ ,532,950 641,125 ,402,525 5,893,925 Feb.— 5______ 548,840 650,360 2 ,341,388 6,028,773 12............ 572,355 649,529(2 278,902 5,845,047 19______ 588,375,647,500(2 ,285,875 5,799,975 26______ 598,3251646,025(2 .280,950 5,763,450 March— 5...... 602,950 642,900(2 ,213,400 5,946,800 12............ 610.300 637,150 2 ,166,525 5,813,225 19_.......... 621,475 633.975 2 ,176,600 5,803,200 26______ 624,175 632.975 2 ,177,775 5,743,150 April— 2........... 615,625 626,800 ,438,950 5,950,375 9............ 627.300 622.675 ,322,125 5,943,250 16........... 638,325 620.675 ,185,025 5,921,925 23.......... 643,900 628,350 ,177,300 5,805,050 30 ............ 646,350 629,625 ,391,800 6,033,150 May— 7............ ,660,825 634,600 ,156,750 5,895,275 14............ ,674,3251629,425 ,178,275 5,844,225 22______ 700,025 633,325 ,120,250 5,791,900 28______ ,730,625 632,650 ,327,775 5,811,875 June— 4______ 783,050 626,825 2 ,470,350 6,130,975 11............ ,324,050,637,400 2 ,293,300 5,950,050 875,300(641,600 2 352,700 18______ 5,917,350 25............ 975,700(638,350 2 354,950 5,852,300 July— 2............ 057,675 638,875 537,500 6,051,150 9............ 092,600(662,450 033,475 6,039,950 16............ 092,675 660,150 367,625 6,044,675 23........... 104,400 639,625 280,475 5,911,900 30............ 141,350 625,325 202,975 6,683,175 December— 24______ 4,158,461 355,952 1,003,683 3,900,000 10,042,900  GovernGeneral ment Deposits. Deposits.  Week Ending-  Fr. 328,425 242.95C 166,600 215,850 193,725  Fr. 712,600 640,175 576,525 638,075 756,025  Jan.— 5... 14.. . 21.. . 29.. . Feb.—  145,500 211,975 200,350, 200,050  712,400 695,150 763,775 780,050  209,400 189,025 169,600 270,275  646,850 654,325 690,325 682,525  158,550 182,800 180,150 178,250 123,500  618,725 547,225 553,675 686,075 631,075  126,825 149,175 165,300 183,700  688,525 692,775 728,825 845,950  132,850 764,550 130,325 990,925 204,000 944,575 294,325 1,016,700 249,700 982,675 327,000 2,689,275 289,900 929,050 400,600 942,975 382,575 947,575  450,467 2,650,596  Note.—In explanation of the fact that no figures are shown In the above between July 30 and Dec. 24, lt should be stated that with the outbreak of the war the pub­ lication of these returns was discontinued and was not resumed until Feb. 4 1915. The figures for Dec. 24 are taken from the Bank's annual report for the year 1914. (Three 000’s omitted.) LIABILITIES.  Week Ending.  Coin & Bullion.  Adv. to •Discount Gov’t <& Adv. for War.  Notes in Circula­ tion.  Govern­ General ment Deposits. Deposits.  Jan.—■ Fr. Fr. Fr. 7.. No re turn, No re( turn, 14.. 21.. No re( turn. 28............ 4,233,800 365,825 972,700 3,900,000 10,473,525 70,575 2.328.250 m.4 ______ 4,234,050 366,950 1,110,125 ............ 10,646,225 61,350 2,298,025 11.......... 4.234.450 374.100 1,072,675 ............ 10,749,650 161,050 2.238.850 18.......... 4.249.200 375.625 1,063,175 ---------- 10,831,550 49,125 2.331.750 25.......... 4,238,900 376,775 1,046,125 .......... . 10,961,975 69.800 2,355,550 March— 5 _____ 4.240.375 376.775 1,054,350 ______ 11,072,500 72,300 2.363.300 11.......... 4.241.975 377,375 937.400 4,600,000 11,092,525 155,150 2,390,400 18............ 4.244.350 377.675 917,100 4,600,000 11,109,475 117,550 2,451,275 25 .......... 4,248,725 377.375 914,025 101,025 2.414.575 ......... - 11,176,500 April— 1.......... 4.250.975 378,000 906,850 11.272.775 73,975 2.379.975 8.......... 4.253.375 377.500 901.675 11,422,725 63,775 2.407.900 15.......... 4,228,025 377,050 900,775 5,100,000 11,500,575 101,500 2.323.850 22.......... 4,191,875 376.325 884,855 5,100,000 11,539,900 53.900 2.329.300 29.......... 4,169.000 376.675 890,250 5,200,000 11.584.350 43,050 2.317.150 May— 6 .......... 4,127,000 376.525 874.675 5,400,000 11,715,225 72,750 2.289.875 13 ______ 3,915,650 375,225 871,035 5,500,000 11,738,050 80,150 2,332,175 20............ 3,907,360 376,900 879,830 5,500,000 11,833,330 62,400 2,289,960 27 ............ 3,913,400 375.350 883,085 5,500,000 11,827,875 75,050 2,201,050 June— 3 ___ 3.916.475 375.325 879,158 5,600,000 11.926.250 74.175 2,111,525 10............ 3,919,625 375.225 883,011 5,700,000 12,015,725 43.875 2.124.575 17. 3.921,225 373,975 883,544 5,900,000 12,043,650 131,950 2,215,650 24 ............ 3,927,175 372.775 883,362 6,000,000 12,104,675 54,325 2,274,925 July— 1............ 3.931.550 371,575 894,832 6,200,000 12,215,850 82,025 2.365.250 8. 3.944.975 369.150 876,031 6,200,000 12.328.250 57,100 2.383.900 15 ............ 3.986.475 367.525 882,684 6,300,000 12,448,450 96,650 2,390,025 22............ 4,051,300 367.150 869,836 6,300,000 12.512.775 192,975 2.375.475 29 ............ 4.129.350 368,025 877,316 6,300,000 12,592,525 221,100 2.379.900 Aug.— 5............ 4,222,075 368.350 899,957 6,300,000 12,725,375 218.900 2,278,075 12............ 4,322,275 367,850 864,430 6,300,000 12,825,800 89.900 2.365.475 19............ 4.392.350 367,925 867,064 6,300,000 12.899.350 111,300 2.462.575 26 ............ 4,266,325 366,750 862,504 6,300,000 12,950,275 69,075 2.473.475 Sept.— 2............ 4.326.350 366.725 871,045 6 ,400,000 13,,060,000 30.800 2,499,075 9______ 4.377.450 364.325 853,561 6 ,500,000 13,,223,025 57.275 2.478.750 16 ______ 4.437.550 364.625 834,051 6 ,500,000 13,,267,025 75.875 2.541.300 23............ 4,500,075 366.150 836,940 6 ,600,000 13,,309,600 118,125 2,587,625 30 ............ 4,550,150 364.150 865.401 6, ,700,000) 13,,458,300 64,200 2,696,000 Oct.— 7............ 4.601.350 363.625 857,412 6, 900,000 ! 13, 664,075 69.275 2,627,000 14 ............ 4.647.375 363.275 856,481 6, 900,000 13, 752,150 59,425 2,611,800 21______ 4,692,675 363,300 843,838(6, 900,000 13, 832,000 82,600 2,574,025 28 ______ 4.729.975 363,250 848,240 6, 900,000( 13, 867,550 38,450 2.545.875 Nov.— ) 4 ............ 4,754,700 362.375 890,806 100,000 14, 078,550 52,025 2.520.875 11............ 4,782,025 361,475 842,167 200,000( 14, 188,175 59.175 2.524.975 18............ 4,807,125 362.225 850,276 300,000; 14, 210,800 56.275 2.616.900 25 ............ 4.835.200 361.525 867,499 400,000) 14, 278,425 42,850 2,673,675 Dec.— 2............ 4,877,500 358,600 906,492 7,400,000 14,291,000 101,800 2,690,165 9______ 4,940,025 356.500 947,301 7,400,000 14,070,475 155.825 2,940,450 16______ 5,026,400 357.725 1,516,838 7,400,000 13,449,500 ,236,750 2.214.150 23............ 5,070,575 352.275 1,546,490 5,000,000 13,201,i00 362.825 2,033,175 30______ 5,015,275 352.100 1,581,115)5,000,000 -13,309,850 173.900 2,113,825  Gold.  LIABILITIES.  BalSecur’s Treas- Oth.Loans Notes in Deposit & ance & Short ury <fe AdCircu­ Current Abroad. Loans. Bonds. vances. lation. Acc’t.  Rubles. Rubles Rubles. Rubles 1,514,680 169,700 576,840 1.517.750 169,920 583,460 1,518,090 166,710 564,820 1,522,110 166,370 555.760  5— 1,525,740 167,100 14.. . 1,532,160 165,130 21— 1.541.830 161,890 March1 — 1.545.830 160,630 8— 1,552,050 233,310 14.. . 1,555,950 230,940 21.. . 1,558,380 225,010 29— 1,562,960 211,200 April— 6— 1,566.780 209,870 14— 1,569,330 210,270 21... 1,571,100 207,780 29.. . 1,574,560 208,170 May— 6... 1,579,070 204,180 14— 1,581,570 200,880 21.. . 1,583,620 198,410 29.. . 1,587,580 197,240 June— 5... 1,591,490 192,990 14.. . 1,591,860 192,760 21.. . 1,592,530 183,090 29.. . 1.595.750 169,230 July— 6— 1,597,480 142,510 14.. . 1.599.750 143,770 21.. . 1,601,140 143,950 29.. . Aug.— 5... 1,602,040 116,040 14.. . 1,604,900 116,760 21.. . 1,606,320 116,900 29.. . 1,607,490 116,850 Sept.— 5.. . 1,610,230 116,900 14. 1,611,640 177,850 21.. . 1,612,550216,570 29.. . 1,613,500216,670 Oct.— 6.. . 1,615,750)216,400 14.. . 1,616,990215,750 21.. . 1,621,460(215,520 29.. . 1,622,910(215,510 Nov.— 5... 1,548,320(215,510 14.. . 1,549,280215,440 21.. . 1,550,030(215,380 29.. . 1,554,170 215,250 Dec.— 6— 1,553,930215,130 14.. . 1,553,340 214,620 21.. . 1,552,610214,390 29... 1,553,6401214,210  Rubles. 476,390 481,930 467,080 465,620  Treas­ ury Acc’t.  Rubles. Rubles. Rubles. 1,712,200 550,700 599,220 1,664,640 583,130 607,900 1,633,000 593,380 609,010 1,614,220 602,060 639,880  562,870 566,860 555,690  471,340 1.643.330 472,770 1.621.330 468,500 1,619,010  571,730 572,620 579,680  648,050 664,130 669,860  529,510 456,490 456,050 449,580 433,290  442,670 1,619,810 369,430 1,626,710 372,230),1,621,070 371,920)1,623,370 368,330 1,611,460  574.490 630,630 612,640 627,980 641,710  602,500 485,030 493,400 479,990 474,670  424,210 423,950 409,730 387,010  368,850jil,639,850 371.190 1,649,070 370,080 1,668,470 367,140 1,598,870  647,550 630,630 617,510 645,970  468,470 457,110 445,760 423,460  381.370 376,030 385,070 383,190  361,320 363,060 362,440 362.190  1,622,240 1,626,350 1,641,450 1,645,680  633,610 619,210 621,500 619,810  433,230 439,910 432,700 434,210  362.760 385,130 392,380 401,910  357,280)1,648,190 362,990 1,633,750 371,230:1,632,960( 363,150)1,628,360(  605,790 608,270 570,370 579,900  436,280 433,870 475,010 488,420  392,610 406,120 393.370  361,730(1,646,870 368,110(1,630,370 367,440 1,634,110  561,670 571,080 596.490  512,550 491,070 502,620  558,930 711,730 720,570 727,990  452,770 490,470 484,290 486,340  1,859,780 2,321,060 2,410,930 2,431,400  628,060 693,240 715.140 738,460  550,760 517,930 341,260 219,460  874,900 908,810 885,830 914,280  473,900 464,130 465,620 464,690'  2,517,390 2,553,570 2,590,670 2,613,280  731.140 726.290 712,960 718,050  229,060 230,850 223,090 210,940 203,140 208,350 207,660 224,740  1,099,760 646,220434,240 649,320 433,230 638,360 423,110  480,520 2,642,650 718.290 481,280()2,697,480 716,990 487,560 2,699,270 734,650 493,030 2,706,280 753,710 495,760(12,781,120 748,260 491,170 2,790,980 803,690 583,910 2,805,240 784,010 560,980 2,814,700 775,800  214,640 210,560 208,630 207,110  627,650 416,020 637,740 473,370 630,410 486,750 618,220 496,540  547,530 524,700 527,840 520,450  777,840 761,860 767,270 750,970  206,230 211,170 201,020 220,240  895,380 948,820 977,220 1,045,230  2,830,660 2,846,050 2,855,170 2,863,850  LIABILITIES. Week ] Ending-  Gold.  Bal- Secur.tS; Treas­ \ ance Short ury 'Abroad. Loans. Bonds.  Oth .Loans I Notes in Deposit & & Ad- ( Circu- j Current vances. j lotion, j Acc’t.  Treas­ ury Acc’t.  Note.—As stated above In the note with regard to the calendar year 1914, the publication of weekly returns was discontinued with the outbreak of tbe war and was not resumed until Feb. 4 1915. In giving the figures, however, for the latter date, the changes from the preceding week were shown, and from these changes we have been enabled to compute the figures for Jan. 28.  Jan.— Rubles. I Rubles. Rubles.I Rubles. Rubles. Rubles. Rubles. 5... 1,554,670199,710 622,350 507,340 528,700 2,984,330 742,230 14— 1,558,250170,060 609,690 656,670 507,020 3,030,510) 796,540 21— 1,558,110153,850 594,600 639,840 492,520 3,002,950: 814,320 29— 1,557,330153,810 564,070 859,560 477,490 2,997,880. 871,090 Feb.— 5.. . 1,557,570 153.940 549,660 945,160 473,810 3,051,950 872,740 14... 1,569,670 138.940 543.610 1,006,230 454,030 3,059,140 888,280 21— 1,569,010 139,490 525,220 1,000,970 450,460 3,076,770 908,210 March1.. . 1.568.950 140,740 551.610 1,067,830 454,180 3,094,170 1,005,190 8— 1.567.950 140,200 526,820 1,095,420 445,430 3,128,460 1,073,000 14.. . 1,567,710 140,200 513,400 1,130,440 452,860 3,151,510 1,130,890 21.. . 1,566,980 139,830 511,780 1,149,850 608,090 3,180,890 1,007,180 29.. . 1,571,270 139,820 494,480 1,131,470 592,550( 3,198,280 908,720 April— 5— 1,569,960139,340 472,870 1,203,790 584,960( 3,307,7701,062,900 14.. . 1,570,010139,800 459,140 1,286,700 553,700 3,312,710 1,081,930 21.. . 1,569,270139,510 430,760 1,422,980 505,390 3,286,170(1,118,980 29.. . 1,573,210139, ‘ ,5/0 1,453,290 489,990 3,277,2901,117,420 May— 6... 1.572.260 139,300 391,180 1,470,970 478,770' 3,348,990 1,141,210 14.. . 1,571,240 139,020 390,210 1,489,830 478,940 3,361,850 1,164,380 21.. . 1,570,770 138,870 405,550 1,616,990 869,890 3,397,130 1,139,560 29.. . 1,574,200 138,820 403,190 1,591,950 857,760 3,416,310 1,121,180 June— 5.. . 1.573.800 137,810 407, 7301 ,582,790 811,710 3,451,670 1,155,490 14.. . 1,573,510 124,310 418,200 1,573,170 818,170 3,477,340 1,147,710 21.. . 1.572.800 109,230 433,590 1,560,000 800,250 3,517,780 1,130,960 29.. . 1,577,190 108,590 409,0801 ,549,110 787,970 3,582,570 1,109,260 July— 6.. . 1.579.460 105,650 399,340 1,546,080 774,360 3,695,52011,163,530 14.. . 1,578,860 99,970 413,240 1,589,360 770,620 3,755,57011,116,410 21 — 1,578,990 93,680 401,420 1,679,540 762,470 3,796,71011 149 440 29.. . 1,578,600 90,080 396,260 1,847,210 760,810((3,831,770 1487^550 Aug.— ,630 2 034,790 749,480 3,889,470 1,187,860 5— 1,582,380 90,090 ,1802 146,750 724,120 3,962,480 1,201,240 14— 1,585,320 89,480 ,810 2 ,286,550 713,610 4,021,470 1,207,170 21— 1,583,040 70,770 29.. . 1.585.460 70,810 ,450 2 ,368,720 743,420 4,092,340 1,174,520 Sept.— ,5602 ,439,920 763,460 4,101,460 1,183,020 5... 1.585.790 52,230 ,3202 ,423,020 836,170 4,210,8401,159,060 14— 1,588,840 52,210 21— 1,588,430 38,700 ,6602 ,403,930 1,021,610 4,461,5401,122,880 ,580 2 ,395,470 1,018,010 4,621,7501,163,140 29. — 1.590.790 38,490 Oct.—■ ,840 2, 555,650 988,630 4,766,840 1,123,530 6— 1,591,880 38,360 14— 1,595,150 37,410 ,0802, 650,420 971,110 4,893,230 1,125,450 ,4402 ,803,300 913,210 4,990,790 1,169,870 21.. . 1,595,640 37,180 ,810 3. ,139,970 872,300 5,010,820 1,214,140 29— 1.598.260 35,600 Nov.— 411.1,0003 ,119,310 844,200 5,053,6201,189,980 5... 1,603 14... 1,603 393, 740 ,318,950) 804,270 5,040,540(1,264,820 394.1,010 ,367,770,1,133,070 5,113,480(1,297,150 21— 1,605 ,510 391,410 ,326,8601,096,370 5,164,620(1,293,340 29— 1,608 Dec.— ,090392 303,3301,047,970 5,219,750(1,285,800 6— 1,608 14.. . 1,607 700,395 289,0901,000,730(5,201,320)1,275,410 262,500 949,900 5,258,900( (?) 21.. . 1,607 ,600 397 244,580 905,180i 5,304,620(1,272,080* 010*392 29.. 1,611  ♦ The item of “Discount and Advances” comprises the following: Discounts in Paris, Foreign bills, Treasury bills, Discounts In branches, Advances on bullion, Advances on public securities and Advances by branch banks.  Note.—The dates here given are according to our calendar, the corresponding dates under the Russian calendar being 13 days earlier. For example, Jan. 5 1914 In the above table corresponds to Dec. 23 1913 according to the Russian calendar.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Rubles. 220,040 229.680 217,890 207,920 216,400 207.680 226,690 202,280 207.220 202,060 214,540 210.630 206.440 204,590 207,840 205,380  202,120 209,150 212,560 408,930 441.220 490,960 392.630 347,300 247,870 226,340  213,470 202.250 203,480 201,020 216.440 229,650 210.220 212,290 301.250 209,570 221,160 203,360 207,660 219,990  206,720 211,370 250,620 238,060 233,420 214,190 202,500 204,140  Trade and Commerce-Returns  of.  FOREIGN IMPORTS AND EXPORTS.  OUR FOREIGN TRADE IN 1915. The phenomenal expansion in our foreign export trade in the calendar year 1915 marked an epoch in the commercial history of the United States. In 1914 the war in Europe was responsible for an important contraction in the outflow of our com­ modities. In 1915 it furnished, directly or indirectly, the demand that took from us merchandise covering a value of such magnitude that under normal con­ ditions of trade development it would take a long term of years to reach. To no small extent, of course, the increase in the value of our exports in the late year was due to the higher prices secured for com­ modities—this was especially true of various supplies for the European armies, such as horses, mules, auto­ mobiles, gunpowder, horseshoes, boots and shoes, and some foodstuffs—but this itself was the con­ comitant of the war. It was inevitable, with the Entente Powers in full control of the waterways of the world as regards mer­ chant shipping, that commerce between the Central Powers and the United States would be practically extinguished. Yet merchandise exports attained unexampled dimensions in face of that fact. To what extent that condition obtained in 1915 is indi­ cated by the fact that whereas our shipments of goods definitely destined to Germany in 1913 reached a value of 352 million dollars and in 1914 about 158% millions (only 2% millions of this in the concluding five months), the 1915 total was barely 11% millions; and from 22 millions in 1913 (half of this represented by copper and cotton) , there was a drop to a merely negligible amount in the outflow to Austria-Hungary. These were certainly serious losses considered by themselves, but they bore no important relation to the gains in other directions. It would ordinarily seem incredible that our exports to Great Britain should double in a single year; but that is just what the exigencies of the situation brought about in 1915, the jump being from 600 million dollars to 1,192 millions. In the French total, moreover, there was an advance from 170 millions to 500 millions, and these indicate how essential to trading conven­ ience was the establishing of the Anglo-French credit here. But the expansion in our foreign export trade went much further than this, Italy’s call upon us for merchandise in the late year having been close to three times the 98 million total of 1914, Holland, Denmark, Sweden and Norway collectively having become our debtors for goods in the amount of some 348 millions, against less than 200 millions, and Russia over 169 millions against 28 millions; with the West Indies, too, as well as with South America, Mexico, Oceania and Africa a very satisfactory augmentation in our outward trade was to be noted in 1915. Concurrent with the increase in exports of com­ modities in 1915, and in the face of a very decided contraction in the inflow from Germany, France, Belgium and Great Britain, and a more or less marked decline in the arrivals of goods from other sections of Europe, the imports for the year exhibited only a mod­   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  erate decrease from 1914 or 1913, or from the high record total of 1912, and were heavily in excess of 1911. This outcome was due in largest measure to the greater absorption of sugar from Cuba, hides, flaxseed, wool, &c., from Argentina, hides and India rubber from Brazil, India rubber and tin from East India, and the Straits Settlements, and wool from Australia. There­ fore, with the gain in exports phenomenally heavy, the aggregate foreign trade of the country (inflow and outflow of merchandise combined) was very much greater than for any earlier similar period, reaching $5,326,077,067, against $3,902,900,051 in 1914. The total merchandise exports in 1915 reached a value of no less than $3,547,480,372 against only $2,113,624,050 the previous year. The shipments of breadstuffs covered a very much greater value in the late year than in 1914—in fact, not very far from double ($527,882,389 against $310,280,873)—this being chiefly due to a very largely increased outflow of wheat, oats and flour to the Entente countries and to several of the neutral countries of Europe as well, but higher prices were also an important ele­ ment in the situation. The average export price of wheat for the year was, for example, $1 37 per bush., against $1 07 in 1914, and the comparison as regards flour is between about $6 20 and $4 88. Here alone enhanced prices have given an added value of not very far from 85 million dollars. Horses for mili­ tary purposes were also in very great demand, with the result that exports advanced in value nearly six fold and the average price per unit rose from $188 to about $214. Mules, too, were shipped upon a comparatively enormous scale, thirteen times as many as in the preceding year, and with the price marked up from $128 to $195, the value ratio was as 14 to 1. Cotton exports, likewise, were much heav­ ier in quantity, due to improvement in demand and better shipping facilities. Here, however, in con­ sequence of the comparatively low prices prevailing during the first seven months of the year, the increase in value is not so decided. In other words, the value of the 8,358,992 bales sent out in 1915 was $417,013,008, whereas the 6,320,485 bales shipped in 1914 covered $343,904,905, the average prices hav­ ing been 9%c. and 10%c. per pound, respectively. The increase in quantity, it will be observed, was 33%, and in value only 21%%. Petroleum shipments were upon a little more lib­ eral scale, but at lower prices, and, consequently, the increase in value in 1915 was merely nominal. An increase of some 118 million dollars in the exports of provisions was in no material sense to be ascribed to advancing prices, nor was the gain of about 10% mil­ lion dollars in cottonseed oil. But, aside from those instances already referred to, there were a number of articles in which a marked appreciation in prices contributed materially to swell the value of the 1915 exports. Automobiles, commercial in particular, were shipped much more freely, and averaged $1,484 per unit, against $1,103 in 1914, this explaining a goodly portion of the 66 million dollar gain. With copper at 17% cents per pound, instead of 13% cents,  TRADE AND COMMERCE.  103  the quantitative decline in exports was considerably- EXPORTS OF LEADING PRODUCTS FOR SIX CALENDAR YEARS. offset. Gunpowder, never heretofore an important Exports. | 1915. 1914. 1913. 1912. 1911. 1910. 1 ® article of export, loomed up largely in 1915, and Cotton...'417,013,008 $ $ S $ $ 343,904,905 575,495,653 623,077,439 517,053,575 530,824,222 527,882,389 310,280,873 203,391,856 161,672,348 135,860,349 109,093,689 at 79 cents per pound, against 33% cents in the pre­ Breadstffa Provna ,&c 279,660,232 161,474,241 160,606,568 148,116,068 160,316,842 129,522,085 ’p, vious year, a gain of some 66 million dollars was not Cat&’le,ah hogs. 2,779,954 990,406 1,580,346 4,404,042 15,071,057 9,714,743 surprising. Rye at $1 17 per bushel, against 99c.; Petrol. ,&c 142,932,322 139,900,587 149,316,409 124,310,282 105,922,848 94,107,022 .. 1370267905 956,551,012 1090390 832 1061580179 934,224,671 873,261,761 cattle $157 per head against $59; horseshoes 7%c.per AllTotal other lb. against 5^8c.; sole leather 32^c. against 27^c.; artlclea..l2177212 467 1157073 0381393627460 1337367814 1158302075 992,997,143 and boots and shoes $2 23 per pair against $1 69, Total .. 3547480372 21136240502484018292 2399217993 2092526 746 1866258 904 were also, through the higher price and larger ship­ The foregoing, being self-explanatory, requires no ments, leading contributors to the year’s gain in extended comment. But a more detailed statement value of exports. In fact, in these comparatively would show that of foodstuffs as a whole the exports few articles and in wheat and flour, the added value for 1915 were practically double those of the preced­ year, an outcome due most largely, if not entirely, arising out of higher prices approximates 150 mil­ ing to conditions existing in Europe. The same, more­ lion dollars. over, may be said of our manufactures ready for Without pursuing the subject of prices any further, consumption, and, furthermore, it is to be noted that except to say that in practically all cases where the there was a fair measure of increase in the shipments war has stimulated demand increasing value re­ of crude materials for use in manufacturing, and in sulted, we would note expansion in the shipments of partly manufactured articles, and a very considerable brass manufactures of about 48 million dollars, gain in goods classed as miscellaneous. All divisions, therefore, if not all articles, shared in the expanded chemicals 52 millions, cotton manufactures 46 mil­ foreign export trade of the late year. lions, iron and steel manufactures as a whole 189 The movement of gold in 1915 was in direct and millions, leather and manufactures, including sole striking contrast with that of the previous year. leather and boots and shoes, already referred to, Then it was outward upon a much more extensive 88 millions, wool manufactures 30 millions, sugar scale than in any previous year in the history of the 24 millions, explosives other than gunpowder 105 United States, while the 1915 result was exactly millions, and smaller gains in bituminous coal, the reverse, the inflow establishing a new record. Much the larger part of the year’s inflow came for India rubber manufactures, fiber manufactures, the account of Great Britain, either directly or by oil cake and meal, paraffin and paraffin wax, vege­ steamer to Halifax and thence into the United States table oils, tobacco, &c. Contraction is to be noted via Vanceboro, Maine, or from the depository of the in some commodities and generally as a direct result Bank of England at Ottawa, reaching this country of the conflict in Europe. Among them may be through Ogdensburg, N. Y. In all, Great Britain mentioned agricultural implements, the shipments of sent to us over 328 million dollars, or fully 70% of the year’s aggregate imports, of which 219 millions which were barely half the restricted total of 1914, via Canada or from the Canadian depository. Ar­ naval stores and wood and manufactures. rivals from France were about 11% millions, South Imports of merchandise for the year 1915 at $1,- America 16 millions, Australia 34 millions, Japan 778,596,695 were, as already stated, moderately less 20 millions, and West Indies, Mexico, &c., 42 mil­ than in 1914, comparing with $1,789,276,001 in lions. Briefly, the inflow of gold for the year reached that year and $1,818,073,055 in 1912—the high $451,954,590, and the efflux (mainly to the West record. It does not, of course, follow that the de­ Indies) $31,425,918, leaving an import balance of $420,528,672, against a net outflow of $165,228,415 crease from last year was generally shared in by in 1914 and of $28,093,778 in 1913, and a net import the various commodities in the schedule. On the of $19,123,930 in 1912. The inward movement of contrary, there are a few that exhibit important in­ silver in 1915 was above that of the previous year, creases over the previous year and among them sugar, with Mexico the main contributor, while exports in which an augmentation of some 52 million dollars were of about normal proportions, with Great Britain is to be reported; raw wool, 37 millions; India rubber, the chief absorber. The net exports were $19,114,920, against $25,643,873 in the previous year. 49 millions, hides and skins 15 millions, and coffee 9 Bringing together the various balances, we have the millions. But losses naturally predominated, and the appended comparative summary for a series of years: most conspicuous among them were in woolen manu­ YEARLY TRADE BALANCE. factures, 27 millions; cotton manufactures, 18 mil­ 1911. 1914. 1913. 1912. 1910. lions; meat and dairy products, 22 millions; fibers Excess of— 1915. S $ $ $ S S and manufactures, 20 millions; fertilizers, 13 millions; Mdae.exp. 1768883 677 324,348,049 691,421,812 581,144,638 560,167,586 303,354,753 fruits and nuts, 9 millions; breadstuffs 8 millions and Silver exp. 19,114,920 25,643,873 26,908,812 23,560,669 21,198,075 11,482,805 Total .. 1787998 597 349,991,922 718,330,624 604,705,307 582,085,661 314,837,558 art works 6 millions, and such articles as glass­ Gold imps. 420,528,672 *165228415 *28,093,778 19,123,930 20,262,110 *447,696 ware, leather and manufactures, iron and steel man­ Gr’d total 1367469 925 515,220,337 746,424,402 585,581,377 561,823,55ll314,389,862 ufactures, oils, paper and manufactures, silk manu­ * Net exports. With all items included, the net export balance for factures, and wood and manufactures, in amounts 1915, it will be observed, reached no less than $1,367,ranging from 3 to 9 millions. The favorable merchandise balance (excess of ex­ 469,925, or some 852% millions more than in 1914. One set of figures in connection with our for­ ports over imports) for 1915, needless to say, was eign trade is decidedly interesting. We refer to the by a stupendous amount the greatest in our history, classification of the imports and exports in groups falling very little short of equaling the total of the so as to show the amounts consisting of crude country’s imports. Specifically, it reached $1,768,- materials, of foodstuffs and of manufactures. The 883,677, against only $324,348,049 in 1914 and $691,- statistics in this instance afford noteworthy evidence 421,812 in 1913, this latter having been the calendar of the business expansion in the United States in year record up to now. As indicating the changes 1915. In manufactures there is phenomenal ex­ pansion; in foodstuffs very heavy gains. In exports from year to year in some of the leading staples of of crude material for use in manufacturing for the export and the relation those principal items bear to J twelve months of 1915 the aggregate was $566,807,the full outward movement of merchandise, we give ' 953, as against $490,496,949 for the calendar year 1914. The exports of foodstuffs for the calendar year ran a compilation for the last six years:   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  TRADE AND COMMERCE  104  very far above those for 1914. The value of the food­ stuffs exportsfor 1915were SI,012,555,702,as against only 8584,128,261. Our exports of manufactures, moreover, for the twelve months of 1915 amounted to 81,783,801,976, as against 8973,893,188. 12 Mos. end. with December.  Month of December.  Groups. Imports— Crude materials, for use In manufacturing______ Foodstuffs In crude condition and food animals__ Foodstuffs partly or wholly manufactured___________ Manufactures for further use in manufacturing_________ Manufactures ready for con­ sumption________________ Miscellaneous______________  1915.  1914.  1915.  $  $  $  1914. $  79,174,161 34,189,042  695,888,756  597,920,626  21,537,099  17,954,204  242,904,777  234,725,244  16,628,796  16,394,017  273,245,831  256,483,300  25,851,859  15,746,405  260,978,876  275,585,099  27,139,564 28,422,282 1,950,595 1,501,026  292,017,691 13,560,764  407,047,570 17,514,162  Total Imports____________ 171,832,505 114,656,545 1,778,596,695 1,789,276,001 Exports— Crude materials for use In manufacturin g____ ___ Foodstuffs In crude condition and food animals__ ____ __ Foodstuffs partly or wholly manufactured____________ Manufactures for further use in manufacturing________ Manufactures ready for con­ sumption________________ Miscellaneous______________  47,225,828 57,111,046  566,807,953  490,496,949  26,821,043 51,620,069  404,863,180  275,275,909  55,948,443 37,706,166  607,692,522  308,852,352  52,663,963 28,853,223  468,659,082  344,983,510  161,176,585 56,126,776 1,315,142,894 8,938,407 9,226,926 122,850,357  628,909,678 22,539,346  Total domestic exports.__ 352,774,269 240,644,206 3,486,015,988 2,071,057,744 Foreign merchandise exported 6,532,223 4,988,352 61,464,384 42,566,306 Total exports____________ 359,306,492 245,632,558 3,547,480,372 2,113,624,050  The increase in the exports for 12 months ending with December 1915 in the item Miscellaneous to a total of $122,850,357 arises from the exportation of horses in that period to the value of $94,827,171, of mules to the value of $23,825,924 , of seeds valued at $3,865,210.  The following table compiled by the Bureau of Foreign and Domestic Commerce of the Department of Commerce gives in detail the value of imports and exports by geographical divisions for December and the 12 months of 1915 and 1914 : Month of December.  1915.  1914.  12 Mos. end. with December 1915. 1914.  Imports from—•  Grand Divisions : Europe_________ North America__ South America__ Asia____________ Oceania________ Africa__________ Total_________ Principal countries— Austria-Hungary _ Belgium________ Prance _________ Germany_______ Italy___________ Netherlands_____ Norway________ Russia in Europe. _ Spain__________ Sweden_________ Switzerland_____ United Kingdom. _ Canada_________ Mexico_________ Cuba___________ Argentina_______ Brazil_________ Chile___________ China______ __ ZZ British East Indies. Japan __________ Australia and New Zealand______ Philippine Islands. Egypt__________  54,174,173 37,435,522 33,682,746 34,000,601 7,345,779 5,193,684 171,832,505  44,955,265 546,352,567 783,517,509 28,669,317 509,458,281 441,400,758 17,373,868 322,282,189 229,520,375 18,776,195 305,523,891 266,864,028 2,753,236 60,341,276 48,312,360 2,128,664 34,638,491 19,660,971 114,656,545 1,778,596,695 1,789,276,001 5,324,750 2,626,440 77,918,758 44,953,285 51,559,765 28,493,844 6,982,149 2,433,222 18,692,122 11,373,679 19,900,191 258,295,853 177,594,210 83,551,993 197,548,146 94,677,644 120,099,305 37,284,043 53,155,487 119,397,189 108,315,164 35,044,484 22,859,613 20,859,193  15,683,880 30,362,019 104,215,131 149,389,366 55,207,274 37,499,623 11,976,758 12,306,334 22,041,006 11,715,316 21,513,025 287,391,443 164,031,910 86,280,966 146,844,576 56,274,246 95,000,622 24,238,713 37,208,939 98,659,394 105,696,252 23,359,244 23.611,809 15,041,933  Exports to—  Grand Divisions : Europe_________ North America__ South America. . Asia____________ Oceania________ Africa______ ZZZZ Total_________ Principal Countries : Austria-Hungary _ Belgium________ Denmark______ Prance______ ZZZ Germany_______ Greece______ Italy_______ ZZZZ Netherlands__ ZZZ Norway________ Russia in Europe. _ Spain__________ Sweden_________ United Kingdom.. Canada_________ Central America. _ Mexico_________ Cuba__________ Z Argentina_______ Brazil_________ Chile___________ China__________ British East Indies. Japan __________ Russia in Asia___ Australia and New Zealand______ Philippine Islands . British Africa___   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  256,422,641 190,201,330 2,565,660,269 1,339,295,916 60,242,338 31,904,468 557,794,018 481,588,221 14,649,800 5,371,837 145,338,862 91,013,339 17,313,370 10,576,478 150,034,043 99,193,210 5,346,163 5,887,378 91,439,976 77,209,541 5,332,180 1,691,077 37,213,204 25,323,823 359,306,492 245,632,558 3,547,480,372 2,113,624,050 2 ,700 104,525 758 ,282 23,161,288 8,050 ,027 73,114,753 37,585 ,679 499,944,446 2,194 ,035 11,788,852 2,546 ,897 27,165,197 26,162 688 270,668,448 12,427 ,794 143,131,046 3,046 ,908 46,871,914 479 ,429 124,663,056 4,056 ,630 45,712,581 84,806,759 7,990 ,430 83,863 ,254 t,191,569,781 18,379 ,707 344,988,827 2.431 ,271 36,540,106 2,364 ,596 41,071,140 5,810 ,326 95,113,652 1,521 ,348 52,883,035 1.431 ,998 34,883.540 295 ,178 17,800,611 835 ,242 19,752,824 1,206 ,830 20,944,953 5,098 ,191 45,742,506 2.431 ,198 44,436,875 3,817,101 4,138,418 63,997,338 1,460,631 1,683,876 26,379,901 3,099,971 1,079,488 24,717,713  2,453,720 5,176,443 48,216,114 2,170,319 22,312,160 10,340,043 4,657,054 23,036,325 3,691,451 6,362,078 125,553,324 36,041,885 3,698,621 4,493,538 11,926,832 5,758,938 2,968,925 1,560,616 1,894,769 1,919,531 5,147,965 6,892,634  12,801,195 34,771,023 41,945,344 170,104,041 158,294,986 8,796,142 97,932,200 100,743,893 19,635,207 22,260,062 27,815,504 30,961,285 599,812,295 310,616,232 36,871,434 33,215,561 67,877,382 27,127,958 23,275,894 13,627,618 20,367,701 14,499,189 41,750,979 5,696,275 53,153,113 22,797,400 15,645,333  BREADSTUFFS AND COTTON EXPORTS FOR CALENDAR YEARS. 1915.  1914  1912.  1913.  1911.  Wheat & flour— Bushels______ 276,393,424 231,318,272 154,759,995 109,451,457 83,334,250 Values_______ $378,658,326 $249,575,603 $151,964,282 $108,962,676 $83,150,806 92?$c. SI 07 7-16 95^c. 96MC. Wheat, av. price $1 37 $4 88 $4.69 Flour, av. price. $4.63 $6 20 $4.64M Corn—bushels . . 48,245,628 15,626,149 45,286,759 30,979,900 61,572,963 Values.............. $38,481,349 $12,246,293 $26,515,146 $22,310,007 $36,157,880 58J<c. 72c. Average price. 80c. 78^c 58 7-16C. 2,125,968 5,274,623 30,374,332 Oats—bushels .. $104,549,204 35,066,867 $916,726 Values.............. $59,229,063 $19,026,302 $2,106,846 $12,076,039 431-16C. 39^c. Average price. 565^c. 54 Kc 39%c. 8,607,401 Cotton—bales .. 8,358,992 6,320,485 8,609,588 10,694,472 11 3-16c. 11 9-16o. Average price. 9^C. 10HC 12^c. MERCHANDISE EXPORTS AND IMPORTS (CALENDAR YEARS).  Catendar Year 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915  Exports.  ................ 938,020,941 ................ 875.831,848 ................ 825,102,248 ................ 824,860,136 ................ 1,005,837,241 ................ 1,099,709,045 ................ 1,255,546,266 ................ 1,275.467,971 ................ 1,477,946,113 ................ 1,465.375,860 ................ 1,360,685,933 ................ 1.484,753.083 ................ 1,451,318,740 ................ 1,626,990,795 ................ 1,798,243,434 ................ 1,923.426,205 ................ 1,752,835,447 ................ 1.728,198.645 ................ 1,866,258,904 ................ 2,092,526,746 ................ 2,399,217,993 ................ 2,484,018,292 ................ 2,113,624,050 ................ 3,547,480,372  Imports.  Excess.  Total Trade.  830,490,141 766,239,846 676,312,941 801,669,347 681,579,556 742,595,229 634,964,448 798,967.410 829,149,714 880.419,910 969.316,870 995,494,327 1,035,909,190 1,179,144,550 1,320,501,572 1,423,169,820 1,116,374.087 1.475.520.724 1.562,904,151 1.532,359,160 1,818,073,055 1,792,596,480 1,789,276,001 1,778,596,695  107,530,800 109,592,002 148,789,307 23,190,789 324,257,685 357,113,816 620,581,818 476,500,561 648.796.399 584,955,950 391,369,063 489,258,756 415,409.550 447,846.245 477,741,862 500,256,385 636,461,360 Exp. 252,677,921 Exp. 303,354,753 Exp. 660,167,586 Exp. 581,144.938 Exp. 691,421,812 Erp. 324,348,049 Fzp.1,768,883,677  1,768.511,082 1,642.071,694 1.501,415.189 1,626,529,483 1.687,416.797 1,842,304,274 1.890,510,714 2,074.435,381 2,307.095,827 2.345.795,770 2,330.002,803 2,480,247,410 2,487.227,930 2,806,135,345 3,118.745.006 3,346,596,025 2,869,209,534 3,203.719.369 3,429,163,055 3,624,886,906 4,217,291,048 4,276,614,772 3,902,900,051 5,326,077,067  Exp. Exp. Exp. Exp. Exp. Exp. Exp. Exp. Exp. Exp. Exp. Exp. Exp. Exp. Exp. Exp. Exp.  EXPORTS 12 MONTHS ENDING DEC. 31. 1914 Exports— 1915. Agricultural Implements__________________ $13,555,473 $21,649,523 34,171,568 Automobiles and parts of_________________ 111,180,139 2,797,974 Cars for steam railways___________________ 10,025,305 54,315,975 Coal....... .................. 61,246,579 Copper, not Including ore.._______________ 125,136,289 117,188,350 50,092,993 Cotton manufactures_____________________ 95,827,024 Hops___________________________________ 4,797,994 2,926,401 Iron, steel, &c__________________________ 388,703,720 199,861,684 67,857,259 Leather, &c______________________________ 156,116,416 13,798,033 Naval stores____________________________ 11,728,014 Oil, vegetable................... 30,135,528 16,896,710 Paraffin and paraffin wax__________ 12,532,520 6,434,831 3,233,748 Seeds............................................ -....................... 3,915,469 Tobacco, not Including manufactured_____ 52,476,665 43,908,364 Wood and manufactures__________________ 55,269,275 74,965,170 Wool manufactured______________________ 42,595,210 12,479,542 Horses and mules________________________ 118,653,095 19,136,817 Aeroplanes________________________________ 5,418,596 399,496 Chemicals......... .................................................... 80,395,321 28,985,832 India rubber and manufactures____________ 24,416,123 12,183,083 Explosives_______________________________ 181,778,033 10,037,587 Zinc......................................................................... 33,504,908 8,751,576 Brass and manufactures___________________ 54,813,315 6,766,911 Sugar____________________________________ '42,749,019 18,233,455 Fertilizers_______________________________ 4,387,985 8,082.879 Oil cake and meal________________________ 31,330,606 22,047,383  1913. $35,453,643 33,300,567 11,985,181 67,409,514 144,909,117 55,519,267 7,483,670 293,934,160 59,994,979 22,250,235 21,033,089 8,176,831 3,336,425 52,937,894 114,777,513 4,589,896 5,015,298 86,931 26,787,207 13,660,250 5,525,077 1,101,651 7,945,417 1,873,923 11,663,335 27,761,624  IMPORTS 12 MONTHS ENDING DEC. 31. 1914. Imports— 1915. Art works_______________________________ $16,496,822 $22,109,958 Books............................... 4,266,287 6,450,858 Chemicals, &c___________________________ 83,060,841 81.659.220 3,889,821 Coal, bituminous________________________ 4,398,425 19,122,852 Cocoa or cacao-------------------------------------------31,318,876 Coffee____________ 113,797,866 104,794,319 Copper—pig, bars, ingots, &c------------------- 30,654,909 27,974,533 23,074,323 Cotton................... 25,879,617 Cotton manufactures_____ ________________ 42,172,291 60,312,913 Flax, hemp, &c.—unmanufactured_______ 44,819,283 49,122,495 Flax, hemp, &c.—manufactured................. 59,455,895 74,473,836 Fruits and nuts_________________________ 40,427,623 49,772,047 Furs______________ 11,713,615 7,526,495 Hides and skins__________ 127,888,567 112,319,501 India rubber_______________ 119,031,144 70,472,704 28,642,862 Iron and steel and manufactures__________ 20,380,093 Jewlery, diamonds, &c___________________ 26,521,329 19,764,987 Leather and manufactures_______________ 16,287,765 25,226,271 89.784.221 Silk—raw, &c....... ................................................ 91,608,669 Silk—manufactured______________________ 25,139,843 29,960,140 Sugar....................................................................... 179,247,680 127,218,384 Tea................... 19,583,167 17,775,979 Tin....... ............. 38,736,909 32,861,188 Tobacco—unmanufactured______________ 21,023,642 34,772,047 63,174,612 Wood and manufactures of_______________ 59,801,413 Wool—unmanufactured__________________ 95,042,616 58,305,332 Wool—manufactured____________________ 17,325,394 44,100,599 Glass and glassware___ _____ 2,905,016 6,864,020 21,887,443 Fertilizers............................................ .......... .. 8,882,264 Meat and dairy products--------------------------- 29,278,878 51,629,258  1913. $35,053,730 6,108,747 95,633,925 2,792,809 19,682,993 104,671.501 44,479,568 19,479,571 65,359,542 50,739,957 80,310,586 48,804,562 14,079,764 105,893,361 76,820,739 33,601,222 46,560,608 19,714,008 89,770,070 31,776,299 97,129,471 16,404,293 46,900,314 36,320,964 60,647,931 28,776,274 17,351,423 7,172,740 23,438,239 19,816,034  GOLD.  Year Ending Dec 31  1892 .. 1893.. 1894 .. 1895.. 1896 .. 1897 . 1898 .. 1899 .. 1900 .. 1901.. 1902.. 1903 . 1904 .. 1905.. 1906.. 1907 .. 1908.. 1909.. 1910.. 1911 .. 1912.. 1913.. 1914.. 1915 —  Exports.  Imports.  Excess ot Exporlstf-) or Imports i—).  $ $ $ 76,5455328 18,165,056 + 58,380,272 79,983,726 73.280,575 + 6.703,151 101,849.735 21,350,607 + 80,499,128 104,967 402 34,396.392 + 70.571,010 58,256.890 104 731.259 —46,474,369 34,276.401 34,022 812 + 253.589 16 194,954 158,163.952 —141,968,998 45,379,411 51 334.964 —5,355,553 54 134 623 66 749,084 —12,614,461 57.783,939 54,761,880 + 3.022,059 36.030.591 44.193 317 —8,162,72b 44.346.834 85,267,696 —20.920,862 121.211,827 84 803.234 + 36,408.593 46.794,467 50.293.40a —3 498.938 46.739.158 155.579,380 —108 870 222 55,215,681 143.398,072 —88,122,391 81,215,456 50,276,293 + 30,939,163 132,880,821 44,086,966 + 88,793,855 58.774,822 59,222,518 —447,696 37,183,074 57,445,184 —20,262,110 47,424,842 66,548,772 —19,123,930 91,798,610 63,704,832 + 28,093,778 222.616,156 57.387,741 + 165,228,415 31,425,918 451,954,590 —420,528,672  Experts.  Imports.  $ $ 36,362,281 31,452,956 46,357,748 27,765,696 47,245 807 17,633.594 54.211.086 24 373,347 64,056,741 30,279,745 58,661.292 33.082,302 53,797.104 29,131 580 53,461 737 30 843,929 66,221 664 40 100 343 55,638,358 1 146.782 49.272,954 26.402.935 40.610,342 23 974,508 50.135.245 -S.087.042 57.513.102 35 939,135 60,957,091 44.227,841 61,625,866 45,912,360 51,837,671 42,224,130 57,592,309 46,187,702 57,360,973 45,878,168 65,664,646 43,746,571 71,961,755 48,401,086 62,776,631 35,867,819 51,603.060 25,959,187 53,598,884 34,483,964  Excess o1 Exp'rtst + yoT Importxt—),  $ + 4,909,325 + 18,592,052 + 29,612 213 + 29.837.739 +33,777 001 + 25.578,990 + 24.665 724 + 22.617,808 + 26 121,321 + 24,491.576 + 22,870,019 + 16 535,834 + 24.048,203 +21,573.967 +16. (29.250 +15,713,506 + 9,613.541 +11,404,607 +11,482,805 +21,918,075 +23,560,669 +26,908,812 +25,643,873 +19,114,920  Note.—For years 1886 to 1914, Inclusive, the figures embrace gold and silver In ore: In the years preceding both were included In the merchandise movement.  TRADE AND COMMERCE  105  EXPORTS OF LEADING ARTICLES FOR YEARS IMPORTS AND EXPORTS BY ENDING JUNE 30. FISCAL YEARS. The subjoined statement shows the exports of lead­ The table below shows the exports and imports in each fiscal year (ending June 30) since 1882. ing articles in each of the last three fiscal years. 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In preceding years gold and silver in ores were included in merchandise.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Articles. 1914-15. 1913-14. 1912-13. Abrasives, emery, &c., value_____ $ 1,802,248 2,114 ,632 .311,382 Aeroplanes and parts of, value____ $ 1,541,446 226 ,149 107,552 Agricultural implements, value____ $ 10,304.978 31,965 ,789 40 ,572,352 Automobiles and parts of, value___ $ 68,107,818 33.198 .806 31 ,253,533 Bacon and hams_____________ lbs. 550,419,341 359.846 ,043 360,,538,271 do do value__________ $ 76,376,060 49.646 ,503 47,.288,553 Barley, value___________________$ 18,184,079 4.253 ,129 11 ,411,819 Beef, canned, value_____________ $ 11,974,673 461 ,901 857,826 do fresh and salted_________ lbs. 202,315,677 29,660 ,378 33 .219.307 do do value____________ $ 25,114,303 3.078 ,309 3 .392,114 Aluminum and manufact’s of, value.$ 3,245,799 1.101 .920 1 .046,915 Asphaltum and manufact’s of, value.# 1,016,394 1.493 .433 1 ,640,027 Books, maps, etchings, &c., value_ $ 8,096,473 9,639 ,860 10 ,092,719 Brass and manufactures of, value__ $ 20,544,549 7,472 .476 8 .554,636 Bricks and tiles, value____________ # 2,373,335 3.773 .345 ,375,488 Butter, value___________________# 2,392,480 877 .453 872,804 Carriages, cars, and parts of, value.# 15,292,683 11,067 .857 .479,665 Cars for steam roads, value_______ # 1,707,830 7.409 ,558 .745,138 Casings for sausages, value_______ # 4,859,815 4,077 ,882 ,901,428 Celluloid and manufactures, value..# 722,850 1,387 ,541 ,639,046 Cement, value__________________ $ 3,241,686 3,382 .282 ,822,107 Cereals, prepared, table food, value.# 4,306,899 2,323 .412 .358,864 Cheese, value___________________ # 8,247,174 414 ,124 441,186 Chemicals, drugs and dyes, not in­ cluding medicines, value_______ 8 39,250,607 20,357,114 19,464,026 Clocks and watches and parts, value.# 2,574,809 3,013.149 3,606,257 Coal, anthracite, value___________ # 19,389,523 20.881.373 24,523,800 Coal, bituminous, value__________ # 36,516,617 39,039.640 40.573,421 Cocoa and chocolate, value_______ # 1,934,166 336.940 376,336 Coffee, value___________________$ 7,302,605 8,977,642 9,010,792 Coke, value___________________ $ 2,304,475 2,789,814 3,318,437 Confectionery, value_____________ # 1,222,794 1,329,147 1,282,196 Copper ore, value_______________ # 220,147 3,257.089 2,958,790 Copper, manufactures of, value___ # 99,558,030 146,222,556 140,164,913 Com______________________ bush. 48,786,291 9,380,855 49,064.967 do value_____________________ $ 39,339,064 7,008.028 28,800,544 Com meal, value________________ # 1,923,214 1,185.891 1.444,539 Cotton, Sea Island________ 100 lbs. 24,376 74,204 44,124 do other_____________ 100 lbs. 42,882,959 47,535.200 45,578,832 Cotton, Sea Island, value________ 8 484,465 1,619,847 1.078,274 do other, value_____________ 8 375,733,507 608,855.454 546,278,921 Cotton manufactures—Colored..yds. 186,063,842 172,868,462 192,044,459 do do value______8 12,536,215 11,613.653 12,578,109 Uncolored_________________ yds. 210,886,353 241,991.540 252,684.782 value_______________ $ 16,146,300 17.230,974 18,090,125 do All other, value_______________ $ 43,290,982 22.622.606 23.075,743 Electrical machinery, &c., value__ # 19,771,757 25,060.844 26,772,816 Dental goods, value_____________ $ 1,381,928 2,679.170 2,847,836 Eggs, value____________________ $ 5,003,764 3,734,087 4,391,653 Feed grain for animals, value_____ # 1,294,460 3,378,052 6,412,406 Fertilizers, value________________ 8 3,870,887 11,978,738 11,400,088 Fish, fresh, dried, pickled, &c., val..# 12,870,790 12,842,173 9,711,932 Flax, &c., manufactures of, value._# 12,268,556 12,575.470 10,963,946 Flour (wheat)_______________ bbls. 16,182,765 11,821,461 11,394,805 do value____________________ 8 94,869,343 54,454,175 53.171,537 Fruits and nuts, value___________ # 34,933,117 31.850.508 37,079,102 Furs and fur skins, value________ # 3,794,459 14,969.371 18,389,586 Glass and glassware, value_______ # 5,558,717 3,729.623 4,193,642 Glucose and grape sugar, value___ # 3,885,233 4,565,919 4,652,396 Grease, scraps & soap stock, value..# 6,650,492 7,441,877 7,183,357 Gunpowder, &c., value__________ # 41,476,188 6.272,197 5.267,566 Hair and manufactures, value_____ # 1,579,041 1,429,794 1,672,192 Hops, value___________________ # 3,848,020 6,953,529 4.764.713 Horses, value___________________8 64,046,534 3.388.819 3,960,102 Household, &c., effects, value____ # 4,292,504 7,919,925 10,272,892 Hides & skins, other than furs, value.# 4,685,724 2,807,253 3,449,924 Hay, value____________________ # 1,980,297 827,205 964,429 India rubber, &c., manufac., value.# 14,767,513 12,441,220 14,324,894 Instruments, scientific, value_____ $ 2,431,088 1,760.861 1.856.998 Iron and steel, and manufactures of, not including ore, total value____ # 225,888,358 251,480,677 304.605,797 Iron ore, value__________________ # 1,277,563 3,401,156 3,684,443 Jewelry, gold and silver__________ # 1,634,387 1,005.285 1,467,942 Lamps, chandeliers, &c., value____ # 2,222,747 2.806.034 3.170,233 Lard....................... lbs. 501,552,962 510,781.578 563,803,076 do value___________________ $ 55,462,454 57,673,147 63,317,235 Lard compounds, &c., value______ # 6,045,752 5.489.139 5,915,759 Lead and manufactures of, value__ $ 9,044,479 2,610,207 589.521 Leather and manufactures of, value.# 120,727,156 57.566,261 63,893,351 Marble and stone and manuf., value.# 1,265,516 2.146,758 2,236,822 Medicines, patent or prop., value__ $ 7,130,379 6,721.978 7,110,493 Milk, condensed, value___________ # 3,410,225 1.341.140 1.432.848 Mules, value___________________ 8 12,726,143 690,974 733,795 Musical inst. and parts of, value___ # 2,048,715 3.358.631 3,799.731 Nickel, nickel oxide, &c., value____ $ 11,110,699 9,403.709 9.275.714 Oatmeal, value__________________# 2,406,968 569.204 1.514.848 Oats, value____________________ # 57,479,964 757.527 13,206,247 Oil, animal, value_______________ # 547,074 822,233 1.585,609 Oil cake and meal, value__________ # 28,879,051 21,667.672 29.444,252 Oil, corn, value_________________# 1,392,159 1,307,204 1,292,009 Oil, cottonseed, value____________ # 21,872,948 13,843,179 20,736.972 Oil, illuminating___________ gallons 886,316,740 1157283310 1048894297 do do value_________ $ 53,607,982 74,500.162 66.189,265 Oil, lubricating, &c., value----------- # 28,499,786 27.852,959 29.574,410 Oil, mineral, crude, including all natu­ ral oils__________________gallons 152,514,129 146,477 .342 195 ,642,935 do do value__________ 8 4,911,634 6,812 ,672 7 570,767 Oil. naphtha, &c., value_________ 8 27,810,245 27,352 .685 25 101,368 Oil, residuum, value_____________ # 18,774,528 15,655 .578 8 ,801,952 Oleomargarine (including oleo).value# 9,958,223 10,420 .118 11 ,177,738 Paints, pigments and colors, value..# 7,387,609 7.256 .318 7 ,681,938 Paper and manufactures of, value..# 11,751,885 11.023 ,774 11 ,686.584 Paraffine and paraffine wax, value..# 10,589,843 6.516,.338 9 ,679,273 Perfumery, &c., value___ ._______ # 1,715,059 1,620,,872 1 ,441,982 Phonographs, &c., value_________ # 1,503,109 2,512,.320 2 ,805.978 Photographic goods_________________ # 9.431..800 9 ,137.287 8.276,291 Pork fresh and salted, &c_____ lbs. 54,208,185 51,285..408 60 .355,363 do do value_____________ # 6,131,036 5,748.,577 6 ,574,749 Poultry and game, value-------------- # 1,187,771 913 ,632 1 303,379 Rice, value_____________________ # 3,158,335 721 ,046 765,447 Rye, value____________________ # 14,733,409 1,555 ,012 1 260,384 Rosin, pitch, tar, &c., value______ # 6,650,933 11,786 .207 17 676.636 Sausage meat, &c., value_________ # 1,153,387 957 ,914 ,085,745 Silk, manufactures of, value______ # 2,745,396 2,307 .605 ,390,858 Seed, all kinds, value____________ # 3,861,064 3,190 .745 ,564,837 Soap, value____________________ # 4,858,239 4,932 .002 ,629,567 Spirits, distilled, value___________ # 1,982,019 2.275 .832 ,218,159 Spirits of turpentine, value_______ # 4,476,306 8,095 .958 .794,656 Starch, value___________________$ 2,939,453 1,825 ,230 ,609,716 Sugar and molasses, value________ # 27,413,785 3,507 ,120 ,874,923 Surgical instruments, value_______ # 4,418,303 1,228.,467i 973,733 Tallow, value___________________# 1,386,445 1.002 .0111 910,439 Tin, manufactures, value_________ # 1,786,038 1,477 ,584 .453,790 Tobacco (leaf)_______________ lbs 347,997,276 446,944 .435 414 160,356 do value___________________ 8 44,479,800 53.903 ,336 49 ,202.456 Tobacco manufactures, value. 6,468,688 7.489..8111 5 ,814.978 Vegetables, including canned, value.# 10,813,151 6,936 .400 7 ,353,537 Wheat___ ______ __________ bush. 259,642,533 92,393 .775 91 ,602,974 do value___________________ # 333,552,226 87,953 .456 89 ,036,428 Wood and manufactures of, value..# 49,943,537 103,179 .640 115 ,704,777 Wool and manufactures of, value__ # 27,327,451 4,790 ,087 4 ,483,506 Zinc, manufactures of, value# 406 ,208 1 ,063,889 21,243,935 a Not stated.  106  TRADE AND COMMERCE  IMPORTS OF LEADING ARTICLES YEARS ENDING JUNE 30. The following table, made up from the latest re­ vised 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.  1914-15. Articles. 1913-14. Tea ... ........ _____ lbs. 96,987,942 91,130,815 do value.. . .. __ _______ S 17,512,619 16,735,302 Tin, blocks or pigs______ _____ lbs. 94,864,623 100,177,962 do value__ ____ .« 30,777.617 39,422,479 Tin plates_____________ _____ lbs. 10,642,237 48,877,947 do value___ _______ _______ ® 353,474 1,481,458 Tobacco, leaf ____ lbs- 45,764,728 60,107,512 do value . ________ _______ ® 27,156,665 35,029,055 Toys, value. ___ _______ ® 8,085,363 9,084,019 Vanilla beans, value_____ _______ $ 1,863.515 2,277,675 Vegetables, all kinds. -----------® 9,329,732 15,133,535 Watches and movements, value . $ 3,039,651 3,386,738 Wax, mineral or vegetable, value.. $ 1,360,235 1,592,229 Wine in casks _____ __ gallons 3,860,273 5,220,380 do value.. ________ _______$ 1,968,587 2,757,434 Wine in bottles. ___ .qts., doz. 998,305 741,697 do value.. ... -----------® 4,278.596 7,359,235 Wood and manufactures of, value c.$ 60.734,755 62,433,039 Wood pulp, value___ -----------$ 19.881.111 17,023,338 Wool and woolen goods— Wool, raw.b __ _____ lbs. 308,083,429 247,648,869 do value______ -----------$ 68,242,568 53,190,767 ® 10,262,732 12,794,048 Cloths, value_________ Carpets, value_____ . -----------® 2,947.057 4,452,309 Dress goods ... ..sq. yds. 29,542,723 9,442,047 do value _ . _ -----------$ 7,320,867 6,773,209 Total wool manufactures, value___ 8 29,791,356 34,294,204 Zinc, blocks or pigs, value -----------$ 90,481 88,661  1912-13. 94,812,800 17,433,688 114,716,099 53,112,594 28,344,243 971,820 67,454,745 35,919,079 7,935,555 2,641,573 11,358,761 2,615,744 1,653,733 4,427,130 2,718,045 958,959 7,360,662 61,824,088 16,165.316 195,293,255 35,579,823 4,888.447 4,895,989 15,712,155 3,321,626 16,318,141 1,525,688  Articles. 1914-15. 1913-14. 1912-13. 1,793,338 2,085,872 1,822,445 Acids, value'_______________ _ Argol, or wine leqs, value_________ $ 3,094,380 3,228,674 2,621,632 Asbestos, value_________________ ® 1,513,630 1,678,736 1,760,874 Automobiles and parts of, value___ ® 1,372,412 1,432,576 2,023,207 Beads and bead ornaments, value. _$ 1,075,981 2,185,941 1,878.651 Bones, horns, &c., and mfs. of, value® 911,473 1,061,466 885,893 Books, maps, etchings, &c., value. .$ 5,501,709 6,644.265 6,555,556 Breadstuffs, all kinds, value___ 20,256,791 36,541,157 16,821.646 Bristles, value______________ 3,613,084 3,196,469 3,504,563 Brushes, value______________ 1,644,189 2,180,853 2,089,303 Butter, and substitutes, value_____ ® 977,262 1,753,461 304,090 Buttons and parts of, value_______ 8 1,004,794 2,082,029 1,855,843 Aluminum and manuf’s of, value__ $ 2,999,302 4,148,319 5,055,010 Antimony, ore, &c., value________ ® 1,420,774 696,362 1.134,467 a Including machinery but not including iron ore; also including th e Cattle, value___________________ ® 17,513,175 18,696,718 6,640,668 values already stated separately. Cheese, value___________________ $ 9,370,048 11,010,693 9,185,184 b Includes hair of the camel, goat, alpaca, &c. Chemicals, drugs, dyes and medicines (including those given here separ­ c Including lumber and wood pulp already stated separately, ately) , value__________________ ® 83,818,357 94,519,912 90,550,155 d Not separately stated. Chicle, value___________________® 2,459,810 3,012,458 5,282,722 Cigars, cigarettes, &c., value_____ $ 4,368,780 5,193,313 6,413,974 Clays, or earth, value___________ 8 1,983,812 2,246,807 2,394,399 Coal, bituminous, value__________ $ 4,150,785 3,685,008 4,368,356 Cream, value__________________ $ 1,800,180 1,549,594 1,068,109 COURSE OF MERCHANDISE PRICES. Coal tar, colors and dyes, value___ ® 5,851,887 7,241,406 7,105,284 Cocoa, or cacao, crude, value_____ ® 22,893,241 20,797,790 17,389,042 To furnish an indication of the course of merchandise Coffee, value___________________® 106,765,644 110,725,392 118,963,209 Copper manufactures, value_____ ® 20,432,681 40,809,270 45,909,900 Copper ore, regulus, &c., value____ $ 11,228,541 13,696,984 13,667,493 values, we give the following table. It shows the prices Cork and manufactures of, value__ $ 4,786,994 6,499,632 5,502,754 Cotton, raw, value______________ ® 23,208,960 19,456,588 22,987,318 of leading articles of merchandise in New York about Cotton, manufactures of— Bleached and unbleached, dyed, the first of January in 1860, which was before the war colored, stained or painted square yards________________ 46,799,419 61,633,329 43,637.361 excitement had begun to affect the markets; on Jan. 1 do do value________ 8 7.286.321 11,845,801 7,757,928 Hosiery, shirts, drawers, &c., val.® 4,149,427 5.671.863 3,089.411 Other manufactures of, value___® 34,769,375 53,187,164 55,218,518 1879, when gold payments were resumed; and for the Cutlery, value_________________ $ 2,077,290 2,860,519 2,026,564 Karthem, stone and chlnaware, val.® 8,681,472 10,629,178 10.172,763 past five years—1912 to 1916, inclusive. Feathers and down, crude, value__ ® 2,502,623 4.871.663 8,237,382 COMPARATIVE PRICES OF MERCHANDISE IN NEW YORK. Feathers & flowers,nat.&artif.,val..® 3,063,653 3,953,513 4.424,401 Fertilizers, value_______________ ® 10,348,006 23,150,146 16,928,037 Fish, value____________________ I 18,398,249 18,758,143 15,330,280 January 1— Flax, hemp, jute, &c., raw, value..$ 40,420,017 54,349,995 49,078,659 do do manufac’s of, value® 61,567,669 82,404,239 76,972,416 1860. 1879. 1912. 1913. 1914. 1915. 1916. Fruits and nuts, value___________ $ 43,901,195 53,421,258 42,622,653 Furs and fur skins, value_________ $ 10,526,488 14.493.294 24,864,743 $ c. $ c. $ c. $ c. S e. S c. S c. Glass and glassware, value_______ ® 4,592,359 8,191,833 6.537.293 — Glue and glue stock, value_______ ® 2,334,744 3,994,057 2,495,232 Breadstuffs aFlour—No. 2. ext.bbls. 4 30 3 90 4 75 4 30 4 10 6 25 6 75 Glycerine, value________________ $i 2,186,755 4,486,415 4,251,841 Patents_______ bbs. 7 50 7 75 5 40 4 60 4 55 6 40 6 85 Gloves, kid and leather, value_____ $ 7,673,516 9,487,969 7,691,927 Rye, superfine__ bbls. 4 00 3 10 4 45 4 00 3 20 6 00 5 40 Grease and oils, value____________ $ 1.596.582 1.251.997 1,272,960 Cornmeal.Br ’ ywlne .bbls. ,3 90 2 85 3 80 3 25 3 50 3 50 3 60 Gums, value____________________$ 11,842,654 12,741,609 15,168,895 i> Wheat—White,No.1 bu. 1 50 1 11 Nom’l Nom’l Nom’l 1 42% 1 42% Hair, unmanufactured, value_____ $ 2,550,937 3,369,978 5.853,578 Red winter, No 2.bu. 1 30 1 08% 95% 1 08 1 00 1 41% 1 42% Hats, bonnets, &c., and material for 98 West’n Spr’g,No.2 .bu. 1 16% Nom’l ' 97% 1 38% 1 52 value------------------------------------ ® 10,127,429 12,102,245 10,907,145 92 60 Rye. Northern____ bu. 92 66 65 1 18% 1 09 Hay, value_____________________ ® 228,906 1,634,390 1,514,311 53% Nom’l 45% 56% Nom’l Oats, No. 2, white__ bu. 46% 33 Hides and skins, value___________ ® 104,177,106 120,289,781 117,386,174 Com— Hops, value____________________ $ 2,778,735 2,790,516 2,852,865 West, mixed. No.2.bu. 90 47 Nom’l 59% Nom’l 69% 89% Horses, value___________________ $ 977,380 2,605,029 2.125,875 eCotton — Household and personal effects, &c., Middling Upland__ .lb. 9 7-16 9.25 13.40 12 30 8 05 12 40 11 free of duty, value_____________ $ 6,956,376 5,244,088 5.085,769 Low Middling Upland.lb. 11% 9 1-16 8.45 7.65 11 05 7 70 11 47 India rubber, gutta percha,&c., val.® 87,124,679 76,162,220 101,333,158 Cotton goods— do do manuf's of, value___ $ 832,471 1,647,454 1,391,988 Brown sheetings___ yd 8 8% 5% ! 8 8% 7% 6% Indigo, value___________________ $ 1,596,978 1,093,226 1,102,897 Print cloths, 64x64__ yd 5% 3% 3% 4 1-16 3% 3% 3% Iron and steel, and manufactures of— — Pig iron.......... .............. tons 110,363 136,444 155,169 Fish Dry cod (Georges)__ qtl. 4 50 4 25 8 25-50 Nom’l Nom’l 7 50 7 do value__________________ ® 4,245,155 4,894,201 6,402,555 No .1 (Mass.)mackerel bbl. 16 00 32 00 32 50 32 00 24 00 28 00 Iron ore_______________________ $ 3,823,843 6,984,877 7,035,185 —Shipping___100 lbs 1 00 45 90-95 90 Nom’l 90 90 Ingots, blooms, &c___________ lbs. 54,980,259 84,233,710 46,747,291 Hay —Manila______ lb. 11 8% 6% 7% 14% 7% do value _________________ $ 2.145.398 3,292,217 3,542,318 Hemp Hops, prime State____ lb. 16 15 54-56 30 23 45 25 Total value.a____________ ® 22,712,660 31,790,851 33,636,358 Iron — Ivory, animal and vegetable, value..® 1,179,856 2.221.998 2,798,883 Scotch pig________ ton 24 50 22 00 Nom’l Nom’l Nom’l Nom’l Nom’l Jewelry and manufactures of gold and American pig. No. l_.ton 17 00 14 75-15 18.75-19 14 75 13 75 14 50 silver, value__________________ $ 1,619,341 2,609,130 2,370,163 —Domestic 100 lbs. 4 00 4 40 4 30 4 10 3 80 5 40 Lead and manufactures of, value__ $ 2,665,060 2,057,476 3.417.236 Lead Leather — Leather and tanned skins, value__ $ 10,874,722 13,810,347 8.908.237 Hemlock sole, light__ ib 30 31 33 19% 25-26 28-29 30 Leather manuf. oth. than gloves, val.® 1,622,958 1.788.863 1.516.636 Lime —Com. Rockland.bbl. 75 92 92-1.25 Nom’l Nom’l Nom’l 80 Licorice root, value____________ $ 1,252,989 2,047,192 1,806,066 Molasses —N. Orleans, .gall. 53 35-42 35-40 37 35 40 37 Lumber, value________________ ZZ$ 17,810,861 17,693,335 18,907,345 Naval Stores — Machinery, value_______________ $ 4,357,297 6,476,068 7,497,103 Spirits turpentine__ gall. 44% 27% 52% 42% 47 45% 56% Malt liquors, value______________ ® 1.587.398 2,967,029 3,290,265 Common rosin___ bbl. 165 1 35 6 90-7 5 90-6 4 10 3 70 5 85 Manganese ore and oxide, value__ Z$ 1,491,895 1,841,451 2,196,661 Oils — Marble and stone & manufac. of, val.® 1,670,358 2,303,789 2,254,656 Crude whale......... . gall. 52 38 Nom’l Nom’l Nom’l Nom’l Nom’l Matting, including Chinese, value._® 1,574,404 2,097,009 1,651,813 Crude sperm_____ gall. 1 40 81 Nom’l Nom’l Nom’l Nom’l Nom’l Meats, fresh and preserved, value__ $ 22,836,166 19.326.295 d Linseed, Calcutta __ gall. 63 83 57 70 70 70 85 Milk, fresh and condensed, value__ ® 2,556,787 1,089,440 135,724 Petroleum— Metal, metal compositions, and man­ Refined bbls____ gall. 7.35 8% 8.50 8 75 8 00 8 90 ufactures of, value_____________ ® 3,965,471 7,153,053 6,872,665 Provisions — Mineral waters, value___________ I® 720,316 1,000,005 1,008,127 Pork, mess . _____ bbl. 16 37% 7 05 17 25-lf 0 a 23 25 19 50 Molasses, value____________ ZZ* ® 1,963,505 1,744,719 1,456,350 Beef, plain Western.bbl. 9 50 10 00 12 00 20 00 18 00 Nom’l 18 00 Motion picture films, value___ Z. ® 1,768,488 2,626,268 1,663,336 Beef hams_____ ..bbl. 14 50 17 00 29 00 30-32 40 00 Nom,l 31 00 Musical Instruments, value_______ $ 1,262,140 2,076,734 1.787.293 Hams, pickled_____ lb 9% 6 10%-12 ft 13 00 12 50 b Mica, value________________ ® 221,704 524,454 1,003,158 Lard, Western___ ..lb. 10% 5.75 9% c 9.95 11.10 10 90 Oil cloth, value____________ ZZZZZ® 1,199,662 1,829,596 1,840,878 Butter, prime State __ lb. 24 23 31-34 31 32 36 29 Nickel ore and matte, value _ $ 5,074,783 6,109,547 6,398,228 Cheese, fine factory__ lb. 11 8% 15% 18 17 15% 17% Oils, mineral, vegetable, &c. value..$ 35,725,051 47,020,573 38,112,883 Rice —Domestic______ lb. 4% 6% 4%-5,5%-5% 5% 5 5% Opium, including prepared, value__ $ 2,445,005 1,810,429 2,565,965 Salt— Paints and colors, value_______ $ 1,959,108 2,325,222 2,144,074 Liverpool ground__ sack 1 15 70 Nom’l 1 16 Nom’l Nom’l Nom’l Paintings, statuary, &c., value.ZZZZ® 18,475,577 35,010,449 52,875,637 Domestic fine. 280-lb .sack 1.00 1.00 1 82 1 12 1 84 Paper and manufactures of, value . $ 20,317,211 20,918,575 14,983,089 Sugar — Paper stock, value______ # 4.817.583 8,571,207 7,271,405 Cuba, fair refining___lb. 3.2C 4 04 4 64 7% 6% 4.61 3.73 Perfumeries and toilet preps., value.® 2,473,144 2,309,027 1,873,585 Refined hards_____ lb. 4.00 5 00 5 90 5.75 4.95 8% Pipes and smokers’ articles, value _.® 1,354,397 1,472,871 1,332,194 Tallow . .. ___ lb. 10% 6% 6 6% 5%-6 6% 8 Plants, trees, shrubs, &c., value___ $ 3,748,666 3,597,008 3,206,584 Wool—XX Ohio fleece..lb. 40 35 Nom’l 31-32 25-26 Nom’l Nom’l Platinum, value______________ ® 1,630,602 3,975,572 5,213,998 Plumbago, value_________ "Z’"Z® 1,387,873 1,846,126 1,972,177 Potash, other than fertilizers, value.® 1,228,628 1,707,729 1,929,124 a 18@18 50. 6 14% @15. c 10 10@10 20. / S7 75@S8 25. g S19@®19 50. Precious stones, cut and uncut, un­ set, value____________________ $ 15,134,496 33,375,181 49.529,845 h $13% @813 50 . Quebracho, wood, value_________ $ 753,981 900,880 1,300,126 a FLOUR—"No. 2 Extra In bbls.” is now the common shipping flour to Great Sausage casings, value___________ $ 2,944,501 2,955,657 2,476,082 Britain, and is about the same as the "Wheat Flour, Stale,’’ quoted in 1860 Seeds, value____________________ ® 23,054,820 20,084,184 17,425,533 and previous years—"Patents” are the highest grades and correspond with Shells and manufactures of, value" *® 1,328,673 1,822,885 1,887,409 Silk, raw___________________ lbs Extra Genesee of 1860 and previous years. 26,030,925 28,594,672 26,049,472 do value___________________ $ 80,531,785 97,828,243 82,147,523 —"White No. 1” probably corresponds as nearly as any present grade Silk, raw, waste, value___________ ® 2,563.658 3.100.664 2,711,605 ft WHEAT with White Genesee in old classification—“Red Winter No. 2” would probably Silk, manufactures of, value___ ZZZ® 28,629,840 39,536,616 30,868,262 rank with "Red Western" of old classification. Soda, nitrate of______________ tons 577,122 564,049 589,136 do do value_____________ ,® 16,355,701 17,950,786 20,718,968 The other grades mentioned for breadstuffs cover same as quoted in old Spicns, all kinds, value___________ $ 5,926.972 5,595,509 6,187,136 lists of prices In "Hunt’s Merchants’ Magazine." Spirits, distilled, value__ _ $ 5.570.322 7,263,848 7,374,157 Sugar------------------------------------ lbs. 5420981867 5066821873 4740041488 c COTTON—On Oct. 1 1874 grades of cotton as quoted were changed by the do value________________ National Cotton Exchange. According to the new classification every grade 173,992 603 101,649.375 103,639,823 S ulphur ore, value_______________ $ 4.107,249 3.695,335 4.111.636 was reduced, so that (for illustration) Middling, according to new classification was on that day quoted %c. lower than Middling of the old classification.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Foreign Exchange Record. PRICES FOR 1913, 1914 AND 1915. In the tables immediately following we furnish a record of the fluctuations in the rates of exchange at New York on London for each day of the years 1915, 1914 and 1913. The tables show the actual rates at which bankers’ bills were quoted. Unprecedentedly high figures for exchange were reached in 1914 following the outbreak of war in Europe and exceedingly low figures in 1915. A review of the exchange market for 1915 by months will be found in the first article in this publication entitled “Retrospect of 1915,” and similar monthly narratives for other years in previous numbers. 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 2M% above their actual value—a bond worth 100 here being quoted there at 102%. RATES OF STERLING EXCHANGE AT NEW YORK ON LONDON DURING 1915. Sixty-day Day. Bills. 1... 2... 4 82% 3.. . 4.. . 4 82% 5__ 4 82% 6.. . 4 82 7... 4 81%-81% 8.-. 4 81% 9--. 4 81% 10... 11... 4 81% 12... 4 81%-81% L3.._ 4 81% 14.. . 4 81 >4 15.. . 4 81%-81% 16.. . 4 8154 17.. . 4 82 18.. . 19.. . 4 82 20.. . 4 82 21... 4 82 22... 4 82 -82% 23.. . 4 82% 24.. . 25.. . 4 82 -82% 26.. . 4 82)4-82)4 27.. . 4 83 -83)4 4 83)4 28.. . 29.. . 4 83 -83% 30.. . 4 82?4 31.. .  JANUARY Sight Bills. HOLIDAY 4 84%-85 SUNDAY 4 85 -85)4 4 8454-84)4 4 84)4-84)4 4 83)4-84 4 83)4-83)4 4 83)4-83)4 SUNDAY 4 83)4-83)4 4 8354-84)4 4 83)4-83)4 4 83)4-8354 4 83%-84 4 83)4-84 SUNDAY 4 84 -84)4 4 83% 4 84 4 83i5i6-84)4 4 84 -84% 4 84% SUNDAY 4 84 >16-84)4 4 84)4-84)4 4 85 3u-85)4 4 85 -85 »,e 4 84)4-85)4 4 84)4-84)4 SUNDAY  High Low .  Range. 4 85 5,6-85)4 4 8554 4 83)4-83)4 4 84 -84)4  Range. 4 83 -83)4 4 84)4-8415,6 4 8415,6-85)4 4 77% 4 79 -80% 4 79)4-80)4  Range. 4 79)4-79)4 4 80)4-81)4 4 81)4-81)4 4 76)4-76)4 4 78)4-78)4 4 78 5,6-78)4  MAY. Sixty-day . Sight Cable Bills. Bills. Transfers. l._ .4 76)4-7654 4 79)4-79 5,6 4 7954-791*16 2.. SUNDAY 3.. R 76)4-76)4 4 79)4-79)4 4 79)4-79)4 4_. .4 76)4-76)4 4 79 3,6-79 s,6 4 7954-79**16 5.. .4 76)4-76)4 4 79)4-79)4 4 79)4-79)4 6.. .4 7654-76)4 4 79)4-79)4 4 79)4-80 *,6 7.. .4 76)4-77)4 4 7954-79)4 4 80 -80)4 8.. .4 77)4-7754 4 79)4-80 4 80)4-80)4 SUNDAY 9_. 10_. .4 76%~76ys 4 7954-79)4 4 80 -80)4 11.. 4 76)4-7654 4 79)4-79)4 4 79)4-80 12.. .4 76)4-77 4 79 ’,6-79)4 4 80 -80 *,6 13.. .4 7654-76)4 4 79)4-79 ’,6 4 79*3,6-80 *,6 14.. .4 76)4-7654 4 79)4-79 *16 4 79**16-79)4 15.. 4 76)4-76)4 4 79)4-79 «16 4 79**16-79)4 SUNDAY 16.. 17.. 4 76)4-76)4 4 79)4-79)4 4 79 ’,6-79**16 18-. 4 76)4-76)4 4 78)4-79 he 4 79)4-79)4 19_. 4 76)4-76*4 4 78)4-78)4 4 79 3,6-79 )4 4 78 3,6-78)4 4 78)4-79)4 20. . 4 7554-76 21.. 4 75)4-75)4 4 78 -78 ’le 4 78)4-78*3,6 22.. 4 75)4-75)4 4 78)4-78)4 4 78)4-78)4 SUNDAY 23.. 24.. . 4 75)4-7554 4 78 3,6-78)4 4 78)4-79 25.. 4 75)4-75)4 4 78)4-78 ’,6 4 78*5,6-79 26.. . 4 75)4-7554 4 78 s,6-7854 4 78)4-78*5,6 27.. 4 7554-75)4 4 78*16-7854 4 78*5,6-79)4 28.. . .4 75)4-75)4 4 78)4-78 ’,6 4 79 -79 he 29.. . .4 75)4-75)4 4 78)4-78 ’,6 4 79 SUNDAY 30.. HOLIDAY 31..  Sixty-day Sight Cable Bills. Bills. Transfers. 4 75)4-7554 4 78)4-78 ’,6 4 78)4-79 he 4 75)4-7554 4 78)4-78)4 4 78)4-79 4 78)4-78)4 4 7813,6-79 4 75)4 4 75)4-75)4 4 78)4-78)4 4 78)4-79 4 75)4-7554 4 78)4-78 *i6 4 78)4-7815,6 SUNDAY 4 7554-75)4 4 78)4-78 *ie 4 78)4-78*5,6 4 7554-75)4 4 78 *,6-78)4 4 78*5,6-79 4 7554-75)4 4 78)4-78 *,6 4 78)4-78*5,6 4 78 *,6 4 78*5,6 4 75)4-75)4 4 75)4 4 78*4-78)4 4 78*3,6-78)4 4 75)4 4 78)4 „ 4 78J< SUNDAY 4 74)4-74)4 4 77)4-78 he 4 77)4-78 ’,6 4 74 -74)4 4 76)4-77)4 4 76*3,6-77)4 4 74 *,6 4 76)4-7654 4 76*3,6-77 3,6 4 74 >16-74*4 4 76 ’,6-76)4 4 77 -77)4 4 74 -74)4 4 76 ’,6-76)4 4 76*5,6-77)4 4 73)4-74 4 76)4-76)4 4 76)4-76)4 SUNDAY 4 7354-73)4 4 76 3,6-76)4 4 76)4-77 4 73)4-73)4 4-76 *ie-76**i6 4 77 -77)4 4 73)4-7354 4 76)4-76 ’,6 4 76*5,6-77 3,6 4 73)4-73)4 4 7654-76*5,6 4 77)4-77 ’,6 4 74 -74)4 4 77*4-77)4 4 77)4-78)4 4 74 -74)4 4 77)4-77)4 4 78 3,6-78)4 SUNDAY 4 72)4-72)4 4 7515,6-77)4 4 76*5,6-78 4 72*4-7254 4 75)4-76)4 4 76)4-77)4 4 72)4-72)4 4 75)4-76)4 4 76)4-77*4  JUNE.  JULY. Sight Cable Sixty-day Bills. Transfers. Bills. 4 72)4-72)4 4 76)4-76)4 4 77 *,6-77)4 4 76)4-76)4 4 77,3i6-77)4 4 72)4-72*4 4 72)4-72)4 4 76 5,6-76)4 4 77 5,6-77 )4 SUNDAY HOLIDAY 4 76)4-76*3,5 4 77)4-77)4 4 72)4-73 4 73)4-73)4 4 76)4-77)4 4 77 ’,6-77)4 4 72)4-73 4 76 ’,6-76 % 4 77)4-77)4 4 73 -73)4 4 76)4-76)4 4 77 ’,6-77)4 4 73)4-73)4 4 76)4-76)4 4 77)4-77 *,6 SUNDAY 4 73 -73)4 4 7654-76**16 4 77)4-77*,6 4 72)4-73 4 76)4-76)4 4 77 ’,6-77 ’,6 4 72)4-72)4 4 76*1,6-7613,6 4 77 5,6-77)4 4 72)4-72)4 4 76)4-76**16 4 77 *16-77 6,6 4 72 -72)4 4 76)4-76 *,6 4 76*5,6-77 4 72 -72)4 4 76)4-76)4 4 76*5,6-77 SUNDAY 4 71)4- -71)4 4 76 3,6-76)4 4 76*1,6-76)4 4 71)4- -71)4 4 76)4-76 *,6 4 76)4-77 4 71)4- ■71)4 4 76)4-7654 4 7615,6-77)4 4 71)4- -71*5,6 4 76*,e-76)4 4 77 -77)4 4 71)4- -7115,6 4 76 ’,6-76 ’,6 4 77 *16-77 3,6 4 71)4- ■71)4 4 76 ’ie-7654 4 77 3,6-77)4 SUNDAY 4 7154- ■71)4 4 76 *,6-76 ’,6 4 77)4-77 3,6 4 7154- -713a 4 76 ’ie-76 ’,6 4 77 *16-77 3„ 4 71)4- ■71)4 4 76)4-76)4 4 77 -77)4 4 71)4- ■71)4 4 76 3,5-76 *16 4 76*3,6-77 he 4 71 - ■71)4 4 76)4-76)4 4 76)4-76*3,6 4 71 - 71)4 4 75)4-76)4 4 76)4-76)4  Range. High 4 77)4-7754 4 79)4-80 4 80)4-80)4 Low.4 75)4-75)4 4 78 -78 «ie 4 78)4-78*3,6  Range. Range. 4 75)4-75)4 4 78)4-78 ’,e 4 78)4-79 *,e 4 73*4-73*4 4 76)4-77)4 4 77’,6-77)4 4 72)4-72)4 4 75)4-76)4 4 76)4-77)4 4 71 -71)4 4 75)4-76)4 4 76)4-76)4  4 83% 4 81%  Cable Transfers.  4 85)4 4 4 4 4 4 4 4 4 4  4 85% 85)4-85 he 84)4-85 84)4-84)4 84 -84% 84 -84)4 4 84)6 84)4-84)4 4 84% 84)4-843i6 84)4-84)4 84)4-84)4  4 84)4-84)4 4 84% 4 84 5,e-84)4 4 84 3,6-84 9,6 4 84)4-84)4 4 84)4  4 4 4 4 4 4  84)4-84)4 85 -85)4 85 9i6-85)4 85)4-85’,6 85)4-85)4 84)4-85  Day.  Sixty-day Day. Bills. 1.. .4 49 -49)4 2.. 4 56 -58 3.. .4 61 -63 4_. .4 63 -64 5.. 6_. 7_. *4 59 -60 8.. *4 61 -62 9.. 4 63 -65 10.. .4 66 -67 11.. .4 63 -64 12.. 4 64 13.. 14.. 4 63)4-64 15__ 4 64 —64)4 16.. 4 66 -67)4 17.. 4 68 -69 18_. 4 66 -67 19. 20.. .4 67 -69 21.. .4 68 -69 22.. .4 67)4-68 23.. .4 67)4-67)4 24.. .4 67)4-68 25_. .4 67)4-68 26.. 27.. 14 67)4-68 28.. .4 67)4-68 29_. .4 68)4-69 30.. .4 68)4-69 31__  SEPTEMBER. Sight Cable Bills. Transfers. 4 50 -55 4 51 -56 4 57 -61 4 58 -62 4 64 -72 4 65 -73 4 66)4-67 4 67)4-68 SUNDAY HOLIDAY 4 63 -66 4 64 -67 4 62)4-64)4 4 63 *,6-65)4 4 65)4-67 4 66)4-68 4 67 -69)4 4 68 -70)4 4 65)4-69)4 4 66)4-70)4 SUNDAY 4 64)4-67 4 65)4-68 4 65)4-66)4 4 66)4-67)4 4 65)4-66)4 4 66)4-67 4 67)4-70)4 4 68 -70)4 4 69)4-73 4 70)4-73)4 4 68 -70)4 4 68)4-71 SUNDAY 4 68 -71)4 4 68)4-72)4 4 70)4-71)4 4 71)4-72*4 4 69)4-71)4 4 70)4-71% 4 70)4-71)4 4 71 -71)4 4 70)4-71 4 71)4-71)4 4 70)4-71 4 71 -71)4 SUNDAY 4 70)4-70)4 4 71)4-71)4 4 70)4-70)4 4 71 -71)4 4 71)4-72)4 4 71)4-73 4 72 -72)4 4 72)4-72)4  Range. 14 68)4-69 4 72 -73 .4 49 —49)4 4 50 -55  Nominal quotation.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  4 71)4-73)4 4 51 -56  4 4 4 4 4  Sixty-day Bills. 83 -83)4 83 -83)4 4 82% 82)4-82)4 82)4-82)4 82)4-82)4  4 82 4 4 4  -82)4 81)4 81% 81%  4 80)4  4 79 4 77% 4 79)4 4 80)4-80)4 4 80)4-80)4 4 79 4 78 4 78 4 78)4-78)4 4 78)4-78)4 4 78%  FEBRUARY. Sight Cable Bills. Transfers. 4 84)4-8415,6 4 84i5i«-85)4 4 84)4-84)4 4 8454-8413,6 4 8354-84 4 83>5i6-84)4 4 83)4-83)4 4 83)4-84 4 8354-8315,6 4 84 -84)4 4 83)4-83)4 4 83)4-83)4 SUNDAY 4 83%-83 54 4 83’i6-83)4 4 82)4-83)4 4 83 3,6-82)4 4 83 -83 3,6 4 83 5,6-83 *,e 4 82)4—83)4 4 83 -83)4 HOLIDAY 4 82 -82)4 4 82)4-82)4 SUNDAY 4 80)4-81)4 4 80)4-82 4 79 -80% 4 79)4-80)4 4 79)4-81 4 80)4-81)4 4 81)4-83 4 81)4-83)4 4 81)4-82)4 4 82 -82)4 4 80)4-81)4 4 81)4-8154 SUNDAY HOLIDAY 4 79)4-80)4 4 80)4-80)4 4 79)4-80)4 4 79)4-81 4 80 -80% 4 80)4-81 4 7915,6-80)4 4 80)4-81 4 7913,6-80 4 80546-80)4 SUNDAY  4 79)4-79)4 4 79 4 78% 4 78)4 4 78)4-78)4 4 78 4 4 4 4 4 4  77)4-78 77)4-77)4 77)4-77)4 77)4-77)4 77)4-7714 77)4-77)4  4 4 4 4 4 4  76)4-77 76)4-76)4 76)4-77 77 -77% 77)4-77)4 77)4-77)4  4 77)4-77)4 4 77)4-77)4 4 77)4-77)4  Sight Cable Bills. Transfers. 4 7911,6-80)4 4 80)4-8054 4 80 -80)4 4 80)4-8054 4 80)4-80)4 4 80)4-80)4 4 80)4-81)4 4 81)4-81)4 4 80)4-81)4 4 81 5,6-81)4 4 80)4-81 4 816,6-81)4 SUNDAY 4 80)4-81)4 4 81)4-81)4 4 80 ’,6-80)4 4 81 i,e-81)4 4 80)4-80)4 4 80)4-81 he 4 80 h6-8O)4 4 80 *,e-80 ’,e 4 79)4-80)4 4 80)4-80)4 4 79)4-7913,6 4 79)4-80)4 SUNDAY 4 80 >,6-80)4 4 80)4-80)4 4 79)4-80 5,e 4 80)4-80)4 4 79n,6-80)4 4 80 -80 54 4 79 5,e-79% 4 7954-79i5,6 4 79)4-79)4 4 79)4-79)4 4 79)4-79)4 4 79)4-79)4 SUNDAY 4 78)4-79)4 4 78)4-79)4 4 78)4-78)4 4 78 5,6-78% 4 78)4-79)4 4 79 *,6-79)4 4 79 54-80 4 79)4-80)4 4 79)4-80)4 4 80 ’,6-80)4 4 79)4-80)4 4 80)4-80)4 SUNDAY 4 79)4-79*5,6 4 79i5,e-80)4 4 7954-79)4 4 80 -80)4 4 79)4-79)4 4 79)4-80 he  4 4 4 4  67)4-68% 68*4-68% 68 %-69 69 -69%  4 4 4 4 4 4  70 - -70% 69%- -69**15 68 - -68% 67 s,6- ■68% 65%- -66% 63%- -64%  4 4 4 4 4 4  62 - 63% 62%- ■63% 61)4- 62% 63%- -64)4 65)4- ■66 % 63%-  NOVEMBER. Sixty-day Sight Cable Bills. Bills. Transfers. 4 60%-60% 4 61%—63% 4 62)4-64)4 HOLIDAY 4 60%-61 4 63%-64% 4 63)4-65 4 60)4-61 4 63%-64% 4 64%-64% 4 61%—62 4 64%-65)4 4 65%-66 4 61%—61)4 4 64%—64% 4 65%-65% SUNDAY 4 61)4-62 4 64%—64% 4 65%—65)4 4 61)4-62 4 64)4-64% 4 65%-65% 4 62 —62)4 4 64%—65 4 65)4-65% 4 62*4-62% 4 65)4-65% 4 66%-66% 4 61%—62 4 65%-65% 4 66)4-66% 4 61 -61% 4 64%—65% 4 65)4-66 SUNDAY 4 61%-61)4 4 65)4-65% 4 66 -66% 4 62 -62)4 4 65%-65% 4 66%-66% 4 63 -64 4 66%-67)4 4 67)4-68% 4 65 -65% 4 68%-69 4 69)4-69% 4 65)4-65% 4 69)4-70% 4 70%-71 4 65%-65% 4 69%-69% 4 69%-70 SUNDAY 4 65%-66 4 68*3,6-69% 4 69 ’ie-70% 4 66%-67 4 70 -70% 4 70%-71 4 66%-66% 4 69%-70 4 70%-70% HOLIDAY 4 66%—66% 4 69%-69% 4 70 -70% 4 66%-66% 4 69%-69% 4 70%-70% SUNDAY 4 66%-67 4 69%-70 4 70%-70% 4 67)4-68% 4 69%-71% 4 70%-72%  Range. -69)4 4 72*4-72% 4 72)4-73 -58% 4 60%-61)4 4 61)4-62%  Range. 4 67)4-68% 4 69%-71% 4 70%-72% 4 60%-60% 4 61%—63% 4 62%-64%  OCTOBER.  Sixty-day Sight Bills. Bills. 4 69 -69)4 4 72)4-72*4 4 71)4-72 4 68)4-69 SUNDAY 4 68 —68)4 4 71 -71% 4 67)4-68 4 69)4-70)4 4 68 -68)4 4 69)4-70)4 4 68 4 70 -70)4 4 69)4-70 4 67)4 4 65 -65)4 4 68)4-69)4 SUNDAY 4 64)4-65 4 67)4-68 HOLIDAY 4 65 -65)4 4 67)4-68*4 4 65)4 4 67)4-68)4 4 65)4-65)4 4 68)4-68)4 4 66 -66)4 4 68*4-69)4 SUNDAY 4 66)4-67 4 69)4-69)4 4 66)4-66)4 4 68)4-69 he 4 65 -65)4 4 67*4-68)4 4 64)4-64)4 4 66*3,e-6754 4 62 -63 4 64)4-65)4 4 60 —60)4 4 62*4-63)4 SUNDAY 4 59 -59)4 4 61)4-63 4 61)4-62)4 4 58)4-59 4 58 -58)4 4 60)4-61)4 4 59 -60 4 62)4-63)4 4 61 -62)4 4 64)4-65)4 4 59)4-60 4 62 34-6454 SUNDAY 4 69 4 58  Sixty-day Bills. 4 78% 4 78% 4 79 4 79)4-79)4 4 79)4-79)4 4 79)4  Cable Transfers. 4 72)4-73 4 72)4-72)4  4 4 4 4 4 4  71)4-71)4 70)4-71 70)4-71 70)4-71 70)4-70)4 68)4-70  4 67)4-69  APRIL. Cable Sixty-day Sight Transfers. Bills. Bills. 4 77)4-77)4 4 79)4-79)4 4 79 ’,6-80 4 77)4-77)4 4 79)4-79)4 4 79)4-79*5,6 4 79)4-79)4 4 79)4-80 4 7654-77 SUNDAY 4 76)4-76)4 4 79 *16-79 ’16 4 79*3,6--79)4 4 76)4-77 4 79 5,6-79)4 4 79)4--79)4 4 76)4-7654 4 79)4-79)4 4 791*16--80 4 76)4-76)4 4 791*16-79)4 4 80 --80 he 4 80 - 80 5,6 4 76)4-77 4 79)4-80 4 76)4-77 4 79)4-79)4 4 80)4--80 3,6 SUNDAY 4 76)4-76)4 4 79)4-79 he 4 79 ’,6-•7913,6 4 76)4-76)4 4 79)4-79)4 4 79)4--7913,6 4 76)4-76)4 4 79 5,6-79)4 4 791116--7954 4 76)4-76)4 4 79)4-79)4 4 79*1,6-■7913,6 4 76)4-76)4 4 79 3,5.79 5,s 4 79)4-•79*1,6 4 76)4-76)4 4 79 3,6-79 5,6 4 79)4-■79)4 SUNDAY 4 76)4-76)4 4 79 3,6-79)4 4 79 ’16-79)4 4 76)4-76)4 4 79)4-79)4 4 79 ’,6-79)4 4 76)4-76)4 4 79 -79)4 4 79)4-79 he 4 76)4-76)4 4 7815,6-79 he 4 79 3,6-79)4 4 79 3,6-79)4 4 76)4-76)4 4 7815,6-79 4 76)4-76)4 4 78*5,6-79 he 4 79)4-79 5,6 SUNDAY 4 76)4-76)4 4 79)4-79)4 4 79)4-79 ’,6 4 76*4-76)4 4 79)4-79)4 4 79 ’,6-79*3,6 4 76)4-76)4 4 79)4-79)4 4 79)4-79)4 4 76)4-76)4 4 79 3,6-79 *i6 4 79 ’16-79*1,6 4 76)4-76)4 4 79)4-79 he 4 79 ’,6-79)4 Range. 4 77)4-77)4 4 79)4-80 4 76)4-76)4 4 78*5,6-79  Sixty-day Bills. 4 4 4 4 4  71 -71)4 71)4-71)4 71)4-71*4 71)4-71)4 71 -71)4  4 70)4-71  4 4 4 4 4 4  70)4-70)4 70)4-7054 70)4-70)4 68)4-69)4 65)4-67 64)4-64*4  4 4 4 4 4 4  62)4-62)4 60)4-6054 61)4-61)4 61)4-62 62)4-63 62 -62*4  4 4 4 4 4 4  62 -62)4 61 -61)4 60)4-61 59 -60 58)4-59 58)4-58)4  4 56)4-56)4 4 52 -54  4 80 -80 5,6 4 79 3,6-79)4  AUGUST. Sight Cable Bills. Transfers. SUNDAY 4 76 -76)4 4 76*1,6-76)4 4 76 -76 *,6 4 761*16-76)4 4 76 1,6-76)4 4 7654-76*3,6 4 76)4-76 3,6 4 76)4-76 5,6 4 76)4-76)4 4 76Hie-7 6*5,6 4 75*3,6-76 4 76 ’,6-76**16 SUNDAY 4 75)4-75)4 4 76)4-76)4 4 75)4-75 *,6 4 76 -76 3,6 4 74)4-75 5,6 4 75)4-75 ’,6 4 73 -74)4 4 73)4-75 he 4 70*4-72)4 4 71)4-73)4 4 69 -70)4 4 69)4-71)4 SUNDAY 4 64 -67)4 4 64)4-68)4 4 64 —65)4 4 65 -66 Vi 4 65 -67)4 4 65)4-68 4 66)4-67)4 4 67)4-68)4 4 67)4-67)4 4 68)4-68)4 4 66)4-67 4 67)4-67)4 SUNDAY 4 65)4-66)4 4 66)4-67*4 4 65)4-6554 4 66)4-66)4 4 64)4-65)4 4 6554-66)4 4 63)4-64)4 4 6454-65*4 4 63)4-63)4 4 63)4-64)4 4 63)4-63)4 4 63)4-64 SUNDAY 4 60)4-62*4 4 61 —63)4 4 55)4-59 4 56 -59)4  Range. 4 71)4-71*4 4 76)4-76)4 4 76*i,6-76i’ie 4 52 -54 4 55)4-59 4 56 -59)4  4 4 4 4  Sixty-day Bills. 67)4-68 67%-67% 67%-67% 67%—67%  4 4 4 4 4 4  67 %-68 68 -68% 68 -68% 68)4-69 68)4-69 68%-68%  4 4 4 4 4 4  68 -68% 68%-68% 68%-68% 68)4-69 68)4-69 68%-69  4 4 4 4 4  69 -69% 69%-69% 69%-69% 69 %-69% 69%-69%  4 4 4 4 4  69%-70 70 -70% 70%-71 70)4-71 70%-70%  DECEMBER Cable Sight Bills. Transfers. 4 70 *ie-71% 4 71 3,6-72 4 70**16-70% 4 71*16-71% 4 70%-70% 4 71 -71% 4 70%-70% 4 71 -71% SUNDAY 4 70%-70% 4 71 -71% 4 71%-71 ’,6 4 72 -72 % 4 71 ’,6-71% 4 72 3,6-72% 4 71%-72 4 72 %-72% 4 72 -72% 4 72%-73 4 71%-71% 4 72%-72% SUNDAY 4 71 3,6-71% 4 71*5,6-72% 4 71)4-71% 4 72 -72% 4 71%-71% 4 72%-72% 4 72%-72)4 4 71%-72 4 72 ’,6-72)4 4 71*3,6-72 4 71*3,6-72 4 72**,f-72)4 SUNDAY 4 71*5,6-72 5,6 4 72)4-73% 4 72%-72% 4 73 -73% 4 72%-73 3,6 4 73%—74 4 72)4-72% 4 73%-73% 4 72**16-72% 4 73 ’i6-73% HOLIDAY SUNDAY 4 73 ’16-73*5,6 4 72%-73 4 73 -73% 4 73*5,6-74 5,6 4 73 ’,6-73)4 4 74%-74 ’,6 4 73%-74% 4 74%-74*3,6 4 73 -73% 4 73**16-74 5,6  Range. 4 70)4-71 4 73%-74% 4 74%-74*3,« 4 67%-67% 4 70%-70% 4 71 -71%  FOREIGN EXCHANGE RECORD  108  RATES OF STERLING EXCHANGE ON LONDON DURING 1914. Dav.  Slxty-day Bills.  a"; '4 8150-8175 8... .4 82 -8225 4.. . 5.. . '4 8225-8250 6— .4 8250-8265 7.. . .4 8275-83 8—, .4 8325-8350 9_. .4 8350-8365 10— .4 8375-84 11 — 12.. A 8375-84 13— .4 8350-8375 14— .4 8315-8340 15— .4 8315-8340 16— .4 8315-8340 17— .4 8325-8350 18— 19— A 8350-8375 20— .4 8350-8375 21— .4 8350-8375 22... .4 8350-8375 23— .4 8345-8370 24.. . .4 8355-8375 25— 26.. A 8375-84 27.. A 8375-84 28— A 8365-8375 29.. . .4 8360-8375 30— .4 8350-8370 31.. .4 8360-8375  JANUARY. Sight Bills. HOLIDAY. 4 8550-8560 4 8570-8580 SUNDAY. 4 8580-8590 4 8605-8615 4 8645-8655 4 8660-8670 4 8660-8670 4 8695-87 SUNDAY. 4 8685-8690 4 8670-8680 4 8670-8690 4 8655-8665 4 8625-8645 4 8645-8655 SUNDAY. 4 8635-8645 4 8620-8630 4 8630-8640 4 8630-8640 4 8615-8625 4 8620-8630 SUNDAY. 4 8620-8630 4 86 -8605 4 8585-8595 4 8575-8595 4 8575-8585 4 8570-8580  4 8610-8620 4 8615-8625  4 4 4 4 8630-8640 4 4 8650-8660 4 4 8690-87 4 4 8705-8715 4 8705-8715 4 4 8730-8735 4 4 4 8720-8725 4 8705-8715 4 4 8705-8725 4 4 8690-87 4 8675-8690 4 4 8680-8690 4 4 4 8670-8680 4 4 8650-8660 4 4 8660-8670 4 4 8660-8670 4 8655-8665 4 8655-8665 4 4 4 8655-8665 4 4 8630-8635 4 4 8620-8630 4 4 8610-8625 4 86 -8610 4 8595-8605  MAY. Sight Bills. 4 8750-8760 4 8750-8760 SUNDAY. 4 8755-8765 4 8760-8770 4 8765-8775 4 8765-8775 4 8785-8795 4 8790-88 SUNDAY. 4 8805-8815 4 88 -8810 4 88 -8815 4 8815-8825 4 8825-8835 4 8820-8830 SUNDAY. 4 8825-8840 4 8830-8845 4 8845-8855 4 8855-8865 4 8850-8860 4 8845-8855 SUNDAY. 4 8855-8865 4 8870-8880 4 8850-8865 4 8835-8855 4 8825-8835 HOLIDAY. SUNDAY.  Cable Transfers. 4 8780-8790 4 8780-8790  4 4 4 4 4 4  8770-8780 8780-8790 8790-88 8790-88 8815-8825 8825-8835  4 4 4 4 4 4  8835-8845 5835-8845 8835-8850 8855-8865 8865-8875 8860-8870  4 4 4 4 4 4  8855-8875 8870-8885 8890-89 89 -8910 8890-89 8885-8895  4 4 4 4 4  89 -8910 8910-8920 89 -8910 8880-8905 8870-8880  2ZZZ 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 — High Low.  Sixty-Day Bills. No prices No prices No prices No prices No prices 4 No No No No  92J£ prices prices prices prices  No prices No prices No prices No prices 4 92 4 92  No No No No No No  prices prices prices prices prices prices  No prices 4 96 4 94J< 4 96 4 92  4 4 4 4 4 4  8350-8365 8360-8375 8360-8375 8360-8375 8350-8365 8350-8375  4 4 4 4 4 4  8350-8365 8360-8375 8360-8375 84 -8425 84 -8425 84 -8425  4 4 4 4 4 4  8425-8450 8450-8475 8450-8475 8450-8475 8460-8475 8460-8475  4 4 4 4 4 4  8460-8475 8475-8490 8460-8475 8450-8465 8445-8460 8445-8460  4 8450-8465 4 8475-8490  Sixty-Day Bills. 4 8576-86 4 86 -8625 4 86 -8625 4 8610-8635 4 8610-8635 4 8610-8635 4 4 4 4 4 4  8625-8650 8625-8650 8625-8650 8635-8650 8650-8670 8650-8670  4 4 4 4 4 4  8650-8665 8650-8665 8650-8665 8625-8640 8590-8610 8590-8610  4 4 4 4 4 4  8575-86 86 -8610 86 -8610 86 -8610 8575-86 8575-86  4 8575-86 4 8560-8575  JUNE. Sight Bills. 4 8825-8855 4 8855-8865 4 8850-8860 4 8855-8865 4 8875-8885 4 8865-8875 SUNDAY. 4 8870-8880 4 8880-8890 4 8880-8890 4 8885-8895 4 8895-8910 4 8895-8905 SUNDAY. 4 8890-89 4 8895-8905 4 8875-8885 4 8835-8845 4 8790-88 4 8795-8805 SUNDAY. 4 8810-8820 4 8820-8830 4 8805-8815 4 8795-8810 4 8770-8790 4 8775-8785 SUNDAY. 4 8765-8775 4 8755-8765  Cable Transfers. 4 8865-8895 4 8895-8905 4 8895-8905 4 89 -8910 4 8920-8930 4 8910-8920 4 4 4 4 4 4  8915-8925 8920-8930 8920-8930 8940-8950 8945-8960 8945-8955  4 4 4 4 4 4  8935-8945 8930-8940 8915-8925 8875-8885 8825-8835 8830-8840  4 4 4 4 4 4  8845-8855 8855-8865 8870-8880 8875-8890 8860-8875 8890-89  4 8840-8850 4 8795-88  Range. 4 8650-8670 4 8895-8910 4 8945-8960 4 8575-86 4 8755-8765 4 8795-88  Range. High 4 86 -8610 4 8870-8890 4 8910-8920 Low .4 8510-8525 4 8750-8760 4 8770-8780  Day.  Sixty-day Bills.  MARCH. Sight Bills. SUNDAY. 4 8575-8590 4 8590-86 4 8590-86 4 8585-8595 4 8580-8590 4 8580-8590 SUNDAY. 4 8585-8595 4 8595-8605 4 8605-8615 4 8615-8625 4 8615-8625 4 8625-8635 SUNDAY. 4 8625-8635 4 8640-8650 4 8660-8670 4 8650-8660 4 8650-8665 4 8650-8660 SUNDAY. 4 8650-8660 4 8640-8650 4 8635-8645 4 8625-8635 4 8620-8630 4 8620-8630 SUNDAY. 4 8620-8630 4 8630-8640  Sixty-day Bills. 4 8475-8480 86 -8610 4 8480-85 8610-8620 4 8475-8490 8610-8620 4 8485-85 8610-8620 8605-8615 4 8485-85 8605-8615 4 8485-85 4 8485-85 8610-8620 4 8490-8505 8615-8630 4 85 -8510 8630-8640 4 85 -8510 8640-8650 8640-8650 4 8490-8505 8650-8660 4 8490-8505 4 8490-8505 8650-8660 4 85 -8510 8665-8675 4 85 -8525 8685-8695 4 85 -8525 8675-8685 8680-8690 4 8510-8535 8680-8690 4 8535-8550 4 8535-8550 8680-8690 4 8535-8550 8675-8685 4 8535-8550 8665-8675 4 8535-8550 8655-8665 8650-8660 4 8510-8525 8650-8660 4 8510-8525 4 85 -8515 8650-8660 4 85 -8515 8655-8665  Cable Transfers.  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  APRIL. Sight Cable Transfers. Day. Bills. 4 8620-8630 4 8645-8655. 2 4 8635-8645 4 8665-8675. 4 8645-8655 4 8675-8685. ... 3 4 8650-8660 4 8680-8690. ... 4 SUNDAY. ... 5 4 8645-8655 4 8670-8680' ... 6 4 8645-8655 4 8670-8680. ... 7 4 8660-8670 4 8685-8695. .. 8 4 8670-8685 4 8695-8705. .. 9 4 8675-8685 4 8695-8705. -.10 4 8680-8690 4 87 -8710. -.11 SUNDAY. -.12 4 8680-8690 4 87 -8710; — 13 4 8680-8690 4 87 -8710. -.14 4 8680-8690 4 87 -8710. —15 4 8690-87 4 8710-8720. — 18 4 8695-8705 4 8715-8725. —17 4 8695-8705 4 8715-8725. — 18 SUNDAY. -.19 4 8695-8705 4 8715-87251 -.20 4 8705-8715 4 8725-8735. —21 4 8730-8740 4 8755-8765. -.22 5 8740-8750 4 8765-8775. —23 5 8750-8760 4 8775-8785. —24 4 8765-8775 4 8790-88 . —25 SUNDAY. -.26 4 8755-8765 4 8790-88 —27 4 8765-8775 4 87 -88 . —28 4 8740-8750 4 8765-8775 .29 4 8740-8750 4 8765-8775. —30 ..31  Range. Range. Range. 4 84 -8425 4 8590-86 4 8615-8625 4 8475-8900 4 8660-8670 4 8685-8695 4 8535-8550 4 8765-8775 4 8790-88 .High 4 8350-8365 4 8535-8545 A 8555-8565 4 8350-8365 4 8575-8590 4 86 -8610 4 8475-8480 4 8620-8630 4 8645-8655.Low  Range. High.4 8375-84 4 8695-87 4 8730-8735 Low .4 8150-8175 4 8550-8560 4 8595-8605  Sixty-Day Day. Bills. 1... .4 8510-8525 2... .4 8510-8525 3.. 4.. . "4 8520-8535 5— .4 8525-8540 6.. . .4 8525-8540 7... .4 8525-8540 8— .4 8525-8540 9—. .4 8525-8540 10.. 11 — '4 8535-8550 12... .4 8535-8550 13— .4 8535-8550 14.. . .4 8535-8550 15.. . .4 8535-8560 16— .4 8535-8560 17— 18— A 8550-8575 19— .4 8550-8575 20— .4 8560-8575 21.. . .4 8585-86 22.. .4 8585-86 23—. .4 8585-86 24.. . 25.. . A 8585-86 26.. . .4 86 -8610 27.. . .4 86 -8610 28— .4 8575-8590 29— .4 8575-8590 30.. 31—  FEBRUARY. Sight Cable Bills. Transfers. SUNDAY. 84 -8410 4 8570-8575 4 8595-86 8375-84 4 8565-8575 4 8585-8595 8385-8410 4 8585-8595 4 8605-8615 84 -8425 4 8590-86 4 8615-8625 8375-84 4 8570,8580 4 8595-8605 8385-8410 4 8575-8585 4 8590-86 SUNDAY. 8375-84 4 8565-8575 4 8580-8590 8375-84 4 8560-8570 4 8575-8585 8350-8375 4 8555-8560 4 8570-8575 HOLIDAY. 8350-8375 4 8535-8545 4 8555-8565 8350-8375 4 8535-8545 4 8555-8565 SUNDAY. 8360-8380 4 8565-8575 4 8585-8595 8375-84 48580-8595 4 86 -8615 8375-84 48575-8585 4 8595-8605 8375-84 48585-8595 4 86 -8610 8375-84 48585-8595 4 86 -8610 8375-84 48585-8595 4 86 -8610 SUNDAY. HOLIDAY. 8350-8365 4 8570-8580 4 8590-86 8350-8365 4 8570-8580 4 8590-86 8375-8390 4 8590-86 4 8615-8625 8350-8375 4 8580-8590 4 8605-8615 8350-8375 4 8570-8580 4 8595-8605  Sixty-day Bills.  Cable Transfers.  SEPTEMBER.  Sight Cable Sixty-Day Bills. Transfers. Bills. 5 06-5 06 H 5 07-5 07^ 4 93 -93% 5 06-5 06 X 5 07-5 07% 4 92 5 04-5 05% 5 05-5 06% 4 91 5 01-5 02% 5 02-5 03% 4 99 5 00 SUNDAY. HOLIDAY. 4 96%—4 98 4 97%-4 99 4 98%—4 99 4 99%-5 00 4 98-4 98% . ............................... 4 99%-99 ------ 4 99%-99% 4 98 4 98%-99 4 99%-99% SUNDAY. 4 98 -98% 4 98-98% 4 97' ' 4 95%-! 4 95%-95% 4 93%-96 SUNDAY 4 96 ^*96 4 94%-95% 4 95%-96 4 95%-96% 4 96%-97 4 95%-96 4 96%-97 4 95%-96% 4 97 -97 1 >4 4 97%-98% 4 96%-97% 4 97%-98% 4 98%-98% SUNDAY. 4 99%-5 01 5 01-5 02% 4 99-4 99% 5 00%-00% 4 97%-98% 4 98%-99% Range. 5 06-5 06% 5 07-5 07% 4 94%-95% 4 93%-96%  4 93%-94 ‘ 4' 85%-86  Cable Transfers. 4 97 -97% 4 96%-97% 4 95%  4 4 4 4 4  4 4 4 4 4  95%-96 96%-96% 96%-97% 97%-98 97%-98% 4 97%  89%-89% 90%-91 90%-91 90%-90% 90%-90% 4 91  Range. 4 97%-98 4 98%-99 4 89 -89% 4 89%-89%  JULY.  Cable Sight Sixty-Day Bills. Transfers. Bills. 4 8560-8575 4 8750-8760 4 8790-88 4 8560-8575 4 8755-8765 4 88 -8810 4 8760-8775 4 8805-8815 4 8575-86 HOLIDAY. SUNDAY. 4 8760-8775 4 8790-8805 4 8575-86 4 8775-8780 4 8810-8815 4 8575-86 4 8765-8775 4 8805-8815 4 8575-86 4 8550-8575 4 8755-8760 4 8795-88 4 8540-8575 4 8750-8760 4 8790-8795 4 8540-8575 4 8745-8755 4 8785-8795 SUNDAY. 4 8540-8575 4 8740-8745 4 8775-8780 4 8525-8550 4 8730-8735 4 8760-8765 4 8510-8535 4 8710-8715 4 8745-8750 4 8610-8535 4 8705-8710 4 8745-8750 4 8490-8515 4 8690-8695 4 8720-8735 4 8490-8515 4 8690-8695 4 8730-8735 SUNDAY. 4 85 -8535 4 8720-8730 4 8760-8770 4 8530-8560 4 8745-8765 4 8785-88 4 4 8530-8560 8775-8785 4 8835-8845 4 8550-8575 4 8810-8820 4 8885-89 4 8550-8575 4 8805-8815 4 8880-8890 4 8550-8575 4 8820-8830 4 8910-8920 SUNDAY. 4 9450 4 92 4 86 -8650 4 9125-9150 4 9425-9450 4 87 -88 5 00 No prices 4 93 4 95 4 97 5 15 No prices 4 95 5 00 5 00 5 50 5 75 6 35 No prices 5 10  AUGUST. Cable Sight Sixty-Day. Bills. Transfers. Day^ Bills. 6 7 00 No prices 5 50 SUNDAY. No prices 6 25 6 75... 3 No prices No prices No prices 6 25 6 75— 4 No prices No prices__ 5 No prices No prices No prices__ 6 No prices No prices__ 7 No prices No prices 5 15 5 25 5 50 ... 8 No prices SUNDAY 9 No prices 5 00-5 10 5 15-5 25 ...10 No prices 4 95-5 05 5 15-5 25 ...11 5 15-5 20 ...12 No prices 4 95-5 00 5 00-5 05 ...13 No prices 4 95-5 00 4 94-4 96 4 98%-5 00...14 No prices No prices 4 95-4 9550 4 99-5 00 ...16 SUNDAY. 16 No prices 4 94%-4 96 4 97%-4 .. 98.. _____ 17 4 98 ...18 No prices 4 96 4 99-5 00 5 02-5 02%...19 No prices No prices 5 01%-5 02% 5 04-5 05%..20 No prices 5 02-5 03 5 05-5 06 ...21 5 05 —22 No prices 5 02 %-5 03 at SUNDAY. ___ 5 04 ZZZ24 5 02% No prices No prices 5 03%-5 04 5 04%-5 05%..25 No prices 5 05-5 05% 5 06-5 07 ...26 No prices 5 05%-5 05% 5 06%5 06%..27 No prices 5 06%-5 07% 5 07%-5 08%—28 5 07% ...29 No prices 5 07 SUNDAY. —30 No prices 5 06-5 06% 5 07-5 07% ...31  Range. 4 87 -88 5 10 5 50 5 75 6 35 4 8490-8515 4 8690-8695 4 8720-8735  No prices No prices  NOVEMBER.  Sight Bills. SUNDAY. 4 90% 4 87% HOLIDAY. 4 90% 4 87% 4 87 -87% 4 90%-90% 4 87%-87% 4 90%-90% Sixty-Day Bills.  Cable Transfers.  4 90%-90% 4 90% 4 90%-90% 4 90%-91% 4 91%-91%  SUNDAY. 4 86% 4 89% 4 86% 4 89%-90% 4 86%-86% 4 88%-89% HOLIDAY. 4 86%-86% 4 88%-89% 4 86% 4 89%-89% SUNDAY. 4 86%-86% 4 89 -89% 4 89%-90% 4 88 4 84%-85  Range. 4 90%-90% 4 91%-91% 4 86%-87% 4 87%-88%  Ran^e. 5 5(H5 4 94-4 96  7 00 4 9750-98  High Low  DECEMBER.  Sight Cable Sixty-Day Bills. Transfers. Day. Bills. 4 89% 4 89% 4 86 4 86 -86% 4 89 -89) 4 89%-89% ZZZ 2 4 86 -86% 4 88%-88% 4 88%-89% __ 3 4 85%-85% 4 87%-88% 4 88%-88% ... 4 4 87% 4 87% __ 5 4 85 SUNDAY. ... 6 4 85 4 88 4 87% ... 7 4 87% __ 8 4 84% 4 87 -87% 4 84% 4 87 -87% 4 87%-87% ... 9 54% 4 84 ' 6-84% ' 4 87%-87% 4 87%-88% ...10 4 88 -88% — 11 4 84! 4 87%-88 4 84%-84% 4 87% 4 88 ...12 SUNDAY. ...13 4 84% 4 87 -87% 4 87%-87% ...14 4 84% 4a 87%-87% 4 87%-88% ...15 * 1 Xi -01 4 84% -84% 4 87%-87 4 88 -88% ...16 4 84%-84 4 87%-87% 4 87%-87% ...17 4 84%-84% 4 87 -87% 4 87%-87% ...18 4 87 4 83% 4 86% — 19 SUNDAY. —20 4 83 4 85% 1 86% ...21 4 82%-82% 4 85%-85% 4 86%-86% —22 4 82%-83% 4 85%-86% 4 86%-87 ...23 4 82%-82% 4 85%-86% 4 86%-87% —24 HOLIDAY. ..25 4 82% 4 85%-85% 4 86%-86%. .26 SUNDAY. ..27 4 82% 4 85 -85% 4 85%-86% —28 4 81%-81% 4 84%-85% 4 85%-85% ...29 481%-81% 485 -85% 4 85%-85% —30 4 82 -82% 4 85%-85% 4 85%-86% —31 Range. 4 86 -86% 4 89% 4 89% High 4 81%-81% 4 84%-85% 4 85%-85% Low  RATES OF STERLING EXCHANGE DURING 1913. JANUARY. Sixty-day Sight Cable Day. Bills. Bills. Transfers. 1 ____ HOLIDAY 2 ____4 8155-8165 4 8570-8580 4 8630-8640 3 ____4 8195-8205 4 86 -8610 4 8645-8655 4 ....4 8205-8215 4 8640-8650 4 8685-8695 5 .... SUNDAY 6 ___ 4 8225-8235 4 8630-8640 4 8675-8685 7 ....4 8225-8235 4 8620-8640 4 8665-8685 8 ....4 8240-8250 4 8640-8650 4 8685-8695 9 ....4 8265-8275 4 8670-8680 4 8715-8725 10 —..4 8295-8305 4 8695-8705 4 8735-8745 11 ....4 8290-83 4 8675-8685 4 8715-8725 12 .... SUNDAY 13 -.—4 8290-83 4 8685-8695 4 8730-8740 14 ____ 4 8290-83 4 8695-8705 4 8740-8750 15 ____ 4 83 -8315 487 -8710 4 8745-8755 16 ....4 83 -8315 4 8705-8715 4 8755-8765 17 ____ 4 8315-8325 4 8725-8735 4 8770-8780 18 ....4 8310-8320 4 8725-8735 4 8770-8780 19 .... SUNDAY 20 -...4 8320-8330 4 8740-8750 4 8785-8795 21 ....4 8335-8345 4 8755-8765 4 88 -8810 22 ___ 4 8350-8360 4 8755-8765 4 8805-8815 23 ------4 8355-8365 4 8770-8780 4 8840-8850 24 -.-.4 8360-8370 4 8770-8790 4 8840-8860 25 -.--4 8350-8360 4 8760-8770 4 8825-8835 26 .... SUNDAY 27 ___ 4 8330-8340 4 8745-8755 4 8805-8815 28 —.4 8330-8340 4 8755-8765 4 8810-8820 29 ____ 4 8325-8335 4 8750-8760 4 88 -8810 30 ____ 4 8325-8335 4 8740-8750 4 88 -8810 31 ------ 4 83 -8310 4 8720-8730 4 8770-8780 Range High..4 8360-8370 4 8770-8780 4 8840-8860 LOW-.-4 8155-8165 4 8570-8580 4 8630-8640   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  FEBRUARY. Sixty-day Cable Sight Bills. Bills. Transfers. 4 8310-8320 4 8730-8740 4 8785-8795 SUNDAY 4 8315-8325 4 8735-8745 4 8790-88 4 8325-8335 4 8745-8755 4 8795-8805 4 8330-8340 4 8755-8765 4 8805-8815 4 8340-8350 4 8765-8775 4 8815-8825 4 8350-8360 4 8775-8780 4 8830-8840 4 8350-8360 4 8775-8780 4 8835-8845 SUNDAY 4 8325-8335 4 8750-8760 4 8805-8815 4 8310-8320 4 8730-8750 4 8780-88 HOLIDAY 4 8290-83 4 8725-8735 4 8780-8790 4 8285-8295 4 8725-8735 4 8790-88 4 8290-83 4 8725-8735 4 8970-88 SUNDAY 4 83 -8310 4 8735-8745 4 8795-8805 4 8315-8325 4 8760-8770 4 8820-8830 4 8295-8305 4 8750-8760 4 8810-8820 4 8290-83 4 8720-8740 4 8790-8810 4 8305-8315 4 8745-8755 4 8815-8825 HOLIDAY SUNDAY 4 8310-8320 4 8750-8760 4 8825-8835 4 8315-8325 4 8750-8760 4 8835-8845 4 8315-8325 4 8755-8765 4 8835-8845 4 8310-8320 4 8750-8760 4 8830-8840 4 8310-8320 4 8745-8755 4 8825-8835  MARCH.  Sight Sixty-day Bills. Bills. 4 8310-8320 4 8750-8760 SUNDAY 4 8335-8345 4 8760-8770 4 8350-8360 4 8775-8785 4 8350-8360 4 8775-8785 4 8365-8375 4 8790-88 4 8360-8370 4 8780-8790 4 8350-8360 4 8775-8785 SUNDAY 4 8345-8355 4 8780-8790 4 8330-8340 4 8780-8790 4 8280-8290 4 8730-8740 4 8260-8270 4 8680-8695 4 8250-8260 4 8675-8690 4 8255-8265 4 8705-8715 SUNDAY 4 8270-8280 4 8710-8720 4 8260-8270 4 8715-8725 4 8270-8280 4 8720-8730 4 8265-8275 4 8715-8725 4 8270-8280 4 8720-8730 4 8270-8280 4 8720-8730 SUNDAY 4 8295-8305 4 8740-8750 4 8315-8325 4 8730-8740 4 4 8305-8315 8705-8730 4 8295-8305 4 8705-8730 4 83 -8310 4 87 -8710 4 8315-8325 4 8715-8725 SUNDAY 4 8310-8320 4 87 -8720 Range Range. 4 8350-8360 4 8775-8780 4 8835-8845 4 8365-8375 4 8790-88 4 8285-8295 4 8720-8740 4 8780-8790 4 8250-8260 4 8675-8690  Cable Sixty-day Transfers. Bills. 4 8830-8840 4 8320-8330 4 8310-8320 4 8840-8850 4 8325-8335 4 8845-8855 4 8325-8335 4 8850-8860 4 8325-8335 4 8855-8865 4 8845-8855 4 8325-8335 4 8850-8860 4 8320-8330 4 8315-8325 4 8855-8865 4 8310-8320 4 8860-8870 4 8305-8315 4 8810-8820 4 8275-8285 4 8775-8790 4 8775-8785 4 8295-8305 4 8785-8795 4 83 -8310 4 83 -8310 4 8775-8785 4 8310-8320 4 8785-8795 4 8310-8320 4 8790-88 4 83 -8310 4 8810-8820 4 8805-8810 4 8320-8330 4 8810-8820 4 8325-8335 4 8340-8350 4 8840-8850 4 8340-8350 4 8820-8830 4 8340-8350 4 8785-8810 4 8330-8340 4 8785-8805 4 8330-8340 4 8790-88 4 88 -8810 4 8335-8345 4 8325-8335 4 8770-8780  APRIL.  Sight Bills. 4 8705-8725 4 87 -8720 4 8715-8725 4 8715-8725 4 8705-8715 SUNDAY 4 87 -8710 4 8695-8705 4 8690-87 4 8685-8695 4 8660-8670 4 8645-8655 SUNDAY 4 8640-8660 4 8650-8660 4 8645-8660 4 8645-8655 4 8625-8640 4 8640-8650 SUNDAY 4 8650-8660 4 8660-8670 4 8675-8685 4 8665-8680 4 8665-8675 4 8665-8675 SUNDAY 4 8665-8675 4 8670-8680 4 8675-8685  Cable Transfers. 4 8755-8775. 4 8750-8770. 4 8765-8775. 4 8765-8775. 4 8760-8770.  Day.  ;zz 2  __ ... __ ... 4 8755-8765Z ... 4 8750-8760. __ 4 8745-8755. ... 4 8740-8750. ... 4 8705-8715. ... 4 87 -8710. ... 4 4 4 4 4 4  8690-8705. 8695-8705. 8695-87058690-87 . 8670-8685. 8680-8690.  4 4 4 4 4 4  8690-87 Z. 87 -8710. 8705-8715. 8695-8710. 8695-8705. 8695-8705.  4 8695-8705Z 4 87 -8710. 4 8705-8715.  ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  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 20 31  Range. 4 8860-8870 4 8340-8350 4 8715-8725 4 8765-8775. -High 4 8770-8780 4 8275-8285 4 8625-8640 4 8670-8685. ..Low  109  FOREIGN EXCHANGE RECORD. RATES OF STERLING EXCHANGE ON LONDON DURING 1Q13.—(Concluded.') JUNE.  MAY.  Cable Sight Sixty-day Transfers. Bills. Bills. .4 8315-8325 4 8665-8675 4 87 -8710 2zz; .4 8305-8315 4 8670-8680 44 8705-8715 3 ... .4 83 -8310 4 8670-8680 8705-8715 4 ... SUNDAY 5 ... Z4 8310-8320 4 8665-8675 4 87 -8710 6 ... .4 8305-8315 4 8660-8670 4 8695-8705 7 ... .4 83 -8310 4 8640-8650 4 8675-8685 8 ... .4 8290-83 4 8625-8635 4 8660-8670 9 ... .4 8270-8280 4 86 -8610 4 8640-8650 10 ... .4 8260-8270 4 86 -8605 4 8640-8645 SUNDAY 11 ... 12 ... Z4 8265-8275 4 8595-8605 4 8635-8645 13 ... .4 8275-8285 4 8615-8625 4 8650-8660 14 ... .4 8290-83 4 8625-8645 4 8660-8685 15 ... .4 8275-8285 4 8625-8635 4 8660-8670 16 ... .4 8270-8280 4 8625-8635 4 8660-8670 17 ... .4 8270-8280 4 8625-8635 4 8665-8675 18 ... SUNDAY 19 ... Z4 8285-8295 4 8645-8655 4 8680-8690 20 ... .4 8290-83 4 8650-8655 4 8680-8685 21 ... .4 8295-8305 4 8645-8655 4 8675-8685 22 .. .4 8290-83 4 8640-8650 4 8670-8680 23 .. .4 8285-8295 4 8620-8640 4 8650-8670 24 .. .4 83 -8310 4 8640-8650 4 8665-8675 SUNDAY 25 .. 26 .. Z4 8295-8305 4 8630-8640 4 8660-8670 27 .. .4 83 -8310 4 8630-8640 4 8660-8670 28 .. .4 8305-8315 4 8640-8650 4 8670-8680 29 .. .4 83 -8310 4 8635-8645 4 8670-8680 HOLIDAY 30 .. 31 .. ZZ4 83 -8310 4 8645-8655 4 8680-8690 Range. High . .4 8315-8325 4 8670-8680 4 8705-8715 Bow.. .4 8260-8270 4 8595-8605 4 8635-8645  Sixty-day Bills.  Day.  Day. 1 ... 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 ...  Sixty-day Bills.  4 4 4 4 4 4  8305-8315 8310-8320 83 -8310 8295-8305 8280-8310 8285-8295  4 4 4 4 4 4  8280-8295 8265-8275 8245-8265 8255-8265 8270-8280 8280-8290  .4 .4 .4 .4 -4  8250-8260 8250-8260 8235-8250 8230-8245 8230-8245  .4 .4 .4 .4 4 .4  8250-8270 8250-8270 8250-8270 8245-8255 8235-8250 8230-8245  .4 .4 .4 .4 .4 .4  8230-8240 82 -8225 82 -8225 8215-8230 82 -8220 82 -8220  .4 .4 .4 .4 .4 .4  8210-8225 8205-8220 82 -8215 82 -8220 8195-8215 8190-8210  .4 8175-82  30 ... .4 8195-8210  31 —  SUNDAY  4 8675-8685 4 8685-8695 4 8670-8680 4 8665-8675 4 8675-8685 4 8685-8695 SUNDAY 4 8290-83 4 8685-87 4 8685-8695 4 8290-83 4 8675-8685 4 8290-83 4 8665-8675 4 8290-83 4 8295-8305 4 8660-8670 4 83 -8310 4 8670-8680 SUNDAY 4 83 -8310 4 8670-8680 4 4 4 4 4 4  8310-8320 8305-8315 8295-8305 8285-8295 8295-8305 83 -8310  Range. 4 8310-8320 4 8685-87 4 8245-8265 4 8635-8660  OCTOBER.  SEPTEMBER. Sight Bills. HOLIDAY 4 8560-8575 4 8565-8575 4 8570-8580 4 8555-8565 4 8555-8565 SUNDAY 4 8565-8575 4 8570-8580 4 8570-8580 4 8565-8575 4 8570-8580 4 8565-8575 SUNDAY 4 8555-8565 4 8540-8550 4 8545-8555 4 8555-8565 4 8565-8575 4 8575-8585 SUNDAY 4 8575-8585 4 8570-8580 4 8555-8570 4 8560-8570 4 8555-8565 4 8545-8555 SUNDAY 4 8535-8550 4 8565-8575  Sight Bills. SUNDAY 4 8650-8660 4 8660-8670 4 8660-8670 4 8675-8685 4 8670-8705 4 8675-8685 SUNDAY 4 8670-8685 4 8665-8675 4 8635-8660 4 8655-8665 4 8655-8665 4 8670-8680  Sixty-day Sight Bills. Bills. 4 8190-82 4 8585-8595 8195-8205 4 8605-8615 4 86 -8610 4 8185-8195 4 8595-8605 4 8595-8610 4 8585-8595 4 8605-8610 4 8180-8190 4SUNDAY 4 8590-86 4 8560-8570 4 8165-8175 4 8590-86 4 8150-8160 4 8550-8560 4 8550-8555 4 8595-8605 44 8150-8160 8175-82 4 8560-8570 4 86 -8610 4 8160-8175 8570-8580 4 86 -8610 4 8160-8175 4 4 8555-8565 4 86 -8610 SUNDAY 4 86 -8610 HOLIDAY 4 8595-8605 4 8150-8160 4 8550-8560 4 8150-8160 4 8555-8565 4 8585-8595 4 8150-8160 4 8555-8565 4 8575-8585 4 8135-8150 4 8540-8550 4 8580-8590 4 81 -8110 4 8520-8530 4 8590-86 SUNDAY 4 86 -8610 4 8110-8125 4 8535-8545 4 8610-8620 4 8115-8135 4 8545-8560 4 81 -8115 4 8530-8540 4 8610-8620 4 81 -8115 4 8530-8540 4 8605-8615 4 8090-81 4 8520-8535 4 8595-8605 4 8075-81 4 8510-8520 4 86 -8610 SUNDAY 4 8590-86 4 8075-8095 4 8510-8520 4 8585-8595 4 8095-8105 4 8515-8525 4 81 -8110 4 8535-8560 4 8570-8585 4 8075-8090 4 8515-8530 4 8595-8605 4 8060-8075 4 85 -8510  Cable Transfers.  JULY. Cable Sight Sixty-day Transfers. Bills. Bills. 4 8305-8315 4 8675-8695 4 8715-8725 4 8685-8695 4 83 -8310 4 8670-8680 4 8715-8725 4 8740-8750 4 8695-8705 4 8310-8320 4 8690-87 HOLIDAY 4 8695-8705 4 8710-8720 4 8315-8325 4 8705-8710 4 8750-8760 SUNDAY 4 87 -8740 4 8705-8715 4 8310-8325 4 8680-8690 4 8725-8735 4 83 -8315 4 8680-8685 4 8725-8730 4 87 -8715 4 8305-8315 4 8685-8690 4 8735-8740 4 8695-8705 4 8305-8315 4 8685-8690 4 8740-8745 4 8290-8310 4 8680-8600 4 8735-8745 4 8680-87 4 8695-8705 4 8290-8310 4 8675-8680 4 8725-8730 SUNDAY 4 87 -8710 4 8710-8720 4 8315-8325 4 8685-8690 4 8730-8735 4 8310-8320 4 8670-8675 4 8715-8720 4 8715-8725 4 83 -8310 4 8650-8655 4 87 -8705 4 8720-8730 4 8295-8305 4 8645-8650 4 8690-8695 4 8715-8725 4 8305-8315 4 8655-8660 4 8705-87x0 4 8710-8720 4 8305-8315 4 8655-8660 4 8705-8710 SUNDAY 4 8720-8730 4 8730-8740 4 8315-8325 4 8670-8680 4 8710-8720 4 8325-8335 4 8670-8680 4 8710-8720 4 8740-8750 4 8330-8340 4 8680-8690 4 8720-8730 4 8745-8755 4 8335-8345 4 8675-8685 4 8720-8730 4 8740-8750 4 8320-8330 4 8675-8685 4 8725-8735 4 8735-8745 4 8320-8330 4 8675-8685 4 8725-8735 SUNDAY 4 8735-8745 4 8750-8760 4 8330-8340 4 8675-8685 4 8720-8730 4 8325-8335 4 8660-8670 4 8710-8720 4 8310-8320 4 8655-8665 4 8705-8715 4 8715-8725 4 8310-8320 4 8650-8660 4 8695-8705 Range. 4 8750-8760 4 8335-8345 4 8705-8710 4 8750-8760 4 8290-8305 4 8645-8650 4 8690-8695 4 8680-87  Cable Transfers.  NOVEMBER.  Cable Sixty-day Sight Bills. Bills. Transfers. 4 8625-8635 4 8065-8080 4 8510-8520 SUNDAY 4 8650-8660 4 8640-8650 4 8065-8080 4 8495-8520 HOLIDAY 4 8635-8645 4 8060-8075 4 8505-8520 4 8610-8620 4 8035-8050 4 8490-85 4 86 -8610 4 8035-8050 4 8480-85 4 86 -8605 4 8045-8055 4 8495-8505 SUNDAY 4 8610-8620 4 8615-8625 4 8040-8050 4 8485-85 4 8605-8615 4 8050-8075 4 8495-8505 4 8065-8085 4 8515-8525 4 8065-8085 4 8510-8520 4 8515-8530 4 8595-8605 4 8075-81 4 8595-8605 4 81 -8125 4 8545-8560 SUNDAY 4 8595-8605 4 8085-8110 4 8530-8545 4 8585-8595 4 8570-8580 4 81 -8115 4 8540-8550 4 8125-8150 4 8555-8565 4 8575-8585 4 81 -8125 4 8540-8550 4 81 -8125 4 8535-8550 4 8580-86 4 8575-8585 4 81 -8125 4 8545-8560 SUNDAY 4 8575-8585 4 8565-8580 4 8120-8135 4 8550-8560 4 8555-8565 4 8125-8140 4 8545-8560 4 81 -8110 4 8530-8540 HOLIDAY 4 8555-8565 4 8570-8580 4 8085-81 4 8515-8525 4 8585-8605 4 8085-81 4 8525-8530 4 8570-8585 SUNDAY 4 8555-8565  AUGUST. Cable Sight Sixty-day Transfers. B Day. Bills. Bills. 4 8310-8320 4 8650-8660 4 8690-87 — ZZu‘l 4 8315-8325 4 8660-8670 4 87 -8710.. SUNDAY 4 8325-8335 4 8665-8675 4 8705-8715Z' 4 8305-8315 4 8660-8670 4 8705-8715.. 4 8310-8325 4 8655-8665 4 87 -87104 8310-8325 4 8650-8660 4 8695-8705.. .. 7 4 8325-8335 4 8660-8670 4 8705-8715— .. 8 4 8325-8335 4 8650-8660 4 8695-8705.. .. 9 .. 10 SUNDAY 4 8310-8325 4 8655-8665 4 87 -8710- .. 11 .. 12 4 8310-8325 4 8650-8660 4 8690-87 4 8305-8315 4 8640-8650 4 8680-8690.. — 13 4 8305-8315 4 8635-8650 4 8675-8690- .. 14 4 8295-8305 4 8640-8650 4 8680-8690. „ 15 4 83 -8310 4 8645-8655 4 8680-8690. .. 16 .. 17 SUNDAY 4 8295-8305 4 8640-8650 4 8675-8685Z ... 18 4 8305-8315 4 8645-8655 4 8680-8685. ... 19 4 8310-8325 4 8645-8655 4 8680-8690. ... 20 4 8310-8325 4 8640-8650 4 8680-8690. ... 21 4 83 -8315 4 8635-8650 4 8670-8685. ... 22 4 8285-8295 4 8625-8635 4 8660-8670. ... 23 ... 24 SUNDAY 4 83 -8310 4 8625-8635 4 8660-8670Z ... 25 4 8620-8630 4 8655-8665. ... 26 4 8290-83 4 8285-8295 4 8610-8620 4 8650-8660. ... 27 4 8275-8285 4 8595-8605 4 8640-8650. ... 28 4 8260-8270 4 8585-8595 4 8625-8635. ... 29 4 8255-8265 4 8575-8585 4 8610-8620. ... 30 SUNDAY ... 31 Range. 4 8325-8335 4 8665-8675 4 8705-8715 . .High 4 8255-8265 4 8575-8585 4 8610-8620. LOW  DECEMBER.  Sight Cable Sixty-day Cable Bills. Transfers. Day. Bills. Transfers. 4 8510-8530 4 8575-8585.. 4 8560-8570 4 8085-81 4 8110-8125 4 8545-8555 4 8595-8605.. ZZ 2 4 8555-8570 4 8125-8135 4 8550-8565 4 86 -8615.. .. 3 4 8115-8125 4 8535-8545 4 8585-8595.. .. 4 4 8510-8525 4 8565-8585.. „ 5 4 8555-8565 4 8085-81 4 8535-8545 4 81 -8110 4 8535-8540 4 8595-8605.. .. 6 SUNDAY .. 7 4 8530-8550 4 8540-8550 4 8110-8125 4 8535-8550 4 8595-8610Z" — 8 4 8110-8125 4 8520-8525 4 8580-8585.. — 9 4 8535-8545 4 81 -8115 4 8515-8525 4 8575-8585.. .. 10 4 8515-8525 4 8575-8585.. ... 11 4 8540-8550 4 8090-81 4 8515-8530 4 8575-8590.. — 12 4 8565-8575 4 8090-81 4 8540-8545 4 8590-8595.. .. 13 4 8560-8570 4 8090-81 SUNDAY .. 14 4 8565-8580 4 81 -8110 4 8530-8535 4 8580-8585Z' ... 15 4 8590-86 4 81 -8110 4 8520-8525 4 8575-8580.. .. 16 4 8570-8595 4 8105-8115 4 8520-8530 5 8580-8590.. ... 17 4 8585-8595 4 8110-8125 4 8520-8530 4 8585-8595.. ... 18 4 86 -8610 4 8095-8110 4 8520-8530 4 8585-8595.. ... 19 4 8090-81 4 8535-8540 4 8590-8595.. .. 20 4 8590-86 SUNDAY .. 21 4 8585-86 4 8595-8605 4 8105-8115 4 8525-8530 4 8585-8595Z' ... 22 4 8110-8120 4 8530-8535 4 8590-8595.. ... 23 4 8605-8610 4 81 -8110 4 8510-8515 4 8595-86 .. ... 24 HOLIDAY ... 25 4 8610-8615 4 85 -8510 4 8595-8605Z ... 26 4 8580-8590 4 8090-81 4 81 -8110 4 8520-8530 4 8605-8615. ... 27 SUNDAY 4 8570-8580 ... 28 4 8580-8585 4 8110-8125 4 8515-8525 4 8610-8620Z ... 29 4 8125-8135 4 8515-8520 4 8605-8610. ... 30 4 8135-8150 4 8540-8550 4 8610-8620. ... 31  fiange. Range. Range. High. .4 8250-8270 4 8575-8585 4 8610-8620 4 8195-8205 4 8605-8615 4 8650-8660 4 8125-8150 4 8555-8565 4 8610-8615 4 8135-8150 4 8550-8565 4 8610-8620. -High 4 8535-8550 4 8570-8585 4 8060-8075 4 85 -8510 4 8555-8565 4 8035-8050 4 8480-85 4 85 -8510 4 8565-8585. ..Low 4 8530-8550 4 8085-81  Low.. .4 8175-82  DAILY RATES OF EXCHANGE ON CONTINENTAL CENTERS—1914. SEE EXPLANATORY REMARKS ON PAGES 114 AND 116. Paris  Berlin Reichsmarks  Francs Bankers’ Checks.  Cables  ly—  5 15%-332<J—he 5 15-hea—h> 5 15-hea5 15 5 16}£ 5 15^-332al6J< 5 15-hia5 15 55 16^-^2016^ 5 15-hea5 15  15 16l4-l32aie^ 5 55 16M-h2al6X 5 )5 leX-hsalOK 5 )5 1 6X—332<I— *16 5 L 5 1 6X-332a-he 5  I 55 15 55 15 r5 55  5 5 5 5 5 5  16^al6M-*ie 5 16^-h2al6J< 5 lSK-htaieX, 5 1 6X-332al6^ 5 16H-33tal6% 5 165i-332al6>g 5 16J^-33sa—he 1654-332al6}< 16}<a-)-h2 15^-h2al5H 15^a + h2 15Ha + h2  5 14Hal3J<  5 5 5 5 5 5  Commercial *Sight  Sight  Bankers’ I Cables  Bankers’ Sight  Bankers' Sight  Commercial Sight  5 16%a + h2 95Xa + h2 953iea+ he 39*8ieo + he 5 1 6 34-*32Ol634 40 34“*320—*16 5 16%-heal6^ 95^ + h2a95he 953ie +*82a95 34 5 1634-’32O-*82 4O34-’i6a4O34 39*«iea + he 5 16%-heal6% 953ie+132a95K 9534 + *82a95he 5 1634-*ieal634 4034 + *i6O‘ie-he 40-hea40  Denm’k Kroner  Italian  Lire  Vienna Russ’n Kronen Rubles  Bankers' Sight  Bankers’ Sight  Bankers Bankers’ Sight Sight  26 84a86 26 84a86 26 84o86  26 83a86 95hea95J<—he 95 34 + *28a958ie 5 16J4ol634-he 4034 +*3208ie-h6 39*8,ea40-he 15-hea5 15 40*6+ *320816- *16 39*8iea40-*i6 26 83a86 953ieo953i 95 34 + *82o956ie 5 1 6 34 -332O-*i6 15- hea5 15 26 83086 95hea95}<—he 95 34+*32a958ie 5 1634-332O-*ie 40*4+*S2O8ie-*16 39*8i6O40-*16 15^-332O-h2 17i2-heal6^-he 953i6a95}i—h 95 34 +*32O958ie 5 1634-h6a-*s2 40*6+ *320816- *16 39*‘iea40-he 26 83a86 26 83o86 15!h)-332al6X 5 18Mal7M 95H®3ie 9534-*8ia + *88 5 1634-*ieal634 4O34a+*i6 39*‘i6O + he 15^-332al6J4 5 183^017^ 26 83a86 95Hd3ie 95 34-*82O+*82 5 1634-heal634 4034o + he 39*«i6O + he SUNDAY 15H-hea-h2 5 18Hal7^ 26 82a85 95K-182a + 13i 953ie-*s2O + *88 5 16 34~382O—*82 4034-*iea4034 39*8iea + he 165i-heal6X5 18J^al7^ 95heaH 9534 + *820953i6 5 1634“332O—*32 40316+ *320 34-*16 3954 + hea39*8i6 26 82a85 163<-heal6}<5 18Hal73S 95heaH 95 34 + *8io953i6 5 16 34~332O—*32 40316+*320 34“*16 3934+ *16039*81626 82a85 16X-h2al6X 5 18Hal7J4 95heaK 95 34 + *32a953i6 5 I634al634-*18 40316+*320 34**16 3934 + *i6039*6i6 26 82a85 316+*3lO34-*16 16%-is!al6%5 18y»al7^ 95hea>i ____ _____ _ „ 40 _____ ______ ..3934+ *i6O39*‘ie26 82a85 9534 + *i2O953i6 5 1634al634-he 16X-h2al6Mi5 18J^al7>S 95*160 95 34 + *32a953ie 5 1634al634-he 403ie+*82a34-he|3934 +hea39*‘ie26 82a85 ! SUNDAY 16X-h2al6Xi5 18^al714 40 316+*82O34-*ll 3934a + *n 95hea>g 26 81a84 5 95 34+ *32o953i6 5 1634-332O—*32 lS^-healS-hen^healO^-he 95Ma953ie-h2 953i6+ *3209 5 34 516*6-*32Ol554-332 40316+*16O*6-*ll 39340 + he 26 81a84 5 15^-h2dl5^5 16^-heal6% 95’ie-182a953ie 9534a958ie-*32 5 16*4-*32Ol554-332 40316-*16O-*32 26 81a84 5 3934a+h< 14«-3S2al5 5 16%a + he 26 81a84 5 956ie—*s2O958ie 5 1554-heal554 40 34-*82o4034 3934a+he 95hea + ht 14H-332Ol5 5 16%o + he 26 81a84 95Ma + h2 95 54-*32O9554 5 1554-*i6Ol554 40 34-*3204034 3934a + *ie 14H-h2al4^;5 16%a+he 26 81a845 95Ma+»sj 95 54-*3209554 5 1554-’i6Ol554 40 34-*32a4034 39340+ *16  5 12^all% 5 085<a02J^ 4 95a4 85  1634ol634 1734al634 1834al734  20 23a25 5134o»u 20 23a25 5134a’n 20 20a25 5134034  183401734 183401734 1834al734 183401734 183401734 183401734  20 20 20 20 20 20  20a25 5134054 20a25 5134054 20o25 5134054 20a25 5134054 20o25 5134a54 20a25 5134054  1834-*i6Ol734-he 20 20 1854al834 20 1854al834 20 185401834 20 185401834 20 1854al834  19a23 5134a54 18a22 5134054 16a20 5134054 16a20 5134054 16a20 5134o54 16020 5134OJ4  HOLIDAY SUNDAY  |5 17Hal6J$ |5 17J^al6JS 5 17^al6J^  5 16)£al5H 5 15Hal4H  95hea’ie 95h6a9ie ; No quotations 953ia96 5 00a4 9754 4 25 bid no offer No quotations 96a963i 4 70a4 60 No quotations No quotations No quotations 96a963i 5 13Mal2^  Amsterdam Guilders  Swiss Francs  SUNDAY 95*3iea*6i6 9634a9654 9654a9734 99a99 34  \ 101al04  5 1454o + he 5 135401334 5 05 @ 5 00  4034o5ie  406i eahe  3934a*»i6  3954a*3i6  2654a*si6  26540*5,6  No quotations 27a27*i6 4054054 No quotations '2734a54 4 75 @ 4 65 41a4134 No quotations No quotations No quotations )2754o34  1834-heal7* 20 1834-heal7*; 1834-*i6Ol7*2-*i6 20 20 173401654 173401654 20  173401654  1634al554 1554al454  0734a05 05a5 00 00a4 90  15a20 51340 54 15a 20 5134054 15a20 5134054 15a20 5134054 15a2O5134a54 20 15a20\5134o54  20 25a27 5154034 20 25a27 5154034 2O34a5„ 5105134 2O5„a54 5105134 205,6054 5105134  ugust96a96X  5 10a5 1234  5 10 5 10 5 12 5 12 5 12a5 13  101al04 SUNDAY  2754034  9534  SUNDAY 5 5 5 5 5  113i 10 10 08 05  5 05a5 05 5 0234a5 00 4 95a4 90 4 97  9534 9534 9554 9554 9554 9554 9554 96a97  96 96 96 96 96 SUNDAY 96 100  SUNDAY  ♦And three days’ sight   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  4054 4054a4134 4054a4134 4134 4134  4134  42  205,6054 5105134  FOREIGN EXCHANGE RECORD  110  DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES—1914.  Bankers' Checks Cables  September— 1_____ 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........... October— 1_____ 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___ Notember— 1_____ 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 __  December— 1___ 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______  Berlin Reichsmarks  Paris Francs  1914  Commercial *Sight  Sight  Bankers'  Cables  Swiss Francs  Bankers' Sight  Denmk Kroner  Italian Lire  Comm ’ I Bankers’ Sight Checks  Bankers' Sight  Amsterdam Guilders  Bankers' Sight Cables  Vienna Kronen  Bankers’ Sight  Russian Rubles  Bankers’ Sight  SUNDAY HOLIDAY  5 10 5 10  505a5 07 5 05a5 07 5 15 5 15  96^ 96%a97 96%a97  05 05 05 10 10 10  96%a97 96%a97 96%a97 96%a% 95 M 95%  5 13 5 ll%a% 5 10 5 10 5 10 5 08)4  95%a% 95’u 95%a% 95%a% 95KaH 95  5 06 5 05 5 06%  5 05 5 02 5 04  94%a95 95 94%  5 05% 5 06 5 07  5 05 5 05% 5 06  94a94 % 93 92%  5 07 'A 5 07 y2 5 06 5 05 a 5 05% 5 05  5 5 5 5 5 5  06)4 07 05% 04% 04% 04  92%a93 92%a% 92a92% 91%a92 92 92a92%  5 5 5 5 5  05 05 05 05)4 05%  5 5 5 5 5  04% 04)4 04% 05 05  92%a% 92%a% 92%a% 92' 91%  5 5 5 5 5 5  07 08 09 08% 09% 12  5 5 5 5 5 5  10 10 10 11 11 11  5 5 5 5 5 5  12 12 11 11 11 09%  5 15 5 14)4 5 15 5 15%a% 5 15 5 15  5 14  5 5 5 5 5 5  5 06 5 07 5 08% 5 08 5 08%a% 5 11% 5 5 5 5 5 5  91%a% 91% 91% 90% 90 88  14 14 14 14% 14 14  88% 88% 88% 88% 88% 88%  5 13  88%a%  5 5 5 5  13)4 11% 10% 11  5 5 5 5  12)4 11 10 10%  88%a% 88'% 88% 88%  5 5 5 5 5 5  12 11% 13% 16 14 12  5 5 5 5 5 5  11 11 12% 15% 13% 13  88 87% 87% 86 87 87  5 5 5 5 5 5  13 13)4 13% 12 12 12  5 5 5 5 5 5  12% 11% 12% 11% 11 10%  86% 86% 86% 86% 86% 85%a86  5 11% 5 09% 5 11%  5 10% 5 08% 5 10%  85%a86 85%a86 85%a%  5 09% 5 09%  5 09 5 09  85%a% 85%a%  5 10%  5 09%  85%a%  5 5 5 5 5  11 11% 13% 13% 13%  5 5 5 5 5  10% 10% 12% 12% 12%  5 12% 5 13% 5 13%a5 14 5 12%fll3 5 14)4 5 13% 5 12% 5 13)4 5 12% 5 13% 5 12% 5 13%  5 21%a20% 5 20 5 20 5 20 5 20  86 87% 87% 87% 87%  5 5 5 5 5 5  20 20 20 20 20 20  91 92% 92% 91% 90% 90%  5 5 5 5 5 5  14% 14)4 14% 16 16 16  5 5 5 5 5 5  13% 13% 13% 15 15% 15%  5 5 5 5 5 5  20 20 20 20 20 20  89% 89% 88% 88 88% 88%  5 5 5 5  17% 17 16 15)4  5 5 5 5  16% 16 15 15  5 5 5 5  20 20 20 20  88 88% 88% 88%  5 15%  5 20  88%  5 5 5 5  5 5 5 5  5 16)4 5 5 5 5  16% 16% 16% 16%  *And three days’ sight   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  15% 16 15% 15%  20 20 20 20  88% 88% 88%o% 88'% '  97a975^ 97a97k SUNDAY 97a97 97a97% 97 96 % 96 k 96 k SUNDAY 95 \4a % 95kak 96a __  95% 95%a% SUNDAY 94% 95*ie 94% 94% 93% 93 SUNDAY 93a93 % 92%a93 92ka% 92 92%a% 92%a% SUNDAY HOLIDAY 92%a% 92%o% 92 % ' 92% 92 SUNDAY 91%a% 91% 91% 90% 90% 88 SUNDAY 89 89 89 89 89 89 SUNDAY 88%a% HOLIDAY 88%a% 88'% 88% 88% SUNDAY 88 87% 87% 86% 87% 87 SUNDAY 87 86%a% 86% 86% 86% 86 SUNDAY 86 86 85% 5 HOLIDAY 85% 5 85% 5 SUNDAY 85% 5  40% 40% 40%  40% 40%  40% 40%a% 40%o% 40%a% 40%a% 40%a%  40% 40% 40%a_40%a . 40%a 40%a  5 38a5 41 5 39a5 41 5 40a5 41  5 00 5 01  41% 41%a% 41%a%  41% 41% 41%  5 40a5 41 5 25a5 30 5 25a5 30  5 03 5 03% 5 04  41%a% 40%' 40%  41a41% 40% 40%  5 30a5 31 5 29fl5 30 5 30a5 31  04 04 04 03 04 04  40% 41 41% 42 42a42% 42a42%  40% 40% 40% 41% 41% 41%a%  5 29a5 30 5 27%a5 28% 5 25 5 24% 5 23 % 5 23% 05 24  5 05 5 05 5 05 5 05 5 08  41a41% 41a41% 42a42% 42a42% 41%a%  40%a41 40%a41 42 42 41%o%  5 22 5 22 5 18a5 20 5 18a5 20 5 18a5 20  5 5 5 5 5 5  42% 42  5 07 5 07 5 07 5 10 5 10 5 10a5 12  41%a% 41%a% 41%a% 41%a% 40% 41a41% 40% 41a41% 40% 41a41% 40% 40%a4l'%  41%a% 41%a% 40%a% 40%a% 40%a% 40%a%  5 14 5 15% 5 16% 5 18 5 17a5 18 5 17a5 18  40%a% 40%a% 40%a% 4i 41% 41%  40%a% 40%a% 40%a% 40% 41a41% 41a41%  5 17a5 18  40%  40%  5 32  5 17a5 18 5 18 5 18 5 18  40% 40% 40% 40%a%  41 41 41 41a41%  40% 40% 40% 40%  5 5 5 5  33 38 36 38  5 5 5 5 5 5  37% 37% 38% 40 40 40  5 5 5 5 5 5  40 40 40 39% 39% 39%  40%a41 40%a41 40%a41 41%a3ie 41%a% 41%a%  41%  5 5 5 5 5 5  5 24 5 25a5 27 5 29 5 30% 5 30 % 5 30%  5 5 5 5 5 5  15 17 18 20 20 20  40%a% 40%a% 40% 40% 40% 40%  41a41% 41a41% 4013iea% 40% 40% 40%  40% 40% 40% 40% 40% 40%  5 5 5 5 5 5  20 20 20 20 20 20  40% 40% 40% 40% 409i« 409ie  40% 40% 40% 40% 40»Ii« 40“n  40% 40%o% 40% 40%  40%a6i«  25% 25% 25% 25% 25% 25%  5 20 5 18 18%a5 19%  40’u 40% 40%  40ni« 40% 40%  40%a6u 40%a6ie 40%a6i6  25% 25% 25%  18%a5 19% 40%a% 18%a5 19% 40%a%  40% 40%  40%a6i« 40%a6it  18%a5 19% 40%a%  40%  40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40%  85% 5 18%a5 19% 87% 5 20 5 20 87% 87% 5 20 88 5 20 SUNDAY 92 5 19% 92% 5 21 92% 5 22 92 ' 5 22 90% 5 22 90% 5 22 SUNDAY 89 5 21% 89 5 21% 88% 5 21% 88% 5 21% 88% 5 21 5 21 88% SUNDAY 88 5 21% 88% 5 23% 89 5 22% 88% 5 22% HOLIDAY 88% 5 22% SUNDAY 88% 5 23% 5 24 “ 88% 88%a% 5 24 88'% ' 5 24  40% 40% 40% 409ie 40% 40%  17 20 20 20 20 20  25%a% 25%ak 25% 25% 25% 25%  19%a% 19%a% 19%a% 19%a% 19%a%  18al8% 18%a% 18%a% 18%a% 18al8% 17 85 17 85  48 48  17 85  48  17 17 17 17  75 75 75 75  17 75 17%a% 17% 17 45 17 45 17 45  43 43 43 43 43 43  45 45 45 45 45 45  43 43 43 43 43 43  5 39% 5 36% 5 36%  17 45 17 45 17 45  43 43 43  25% 25%  5 36% 5 36%  17 45 17 45  43 43  40%a«i«  25%  5 34%  17 45  42%  40% 40% 40% 40“i6 40>‘i6  40% 40% 40% 40% 40%  25% 25% 25% 25% 25%  5 5 5 5 5  34% 28% 28% 30 30  17 17 17 17 17  45 30 30 55 55  42% 42% 42% 42% 42%  40% 40% 40% 40% 40% 40%  40% 40% 40% 40% 40%a% 40%a%  25% 25% 25% 25% 25% 25%  5 5 5 5 5 5  26% 26% 26% 27% 25% 23  17 50 18 00 17% 17% 17% 17%  42% 42% 42% 42% 42 42  40%a% 40% 40%a% 40% 40%ani« 40%ahe 4013ie 40% 40% 40% 40%  25% 251m 25H« 25H6 251ie 251i«  5 5 5 5 5 5  24% 24% 25 ’ 26% 29 29  17% 17% 17% 17% 17% 17%  42 42 42% 42% 42% 42%  5 5 5 5  30 30 31% 31%  17% 17% 17% 17%  42% 43 43 43  17 17 17 17 17 17  40% 40% 40% 40%  40% 40% 40“i« 40%  40% 40% 40% 40%a6ie  25h6 251ir 25*115 25*i r  40%  4011u  40%ahe  25>i«  5 31%  17%  43  40% 40% 40% 40%  40% 40% 40% 40%  40% 40% 40% 40%  25*16 25 25 25  5 5 5 5  31% 31% 31% 31%  17% 17% 17% 17%  43 43 43 43  FOREIGN EXCHANGE RECORD  111  DAILY RATES OF EXCHANGE ON CONTINENTAL CENTRES—1915. Berlin Reichsmarks  Paris Francs  1915  Swiss Francs  Com'l Bankers' Bankers' Bankers’ Checks | Cables *Sight Sight Cables Sight Cables  Jan 1.. 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..  uary Holi 5 16% S. 5 17 5 1714 5 18 5 20 5 19*2 5 19*2 S. 5 19% 5 19% 5 19% 5 19% 5 19 5 19 S. 5 18*2 5 18% 5 18% 5 18% 5 18% 5 18% S. 5 18% 5 18% 5 17*2 5 17% 5 17% 5 17% 8.  day 5 16 S. 5 16% 5 16% 5 17% 5 19 5 18% 5 18% 8. 5 18% 5 18% 5 18% 5 18% 5 18% 5 18% 8. 5 18 5 18% 5 18% 5 18*4 5 18% 5 18% S. 5 18% 5 17% 5 17% 5 17 5 17% 5 17% 8.  Febr 1.. 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..  uary 5 18% 5 18% 5 19*2 5 19% 5 1914 5 19*2 8. 5 19% 5 2OI4 5 20% 5 20% H. 20*221 S. 5 24 5 26*4 5 23*2 5 23 5 23 5 24 8. H. 5 27% 5 27 5 28 5 27*2 5 28*4 S.  17% 17% 18% 19 18% 19 8. 5 19% 5 19% 5 19% 5 19% H. 2020*2 S. 5 23*2 5 25% 5 23 5 22% 5 22% 5 23% S. H. 5 27 5 26% 5 27 5 26% 5 27% 8.  Mar 1.. 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..  cK 5 29% 5 28 5 27*2 5 27*2 5 27 5 27 8. 5 26 5 26% 5 26% 5 26% 5 27% 5 28l4 S. 5 28 5 28>4 5 29*2 5 30*4 5 30*2 5 30% 8. 5 33 5 32*2 5 31% 5 30*2 5 30*2 5 30% 8. 5 30*4 5 31 5 32  Apr a 1-. 5 32 2.. 5 32 3-. 5 3214 8. 4_. 5.. 5 32*4 6.. 5 32*2 7— 5 32% 8-- 5 32% 9-. 5 32 10. _ 5 31% 8. 11.. 12. 5 32 13-. 5 32 14_. 5 32 15.. 5 32 16__ 5 32% 17.. 5 32% S. 18-. 19.. 5 32 20.. 5 32 21. 5 32% 22.. 5 32% 23.. 5 32% 24.. 5 32% 8. 25.. 26.. 5 32% 27.. 5 32% 28.. 5 32% 29.. 5 32% 30.. 5 32%  5 5 5 5 5 5  5 5 5 5 5 5  28% 26% 26% 26% 26 26% 8. 5 25 5 25*2 5 26 5 26% 5 27 5 27% 8. 5 27% 5 27% 5 28% 5 2912 5 29% 5 29% 8. 5 32% 5 32 5 31 5 30 5 29% 5 30*4 S. 5 29% 5 30*4 5 31%  Italian Lire  Amsterdam Guilders  Bankers' Sight Cables  Com'l Sight  Holi day 88*s 88*80% S. s. 88 88*8 88 87% 87% 87*4 87% 87% 86% 86% 87% 87*4 8. 8. 87% 87% 87 87% 87/Is 87% 87% 87% 87% 87*2 87% 87*2 8. 8. 87% 87*2 87%, 87% 87%, 87% 87%, 87% 87%, 87*2 87%, 87% s. S. 87% 87% 87%, 87% 87*4 87% 87% 87*2 87% 87% 87%, 87% 8. 8.  Holi 5 22% 8. 5 22% 5 24 5 26 5 26 5 26 5 26 8. 5 26 5 26 5 27 5 27 5 27 5 27 8. 5 27 5 27 5 27 5 27 5 27 5 27 8. 5 28 5 28 5 28 5 28 5 29*2 5 29*2 8.  day Holi day 40% 40% 5 21% 40*4 8. 8. 8. 8. 40% 5 21*2 40*2 40% 5 23 40% 40% 40*2 5 25 40% 40% 40*2 5 25 40% 39% 40*4 5 25 40%@*s 40*4 @% 39% 5 25 40%@*s 40*4 @% 39% 8. 8. 8. S. 5 25 39% 40%@*8 40*4@% 5 25 39*8 @40 40% @% 40*4 5 26 39*8 @40 40% @% 40% 5 26 40 40*8 40*4 5 26 40% 40% 40% 40% 40% 5 26 40% 8. S. 8. 8. 5 26 40% 40% 40*4 40% 40 5 26 40% 40 5 26 40% 40% 5 26 40% 40 40% 5 26 40% 40 40*4 5 26 40% 40 40*4 8. 8. S. 8. 40 5 27 40% 40% 40% 40% 40 5 27 5 27 40%—*32 40*4 40 40% 5 27 40% 40% @% 40% 5 28*2 40*8 40% 5 28*2 40%@% 40% 40*8 8. S. 8. 8.  87%, 87%, 86% 86% 86% 86*2 8. 86 85% 85*2 85% H. 85*4 8. 85 84% 84% 84% 84% 84% 8. H. 83% 82% 82% 82% 82% 8.  5 29*2 5 29*2 5 29% 5 29*2 5 29*2 5 29*2 8. 5 29*2 5 29*2 5 29*2 5 29% H. 5 40 8. 5 40 5 40 5 40 5 40 5 42 5 42 S. H. 5 40 5 52 5 51 5 52 5 52 S.  5 5 5 5 5 5  31% 81% 81% 5 52 82% 5 52*2 30 82% 82% 82% 5 48*2 29% 83 5 47 28% 82% 28% 82% 83 5 47 28% 82%+*32 83+%: 5 47 8. 8. 8. 8. 82% 83 5 45 5 28% 82% 82% 5 39 5 28% 5 28% 83 %, 83% 5 35 5 28% 84*4 5 37 84*s 83% 5 40 5 29 83*8 83% 5 40 5 29% 83*2 8. 8. 8. 8. 84*4 5 42 5 28*2 84*8 84% 5 42 5 33 84% 83% 5 43 5 31 83% 82% 5 40 5 32 82% 5 32 82% 83 5 41*2 83 5 41*2 5 32% 82% 8. 8. 8. 8. 83 5 42 5 32% 82% 5 32% 83 83% 5 41 83% 5 39 5 31% 83% 83% 5 38 5 31% 83*2 5 31% 83% 83% 5 37*2 5 31% 83% 83*2 5 37*2 8. 8. 8. 8. 5 32 83% 83% 5 37*2 5 32% 83 82% 5 37*2 83 5 33 82% 5 37*2  5 5 5 5 5 5  5 20 8. 5 20 5 20 5 20 5 21 5 21 5 21 8. 5 21 5 21 5 21 5 21 5 21 5 21 8. 5 21 5 21 5 21 5 21% 5 21% 5 21% 8. 5 21% 5 21% 5 21% 5 21% 5 20% 5 20% 8.  5 5 5 5 5 5 5 5 5 5 5  5 5 5 5 5 5 5 5 5 5 5  20% 20% 20% 20% 20% 20% 8. 21% 21% 22% 22% H. 22% S. 28 28% 26% 25% 25% 25% S. H. 27 32 29% 29% 30% S.'  87% 87% 87% 87 86*% 86% 8. 86% 85% 85% 85% H. 85*2 8. 85*8 84% 84% 85% 84% 84% 8. H. 83% 83 82% 82% 82% 8.  5 5 5 5 5 5  5 31% 5 33 5 31% 5 33 5 31% 5 33 8. 8. 5 31% 5 33 5 32 5 33% 5 32*4 5 34% 5 32% 5 34*2 5 31% 5 33*2 5 31% 5 33% S. 8. 5 31% 5 33*2 5 31% 5 34% 5 31% 5 34 5 31% 5 34 5 31% 5 34 5 31% 5 34 8. 8. 5 31% 5 34 5 31% 5 33% 5 31% 5 33*2 5 32 5 33% 5 31% 5 33% 5 32 5 33% 8. 8. 5 32 5 33% 5 32 5 33 U 5 32% 5 33*4 5 32 5 33% 5 32*8 5 33  ♦And three days’ sight.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  82% 5 38*2 82% 82% 82% 5 37*2 82% 5 37*2 82% 8. 8. 8. 82% 5 37*2 82% 82% 5 38 82% 82% 5 37*2 82*4 82% 82% 5 37*2 82*s 82*8+132 5 37*2 82*4 82% 5 37*2 8. 8. 8. 81% 81% 5 34*2 81% 81% 5 35 82 5 34 81% 82% 82% 5 33 82% 5 33 82% 82% 5 33 82% 8. 8. 8. 82% 827g 5 33% 82% 82% 5 33 82% 82% 5 33 82% 82% 5 33*2 82% 82% 5 34 82% 82% 5 34 8. 8. 8. 82*2 82% 5 32*2 82% 82% 5 32% 82% 82% 5 33 82% 5 33% 82*2 82%, 82%, 5 33%  40% 28*2 40% 28*2 28% 40% + % 28*2 40% + % 40% 28*2 40% 28*2 8. 8. 40% 5 28*2 40% 5 28*2 40% 5 28*2 40% 5 28*2 H. H. 5 39 40% 8. 8. 5 39 39% 5 39 39% 5 39 40% 5 39 40*4 5 41 40%@i8 5 41 40 8. 8. H. H. 5 39 40 5 51 39*% 5 50 39*% 5 51 39*% 5 51 39*% 8. 8.  51 50 47*2 46 46 46 8. 5 43*2 5 38 5 34 5 36 5 39 5 39 8. 5 41 5 41 5 40 5 39 5 40 5 40 8. 5 40*2 5 40 5 38 5 37 5 36*2 5 36*2 8. 5 36*2 5 36*2 5 36*2  39*% 39% 39*8 40 39*% 39*% 8. 39*% 39*8 39*8 39*8 39*% 39*8 S. 39*8 39% 39% 39% 39% 39% 8. 39*2 39*2 39% 39% 39% 39% 8. 39% 39% 39*2  t No quotations.  Holi 5 32*2 8. 5 32*2 5 32*2 5 34 5 34 5 34 5 34 S. 5 35*4 5 35*4 5 35% 5 35*4 5 35% 5 35*4 8. 5 36 5 36 5 36 5 40 5 40 5 40 8. 5 42 5 40 5 40 5 40 5 40 5 40 8.  39*% 39% 5 93 40 39% 5 94 40 39% 5 91 5 86 40*8—% 39*2 40% 39*2 5 86*2 40 39*2 5 87*2 8. 8. 8. 40% 5 84 39*2 40 5 84*2 39% 39*% 5 76 39% 40 39% 5 74*2 39*% 39% 5 65 5 76 39*% 39% 8. S. 8. 40 5 74*2 39% 39% 5 73 39*8 39% 5 76 39*% 39*% 39% 5 83 39*% 39% 5 82*2 39*% 39% 5 77 S. S. 8. 39% 5 72 39% 5 75 39% 39% 39% 5 72 39% 5 73 39% 39*8 39% 39*8 @% 5 73*2 39% 39*8 @% 5 74 g 8. 8. 5 76 39*% 39% 5 77 39*% 39% 39% 5 80*2 39% 39 39 39  8.  39 39 39 39 39 39  S. 39 39 38*8 38*8 38% @ *8 3884 @> 78 8. 38% @ *8 38% @ *8 38% @ *8 38% @ *8 38% @ *8 38% @ *8 S. 38% @ *8 38% @ *8 38% 38% @ *8 38% @ *s  Denm ’k Sweden Norway Vienna Russian Spain Kroner Kroner Kroner Kronen \ Rubles Pesetas  Bankers’ Bankers’ Bankers' Bankers’ Bankers' Bankers’ Bankers' Bank's Sight Cables Checks Cables Checks Checks Sight Sight Sight Checks  40% 5 40 40% 40% 5 40 40*s 5 40 40*4—*32 40*8 40% 5 40 40*8 40% 5 40 40*8 40% 5 40 40*8 8. 8. S. 40% 5 40 40*8 40% 5 43 40*8 40%—% 40*8 5 44 40%+*32 40*8 5 45 H. H. H. 40%@*8 40%@*4 5 45 8. 8. 8. 39% 5 50 40%@i8 40 39% 5 50 39*8 5 65 40*8 40 40% 5 65 5 67 40% @% 39*8 39% 5 67 40*8 8. S. 8. H. H. H. 39% 40% 5 80 40+% 39% 5 76 40 39*2 5 77*2 39% 39*% 5 81 39*% 39% 5 82 8. 8. 8.  5 37*2 39% 39*2 39% 5 36*2 39*2 5 36*2 39% 39 8. 8. 8. 39% 5 36*2 39*2 5 37 39% 39% 5 36% 39% 39% 39% 5 36% 39*2 5 36% 39*2 39% 5 36% 39*2—% 39*2—% 8. 8. 8. 5 33% 39%—% 39*2-% 5 34*2 39%+% 39*2+% 5 33*2 3938—% 39%+% 5 32 39% 39% 5 32 39%—% 39%+% 5 32 39%—% 39% + % 8. S. 8. 5 32% 39% 39*8 5 32 39% 39*8 39% 5 32 39% 5 32*2 3938—132 39%+% 39% 5 33 39%+% 39% 5 33 39%+% 8. 8. 8. 39% 5 32 39% 5 31% 39% 39% 5 32% 39% 39% 39% 5 32*2 39*2—% 39% 5 32*2 39*2  Greek Drachmas  5 79 5 79 5 79 8. 5 79 5 78*2 5 78*2 5 79 5 79 5 79 8. 5 77 5 79 5 79 5 78 5 78% 5 78% 8. 5 80 5 79*4 5 80 5 81 5 82 5 82 8. 5 83 5 87*2 5 88*2 5 86 5 80  day 5 31% 8. 5 31% 5 31% 5 33% 5 33% 5 33*4 5 33% 8. 5 34*2 5 34*2 5 34*2 5 34*2 5 34*2 5 34*2 8. 5 35*4 5 35% 5 35% 5 39 5 39 5 39 8. 5 41 5 39 5 39 5 39 5 39 5 39 8.  5 5 5 5 5 5  5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5  5 5 5 5 5 5  5 5 5 5 5 5 5 5 5 5 5 5  5 5 5 5 5 5 5 5 5  39*2 39% 39*2 39*2 39*2 39*2 S. 39*2 42 43 44 H 44 8. 49 49 64 64 66 66 8. H. 79 75 76*2 80 81 8.  92 93 90 85 85*2 86 8. 86 85*2 77 73*2 64 77 8. 73*2 72 75 82 82 76 8. 71 74 71 71 73 73 8. 75 76 80  5 78 5 78 5 78 8. 5 78 5 78 5 78 5 78 5 78 5 78 8. 5 76 5 78*2 5 78*2 5 77 5 78*4 5 78*4 S. 5 79*4 5 78% 5 79 5 80*2 5 81% 5 81% S. 5 82 5 87 5 88 5 85 5 79*2  Holi day t t 8. S.  8.  s.  S.  ___ s.  8.  s.  ___  ___  S.  t  ___ 8. t  ___ ___ ___ s.  ___ ___ 8. ___  ___ H.  ___ ___ H. ___ s.  S.  ___  8. H.  8. H.  ___  ___ ___ 8.  8.  Holiday 25 15 S. 25 10 25 10 25 03 24 90 24 85 24 85 8. 24 85 24 85 24 90 24 90 24 90 24 90 8. 24 90 24 90 24 90 24 90 24 90 24 90 8. 24 90 24 90 24 90 24 90 24 95 24 95 8.  Holiday 25 10 8. 25 05 25 05 24 98 24 85 24 80 24 80 8. 24 80 24 80 24 85 24 85 24 85 24 85 S. 24 85 24 85 24 85 24 85 24 85 24 85 S. 24 85 24 85 24 85 24 85 24 90 24 90 8.  Holiday Holiday H. 43 17*2 t S. 8. 8. 43% 17*2 17 40 42*2 17 40 42*2 17 40 42*2 17 40 42*2 42% 17 40 S. 8. 8. 17 40 42% 42% 17 40 42% 17 40 17 40 42% 17 40 43 43*2 17 40 8. 8. S. 17 40 43*2 43 17 40 17 40 43 17 40 43 43 17 40 17 40 43 8. S. 8. 17 40 43 19 22 17 40 43 19 22 17 35 43 19 23 17 35 43 19 24 17 35 43*2 17 35 43*2 8. 8. 8.  24% 24*3ie 24% 24% 24% 24% S. 24% 24% 24% 24% H. 24% S. 24% 24% 24% 24% 24% 24% 8. H. 24*4 24*8 24*8 24*8 24% S.  24 95 24 95 24 95 24 95 24 95 24 95 8. 24 95 24 95 24 60 24 60 H. 24 60 8. 24 60 24 60 24 60 24 60 24 60 24 60 8. H. 24 40 24 28 24 28 24 28 24 53 8.  24 90 24 90 24 90 24 90 24 90 24 90 8. 24 90 24 90 24 55 24 55 H. 24 55 8. 24 55 24 55 24 55 24 55 24 55 24 55 8. H. 24 35 24 23 24 23 24 23 24 48 S.  35 35 35 35 35 35 8. 17 35 17 00 17 00 17 00 H. 17 00 8. 17 00 17 00 17 00 17 00 17 00 17 00 8. H. 16 15 16 12*2 15 95 15 95 15% 8.  43*2 43*2 43*2 43*2 43*2 43*2 8. 43*2 44*2 44% 44% H. 44% 8. 44% 44% 44% 44% 44% 44% 8. H. 44*2 44*2 44*2 44*2 44*2 8.  24 53 24 53 24 53 24 53 24 53 24 53 S. 24 53 24 53 24 53 24 60 24 60 24 53 S. 24 60 24 60 24 60 24 60 24 60 24 60 8. 24 60 24 60 24 60 24 60 25 05 25 05 S. 25 65 25 40 25 40  24 48 24 48 24 48 24 48 24 48 24 48 S. 24 48 24 48 24 48 24 55 24 55 24 48 8. 24 55 24 55 24 55 24 55 24 55 24 55 8. 24 55 24 55 24 55 24 55 25 00 25 00 8. 25 60 25 35 25 35  70 60 60 65 65 65 8. 15 62% 15 62*2 15 62% 15 62% 15 55 15 62*2 8. 15 62% 15 55 15 65 15 65 15 65 15 65 8. 15 55 15 50 15 50 15 50 15 60 15 60 8. 15 60 15 50 15 50  44*2 44*2 44*2 44*2 44*2 44*2 8. 44*2 44% 44^2 44*2 44*2 44*2 8. 44*2 44*2 44*2 44^2 4412 44*2 8. 44*2 44*2 44*2 44*2 44*2 4412 8. 44*2 44*2 44*2  25 40 25 40 25 40 S. 25 65 25 65 25 65 25 65 25 65 25 65 8. 25 65 25 65 25 65 25 65 25 65 25 65 8. 25 65 25 65 25 65 25 65 25 65 25 65 8. 25 80 25 80 25 75 25 75 25 80  25 35 25 35 25 35 8. 25 60 25 60 25 60 25 60 25 60 25 60 8. 25 60 25 60 25 60 25 60 25 60 25 60 8. 25 60 25 60 25 65 25 65 25 65 25 65 8. 25 80 25 80 25 75 25 75 25 80  15 40 15 40 15 40 8. 15 40 15 40 15 40 15 40 15 40 15 40 8. 15 40 15 40 15 40 15 40 15 40 15 40 8. 15 40 15 40 15 40 15 40 15 40 15 40 8. 15 40 15 40 15 52 15 55 15 55  44*2 43 43 8. 43 43 43 43 43 43 8. 43 43 43 43 43 43 8. 43 43 43 43 43 43 8. 43 43 41% 41% 41% ’  Holiday 25 8. 24*% 24*% 24*8 24% 24*% 24% S. 24% 24**1, 24% 24% 24% 24% 8. 24% 24% 24% 24% 24% 24% 8. 24% 24% 24% 24% 24% 24% 8.  t  t ___ ___  8.  8.  ___  ___  ___ s.  ___ s.  ___ s.  ___ 8.  s.  ___ 8.  ....  ___ ....  24% 24% 24% 24% 24% 24% 8. 24% 24% 24% 24 45 24 45 24% 8. 24 45 24 45 24 45 24 45 24 45 24 45 S. 24 45 24 45 24 45 24 45 24 90 24 90 8. 25*2 25*4 25*4  5 29% 5 28*2 5 29*2 5 28*2 5 29*2 5 28*2 S. 8. 5 29 5 28 5 29 5 28 5 28 5 27 5 28 5 27 5 28 5 27 5 28 5 27 8. 8. 5 29*2 5 28*2 5 29*2 5 28*2 5 29*2 5 28*2 5 29*2 5 28*2 5 29 5 28 5 29 5 28 8. 8. 5 27 5 26 5 27 5 26 5 27 5 26 5 27 5 26 5 28 5 27 5 28 5 27 8. 8. 5 28 5 27 5 28 5 27 5 28 5 27 5 28 5 27 5 28 5 27  25*4 25*4 25*4 8. 25 50 25 50 25 50 25 50 25 50 25 50 s. 25 50 25 50 25 50 25 50 25 50 25 50 8. 25 50 25 50 25 50 25 50 25 50 25 50 8. 25 50 25 50 25 65 25 70 25 75  17 17 17 17 17 17  15 15 15 15 15 15  19 30  S.  H. 8. 19 40  S. H.  19 49 S.  19 51  8. 19 60 19 60  8. 19 65 19 68 19 70  8. 19 78  8.  ....  S. 20 05  S. 19 97  8. 19 92  S. 19 95  FOREIGN EXCHANGE RECORD  112  DAILY RATES OF EXCHANGE ON CONTINENTAL CENTERS—1915. Paris Francs  1915  Berlin Reichsmarks  Bankers' Com'l Checks Cables Sight May 1„ 5 32i2 2-. 8. 3— 5 325g 4__ 5 32is 5— 5 32i2 6— 5 32i4 7— 5 32 8— 5 3H2 9— 8. 10- 5 32 11— 5 32l2 12— 5 33>8 13- 5 33l2 14— 5 34 15- 5 3334 16- 8. 17- 5 34 18- 5 3434 19- 5 36’4 20- 5 40i2 21— 5 42ig 22— 5 42lg 23- 8. 24— a 25— 5 4238 26- 5 4112 27— 5 41U 28- 5 4134 29— 5 41S4 30- 8. 31— H. June 1— 5 4334 2— 5 44 3- 5 44 4— 5 4334 5.. 5 4334 6- 8. 7— 5 437g 8- 5 4334 9— 5 433g 10- 5 44 11- 5 44 12- 5 44 13- 8. 14- 5 44U 15— 5 4512 16- 5 46»2 17- 5 46^2 18- 5 46U 19- 5 46l2 20- 8. 21 — 5 4634 22— 5 46l2 23— 5 48U 24— 5 49 25— 5 50 26- 5 52>4 27- 8. 28-- 5 61 29-. 5 62l2 30. . 5 68  Bankers’ Sight Cables  Bankers’ Sight Cables  5 32ig 8. 5 32i4 5 325g 5 32 5 3134 5 3H2 5 31 8. 5 315g 5 32ig 5 325g 5 33 5 33i2 5 33U S. 5 33i2 5 3414 5 3534 5 40 5 4134 5 4134 S. 6 5 42 5 41 5 4034 5 41U 5 41l4 8. H.  82% 5 33U 5 33 82% 8. 8. 8. 8. 82% 82% 5 32 5 33U 823g 82i2 5 30 5 3314 82l2 82% 5 32i2 5 33 825g 5 3312 82% 5 32 8234 5 31 82% 5 33 8234 5 33 83 5 31 8. 8. 8. 8. 5 33 83i2 5 31 83l4 8234 827g 5 31 5 33 8234 827g 5 30 5 336g 8234 82?g 5 30 5 34 82% 5 30 5 34i2 82% 82l2 82 tg 5 30 5 34U 8. 8. 8. 8. 5 3434 825g 82% 5 29i2 8234 82% 5 35 5 2912 8234 82% 5 37 5 30 8234 82% 5 41 5 30 827g 82% a 83 5 30 5 43 82% 33 @+’82 5 30 5 43 8. 8. 8. 8. 5 43 827g@83 83ig c 5 43 83 83lg 5 30 5 43 83 83lg 5 30 5 43 83ig 83U 5 29l2 83lg 5 43 83i4 5 29l2 83lg 5 43 83i4 5 29l2 8. 8. 8. 8. H. H. H. H.  5 5 5 5 5  5 5 5 5 5  43lg 4312 43U 43 4314 8. 5 433g 5 4314 5 427g 5 43l2 5 43i2 5 43l2 8. 5 4334 5 45 5 46 5 46 5 4534 5 46 8. 5 46i4 5 46 5 4734 5 4812 5 4912 5 5112 8. 5 60 5 62 5 67i2  43 43 43 43 43 8. 5 45l2 5 4412 5 44 5 4512 5 45l2 5 45^2 8. 5 4514 5 4612 5 4712 5 4712 5 47U 5 47l2 8. 5 4712 5 47k 5 50 5 50l2 5 51l2 5 5312 8. 5 64 5 65 5 72  827g 8284 8234 8234 8234 8. 8234 825g 825g 825g 8212 82% 8. 823g 82U 82lg 82% 82% 82 8. 817g 81»4 81% 8134 81% 8134 8. 81% 81% 81  83 827g 827g 827g 827g 8. 827g 8234 8234 82% 82% 823g 8. 82% 82% 82% 82lg 82ig 82% 8. 81% 81% 8134 817g 817g 817g 8. 8H2 81% 81’g  *And three days’ sight,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  8. 81% 81% 8134 81% 82l4 82 8. 825g 82% 82%  815g 81% 8. 8H4 8U2 8H4 81% 813g 813g 8. 8Ug 81 81% 8H2 8H4 81% 8. 80% 8034  4134 8. 4134 4U2 41l2 4H2 4H4 41i4 8. 41U 41U 4H4 4II4 41l4 41U 8. 40i4 39i2 39 39 39 39 8. 39 39 39 39 39 39 8. H.  5 28 8. 5 28 5 28 5 28 5 28 5 28 5 28 8. 5 28 5 28 5 28 5 28 5 28 5 28 8. 5 28 5 28 5 27l2 5 27l2 5 27i2 5 27l2 8. 5 27l2 5 27l2 5 27l2 5 27l2 5 27l2 5 27l2 8. H.  5 27 8. 5 27 5 27 5 27 5 27 5 27 5 27 8. 5 27 5 27 5 27 5 27 5 27 5 27 8. 5 27 5 27 5 26l2 5 26i2 5 26l2 5 26l2 8. 5 26l2 5 26l2 5 26l2 5 2612 5 26’2 5 2612 8. H.  25 75 8. 25 80 25 85 25 85 25 85 25 85 25 85 8. 25 85 25 90 25 90 25 92 25 95 25 95 8. 25 95 25 92 25 92 25 95 25 95 25 95 8. 25 95 25 95 25 95 25 95 25 95 25 95 8. H.  25 80 8. 25 85 25 90 25 90 25 90 25 90 25 90 S. 25 90 25 95 25 95 25 95 26 00 26 00 8. 26 00 25 97 25 97 26 00 26 00 26 00 8. 26 00 26 00 26 00 26 00 26 00 26 00 8. H.  25 80 8. 25 85 25 90 25 90 25 90 25 90 25 90 8. 25 90 25 95 25 95 25 95 26 00 26 00 8. 26 00 25 97 25 97 26 00 26 00 26 00 8. 26 00 26 00 26 00 26 00 26 00 26 00 8. H.  15 55 S. 15 45 15 45 15 45 15 55 15 55 15 55 8. 15 55 15 70 15 70 15 70 15 65 15 65 8. 15 55 15 55 15 55 15 55 15 55 15 55 8. 15 55 15 55 15 55 15 55 15 55 15 55 8. H.  2812 2712 27l2 2712 27l2 8. 5 25U 5 25U 5 2512 5 25l2 5 25l2 5 25l2 8. 5 28 5 29 5 29l2 5 30 5 33l2 5 34 8. 5 37 5 3434 5 34l2 5 33l2 5 34l2 5 38 8. 5 3812 5 39i2 5 42l2  3912 39% 39l2 39% 39l2 39% 3978 40 397g 40 8. 8. 397g 40 397g 40 397g 40 397g 40 3934 @7g 397g@4C 3934 @7g 397g@4C 8. 8. 397g+% 40—% 397g+% 40—% 397g+% 40—% 397g+% 3934@78 397g@4C 3934 @7g 397g@4C 8. 8. 39%—% 40 39%—% 40 39%—1.2 40 39%—1.2 40 39% 40 + 1.2 39%+% 40+% 8. 8. 39% 40 39% 40 39% 40  3834@7g 5 95 3834@7g 5 93 3834@7g 5 9H2 5 91l2 5 92 8. 8. 39% 5 92l2 5 91l2 39% 39% 5 90l2 39% 5 9034 39% 5 90l2 39% 5 91 8. 8. 39% 5 92l2 39% 5 93i2 5 94l2 39% 39% 5 95l2 395g 5 96 5 96l2 395g 8. 8. 5 97 395g 5 9534 395g 395g 5 96 5 95l2 395g 5 98 39&g 6 02 395g 8. 8. 6 04 6 13 6 16  5 5 5 5 5  94 92 9034 9034 9U2 8. 5 92 5 91 5 90 5 90 5 90 5 90l2 8. 5 92 5 93 5 94 5 95 5 95l2 5 96l4 8. 5 96l2 5 95U 5 9512 5 95 5 9712 6 01 8. 6 03 6 12 6 15  5 5 5 5 5  27l2 27l2 27l2 26^2 26l2 8. ' 5 26l2 5 26l2 5 26l2 5 26i2 5 26l2 5 26l2 8. 5 2612 5 27 5 27 5 27 5 27 5 27 8. 5 27 5 27 5 27 5 27 5 27 5 27 8. 5 27 5 27 5 26  5 5 5 5 5  26l2 26i2 2612 2512 25l2 8. 5 25i2 5 25l2 5 25l2 5 25l2 5 25b 5 25I2 8. 5 2512 5 2612 5 2612 5 2612 5 2612 5 2612 8. 5 2612 5 26l2 5 26l2 5 26l2 5 2612 5 2612 8. 5 26l2 5 26l2 5 25  25 95 25 95 25 95 25 95 25 95 8. 26 35 26 35 26 35 26 35 26 42 26 42 8. 26 40 26 40 26 38 26 40 26 40 26 40 8. 26 35 26 35 26 33 26 33 26 33 26 35 8. 26 35 26 35 26 35  26 00 26 00 26 00 26 00 26 00 8. 26 40 26 40 26 40 26 40 26 47 26 47 8. 26 45 26 45 26 42 26 44 26 44 26 44 8. 26 40 26 40 26 38 26 38 26 38 26 40 8. 26 40 26 40 26 40  26 26 26 26 26  00 00 00 00 00 8. 26 40 26 40 26 40 26 40 26 47 26 47 8. 26 45 26 45 26 42 26 44 26 44 26 44 8. 26 40 26 40 26 38 26 38 26 38 26 40 8. 26 40 26 40 26 40  15 15 15 15 15  44 44 39 8. H. 39 391? 381? 3834 38 8. 38 3714 3714 3714 37I4 3612 s." 3612 35 35 35 36 36 8. 36 3612 3612 37 37l2 38  5 431? 5 4312 5 38l2 8. H. 5 3812 5 39 5 38 5 3734 5 37 8. 5 37 5 3634 5 3634 5 3634 5 3634 5 36 ’ 8. 5 36 5 34 5 34 5 34 5 35 5 35 8. 5 35 5 3512 5 3512 5 36 5 36l2 5 37l2  39% 40 39% 40 39% 40 8. 8. H. H. 39% 40 39% 40 39% 40 39%+% 40 + % 40% 40ig 8. 8. 40% 401s 40% 4018 40% 4018 40% 4018 40% 4018 40% 8. s’. 40% 40is 40% 40ig 40% 401g 40ig 4014 + % 40lg 4d4+% 40lg 40U + % 8. 8. 40lg 40i4+% 40ig 40i4+% 40%+3.2 40%+% 40%+ 832 40%+% 40%+ 332 40%+% 40%+ 332 40%+%  6 16 6 06 6 09 8. 8. H. H. 6 09 6 13 6 11 40+% 6 13 6 09 40’g 8. 8. 6 12 6 10i2 6 12 6 12l2 6 13 6 12l2 8. 8. 6 13 397g 6 14 6 14 397g 6 20 397g 397g 6 21 397g 6 21l2 8. 8. 397g 6 25 397g 6 28 6 30 3934 6 3312 3934 6 40 3934 6 41 3934  6 15 6 05 6 08 8. H. 6 08 6 12 6 10 6 12 6 08 8. 6 11 6 09i2 6 11 6 12 6 1212 6 12 8. 6 12 6 13U 6 1314 6 19 6 20 6 2012 8. 6 24 6 27 6 29 6 33 6 3912 6 40  5 26 5 26 5 26 S. H. 5 26 5 26 5 26 5 26 5 26 8. 5 26 5 26 5 26 5 26 5 26 5 26 S. 5 26 5 26 5 26 5 26 5 26 5 26 S. 5 26 5 26 5 26 5 26 5 26 5 26  5 25 5 25 5 25 8. H. 5 25 5 25 5 25 5 25 5 25 8. 5 25 5 25 5 25 5 25 5 25 5 25 8. 5 25 5 25 5 25 5 25 5 25 5 25 S. 5 25 5 25 5 25 5 25 5 25 5 25  26 35 26 35 26 35 8. H. 26 35 26 35 26 35 26 35 26 35 S. 26 25 26 00 25 85 25 93 25 65 25 65 8. 25 65 25 65 25 65 25 65 25 65 25 70 8. 25 80 25 80 25 90 25 83 25 83 25 83  26 40 26 40 26 40 8. H. 26 40 26 40 26 40 26 40 26 40 8. 26 30 26 05 25 90 25 95 25 70 25 70 8. 25 70 25 70 25 70 25 70 25 70 25 75 S. 25 85 25 85 25 95 25 88 25 88 25 88  26 40 26 40 26 40 8. H. 26 40 26 40 26 40 26 40 26 40 8. 26 30 26 05 29 90 25 95 25 70 25 70 8. 25 70 25 70 25 70 25 70 25 70 25 75 S. 25 85 25 85 25 95 25 88 25 88 25 88  15 18 15 18 15 10 8. H. 15 10 15 10 15 10 15 10 15 10 8. 15 10 15 10 15 10 15 10 15 10 15 10 8. 15 10 15 10 15 10 15 10 15 10 15 15 8. 15 15 15 15 15 15 15 15 15 15 15 15  3734@38 3734@38 3734 @38 S. 8. H. H. 3734 @38 18 64 3734 @38 3734@38 3734 @38 3734 @38 8. 3734 @38 3734 @38 3734 @38 3734 @38 3734 @38 3734 @38 a. 8. 3212 19 07a23 32 32 32 32 32 8. 8. 19 07al5 32 327g 3312 3312 33l2 33l2  8. 37 3612 34 3212 31 31 8. 5 31 5 33l2 5 33l2 5 34 5 3634 5 38 8. 5 40 5 41 5 40 5 35 5 38 5 40 8. 5 37 5 37l2 5 38 5 39 5 42 5 42 8. 5 43 5 44  8. 36l2 35l2 33i2 32 30l2 30l2 8. 5 30l2 5 32l2 5 32l2 5 33 5 3534 5 37 8. 5 39 5 40 5 39 5 34 5 37 5 39 S. 5 36 5 36l2 5 37 5 38 5 41 5 41 8. 5 42 5 43  8. 8. 8. 6 40%+% 40%+% 3934 6 40%+% 40%+% 3934 6 40%+% 40% + % 3934 6 40%+% 40%+% 3934 40% 6 40% 4012 40% 6 40% 40i2 8. 8. 8. 40% 6 40’% 40i2 6 40% 40% 40l2 40% 6 40% 40l2 40% 6 40% 4012 40’% 403g 397g @40 6 40lg@’% 403g 397g@40 6 8. S. 8. 6 39% 39% @40 395g 6 39% 39% @40 395g 395g 393g 6 3934 393g 8 395g 3934 39% 6 40+% 395g 395g 6 40 40lg S. 8. 8. 397g 40% 6 40U 397g 40 6 40l4 397g 5 40 40lg 397g 397g 5 40 397g 6 40 397g 3934 6 40 8. 8. 8. 3934 395g 397g 6 397g 395g 3934 6  8. 25 25 25 25 25 25 8. 25 25 25 25 25 25 8. 26 26 26 26 26 26 S. 26 26 26 26 26 26 8. 26 26  8. 25 90 25 80 25 80 25 85 25 85 25 85 S. 25 85 25 85 25 85 25 85 25 85 25 85 S. 25 70 25 65 25 60 25 60 25 70 25 70 S. 25 70 25 70 25 75 25 70 25 65 25 65 8. 25 65 25 65  8. 95 85 85 90 90 90 S. 25 90 25 90 25 90 25 90 25 90 25 90 8. 25 75 25 70 25 65 25 65 25 75 25 75 8. 25 75 25 75 25 80 25 75 25 70 25 70 8. 25 70 25 70  8. 25 95 25 85 25 85 25 90 25 90 25 90 8. 25 90 25 90 25 90 25 90 25 90 25 90 8. 25 75 25 70 25 65 25 65 25 75 25 75 8. 25 75 25 75 25 80 25 75 25 70 25 70 8. 25 70 25 70  8. 15 15 15 15 15 15 15 15 15 15 15 15 8. 15 20 15 20 15 20 15 18 15 18 15 18 8. 15 18 15 18 15 12 15 12 15 10 15 10 8. 15 08 15 08 15 08 15 05 15 05 15 05 S. 14 97 14 97  8. 8. 19 07 33 33 33 33 33 33 8. 8. 3234 19 15o36 3234 31 34l2@35 34l2 35l2 8. 8. 35l2 18 72a26 36l4 37 37 37 37 S. 34 34 34 34l2 34l2 34l2 8. 8. 34 18 64 34  28 27 27 26 26 8. 5 26 5 26 5 2612 5 26l2 5 2612 5 2612 8. 5 2812 5 2912 5 30 5 3034 5 34 5 3412 8. 5 37i2 5 3514 5 35 5 34 5 35l2 5 38i2 8. 5 39 5 40 5 43  5 5 5 5 5  8. 70l2 68 64 64 64 66 8. 5 72 5 7712 5 80 5 8212 5 87i2 5 89 8. 5 99 5 99 5 96l2 5 85 5 88 5 90 8. 5 86 5 86 5 90 5 96 5 97i2 5 97l2 8. 6 02 6 00l2  S. 815g 8H2 81% 815g 82lg 81% 8. 82i2 82l2 82l4 81% 8H2 8U2 8. 81’g 81 81’g 8H4 81% 8U4 8. 81 807g 81’g 813g 81ig 8II4 8. 807g 805g  Bankers’ Bankers’ Banke s’ Bankers’ Bankers' Bankers' Bankers’ Com’erclal Bankers Sight Checks. Sight Sight Cables Checks Cables Checks Checks Checks Sight 5 79i2 8. 5 8H2 5 81i2 5 82l2 5 81 5 81 5 81 8. 5 87 5 86 5 90l2 5 90’2 5 92 5 92 8. 5 84 5 84 5 86l2 5 87 5 87 5 8612 8. 5 86l2 5 83 5 83l2 5 75 5 78 5 78 8. H.  Aug ust I.. 8. 2.. 5 717g 3.. 5 69 4__ 5 64l2 5.. 5 65 6.. 5 6434 7— 5 6634 8-. 8. 9.. 5 73 10. . 5 78l2 11— 5 81 12. . 5 83 13.. 5 8812 14. _ 5 90 15. . 8. 16-. 6 00 17— 6 00 18. . 5 97l2 19-. 5 86 20. . 5 89 21.. 5 90 22.. 8. 23.. 5 87 24.. 5 87 25.. 5 91 26.. 5 97 27.. 5 98l2 28- 5 98i2 29.. 8. 30. . 6 03 31— 6 01  8. 7314 70i4 6534 66I4 66 68U 8. 5 7434 5 80 5 80 5 83l4 5 90 5 91 8. 6 O134 6 0134 5 99U 5 89 5 91 5 92 8. 5 89l2 5 89l2 5 93 5 99 3 00 6 00 8. 3 05 6 0312  Denm’k Sweden Norway Vienna Russian Spain Kroner Kroner Kroner Kronen Rubles Pesetas  38*4 @7g 5 80 8. 8. 38^4 @7g 5 82 3834@7g 5 82 3834@7g 5 83 3834@7g 5 82 3834@7g 5 82 3834@7g 5 82 8. 8. 3834@7g 5 88 3834@7g 5 87 387g 5 91 387g 5 91 3834@7g 5 92l2 3834@7g 5 92l2 8. 8. 3834@7g 5 85 3834@7g 5 85 3834@7g 5 87 3834@7g 5 8712 3834@7g 5 87l2 3834@7g 5 87 8. 8. 3834@7g 5 87 3834@78 5 83l2 3834@7g 5 84 3834@7g 5 75l2 3834 @ 78 5 78l2 3834@7g 5 78l2 8. 8. H. H.  5 67U 5 70 81ig 81% 5 81% 5 813^ 5 66U 5 681? 81% 5 5 63 5 68U 81i2 8. 8. 8. s: H. H. H. H. 5 63 5 68U 8H2 81% 5 81% 5 5 65 5 6934 8H2 8134 5 64 5 68l2 817g 5 815g 5 63U 5 67 8134 5 5 62i2 5 65l2 8IS4 5 81“ii 8. 8. 8. 8. 5 62l2 5 6534 81% 81i2 5 5 62i2 5 65 813g' 81% 5 5 61 5 6312 81% 815s 5 81% 5 8li2 5 5812 5 61 81% 5 5 57 5 59 8H2 5 53 5 56 Slb + ha 81%+ln 5 8. s. 8. 8. 5 53 5 551? 81% 5 8112 817g 5 5 57l2 5 60 ’ 8134 823g 5 5 6034 5 60 82U 5 63 5 65 82 81% 5 817g 5 63 5 65U 81% 5 817g 5 5 63U 5 65l2 81% S. S. 8. 8. 817g 5 63 5 6434 82 5 5 6212 5 6434 815g 81% 5 5 64 5 66I4’ 813g 81% 5 813g 5 68 5 6934 81% 5 5 69l2 5 7U2 8H2 81% 5 817g 5 5 70 5 72 8134  5 5 5 5 5 5  Bankers’ Sight Cables  Greek Drachmas  5 32l2 39i2 39% 8. 8. 8. 5 32l2 39i2 + % 5 30l2 39%+% 39i2+% 5 32 39%+% 39i2 5 3U2 39%+% 3912 + i.2 5 30 3912—1.2 39% +*32 5 30 39% 39% 8. 8. 8. 5 30 39% 39% 5 30 391^1.2 39 %—132 395g 5 29 39% 5 29 395g 39% 5 29 39l2 39% 5 29 3912 + i.j 39% 8. 8. 8. 5 2812 39i2 39% 5 28l2 39l2 39% 5 29 39l2 39% 5 29 39i2 39% 5 29 39i2 39% 5 29 39i2 39% 8. 8. 8. d 39i2 39% d 39i2 39% d 39i2 39% 5 2812 39i2 39% 5 2812 39l2 39% 5 28»2 39l2 39% 8. 8. 8. H. H. H.  July 1— 5 68 2— 5 6534 3.- 5 63l2 4— 8. 5-- H. 6__ 5 63l2 7— 5 65l2 8_- 5 64l2 9-. 5 64 10-- 5 63 11— 8. 12-_ 5 63l4 13-. 5 63 14-. 5 6H2 15-. 5 59 16-- 5 57’2 17. - 5 54 8. 18-. 19 . 5 53l2 20-. 5 58 21.. 5 62l2 22.. 5 6334 23.. 5 64 24.. 5 64l4 25.. 8. 26.. 5 63i2 27.. 5 63i2 28-- 5 65 29.. 5 68l2 30. . 5 70 31-. 5 70l2  5 5 5 5 5 5  Italian Lire  Amsterdam Guilders  Swiss Francs  {Continued.)  5 5 5 5 5 5  a 5 42i2@5 43i2.  5 5 5 5 5  5 5 5 5 5 5  b 5 4H2@5 42i2.  c 5 29i2@5 30i2.  S. 40 31 25 24 23 24 8. 34 36 39 40 40 40 S. 49 50 48l2 45 46 45 8. 44 43 4412 49 50 48 8. 50 53  6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6  8. 39 30 2412 23 22 23 8. 33 35 38 3912 39 39 8. 47 40 4712 44 45 44 8. 43 42 43i2 48 49 47 8. 49 52  d 5 28i2@5 29>2.  5 5 5 5 5 5 5 5 5 5 5 5  5 5 5 5 5 5  5 5 5 5 5 5 5 5  8. 26 26 26 26 26 26 8. 26 26 26 26 26 26 S. 27 27 27 27 27 27 8. 27 27 27 27 27 27 8. 27 27  5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5  5 5 5 5 5 5 5 5  25 25 25 25 25 25  55 55 55 55 55 8. 15 45 15 45 15 45 15 45 15 45 15 45 S. 15 45 15 35 15 35 15 35 15 35 15 35 8. 15 35 15 35 15 35 15 35 15 35 15 20 8. 15 18 15 18 15 18  S. 19 80  S. 19 61a72  8. 19 43  19 14  a.  19 01  19 21  a.  H.  39 39 39 39 39 8. 3934 38l2 38>4 38’4 38U 38l4@l2 8.  "s’.""’  38^4 38^4 @,2  18’92a04  8. 19 08  19 05  38*4 @i2 3814®’2 38l2@34 38^2 @34  8. 8. 3812@s4 18 74a86 38l2@34 18 75 38^2 @34  38 @38J4 38^4 @*2  18 64  3814 @12 8. 38l4@l2 38i4@i2  8. 18 63 18 58  FOREIGN EXCHANGE RECORD  113  DAILY RATES OF EXCHANGE ON CONTINENTAL CENTERS—1915. Paris Francs  Berlin Reichsmarks  Swiss Francs  Com'l Bankers’ Checks Cables * Sight  Bankers’ Sight Cables  Bankers' Sight Cables  1915  Sept. 1 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____  6 5 5 5  03 98 95 94 8. H. 5 98 5 97 5 95 5 94 5 98 8. 5 97 5 97 5 96 5 86 5 80 5 87 S. 5 80 5 82 5 83l2 5 86b 5 87 5 8712 S. 5 8712 5 86I2 5 80 “ 5 76U  Qctober 1.......... 5 76b 2____ 5 76l2 3......... 8. 4_____ 5 79b 5......... 5 80 6___ _ 5 79 7......... 5 80 8___ 5 81b 9____ 5 83 s. 10____ 11____ 5 85b 12... . H. 13......... 5 85l2 14.. .. 5 85b 15......... 5 86 16____ 5 85b 17.......... 8. 18____ 5 85!4 19____ 5 86 ’ 20____ 5 87 21____ 5 90 22......... 5 92 23____ 5 94 24___ S. 25......... 5 95 26......... 5 95b 27.......... 5 98 28......... 29... . 5 92b 30____ 5 95b 8. ' 31......... Nov 1. ... 5 2____ 3___ 5 4......... 5 5_____ 5 6___ 5 7____ 8____ 5 9___ 5 10......... 5 11____ 5 12____ 5 13.......... 5 14____ 15......... 5 16____ 5 17_____ 5 18____ 5 19____ 5 20____ 5 21......... 22_____ 5 22_____ 5 24____ 5  25____ 26......... 27_____ 28......... 29____ 30____  5 5 5 5  02 97 94 93 8. H. 5 97 5 96 5 94 5 93 5 97 8. 5 96 5 96 5 95 5 85 5 79 5 80 8. 5 79 5 81 5 82l2 5 85b 5 86 5 86b S. 5 86b 5 851? 5 79 5 75i2  6 5 5 5  05 9934 97 96 8. H. 5 9912 5 99 5 97 5 951^ 5 99b 8. 5 981? 5 98b 5 97b 5 88 5 82 5 83 8. 5 82 5 84 5 85l2 5 88i2_ 5 89 5 89 S. 5 89 5 88 5 82 5 80U 6 5 5 5  8034 80% 8034 81 8. H. 813g 81b 82b 82b 8214 8. 8214 8214 823g 8234 8312 83b S. 835g 83i2  83l4 83b 83b 83b S. 83% 8334 84 84U  807k  80% 807g 81b s. H. 8H2 82 82b 82 b 82b s. 82b 82b 82b 83  833a S. 8334 83b 833g 833ft 8334 83% s. 83% 837? 84b 84b  84b 5 75b 5 78 84b 5 75b 5 78 S. " s. S. 83% 5 78b 5 81b 5 79 5 81b 83b 5 78 5 80b 83% 5 79 5 81b 83 8234 5 80b 5 83 ~ 5 82 5 841? 82b S. s. S. 823g 5 84b 5 86b H.~ H. H. 5 8434 5 8712 82b 5 8434 5 87b 82b 5 85 " 5 871? 82b 5 84b 5 87 82b 8. s. 8. 5 84b 5 87 82 b 5 85 ** 5 871? 82b 82% 5 86 5 88b 5 89 5 9H2 82% 5 91 82% 5 93 5 951? 82% 8. 8. s. 8134 5 94 5 97 5 94b 5 97 81b 6 00b 5 97 81b 5 941? 5 97 81%@^ 5 91b 5 93b 81% 5 94l2 5 97b 81% 8. 8. s;~  8438  8134 93i2 5 92l2 5 95 H. H. H. E. 93 5 92 5 9434 8134 041? 15 931q 5 95b 81b 96 5 95 5 97b 81b 96 5 95 5 97b 81b 8. 8. 8. s. 96 5 95 5 97l2 81b ©b 81% " 98b 5 95 5 97b 97i2 5 96l2 5 9834 8lb 98b 5 973g 5 9934 81% 81% 99>4 5 98l2 6 0034 81^ 98 ' 5 97 5 99b 8. 8. 8. s. 96i2 5 95i2 5 98 81 94 5 93 5 9512 80% 8034 91b 5 905g 5 93 91 5 90 5 9284 80% 91 5 90b 5 91b 80b 9214 5 9114 5 91b 80b s.' 8. 8. s. 93 5 92l2 5 94 80b 92U 5 fllb 5 94 80b 92U 5 9119 5 9414 80b H. H. H. H. 9H? 5 89i2 5 92 80b 803g 90 5 91 5 9134 s. ' 8. 8. s. 87 5 86 5 89 79 79b" 82 5 81 5 83  8178 H. 817s 81b 8lb 81b s.  Dec 1......... 5 81 5 80 2......... 5 82l2 5 8H2 5 8534 5 8434 3 4____ 5 86b 5 85b R____ 8. 8. 6___ 5 87b 5 8614 7......... 5 87 5 86I4 8___ 5 88U 5 871? 9____ 5 85 5 84 10......... 5 8412 5 83i2 11.......... 5 85 5 84l2 S. " 12.......... 8. 13.......... 5 87b 5 8Kb 14____ 5 86b IS 85b 15......... 5 86i2 5 8534 16.. .. 5 85>4 5 84i4 17.......... 5 86 5 85 18___ 5 84 5 83 8. 8. 19......... 20____ 5 83 5 82 21......... 5 833g 5 8234 22____ 5 84b 5 83b 23___ 5 853. (5 843. 24......... 5 85 5 84 H. H. 25____ S. 8. 26____ 27____ 5 84ig 5 83ig 28......... 5 84i2 5 8334 29___ 5 85l4 5 84U 30......... 5 851? 5 841? 31... 5 85l2 5 85  45 42 34 34 8. H. 5 34 26  44 41 33 33 8. H. 5 33 5 35  24  5 32  1 5 22 5 31  5 33  5 32  5 5 5 5  ♦And three days’ sight.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  8.  S. 5 5 5 5  22 22 22 28  5 1.5 5 15  22 22 21 27  5 30 5 30 R. 5 30 5 30  5 24 5 25 S. 5 29 5 29 5 29 5 30 5 29 5 29 8. 5 29 5 29  5 26  15 25  5 27  5 26  5 25 5 26 S. 5 30 5 30 5 30 5 31  5 26 5 25 5 26 5 25 ». S. S. 83% 5 26b 5 25b 83b 5 28b 5 27b 83% 5 28b 5 27b 8318 5 2912j 5 281? 827ft 5 31 5 30 825r 5 32 5 31 s 8. S. 82b 5 34 5 33 H. H. H 82b 5 34b 5 33b 8234 5 32 5 31 8234 5 32 5 31 8234 5 32 5 31 S. S. S. 82b 5 29 5 28 82b 5 31 5 30 82% 5 31 5 30 82b 5 33 5 32 82b 5 34 5 33 82b 5 35 5 34 S. S. S 8178 5 40 5 39 8134 5 38b 5 37b 81% 5 3812 5 371? 81% 5 37b 5 36b 81% 5 32 5 31 8112 5 34 5 33 s. 8. 8. 843?  813s 81b 813ft 8II4 81b 8. 81b 81 8078 8034 80% 80% 8. 805s 80% 8034 H. 80% 80% s. 7958 7958  5 34 H. 5 34 5 33  5 33 H. 5 33 5 32  8. 32 33 32 31 32 32 8. 33 34 34 33 32 32 8.  8. 31 32 31 30 31 31 8.  Bankers' Cables Sight 39% 39% 39b" 397g S'. H. 40 40 40'g 40*g 40ig 8. 40ig 40>g 40'g 40U 403g 40U S'. 40i4 40U 40U 40U 40U 40U S'. 40>4  40U 403g 403g  403g 403g 8. 403g 40i2 405g 405g 40&g 40?g S. 40l2 H. 40l2 40i2 40i2 40l2 8. 4034 40?g 41ig 41U 407g 40?g S'. 40l2 4012 4U4 41 4H2 41i2 S.  5 221o 5 21 lo  H. 42 42 417g 417g 8. 417g 417g 417g 417g 42 417g S'. 417g 415g 41»g 415g 4134 415g S. 417g  5 321? 5 3119  417g  5 21 lo 5 2910  42 H. 417g 417g 8. 417g 417g  5 22 5 21 5 221o 5 21 lo  5 5 5 5 5 5  5 5 5 5 5 5  5 5  5 5  H. 33 32 S. 321? 32b  7934 82 5 32b 79b 84 78% 78b 5 331? 87 5 3334 7834(3} 7r 5 3334 88 S. s. S. S. 5 89 79 5 33 78b 79 791a 5 8884 5 32 5 89b 79® %79%ffilx 5 32 5 86 ~ 7834 ra 7a 787oTa79 5 21 5 8534 785? <a Z. 78nZ, <&3. Is 32 5 8634 78% " 5 32 78b s.' s. S. S. 5 8934 5 32 77b 77b 5 8734 77 77b 5 31b 7634 5 88I4 7678 5 31b 7634 5 86l2 7678 5 31 76tg 5 87l2 7634 5 28 5 8534 763g 5 28 76b 8. ' 8.' s. 8. 5 8412 77U 7738 5 24 5 84l2 77ig 7714 5 26 5 8684 77 " 5 25 77b 5 86b 5 27 7658 76b 5 861? 7678 76% 5 27 H. H. H. H. 8. 8. 8. 8. 765g 5 85sg 76% 5 25 5 8534 76b 765g 5 25b 7634 5 86b 5 25 76b 5 86iil 5 26 76’ 5 86 76ig 5 26  5 5 5 5  5 5 5 5  Amsterdam Guilders  5 5 5 5 5 5  5 32  5 5 5 5 5  33 33 32 31 31 s.  H. 5 32  5 31 S. 5 311? 5 31b  5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5  Italian Lire  Denm. Swed. Norw. Vien’a Russian Spain Kroner Kroner Kroner Kronen Rubles Pesetas  Bankers’ Com’ercial Bankers' Bank 's’ Bank 's’ Bank 's’ Bank 's' Bankers' Bankers’ Sight Sight Cables Checks\ Cables Checks Checks Checks Sight Sight Checks  39% 39% 39% 39% 8. H. 40U 40U 40i4 40U 40U 8. 403g 403g 403g 405g 405g 405g S. 405g 405g 405g 405g 405g 405« 8. 405g 405g 405g 405g  393g 393g  40=g 40sg 8. 405g 4034 407g 407g 407g 407g S'. 4034 H. 4034 4034 40®4  5 22 6 23 S. 6 23 6 25 6 26 6 29 6 32 6 33 8. 6 36 H. 6 37 6 39 6 42  8. 41 4Pg 41i2 4H2 41ig 41lg 8. 4034 4034 4H2 41U 4134 4134 8.  39% 39% S.' 39% 40 40 40 40 40 S. 40 H. 40 40 40 40 8. 40ig 40M 41 41 4034 4034 S. 40l4 40U 41ig 407g 41l4 4114 8.  415g@34 H. 4212 4212 42U 42U S. 42U 4214 42U 42ig 4214 42 8. 42lg 417g 417g 417g 417g 41?g 8. 42ig 42lg 42lg H. 42 42 S. 42 42  41U H. 4134 4134 415g 415g 8. 415g 415g 415g 415g 4134 4134 8. 4134 413g 413g 413g 4H2 4H2 S. 415g 415g 415g H. 415g 4158 8. 4158 415g  6 44 H. 6 44 6 43 6 43 6 431? 8. 6 43l2 6 46 6 46 6 46 6 46i2 6 47 8. 6 48 6 49 6 49 6 4734 6 4634 6 48^4 S.  4034  Greek Drachmas  {Concluded.)  395?  395g S'. H. 39% 39% 39% 39% 39% 8. 397g 397g 397g 39% 39% 39% 8.' 39% 39% 39% 39% 39% 39% S.' 39% 39% 39% 39%  53 47 43 44 8. H. 5 47 5 48 6 45l2 6 42 6 41 8. 5 42 6 40 6 39 6 25 6 21 6 26 S. 6 18 6 20 6 22l2 5 29 6 33 6 29 8. 6 28 6 29 6 22 6 24 6 6 6 6  14 97 14 97 14 97 14 97 s. H. 15 00 15 00 15 05 15 05 15 05 8. 15 05 15 15 15 15 15 25 15 35 15 35 S. 15 40 15 40 15 40 15 40 15 50 15 50 S. 15 50 15 50 15 55 15 55  34 34U 34b 34b 8.' H. 34i2 34l2 34l2 34l2 34i2 8. 34l2 34b 34l2 35 " 35 35 8. 353. 3534 3534 3534 3534 3534 s. 3534 3534 35b 35i2  18 75 19 00 19 00 19 00 8. H. 18 75 18 75 18 75 17 85 17 85 8. 17 85 17 85 18 72 18 72 18 90 18 90 8. 18 90 18 93 18 93 18 93 18 93 18 92 8. 18 92 18 95 18 95 18 95  15 55 15 55 S. 15 55 15 55  35b 35b S. 35b 35b 35 35 35 35 S. 34b H. 34b 34 b 34b 34b S. 3434 3434 3434 34 34 34 S. 33b 33b 33b 33b 33 “ 33 s.  18 95 18 95 s. 18 95 18 95 18 95 18 95 18 97 18 97 S. 18 97 H. 18 97 18 98 18 98 18 98 S. 18 98 18 98 19 00 19 00 19 00 19 00 S. 19 00 19 05 19 05 19 05 19 05 19 03 8.  3334 H.  19 03 H. 19 01 19 01 19 01 19 03 8. 19 03 19 03 19 03  5 27  5 26  5 26  5 27  5 26  5 27 8. 5 27 6 39 5 27 6 38 5 27 5 24 5 27 6 20 5 27 6 25 5 27 8. 8. 6 17 5 27 6 19 5 27 6 21i2 5 27 5 28 5 27 6 32 5 27 6 28 5 27 8. 8. 6 27 5 27 6 28 5 27 6 21 5 27 6 23 5 27  5 26 8. 5 26 5 26 5 26 5 26 5 26 5 26 8. 5 26 5 26 5 26 5 26 5 26 5 26 8. 5 26 5 26 5 26 5 26 5 26 5 26 s. 5 26 5 26 5 26 5 26 5 26 5 26 S. 5 26 H. 5 26 5 26 5 26 5 26 s 5 26 5 26 5 26 5 26 5 26 5 26 S. 5 26 5 26 5 26 5 26 5 26 5 26 8.  25 95 25 95 S. 25 95 25 95 26 05 26 05 26 05 26 05 S. 26 05 H. 26 05 26 05 26 05 26 05 S. 26 10 26 10 26 10 25 90 25 90 25 90 S. 25 90 25 90 25 90 26 00 26 20 26 20 8.  26 00 26 00 S. 26 00 26 00 26 10 26 10 26 10 26 10 S. 26 10 H. 26 10 26 10 26 10 26 10 S. 26 15 26 15 26 15 25 95 25 95 25 95 S. 25 95 25 95 25 95 26 05 26 25 26 25 8.  26 00 26 00 S. 26 00 26 00 26 10 26 10 26 10 26 10 S. 26 10 H. 26 10 26 10 26 10 26 10 S. 26 15 26 15 26 15 25 95 25 95 25 95 S. 25 95 25 95 25 95 26 05 26 25 26 25 8.  26 H. 26 26 26 26 8. 26 26 26 14l4 1414 14U S. " 1414 14U 14b 1414 14b 1414 8. 14U 14b 14U H. I4I4 14b s.' 14U 14U  26 20 H. 26 20 26 20 26 20 26 20 8. 26 20 26 20 26 30 26 55 26 85 26 85 8. 26 65 26 70 26 70 26 70 27 05 26 95 8. 26 95 26 95 27 15 H. 27 45 27 70  26 25 H. 26 25 26 25 26 25 26 25 8. 26 25 26 25 26 35  28 05 28 00  26 25 H. 26 25 26 25 26 25 26 25 8. 26 25 26 25 26 35 26 60 26 90 26 90 8. 26 70 26 75 26 75 26 75 26 95 27 66 8. 27 00 27 66 27 20 H. 27 50 27 75 S. 28 10 28 05  5 1514 5 14U 5 15U 5 14U 5 1514 5 14b  28 00 27 95 27 95 27 90 S. 28 00 28 00 28 00 28 00 28 00 28 00 S. 27 50 26 30 26 30 27 50 27 70 27 70 8. 27 70 27 50 27 60 27 40 27 40 H. 8. 27 50 27 50 27 45 27 40 27 40  28 05 28 00 27 95 27 95 S. 28 05 28 05 28 05 28 05 28 05 28 05 S. 27 55 26 60 27 30 27 90 28 05 28 05 8. 28 00 27 75 27 90 27 70 27 70 H. 8. 27 80 27 80 27 75 27 70 27 70 j  5 5 5 5  27 27 27 27 8. H. 5 27  5 41  6 43 H. 6 43 6 42 6 42 16 421? 8. 6 4212 6 45 6 45 6 45 6 46 6 46l2 S. 6 47 6 48 6 48 6 4714 6 4534 6 48i2 8.  6 48 6 471? 6 471? 16 461?  42 417g 415g 6 5H2 31b 42 417g 415g 6 52 32b 42ig 417g 3234 6 56 41b 42ig 41&8 3234 6 57 S'. s. s S. s. 42 415s 6 59 32 41b 42% 6 56 31 41% 42% 42 415x@3i6 57 31 42lg 415i@346 56 42 30 42U 413l@7g6 58 31 42b 413, (Sl7a 6 5634 42@421g 41b @42 31 S. 8. 8. s. S. 4212@5g 42 6 56 31 4234 @7g 4214 425? 6 57 30b 4234®7g 4214 425g 6 56l2 301? 4234 4314 43 6 57 30 4334 43l2 43 >4 6 57 27 4334 43i4 27 6 57 43b s'. 8. s'. 8. s. 4312 43U 6 56i2 23 43 43l2 43U 43 6 56 25b 43i2 4314 43 6 56 24 43l2 4314 43 6 57l2 26 43% 43% 427g@43 6 58 26 H. H. H. H. H. 8. 8. 8. 8. 8. 433g 43 6 57 43U 24 43% 6 58 24b 43%@3g 43i2 43i4@b 43l2 43% 6 58 24 43l2 43%' 43% 6 59 24b 2412 435i«@3g 43i2 43%@lg 6 61  25 65 25 65 25 95 25 95 8. H. 25 95 25 75 25 85 25 85 25 85 8. 25 85 25 60 25 60 25 80 25 90 25 90 8. 25 90 25 90 25 90 25 90 25 90 25 90 s. 25 90 25 90 26 00 26 00  5 27  5 5 6 6 6  52 46 42 43 8. H. 46 47 4412 41 40 8.  5 21 6 22 8. 6 22 6 24 6 25 6 28 6 31 6 32 S. 6 35 H. 6 36 6 38 6 41 6 41 6 40 S. S. 6 39 6 38 6 39 6 38 6 38 6 37 6 40 6 39 6 41 6 40 6 43 6 42 S. 8. 6 46l2 6 4512 6 47 6 46 6 47 6 46 6 46 6 45 6 43 6 42 6 44 6 43 8. 8.  6 49 H. 6 50 6 50 S. 6 50 6 51l2  25 65 25 65 25 95 25 95 8. H. 25 95 25 75 25 85 25 85 25 85 8. 25 85 25 60 25 60 25 80 25 90 25 90 8. 25 90 25 90 25 90 25 90 25 90 25 90 s. 25 90 25 90 26 00 26 00  25 60 25 60 25 90 25 90 8. H. 25 90 25 70 25 80 25 80 25 80 8. 25 80 25 55 25 55 25 75 25 85 25 85 8. 25 85 25 85 25 85 25 85 25 85 25 85 s. 25 85 25 85 25 95 25 95  6 6 6 6  6 48 B. 6 49 6 49 8. 6 49l2 6 50i2 6 6 6 6  51 51 55 56 8. 6 58 6 55  5 27 5 27 S. 5 27 5 27 5 27 5 27 5 27 5 27 8. 5 27 H. 5 27 5 27 5 27 5 27 S. 5 27 5 27 5 27 5 27 5 27 5 27 S. 5 27 5 27 5 27 5 27 5 27 5 27 8.  5 27 5 H. 27 5 27 5 27 5 27 5 8. 5 27 5 5 27 5 5 27 5 5 15U 5 5 1514 5 5 15U 5 8. 5 15U 5 5 15U 5 5 15U 5 5 15U 5 5 15U 5 5 15U 5 8. 5 15U 5 5 15U 5 5 15U 5 H. 5 1514 5 5 15U 5 8. 5 15U 5 5 15U 5  5 5 5 5  5 15b 5 14b  5 5 5  8. 15U 15U 15U 151a  6 55U 5 6 571? 5 15U  6 56 8. 6 55 6 56 6 5512 6 56 6 56 6 56 8. 6 5512 6 55 6 55 6 57 6 57 H. S. 6 56 6 57l2 6 57 6 58 6 60  26 26 26 26 8. H. 5 26 5 5 5 5  5 15U 8. 5 15U 5 15U 5 15U 5 15U 5 15U 5 15U 8. 5 15U 5 15U 5 15U 5 15U 5 15U H. 8. 5 1514 5 1514 5 15U 5 15U 5 15U  S. 5 14b 5 14b 5 14b 5 14b 5 1414 5 14b S. ‘ 5 14b 5 14b 5 14b 5 14b 5 1414 5 14b s.' 5 14U 5 14i4 5 14b 5 14b 5 1414 H.' 8. 5 1414 5 14b 5 14b 5 14b 5 1414  8.  26 60  26 90 26 90 8. 26 70 26 75 26 75 26 75 26 95 27 00 8. 27 00 27 00 27 25 H. 27 50  15 30  14 95 14 95  14 90 s 14 85 H 14 85 14 85 14 85 14 85  S. 15 10 14 80 14 80 14 65  14 65 14 65 s 14 65 14 65  14 70 14 70 14 70 14 70  8. 14 65  E. 14 14 14 14  65 65 65 65  8. 14 65 14 70  14 70 14 55 14 55 14 55  8. 14 65  14 55 14 14 14 14  55 50 50 40  8. 14 45 14 45 14 45  3334  3334 3334  3384 8. 33b 32(3} 32b  3212 3214@b  8. 32b 32b 32b 33 “ 33b §384  8. 3334  19 03  19 00 19 00 8. 19 00 18 98 18 98 18 98 18 98  18 98 8. 18 98 18 98 18 98 H. 18 95  H. 14 40  H.  27 75  14 40  32b @34  S. 28 10 28 05  14 10 13 90  28 05 28 00  14 05 14 10  32b@34  18 80 18 80  27 9.5 27 95  13 90 13 90  18 80 18 80  S.  S.  32 (5), 32b 32(ai32b  28 05  28 05 28 05 28 05  28 05 28 05 S. 27 55 26 60  27 30 27 90 28 05 28 05 8. 28 00 27 75 27 90 27 70 27 70 H. 8. 27 80 27 80 27 75 27 70 27 70  S.  13 13 13 13 13 13  90 90 90 85 85 85  S.~ 32b@s4  s  18 95  S. 18 95  18 99  8.  18 80 18 80 18 90 18 85 3134(a}78 18 85(a}90 18 85(3}90  32<§i3214 32(5} 32b 3178(5}32 3134<&32  s  S  s  13 50 50 (a) 13 45 13 20 13 35 13 35  3134  18 85  31b 31b 31b 3134 3ib 8. 32 3134 31b 31b  18 85 18 85  8. 13 30 13 35 13 30 13 30  13 30 H. H. 8. 8. 13 26 3lb@b 13 20 31 ~(3}lft 13 20 13 15 2934*}a30 12 95 2934 @30  18 85  18 80 18 80  8. 18 85 18 80 18 85 18 80 18 80  H. 8. 18 80 18 85 18 85 18 80  18 80  MONTHLY RANGE OF EXCHANGE AT NEW TORE ON THE CONTINENTAL CENTRES In view of the importance which American rates of exchange on the Continental centres of Europe have assumed since the utbreak of the European war, we have compiled and present herewith very extended tabulations covering the fluctuations in exchange on those centres during the past three years. Prior to the occurrence of the war, the preponderating portion of the coun­ •y’s foreign exchange business was done by means of bills on London (the English centre being the clearing house for the world’s international transactions) and rates on the Continental cities were of little consequence. So much so was this the case that out- ide of the rates on Berlin and Paris, scarcely any attempt was made to keep continuous records of the fluctuations in Continental exchange, and it hence happens that in any study of the figures now, it is almost impossible to carry the comparisons very far back, ince the advent of the war, the situation has entirely changed. With London crippled in the carrying through of international transactions, New York has been called upon to assume independent functions in exchange dealings, instead of relying upon Lon- on, and accordingly rates upon all the leading centres of Europe are now regularly made and regularly reported. Bankers and business men are interested, too, in seeing the records preserved, so that they may be available for the future. / It is with this idea in mind that we have undertaken the compilation of the figures. On the pages immediately preceding we urnish a statement showing the rates on all the leading Continental centres for each day of the eighteen months ending Dec. 31 1915—covering the whole of the period since the war began, and a month before. It has been no easy task to get the figures to- ether, and we have had to solicit the good offices of exchange dealers and others for the purpose of bridging a number of gaps, Of course, for the period immediately following the outbreak of the war, and particularly during the month of August 1914, the xchange market was utterly demoralized, and it was out of the question to obtain exchange rates of any kind. The reason for this exceptional situation then, was that practically all the leading countries of Europe promulgated moratoria when the war broke ut, or granted indulgence of one kind or another in the payment of debts and the meeting of obligations. These measures rendered credits abroad unavailable for the time being, and it became necessary, therefore, to establish new credits or await the xpiration of the debt extension period before American bankers could undertake to draw and to offer bills again. Abnormally high rates of exchange were reached during that period. On the other hand, in 1915 (and 1916 as well), exchange went to the other xtreme, and touched abnormally low figures, the reason being that the Entente countries of Europe now became deeply indebted to us for purchases of war materials, food supplies, &c.; as a consequence, the trade balance ran strongly against these ountries, making resort necessary on their part to unusual measures for correcting the resulting dislocation of exchange. In addition to the daily record of exchange for the last half of 1914, and the whole of 1915, printed on preceding pages, we give >elow a record of the monthly fluctuations for the whole of the last three years.  METHOD OP QUOTING.—Foreign exchange rates are an expression of foreign monetary units in terms of United States money. Two methods of expressing thereof) that constitute the equivalent of a dollar. The latter method is employed in the case of French and Swiss francs, Italian lire and Greek drachma, and a in all these instances at 19.3 cents, which is on the basis of 5.18 units (roughly) to the dollar, and that, therefore, is the par of exchange insuch instances. The other case of the German reichsmarks, where custom has decreed quotations on the basis of four marks, instead of only one mark. The Director of the Mint makes the The gold value or par for the other coins is 40.20 cents for Amsterdam florins or guilders, 20.26 cents for the Austrian kronen, 26.80 cent3 for the Daiish, Swedish  1913 January Lowest Paris (Francs)— Bankers’, 90 days___ 60 days.. Sight___ Cables__ ommercial, 90 days.__ Do 60 days____ Do Sight  5 5 5 5 5 5 5  Lowest  Highest  24%+ *i6 22%+ >i6 18% +*62 17% + *32 26%+ *i6 24%+*i6 20  93% Bankers’, 90 days__ 94% Do 60 days— 94% Do Sight____ Do Cables___ 95 Commercial, 90 days. 93% Do 60 days. 93% Do Sight... 94% Antwerp (Francs)— Bankers’, Sight__ 5 20%+ *i6 Commercial, 60 days___ 5 28%+*i6 Do Sight______ Swiss (Francs) Bankers', 60 days.__ 5 24%+ *ie Do Sight 5 20%+ *ie Commercial, Sight______ Amsterdam (Guilders) Bankers’, Sight______ 40*ie 39% Commercial, 60 days___ Do Sight............ Denmark (Kroner) — 26 68 Bankers’, Sight______ Italian (Lire)— Bankers’, Sight______ 5 25 + *i6 Vienna (Kronen)— 20 10 Bankers’, Sight______ Russian (Rubles)— Bankers’, Sight______ 51%  5 5 5 5 5 5 5  21%—*i6 20—*i6 16%—*32 15 %—*32 23 %—be 21 %—be 18 %—be  5 5 5 5 5 5 5  94% 94% 95*16  93“i6  5 5 5 5 5 5 5  5 19%—be 5 20 +*i6 5 26 %—*i6 5 27%  23%—*i6 22% 18% 18% 25%+*i6 24% 20+*16  943ie 94% 95% 95% 93% 94% 95%  95% 93% 93%  95*16  94**16  26 75  26 84  26 68  26 79  26 70  26 80  5 23%  5 28%  5 25  5 28%  5 26%  5 29%  5 26%  5 31%  5 28%  20 22  20 10  20 22  20 18  20 27  20 19  20 25  20 18  20 24  51%  51%  Highest  Lowest  94*16  95%—*32 95316--- J32  95*16+*64  95%  93% 94  94 94%  93’i6  94**16  95*16  94**16  23%—*32 21 %—*i6 18%—*64 18 %—*64 23 %—*i6 22% 18%—*16 94*16 94*16 95*16---  95*16—*64  25+*82 23% +*8! 20+*32 19%+ *32 26%+ *i6 25 +*i6 20%+ *i6  24 %—*82 22 %—*32 19%—*64 18%—*64 25 %—*32 23%+ *i6 20—*16  5 5 5 5 5 5 5  94% *32  94*16 95*16  5 5 5 5 5 5 5  94**16—*32  95%—*32 93% 93% 94%  95*16 93**16  94*16 95  Lowest  Highest  26%+ *32 25—*82 21 %—*32 20% +*32 28%+ *16 26% 22%+ *82  5 5 5 5 5 5 5  93% 93% 94% 94 %—*32 93% 93%  93% 94% 95%+*32  93**16  95% 93%  93%  5 5 5 5 5 5 5  25—*i6 23%—*82 19 %—*32 19 %—*32 26%—*i6 25—*16 20%—*16  94 94*ie 95 95% 93*16 94 94%  94*16  51‘ie  Highest  Lowest  Norember  October Lowest  Highest  51%  51%  51**16  51*16  51**16  September  August  93%  5 22 %—*i6 5 23% + *ie 5 22 %—be 5 21%—*i6 5 23%+ *i6 5 22 %—*i6 5 23% 5 19%+*32 5 18%—*32 5 18%—*i6 5 20 + *32 5 18%—*i6 5 19%+ *32 5 18% 5 20 5 19%—be  26 84  20 17  94’ie 953i6  5 21% + *32 5 20 5 27%+ *i6 5 26%—be 5 22%+ *32 5 21 %—*32  26 78  20 22  94*16  94% 95+ *32  40%+ *i6 39**16  40%—*i6 39%—be  40%—*32  5 5 5 5 5 5 5  95*16 95*16  94 94%+ *32 95*16  93% 94 95*82  40*16—*32 39% 40*16--- *16  5 25%  94*16  95*16 95*16 93**16  94% 94%  40%+ *i6 39%+ *32  5 23 %—*i6  94  94*16 95*16—*32 95*16—*82  40%----*32 39*16  26 82  24%+ *32 22% + *ie 19% 18% 25%+ *i6 23%+ *i6 19%+ *32  93%  94%  23%—be 21 %—*32 17 %— *32 17 %—*32 23 %—*32 21 %—*32 18%—‘ie  40% +*64 39%+ *i6  26 80  5 5 5 5 5 5 5  94**16  94*16  5 5 5 5 5 5 5  39%—*82  26 82  5 23%+ *i6 5 23 %—*32 5 22% 5 21 %—*83 5 18% + b 5 18%—*32 5 18% + *32 5 17 %—*66 5 23 %—be 5 24% 5 23%+ *32 5 21%--- *32 5 20 5 18%—*i6  95*16  23% +*i« 21% 18% 18% + *«4 25+ *32 23% 20  40%—*32  40*16+ *32  Lowest  94%  93**16  5 5 5 5 5 5 5  3913i6+ He  40*16 39**16—*16  Highest  95*16----*32  95% 93% 93% 94%  93% 94% 95 95 %—*32 93% 93%  22 %—*32 21 %—*32 17 %— *64 17%—*32 24 %—*32 22%—*32 18%—*i6  5 5 5 5 5 5 5  26%+ *32 25 + *i6 21% + *32 21% 28%+ *i6 26% + *32 22%+*i6  93%  93»i6  94*16  94 94%  5 5 5 5 5 5 5  93**16 94*16  94**16 94%+ *32  93% 93% 94%  94%  25 23 %—*32 20 %—*32 20—*32 26 %—*16 25—*16 21%—*i6  93*16 93**16  94’ie  5 20 %—*32 5 21% + *i6 5 21%—*82 5 23%+ *32 5 21 %—*32 5 24%+ *i6 5 22 %—*32 5 24%+ *i6 5 23% 5 26%—be 5 27% + *ie 5 26%—be 5 28%+*i6 5 27% 5 28%—*i6 5 31% + *i6 5 29% 5 30+ *i6 5 21%—*i6 5 22% + *32 5 22 y2 + 132 5 23 + 132 5 23 % 5 23%—He 5 233^  23% 19% 20  5 24% 5 22 %—be 5 23%+ *ie 5 23 %—*ie 5 24% + *82 5 23%—*i6 5 25% 5 23 %—*i6 5 25 %—*32 5 24 %—*82 5 25 + *i6 5 18%—*32 5 19%+ *32 5 18 %—*64 5 20%+ *32 5 20—*32 5 21% + *ii 5 20 %—*16 5 21%+ *32 5 21%—be 5 21% + *i6 5 21%—*32 5 21}£—332 5 20%—He 5 20%—He 5 20 5 19%—*i6 5 20 5 20  39%—*32 40*16---- *16  40%+ *i6 39%  40*16—*16  40*16+*16  39%  40*16+*16  39**16 40*16---  *16  26 70  5 31%  20 20  20 10 51%  26 78  26 75  26 70  26 77 5 30  31%  40*16--- *16  40 %— *32 39% 40H©—He  5 25%  20 15  20 19  51%  51*16  51%  40%+ *32  40—*16  40%+ *32  40—*i6  40*16+*32  39**16+*! 6  399i6+He  39*16—*32  39%+ *32  40He+13i  40He+Hi  39**16+*! 6 40H«+8m  26 78  26 70  5 21%  5 27% 20 15  5 24%  20 20  51%  26 78  5 23%  20 14  20 20 51*16 '  51%  51%  26 70  5 24%+ *ie 5 23%—*i6 5 30—*i6  5 30 +*i6  40—*64 39%  40*16+ *32  39%+*32  26 65  26 74  26 76  5 23 %—%6 5 24%  5 24%  51%  5 21%  20 15  20 17  20 13  20 19  51*16  51*16  1914  Paris (Francs)— Bankers’, 90 days.___ Do 60 days____ Do Sight. Do Cables. Commercial, 90 days___ Do 60 days___ Do Sight.  Lowest 5 5 5 5 5 5 5  25% 23% 20% 20 26%+ *32 25%+*32 21%  90 days----- 93% Bankers’, 94% Do 60 days___ Sight______ 941He—x32 Do Do Cables____ 9418i©—A32 93% Commercial, 90 days.__ Do 60 days____ 93% Do Sight______ 94% Antwerp (Francs)— Bankers’, Sight______ 5 23%+ *32 Commercial, 60 days___ 5 30 Swiss (Francs)— Bankers’, 60 days.__ 5 25 Do Sight______ 5 21% + *32 Amsterdam (Guilders) Bankers’, Sight______ 40 %—*32 Commercial, 60 days.__ 39%+ *i6 Denmark (Kroner)— 26 68 Bankers’, Sight______ Italian (Lire)— Bankers’, Sight______ 5 23% Vienna (Kronen)— 20 16 Bankers’, Sight______ Russian (Rubles)— Bankers’, Sight______ 51%   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  February  Lowest  Highest  5 5 5 5 5 5 5  22 %—*i6 21%—*i6 18%—*32 17 %—*82 23 %—be 22 %—be 18%  5 5 5 5 5 5 5  22% 21% + *ie 18% + *32 18% + *64 23% + *ie 22%+ *i6 20 +*i6  5 21%— *82 5 20 %—*32  5 5 5 5 5  18 %—*82 17 %—*64 23%—be 21 %—*32 18%  Lowest  94% 94%  94*16 94%  94*16  94**16  95*16+ *32  95*16  95*16+*32  95  93**16 94%  93**16 94*16  95%+ *32 94 94% 94%  95% 93% 94*16 94%  94**16  94%  5 20% 5 21% + he 5 20—*i6 5 26 %—*ie 5 26% 5 25—be  Highest  94’ie  Highest  Lowest  5 5 5 5 5 5 5  21%+ *i6 20+*32 17%+*32 17%+ *32 22% + *32 21% + *32 18%+ *ie  5 5 5 5 5 5 5  18 %—be 18 %—*16 15 %—*32 15—*32 21%—‘ie 19%—*82 17%—*16  94’ie  94’ie  94%  94**16  94**16  95% 95*16 94% 94*16 95%  95%  94**16 95*16--- *64 95*16+*82 94*16 94**16 95*16  95*16— *64  94%  94*16  94%  June  May  April  5 22%+ *i6 5 21%—*i6 5 21% + *i6 5 20—*32 5 18% + *32 5 17%—*32 5 18%+*32 5 16 %—*64 5 24%+*ie 5 22 %—*82 5 23% 5 21%—be 5 18%—be 5 20+*i6  94% 94% 95+*32  5 19%+ *i6 5 18%+ *i6 5 15% + *32 5 15+*64 5 21%+*32 5 19% + *i6 5 17% 94% 94% 95% 95*16 94% 94% 95%  Lowest  Highest  Lowest 5 5 5 5 5 5 5  18%—*82 17%—be 15—*32 15—*64 20—*32 18 %—*82 16%—*82  5 5 5 5 5 5 5  19% 18% 16% 15%+*32 20%+*i6 19% + *i6 16%+ *32  Highest 5 5 5 5 5 5 5  18 %—*32 17 %—*32 15—*64 14 %—*3 20—*82 18%—*82 15%—he  94% 95 95%  94**16  94% 95  95%  95*16  95*16  95*16  94% 94% 95*16  94*16  95%+*32 94*16  94*16 94**16  94**16 95*16  94’ie  5 17%—*32 5 19% 5 17 %—*32 5 18% 5 21% + he 5 19%—*32 5 20+ *ie 5 23%+ *i6 5 22 %—*32 5 25 5 26%+ *i6 5 24 %—be 5 24%+ *ie 5 23%  5 18%—*32 5 23 %—*32  5 21 %—be 5 21% + *i6 5 21%—*82 5 21% + *i6 5 20—*i6 5 18%—*i6 5 18%+ *i6 5 18%—*i6 5 18%+ *82 5 17%—*32 5 20+ *32 5 18 %—*82 5 18%+ *ie 5 18%—*32 5 18% 5 17%—*82 5 17% + *32 5 16%—*i6 5 16%+*32 5 15 %—*32 5 16%+ *i6 5 15—*82 40*16--- *64 39%  40 %—*i6 39%--- *32  26 88  26 82  5 19%  5 20%  20 26  20 24  51%  51%  40%+ *i6 39%+ *32  40 %—*32 39%  40%+*82 39%+*32  40*i6—%  26 88  26 80  26 86  5 19%—*ie 20 28 51**16  5 20  94»i6 94*‘i« 96% 104 94% 94%  5 13 5 11%  40He—He  40%6+ *32 39**16+*16  39**16—*16  26 84  26 88  26 84  39%  5 10 4 90  40*16 +*16 39**16 + *32  26 88  40*16+*32  39**16 26 82  5 17% +*ie 5 16%—*16 5 17%  5 05 5 02  5 12 5 11%  Highest  Highest  5 05 5 04  5 15% 5 14%  16 15%  5 09% 5 08%  Highest  17% 16%  5 11 5 10%  5 21%  95% 96  97 104  94%  97 97%  88 88  94% 94%  85% 85%  88% 88%  86 85%  40% 40%  40% 41%  40% 40%  40%  40%  40%  40%  25%  25%  25  25%  92% 92%  953i6  4 90 5 22%  5 16% 4 65  41%  5 00 5 00  5 01 5 01 40%  27%  4 90  27%  5 03% 5 18  40%  41%  40% 40%  40%  40%  40%  40  5 03 5 03  5 18%  42% 42%  27% 4 90  5 00  20%  51  51%  i 40  5 17  5 31  20*ie  5 32  40% 40**16  5 23  i 34%  17 85  19%  17 45  17%  17 30  18 00  48  48  42%  48  42  43  January  z  Paris (Francs)— Bankers’, Checks___ Do Cables. Commercial, Sight*.  Bankers’, Sight.. Do Cables. Swiss (Francs)— Bankers’, Sight.. Do Cables. Amsterdam (Guilders) Bankers’, Sight____ Do Cables___ Commercial. Sight_____ Italian (Lire)— Bankers’, Sight------Do Cables___ Greek (Drachmas)— Bankers’, Checks ... Do Cables____ Denmark (Kroner)— Bankers’, Checks ... Sweden (Kroner)— Bankers’, Checks----Norway (Kroner)— Bankers’, Checks----Vienna (Kronen)— Bankers’, Sight-------Russian (Rubles)— Bankers’, Sight-------Spanish (Pesetas)— Bankers’, Checks___  February  Highest  Lowest  Highest  March  April  May  Lowest  Highest  Lowest  Highest  Lowest  Highest  5 20 5 19 5 21%  5 16% 5 16 5 20  5 28% 5 27% 5 32  5 18% 5 17% 5 20%  5 33  5 26 5 25 5 28%  5 32% 5 32% 5 34%  5 31% 5 31% 5 33  5 43% 5 42% 5 43  5 31% 5 31 5 33  5 68 5 67% 5 72  5 43% 5 42%  86% 86%  88% 88%  82% 82%  87*16  84% 84%  817i6  81*16  82% 82%  82*16 827i6  83% 83%  81 81%  82% 83  5 29% 5 28%  5 22% 5 21%  5 26 5 25%  40*16  40% 40% 40%  403ie 39% 5 42 5 41  5 32% 5 31%  5 32%  5 33 81**16 81**16  87%  Highest  5 43  5 29% 5 28%  5 52% 5 51  5 35 5 34  5 38% 5 37%  5 32% 5 31%  5 33% 5 32%  5 29% 5 28%  5 43 5 42%  39%  40*16  39*16 39  39% 39% 39%  39*16 39% 38%  39’i6 39% 38%  39%  40*16 40%  39% 39% 39%  40  39**ie+'ie  39**16  39’u  40 +*i6  5 52 5 51  39%  5 82 5 81  5 40 5 39  24%  5 94 5 93  40*16  38%  39% 5 65 5 64  38%  39**16  5 88% 5 88  5 77 5 76  5 92% 5 92  5 75% 5 75  6 16 6 15  5 90% 5 90  5 29% 5 28%  5 27 5 26  5 28 5 27  5 27% 5 26%  5 27% 5 26%  5 26 5 25  24%  25%  25 25  25 75  25 75  25 95  25 95  26 42  24 85  25 15  24 28  24 95  24 53  25 65  25 40  25 80  25 80  26 00  26 00  26 47  24 80  25 10  24 23  24 90  24 48  25 60  25 35  25 80  25 80  26 00  26 00  26 47  17 35  17%  15 95  17 35  15 50  15 87%  15 40  15 55  15 45  15 70  15 55  15 18  42%  43%  43%  44%  44%  44%  41%  44%  39  41%  38  39%  19 22  19 24  19 30  19 49  19 51  19 78  19 92  20 05  19 01  19 80  Lowest  Highest  Lowest  Highest  Lowest  Highest  5 70%  5 53% 5 53 5 55%  6 03 6 02 6 05  5 64%  6 03 6 02 6 05  5 75%  5 98 5 97  5 80%  6 00%  84% 84%  81%  25  24**16  24**16  August  July  March  Highest  17% 15% 60 25 20%— 18% 14%  Highest  18 58  19 08  51*16  1914 January  5 5 4 4 5 5 5  September  Highest  1915  21% 28% 22^  40*16—*32  Paris (Francs)— 5 20 Bankers’, 90 days.. Do 60 days____ 5 19% —■ Do Sight (checks) 5 16% Do Cables 5 16% Commercial, 90 days___ 5 22% Do 60 days____ 5 20% Do Sight 5 18% Berlin (Reichsmarks)— Bankers’, 90 days____ 94% 60 days___ Do 94**ie Sight.. 95*16 Do Cables 953i6— Do 94*16 Commercial, 90 days___ Do 60 days____ 94’ie Do Sight_____ 94**i6 Antwerp (Francs)— Bankers’, Sight____ 5 19% Commercial, 60 days___ 5 24% Swiss (Francs)— 5 19% Bankers’, 60 days. Do Sight... 5 16% Amsterdam (Guilders) Bankers’, Sight__ 40’it— Do Cables_____ 39% " Commercial, 60 days.__ Do Sight_____ Denmark (Kroner)— Bankers’, Sight (checks) 26 81 Italian (Lire)— 5 18% Bankers’, Sight___ Vienna (Kronen)— Bankers’, Sight___ 20 15 Russian (Rubles)— 51 Bankers’, Sight-----  Highest  94**16—*32  94**16+*32 93*16 93**16  93% 93% 94%  51%  5 26%+ *i6 5 24% + *u 5 21% + *64 5 21% 5 27%+ *i6 5 25%+ *32 5 22%+ *i6  ! 94%  94**16—*82  40*16+*16  Highest  December  5 25 %—*i6 5 23 %—*32 5 20 %—‘ie 5 20 %—*32 5 26 %—*i6 5 25—*82 5 21%—*i6  93% 93% 94’ie  August  July  Highest  Lowest  40%  40*16 40 %—*32  51*16  94% 94% 95%—*32 95%  94%  5 5 5 5 5 5 5  5 19%—*i6 5 21 %—*i6 5 18%—be 5 21% + *ie 5 20 %—be 5 21% + *i6 5 20—*i6 5 27%+ *i6 5 26% 5 26 %—*i6 5 28% 5 25%—*i6 5 28% 5 26%  5 22 %—*i6 5 23%+ *i6 5 22 %—*i6 5 23% 5 19%—*16 5 19%+ *i6 5 18%—*i6 5 20 + *32  59%  Highest  5 22%—*32 5 23%+ *32 5 21 %—*32 5 21% + *i6 5 18%—*32 5 18% + *32 5 17%—*64 5 18%+*32 5 24 %—be 5 25 + *82 5 23%—be 5 23%+ *i6 5 18%—be 5 19% + *i6  93**16  June  Lowest  Highest  Lowest  5 22 %—*82 5 23%+ *i6 5 20 %—be 5 21% + *32 5 16 %—*82 5 18%+*32 5 16%—*32 5 18% + *32 5 23 %—be 5 25+ *ie 5 22 %—*i6 5 23%+ *i6 5 18 %—*16 5 20+ *ie  95*16  93% 94%  May  April  Highest  93% 94*16  95*16+ *32 95*16+ *32  93*16 93**16 9413i6  94% 95H«+ 13J  Lowest  94% 94%  94’ie 95% 95%  July  90 days. Bankers’, Do 60 days. Do Sight... Do Cables.. Commercial, 90 days.__ Do 60 days____ Do Sight______ Antwerp (Francs)— Bankers’, Sight______ 5 Commercial, 60 days.__ 5 Do Sight______ 5 Swiss (Francs)— Bankers’, 60 days___ 5 5 Do Sight 5 Commercial, Sight Amsterdam (Guilders) Bankers’, Sight____ Commercial, 60 days__ Do Sight____ Denmark (Kroner)— Bankers’, Sight____ Italian (Lire)— Bankers’, Sight____ 5 Vienna (Kronen)— Bankers’, Sight____ Russian (Rubles)— Bankers’, Sight_____  22 %—*32 20%—be 16%—*32 16%—*32 24 %—be 22 %—be 18%—be  5 5 5 5 5 5 5  93**16  95’k  Lowest Paris (Francs)— Bankers’, 90 days___ Do 60 days__ Do Sight.. Cables. Do Commercial, 90 days. Do 60 days. Do Sight...  Highest  23%+ *i6 21% + *i6 18%+ *64 17% + *32 24% + *i6 22%+*i6 18%+ *i6  1914—{Concluded.')  March  February  ie American equivalent are used. One is to quote the value in dollars (or cents) of the unit itself, and the other is to indicate the number of such units (or fractions ecline in exchange is indicated when the number of units required to make a dollar increases. The U. S. Director of the Mint places the gold value of the coins lethod, that of quoting the foreign unit in cents in our money, is followed in all other cases in our tables. There is just one deviation from this rule, that is in the itrinsic value of the mark 23.82 cents, which is equal to 95.28 cents for four marks, and that therefore would be the quotation for German exchange when at par. nd Norwegian kroner, 51.46 cents for the Russian ruble and 19.30 cents for the Spanish gold peseta-  40*16+ *32 40+*16  26 90  z  1915  Paris (Francs)— Bankers’, Checks-----Do Cables____ Commercial, Sight*____ Berlin (Reichsmarks)— Bankers’, Sight........... Do Cables____ Swiss (Francs)— Bankers’, Sight--------Do Cables____ Amsterdam (Guilders) Bankers’, Sight--------Do Cables____ Commercial, Sight______ Italian (Lire)— Bankers’, Sight--------Do Cables. _ . Greek (Drachmas)— Bankers’, Checks-----Do Cables_____ Denmark (Kroner)— Bankers’, Checks-----• Sweden (Kroner)— Bankers’, Checks-----Norway (Kroner)— Bankers’, Checks____ Vienna (Kronen)— Bankers', Sight______ Russian (Rubles)— Bankers’, Sight______ Spanish (Pesetas)— Bankers’, Checks-----  5 70  5 72  5 44 5 43%  5 19%  5 17%  20 28  20 25  20 29  20 27  20 32  20 23  20 32  51%  51%  51*16  51%  51%  51*16  51%  51»ie  5 35 5 34  39**16  40*16+*32  40 39%  40%+ *16 40%  5 64  5 66  80%  82%  80%  82%  5 44 5 43  5 31 5 30%  39% 39% 39%  80% 80% 5 45 5 44  5 76%  5 25 5 24  Lowest  81*16  5 40 5 39  40%  39*16 39*16  40% 40%  40% 40%  40*16  39%  39**16  39**16  40*16  November  Highest  Lowest  5 76% 5 75% 5 78  5 99% 5 98% 6 00%  84% 84%  79% 79%  5 26 5 25  5 34 5 33  41% 41% 41%  41% 41% 41%  December  Highest 5 82 5 81  5 83 81% 81%  5 31 5 30 42 42% 41%  Lowest 5 88% 5 87% 5 89% 76 76%  5 33% 5 32%  41% 42 41%  Highest 5 81 5 80 5 82 79% 79%  5 24 5 23  43% 43% 43%  6 41 6 40  6 06 6 05  6 53 6 52  6 23 6 22  6 53 6 52  6 18 6 17  6 47 6 46  6 22 6 21  6 51% 6 50%  6 43 6 42  6 61 6 60  6 51% 6 51  5 26 5 25  5 26 & 25  5 27 5 26  5 26 5 25  5 27 5 26  5 27 5 26  5 27 5 26  5 27 5 26  5 27 5 26  5 15% 5 14%  5 15% 5 14%  5 14%  5 15%  25 65  26 35  25 60  25 90  25 55  25 95  25 90  26 20  26 20  28 05  26 30  28 00  25 70  26 40  25 65  25 95  25 60  26 00  25 95  26 25  26 25  28 10  26 60  28 05  25 70  26 40  25 65  25 95  25 60  26 00  25 95  26 25  26 25  28 10  26 60  28 05  15 10  15 18  14 97  15 20  14 97  15 55  14 65  15 55  13 90  14 70  12 95  14 10  31  37  35%  33  35%  32  33%  29%  32%  18 95  19 03  18 80  18 90  32 18 60  5 16%—*i6  5 18%  20 24  82% 82%  81% 81*16  October  September  *And three days’ sight.  38 19 23  18 64  19 36  34 18 72  19 00  18 95  19 05  United States Securities. COURSE OF DEBT AND PRICES. The following table shows the public debt of the United States from 1793 to 1915, 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 1915.  Year. 1793___ 1794.. . 1795.. . 1796.. . 1797.. . 1798.. . 1799.. .  1800.. . 1801... 1802... 1803.. .  1804.. . 1805.. . 1806.. . 1807.. . 1808.. . 1809.. . 1810.. . 1811... 1812... 1813...  Amount.  Year.  Amount.  Year.  $80,352,634 78.407,404 80,747,587 83,762,172 82,064,479 79,228,529 78.108,669 82,976,294 83.038,050 80,712,632 77,054,686 86,427.120 82,312,150 75.723,270 69,218,390 65,196,317 57,023,192 53,173.217 48.005,587 45.209,737 55,962,827  1814_____ 1815_____ 1816_____ 1817_____ 1818___ 1819____ 1820_____ 1821_____ 1822... . 1823_____ 1824_____ 1825_____ 1826_____ 1827_____ 1828 _____ 1829_____ 1830 ____ 1831_____ 1832_____ 1833_____  $81,487,846 99,803.660 127,334,933 123,491,965 103,466,633 95,529,648 91,015,566 89,987,427 93,546,676 90,875.877 90,269,777 83,788,432 81 ,054,059 73,987,357 67,475.043 58,421 ,413 48.565,406 39,123,191 24,322,235 7,001,698  1834 ........... 1835 _____ 1836 _____ 1837 .......... 1838 _____ 1839 _____ 1340-------1841 _____ 1842 _____ 1843 _____ 1844 ____ 1845 ........... 1846 ____ 1847 _____ 1848 _____ 1849 _____ 1850 _____ 1851 _____ 1852 _____ 1853 _____  Amount. 34,760,082 37,513 336,957 3,308,124 10,434,221 3,573,343 5.250,875 13,594,480 20,601.226 32,742,922 23,461.652 15,925,303 18,550,202 38,826,534 47,044.862 63,061,858 63,452,773 68,304,796 66,199,341 59,803,117  Amount.  Year.  1854.. . 1855.. . 1856.. . 1857 . 1858.. . 1859.. . 1860.. 1861.. . 1862... 1863.. . 1864.. . 1865.. . 1866.. . 1867.. . 1868.. . 1869.. . 1870.. . 1871.. . 1872.. . 1873.. .  $42 ,242,222 35 ,586,956 10 ,965,953 9 ,998,622 37 ,900,192 53 ,405,234 59 ,964,402 87 .718,660 505 ,312,752 1,111 ,350,737 1,709 ,452,277 2,674 ,815.856 2,636 ,036,163 2,508 ,151,211 2,480 ,853,413 2,432,771,873 2.331,169,956 2,246.994,068 2,149,780,530 2,105,462,060  Year.  Amount.  Amount.  Year.  a$932,830,667 1874 .... $2,104,149,153 1895 ____ 955,297,254 1875 _____ 2,090,041,170 1896 ____ 986,656,086 1876 2,060,925,340 1897.... 2,019.275,431 1898 ____ Xl .052,085,492 1877_____ 1.155,320,235 1,999,382,280 1899 ____ 1878 ... 1,996,414,905 1900 ____ 1,107,711.257 1879_____ 1,044,739,120 1880_____ 1,919,326,747 1901 _____ 969,457,241 1881 ____ 1,819,650,154 1902 _____ 1,675,023,474 1903 .......... 925,011,637 1882 _ 967,231.774 1,538,781,825 1904 _____ 1883_____ 1,438,5 42,995 1905 .......... 1884_____ 989,866,772 964,435.687 1885 ____ 1,375,352,443 1906 ____ 1886_____ 1,282,145,840 1907 _____ 878.596.755 1,175.168,675 1908 _____ 938.132,409 1887___ 1888_____ 1,063,004,895 1909. ...r. 1.023.861.531 975,939,750 1910 _____ 1,046,449.185 1889_____ 890,784,371 1911 .......... 61,031.850.808 1890,.. 851,912,751 1912 .......... 1,027.574.697 1891 ____ 841,526.463 1913 _____ 1,028,558,103 1892 ... _ 1.027,257.009 838,969,476 1914 _____ 1893 ____ 1894 . 899,313.380 1915 _____ 1.089.848.006  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. 6Thls Includes an adjustment to allow for the fact that the Treasury had received $18,102,170 on account of the $50,000,000 Pan­ ama Canal bond sale, but showed only $2,035,700 of the bonds out. x We have enlarged the amount for 1898 oy $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 augmentatloi 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 $60.21:1,885 cash from the Union Pacific sale, only $29,904,952 of which went to redeem maturing Pacific Railroad bonds.  UNITED STATES FINANCIAL STATEMENTS DECEMBER 31 1915. To bring the results down to the latest date, we add the official financial statements of the U. S. as they appear from the Treasurer’s returns at the close of business on the last day of December 1915. TREASURY CASH AND CURRENT LIABILITIES DECEMBER 31. GOLD. Liabilities— $ Assets— S Gold coin......................... 1,042,686,440 10 Gold ctfs. outstanding..1,475,089,229 00 Gold bullion.................... 648,785,297 44 Gold reserve*_________ 152,979,021 46 Available gold in gen. fd. 63,403,487 08  Total............................. 1,691,471,737 54 Total.......... ................... 1,691,471,737 54 ★Note.—Reserved against $346,681,016 of U.S.notes and $2,168,424 of Treas. notes of 1890 outstanding. Treasury notes are also secured by silver dollars In Treasury. SILVER DOLLARS. Liabilities— $ Assets— S Silver dollars..................... 501,583,433 00 Silver ctfs. outstanding. 485,708,663 00 Treasury notes of 1890 outstanding_________ 2,168,424 00 Available silver dollars In general fund______ 13,706,346 00  501,583,433 00 Total............................. 501,583,433 00 GENERAL FUND. Liabilities— $ Assets— $ 63,403,487 08 Treasurer’s checks out­ Avail, gold (see above). standing ___________ 3,065,157 17 Available silver dollars (see above)_________ 13,706,346 00 Deposits of Government 6,164,584 00 officers: United States notes___ Post Office Dept___ 7,345,955 02 10,392,020 00 Federal Reserve notes_ Board of Trustees, National bank notes__ 24,657,237 93 Postal Savings sys­ 331,234 26 Cert, checks on banks.. tem (5% reserve).. 3,852,108 63 Subsidiary sliver coin.. 19,149,756 09 Comptroller of the 70 00 Fractional currency___ Currency, agent for 653,632 25 Minor coin___________ creditors of Insol­ Silver bullion (available vent banks_______ 3,407,092 85 5,245,174 88 for subsid. coinage).. Postmasters, clerks of Unclassified (unsorted courts, &c________ 21,389,333 95 1,042,304 92 currency, &c.)______ Deposits for: Deposits in Federal Re­ Redemption of Fed­ serve banks_________ 15,000,000 00 eral Reserve notes Deposits In nat. banks: (5% fund)................ 1,768,287 36 To credit of Treasurer Redemption of na­ United States_____ 37,615,112 05 tional bank notes To credit of other (5% fund).............. 27,785,987 10 6,063,511 51 Govt, officers____ Retirement of addi­ Deposits In Philippine tional circulating Treasury: notes. Act May 30 To credit of Treasurer 1908........................... 18,920,325 00 3,448,009 25 United States_____ Exchanges of cur­ To credit of other rency, coin, &c___ 11.552,556 63 2,896,296 88 Govt, officers____ 99^086,803 71 Net balance, inci. $59,250,309 44 to credit of disbursing officers__ allO,681.973 39 Total.................. .......... 209,768,777 10 Total......................... 209,768,777 10 a This is balance without deducting $26,759,835 50 on deposit for retirement of bank notes, this fund being no longer counted as a current liability. CASH AVAILABLE TO PAY MATURING OBLIGATIONS. Settlements, warrants, Balance held by the Coupons, and checks Treasurer of the U.S. Outstanding: as per dally Treasury Treasury warrants__ $1,974,918 21 Statement for Dec. 31 Matured coupons___ 561,487 24 f 1915....... ......................... $110,681,973 39 Interest checks____ 305,085 01 Add—Net excess of re­ Disbursing officers’ ceipts over payments checks____________ 11,971,652 52 December reports sub­ 98,570,177 11 sequently received___ 2,701,346 70 Balance_______________ Total.............................  Revised Balance.............. $113,383,320 09   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  $113,383,320 09  PUBLIC DEBT BEARING NO INTEREST.  Obligations required to be reissued when redeemed: United States notes____________________________ Less gold reserve____________________________  $346,681,016 00 . 152,979.021 46  Excess of notes over reserve______________________________ $193,701,994 Obligations that will be retired on presentation: 53,152 Old demand notes____________________ National bank notes assumed by the United States on deposit of 28,119,133 lawful money for their retirement___________________________ 6,849,499 Fractional currency__________________________________________  54 50  00 90  Total .................................................................................................. $228,723,779 94 DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.  Funded Loan of 1891, continued at 2%, called for redemption May 18 1900; interest ceased Aug. 18 1900____________________ Funded Loan of 1891, matured Sept. 2 1891____________________ Loan of 1904, matured Feb. 2 1904-------------------------------------------Funded Loan of 1907, matured July 2 1907-------------------------------Refunding Certificates, matured July 1 1907------------------------------Old Debt matured at various dates prior to Jan. 1 1861, and other items of debt matured at various dates subsequent to Jan. 1 1861 Total___________________________________________________  $4,000 00 22,950 00 13,050 00 536,100 00 12,240 00 901,470 26  $1,489,810 26  INTEREST-BEARING DEBT.  (Payable on or after specified future dates.) Amount -----Amount Outstanding Registered. Coupon. Interest Issued. Payable. $ $ $ Title of Loan— 2s, Consols of 1930_______ Q.-J. 646,250,150 643,376,550 2,873,600 3s, Loan of 1908-18............ Q.-F. al98,792,660 47.156.520 16,788,940 4s. Loan of 1925 ________ Q.-F. 6162,315,400 101,294,200 17,195,700 54,631,980 54,612,420 19.560 2s, Pan. Canal Loan 1906.Q.-F. 30,000,000 29.737.520 262,480 2s, Pan. Canal Loan 1908.Q.-F. 3s, Pan. Canal Loan 1911.Q.-M. 50,000,000 40,851,600 9,148,400 5,722,900 718,700 6,441,600 2^8, Post. Sav. bds. ’11-15.J.-J. 781,460 84,040 865,500 2)^s, Post. Sav. bds. 1915 _J.-J.  Dee. 31----Total. $ 646,250,150 63,945,460 118,489,900 54.631,980 30,000,000 50,000.000 865.500 6,441,600  Aggregate int.-bearing debt..1,149,297,290 923,533,170 47,091,420 970,624,590 a Of this original amount issued $'32,449,900 have been refunded into the 2% consols of 1930, and $2,396,800 have been purchased for the sinking fund and can­ celed, and $500 have otherwise been purchased and canceled. 6 Of this original amount Issued $43,825,500 have been purchased for the sinking fund and canceled.  NET DEBT. GROSS DEBT. Debt bearing no int__ $228,723,779 94 Gross debt (opposite).$1,200,838,180 20 Deduct—Bal. available Debt on which Interest to pay maturing ob­ has ceased_________ 1,489,810 26 ligations (see above) 98,570,177 11 Interest-bearing debt.. 970,624,590 00 Aggregate .................. $1,200,838,180 20  Net debt.  $1,102,268,003 09  STOCK OF MONEY IN THE COUNTRY.—The follow­ ing table shows the general stock of money in the country, as well as the holdings by the Treasury and the amount in circulation on the dates given:  UNITED STATES SECURITIES -Stock of Money Jan. 1 ’16.------- Money in Circulation----In U. S. Held in Treas.n Jan. 1 1916. Jan. 1 1915. $  $  $  $  Gol coin and bullion..........2,312.444,489 216,382,509 612,561,038 631,607,599 Gol certificates.6_______ __________ __________ 1,281,149,229 920,717,749 Standard silver dollars.__ 568,271,655 13,706,346 66,688,222 69,321,103 Sliver certlficates.6_______ __________ __________ 485,708,663 455,200,708 Subsidiary silver.................... 189,128,969 19,149,756 169,979,213 163,862,946 Treasury notes of 1890.6.. __________ __________ 2,168,424 2,341,241 United States notes............. 346,681,016 6,164,584 340,516,432 310,413,016 Federal Reserve notes_____ 214,125,000 10,392,020 203,732,980 17,199,225 National bank notes............. 771,337,208 24,657,238 746,679,970 974,502,529 Total..................................... 4,401,988,337 290,452,453 3,909,184,171 3,545,166,116  117  Population of continental United States estimated at 101,577,000. Circulation per capita, $38 48. a This statement of money held In the Treasury as assets of the Government does not Include deposits of public money In Federal Reserve banks, and in national bank depositaries to the credit of the treasurer of the United States, amounting to $52,615,112 05. 6 For redemption of outstanding certificates and Treasury notes of 1890 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. Note.—On Jan. 1 1916 Federal Reserve banks and Federal Reserve agents held against Federal Reserve notes $8,411,713 gold coin and bullion, and $193,940,000 gold certificates—a total of $202,351,713, against $177,020,593 on December 1  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 1915, 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 Jan. 1 1879, and the subsequent funding of the maturing bonds into new bonds at4J^, 4,3%, and, finally, in September 1891, the extension of the 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 Morgan-Belmont Syndicate, to protect the gold reserve, and another issue of 100 million dollars for the same purpose in February 1896. In 1898 the war wdth 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 re­ demption 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 oneyear 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.  June.  July.  August.  Sept'ber,  October.  Nov’ber.  Dec’ber.  U. 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  1860. U. S. 6s of 1868, coup----- 106b 107 106b 107b 106b 107b 108 108b 10838 109b 108 108 108 109 109 5s of 1865, coup--------- 98 100 99b 100 99b 100b 100b 102b 102 102b 102b 103 100b 10034 101 5s of 1874, coup--------- 99b 100b 100-b 100b 10034 10134 103 103b 103 10334 10334 104b 101b 102 102  1073a 1073, 102 ' 102b 93 95 102b 103  109b 108 102 102 103  96 92 89  96 93 95  97 89 86b 82b 79  98 93b 88b 83 83  101b 102 102 103 104b 102b 95 97 97 9134 91b 93 91b 97b 993g 9434 103b 1053g 100b  102 10434 95 9234 92b 9734 104b  98 103  1861. U. S. 6s of 1868, coup___ 6s of 1881, coup---------5s of 1865, coup---------- 90b 92 93 5s of 1871, coup--------- 91 97 5s of 1874, coup---------- 92  94 93b 86 87b 85  100 93b 91 91 93b  90 88b 8684 79 78b  92 93 90 80 85  86 95 95 95b 95 94 8434 89 84b 94 92 91 9134 85 891 75b 79  87 90 85b 903g 85b 8634 86 75b 79 77b 75 78b 76  88 87b 90 87b 893g 89b 86 85 87 79b 78b 81 79b  90 913g 8734 81 81  90 91b 87b 81b 81b  90 9534 89 85 86 103b 10434 97 93 94 9934 103  92 93b 87b 82b 83  92 95b 89 86 86  1862. U. S. 6s of 1868, coup___ 6s of 1881, coup---------5s of 1835, coup---------5s of 1871, coup---------5s of 1874, coup----------  6s, certificates----------  7 3-10 notes--------------  85 87b 85 79b 78  94 95 943g 92b 98 92 88 86b 963g 99b 99b 100 99b  97 97b 102 103b 9734 105b 105b 98 93 92b 93b 97 93 96 96b 89b 96 90 95b 99 99 100b 100b 101b 102b 10534 104b  96b 96b 90 86b 85 98 99  100 103 92 8634 91 99 105b  96b 98b 94 8834 85 98b 102b  99b 10134 94 90 91 99b 105b  96b 99 94 89 88 98b 10234  100 102b 95 91 913g 99b 104b  103 102 96 92b 91 98b 103  10834 107b 110 104 106 106 108b 104b 9834 100 98 97 102 100b 101b 98b 99b 97b 99b 97 107b 103b 107b 105 109 107 107b 105b  107 105 100 101b 99b 107 107b  104b 105 96b 100 99b 10534 105b  107b 105 101 10 l3g 99b 107b 107b  106  107  97 101 99b 106b 105  97 10134 99b 1073g 106b  10634 11034 10834 117 96b 100b 100 101b 102b 98 99 99b 98b 105b 108b 10534 106 108 106  nob 125 100 102b 99 i07b 107b  108b 124 98 10134 98 106b 106b  no 127 100b 102b 98b 106b 107b  114 102 106b 104b 10634 101b 109 106b 103 107b 1O734 Hl 111 113 108b H5 109b 112 103 110 102b 107b 107 96b 9334 98b 97b 99b 99b 99b 9734 99b 98b 98b 9234 983g 93  10934 113 103b 112 95b  106b 105 95 107 93  109 1113g 99 112 95  104b 106b 92b 104 94b  10634 108b 96b 108b 95b  106b 100b 94 107 95  113 107b 99b 124 98  112b 106b 98b 116b 96  118 no 102b 1223g 97b  90 9134 86b 80 80b  97b 98  98  92b 923g 90b 88  107b 107b 99 97 97b 100b 106b  1863. U. S. 6s of 1381, coup___  5s of 1865, coup---------  5s of 1874, coup----------  6s, gold certificates___ 6s, current certificates.  9134 99  9334 102b 96 99 86 90 85b 97b 9434 97b 93b 99  7 3-lOs, A. & O........... 100 103 73 10s, F. & A........... 102b 103  100b 99b 94 98b 9634 10134 1051 10434 1023g 102b 104b  105b 99b 98b 100b 100b 107b 107  10434 106b 107b 104 95b 98b 97 99b 102 101 98 99b 98 104b 106 106 104 107 10634  1864. U. S. 6s of 1881, coup___ 104 5-20s, coupon------------- 101b 10-40s, coupon----------7 3-lOs, A. & O______ 1063g 1-year certificates------ 9734  107 10634 1111; mb H3b 113 104b 10334 107 107 110b 105  118 114  113 115 111 105b 107b 101  1865. U. S. 6s of 1881, coup----5-20s, coupon________ 5-20s, new, coup .......... 10-40s, coupon-------- . 7 3-10 notes-------------1-year certificates------  108b 102b 102b 94b 99b 98b 99b 99  H034 107 106 97b 99b 99b  10834 102 103 9434 99b 99b  110b 104b 104 9734 99b 997g  106b 103b 103b 96b 99b 97b  10834 106 1053g 98 100 99b  106 105b 104 93 98b 97b  107b 106b 105 98b 99b 9834  107b 105b 105 937g 98 98b  108b 108b 10634 94b 995 99  1063g 10134 101 92b 97 9734  108b 105b 103 94b 99b 99b  105b 99b 987g 8934 95b 96b  106b 103 101b 9234 99 97b  106b 100 99 90b' 96 b 97b  108b 105b 102b 95 98b 98b  108b 1063g 105b 106 96b 102 102 102  107 1003g 1013g 101b 94 100b 101 10034  109b 102b 102b 1023g 96b 102b 102b 10234  109b 101b 102 102b 9534 102 102 102  110b 1043g 1033g 103b 97b 103b 103b 1033g  106b 104b 10334 103b 97b 103 103 103  110 108b 106 106b 99 104b 104b 104b  109b 108b 105b 106 99 104 104 104  113b 11334 110 10934 103b 107b 10634 106-b  11034 107b 108 10734 97b 105b 105b 105  112 H2b 109b 109b 100b 107b 106b 106b  lllb lllb 109b 109 99b 106 105b 105b  113b 115b 111 lllb 100b 107 106b 106b  112 107b 10534 10534 99b 105 104 104  11434 110b 10734 109b 10034 108b 106b 10734  10934 105b 104b 104b 99 104 103b 104  113b 108b 107 107b 10034 10534 10534 10534  110b lllb 109b 109b 107b  110b 107 105b 105b 107b  112 109b 106 108 1083g  109 110b 107b 107b 106b 107 99b 99b 100b 100b  11034 H2b 109b 109b 10834 108b 10234  110b lllb 109 109b 10734 107b 102b  H2b 1147g 110b mb 10878 108b 103b  11034 110b 108b 109b 107b 107b 99b  112b H5b 110b 111b 109 109 99b  110b lllb 108b 108b 1063g 106b 99b  1123g 113b 109b nob 107b 108 101b  112 107b 105 105b 10738 107b 100b  113b 108b 105b 106b 108 108 102b  lll3g 112b 107 108b 104b 106  109b 10638 106b 100b 114 96b  11238 110 HO 10234 119 98  109b 108b 108 100b 115 97b  mb 112 111 1027g 116b 98b  103b 10434 10034 89b 114 96b  111b 11134 1103g 10234 114b 98b  105 1053g 105b 91b  1103g 109b 109b 973g  10334 10234 101b 101b 92b 98b 9734 9734  104b 105 102b 102b 9334 993g 993 99  10334 1023g 102 101b 93b 99b 98b 99  104b 1033g 1033g 103b 947g 9934 99b 99b  104b 103 1027g 103 90 99b 99b 99  105b 1043g 104b 104b 923g 100b 100b 100b  104b 103b 10334 104 91b 100 997g 9978  106b 106b 105b 105 1033g  1083g 108 106 10634 104b  107b 10734 10534 10534 1043g  110b 11134 108b 109b 106b  1083g 108b 107b 107b 106b  110b Hl 108 10834 1073g  108b 1103g 107b 107b 107b  1866. 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-----------  99b 100  9934 10134 97b 98b 97b 99  99  lllb 109b 10534 106b 108b  H3b nob 107b 10734 nob  116b 11134 109b 110 1123g 1125g 10934 105b 10534  H8b 113b lllb 11134 114b 1143g 110b 1073g  11234 11234 110 11034 108 108b 108b 106b  115b 114b lllb 11234 109b 109b 109b 108b  113b 11234 108b 110 1073g 106b 107 108  116b 115 lllb 112b 109b 1093g 1093g 109b  113b 112b 109b 10934 107b 10734 108b 104b  114b H5b 110b liib 109b 109b 109b 1053g  113 112b 109b 109b 107b 107b 108b 104b  116b 115 11234 112b 111b 112 112b 106b  1113g 105b 10434 10434 106b 107b 107b 103  115b 113b 10834 108b 110b lllb 111  10634  114b 115 109b mb 1063g 107b 107b 1083g 10934110b 10934 liib 110 1113g 105 105b  1073g 118b 119b 119 117b 11634 123b 121b 122b 116b 123b 121  109b 120b 120b 120 119 117b 12234 117b 1223g  107b 116 1153g 116b 118b 117b 121b 117b 11634  114b 122 122b 122b 12334 123b 125b 122b 12334  112b 120b 1193g 119b 120b 120b 1223g 122b 12134  116b 12234 122b 122b 124b 124 125b 125 125  108b 112b 117 12034 116b 121b 11634 1213g 118b 122b 118b 122b 119b 123b 119 123b 119 123  1073g 116b 115b 115b 117 117 119b 118b 119  1093g 118b 118b H8b 120 119b 121 120 120b  106b 11334 11334 113b 111 11034 1123g 115b 1153g  108 116b 116b H6b 114 1133g 116 11934 119b  1063g 113 113b 113 11034 110b lllb 112b 115b  1868. U. S. 6s of 1881, coup----5-20s, 1862, coup-------5-20s, 1864, coup-------5-20s, 1865.M.& N---. 5-20s, 1865, J.& J-----5- 20s, 1867, coup-------6- 20s, 1868, coup-------10-40s, coup................. .  1083g 107b 105b 106 104b 104b  112 mb 109b 110b 108b 1083g  11034 110 1073g 108b 106b 106b  1123g 11134 109b 110b 108b 1083g  110b 109b 107b 107b 106b 106b  lllb 11034 1083g 109 10734 107b  110b 109b 107b 107b 1063g 10634  H3b H2b 110b lllb 109 109b  101b 104b 104b 1053g 100b ioi3g 100b 103  113 108 106b 106b 108b 109b  103  116 lllb 10934 109b lllb 112b  1869. U. S. 10-40s, coup---------5-20s, 1868, coup-------5-20s, 1867, coup-------5-20s, 1865, new, coup5-20s, 1365, coup-------5-20s, 1864, coup-------5-20s, 1862, coup-------6s of 1881, reg----------6s of 1881, coup----------   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  10534 107b 106b 106b 10734 107b lllb 109 111  108b 109b 109 108b 110b 10934 113b lllb 1123g  108b 108b 108b 1083g 110b 109b 113 lllb 112b  110b 112b 113b 113b 116b 115b 118b 114b 1163g  105b 11234 112b 112b 11478  11334 1173g 1147g 1153g  106b 114 113b 11334 118 115b 120 116b 117b  105 113b 112b 112b 115b 113b 11734 H5b 1153g  108b 116b 116b 116b 1193g 11734 122 118 11834  107b 11534 11534 115b 114b 113b 117b 118b 118  110 120b 120b 120b 119b 1171  10434 105b  107b 108b 107b 109 100b 104  110b 116b 116b 116b 114b 113b 116 116b 120b  UNITED STATES SECURITIES.  118 U.  January. February.  March.  April.  July.  May.  August.  Sept’ber.  Nov’ber.  Dec'ber.  S. GOVERNMENT SECURITIES. Low H igh Low High Low High Low High Low High Low High Low Hlgh\Low HtyhLow High Low High Low High Low High  1870. U. S. 6s of 1881, coup----5-20s, 1832, 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..................  115!>8 11312 113 112b 111&8 lllb 11134 10934 109b  11812 116b 116 116b 11434 114b 11458 113b mb  115b 114 113b 113b 111b 112b 113 lllb lllb  H8b 115b 115b H5b H4b H4b 11438 114 lllb  11334 109b 10838 10838 107b 108 108b 10434 110b  116b H4b 11338 113b mb 112b 1123S 10834 113b  113b 110b 109b 1093g 10734 108b 108b 108b lllb  116b H5b 114b 114b 113b 113b 113b 108b 11234  116 lllb 110b 110b 11234 113b 113b 10738 112b  117b 112b lllb 112 114b 11434 115 108b 112b  1173s 111 11034 11034 112b 112b 113 10758 113  118b 112b 11134 11134 H4b 1143s 11438 10834 11434  1123s 10834 10834 10834 1073s 10758 108 10638 110b  115b 112b 112 112 lllb lllb lllb 108b 114  113b 110b 109b 10834 10858 10834 109 106b 11034  11458 112b lllb lllb 110b 1103s 110b 11034 112b  11334 112b lllb lllb 110 110b 110b 105b 111  1145s 114b 112 1123S 11034 110b 110b 107 112  113b lllb liib 11058 110b 110b 110b 106b 111  114b 113 1H34 112b 110b iio5s nob 106b 1113s  113b 107b 107 10678 109 109b 109b 106b 110b  11358 109b 107b 108b 110b 110b 1101 107 lllb  113 107b 10634 1Q634 109b 109’S 1095s 106b 10934  11358 108 10734 4075s 1103s 1103s 111 106b 110b  U. S. 6s of 1881, coup----- 110b 5-20s, 1862, coup-------- 108b 5-20s, 1864, coup-------- 107b 5-20s, 1865, coup-------- 108 5-20s, 1865, new, coup- 107 5-20s, 1867, coup-------- 107b 5-20s, 1868, coup-------- 107b 10-40s, coup------------- 106'b 6s, currency-------------- 110  H3b nob 109b 109b 108b 108b 109b 109b lllb  113 ho38 110 110 109 109 10934 109b lllb  11434 11234 lllb 112b 111 lllb 11134 lllb 11338  114b mb lllb 11134 110b 110b 110b 108 113b  116b 113 H238 11238 lllb lllb 11134 10934 11538  116b 112b 112b 112b lllb 11138 lllb 108b 115b  117b 114 114 114 113 113 113 109b 11534  117 11034 110b 110b 113 11234 113 109 115b  11738 11134 lll34 11134 114 114 114b 110 H5b  117b 112 lllb lllb 113b 113b 114 1093s 115b  118b 11338 113 113b 114b 1153s 115b 11034 H5b  114b 11334 113b H3b 112b 11238 112b ill 113  116b 115b 11434 H4b 112b 113b 1133s 113b 115b  116 113b 113b 114 112b 113 113b 110 114  119 11434 114b 114b 1135s 11358 H4b 111 116b  118 1145g 11434 11434 11358 11334 114b lllb 114b  11938 1155s 11558 115b 11458 11434 114&S 1H34 H6b  115b 11334 113b 113b 112 112 112 107 110b  H8b 115b H5b 116 11434 114b 115 11134 H4b  116b 111 110b lllb 113 11358 1135s 109b lllb  11734 11134 iii34 1123s 114b 115 115 HO 1133s  117b 109b 10934 110b 113b 1143s 11458 109b 113b  118 111 111  110b 11434 11534 110b 11034 1123s 11134 113 113b 110b nob 11534  10734 114 114b 110b 110 110b 110 lllb lllb 106b 10934 11334  108b 114b H5b mb 1113s lllb nob 112 11238 107b 110b 114b  10834 114b 115b ill 111 112b 110b 1113S 112 107b 10734 114  110 11434 11534 112b 1123s 112b lllb 113 113b 108 1083s 115b  109b 11434 115b 1123s 112b 112b lllb 112b 113 108 108b 115b  112b 117 118b 11534 11534 H6b 11434 115b 116 110b nob 11634  lllb 116b 118 112b 112b 112b 11434 115b 11534 110 11038 116b  113 H7b 11934 114 113b 115 116b 1173g 117b 11138 112b 1173S  11258 114b 11958 114 114 11434 116b 1173s 117b 1105s lllb 1143s  1133S 115 1205s 115 115 116 H7b 118b 11734 11134 1125s 115  113b 115b 117 11458 11458 115b 11334 115b 114b 1113s 112b 1143s  11334 116 118b 11534 11534 1168s 115 116 116 lllb H3b 115  112b 114 116b 114b 114 11458 113b 11334 113b 10834 lllb 112b  112b 116b H8b 1183s 116b 116b H5b 116b 11534 10958 1135s H4b  10934 11338 114b 113 113b 113b 112 112b 11234 10734 10758 11134  11134 114b H6b 1145s 114b 11434 11334 H4b 114 109 108b 11234  111 114b 1155S 115b 11458 11538 1135s 113b 114 107b 10734 111  1113s H5b 117 H6b 116 1163g 115 H5b 115 1085s 1085s 114  110 114b 116b lllb 1113s 112b 114 114b 114b 10734 10734 113b  110b 116b 117b 113 113b H3b 11534 H6b 11534 108b 108b 114b  111 11234 117b 112b 112-b 112b 115 115b 11534 109b 109b 112  lllb 11458 118 1133s 113b 11338 11658 117b 11634 HO 109b 11338  U S. fund. 5s of 1881----- 112b 115b 113b 11334 113 115b 115b 116b 115b 116b 6s of 1881, reg----------- 114b 117b 116b 1173s 116b 118 116b 118 117b 119 6s of 1881, coup--------- 114b 119b 118b 11834 118b 120b 11834 121 120b 122b 5-20s, 1862, coup-------- 112b 1153s 114b 115b 115b 117b 116 118b 114b 11634 5.20s, 1884, coup-------- 113b H5b 114b H5b 115b 117% 116 118b 11434 11634 5-20s, 1865, coup-------- 113b 1163s 115b 116b 1163s 118b 118 120b 117b 118b 5-20s, 1865 new, coup-- 11234 11538 114b H4b 11438 11634 115b 118 117b 119b 5-20's, 1857, coup-------- 11338 11634 116b 11634 116 118b 116b 119b 119b 121b -5-20s, 1388, coup-------- 11338 116b 116b 116b 116b 118 116 11734 118 120b 10-40s, reg--------------- 109b 114 1113s 112b 110b 112b 109b 112 lllb 112b 10-40 s, coi p-------------- 109b 115b 114b 115b 110b 112b 111 113b H3b 114b 6s, currency-------------- 112b H5b 114b 115b 113b 115 112b 115 115 116b  1143s 115b 122b 115b 116b 11658 119 12038 120 112b 112b 113b  J534|11438 117 116b 123b 119b 117b 116b 117b 116b 119b 118 12034 116 121b 117b 120b 117b 113b 11334 115 11438 H4b 114b  11578 1185s 120b 117b 11734 119b 118 119b 11834 115b 1153s H4b  114b 1173s 119b 117 117 11834 1165s 1185s 118 112b 115b 113b  11434 118b 120b 117b 1175s 11938 11734 11958 119 11334 116b 11438  lllb 112 115b 11338 114b 110 11134 11334 113 112 106 108b  H4b 117 H9b 113b 117b 11834 116b 119b 118b 114 11434 113%  10634 109b lllb 105b 106b 107b 10934 110 110 103b 105  109 11534 115b 109 110 lllb 11334 115b 115 109b 10934  106b 11034 112b 105b 106b 1073s 109b 110b 110 105b 105b 108b lll5s 108  109b 114b H5b 109b 111 111 113b 114b 115 108b 108b 1105s  109b lllb U6b 11O7S 1115S 111b 114b 115b 116b 109 108b 108b  H3b H6b 121 116 117b 117b 11934 120 11834 112b 113b 1143s  112 117b 118b 11134 11534 11634 116 11738 117b 109b 113b 117b  11258 1175s 1185s 112b 116 117b 1165s 117b 1185s 1107s 114b 11734  112 116b 11734 112b 115b 115b 115b 11634 116b 110b lllb 117b  1125s 117b 11858 11234 115b 116b 11634 11734 117b Hl lllb 1175s  112b 117b 118 11234 11538 1163g 11534 117 117b 111 lllb 1173s  112b 118 1185s 11334 11638 117b 1165s 117b H7b 112 H23s 118b  113 119b 119b 11234 11434 H63S 119 120 11934 1133s 114b 119  1123s 115’s 119b 112b 114b 116b 118b 11938 119b 1125s 11334 116b  113b 11858 122b 11438 116 1183s 121 122 12034 115b 115b 118  1871.  hi34  115 115b 116 109b 115b  1872. U. S. fund. 5s of 1881----6s of 1881, reg----------6s of 1381, coup--------5-20s, 1862, coup-------5-20s, 1864, coup-------5-20s, 1855, coup-------5-20s, 1855, new, coup5-20s, 1337, coup-------5-20s, 1868, coup-------10-40s, reg--------------x0-40s, coup-------------6s, currency--------------  109b 114b 114b 10934 109b 11034 10978 1113s 11134 109 109b 11434  - 1873.  1874. '. S fund. 5s of 1881___ 6s of 1381, reg----------6s of 1831, coup--------5-20s, 1862, coup-------5.20s, 1864, coup-------5-20s, 1855. coup-------5.20s, 1865, new, coup. 5-20s, 1857, coup-------5.20s, 1868, coup-------10-40s, reg--------------10-40s, coup-------------6s, currency--------------  117 120b 122 11884 12034 12134 120b 120b 120b 115 H5b 117b  115 119b 120 115 117 117b 119b 120b 119b 114b 11434 11Gb  115b 1203s 122 115b 117b 1183s 120b 12034 120b 115b 1153s 117b  113  11538 112b 113b  120b H5b 11538 117  11538 119b 12034 11734 11934 120b 119 11934 11934 114b 114b 11634  116b 121b 11338 116b 117b 119b 119b 120 113b 113b 11453  117b 122 11538 H7b H8b 120b 12138 121b 114b 11434 11534  11538 1165s lllb 11534 11634 115b 116b 116 112b 112b 11558  1173s 119 114 116b 11734 11634 117b 118b 113b 114 11734  114b 118b 11934 11638 117b 119b 1183s 119b 1193s 11334 11334 118b  H5b 120 1213s 117b 118b 120b 11934 120b 120b 114b 1153s 119b  1143411/b 120 122 121 12338 118b 11834 118b 121 121b 121b 119b 122b 119b 1233g 11934 122b 113b H6b 115b H7b 119b 124b  115b 121b 123b 116b 117b 119b 121b 123 123 11534 117 123b  117 122b 124b 117b 118b 120b 122b 124b 124 117 118 12434  117b 120b 125b 117b 118b 12134 123b 1243S 124 11758 1x8b 122  119 121b 126b 118b 119b 12234 124b 125b 125b 118b H9b 1225s  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 118b 115b 117b 1163s 118 11934 121 12034 121b 1205g 121b 12078 122b 119b 120 12034 122 122 12334 122b 123b 122b 124 123b 125 11534 1183s 118b 120 120b 11434 11734 122b  117 11934 1193s 12034 121b 115b 11934 123  123b 123b 118b 120 122b 12334 118b 12134 118b  1213s 122b 118b 118b 121b 123 11734 118b 118b  1231s 123b 11834 11958 121b 12334 1185s H9b 119  12034 12134 11734 118b 120b 122b 117 118 11734  12138 1223S fl4b 11834 12034 12234 117b 1183s 117  1223s 12234 115b 119b 12138 123 US 11834 117b  119 1203s 122b 124b 115b 11658 119b 121 1213s 12344 12338 124b 117b 118b ir83s.ll8b 116b 11734  1193g 11934 11534 1173g 11938 121 117b 1183s 117&S  120 12034 11634 118b 120b 12134 1185s 119 1185s  11734 118 112b 113 116b 121 115b 11834 11534  119b 12034 116b 117b 119b 12158 H634 1195s 1173s  128  126b 127b 126>S 127  111 H5b 117 11234 114 115 114b 115 116 lllb 113 114  11334 H7b 11838 114b 116b 117b 11634 118 118 113 114b 115b  11134 11734 118b 115b 116b 1163s 116b 11734 117b 1103s 114 115b  11434 120b 121 118b 120b 121b H9b 1203s 120b 113b 1163s 116b  114b 118b 1193s 116b 118 119b 118  H5b 11934 121 118b 120 12034 119b  118b 112b 11234 115b  113b 118 118b 114b 116 118b ii7b 118b 118 11434 115 117b  116 11938 H9b H5b 117b 119b H8b 119b 11934 116b 11634 120  11434 11834 11934 11534 11738 119b 1183s 1193S 11938 11334 11634 119  11534 119b 120b 11634 118 120b 11938 120b 120 1143s 117b 120  U. S. 6s of 1881, reg------ 119b 122 122 6s of 1831, coup--------- 120b 12234 122b 5-20s, 1865, coup_____ 116b 117b 117 5-20s, 1865 new, coup- 117 119b 119b 5-20s, 1867, coup-------- 11938 122b 121 5-20? 1868, coup-------- 120 123 123b 10-40s, reg--------------- 1173s 119b 116b 10-40s, coup_________ 118 11934 119b 5s of 1881, coup--------- 11634 118b 1173g 4bs, 1891, reg----------Currency 6s-------------- 1223g 125 125  11834 120-b  lllb 118 1185s 11034 113 114b 116b 11734 117b lllb 111b 117b  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, 1367, coup-------5-20s, 1868, coup-------10-40s, reg--------------10-40s, coup-------------Currency 6s--------------  116b 11734 11738 119b 120 115b 11634 123b  H93s 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  H4b 116b 12038 12234 122b 117 H7b 125b  117 117b 11234 113 11638 118b 1143s 115b 114b lllb 12634 127b 12458 12634 125b 12658 125b 126b 1263s  117b 12834 113b 11334 117 118b 115b 116 115b 11138 127  11558 116s4 11134 11158 11434 116b 113 113b 113b 11O3S 123  118b 119b 114 11338 H6I4 118 11434 H5b H5b lllb 12534  116b 117 10934 112b 115b 11634 11358 114b 11134 110  11734 118b 110b 113b 116b 1175s 114b H5b 113b 1113S  115b 11934 121b 122b 116b 118 122  11658 121 123b 123 11734 118 12234  112b 115b 108b 1115s 114b 116b 112 lllb 11038 108 12358 124b 120b  113b 11734 109&S 11334 11634 118 113b H3b 11238 10958 122b  1876. 122 122b 118b 1193s 12134 12234 118b 119 119  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_________  113b 114b 11134 108b 109b! 10734 109b H0b|i08b 112b 114 j 1113s 11434 117b 114b 112b 114b 109b 112b 114b 1133s 111 112b 109b  114b 111*8 108b 10734 11034 108 113b lllb 116b 113 1113s, 109b 114b! iios8 lllb 109b  1133s 108b 109b 112b 114b 110b nib H034  112b 1085s 108b 1113s 1133s 11058 lllb 110b  H4b lllb 110b 113 115b 1123s 113 112b  114b 11534 1145g 115b lllb 112b lllb 1123g 11038 111  109b 11034 110b 110b 109b 111  1103s 113 115 112b 112b 110b 1083s  11134 1143s 116 113 11334 112 109  109b 1123s 115b 11134 112b 110b 10634  121b 1233s, 122b 12334 1223S 1233s| 1233s 12434 125b 125b 122  106b 1O85S lllb 112 11234 111 10838 1053g 122b 123b  107 10919 1125s 113 113b 112 109 106 126  105b 108b 110b 108b 112 10834 107b 104 12334  107 10938 lllb 1095s 113b 110b 109 105b 125b  10538 107 1095g 106b 10734 107b 105 1013s 1205s  105b 108 110b 1085s 10934 10834 10634 103 1233s  105 106b 109b 1063s 1073s 10658 103b 101b 1201s  105b 1083g 10934 1075s 108b 107b 1053s 10258 12Q34  1055s 108b 110 10734 108b 106b 105b 102b 121b  1063g 109b lllb 108b 10834 107 10558 10234 122  10558 108b 110 1065g 107b 105b 103b 101 120  10634 10934 11134 1083g 109 10738 105b 103b 122b  11034 105b 1085s lllb 109b 107 10438 101b 120b  1073s 10258 106b 108b 1093g 10734 104b 1005s 120b  107b 1023g 1045g 108 10834 106 10434 1005s 119b  108b 10234 105b 108 109b 10638 105 100b 1205s  1073s 1025s 105b 107 4 106 10534 1033s 100b 119b  108b 102b 105b 108 106b 106b 10334 100b 119b  1075s 10234 105b 10738 10534 105b 102b 9934 119b  108b 103b 106b 108 10638 106b 104 100b 1203s  10Sb 1033s 105b 108b 106b 105 104 100 121b  109b 10334 106b 109b 10734 1063g 105b 1003g 122  109b 1035s 105b 108 1075s 106b 104 1003s 119  109 b’ 10334 106b 10934 108b 10634 10434 100b 1203s  105  105b 105b 1065g 10Gb 107b  HO 113b 116b 1125s 113 112 10834  1878. U. S. 5s of 1881, coup___ 5-20s, 1865 new, coup- 5-20s, 1857, coup-------5-20s, 1868, coup_____ 10-40s, coup------------5s of 1881, coup______ 4bs. 1891, coup--------4s, 1907, coup_______ Currency 6s_________  1083s 1045s 107b 110 107b 1053s 1033g 101b 119  1053s 102'b 105 108 106b 103 104b 1023s 10234 101b 119b H8b  106b 10334 106b 109 108b 1043g 103b 102b H9b  10558 103b 105b 1085s 103b 103 101b 100b 118  107b 1045s 107b 109 1053s 104b 103 101b 119  107b 104 107 1095s 1053s 10438 10234 1003g 117b  106b 1023s 10434 1083s 107b 106b 100 121b  105b 102 102b 10434 104b 106 100 120b  10634 102b 102b 1053s 104b 1063s 100b 122  10534 102 10238 101b 103b 104 99b 1213s  1065s 102b 102b 102b 1045s 105b 100b 122  105b 10634 106b 107b 10738 1075s 10438 104b 104b 10434 1043g 105  101b 104b 104b 99 121b  102 105b 10634 10134 124b  103b 107 101b 124b  104 107b 103b 125b  103s8 10534 102b 123  10334 106b 103 123b  1033s 105b 10134 1225S  104b 104 10734 10434  105b 103 107b 105 126  105s8 10358 109b 107b 126  105b 103 107b 106b  105b 103b 108b 1073s  105b 1033s 108b 1065s  106b 104 109b 107b  1063s 10234 108b 107b  107b 1033s 1105s 109  1065g 103b 1093s 10834  107b 10358 10934 109b  103b 104b 104b 10338 10334 1025s 10934 nob lllb 108b 1093s 10978 128  106b 1O25S 105b 10634 1073s 105b 103b 10138 118b  107b 103b 106 109b 10S34 1063s  106b 10134 10234 1043s 105b IO434 993s 119b  104b 10338 10638 103  10734 10434 10758 110b 106 1055s 1033s 10034 119b  1073s 10334 106b 109b 105b 1043s 103b 100b 119  108b 10434 10738 10934 1075s 105b 104b 1013s 122  107 1023s 105b 1075s 108b 106b 104b 100b 120  1879. U. S. 6s of 1881, coup___ 5-20s, 1367, coup_____ 5-20s, 1868, coup_____ 10-40s, coup-------------5s of 1881, coup______ 4bs, 1891, coup............. 4s, 1907, coup_______ Currency 6s, reg--------  104b 106b 1023g 124  101b 105 1005s 123b  10234 102 b 103 10234 106b 1043g 10534 105b 102 101b 10234 1015s 123 123b  1023s 107b 10338 125  102b 10538 103 121b  1033g 10638 104b 122  104bi 1043s 104b 103 ! 10138 102 110b 111b ii25g 1095s 109b 1121____ 129b 130  104b 101 iii5S lllb 134  1045g 101b 112 1135s 134  103b 105b 102s8 123  102 106b 102b 124  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  10434 10234 1113s 110b 128  104b 102b 109 1083g  10458 10234 11034 1103s  10434 102b 108b 107b  UNITED STATES SECURITIES. V. S. GOVERNMENT SECURITIES.  January. Febtary.  April.  May.  July.  June.  119 August.  October.  Sept'ber.  Dec’ber.  Nov’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. V. S. 6s of 1881, coup----5s of 1881, coup-----4*28, 1891, coup____ 4s, 1907, coup____ Currency 6s, reg___  101*2 101*2 112 11238 133  10184 1017S 11258 113b 133  10134 10038 11134 1123s  10134 101 11278 114  102 10078 llllg 11278 131  102U 102 11284 11484 131  10238 102 11258 113*2 133  10378 10278 11438 116*4 133  10334 1015s 11434 1161s 135  106*2 105 116*2 118*4 135  10278 103 11478 11758 134  104 104*4 1153s 11838 134  102*4 101&8 1143S 11534  103 10234 11478 117*4  U. S. 6s of 1881 (a) coup-. 10034 5s of 1881 (a) coup___ 102*s 41’s, 1891, coup--------- 11438 4s, 1907, coup_______ 117*4 Currency 6s, reg_____ 131 Optional 3s, reg--------(a) Continued at 3*2%.  101 10284 114'8 11812 131  1007s 1017s 11458 11778  101 102*2 11478 118*8  10034 102 11358 118  101*2 103*8 11384 11958  101i8 1017s 115U 11838  10138 103 H6I2 12134  101*4 101*4 115*2 1205s  1013g 102*4 116*4 121*  100 101*8 114*8 120*8  100*4 10134 114*4 12034  101*4 10034 114 118®8  102 102*8 101*8 101*4 10058 10158 100*4 100*4 10134 10134 101*2 10338 115 1145s 11458 11278 113 113 113*4 113 113*8 11278 113*2 12058 1195s 120*4 119*2 120*4 11858 119*2 11878 119*2 120 121  101*2 101 11334 11434  102Bs 102*8 114b8 11658  10078 101 11278 116  101*2 101*2 113b8 1173s  10038 9934 113 115*2  101*8 102*8 113 11638  101*4 101'8 1133S 116  10134 102*9 1145s 117*2  1003s 1023s 11334 1175S 129  101*2 103*2 1145g 11858 130  1882.  102*4 102*4 10134 1023s 1025s 103  1883. U. S. 5s of 1881 (a) coup-- 102  4>2S, 1891, coup------------ 11234 4s, 1907, coup_______ 1187s Optional 3s, reg______ 103*8 Currency 6s, reg_____ 13112  104 11358 11984 104*2 13112  10378 11314 1187s 10334  10378 1137s 112*2 H338 113*8 11334 113 11338 1123g 113 120 119 120*2 11938 120 119 11978 1193s 120 IO4I4 10358 104U 103 10334 103*4 103 103*2 104  1123s 113 11234 113*2 112*4 114 11334 118*2 119*8 11878 11938 11938 121*4 120 103 1033s 103 103»8 101*2 10338 100*4 132*2 135 13534  11478 122 100* 136*2  114*2 12134 100*4 136  115 12234 1003s 136*  11378 123 10034 134  114'8 125*8 102 134*2  (a) Continued at 3*2% -  1 1884. U S. 4*2s, 1891, coup----- 114*8 1147s 11438 11458 113*4 1137s 113 11378 110 1135s 4s, 1907, coup_______ 12314 124U 12358 1237s 12384 124's 123*4 124 118*2 123*4 Option 3s , reg--------- 1007s 10078 101 101 101 101 10034 101*4 100 10034 Currency 6s, reg-------- 13434 13434 135*4 135*4  11038 1115s 112 11258 11178 11238 11238 11334 11378 114*2 11234 113'8 118*2 12034 118*2 120&S 119&8 12038 120 121*8 11934 121 121*2 12234 122*4 12334 100 10034 100 100*4 100*8 10034 10034 101 100*4 101 101*2 101*2  1885. U. S 4*2s, 1891, coup__ 1125S 1127S 112*2 11278 112 112*8 1123s 11234 11234 113*4 112*4 11234 4s, 1907, coup---------- 12112 122*8 12134 12238 12218 122&S 1213g 122*4 121»8 122*4 122*8 123*2 Optional 3s, reg_____ 101 IOII2 101*2 102 101 101*2 101 102*8 102S8 103*4 103*4 104*2 Currency 6s, reg------136*4 137*2 134*2 135  112*2 12238 103*8 133*4  11278 11234 113*4 112*8 1227s 12258 123*8 122*8 103'8 10278 103*4 103*8 1333s 134  112*2 123*2 104 134  112*2 1225g 103*2 134  113*2 113*2 113*2 124 12338 12378 104 10234 104 134  11238 123b8 103*8 133  11278 12438 104*2 133  1886. ’•* S, 4'2S, 1891, coup___ 112*2 11284 1127s 4s, 1907, coup----------  Optional 3s, reg___ Currency 6s, reg----  114 11134 11258 112*2 112*2 11238 11234 11138 112*8 11134 112*8 111*8 11178 10978 123 124 124*8 12738 12534 127*2 12578 126*2 12534 126*4 126 12738 12578 127 125*2 127 126*8 10034 102*2 10038 101 100's 101*2 10078 10134 10078 101*2 10138 102* 10058 10034 10038 1005s 100*2 135*4 135*4 136*8 136*8 135 135 133  112*2 1113s 112*2 11078 111*2 110*4 IIO-34 12834 12734 129 127 129*4 128*4 12938 100-34 101 100* 100 100*8 134 132 132*2  1887. U. S. 4*2S, 1891, coup___ 10934 118*2 110 4s, 1907, coup------12634 128*2 12838 Cur. 6s, 1898. reg132*2 13258 13438 Cur 6s, 1899, reg--. 137*8  110*4 12834 13438 137*4  10878 128 135 136*2  109'8 12938 135 1367s  110 12834 13478 137*2  11038 110*8 11078 109*4 10934 10878 109*4 108 11038 108 10838 108*4 10834 1083s 109 127 10858 12938 12834 1293s 129 129*2 127*4 128*8 1253s 128*8 124*2 125&8 124*2 126*2, 12638 12634 124*2 12634 13478 132*4 132*4 131 132 128 128 127 127 129 129 137*2 137*8 137*8  1888. U. S. 4>2S, 1891, coup----- 107*2 108*- 107*2 108 4s, 1907, coup_______ 125*4 126*: 12534 126*>8 6s, cur., 1898, reg-----6s, Curr., 1899, reg___  10638 10634 106*2 10778 10734 108*8 107 107*8 107*4 107*4 107*2 10734 1037 12538 125*2 12334 126»s 126*2 127*8 127*2 128*8 127*4 12738 12738 12858 12S* 127 127 12778 127 127 127  1085s 10858 108*2 1093g 10S*2 10834 12658 129 127*4 128* 128*8 128*2 129*2 129*2 130*4 130*4  ’ 1889. U. S, 4'2S. 1891, coup___ 10S*2 109 109 109 10734 108*8 108*4 108*4 4s, 1907, coup_______ 126*4 128*4 128*8 12878 12958 129-8 12834 129 129*4 6s, curr., 1898, reg-__ 127*2 127*2 6s, curr., 1899, reg___  10534 10534 105*2 105*2 104-34 105 10678 106'8 10634 10634 10678 1067s 129*2 129*4 1295s 128*8 128*2 128 128*8 12778 128*4 127 127*4 127 127 127*8 127*2 12558 12558  1890. U. S. 4’2s, 1891, coup___ 10434 105 104*2 10434 103*2 4s, 1907, coup_______ 125 126*4 123*8 12338 122 6s curr., 1898, reg___  10234 103*8 103 103 10334 103*2 103* 123*8 122 122*8 122 122*4 122 12234 121*2 124 12434 12434  10334 10334 104 12378 12378 124 126*2 12258 124*4 123  104 124  122 115  123*4 115  1891. U. S. 4*?s, 1891, coup----4s, 1907, coup_______ 120*4 121*: 6s, curr., 1898, reg___  102 121*2 121*2 122  100'>8 10058 10034 10034 117 117*8 11634 11634 117 118 118  102 122  116*4 117  1167s 118*4  114*2 115 1145g 115 11438 1155s 114*4 115  11458 113*2  118*:  1892. U. S. 4s, 1907, coup____ 116*2 117*s 11634 4s, 1907, reg_________ 116 117*4 116*2 6s, curr., 1898, reg___ 116 116 6s, curr., 1899, reg----- 118*2 118*2  117 117*4 117*2 11558 11638 116*2 117* 11738 118*8 116*4 H6'8 H634 116 11638 11558 116*8 11534 117*2 116*4 H634 116 11634  116*4 11478 115 116  1893. U. S. 4s, 1907, coup____ 113 2s, optional, reg______ 4s, 1907, reg-------------- 11338 6s, currency, 1893------  114  11234 113  114*4 11134 113  112*2 114*2 11234 11358 1125s 11234 110 96 110  11134 112*8 11234 11358 112*2 113 113*2 113*2  11134 108 9934 97 11034 108*2 108  IIU4 108 112*; 111*2 112 111 111*2 112*2 114 97 95*4 95*4 Ill’s 10734 Ill's no no*: 11034 1113S 112 113* 108  *1894. U. S. 4s, 1907, coup____ 112*2 11334 114*8 114*8 114 115 114*2 11434 114 114*4 11738 117*2 11738 117*2 118 119*2 11734’118*4 5s, 1904, coup_______ 4s, 1907, reg_________ 11258 114 113*2 114 11278 11334 113*2 114*4 113*2 114 Cherokee 4s. 1897____ 11738 11738 117*2 117*2 5s, 1904, reg-------------6s, currency, 1895____ 6s, currency, 1896____ 6s, currency, 1898------  114*4 115 11334 115 114 11758 118*4 118*8 119*4 117*2 11258 11338 113*4 114*8 11358 104 104 11778 1183g 118 118*2 118 101*2  115 115 119 119 11478 114  115 114*4 115 1143g 116 114-3i 116 11934 1193S 120 117*2 119*8 117*4 119*2 114 114*8 114*: 114*2 115-’’s 113*2 114*8  11934 11934  118 101*2  117*4 119 106 106 111*4 111*4  1895. U. S, 4s, 5s, 4s, 4s, os,  4s, 1907, coup____ 11234 113*2 110 113 11234 11278 112 1123s 112*2 11338 113*2 H358 112*2 113 11258 11258 112*2 113 lll-34 112 112 112*4 112 112*2 1925, coup----------118*4 H938 119 120*2 120*2 121*2 120*2 12358 12358 12378 123*4 124*8 12134 122*4 121*2 123*4 122-38 123 12058 121*2 119 12138 1904, coup_______ 11558 117*4 11438 116*4 11538 116 115*8 116*2 11538 116*4 116*8 11634 11634 11634 115*8 1153s 115*2 116 11534 116*2 11434 115*4 112 115 1907, reg_________ 112*4 113*2 110 113 11034 11138 111*2 11134 Hl-34 11278 Ill's 112*4 112 112*2 112*4 112*2 11134 iii -34 11134 112*8 11158 1117s 110 111*2 12034 1207s 117*2 117*2 120*2 12034 12034 12034 1205s 121*2 1925, reg-------------11634 11634 1155s 11678 115 11538 11458 116 11478 115 113*2 115*8 1904, reg-------------- 11438 117*4 11434 116*8 11578 116 11478 116  2s, optional, reg------------  6s, currency, 1896____ 10234 102*34 10834 10834 6s, currency, 1898____ 6s, currency, 1399____  1896. u s, 4s, 1907, coup___ "4s, 5s, 2s, 4s, 4s, 5s, 6s, 6s, 6s,  97  97  102*8 102*s  10734 113*2 109 94 106*2 113*2 109*8  110*2 119 U3-3s 95*2 109 120 1133s  112*2 12038 114 96 110*2 12038 114  10638 11358 109*4 91 10534 11334 110  107'8 1173S 111*2 91 106*2 116*2 110*4  106*2 108*4 109*4 110*2 115 118*2 118*2 1203« 110*2 111* 111 113*9 96 96 10578 1073 108*2 110*2 115*2 116*2 11934 120 1103g 1103g 111*4 11234  4s, 1907, coupon— 11138 112*2 112*8 113*4 113 113*2 112 11234 112 11258 112B8 113*4 11178 1123s 112 112*2 113*4 1925, coup----------- 120*8 124 122*8 123*8 123 12334 12358 124*2 122*2 123*4 12334 12538 12478 12634 125 12534 125 1904, coup----------- 114*4 11438 11338 11378 1137^114*4 114*8 11438 113 113*2 114 11434 114*2 115 113*4 11378 11378 98*2 98*2 98*4 optional, regis-----1907, registered----- 11058 11158 111*2 112 111 11138 11078 111*2 11034 111 11038 111*2 lllSg 112 112 112*4 11134 1925, registered----- 120*4 122*2 12238 1223s 123*4 12358 123 123*2 12234 123*4 125*8 125*8 124*8 12534 125*2 12534 126*8 11358 11458 113*2 11378 114*4 1904. registered----- 113*4 11334 11334 11334 11378 114*4 113*4 113*4 113 113*4  114 126 115 98*4 112*4 126*8 114*4  113*2 114 113-34 114*8 115 115 126 128*4 12758 128*2 12858 129*2 115 11578 114 11478 1143g 115  109  110  110*4 111*8 109*8 10978 10978 110*4 109*2 110*4 107*2 1163S 117*4 li634 119 11638 117'8 1163s 118*4 11234 113 113*2 113*2 114*8 1125s 113 11234 113*4 11034 95 95 110*4 108*4 108*2 1083s 109 10834 109*4 108 10878 106 11734 116*2 H738 117 118 116*2 11758 116*4 118*8 11278 113*2 113 113 11334 11384 11278 11278 11234 113 11034 103*4 103*4 103 105 107*2 107*i  108*2 111 118 114  1925, coup----------- 115*4 117 113 1904, coup----------- 113 114 112 optional, regis-----1907, registered----- 108 110 108 1925, registered----- 114*2 114*; 113 1904, registered----- 112 113*- 112 currency, 1897-----currency, 1898-----currency, 1899------  U. S 4s, 5s, 2s, 4s, 4s,  96*2 96*2  108*2 108*: 109* 109  109*8 106 11634 111*4 113 108*2 94 108*2 10434 11634 11134 11234 10834  103 105  1897.  5s, 6s, currency, 1898--------- 103*8 103*4 103*2 103*2 106*2 10658 6s, currency, 1899--------   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  107*2 10734  112 11278 11234 113*8 127*8 127*8 127*4 127*4 113*4 115 10234 10234  112*8 1277s 114*2 9934  113 129 114*2 9934  UNITED STATES SECURITIES.  120 U. S. GOVERNMENT SECURITIES.  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  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-----  113&8 11458 113 11434 110 113 12812 12934 12358 12834 11812 1253g 114 115 11312 11334 IIOI4 112*2 9812 98>2  107 11734 11012 98  111 108 IIII4 110 122U 120 12314 122 111*8 10934 111 111 98  10512 10512 112 12734  10434 104i2 111*2 127 11218  10512 105U 112 1275s 11214  1051s 1043s 110&8 127 1123S  1061s 106 112 128U 113U  10834 108*4 11334 130*2 111*2  108*4 108 113 130  10834 108*8 11334 130*2  108*8 10738 112 130 1113s  108*2 108 112*2 130*2 112  108*2 10834 10838 108*8 107*4 112*4 112*4 111*8 111*2 111*4 129*8 111*2 111*2 11178 112 110*2  106 106 11258 12758 112*2 985g 10578 11134 127*2 112*8  105*8 105*2 112*2 127*2 112*2 99*2 106*8 111*8 127*2 1125s  10734 107*8 113*2 129*4 113 99*2 107*2 112 12834 11258  1075s 11158 12934 110*2  10758 108 1125S 129*4 110*2 101 108 112 12934 111  1095s 10958 11338 1325s 11138 101 108 113*2 13258 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 113*8 114*8  109*2 109 115*4 134*2 11234  110*2 11038 116*4 13858 114  10434 10934 109*4 115*2 138 113  105 112 110 11634 138*8 11334  104 104 HO 109*2 109*2 110*4 110*2 109*2 10934 116 115*2 115*2 114*2 11434 114*8 115 134*4 134*4 133*8 11334 113*4 114 11258 11334  10434 10934 115 137 113  105 10934 116 138 113  10438 10934 114*2 138*8 115  107 110*8 11634 139 115  105*4 105 11134 12634 112 985s 105 105 105*4 1053s 104*2 10558 105*4 111 111*2 110*2 110*2 110*2 111 111 127*2 128*s 127 12738 12634 127*4 127*8 112 112 112*2 11258 11234 11234 1117S 102*4 102*4 102*2 102*2  104 10412 10412 10434 mu 11034 IIII4 111 125 125 12812 12634 111*2 1125s 113k  11238 12712 11312 104  113is lll*s 113*2 12912 12612 12834 115 104 10312 10312  10834 II8I2 11134 103  111 125 11134 103  106 11634 11112 102*8  10912 10634 109 10734 109*2 110*4 Hl 12112 121*8 122*4 124*2 124*2 124 124 111*2 10934 110*4 102*8  1071s 106l2 112*2 129 11234 9912 IO6I2 1117S 12858  108 10712 113 12958 113U 99*8 10758 11238 129  10634 IO6I2 11238 128 1117S  110 109*2 114 13334 113*4  11034 110*2 11434 134*4 H35s  109*4 114 133*8 11238  105*4 10534 110*2 110 114 138*2 110 105*2 109*2 114 137*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- —  10738 107 113U 129 112 99 99 10634 IO7I4 11214 11258 128 128&S 11134 11134  107 IO6I2 112 12838 11134  108*4 1075s 114 12912 112&8  107*8 10738 112*2 12938 113  109 109 11334 13012 113*2  1075s 107*4 11238 129 11134  107 111 12834 112  108*8 112*8 12834 112  107*4 1123S 129*2 112  108*8 11234 129*2 113*2  108*s 112*8 129*2 112&8  10834 108*2 11258 129*2 1125S 101*2 10834 108*2 10934 108*2 113 112*4 114 112*4 13038 130*4 1125S  109*4 109 11434 134*8 114  11134 111 118 134*8 1155s  104 10934 109*2 11434 134 11434  105 112*4 Hl34 118*2 1375g 11634  103*4 110 109 114*8 133 113*2 100*4  104*2 11034 10934 115*2 134*4 114*2 100*.  103*8 109 108*2 114 134*2 112*2  104 110 109*2 116*4 135 114  109*8 11434 133*8 1123g  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 114 13258 112*2  109 115 133 11258  10834 114*2 134*2 11258  109*2 109*8 116*4 114*4 114*2 114*2 1345s 134*4 134*8 133*8 114*8 113*2 113*2 11334  106 10534 Hl 110 114*2 138*2 113*2 105*2 110*2 114*2 138  105*4 105*8 10638 10638 106*4 106*8 106*2 10634 106*8 108*4 107*4 10758  109*2 1085s 114*4 1303s 112*8  108*2 108 11358 130*2 113  109*2 109*4 114*2 131 113  10938 109*2 113*2 130*2 11258 101*2 108*2 11258 130*4  108*8 108 113*4 130*8 111*2  1900. U. S. cons. 2s, 1930, coup. 3s, 1908-18, coupon----3s, 1908-18,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 1155g 135 113*2  109*2 110*2 10834 109*2 109*2 10934 11458 116 115*8 116 11538 134 134*4 13134 134*4 134 114 114 113*8 113*4 113*2  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- —  110*2 HV2 11034 110*2 H034 111 11334 114 114 13734 11034 11034 11134 105*2 106 10534 11034 110*8 111 11334 114*4 113 137*8 111*8  112 112 115*4 138*4 11134 106*4 11138 113 137*8 1117s  112 10938 111 114 13958 138*4 112*4 109*4 106*2 109 113*4 113*2 113*2 138*2 110  111*4 111 114 138*2 111*4 106  110*2 10834 108*2 1135s 13834 13858 HO 10634 109*2 109 11358 112*2 138* 110  109*2 108*2 10834 108*2 113&S 112*2 113 139*4 138*2 138*2 109*2 109*2 106s4 109 11234 11234 113*4 139 139  10858 10858 108*4 10834 113 136*8 108 137  10834 1083s 10838 108*2 10834 10634 113*2 113*4 113*4 112 137*2 137 139*4 139*2 108 109 10834 107*2 11134 137  109*4 109*4 109*2 109*2 108*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 1393s 107*4 10834  109 108 113 139*8 107*4 108*8  112 112*2 11158 111*8 139*4 139*4  1902. V. S. cons. 2s, 1930, coup 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-----  10734 109*2 10938 10938 10958 108 108*2 107 107*2 106*8 109*2 1115s 1105s 111*4 110*2 Hl 10834 13934 106*4 106*4 106*2 109*2 109*8 109 109*8 107*2 107*2 107 112 112*2 111*2 111*2 111*4 111*4 1105s 111*4 109*2 109*2 108*4 135*4 136 132 139*2 139*2 106*2 106*2 105*4 105*4 105*2 105*2  108*2 108*2 108*8 109*2 108*8 109 108*4 108*4 111*8 112 112*8 112*8  112 139  112 139  10958 109 109 112*4  109*>8 110 109 113  109*2 109*2 109*2 111 13934  10734 106*8 10534 107 107*2 10834 108 10638 1063s 106*4 109*4 111*4 111*2 11034 13734 105*4 106*2 104 104 10834 10834 10758 105*8 10678 107 10958 108*2 108*2 10734 110*2 111 137 137 132*4 105*4 105*4  10834 109 108 108*4 IIII4 13784 136*2 105*2 103*8  10834 108*4 108 108 10734 10734  136*2 105  10758 108*4 108*4 10734 10734 111*2 10958 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 10934 110*4 4s, 1907, coupon---4s, 1925, coupon__ 5s, 1904, coupon----Cons. 2s, 1930, regis 3s, 1908-18, regis— 4s, 1907, registered----- 109*2 110*2 4s, 1925, registered 5s, 1904, registered  107*2 107*2 107*8 107*4 108*4 107*8 107*8 109*4 136 136 137 103 103*4 103*4  Hl 137*2 103%  107 10934 10934 109 135*8 135*8 135  107 110*2 13534  109  10834 10834 10634 106*4 10634 10634 108 107*2 109 106*2 106*2 108*4 109*8 10838 1O93S 106*2 106*2 111 111*8 109*2 110 11134 11134 11034 135*4 103*4 103*4 103*4 103*4 10138 101*2 106 106*8 106 106 106*8 106*8 106*8 106*8 109*2 109*2 1065g 10734 108*2 107*4 107*4 10734 108 10734 108 10634 10634 107*2 11034 IIII4 11034 111 110 110 111 111 109 110 110*2 135*8 135*4 135*8 136*2 135*4 135*4 134*4 134*4 135 135*8 135*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  10734 110 109s8 111 135*4  10638 10638 106*8 106*8 107*2 108*2 107 108 107*2 107*2 110*4 1105s 134*4 134*2 101*4 101*4 10634 1063s 10634 109*4 107*8 107*8 112 112*4 112*4 109 109*2 135*4 13334 134*4  1904. (J. S. cons. 2s, 1930, coup 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*2 107*4 105*2 105*2 10634 10634 10738 10738 10634 107*2  105*4 10558 107*2 108 10634 107*8 107*2 107*2 107 134 134 13234  107*4 10534 10634 106 106*2 106*4 106*4 105*4 105*4 10558 10534 10534 105 105 104*8 105*2 105 108 108 107 107*8 107*4 107*4 10638 10634 132*2 133 131*2 131*2 110*4 105*2 106 105 105*8 105*8 105*8 105*4 105*4 10434 10434 10458 105 105^8 10534 108*4 108*4 106*4 107 106*4 1063s 10638 10638 13278 13278 13238 1323g 131*8 107  104*2 10558 105 10534 10434 10558 1065g 10658 104*2 130*8 110*4 iii" In  104*2 105 105 104*2 10412 106*2 106*2 130*8 130*8 no  105 105 104*2 107 131 no  131*8  1905. (J. S. cons. 2s, 1930, coup. 3s, 1908-18, coupon----3s, 1908-18, 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-.  10458 105*2 104  104  105*4 1053s 10434 104*8 104*2 105 106 106 104  105*s 105*8 104*2 104*2 10534 133 i09’*8 109**8 110 10434 104*2 104*2 105*2 105*2 132*2  10534 10434 105*4 133 110 10434 10458 104*8 10434 10434 104*2 104* 132*?  132*4 109*4 104*2 104  104*2 104*2 104*8 104 104*4 104 132*4 133 109*4 109 104*8 104 10334 104 132*2  133 109 104 104 132*8  10334 104*4 103*8 104*2 104 104*4 104*8 104*8 104*8 105 10438 13338 13338 134*2 134*2 134*2 108*2 103*8 103*8 104*4 104*4 103*2 103 103*2 104*2 105 1043g  10434 104*2 105*4 134*2 108*2 103*2 1045g 105*8  103*4 103*4 10234 104 103*8 103*8 105*8 1053g 103*2 103*8 13234 13338 130*4 13034 110*2 110*2 103*2 103*8 1043.4 10538 1027S 103*4 13258 1333s 13034 131*8  1906. U. 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 1025s 103*8 103*8 10434 10334 10478 12934 130*4 10834 10834  10358 104 10338 131  10378 103*2 1043g 10234 103*4 103 10334 103*4 103*2 1035s 132*4 129*2 131 12958 111 111 103*8 103*8 103*2 103*2 103*4 103 103*8 10234 10234 10334 103*4 103*4 10334 10334 10358 10358 103*2 103*2 129 129 129*8 12978  10458 103*2 103*4 10258 10258 103*2 104*4 10234 102*8 103*4 1295s 12934 12934 1293s  104*8 104*2 104*2 104*2 104*2 104 10338 104 103*2 103*8 103*2 103*2 102*4 102*2 102 102*8 101*8 10358 131*2 130*4 131*2 13034 13034 130*2  105*4 1033S 102 13034  103*2 10358 104*2 105*2 105*2 10334 103*2 103*2 10034 10034 10338 10338 103 103 102 102*4 130*4 131*2 131 131*8 130*8 130*8 105*8 105*8  1907. CJ. 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 10278 103*8 10238 100*8 1007s 129*2 129*2 129*4 10538  106 106*4 106*4 i033g 103*2 10334 10178 ioi78 129**2 130*2 130*2 10538  10078 100*8 101*2 101*2 1005s 1005g 129 129 129*8 129*8 130s4 13034  104*2 10334 1015s 13058 104*8 10234  104*2 104 10158 130s8 10434 10234  105 105*8 105*8 10534 10534 105*8 10534 102*4 102*8 103*8 103*4 103*4 102 10158 100*8 100*8 12934 127 127 125*2 10538 10212 1O212 102*2 102*8 101*2 10112 100*8 1007g 130 130 128*8 128*8 125*4  104*8 102*8 101*2 12934  104*4 10534 103*4 10212 l025g 100*4 10234 100*2 102 125*2 12434 12434 119 124 117 120 105*2 105 10558 104*4 109 10434 10434 102 103 101 102l2 126*4 119*2 125  UNITED STATES SECURITIES. U  S.  GOVERNMENT SECURITIES.  U. S. cons.  May June August September January February April October November December March July Low High Low High Low High Low High Low High Low High Low High Low High Low Hlrh Low H.gh Low High Low High  1908  2s. 1930, coup___ 3s, 1908-18, coupon______ 3s, 1908-18, small, coup. . 4s, 1925, coupon___ ._ 2s, 1935, Pan. Can.,cou_ Cons. 2s, 1930, regis. . _ 3s, 1908-18, registered4s, 1925. registered --  U.  121  104 104 104ig 104ig 10034 10084 101i4 IOII4 101 10134 101 101*8 IOU2 102 IOP4 101*8 101b 10U2 12034 12134 121 122b 12212 122b 123 12312 122ig 122ig 103U 10312 104b 104l2 104 104 104 10412 10334 104 103b 10334 10334 10334 103*8 104 100 10012 1011410114 IOII4 IOII4 122 122 II8I2 118i2 119 119 120b 12214  i6034 16634  10034 10078 IOOI4 IOOI4 122 122  122i2122l2  10334 10334 104 164' 103l2 10312 103l2 103l2 1017g 1017g ions long 101 121b 121b 121 121 1205g 1205g 120*8121  101  1909  S. cons. 2s. 1930, coupon3s, 1908-18, coupon-- _ 4s, 1925. coupon . .. Cons. 2s, 1930, registered-3s, 1908-18, registered-----4s, 1925. registered-- - 2s, 1936, Pan. Canal, regis 2s, 1938. Pan. Canal, regis  IO2I4 IO2I4 IO2I4 IO2I4 103 103 102l2 102l2 IOII4 IOII4 10034 lOlig 10134 10134 1021g 1021g 121 121 119b121 1027s 10278 10U2 102 101*8 101*8 10112 10H2 102 102 103*8 103*8 11734 11784 119U 119U 10Hg 10Hg 101 101 101 10134  101 101 118  101 IOOI4 IOOI4 10m 10U2 1017g 11914 11714 118 117l2118 1003g 100*8 101 102 ion2 io"ii2 1013810U2 116l4 11634 II6I4 11634 116l411712 100 100  101l2101l2 10l3g 101*8 11638 11612 116 116 100’2 10U2 IOII4 IOII4 115 11618 11484 11484  1910 II. S. cons. 2s. 1930. coup 3s, 1908-18. coup 3s. 1908-18. small, coup4s, 1925. coup . -. ____ Cons 2s, 1930, reg__ 3s, 1908-18, reg. .____ 4s, 1925. reg . ________ 2s, 1936, Pan. Canal reg 2s. 1938. Pan. Canal reg Philippine Islands land___ purchase 4s. 1914-34.  10034 10034 IOOI4 IOOI4 102b 102b 10212 103 102b 10212 10218 102*8 IOII4 10134 102b 102l2 11434 11534 II5I4 II5I4 11434 11434 1141211412 11412115 101 101 10012 1007g IOOI4 101b IOII4 10114 10134 102*4 102b 102b 10214 102U IO2I4 IO2I4 11412 I147g 11434 11434 II5I4 11514 115U L15U 11412 I147g  102  10134 102  10134 102  102  10212 10212  IOU4 IOII4 11434 1147g 115 10034 10034 101  115 115b 115b 1151211512 10034 10034 IOII4 102 102 I6l34 IOI84 11512 11512 1143g I143g 114l2 I15is 11514 11514 10034 IOO34 100*8 100*8 lOUg lOPg 10012 10012  1911 U. S. cons. 2s. 1930, coup.___  10034 10034 IOOI4 1005g 10018 10018 IO2I4 IO2I4 10134 10134 1017g 1017g 1025g 103 1023s 102*8 1017g 1025s 10238 102*8 IO2I4 10212 10214 10212 10134 10218 11334 11334 11334 114 11458 114*8 IOOI4 IOOI4 101*8 101*8 ioFg 1017s 1137g 1137g 1133g 113*8 11338113*8 11414 IHI4 II4I4 114U 10012 10012 10134 101*4  1013g 10134 101 101 101 10Ug 1025g 1O258 IO2I4 IO2I4 102*8 10234 1017g 1017g  3s, 1908-18, coupon ______ 3s, 1961. Pan Canal, coup. 4s, 1925, coup____________ Cons 2s. 1930, reg_______ 3s, 1908-18, reg___________ 4s, 1925, reg - -- _______ 2s, 1936, Pan Canal, reg___ 3s, 1961, Pan Canal, reg___  11578 116  1163gll63g lOUg 10Ug 103 103l4 116 116  102 115  102 115  1912 U.S cons 2s, 1930, coup..____ 3s, 1908-18, coup- _________ 3s, 1961. Pan Canal, coup__ 4s, 1925, coupon___________ Cons 2s, 1930, reg__________ 3s, 1808-18, reg_........................ 4s, 1925, reg _____________ 3s, 1961, Pan Canal, reg____  IOII4 IOU4 1007g 1007g 10034 10114 101l2 102 102b 10212 103b 103b 102b 103b 1023410234 101*8 1017g 101b 10134 10184 102b 101*8 1017g 10134 102 113*4 11434 114l2 114l2 HSU 11334 10034 1007g 102 10234 102b 102l2 11314 11314 114b 1145g 114U 114U 101»g 101*8 IOI84 1017g 1023g 1023g  101 102 102 102 102 102U 10214 1023g 102l2 102l2 101*8 1017g 101*8 101*8 101S4 10134 1017g 102lg 1017s 11378 114U 114U 113b 114 10H8 1023g 102b 114 11414 113*8 113*8 1017g 1017g 101*8 101*8  101 103 102l2 1027g 1017g 102 102 114 11378 11418 101l8  101*8 102l2 IOI84 113*8 1007g  Ilil's 114l8 114 1017g 1017g  ion2 103 102 11418 IOII4 114  1913  U S cons 2s, 1930, coup________ 3s, 1908-18, coup. ______ 3s, 1961, Pan Canal, coup__ 4s, 1925, coup _ ______ Cons 2s, 1930, regis_________ 3s, 1908-18, regis....... ............... 4s, 1925, regis .. _________ 3s, 1961, Pan Canal, regis__ 2s, 1936, Pan Canal, regis__ 2s, 1938, Pan Canal, regis__  IOII4 103 102 1137g lOUg 1027g 113b 102lg  IOUj 103 10234 1137g 101lg 1027g 113b 102ig  1025g 1025g 102b 102l2 1027g 103b 102b 103 11334 114 113b 113b 10012 100l2 102b 102l2 113b 113b 113b 113b 102l2 1027g 102l2 10234  102S4 103b 114 100  100 1OO12 103 10334 103b 103b 114 114 997g 100b 103b 103b 114lg 114ig 11334 11334 103b 1031s 100b IOOI4  ♦95b 98b 1013410238 9934101 110 112l2 9534 99 10134 103 no 11.3 99b 99b 95b 97b  987g 99 97 97 IO2I4 1023g 1027g 101 101 102l2 102U 10214 1003410214 113U 9884 98b 98*4 9634 98b IO2I4 102U 112lg 112ig 112b 11212 IIP4 112 10134 1O1S4 1023g 102b  96*4 973g 97U 97U 101l2 10H2 101 101 iou2 ion2 1111211112 111 11114 9678 9678 97 97 IOII4 IOII4 109b 109b 11018 HOI4  97 101  102*g 10212 1137g 101 1025g  103 1027g 114U 101 102*8  103b 103b 114l2 IOOI4  98 98 10212 102l2 10278 100 100 100 111 9812 98b 96 1025g 10258 IIOI4IIOI4 IIOI4 HOI4 102 99b 110I2 98b  1023g 102l2 IO2I4 1023s 99 997g 109 10978 iioi2111" z9412 96 1021410214 109i2 110i2  1023g 10238 100 100 111 11212 111  im2  100  1007g  96l2 96l2 96i2 96i2  1914 U S cons 2s, 1930, coup_______ 3s, 1908-18, coup.___ 3s, 1961. Pan Canal, coup__ 4s, 1925. coup__ _________ Cons 2s. 1930, regis. _ 3s, 1908-18. regis_______ 4s, 1925. regis _______ 3s, 1961, Pan Canal, regis__ 2s, 1936. Pan Canal, regis__ 2s, 1938. Pan Canal, regis__  98 102b 101 112b 98b 102U 11 l'g 101U  98*g 10234 101 113 98b IO2I4 112l4 101b  102 102b 1127g 9834  97  97  97 101i2  11O12 IIIS4 1011410114 1093411014  i09i2 no  31 to N ov. 27, bo th in elusive  108  108  997g 997g 108l2 109 99 9984  §10 lb 10 lb  1915 U S cons 2s, 1930, coup____ __ 3s, 1908-18, coup. ________ 3s, 1961, Pan. Canal, coup_ 4s, 1925, coup. __ 4s, 1934, Philippine Is, coup. Cons 2s, 1930, regis____ __ 3s, 1908-18, regis- .................. 4s, 1925, regis. __________ 3s, 1961, Pan. Canal, regis.. 2s, 1936, Pan. Canal, regis __  98 98b 102 102 10034 102  98*8 99  101*g 10134 1013g 1017g 100l2 10134 10134 IOI84 101*8 101*8 101 11034 111 111 11112 11012 111b 110  97b 9712 IOH4 ion2 10034 10034 101 101 101 IOII4 102 IO984 IIII4 10912110 1113g  9714 97U  100 100 9734 98 97 97 98*8 98*g 98b 98b 98b 98b 9634 9634 96*4 9684 98b 99l4 98*8 99 101 101b 98 10112 10H2 101*8 101l2 10U2 100i2 101 iooi2 ion2 IOU2 10H2 1093410934 1093o 1093c 109 109k 109lg 10912 16914 109l2 10912 1107g 109b 109b 10912 109b 10134 10134 101b 10H2 10U2101b 98U 98U 97b 97b §•’Seller 4 free.” ♦This sale was made “seller 20 days.” a: “Seller 5 days.”  lOlig 101l8  99l2 99l2 101l2 10134 10934 10934 102 102  102 102 110*8 110*8 9912 99l2 10134 10134 109*2 liou 10212 10212  Foreign Government Securities  PRICES 1914 AND 1915, INCLUSIVE. The table below shows the course of prices of Foreign Government Securities on the New York Stock Exchange in 1914 and 1915. The prices quoted, in accordance with the rule adopted by the Stock Exchange which went into effect January 1 1909, are “and interest”—that is, the buyer must pay accrued interest in addition to the quoted price. BONDS.  November December September October July August June 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  1914 Argentine—Internal 5s of 1909 Imperial Chinese Gov’t— Hukuang Ry, 1951. _____ ...5 Imperial Japanese Gov’t— Sterling loan, 1925___ _49< 2d Series. 1925_______ -4>S Sterling loan, 1931.__ ...4 Republic of Cuba—External debt loan of 1904-5 External loan, 1949 4t< Tokyo, City, loan of 1912. ...5 U S of Mexico, 1899 £ Ioan. ...5 Gold debt of 1904-1954.. ...4  97  98  88  88ig 89  96  98  95i2 9634 95i2 96lg  89i2 8884 89  89  89  95  9634 96U 9634 97  98  88  90  8834 89ig 88  88 81 78  9034 88 897g 86 90. 8S5g 86 88l2 88I4 89i2 81 88lg 89!g 89 8534 883g 8734 893s 8734 8934 8884 88 87 89U 863g 883g 85lg 87 7534 79 7834 7834 80 80 78l2 79*8 7914 79U 99  86 84  100lg 9934100i2 9934100l2 9934 93l2 89 87 88i2 90 88I4 87l4 85 77 68 68 68 68  IOOI4 93i2 87l2 80  997g 93 84lg 79U 67  100l2 997g 10034 101 93 93 93 8634 85l2 8634 83 793g 65 67  95i2 98h  101l2  857S  6612  1915 Anglo-French 5-vear 5 Argentina—Internal 5s of 1909 Republic of Cuba— External debt loan of 1904.5 External debt series Aof’14-5 External loan, 1949 __ -4« Imperial Japanese Govt— Sterling loan, 1925______ -4K 2d Series, 1925________ -4^ do German stamned  97  9914 93  0314 93ig 94  93ig 9684 93l2 963g 93i2 96lg 96 97 93 94l2 93i2 94 90i4 93l2 9334 94 85i2 8512  80  92  82i2 79»4  92l2 03  96lg 97l2 96ig 97i4 9612 9612 90i4 97 92 90l2 9012 90i2 92*4 90 92i2 92 85 85 83 83  977g 98U  97»4 98 92h 04  937g 98 92»4 92*4  97 98 938g 957g 93l2 947g 93*g 98 92 907g 95*4 96I2 92 90 91»4 90 85b 80 80 8612 86l2 83  8212 81*g-8214 76 797g 737g 77l2 74 75i2 80 77 82 8412 80 84 787g 81 80 76ig 74l2 77 79l2 »78 79b 7634 74 78»4 74 75i2 7212 74l2 717g 72l2 7212 77 80 80 77 78h 82 77*8 80 74*g 75*4 78 7534 78i2 73U 7534 73 73i2 75 71 74 70 71i2 71 75's 79*4 74i2 77i2 737g 76 9512 951f ~7Q7g 76% Tokyo, City, loan of 1912.. -.15 82 82 78 80 Note.—In case of bonds of foreign Governments Issued In pounds sterling, the usage of the Stock Exchange Is to consider 85 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 denomi­ nation of dollars), the bonds In the foregoing are all sterling issues, sOption sale.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Prices  of  State and Municipal Securities. PRICES 1860 TO 1915, INCLUSIVE.  In the tables which follow we furnish a record of the course offprices of State securities on the New York Stock Exchange since 1860. For more recent years the record also includes the municipal securities dealt in on the Exchange. 1860 to 1865, inclusive. 1860.  DESCRIPTION. Compiled from Sale Prices.  Lowest.  Ohio, 6s, 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 6%--............................. Virginia 6% new bonds______ North Carolina 6%................. .. North Carolina 6% new bonds North Carolina 6% special tax Missouri 6%________________ Louisiana 6%______________ California 7% -_____________  106J4 Jan Dec Feb 100 Meh 100 104b May  1862.  1861.  Highest, 113b 106^4 IO6I2 IOOI2 IO6I2  86 98 64  Jan 93 Meh 106 Dec 93  73  Dec  7712 Dec 100  Lowest.  Highest  Aug 87 June 65 Oct July Sept 75  Dec 109 April 97  36  April 81  Feb 93 Jan 115 Jan 70b Jan 100  Sept 44  Jan 6512 Oct  June 82b Feb  74  Highest  Highest,  Lowest.  Lowest.  Highest  Nov Dec  June 8514 Sept 8014 Jan 110 Dec 77 Jan IO5I2 Dec Aug 75 July 93 April 75 May Feb 84 June 77 Dec Dec 8334 Oct 7734 Jan 105 June 34I4 June 77 Meh Feb 57 65  Meh 49  1865.  1864.  1863. Lowest.  Highest,  Lowest.  June  Jan 6712 May 52  July 64  Feb 50  Meh 92  Dec  Dec 75  Feb  Jan 64  Sept  Jan 73  Nov  Dec 80*  Meh  Jan 63  Aug  Jan 86  Dec  Meh 79 Feb 80 May 155  Dec Dec Jan  Dec 8478 June 35 May 72 Jan 40 Jan 56I4 Feb 5912 Dec 75 May 60 Jan 99>2 Oct 45 May 7712 Meh 59 Meh 55 Meh 52 Jan 70 Nov 80 Jan 95 Sept 71b May 88 Jan 7634 Jan II6I2 Dec 114 Aug 13914 Meh 123  Oct 75U 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.  Highest  Lowest.  Lowest.  84  Meh  60  Nov  Jan 41  Meh 60  73*  Nov  Jan 45*  Mcii 60b July 2:50  70U July z597s  Meh 9314 Dec 8634 Meh Jan 100 Sept 80 Feb April 120 Jan Oct 115 9812 Jan 99 April  71 80 106  106 90 128 102 100  Jan £4312  July 84 Jan Dec 128 Sept Meh  1870.  1869.  1868.  1867.  Highest,  Highest  Highest  Lowest.  70 6978 59J^ 6334  Jan Jan Jan Jan Jan Jan  Jan 7812 June 2:4914 4OI2 Jan 60 May 2:47 49 Jan 79 June 2:4084 27  Dec Dec Dec Sept Dec Nov  Nov 108  Sept 9612 June 85  Feb 85  64  2:5212 45b 2:4812 57 2:40 20b  1871.  Highest,  Lowest.  Lowest.  Highest,  70 July Dec 76 Aug Jan 7658 Aug 6814 July Oct 74 April 76 Meh Meh 60b Feb 75 May July 31 Dec 51k Feb 36b July 1518 Dec 29 b Feb 12b Dec 21b Feb Jan 99 b July Jan 95 June 89  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. A O......... ..................... Tennessee—6s, old---------------6s, new___________________ Virginia—6s, old____________ 6s, consol________________  1872.  55 SO 40 50 109 98 70 84  95 50  Meh Aug Nov Aug Sept Jan Jan Feb  Highest.  Lowest.  Lowest.  1875.  Highest.  Lowest.  1876.  Highest.  May Jan June Feb June Dec Jan May  July Aug June Nov Dec Oct Nov Nov Nov Jan Jan  57 82 40 27 116 10284 82 91 99 100 55  Jan Feb Feb July June June May May July Aug Aug  Jan 25 40 April 8 Sept Aug 5 Jan 110 Jan 97 Jan 65 Jan 82 Jan 95 97b July 15 June  39 45 35 23 114 106 80 92 102b 102 28  Dec July Meh Jan Nov Dec Dec Dec June Nov Nov  Dec 4U? 25 Dec 42 25 Jan 38 20 Meh 17 8 Jan 117 105 Jan 110 103 Jan 96 80 88b Jan 104 Jan 104 99 Jan 104 100 Jan 40 25  85 85 103 20 14 5 99 102b June 98 56 July 22 39 Meh 8 36 April 19 80b Dec 63b 80b Dec 62 b 56b Feb 32 59 Meh 44  Nov Oct Nov Oct Dec Nov Nov May Nov Nov Meh Nov Nov Oct Oct  May 98 9634 June 108 June 33b Jan Jan 19 17b June 107 April Meh 101 Jan 40 22b Jan 28 April 8434 Meh Meh 85 Feb 47 56b Meh  Jan 94 92b Aug 103b Jan 18 June Aug 10 5 Sept Jan 100 Jan 97 20 April 6b Jan Feb 12 Oct 67 Oct 67 28 June 49 b Jan  104 9834 110 29 21b lib 106b 105 30 31 30 9H’ 91b 42 58  Dec Dec May Jan Meh Feb May Dec Nov Dec Dec Meh Meh Jan Dec  101 9478 105b 15 7 1 103 102 26 27 26 62 62 30 55  45 45 25 15 101 97 59 70 85 Jan 101 July 95 Oct 6712 April 50  62b 90 57b 60 115 102b 77 90  9178 Sept 97b 10534 Oct 109 30b May 38b Jan 23 15 Oct 16 10  Jan 99 40 April Sept 23 Jan 22 635s Jan 63 b Jan July 42 50b July  1874.  1873.  Highest.  Lowest.  June May Meh Meh Meh  Jan Jan Jan Dec Dec Aug Jan Jan Sept Aug Sept Feb Feb Feb Jan  107b 10234 109 27 16 43.4  108b 108 35b 35 35b 78 77b 40b 76  Jan 26 April 26 Dec 25 June 3 May Dec 105 Sept 91 Dec1 100b Dec 100 Dec 100 Dec 37 521’ Oct 103 June 10134 June 102 Jan 13 Jan 5 34 May Sept 105 Oct 105 Dec 30 July 30 Dec 30 Jan 40b Jan 40 Oct 22 Dec 73  1877.  Highest.  Lowest. Jan Jan June Dec  Jan Aug Jan July July Dec Dec Aug Jan July Sept Oct Aug Jan Jan June June June Dec Dec Sept May  Lowest.  Highest.  Nov 32 35 34 April 32 45b Feb 15 Feb 2 18  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  113 97 107b 104 104b 46  107 April 1O83S Sept 105b May 18b Nov Jan 9 3 b Feb Aug 114 Dec 111 Nov 40 37^ Feb 37b Feb 49 Aug Aug 49 Jan 37 7812 Nov  106 93 103 100 100 35 50 101 104b 101 15 6 1 105 105 32 30 30 36 b 35 30 62b  43 43 30 10  Nov Nov Jan Jan  113 June 102 b July 109b Meh 103b Dec Nov 107 56 Dec 881’ May 107 June 108 b June 10U’ Feb Jan 23 Feb 12 3b Jan 114b June May 111 45 April 45 April 44 April 47b Nov 46b Nov Nov 34 8312 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  1878  Lowest. Dec 15 Dec 2 Jan 105 96 b Feb 104b Jan 105b Feb 69b Dec Jan 101 May 108 July 101 102 b Aug Sept 104 100 April July 113  1879.  Highest. 26b 6 109 102b 110 109 84b 106 115 104b 107 109 106b 115  Jan Jan April July Dec Dec Feb Dec Oct Dec June June June June  Lowest. 44 5 1 104 99 107 107 36b 101b 100 101 103b 105 102 106 106 117 17b 85 65  Aug April Meh April Sept Jan Jan Aug Jan July Aug Aug Jan Jan June Meh Sept Feb Jan Jan Meh Feb Meh  53 20 8b 109 102 b 114 113 67b 1061’ 115 105b 108b 112 107b 110 110 121 28 111 92 14 15b 5  115b 14b 65 45 8 7 2  Jan 124 Nov July 19 b Dec Feb 85 Dec Meh 65 Dec Aug IP/s Dec Jan 11 Dec Jan 2^2 April  102 105 105  Dec 106 May 101 Jan 105 Jan 111 Dec 105b Meh 115 Jan 117b May 110 Jan 116 54  Feb  30 25b 20 66 4  Nov Nov June Feb Feb  2b May  39b 37b 31 75 7b  May Jan1 Feb May Dec  7  8 1  1881.  1880.  Highest.  1  Feb  4  30 24 25 74 5b  Feb Meh Jan Jan Sept  41 331? 35 86 8b  Lowest.  54b Jan 10 “ April Aug 2 Aug 104 97 April Jan 107 109 April Aug 40 Jan 102 Jan 110 Jan 100 105b Jan Jan 106 102 Jan Jan 106 Dec 104 Dec 115 Jan 26 Jan 110 Jan 90 9b Jan Jan 15 July 2 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  Oct  2  Feb 30 Oct 25 Meh 18 Oct 75 May 5b  Jan April June Jan Jan Jan  Highest.  73 b 21 " 12b 107b 107 112 116 54b 105b 118 105 111b 115 110 111 107 120 32 b 115 95 12b 20 6b 83b 103b 112 121  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  6b Jan 50 48b 32 105 17b  Dec Dec Dec Dec Dec  1882.  1883.  Lowest.  Highest.  Lowest.  Highest.  Meh Jan April Aug Feb April April Jan Jan Jan July Jan Jan Jan Jan Dec Jan Feb Jan Jan Dec Dec Jan Oct ioob Jan Dec 107 July 114  8114 Dec Dec 39 Nov 40 July 106 113 June 114 June 119b June Dec 69 105 Sept 122 Oct July 108 117 April May 119 May 113 112b May 110 April July 122 Oct 40 Aug 150 130 July 16 Nov 28 April 93j April SO 1021? June 115 June Feb 120  79 Sept Meh 20 5 June Meh 100 Aug 103 Aug 105 112b Aug 63 April 100 July Jan 110 Jan 100 Jan 109 113 July Jan 100 Oct 108 101 June 119 June 20 July July 120 July 100 8 June 12b June 5 June 75 Sept  851 o Dec 37b Jan Aug 35 Jan 103 109 Jan 110b April 117b Meh 71b July Aug 104 120 June Dec 103 115 June Nov 120 109b Dec 112 June 105 June Feb 121 301’ Nov 156 Nov Aug 130 Jan 11 Jan 20 Jan 8 82 Jan  71 20 8 102 106 109 111 53 b 102 114 102 108b 111 107 105 102 115 32 115 90 10 20 6 80  106 110  Feb 112 Jan 120  4b Jan 1234 Nov 4 July 102b Aug 1061’ Dec 100 June 45 ‘ Jan 78 ‘ June 41 Dec Jan 77 b June 40 Dec 45 30 Jan 40 May 261*? June Mav 80 " Meh Jan 191 104 12b Feb 20b April 10 June  Lowest.  Highest.  80  Tan  io  Meh Oct 7 Jan 100 102 April 103b July Aug 112 63 April 114 100 109 116 108 107  Feb Jan July Feb Jan Jan  28 68 103 107b 107 116b 75b  Jan Feb June Jan May June Nov  Jan 118 103 Jan 113 June 121 June 110b April 110 April  113 April 120 Jan Jan 32 28 Meh Jan 160 155 July Jan 135 130 July Jan 11 April 10 Jan 16 April 15 July 8«4 Jan 4 77b Feb 8212 Dec  June 106 Feb 115  10b Jan 2b Dec 100 105 77b Jan 30 77b Jan 30 Feb 100 July 50 17b Jan 6  Feb 109b Meh Jan 118 May  May 6b Jan 10434 July 44b Feb July 44 Feb Meh Oct 13 "  Jan  123  STATE SECURITIES 1884 to 1889, inclusive. • DESCRIPTION. Compiled Jrom Prices Bid. Alabama—Class 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_______ Georgia—6s ____________1886 7s, new bonds-------------1886 7s, endorsed__________ 1886 7s, gold bonds......... ....... 1890 Louisiana—7s, consol------1914 Stamped 4s______________ 7s, small bonds___________ Ex matured coupon_____ Michigan—7s___________ 1890 Missouri—6s, due 1886_______ 6s....................................... 1887 6s....................................... 1888 6s....... ........... 1889-90 Asylum or Unlv_______ 1892 Funding bonds_____1894-95 Hannibal & St. Jo____ 1886 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. RR..........-.1883-4-5 N. Car. RR., 7s, couponoff. N. Car. RR., A. & O______ N. Car. RR., 7s, coupon oft. 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________ Special tax railroad Issues. . 6s....... .............................. 1919 Consol. 4s____________ 1910 Small bonds______________ Ohio—6s_______________ 1886 Rhode Island—6s, cp. 1893-99 South Car.—6s,Act . Meh. 231 1869, non-fund. 1888__ I 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 New settlement, 6s.___ 1913 New settlement, 5s.___ 1913 New settlement, 3s.___ 1913 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_________ Trust receipts____________ Dist. of Col.—3.65s, cp., 1924 Funding 5s. coup------- 1899  Highest.  Lowest.  Lowest.  Highest.  Jan Jan Jan Jan Oct May Oct Oct Nov Nov July June Feb June Jan June Jan Oct 108b Dec Dec 84 Jan Dec 67 Feb Aug 67 Jan Aug Oct 108 Nov  81b Jan 101 Jan 101 80 Jan 108 99 Jan 97 81 Jan 107 104 Jan 9b 3 Jan 22 10 Jan 19 10 Jan 20 10 Jan 21b 10 Jan 8 2 100 Feb 103 101 Jan 105b 101 Jan IO5I9 Jan 109b H4b Jan 87 73 Sept 75b 63 Oct 75 Feb 65 Keb 60 Jan fig Feb 108 May 115  Dec Sept 83 78 Jan Aug 81 78 97b Jan 102b April Oct 82b Dec 75 May 105 Jan 100 Meh Oct 16 1 Sept 25 Feb 5 Feb Sept 25 5 Feb 5 Sept 24 Feb Sept 2434 5 934 Feb 1 July April May AT Q.y May Meh Oct 115 107 Feb 65b June 78  62  July 72  110  July 118  July 109b April Jan July 111 May July 115 Meh July 118 Mayl 110*9 Meh May 110b Meh Pph Sept 109b Jan 105 July 115 Sept 111 Jan Jan 116 115 May Jan 120 117 27b June 32b May 27b June 32b May Jan Jan 160 160 Jan Jan 135 135 Jan Jan 160 160 Jan Jan 135 135 Oct 12b May 8 Oct 12b May 8 Aug 19b May 15 Aug 19b May 15 Feb 1 May 3 Meh 1 May 4 May 334 Aug 1 1 May 3*2 Aug 102 June 108 Sept Sept 84 b April 75 Meh May 82 78 103 105 107 111 108 108  110  June July June June June Jan  33 33 33 45 30 40 4  July July July July July July June  106 105  Feb 110  Sept 122  1 100 35 35 35 41  Jan Jan Jan Jan July July July July 103 July 110 July 113 July 115 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 2*9 Jan 10534 Jan Jan 81 Jan 80  103 105b 107 112 102 102  3b Meh Dec 107 43b April Meh 43 423i April 49 April  9  Jan Jan Jan Jan Jan Dec Jan  July 114 July 112  April Meh  40 40 40 65 42 55  109 113 117 122 123 123  Dec Dec Dec Dec Meh Oct Jan Jan Jan Jan Oct  June June June June April April  Feb Dec Dec Dec May May Jan Jan Jan Jan May May Aug Aug Dec Dec Dec Feb 115b Dec 91b Dec Dec 90  107 118b 122 124 31 31 165 135 165 135 11 11 21 21 7 8 4b  Jan 125  97 97 105 95 104 5 12 13 12b 12 5  Dec 108 Aug 105 Dec 110 103b Aug 107b Meh 11*2 Dec Dec 28 Dec 27 27b Dec 21 April Feb 8 102**> July 102b Meh 102*9 Meh 114 " Feb Nov 94 8234 Nov Nov 78  102 100 103 98 100 10 16 20 17 18 7  103*2 Aug 106*2 May 100 Meh 104 Jan 110 107 Meh 108 Jan 113 110 Jan 119 July 110 115 July 104 April 100 July 104 April 100 101 April Aug Aug Aug Meh Meh Meh Meh Meh Meh Meh Meh Meh Meh Oct Nov Oct  100 110 112 115 35 35 170 140 170 140 10 10 15 15 7 5 8 8 10 10 8 Jan 129 Sept 117 115 88*2 Jan 10034 Dec 94 Aug 93 Jan 98 87 102 110 112 115 30 30 165 135 165 135 10 10 20 20  June 118  Jan 6b Oct 2 5 104b Jan 109b Sept 104 Jan 52b Nov 53 42 4134 Jan 52b Nov 53 4134 Jan 52b Nov 53 Jan 6ib Dec 62 48 103 100 71*2 Nov 42 Jan 45 37 Nov 42 Jan 45 37 Jan 45 Nov 42 37 Jan 85 Nov 80 50 Jan 55 Nov 50 37 Jan 60 Dec 60 50 4 April 13 b Oct 9 Dec 13 Oct 9 10 112*2 Feb 116 July 116 Jan 110b Jam 110 109  Oct Sept April April Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Sept Jan Aug  104 115 120 122 36*2 36*2 175 145 175 145 13*2 13*2 23 23 13 1438 10*2  Sept 10878 July 108 Sept 114 Sept 105 Sept 106 Jan 11 Dec 35 Jan 27 Dec 34 Nov 34 Jan 12  Nov 109 Jan Jan July Nov Oct  May Sept Jan Jan Jan Jan Aug July June Jan Jan Jan Jan Jan Jan Meh Meh Jan Jan  103b July 103 b Oct July 107 Jan 100 Meh 100 3 April Meh 5 Meh 5 Meh 5 Meh 5 3 April  106*2 Jan Meh 106 Jan 110 102*2 April 104 June 11*2 Nov 26 Jan Jan 20 Feb 25 20 Jan 7*2 Nov  July Jan July July  103 100 88 86  107 107 108 35 35 150 80 150 80 10 10 15 15 6 6 7b 6 118 91 89  3  104 57 57 57 67 97 90 68 40 40 40 65 32 50 5  7 116 100  Meh Nov Jan Feb  102b 102 107 98 100 5 8 8 8 8 5  Jan 105  June May 100 Jan 102 Jan 104  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  106 106 30 30 150 140 150 140 10 10 15 15 4 5 6 5 122 91 89  Jan 105  Jan 5 May 107 Dec 64 Dec 64 Dec 64 Dec 73 May 105 99b Dec Dec 73 Oct 50 Oct 50 Oct 50 Jan 75 Jan 40 Jan 60 8*2 Jan Nov 10 Dec 122 Dec 109  Jan July Oct Oct July Meh Sept Sept Sept Sept May  107*2 108 112*2 102 103 14 12 12 12 12 8  June May Junt June Feb Dec Jan Jan Jan Jan June  Jan 101*4 Oct 105 May 109 Jan 105 86 Feb 94*2 Dec Feb 91*2 Dec 84  102*2 103b 107 108  Am, Jan Meh Meh Meh Meh Jan Feb Meh Aug Aug Aug Apr June April Oct Meh Feb Meh  Highest.  Lowest.  Jan Aug July Meh  Feb 115  Jan 106  734 April 109*2 Meh 65*2 Jan 65*2 Jan 65b Jan 76 b Feb 106*2 Feb Meh 103 78*2 Meh Jan 48 Jan 48 Jan 48 Jan 95 Jan 53 Dec 65 Jan 15 Feb 16 122 June Feb 109  106 109 93 90  Feb 106  103*2 Meh 100 107*2 Feb 101 Jan IO3I2 112 Jan 106 115  Feb 120  Dec 5 Sept Nov 104 July Oct Dec 57 Oct Dec 57 Oct Dec 57 Oct Dec 67 Nov Dec 100 Jan Aug 100 Sept Aug 68 Jan July 47 Jan July 47 Jan July 47 Dec Meh 75 Dec Feb 41 July 60 June Dec Nov 7 Nov 8 Sept Oct 115*2 Dec Dec July 104  Highest.  Oct 105  Jan Jan 101 103 June 103 June Nov 113 Jan 115 Jan 118 Jan 35 Jan 35 Jan 170 Nov 145 Jan 170 Nov 145 12b May 12b April Jan 22 Jan 22 15 April 16b June 16*2 June 16*2 June 12534 Meh 100*2 Jan Jan 98  July 115  1889.  Lowest.  102*9 Mayj  July July July July Jan Jan Jan Jan Jan Jan Aug Aug Sept Sept Sept Dec Nov Dec Dec Dec Dec  July 124 7b 110*2 65*2 65*2 65*2 75*2 109 102 80 47 47 47 100 60 69 1334 1334 120 112*2  Apr Dec Meh Meh Oct April July May April April April  Nov 109 Jan 104 Jan 102 Oct 93 79 b Jan 923S Meh Feb 89 April 80  Jan 105 Nov  112 102  Highest.  Lowest.  Highest.  Lowest.  1888.  1887.  1886.  1885.  1884.  334 101 63 63 63 73*2 102 100 71 48 48 48 50 32 35 7 7 120 106  May  Jan 107  Jan 103 Dec Feb 108 Meh Feb 112*2 Meh  Dec 111 Dec 111*4 Feb 38 Feb 37 May 180 Jan 150 May 180 Jan 150 Jan 13*2 Jan 13*2 May 20 May 20 Nov 8 Aug 10 Feb* 10 July 10 April 127 Jan 99 Jan 96  Meh Meh Nov May May May May May May May Jan Jan Jan Jan Jan Jan June June May  Dec 111  Meh  April sept Aug Aug Aug Jan Jan Jan Jan Jan Jan Jan July Jan May Jan Aug Feb Nov  Dec June Sept Sept Sept Sept no Dec 105 June 76*4 June Jan 48 Jan 48 Jan 48 Feb 70 42 June Jan 50 8*2 Sept 10*2 Jan 124 June no June  5 106 6834 6834 6834  1890 to 1895, inclusive. DESCRIPTION. 1890 Compiled from Prices Bid',  1891 to 1895 Jrom sales. 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”.__ 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 Unlv____ 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, 4*2S...................... 1933 Tennessee— New settlement 6s_____ 1913 Small_______________ New settlement 5s_____ 1913 Small__________________ New settlement 3s_____ 1913 Small.................................... Compromise 3-4-5-6S____ 1912 Redemption 412s__________ Old 6s, 1890-2-8__________ Virginia—6s, deferred bonds.. Stamped__________________ Trust receipts____________ Trust receipts, stamped-__ Funded debt, 2-3s_________ Registered_____________  1891.  1890.  Lowest.  103  Highest   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1892.  Highest,  Lowest.  Nov 108  110 July 102 34 June 10534 Dec Feb Dec April 5*2 May 7 Oct  11912 Aug 100*2 April 89 Sept 86 Oct  Sept 104 Feb 100 Sept Aug 102 Aug July 108 b Meh 104 Feb Feb 94 Sept 97b Dec 95b Jan May 7 May 7 Nov Sept 6 Sept 9 Aug Sept 4 b Sept 5b Aug Aug 6 5*2 May Aug 10 7 Oct Nov 6 156 Oct 156 Oct 111 June 115b June lllb Feb 122*2 April 113b Dec 113b Dec 103 Meh July 93 b Feb 8434 April 98*4 Jan Meh 91 9534 April Jan July 100 102 110 July 10534 10234 June 108 April 95 Feb 17 Oct April 4*2  1893.  Highest 105 107b 97 97b 9*4 22 20 21b 10b  Lowest.  June 95 10234 June 100 Aug 90b June 89 Oct Oct Oct Oct Sept Oct  Sept Dec Nov Oct Sept Oct Dec Sept Oct  1894.  Highest. 103*4 10234 106b 94b 93b 10  April Dec Jan June Nov Oct Dec Jan Oct  Lowest.  106  105  May 106'2 May  12134 Feb 1213y Feb 4 Jan 5*4 Jan Meh 5*4 Aug Jan 5 Jan 7 Aug 912 Jan Jan Jan 5*8 April 6 4I4 April 11  5  April  5  April  6  Mar  6  Meh  98  4I0 April 9534 Meh 97 Feb 118 Dec  11 100 97 128  Jan 5 April Jan July 96 Feb 91 Feb July 123b Aug  Oct 10 Oct 10 2*4 Nov 318 Meh 534 Jan Oct 100 Oct 104 June 96 IOII2 108 101 102 68 71*2 73*2  Dec June Oct Sept Dec Meh Nov  110 108 105 10234 76 73 83  Meh June Feb Sept April June June  68I2 Jan 68b Jan 10 July 10 July 7  May 1138 June  53  Sept 53  Sept  101 101 99 101 67 66 74  8 7 5*4 6  Nov 105  4b  April  5b  4 Dec 3b Aug  April May 97 Jan Meh 97 Feb 124 April 122 May 108b Oct 10b Oct 3 Dec lb April 9812 Dec 94b Feb  May May Nov Feb July Nov Aug  106b 106 102 b 102 71b 7034 74  Dec June May Dec Dec Feb Aug  June May Aug July  9b S®4 9b 9  Jan Sept Jan Jan  Lowest.  Highest.  98 9334 92 8  Oct  Jan 104 Jan 9334 Aug 93 Meh 9 b  Sept 108b Sept 110*2 Dec Jan 100b Sept 101 b Dec June Feb  June June  Meh Meh  8  June  9  June  114b Jan  3b Sept 3  1895.  Highest.  97b Feb 104b Dec 103b Jan 109b  Dec 92  Sept 98  Jan 95 97 97  10-4Os ..........................................  ’•Riddlebergers"__________ 6sconsol, bonds  Lowest.  Jan 97b June June 97 June 97  Nov  June June 92b Meh 100b Deo  Oct  Oct  Feb  334 Sept  3b April  3b April  b Dec  Dec  Aug  Nov 100 April 100 Oct 102’ 100b Aug 94 Feb 97 Meh 121b May 126b 125b Feb 115 Sept 127 108b Oct 10b Oct Oct lb June 2b Jan 5 lb Jan 278 98b Oct 99 b April 10434  101b Aug 107b April 100 103 Aug 103 Aug 99b Jan 104b June 97 68 Jan 79i4 Aug 64 Aug 71 67b Jan 76 75 Feb 75 Feb 74 7b Oct  9I4 Jan  8b Meh 6I4 Dec  9 *4 Feb 838 Jan  May 103 98 Aug 124  Aug 106 Oct 98 Jan 127  Nov Oct Feb  Dec  Dec  Meh  Dec 108  Nov 108  Nov  Sept 107  Oct 103  Jan 107  Jan  Sept 97  Sept 101  April 104  April  Jan 9134 July Aug 763g Meh 7214 Jan 84 b Dec 82 Nov Meh 73 b Meh 77 Sept 78I2 Jan 85 Feb 74 Jan Jan 74 105 Dec 106 July  Jan 8b April 4 June 4 June 5 5 May 7 Jan 6 Jan 13 Dec 5b 5134 Sept 573g Dec 55b Jan 61b Dec 58s4 62b 40 Jan 75  Dee 1338 Jan Feb 64b Sept Jniy 62b July July 75 ' July  STATE SECURITIES  124  1896 to 1901, inclusive.  DESCRIPTION. Compiled from 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”.......... Dlst. 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________ 3o. Carolina—20-40, 412S-1933 Non-fund. 6s_____________ Tennessee— New settlement 3s____ 1913 Small......... .......................... Virginia—Funded debt, 2-3s.. 6s, deferred tr. rec. stamped  1897.  1896.  Lowest.  Highest.  Lowest.  Jan lOa's July IO8I2 Sept IO8I2 105 100 Aug 10484 July 10734 June 10518 100 April 9812 Feb 100 April 98 100>2 April 3?s May 115 99U Feb 93 Sept IOOI4 Nov 100 98 10558 June 10312 July IO5I2 June 101 124 April 127 June 127 June 128 34 Dec 1^8 April  IOH2 Nov 109 Aug 100 93 >2 Oct 94 Sept 3?s May 9012 Sept  102 116  Jan Oct Dec June Jan  1899.  1898.  Lowest.  Highest  1900.  Highest.  Lowest.  Highest  1901.  Highest.  Lowest.  Highest.  June IO8I2 Jan 116is Meh 108  Aug 10912 April  Oct 10914 Oct Jan 10234 Sept 102 109  Feb 10312 Meh Aug 109 Aug  Meh Aug Aug Aug  109 108 108 104  May 107 Meh Sept Dec  June May Meh Jan Feb  118 10618 lOOb 104 128  121 April 121 April Dec Aug Nov 10834 Jan 110 April IO6I2 July 108 Meh 10912 Feb 10912 Feb Nov 108 April 108 April 105 Oct 10634 May Feb  Oct 113  Lowest.  IO9I4 102  120  Meh 120  125 April 126 IO6I2 Aug 109 105 135  July April  Feb IO6I4 Nov Meh 13612 Meh  Meh  1<2 May  May 98 Aug 88I2 Feb 76 April 9214 Dec 87 Feb 91i2 Dec 87 May 94I2 Feb 81 Feb 72 Jan 70 Dec 65 April 8312 Aug 62 I4 April 61 712 Nov July 3b June 658 Jan 4I2 Feb 912  Dec 94 Dec 99 Nov 93I2 Nov 95 Dec 8212 Jan 8734 Aug 534 Dec 9  June 935s Sept Jan Jan 91 Sept Jan Dec Meh  965s 965s 96s8 10  June 95 June 9412 Dec 93I2 Meh 714  June Sept June July  9934 96 9834 1034  May Feb Nov Meh  1902 to 1907, inclusive. 1902.  DESCRIPTION. Compiled from Sale Prices.  Lowest.  Alabama—Class A, 4 to 5..1906 1043g Class C, 4s---------------------- 1906 102t2 Currency funding 4s______ 1920 111 District of Columbia, 3.65s.. 1925 Louisiana—New consol, 4s.. 1914 106 New York City— Corporate stock, 412s_____1957 Assessment bonds, 412s ..1917 North Carolina—Consol. 4s. .1910 104 Special tax bonds____________ 178 1919, 6s_____________________ Tennessee—New settlement 3s,'13 9512 Small 3s___ _________ ______ 94 Virginia—Funded debt 2-3s.__ 9514 Registered 2-3s. -___ __ ... “Riddleberger” bonds, 3s, 1932 Brown Bros. & Co. certificates fo.r deferred certificates, 6s.. 714  1903.  Lowest.  Highest.  1904.  Highest.  Sept 107 Jan Feb 10212 Meh Meh 111 Meh  May 107  Lowest.  Meh 121 April 106  1906.  Highest.  Aug 10234 May 101i2 Jan 102  102  121 Aug 106  1905.  Lowest.  Highest.  117l2 June 118  Oct 10234 Oct 101  July 101  April 24i2 Nov 20  Jan 30  July IO3I4 Dec 10234  101  1907.  Highest.  Lowest.  Highest.  Dec  Meh 11934 Oct 11934 Oct April 10214 July 105i2 Dec  Jan 10412 Jan Nov Oct 2  Lowest.  June  1027s Sept 108l2 Dec 10034 Nov IO4I4 Dec July IOOI4 April 101 Feb  112 Dec lt2 Dec 122 June 122 June 126 Meh 126 Meh Meh 965s Feb 94 July 97 Jan 95U Meh 97l2 Dec 95 July 97 May 95U July 9634 July 9112 Oct 96 Meh June 95 Feb 93l2 Oct 9414 May 95 Aug 95t2 Dec May 9984 Jan 93i2 Dec 95 Nov 91l2 Meh 9738 Dec 9634 June 97l2 June 94i2 Sept 9634 Jan 9314 May 9534 Jan  90 Jan  153s Oct  6I4 Oct 12  Jan  6l2 May  16l2 Dec 10  Feb 20  Dec  90  Dec  Jan 3014 July  1908 to 1913, inclusive. DESCRIPTION. Compiled from Sale Prices Dlst Of Col—3.65s. 1924 Lou’ana-New cons 4s’14 New York State— Highway Impt 4s 1958 Registered 4s. 1958 Highway impt 4s 1961 Highway impt 4s 1962 Palisades Park 4s 1961 Registered___ 1961 Canal impt 4s__ 1961 Registered 4s. 1961 Canal impt new 4s ’61 Regis new 4s. .1961 Canal impt 4s__ 1960 Registered 48.1960 Canal impt 4s__ 1962 Registered 4s. 1962 Nor CaroCons 4s______ So Caro—454 s.__ 1933 Tennessee—3s____ 1913 Small 3s............ 1913 Virginia— Funded debt 2-3s 1991 Regis 2-3s___ 1991 6s, deferred. Brown Bros & Co certfs. .. New York City— Consolidated Stock: 354s. coupon___ 1926 Corporate Stock: 354 s. registered ..1959 354s...........Nov 1955 35£s______ May 1954 354s, regis.May 1954 354 s regis______ 1948 4s.................May 1959 4s, regis__ May 1959 4s............... .Nov 1958 4s, regis__ Nov 1958 4s................May 1957 4s, regis...May 1957 4s, regis__ Nov 1956 4s________ Nov 1955 4s, regis__ Nov 1955 4s, regis__ Nov 1936 454 s______ Mar 1960 4Xs, regis.Mar I960 454s, rects.Sept I960 454s, rects______1962 454s........ 1963 454s, registered.. 1963 454s______ May 1957 454s, regis.May 1957 454s........... .Nov 1957 454 s, regis.Nov 19 7 Assessment Bonds: 3s, dock________ 1920 354s........ 1914 4s............................ 1919 4s, registered.__ 1919 4s................Nov 1918 454s--------- May 1917 454s, regis.May 1917 454s______Nov 1917 414s, regis.Nov 1917  1908. Lowes). 110  1909.  Highest  Nov 110  Lowest.  1910.  Highest.  Lowest.  Highest  1911.  Lowest.  Aug 112?4 Mar 11254 Mar  10354  May 99  Oct 10454  10154 Nov 10354 101  Nov 10354  10154 Dec 10154 10154 July 10654 April 10154 Nov 10654  94 90 2254  April 96  9954 10254 May 9554  Feb 9954 Feb Jan 10254 Jan 10354 July 10354 July July 96 Jan 9554 Feb 94 54 Mar 96 9554 June 9554 June 9754  Mar 9354 Nov 9154 July 93  Jan 87  Nov  Dec 3754 May 61  Nov 36  Dec  Jan 47  Lowest.  Highest.  Nov 99  110  1913.  Highest.  Highest  Jan 98 Oct 9754 April April  40  May  Jan 10054 Aug 10154 Oct 9754 Nov 10154 Aug 10154 100 97 10054 Sept 10154 Nov 9754 Oct 10054 Aug 10254 Jan 9954 102 Jan 102 Jan Oct 10054 Sept 10254 Jan ’97* 10254 Mar 10254 Mar Jan 10154 Dec 10054 Oct 103 102 Mar 102 Mar June 10054 Sept 102 April 99 102 Mar 102 Mar 97 10054 Sept 10154 Oct 9754  Oct 9754 Dec 9754 April 99 Oct Sept April  July Feb June July Nov  100 10154 10154 10154 100  May Feb Feb Feb Oct  Dec 10154  Jan  Feb 10154  Feb  10154 97 10154 10154  "jan July Feb Feb  June July Aug June  Mar 99  April  8154 Sept 8154 Sept  6354 April 47  June  42  June 59  Feb  9354 Aug 9354 Aug 8954 June 8954 June  8954 Dec 8954 Dec 8854 Nov 8854 Nov Aug 8354 Dec Oct 8654 Dec 89 8554 Aug 88 Feb 8754 Jan 8754 Jan 8454 Nov 88 Feb 88 8454 Nov 9954 Oct 10154 July 96 Aug 10054 Jan 9854 Jan 10054 June 9554 Dec Feb 9954 May 9654 Dec 9854 Nov 9954 June 99 10254 Dec 10354 Nov 100 Oct 103 Jan 9654 Aug 10054 Jan 9854 Jan 10054 July 9554 Dec 10154 Sept 10154 June 99 54 Mar 9954 Dec Oct 9554 Dec Oct 10354 Jan 9654 Aug 10054 Jan 9854 Jan 101 10154 Sept 10354 Dec 100 June 9954 May 9954 May 9954 May 10054 June 9854 July 10054 Nov 101 101 Mar 10154 Mar 9454 Oct 9954 Dec 9854 Dec 10054 July 9454 Dec 9854 Jan 9854 Jan 9854 June 10054 Dec 10054 Dec 9754 Sept 9754 Sept 9854 Jan 9954 Sept 9554 Dec 10054 Nov 10054 Nov 9654 Aug 9854 Aug 9954 Oct 9954 Oct 99 April May 9954 Dec 100 July 10154 Mar 10054 Jan 103 10154 Dec 10154 Dec 10154 April 10254 Nov 9954 Dec 10054 Jan 10454 June 9954 Sept  Oct 11254 April 10554 10554 11254 Nov 10854 Oct 11254 Aug 10554 11054 Nov 11254 April 10654 11254 Nov 10854  Aug Aug Aug July  Jan 10654 Jan 110 107J4 May 10754 Jan 10954 Jan 10654 Jan 107 June 10754 Nov 9854 Sept  8454 Nov 8454 88 Feb 8054 July 86 8754 Jan 8154 May 8454 8454 Nov 10054 Jan 9054 June 9754 100 April 92 54 May 9654 10054 Jan 9054 June 9754  10054 9854 9954 9854 9954 9954 103 10154  Feb July Feb June Mar April Feb July  9154 9454 90 9054 91 95 9554 9854  102  Jan Nov Feb Mar Nov Feb Jan Feb  9954 June 10554 Oct 100 July 10454 Dec June 10554 J Dec 10954 May 10354 Dec 10754 Dec 100 10854 June 10654 June 10754 May 10054 July 10454 Jan Dec 10754 Jan 9954 June 10554 . Jan 10954 Aug 104 Jan 10854 July 10054 July 105  88  9854 Sept  10054 July 10054 July 9954 Mar 9954 Mar Jan 101 Jan 103 Oct 104 April 102 Oct 102 16254 June 16254 June May I6l’ Feb 10454 Aug 10254 Nov 10254 July 10254 Dec 10354 April 10154 Mar 103 10454 April 10454 April  Nov 10454  9754 9654 96 95 9454 96 10054 10054  Feb Deo Jan  10154 May  98 10154 Nov 10154 Dec 10154 Feb 10454 Sept 103  July Mar June June June Nov July Oct  Nov Jan Deo  9854 Jan 100 10054 10254 'Feb Dec 100 10154  Dec 10254  Jan 88  k-  Jan  May 9854] Oct Mar July May June Dec  9854 102 10054 102 10154  Mar Dec May Mar Deo  Note.—Previous 10 1909 prices were “flat” except for New York City and New York State bonds, which were "and Interest”: in 1909 and succeeding years the buyer paid accrued Interest for all bonds In addition to the price indicated.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  STATE SECURITIES  125  1914. BONDS  January February March June April May July Low High Low High Low High Low High Low High Low High Low High  New York State— Highway Impt 4Xs______ 1963 107% 10838 108is 108% 1083g 109% 1083g 109% 109 109% 4 Ma, registered________ 1963 109 109 4s......................................... 1958 101 101 4s, registered__________ 1958 4s................................ 1961 101 lOlig 101i2 101i2 4s, registered___________1961 1013g 101% 100 100 4s__________ 1962 100 100 101 101i2 101i2 101i2 101% 102 4s, registered__________ 1962 100 100 Canal lmpt 4Xs_________ 1964 10734 IO8I4 IO8I4 108% 1083g 109% 108% 109% 109 109% 10834 10834 4Xs, registered________ 1964 109 109 4s......................................... 1960 100i2 100i2 101% 101i2 4s_________________ Jan 1961 97% 97U 100 101i2 101*8 101l2 1013g 101i2 4s, registered__________ 1961 lOlig IOH4 4s 1962 99 100% 101 ion2 100% lOllg 101 IOI84 101i2 102 Palisades Park 4s________ 1961 1013g 1013g 100 100 Virginia— Funded debt 2-3s________ 1991 8434 8434 6s deferred, Brown Bros. & Co. certificates______________ 58 5934 54 56*4 60 58’g 54 60% 58% 67 New York City— Corporate Stock: 3Xs, coupon____________ 1955 85% 85U 86% 86% 87 87% 3Xs, coupon_____________ April1954 3Xs, coupon_____________ May1954 85% 85% 3Xs, registered_________ 1954 87 87% 3Xs, coupon_____________ Nov1954 85 86 87% 873g 87% 87% 85% 86% 86I4 87 4s, registered_____________ 1960 101 101 4s, coupon_______________ 1959 95% 973g 97% 97% 9714 97?g 9734 98 97% 99 4s, registered_____________ 1959 97% 97% 98% *9*9% 4s, coupon_______________ 1958 95% 973g 97* *9*7*34 97lg 97% 97% 98 4s, registered_____________ 1958 4s, coupon_______________ 1957 9584 973g 97U 97% 9714 98 97% 98 97% 99 4s, registered_____________ 1956 96 96% 97 97% 97% 98% 963g 9638 4s, coupon_______________ 1955 97% 98 4s, registered_____________ 1955 96 96% 95% 9634 97 973g 9734 98% 4s, registered_____________ 1936 4Xs, coupon_____________ 1960 100 102 101 101% 1007g 10H2 100% 101l2 lOlig 101% 1007g 10078 101 101 101% 101% 4Xs, registered__________ 1960 IOOI4 100U 4Xs, coupon_____________ 1963 10334 105% 105% 1*0*6% 105% 106% 105% 107% 106% 107U 4Xs, registered__________ 1963 104 10534 106 106 10684 106% 103% 10534 105% 1063g 105% 106% 105% 107 106% 107 4Xs. coupon_____________ Nov1957 10684 10684 4Xs, registered_____ Nov 1957 106 106 4Xs, coupon____________ May1957 103?g 105% 16514 106 " 105% 10634 105% 107% 10684 107 4Xs. registered_____ May 1957 106 106 106% 106% Assessment Bonds: 4s, coupon______________ 1919 98% 98% 99 99 10134 102 4Xs, coupon_______ Nov 1917 101% 102 10H2 10H2 10134 102 4Xs. coupon______ May 1917 1023g 1023g 1O112 1O112 101l2 102 101% 102 10134 102  August September October Bond Market Closed ------July, 30 to Nov. 28----------  November Low High  10934 IIOI4 10734 110%  December Low High 106% 108  102% 102% 102 102  9934 9934  IOIS410134  9934 9934  I6934 1*10% 107% IIOI4 110l2 110l2  106*8 108 107 107  102% 102% 10134 10214 1621*4 1*0*2%  99  99  99*8 100 99*8 9934 99 99*8  83% 83% 84% 85 50  67  48% 54%  48*4 57%  88  84 84% 84% 84% 84%  84*s 84% 84% 84% 84%  95  9534  95"  95%  87% 8734 8734 8734 87U 8734 88  88  8834  99  lOOlg 98% lOOlg 99% 997g 9834 100 98 lOOlg 99% 99M 9834 9934 99% lOOlg 98% 99 99 99%  95* *9*5*34  9834 99  101% 102% 10158 101% 1067g 1073g 107 107 10634 107U  94*8 94*8  99% 99% 1007g 102% 101l2 101l2 104 10734  10618 107*8 106% 1*0*7% 106 107%  973g 99 98*8 98*8 1027g 102% 103U 104% 103% 103% 103U 104U  98  107*8 107*8 107*8 1073g  98  103U 104% 104 104  100 100 101i2 101% 101i2 101% 101% 10134 101l2 10134  10038 100«4 1003g 100»4  1915 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 HighLow High  New York State— Highway Improvement. 4Xs......... ..................................... 1963 108% 108*8 108% IO884 108%108% IO884 109% 108 109*4 4Xs, registered_____________1963 1083g 108% 4Xs............................................... 1965 104% 1*04% 4s................................................... 1962 166* 1*0*0% 100% 100% 4s.................................................. 1961 100 100% 99% 99% 166% 1*0*0% 100% IOI84 49, registered_________ 1961 4s....... ............................................ 1958 ’99341*0*0* 1001*41*0*0% 4a, registered_______________ 1958  Canal Improvement. 4X8.............................................. 1964 4X8, registered_____________1964 4X8............................................... 1965 4X8, registered____________ 1965 4X8............................................... 1945 4s.................................................. 1962 48................................................... 1961 4s, registered..............1961 4s.................................................. 1960 4s, registered_______________ 1960 Palisades Park. 4s................................................... 1961 Virginia— Funded debt 2-3s__________ 1991 6s, deferred. Brown Bros & Co. certificates___________________ New York City— Corporate Stock. 3Xb. coupon..............1955 3Xe, coupon__________ Novl955 3Xs, coupon______ ________ 1954 3Xa, coupon_________ May 1954 3Xs, registered_______ May 1954 3Xa, coupon_________ Nov 1954 3Xs, registered_______ Nov 1954 4s. coupon_________________ 1959 4s, registered_______________ 1959 4s. coupon_________________ 1958 4s, registered.............................. 1958 4s, coupon_______ 1957 4s, registered_______________ 1957 4s, registered_______________ 1956 4s, registered_______________ 1955 4s, registered_______________ 1936 4Xs, coupon..............1964 4Xs, coupon_______________ 1960 4Xs, registered_____________1960 4Xs, coupon_______________ 1965 4Xs, registered_____________1965 4Xs, coupon_______________ 1963 4Xs, registered____________ 1963 4Xs, coupon_________ Nov 1957 4Xs, registered_______ Nov 1957 4Xs, coupon_________ May 1957 4Xs, registered_______ May 1957 Consolidated Slock. 3Xs.............................................. 1916 Dock Bonds. 3s................................................... 1920 Assessment Bonds. 4Xs, coupon_________ Nov 1917 4Xa, coupon_________May 1917   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  109  109% 108*4 109*4 108% 109% 109% 110% 109% 110% 109% 112% 112% 112*4  1041*8 1*0*4% 1041*4 1*0*4% 1041*4 1*0*4% 104% 104% 101 101% 100% 100% ioiis 10*118 100%100% 100% 100%  163% 10*5% 106* 106* ................. 102% 102% 101*4101*4102% 102%  108% 109% 108%109 108% 109*4 108% 109*4 108% 109*4 109 10972 109% 109% 109% 110% 109% 109*.i4 J09*4 111 112% 113 113 113 108*4108*4 108%108% 104% 104% 104% 104*% 104% 104**4 104% 104% 104% 104% 104% 104% 104* 105 105* 10*5%S 05* 1*0*5*% 104% 104% 104% 104% 100 100% 100 100% 100% 100% 100% 100% 100% 100% 100*4 101% ioi% 10*1% 102% 102% 100% 100% 100 100% 997g 100% 99% 101% 101 101 101 101 101% 101% 101%101% 100*4 100*4 100% 100*4 Ioi% i"o"i**4 100 100% 100 100 ’99% 99% 997S 100% 100% 100% 100%100%  108%110  100% 100%  52  60  52% 57  55% 58% 56% 61% 59  59  53  71  57*4 60  95% 95% 97 95% 96% 95% 95% 95* *9*5% 95% 96% 96% 97% 95 95 95% "9*6% 95 95 96 96 99% 99% 99% 100% 99% 100% 99% 100 99% 100% 99% 100%  58% 54  . ................. 85 57  86  90  88% 88%  59*4 56  60  51  85  85% 85% 84% 85% 85% 86% 85* 8*5% 86% 87 94% 94*4 94% 96 94% 9*5% 95%  95 95% 94% *9*4*% 94% *9*4% 94% *9*6* 97% 97% 94% 95% 94* *9*4% 94% *9*4% 94% *9*6*  95 95 94% 97  53  55%  85% 86*4  95* *95% 95% *9*7% 95% 97% 94* *9*5% 94% 95  95*  81  54  85% 85%  86% 86% 85% 86 85% 85% 84% 84% 84% 84% 84 84% 85*4 84 84*4 86% 87% 87% 85*4 86% 89 89 87% 89 *84% *85% 85% 85*4 §4*4 84*4 85% *8*7** 87% 87% 86*4 *8*8*  *95% *9*7** 9534 96*4 96% 96% *95% *9*7** 96% 96% 96% 96% *95% *9*7** 96 96*4 96*4 96*4 96% 96*8 95 95*4 96 96 95% 96 95% 95*4 96 96 166* 1*0*0% 99 100% 99 1OO3S 99 100%  81  94* *9*4* 93% 94%  88% 87% 86% 87 *87* 87 98 *97% 97% 98 95% 9*5% 96% 98  95% *9*5% 95% 98 97 97% 94 94 94*4 94% 96% 94% 93% 93% 94  98% 99% 97% 98% 97% 98% 98 99% 98*8 983S 100 97% 98% 97*4 98% 97% 99% 98% 97% 97% 101%102 101% 101% 101% 102% 101*8 1023g 102% 102% 104 105% 103% 105 104% 1047g 104% 105% 103% 105% 103% 104 101%102% 161% 1*0*2* 101*4 1*0*2% 101% 104% 104% *103% 1*0*5** 104* 105 10414 1*04% 104% 1*0*5% 103% 105% 103* 1*0*4% 101% 102% ioi% 1*0*2* 161% 10*2% 1017g 102 104% 1*0*5** 104* 1*0*5*' 1041*4 1*0*4% 104% 1*0*5% 104% 104% 102% 1*0*4*% I6l% 1*0*2% 101%102 161% 1*0*2% 102 101%101%  97% 97*4 97% 97%  88  *8*8% 99~ 97% 98%  98% 98% 99 97%  99% 99% 101% 101% 102 99% 99*8 101% 100*4 102  103% 103% 106% 105%107 102% 106% 106% 103 103% 106 105% 106% 103 103% 105% 105% 106% 102 102% 103% 10*5% 105% 106%  98% 98% 93% 93%  100% 101% 101 100% 101 101  101% 101 10034 101  101 101% 100% 101% 100% 101  100% 100% 100% 100% 100% 101 101 101 100% 1007g 101% 101% 101 101  101 101% 1007g 100%  Railroad Traffic and Prices. RAILWAY STATISTICS—STOCK AND BOND PRICES. THE GROWTH OF THE RAILROAD SYSTEM. In a very comprehensive article on pages 131 to 136 of this publication, we present an elaborate review of the course of earnings of United States railroads for the calendar year 1915, 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 an extensive body of data cover­ ing 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 1914. In the series of tables given below, the figures are all derived from the yearly reports of the Com­ mission. There is just one table where the in­ formation 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. Here the figures extend back half a century beyond the time when the Commerce Commission was created and hence necessarily come from other sources. For all the earlier years they are taken from Poor’s Manual. This latter publication having discontinued its record of new construction for the calendar year, we have, beginning with 1912, used the figures of new railroad construction prepared by the “Railway Age Gazette,” to bring the totals down to date. The following is the table referred 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 up to 1911 the changes in total mileage from year to year did not agree with the additions through new construction. This was due to the fact that it was found necessary to make adjustments and corrections of past mileage and to the further fact that some old mileage has been abandoned from time to time. There were on Jan. 1 1916, roughly, 254,000 miles of railroad in the country. RAILROAD CONSTRUCTION YEARLY AND TOTAL MILEAGE IN OPERATION.  Years.  1830..- ... 1831_______ 1832_______ 1833...........-1834........... .. 1835_______ 1836 ______ 1837_______ 1838.............. 1839------------   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Miles of Miles in New Road Operation End o/ Year. Built. 72 134 151 253 465 175 224 416 389  23 95 99Q 380 633 1,098 1,273 1,497 1,913 2,302  Years. 1840________ 1841. _____ 1842________ 1843............. 1844................ 1845............. 1846________ 1847................ 1848________ 1849................  Miles of Miles tn New Road Operation Built. End of Year. 516 717 491 159 192 256 297 668 398 1,369  2,818 3,535 4,026 4,185 4,377 4.633 4,930 5,598 5,996 7,365  Years.  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.  Miles of Miles in New Road Operation Built. End of Year.  1,961 1,926 2,452 1 >60 1,654 3>42 2,487 2>65 1'821 1,846 651 834 1,050 738 1,177 1,716 2,449 2.979 4,615 6,070 7,379 5,878 4,097 2,117 1*711 2,712 2,280 2,029 4.746 6,876 9,778 11,599  9,021 10,982 12,908 15,360 16>20 18,374 22,010 24^503 26>68 28,789 30 >26 31 ^286 32420 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>96 76>08 79,082 81 >47 86,556 93,262 103,1 08 114,677  Years. 1883 ............. . 1884 ________  1885 _______ 1888________ 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 ________ 1912 ................ 1913 ________ 1914 ________ 1915  Miles „n Miles of New Road Operation End of Year Built. 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 3,65 4 3,476 3,918 3,293 2,997 3,071 1,53 2 933  121,422 125,345 128,3 20 136,338 149,214 156,114 161,276 166,654 170,729 175,170 177,516 179,415 181,065 182,769 184,591 186,810 190,818 194,262 198,743 202,938 207,335 212.394 217,341 222,766 228,128 232,046 238,356 243,107 246,573 249,000 252,000 253,500 254,400  inter-state commerce commission returns  In the series of tables we now introduce, the figures are all derived from the yearly reports of the InterState Commerce Commission, though we do not always present them in the precise way in which the statistical report gives them. The value of the comparisons, one year with another, is somewhat impaired by the fact that the method of computing the figures has from time to time been changed in some essential respects. One departure very much to be regretted was made in the returns for the year ending June 30 1913. For that year and for the twelve months ending June 30 1914 the Commission has omitted from its compilations, except in the case of a few general items, the results of all roads earning less than $100,000 per annum. Owing to the magnitude of the railroad sys­ tem of the United States, the effect of this on the grand aggregates is not as great as would otherwise be the case; nevertheless one unfortunate result inevi­ tably follows, namely that these grand aggregates are no longer absolutely complete, the returns of the smaller roads being omitted from the same. No offi­ cial data, therefore, are now available to show the full total of the capitalization, the obligations, the opera­ tions, the traffic, the equipment and the service of the whole railroad mileage of the country. All that can be affirmed is that the totals come very close to representing the entire railroad system, inasmuch as they include all roads except those with operating revenues of less than $100,000. Besides presenting the 1914 and 1913 figures on the new basis, that is confining them to roads with operat­ ing revenues of $100,000 or more, figures prepared on the same basis are in many instances added by the Com­ mission for the previous two years. All these we have incorporated in the tables below, retaining also the old totals. In other words, we give the figures in both the old form and the new form, as far as each is available. The reader will understand that the designation “On the New Basis,” wherever it appears, means on the basis of the exclusion of the small roads and the designation “On the Old Basis” means on the basis of the inclusion of all roads, both large and small.  127  RAILWAY STATISTICS MILEAGE OF THE ROADS. We begin by showing the length of road owned at the end of each fiscal year on June 30. In this case the small roads are included the same as in the past. LENGTH OF ROAD OWNED.  Increase lor Year.  Information. How Obtained.  Whole United Stales  Total.  Official Returns Unoffl Figures. Miles. 251,027.60 247,421.64 245,063.34 242,689.68 238,551.73 234,764.44 231,333.02 227,670.85 222,571.52 217,017.68 212.577.57 207.186.84 201.672.83 196,075.07 192,940.67 188,277.49 185,370.77 182.919.82 181.153.77 179,175.51 176,602.61 170,332.30 165,690.97 164,602.79 159,271.74  Jure 30. 1914* ............ 1913* _______ 1912* _______ 1911*.............. 1910* —.......... 1909* .............. 1908* .............. 1907 ................  1906 ..................  1905 ................ 1904 ................ 1903 ................ 1902 ................ 1901................ 1900 ................ 1899 .............. 1898 ................ 1897 ................ 1896 ................ 1895 . ............... 1894 ................ 1893 ................ 1892 ................ 1891 . ............... 1890 —-..........  Miles. 1,202.92 2,355.20 1,713.41 1,289.54 1,741.66 2,069.63 2,134.82 2,280.34 1.791.65 1,083.36 1.326.77 790.38 799.02 1,162.37 405.11 1.017.17 1,025.55 1,508.65 1.622.86 1.481.96 2,105.94 6,128.77 5,872.55 3,799.95 4,325.31  Miles. 2,453.68 3,000.09 2,797.53 3,685.83 3,459.32 3,366.23 3,516.65 5,588.02 6.262.13 4,196.70 5,927.12 5.505.37 5.234.41 3,891.66 4.051.12 2,898.34 1,967.85 1.651.84 2,119.16 1.948.92 2,247.48 4,897.55 3,160.78 4.805.69 5,838.22  Miles. 252,230.52 249,776.84 246,776.75 243,979.22 240,293.39 236,834.07 233,467.84 229,951.19 224.363.17 218,101.04 213,904.34 207.977.22 202,471.85 197.237.44 193,345.78 189,294 66 186.396.32 184,428.47 182,776.63 180.657.47 178,708.55 176,461.07 171.563.52 168,402.74 163,597.05  * Excludes switching and terminal companies beginning with 1908; except lor this the Increase lor 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. They hence do not include mileage for which no reports of revenues have been received, but involve some duplication of mileage in cases where two or more carriers make use of the same track. Here, too, the smaller roads are included as heretofore. SUMMARY OF SINGLE TRACK. 2D. 3D AND 4TH TRACKS. YARDS AND SIDINGS. Length o1 Length o] Le’glh of Le’glh of Yards A Single Tr’k 2d Track 3d Track 4th Tr’ck Sidings.  Whole United States June 30. 1914*...................... 1913*..................... 1912*.................. .. 1911*....................... 1910* ....................... 1909*........................ 1908*........................ 1907 ......................... 1906......................... 1905......................... 1904......................... 1903......................... 1902......................... 1901......................... 1900......................... 1899......................... 1898......................... 1897......................... 1896......................... 1895............. .......... 1894......................... 1893......................... 1892......................... 1891......................... 1890................ ...............  Miles. 256,547. 253,470. 249,852. 246,238. 240,830. 235,402. 230.494. 227,454. 222,340 216,973, 212,243, 205,313 200,154 195.561 192.556 187.534 184,648 183,284 181.982, 177,746 175,690, 176.461. 171.563, 168,402 163,597  Miles. 27,608.66 26,273.79 24,951.65 23,451.26 21,658.74 20.949.41 20.209.05 19,420.82 17.936.25 17,056.30 15,824.04 14.681.03 13,720.72 12.845.42 12,151.48 11,546.54 11,293 25 11,018.47 10,685.16 10,639.96 10,499.30 10,051.36 9.367.21 8,865.71 8,437.65  Miles. 2,696.03 2,588.68 2,511.76 2,414.16 2,206.39 2,169.55 2,081.16 1,960.42 1,766.07 1.609.63 1 467.14 1.303.53 1,204.04 1.153.96 1,094.48 1.047.37 1,009.65 995.79 990.45 975.25 953.16 912.98 852.70 813.13 760.88  Miles. 2,071.45 1,964.06 1,903.32 1,747.10 1,488.78 1,453.56 1,408.99 1,389.73 1,279.66 1,215.53 1.046.50 963.36 895.11 876.13 829.29 790.27 793.57 780.48 764.15 733.12 710.99 668.46 626.47 749.51 561.81  Miles. 98,285.07 95,211.41 92,019.13 88,973.95 85,581 93 82.376.63 79.452.64 77.749.46 73.760.91 69.941.67 66.492.46 61,560.06 58,220.93 54,914.86 52.153.02 49.223.65 47,589.09 45.934.46 44.717.73 43.181.32 41.941.37 42,043.40 39,941.45 37,318 05 35,255.16  Total Track. Miles. 387,208.31 379,508.14 371,237.92 362,824.49 351,766 59 342,351.24 333,645.86 327.975.26 317,083.19 306.796.74 297.073.34 283.821.52 274,195.36 265.352.29 258.784.30 250,142.51 245,333.82 242.013.45 239.140.13 233,275.90 229,795 78 230.137.27 222,351.35 216.149.14 208,612.55  * Beginning with 1908 excludes switching and terminal compan les; had the basis ol 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 mlies.  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.  Year ending June 30.  Passenger Engines.  Freight Engines.  Switching Engines.  UnTotal in classified. Service.  On New Basis (Excl. roads 1914*...................................... 1913* ..................................... 1912* ___________________ 1911*....... .............................. On Old Basis (Incl. roads 1912* ...................................... 1911* ...................................... 1910* ...................................... 1909* ...................................... 1908* ...................................... 1907 ........................................ 1906 ........................................ 1905 ........................................ 1904 ........................................ 1903 ........................................ 1902 ........................................ 1901........................................ 1900 ........................................ 1899 ........................................ 1898 ........................................ 1897 ........................................ 1896 ........................................ 1895 ........................................ 1894 ........................... ............ 1893 ........................................ 1892 ....... ................................ 1891........................................ 1890 ................................... —.  No. earning 14,612 14,396 14,057 14,103 earning 14,263 14,301 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. less than 38,752 37,924 36,615 35,792 less than 37,159 36,405 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  No. $100,000 10,081 9,834 9,469 9,263 $100,000 9,529 9,324 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  No. per year) 1,315 1,224 1,135 1,113 per year) 1,311 1,297 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   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  No.  64,760 63,378 61,276 60,271 62,262 61,327 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.  Year ending June 30.  Cars in Cars in Cars in Pass.Serv'e Freight Service Co's Service  Total in Service.  No. No. No No. On New Basis (Excl. roads earni ng less than $100,000 per year) 2,503,822 1914* . .................................... .......... 53,466 124,709 2,325,647 2,445,508 2,273,564 120,244 1913* ................................................ 51,700 2,368,942 2,203,423 114,944 50,575 1912*..................................... .......... 2,343,413 48,939 2,181,285 113,189 1911*__________ _________ ____ On Old Basis (Incl. roads earnln g less than $100,000 per year) 2,382,674 1912* ................................................ 51,490 2,215,549 115,635 114,006 2,359,335 1911* ................................................ 49,818 2,195,511 2,290,331 2,135,121 108,115 1910* ................................................ 47,095 45,584 2,218.280 2.073,606 99,090 1909* ................................................ 96.762 2,089,302 2,231.181 1908* ................................................ 45,117 91,064 2,126,594 43,973 1,991,557 1907 ............................. -................... 1,837,914 1,958,912 42,262 78,736 1906 ................................................... 70.749 1,842,871 1905 ................................................... 1,731.409 40.713 39,752 1.798.561 1904 ................................................... 1.692,194 66,615 1.753,389 1,653,782 1903 .................................................. 38.140 61,467 1902 ................................................... 1.640,185 36,987 1.546,101 57.097 1,550.833 35,969 50,536 1901 ..................................... -.......... 1,464,328 1,450,838 34.713 1,365,531 50.594 1900 .................................................. 46,556 1.375,916 1899 ................................................... 33,850 1,295.510 1.326,174 33.595 1,248,826 43,753 1898 ......................... -....................... 1897 ................................................... 33,626 42,124 1.297,480 1.221.730 42,759 1,297.649 1896 ................................................... 33,003 1,221,887 1.270.561 33,112 1895 ................................................... 1,196,119 41,330 1,205,169 39,891 1.278.078 1894 ................................................... 33.018 39.762 1893 ................................................... 32,911 1,201,273 1,273,946 1892 ................................................... 1,215,092 1,215.611 1891................................................... 1,169,667 1890 .............. -.................................. * Beginning with 1908, does not Include locomotives or cars In the service o 1 switching and terminal companies. This reduced the total number ol locomotives In 1908 by 965 and the total number ol cars by 13,176.  TRAFFIC MOVEMENTS—PASSENGER AND FREIGHT. CLASSIFICATION OF TONNAGE BY COMMODITIES. (Excluding Duplications and Tonnage Unassigned.) Year Ending------------------------------------ Products of-----------------------------------June 30— Agriculture. Animals. Mines. Forests. On New Basis (Excl. roads earning less than $100,000 per year). 1914................................ 102,199,907 27,138,634 626,075,666 110,877,781 1913.............. ________ 106,067,317 26,446^382 650,940,253 112,079,164 On Old Basis (Incl. roads earning less than $100,000 per year). 1912—-......... ________ 90,776,489 24,974,171 566,538,387 100,147,471 1911________ ................ 85,566,053 23,763,262 108,506,272 539,255,980 1910_______ ________ 78,736,587 20,294,144 544,604,373 113,010,825 1909________ ________ 73,683,720 20,593,352 459,560,732 97,104,700 1908------------ ________ 69,665,943 19,635,150 444,216,023 90,475,081 1907________ ________ 77,030,071 20,473,486 476,899,638 101,617,724 1906_______ ________ 70,201,720 19,002,825 435,450,476 92,187,351 1905_______ ________ 64,637,035 18,155,743 383,562,335 80,436,863 1904________ ________ 61,512,543 17,576,078 330,872,195 80,383,577 1903.............. ________ 61,056,212 16,802,893 329,335,621 74,559,980 1902_______ ________ 53,723,115 304,634,808 67,703,050 15,362,410 1901________ _ ______ 56,102,838 60,844,933 15,145,297 269,372,556 1900_______ ________ 53,468,496 271,602,072 59,956,421 14,844,837 1899_______ ________ 50,073,963 13,774,964 227,453,154 48,122,447 Manufactures. Merchandise. Miscellaneous Grand Total. On New Basis (Excl. roads earning less than $100,000 per year). 1914________ ________149,183,281 41,474,238 37,174,388 1,094,123,895 1913________ ________ 165,532,035 42,520,369 41,254,783 1,144,840,303 On Old Basis (Incl. roads earning less than $100,000 per year). 1912_______ ________ 139,948,653 38,329,467 37,567,887 998,282,525 1911—............................ 135,175,536 36,519,321 38,447,567 967,233,991 1910________ 139,678,391 35,718,413 36,421,276 968,464,009 1909_________________ 108,677,129 33,975,628 32,897,504 826,492,765 1908_____ 104,860,269 32,222,678 797,216,099 36,140,955 893,184,972 1907________ .137,621,443 44,824,123 34,718,487 1906_________ 121,458,738 33,319,615 48,543.902 820,164,627 1905.. ............................ 97,332,768 715,663,442 30,921,538 40,617,160 1904.......................... 86,088,583 34,260,882 641,680,547 30,986,689 1903.......... 91,980,903 29,949,022 638,800,658 35,116,027 1902.. ............................ 84,289,257 581,832,441 25,444,025 30,675,776 1901........ 71,681,178 21,697,693 521,337,833 26,493,338 1900.......................... 69,257,145 21,974,201 25,329,045 516,432,217 1899_________ 59,415,205 19,844,735 441.881,623 23,197,155 LEADING SELECTED COMMODITIES CLASSIFIED BY TERRITORIES. Eastern District— (Based on incomplete statistics—see footnote.) June 30 Year— Grain. Hay. Colton. Live Stock. On New Basis (Excl. roads earning less than $100,000 per year). 1914................................. 13,479,417 2,871,548 512,540 3,119,390 1913.......... 17,891,618 2,664,955 550,134 3,158,467 On Old Basis (Incl. roads earning less than $100,000 per year). 1912 .......... 15,312,866 3,148,642 641,973 3,294,977 1911.......... 15,069,472 2,629,259 497,901 3,241,835 Southern District. On New Basis (Excl. roads earning less than $100,000 per year). 1914................ 3,332,901 1,020,496 2,581,134 876,354 1913 ________________ 4,678,620 1,115,057 2,044,607 904,547 On Old Basis (Incl. roads earning less than $100,000 per year). 1912...................... 6,782,769 1,088,573 3,287,137 1,283,177 1911............ 6,549,264 875,643 2,321,448 1,125,617 Western District— On New Basis (Excl. roads earning less than $100,000 per year). 1914................................ 24,537,231 3,445,889 2,834,813 8,315,039 1913 ............. 24,347,369 3,264,514 3,296,456 8,339,259 On Old Basis (Incl. roads earning less than $100,000 per year). 1912.................... 18,291,369 3,775,097 3,329,935 7,990,731 1911_____ 18,713,761 3,223,575 2,515,118 7,840,451 Total— On New Basis (Excl. roads earning less than $100,000 per year). 1914 ________________ 41,349,549 7,337,933 5,928,487 12,310,783 1913________________ 46,917,607 7,044,526 5,891,197 12,402,273 On Old Basis (Incl. roads earning less than $100,000 per year). 1912................................. 40,387,004 8,012,312 7,259,045 12,568,885 1911 ................................. 40,332,497 6,728,477 5,334,467 12,207,903 Eastern District— Dressed Anthracite Bituminous June 30 Year— Meats. Coal. Coal. Lumber. On New Basis (Excl. roads earning less than $100,000 per year). 1914-............................. 1,548,922 29,576,745 188,814,228 20,774,553 191.3___________ 1,735,086 34,299,166 195,404,716 21,880,382 On Old Basis (Inc. roads earning less than $100,000 per Year). 1912 ............ 1,647,354 27,316,533 178,825,130 18,586,478 1911..................... 1,754,183 28,627,999 160,461,241 16,887,671 Southern District— On New Basis (Excl. roads earning less than $100,000 per year). 1914............ 144,156 279,129 47,057,486 23,069,157 1913 ________________ 167,462 373,443 60,499,338 26,436,811 On Old Basis (Incl. roads earning less than $100,000 per year). 1912................................ 198,992 547,549 67,349,007 29,182,913 25,597,922 1911 —............................. 158,330 522,252 41,946,140 Western District— On New Basis (Excl. roads earning less than $100,000 per year). 40,832,434 1914._______ 978,009 2,477,213 44,276,336 1913.......... 811,041 4,627,396 45,086,152 43,423,244 On Old Basis (Incl. roads earning less than $100,000 per year). 37,456,820 1912 ................................. 777,564 2,408,536 46,795,9^3 36,492,629 1911 — ............................ 717,257 2,632,127 41,339,613 Total— On New Basis (Excl. roads earning less than $100,000 per year). 84,676,144 1914................................ 2,671,087 32,333,087 280,148,050 1913-................. 2,713,589 39,300,005 300,990,206 91,740,437 On Old Basis (Incl. roads earning less than $100,000 per year). 85,226,211 1912 ................................. 2,623,910 30,272,618 292,970,070 78,978,222 1911.................... 2,629,770 31,782,378 243,746,994 Note.—The above represents 151,822.03 miles ol a total ol 247,397.59 miles oper­ ated in 1914; 151,941.13 miles ol a total ol 244,418.49 miles in 1913; 161,204.42 miles ol a total ol 249,852.06 miles in 1912, and 151,012.67 miles of a total ol 246,238.02 miles in 1911.  128  RAILWAY STATISTICS  TRAFFIC OF U. RAILROADS—PASSENGER AND FREIGHT. Year ---------------------Freight ServiceEnd. Tons moved Tons moved Tons 1 M. Miles run Average Miles run by June 30. less dupli’ns one mile. perM.road by fltr’ns. tr’n-lo’d freight cars. On New Basis (Excl. roads earning less than $100,000 per year) 1914*..1,109,271,040 288,319,890,210 1,176,923 605,923,249 451.80 20,796,894,831 1913*..1,160,862,756 301,398,752,108 1,245,158 643,841,292 445.43 21,034,670,482 1912*..1,011,784,287 263,779,908,254 1,110,811 610,291,829 410.26 19,430,455,051 1911*.. 981,292,672 253,456,389,237 1,088,314 624,344,376 386.17 19,276,688,465 On Old Basis (Incl. roads earning less than $100,000 per year) 1912*..1,031,206,606 264,080,745,058 1078580 612,345,112 406.76 19,466,402,067 1911*..1,003,053,893 253,783,701,839 1053566 626,496,025 383.10 19,315,156,130 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 14,193,718,005 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 ........................... 1896.............................. 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 ....... ................... Year ■Passenger Service------------------------------- Aggregate Rev End. Passengers Pass, carried Pass.lM. Miles run Pass’gers Train mileage carried. one mile. per M.r’d. by pass.tr. per tr'n incl.mixed,&c. June 30 On New Basis (Excl. roads earning less than $100,000 per year) 1,242,080,241 56 1914*.1,053,138,718 35,258,497,509 144,278 602,388,660 55 1,271,220,178 1913*.1,033,679,680 34,575,872,980 43,067 593,061,212 1912*...994,372,283 33,039,110,808 140,393 582,752,526 54 1,226,887,758 55 1,227,947,982 1911*...987,710,997 33,108,461,142 142,859 570,116,038 at) 1,236,738,715 1912* 1,004,081,346 33,132,354,783 136,699 585,853,528 53 1,237,500,138 1911*...997,409,882 33,201,694,699 139,191 572,929,421 55 1910*-..971,683,199 32,338,496,329 138,169 549,015,003 1,221,852,647 56 54 1,112,452,351 1909*...891,472,425 29,109,322,589 127,299 506,011,038 54 1,129,149,453 1908* ..890,009,574 29,082,836,944 130,073 505,945,582 1907___ 873.905,133 27,718,554,030 123,259 509,328,042 51 1,171,922,997 1,105,877,091 1906___ 797,946,116 25,167,240,831 114,529 479,037,553 49 1,038,441,430 48 1905- —-738,834,667 23,800,149,436 109,949 459,827,029 1,007,529,542 1904___ 715,419.682 21,923,213,536 104,198 440,464,866 46 46 982,946,284 1903___ 694.891,535 20.915.763.881 103,291 425,142,204 45 936,148,675 1902. — .649,878,505 19,689,937,620 99.314 405,613,231 42 1901 ——607,278.121 17,353,588,444 89,721 385,172,567 908.092,818 41 1900___ 576,865.230 16.039,007,217 83,295 363,521,596 886,781,590 41 1899___ 523,176.508 14,591,327.613 77 821 354,416,916 39 1898—..501,066.681 13,379,930,004 72,462 341,526,769 37 1897------489,445,198 12,256,939,647 66,874 335,018,605 39 1896------511,772,737 13,049,007.233 71.705 332,854,218 1895-...507,421,362 12,188,446,271 68,572 317,565,615 38 ..................... 1894—.540,688,199 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 ..................... 42 ..................... 1891___ 531,183.998 12.844.243.881 79,642 307,927,928 41 ......................... 1890___ 492,430,865 11,847,785,617 75,751 285,575,804 * Beginning with 1908 the figures do not Include returns lor switching and terminal companies.  MEN EMPLOYED ON RAILWAYS AND THEIR WAGES. The Commission collects very extensive statistics regard­ ing the employees of the railroads. The tables below show the number and classes of such employees.  NUMBER OF EMPLOYEES IN SERVICE OF THE ROADS. GenYear eral Other Other EnConOther Maending O11i- Offi- Office Station Station gine- Firedue- Train- chinJune 30. cers cers. Clerks. Agents, men. men. men. tors. men. ists On New Basis (Excl. roads earning less than $100,000 per yeai) 1914 *..4,459 10756 86,528 38,063 163,100 61,365 64,335 47,621 135,853 56,235 1913 *..4,398 10706 84,267 37,721 167,450 67,026 70,477 52,086 146,855 60,726 1912 ♦..4,344 10028 78,306 37,395 161,206 63,672 66,487 49,062 136,008 57,266 1911 *..4,0719,815 76,003 37,245 152,518 62,650 65,651 47,585 132,169 54,961 On Old Basis (Incl. roads earning less than $100,000 per year) 1914* ..5,740 11153 87,106 39,147 163,603 62,021 64,959 48,201 136,809 56,468 1913 __ No figures on this basis for this year. 1912*-.6,790 10414 78,818 38,428 161,730 64,382 67,195 49,685 137,067 57,507 1911* ..5,628 10196 76,51338,277 153,117 63,390 66,376 48,200 133,221 55,207 1910* ..5,476 9,392 76,32937,379 153,104 64,691 68,321 48,682 136,938 55,193 1909* ..5,492 8,022 69,95936.519 136,733 57,077 60,349 43,608 114.760 48,237 1908* ..5,076 7,751 63,97335,740 132,013 57,668 61,215 43,322 114,580 44,941 1907 ...6,407 7,549 65,70035,649 152,929 65,298 69,384 48,869 134,257 55.244 1906 ...6,090 6,705 57.21034,940 138,778 59.855 62.678 43,936 119.087 51,253 1905 —.5,536 5,706 51,28435,245 125.180 54,817 57,892 41,061 111,405 47.018 1904 ...5,165 5,375 46,03734,918 120.002 52,451 55,004 39,645 106.734 46.272 1903 —4,842 5,201 42,21834,892 120,724 52,993 56,041 39.741 104.885 44,819 1902 ...4,816 5,039 37,57033,478 105,433 48,318 50,651 35,070 91,383 39,145 1901 ...4,780 4,923 34,778 32,294 94,847 45,292 47,166 32,092 84,493 34,698 1900 ...4,916 4,669 32,265 31.610 89,851 42,837 44,130 29.957 74,274 32,831 1899 ...4,832 4,294 29,371 30,787 83,910 39,970 41,152 28.232 69.497 30,377 1898 ...4,956 3,925 26,845 30,699 78,603 37.939 38,925 26.876 66.968 28.800 1897 -.4,890 3,830 26,837 30,049 74.569 35,667 36,735 25,322 63,673 28,220 1896 ...5,372 2,718 26,328 29.723 75,919 35,851 36,762 25,457 64,806 29,272 1895 —5,407 2,534 26,583 29,014 73.569 34,718 35,516 24,776 62,721 27.740 1894 —5,257 1.778 24,779 28.199 71,150 35,466 36,327 24.823 63,417 29,245 1893 ...6,610 .... 27,584 28,019 75,181 38.781 40.359 27.537 72,959 30,869 1892 —.6,104 ___ 25,469 26,829 69,511 36,739 37,747 26.042 68.732 28.783 1891 ...5.271 ---- 23,879 26,192 67,812 34,801 36,277 24,523 64,537 27,388 1890 —.5.160 ____ 22,239 25,665 66,431 33,354 34,634 23,513 61,734 27,601 Teleg. Year CarOtherSection Other Switch OperaFloat Total ending penShop- Fore- Track- Tenders, tors, ing All EmJune30.ters. men. men. men. &c. &c. Equip. Others ployees On New Basis (Excl. roads earning less than $100,000 per year) 1914*.72,660 255,659 44,084 332,480 37,671 40,389 12,985 231,240 1,695,483 1913*.78,654 271,095 44,737 376,871 38,253 43,061 13,780 247,076 1,815,239 1912*-70,530 248,802 43,328 351,293 38,535 42,480 12,042 229,157 1,699,941 1911*.65,630 226,244 43,'504 356,839 39,779 41,104 10,431 227,032 1,653,231 On Old Basis (Incl. roads earning less than $100,000 per year)— 1914*.72,923 256,133 44,977 337,451 37,873 40,464 13,019 232,249 1,710,296 1913_.No figures on this basis for this year. 1912*.70,817 249,429 44,277 357,326 38,773 42,548 12,056 230,138 1,716,380 1911*.65,989 226,785 44,466 363,028 40,005 41,196 10,436 227,779 1,669,809 44,682 42,435 10,549 229,806 1,699,420 1910*.68,085 225,196 44,207 378,955 44,682 1909*.60,867 195,110 41,859 320,762 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 1,436.275 221.656 41,391 367,277 53,414 39,193 9,139 228,324 1,672,074 1907. .70,394 . 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 98,673 874,558 1898—40.374 99,717 30.771 184.494 47.124 22,488 6,349 1897.. 37.740 91,415 30,414 171,752 43.768 21,452 6.409 90.725 823,476 88,467 826,620 1896—38,846 95,613 30,372 169,664 44,266 21,682 5.502 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.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  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 computa­ tions do not cover switching and terminal companies. 11 is not likely, however, that this has materially affected the iverages. AVERAGE DAILY COMPENSATION OF RAILWAY EMPLOYEES. New Basis  Old Basis.  1914. 1913. 1912. 1911. 1912.1911. 1910. 1909. 1908. 1907. 1906. 1905.  $ General officers 16 06 Other officers- 6 48 Office clerks.. 2 54 Station agents. 2 33 Other stat’men 1 98 Enginemen__ 5 24 Firemen______ 3 22 Conductors__ 4 47 Other trainm’n 3 OS Machinists___ 3 27 Carpenters___ 2 66 Other shopmen 2 36 Section forem’n 2 20 Other trackm’n 1 59 Sw. tenders,&c. 1 71 Tel. oper., &c. 2 56 Floating equip. 2 35 All others......... 2 20 Class.  $ $ $ $ $ $ 15 67 14 82 14 82 13 1312 99 13 27 6 44 6 42 6 36 6 32 6 27 6 22 2 51 2 50 2 48 2 50 2 49 2 40 2 28 2 22 2 IS 2 20 2 17 2 12 1 96 1 89 1 88 1 89 1 89 1 84 5 20 5 02 4 81 5 00 4 79 4 55 3 13 3 20 2 95 3 02 2 94 2 74 4 39 4 30 4 18 4 29 4 16 3 91 3 04 2 97 2 88 2 96 2 88 2 69 3 26 3 21 3 14 3 21 3 14 3 08 2 63 2 55 2 54 2 55 2 54 2 51 2 31 2 24 2 24 2 24 2 24 2 18 2 14 2 OS 2 07 2 09 2 07 1 99 1 58 1 50 1 50 1 50 1 50 1 47 1 70 1 70 1 74 1 70 1 74 1 69 2 52 2 47 2 44 2 47 2 44 2 33 2 37 2 37 2 34 2 37 2 34 2 22 2 15 2 10 2 08 2 10 2 08 2 01  $ $ $ $ $ 12 67 13 11 11 93 11 81 11 74 6 40 6 27 5 99 5 82 6 02 2 31 2 33 2 30 2 24 2 24 2 08 2 09 2 05 1 94 1 93 1 82 1 82 1 78 1 69 1 71 4 44 4 45 4 30 4 12 4 12 2 67 2 64 2 54 2 42 2 38 3 81 3 81 3 69 3 51 3 50 2 59 2 60 2 54 2 35 2 31 2 98 2 95 2 87 2 68 2 65 2 43 2 40 2 40 2 2S 2 25 2 13 2 12 2 06 1 92 1 92 1 96 1 95 1 90 1 80 1 79 1 38 1 45 1 46 1 36 1 32 1 73 1 78 1 87 1 80 1 79 2 30 2 30 2 26 2 13 2 19 2 31 2 38 2 27 2 10 2 17 1 98 1 97 1 92 1 83 1 83  1904. 1903. 1902. 1901. 1900. 1899. 1898. 1897. 1896. 1895. 1894. 1893.  $ $ $ $ General officers 11 61 11 2711 17 10 97 Other officers. 6 07 5 76 5 60 5 56 Office clerks.. 2 22 2 21 2 18 2 19 Station agents. 1 93 1 87 1 80 1 77 Other stat’men 1 69 1 64 1 61 1 59 Enginemen__ 4 1C 4 01 3 84 3 78 Firemen______ 2 35 2 28 2 20 2 16 Conductors__ 3 50 3 38 3 21 3 17 Other trainmen 2 27 2 17 2 04 2 00 Machinists___ 2 61 2 50 2 36 2 32 Carpenters___ 2 26 2 19 2 08 2 06 Other shopmen 1 91 1 86 1 78 1 75 Section forem'n 1 78 1 78 1 72 1 71 Other trackm’n 1 33 1 31 1 25 1 23 Sw. tenders,&c. 1 77 1 76 1 77 1 74 Tel. oper., &c. 2 15 2 08 2 01 1 98 Floating equip. 2 17 2 11 2 00 1 97 All others____ 1 82 1 77 1 71 1 69  10 5 2 1 1 3 2 3 1 2 2 1 1 1 1 1 1 1  $ 45 22 19 75 60 75 14 17 96 30 04 73 68 22 80 96 92 71  $ 10 03 5 18 2 20 1 74 1 60 3 72 2 10 3 13 1 94 2 29 2 03 1 72 1 68 1 18 1 77 1 93 1 89 1 68  $ 9 73 5 21 2 25 1 73 1 61 3 72 2 09 3 13 1 95 2 28 2 02 1 70 1 69 1 16 1 74 1 92 1 89 1 67  $ 9 54 5 12 2 18 1 73 1 62 3 65 2 05 3 07 1 90 2 23 2 01 1 71 1 70 1 16 1 72 1 90 1 86 1 64  $ 9 19 5 96 2 21 1 73 1 62 3 65 2 06 3 05 1 90 2 26 2 03 1 69 1 70 1 17 1 74 1 93 1 94 1 65  $ 9 01 5 85 2 19 1 74 1 62 3 65 2 05 3 04 1 90 2 22 2 03 1 70 1 70 1 17 1 75 1 98 1 91 1 65  $ 9 71 5 75 2 34 1 75 1 63 3 61 2 03 3 04 1 89 2 21 2 02 1 69 1 71 1 18 1 75 1 93 1 97 1 65  $ 7 84 2 1 1 3 2 3 1 2 2 1 1 1 1 1 1 1  23 83 65 66 04 08 91 33 11 75 75 22 80 97 96 70  PASSENGER AND FREIGHT RATES AND TRAIN-MILE EARNINGS. RATES PER TON AND PER PASSENGER AND PER TRAIN MILE. Rate Rale Train Earnings. All Trains—Passenger dk Freight. Year Ending per pas. per ton per per Passenger Freight Earns, per Cost per Profit per June 30. mile. mile. per mile, per mile. train mile, train mile, tr’in mile;  Cents, is (Excl 1.982 2.008 1.985 1.971 (Incl. 1.987 1.974 1.938 1.928 1.937 2.014 2.003 1.962 2.006 2.006 1.986 2.013 2.003 1.978 1.973 2.022 2.019 2.040 1.986 2.111 2.126 2.142 1890 ............. 2.167 1889 ............ 2.165 1888 ............. 2.349  On New Bas 1914 *.......... 1913 *.......... 1912 *.......... 1911 *......... On Old Basis 1912* .......... 1911* .......... 1910* .......... 1909* .......... 1908* .......... 1907 ............ 1906 ............ 1905 ............ 1904 ............ 1903 ............ 1902 ............ 1901............ 1900 ............ 1899 ............ 1898 ............ 1897 ............ 1896 ............ 1895 ............ 1894 ............ 1893 ............ 1892 ............ 1891............  Cents. roads .733 .729 .741 .754 roads .744 .757 .753 .763 .754 .759 .748 .766 .780 .763 .757 .750 .729 .724 .753 .798 .806 .839 .860 .879 .898 .895 .941 .922 1.001  $  earning 1.34.496 1.35.555 1.30.237 1.31.963 earning 1.29.142 1.30.921 1.30.396 1.26.958 1.27.073 1.25.805 1.20.338 1.15.954 1.14.135 1.11.644 1.08.531 1.02.721 1.01.075 1.01.615 0.97.419 0.93.917 0.98.591 0.97.870 1.04.897 1.06.984 1.06.873 1.06.111 1.08.641 1.06.287 1.13.900  $ $ $ less than $100,000 per year) 3.30.845 2.45.024 1.76.917 3.24.347 2.45.387 1.70.375 3.03.796 2.29.773 1.59.358 2.90.847 2.25.139 1.54.409 less than $100,000 per year) 3.02.284 2.29.259 1.59.077 2.89.548 2.24.824 1.54.338 2.86.218 1.48.865 2.24.628 2.76.450 2.16.789 1.43.370 2.65.307 2.11.269 1.47.340 2.17.741 2.74.023 1.46.993 2.60.804 2.07.547 1.37.060 2.49.689 1.97.906 1.32.140 1.93.960 2.42.703 1.31.375 2.43.967 1.91.380 1.26.604 2.27.093 1.82.350 1.17.960 2.13.212 1.12.292 1.72.938 2.00.042 1.65.721 1.07.288 1.79.035 1.50.436 0.98.390 1.73.112 1.45.449 0.95.635 1.65.358 1.38.194 0.92.918 1.63.337 1.39.567 0.93.838 1.61.190 al.37.723 al. 18.693 1.55.744 1.36.958 0.93.478 1.63.018 1.43.475 0.97.426 1.64.611 1.44.649 0.96.580 1.63.683 1.43.345 0.95.707 1.65.434 1.44.231 0.96.006 1.65.377 1.39.191 0.94.868 1.65.700  .68.107  .75.012 .70.415 .70.730 .70.182  .70.486 .75.763 .73.419 .63.929 .70.748  .70.487 .65.766 .62.585 .74.776 .64.390 .60.646 .58.433 .52.046 .49.814 .45.276 .45.729 a.19.030 .43.480 .46.049 .48.069 .47.638 .48.225 .44.323  a These are reported as "revised figures;” originally earnings per train mile for all trains were given as $1.35.947; cost per train mile, $0.91.829. which would leave a profit per train mile of $0.44.118. * Figures, beginning with 1908, exclude returns from switching and terminal companies  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 1914 the gross amount paid was $451,263,197, it will be seen by reference to the table on page 130 that the net amount paid was only $339,768,533. The increase of $82,656,870 in the gross amount of dividends declared during 1913-14 as compared with 1912-13 is more than accounted for by the special dividends declared by the Union Pacific RR. and the Central Pacific Ry. out of ac­ cumulated surplus during the year. The former made a dis­ tribution to the holders of its $222,283,400 common stock of 12% and 22J^%, respectively, in Baltimore & Ohio pre­ ferred and common stocks (calling for $26,674,008 preferred and $50,013,765 common) and $3 per share in cash, while the Central Pacific made an extra disbursement of 20.6% on its preferred and common stocks, calling for $3,585,627 and $13,863,473, respectively, all of which accrued to the South­ ern Pacific Co. The first of these two cases also appears in the item of net dividends paid.  RAILWAY STATISTICS OIVIDEND-PAYING AND NON-DIVIDEND-PAYINQ 8TOCK AND DEBT.  Year Ending June 30  Stock Stock Funded Debt Dividends Paid. Receiving Dividends Receiving Nothing. Receiving Noth'g. $  $  (a)  (»)  (c)  % oZ  Wole  On New Basis (Excl roa ds earning less than $100,000 pe r yea r) 1914.. ..451.263.197 7.97 5,661,738,723 65.223, 019,020,98134.78 1306764 28511.30 1913.. ..(368,606,327 6.38 5,774,587,58367.06 2, 836,023,744(32.941150128,161 10.28 On OldBasls (Inci roa ds earning les s tha n $100,000 per year) 1914.. ..451.653.346 7.97 5,667,072,956 64.39.. 1913.. .. 369,077,546 6.37 5,780,982,416 66.14 1912.. . 400,315,313 7.17 5,581,289,249 64.73 041, 111, 1015,367,522 9.12 1911.. .. 460,195,376 8.03 5,730,250.326 67.65 740 467, 816,630,147 7.65 1910 .... 405,771,416 7.50 5,412,578,457166 71 701, 078, 790,499,252 7.94 1909—.. 321,071,626 6.53 4,920.174,118'64.01 766, 104, 427 35 718,351,332 7.57 1908 .... 390,695,351 8.07 4,843,370.740:65.69 529, 841, 58334 655,598,627 7.24 1907 -...,308,088,627 6.23 4,948,756,20367.27 408, 105, 48832 73315,927,894 3.76 1906 ___ 272,795.974 6.03 4,526.958,760(66.54 ,276, ,801, 33333 .46)287.954,851! 3.82 1905.. .. 237.964,482 5.78 4,119.086,714 62.84 ,435 ,470 ,33737 16449.100.396 6.36 1904.. ..(221,941,049 6.09 3,643,427.319)57.4 ,696 ,472 ,010 42 53300.894,215 4.49 1903.. .. 196,728,176 5.70 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 ,680 ,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 ,609 698 378,937.806 6.78 1899 — 111,009,822 4.96 2,239.502,545140.61 3 ,275 .509 181 572,410,746 10.45 1898.... 96,152.889 5.29 1,818,113,082)33.743 570 ,155 239 852,402,622 :15.82 1897 — 87,110.599 5.43 1.603,549.978 29.90 3 ,761 ,092 277 867,950,840116.59 1896— — 87,603.371 5.62 1,559.024.075(29.83 3 ,667 .503 .194(70 860,559,442 116.26 1895___ 85.287.543 5 74 1,485.618.453 29.94(3 475 640 203(70 890,561,460 116.71 1894 — 95,515,226 5.40 1.767.925,565(36.573 066 150 ,09463 .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 5.36) 1.825.705.437 39.40 2 .807 .403 326)60 .60(777.719,420(15.56 1891 — 91.117.913 5.07|l,796.390.636 40.36 2 .654 ,258 .39159 .64 473,925,526 9.90 1890 — 87.071.613 5.45(1.598.131,933 36.24 2 811 526 .552 63 .76No statistics. 1889.. . 82,110,198 5.04 1,629,750,927 38.33 2 ,621 439 ,792 61 .67 775,851,795 18.19 1888.. . 80,238,065 5.38 1,490,267,149 38.56 2 374 200 906 61 .44 827,554,319 21.69 Note.—The per cent of dividends paid is figured by the Commission on the dividend paying stock only and Includes holdings of stock by one railroad in another. a Includes $196,931,595 dividends declared from surplus in 1914, against $87,956,698 in 1913, $116,594,117 in 1912, $158,157,598 in 1911, $86,465,008 in 1910, $53,203,989 in 1909 and $85,284,404 (representing mainly some exceptional special dividends paid by a few large companies) in 1908. 6 Includes a large part of $140,705,202 held by or for Issuing companies in 1914, of $128,289,584 in 1913, of $69,953,545 in 1912 and of $107,441,719 held in 1911, against $102,927,370 held In treasury In 1910, $73,867,319 in 1909 and $72,473,050 In 1908. c Includes a large part of $882,898,840 held by or for issuing companies in 1914, of $820,400,292 In 1913, of $693,237,243 held in 1912 and of $663,672,416 held In 1911, against $522,360,547 held in treasury in 1910, $421,471,276 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, just as reported for each of the years. CAPITALIZATION OF RAILWAY PROPERTY—DEBT AND STOCK. Year ------------------------------------------- Funded Debt---------------------------------------- Debt End. Miscellaneous Income Equipment Total per M. June Bonds. Obligations. Bonds. Trusts. Debt. of road. $ 30 $ $ $ $ S On New Basis (Excl. roads earning less than $100,000 per year) 1914—8,496,370,538 2,397,400,240 254,230,505 418,540,270 11,566,541,553 1913—8,186,366,426 2,379,571,854 250,290,655 369,285,450 11,185,514,385 1912.-7,944,532,758 2,528,986,741 264,821,653 315,450,065 11,053,791,217 1911— 7,749,760,422 2,328,047,616 258,201,946 319,435,094 10,655,445,078 On Old Basis (Incl. roads earning less than $100,000 per year) 1912— 8,015,943,172 2,530,676,934 267,371,927 316,143,410 11,130.135,443 1911.. 7.825.269.102 2,331,574,399 261,777,220 319,596,749 10,738,217,470 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 36,213 1905—6,024,449,023 786.241,442 253.707,699 186,302,906 7,250,701,070 34,625 1904—5,746,898,983 723,114,986 229,878.687 173,334,694 6,873,225,350 33,429 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 30,963 1900—4,900,626.823 464,983,341 219,536,883 60,308,320 5,645,455,367 30,210 1899.-4,731,054,376 485,781.695 260,048,753 42.058,348 5,518,943,172 30,289 1898—4,640.762,632 486,977,279 262,194,688 40,351,111 5,430,285,710 30,289 1897.-4,539,911,595 430,718,303 259,847.154 39,888,767 5,270,365,819 29,546 1896—4.517,872,063 457,735,531 314,425,977 50,304,931 5,340,338,502 30,126 445,221.472 242.603,226 55,915,327 5,385,495,573 31,048 1895—4,641,755,548 1894—4,593,931,754 456,277,380 242,403,681 63,970,204 5,356,583,019 31,233 1893—4,504,383,162 410,474,647 248,132,730 62,699,282 5.225,689,821 31,545 392,107.940 303,205,522 55,153,595 5,053,038,050 31,125 1892—4,302,570,993 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 29.249 ------------- Stock-----------------—Ago. stk. & debt— Year Per mile Per M. End. Common. Preferred. Total. of road. Total. of road June 30. $ $ $ $ $ $ On New Basis (Excl. roads earning less than $100,000 per annum) 1914—7,304,479,846 al,376,279,858 8,680,759,704 20,247,301,257 1913.-7,231,515,045 al,379,096,282 8,610,611,327 _____ 19,796,125,712 1912—7,125,165,338 al,368,682,954 8,493,848,292 ........... 19,547,639,509 1911.-6,933,680,313 al,390,092,125 8,323,772,438 _____ 18,979,217,516 On Old Basis (Inch roads earning less than $100,000 per annum) 1912—7,248,749,515al,373,651,306 8,622,400,821 19,752,536,264 1911—7.074,917,53401.395,800,077 8,470,717,611 ............. 19,208,935,081 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 a Includes $10,293,700 debenture stock.  In the following the miscellaneous obligations for 1914, 1913,1912 and 1911 are further subdivided in accordance with the classification of the Commission. These figures are on the new basis, i. e., they exclude roads having operating revenues below $100,000 for the year. On New Basis. 1914. 1912. 1913. 1911. $ $ (1) Coll, trust bonds___ 1,182,683,530 1,189,636,796 1,326,539,810 1,182,784,188 (2) Plainbds,debs.&notesl,142,016,070 1,107,076,783 1,061,875,630 949,996,478 . ... . 82,858,275 (3) Sundry obligations.. 72,700,640 140,571,301 195,266,950  (4) Total.........................2,397,400,240 2,379,571,854 2,528,986,741 2,328,047,691   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  On the old basis the figures run back to 1908 and we give a five-year comparison below, numbering the respective items (1), (2), (3) and (4) as in the preceding. On old Basis.  Amount. $  129  1912. 1911. 1910. 1909. 1908. $ $ $ $ $ (1) - ___ 1,326,966,810 1,183,766,188 1,153,499,846 1,147,377,191 1,076,670,441 (2) .. ___ 1,083,109,281 803,537,301 835,551,354 951,377,816 933,966,704 (3) .. .... 140,600,843 196,430,395 163,531,972 316,297,240 268,743,958  (4) ___ 2.530,676,934 2,331,574,399 2,250,998,522 2,2 )7,211,732 2,180,965.753  A considerable portion of the stock and funded debt of the railways is owned by other railroads. The amounts so held each year are shown in the following: OWNERSHIP BY OTHER ROADS—STOCK AND FUNDED DEBT. [In 1906 and previous years, mortgage bonds were the only form of debt Included, whereas now, other forms of obligations, such as income bonds, equipment trusts, collateral trust bonds, debentures, notes and sundry obligations, are Included.] ------------------------ Funded Debt-------------------------------------------- Stock---------------Year Owned by Not Owned Total Owned by Not Owned ending RR. Corp’ns. by Railroads. Bonds, &c. RR. Corp’ns. by Railroads. June 30. $ $ $ $ $ On New Basis (excl. roads earnings less than $100,090 per year)— 1914.-1,849,423,832 9,717,117,721 11,566,541,553 2,638,783,512 6,041,976,192 1913.-1,659,751,744 9,525,762,641 11,185,514,385 2,769,901,715 5,840,709,612 On Old Basis (Incl. roads earnings less than $100,000 per year)— 1912 ...1,801,300,571 9,328,834,872 11,130,135,443 2,825,702,208 5,796,698,613 1911.-1,568,517,995 9,169,699,475 10,738,217,470 2,595,934,192 5,874,783,419 1910—.1,486,470,392 8,817,004,466 10,303,474,858 2,555,132,098 5,558,525,282 1909 ______ Not reported 9,801,590,390 Notreported 1908 ______ Not reported 9,394,332,504 Notreported 1907 ______ Not reported 8,725,284,992 Notreported 1906.. . 641,305,030 5,625,465,932 6,266,770,962 2,257,175,799 4,546,584,294 1905.. . 568,100,021 5,456,349,002 6,024,449,023 2,070,052,108 4,484,504,943 1904.. . 558,472,242 5,188,426.741 5,746,898,983 1,942,858,359 4,397,040,970 1903.. . 520,068,745 4,906,661,409 5,426,730,154 1,798,323,208 4,357,235,824 1902.. . 498,373,449 4,715,048.462 5,213,421,911 1,710,145,344 4,314,055,951 1901.. . 468.830,698 4,579,980,913 5,048,811,611 1,7.36,667,211 4,059,898,993 1900.. . 472,831,377 4,427,795,446 4,900,626,823 1,470,218,972 4,375,360,621 1899.. . 394,414,868 4,336,639,508 4,731,054,376 1,207,498,299 4,307,513.427 1898.. . 369,522,097 4,271,240,535 4,640,762,632 1,151,864,158 4,236,404,163 1897.. . 403,978,556 4,135,933,039 4,539,911,595 1,062,957,620 4,301,684,635 1896.. . 400,111,363 4,117,760,700 4,517,872,063 1,101,235,551 4,125,291,718 1895.. . 395,542,915 4,246,212,633 4,641,755,548 1,051,638,619 3,919.620,037 1894.. . 415,314,637 4,178,617,117 4,593,931,754 1,128,744,033 3,705,331,626 1893.. . 427,237,894 4,077,145,268 4,504,383,162 1,135,784,339 3,533,151,079 1892.. . 327,170,787 3,975,400,206 4,302,570,993 1,084,286,2 56 3,568,822,497 1891.. . 337,698,175 3,743,923,500 4,081,621,675 945,227,541 3,505,421,826 1890.— 443,053,242 3,680,868,315 4,123,921,557 963,853,759 3,445,804,476 --------------------- Aggregate Slock and Debt--------------------Year Total Stock Owned by RR. Not Owned by Total Stock ending Outstanding. Corporations. Railroads. and Debt. June 30. $ $ $ $ On New Basis (excl. roads earning less than $100,000 per year)— 1914........... 8,680,759,704 4,488,207,344 15,759,093,913 20,247,301,257 1913 _____ 8,610,611,327 4,429,653,459 15,366,472,253 19,796,125,712 On Old Basis (incl. roads earning less than $ 100,000 per year)— 1912_____ 8,622,400,821 4,627,002,779 15,125,533,485 19,752,536,264 1911_____ 8,470,717,611 4,164,452,187 15,044,482,894 19,208,935,081 1910 ........... 8,113,657,380 4,041,602,490 14,375,529,748 18,417,132,233 1909 ........... 7,686,278,545 3,573,566,572 13,914,302,363 17,487,863,935 1908 ........... 7,373,212,323 3,727,659,380 13,039,885.447 16,767,544,827 1907_____ 7,356,861,691 --------------- Not reported--------------16,082,146,683 1906_____ 6,803,760,093 2,898,480,829 10,172,050,226 13,070,531,055 1905_____ 6,554,557,051 2,638,152,129 9,940,853,945 12,579,006,074 1904........... 6,339,899,329 2,501,330,601 9,585,467,711 12,086,798,312 1903........... 6,155,559,032 2,318,391,953 9,263,897,233 11,582,289,186 1902........... 6,024,201,295 2,208,518,793 9,029,104,413 11,237,623,206 1901........... 5,806,566,204 2,205,497,909 8,649,879,906 10,855,377,815 1900........... 5,845,579,593 1,943,050,349 8,803,156,067 10,746,206,416 1899 ........... 5,515,011,726 1,601,913,167 8,644,152,935 10,246,056,102 1898........... 5,388,268,321 1,521,386,255 8,507,644,698 10,029,030,953 1897........... 5,364,642,255 1,466,936,176 8,437,617,674 9,904,553,850 1896........... 5,226,527,269 1,501,346,914 8,243,052,418 9,744,399,332 1895........... 4,961,258,656 1,447,181,534 8,155,832,670 9,603,014,204 1894_____ 4,834,075,659 1,544,058,670 7,883,948,743 9,428,007,413 1893........... 4,668,935,418 1,563,022,233 7,610,296,347 9,173,318,580 1892........... 4,633,108,763 1,391,457,053 7,544,222,703 8,935,679,756 1891........... 4,450,649,027 1,282,925,716 7,249,344,986 8,532,270,702 1890........... 4,409,658,485 1,406,907,001 7,126,673,041 8,533,580,042 1889........... 4,251,190,719 1,151,972,901 7,366,745,677 8,518,718,578  EARNINGS, EXPENSES, CHARGES, DIVIDENDS. In bringing together the Commission’s figures dealing with the earnings and disbursements of the railroads, some expla­ nation of the method pursued in the compilation of the figures is necessary. The income statement is 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 expenditures or in charges and dividends. In the second the railways 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 oarriers being elim­ inated. We give the comparisons both ways. Notwith­ standing the elimination of duplications, however, some of the items in the second table, and notably interest and taxes, are nevertheless larger in the second table than in the first. This is due to another particular in which the second table differs from the first, namely in that rental payments to lessor companies, which in the first table are treated wholly as rental payments, in the second table are distributed under the different heads among which the lessor companies al­ lotted the amounts received—that is, to taxes, to interest payments, to dividends, &c. 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 1913-14 were in receipt of a non­ operating income of $286,893,649; but from the second form of statement it appears that the “clear income from invest­ ments, &c.,” was only $103,358,034. The difference be­ tween the two amounts represents duplications, and measures the extent of inter-corporate payments. In like manner, “Net dividends” in the second statement means the aggre­ gate of dividends declared less the amount received by the companies on their own holdings of stock in other railroads. It is proper to add that, beginning with 1910-11, the income account of roads treated as a system has been made up in a somewhat different and much more detailed form than in prior years, preventing comparisons with previous years on some of the final items.  YEAR END. JUNE 30  WV  MiZW BASIS.  1914.  1912.  Total expenses______ Net from operations__ Net rev.—outside oper. Inc. from other sources. Total net income____ Charges, Approp.,&c. Int. on funded debt___ Int. on unfunded debt.. Rentals for lease of r’ds.  Total deductions___ Inc. above charges, &c. Dividend Appropr'nsFrom income_________ From surplus_________  Total dividends____ Balance after dividends.  1912.  1911.  1910.  1909.  1908.  ON OLD BASIS. 1907,  254,774  246,828 $  O  cO  §W 2 5* «a Z |o  K "i 3 50  GROSS AND NET REVENUE, INTEREST CHARGES, ETC. Results After Eliminating Duplications and Treating the Railways of the United States as a Single System.  YEAR ENDING JUNE 30.  ON NEW BASIS. 1913.*  ON OLD BASIS.  1912.*  S ) $ Gross earnings________ 3,047,019,908 3,125,135,798 2,826,958,366 3,063,353,074 3,140,445,613!2,842,695,382 2,789,761,669 2,750,667,435 2,418,677,538 2, 393,805,989 2,589,105,578 2,325,765,167 2,082,482,406 1,975,174,091 1,726,380,267 1,588,526,037 1,487,044,814 Operating expenses___ 2,200,313,159 2,169,968,924 2,214,549,182 2,182,769,000 1,972,415,776 1,915,054,005 1,822.630,433 1,599,443,410,1 669,547,876 1,748,515,814 1,536,877,271 1,390,602,152 1,338,896,253 1,900,846,907 1,257,538,852 1,116,248,747 1,030,397,270 961,428,511 Net earnings________ 846,706,749 955,166,874 848,803,892 957,676,613 870,279,606 874,707,664 928,037,002 819,234,128 724,258,113 840,589,764 788,887,896 691,880,254 636,277,838 643,308,055 610,131,520 558,128,767 525,616,303 Net rev.—Outside oper. Lossl.490,095 2,028,334 1,078,734 1,815,193 2,225,455 See note below. (Results of outside opera tions in these years Include d In earnings and expenses above). Clear inc. from inv., &c. 103,358,034 103,502,204 89,180,406 84,249,023 82,731,790 73,586,827 64,015,142 60,626,333 60,520,306 51,725,750 49,380,970 49,896,729 43,067,141 33,488,648 32,526,016 Total net income___ 948,574,688 1,060,697,412 960,538,746 960,771,880 1,012,994,247 788,273,255 901,216,097 849,408,202 743,606,004 685,658,808 693,204,784 653,198,661 591,617,415 558,142,319 Deductions— Net int. on funded debt. 412,443,080 404,817,955 395,893,442 380,411,667 370,092,222 364,050,105 343,516,671 323,733,751 305,337,754 294,803,884 282,118,438 268,830,564 260,295,847 252,594,808 242,998,285 Net int. on unfund, debt 45,930,106 31,191,623 25,404,605 26,197,537 16,520,342 24,223,049 31,337,323 16,671,532 11,653,076 11,451,400 13,945,009 9,060,645 7,717,103 5,526,572 4,912,892 Taxes-----------------------144,334,120 129,415,787 120,091,534 108,309,512 103,795,701 90,529,014 84,555,146 80,312,375 74,785,615 63,474,679 61,696,354 57,849,569 50,944,372 54,465,437 48,332,273 Rent for lease of roads. 9,952,081 9,332,310 9,475,875 5,086,947 2,834,991 Hire of equip.-—deb. bal. 19,100,706 17,438,852 18,056,199 17,728,770 15,841,144 73,216,105 64,630,326 68,227,323 77,699,284 53,936,776 43,892,892 45,111,768 38,936,838 29,221,308 25,116,492 Joint facility, &c., rents 18,512,227 18,392,112 17,832,810 17,167,096 15,788,839 See note below. Other deductions__ 11,282,492 11,035,433 15,487,194 14,779,221 10,871,407 Total___________ 661,554,812 621,624,072 602,241,659 569,680,750 535,744,646 552,018,273 524,039,466 488,944,981 469,475,729 423,666,739 401,652,693 380,852,546 361,415,225 338,287,060 Income over charges__ 287,019,876 439,073,340 358,297,087 391,091,130 477,249,601 340,802,682 264,233,789 412,271,116 379,932,473 319,939,265 284,006,115 312,352,238 291,783,436 253,330,355 321,359,942 236,782,377 Surp. brought forward. 1,073,000,410 1,135,923,530 1,124,450,906 1,036,128,621 858,514,871 Net adjustments______ Dr.31,293,620 Cr. 11,834,002 Dr.29,876,416 Cr.68,200,831 Cr.79,231,441 See note Total____________ 1,328,726,666 1.586,830,872 1,452,871,577 1,495,420,582 1,414,995,913 Appropriations— Net dividends_______ 339, 768,533 260,864,853 299,361,208 291,497,164 293,836,863 236,620,890 227,597,070 227,394,962 213,555,081 188,175,151 183,754,236 166,176,586 157,215,380 131,626,672 118,624,409 Additions & betterm’ts. 38, 385,936 65,823,035 43,941,569 58,740,315 58,687,516 24,933,255 29,174,456 38,552,890 49,042,631 37,720,624 38,522,548 41,948,183 34,712,968 31,938,901 25,500,035 New lines and extensions 2, 120,849 579,510 288,511 3,518,628 219,436 Def’s on weak lines (est.) 5,000,000 5,000,000 5,000,000 5,000,000 5.000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 Sinking, &c., reserves.. 786,266 *14,668,049 33,763,628 13,866,191 9,468,319 Mlsc. appropriations__ 389,999 81,170,808 681,484 Stock & debt disc. ext.. 29,600,139 See note below. Total............................. 411,133,067 471,801,973 358,259,337 367,622,298 362,212,134 Surplus end of year 917,593,599 1,115,028.899 1,094,612,240 1,127,798,284 1,052,783,779 Note.—Beginning with the report for 1910-11 this statement has been made up In a somewhat different and much more detailed form than in earlier years, making comparisons of many items with previous years Impossible. The figures for 1909-10 were recast to-1 conform to the new method of accounting. * Excludes returns from terminal and switching companies.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  RAILWAY STATISTI CS.  Hlre of equip.—deb.bal. Joint facility, &c., rents Other deductions______ Sinking, &c., reserves.. Mlsc. appropria’ns, &c. Add’ns, bets., exts., &c.  1913.  1906. 1905 1904. 1902. 1903. 1901. 1900 243,434 236,986 232,981 227,455 227,257 22|,340 212.243 216.974 195,562 205.314 200.155 192.556 $ S $ $ S $ s S $ $ $ 660,373,176 657,638,291 628,992,473 563,609,342 566,832,746 564.606,343 510,032.583 472.694,732 444.326,991 421.704,592 392,963,248 351.356,265 323,715.639 50,935.856 48,913,888 50,702,625 49.380.783 50.378,964 48,517,563 47,371,453 44.499,732 45.426,126 38.453.602 41.709.396 39.835,844 37.752.474 73,203,730 67,190,922 59,647,022 70,725,137 58,692,091 57,332,931 51,010,930 41,875,636 45.149,155 38,331,964 31.121.613 34.253,459 28.416,150 3063,353,074 3140445613 21,725.505 19,146,653 20,705,133 17.683.783 16,319,385 12,674,899 11,314,237 11,040,142 10,914,746 8,202.982 9.821.277 8.858.769 8.161.022 .968,598,630 ,925,950,887 ,925,553,036 ,677,614,678 ,655,419,108 1,823,651,998 .640,386,655 .450.772.838 .379.002.693 ,338.020,026 .207,228,845 ,118,543.014 1.049.256,323 8,345,189 9,479,809 7.833,852 8,858,215 7.082,526 6,113,648 5.645,222 4,568,282 5,080.266 4,467,025 4,065.457 3,345,912 4,846.718 59,513,296 62,012,248 54,559,787 42,908,078 74,208,194 40,940,332 59.741.198 52.319.148 49,986.011 46.702.131 36.729.104 38.339.384 36.282,917 138,601 2,238 262,889 90.496 54,000 54.000 114,377 3,047,019,908 3,125,135,798 2,826,958,366 3,063,353,074 3,140,445,613 2,842,695,382 2,789,761,669 2,750,667,435 2,418,677,538 2,393.805.989 2,589,105,578 2.325,765.167 2.082.482.406 1.975.174.091 1,900 846.907 1,726.380.267 1,588,526.037 1,487,044,814 419,277,779 421,030,360 423,555,577 425 ,173,389 367,448,229 366,025,262 368,507,102 308,450,105 329,373,367 343.544.907 311.720,820 275.046,036 261,280.454 266,421,774 248,381.594 231,056,602 211,220,521 532,138,606 511,487,852 534,271,899 513 ,406,662 450,372,546 428,367,306 413,109,929 363,912,886 368,353,798 368,061,728 328,554,658 267,184,739 240.429,742 213.380,644 190,299.560 181,173,880 1,165,367,109 1,158,735,689 1,171,706,441 1,164 ,825,432 ,079,837,688 ,046,548,472 972,527,446 863,375,297 916,514,926 970.952,924 836,202,707 288.441,273 771,228.666 758.238,681 702.509.818 609,961,695 565,265.789 529,116,326 83,529,665 78,028,425 84,952,142 79 363,157 74,517,548 73,689,373 68,485,956 63,677,378 55,179,174 65,404,655 59,752,230 55.319,805 51.579,196 47,767.947 44,197,880 39.328,765 42,566,553 • 686,598 63,123 239,765 423,592 27,744 646,856 126,611 551.600 566.372 613,183 409.571 326.934 1.208,766 589,019 2,200,313,159 2469,968,924 2,214,549,182 2,182 769,000 ,972,415,776 1 915,054,005 ,822,630,433 1,599,443,410 1,669,547,8761,748,515,814 1,536,877,271 1,390.602.152 1.338.896,253 1.257.538.852 1,116,248,747 1,030,397.270 961,428.511 846,706,749 955,166,874 848,803,892 957 676,613 870,279,606 874,707,664 928.037.002 819,234,128 724,258,113 840,589 764! 788,887,896! 691.880.254 636.277,838 643,308,055 610.131.520 558.128.767 525.616.303 Lossl.490,095 2,028,334 1,078,734 1,815,193 2,225,455 3,936,969 5,977,268 (Results of outside operatlo ns in these ye ars Included 1 n earnings an d expenses ab ove.) 286,893,649 283,063,093 256,456,544 308,881,892 252,219,946 199,041,118 274,450,192 286,583,942 256,639,5911 231,898,553 212,933,990 205,687,480 196,323,629 179,746,449 162,885,071 1,132,110,303 1,240,258,301 1,127,814,884 1,185,404,749 1,182,482,403 1,022,212,215 1,004,685,573 1,127,173,706 1,045,527,487 923,778,807 849,211,828 848,995,535 806,455,149 737,875,216 688,501,374 385,690. 380,145,142 375,985,674 361,242,986 349,092,709 331,994,861 317,977,715 344,242,617 322,555,934 310,631,802 297,674,738 283,953,124 274,421,855 262,094,838 252,949,616 40,747, 26,278,796 20,432,571 21,312,076 13,207,243 22,158,417 16,671,532 29,073,856 11,653,076 11,451,400 13,945,009 9,060,645 7,717,103 5,526,572 4,912,892 123,179, 133,903,011 130,355,493 126,557,848 133,881,409 120,122,672 114,849,162 128,766,452 122,290,911 116,380,644 110,857,803 112,230,384 111,697,122 112,644,822 101,951,319 142,940, 124,053,605 113,818,605 102,657,157 85,139,554 98,034,593 78,673,794 80,312,375 74,785,615 63,474,679 61,696,354 57,849,569 54,465,437 50,944,372 48,332,273 36,084, 34,086,049 31,862,808 31,345,508 27,625,077 24,786,981 21,660,850 41.265, 39,662,682 37,544,463! 34,541,492 31,744,098 29,242,300 80,068,585 26,593,312 69,215,949 57,111,686 47,844,996 47,997,985 43,193,921 27,599,334 33,225,145 14,996, 13,582,537 12,572,422 11,226,013 6,947,136 1 10,915, 13,051,525 10,878,202 8,830,721 7,996,309 1 41,235,628 41,589,592 2,001, 1,946,048 29.266, 48,092,847 37,400,873 51,659,617 55,061,675 23,675,622 28,086,454 38,552,890 49,042,631 37,720,6241 38,522,548 41,948,183 34,712,968 31,938,901 25,500,035 827,086,777 814,802,242 770,851,111 749,373,418 723,590,249 678,356,035 658,504,735 677,761,815 660,396,752 596,770,835 570,541,448 553,039,890 526,208,406 496,374,650 461,245,469 305,023,526 425,456,059 356,963,773 436,031,331 458,892,154 343,856,180 346,180,838! 449,411,891 385,130,735; 327,007,972 278,670,380 295,955,645 280,246,743 241,500,566 227,255,905 217,104,390 241,750,512 246,652,810 265,819,145 283,411,828 233,069,739 271,328,453,1 272,795,974 237,964,482 221,941,049 196,728,176 185,391,655 156,735,784 139,597,972 162,760,634 85,706,629 100,701,323 137,598,218 67,790,444 38,973,760 57,733,808|j !) 379,865,024 327,457,141 347,354,133 403,417,363, 351,202,272 272,043,499 329,062,261 308,088,627 272,795,974; 237,964,482 221,941,049 196,728,176 185,391,655 156,735,784 139,597,972 def74,841,498 97,998,918) 9,609,640 32,613)|968 107,689,882 71,812,681, 89,043,490) 56,729,331 99,227,469 17,118,577) 141,323,264 112,334,761! 94,855,088 84,764,782 87,657,933  Aver, mileage operated. 245,624 242,657 238 Gross Earnings— S $ S Passenger earnings......... 700,403,353 695 ,987,817 657,362 Mall............................... 55,062,961 ,789,212 50 50,675 Express____________ 75,541,569 79 ,717,266 72,983 Oth. earns, pass.trains 24,038,633 23 ,491,211 21,629 Freight revenue_______ 2,114,697,629 2,198 ,930,565 .,956,942 Oth.earns.from trains 8,772,954 8 ,842,263 8,251 Mlsc. earns, from oper. 68,502,809 67 ,377,464 59,113 Unclassified earnings__ Total from operations Expenses— Maint. of way & strue.. Malnt. of equip_______ Traffic and transporta’n General expenses______ Unclassified__________  1914.  RAILROAD EARNINGS.  131  For the railroads as a whole in the United States, RAILROAD GROSS EARNINGS FOR THE the record for the first half of the year was a loss of CALENDAR YEAR. $41,423,035. In the first four months there were In reviewing the gross earnings of United States steady decreases, and in two of these months the railroads for the calendar year 1915, one gets only losses were very heavy. In May and June the genan imperfect idea of the character and condition of ; eral totals showed increases, but only of slight ex­ the railway transportation industry for that period tent. This same situation continued in July and from the general results. The reader knows of August, there being gains, but of very moderate pro­ course that the railway system is of great magnitude, portions. In September, about the middle of the with yearly revenues of tremendous proportions, the month, a wonderful transformation occurred, and total of the annual gross earnings running in excess of railroad traffic and railroad revenues all of a sudden three billion dollars. Our compilations to-day cover began to expand in a most notable fashion, particu­ substantially the whole railroad mileage of the coun­ larly in the case of the roads in the manufacturing try and show that in 1915 aggregate gross earnings districts of the East, some of those in other parts of were $3,167,948,095, as against $3,018,756,294 in the country even then remaining laggards. The the calendar year 1914, there being thus an increase Pennsylvania Railroad achieved such distinction in of $149,191,801, or 4.93%. Judged merely, there­ September that in its statement for that month, is­ fore, by these totals, the conclusion would be that the sued at the end of October, the management deemed year had been one of moderate improvement, or the occasion worthy of special mention, and in an rather that there had been a partial recovery of the loss explanatory statement pointed out that “due to an sustained in 1914, which was a poor year throughout. extraordinarily heavy traffic in the eastern part of As a matter of fact, however, the year 1915 did not the country, largely as a result of the shipment of pursue an even course at all. As in everything else, material of most every kind manufactured for use in the year in earnings was one of decided contrasts. European countries, the gross earnings of the Penn­ At its beginning the railroads were still weltering in sylvania Railroad lines east of Pittsburgh directly depression and the outlook appeared, discouraging in operated for the month of September were $20,817,the extreme. At its close they were swimming in 361, the largest of any one month in the railroad’s prosperity, makirg such phenomenal earnings that history except August and October 1913, which were all previous records in that respect were broken. In but slightly larger.” the general totals we have an averaging up between The improvement on the Pennsylvania, however, the poor returns of the early months and the exceed­ was more pronounced than in the case of most other ingly good returns of the closing months. Trade and roads, and in the general total for all the road,s for business in its activity and revival may be said to that month the gain was not exceptionally striking, have gained increasing momentum throughout the reaching no more than $17,783,141, or 6.43%. But twelve months, at first slowly and unevenly, and thereafter the improvement proceeded at a progres­ later with accelerating pace. But during at least the sive rate, all the roads gradually participating in it. first eight months of the year, the railroads did not For October the increase amounted to $37,087,941, share in this improvement or reflect it in any way. or 13.57%. In November the gain reached no less In our review of the figures for the first half of the than $66,310,622, or 27.58%, and for December it year, we alluded to this apparent anomaly, saying aggregated $62,438,948, or 26.82%. Thus almost the that one of the remarkable circumstances connected whole of the year’s gain of $149,191,801 may be said with the current very remarkable period was that, to have been made in November and December, while though business conditions in the United States, stim­ for the last four months of the year the aggregate of ulated by the large war orders from abroad, consid­ the increase was $183,620,652. In part the gains in erably improved during the six months, and tone and the closing months were so large because comparison sentiment changed very decidedly for the better, no was with exceptionally poor results in the preced­ reflection of the fact was found in the revenue ing year, occasioned by the outbreak of the war in returns of the country’s railroad transportation Europe, but the 1915 gains far surpassed the 1914 systems. losses for those months. The record of the monthly In the West and Southwest some instances of con­ totals is furnished in the following: siderable gains were recorded during the first six Miles of Gross Earnings. months, but these arose out of the fact that the pre­ Road in Month. Inc. (+) or I vious season’s abundant harvests, contrasted with the Dec. (—). | % 19X5. 1914. 1915. 1914. very poor harvests of the season preceding, had given January_______ 246,959 243,559 $220,282,196 $236,880,747 —$16,598 ,551| 7.01 February______ 246,186 242,837 210,860,681 212,163,967 —1,303 ,286 0.61 the railroads in those favored parts of the country a March ________ 246,848 243,598 238,157,881 253,352,099 —15,194 218 5.99 April__________ 247,701 245,170 237,696,378 241,090,842 —3,394 ,464 1.41 greater agricultural tonnage in 1915 than they had May__________ 247,747 245,207 244,692,738 243,367,953 + 1,324 ,785 0.54 __________ 240,219 235,828 248,849,716 247,535,879 + 1,313 ,837 0.53 had in 1914.The great railroad systems of the East, June July..................... 243,042 241,796 262,948,115: 260,624,000 +2,324 ,000 0.89 August________ 247,809 245,754 279,891,2241 274,618,381 +5,272 ,843 1.93 however, which are dependent mainly for the course of September_____ 245,132 243,463 294,241,340, 276,458,199 + 17,783 ,141 6.43 _______ 248,072 247,009 311,179,375 274,091,434 + 37,087 941 13.£7 their traffic and revenues upon general manufactur­ October November__ 246,910 245,858 306,733,317; 240,422,695 + 66,310 622 27.58 December_____ 248,437 247,673 295,202,0181 232,763,070 + 62,438 ,948126.82 ing and industrial activity, gave no evidence of re­ vival in trade sufficient to affect very materially the For the year as a whole the gain of $149,191,801 course of traffic or revenues. The New York Central, falls considerably short of the loss sustained by it was true, made some recovery (outside of the lines United States railroads in 1914. This loss then where the mineral traffic largely predominates, such reached no less than $219,701,002, or 6.79%. In as the Pittsburgh & Lake Erie), but on the other hand 1913 and 1912, however, there were gains in both the Pennsylvania Railroad, which is usually consid­ years—in 1913 $145,727,242, or 4.76%, and in 1912 ered a typical railroad system and representative of $220,312,932, or 7.78%. This improvement for the country’s varied activities, was at that time suf­ 1912, though, was deprived of some of its significance fering a further considerable shrinkage on top of a by the fact that it followed a loss in 1911, thus rep­ shrinkage sustained the previous year. resenting in part merely a recovery of such loss. The   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  132  RAILROAD EARNINGS.  shrinkage in 1911 was $31,026,566, or 1.09%, and increase of 34,324,000 bushels, from which it is evi­ it should always be borne in mind that the normal dent that in the last 26 weeks there was a falling off of state of things in the United States, when there are 47,989,000 bushels. no extraneous circumstances to interfere with the RECEIPTS OF GRAIN AT WESTERN PRIMARY MARKETS. 1 to Flour, Wheat, Corn, Oats, Barley, Rye, onward march of business, is one of steady growth Jan. Dec. 26. (bbls.) (bush.) (bush.) (bush.) (bush.) (bush.) Chicago— from year to year. 1915... 8,784,000 68,058,000 92,518,000 130,933,000 23,751,000 4,900,000 1914... 9,616,000 97,903,000 104,971,000 137,552,000 25,475,000 3,388,000 If we go back to 1910 we find that there was an Milwaukee — 1915... 2,737,000 6,585,000 13,611,000 26,417,000 15,068,000 4,018,000 increase then for the twelve months of $239,901,258, 1914... 3,259,000 9,522,000 18,553,000 26,626,000 17,746,000 3,997,000 St. Louis— or 9.25%, and that it was additional to an improve­ 1915... 3,855,000 33,645,000 18,660,000 18,758,000 1,406,000 440,000 1914... 3,479,000 33,039,000 16,776,000 24,749,000 2,408,000 396,000 — ment in 1909 over 1908 of $282,453,959, or 11.50%. Toledo 1915... 9,381,000 3,932,000 5,564,000 7,000 55,000 1914... 6,784,000 4,329,000 3,468,000 96,000 This last, however, was wholly a recovery of the pro­ Detroit 40,000 — 358,000 2,392,000 3,408,000 4,649,000 digious loss sustained in 1908, following the panic 1915... 1914... 444,000 2,077,000 3,142,000 4,059,000 — of 1907. Our tables for 1908 registered a loss of no Cleveland 1915... 798,000 1,123,000 3,646,000 4,929,000 21,000 38,000 1914... 788,000 1,381,000 3,551,000 4,405,000 66,000 71,000 less than $301,749,724; actually the loss was of Peoria — 1915... 2,558,000 4,782,000 19,294,000 10,990,000 2,171,000 333,000 still larger extent, as our figures then covered only 1914... 2,250,000 2,345,000 14,666,000 12,642,000 2,769,000 479,000 — 199,726 miles of road. Careful computations which Duluth 1915... 87,490,000 1,962,000 6,904,000 14,667,000 4,073,000 1914... 60,095,000 1,183,000 6,785,000 10,596,000 4,684,000 we made at the time showed that, if we could have Minneapolis — 1915......................... 134,599,000 11,533,000 31,576,000 36,079,000 6,059,000 had returns for the whole railroad mileage of the 1914... 113,784,000 12,856,000 21,962,000 27,594,000 5,978,000 City— country, the decrease in gross earnings would proba­ Kansas 1915.......................... 56,052,000 19,571,000 6,110,000 1914... 61,306,000 23,142,000 1,000 9,875,000 bly have been no less than_$345,000,000. Prior to Omaha — 1915... 15,919,000 21,310,000 9,516,000 18,219,000 29,358,000 15,679,000 1908, of course, we had an uninterrupted series of 1914... of all— gains year by year back to 1896, as will appear from Total 1915.. .19.090.000 420,026,000 209,445,000 256,346,000 93,170,000 19,916,000 1914.. .19.836.000 406,455,000 232,527,000 267,802,000 86,694,000 19,090,000 the following summary of the yearly totals. The The cotton movement in the South also ran heavier mileage covered in each year is indicated in the table. than in the preceding year, wholly, however, by rea­ Mileage. Gross Earnings. Increase (+) son of the gains in the first half of the year, when the Jan. 1 to Dec. 31. Year Year InYear Year Decrease (1914 crop, which was of extraordinary dimensions, Given. Given. Preced. cr’se. Preceding. Miles. Miles. and the marketing of which in 1914 was delayed by Year. S $ $ % % 1894 ......... 156.911 155,950 0.62 1,046,616,407 1,176,821,735 —130,205,328 11.07 1895 ......... 157,537 156,110 0.90 1,086,464,608 1,024,461,781 + 62,002,827 6.05 the outbreak of the European war, came forward. —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 The shipments overland for the twelve months of 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 1915 reached 2,277,433 bales, against 1,654,171 bales 1900 ____ 172,358 167,396 2.97 1,459,173,305 1,345,201,005 + 113,972,300 8.46 1901......... 179,097 176,673 1.25 1,603,911,087 1,454,922,185 + 148,988,902 10:24 in 1914 and 1,757,582 bales in 1913. Of the gain 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 +212,193,361 11.77 over 1914 of 623,262 bales, 459,903 bales was made 1904 ......... 196,724 193,257 1.65 1,966,596,578 1,957,831,297 +8,765,279 0.45 1905 ......... 195,251 193,385 0.96 2,099,381,086 1,929,382,949 + 169,998,137 8.76 The receipts at the Southern 1906 ......... 203,411 199,983 1.71 2,374,196,410 2,132,282,814 +241,913,596 11.34 in the first six months. 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 outports for the twelve months were 9,734,000 bales, 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 against 7,953,651 bales in 1914 and 9,533,855bales 1911......... 241,432 238,275 1.32 2,822,722,752 2,853,749,318 —31,026,566 1.09 In this case the gain over 1914 is 1,780,349 1912......... 241,430 237,848 1.51 3,045,778,327 2,825,465,395 +220,312,932 7.78 in 1913. 1913......... 244,259 241,991 0.94 3,200,506,884 3,054,779,642 + 145,727,242 4.76 1914......... 249,726 247,437 0.93 3,013,849,825 3,233,550,827 —219,701,002 6.79 bales, which is less than the gain of 2,240,009 bales 1915......... 249,114 246,616 1.01 3,167.948.095 3,018,756,294 + 149,191,801 4.93 made in the first six months. The receipts at each The part played by good crops in swelling the earn­ of the ports for the last six years appear in the table ings during 1915 was by no means unimportant. we now annex. The grain movement over the railroads to the sea­ RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO DECEMBER 31 1910 TO 1915, INCLUSIVE. board ran in excess of that for 1914, which in turn Full Year. had been very much heavier than that for 1913, and Ports. 1912. | 1911. 1914. 1913. 1910. 1915. the grainjreceipts at the Western primary markets Galveston..........bales. 3,463,217 3,220,293 3,247,965 4,327,940 3,135,813 2,882,807 were almost up to the level of the extraordinary Texas City, &c___ __ 685,833 437,988 708,254 974.288 806.305 407,029 Orleans________ 1,979,406 1,534,583 1,517,379 1,755,536 1,495,219 1,579,170 movement of 1914. The seaboard receipts for the New 141,824 219,094 379,241 307,704 290,769 277,087 Mobile........................... &c_______ 143,060 90,069 178,397 177.911 243.241 157,166 calendar year aggregated 447,580,000 bushels against Pensacola, Savannah __________ 1,585,215 1,261,039 1,709,206 1,788,985 1,914,008 1,378,979 Brunswick__________ 208,200 135,208 278,484 352,289 322,324 209,267 373,111,000 bushels in the 52 weeks of 1914, being Charleston__________ 377,244 262,230 435,689 372,518 338,288 288,519 _________ 2,484 389 1,836 1,490 110 an increase of 74,469,000 bushels. Of this increase, Georgetown Wilmington_________ 305,728 172,828 376,942 484,6271 432,591 377,523 Norfolk____________ 726,695 440,994 597,236 662,954 599,158 623,987 55,852,000 bushels occurred in the first 26 weeks. Newport News, &c__ 115,294 179,325 104,952 83,653 11,650 10,053 The details of the seaboard movement are shown in Total......................... 9,734,000 7,953,651 9,533,855*11,288,794 9,591,202 8,193,077 the following: The live stock movement in the West appears to GRAIN AND FLOUR RECEIPTS AT SEABOARD FOR 52 WEEKS. have been larger than in the preceding year, except Receipts of— 1015. 1914. 1913. 1912. 1911. Flour................ bbls. 26,793,000 24,075,000 13,606,000 18,754,024 19,279,879 that there was a big decrease in the receipts of sheep Wheat................ bush.216,318,000 254,942,000 207,189,000 157,025,083 97,528,068 at Chicago. The cattle receipts at that point were Com............................ 51,526,000 31,614,000 51,003,000 34,480,295 68,194,983 Oats............................. 149,078,000 75,058,000 54,070,000 77,742,034 47,296,134 roughly 2,260,000 head, against 2,237,881 head in the Barley.......................... 15,773,000 2,941,000 3,340,000 9,256,046 5,161,650 Rye.............................. 14,885,000 8,556,000 3,031,000 1,154,183 1,041,677 calendar year 1914; the receipts of calves, 423,000 Total grain..........447,580,000 373,111,000 318,633,000 279,657,641 219,222,512 head against 363,614; of hogs 7,678,000 against At the Western primary markets there was a fur­ 6,618,166; of horses 166,000 against 106,282; but of ther increase in the receipts of wheat, but a falling sheep only 3,512,000 head against 5,378,345. Al­ off in both corn and oats, though some gain in barley together, the live stock receipts at Chicago foot up and rye. Altogether the receipts of wheat, corn, 14,039,000 head against 14,704,288 in 1914.. At oats, barley and rye for the 52 weeks of 1915 reached Omaha, the live stock report of the Union Stock 998,903,000 bushels as against 1,012,568,000 bush­ Yards Co. shows receipts of cattle for 1915 of 1,218,els in 1914 and 950,643,000 bushels in the 52 weeks of 342 head against 938,817 for 1914; of hogs, 2,642,973 1913. The details of the Western grain movement against 2,258,620; of sheep, 3,268,279 against 3,113,in our usual form are set out in the following. It de­ 889, and of horses and mules, 41,679 against 30,688, serves to be mentioned that in the first 26 weeks the making the total live stock movement at that point receipts at the Western primary markets showed an 7,171,273 head against 6,342,014 in 1914.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  *  RAILROAD EARNINGS.  At Kansas City the receipts of cattle were 1,860,235 head against 1,827,246; of hogs 2,530,730, against 2,264,805, and of sheep 1,814,683, against 2,002,042, making the total live stock receipts at that point 6,205,648 head, against 6,094,093 in 1914. The South Omaha “Daily Drovers Stockman-Journal” has made up a statement covering eight other points besides Chicago, South Omaha and Kansas City, and from this it appears that the total live stock movement at the whole eleven markets reached 49,006,924 head in 1915, against 44,905,125 head in 1914. In trade and business the tendency was in the di­ rection of growing activity, particularly in the iron and steel industry, which was stimulated beyond all others by war orders on behalf of the belligerent coun­ tries of Europe. The manifestation of this activity, however, did not become strongly pronounced until about the middle of the year, owing in part, no doubt, to the circumstance that plant and equipment had to be provided for turning out shells and other mu­ nitions of war on a scale commensurate with the huge requirements of the Entente countries. All the statistics furnish evidence of the increased activity of the iron and steel trades and the related industries. The make of pig iron in the United States for the twelve months reached 29,916,213 tons, against 23,332,244 tons in 1914 and 30,966,152 tons in 1913. In the first half of 1915, however, though the product kept increasing month by month, the output was only 12,233,791 tons; in December the make was at the rate of 39,000,000 a year. The U. S. Steel Corporation reported unfilled orders on the books of its subsidiary companies Dec. 31 1915 of 7,806,290 tons, against only 4,678,196 tons June 30 1915 and 3,836,643 tons Dec. 31 1914. The Lake Superior iron ore shipments for the season of 1915 reached 46,318,804 tons, against 32,021,897 tons in the season of 1914 and 49,070,478 tons in the season of 1913. The shipments of Connellsville coke in 1915 were 17,920,841 tons, against 14,075,638 tons in 1914, but comparing with 20,097,901 tons in 1913. Anthracite coal production, as it happened, did not equal that of the preceding year, the decrease be­ ing due to the failure of dealers and consumers to purchase coal during the summer months and to take advantage of the spring and summer discounts. Weather conditions, it is proper to state, were not much of a drawback anywhere in the early months of the year, the winter having been open and mild in 1915 as it had been in 1914 and in 1913. Aggregate shipments of anthracite to tidewater were only 66,122,062 tons in 1915, against 68,342,601 tons in 1914 and 69,069,628 tons in 1913. Shipments of bituminous coal, however, and of coke—at least over the roads running through the Eastern manufactur­ ing and mineral districts—were generally heavier than in the year preceding. Over the Pennsylvania Railroad lines east of Pittsburgh and Erie the ship­ ments of both anthracite and bituminous decreased slightly, the former 70,048 tons and the latter 168,116 tons; the coke shipments, however, increased no less than 2,524,160 tons. The combined shipments of coal (anthracite and bituminous) and coke over the Pennsylvania Eastern lines in 1915 were 67,570,921 tons, against only 65,284,925 tons in 1914, but com­ paring with 76,130,427 tons in 1913. In the first half of 1915 these shipments over the Pennsylvania lines registered a decrease of 2,046,173 tons, from   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  133  which it follows that there must have been an increase in the last six months of about 4 1-3 million tons. Contrary to the experience in the previous year, strikes and labor troubles played little influence in af­ fecting the volume of traffic over the roads, and, as already indicated, weather conditions also exercised little or no adverse influence on railroad traffic or railroad operations. A distinct favoring circum­ stance, though on the whole of minor consequence, was the fact that the Inter-State Commerce Commis­ sion granted some relatively slight increases in rates in the case of a few commodities and in limited districts. In face of all this, there are not lacking roads which have sustained important decreases. This shows that conditions were not altogether favorable during the year. The roads with losses are most of them found in the South, and in that part of the country very decided depression prevailed during all of the early portion of the year, owing to the collapse in the price of the South’s main staple, cotton, following the outbreak of war in Europe in the summer of 1914 and the cutting off of much of the European demand for the staple. As 1915 progressed, the price of cot­ ton improved, and the latter part of the year the South shared in the general trade revival and im­ portant gains on this group of roads occurred to off­ set the early losses. In other words, at one time dur­ ing the course of 1915 the aggregate of losses was con­ siderably larger than it is now found to be at the end of the twelve months. Taking the roads that have suffered a falling off for the twelve months in excess of a half a million dollars, they are all without any exception Southern lines. The shrinkage in earnings followed not from any con­ traction in the cotton traffic itself—this, indeed, hav­ ing, as already pointed out, been much heavier than in 1914—but from a diminution in general traffic due to the fact that the war dealt the South such a serious blow and that exceedingly gloomy views as a consequence prevailed for many months. The Southern Railway falls $2,723,807 behind as com­ pared with the calendar year 1914; the Atlantic Coast Line has lost $2,518,592, the Seaboard Air Line $1,131,171, the Louisville & Nashville $989,439, the Mobile & Ohio $759,225, the Kansas City Southern $753,466, the Central of Georgia $750,362, the Trin­ ity & Brazos Valley $630,757, and the Illinois Central (which has a line to New Orleans) a decrease of $535,739. This comprises all the roads whose losses exceed $500,000. There are some other roads with losses below that amount, but these,too, are mostly in the South. The remaining roads consist of lines or systems which have had special drawbacks of one kind or another to contend against. Thus the New York Ontario & Western reports a decrease of $397,963, but the shipments of anthracite to tidewater over that road in 1915 were only 2,088,577 tons against 2,352,486 tons in 1914. After all, however, the roads with decreases cut a small figure in the year’s results, and we refer to them at length here merely so that the reason why they form an exception to the rule should be clearly understood. The gains overshadow the losses to a preponderating degree, and some of them are of pro­ digious dimensions. The bulk of the gains, too, in nearly all cases was made in the closing months of the year. As indicating the magnitude of the improve­ ment for the twelve months, the Pennsylvania RR. on the lines directly operated east and west of Pittsburgh and Erie shows an increase of no less than $17,841,958.  134  RAILROAD EARNINGS.  The amount is brought up to $20,748,824 when all the lines owned and controlled which make monthly returns to the Inter-State Commerce Commission are taken into consideration. The New York Central, with the Lake Shore and the other lines recently merged in the same, shows an augmentation as com­ pared with the previous year (the 1914 figures hav­ ing been revised to bring them to the same basis) of $15,572,819. Adding the various auxiliary and con­ trolled roads, like the Michigan Central, the Big Four, the Nickel Plate, &c., the whole going to form the New York Central System, the result is a gain of $27,360,955. The exhibits of these two important systems afford an indication of the magnitude of the improvement for which the year is distinguished. But in other parts of the country there are equally noteworthy gains, though not quite so large in amount. The Southern Pacific, for instance, added $9,872,736 to its total of the previous year, and the Atchison $9,239,768. And this calls attention to the fact that out on the Pacific Coast several of the large systems derived important benefits from the travel to and from the Panama Pacific Exposition at San Francisco. The trans-continental lines further to the north naturally benefited only indirectly from the Exnosition, and on the North Pacific Coast business continued more or less depressed, particularly in the lumber industry, until well to­ wards the end of the year. For the Great Northern Ry. the gain for the twelve months is only $1,019,497, and for the Northern Pacific $1,131,692, and the Chicago & North Western and the Burlington & Quincy have gains respectively of $1,116,989 and $1,603,487. Even the Union Pacific has an incresae of no more than $2,785,621. The Milwaukee & St. Paul, on the other hand, has added $5,018,239 to its total of the previous year. On account of the urgent demand for iron ore in connection with the revival of the steel trade, the roads serving the Lake Superior iron ore districts are able to show very large amounts of gain, notwithstanding that the roads themselves comprise only a relatively small mileage. The Duluth Missabe & Northern shows an augmen­ tation of $4,910,366 and the Duluth & Iron Range a gain of $1,432,928. The Bessemer & Lake Erie has a gain of $1,425,671 and the Elgin Joliet & East­ ern of $1,343,449, these latter two being also ore-carry­ ing roads though not from the Lake Superior regions. Speaking generally, the roads everywhere had a good year outside of the South, though the extent of the improvement varied considerably and was governed more or less directly by the character of the returns in the year preceding. In 1914 losses were common to nearly the whole railroad system of the country, but some roads then suffered more severely than others. The ore-carrying roads, for instance, which for 1915 have such large gains, in 1914 were equally distinguished for the extent of their losses. In the following we show all changes for the separate roads for amounts in excess of $500,000, whether increases or decreases. PRINCIPAL CHANGES IN GROSS EARNINGS FOR 12 MONTHS. Tn/'rpn qpq Increases. Pennsylvania (3)______ a$17,841,958 Lehigh Valley___________ $2,993,402 New York Central_____ b 15,572,819 Union Pacific (3)________ 2,785,621 Southern Pacific (10)___ 9,872,736 Pittsburgh & Lake Erie. 2,598,703 Atch Top & S Fe (4)____ 9,239,768 M St P & S S M (2)____ 2,570,712 Baltimore & Ohio______ 8,105,719 Delaware Lack & West. 2,240,752 Norfolk & Western_____ 7,023,083 Pere Marquette_________ 2,016,287 Erie (2)_________________ 6,776,494 Western Maryland_____ 1,721,856 Chesapeake & Ohio_____ 5,597,830 Wabash_________________ 1.611.297 N Y N H & Hartford-.. 5,112,825 Chicago Burl & Quincy. 1,603,487 Chicago Milw & St P„. 5,018,239 Duluth & Iron Range. _ 1,432,928 Duluth Missabe & Nor__ 4,910,366 Bessemer & Lake Erie.. 1,425.671 Michigan Central______ 3,075,697 St Louis Southwest (4) - - 1.370.297 Philadelphia & Reading. 3,051,589 Elgin Joliet & Eastern. . 1,343,449 Cleve Cin Chic & St L_. 2,998,394 N Y Chicago & St Louis 1,241,411   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ITlCrC(lS6S. Increases. $710,363 Boston & Albany________ $1,204,424 Grand Trunk Western.. 693,503 Union (Pa)______________ 1,134,358 Toledo St L & Western. 636,875 Northern Pacific_______ 1,131,692 Lake Erie & Western___ 586.535 Chicago & North West_. 1,116,989 Cine Ham & Dayton____ Colorado & Southern (3) 1,086,190 Representing 75 roads Delaware & Hudson____ 1,064,677 in our compilation_$151,471,240 Great Northern_________ 1,019,497 Chicago & Alton________ 1,016,176 Southern Railway______ $2,723,807 Yazoo & Miss Valley___ 986,269 Atlantic Coast Line_____ 2,518,592 Phila Balt & Wash_____ 953,575 Seaboard Air Line ---------1,139,171 Central New England. . 944,968 Louisville & Nashville.. 989,439 Wheeling & Lake Erie. . 934,681 759,225 Western Pacific_________ 878,096 Mobile & Ohio__________ Kansas City Southern.. 753,466 877,428 •Rock Island (2)_________ 750,362 Grand Canyon__________ 832,481 Central of Georgia_____ 630,757 Missouri Kan & Texas. . 813,899 Trinity & Brazos Valley 535,739 Boston & Maine_______ 800,726 Illinois Central_________ Representing 9 roads Denver & Rio Grande. . 769,783 in our compilation..$10,800,558 Buffalo Roch & Pittsb.. 721,250 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 combined so as to make the results conform as nearly as possible to those given in the statements furnished by the companies themselves. a This is the result for the Pennsylvania RR., together with the Pennsyl­ vania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the Pennsylvania RR. reporting $9,376,318 increase, the Pennsylvania Com­ pany $6,159,350 gain and the P. C. C. & St. L. $2,306,290 gain. Including all lines owned and controlled which make monthly returns to the InterState Commerce Commission, the result is a gain of $20,748,824. b These figures cover merely the operations of the New York Central itself. Including the various auxiliary and controlled roads, like the Michigan Central, 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 $27,360,955.  In the foregoing we have been dealing entirely with the gross revenues of the railroads. Net earnings followed an independent course. In their case th°re was an improvement month by month throughout the whole year with the exception of the opening month, January. Gains of considerable amount were re­ ported even when the gross was recording material falling off. The outlook for the carriers appeared so dismal that as a matter of self-preservation rigid -curtailment of expenditures had to be practiced. Repairs and renewals were kept up, of course, but only strictly necessary outlays in these respects in­ curred. When gross receipts all of a sudden began to expand in singular fashion in the closing months of the year, repair work was still on the modest basis arranged at the beginning of the year, and as a con­ sequence the greater portion of the large gains in gross then recorded were saved for the net. The re­ sult was ratios of improvement in the net which have rarely if ever been equaled. Large systems like the New York Central and the Pennsylvania were able to show gains in net in some of the monthly returns of fully 100%. As indicating the accelerating rate of growth for the roads as a whole, we may note that in August the increase in net was $10,039,578, or 11.21%; in September it was $18,546,361, or 19.90%; in October, $30,079,562, or 33.70%; in November no less than $50,002,894, or 73.52%, and for December $44,692,200 or 73.04%. Below we bring together 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 the gross above. Net Earnings.  Gross Earnings.  Month. 1915.  1914.  Inc. or Dec.  1915.  $ $ S $ January 220,282,196 236,880,747 —16,598,551 51,582,992 Feb 'ary 210,860,681 212,163,967 —1,303,286 51,257,053 March . 238,157,881 253,352,099 —15,194,218 68,452,432 April... 237,696,378 241,090,842 —3,394,464 67,515,544 May___ 244,692,738 243,367,953 + 1,324,785 71,958,563 June___ 248,849,716 247,535,879 + 1,313,837 81,649,636 July ... 262,948,115 260,624,000 +2,324,115 87,684,985 August. 279,891,224 274,618,381 +5,272,843 99,713,187 Sept'ber 294,241,340 276,458,199 + 17.783,141 111,728,276 October 311,179,375 274,091,434 + 37,087,941 119,324,551 Nov'ber 306,733,317 240,422,695 +66,310,622 118,002,025 Dec'ber. 295,202,018 232,763,070 + 62,438,948 105,878,758  1914.  Inc. or Dec.  $ 52,473,974 39,274,776 67,452,082 59,266,322 57,339,166 69,481,653 77,833,745 89,673,609 93,181,915 89,244,989 67,999,131 61,186,558  S —890,982 + 11,982,277 + 1,000,350 +8,249,222 + 14,619,397 + 12,167,983 + 9,851,240 + 10,039,578 + 18,546,361 +30,079,562 + 50,002,894 + 44,692,200  Total 3150734979 2993369266, +15736571311034748002 824,407,920 + 210340082  Note.—Percentage of Increase or decrease In gross for the above months has been: Jan., 7.01% dec.: Feb., 0.61% dec.; March, 5.99% dec.; April, 1.41% dec.; May, 0.54% Inc.; June, 0.53% Inc.; July, 0.89% Inc.; Aug., 1.93% Inc.; Sept., 6.43% Inc.; Oct., 13.57% inc.; Nov., 27.58% Inc.; Dec., 26.82% Inc. Percentage of increase or decrease In net for the above months has been; Jan., 1.70% dec.; Feb., 30.51% inc.; March, 1.48% inc.; April, 13.92% inc.: May, 25.50% inc.; June, 17.51% inc.; July, 12.66% inc.; Aug., 11.21% inc.; Sept., 19.90% inc.; Oct., 33.70% inc.; Nov., 73.52% inc.; Dec., 73.04% inc. In Jan. the mileage represented was 246,959; In Feb., 246,186; in March, 246,848 ; In April, 247,701; in May, 247,747; in June, 240,219; in July, 243,042; in August, 247,809; in Sept., 245,132; in Oct., 248,072; in Nov., 46,910; in Dec., 248,437.  From the foregoing it will be seen that by this method we get a gain for the twelve months of $157,365,713, or 5.22%, in the gross, and of $210,340,082, or 25.51%, in the net.  135  RAILROAD EARNINGS  To complete our analysis we now insert six-year • comparisons of the gross earnings of leading roads, arranged in groups. EARNINGS OF SOUTHERN GROUP.  I  Year.  1915.  Ala Gt So. Cent of Ga Ches & Oh C NO&TP Lou & N. Mob & Oh NCh&StL Norf & W South Ry. Yaz & MV  $ 5,041,466 12,254,154 43,580,841 9,853,973 54,026,982 11,197,362 11,539,844 49,654,907 63,810,726 12,837,393  1914.  $ I 5,020,593 13,004,516. 37,983,011 10,222,634 55,016,421 11,956,587 11,973,871 42,631,823 66,534,533 11,851,124  1912.  1913.  $ 5,461,971 14,184,940 36,116,985 10,767,367 61,273,708 12,928,315 13,262,030 45,100,789 70,261,507 12,079,986  |  $ 1 4,985,879 13,979,052 35,170,585 10,097,467 57,814,963 11,479,728 12,810,085 41,888,602 66,493,108 10,063,209  $ 4,571,203 13,422,476 32,709,160 9,234,048 54,372,031 11,488,278 12,418,863 37,048,473 61,549,577 10,452,387  1910. $ 4,516,365 12,525,587 32,540,622 9,446,989 54,428,973 10,988,634 11,926,765 36,228,574 59,152,935 10,516,298  EARNINGS OF SOUTHWESTERN AND PACIFIC GROUP.  1914.  1915.  1913.  1912.  1911.  1910.  $ ) $ $ S ' $ $. A T & S F 123,544,312114,304,544 113,574,168 L14,043,935 106,825,574 107,771,979 Col & So b 14,715,150 13,628,964 14,366,462 14,250,131 14,434,581 17,244,609 Den & RG 23,138,798 22,369,015 24,321,340 24,214,755 23,029,309 24,174,478 Int & GtN 9,092,900 9,178,579 10,402,345 11,189,382 9,738,804 9,060,985 Mo K & T 32,453,462 31,639,563 32,202,544 30,256,434 28,695,793 28,326,574 Mo Pac.. 59,501,394 59,097,915 61,423,839 58,683,578 53,752,816 53,638,138 StL&SF d 44,447,174 43,076,877 46,111,855. 44,096,671 42,585,929 42,305,299 St L S'w’n 11,275,018; 11,478,672 13,163,127 12,769,933 11,784,602 11,649,984 Sou Pac_. 142,467,906 132,595,170 140,546,772 138,103,910 130,552,181136,208,346 Tex & Pac 18,496,246 18,157,015 18,362,543 17,674,616 16,139,028 16,375,802 Union Pac 91,952,244 89,166,623 94,032,977 90,513,332 86,202,236 92,202,670  Total ..571,084,604 544,692,937 568,507,972 555,796,677523,710,853538,958,864 6 Includes all affiliated lines except Trinity & Brazos Valley RR., but figures for ■ Colorado Springs & Cripple Creek Dlst. are excluded beginning Nov. 1 1911. <Z Does not include Chicago & Eastern Illinois In any of the years. EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.  Year.  |  1 C&EIlla Ch Gt Wc CM&StP6 Ch&NW d CStPM&O DulSS&At Great Nor M & St LI la Cent/ Minn St P 4SSM« Nor Pac.. StJ&GIs  1915. $ 15,204,746 14,119,321 97,048,052 86,654,024 18,613,773 3,207,796 72,211,326 10,319,210  1914. $ 14,735,526 14,152,865 92,029,813 85,537,024 18,377,019 3,116,363 71,191,829 9,912,889  1913. S 16,303,869 14,302,117 93,955,253 87,882,297 17,915,603 3,570,147 80,454,547 9,581,121  1912.  1911.  $ $ 15,464,386 15,006,595 13,296,376 12,814,715 87,989,690 78,224,891 81,904,530/76,958,226 16,512,811 /15,400,307 3,217,229 3,072,836 73,653,272 63,028,669 8,891,209 8,082,994  1910. $ 14,944,200 12,732,006 80,386,166 75,590,299 16,192,865 3,317,352 64,372,007 8,477,672  30,861,366 28,290,654 31,303,346 29,464,435 23,239,314 22,923,952 66,992,430 65,860,738 73,123,117 68,665,913 62,914,049 70,932,666 1,549,177 1,593,085 1,558,670 1,564,858 1,627,929 1,686,697  Total -. 416,781,221 404,797,805429,950,087 400,624,709 360,370,525371,555,882  a Includes Evansville & Terre Haute. b Now Includes Chicago Milwaukee & Puget Sound. c Includes the Mason City & Fort Dodge and the Wisconsin Minn. & Pacific. d Includes trans-Missouri lines. e Includes Wisconsin Central for all the years. /Beginning with 1911 Includes not only operating revenue but also all other receipts. EARNINGS OF TRUNK LINES.  Year.  1915.  1914.  1913.  1912.  1911.  1910.  $ $ $ S $ $ Balt & O a 100,717,665 92,611,946 102,718,733 98,121,277 88,071,011 90,869,847 CCC&StL) 38,364,087 35,365,691 37,613,499 {32,714,238 30,431,915 30,423,005 Peor & El ( 3,429,867 3,218,284 3,536,067 Erie_____ 66,436,718 59,660,224 62,450,347 59,218,745 57,073,104 56,015,555 Mich Cent 36,540,665 33,464,968 36,676,970 32,911,753 30,164,490 29,694,816 NY Cent. 167,234,618 151,661,799 (104095523 1109697588 103,954,862 99,908,478 Bos & A1 17,695,865 16,491,441 117,719,565 / C Ind &S { 4,462,451 4,235,820 3,822,611 3,739,666 D & A1 V I 380,370 335,633 319,845 315,242 LS&MS (59,353,110 54,283,616 48,360,997 49,420,211 Pa RR— E'st&PEc 196,628,170 187,251,852 205,148,244 187,452,316 170,233,278 173,255,926 W’stP&E 102,303,367 93,837,727 110,936,789 106,554,507 92,223,235 94,772,254 Wabash.. 30,684,319 29,073,022 31,286,715 29,952,186 29,295,290 29,826,573  Total „ 756,515,174 699,418,670 772,821,316 718,927,548 657,168,921 661,777,642 a Includes* the Cleveland Lorain & Wheeling Ry. c Includes Northern Central In all years. EARNINGS OF ANTHRACITE COAL GROUP.  Year.  1915.  1914.  1913.  1912.  1911.  1910.  $  $  $  $  9  9  Cen of N J 33,619,742 533,356,590 30,884,638 29,261,894 28,219,066 27,172,123 Lehigh Val 44,650,152 41,656,750 43,131,618 39,618,617 38,803,364 36,643,713 N Y O&W 8,779,753 9,177,716 0,421,476 8,796,969 9,095,635 9,106,924 N Y S&W 4,107,036 3,892,095 3,907,035 3,530,162 3,989,335 3,618,052 Phil & R d 51,146,652 48,095,063 52,396,402 48,948,439 45,893,052 46,201,852 Total .. 142,303,335 136,178,124139,741,169 130,156,081 126,000,452 122,742,664  d These are the earnings of the railroad company only; the results of coal-mining operations are not included In any of the years. b Now includes outside operations; on the old basis the figures for 1914 were $29,425,847. EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP. Year. Buf R & P Ch Ind &L Hock Vail Hl Cent d. LE&Wa Tol & O C Tol P & W TolStL&W Wh & L E  1915.  1914.  1913.  1912.  1911.  1910.  5 $ $ s $ $ 10,400,032 9,678,782 11,405,470 10,336,878 9,058,247 9,168,648 6,977,059 6,667,024 7,004,150; 6,795,082 6,343,263 6,172,723 6,441,443 6,278,196 7,919,3481 7,598,369 6,854,322 7,942,455 63,804,082 64,339,821 66,030,289 62,140,952 60,824,279 61,201,476 6,239,646 5,602,771 5,934,643 5,839,630 5,420,821 5,513,326 4,722,352 4,930,626 6,031,430 5,363,019 4,938,646 5,089,986 1,182,905 1,212,843 1,382,630 1,345,331 1,269,887 1,256,112 5,138,722 4,445,219 4,657,342 3,916,844 3,847,591 3,787,928 6,963,880 6,029,199 7,961,267 7,869,112 7,111,680 6,989,350  Total .. 111,870,121 109,184,48l!ll8,326,569 111,205,217 105,668,736 107,122,004  a Includes the Northern Ohio. d Includes Indianapolis Southern from July 1 1910.  Our full detailed statement of the gross, embrac­ ing all roads for which it has been possible to procure or to make up the figures for the last two calendar years, is as follows:   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Gross Earnings.  Name of Road. Jan. 1 to Dec. 31.  1911.  Total . . 273,797,648266,195,113(281,437,598 264,782.678247,266,496 242,271,742  Year.  GROSS EARNINGS OF UNITED STATES RAILROADS IN CALENDAR YEARS 1915 AND 1914.  Alabama & Vicksburg. Alabama Great South. Ann Arbor_ __________ Arizona & New Mexicc Arizona & Eastern____ Atch Top & S Fe(4 rds) Atlanta Blrm & Atlan. Atlanta & West Point Atlantic & St Lawrence Atlantic Coast Line__ Atlantic City________ Baltimore & Ohio_____ B & O Chic Term RE Bangor & Aroostook.. Beau S Lake & West.. Bessemer & Lake Erie. Belt Ry of Chicago__ Bingham & Garfield.. Birmingham Southern. Boston & Maine______ Buffalo & Susq RR___ Buffalo & Susq Ry___ Buffalo Roch & Pittsb. Can Pac Ry In Maine. Caro Cllnchf & Ohio.. Central New EnglandCentral of New Jersey c Central of Georgia____ Central Vermont Charleston & W Caro. Chesapeake & Ohio___ Chicago & Alton . _ Chicago & East Illinois Chicago & North W.c. Chicago Burl & Quincy Chic Det & Can G T Jc Chicago Great Western Chicago Ind & Louisv. Chicago Junction_____ Chicago Milw & St P( Chic Milw & P SdJ Chicago Peoria & St L. Chicago St P M & O.c Chicago T H & S E... Cine Ham & Dayton.. Cin N O & Texas Pac. Coal & Coke._______ Colo & South (3 roads) c Colorado & Wyoming. Colorado Midland____ Copper Range________ Cumberland & Penna. Delaware & Hudson.. Dela Lack & Western. Denver & Rio Grande. Western Pacific____ Denver & Salt Lake___ Detroit & Tol Short L. Detroit & Mackinac.. Det Gr Hav & Milw.. Detroit Terminal_____ Detroit Tol & Ironton. Duluth & Iron Range. Duluth Missabe & Nor Duluth Winn & Pac.. Duluth So Sh & Atlan. Elgin Joliet & Eastern. El Paso Southwestern. Erie (2 roads) _e______ Florida East Coast____ Fonda Jonst & Glovers Ft Smith & Western.. Galveston Wharf.___ Georgia_______ _______ Georgia & Florida____ Georgia Fla & Ala____ Georgia South & Fla.. Grand Canyon.............. Grand Trunk Western Great Northern______ Green Bay & Western. Gulf & Ship Island____ Hocking Valley_______ Huntington & B Top. Illinois Central_______ Illinois Southern............. Internat & Great Nor. Kanawha & Michigan. Kansas City Southern. Kansas City TerminalLake Superior & Ishp. Lake Terminal_______ Lehigh & Hudson River Lehigh Valley. . .............. Lehigh & New England Louisiana & Arkansas. Louisiana Ry & Nav.. Louisville & NashvilleLouisv Hend & St L._ Manistee & No East.. Maine Central_______ Maryland & Penna___ Midland Valley______ Mineral Range_______ M StP & S S M (2 rds) Minn & InternationalMinneapolis & St L..\ Iowa Central ../ Mississippi Central.Miss River & Bon Ter_ Mo & Nor Arkansas.. Mo Kansas & Texas.. Mo Okla & Gulf______ Mo Pacific (2 roads) ,c Mobile & Ohio_______ Monongahela Conn__ Montour_____________ Munising Marq & S E_ Nashv Chatt & St LNew Jersey & N Y___ Nevada Northern_____ Newburg & So Sh____ New Orl & Northeast. New Orl Mobile* Ch. New Orl Tex & Mexico New Orl Great North. New York Centrakc.. Boston & Albany.CChic Kai & Saginaw Cincinnati Northern Cleve Cin Chi & St I. Det & Charlevoix.. Indiana Harbor Belt Lake Erie & Western Michigan Central.c. N Y Chic & St Louis Pittsb & Lake Erie.c  1915.  1914.  Mileage.  Inc. (+) or Dec. (—).  1915. J 1914.  $ 1,536,81? 5,041,461 2,434,181 622,Olf 2,677,895 123,544,312 2,852,04: 1,252,12! 1,616,61: 31,936,961 2,350,211 100,717,665 1,608,528 3,748,078 600,987 9,876,395 2,907,472 1,778,598 800,711 47,703,911 1,532,862 247,581 10,400,032 1,418,821 2,376,361 4,644,111 33,619,742 12,254,154 3,990,179 1,778,345 43,580,841 14,852,314 15,204,746 86,654,013 93,589,722 1,063,491 14,119,321 6,977,059 2,122,826 97,048,052  $ 1,668,156 5,020,59; 2,247,456 773,746 2,461,25' 114,304,54' 2,945,021 1,235,72! 1,681,566 34,455,555 2,386,302 92,611,946 1,529,046 3,729,118 573,254 8,450,722 3,237,926 1 1,475,975 976,06! 46,903,195 1,446,196 345,545 9,678,782 1,324,522 2,220,379 3,699,143 33,356,500 13,004,516 3,989,121 1,919,179 37,983,011 13,836,138 14,735,526 85,537,024 91,986,235 961,484 14,152,865 6,667,024 1,936,514 92,029,813  $ —131,33? 143 143 30! +20,87? 309 + 186,731 30: 301 109 —151.73C 112 +216,64: 378 367 + 9,239,76? 11,25: 11,138 63? 646 —92,986 9? 93 + 16,395 —64,95? 167 167 —2,518,592 4,70! 4,701 —36,092 17! 170 4,53? + 8,105,71! 4,516 79 + 79,482 SO 632 631 + 18,96! 11! 119 +27,73: 205 205 + 1,425,671 —330,45! 31 24 27 27 + 302,625 4S 44 —175,358 2,302 2,302 + 800,726 + 86,666 25S 253 91 91 —97,965 586 586 + 721,25! 233 + 94,29! 233 + 155,9821 283 248 304 304 + 944,968 + 263,242 681 678 1,924 1,924 —750,362 411 411 + 1,058 343 343 —140,834 2,374 2,367 + 5,597,830 1,052 1,052 + 1,016,176 1,282 1,282 +469,220 8,108 + 1,116,989 8,108 9,370 9,368 + 1,603,487 60 60 + 102,007 1,427 1,429 —33,544 622 622 + 310,035 13 13 + 186,312 + 5,018,239 10,076 10,067  1,609,188 18,613,773 2,263,876 10,422,568 9,853,973 1,016,214 14,715,154 757,154 1,495,981 £7811,385 804,003 23,733,365 44,786,731 23,138,798 6,569.619 1,769,349 1,519,678 1,087,105 2,948,233 502,236 1,811,511 5,966,931 9,909,548 1,329,905 3,207,796 10,550,113 8,982,026 66,436,718 5,933,192 886,369 613,918 1,484,974 2,857,548 675,892 503,885 2,236,416 1,069,242 7,944,307 72,211,326 780,423 1,775,207 6,441,443 597,633 63,804,082 609,385 9,092,900 3,139,103 10,076,170 896,908 625,562 504,075 2,006,429 44,650,152 3,074,265 1,709,703 2,228,434 54,026,982 1,447,835 465,308 11,425,135 480,083 1,551,460 1,001,552 30,861,366 801,728 10,319,210  1,675,867 18,377,019 2,185,537 9,836,033 10,222,634 977,146 13,628,964 725,619 1,810,389 601,643 836,278 22,668,688 42,545,979 22,369,015 5,691,523 1,507,972 1,476,713 1,149,328 2,677,937 405,504 1,723,043 4,534,003 4,999,182 1,457,542 3,116,363 9,206,664 8,482,488 59,660,224 5,443,175 927,096 633,412 1,342,495 3,080,683 778,683 538,119 2,441,791 236,761 7,233,944 71,191,829 776,330 1,758,920 6,278,196 552,958 64,339,821 537,925 9,178,579 2,944,182 10,829,636 484,666 356,922 398,143 1,757,895 41,656,750 2,659,731 1,691,873 1,940,269 55,016,421 1,402,484 527,160 11,592,712 524,080 1,478,155 738,652 28,290,654 879,597 9,912,889  —66,679 —236,754 + 78,339 + 586,535 —368,661 + 39,068 + 1,086,190 + 31,535 —314,408 +209,742 —32,275 + 1,064,677 + 2,240,752 + 769,783 + 878,096 + 261,377 +42,965 —62,223 + 270,296 + 96,732 + 88,468 + 1,432,928 + 4,910,366 —127,637 + 91,433 + 1,343,449 +499,538 + 6,776,494 + 490,017 —40,727 —19,494 + 142,479 —223,135 —102,791 —34,234 —205,375 + 832,481 + 710,363 + 1,019,497 + 4,093 +16,287 + 163,247 + 44,675 —535,739 + 71,460 —85,679 + 194,921 —753,466 +412,242 + 268,640 +105,932 + 248,534 + 2,993,402 + 414,534 + 17,830 + 288,165 —989,439 + 45,351 —61,852 —167,577 —43,997 + 73,305 + 262,900 + 2,570,712 —77,869 + 406,321  255 1,753 373 1,003 337 197 1,828 53 338 139 64 886 955 2,566 941 255 81 393 191 20 441 288 399 187 628 789 1,027 2,256 745 88 254 13 307 350 193 395 64 347 8,102 253 308 351 72 4,767 137 1,160 177 837 19 35 11 97 1,442 296 279 351 5,038 200 190 1,220 80 380 120 4,229 196 1,646  255 1,753 371 1,015 337 197 1,831 53 338 139 64 881 959 2,569 943 255 79 400 191 18 441 292 369 185 628 776 1,027 2,256 696 88 221 13 307 350 193 395 64 347 8,077 248 308 351 72 4,772 137 1,160 177 827 10 35 11 97 1,444 294 279 351 5,034 200 190 1,219 80 360 120 4,104 197 1,466  773,452 750.384 1,158,372 32,453,462 1,255,889 59,501,394 11,197,362 952,968 582,148 519,574 11,539,844 861,697 1,558,801 731,711 3,606,882 1,841,291 1,519,664 1,658,477 167,234,618 17,695,865 201,882 1,628,640 38,364,085 69,099 3,458,052 6,239,646 36,540,665 12,536,380 18,196,068  863,059 692,556 1,250,418 31,639,563 1,165,114 59,097,915 11,956,587 800,569 309,395 476,887 11,973,871 841,547 1,373,280 525,156 3,706,435 1,970,881 1,551,528 1,711,886 151,661,799 16,491,441 193,470 1,471,472 35,365,691 85,616 3,329,172 5,602,771 33.464,968 11,294,969 15,597,365  —89,607 + 57,828 —92,046 + 813,899 + 90,775 + 403,479 —759,225 + 152,399 + 272,753 + 42,687 —434,027 + 20,150 + 185,521 + 206,555 —99,553 —129,590 —31,864 —53,409 + 15,572,819 + 1,204,424 + 8,412 + 157,168 + 2,998,394 —16,517 + 128,880 + 636,875 + 3,075,697 + 1,241,411 + 2,598,70S  164 64 365 3,865 334 7,292 1,122 6 51 138 1,231 48 165 13 204 402 286 285 5,969 393 45 246 2,381 43 110 900 1,785 569 224  164 71 365 3,865 334 7,284 1,122 6 18 138 1,231 48 165 13 204 403 286 285 5,991 393 45 246 2,381 43 110 906 1,799 568 224  RAILROAD EARNINGS—RAILROAD BONDS  136  Gross Earnings.  Name of Road.  Jan. 1 to Dec. 31.  1914.  1915.  NY Cent (Concluded}— $ $ St Lawrence & Adir. 677,716 689,790 4,722,352 4,930,626 Toledo & Ohio Cent Zanesville & Western 316,612 340,260 70,106,584 N Y N H & Hartford64,993,759 N Y Oat & Western.. 8,779,753 9,177,716 N Y Susq & West.c.. 4,107,036 3,892,095 Norfolk Southern_____ 4,135,348 4,128,811 42,631,824 Norfolk & Western___ 49,654,907 Northern Alabama____ 584,516 559,803 Northern Pacific_____ 66,992,430 65,860,738 Northwestern Pacific. 3,907,787 3,696,828 Pennsylvania—Lines E ast of Plttsbu rgh Pennsylvania RR/c. 196,628,170 187,251,852 Northern Central/ Balt & Sparr Pt____ 78,381 98,759 1,154,423 Balt Ches & Atl.c.. 1,247,711 360,967 300,299 Cornwall & Lebanon 3,091,214 3,227,053 Cumberl’d Valley.c. Long Island.c______ 13,553,780 13,282,930 Maryl Del & Va.c.. 904,155 947,983 1,475,340 1,158,898 Monongahela______ 3,743,272 4,154,985 N Y Phila & Norf.c. 491,815 487,350 Penn Terminal_____ 20,357,562 Phila Balt & Wash.c 21,311,137 222,991 118,293 Susq Bloomsb & Ber 1,620,021 1,569,782 Union RR of Balt.. 6,472,599 West Jersey & Sea.c 6,942,485 Lines West of Pittsbur gh 208,574 203,715 Central Indiana____ 541,654 680,858 Cln Lebanon & Nor, 5,330,928 5,387,884 Grand Rap & Ind.c. 60,857,677 54,698,327 Pennsylvania Co.c.. 419,944 Pitts Char & Yough 319,160 41,445,690 39,139,400 Pitts C C & St L-C1,212,843 Toledo Peo & West. 1,182,905 11,006,672 11,426,270 Vandalia.c_________ Waynesb & Wash.. 114.926 128,281 960,290 931,558 Peoria & Pekin Union. 19,207,919 17,191,632 Pere Marquette______ 614,692 673,927 Perkiomen.. _______ 1,934,582 Pitts Shaw & Northern 2,078,115 51,146,652 48,095,063 Phila & Reading c____ 1,691,308 1,564,108 Port Reading______ 865,942 844,225 Quincy Om & Kan City 439,806 Ray * Gila Valley____ 505,228 2,954,014 Rich Fred & Potomac. 2,981,947 557,182 576,072 Rio Grande Southern. 71,290,528 70,413,100 Rock Island (2 roads).  Mileage.  Inc. (+) or Dec. (—).  Gross Earnings.  Name of Road. 1915.  1914.  $ —12,074 —208,274 —23,648 + 5,112,825 —397,963 + 214,941 + 6,537 + 7,023,083 + 24,713 + 1,131,692 + 210,959  65 435 89 2,005 568 140 908 2,049 113 6,510 507  65 446 89 2,003 568 140 900 2,044 113 6,498 401  + 9,376,318  4,512  4,512  —20,378 —93,288 + 60,668 — 135,839 + 270,850 —43,828 + 316,442 + 411,713 + 4,465 + 953,575 + 104,698 + 50,239 + 469,886  5 87 26 163 397 82 108 112 5 717 42 8 358  5 87 26 163 397 82 75 112 5 717 42 10 357  + 4,859 + 139,204 —56,956 + 6,159,350 +100,784 + 2,306,290 —29,938 + 419,598 —13,355 + 28,732 + 2,016,287 + 59,235 + 143,533 + 3,051,589 + 127,200 —21,717 + 65,422 + 27,933 —18,890 + 877,428  127 76 575 1,758 22 1,472 248 910 28 18 2,247 42 294 1,120 21 268 7 88 180 8,328  127 46 575 1,758 22 1,472 248 910 28 18 2,319 42 294 1,120 21 268 7 88 180 8,328  Jan. 1 to Dec. 31.  1915.  Rutland______________ St Joseph & Grd Island St L & San Fr (4 rds). St L Brownsv & Mex. . St L Merch Br & Term St L Southwest (2 rds)c San Antonio Uval & G San Antonio & Ar Pass San Ped L A & S L___ Seaboard Air Line.a.. South Buffalo________ Southern Railway____ Southern Ry in Miss _ Southern Pac (10 rds)c Spokane Port & Seattle Spokane Internat’l____ Staten Isl Rap Trans.. Sullivan County______ Tennessee Central.___ Term Assoc of St L___ Texas & Pacific______ Texas Midland_______ Tonopah & Goldfields. Toledo St L & Western Trinity & Brazos Vail. Ulster & Delaware _. Union Pacific (3 rds) .c Union RR (of Pa)___ Union Stock Yds (Om) Vicks Shrev & Pacific. Virginia & Southwest. Virginian_____________ Wabash.. ___________ Wabash Pitts Term___ Washington Southern. Wheeling & Lake Erie. Western Maryland____ Western Ry of Ala____ Winston-Salem South. Yazoo & Miss Valley.. 239 minor roads______  1914.  $ 3,549,592 1,549,177 44,447,174 2,506,296 1,944,894 11,275,018 543,731 3,927,027 10,359,453 22,678,193 657,703 63,810,726 999,169 142,467,906 4,542,083 710,450 1,205,806 537,839 1,530,540 2,772,837 18,496,246 550,893 688,717 5,138,722 898,089 1,028,548 91,952,244 4,617,978 519,568 1,473,377 1,813,162 6,252,014 30,684,319 843,976 1,356,306 6,963,880 9,888,600 1,280,619 472,705 12,837,393 43,462,653  Mileage.  Inc. (+) or Dec. (—).  $ 3,526,094 1,593,085 43,076,877 2,559,115 1,842,655 11,478,672 433,815 4,130,355 10,057,651 23,817,364 469,130 66,534,533 1,162,727 132,595,170 4,721,792 864,056 1,203,472 522,563 1,585,570 2,722,329 18,157,015 632,941 674,913 4,445,219 1,528,846 1,048,946 89,166,623 3,483,620 489,634 1,609,413 1,922,515 5,998,836 29,073,022 804,815 1,279,812 6,029,199 8,166,744 1,352,195 514,468 11,851,124 43,399,317  $ + 23,498 —43^908 + 1,370,297 —52,819 + 102,239 —203,654 + 109,916 —203,328 + 301,802 —1,139,171 +188,573 —2,723,807 —163,558 + 9,872,736 —179,709 —153,606 + 2,334 +15,276 —55,030 + 50,508 + 339,231 —82,048 + 13,804 + 693,503 —630,757 —20,398 + 2,785,621 + 1,134,358 + 29,934 —136,036 —109,353 + 253,178 + 1,611,297 + 39,161 + 76,494 + 934,681 + 1,721,856 —71,576 —41,763 + 986,269 + 63,336  1914.  1915.  468 468 258 258 5,244 5,242 548 548 9 9 1,753 1,753 316 316 724 724 1,132 1,147 3,449 3,449 36 36 7,022 7,036 281 281 10,965 10,553 556 555 164 163 11 11 26 26 294 294 37 37 1,944 1,887 125 125 110 109 451 451 358 315 129 129 7,904 7,805 31 31 34 35 171 171 240 225 504 503 2,519 2,519 63 63 36 36 512 512 664 661 133 133 94 93 1,382 1,382 12,754 12,631  Grand total (487 rds) 3,167,948,095 3,018,756,294 + 149,191,801 249,114 247,616 Net decrease (4.93%).  a Includes Carolina Atlantic & Western.  c These figures are furnished by the  company.  COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS AND STOCKS. The compilations on the succeeding pages show the lowest and highest prices of railroad and miscellane­ ous bonds and stocks at the New York Stock Exchange in each month of the last five years—that is, from the beginning of 1911 to the close of 1915. The bond quotations are “and interest”—that is, the buyer pays accrued interest in addition to the stated price—for all bonds except income bonds and bonds upon which interest payment is in default; these latter are quoted flat. The stock quotations for 1911, 1912, 1913 and 1914 are on the basis of per cent of par value; quotation of 140 for a stock having par value of $50 per share (as Reading, for instance), would indicate a price of 70 dollars per share. In 1915, however, in accordance with a rule of the Stock Exchange which went into effect Oct. 13 1915, the basis of quotations for all stocks was changed from per cent of par value to dollars per share. The new method indicates the value expressed in dollars of one share of stock, irrespective of what the par or face value of the shares may be. We have reduced the range of prices in the earlier months of the year 1915 to the new basis so that the record for the entire year 1915 is “dollars per share”; thus, Pennsylvania RR. stock, par value of which is $50 per share, sold in January at 104)4-108^ per cent, but the range for that month is shown in these tables as 52^-54^4 dollars per share. 1911. March August September October April May June 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 Dow High 00  &  00  <1  BONDS  0^  85 80 80l2 8334 99l8 9978 985g 99U 98 9838 9858 9858 9858 9858 9034 9134 9212 9134 92 9212 9112 9218 907g 915s 10812 107 10934 10634 IIOI4 108 108 Convertible issue of 1909__4 10514 IO8I4 IO8I4 109 1071s 108 1021? 103 4 IO2I4 104 10312 10412 Convertible I960.--------- .4 Registered __ _4 10-year conv gold 1917—5 iosu 110 109 11034 1O81211U2 Registered ___ -5 Deben series K 1913______ 4 9838 983g Deben series L 1914_______ 4 97 ” 973g 9678 97l8 Eastern Oklahoma Div 1st 4 96I4 97 9338 93 9312 9212 9314 Transcon Short L 1st g—4 93 Santa F Pres&Phen 1st g__5 Chic & St Louis 1st 1915-6 Atlan Coast L—1st 1952 g--4 9378 9434 9378 9438 9334 941„ 108 108 Ala Midland 1st gu *28 g__5 9514 95U Bruns & West 1st gu *38 g-4 Lou & Nash coll 1952 g—4 9234 9334 9338 9618 9358 9438 12434 12434 1241s 125 Sav Fla & W 1st g 1934...6 1st gold 1934.. . _____ 5 111 111 1111x1111a 111 111 Sii S Ocala & G guar g____ 4 9214 93 9212 93 9212 93 It & O—Prior lien g 1925..3 Registered ______________3 99 9814 99l8 9818 9834 Gold 1948___________________ 4 98 98 98i8 98ig Registered_______________ 4 98 Pitts Junction 1st 1922.. 6 8734 8812 88 8812 88I4 883S Pitts June & M Div___ 3 91 911? Pitts L E & W Va System.4 9112 9218 911? 92 9038 9078 90l2 9078 Southwestern Div 1st g.3>6 9012 91 Clev Lorain & W 1st g --5 1021s 1021s Monon Riv 1st gu 1919 g__5 Ohio Riv 1st 1936 g_______ 5 Ann Arbor—1st 1995 gold..4 Atch Top & S Fe gen g 1995.4 98l8 Registered ..____ __ ..4 98 Adjustment gold 1995-------4 911? Stamped . ------------------- 4 91*>8 50-year conv gold 1955----- 4 105  107  Pitts C & Tnl 1 st 1992 g  6 1121o  107   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  4’+  81 82 9858 99 ____ 97U 91l2 913g 9138 9178 9138 11214 1163g 111  80l2 9834 ____ 9118  82 80 81 79 9918 9834 99lg 98l4 98 ____ ______ 98l4 913g 92 • 9078 92 92 9U2 921g 91 II3I4 104 1117g 103  80 79l2 80i2 79i2 79U 80 99i8 9834 9938 99i8 99l2 987S 98l4 97 9812 ____ ______ 973g 915g 9112 9134 915g 92 91 917g 91i4 9178 9112 921g 913g 106 1O412 10712 107 10914 IO6I4  1081s 1081s 10934 10934 1143s 1143s 10358 10414 104 '10434 1041g 1055g 103 1043g 9812 10378 9612 9958 977g 1055s 1055s 1O91211112 IIOI4 1143g 113 ”ll612 1111211312 10534 11134 IO5I4 10712 106 107 9934 9934 99U 9914 9838 9678 971s 967s 973g 961? 967g 96 9612 9234 9358 937g 94I4 9334 94I4 93 935g 9212 9312 9234 IO9I4 109l2 IO8I4 10814 1063s 1063s 9334 96 9514 96 95U 9578 9434 9538 95 961g 95 961g 9378 108 1085g 9334 9458 94  9434 94 9412 126 1105811058 971? 971s 9712 9712 9212 9278 9212 9234 92 9212 911? 911? 98l8 99 ’ 98 9838 99 98l2 97 97 98 98  101  9312  96 9612 933g 94 “ 10834 10834  96  9512 96  9178 94  9314 96  92 9258 9U4 9114 9812 9914  94  92  97 97 9178 92l2  9212  97 97 9U2 9214  915g 93  9712 987g  98  92  98l2 9778 987g 977g 98lg  981r  99i2  112  9U8 92 91 90  885g 8834 9H4 92 91 9U2  91i8 92 9034 9138  915g 91 9012 9U4  88ls 881s 90 " 9134 9012 9034  9018 91 8912 9012  106  9012 917g 91 90  1131s 1131g ::::  9978 10 n2 109  96 96 9234 933g  95  9712 9712  95  96  94 95*8 125U 12514  9112 9214 98  91 9U2 92 9012 91 9014 1111211158 1101s IO2I4  106  1133a 1131s 1131s  9134  107U  981j  112  1091s 1091s 1091#  8034 9934 98l4 9134  9838  9334 9412 92  9212  10058 102  1081? IO8I4 10934 108 107  1243a 1247s 12512 12558 126  109 973g 973g  Staten I«l 1st gu 1943  80i8 83 8 Hr 83 9834 99i8 9858 9914 975g 98i2 9778 9834 9078 9U2 9U2 917s 92l8 9138 9178 91 10712110 109'8 11378  95  92 9Ug 1101?  IO2I4  137  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  Buff Roch & Pitts—Gen ’37-5 U25g 113 Consol, 1957__________4 54 Allegh & West 1st gu g---- 4 97 97 Roch & Pitts 1st 1921 g -.6 Cons 1st 1922 --------------6 1161211612 1167g 1167g Canada Southern— 1st extended 1913________ 6 103 10312 103 1037s 1027g 1035s 2d 1913____________ 5 10078 101l4 ion8 ioi38 101 IOH4 Registered____________ 5 1003410034 Central of Georgia—1st 1945 5 1121411214 1121411214 11412U412 Consol 1945 gold_________ 5 10714 108 10734 109 108 1087g Registered------------------ 5 1st preference income_____ 5 100ig 102i2 100 101 100 104 IOOI4 IOOI4 Stamped ___________ 166’ 100 10018 10034 Trust receipts________ Stamped__________ 95 96 2d preference income____ 5 95 101 100 100 Stamped ___________ 96 ’ 96 Trust receipts_______ Stamped__________ 96 85 3d preference income____ 5 88i2 86 Trust receipts________ 873g 8738 Chat Div Pur mon ’51 g..4 10512 10612 Macon & Nor Div 1st '46 g_5 10512 10512 10834 10834 Mobile Division 1st_____ 5 Central RR & Banking Ga..5 102" 102 " 102 102 l6il"2 10l’l2 Central of New Jersey— General 1987 gold________ 5 12214 12314 12214 12312 12212 123 Registered------------------ 5 12218 12214 12234 12312 122 12234 10718 1O718 Amer Dock & Impt_____ 5 108 IO8I4 Lehigh & W-B Coal 1912 -5 10012 10012 N Y & LB gen 1941 g___ 4 Central Vermont—gu 1st g--4 87l2 88l2 89 905g 9058 92I4 Chesapeake & Ohio—Gen fund & impt 1928 ____ 5 10278 10312 10334 105 10458 10612 1st consol 1939 gold___ ..5 113 11312 11234 11314 112 1127g Registered------------------ 5 General 1992 gold_____ 4 54 10118 10112 10012 10138 10012101 Registered-------------- 4 54 Convertible 1930_______ 454 94 9618 9578 9712 957g 9678 Big Sandy 1st 1944_______ 4 87l4 89 8714 8714 Coal Riv Ry 1st gu_______ 4 Craig Valley 1st 1940 g__ 5 103 103 Potts Creek Br 1st 1946.-4 '95I4 9534 R & A Div 1st cons 1989 g-4 96 96 2d cons 1989 g--------------4 9112 9112 73 73l2 73 Chicago & Alton—Ref ’49 g-3 7278 7334 7112 69l2 70l4 Chic & Alt Ry 1st ’50 g--3 54 70l4 7H2 Chic Burlington & Quincy— Denver Division 1922------- 4 99l2 99l2 9918 9978 99 99l2 Illinois Division 1949__ 3 54 8734 88l2 87i2 88I4 87ls 88 Illinois Division 1949_____ 4 9934 100l8 9958 100 993g 9934 Registered____________ 4 100 1OO3S Iowa Div, 1919, s f_____ 5 Iowa Division 1919 s f___ 4 9914 9938 99U 99I4 9914 9912 Nebraska Ext 1927_______ 4 985S 9834 9812 9918 963g 99 Registered____________ 4 99 99 Southwestern Div 1921—4 Debenture 1913__________ 5 10U8 10138 10118 IOH4 101 10138 General 1958____________ 4 9738 98 9714 977g 9634 973g Registered------------------ 4 Hannibal & St Jos cons__ 6 100U 10034 100 100l8 Chicago & Eastern Illinois— 8214 8212 81 82 Refunding & impt 1995 g—4 82 83 1st consol 1934 g--------------6 127 127 General cons 1st 1937_____ 5 IIOI4 111 iio" 11034 10934 110 10834 10834 Registered____________ 5 110 IIOI4 Chic & Ind Coal Ry 1st__ 5 Chic Gt West—1st 1959------ 4 8434 80I4 8438 8518 8412 86 12712 12712 127 12712 Chic Ind & Lou—Ref ’47 g--6 Refunding 1947 g------------ 5 Refund series C 1947_____ 4 L N A & C—C & I Div 11-6 10018 IOOI4 Chic Ind & Sou—1956--------- 4 9312 93i2 9212 9212 Chic Lake Shore & E—lst-4 54 Chic Mil & St P term 1914 g.5 10238 10238 10238 10258 IO2I4 10238 Gen scries A 1989 gold-__ 4 9918 9958 9834 9918 98l2 99 Registered------------------ 4 9918 9918 Gen series B 1989 gold--3 54 8634 88l8 87i4 8758 87 877g Registered------------------ 354 9258 92I4 9234 92 25-year debenture 1934___4 92l2 93 106l2106i2 Chic & Lake Sup Div____ 5 10634 107 109 109 Chic & Mo River Div------- 5 Chic & Pac West Div------- 5 IO7I4 IO7I4 10634 10678 1063g 10658 Ch Milw & Pug Sd 1st gu.4 103U IO3I4 Dakota & Gt Southern___ 5 114 114 Dubuque Div 1st s f 1920--6 Fargo & Sou assumed '24.6 H7I4H7I4 La Crosse & Dav 1st 1919-5 Wise & Minn Division___ 5 i6658107" 10718 10718 Wisconsin Va, Div 1920—6 10334 10334 Milw & Nor 1st cons 1913-6 Extended 1913---------- 454 Chic & North West—1915--7 10934 IIOI4 112’ 112 110 11058 9938 9934 Extension 1886-1926------- 4 9934 9934 9734 9S12 97 97 Registered------------------ 4 General 1987 gold______ 3 54 8778 88lg 87l2 877g 87 87l2 Registered------------------ 354 General 1987------------------ 4 985S 9878 9858 9914 985g 99 Registered____________ 4 Sinking Fund 1879-1929-.6 112 112 Sinking fund 1879-1929---- 5 106 106i2 Registered------------------ 5 Debenture 1921__________ 5 106* 106’ 106 106 IO8I4 IO8I4 10834 10834 Sinking fund deb 1933____ 5 10812 10812 Registered------------------ 5 127 127 Fremont E & Mo Val 1st_ 6 115 11512 Milw LS& Wist 1921 g--6 115 II5I4 i69l2l’ld Ext & impt 1929 g-------- 5 Mich Div 1st 1924 g----- 6 118" lTs” Northwest Union 1st 1917-7 Winona & St Peter 1st gu-7 Chic Rock I & Pac Ry—1917 6 110 110 110 110 10934 10978 9658 96 97I4 96 General 1988 gold------------ 4 97 98 Refunding 1934 gold------- 4 8938 8978 88l2 895g 88l2 89 Ref 1934 Registered -—4 97l2 97l2 Coll trust series L1914------4 Series M 19i5__________ 4 Series N 1916__________ 4 Series P 1918--------------- 4 C R I & P RR 2002_______ 4 7278 7434 733g 7458 725g 7414 7414 74U Registered------------------ 4 9334 9334 R I Ark & L1934 ......... -4 54 93I4 93I4 9314 94 112 11214 1121 211212 11112112 Burl C R & Nor 1934 g----- 5 C R I F & N W gu 1921____5 ___ ...............110612 10612 10212 10212 Choc O & G gen 1919 g----- 5   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  11258 1125gl------  1123411234  1083g 10838  ....  10718 10718  11412 11434  11334 11334  1027g 10358 10234 103 IO2I4 10234 10219 10278 IO2I4 10258 10112 1025g 1017s 10214 10178 IO2I4 10158 1017g 101 101 101 IOH4 1007g 10078 10034 10034 10012 10034 10012 10078 10012 101 10038 10012 1001g 1003g 11412 11412 108 109 108  104i2 108  100  109  106 107 10612 10612 10618 10618  IO6I4 102 100  105 100  II2I4 11214 108 1087s 10812110 107 107 101 10714 96 96  96  11312U312 1087g 10934 10812 109  9612 97  97’  97  100  10712 109  "95"  91  97"  112 10812 10712 95  112 10919 109 10712 98 IO!  98  98  103 101 100  95 98  100 98  100 107  95  100 9812 99  98 100 98 98 88l2 88l2  8818 8818  103  103  10612  10234 10234 102’ 102 ’ 102  102  12234 12318 12234 123 122 12234 1221g 1221g 12012 12134 121 125 12012 12034 122 12218 12234 12234 122 1225g 122 12214 121 121 I2OI4 I2OI4 120 I2H4 I2H4 I2H4 10612 107 10012 10012 10012 10012 10012 10012 '9112 9’l"l2 901g 907g 8934 9012 9012 9058 8812 8812 8914 8912 1045g 106 10434 IO5I4 1041g 105 1115811218 11178 11278 112 113 III34III34 1003g 101 10034 102 IOH4 IOI84 100 100 ’955g 96I4 957g 963g 96 965g 87 87 88" 88’l2 85 85 10234 10234  953g 9538 73i8 73i2 68i2 70  951g 9012 73l2 69  87l4 88I4 993g 9978  99U 99U 88 88l2 993S 100  9912 9912 99 99  9912 9912 991g 9912  100 89  100 8912  10312 10434 1111811118 IIH4 ni34 111 11112 1111211112 101 1013g 10034 101lg 10012 10112 16634 i"6i'78 IOH4 1017g 10118 1017g 993g 993g 955g 9618 9234 9578 9214 933g 9278 94 ’ 93 9234 9312 94  10234 10234 9434 9512  993g 995g 8734 88I4 99 99i2  993g 9934 87l2 88lg 9834 993g  1051g 1051g IO5I4 IO5I4 9312 9912 99l2 99l2 99i2 99l2 9834 99 9834 100 99 99  99l2 997s 8734 88 99I4 9934  121l2122 12Hg I2H4 10612 10612  10412 10412 10412 10412 10312104 11112112 11112 112 1115g 112  95l2 ’95’ 9534 92l4 73 721g 73 6914 6612 6734  955g 9514 9012 92i4 7434 72l4 697g 67  107 107  88i2 88l2 106  10934 10934  10112 102  103 103 101 105  103" 10478  9312 9312  100 98 99  110  65  9512  9434 95  8612 87 94 95  87 87 94l2 95i2  70  705g 7134 66 681g  7218 721g 681g 70  71 7H2 64l2 66[8  9958 9958 87l4 88 98i4 99  8712 99  993g 9938 8734 8812 9914100  9938 9912 87l2 88i2 991g 100  9978 997g 98 98  99 98  98l4 99U  10434 10478 991g 99!g 9814 9812  94  6612  9978 98  99 99ig 991g 991g IOH4 10138 1013g 10112 IOH4 10138 101 IOII4 101 101i8 1007g 1013g 101 10118 10034 101 1007g 101 965g 9712 97 957g 965g 9534 9614 9534 9638 9614 973g 961g 967g 9712 96i8 96'8 9614 97 963s 963g 9578 957g 81 110  10934 8512 1285g 111 95  82 81 82i4 8134 82 8112 8134 81 815g 1263g 1263g 1263g 1263g 1263g 1263g IIOI4 Hoi’s l’il’ss 111 11H2 11012llll2 1095g llllg 109 10934 1097g 1097g 8612 85 861S 1285g 128 12834 111 955g IOOI4 IOOI4  10212 10212 985S 99  983,i 875g  847g 855g  93  81 8138 801g 8138 12334 12438 ___ 10912 10934 10912 110  81  10934 1097g 10938 10938 S43g 851g 8334 845g 82 837g 83 8312 8318 841g 8212 8334 127 127 127 12712 12612 1265g 12614 12712 12718 1275g 12714 12S 10734 10914 10738 109  915s 917g 92 IOU4 IO4I4 104 104 IO2I4 10278 1025g 1025g IO2I4 10212 102 102 10178 99 98 9834 98lg 98l2 981g 9834 983g 9914 9834 98 99 9812 88’ 87ig 8718 871S 8714 88 8612 8712 8612 8712 86 86 931g 9212 927g 9214 ’9234 9214 9212 92 9212 ’61" "9214 9214 1065g 10638 1063s  9234 1065s 10834 10834 10612 1065g 10634 10712 107U 10712 1067g 10712 106  92  80 10912  10634 106 10634 9312 95 9312 9434 IO3I4 IO3I4 1031210312 1033g 10338 io35g 10334 i63l"8 10338 11412 11412 11418 11418 II3I4 II3I4 1173811738 105 105 1063g 1063g 10634 10634 10634 10634 10634 10634 114 114 103 10318 102" 102  1101211012 98 9934 87  875s  97  9912  10612 10612 10812 109 10712 10734  10958 1097g 9614 977g 8812 90 883g S8l2 9714 9714 9434 9434 73i2 75i8  9234  92I4 9234 106 106  1O618 10G3g 106 10612 9434 95 9434 95  II3I4 II3I4  1041o 10412 IO6I4 IO6I4 IO6I4 IO6I4 11238 11238 10134 10134 IOOI4 IOOI4 i0734 10734 10934 10934 10912 10912 IO8I4 IO8I4 10912 10912 110 11012 98 9778 9778 98 9834 99 9734 9734 98 99lg 99lg 8534 8612 8512 86 8712 8678 87l2 8612 8712 8634 87 85 8612 8634 871g 86 8634 9834 991g 9818 9’s’78 977g "98I4 97l2 9814 97’ 98" ’97l2 ’9858 97l2 9834 97i2 98l2 9734 9734 1113411134 11134 11134 10712 1075g 1075g 1075g 10712 10712 IO7I4 IO7I4 10378 10378 105i2 105l2 10434 10434 1O618 106lg 1093g 1093g 10912 10912 107 107 10734 10734 127" 12714 12778 1281g 12718 1271g n51811518 115 115 11414 1Y5I4 11378 114 11038 1103g 118 118 n6i81161s 115 115 11334 11334 IO9I4 109l2 1085g 1085g 10918 1091g 109 10912 109 IO9I4 1097g110 1097g 110 io978 97 975g 9612 9714 9534 97 9534 9612 9512 9612 9512 9612 96 97 98 97 89 8934 8914 8934 8878 89l2 87l2 89 8834 893g 89 8934 8918 8978 8912 90 89l4 893g 9734 9734 9634 9678 97l2 97l2 96l2 96l2 96lg 96lg 9434 9434 75’ 77” 75i2 765g 75 70i2 7234 7058 73i2 73 7434 715g 7358 76 75U 7514 94 94 92l2 92l2 93 93 93 93 92i2 92i2 112 , 112 IIH4 IIH4 110i2110l2 16514 16514 10234 10234 10234 10234  no  nils mi8  .....................  92 104 104 1017g IO2I4 IO2I4 9912 9834 991g 9812 8714 ’87ls 8718  RAILROAD BONDS  138  1911—Continued. BONDS  January February March April May June July August September November December October 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 Chic St P Minn & Omaha__ 6 Chic St P & Minn 1st g - -6 St Paul & Sioux City 1st g-6 Chic & West Indiana—1932-6 Consol 50-year 1952--------4 Cin Hamilton & Dayton— 2d 1932 gold---------------4 X 1st guar 1959- _ _____ -4 Cin Day & Iron gu 1st g--5 Cin Fin & Ft W 1st gu 1923-4 Cin Ind & W 1st gu 1953--4 Ind Decatur & W 1st g----- 5 Clev Cin Chic & St L—’93 g-4 Cairo Div 1st 1939 g_____ 4 Cin Wab & M Div 1st g__ 4 St Louis Div 1st 1990 g—4 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 C C C & I cons 1914............ 7 Gen cons 1934 g------------ 6 Peor & East f st cons 1940-4 Incomes 1990------4 Colorado Midland—1stg—4 Colo & South—1st 1929 g—4 Refund & exten 1935—4 >2 Ft Worth & Den C’y lst--6 Delaware Lack & Western— Morris & Essex 1st 1914-.7 1st cons gu 1915---------- 7 1st refund gu 2000----- 3 H N Y Lack & West 1st ’21--6  100 124 124  109l2 100 100i8 100l8 IOOI4 IOOI4 125 12412 12478 12438 124i2 124I4 12414 112l8 11178 II2I4 11218 11218 109 IO9I4 10918 10918 92l2 9314 92l4 93 9212 9234  109l2 100 100 12518 12412 12518 112l8  9218 9314  101  10414 IO4I4 104  101  IOH4 IOH4 8834 89  IOH4 IOH4  1033410334 103  88 88 103 103 10334 10334 10334104 104 104 105 105 9334 9434 94 95 94 94l2 93l2 9478 9418 9434 92 92 92l4 9378  96 106  97  97  9434  9134 92  92l4 92i4 10634 10634 96 96  97  1O718 10778 10778 12514 93 92 90l2 92 9OI4 9H2 915g 92 61 54 54 47 50 53 62 68I4 ’64l’2 66” 6212 64l8 62 65 947s 957jj 9478 9512 9514 9612 9512 97 9834 9818 9858 98 9834 98 9834 98 113 1121211234 1121211258 11238 11258 II2I4  10734 10734  92l8 9112 9134 47 47 4812 65 63 6478 9614 9512 9618 9858 98 9838 H2I4 1113411134  10858 10834 IO8I4 IO8I4 108 108 IIH4 11134 1111211112 111 111 11078 11078 11034 11078 11058 11034 91 91 11534 11534 115U 11534 II6I4 II6I4 10712 10712 99 99 Terminal & impt 1923—4 99 9912 99 99i8 99 9912 9914 9912 Del & Hudson—Penn Div--7 11558116 1155811558 Convertible 1916---------- -4 98l8 99 98l4 99 9818 99 9812 99 9834 100 9958 100 1st lien equip 1922___ 4 54 101 102 101 101l2 10H8 IOH4 ion8 ion8 10H8 10158 10118 10112 9812 9878 1st refunding 1943----- -4 99 10012 98i2 99 98l4 9858 9838 9878 9834 99 9338 9334 93U 9334 9312 9414 9312 94 Alb & Susq conv 1946 g-3 Yi 9338 94 9314 94 124 12412 Renss & Sara 1st 1921-—7 12334 124  Denver & Rio Grande— 1st consol 1936 gold-- —4 Consol 1936 gold--------- 43^ Improvement 1928 gold---- 5 1st & refunding 1955-------5  Rio G West 1st 1939 g___ 4 Mtge & coll tr A 1949 g--4 Detroit & Mack—1st lien g_4 Gold 1995_______________ 4 Det Tol & 1—Ohio So D 1st g 4 Dul Missabe & Nor—gen ’41 5 Dul & Iron Range—1st 1937 5 24 1916  6  Dul Sou Sh & Atl—1937___ 5  9234 94  92U 9334  90  101 101 9158 9358 9212 93's 10434 10434  92  93  93l2  9234 93I4  92  9312  92  10038 10038 9234 91 92  903s 9134 8314 85  9114 92i8 85 85i2  91 9234 8412 85I4  6112 6H2 9H2 9212 90 9214 83l2 83i2  88i2 88l2  89i2 89i2  90  90  10858 10858 109 104 108 108  109 104  109  90 109  90  108l2 109  92  93  120  9314  905s 9158  93  88l2 88i2 104 104 9214 9234  85l4 86  1st cons gen 1996 g---------- 4  73i2 75l2 7434 76  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  86 87 87 87l2 73 75l2 75l2 79i2 69 70i2 7OI4 7212 1103411034 11112112 112 113 11138 1113g 12434 12434  10058 10058  N Y Susq & W 1st ref g—5 General 1940 gold- - --5  10134 10134 8514 8514  9258 9358 92i2 93l2  10634 10634  10912 10912 1O9121O912  10912 10912  1131211312  99 10H8 9814 93  9934 10134 9834 9418  9134 92  9018 91 90  98 1151211578 98 9814 9638 10H2 1016(5 10112 9778 9858 98 9134 93 89l2  98 9712 10112 9858 9H2  9734 98 97i8 10134 98U 90  9038 9H2 9058 9H2 90 98 98 9812 9812 88 9034 8414 8812 85  88  89  70  70  8712 88  95 105  98i2 10134 9878 9078  10638 10638 99 99  98  99  9734 9812 97l2 98 101 10134 101 101 9812 99 983S 99 91 9234 91 93 122 122  90i2  90l2 9034  897s 9112  88  98 9812 8718 88I4  80  87  87 81  87 81  90  91  88 81  88 83  90  90  88 82 92 91l2  8812 83 92 91l2  10412 10412  105  10512 10512 106  85l2 8634  85 86I4 8478 85l2 82l2 82l2 75 7534 7434 75l2  87 88I4 88I4 885g 76l2 7934 78 7938 70 7234 70l2 72i4  112 112 11914 II9I4 11818 II9I4 1181211812 11834 11834 11734 119 101l2101l2  104 104 104 104 10612 10612 9912 9912 8658 90 85i2 87l2 8712 8912 89 86 83l4 83i2 86 76l2 79i2 7814 7934 7878 75i8 77 77 77 88I4 90l2 88 88i2 88l2 87l4 90 8212 91 89 92 81 78i2 84 7178 75 7434 79l2 7914 80i2 74 1115811158 111 111 IIH4 112 III34II2I4 1111211234 11058  112l8 112i8 HHg 11218 111 111 12434 12434 125 125  101  8858  106  7834  91 8914 7958  88 80 74  8834 8312 76  113  88I4 82 745s IO9I4 111  118  118  .....................  105  105  105i8 1051s  101  8512 8734 86 8818 8314 8314 8312 8414 7434 7612 76 7914  87  88l2  87l4 89i2  78i2 7934  78i2 79U  89l2 87l2 7758  88 88U 8412 8714 75 77 1083410834 1121211212  88I4 89 8534 8534 7738 7634 10938 112 11134  112  123 123 1251(5 12518 10418 10418 10218 1021s 1013410134  6  N Y L E & W Dock & Imp-6  87i2 87l2  9214 9234  10758 10758  9012 9012 89 8412 8412  94  IO3I4 103U  10738 1073s  1203s 119i2120  1st cons prior lien 1996 g--4  N Y I F * W Coal & RR  93  10038 10038  103  104 104 93 955g 94 94 90 9018 92 92 92 92 9014 9OI4 92 92l4 91 9112 90 90 91 91 10512 10512 105i2 105l2 105S410534 9612 9612 9638 9G38 9712 9712 97i8 97i8 107U 10714 107i2107l2 12134 12134 90 91 91 9134 9112 9112 90 90 44" 4812 40 42 40 4012 40 41 4112 40 60 61 577s 59 61 63 58 58 5812 59 9558 9614 9434 9618 96 9534 961 4 9534 9612 96I4 96 9818 96 9712 98 9634 9712 97I8 96l2 98 112 112 112 112 11178 1117jj 112 11312 11112 112  92  106 106 106 IO6I4 106 106 108l2108l2 107l2 IO9I4 10818 10818  1181211834 1185811858 II9I4 120 N V & Frie 1st ext 1947 g 4 10012 IOH4 101i2 10158 10534 10534 10578 108 2d exten 1919 gold------- 5 10414 IO4I4 10378 1037s 3d extend 1923 gold--4 Vi IOH4 IO2I4 10134 10212 10634 10634 4th ext 1920 g________ 5 105 105 105 10514 105l2105l2  Erie—1st cons 1920 gold----- 7  9212 94  12312 1233s 111 109 92l2  10012 101 103  88i2 88l2  94  101 123  103  10634  1071g I25I4 9218 90 93 59 6112 59 6734 69 67 96 9712 9534 9758 9834 9814 113 113 113  108l2108l2 101 99 99 100 125l2 12312 12514 123  100 102l8 123l2 123l2 123* 1233(j 12338 1233s II2I4 II2I4 11134 11134 111 108 108 108i2 108l2 108l2108i2 109 9214 92l4 9212 9234 91 93U 9214  10434 IO2I4 IO4I4 88 88  93l2 94  108l2 108l2 102 102 101 124l2125 125  IOOI4 IOOI4 101 103 1245s 12458 12434 125 12438 12438 II2I4 II2I4 109 109 109i2109i2 9234 93l2 9234 9314  10012 10212  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  Florida East Coast—1st. .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 & Man 1933--.4 1st cons 1933 g............ - 6 Reduced to. 43^ Mont Ext 1st 1937 g------- 4  St P M & M—Mont C 1st g 6  Will & Sioux F 1st g 1938-5 Gulf & Ship Isld—1st 1952..5 Hocking Vail—1st cons g-4>£ Colum & Hock Vail ext g--4 Col & Toledo 1st ext 1955-4 Houston Belt & Term—1st--5 Illinois Central—1st 1951 g-4 1st 1951 gold---------------3 3^ Registered — — -334 Collateral trust 1952 g----- 4  1st refunding 1955 -- —4 Purchased lines 1952---- 3 34 L N O & T 1953 g----------- 4 Registered....................... 4   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  10412 10434 10434 103 83 110 110 1101811018 99l2 99i2 9934 9978 100 10118 100i2 ..................... IOOI4 IOOI4 101 101 110 11012 1121811218 11234113 11218 11218 11218 11212 101 10112 101 102 101 10U2 ion2 ion2 101 101 102 102 102 84l"2 8412  9512 96 9538 96  104  86l2 87l4  95 84 9812 9534 9534  95 84 9812 9658 96'8  95 84  95 84  9514 8212 9712 9558 96's 9578 9512 9558 9558  9538 95U 9838 8212 83 84 9712 9678 9578 97 9634 9638 9634  9712 835s 9712 97I4 9738  9858 9858 9834 9918 98'2 99 126 12718 12634 127 12658 12714 12658 12658 12658 12658 IO5I4 106 10512 10512 105 1055s 105U 10512 106 106 125 96 9812 9734 9812 9814 9812 95U 95U 106 98 a925g 9258 a98  98 835s 9712 9912 9818  103 83  102 163 103 103 103U 87\» 87l4 88 90 1101211012 108i2408l2 10812 10812 102  10312 10312 1101211012  100i2  9818 9818 100  9912 100  10H8 10034 10034  11178 11178 11112 11178 1117811178 10212 10218 10218  97U 9734 83 83  97 9738 8314 8314  9634 975s 9618 9718 9678 9718  12634 12634 12638 12638 12658 10512 10578 10558 10558 IO6I4 9838 9838 9838 9838 9812 98  108 97 83  108 9812 83  97 9712 8218 821S 9712 9712 955s 9612 955s 9612 96l4 9678 9612 97 9534 9618 9614 9634 963s 963s 9512 96 9978 IOOI4 100 10034 10058 10H2 100l2 1013s 9918 9918 12558 12558 1255s 12558 105 105 106 106 1057s 106 9838 9838 ’9838 98S8 97l2 97l2  95  96  96  9738  96 96 116l211634 1151211512 11412 11412 11518 11518 12878 12878 12812 12812 128 128 12858 1285s 128581285g 127U 12714 1123411234 1121211212 1123411234 1121211212 91 9534 94 94 9134 9134 92 92 93 95 89l8 89's 8818 9012 9012 92 90 90 10214 10278 IO2I4 10212 10134 10212 102 10358 103 10312 10234 10314 10212 103 101 10212 ioi’ 10214 10112 102 102 103 102l2 103 9412 9412 94 9434 95 95 9412 95 96 96 10018 101 9912 10012 1011210112 10212 10212 103 103 103 103 10U2 102 102 102 100i2100i2 10158 10158 IOOI4 10H2 101 101 100 100 90 9014 86I4 8934 91 91 89 89 993s 9938 99 99 9858 983, 9838 9878 9878 99U 9914 98 98 9814 9838 98 9812 9812 96I4 963 4 96I4 963 4 96i 2 963 4 961 4 963 4 961 4 965 8 97 971 2 961 2 97 961 8 961 2 961 8 961 2 96i 2 97' s 96i 2 97i 2 97 98 9634 9634 88 88 86 87 99 99 99l8 9914 9758 9838 98i8 9838 98i8 98l2 9838 98l2 ..................... 9858 9858 98l2 97l2 98 98i8 98l4 98 9434 9434 a On the b asls ot $5 to £ 1 sterlt ng.  127  127  139  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 Yi St L Div & Term 1951 g..3 St L Div & Term 1951 g-3 K  *June October July August September November December April May January February March 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  85% 85%  97% 97%  86  86  86% 86% 75% 75%  85% 86% 86  Ind Illinois & Iowa—1st g--4 Internat & Gt Nor—1st ’19 g 6 2(1 1909 gnlri 5  96% 96% 107%107% 108%10834 112 112 105%107% 10712llll2 15 15 102%103 102 10234 65 68% 67 69 9434 95 94% 947g 73% 74% 73% 74% 100% 102 10058 102 9634 9634 97% 97% 109% 111%   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  8578 857S  75% 75% 85% 85%  85  85  8638 87%  86%  96  95% 95% U5l211634 113 115  Lehigh & N Y—1st gu ’45 g-4 Long Isl—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 Loujsv & 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)3 N O & Mobile 1st 1930 g--6 N 0 & Mobile 2d 1930 g-.-6 Paducah & Mem Div 1946-4 Pensacola Div 1920 g___ 6 St I-tOuis Div 1st 1921 g__6 St Louis Div 2d 1980 g—3 Atl Knoxv & No 1st 1946 g 5 Atl Knox & N O 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 2d extended 1938 g___ 5 St Louis Iron Mtn & Sou— Gen cons ry & I gr 1931 g 5 Unifying & ref 1929 g—4 ' Registered___________4 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 St Louis & Cairo gu 1931 4 Nash Chatt & St L—1st '13-7 1st consol 1928 gold-------- 5 National Rys of Mexico— Prior lien 1957 ----------- 4)4 Guar general 1977 ______ 4 National of Mexico— Prior lien 1926 gold___ 4)4 1st consol 1951 gold -__ 4 New Orleans Term—1st-- -4 N Y Cent & Hudson River— Gold mortgage 1997___ 3 )4 R gistered - ----------- 3)4 Debenture 1934 gold____ 4 Registered___ ____ 4 Lake Shore coll g 1998.-3 )4 Registered — ------- 3)4 Mich Cent coll g 1998.-3)4 Registered___ ____ 334 Beech Creek 1st gu reg__ 4 Mohawk & Mai 1st gu g 4 N Y & Harlem 2000 g. .3)4 N Y & Put 1st gu 1993 g -4 Rome W St Ogd 1st cons--5  86% 87%  75% 75%  Chic St L & N O 1951 g---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)3 Registered-- - - - —4)3 lehigh Val (Pa)—2003 g-- 4 Lehigh Val Term—1st gu g-5  8634 8634 76% 76%  108% 108% 104% 104% 113% 114 112% 112% 96% 96%  117  95 95 96 96% 10734 10734 108 10834 115%115% 112 11378 U3%11934 18 24 101 102 6834 63 66% 66 94% 94% 94% 9478 7338 74 73% 73% l0078 101% 10058 10078 98 9758 9758 98 109 109 108% 109% 104% 104% 104% 104%  96 114  96  117  108% 109 120 121% 119% 122% 16 2178 10034 101% 67 68 9478 95% 73% 73% 10078 101  96% 96% 96% 96 114 U334 11334  95 96% 96% 108%108% 108% 109 108%108% 108  96  1145g 114%  94% 95 95 108% 108% 108% 109 109  101% 102% 101% 10238 101% 102 100% 101% 6’ 69 66 71% 6534 6834 67 69 94 94 74% 74% 74% 7434 74% 7434 73% 74% 99% 10038 98% 99% 9834 100 10038 101 9834 99% 99 99% 9878 99% 99 99 10834 10834 109% 109% 104% 104% 107% 107% 105% 106% 105% 106 105%105% 1051s 1051s 105%105% 1041s 104% 9738 9738 9634 9634 97 97% 9678 97 97 97 112% 112% 113 114 114% 11434 114 114 113% 114% 113% 113% 113 113% 113 113 9334 9334 93% 93% 94% 94% 9434 9434 11078 111% 109% 110 1103811038 11012lll 9234 9234 93 93 93 93 96 96 100 100 98% 98% 9812 9812 98% 98% 9434 9434 94 94 93 93 9634 96% 9634 96 9534 96 96% 9658 96 96% 9534 96% 9534 97 96% 96% 9534 97  94% 95% 96 96% 95 95 1043410434 104% 10434 103% 103% 94% 94% 115%116 1161811618 116% 116% 112% 112% 98% 987g 98% 99 98% 9878 109 109 10934 10934 U134 112 111 111% 10438 10438  118% 118%  101 102% 67 68% 9478 9478 73% 74% 10034 101 98 99% 109% 110% 109% 109% 104% 104% 104% 104% 1103411034 105% 106 106 106  109% 109%  102 10134 10134 6834 66 67 94 737s 73% 747g 1003g 9934 100% 98% 99% 108% lb'9” 10834 110% 104 104% 104 104  10138 66% 94 73% 100  105% 105%  11378 11378 ____ __ ___ 111%111% 111% 111% 9234 94  93% 93%  94  95% 98%  96%  105 106 106 106 106 97% 97% 97% 97% 98% 98% 9834 97% 9734 115 113% 114% 113% 115 114% 114% 112 U278 114% 114% 114% 114.% 1147SU5% 112% 112% 112 112 112 112 9838 99 99% 9838 99 9834 9978 98% 99% 98% 9878 98% 99% OS's 9912 99 10834 109 109% 109% 112% 112% 113 113 111 111 104% 104% 104% 105% 105% 105% 1183411834 122 122% 121 121 118% 118% 9534 9534 9534 9534 9534 9534 95 95 96% 96% 95 95  106 106 9558 9558 114% 116% 112% 112% 9838 99  106 96 114  10534 10534 113  92  92  95 95% 90% 91  71% 71% 93 93% 93  95% 96  94 89  93 94 89  112% 112%  110  106 106 94% 95 89 90 110 110  93% 9334 93% 93% 112% 112%  92% 93  9238 9234  95 95% 94% 9434 88 89 ..................... 108% 108%  94% 9434 89% 89%  94% 94% 89% 90 .....................  92% 92%  113  92 92% 111% 112 94 90  94% 90%  111% 111% 112% 112% 111%111% 9234 9234 9934 100 100 100  94% 94% 90 90  91% 91%  90% 90% 1101211012 107 107 10234 103  90% 90% 90 90 109 109% 109 109% 108 108 103%103% 103% 103%  105 105 109 10934 10034 101 10012 10H4 76% 7734  109 111 109% 110% 10012 102 101 102% 10014 101% 10034 102 7738 82 77% 8034 96% 93 9334 9334  97% 84% 101% 7978 8534 78  94% 9534  106% 107% 107 108% 10734108% 83% 85 83% 8778 85% 86% 8634 8634 84% 8838 8534 8634 84% 85 12078 122 120% 121 120 120% 115%115% 1163411634 86% 86% 11014 110% 110 110 81 81 93% 94% 10638 106% .... ____ 106 106 109% 110% ____ ______ 109%110 9458 95% 9234 9434 8734 88 88% 85  8834 90 88 87% 89% 88 92% 93% 94 93 80 805s 80% 7834 79 78% 79 78% 79  76 99 90% 97% 108  .....................  81  8878 87% 8634 88 9334 92% 92% 93 8078 7938 7938 78% 7938 79 76  98  105 71% 98  7178 70 81% 81% 97 97  72  75  97% 97%  103 70  103 73  97  97  97% 9734 97% 97% 97 97% 97% 9734 84% 8434 84% 84% 84% 85 84% 85 102 103 100% 10078 99% 101 99% 101% ___ 78% 78% 78 7834 80% 81 8434 88 87% 87% 8534 87% 83% 86 78 78 79% 79% 79% 79% 1053s 1053s 88 88 89% 89% 89% 89% 89% 89% 89% 897S iio 110" 167% 10734 108% 108% 110 110 108 109% 10734 10734 106% 106% 106% 107 106% 106% 106% 107 104% 104% 105 10538 10538 10538 103% 104 104 104% 105% 105% 103% 103% 10434 10434 103 105% 104 104 104 104 109 10958 109 10934 109% 10938 108% 109 107% 108% 106% 10734 107% 10734 101 101% 100% 101 100% 101 100% 101 100 10034 99% 100% 9934100% 10034 101% 100% 101 100%101 10038 1007s 10038 100% 100% 100% 9934 9934 74 773s 79% 7738 78% 77% 78% 77% 7778 76% 77 75 75 76 96% 96% 85% 887S 9234 94% 93 94 9238 93% 89% 9278 84 90 91% 95 92 92 90% 9038  9678 9678 96% 9634 108% 108% 108% 108%  98% 98% 9734 9834  10034 10034 83% 83%  105% 105% 105 70 71 70  973g 96% 97% 9634 97% 96% 97% 8434 8334 84% 84% 85 84 8434 10178 10138 10234 10234 103% 102% 103 8034 7834 80% 80 81 80% 83 8634 86% 87% 87% 88 87% 8734 78  97% 9734 85 86 101% 102% 79% 81 86 8678  8234 83%  94% 94% 90% 90%  130 130 1101s 1101s  97% 98 83% 85 10U2 102% 7958 80 8534 8634  94% 95% 8934 8934  92% 9234  91% 91%  130  107% 107% 10834 109 105%105% 105% 105% 74 74 71% 65 66% 6634 70 71% 71% 70 81% 81% 80 80 9534 97% 97 97% 9712 98 97 97 97% 97 93% 93%  91% 93 92 92%  92% 93%  110% 110% U034 111%  110  112 112 92 92 94 94 9938 99% 99% 9958 9934 100 130  9234 93%  9634 9634  96  96  107% 108 10734 108% 10734 108% 107% 10734 108 85% 8478 85% 84 85 85% 8478 86% 85  108 84  85% 86% 8578 86% 120 120% 120%121 115%115% 8634 8634 87 87 110 110  85 12034 115% 87  96  96  96  86% 85 85% 8434 85% 82% 12078 120 120 120 U534 115%115% 114 87 86 87 86 87 87  84 120 115 86  105 104 71 70 7834 79 9734 97  9734 84 101 80 8778 7834  9734 98% 96 83 847g 85 103% 100% 102 79% 81% 80 89% 88 89 7834  90  91  ...................  106% 106% 106% 106% 104 1047g 104 10434  10534 10534 108 108% 108 108 100 1003g 9978 100% 997g 100% 997g 100% 7434 74% 75% 70  88 92 83  89% 92 83  96%  107% 108 106%107 82% 82% 81% 82  106% 70 7934 9734  104 70 7834 97  107 107 8134 83  86% 88% 83% 83% 97 97 106 79  106% 82  82% 84 84% 85 83% 84% 120% 120% 1203g 1203g 1203g 1203g 87  87  110  111  110% 110% 83 85  105% 107% 10538 105% 105% 105% 104% 105% 104% 104% 104% 104% 104% 10438 106 106% 10934 10934 10978 110% iio% 110% 11034lll 110 110 109% 109%  9234 9378 86% 86%  92% 93% 86% 86%  9178 9234 8534 8534  9234 93 84 86  9134 93 85 85  91 92% 91 83% 83% 83  92 84%  92% 92% 92% 923S 84% 85% .....................  83  81% 813S  80% 8138  7834 81  80 80 88% 88%  80% 80%  78% 78%  79  8Q34  99% 99% 79% 79% 79% 79% 88 88%  88% 87% 93% 9234 8034 79 79  88 86% 9234 93% 79 77% 7834 78  88 89 88 88 93% 94%  87% 88% 88 88 93% 94%  87% 88  87% 88% 87% 87% 93% 9334  87 88% 86 86 9234 9334  87% 88% 8734 887g 87% 87% 88% 88% 92% 9334 93 9334  93% 94  78 79% 79 76% 77% 76% 78 78 77  78% 7734 777g 76  89% 87% 94% 93% 7938 79 7834 78  79 80% 79% 7934 78% 79% 77% 77% 79 79 78 79  99 99 99% 99% 90% 97% 108 107% 107% ..................... 108  93% 94  79 79 787s 77%  80% 79 7934 77% 79% 7734 77% 751s  7978 78% 79% 75 7878 77 75% 78  79% 77 77% 78  79% ___ 78% 77  87% 88%  8034 78 79% 78  99  110  9778 9778 ..................... 10734 108% 10738 107% ..................... 107  107  107% 107% 107% 107%  RAILROAD BONDS.  140  1911—Continued. January February March April May June July August September October 1 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 4 H R RR—(Coracz.) Rutland 1st cons 1941--4 >6 0 & LC 1st guar- -.4 Utica & B R gu 1322 g_ 4 LS&M S gold 1997___ 3,4 Registered ------- - -3M Debenture 1928 gold------4 Registered_________ 4 25-year 1931 gold-------- 4 Registered_____ 4 Mahoning Coal RR 1st----- 5 P McKees & Y 2d gu-6 Michigan Central 1931___ 5 1940 ___ --4 Registered____________ 4 1st 1952 gold_______ 3 4 20 year debenture 1929..4 N Y C & St L 1st 1937 g--4 Registered 4 25-year deben 1931__ 3 4 West Shore 1st 2361 gu—4 Registered ---------------- 4 NYC Lines equip 1916--5 NYC Lines equip 1918 5 NYC Lines equip 1923-4 Vi N Y New Haven & Hartford— Non-conv deben 1955 . _4 Non-con v deben 1956 — 4 Non-conv deben regis 4 Non-conv deben 1914_  85l2 85l2 86  86i2  89l2 90 88I4 88l2 93U 9334  89 8978 88I4 88I4 9358 94  93  93  93i2  9338  87  8858 88 9314 9278 9234  94l2  9378 9434 9334 9334  9338 94l8 93i8 93i8  93l2 94  86  Norfolk & Southern 1st— -5  86i2 86i2  9978 895g 885g 935g  997g 90 885g 94Jg  931g 941g  88 895g 88 88i2 9234 9334  93  92l4 9314  92l2 93io 9314 93l2  89  9312  123 111  99  heading—Gen 1997 gold__ 4 Registered-- - ----- --- --4 Jersey Cent coll 1951 gold-4 Registered __ __ 4 >t Jos & Gr Isl—1st g— -4 St L & San FrRy 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  93  933g  1103g 1103g  99  87 87 87 8714 9134 9212 9134 92 99l2 lOOig 9912 9934  87l4 8714 91i2  9158  9912 100  88 88 9158 93 9938 100  88 88 9134 93 9938 99l2  9834 9834 98i2 98l2  99  87 89 92 92l2 9134 9214 9938 997S 99U 9934  87  87  99  9938  91 91 9038 90l2 9 1 9238 9138 9178 9OI4 9078 8934 8934 9012 91 905g 91 101 10H2 IOOI4 IOH4 100i2 101 100i8 101 10034 10H2 101 101l2 10012 10112 100 1005g 9934 9834 9934 98U 99 9912 10012 99 98l4 9914 98l2 98l2 98l8 9878 9734 9834 10238 10238 10278 10278 100l2100i2 9334 9334  9334 94I4 9934 9934  93U 9378 9314 94  99 81  8418 8612 95 96  85i2 86I4 95i2 96I4  8634 87 96i2 97  96  97  9234 9318  9412 9614  9412 95  94U 947g  9238 923g  9614 9614  9358  9412 95 93I4 93U  98i2 99l2 98  102  103l2 IO4I4 10358 104 9714  98l4 9858  104  107  108  105  97l2 98  10512  9334  9412 95  12312 12312 977g 9814 9814 9912 98l4 9934  105  101 101 IOOI4 IOOI4 108 108 103i8 103i8 10312 10312 993g 991g 9912 9834 99U 99 99I4 9918 9912 99U 99i2 99 9614 9612 964 9658 9658 9714 9634 9718 9678 97i8 9634 97 9634 97 9618 9618 10334 104 103 104 103 10334 10312 10418 103 10334 10318 10334 103 103 9978 9978 102 10212 10212 10212 102 102 10112 10112 102  97  9434 92 9334 133 13112 132 13012 130l-> 132 93  9314  9438 95  124  10712 10712 1064 107  IOOI4 IOOI4  9214 9212  123U 12314  124  10514 108  9834 9918 9618 9612 96'8 9638 10318 104>8  90 90l2 1005g 101l2 . 98 98  10212 10212  12434 1 2434 1245S 12458 128 128 126l4 126l4 127 127 125 125 12418 12418 125 125 9878 9812 99 98 9834 9734 9838 9712 98  11138 11138  96 96 1161211612  92  . 9012 9H4 ' 9934100  813S 813g  9338 92l2 94 9212 9314 921g 9318 9214 9234 9112 9212 9314 9314 93 9334 9234 9312 92 102 107 1034 109l2 10478 10918 10618 IO8I4 10738 10978 IO7I4 109 103 IO7I4 10212 IO4I4 IO3I4 1077g 883 8 893 4 8934 90 9012 897g 901g 90 90lg 885g 90 89 9OI4 90 89i2 90l2 885s 904 10412 10412 9612 973s 9614 964 96l2 97 97U 9712 97 97 97 97 97 97i2 9712 9712 99l"8 9934 985g 99l2 9834 9934 9934 10038 100 10034 994100i8 9958 10038 9978 100l2 99U 100 9834 987g 98 98 984 9914 99 9914 9834 9834 9812 99 99 99 9812 99 7012 7l” 704 714 70l2 7H8 71 71l2 70 7014 6834 6934 71l2 68 7H4 7058 7H2 71 694 694 68 68 9634 9634 97i2 98 96 96 96 96 96 96 11634 11634 1161211612 1161211612 11534 11612 1153811538 10234 10234 10234 10234 9H8 91l8 111 llllg 1111211112  96l2 97l2 9978 IOOI4 9834 99 70i2 7078  92  9212 89 91 13218 12834 130 130  103l2 103l2  125 125 9834 9912 98 98 9258 9314 100i2108ig 88l2 90l2  9234  91 100i8 9834 9114 101 9S12  99 81  92 92 92 12634 13014 13012 13012 99 99 9212 9258 9234  9338 9312 93 11318 11318 85l2 87 96 9634  92  9412 9412  93l2 93i2  8358 8358 84 84 89 99 10012 9914100l8 98i4 9978 95i2 98i2 95 9714 94U 9734 9434 96 133l2 13434 13334 13458 133 1344 13278 13358 13212 13334 132 13258 132 13234 129 13212 13334 13318 13318 13314 133i2 130 133 133  86 87 96 9634 9412 9412  8634 8634 8812 8812 9112 9112 91 91 91 9914 9958 993g 9978 9938 9834 90ig 90ig 9034 9712 10034 9934 10034 100 98 98 97 98 9712  101l2101l2 ..................... 101  102  9812 9614  91  91  104  1011210112 10H2 102  103  106 106 106 10658 1065s 106 106  106 106 106  9812 lOOlg 99 6978 68l2  1153g 1153g  105U 10434 106  1113g 1113g 92 9234 103l210434  lOUg 10H8 1015g 102  10314 IO3I4 103U 10314 10312104  975g 9734 ..................... 88 88 98 99 98 98lg  10438 1045g 105 103  98 991g 983g 69 68  102 102 991g 9912 99ig 99U 99ig 99l2 9938 9958 9912 9934 9578 9678 96lg 97 9658 97 9678 971g 965g 97 9612 9612 9614 9614 102 10314 102 10212 102 10334 10218 10312 10212 10378  1044 ..................... 10358 1041s 104 104U 10312104 ..................... 10278 8858 8858 8812 89 88 88 884 9714 97U 97U 9758 9734 97U 9712 9712 975g 9712 9712 88 88 9812 99 98 98 ..................... 98i4 98i2 98l4 98l2 9814 99 9614 9614 964 964  91 91 9012 9012 10414 10414 1034 1034  105  97i2 98 9934 1003g 99 99 6958 70 68l2 697s  ..................... 100l2100l2 100i2 100l2 100l2100i2  10314 10278 884 97b 9718 97U  97J 96  105  97l2 987g  9334 94I4 93 94 1075g 11038 10714 10912 91 921g 93 93  98 89 98  983g 89 99  101l9l0H2 10312 104  975g 9734 9712 983g 9612 9612 10734 10734  105 105 10134 10134 1011210112  105  10378 10378 107l8 10734 107l2 107l2 107 10734 10718 10718  106 106  10134 10134 101 101 10538 105l2 IO6I4 IO6I4 10614 1061-> 106lg 105l2 1057g 106 10512 10512 10612 10612 10612 10612  9858 985g  __4  Series E guar 1949— 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............ ---414 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 lst--5  8SI4 89 89 89 933g 9334  123  111  99  Norfolk & West—gen 1931__6 Improvt & exten 1934 g__6  New River 1st 1932 gold--6 A! & W Ry 1st cons 1996.-4 Registered - — 4 Divisional 1st lien- - -4 10-25-year conv 1932—4 Pocahontas C & C joint-4 CdI Conn & T 1st 1922 g- 5 Scioto V & N E 1st gu g--4 Noi th Pac prior lien 1997 g--4 Registered ----- - -4 General lien 2047 gold___ 3 Registered 3 Sli Paul-Dul Div g 1996—4 Sfc P & No Pac gen gold__ 6 ^0 Registered 6 St Paul & Dul 2d 1917___ 5 Wash Cent 1st 1948 gold-4 Nor Pac Term—1st gold----- 6 Oreg-Wash RR & Nav—lst-4 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-314 10-yr conv 1915 g-.......... 314 Registered -- -- --314 Cons 1948 gold__________ 4 Registered-- _________ 4 Alleg Vail gu 1942 g----- 4 Phila Balt & Wash 1st g--4 Registered __ 4 United N J RR & Canal --4 Pennsyl Co—gu 1st g------414 Registered ----—414 Gu coll ctfs B 1941.......... 314 Tr Co ctfs gu 1916.g___ 314 Tr ctfs gu 1944 ser D—3 14 15-25-yr guar g 1931------4 Cin Leb & No 1st cons gu g 4 Cleve & Pitts gu ser A--414 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 1942-414 Series B guar 1942---- 414 Series C guar 1942----- 414  86  88 90 87l4 88 92l2 937g  88  1105811058 1111211112  Registered ________________ 4 General 1955 _ 4   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  9838 9838 90 89 90i2 89l4 8914 89l4 89i4 9934100 100 100 100 8834 8914 8834 89 89 90 90 8834 8834 8718 8718 884 9434 9334 94I4 9414 ~94i"8 95" 94  4  Non-conv deben 1954—3 4 Non-conv deben 1947—3 4 Convertible deben 1956-314 Convertible deben 1948—6 Registered -- — 6 Harlem R- Pt Ches 1st___ 4 Cent N E 1st, 1961 gu___ 4 Housatonic cons g, 1937--5 Providence Secur 1957----- 4 N Y Ont & W—ref 1st g------4  Series D ffiiar 1945  884 100 8934 884 88I4 88 9334 93 9278 9312 92l8  89i2  93 113  93  9134 9134  113 ” 113  931g 931g 977g 9778 987g 987g  981S 9818  98  98  1131211312  113  109  113l211312  109  9312 9312  70 66 66 734 7634 75 75l2 73i2 75I4 6912 6912 68l2 70 73l2 7638 7434 7578 68 10034 10078 10018 10034 IOOI4 IOOI4 110 110 110l8110l8 1103811034 1103811012 110i8110l2 10934 10978 ion210214 100 IOH4 101 103 1011210112 10134 10338 102 102 102 102 8738 88 8634 8738 8634 8634 87 8734 8612 8612 86 ii212 l"l212 11278 11278 9712 9814 9734 9734 97 9712  97l8 9758 9634 9738 97I4 9714 97l8 97l2 96 964  8612 87l2  8634 8634  107 107l2 10758 90l8 90i8 90 86l2 88 8714 10112 8058 82i2 8H4  10758 90i2 88 10112 8238  116 116i8 116 11638 7718 783g 78 7934 9838 985s 97l2 98  97 9734 97U 9714  9758 98l4  97l2 98l4  9634 97  72 70  67  67  86  98 84  10012 8612  68 68 67l2 6834  66  66  110l8110l8  995g 995g  84  977g 98l2 97l2 98i2 97  9714 97l2 9714 9738 97 97 8738 8834 88I4 883g 87 87 90 90 11834 119" 119lg 119lg 119 119 118 118 118 118" 1074 108 107l2 10734 10712 10734 107i2107l2 10712 1077g 90 904 9014 90 91 90l4 90l4 90 8678 8734 8738 89 8938 90 8834 89i2 87lg 887g 8834 90 10034 10034 8158 82I4 8H4 817g 7934 8134 8134 82l4 8134 83 81 82 8034 8034 116 116i2 116i21171? 1161211612 803g 807g 79 8038 80l2 80i8 81 794 804 7958 80i8 80 9958 9912 99l2 9938 9912 993g 99l2 99U 9938 984 994 99  84 977g  9712 98 97l2 97l2  86  86i2 .....................  II3I4 11314 97l2 983g 98 98l2 971g 971g 9734 9734 9714 98l4  84 84 II2I4II2I4 981g 983S 9714 9714 97U 9712  8514 89 87 87 rise’s l"l"87g 118 11834 108 108 107 107l2 IO7I4 107l2 107 10812 90 90 85l2 8712 85l2 8734 87l2 887g 88I4 89 100 100 80 80i2 81 77lg 80 77 79l2 80 7834 79i2 98i2 99I4  1161g 11634 II7I4 118 117 118 7834 791g 7834 80l2 797g 80l2 99 9918 99 99 99 99  141  RAILROAD BONDS. 1911—Continued. BONDS  November December October September July | August January February March April | May | 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  91% 9H4 9214 St Louis Southwest—1st g-4 8978 9034 90% 90% 9014 91% 8234 83 82 81 81 2d inc bond ctfs gold----- 4 78 78 78 783g 79% 787g 8U2 77% 79 75% 77 Consol 1932 gold------------ 4 San Ant & Aran P—1st gu g 4 865S 87% 8634 8714 86% 87% 8658 87% 87l2 88I4 Seaboard Air Line—1950 g-4 8534 8534 Do do stamped---------- 4 8434 8758 8634 875g 867g 87% 867g 87l4 87ig 88 Coll tr refund 1911 gold--5 100 100 100% 100ig 100 100ig 100 100 79" 80 Adjustment 1949------------ 5 76% 7734 75% 76% 75 757g 75% 79% Refunding 1959--------------- 4 8634 8634 86 86I4 87 86 Atl-Birming 1st 1933 g—4 8534 867g 9134 9134 Carolina Cent 1st 1949 g--4 103" 103 102 102 Fla C & Penin 1st 1918 g--5 10534 10534 106 1063g Consol 1943 g--------------- 5 Ga & Ala 1st cons 1945—6 104% 104% 10414 104% IO4I4 104% 10434105 Ga Car & No 1st gu g.—5 104 104% 109 109 Seaboard & Roan 1st ’26.-5 Southern Pacific Co— 92 927g 9134 9214 92lg 937g Cent Pac coll 1949 g------ 4 91% 92% 90% 90% Registered------------------ 4 Convertible 1929------------- 4 97 98% 98% 99U 973g 98% 96% 98 967g 99 Cen Pac 1st ref gu g-------- 4 96I4 97% 96% 97 96 96% 95U 97 97 97l2 9134 9134 9H2 9134 915g 92 91% 92 Mtge guar gold-------- 3>i 9214 93i2 Through St L 1st gu g _4 *92* *93% G H & S A—M&PDiv 1st g 5 108% IO8I4 106% 106% 107U 108% 107 107 103 103 Gila Vail G & N 1st gu g..5 HousE & W Tex 1st. 1933 5 1st guar redeemable----- 5 109% 110 10934 10934 Hous & Tex Cen 1st 1937..5 1093410934 IO9I4 IO9I4 Cons int guar g 1912------6 943g 943g ’9334 9434 General 1921 gold-------- 4 95% 95% 94 94% 94 94 Austin & N W 1st 1941—5 11512 11512 Morgan’s La & Tex SS lst.7 111 111 1st 1920 gold--------------- 6 Ore & Cal 1st 1927 g-------- 5 1011210112 So Pac Cal 1912............. ---6 102 102% San Fran Terml 1st 1950..4 9234 9234 923g 93% 92% 9234 92% 925g 9214 925g 1017g 1017g 101% 101% Tex & N O—Sabine Div.-6 1015g 1015g 103 103 Consol 1943 gold---------- 5 94% 95% 95 957g 95i2 96 Sou Pac RR 1st ref 1955. .4 9412 953g 947g 95% 95 95 Registered------------------ 4 Southern— 1st 1994 gold--------------- 5 107% 108 107%108 1063g 10734 1065g 107% 107l2109l2 106 106 Registered --------------------5 7734 773g 78% 783g 79% 79lg 8OI4 77% 77 Develop & gen Ser A------- 4 87% 87% 86 88 88 87 87% 87% 88 Mobile & Ohio coll tr g—4 10834 10834 IO9I4 109U Memphis Div 1st g--4W 87 8734 87i2 88 87% 88 St Louis Div 1st gold----- 4 86% 87% 87% 88 90l2 9012 Atlan & Danv 1st g 1948..4 Second 1948-----------------4 107 107 Col & Greenv 1st g 1916. .6 1065g 1065g 106%106% 1075g 1075g E T Va Ga div 1930--------- 5 Cons 1st 1956 gold------- 5 1097g 111% IIO34HH4 1101211034 HM4 IIH4 111 1115g 1055g 1055g 1055g 106 E Tenn reorg lien gold------ 5 105% 105% 105 105% Georgia Midland 1st 1946-3 113ig 113ig Georgia Pac 1st 1922 g—6 115i2116 Knoxv & Oh 1st 1925 g—6 Mob & Birm 1945 g-------- 4 Rich & Danv cons gold—6 105% 105% 104% 105 Deben 1927 stamped — 5 71 71 Rich & Mecklen 1st g 1948-4 10334 10334 1035g 1035g 104U 1O412 Sou Car & Ga 1st g---------- 6 Va Mid Series D 1921---- 4-5 Series E, 1926--------------- 5 1073g 1073g Gen 1936.......... 5 107 107 108 108 Va & So West 1st gu------- 5 110 110 110 110 Va&SW 1st cons 1958.-5 94% 96 9634 97% 96% 96%, 95l2 96 *96’ 97” Wash O & W 1st 1924----- 4 104%104% 1045g 1045g West No Caro 1914 g------- 6 105 1025g 10212 10212 Spokane Internat—1st g—5 Terml Assn St Louis—lst.4J^ 105% 105ig 105% 105% 1053g 10512 1123gll23g 1st cons 1944 gold---------- 5 97 9734 Gen refund 1953 gold------- 4 98 98 St L Merch B & Term------- 5 108%108% Texas & Pacific—1st g----- 5 llllg 1115g 1103gllll4 110% 111% 110 11012 IIOI4 11012 La Div B L 1st 1931 g----- 5 9912 9912 Toledo & Ohio Cent—1st g_.5 109 llOlg 109 109 10834 1087g 109 10934 I69l'2 1097g General 1935 gold------------ 5 102 103% 101% 101% 907g 91% 9034 9034 91 917g Kan & Mich gu gold---------4 90 91 90 90 2d 20-yr 1927_________ 5 97% 9734 97I4 97% 96% 975g 98 98 90~ 90 ’ 90ig 905g Tol Peoria & West—1st g..4 90 90 Tol St L & W—Prior lien. .3 M 89 89% 89% 89% 8934 89 89i2 68" 70” 6834 72l2 747g 717g 74 50-year 1950 gold------------ 4 69 72 Coll tr 1917 ser A------------ 4 81% 81% 78 78 Toronto Ham & Buff 1st-—4 87 90 Ulster & Del—1st con g----- 5 105%106 105%106 105% 105% 1st refunding, 1952 g----- 4 Union Pac—RR & I g 1947-4 10012 101 100% 1007g 100 101 1005g 102 101 10214 Registered --------------------4 99%10014|100 1001g 100 100 99U 100 100l21OO12 20-yr conv 1927------------- 4 1037g 105% 103% 106% 1037g 10514 104U 10514 105 1073g 10514 IO5I4 Registered------------------ 4 1st & refunding 2008------- 4 9634 97% 96% 97 96% 9634 965g 973g 9712 9814 Oregon RR & Nav con g--4 96% 97 95% 96% 95 96 957g 97 961g 9714 Oregon Sh Line 1st g------- 6 1147g 115% 1147g II5I4 114% 11434 U4l4ll43g 1143811434 1st cons 1946 gold--------- 5 111% 113% 112% 113 112121125g 1125gll27g 1121211234 Guar ref 1929 gold------- 4 9234 93% 9314 937g 933g 94 935g 9412 943g 95 Utah & Northern 1926 g--5 108 108 Vandalia—Cons 1955 Ser A-4 9634 9634 Cons 1957 Ser B_________ 4 97% 97% Vera Cruz & Pac—1st gu.4 3^ Wabash—1st 1939 gold----- 5 1087g 1097g 109 110 10812110 108 10812 IO8I4 109 2d 1939 gold____________ 5 98% 99I4 9834 101 99 100i2 9934 101 997g 101 Debenture Ser B 1939------6 98 98 1st lien equip 1921 gold--5 100 100 104 104 104 104 1st & refund 1956 gold—4 6334 65% 64 715g 68% 71% 667g 7014 6734 6934 10734 10734 Det & Chic Ext 1941 g----- 5 108% IO8I4 Des Moines Div 1939 g__ 4 81 81 8112 8H2 Omaha Div 1941 gold—3 3^ 74 74 74 7534 Tol & Chic Div 1st g----- 3 34 85 85 Wab-Pitts Term—1st g----- 4 44 47I4 45% 48 4434 46 4U4 4534 Cent & Old Colony Tr Co ctfs 44 4734 43% 48% 44 48 3912 4512 '3912 4234 44 46 Columbia Tr Co ctfs.. 44 48% 4412 487g 40 46 40 43 2d gold 1954____________ 4 6 6% 6% 7% 6% 7% 612 612 512 6 6 634 534 6 6 7 6% 8 65g 8 Trust Co ctfs deposit----Washington Term gu___ 334 88% 88% 90 90 88% 88% 1st 40-year guar 1945----- 4 West Maryland—1st gold--4 86% 87 86I4 8634 86 86% 861g 8612 86I4 88l2 W Va Cent & P 1st 1911 g-6 1003g 100% 100% 1005g 1005g 1005g 10012 10012 1003g 1003g 110 llOlg 1097gll0 IO9I4 IO9I4 West N Y & Pa—1st 1937 g-5 88l2 8834 General 1943 gold------------ 4 88% 88% Wheel & L E—1st 1926 g--5 104 105 105" 105” 1047g 1047g 10334 10334 10412 10434 10434 10434 104 104 103% 103% Wheeling Div 1st 1928 g--5 1st cons 1949 gold---------- 4 84 86 84 85 '84lg 84lg 82 85 8212 8412 98% 99% 20-year equip 1922 g------- 5 94 95 95 95 Winston-Salem S B—1st—4 93% 9234 93% 9212 93lg 925g 9312 931g 9312 Wisconsin Cent—1st gen__ 4 93% 9234 93 92 92l2 92 9212 9212 925g Sup & Dul div & term lst-4   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  9H2 82l4 79l2 87 87l4 87  79  92i4 80 79l2 87  9234 9214 92Sg 9214 92 82l4 8034 821g 81lg 7934 8012 7914 797g 87 8734 877g 87l4 88 87lg 87lg 87l4 87 87 87l2 8734 87lg 873g 87  86i2 8684  79l2 82  755g 7812  74i2 76l2  86I4 86I4  86  80  86i2 867g  86  90i2 80 77l2 86I4 87l2 86I4  9114 9112 917g 80 795g 793g 8012 88 87U 8734 87l2 87i2 88l2 88  7 512 8II4 82 82l4 8514 87  80 823g 8H2 82?4 8H2 821g 8134 83 883g 88i2 87l2 89  104 104 104i2104l2 10412 10412  92'g 935g  92 90l4 985g 98ig 100 97 973g 9634 9H4 9H2 9H4 92 927g  925g 9OI4 9934 9714 91l2  9U4 92l2 90 90 9534 987g 9634 97U 91 91 9334 9334 107l2107l2  91  9134  94lg 9714 96 973g 90 90  91  9214  951g 96l4 90 9112 1085g  971g 97i2 90 9112 1085g  92 82 7934 8634 87i2 8734 8834 873g 885g  105  1051g  9214 9234 913g 9212 9H2 9H2 9634 975g *965g 97% 967g 975g 963g 967g 90 9012 9012 9012 9212 9234 9212 93 10712 10734 10712 10712 103 103  105  10534 10412 10412 10412 10412 1095gll034 109Bg 1095g 1095g 1095g 9434 9434  9434 9434  l0712 10712 96 96  96  96  95 108  951g 108  903g 91  91  91l4  100ig 100% 91 91ig 1005g 100%  937g 95*  9434 95ig  94% 95%  1121211212  92  92l2  9112 92  90l2 91l2  101lg 101lg  9434 9534 9434 95I4  9414 95  1081?. 106  935g 9434  1083g 10412 107  108  10834 108  795g 86I4 109 88  793g 80 77 79Sg 87 87l2 8612 86l2 109 109 109i2 109 109 8812 8834 88lg 883g 89  80 86I4  1055g 108  7434 777g 86 86  88  76% 85 108 88% 87  79% 87 108 88  107l2108l2 107% 108  79 7934 8534 86i2  78U 793g 86 86%  8712 885g 90i2 90i2  87% 8734  8214 8214  IO8I4 IO8I4 1105g 111 111 106 106 106 113  111 106  10534 10534 10512 10512 10734 10734 108 108 11034112 110 1103g 109i2110i4 11012llll2 11034 111% 10634 10634 IO6I4 106U 106lg 107 11212 11212  1133g 1131211312 11312 11312  7814 7814 10514 10514 1057g 1057g 1047g 1047g 104 104 1047g 1047g 16312104 "  IO4I4 104U IO4I4 104l2  1073g 1073g 108 108 1073g 1073g 108l2 108i2 10812 10812 9534 9534 9512 9512 9512 961g  103  78  78  114 78  114% 78  104% 104%  10334 103% 103% 1073g 1073g  9434 9434  9514 971g  97 96  97% 96  96% 97%  1045g 1045g 10434 10434  1055g 1055g 1055g 1055g ..................... 105 11034 11034 112 112 955g 963g 95l2 9534 96  110  110l2 1101211034 110  1091210912 109 103U 10314  109  109  11O34 110  109  9712 98 92l2 92l2 89 89 72 74l2 77 78 89 89l2 105l2106 85l2 85l2 101 101i2 100i2100i2 10634 1095g  917g 92 9734 9734 977g 98 91 91 87l2 87i2 70 7034 67l2 7OI4 76 761g 75l2 75i2 9012 9012 10512 10512 106 106 85i2 85l2 10034 1013g 1005g 10112 100i2100i2 9914 9914 107U llOlg 1017g IO8I4  97 9734 955g 96i4 1141211412 112 11212 94 9434  965g 9714 95 96 1143gll4Bg 112 11212 94 9412  90 108 99  10434 1057g  105  96  96  110l2 IIOI4 111  109 109 10312 10312 *97~ 94 87l2 67 75l2  104  92 92 97” 9712 98 94 87i2 68l4 67 6914 75i2  96%  11034 1*1*1  95  95  110%1107g  104  97% 99 92% 92%  98% 9 % 92% 94  68 68% 67% 68% 75 77% 90% 90% *89* *8*9*" 104% 104% 105 105 85% 85% 100 101 1005g 1013g 1007g 101% 100% 1013g 1007g 1007g 99 99 100 103lg 1007g 10212 102 1043g 101% 10334  96lg 97lg 9534 97lg 9612 9712 93ig 937g 94 93l2 95 95l2 H3I4 113l2 113 11312 1131211312 10914 110 110 1141g 93I4 9464 9212 9312 927g 9334  97 9734 97% 97% 95 957g 95 96 113% 114% 113% 114 111 11134 1103411134 9334 94% 94 94%  97 97 97lg 97lg 95% 95% 90 92% 93 10812 108 IO8I4 1077g 10812 107l2 108 106 10712 105 106% 103% 106 100 94 95 92% 96% 9912100 99 100 98 9812 9412 96  6514 6912  6534 6634  61  66ig  100 100 47 631g 10712 10712  525g 5712 51  55%  66% 66%  70i2 70l2  4112 4934 40 50 47l2 49 40 50 47i2 49 314 7 234 27g 27g 3i2 314 7I4  87i2 877g 109U 10934 88ig 88ig 83i2 85lg  100 100 49% 563g  877g 88l2  44I4 43l2 43l2 43 43l2 47l2 3912 4412 43i2 47 3912 4414 2 212 1 1 34 3 llg 114  4112 4134 40 4212 40 4134  8634 881g  863g 88  863g 871g  Us 118 873g 873g  1%  134  87% 88%  40% 4434 38% 45% 39% 45% 1% 2% 1% 2%  89 89 87% 88  16634 16934  885g 885g 1041g 1041g IO412 10412 8412 86  84I4 8434  88l2 88l2  1021g 1021g 8212 84  82l2 84  93 935g 93U 935g 9212 63l2 93 9314 92lg 93 92lg 92l2 9214 9212 92 92lg 92l2 92l2 917g 92l4  104% 104% 102% 102% 83 85 *851*8 *8*5%  92% 93 92% 92%  9234 93 92 92%  MISCELLANEOUS BONDS  142  1911—Continued. BONDS  January February March April May June September October November December July August Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High  STREET RAILWAY. Brooklyn Rap Tr—1945 g--5 103 104 103l210334 102 103 1st refund conv 2002 g__ 4 8278 8378 835s 8414 83l2 845g Brooklyn City 1st cons—5 102 103 10212 10234 102 103 B Q Co & Sub 1916=41 gU--5 Brooklyn-Un El 1st g-.4=5 101 102 100l2102 10034 IOH4 Stamped guar------------ 4-5 ion2 ion2 1O118 102 10034 101 Kings Co El 1st 1949 g----- 4 8212 83 Stamped gu-------------------- 4 84 84l2 83l2 84 78 7858 78% 7834 Nassau Elec guar gold___ 4 78 79 Conn Ry & Ltg—1st g—4J^ Stamped guar--------------4^ 101l2 10H2 80% 8234 8134 8134 Det Unit—1st cons ’32 g--4>S Havana Electric—Cons g__ 5 94% 94% 95% 97 97 97% Interboro-Metrop—Coll --4J4 7834 7934 78% 7938 7838 79U Registered ___________ 4^ 78% 78% Interboro R T 3=yr conv ’11-6 106% 1005s 10038 10012 100i8 IOOI4 45-year 1952 Series A___ 5 103%1037s 103% 1035s 103% 1035g Manhattan Ry—Cons gold--4 9678 985s 96% 9714 96% 97 Stamped tax exempt____ 4 973s 98% 96% 9734 97% 97% 75% 75% Metropolitan Street—1997 g.5 75 78% Trust Co ctfs of deposit___ 77 78% "75" 78 75 7634 Refunding 2002 gold____ 4 46 46 46% 46% 4558 46 Trust Co ctfs deposit___ 4634 ’• Trust Co ctfs dep stamped 4612 46% 45 Refunding when issued—4 Adjust income when iss'd-5 Bway & 7th Ave 1st g___ 5 102 103 102% 102% 10238 10238 Colum & 9th Ave 1st gu g-5 100 101 Lex Av & Pa Fy 1st gu g. -5 99% 100 99% 100 9978 100 3d Av 1st gu 2000 gold__ 4 59 59 6OI4 6OI4 61 61 Cent Tr Co ctfs deposit-Cent Tr Co ctfs stamped- 5834 6H4 59% 6034 5912 6134 lst gold 1937__________ 5 109 111 1st refunding__________ 4 Adjustment income____ 5 Milwaukee Elec Ry & Light-5 Refunding & ext 1931--4^ New Orleans Ry & Light--4j^ 85 85 9858 Portland Ry—1st 1930_____ 5 98i4 9814 98 106 106 St Paul C Cable 1937_______ 5 Tri-City Ry & Light—1st—5 9814 98i2 9814 9834 ’98" 98l2 ^Underground of Lon 1938 4 'A a90l4 92 a92i2 92i2 o9312 94l8 alncome 1948___________ 6 a38l4 43l*> a42l2 45i8 a4434 58 United Rys Inv—Pitts issue 5 85 85l2 85l4 86 8538 86 United Rys St Louis—1st--4 St Louis Transit_________ 5 7034 72»s United RRs San Francisco--4  GAS AND ELECTRIC. Brooklyn Union Gas—1st--5 Buffalo Gas—1st gold_____ 5 Columbus Gas—1st 1932__ 5 Detroit City Gas—1923 g 5 Detroit Edison—1st 1933 5 Equit Gas Lt of N Y—1932-.5 Hudson Co Gas—1st 1949--5 Kansas City (Mo) Gas—lst-5 Kings Co El L &P—lst’37 g 5 Purchase money 1997____ 6 Convertible deben 1922—6 Ed Elec Ill Brooklyn 1st--4 Laclede Gas—1st 1919 g—5 Refund & ext 1st 1934 g--5 Milwaukee Gas Lt—1st '27-4 Newark Cons Gas—Cons—5 N Y Gas Elec Lt Ht & Pow--5 Purch money coll trust g--4 Ed El Ill 1st cons 1995 g--5 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 Ind Nat Gas & Oil 1936—5 Mutual Fuel Gas 1st-------- 5 Phila Co (Pitts)—Conv ’19--5 Syracuse Light—1st 1951--5 Syracuse Lt & Pow 1954—5 Union Elec L & P—Ref '33-5 1st gold 1932____________ 5 Utica Gas & Elec—1957------5 Westchester Ltg—1950 .—5 TELEGRAPH. Amer Telep & Teleg coll tr--4 Convertible 1936 gold----- 4 Commercial Cable—1st------- 4 Registered --------------------4 Keystone Telephone—1st — 5 Metrop Telep & Teleg—1918.5 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--4>6 Conv 1936 Series A---------- 4 Registered--------------------4 Mutual Un Tel extd 1941.5 MFG. AND INDUSTRIAL Allis-Chalmers—1st 1936—5 Amer Agric Chem—1st ’28--5 Amer Cotton Oil—Deben-4J^ 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 Trust receipts---------------Gold 1951-------4 Registered - —......... 4 Trust receipts--------------P Lorillard Co when iss’d-7 When issued-------------- 5 Liggett & Myers Tob w i-7 When issued--------------- 5 Amer Writing Paper— 1st-.5 Baldwin Locom Works—1st 5   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  10534 107 106l21073g 107 5914 6012 60 6OI4 60  102l2104 10312 104 10334 104 10378 10434 10312 10412 10318 104 8378 84l2 8414 8612 8478 8612 8534 885g 83 86I4 83 84 10134 10134 10212 10212 10112 10238 100 100 101 IOH4 1011410214 101i2102 10134 10314 10112 103 10112101l2 102 102 101 101 ion2ion2 102 102 85% 85% 8458 85 843 4 843 4 83% 85 8434 85% 8434 8434 83% 8434 79% 80% 7934 80% 79% 79% 78% 78% 78 79 78% 80 10134 10134 102 102 102% IO2I4 101l2 101l2 IOH4 IOH4 101 101l2 8134 8134 81% 82% 82 82% 80 80 9734 98% 97% 99% 7778 7958 78 7834 80 78% 79 83 77U 79% 77U 81% 7734 7934 100 100i8 103%10334 1035g 104% 10334 104% 103% 104% 103 10334 10134 103% 96 96% 9634 97 97 97% 97 97% 96% 9634 96% 96% 9634 9714 97 97% 98 98 97% 98% 96% 97 96% 97% 73% 75 74 75 76 79 77% 78% 77% 78 74 76% 76 7914 77 73 74% 7314 78 78 74% 78 74 76 45% 48 46 46 46 46 44  451*>  4314 4838  47  5014  101 100l2 100l2 100l2 100l2 100l2 100ig 100ig IOOI4 IOOI4 10514 IO5I4 103 103 IO3I4 IO3I4 103i2104ig 99i2 99i2 101l2 102 IO2I4 102l2 115 115 115 115 il33411334  9978 100  100 100 6834 70%  60% ^% 63 109  92 925g 9238 1161g 1161g 11618 10H2 102 10112 10234 ioi’ io"ii2 10H2 91 9H4 90  9534 1161g 10112 10278 10134 91  10434 106  1083g  84  IO6I4 9734 a93 a56 84  IO6I4 99 98l4 93i2 a93l2 56 <z56i2 8538 84l2  697g 70i2  69  85l4  4338 46  63’  68  98i2 95 63 86l8  98l4 9434 63 8534  70  69l2 70  98l2 98 98l2 95l2 95l2 95l2 66l2 6H2 62 86 85 85l4  9712 9712 9512 97 58 62  67l2 68I4  100ig 100ig 100l2 10034 10012 10012 1007g 101  16614 10634  10612 10612 IO3I4 10314  103i2104i8  9778 977g 10212 10312 104 106 114 114 II5I4 II5I4 11534 11612 116  105 II6I4 116i2116l2 115  1005g 1007g 105 103  105 115  10312 104 103U 104 103 103 10134 103 102 10234 1015g 102 9014 903g 90 90 10418 10412 10212 1041g IOH4 1027g 8812 8914 88 89 87 87i2 112 112 11212 11212  82  101  1011g  6512 671g  105 97 9534 6034  98l2 105 97l2 '97" 9534 95U 64 64i2  75 75 83 8438 6612 70  100  100  9512 96>2  10412 105  10512 10512  7638 775g 7712 787g 76l2 78lg 76lg 7714 76 79 102 1025g 10134 1025g IOH4 10238 IOH4 1015g 10112 102 9734 98 97i2 98 98 98l8 98lg 9834 9714 98 97 973g 98 98i2 98 99 98 100 9614 9812 99 100 75 78 75 76l 4 73 70 75 65 66i2 68 10034 10234 IOH4 IO2I4 10158 IO2I4 102 1033g 166" 10T" 100 100 100lg 100ig 100 IOOI4 100 101 9212 93 9314 9314 9314 9314 9234 9234 935g 935g 10434 IO6I4 106 107l2 1065g 10734 10634 108 103 IIOI4 102l2 1067g 105 10512 106 106 10634 1073g  8434 86 8412 841*>  843g 93l2 847g 847g  8934 90i4 90 91 8912 90 1023g 1023g 10238 1025g 10212 10234 a On the b asis of $5 to the £ sterling 89l2 90l4  77 77i2 82l4 82i2 68 71  10712 10534 107 63 95 95 100l8 10014 100ig looig 100i2101l4 10134 10134 IOH4 1017g 106 106 103 103 105 105 9812 98l2 105 105 105 106 105 105 117 117 116 116 11512116 118 118lg 8812 90 88l2 8812 10234 103 IO2I4 1027g 102U 103 100i2102 101 10134 90 90 1047g 1047g 102 103l2 10312 104 10258 1035s 87 8834 88I4 8958 88I4 887g 1121211212 100l2101  9812 9812  10412 IO5I4 10412 105  IOOI4 IOOI4 10412 IO5I4 1041*210412 10412 10512  9U8 92 9112 921g 90 9112 897g 905g 8978 903g 901g 907g 92 8934 9012 893g 897g 90 9014 90 91 1077g 107 109 10634 1085g 1081g 1091g 1085811034 10914 1131g 1071211012 !041g 1075g 105 10712 10534 107 10634llll4 83 83 83l2 83l2 83l2 83l2 83l2 83l2 85 85 83 83 1033g 1033g 104 104 103 103 103 103 103 103 995g" 995g 100 100 100 101 l66 1003g 9934100 100 100 100 1001g 98 9934 99i2 99i2 99 99 98 98 10314 10314 983g 987g 985g 9978 995g 10012 997g IOOI4 100 IOOI4 9978 IOOI4 997g IOOI4 9934 IOOI4 100 101 981g 9914 9812 99 97 975g 9712 977g 971g 9734 971g 9812 9812 9912 993g 9934 99U 9934 9812 9912 9718 987g 9734 9834 9812 9912 993g 100 10012 102 10178 10312 10134 103 1001g 10134 10012 1021g 10012 102 10012 102 9918 997g 9914100 9912 100 9412 9634 97 9534 9478 9512 951g 9814 9612 9712 9612 971g 9634 9634 94I4 96 9534 92 97U 95 9534 95 103 ! 035g 10334 10334 1035g 10334 10378 104 104 10414 10414 10414 10412 1045g 10412 10412 1043g 10412 10438 1045g 10412 1045g 103 J 03  8934 90  9712 96 76l2  10634 106 62 60  90 105  797g 8412 83 837g 837)5 8534 83lg 83l2 84l2 8434  99i2  82  9912 9912  1045g 10412 10412 10434 105  97 96 6212 83l4 7514  95 953g 9434 953g 9412 9614 95l2 96 95 9534 94 95 95 95i2 96 9414 9514 94 117 117 II6I4 II6I4 119l2119i2 i6ii"2162” 1015g 10212 102 10212 1015g 1025g 102 10212 10178 IO2I4 10134 10234 l6il2 102% 10158 IO2I4 10234 10314 103 10334 103 103l2 10312 10312 103ig 1037g 10278 10334 103 1031g 103 103 162’ IO2” 1013g 1015g 10138 1013g IOH4 IOH4 102 102  96i4 96l4 104  9934 100  9714 97i2 97 96 61i2 83i4 83l4 83 75 75l8 75I4  1005g 100 105 103  101 101781017s 80 80 80 9934 98% 98% 80% 78% 80%  10234 1031*> 102 1035s 97 9738 9612 9718 9734 9612 9714 91 91l2 97 75l8 91% 91 97U 48% 57% 57I4 59 54l2 5938 47% 57 46% 5758 53i2 58 795(5 8138 5312 5478 10178 IO2I4 10258 104 9914100 102 102 99% 99% 10H2 10212 76i2 78i8 70% 73 7034 7534 76l4 78l4 6914 74% 73I4 7634 109%11034 10914110l2 8334 8478 8434 86i2 71 7614 74i2 7634 1041210412 9314 93i2  64% 69% 6834 70% 62% 64% 6238 70% 10634 107% 108% 10834  6512 66  83% 86” 78 78% 1017(5 101%  102 103 96% 97 97 97% 75 76% 7412 76% 47% 47% 45 45 4338 47  87l4 87i4 98l2 9834  10034 10034 107  46%  16114 10134 10134 10I34  101 80 9934 787g  9938 10018  69l4 67% 7034 67% 6858 IO9I4 10938 110  88 90 10212 10314 103 10312 101l2 101l2 10112 1015g 9012 91 90 9012 104 104 IO2I4 10278 102 1025g 102 1033g 10314 104 104 IO4I4 10314 10414 88 8834 8734 89 8834 89l2 8812 8912 87 88l2 8734 89 111 111 IIH4 IIH4 1111211112 1123411234 ion2 ion2 101 101 100 1007g IOH4 IOH4  9134 92l4  44  102% IO2I4 10H2 10212 101l210214 10112 10234 1011210112 98% 9934  88 90 88 88 8714 103 10234 103 IO2I4 10212 102 102i2 100 1003 4 10034 10034 101 100l2 101 91 9012 9012 9012 91 90l2 90l2  i6l38 10li2 103 103l2 ion2ion2 90 913g 100l2100l2 104 105l8  45  103 104% 83% 8458 IOH4 10214  101 101 80% 80% 99% 9934 78 7934  10738 107ig 10734 10734 IO8I4 107l2 10834 10612 10734 107U 10712 1055g 106 106 6012 6U2 60 60l2 6OI4 6OI4 597g 6Hg 6OI4 625g 6OI4 6012  100 100  8714 10234 100l4 90  45  104 T04 103%104% 8234 8412 84% 86 101% ioi34 97 97 10012 10134 IOH4 1015(5 101 ion2 101% 10158 84% 85 85% 86 85 85 86 86% 78 78% 77 78  7712 787g 10112 1017g 9712 9814 96l2 97 9914100 76 77 10314 1043g 101 101  747g 68 75 7712 67 10134 10218 IOH4 102 101 9734 98 977g 9818 9778 9612 9634 96 9612 96 99lg 997g 9812 99 98 73 76 78 76 76 103l2 104 101 1035g 100 102 102 9914  ’6,35g 93Bg  103581057g 1035g 106i2 10278 10514 103l2 105 104 104 103 10434  85  89l4  90ig 91  87 89l2 8134 8734 87l2 88 82l4 867g  91 9134 90 103l2 103l2  917g  90 905g 10812 10912  103 100  103 1003g  995g 10034 985g 9934 1005g 10134 9612 98 10434 10434  , 4934 57 102 10258 : 97l2 98 95 95% 98l2 99i2 . 70i2 72l2 1025g 10314 100 100 9278 927g II6I4 1198s 1157g 119 1161g 11914 90lg 9238 90lg 92ig 90ig 92U II634I2OI4 88lg 9034 1165gl2014 87l2 9034 89i2 90i2 8914 8934 8834 8912 88I4 89l4 IO3I4 10334 103i2 10334  69 5712 68 58 6H4 1015g 1013)51017g 10134 1021g 9818 96 977g 9712 9734 96 95U 96 95 95l2 99lg 9838 991g 9812 99 72l2 75 74 70 72 1017g 101 1025g 102 IO3I4 9914 101 101 9234 9234 104f2 115" llOlg 11412 1137g 117l2 105 113 11034113 114 117lg 1045g 11478 1105gll4 1136g 117l2 91l2 85 8914 875g 9234 90 85l8 88l2 88l2 91 89l4 91 85i8 885g 87l2 92lg 8934 913(5  RAILROAD AND MISCELLANEOUS BONDS  143  1911—Concluded.  00  June July August September October November December March April May January February Low Hlyh 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  86*2 8834 993g 100  88 89 99*2 997g  Consol Tobacco—50-year—4  81*g 8334  83*4 83*2 85  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----- 4)4  96 95i2 95i2 76*2 8278  10-year debenture 1917—5 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—1st--5  97 9634 97 7734 8358  96*4 96*4 773g 8334 Kllx «11x 81 146*4 149*2 149  89*2 9858 9934  96 96 96*4 7734 833g  97’ 96*4 797„ 8334 81 151 145  104 84 9138 96*8  104*2 103b 104 . 85*4 863g 87 9334 9234 93*2 9784 99 98 87 87 9134 9234 90 95 95 95* 2 102*2 105 102 103*2 97*4 975g 973g 97*2 lnsioinsio  102*2 84 9234 987g 88 9434 94*2 102 9734  85*2 97 96*2 96*2 78*2 8334 149  89*2 94*2 9338 99*8  93*2 98*g 9834 99*2  9538 97 99 99*4  85*2 85*2  8434 90  87  9634 96 96*8 77 8358 81 147  103*2 101 84 85 9334 93*2 99*s 98*4 88*8 87*2 96 95 95 1021? 102 9778 977g  10-30=year sink fund 1940.5  Standard Milling—1st_______ 5  Union Bag & Paper—1st  U U IJ U U  5  S Leather—debenture----- 6 S Realty & Imp—deben--5 __6 S Rubber—coll tr 1918—6 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 S Reduc & Refining.  92  92  104U 104*2 89 90 85 88 103 1037g 10334 105 1035g 10438 100*2 101*2 100*4 101 9138 92*2  90*2 95  95  92  951o  95  10334 105 89 90 847o S3 103*2 104 1047g 1053g 10478 10538 IOU4 102 10078 101 9238 93  95*2  95  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. _ 4 3^2 Mortgage Bond Co N Y____ 4 New York Dock—50=»vear_. 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—1st.5 Pocahontas Cons Collieries -5 St L Rocky Mtn & Pac—lst-5 Tenn Coal Iron & RR—Gen-5 Birmingham Division----- 6 Tennessee Division --6 Victor Fuel—1st 1953_____ 5 Va Iron Coal & Coke—1st. .5  8934 90*2 92*2 93*8 90 91  64 78 91  68*4 79 92  90 93 90*4 97  91 93*2 91*4 97  95 95  104*2 104*2 104 104*2 8934 90 89 90 75*4 82 70 70 103*210378 103*2 105 105 10578 105*2 106 105l8 10534 105*2 1057g IOH4 10134 100 101*2 100*2 101 10034 101*2 9134 9234 9238 93*2  883g 92*2 921? 98  90 93*4 92*2 983»  86*4 9258 93 98  35  35  35  35  66  6634  66*2 68*2 65*g 67*4 79 79*g ' 7934 7934 9134 9134 91*2 91*2  90  95  8978 91 10458 105*4 10558 10034 101*2 9234  105 IO6I4 106*4 10134 10238 947g  97  97*2 98*2  99 99 993. 100 78  89  89  102 94  102 94  86*? 9278 93 97  97 96*4 96 74 85*2  97*2 97 96 77*2 86  98 99b 102*2 104*4 83 84*2 93*2 94 98 98*2 80 82 93 94 943g 9434 100 104 98*2 98*2 10278 10278 94 94*2  89 94 97*2 97  91*2 9434 967g 95  935g 94*2 9638 97  85*2 8834  8734 91*4  90*8 91*4  9634 96 97 71 83*2  9634 96*2 96*2 7034 84*2  9634 96 96*2 74*8 85  977a 981? 102*2 104 ' 83 84 92*2 94 97 98*s 79 79 90 93 94*2 9434 9834 100 98*2 98*2  97 965g 97 7434 85  146*2 149*2 97 98 102*2 103 83 83 91*2 92 96 97*2 7834 80 90 91 94*2 9478 94 99 9838 97  8978 86 86 85 971? 97*? 96 94*2 94*2 94  91*? 87*? 98 94  90*8 92*8 91*4 91*4 9634 95*2 9634 9638 -_________ 97 97 97 78 74*4 76*2 85*2 85 85*2  1505g 153 ____ ______ 977g 987g 98*4 9834 10234 103*4 103*2103*2 83 85 83*2 85 91*2 9234 91 92*2 96 97*4 96*2 98 78*2 7834 77 80 91*8 91*2 9058 91*2 947ji ____ __ ___ 94 99 993s 96 100 9734 98*4 9758 98  897g 87 94 9438  91 87*2 97*8 94*2  907g 87*2 94 94  94 94*2 94*2 94*2 9434 9434 102 ‘ 102*8 102*8 10258 102*4 102*4 102*4 102*4 102 102 102 102 102 9078 87*2 90 907g 89 90 89*4 8934 89*4 8934 88 90 91 104*2105 10518 106 105*4 106*8 100 101 1017g 102*4 94*2 95*4 96 96  87*2 87 93*8 92*2 93*4 93 9778 97*2  104 105 105*2 106 10558106*8 100 101 102*8 10278 94*4 95*4  88 86*2 93 92*2 93 ____ 97*2 99  92 93 6638 677„ 67*4 6834 823 X 82 82*g 82*2 913g 91*4 91*4 91 84  79*2  90 90 98*2 98*2 97*? 98 100 100 100 100  75  78*8  75  8734 927g ____ 99  104 10434 104*2 1055g 104*4 1053g 987g 101 101*2 102*2 927g 95*4  84 92 921? 97 10218 102  86*2 83*2 9234 91*2 921? 92 99 97 10218 lll“ 100  67*2 68 82b 82*2 9034 9034  64 6734 64 81*2 82*2 80  9334 94*4  93*2 937g  10438 1045g 104*2 100 102*4 9334  103 104 100*2 10234 100b 102b 100 101 10134 1021? 90*2 93  84*4 84 92*2 913S 92 90 98*2 97*2  10438 101  65*2 80  86*4 92*2 92 98  103*2 104*8 101*8 102&8 lOllg 10234 1003g 1007g 102 102*2 925g 93*4  86*4 92 90*2 98  108*2 108  87*2 92*2 91 9834  93*8 93*gl 93*8 93*8 647^ 6712 63*2 65 80*2 821? 79*2 81 91*2 91*2  93  9378  87 913g 9034 98  1025g 90  87*4 92*2 92 99  116  65*2 6734 80 82  82 92*2 9334  91 88 95 94  104 104*2 1013g 1017g IOU4 102*8 100 100*2 102*8 102*2 92*2 93*2  113*8 110  82*2 82*2  84  9378 94*2 9334 94*4  10134 100 100 99 102 91  76*2  89 99  89 90 90 90 90 99*2 99 100 100 102*4 100 100b 100b 100*4 100*4  73*2 76  7334 76  75  77*2  73  100 77*2  97 74  99 84  10334 10434 105*8 87*4 95*2  975g 96*2 97 743g 84  9234 937g 9534 96*>8  S23g  93  93*2  92*2 9278  91 97  91 98  99  99*4  72  76  94  94  97  96*4 96*4  76*2 79*4  88 93 93 100*2  90  93*2 96 1021o 1021?  96*4 96*4  96 93*2 96 993g 97 99*4 9834 89*4 817g 873g  9634 96*2 97 97 97 97 97 9634 96*4 9638 963g 97 96 96 957g 96 96 96*2 96 96*2 96 7734 7938 77*2 78*4 78*2 77*4 80 84*4 84*4 8434 84*2 86*2 86 86 82 82 82 82 81 1561? 154*2167 162*2 165*2 161 162 99l8 99*8 99*4, 99 102 10234 1031? 102 103 10212 1041? 86 85 85*2 85 86 83*2 85 94 9434 9458 94 95 94 95 9858 99 98 9858 99 98 99 8H4 8434 85 86 88*4 94 9578 94*4 95 94*2 93*4 94*2 953g ____ ____ 94*4 94*2 95 102*2 103 103*4 103*4 104 103 104 9778 98*2 99 98*2 98*2 98*2 98*2 1027? 1031? 95 " 96 " 94*2 95 96 96 88 88 89 87 88*2 88  10=»year coll notes, 1917. .5  MISCELLANEOUS. Adams Express—coll trust- -4 Armour & Co—1st real est 4)4 Bush Terminal—1st 1952—4 Consol 1955 __ __ 5 Chic June & U S Y—1915 5  95*4 99*8 9834 885g 8738  104*4 104 104*2 104 104*2 104 1057g 104*2 105*4 10478 105*2 106 105*8 105 105 105 87*4 87 88*2 9534 96*2 94 96 96 91*2  75*2 99  74  99  97 75  16734 10734 74*2 75  99  85  83 104*4 104 106 106 105 105 87*4 93 91*2  833. 841? 82*2 821? 86 104*2 1031? 104 ‘ 103*2 10378 102*2 1037g 102 103 100 104*2 10478 103*2 104 104 106 105 106 i047g 105 10334 10334 104 105*2  1023g 100*2 10238 101*8 102 104 104 104*4 103*2 1031? 104 104*4 104*4  871.i____  94  1 94*4 97  96*4 98  96*2 98  96*4 9734 95  96*4  93*2 94  95*2 96*2  1912. Ann Arbor—1st 1995 gold--4 79*s 84*4 84 84 80 8012 80 8H2 79*2 80*2 7834 79l2 77 79 I 78*4 79 Atch Top & S Fe gen g 1995-4 99 99*2 9938 100 9938 997g 99i8 9958 9878 99l2 9734 99*g 97*g 98*41 96*2 9738 99 99l2 98*4 99*g 98*4 9834 96*s 96*8'____ ______ Registered-------------------4 98 98*4 98 99 Adjustment gold 1995.___ 4 91*4 92l4 9158 923g 91 9178 90*2 9114 90l2 91 901*4 *9038 .89*4 90*2 89*g 89i8 91 91 Registered ___________ 4 90*4 91 9034 9112 903g 91 90U 9034 89 Stamped----------------------4 91*2 925g 92 92l2 91 92 90l2 89 50-year conv gold 1955—4 105341083g 1053410638 10534109 1077g 10958 106 10734 105U 10734 107 108*4 108 llOU IO6I4 106l2 1073410734 Convertible issue of 1909--4 Convertible 1960_________ 4 100*41017g 101*g 1015s 101l2104l4 103*s 10434 102 1035g 102 10378 103*2 10434 10458 106*8 10-year conv gold 1917—5 107*s109 10734108*2 10734110 108l211014 107l2 IO8I4 106l2108 10734 108*2 108*4 11058 Registered____________ 5 .................... 110 110 96 96 I................. 96 9634 Eastern Oklahoma Div lst-4 96 96 Transcon Short L 1st g—4 9234 93*g 93 93l2 93l8 9334 9334 94 | 933g 9338 9234 9314 92 9258! 9218 9234 CalAriz 1st & ref 1962.-4)^ 9978 100l2 9934 100 110 110i2 110 110 109 10912 109 109 (---.............. Santa F Pres&Phen 1st g--5 Atlan Coast L—1st 1952 g--4 95*4 96l2 9558 9678 95 9534 95 95*2 95 95l2 9412 9538 94l8 95 j 94*2 95*4 Alabama Mid 1st 1928 gu.5 95 95 Bruns & West 1st gu ’38 g-4 9634 9534 Lou & Nash coll 1952 g—4 94*2 9534 9434 95*2 94*2 95*g 94 9434 9378 943g 93*2 94*s 9378 94*2 9334 96*4 Sav Fla & W 1st 2 934 g---6 123*s 123*8 Sil S Ocala & G guar g----- 4 97 97 ____ 97 97 9158 93I4 9Hg 92 B & O—Prior lien f 1925-.3 Yt 9134 93 9212 935g 92 935g 92 93 91 91*2 91 91*2 91 91*4 91 91 9H4 915s 9078 9078 ___ ____ I 905g 9O5S Registered____ _______ 3 Gold 1948.............. 4 9734 98*2 9812 9914 977g 99 98 9834 98*g 98*2 977g 9812 97l4 98 j 97 98l4 98 977g 977g 9634 9734 ............... 96 98*s 98*g 97 96 Registered —..________ 4 Pitts Junction 1st 1922—6 112 112 88 88 89 90 Pitts June & M 'Xt.__ ’YA 88I4 88I4 8878 887g 88 88 915g 92 9114 9134 905g 9H4 91 9H4 90 9H4 895g 9038 89*2 90 Pitts L E & W Va System-4 91 92 Southwestern Div 1st g-3H 91 91l2 91*8 91*2 91 91l2 91 9H4 9034 913g 9034 9H4 90*8 91 89*2 90»s Cent O Reorg 1st con ’30.4 )£ 107 107 Cleve Lor & W con 1st ’33-5 110i2110i2 1101211012 110i2110i2 109 11112 10378 104 104i2104l2 IO2I4 IO2I4 Monon Riv 1st gu 1919 g--5 10918 109*g 10938 1093g Ohio Riv 1st 1936 g-------- 5 105 105*2 Gen 1937 g------------------ 5 Pitts C & Tol 1st 1922 g--.6 113i2113l2 97*2 97*2 Pitts & West 1st 1917 g—4 91 91 Staten Isld 1st guar----- 414 1117811212 1121211212 -...................112 112 Buff Roch & Pitts—Gen ’37-5 1055810558 105 105*2 104 1 0534 Consol. 1957--------------- 4)) 107*4 10714 1155811568 115 115 1143411434 112 112 Roch & P cons 1st 1922—6 Buff & Susq—1st ref 1951___4 Canada Southern— 1st extended 1913------------ 3 ioh2 10134 10134 102 101 102 101 IOH4 101 1013g 10078 101 100S4 101 100*2 10034 2d 1913---------5 100l210058 10058101 10038 1005g IOOI4 1003g IOOI4100l2 10038 1005g 100*4 10058 100 100*4 1127811278 Central of Georgia—1st 1945 5 1133411334 Consol 1945 gold_________ 5 109 110 10934110l2 109*2 10934 IO9I4 10934 IO9I4HHS 109*8 109*2 109*4 109*4 109*8 109*2 Registered------------------ 5 107 107 ZZZZ ...Zl 91*2 91*2 91 91 9H2 9112 Chat Div Pur mon ’51 g--4 8958 91 Macon & Nor Div 1st '46 g-5 IO7I4 IO7I4   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  79 80i4 9634 98  76*2 97*2 9634 8734  79*2 77 98 I 96*2 97*2 88*4 875g 86 88*2 8734 10678 111  77 9778  77 77*4 96*4 97*2  88*g 87*s 877g 86 88'8 87*4 8784 8734 89*4 88 107*2 10938 107 109*2 105 10638 108*8 108*8 104 10534 10438 107*4 104 106*2 1017g 104*2 107*4 10934 10634lll i1067810938 10458 107*2 8734 8834  94 95*4 --91 9238 9034 91 | 91 91*4 9934 100l2 100 IOO84 100 10038 108U 10834 108*4 108*4 ___ 94*2 95*8 945s 95*4 9434 9558 108 108 93*4 94l2  92*2 9334  97 97 90*2 91*2  97 92*2  95*2 97*8  96*4 975S  87*2 89 88*2 10158  87*2 8934 89*2 10158  87*s 88*2 89*2 99  9034 91*4 9934 100*4 94% 9534  9134 9284  91  91 90*4 97 96*2  90*2 9184  87*s 87*s 893g 89 897g 89*4 99 101&8  9158 90*4 975g 96*2  92*2  97 973g 96*4 96*4  87*s 893g 88*8 89 8934 89 90*2 1015g 101 101  10834 10834  96*2 96*2 10478 105  10934 llllg 10934 10934 104 104 104 104*2 10334 104*4  40  40  100*8 100*2 100 100*2 100 100*4 100 100*4 9934100 9978 100*8 100 100*2 99*2 100 111 111 10634 109 107*2 109 108 109 10634 108*4  90*2 90*2  RAILROAD BONDS  144  1912—Continued. I  BONDS  January February March April May 'June October November December July August September Low High Low High Low High Low High \Low High Low High Low High Low High Low High Low High Low High Low High  Central RR & Ranking Ga__5 Central of New Jersey— General 1987 gold --------- 5 Registered --------- --5 Amer Dock & Impt- - --5 Leb & H R guar 1920 _____ 5 Lehigh & W-B Coal 1S12-.5 N Y & Long Brch gen '41 4 Central Vermont—gu 1st g--4 Chesapeake & Ohio— Gen fund & impt 1928----- 5 1st consol 1939 gold —5 Registered___________ 5 General 1992 gold-------- 4 Vi Convertible 1930 - — 4H Big Sandy 1st 1944 - -.4 Coal River Ry 1st guar 4 Craig Valiev 1st 1940 g__ 5 Potts Creek Bch 1946 __ 4 R & A Div 1st cons 1989 g 4 2d consol 1989 g4 Chicago & Alton—Ref ’49 g-3 Registered — 3 Chic & Alt Ry 1st'50 g„3^ Registered - -- - --3M Chic Burlington & Quincy— Denver Division 1922------- 4 Illinois Division 1949—3J4 Registered — -------- 3 Mi Illinois Division 1949-- -4 a*  Registered___  4  Iowa Division 1919, s f—4 Nebraska Ext 1927 ----- -4 Registered 4 Southwestern Div 1921 - 4 Debenture 1913 ---------- 5 General 1958- — -- —4 Chicago & Eastern Illinois— Refunding & impt 1995 g- -4 1st consol 1934 g------- _6 General consol 1st 1937—5 Registered - 5 Purchase money 1st coal- 5 Chic & Ind Coal Ry 1st—5 Chic Gt West—1st 1959----- 4 Chic Ind & Lou—Ref '47 g--6 Refunding 1947 g__ __ _ 5 Ind & Louisv 1st gu 1956-4 Chic Ind & Sou—1956- _ 4 Chic Mil & St P term 1914 g_5 Gen series A 1989 gold-----4 Registered---------- ----- 4 Gen series B 1989 gold--3 y-i 25-year debenture 1934—4 Convertible 1932 4^6 Chic & I^ake Sup Div___ 5 Chic & Mo River Div - - 5 Chic & Pac West Div - -5 CM & Pug Sd 1st gen ’49-4  Dubuque Div 1st s f 1920-6 La Crosse & D 1st 1919__ 5 Wise & Minn Division___ 5 Mil & Nor 1st cons 1913- -6 - Extended 1913- ____ Li Chic & North West—1915--7 Extension 1886=1926------ 4 Registered -___ 4 General 1987 gold........... 3 K Registered......... .......... 314 General 1987------------------ 4 Registered -___ - 4 Sink fund 1879-29 reg-- -6  Registered - -____ -5 Debenture 1921................ --5 Registered 5 Sinking fund deb 1933----- 5 Milw L S & W 1st 1921 g--6 Ext & impt 1929 g-------- 5  10278 103  102l2102i2  100  90  9034  91i8 92l4  9112 921g  91l2 9178  103*2 10412 1031210312 111 11112 1111211134 1111411114 10U410112 10H2103 9234 9312 9258 9312 88 88 88 88  1031210312 1091211158 110 110 10058 10158 9234 9312 871s 8718  10234 10234 11012 11114 1103811038 10014 101 9318 94 89 89  86^4 86^4 9512 96  957s 96  7034 71  7078 71  71  6412 6512 6334 6334  6312 6412  6212 6338  8712 88”  9934 100 87l2 88  9978 10018  93i2 93l2  100 87  72  100 8734  71  7H4  6H4 63  9912 100 9914 9914 10478 10478 105 105 9914 993s 9912 99b8 9914 9958 9812 9834 9858 9834 9834 99 9914 10012 9912 9912  9U2 9134  9H4 91i2 9112 91l2  102 102 10212102l2 11012llll4 IO9I4 11012 111 111 10012 10H8 100i8 10034 9234 93I4 9278 93l2 10134 10134 84 84 95 95  Keok & Des Moines 1st-- 5 St Paul & KCShLlst--4^ Chic St P Minn & Omaha—6 6s 1930 reduced to........ _3 H Debenture 1930 ______ __5 Chic St P & Minn 1st g__ 6 St Paul & Sioux City 1st g-6 Chic & West Indiana—1932-6 Consol 50=year 1952- ------4 Cin Hamilton & Dayton— 2d 1932 gold--------------- 4^ 1st guaranteed 1959_______ 4 Cin Day & Iron gu 1st g--5 Cin Ind & W 1st gu 1953--4 Ind Decatur & W 1st g—5 CleveCin Chic & St L—’93 g-4 20= year deben 1931----- 4J4  90l2 70i8 68i2 65l2  9958 100 100 87 8738 *8714 87’5g 85l8 86I4 98l2 9934 9914 9958 99 9858 9858 10478 10478 105 105 10458 9912 99l2 99l4 9914 99U 99 9958 9734 9734 9734 99 9734  100 87l4 86I4 9938  7134  6OI4 6158  91  7078 72i2  707s 71l4  101  101*2  6034 64  63i2 65l4  8014 8H2 8012 81l4 80 8058 79i2 80l4 80 80l2 7978 80l2 7812 80 77l2 78 124 125 12434 12434 1241212412 1233412412 123 12334 122 12214 10914llll8 110 110 109 1 0934 109 109 108l8 109 109 109 107. 108 107 113 10914 10914  91l2  90i2 91  92 i4 95  70  70  70i8  70i2  10712 10778 1077s 108 9714 9714  87  87  9734 9834  8614 87 8634 8634 977s 9814  10734 10778 10712 1075s 98 98  86  8634  9758 98  1043410512 1041210514  114 110  114 110  85l2 86I4  97l2 9778  1041210412  10812 10812 108l2108l2 12718 12718 1145811518 1151s H518 1143411434 110 110  108781087s 1087s 10878 10858 10834 IO8I4 IO8I4 9578 9678 9534 9612 9512 96 9578 9618 9534 9614 95U 95U 95 96 9034 89 8918 9034 90 8958 9018 89 90 90 89U 8914  7H2 7314 7134 7314 7234 7234 9214 93 9212 93 1107811078 11138 11112  715S 7278 7134 7134 92 9214  7214 7318  897s 90*2  89  89*2  108l2108i2 10812 10812 7958 80 7714 7934 77 7734 12712 12812 12612 127 12512 12534 HOI2HOI2 1 mu l inio 86 “ 86 " 9158 9158 10218 10218 10218 10218 lOlU 10158 98 9858 9712 99 97 98  77 77i2 125 125 10934 10934  92  92  68*2 69  6678 67 63*2 65*4  64l2 65  64i2 65i2  65  99i8 99l8 8334 85i2  99ig 9934 8434 85ig  9934100 85*4 86  99*8 99*s. 85 85l2  975s 98*2  97*2 985s  77 107  98l4 977g 97 105 104l8 99 98” 9634 9658  9534 77U  107  99 104i8 99 9634  75  77ig  65*2  105 105 98*4 98*2 98*2 98*2 96*2 96*2 96*2 96*2  983a 9834 9834 9834 1OO18 100l8 100*8 100*8 997g 100 947s 95l2 94l2 9538 94*s 95*4  77 7714 77*s 77*4 77l2 78*2 119l2119l2 106i2 107 107 107 107 107  97l2 98 109 109 10912 10912 10912 10912 8238 83 8212 83 8H4 8238 7978 81 12734 12912 129 129 128 12834 12712 12814 1103411034 8812 8812 9012 9012 9012 9012 1013410134 10134 10134 10H2 10134 10138 10138 9858 9918 9812 987s 9812 987s 98 9878 98 98 9712 9712 86 8678 8614 8612 857s 8612 86 8634 9214 9238 92 9238 9134 9218 9012 92 1025810334 IO6I4 108 10834 10834 108 1 0834 106 10638 10618 106*2 10618 10658 106 106 94 9458 9334 9418 95 9514 94°8 95 103 103 10234 10234 113 113l4 11358113B8 113 11314 113 H3I4 10412 10412 10434 10434 10638 10638 106 IO6I4 1123411234  118*2 105*2  100  9134 9214  98 97 10478 105 9918 9918 99k 9834 99 98 _98’ 9658 9938 9912 99l2 10078 101 10118 1O15S 101 10114 100i2101 10012 101 10012 10034 100i2 10012 10038 10058 9634 97l4 9638 97 9534 9612 9578 9612 9578 9614 9534 9618 953s 96l2 95l2 9578 9412  76i4 80  98 98 106*4 106*4 76 77 77*2 79 124*4 12412 1243412434  9014 9H4 101 IOH4 1005g ioo&8 10058 1005s 100*2 1007s 100*2 10034 96l2 97l2 96i2 98 97 9814 97*4 98*s 975g 985g  8578 86 85 90 91 90 10134 10338 102  86 84l8 84ls 835s 9034 90 9Hs 91l2 90i2 91 103 1027s 105 10478 107 105 105 108 108 108 108 106 106’s 10512103 10514 106 105 10534 104i2 93 9358 93 92i2 9314 927g 93 927g 93 10234 10278 IO2I4  835g 85 85 91l2 9012 923s 90’ 9078 10634 105*8 1063s 10534 1067g 105 106*4 106*4 10484 104*2 105l2 104*2 104*2 92l2 92i2 9234 92l2 9334 IO2I4 102*4 102l4 1113, 11 23o llPs lll7a 111 111  10434 10434 10618 10618 106 106  105  105  105  835g 84l2 905g 91 104l2 10634 104*4 104*2 93*4 9334  111  111  105  10934 10934 1 1134 11134 1003s 100*2 10038100*2 101 IOII4 101 101 100l8 1001* 107l8 107i8 1065g 106Sg 1043410514 ..................... 105*4 105*4 1047g 1047g QBlo QA34 96®8 96S8 96 96 8534 851g 8578 8334 85i8 833s 84i4 84 84*2 84 84*2 8312 84 85l4 86l8 85 84l2 84l2 8434 8434 97l8 98 97l2 98 95 97i2 9634 9734 96*8 98 96 97l2 95i2 97 9714 98 97U 9714 10934 10934 10678 10678 106i8 106i8 105 106i8 105 105 106 106 105*2105*2 10458 1045g 104i2104i2 104U 10414 1023,1 1043o 103*4 104 101 101 108*4 108*4 124 124 126 126 11212 113 11012 110*2 iin2iiii2 1 1 1 34 1 1 1 34 109 109 IO9I4 IO9I4 10634 10634 107*2 107*2 107 107 1163411634 94 9358 94 93 9338 927S 93*4 93 93i2 94 9314 9358 92l2 93l2 92l2 93 111 111 110 110 109 109 IO8I4 IO8I4 10734 10734 108 108 9234 93*2 9414 9434 94*4 95l2 9334 95 95Bs 9612 9412 9778 94i2 95l4 9412 95 911 91 94 94 933g 9338 93*2 93i2 95 95 88b8 8934 8858 89i8 88i8 89l4 87l2 88»s 87 8734 87ig 875s 867s 87*2 86*2 873g  93  9458  94  67  7212  6712 6958  9412  94 91 97l2 9712 69i2 68  9H2 9134 1101211012 110  9178 92!8  91  9134  913s 92*2  683g 69l4  68lg 6958  68*4 697s  91l2 91i2 110i2110l2  110  90  90  102  102  109*4 HO  89*4 917s  89  90*4  663g 6578 68*2 64 67*2 67*2 87*2 87*2 109*4 109*4 108l21087g  106 106 98 995g 99 99 90 90 90 9034 91 91 120381203s 120381203s. 120 120 89*4 89*4 IO4I4 105 10334 104 1023,1 102 b 102 10314 102b 102b 102*s 1025s 102*8 10258 102 102*2 120 120 1231212312 123 123 122 122 111 Ill’s Hli8 111 1113g 111 111 1103411034 109 109 109 109 109*8 109*8 109 109*4 10812 IO8I2 10812 10812 10812 10812 10812 107l2 10712 89 89 92 9134 9218 9II4 9134 91 9034 9034 9034 8934 9038 9134 90 89 90 90 ..................... 88i2 88l2 89  IO8I4 IO8I4 107 107 101 101 100 10034 101 101 1003410034 10012 IOH4 lOOlo 1011a 9OI4 90U 89 89 9112 9H2 90i4 89l2 90 12338 12334 12314 124 12278 124 12278 12312 12258 12318 12212 123 12178 122 12H2121l2 12012 121  111 108 92  101  90l4 90l4 92l2 93b  91 91 9134 93l4  91 93 9134 9134  97  9612 9612  96  Peor & East 1st cons 1940-4 Incomes 1990-------- —4 Colorado Midland—1st g—4  9112 92 38 40 49i2 58l2  97  1003g 1003g  101  10312 10414 104 104 10312104 8712 8712 104 10412 92l2 93l4 9214 9314 9212 93  Cin W & M Div 1st______ 4 St Louis Div 1st 1990 g—4 White W Val Div 1st 4 C I St L & C 1st 1936 g----- 4 Registered --4 Cin San & Clev 1st 1928---5 C C C & 1 cons 1914_____ 7   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  9112 917s  90l2 70 68l2 6434  71  Collat trust Series K 1913 4  C R I & P RR 2002........... 4 • Registered — — - 4 R I Ark & L 1934_____ 4 >4 Burl C R & Nor 1934 g___ 5 Choc O & G gen 1919 g- 5  101  10312 10312 10112 103 1017g 10178 10312 10312 100 1017s 99*2 100 109l2110l2 109 11012 109 109l2 109 109 109*s HO 109 10934 1093g 1093s 9938 9978 993g 997s 99 100*4 99i2 100 9978 10038 99l2 100 933s 94 933s 9334 93 93 94 92l2 93*4 92 93U 94 86 86 86*s 86*s 85 85 88i2 88i2  9934 100 87 87l2 *87’ 8758 85l2 85i2 99 9934 98l2 9914  9358 94  Winona & St P ext 1916 7 Chic Rock I & Pac Ry—1917 6 General 1988 gold-------- -4 Registered------4 Refunding 1934 gold----- 4 Regi stered __4  101  102l2 10212  1213412234 12214 12234 122 122l4 12112122 12058122 120 12034 120 121 120 120U 118 11914 118i4 119 118*s H834 118 12112122 121l2122l4 122 122 12OI4 I2OI4 19(11, 1903, 11934 11934 117i2 11734 II8I4 II8I4 10612 10612 106i8 IO6I4 10612 10612 107 107 1045g 105 105U 1O5’< 10534 106 105 106 106 1021210212 100 100 100 100 100 100  86I4 10212 8712 10412 10412 92 92 9312 9412 9412 9358 90 90 90 90l2 8978  IO3I4 10334 10212 87l2 10412 9134 9238 9H2  9012 9012 91 91  87 102l2 10212  8684 10412 9314 92 9334 9358 90 9034 90  Qfi  50  5012  91 35 42  9212  90 91  91ls 93l4 9134 925g 903g 91  97  107l8 107l8 10512 x0512 10512 1O512  9112 9H2  88  12312 12312 9H4 9034 9112 4678 38l4 39 5OI4 45 49I4  105 90i2 9034 91 40 4434 43 45 47 45  101 101 101 8634 8634 8634 8634 103 103 .... 104 104 90*4 91*4 923g 9012 9Hj 90*4 9112 90 92*g 92*g 92 92 *s 91 91 93l8 93ls 101  91l2 91l2  90l2 90*2  90  96ig 96ig  96*s 97*2  97*2 97*2  90*2  91  92  88 45 35  88*4 48 38  Qfi  105  91 43 38l2 40 4912 48 52  40i4 40>4 49 50  87U 877s 40i2 43 49 50  123 875g 45 45*s  123 897s 50 47  8834 90 48l2 49 36 48  RAILROAD BONDS a BONDS  145  —Continued.  January February March April \ May June July August ) September October | November \ December 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  9512 9658 9434 95I4 9434 96l8 95 Colo & South—1st 1929 g—4 96 96l2 96l2 9758 97 97»8 96 97 94 945g 93l2 9414 93 94 961S 9358 95 94 95’8' 9378 94i2 93i2 94i2j 93 9334 97 97i2 9038 9738 9638 9678 9612 9634 9514 9658 95i8 96 Refund & exten 1935—4H 971S 981g 97i2 9 Ft Worth & Den City 1st-6 112l8 1121s 11118 112l2 1111211134 1111211214 111 11212 10914 109U 109 109i2 IOSI2108i2 108 103 (lC6 107 Delaware Lack & Western— 10578 1057s! 106 106 10234 10518 10434 105 10438 104l2 10634 10634 ____ . Morris & Essex 1st 1914--7 1055s 10758 . ................... J10314 103U 1st cons gu 1915---------- 7 10918109l8 10918 109l8 108»810838 IOSI4 IOSI4 10734 108 107i2 10712 107lsl07l4 10678 10678 1063410634 106!8 1063g 1G538 107 90 90 1st refund gu 2000—3 >3 11334 11334 1135811358 N Y Lack & West 1st ’21-6 H4I4H4I4 112 11218 112l2112l2 llll2llll2'.................. Ill’s IIU4 UOI2IIH’ 10734 1 0734 1071210712 Construction 1S23--------- 5 10512 10512 105 1 055g Terra & impt 1923--------- 4 110 110 98 98 95i2 96>2 96i2 96’2 Delaware & Hudson— 10= year convert 1916------- 4 9712 9878 98U 99 98 985s 9778 98l2 98 9814 98 9834 98 98l2 9712 9812 973s 9734 9714 98 97’s 9758 9634 97S8 1st lien equip 1922------- 4 >2 1013810158 10138 10134 10114 10158 10U210H2 101 101i2 101l8 IOH4 101’s 10134 101 IOU4 101 101i; 1007s 1007s 1007s 10078 1st refunding 1943---------- 4 9858 99 9834 9938 9834 9912 9812 9918 9878 9934 9834 9934 9914 9934 98>4 99i2 97l2 983g 98i8 987! 97U 98>2 97U 98i2 9934 9934 99 99 Registered------------------ 4 9134 9212 92 9258 92 9218 90 Alb & Susq conv 1946 g-3 Yz 91U 9258 9012 90l2 91 90>4 88l2 89 90i2 90 90i8 90>2 90 90l2 91 Registered--------------- 3H 1211212112 Renss & Sara 1st 1921------7 88i2 88i2 Denver & Rio Grande— 86 881s 85 1st consol 1936 gold-------- 4 89l4 8978 90 90 89 9034 85i2 84 85i2 85l4 86 87 88i2 8634 87l2 8634 87l.t 9812 9812 97 97 Consol gold 1936______ 4 >4 98 98 973s 973s 96l2 96l2 9812 9714 9912 9434 95 94 94 93i2 96 Improvement 1928 gold—5 95 96 8838 89 8914 8812 90 8714 885S 85I4 87l8 8412 8618 8334 85i4 83i4 8334 825S 8334 83 1st & refunding 1955—--5 83i2 8214 83l2 Adjustment income 1932-_7 101 101 Rio Gr June 1st gu 1939--5 101i2 101l2 10U2 101l2 Rio G West 1st 1939 g----- 4 85 88I4 86 88 8512 87 8512 87 85 8634 85 8514 8334 8434 84 8414 82l2 83is 8212 827s 82l2 84 80 81 79 79 81 81 7834 80 7878 787s. -U Mtge & coll tr A 1949 g- -4 78 78 Detroit & Mackinac— 90 90 9212 92l2 9212 9212 9212 9212 9112 9U2 91 87 87 Gold 1995-____ _________ 4 90 90 91 90U 90l2 90U 9014 98>2 98l2 99 Detroit Ter Tun 1961------- 4 Yt 100 iou8 9934 IOOI4 9934 100 9934100l8 9912 10012 9912 100 99i2 99i2 98l2 9934 98l2 98s4 98 Det T & I—O Sou Div-------- 4 691; 6912 75 75 106 106 105«8 10558 10534 10534 Dul Missabe & Nor—gen '41 5 106 106 IO6I4 107 10518 IO6I4 Dul & Iron Range—1st 1937 5 1035g 10358 103l2 103i2 104i2 10518 104 10412 108" 108 107 107 103 103 Dul Sou Sh & Atl—1937----- 5 105l2 105l2 1103411034 11218 11218 Elgin Jol & E 1st 1941--------- 5 110 110 118 11858 11712118 1I7I2 118 117l4ll712 II6I4 II6I4 11612116l2 117 117 Erie—1st cons 1920 gold—7 115 115i8 N Y & Erie 2d ext 1919 g--5 10412 10412 1041210412 10414 IO4I4 10212 1 0234 1021210212 9934 9934 3d extend 1923 gold--4^ 4th extend 1920 g-------- 5 10514 IO5I4 105 105 100 100 5th extend 1928 g-------- 4 1161211612 II6I4II6I4 11534 11534 N Y L E & W—funding—7 855s 8634 1st cons prior lien 1996 g--4 8878 90 8812 90 8812 8912 8812 89I4 8812 8978 8934 90 89i4 8934 87i2 88l2 8658 88I4 Registered------------------ 4 88 88 88 88 88 88 86 86 8812 8812 85 85 765 8 *7*8 * 78 7934 78 795 8 781 2 793 8 777s 79 8OI4 1st cons gen 1996 g______ 4 78 79 I 78 7834 77i8 78i4 765g 7734 76l4 77U 73i2 76U 77 Registered----------4 885g 89 89 89 89 891 2 891 2 901 4 90 91 88 ’2 89 901 8 903 4 ! 90 90l 2 Pennsylvania coll tr 1951 g 4 88i8 8878 90 91 89i2 90 88i2 89i2 86 8634' 86 87 84 89 85i2 81 90 9118 86 50-yr conv ser A 1953 g—4 8612 87 8558 86 86I4 91 8834 84 88l2 84 86I4 88I4 85 78U 79 I 78U 79 75I4 763 8 751 2 77 77 79 7 8 77l2. 50=yr conv ser B 1953 g—4 7914 807s 787s 80 78l2 7978 78 7934 77U 79l2 77U 78U 75 110 110 Buff N Y & Erie 1st 1916--7 10834 10958 110 11034 1125 8 1131 8 U 25 8 1133 8 IIOI4 llOU U23 4 U23 4 H2I4H3 113 114 112 114 110i8 111 Chic & Erie 1st 1982 g----- 5 112 112 113 113 109 109 Clev & Mah Vail 1938-------5 124 124 124 124 12334 12334 1241212412 Long Dock cons 1935 g—6 106 106*12 107 107 106 106 10678 10678'................ N Y L E & W—Coal & RR-6 10738 1073s 1073s 1073s 10134 1013 4 NYLE&WDock& Imp-6 IOOI4 IOOI4 105 105 N Y & Green L gu 1946--5 103l2 103l2 10312 104 104 105 103 104 N Y Susq & W 1st ref g—6 103 105 IO3I4 10312 103 103 *88* *90* 87l2 87>2 General 1940 gold-------- 5 89 89 88U 8812 87 87 87. 87 I 87 87 87 87 87 87 Terminal 1st 1943 g------- 5 10812 IO8I2 108l2 108l2 Midland of N J ext 1940-5 llll2llll2 9934 9934 9934 9934 9834 99 IOOI4 10212 100 100 iooi2ion2 9912 9934.---Wilkes & East 1st gu g-5 IOOI4 IOOI4 9912 9934 106 106 Evansv & Ind—1st con gu-6 1123 8 1123 8 110 110 1121 8 1121 8 Ev & T H—1st cons 1921 g-6 nii2iin2 .............. 112 112 102 102 102 10258 102 102 1................ 1017s 10212 1st gen 1942 gold------------ 5 95 I .................. Sullivan Co Brch 1st------- 5 9758 98«8 9712 9758 9734 9734 97 1 96 97 963s 9634 96l2 96i2 9634 97 Florida East Coast—lst--4H 97 98 96 97 77l2 77l2 Ft Worth & Rio Gr—1st g--4 8112 8H2 79 77 78 76 77i2 77l2 7712 9912 9912 9912 9912 100 100 Ga H & H of 1882—1st 13--5 99l2 99l2 Gr North—C B & Q coll tr--4 96 9858 9738 98 9612 9712 9612 97 9614 9634 9614 9658] 96 963g 96 96l4 95i2 96U 95U 9578 953s 9578 947s 955s 95ig 95l2 9434 95ig Registered------------------ 4 9634 9838 97U 9758 96i2 97l8 9638 97 9614 9612 9614 96121 9578 96l8 953s 955s 1st & refund ser A 1961.4Y. 10034 10112 IOH4 10158 10078 IOH4 10058 10118 10018 101 10058 101 40038 10034 100% 10034 100l8 100l2 100 100i2 100 100i2 9934 100129758 9734 98 98is 98i2 98i2 9912 9934 9912 9912 9814 98U____ ____ 98 St P Minn & Man 1933-—4 98l2 12U2 121i2 12534 12534 125l2125l2 1251212558 12534 12534 ...................,1243412434 1st cons 1933 g------------ 6 Registered___________ 6 122 122 10334 10334 104 104i2 Reduced to--------------- 4^ 1051210512 10512 10512 105 105i2 10434 IO5I4 10434 105 10458 10434 104l2 104l2 1035s 10358 95l2 96 Mont Ext 1st 1937 g----- 4 98 9814 9712 98 9758 9814 97U 98 97 9714 97 9734 96l2 97 96l2 965g *97* *97 * 96lg 96i8 96 96 E Ry—Nor Div 1st 1948--4 9612 9812 9612 9612 96i2 9612 97 97 11478 11478 H5I4H5I4 116 116 114 114 Minn Union 1st 1922 g----- 6 U4U U4U 1245g 1245g Montana Cent 1st gu 1937-6 12714 I27I4 127 127 11018 1101S 109 109 1st guar 1937--------------- 5 IIII4 IIU2 9212 92 95 9334 9118 91U 9234 92 93 92 92 94 94l2 92 Gulf & Ship Isld—1st 1952- -5 95 95 101 102 101 10178 100i8 101 993410134 100l2 10178 100 101 100 101 100 101 Hocking Vail—1st cons g-4H 10178 1025g 102 10258 102U 10258 92 92 Col & Hock Val 1st est ’48-4 92 92 Col & Toledo 1st ext 1955-4 96l8 9618 100U IOOI4 9934 9934 9958 9984 9934 9934 9912 9912 993g 100 Houston Belt & Term—1st--5 99i2 IOOI4 10034 101 102 102 104 104 10212 10212 1O1S8 1015g Illinois Central—1st 1951 g-4 90 90 92l2 92l2 1st 1951 gold....... ............ 3 8912 8912 89 89 Registered--------------- 3Y 99 98!s 98's 99 99 99U 995s 9712 98 99 99l2 99 Collateral trust 1952 g----- 4 98’4 98l4 Registered------------------ 4 95U 9514 1st refunding 1955---------- 4 96 9612 9614 9658 95»8 9638 9514 96 95 96i8 9512 9614 95U 9534 93 95l2 93 94 9334 94 95* 95l2 937s 9534 Purchased lines 1952—3Y 8618 8618 86I4 86I4 95 9534 9514 9558 9534 96 9534 9534 95l2 96 L N O & T 1953 g________ 4 99 9912 9838 99 98I4 9918 97 98l4 9718 9734 961*2 9*7 96 97 95 95 9478 9478 Cairo Bridge 1950 g-------- 4 731 2 *7*3*1 2 75>s 75l2 Litchfield Div 1st 1951.--3 8412 85 87i8 87i8 8638 87 85 85i2 85 *85 Lou Div & Term 1953 g-3 Yt 857s 86 Registered--------------- 3Y 83 83 75* *75 7518 75lg Omaha Div 1951 g---------- 3 7512 75l2 St L Div & Term 1951 g--3 8612 8634 8534 8534 85i2 86 855S 855g 85l2 8512 85l2 85l2 85l2 85l2 St L Div & Term 1951 g-3 Yi 961*4 96I4 96 92l2 93 96 94l2 94l2 93 93 West Lines 1st 1951 g----- 4 94l2 94l2 Carbon & Shaw 1st 1923.-4 U3I4U3I4 114l2ll412 11418 U418 11334 11334 Chic St L & N O 1951 g-.-5 116 116 Memphis Div 1st_______4 92l2 92l2 923 8 933 8 94 94 Ind Illinois & Iowa—1st g--4 9478 96 95>8 9518 95 95 94 9412 9312 94 108 108 108 108 108 108 IO8I2 108l2 IO8I2 IO8I2 108 108 10638 107 107 108 107 107 Internat & Gt Nor—1st ’19 g 6 108 108 108>2 10812 99 99l2 99>2 98 98 100 Iowa Central—1st 1938 g—5 102 102 10U2 10212 ioii2 l’o"ll2 101 10158 101 101 100 100 100 105 95i2 95l2 98 98 58 61 Refunding 1951 g------------ 4 6512 6612 63 6512 63 65l2 6478 65l2 6434 66 6312 6478 6212 63 64 65 62 64 61 63 60i2 61 James F & Clear—1st 1959--4 9412 9412 94I4 9412 94U 9414 *721*2 7*3*34 94 94 7214 7218 72l2 7134 7238 72 72I4 7234 72 73I4 73 7314 7178 72 73l2 72 Kansas C Sou—1st I960 g-.3 73U 74 73l2 74 73i2 7334 Refund & improv’t 1950-.5 997s IOOI4 997s IOOI4 99U 9978 9834 9958 98l2 9834 98 9834 9734 98U 97l2 98i4 96l2 98 97U 98ls 9734 98 9734 98U 98 97l8 973s 96U 98i4 96'2 985g 96i2 97's 97U 985g 97l2 9734 9634 97l2 98 Kans City Term—1st I960--4 9758 98i2 98l2 985s 98U 98 Lake Erie & W—1st 1937 g-5 108l2109l2 110 110 l69l"8 1O978 10912 10912 10934 10934 108 108 10712 108 107l2 107l2 10634 107 10634 10634 106i2 107l2 106l2 106l2 104 104 104U 104U 1O414 IO4I4 104 IO4I4 104 104 2d 1941 gold____________ 5 10512 1051" 105 105k 104U IO4I4 North Ohio 1st gu 1945 g--5 104 104i2 1037s 10414 103i2 103l2 1043g 1043g Lehigh Val (N Y)—1st gu-4 105U IO5I4 105U 105U 105U106 1051*4 10*5*38 1041*21*0*4*12 105 105l8 1041210412 Registered------------------ 4}£ 95l2 95l2 96i8 96U 97 97 97 98I4 98I4 Lehigh Val (Pa)—2903 g--_4 98>4 98U 97 113 113 10912 U234 H3I4H3I4 114 114 Lehigh Val Term—1st gu g-5 IO6>2 10612 Lehigh Val Coal—1st gu g--5 108 108 IO6I2 106l2 9378 9378 9418 941S Lehigh & N Y—1st gu ’45 g-4 103 103 Elmira C & N guar 1914—5 10834 10834 110141103s Up 110 109U 10914 Long I si—1st cons 1931 g--5 10934110 9614 9614 1st cons gold 1931---------- 4 93 93 915 8 93 9414 94I4 94l8 9414 9418 9418 94U 94U 94lg 94ig General 1938 gold------------ 4 9412 9412 9412 9412 94 94 96l4 96l4 98 98 98 98 Ferry 1922 gold------------ 4>£ 91 91 91 91 90 90 9214 93 9238 93 93 9512 9512 9312 9512. Unified 1949 gold------------ 4 95 94l2 94l2 94U 94 96 963s 9578 9578 95l2 9534 9378 95l2 94 97 97 Guar refund 1949 gold___ 4 93 96 967s 9614 9712 953s 96 103 103 10312103l2 104 104 N Y & Rock Bch 1st-------- 5 10414 104U 105 105 North Shore Br gu---------- 5 10612 10714   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  RAILROAD BONDS  146  1912—Continued. January February September October March June August November December 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  BONDS  IA & Arkan—1st 1927 ___ 5 Louisv & Nash—Gen ’30 g..6 Gold 1937--- _____ _____ 5 Unified gold 1940---------- 4 Registered _ ________ 4 Collateral trust 1931 g___ 5 F H & Nash 1st 1919 g_ -G Lou Cin & Lex 1931 g . N 0 & Mobile 1st 1930 g .6 NO & Mobile 2d 1930 g" -6 Paducah & Mem Div 1946-4 St Louis Div 1st 1921 g__ 6 St Louis Div 2d 1980 g__ 3 Atlan Knoxv & Cin Div.-4  9412 11578 116i8 116i2116i2 117 1171? 114 iin2iiii? 112 99 99l2 99I4 9958 9834 99l2 99 9838 109l2110l2 110l8110i8 1113811138 10434 10484 105 105 104l« 121 121 1171? 1171? 96 95U 9514  925g 93  9278 93  9412 9478  9412 95  9234 93 ‘  Atl Knox & Nor 1st ’46 g-5  Kentucky Central 1987 g--4 L & N & Mob & M 1st g.4>6 L & N«=Sou=Monon joint-- 4 Nash F & Sheff 1st gu g 5 New & Cin Bdge guar 4 Pens & Atl 1st gu 1921 g--6 So & No Ala cons gu g__ 5 Louis & Jeff Bdge—Guar g-4 Minn & St Louis—1st 1927 7 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 M St P & S S M & Cent Term 1st Chicago Term  10934 10934  9418 947s IO4I4 104U 891? 891? 89I4 8938 10934 10934  941 ol 93 94 94 9fi 93 93 93 93 93i8 117 “ 115 115 113 113 112U 11378 11334 1137s 1131211312 1131211312 11312 114 11 13a 1 121s 11034 111 1111s 1111s L12 99I4 99 9958 9834 99i8 98 99 97i8 9834 9714 98i2 973g 98i4 9678 9734 9634 98i2 9838 96i2 96i2 9818 98i&j 109 109 110 no 10858 1 0834 109 109 1073# 1071? 111 111 ’ 1 105o 1 105a IWlol 105fi 110i2 110l« 110i8 110i8 IIOI2 110*2 105 1043410434 120b 1 2O3fl  96  95 95 113 113 69l8 69l8 92i2 •9234 92 ” 9234 92i8 1121? 1121? 9438 9334 9334 93 94 1041210412 ____ 89l8 8958 8878 1091210912  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 1st & ref conv 1959—— 5 Cent Brch Ry 1st 1919 g--4 Ont Rrrh 11  P 1  Riv & Gulf Div 1933 g--4 Verdigris Va I & W 1st - 5 Mobile & Ohio—New 1927 g-6 Montgomery Div 1st ’47 g-5 Guaranteed 1931 g 4 Nash Chatt & St L—1st '13-7 1st consol 1928 gold----- 5 M  M VV A- A 1 st  6  National Rys of Mexico— Prior lien 1957------------- 4 Vi Guar general 1977 — - 4 National of Mexico— 1st consol 1951 gold - - - 4 N O Mobile & Chic—1st ’60.5 M H Torminnl 1 cf 1 <HW  93 104B8 89ig 109  92  92i2  69U 6958 9158 92i4  9H4 92  9614 967g 953g 9634 95 9512 9434 8334 84l8 8H2 84 8H2 8214 80 10212 10212 101 IOH4 IOH4 IO2I4 102 8078 8078 787s 8034 7838 7912 7712 8834 87 8834 8914 88i2 S9l4 87  9012 9012 10912110 10958 1 0988 10712 1O712 ____ ____ 10234 104 1011210312 10334 10334 ... 105U IO5I4 107 108 10738 1 08 9978 10034 IOOI4 10034  9534 8178 10212 7812 88  9934 10034 7058 74 86l2 8958 92 92 9512 9512  10534 IO6I4 106 7912 8334 78 78 82l2 84  9012 9012 9012 91 10958 1 0958 108 10812 106 10612 1053410614 106 106 ____ 1013410134 103 10312  10378 10378 ---10734108l8 107 107B8 1063410738 100 IOOI4 99l2100 99 99B8 97 97 9912 10012 9914 99l2 9912 9934 98 99 7338 74U 73i2 7514 74 7458 7212 74 8684 89 88I4 89 87 89 86 8812 9134 92 9H2 92 92 92 81 81 96 96 96 96 95 96  8234 8334 8334 84  60  60  96  96  60 62 7714 78 96 98U  101 63 96  12419 12419 99 ' 99 ’ 10014 1001? 9978 6078 65 63 64 60 7934 76 76 96i2 967s 95l2 95l2 95 95 95ig  102 102 IO2I4 65*4 597s 61 96"8  9458 95 95 9412 95U 94 8OI4 8G34 80>2 8138 805s 81 101 102 100 L015g 100 100 7712 78 7712 78 77l2 78i4 8712 88I4 8714 877s 85i2 87 76 77 76 78  81 83 80 80 83l4 84  81  8158  8078 8H4  83  84  83  84  9234 80 99l2 77i2 85i4  9214 9212 86I4 86I4  100 100 7912 7912 ____ ______  9H2 9212 85 85  79 80 94 95 8812 8812  9778 7034 84 ____  98l2 71 86i2 ____  98 70 84i4 92  9Sis 72 87l2 92  9634 70i4 8434 92  97 71 855S 92  80  831g 8312  103l2 10458 102l2 104 78  80  8314 8334  97ig 74 8734 92  9234 93  9412 94l2  78  967s 71i4 8434 92  7768 7918  78  833s 84  83  11958 ____  ____ 11834 8534  85 10734 IO8I4 8358 82  78l2 781? 8914 90  77l2 78l2 ____ ____ 88i2 89i2 8834 89 87ig 87l2  8738 87 8734 86 94l2 9234 93 93 8278 81 82 81 81 79 80 79l8 7934  867s 87i2 8714 87U 9214 9334  85l2 87 86 86 9278 94  93l2 9378  8234 81 79 78  88  8338 8158 8018 7812  8612 86 93l2 93 8158 8318 8134 80l8 81bs 8034 8OI4 7818 79 78 8612 8714 86 87 9358 96l4  8534 86lg  85l2 86l2  81 79 7938 783s  90 85  89 80  9014 80  97 715g 87i2 92  97l2 7078 8614 9234 75 93ig 93i2 93 1031a 103U  90 78  90i2 80i2  885g 885g ____ 10714 10734 1071410714 10718 10718 101 101 usw oc Kome za gu---------------- u 9712 9814 84 86 O & L C 1st guar-........ --4 St 1 & A dir 1 st 1996 5 oaiqgc a 11912 119*2 LS&MSgold 1997----- 3^ 89 897g 8812 8918 88 “ 88i2 8734 88i2 87I4 883j 88 88I2 88 88 Debenture 1928 gold----- 4 93U 9438 9334 9414 9338 9438 9314 9412 9312  9312  93  9378  9314 9334  93U 9358 927s 9278  93l8 9338 9258 105 " 105 ~  89 89 10634107  93  93i2  897s 7734 78  88l2 8812 77i2 7958  8578 88U 7578 8OI4  78 78 87i4 89  — -----87i2 8814  7778 777s 86 8778 85*8 86l2 8334 85 9034 925s  85l2 865g  86  9178 923g  9134 9214  80ig ____ 79 78  78i2 795g 7634 77l2 78 78  78i4 787g 78 7714 7714 ■- 77 78l4 78 78  iNon=conv aeoen  98 90 9U2 9138 9158 997g 100 IOOI4 10012   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  4  9834 99U  88  99 99 87i2 87l2 10634 10634 10634 10834 1063g 10638 106 106 9638 963s 84l2 8412 108 108  96  96 84  8812 89l4 873a 8734 933g 943g  87i2 881?  8734 88  88  89 ig  92l2 94  9134 9234  93i8 933g  93  9314  917s 93i8  9112 92  92 92 92 92  93i2 92 93 93  8934 92 9978 100  90i4 9014 9938 100  88l2 9014 98i2 9934  85  .....................  87 89 8734 8734 925g 93  87U 88 87*8 87*8 92 ig 93«4  9214 93  92  98  9H2 90l2 9n2 10058 9978 100 9934 9014 8934 90 10012 100 10034 98l2 9778 9838  93  8534 8534  90 9012 9934 100  8912 90 8918 90 9934 10058 9934 IOOI4 97 98 97 98 101 101 101 101  92 92i2 92l2 82 82  93  — 072  Cent N E 1st 1SC1 gu_____  79 78 78  111  N Y New Haven & Hartford—  Convertible deben 1956-3 Convertible deben 1948-- 6 ? Registered - - ------- 6 vonsoi Ky non-conv  87  1231412314 111  9034 9978 N YC & St L 1st 1937 g--4 99 25-year deben 1931 — 3Y 8978 91 I6o3S 100% 90 100 West Shore 1st 2361 gu- 4 100 101 Registered------------------ 4 9778 98l2 98 98l2 9734  Non-conv deben 1956-------4  ____  975g 71*l8 87lg 92ig 81  10314 IO3I4  9834 991-4  845s 845g ____  97ig 70 86 9134 75  85 86I4 84l4 8414 92 9314  8138 8OI4 81 79i2 78 ____ 79i2 78 7934 ____ ____ 78 78 783S  ____ ______ 10634 10634 10634 107  8838 89 8712 89 88 8834 88 88 93l8 9338 93U 94  9734 72 88I4 9234 75 93  87  88 Q L6  100l2 101 ____ ____ 10534 106 105l2 106 99l2 9934 99ig 100  9734 7214 88 92i2  9918 9918  Rome W & Ogd 1st cons--5  7714 78 86 87 77 7712  103i2 104l2 104>8 10434 104lg 10434 104 L04 8134 8034 82 80 7914 8134 81 S078 so 8278 83l2 83 8H4 84 ' 83l2 84 100 100 11834 11712 118 117i8 118 1165g 1165g 1125s 1125g 8534 8534 85»4 8518 8578 85l2 85l2 107i2 107*2 107 107 83 83 85*8 85'8 8578 85'g 91l2 92 102lg IOII4 1O178 101i8 IOII4 1013g 10138 10978 1095g 1095g 109i2 10912 10712 109U  7734 78 90 9034 8778 8778  87  95 925g 94i2 94 803g 81 7914 80ig  103i2 104  99 99 7938 80 9214 94  7814 78 78 78 9112 9212 9034 92 877s 88  925g 93i2 80ig 813g 9934 1003g  IO6I4 1063g 1047g 10478 10534 10534 105 10512 105 106 9934 9912 9934 9834 100 99 99l2 9834 99U 99  89 83  92l2 937s  Kegisterea------------------- 072  95 8034 100 78 86l2  9058 92 90 90i2 8912 9012 89 90 8212 8212 85I4 86l2 84U 85i2 8314 84  8734 88l2  8234 84 8078 85 79 84 8OI4 81 7834 82l2 7934 82  1QAO 4 ISt 190z gold--------------- 0/2 20-year debenture 1929- 4  100 63 7934 96  10478 10478 88 88 91 91 1061g 107 1065g 1065s 108 108 ____ -___ 108 108 108 108 10334 10334 104l2 10412 ____ ____ 105U 10534 ____ ____ 105 105 ____ 99i2 101 IOOI4 IOH4 10012 100l2 10112 1 0234 101 102 101 101 IOOI4 101  103 103 10234 10234 10234 10234 IO2I4 102U 10134 10378 104 10358 10334 10312 10358 10938 10938 10912 1 0958 ____ ____ 10958 1 0958 10958 10958 10912 10912 10934 10934 ____ ____ 10978 1073410734  Lake Shore coll g 1998--3 y? Registered----- --- - -3K Mich Cent coll g 1998--3 H  25-year 1931 gold-------- 4 D144-P X- 1 obo P 9/1 1 Q9Q K O /ucKees Xr ot Vi 9/1 za 1QQA ----- oA Michigan ventral xvox----- o  9212  1101, 1101,  120U121 12014 I2OI4 12034 1 2034 I2OI4 I2OI4 120U I2OI4 120 120 119 11534 1153a 11534 11534 8634 8 634 867s 8734 87 87 85 110 110 10812 10812 11O1811O14 ____ ______ 1103411034 83 83 8358 835g  87 88l8 87 87 9214 9314  tr  91  1091« in91»  10612 10512 10638 10412 10512 10412 10558 10312 105  Debenture 1934 gold------- 4  W V £• Harlom 9000  91l4 92l2  9214 92i2 92 91l2 9134 92l2 9214 92i2 91l2 92 ____ 10458 10458 103i2 103i2 ____ ____ 103i2 103i2 90lp 9019 90 90 10814 108U 10819 10919  96l4 96l4 9612 97 8312 8418 IOH4 IO2I4 80 8H2 8834 89l4  4  N Y Cent & Hudson River— Gold mortgage 1997----- 3  94  9714 97*4  4  1 Q4R  Pac of Mo 1st ext 1938 g - - 4 2d extended 1938 g 5 St Louis Iron Mtn & Sou— Gen cons ry&l gr 1931 g-5 Stamped guar 1931 5 Unifying & ref 1929 g—4  943g 93 ____ 1045g 89 89 109  111  Dallas & Waco 1st 1940 __5  Mo K & E 1st gu 1942 g--5 Mo K & O 1st gu 1942----- 5 M K & T of Texas 1st gu g-5  9234  6914 69U 9214 9234  1001210012  112 112 11U8 11118 11078 11078 1103, 1107» 11078 11078 9H4 91U 9114 9114 129 * 129 105 105 105 105 10H2105 102 102 10158 10134 62 65 64 6112 65 61 6312 6712 6978 65 79U 79U 7818 7818 80 80 81 81 78 78 97I4 9734 9734 9734 9634 9714 97 97 97 97  111  4  M S S M & Atl—1st 1926. .4 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 Yi St I oiiis Div 1st ref 4  94  9314 9314 1 1219 1 1219  9218 9238 90 1315813212 132 13Ug 13112 131  93  9212 9318  92i8 9258  92  9H2 92  817§ 92 93U 92i2 9458 903g 92 129 13212 13012 132U 130 131 129 132 13112132 ____  8l7g 923g 12912 13012  81 9018 128 _—  93i2  93  93"-8‘ 9338 9338!-  —  9U2 92 915g 9178  97l2 983g  975g 98  99i2 9934 9758 98l4  98ls 995g 98 98  87l2 883S 98U 99 96 97*8  9H2 92 9H2 911?  91 91  90  91 91l2  91  98ig 9834 88 98 963S  99 ig 9834 88 98i2 97  .....................  99  99*2  88 97 97  88 98U 97U  89i2 89i2 8912 8912  80 80 80 80 8II2 86 86i2 90 9034 91 9214 92i2 90 9H2 90 90i2 9012 91 1277g 12914 126 127 123 126 128i 4 12914 127 7 8 129U 129U 128l4 129U 1273g 128 _— -— 122^4 123 ------ 128l2 128l2  99  99l8 9918  93  89 89 9912 100U 98 98l2  9912 991? 92"’g 923j 9214 9312  99  92l2 92l2  99  99  91i4 921?  99  9914 991,  99  90U 9114  9H4 9214  1 92l2 92l2 . ...................  RAILROAD BONDS  147  1912—Continued. BONDS  January February March June April May July September August 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 N H & Hartf— (Concl.) 114 114 115 115 Housatonic cons g 1937..5 115 115 9878 9978 9978 10018 997g IOOI4 9934100 99*S 995g 9914 100 N Y W’ches & Bos 1st--4 >6 99*4 100*8 N H & Derby cons 1918__ 5 New England cons 1945-.5 99*2 99*2 Prov Secur deben 1957__ 4 84 84 9212 93l2 92l2 93i2 N Y Ont & W—ref 1st g-__ 4 94*s 95 95I4 96 9438 9478 9414 95 9212 9212 Registered----------------------4 895s 895g General 1955____________ 4 100i8 100ig 9938 100 Norf Sou—ref 1961________ 5 1023410234 Norfolk & Southern 1st------- 5 10212 10212 12334 1 2334 12358 12358 12338 12338 Norfolk & West—gen 1931.-6 125ig 125*8 1263812638 124 124*2 Improvt & exten 1934 g..6 124 124 New River 1st 1932 gold--6 9858 99 98*2 99 99 997s 9858 99U 9838 99 97l2 98*2 96*2 973g 9634 9758 N & W Ry 1st cons 1996--4 98 99 92 925s 9134 92*2 92 923g 91*2 92*2 Divisional 1st lien_____ 4 9312 94 9312 9334 93 935g 9234 93I4 92I4 93 10-25-year conv 1932—4 108 110l8 10712110 109 IIH4 IIH4II4I4 1111211314 IIOI4 11612 11334 117*2 11658 118 115*4 1175g 1073 4 IO9I4 109 1113 4 108 5 s 1085 8 1091 2 lll 114 117 110 1161 2 116 117 116 117 10-20-year conv (rects) -4 92 9218 91 92*8 907g 91*4 90 91 Pocahontas C & C joint-4 "92* 9334 9312 94 93 9334 93 93l2 92 92 1063 8 1063 s Col Con & T 1st 1922.......... 5 Scioto V & N E 1st gu g--4 98*2 98*2 97l2 97l2 98*2 98*2 95 95 9534 96 9518 96 96 96*2 96*2 96*2 96 96*2 North Pac prior lien 1997 g-4 993410034 993410034 9958 1 00 9938 9978 9914 9978 99 9958 983g 993S 973S 98*2 973g 98*2 97*4 977S Registered------------------ 4 9858 99*2 9834 9914 9834 9834 98*4 99*s[ 98*2 9834 9814 9814 General lien 2047 gold___ 3 69 70 695S 70*8 6912 70*g 69*2 70 69 6978 69 6914 6834 69*4 68*2 69 68*4 69*2 Registered------------------ 3 68 68 96 9612 96 96 96*4 96*4 96 96 95*2 96 St Paul-Du! Div g 1996--4 Dul Short Line 1st guar--5 100 100 115% 11512 1153g 1153s 11434 115 H5I4H5I4 St P & No Pac gen gold—6 115*2115*2 St P & Duluth 1st 1931---5 107 107 10238 1023s 2d 1917_______________ 5 94 96 1st consol 1968 g---------- 4 9234 9234 9234 9234 9234 9234 1115 8 1113 4 1113 4 11134 . .................... 111 111 111*2 111*2 111*2111*2 Nor Pac Term—1st gold----- 6 lll*s 111*8 Ore-Wash—1st & ref 1961--4 92 9234 92I4 9258 9178 9238 9112 92 9U4 9158 9Us 9U2 91 913S 89*2 91*4 8934 90*4 104 104 ’10334 1 0434 10312104 103*2103*2 Pacific Coast Co—1st g----- 5 Pennsylvania RR— 1st real estate 1923 gold--4 IOH4 102 101 101 101 102 101 101 IOOI4 101 IOOI4 10038 100*4 100*4 100 100*2 100*4 100*4 108 108 110 110 Consol 1919 gold--------------5 102* 2 10234 101*2 101*2 101 101 Consol 1943 gold--------------4 102 10378 997g 100 9978 9978 997g 997g 9978 9978 9978 100 99*2100 100 100i8 997g 100 997s 100 10-year conv 1912 gold-3 963 4 971 2 97 973g 973 8 97 7 8 973 8 973 4 971 2 973 4 97U 973 4 9738 9734 9678 97*4 96*2 97*8 10-year conv 1915 gold-3 J4 9738 9738 97 97 Registered--------------- 33^ I63" 103% 97*2 97*2 10334104 102*2103*2 103 103*2 IO3I4 10378 103 10418 103*2 104 102*2 103*2 102*2 103*4 Cons 1948 gold__________ 4 102 102 103 103 Registered------------------ 4 9978 9978 9958 9958 100*8 100*8 Alleg Vail gu 1942 g-------- 4 Del Riv RR Bdge 1st____ 4 1017 8 1017 8 102 1031 2 102 102 Phila Balt & Wash 1st g--4 102 102 10U210U2 Un N J RR & C gen-------- 4 101l2101l2 101 101 101*2101*2 Pennsyl Co—gu 1st g----- 4 3^ 103l4 103*2 103*2 10378 103*g 104 103*g 10334 10338 1035s 103 10318 10278 103*2 1025g 103 102*2 10338 102 103 103 103 Registered------------------4 88*2 89l4 Gu coll ctfs A 1937......... 3X 8834 8834 88 88 Gu coll ctfs B 1941------ 3M 9734 9734 97*2 9734 975g 98*4 Tr Co ctfs gu 1916 g----- 3 88 8 Gu tr ctfs C 1942----------3 Gu tr ctfs D 1944---------- 3 3£ 8734 8734 9634 96*8 9634 96 9638 98 98*4 9734 98*s 97 . 97*2 9634 97U 9634 9634 96 15-25-yr guar g 1931____ 4 98 98 9H4 9H4 Cl&Pitts ’42 reduced tO-3 3$ 9U4 9U4 9U4 9U4 Series C 1948_______ 3 M 9U2 9H2 Erie & Pitts gu ser B g-3 34 90*8 90*8 Series C 1940_______ 3 34 10434 10434 104 104 IO4I4 105 Gr Rap & Ind 1st gu g--434 100 100 P Ft W & Chic 1st 1912-.7 IOH4 101*4 101 IOH4 101 101 P Ft W & Chic 3d reg......... 7 10134 10134 10218 1021g Tol W V & O 1st A......... 4 34 Series B 1933------------ 434 105% 1053s 104*4 10434 PCC & St L gu A 1942-4 34 IO6I4 10634 106 106*2 105*2106*2 1057s 10578 10434 10434 10612 107 Series B guar 1942__ 4 34 10634 10634 Series C guar 1942------434 97*2 98 97U 9714 9712 9712 99 99 Series D guar 1945------- 4 97 97 94*8 955g Series E guar 1949—3 34 93*s 93*s 93l2 93l2 97 97 Series F guar 1953--------- 4 99" 99' 97 97 Series G guar 1957--------- 4 11018 11018 C St L & P 1st reg---------- 5 Pere Marquett 6034 6034 Refunding 1955--------------- 4 523g 523g 54 54 Refund guar 1955________ 4 9958 995s Chic & West Mich 1921---5 108 1083s Flint & P M 1920 g_______ 6 96 96 9634 9634 9934100 98l2 98l2 1st consol 1939 g---------- 5 97l2 97l2 Port Huron Div 1st g—5 86 86 Philippine Ry—1st s f_____ 4 84*4 84*4 845s 8458 H3I4H3I4 113*s 113*s 113 113 Pitts Shenan & L Erie 1st—5 Reading—Gen 1997 gold—4 98 98*2 98I4 9834 98 98l2 9778 9812 977g 981? 9734 98*s 97*4 9734 96*2 97*2 96 9634 9734 98 9638 9638 > Registered------------------ 4 967s 9712 9678 973g 96*2 97*4 Jersey Cent coll 1951 gold-4 97*2 9734 97*2 9812 97’ 97% 97 97 95 95 Registered------------------ 4 87 87 86 86I4 87*2 89*2 87*2 87*2 St Jos & Gr I si—1st g-------- 4 1193 8 1193 8 1183 4 1183 4 1191 4 1195 8 118*2 118*2 1187 8 119l 4 119*2119*2 St L & San Fr Ry gen 1931 g-6 General 1931 gold-------- 5 107*2108*2 1075s 108*2 107*2 10734 10712 10712 107l2107l2 107*2 107*2 105*2 105*2 108 108 104*2 1045g 85 85 84*2 85 BR—Consol 1996 g---------- 4 88 88 88 88 Gen 15-20-yr 1927--------- 5 88*s 88*2 88 88*2 88 88I4 8734 88 8678 88 87 873g 8684 87*4 83*2 867g 8334 845s 9934 9934 Southwestern Divl947--5 Refunding 1951 gold—4 80 8134 8034 8134 795s 8OI4 79 7978 785g 79U 7734 7834 7734 79 78*s 79 7734 7858 11534 1163 4 1171 2 1171 2 115 11534 1175 8 1175 s 117 118 II7I4II8 115*4 115*4 K C Ft S & M cons 1928 g-6 a Refunding 1936 gold—4 80 80*2 80 803s 80 8OI4 7934 80 79l2 80 79 795g 77*2 79*2 77 78*2 77*2 77*2 Registered------------------ 4 KC& M Ry& Bdge 1st--5 103*2 103*2 9934 997 8 9934 9934 9934100 997 8 99 7 s 9934 99*8 995g 9934 99*2 99*2 99U 997 8 997 g 997g Ozark & C C 1st gu---------- 5 90*2 9078 8934 90*2 St Louis Southwest—1st g-4 91 92 92*s 92*2 915s 9212 9U2 921g 9U4 92 9058 91*4 90*2 91 8U 2 821 2 8U4 8U 2 803 4 81* s 81 82 81 83 803 g 81 8 U 8 817 8 80 80 2d inc bond ctfs gold------- 4 8034 Consol 1932 gold_________ 4 79 8178 8034 82 81*2 8178 8U4 8412 8134 83l4 8U4 817g 803s 81*2 80*2 81*2 87 San Ant & Aran P—1st gu g 4 87 8734 865s 8712 86I4 87 86l2 87 863s 8634 86*2 87 86*4 87*2 86 86*4 8738 87 87 8714 87*4 87*4 87*4 87*2 Seaboard Air Line—1950 g-4 Do do stamped------------ 4 8734 90 8734 88*2 87*2 883s 8712 875g 8612 8712 87 88! 87 87*2 87*4 877g 86 87 80*2 8134 78 79*2 773g 78*2 Adjustment 1949________ 5 8212 8414 79 807s 79 8OI4 80 8138 7912 8U4 80*s 81 81 8134 81 81 825S 8U2 8214 8112 82 8U2 79*2 81 78*2 7978 7758 79 Refunding 1959--------------- 4 81 83 88 89*2 90 89 8912 88 88 88 87 88 Atl-Birming 1st 1933 g—4 88 89 9234 9312 9312 9312 Carolina Cent 1st 1949 g--4 104 104 Fla C & Penin 1 g 1930------ 5 107 107 107 107 Consol 1943 g__________ 5 106 106 10634 107U ---10638 10638 10534 IO6I4 Ga & Ala 1st cons 1945—5 10658 1065s 10434 105*4 105*210534 10512 10512 Ga Car & No 1st gu g------- 5 105 105 106*8 106*s Seaboard & Roan 1st ’26--5 So Pac Co—Ct Pac coll ’49 g-4 9134 9212 92 923g 9134 9214 9U8 92l8 91 9134 90*4 913g 90 9034 89*4 90 88 89 91 91 Registered--------------------- 4 943g 95*8 94 943g 95 94?8 Convertible 1929--------------4 9614 97 9534 96*4 9534 963g 951g 9638 9458 96 94l2 95 96 96 !..-.............. Registered-------------------4 9658 97 9618 967s 9514 9614 95*4 963g 9534 9634 9434 96 94 95*2 94*4 95 Cen Pac 1st ref gu g-------- 4 9612 97 94*2 9412 94*2 94*2 94*2 94*2 Registered-------------------4 90*4 90*4 9034 913g 9038 905s 90»8 905g 90*2 90*2 Mtge guar gold---------3 33 90*2 9078 9034 91*2 91 9U4 9034 91 9278 9278 89 90 90*2 91 91 905g 9058 89 Through St L 1st gu g--4 107 107 10634 107* 105*2105*2 G H & S A—M&PDiv 1st g 5 1043410434 102*8 102*8 Gila Vail G & N 1st gu g--5 Hous E & W Tex 1st 1933-5 104*s 104*s 104 104 104U104*4 1st guar redeemable---- 5 110 110 110 110 ,110 110 109*4 109*4 109*4 109*2 Hous & Tex Cen 1st 1937- .5 94 95k 9514 951g 951g 94*2 9458 95*2 95*2 94 'General 1921 gold_____ 4 95I4 95U Austin & N W 1st 1941-. -5 107*2107*2 107l2107l2 11134 11134 Morgan’s La & Tex 1st—7 1st gold 1920 ........ ......... 6 Oregon & Cal 1st 5 . ..... ......... .............. ............ ......... I. ' -101 101   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  zzzz zzzz  99  995g  98*s 99  95*2 983g  81 925g  92  81 81»4 92*8 94*2  94*2  96*4 97*2 965g 9734 96 97 9134 92 9234 92*8 92*2 92 115 116*2 114*4 116 11134 113*2 114*2 11634 11138 114 90*2 91 897g 91*2 90 92 95 93*2 98 98*2 977S 97*2 97*2 68S4 69*2 68*s 69 68 68 95*2 95*2 101 101*2  975g 983g 9634 9634 6734 68*4 94*g 94*8  102*8 102*8 111*4 111*4 90*4 91*4 104 104  9034 92*4  90 100  913g 101  1013gl02  100*8 101*8  1013g 102*2 1013s 102*4 997g 997g 955g 97*8 963g 97 102  103  96*2 9634 101  10234  99*2 100  102*4 102*4) 1023gl027g 103 103 1015g 102*g' 102*4 102*4  85*2 86 975g 975g 96  96*4  96  96*8  90*8 90*8  101*2 101*2  1023g 1023g 9558 955g  59 98 104  595g 98 104  96  96  96  96  58*2 58*2 56*2 56*2  97 963g 97  97  96*2  963s 97*4 95 95 955g 96  87*2 87*2  873g 8758  96  88  88*2  1045g 1045s 1045g 10434 104 104 83 83 85*2 85*2 8334 843g 83*s 8378 8134 83*2 100 100 765g 78*8 7534 77*4 74*4 76*4 11334 11334 1127g 113*4 11134 11134 78 7834 77*2 783g 76*4 77*4  99 893g 80 80 86 86*8 85*2 75 7634  99*4 897S 80*2 81 867g  99 895s 80 805g 855g  99*8 90 80 81 8634  99 89 81*2 80 843g  99 90 81*2 8034 86  86*8  86*2 79 79  857g 8634 75*2 7634 79 78 104  85*s 86*4 74*2 765g 77 79*2  104  105*2 105*2 1047s 1047g  8834 8934 89 96 91*2 91*2 93*2 9434 ■93*4 94% 907s 93*2 88*4 887g  9434 95*2 9058 9078  9434 95*4  9078 9078 90*2 9034 91 91*4 105 105 10434 105  103 93*2 93*2  93*2 94 105 105  103  93*8 9434 105 105 107*4 107*4  RAILROAD AND MISCELLANEOUS BONDS.  148  1912—Continued. BONDS  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  Southern Pac Co—(Concl.)— I-  So Pac Cal 1S12_________ 6-----  South Pac Coast 1st-----------4'___ San Fran Terml 1st 1950-.4 91 Tex & N 0—Sabine Div—6  100% 100i8 91*4  91  Sou Pac RR 1st ref 1955--4 94% 953g Registered —.......... 4 Southern—1st 1994 gold___ 5107% 108%  95  92  91 91% 1003.J 10034 9538 9434 9538  9038 90%  90% 90%  9014 9012  90l8 90>4  947g 95% 9434 95 9414 95 95 108 1 0838 10758 108% 10738 107% 107 107% 107l8 10734 107i4 Dpori cfppprl K 107 107 Develop & gen Ser A--------4 7834 79% 7834 7938 79% 79% 78% 7934 783g 7878 78 785g 78ig 79 79 Registered------------------4............... 86% 87% 87 8738 87 8738 8634 87 Mobile & Ohio coll tr g___ 4 8512 86 87% 87 85 Memphis Div 1st g-.4)3-5 108% 108% 109% 111 109 109 8834 90 St Louis 1st gold----------- 4 8858 89 89% 90% 8834 90% 89 89 8934 89l2 89i  Alabama Cent 1st 1918__ 6 ___ ____ Atlan & Danv 2d 1948----- 4 ............... E T Va Oa div 1930______ 5 108 108 Cons 1st 1956 gold......... 5 11078lll58 E Tenn reorg lien gold-__ 5 106 106 Ga Midland 1st 1946-------- 3 ............... Georgia Pac 1st 1922 g—6 11258 H25g Knoxv & Oh 1st 1925 g__ 6 115 115 Mob & Birm prior lien----- 5 Mortgage gold 1945 ____4 Rich & Danv cons gold__ 6 Deben 1927 stamped — 5 Rich & Mecklen 1st 1948--4 Sou Caro & Ga 1st g-------- 5 Va-Mid Ser D 1921____ 4-5 Series E 1926-............ ---5 Gen 1936 ....... 5 108 108 Va& SW 1st guar 2003 .-5 Va & S YV 1st cons 1958--5 96i2 97i2 Wash O & W 1st 1924___ 4 West No Caro 1914 g------ 6 Terml Assn St Louis—lst-4 )3 1st cons 1944 gold----------5 Gen refund 1953 gold------- 4 9412 96 St L Merch Bdge & Term-.5 Texas & Pacific—1st g------ 5 109i2ll0i8 2d income 2000_________ 5 Toledo & Ohio Cent—1st g--5 108i8109% West Div 1st 1935.............. 5 General 1935 gold------------ 5 Kan & Mich gu gold-------- 4 92i4 92% 2d 20-year 1927________ 5 98i2 99% To! Peoria & West—1st g--4 9358 9358 TolStL&W—Prior lien- -3M 87i2 87i2 50-year 1950 gold------------ 4 6778 69% Coll tr 1917 ser A----------- 4 Toronto Ham & Buff 1st----- 4 Ulster & Del—1st con g-__ 5 1st refunding 1952 g-------4 Union Pac—RR & I g 1947-4 1OO381O1 Registered---------------------- 4 9978100 20-yr conv 1927........... .. .4 101% 103% Registered------------------ 4 1st & refunding 2008______4 97 97i2 Oregon RR & Navcon g--4 9538 96 Oregon Sh Line 1st g-------6 113i811334 1st Cons 1946 gold_____ 5 111 112 Guar ref 1929 gold-------- 4 9378 95 Vandalia—Cons 1957 Ser B-4 Consol ser B 1957_______ 4 97 97 Vera Cruz & Pac 1st 1934-4)4 Wabash—1st 1939 gold___ 5 104% 107% 2d 1939 gold____________5 96 98i4 Debenture Ser B 1939----- 6 1st lien equip 1921 gold—5 1st & refund 1956 gold---4 55i2 5858 Cent Tr ctfs of depositdo stamped-----------Equit Tr ctfs of deposit do stamped-----------Det at Chic Ext 1941 g------ 6 106 107 Des Moines Div 1939____ 4 Omaha Div 1941 gold—3 )3 68% 6834 Tol & Chic Div 1st g----- 3)4 7234 7234 Wab-Pitts Term—1st g----- 4 Cent at Old Colony Tr Co ctfs 39 42% Columbia Tr Co ctfs---------- 39 41i2 Col Tr ctfs for Cent Tr ctfs- 2d gold 1954----------------- 4 Trust Co ctfs deposit----Washington Terml 1945---- 4 West Maryland—1st gold--4 8758 88% West N Y at Pa—1st 1937 g-5 General 1943 gold------------ 4 88% 88i2 Wheel at L E—1st 1926 g-.5 Wheel Div 1st 1928........... -5 1st cons 1949 gold---------- 4 84 8538 Winston-Salem S B—1st—4 Wisconsin Cent—1st gen---- 4 92i2 93  Sup at Dul div at term lst-4 9l6s 92%  82% 82% 108% 108% 10734 108% 108 11034lll% 110% 111% 111 10534106  1127811278 114 114 114  108 107% 1077g 11134 11118 11134 110l2lll 6412 6412 1123411234  114  114  103% 104  9U2 91i2 89i4 89’4  893g 89i2  875g 87%  935g 94i2 93U 94 933S 9378 935g 94l8 93 ’9334 93l4 93l4 1075g 106 107l2 10534 10638 10534 10634 10558 IO6I4 105% 106% 104 104 78i2 78 79 78U 79i8 ~7758 7858 7634 78%  95  85  85i8 8634  8934  88l2 89»4  110 110 no 105’s 105lg 64l2 64i2 111 111  85*  87"  88 89 IO5I4 IO5I4  85 8534 85's 857s 85% 86 10738 10738 108 108 107% 108% 87U 87i2J 87i2 88 87% 88 106l2 10634 10934 no 109% 109% 109% 109%  no38  63% 63% 109% 109%  114  10418 l"0414 10412 1041j 1O312 104  104%104% 1045810434 IO4I4 10434 104 104 10434 10434  105% 105%..................... 77% 77%  103U 10314 102  102  73 73 10214 102U IO2I4 103  10234 103% 10234 10314 10234 10234  10238 10238 10334 10334  10534 10534 108% 108% 108% 108%  IO8I4 10814  97% 9734 97% 97% 97 90 90 10314103% 103% 103% 103 105 105 112%112% 112% 112% 112 9534 96 9434 9512 94 95% 94  97  97%  110l8 110l2 1091211038 108% 110 50 50 50 50 109% 109% 108% 108% 104 103% 103% 92 9134 9134 99 9834 98% 94% 94% 94% 86 86 65% 68% 63 65%  103 92 98% 93%  89% 90% 10578 106  100l4 10078 100i8 100l4 10134102% 101% 101% 9738 9778 9534 96% 1133811334 111 11U4 9334 9558  107 98  10734 9834  99% 99% 5534 5758  37% 40 3734 39% 238  88 88% 1073410734 105  105  84% 85% 9234 9338 9214 92i4  STREET RAILWAY. Brooklyn Rap Tr—1945 g--5 103 103 10334 10334 1st refund conv 2002 g—4 83% 86% 8538 85% Brooklyn City 1st cons—5 101%102 10134 102 B Queens Co at Sub guar--5 B Queens Co at S 1st 1941-5 Brooklyn-Un El 1st g--4-5 10138103 IO2I4 103% Stamped guar------------ 4-5 101% 102 Kings Co El 1st 1949------- 4 83% 84 85% 85U Kings Co El stamped gu--4 84% 85 86 86 80 80 Nassau Elec guar gold----- 4 78 81 Conn Ry at Ltg—1st g—4)4 101 1017g 10178 1017g Stamped guar------------- 4)4 Det Unit—1st cons’32 g--4)4 ’79’ 7934 Ft Smith Lt & Trac 1st------- 5 Grand Rapids Ry 1st---------- 5 Havana Electric—Cons g—5 99 99 9934 9934 Interboro-Metrop—Coll-- 4)4 80% 84% 82% 83% Registered -...................... 4)4 82% 82% 83% 83l4 Interboro R T 1952 Ser A—5 103% 105 104% 104% Internal Trac—Coll 1949------4 Manhattan Ry—Cons gold--4 96% 97 97U 98 Stamped tax exempt------- 4 9634 9712 97% 98% Metropolitan Street—1997 g.5 10134 102 99% 101 Trust Co ctfs of deposit----- 97 104 100 102 Refunding 2002 gold-------4 Trust Co ctfs deposit----- 57% 6234 6OI4 62 Trust Co ctfs dep stamped 5758 62 58% 61 Refunding 1942--------------- 4 80 81% 80% 81% Adjustment income-------- 5 54U 59% 543g 57% Bway & 7th Ave 1st g----- 5 103 10334 10334 104 Registered------------------ 5 102 102 Colum & 9th Ave 1st gu g-5 10U2 10Ha Lex Av & Pa Fy 1st gu g--5 102 IO2I4 1025s 102%   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  94% 95I4  88i2 90i2  8934 8934  9134 98% 94% 86I4 62%  92 98% 94% 86I4 65  97  1O712 1O712  9634 9634  96l2 9634  96 96 93l2 93l2  102  103  89% 89% 106 106  85l4 845g 85i2 ’§458 8458 9134 9134 93 93l4 925S 93i8 9H4 93lg 9212 9112 9134 91 9112  111 96  111 96  95 106l8 10638 497s IO8I4 108>4 107i2  99  945s 9514 96 IO6I4 IO8I4 IO6I4 IO8I4 107 50 51 IO8I4 1053g 106 106  10334 10334 9134 9134 99U 97U 99  84l2 85l8 60>2 62i2 68 68ls  82l4 92 9114 9034  84 92 93 91  827s 84  9214 91  103 9U4 9H4 98l2 987s  84 6OI4 70 89i8 891$ 89 105 105 104 84i2 84l2 60 61  8314 8334 91% 91% 90i2 90%  10258 10138 10212 102i2 102l2 8534 85l8 85l2 85 85i8 85l4 85 85 80 80l2 7938 7934 10134 10134 10134 10134 7858 795g 7858 79l8 93 95 93 93 100l4 100l4 9938 9934 9938 9938 82?8 837g 823g 833g 8318 8314 104l4 10434 104 10478 96l4 98 97 98l8 100 102 101 1035g 58l2 58l2 62 62l4 59I4 61 8034 8138 5434 5734 103i2104l2  107% 106 51 107 106  84l2 58% 62 70 68 89 89 104U 104  60 68 89 104  104  987g 987g 82i4 83l2  987s 99is 8H2 82i2  104 78 96 9634 95 96l4 97ls 95U  1047g 104l2 10478 10458 105  9612 9612 97 9758  97 9714 96l2 97U  9614 9678 97 9712  9914100  99 64  991g 9918  99 64  100 100 99 99 80% 82  10612  91% 91% 98 9834 93 84 5334 58 68 69 89 89 103% 103%-  98% 99%. 99l2 IOOI4 9938 100 9914 99U 98% 98% IOIS4 104 10134 103% 95 102% 102l2 102l2 953s 9534 95% 96% 953s 96% 9234 9334 92% 9334 91% 93% HHs IIH2 111 ni34 111% 111% IO8I2 109 108% 109 108% 109% 9034 9434 92 9214 91% 92 94 94 95% 94 943g 943g 94 94 105 10714 10534 10634 104% 105*4 99 9934 99 99% 98 98*4 66% 68% 63% 66% 63% 63% 65% 65% 63% 65% 107 107%  70  99 65  99% 69%  99% 99% 62 66*4  64 62  64 66  59% 63% 69 80 30 2934 28 29  70  30% 35 33% 35% 30 34 2% 3 2% 3% 100 100 85% 86 106 107 86 86% 101% 101%  83% 9034 91% 90%  84% 9034 92% 91  31% 30 30% 23g 23g 2%  98 99 8034 82  ”2%  8234 85% 106 1 063s  85  8534  82% 9034 91% 90  99 100 82% 80% 82% 9034 92% 8934 91% 90 90% 89 103% 102% 103% 92% 87% 92% 102% 102 102  10134 10212 10134 102 102 102l2 10112 1023s 101% 102 101% 101% 101 101% 1023g 102i2 10134 10218 102 102i2 102 102U 101% 102 10134 102 101 101 86% 87 85 8534 85% 85% 86 86% 85% 85%, 86 86 85 85l2 8414 851g 86 79 79 79 79% 79 79 78 80 78 79 78U 7712 79 10178 10178 10134 10134 10U2 10134 10134 102l4 10158 10158 101% 101% 74 76% 77i2 75% 77% 75% 77 78l2 785g 76 78l2 75 76i2 76  8134 83l2 8H2 82l2  107%  1035g  983g 98% 93% 93%  103% 105% 103% 104% 103 104 10614 104 10412 10412 10412 105i8 1055g 105l4 105l2 8512 883g 8634 8814 8612 9058 8834 9138 9H4 9434 91l2 935s 89% 92% 8934 925g 90 102 102 10178 10214 10212 10212 102 102l2 102 IO2I4 IO2I4 102l2 101 101 102 102 102 9834 9834  102  102"  16334 10334  112 IIH4 11U2 11034 11034 9458 9412 9412 95 95 107l2 107l2 IO8I4 109 107 10812 108 109 50 50 10814 10814 108l4 108l4 10734 10734 10734 10734 10334 10334 9134 93 9S14 9834 9812 987g 99" 99i2 9458 9478 9412 9412 85lg 85ig 6l 6312 61 6H2l 71 7312| 68 68  105 105U 8618 861g 85l2 86 10038 101 101 10214 10034 1017g 100 10034 100i8 100l2 9878 100l2 9878 9968, 99% 10018 100 10014 101 101 99U 99l4 997g 997g 9934 9934 98l2 98l2 102 10358 10234 104 1O158 10258 IOH4 102l4 100i4 102 101l2 10334 10H2 10414 10H2 101>? 96% 9734 96 97% 96 97 96i2 97 96l2 97l2 96 97 95U 96 95U 95% 95 95% 95I4 9534 9434 9512 935g 9478 91*2 94 925s 93 11234113% 1125S11234 1121411234 112 11234 U2l211258 112l2 11334 111 1123$ IIOI4 11114 11012 Hl 1101411058 11018 11012 110i4 IIOI4 110 110i8 1085s 110 9414 9312 94 9134 93 9412 95% 9312 94% 93 93 947g 92 93 96% 96% 97l2 97i2 94 94 92i2 92i2 9134 9134 107 10712 107 10778 10612 1O712 10434 10734 106 10734 106i2 107 105 107 993g 100 100 1001? 99l2 IOOI4 99 100 98%100 9812 9912 99U 100 100 100 100 100 90 90 100 100 99 99 98s4 9834 98U 9814 5638 5912 59 6538 6458 7H2 6612 7212 67 703s 68i2 701? 6H2 647g 6438 703g 67 71 67 67 6234 6234 63 6934 6614 65 65l2 66 6958 70 70 5512 5512 59U 6H2 66 58 6334 6212 6912 6418 6958 6458 6938 65 67 10618 10618 107 107 106% 10612 80 80 7134 7134 70% 70% 7134 7134 7H4 71’4 70 70 80 83% 80’s 80i8 38% 39 37 39l4 34 3512 31 32 3014 30U 3734 3934 37l2 3934 35 30 341? 38 32 3618 3134 3334 31l2 34 39l4 3434 38 3H2 3314 3H4 3314 3178 34 30 34 38% 3914 37 2934 33 32 32 31l2 32 134 134 2 2 1 2 U2 2i2 238 23g 218 25g 2 258 2l8 3 1% 2% 97% 97% 85% 86Tg 877g 8634 8738 8612 87 87% 88% 87 86l2 8678 86 86 108 10834 10734 10734 107 10734 10634 107 8658 865S 863S 86% 8714 88 8714 87l2 104% 104% 104 104l4 10412 10512 104l2 104i2 101% 103i2  84l2 92i2 927g 9214  107l2 107i2 106% 106% 108% 108% 109 109 96 95 95 95 95% 95  98 98 80% 81%  98% 98% 100% 101% 101 101 83% 84% 83% 83% 79 79%  73% 7534  77  80%  1045g 103% 10434 103% 104% 103% 104 10234 10334 78 96U 94% 9534 94% 94% 93% 93% 93% 94 9634 95 95% 9434 95% 9334 94% 93% 9334  6H4 6H4 —See N Y Railways —See N Y Railways 103l8 104 10378 10378 10318 10312 103lg 10334  103 10318 102 10234 103  10334 10212 10212 10212 10212 102 103l8!l02 102  103  101 102  101 102  101% 103  103% 103  10134 10134  *  103% 103  103%  101% 102%  RAILROAD AND MISCELLANEOUS BONDS.  149  1912—Continued. BONDS  May January | February March April June July August S eptember 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  Metropolitan St—(ConcZ.) 3d Av 1st gu 2000 gold__ 4 80 80 Registered____________ 4 80l2 80i2 80 76 7612 73 73 Cent Tr Co ctfs deposit— 781g 811g 79 74i2 74i2 7434 76 Cent Tr Co ctfs stamped-- 76l2 8H4 7638 7858 76i2 79b 74 707f 7214 75 74 74 72i2 72i2 1st gold 1937-......... — .5 10938110l2 109 110l4[109l4l0912 IO9I4 10934 108 1091; 10734 10734 10734 10734 107 10734 108 1085g 85I4 85I4 Met W SE1 (Chic) 1st_____ 4 --Milw Elec Ry & Lt ref___ 4 9512 9512 94l2 94i2 Minn St Ry 1st cons-----------5 10112102 10134 102l8 10134 102 ---102 102 New Orleans Ry & Light--4 y% 84l2 85 85 88l2 85I4 87l2 86 86 8612 8712 86 86 87l4 87i4 80l2 8138 797g 81 N Y Railways refunding___ 4 78l4 80 7734 7918 78% 79is 777g 787g 7634 78l8 76i2 777S 76l2 7758 76 78 5134 55l2 515g 54lg 51l2 55l2 5478 5934 55i8 58i4 55i8 5678 54 53l2 58 Adjustment income-------- 5 573g 56I4 5334 5578 52 99 99 10034 10034 10078 10078 Portland Ry—1st 1930_____ 5 98 99l2 10034101 Portland Ry & Lt—conv ’42-5 96 96 96 96 St Paul C Cable 1937-.......... -5 IO5I4 IO5I4 106 106 105 106 106 106 105 105 105 105 Third Ave 1st ref 1960______ 4 847g 86 | 85 857g 8412 8578 83 8434 8134 8314 817g 83 823g 827g 8134 8234 81 8078 8218 8OI4 81l2 79i2 8134 82 Adjust income 1960--------- 5 757g 8OI4 75l2 78 73-'>g 7658 72 7412 70 735g 72 743g 7034 74l2 7U4 72i4 70 71i2 705g 745g 7278 745S 72l2 755g 9778 99 9758 98 98l4 99 9878 9734 98 98 983S 98 97l2 9734 97U 98 98 Tri-City Ry & Light—1st—5 98 98 9734 98 99 98i2 99 95 96l4 96 96l4 9412 9614 9512 9534 95i2 95i2 945g 95l2 95l2 95 95i2 95i2 94 Underground of Lon 1938-4 95 96 95i2 9478 95 867g 88” 85i2 87 75 86 8512 90 88 89 86l2 8834 85 Income 1948____________ 6 74l2 82i2 86 88 88i2 85 87l2 87U 91l4 8612 8612 8334 84 8212 8212 82l2 8234 84l2 85 United Rys Inv—Pitts issue 5 8412 8514 84I4 85I4 78 ’ 80” 7812 79 7612 7612 767g "77” 77i2 7712 76 76 74 74 United Rys St Louis 1st-__ 4 77U 7714 8434 85 84 84 84 84 83 84 83 83 83 84 St L Transit gu--------------- 5 85 85 67’ Yo” 70 67U 6934 66 67I4 [ 6658 6834 6634 6818 6612 6714 66 69 6412 68I4 66 United RRs San Francisco--4 66l2 64l2 6534 6434 66 9534 9534 94l2 95 —- 9612 9612 96l2 961? 96 96 Virginia Ry & Pow 1st------- 5 97l2 9634 9712 — 96 97U 96l2 97 / GAS AND ELECTRIC. Brooklyn Union Gas—lst--5 IO6I4 IO7I4 10712 1071 1073g 10734T0738 1077g 1073g 10712 1073g 10734 107 107l2 106 107 IO6I4 1061? 10534 IO6I4 106 10638 10534 10612 65 63 6U2 6112 6134 62 6U2 6U? 64l2 655g 65 6558 54 Buffalo Gas—1st gold-------- 5 60 60 I 6012 6012 —..............I 61 100 100 100 100 1003g 101 100i210U4 100 101 Detroit City Gas—1923 g—5 101 101 10018 100Bs 10018101 ..................... 1013g 1013 4 ' i 013 4 102 iou 2 io2i 8 Ton 2 ioi3 4 100i 2 1013 4 10078 1015s 10114 1015g 10U 2 1013 4 10H 2 102 10U 2 102 1015g 1013 4 10H 2 10H 2 Detroit Edison—1st 1933__ 5 106i2 106l2 10534 10534 106l2 106l2 Equit Gas Lt of N Y—1932--5 106 106 !................... .....................ll0634107 103 103* Gas & El of Bergen Co 1949-5 105 105 104i8 10434 103l2 104 1035g 1035g 105 105lg Hudson Co Gas—1st 1949--5 1O4I4 10412 105 105 105i8 105i8 105 105 991 8 993 4 9812 98i2 Kansas City (Mo) Gas—lst-5 10478 105 104 104 105l8 105l2 105 105 10414 10414 10412 10412 Kings Co El L&P—1st ’37 g 5 115 ’ 11534 115 11534 114 114 113 113 II6I4 117 11534 11534 1151 2 116 1161 2 117 1163 4 117 117 1163 4 117 116 Purchase money 1997------- 6 123 124 124 124 1221212212 Conv deben 1922_________ 6 88 88 Ed El Ill Bklyn 1st 1939--4 88>4 88I4 Laclede Gas—1st 1919 g----- 5 10212 10278 10212 10278 102 103 102 10212 102l8 102l2 10112102 102 103 10234 102i2 IO2I4 102i2 IO2I4 102l2 10134 10238 101l2 102% 1015g 1003 4 1013 8 101 1011 2 101 IOH4 102 102 101 IOU4 101 10H2 iooi2ion2 101 1003 4 102 101 10H 2 10U 8 10U 2 10U 2 102 Refund & ext 1st 1934 g--5 90% | 905g 9058 90 9038 90l2 90 905g 90B8 905g 9058 90ig 90ig 90 Milwaukee Gas Lt—1st ’27-4 8978 90 90 90 IO6I4 IO6I4 Newark Cons Gas—Cons__ 5 N Y Gas Elec Lt Ht & Pow--5 10258 104 10334 104I4 10334 104U 1033gl04 1033g 1035g 103 10312 103 10358 10314 1031? 10278 10338 10258 103 10178 102i2 IOII4 1025g 8434 87 87 88l2 86U 877g 8684 88 8812 89 88l2 89 Purch money coll trust g--4 88I4 89 88I4 8834 8S38 8834 88I4 89lS 883g 89l2 8812 89 Ed El Ill 1st cons 1995 g--5 1121211212 11318 11318 11318 11318 102 102 99l 2 99l2 1021 2 102l 2 N Y & Queens El Lt & P----- 5 Pacific Gas & Electric— 947g 953g 9414 953g 945g 95U 94U 95i 2 95 953g 96 961 4 96 963 94 95l 2 95 96 955g 96 95l 8 96 95U 957 8 Calif Gas & El Corp—1937-5 93l2 95 93 95 93l2 95 93i2 95 Pacific Pow & L 1st 1930—5 10258 10258 Pat & Passaic G & E 1949—51___ ____ II6I4II6I4 117 117 117 117 116i4ll63g 1157gll57g People’s Gas Lt & Coke—1st 6T17 117 11718 11712 117 117 Refunding 1947 gold......... 5 10238 l02i2 102 IO2I4 1017g 10218 102 102 10134 102 1015g 102 10158102 T013810134 10034 10U? 101 IOII4 10Hg 10134 10034 10112 102 102l2 10358 10412 1033g 10312 10278 10318 1033g 1033g 10212 10312 10278 1027g 102U 103 10212 10234 Chic G L & Coke 1st-------- 5 103 103i8 102 102 101l2101l2 103 103 103U 103U Consumers Gas 1st---------- 5 93 93 Ind Nat Gas & Oil 1936—5 101 IOH4 IOII4 101k Mutual Fuel Gas 1st-------- 5 10058 10058 100 100 Phila Co (Pitts)—Conv ’19..5 9734 98 9734 9734 Convertible deben 1922 — 5 100l2 100l2 IOOI4 100l2 1003g 101 100i2 1007g 1003g 100l2 100 101 Standard Gas & Elec conv'26 6 86 86 Syracuse Lt & Pow 1954—5 85l2 85l2 97 97 9712 9812 97 96l2 96l2 97 Union Elec L & P—Ref ’33--5 102 102 100i2 100l2 101 101 1st 1932 gold____ _______ 5 Westchester Ltg—1950.___ 5 105U 10512 105U 10534 105 10512 1043g 105l2 105 105l2 105 105 105 10534 105 105l2 105 1053g 104l2 105% 10478 1047g 1047g 1047g MISCELLANEOUS. Adams Express—coll trust--4 86 88 8778 88ls 87 88 86l2 88 86 86l8 8212 83l2 86 86 8512 85l2 84 85 83 84 81 85 83 8334 Armour & Co—1st real est 4 Yt 9158 92 9178 9218 9134 921g 9134 92l4 91l2 92 9134 92 91l2 9178 90l2 9134 90i4 91 905g 91% 907g 915g 907g 91l2 16 16 Bklyn Ferry Co—5s ctfs dep 89 897g 90i2 905g 90lg 90ig 9H8 89U 8914 90l8 9034 8834 8834 89l8 90 Bush Terminal—1st 1952—4 9H2 92 9734 97 97 96^2 96^2------ --------97 9712 97 977g 9738 973g 97 Consol 1955------------------- 5 98 99 96i 2 9734 1 ____ ______ Bldgs tax ex 1960----------- 5 12012 125 1233413034 130 150 130 140l2 140 160% 160 180 165 195i2 ISO 200 1165 185 Chino Copper—conv 1921—6 10412 10512 105l2 107l8 106l2 108U 106l2 1081? 10734110i2 107l2 110l2 105 109l2 Inspiration Cons Copper lst-6 657g 6414 6512 64i2 65i2 64l2 66i2 66 67i4 65U 66 7g 6534 66i2| 64l2 66lg 70l2 64 Internat Merc Marine----- 4 >2 6634 6734 67 6712 6612 705g 797g 791g 79l2 7734 79i2 78i2 79i2l 7834 79i2 80 80 7934 80 80 821 4 82l 2 781 2 791 8 78 7912 7812 7914 79 Internat Navigation—1st—5 897g 897g 8912 8912 895g 897g 8934 8934 Morris & Co-. 1st 1939—4)^ 100 100 99l2 99l2 Mortgage Bond—Ser 3 1932-5 83 76 76 80 80 86 82 82 82 82 New York Dock—50-year—4 8434 85l2 84 85i2 85i2 85l2 84 85 102ig 102ig IO2I4 102U 1001 2 100l 2 1017g 1017g Niagara Falls Power---------- 5 94 94 On Power Niag F 1st 1943. -.5 92 95U 9514 92 92l2 9434 9212 93 92l2 92l2 Ontario Transmission 1st—5 Public Service Corp NJ-------5 9234 93U 9258 927g 9234 9414 933g 94i2 9312 9438 9312 941g 93l2 937g 93 935? 9234 93ig 92 93 92 93i2 92 9212 123 1221 2 130 124 125l 2 118 124 124l 2 130 116 118 112 117 124i 2 125 112 130 128 Ray Cons Copp—conv 1921-6 102 102 1027g 1027g 103 103 104 104 Washington Water Power--5 TELEGRAPH. 895g 885g 89l4 907g 9Hg 9034 9114 905g 9Ug 905g 91 90l4 89l4 89’g 89 9012 9034 90U 905g 9014 90l2 89 Amer Telep & Teleg coll tr--4 90 91 Convertible 1936 gold----- 4 10834112 10934 11312 1135gll6l4 114l2116l8 11334 1153g 1135g 11412 114 115U 11334 114l2 112l2 114 112ig 11414 llll211234 109i2llU2 82l2 82l2 82l2 82l2 Commercial Cable—1st------- 4 Registered--------------------- 4 82 82 85 85 Keystone Teleph 1st 1935--5 ion2ion2 10U2101l2 10234 10234 10234 10234 10234 10234 102 IO2I4 103 103 Metrop Telep & Teleg—1918.5 Michigan State Telep—1st--5 100 101 IOOI4 IOOI4 100 101 100lg IOOI4 IOOI4 10034 10018 10012 9978 lOOig 166" lOOig 98_ 9834 100 1003g 100 IOOI4 99 100 9734 98>g 9634 9734 975g 98 987g 100lg 99lg 99i2 N Y Telephone—1st 1939-4^ 100i8 1 0058 IOOI4 1007g 100l8 1005g 100 100i2 99 10012 99 £ Pacific Telep & Teleg—1st--5 987g 100l8 9934 100 100 100l2 100 1003g 100 IOOI4 997g IOOI4 100 1007g 100l2 IOU4 99l2 1005g 99 lg 9934 99lg 99l2 99 993g 985g 9934 98«g 987 8 983g 99 99l 2 100 South Bell T & T—1st 1941- -5 West Union Teleg—1938—5 101 1O318 103 10312 102l2103 102 102l2 102 1025g IOH4 1015g 101U IO2I4 101 10H2 100l2 10H4l 100U IOU4 100l2 IOU4 IOOI4 101 94i 2 95l2 96 97 95 96 97 98 98l8 9834 9818 9812 97l2 98% 97l2 98U Fund & real est 1950 g--4)4 9714 9912 995g 10012 99 100 98 S Conv 1936 Series A_______4 10458 1 0458 105 105 9614 9614 Northwestern Tel 1934-4^ MFG. AND INDUSTRIAL. 6034 61 61 65 605g 61 64 5938 6714 621g 67 53l2 59 6012 6212 6034 62 Allis-Chalmers—1st 1936—5 52 57 60ig 6314 60 64i4 5712 6OI4 58l2 63 63l2 597g 62 58l2 62 Trust Co ctfs deposit-58 583 4 57l 2 59 58 58 Ctfs of deposit stamped 10H2 IOH4 102 101 1015g Amer Agric Chem—1st ’28--5 10134 10212 1023g 1O234 1021g 1025g 102 1023g 10H2 102ig 10134 102 10U2 102 10U2 10134 lOO’g 1015g 101 963g 9714 98lg 97 9634 9714 9634 97 98 9814 981g 9814 97i2 98l2 97l2 98 Amer Cotton Oil—Deben-4 Vi 98 9812 9712 9812 98 9812 98 S 92l2 94 93 9434 9214 93 93 94 Debenture 1931--------------- 5 95 9518 947g 9512 9412 95 94l2 9434 9434 95 9412 95 100l 2 101l 2 100 101 100 10034 100l 2 101 100 100l 2 100 1003 4 100 1003 4 99 997g 99l 2 997g 981 8 100 991 8 100 99U 993 4 Amer Hide & Leather—lst-6 75 7734 73 73 74 73 7734 79 79 7934 82 7934 78 7712 79 77l2 80 7912 8OI4 79 Amer Ice Securities—Deb--6 72i2 76 75 79 Amer Smelt Secur—Deb-__ 6 102l2 104 IO3I4 10334 1031210412 104l4 IO5I4 1043g 105 10412 105 10458 105 10434 1057g 105 106 104l2 1057g 104lg 105 102 10412 Amer Spirits Mfg—1st------- 6 101 101 101 101 10012 10012 IOOI4 101 100i2100i2 100 IOOI4 100 100 99i2 99l2 100 100 100 100 93l2 '93l2 99l2 9912 93l2 93l2 93i2 93U 95 94 94 93l2 93l2 9312 9334 94 American Thread—1st____ 4 9258 93U 9234 9234 Amer Tobacco—40-year----- 6 1187g 12H2! I2OI4 1213g 1203g 12Y 1203g 12058 I2OI4 12012 12018 120l2 120U121 11912 120U 120 120 120 120l2 11912120 119i2 11934 120M I2OI4 120 120 1187g 1213g 1201g 1201 2 12OI4 1211 2 Registered--------------------- 6 119l2120i4 1187g 121l2 1203g 12138 1205g 12058 12012 1 205g I2OI4 12012 I2OI4 12OI4 Trust Co ctfs depositGold 1951.............. 4 917g 957g 95 9534 9514 955g 9514 9558 95U 9512 95U 9534 9512 97l8 9634 97U 9512 9714 9512 96 9534 96 lg 9534 96 953g 953g 953g 953g Registered------------------ 4 9214 9514 95 955g 917g 96 95l8 95i2 9514 9558 9512 9512 95I4 9514 Trust Co ctfs deposit9034 89U 90 88 89 8914 90 8934 90l4 90 91U 90l2 913g 90l2 9H4 90 Amer Writing Paper—1st--5 88I4 895g 887g 89l4 88I4 8918 10334 103 1031 2 1035g 104 104 104 104 10334 10334 Baldwin Locom Works—1st 5 Bethlehem Steel—1926------- 5 9312 95U 937g 95l2 93l2 94 935g 102 977g 99 9614 977g 96l2 97 96i4 97lg 96l4 97 96 9634 9534 96l2 94la 96 87 87% 85 87 1st & ref Series A 1942----- 5 95l2 9334 9514 9534 9514 957g 95 Central Leather—20-year—5 9134 96 93i2 95l2 935g 9512 9518 9614 9512 9614 9518 957g 95l2 96 947g 957g 957g 957g 95l 2 96 96 96 96 97 97 9534 97 913 4 955 8 95l 8 95l 2 951 2 951 2 9514 95l2 95U 9514 95U 9512 Consol Tobacco—50-year—4 Registered--------------------- 4 943g 943 94 94 95 5 8 955g 9518 951 8 Trust Co ctfs deposit----96l2 9634 96'4 9534 9534 96l4 96ig 96i4 96U 97 95l2 9638 967g 967g Corn Products Refg—s f—5 94" 95’ 9534 9612 96I4 96i2 97 97 94 9 434 94 94 9514 9514 95 947g 963g 95 95U 9434 95 963g 9512 961? 95 96 95 961g 96 96 1st 25-year sink fund 1934-5 97 97 9334 9334 9634 967g 96 96 97 9612 96l2 9612 Cuban-Amer Sugar—10-yr.-6 9612 9719 97 97I4 97 97 70 3 4 72?g 70l 2 74i 2 71 735g 76> 4 733 4 753 4 743g 753g 7334 75% 715g 77 74 751? 741 2 78l 4 73.5 8 751 8 Distillers Securities—conv.-5 8914 E I du Pont Powder-------- 4 Vi 85 85U 847g 90 88I4 9212 8914 92 89 93 89 8934 88 89 lg 86 88 87l4 9414 89l2 9114^ 8S!2 897g   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  RAILROAD AND MISCELLANEOUS BONDS  150  1912—Concluded. BONDS  General Electric—1942—3M 10-year debenture 1917—5 Debentures 1952------------- 5 General Motors—1st 1915--6 Illinois Steel—deb 1940--4^ Debenture 1913_________ 5 Indiana Steel—1st 1952...-5 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 Liggett & Myers 1944-------- 7 Registered--------------------- 7 1951-----------5 Mexican Petrol—conv 1921-6 Nat Enam & Stamp—1st__ 5 Nat Starch deben 1930------- 5 National Tube—1st 1952__ 5 N Y Air Brake—Conv_____ 6 P Lorillard 1944......................7 1951__________ 5 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 COAL AND IRON. Buff & Susa Iron—1st 1932.5 Colo Fuel & Iron—s f 1943--5 Colo Fuel gen 1919 g-------- 6 Colorado Indust—1st 1934-.5 Cons Coal of Md—1st 1950-_5 Continental Coal—1 stl952--5 Kan & Hock C&C—1st '51--5 Pocahontas Cons Coilieries--5 St L Rocky Mtn & Pac—lst-5 Tenn Coal Iron & RR—Gen.5 Birmingham Division------- 6 Tennessee Division---------- 6 Victor Fuel—1st 1953--------- 5 'a Iron Coal & Coke—1st--5  January February March April May June August September October July 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 82 82 82 15312158l2 155 98l2 99  821g 159  83  987g 99U  99  83  83  83I4  84  84  835g 835g  80 80 181l218H2 102 10334 102l2 104ig 997g 9914 99l2 99i2 997g 99 89i2 90l2 90l4 9034 90 91  1S13d 1R2  1005g  9934100 92 9234  99i2100 92 92l4  9934100 92 92  997g IOOI4 90i4 9034  995g IOOI4 903g 91 inn 9934 101ig 103 lg 1037g 90 91 92lg 92l4 96l2 9714 80U 8U2 933g 9434 12012 102"8  98i2 993g 887g 90  inn  101 1015g lOUg 101l2 104 1043g 103l2104l2 104 10434 1035g 104 103l2104 8412 9134 88l2 91 89U 90 88 91U 90 9U4 92 93l2 927g 93l2 9134 93 92l2 9312 92 93U 96l2 97 96l2 9634 94l2 96 94 945g 94 95 80 82i2 7834 80 77 78 7712 7834 7712 79I4 913g 923g 91l2 9234 91 9H2 9034 9U2 90l2 93 118341231g 12034 12234 120l212Ug 1203gl21 120U 1207g 12034 12034 8934 96 9334 95 94 95l2 94 95 94i2 95 95 100 99 99l2 935g 9334 94 94 943g 94l2  1005g 1013g 100 98 995g 97 9812 987g 100 12334 12134123l2 1205g I22I4 12112122 965g 947g 961g 9434 96 951g 963g 98l4 9734 9814 9712 9712 i027g 104 9234 933g 91 9212 9034 9112 907g 9314 88 8834 88 8734 88I4 87l2 88 88 9734 9834 98 94l2 9578 9534 99 987g 94 9414 94 9412 94 94l2 9412 9412 9412 9412 10U2102 10H2 10134 101 101l2 1007g 101 89 90 887g 8912 8812 89 87l2 89 50 50 10334 105 100 105 IO4I4 105 IO4I4 10434 10134 104lg 102341035g 10234 l031g 102 1027g 1015g 104 1025g 1035g 10234103 1017g 103ig 100 1 005g 100i2 101 100ig 1005g 995g IOOI4 1021g 10212 1025g 1031g 10212103 102l2103 94I4 95 93 95 9434 95I4 94 95 97l2 98 9712 9712 9612 9612  99l4 U938 9 llg 98  100l2101lg 98i2 99U 121U 1217g 94l2 95l2 97l2 9734  1007g 101lg 1005g 102 103 104 103i2 1037g 90 907g 90 9034 92 9212 92 92l2 95 96l2 96l4 96i2 79 82l2 78l2 8H4 927g 9414 93 9414 120 1207g 1205g 1207g  96i2 98i2  97l2 98l2  8834  96  101 100 101 1033g 102 1033g 89i4 86 87 91l2 8812 89l2 975g 95 96l2 81 77 8OI4 96 93i2 9434 1203g 119 120lg  1033410334 in.35« W35« 1 n35« 1 n.35«  923g 93U 8634 87l2 98 IOOI4 943g 943g 94 9412 101 IOH4 89 90 10412 1047g 1017g 1023g 10134 10212 9912 997g 10l7g 10212 9434 95I4 97l2 97l2  9734 98l2 88l2 893g 88i2 89i2 81 84l4 8234 84l2 IO2I4 1037g 102l2103 103i2104 10312 1035g 104 104 10312 1035s 86 86 86 86 9612 96l2 96l2 9512 9612  98 98 88I4 88l2 7934 81 102lg IO3I4 103U 103l2 103l2103l2 104 104 1033g 104 104 1041g 10334104 103 103  87  101 IOOI4 lOUg 1003g 1035g 103 103 103ig 887g 89>4 89 90 92lg 9134 92 90l2 97 96l2 9712 96 8034 81 82l2 79 945g 9534 95 95 1207g 120 12034 120lg  945g 961g 96 96 963g 96l4 97i2 99U 9714 9834 95i2 9734 9534 97 96 99 98 9834 98 9912 99 101 IOH4 103U 102l2 103 100 103U 93 93 93l2 935g 9314 935g 93 95 9314 93 8934 8934 89l4 89l4 89i4 89i4 100l210034 99l2 1003g 99 lg 997g 9834 997g 99ig 997g 99ig 9934 9SU 995g 99 IOH4 99 100ig 100 102l2 IOOI4 10H2 101 102lg 102 1035g 100 103i2 121lg 1217g 1215g 122U 12112122 120 1215g 120U 12034 120l2121 1205gl21lg 945g 96 967g 963g 9714 96l2 98l4 96 97 96 96l4 99i2 97l2 99 977g 98l2 97 97 97i2 98i2 9714 98 lg 9734 98U 97l2 98 9134 92l2 92 92l4 85 8634 8534 86 98l2 1003g 997g 102l2 94 94 94 94I4 1005g 10034 100l2 101 8934 90l2 90 89 30 30 164I4 10434 104 10412 1021g 10212 10134 1025g 102 10212 102 10234 987g 9934 98l4 99 10U2 102 101U IO2I4 94U 9434 94U 95ig 97l2 971? 98 98  97 98 100 1003g 100 IOOI4 100 IOOI4 100 100lg 100 100 991g IOOI4 10734 10734 10714 10714 7212 74 75 77 72l2 75 75l2 76i4 7534 82 74U 77  SU2 8H2  100 103 88I4 9H4 95i2 79i2 94 1197g  97 99  97 99  91l2 92i4 9U2 917g 883g 88 87l2 88 101 1017g IOOI4 10112 92 92 93l2 93l2 ____ lOOig 100l2 9034 89 90 91 31 31 30 30 104 1043g 1035gl04i4 102lg 10234 1017g 1025g 10212 1027g 10134 10234 98U 9834 9734 98l2 102lg 102U 1001210112 9434 96 9412 95*2 97 .... .... 97  9834 993g  915g 925g 883g 90U 100 101 92 92 9234 9234 100 100l2 8834 89l4 30 32l2 103 1037g 10134 1027g 10134 1023g 9734 983g 100l2 101 lg  9112 92 8914 90 997g 1003g  92 92 100 IOOI4 l66 loo'ig 885g 90 87l2 88 25 25 103 1033g 10212 10312 IOH4 1021g 100 1015g 10H2 1023g 1003g 1017g 9734 98 97l2 98 1007g 101 10034101 lg 9334 9434 9234 9334 92i4 9314 96i2 9714 97 97l2 — —  9834 9834 .....................  97  83l2 8514 8212 93 93 97l2 9712 9712 98 9784 98 98 98 98 8734 86 86 87 87 86l2 88l2 86 87i2 86 87 8334 82 83 80 82 82lg 83 81 ____ ____ 81 103 103 1023g 103 102l2 103 10134 102 10112 101Bg lOUg 1035g 1041? 104 104 10334 10334 103l2 10334 ____ ____ 102lg 1021410214 1033g 1033g 8534 8534 965g 971^ 97 94l2 96 95l2 96 96 95 96 . 95 80  8134  80 94 95  83i4 94 99  91 ’ 9134 87 89U 9812 lOOU 92 90  8212 85lg  97  97  8434  80lg 84  98 98 877g 88 81 79i2 1017g 102U 102ig!l02l4 1013.  971?  96  98  98 88 79i2 103 102U 1013. 97  tiH3 June July August September I October November December March I April 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  Ann, Arbor—1st 1995 gold---- 4 Atch. Top & S Fe gen g 1995..4 Registered__________________ 4 Adjustment gold 1995_____ 4 Registered_______________ 4 Stamped________________ ..4 50-year conv gold 1955 ---------4 Registered________________ 4 Convertible issue of 1909..4 Convertible 1960___________ 4 10-year conv gold 1917_____ 5 Registered_______________ 5 Debenture Series L 1914___ 4 Eastern Oklahoma Div lst.4 Transcon Short L 1st g____ 4 Cal-Ariz 1st & ref 1962.. _4>^ Santa F Pres & Phen 1st g.5 Chic & St L 1st 1915............... 6 Atlan Coast L—1st 1952 g____ 4 Registered__________________ 4 Alabama Mid 1st 1928 gu ..5 Lou & Nash coll 1952 g____ 4 B & O—Prior lien g 1925...3^ Registered_______________ Gold 1948.......................................4 Registered_________ 4 20-year conv 1933________ 4J4 Pitts June & M Div______ 3 >4 PittsLE& W Va System___ 4 Southwestern Div 1st g..3}$ C O Reorg 1st 1930.............. 4^ Cleve Lor & W eon 1st '33..5 Ohio RIv 1st 1936 g..................5 General 1937 g___________ 5 Pitts & West 1st 1917 g....4 Buff Roch & Pitts—Gen '37..5 Consol 1957............................... 4^ Allegheny & W 1st 1998 gu.4 Roch & Pitts 1st 1921 g....6 Cons 1st 1922 g___________ 6 Buff & Susq—1st ref 1951.___ 4 Canada Southern— 2d 1913.............................................5 Cons guar Series A 1962___ 5 Carolina Clinch & O 1st_____ 5 Central of Georgia—1st 1945.5 Consol 1945 gold........................5 Registered_______________ 5 Chat Div Pur mon 1951 g..4 Mid Ga & Atl Div 1947........... 5 Central RR & Banking Ga___ 5 Central of New Jersey— General 1987 gold ________ 5 Registered_______________ 5 Amer Dock & Impt_________ 5 Lehigh & H R gu 1920..............5 N Y & L Branch gen 1941..4 Central Vermont—gu 1st g..4 Chesapeake & Ohio— Gen fund & Impt 1928_____ 5 1st consol 1939 gold________ 5 Registered________________ 5   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  75 97 95l2 873g  797g 98 98 88I4  75 96l2 97i2 8634  76 98lg 9734 8734  74U 74i2 9434 97ig  83 86 86i2 8734 83 87i2 88 10334 10534 IOOI4 104i2 1007g  87i2 86 8734 102l2  1015gl0358 987gl025g 99 lOUg 1037g 1055g 100l2 104U 10034 10234 105 105 99lg 991g 92 92 867g 90 91lg 92 91l4 92 1003g 10012 99»4 IOOI4 100 100 107 107 1031g 103lg 9434 95U 94 95U 9034 93i2  105 905g 91 90 97  105 921? 9184 9012 977g  963g 97ig 8712 89i2 89 895g 897g 90l4 101 101  7434 9234 93U 84  75i2 96 94 87  83l2 86l2 99lg 10314  985g 1027g 99U 103U 1015g 101«4 925g 93l2 867g 8714  89i2 93i2  70 72l2 92l2 94lg  70i2 9312 92i2 83l2  84 99  83 93  83l2 85l2 95ig 9834  86lg 100  99'2 99l2 985g 9934 99 100 9912 991?  84lg 96i4  8912 9O84 897g 9084  91ig 9H2 90i2 977g 97 9612  9484 963g  88S4 90U 893g 905g  88U 89 88*4 89l2  9834 "9584  88i2 89 89 92 93i2 9134  87 87 100  9014 9H4 89 96 93i2 955g  88U 887g 100  84l2 86 86 87l2 85 87l4 97 9712 95lg 963g 9234 95 95U 9514.....................  835g 85 9214 9234  83lg 8412 925g 943g  95 927g 9314 101lg 100 101 lg  923g 93 923g 95 99i2 100U  9834 92 87ig 96i4  9834 92 87l2 96l4  87 90  897g 90  88  87i4 9H4  91»4 '9284 9H2 9134 9134 9234 86 86 85 "8634 8734 88  8334 84  70U 917g 91Sg 83  995g 9958  85i2 87 98i4 98U  8734 88i2 89i2 9O84  70U 715g 92l4 933g  9434 98>2 96l2 985g 9834 100 99l2 997g  925g 93 86l2 87 98i2 98i2 9H2  71l4 9434 ____ 86l2  927g 987g 98 9914  95 97 995g 101  91  91  88i2 88i2 9758 98  99  99  90ig 9134  91  92  88l2 9134  102l2 102l2 10334 10334 8884 8884 90 875g 88l2 88 89lg 90 90lg 91 90lg 91 89l4 89l4 89ig 92l2 903g 93 907g 93l2 91l2 9H2 90 917g 9H2 925g 928g 93’g  84 84 8612 88l2  82i2 88i2 8684 87l2  10634 IO684  90ig 897g 90U 957g 97 9512  7134 ------'______ 1 70 70i2 71 95?g 945g 955g 94U 953g' 9234 92l2 95 95 I____ 86I4 87 j 86 84 ,  73 7514 927g 94<s  86l2 88 88 90  88 90lg 88 92l4  83U 88 87 87>4  105  106l2 106l2  853g 88U 87l2 89  92 |l00  99 103  99 103  90U 9134 88 90  89 9184  905g 927g 92 92l2 9H2 927g  8534 86l2 87l4 88I4  105  100  IOH4  106 110 110 1073g 109  107  90  9934 1013g  104l2 10434 102  9984 9934  102  9934 9934  104i2  IO8I4 108U 109  100 102 10034 1011? IOOI4 101 10834 1093g 108l2 109 106 109  95 106’ 106U 103  91 87 9412 103  90" Vi"  104 104 87l2 88l2 8584 877g 9058 89»4 907g 90 90  91i2  905g 84i2 83l4 87  92 lg 84i2 85 8712  90 89i2 90ig 83>2 83 87  92 89i2 9U2 83i2 841,2 875g  103 102  109  1057g 106  10534 106lg  10734 10734 110 110  10912 1095g  105l2 106  1047g 105i2 103 1047g 9612 98  1023g 1035g 102l2 103i2 103l2 1047g 1033g 104l2 102i2103i2 10H2102l2 102l2 102l2 101 101  9934 997g  118U 119 II8I4 1193g 117 118’g 115 118 1145gll5l4 114 1145g U2l2115 11734 11812 117lgll7lg 1155gll55g 116l2U612 11334 114 1045g 105 104ls 10434 103U 10314 105 105 10512 10512 100 100 100l2 1001; 83i2 85 8934 90 83 8334 89lg 90 102 102 10834 110  91 87 94lg 103  985g 985g  IO6I4 IO584 IO6I4 IO584 106ig 104i21057g 1045g 105U 10434 1057g 105l2 106  1105g 1105g 10738 1083g 10634 1055g 106 IO6I4 IO6I4 90  IOII4IOII4 89 90U  103 102  103l2 103l2  96l"2 961" 97 97 103i2 103i2 103 10934 1108g 10984 10934 107i2 107i2 1045g 10434 10414 104U 103 IO3I4 9584 9534 11O1211O12 IIOI4 1103g 109i2 1103g 1107gll07g IO8I4 IO8I4 IO7I4 IO714 1117glll7g HH4IIII4 108i2 108i2 38* 46” 46 46>4 45l2 48  87 87i2 98i2 99  70l2 93U 915g 84  95 96 IO584 103  9934 9934  9934 9984  113l2 114U 114 115 113lg U4l2 II284 114 113ig 11412 112l2 U234 11234 11312 113U U3>4 11234 11234 1125g 11234 10134 10134 104 104 103 103 103 103  83l2 83l2  96 10434 104  8334 8712  84  84  84  84  9834 9834 100l2 100l2 98l2 98i2 98 98 104l2 104i2 106 104i2 106i2 104i2 10514 1045g 105i2 102l2 103  RAILROAD BONDS  151  1913—Continued. September March April May June July August October November December 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  w?  1  1   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  O>  Chesapeake & Ohio—(Concl.) General 1992 gold_______ 4% 9734 96b 98b 93 99% 100b 99% 101 95 91 92 903g 93b 987g 100b 95 99b 95b 98b 9334 95b 91b 94b 93 Registered____________ 4H 99b 99b 92 7934 77b 797g Convertible 1930.............. 4 bi 79b 79b 80b 79 92b 90b 92b 90b 9078 87b 9034 85b 87b 79 85b 79 80b 78 80b 79 Big Sandy 1st 1944___ 85b 85b Craig Valley 1st 1940 g_____ 5 100l2 100b 1013. 1013. 96b 96bPotts Creek Bch 1946______ 4 843. 843. 9134 913. 90 R & A Div 1st cons 1989 g..4 92b 93b 90 86 86 86 87b 86 86b 86b 87b. 2d consol 1989 g__________ 4 87 87 88 88 z Chic & Alton—Ref 1949 g____ 3 673. 68 64 64 67 67% 64 64 67 67 63b 63ls 60b 64 Chic & Alt Ry 1st '50 g. . . 3 'A 62b 633. 61 633g 55b 61 58 50 53 55 57 50 53 57b 59b 55 53b 55 53b 5434 51b 5334 53b 55 Chic Burl & Q—Denv Div___ .4 993. 993. 99 1001° 98 100 99l2 99b 99 99b 99b 98b 985g 99 98b 99 98b 99 b 98b 98-34 847 S 833 4 833g Illinois Division 1949____ 3)4 85 84 83 853 4 84 845 S 85b 83 85 82 85b 83b 84b 82i4 82b 84l4 81b 82b 81b 84b 84b 9434 94l2 95b 94l2 95b 93b 95b 92 Illinois Division 1949.............4 97b 983. 97b 983. 95b 97b 933S 965g 94 94 94 95 93l2 95 95b 94 Registered___________ 93 93 10338 1033g Iowa Division 1919, s f_____ 5 ion. ion. 1015s 1015s 9919 983. 99b 98 9634 97 Iowa Division 1919, s f_____ 4 99 9S34 98b 98b 9634 98b 96b 97 9634 963. 96b 96b 96b 96b Nebraska Ext 1927_________ 4 96b 97 94 93 93 95 95b 94l2 95 94b 95b 95 9734 9734 Southwest Div 1921________ 4 98 98 98 98b Debenture 1913_____________ 5 993. 100 100 100b 100 100 100 100 General 1958_______________ 4 947g 96b 945g 96 ’ 93b 947g 91b 943g 91b 9334 917g 93b 903g 93 b 925g 93b 93 8934 92 b 8934 9ib94 92 94 Chicago & Eastern Illinois— Refunding & impt 1995 g._4 77% 80 687g 71 69 74 74 74 69 74 74 70 70 75 77 75 69 69 66 69i4 69b 68 1st consol 1934 g___________ 6 119 119 107 107 109 109 1081s lOSls 1081. lOSU General consol 1st 1937____ 5 106 108 1068. 107b 99b 100 100 100 993. 1001. 100 100 96 97 100 100 100 96 Registered_______________ 5 IO6I9 10619 978. 9734 Pur money 1st coal 1942___ 5 98 98 1051a 1051a Chic & Ind Coal Ry 1st____ 5 100 100 1051c 1051c 727g 717g 74b 74l2 76b 73 Chic Gt West—1st 1959........... 4 76 75 76 71 74 77 76 75b 76b 75 71 7412 72 77b 75 73b 70® 7034, Chic Ind & Lou—Ref 1947 g.6 125 125 124 124 120 120 116b H6b 116b 116b 118 118 ____ ____ 117 117b 117 117b 11638 1173g 1021s 1021s Refunding 1947 g__________ 5 103 103 105b 105b 99S4 99b 99b 997g 100 100 Chic Mil & St P term 1914 g..5 100l4 10034 100b 1005g 100b 100b 100b 100b 10038 1003g 99b 1003g 997g 100 100 100 9978 100b Gen series A 1989 gold_____ 4 97b 99 9034 92 92 92 91 93 93 9338 8934 927g 89b 92 98b 96 97 92b 9234 95 98b 9034 96b 91 4$ Registered_______________ 4 97 97 98b 98b Gen series B 1989 gold___ 3 A 838. 85 833g 833. 84b 8334 8334 79 80 ... 79 82 8ib 80b 80b 795g 82 8214 8214 83b 84 ____ 8934 90 25-year debenture 1934____ 4 91b 917g 90% 913. 87b 90 86 87 88 87 87b 8634 88b 86b 88 88b 87b 88b Convertible 1932_________ 4 bi 103b 1063g 101l4 1045g 1O15S 103b 101b 103b 10H4 102 100 102 1013g 10234 102l2 1033g 10234 10334 10034103b 100b 102b 100b 1017g 101 101 Conv (1913 issue)..1932..4H 1037s 104b 10034 104b 1011. 1023. 101 1031° 101 102 100 102 General 1989_____________ 4>£ 99b 9934 99b 997g 99b 9934 99b 99b 99b 101b 10034 103 1003. 1027s 1007s 1011s 1001s 1011s1 023s 1 (123s 103 10.3 103 103 Chic & Lake Sup Div______ 5 10419 1 045s Chic & Mo River Div. . ............ 5 10438 1043g 10il4 1043g 1023g 103 1033g 10338 106 10638 Chic & Pac West Div______ 5 10438 105b 104 104b 104 104l2 102b 104 * 102b 103b 101b 102lz 101b 102b 102 102l2 102 103b 102b 103 1023g 102l2 1O214 102b 875g 917g C M & Pug Sd 1st gen 1949.4 93 b 933. 93b 93b 88 873 4 883 4 895g 85 91 91 92 91 94 91b 91 87 88b 8558 88b 87b 89b 1003. 1003. Dakota & Gt Southern____ 5 1001s 1001s 1005g 101 1081. 1081. Dubuque Div 1st s f 1920___ 6 1103s 1103s 110b HOb 11019 1105s 10919 1O91o 106 106 Fargo & Sou assumed______ 6 110 110 La Crosse & D 1st 1919____ 5 1021s 1021s 101=8 101% 101b 101b 1045g 10434 Wise & Minn Division_____ 5 1017g 1017g 102 b 10234 10234 10234 102b 102b 104 104 102l2 102b 102 102 101 1017g 10934 10934 1073s 1073s Wisconsin Val Div 1920____ 6 1001s 1001s Mil & Nor 1st cons 1913___ 6 100 100 100 100 997g 997g 1st extended 1934______ 4>£ 993. 993. 995s 997s 100 100 Cons extended 1934____ 4 bi Chic & North West—1915____ 7 105 105b 105 105b 104 105b 103 104l4 103b 104 103b 10338 103b 103b 102=8 103 103b 103b 10234 10334 102b 10234 1023g 10234 Extension 1886-1926________ 4 92b 921s 96 96 95b 95b 91S4 92b Registered_______________ 4 96 96 General 1987 gold________ 3A 84 8134 823g 81 8134 80 85 82 82 81 83 79 84 81 82b 81 82b 81 81b 83b 85b 82 78b 83 843. Registered____________ 3 A 84 General 1987________________ 4 97b 98 967g 94l2 97 947g 98b 967g 97«. 9234 97 94b 9534 9434 9*5*b 95b 96 b 9434 95b 93 97 93l2 95b 95 9334 9334 94 Registered________________ 4 92 92 94 94b Sinking fund 1879-1929____ 6 106 106 Registered ...____________ 6 105b 10558 105b 105b Sinking fund 1879-1929____ 5 104b104b Registered________________ 5 102 102 Debenture 1921_____________ 5 102 102b 101 102 101 103 997g 103 10034 101 101 101 101 101 Sinking fund deb 1933_____ 5 104 104 102 102 10034 10034 10034 10034 107 107b 107b107b 102 102b 101 101b Registered _________ 100b 100b Fremont E & Mo Val 1st___ 6 117 117 12H4 121b Mil L S & W 1st 1921 g...........6 11134112b 111 111b 1111211112 109b 110b 109b HO 108b 108b 107b 108b 108b 108b Ext & impt 1929 g_____ 107b 107b Ashland Div 1st g________ 6 114i8114i8 Mich Div 1st 1924 g............. 6 111 111 113b 113b Mil Sparta & N W 1st_______4 93b.94 9334 94 927g 93b 92b 92b 9134 92b 92 92% 91 90 92b 90 90b 91 88b 88b Win & St Peter 1st ext 1916.7 106bl063g ... 108b 108b Chic Rock I & Pac Ry—1917.6 10638 106b 106% 106b 105b 106b 106 106b 1047g 1047g 103b 104b 104b 104b 104b 104lg 104b 104b Registered___ _______________ 6 104 104b General 1988 gold__________ 4 927S 94b 9278 935S 9134 93% 87 84 8534 85 87 8634 87% 85 8634 86 88 93 88b 82l2 87 85b Refunding 1934 gold______ 4 87b 89 8334 87b 83b 84b 82b 843g 78b 823g 78 86 88 79 79b 78b 79b 73b 77 73b 78 73b Registered______ ________ 4 87b 87b 835g 83% 78b 78b 20-year debentures 1932___ 5 89 86 8734 80 90 87 89 74b 79 78b 80b 76b 79b 7434 7734 753g 77b 71 75b 87b 80b 8634 72 56-% 59'b 50b 57b 49 C R I & P RR 2002__________ 4 62b 6634 6212 65b 61b 64 55 51b 63b 48»4 52b 64b 563s 5934 49b 67b 535g 59 Registered_______________ 4 63% 64% 50 55b 55b 52b 52b 50 R I Ark &L 1934................. 4}$ 86 8734 8734 86 85 87 Burl C R & Nor 1934 g...........5 10834 10834 108b 108b 1075g 107% 107b 107b 102 102 103b 103b Choc O & G gen 1919 g____ 5 10012 100b 10034 10034 997g 997g Choc O & G cons 1952 g.___ 5 106 106 Keok & Des Moines 1st.___ 5 96 96 98 98 94 94 98 98 95 97b St Paul & K C Sh L lst..4H 89 89 81 81 75 75 79b 79b 11434 11434 Chic St P Minn & Omaha.___ 6 120 120 120b 1207g 120 120 120 120 116b 116b 115 115 115b H5b 115% 1173g Debenture 1930_____________ 5 102b 1027g 102 102b 100b 101b 1003g 101 9334 98 100b 98 98b 100b 100b 101»4 101 101b 99b100% 99b 100% Chic St P & Minn 1st g____ 6 119b 119b 115b H5b 115b115b ■'North Wisconsin 1st 1930..6 St Paul & Sioux City 1st g.6 109b 109b 108b 108f 108b 108b 1063. 1063. 106 106 106 106 Chic & West Indiana—1932..6 1065g 107 107 107 106 107b 105 105 Consol 50-year 1952________ 4 88b 89l2 88 843. 84% 84b 82 b 83% 82b 83b 88lg 85b 88b 84 883« 84 Cin Hamilton & Dayton— Cin Day & Iron gu 1st g___.5 993. 100ig 98b 98b 98b 98b 97 97b Cin Ind & W 1st gu 1953...4 863. 8634 8634 8634 Cleve Cin Chic & St L—’93 g.4 91b 92% 91b 91% 90b 91 89 89 91b 9158 907r 91 87 87 85 8634 85 87 20-year deben 1931______ 4 bi 913. 92% 91b 92 87b 8934 89 89 91b 91b 88b 9034 893. 893. Cairo Div 1st 1939 g_________ 4 90 90 87b 88b Cin W & M Div 1st. . ............... .4 89b 89b St Louis Div 1st 1990 g.___4 87 89 833. 8334 83 83b 85 83b Spring & Col Div 1st 1944..4 82 82 C I St L & C cons 1920........... 6 10434 10434 1047g 105b 104b 104b 1st 1936 gold........................... 4 94b 94i4 90 90 Registered_____________ 4 90 90 Cin San & Cleve 1st cons..5 102 102 C C C & I cons 1914...................7 101b 101b 100b 101b Gen cons 1934 g__________ 6 Peor & East 1st cons 1940..4 88b 89 7934 83 83 82 81b 82 82b 82b 81 Incomes 1990_____________ 4 43b 47b 4934 43b 44 35 Colorado Midland—1st g____ 4 35 36 30 30 28 28 27 27 27 36b 29 Tr Co certfs of deposit 26 26b 2534 26 Colo & South—1st 1929 g___4 93b 9478 927g 94b 90 93 92 90b 91 92b 90b 92b 89b 915g 8934 91 90b 90b 92b 9134 92b 92 Refund & exten 7935___ 4}£ 94 913g 93 94b 93b 94% 91b 93% 9034 93b 9034 92 9134 93b 91b 923g 91b 92 90b 913., 90b 91b 9H4 92 Ft Worth & Den City 1st..6 1071? 108 107b107b 108 108 106b 106b 102 104b 104b 106 106 107 105 106b 103 103 Delaware Lack & Western— Morris & Essex 1st 1914____ 7 10234 1031s 1027g l027g 102% 102% 102b 102l4 101b 101b 101 101b 101 101 100% 100%. 1st cons gu 1915__________ 7 105b 105b 105b 105b 10538 105b 104% 1053g 104% 104b 104% 104% 104 104 103 103 103b 103b 103b 103b RegistaraX ___________ 7 103 103 84* 84* 1st ref guar 2C4A__________ 3A N Y Lack & West 1st 1921 .6 111 1113s 111 111 110% 110% 110 110b 10934 10934 108 109b 108% 108b 108b 108b 108b 108b 108b 108bConstruction 1923_______ 5 104% 1061s 105% 105% 102b 10234 102% 102% 104 104 Terminal & impt 1923___ 4 96ig 96ig 9634 963. 96«4 97 95 95 94 94 94b 94b feelawtae & H.sdson— 1st Pa IS V17........................... 7 110% 110% 107b 10734 108 108 Convertible 1916 4 97b 98 9534 9634 96b 97 96b 9734 96b 97b 96% 977g 963. 97b 9534 97 9734 96b 97b 96b 97b 96b 9734 97  RAILROAD BONDS  152  1913—Continued. August January February April iviwy «/ ui>y uGjwr/wGf September czut-c/wu/ iv November uuvffHJci iswemva March May July 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 Delaware & Hudson—(Concl.) 1st lien equip 1922_______4)3 1st refunding 1943_________ 4 Registered_______________ 4 Alb & Susq conv 1946 g.3)3 Registered_____________ 3)3 Denver & Rio Grande— 1st consol 1936 gold________ 4 Consol gold 1936_________ 4)3 Improvement 1928 gold____ 5 1st & refunding 1955_______5 Rio G West 1st 1939 g______ 4 Mtge & coll tr A 1949 g..4 Detroit & Mackinac— 1st lien 1995 g_______________ 4 Gold 1995. . .................................. -4 Detroit Ter Tun 1961______ 4)3 Dul Missabe & Nor—Gen'41.5 Dul & Iron Range—1st 1937-5 Dul Sou Sh & Atl—1937_____ 5 Erie—1st cons 1920 gold____ 7 N Y & Erie 2d ext 1919 g___5 3d extended 1923______ 4)3 ■4th extend 1920 g________ 5 N YLE&W fund 1920____ 7 1st cons prior lien 1996 g_-4 Registered________________ 4 1st cons gen 1996 g_________ 4 Pennsylvania coll tr 1951 g-4 50-yr conv ser A 1953 g_____ 4 50-yr conv ser B 1953 g____ 4 Registered________________ 4 Buffalo N Y & E 1st.............. .7 Chic & Erie 1st 1982 g.......... 5 Long Dock cons 1935 g------ 6 N Y L E & W Dock & lmpt.6 Extended 1943------------------- 5 N Y Susq & W 1st ref g--------5 General 1940 gold________ 5 Terminal 1st 1943 g_______5 Wilkes & East 1st gu g------ 5 Ev & T H—1st cons 1921 g.-6 1st gen 1942 gold___________ 5 Florida East Coast—1st___ 4)4 Ft Worth & Rio Gr—1st g—4 Ga H & H of 1882—1st 1913.-5 Gr North—C B & Q coll tr...4 Registered_______________ 4 1st & refund ser A 1961.-4X Registered_____________ 4)4 St P Minn & Man 1933_____ 4 1st cons 1933 g___________ 6 Registered_____________6 Reduced to__________ 4)4 Mont Ext 1st 1937 g______ 4 Montana Cent—1st g g------ 6 1st guar 1937 g___________ 5 Will & S F 1st 1938 g________ 5 Gulf & Ship Isld—1st 1952..5 Hocking Vail—1st cons g..4)3 Col & H V 1st ext 1948_____ 4 Col & Toledo 1st ext 1955..4 Illinois Central—1st 1951 g..4 1st 1951 gold......................... .3)4 Registered____________ 3)4 Collateral trust 1952 g_____ 4 1st refunding 1955_________ 4 Purchased lines 1952____ 3)4 LNO«cT 1953 g........................4 Lou Div & Term 1953 g..3)4 Omaha Div 1st 1951_________ 3 St L Div & Terml 1951____ 3)3 Springfield Div 1951_____ 3)4 West Lines 1st 1951 g_____ 4 Chic St L & N O 1951 g____ 5 Ind Illinois & Iowa—1st g___ 4 Internat & Gt Nor—1st ’19 g-6 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 1960___ 4 Lake Erie & W—1st 1937 g...5 2d 1941 gold................................. 5 Lehigh Val (N Y)—1st gu..4)3 Registered___________________ Lehigh Val (Pa)—2003 g_____ 4 Lehigh Val Term—1st gu g--5 Registered___________________ Lehigh Val Coal—1st gu g___ 5 Lehigh & New York— El Cort & Nor guar 1914___ 5 Long Isl—1st cons 1931 g____ 5 General 1938 gold__________ 4 Ferry g 1922...........................4)4 Unified 1949 gold..................... 4 Debenture g 1934___________ 5 Guar refund 1949 gold_____ 4 N Y & Rock Beach 1st_____ 5 North Shore Br gu_________ 5 La & Arkan—1st 1927________ 5 Louisv & Nash—Gen '30 g._6 Gold 1937..................................... 5 Unified gold 1940....................4 Registered__________________ 4 Collateral trust 1931 g_____ 5 E H & Nash 1st 1919 g........... 6 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____________ 6 Atlan Knoxv &r Cin Div____ 4 Atl Knox & N 1st 1946 g...5 Henderson Bridge 1st_____ 6 Kentucky Central 1987 g.,4 L & N & Mob & M 1st g..4)4 L & N-Sou-Monon joint___ 4 Nash Flor & Sheff 1st gu._5 N & Cin Bridge 1945 gu__4)4 Pensacola & Atlan 1st guar6 So & No Alabama gu______ 5 Lou & Jeff Bdge gu g 1919.4 Minneapolis & St Louis— 1st consol 1934 gold_______ 5 1st & ref 1949 g........ ...................4   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  88I4 8834  87b 88b  98 96 9734 86  87b 89b  8634 93 97U 81 8334 80  891’ 95b 98b 83b 84b 80  85b 93b 96b 79 8334 78  99^4 101b 100 101b 98b 99b 98b 99b  97b 827g 84b 80  99 84b 85b 81  100 99 9734 87b  98 98b 94i2 97  98 97U 98b 97 95ig 97 93b 96  84  84  873s  85b 87b  9334 96b 81b 84b 78  87b  84l2  85b 87  77b 80b 75U 7734 82 83l» 83 83b  83  80b 82 87b 87b 67 75 7934 8234  84 82 9834 993g 99  84i2  9934 9934 94 97  9634 9734 95b 96  85b 8534 83b 83b  85b 86  85  98 98 93b 9412  98 94  83b 85 80b 8212 90 90 87 7114 8314  100 9438  86b  8278 8278  83b 84  82b 83b  89 89b 70b 7314 80 80  90b 90b 72i2 73b  90b 9034 71b 73b 78 80  9534 96b  96  84 82  100 100 103b 103b 113lg 11434 113b HSU llll2 113 103 103  103b 103b 103  103  "8534 87" *8434 86"  75b 89U 81 7514  76 90 82l4 77b  11034 111  iooi’4 loo’i-  75 89U 79 72  76 90 81b 75b  110l2lll 103 103  103  75U 89b 80 7334  81 93  81 93  6934 71b 78b 79b  81  8134  67b 69b 79b 80 67b 67b  100 100 99b 99b 99U 9914 llOU 112 llllg llllg 101 101  11U2 100 IOOI4 IOII4 102  82 7134 89 73 69l»  106 106 106 1225S 12258 123  10034 101b 100 10034 100b 100b 8634 8634 85 86b 108 108 107b 1073g 99 99 99 99 109 110 98b 98b 96 96b 9534 96 94 95 74 74 72 75b 76b 74 100 100ig 100 100 95b 96U 94b 95b 93b 95 9458 95b 93b 94b 95b 96 IOOI4 100b 9934 100b 99 100  83b 8434  96  103  "8334 8M4  72b 89lg 75 69  109U 110l2 111  113b 114  98 99b 9334 9434  82 ig 82b  99b  IO4I4 10414 100 100  11412 115  97 98 94i2 95  8334 73U 89b 77b 73  8234 84 72 89 71U 69  73 89k 74U 70b  82U 83b  66b 89 66 65  72 89 69 693  83b 86b  69 85b 67b 65>4  72b 87b 74b 71b  109 109 85i4 87 84 84 717g 75b 86 87b 73 7434 70b 72  1 0634 124 12214 123b 122 122 100lg 100b 100lg 100lg  8334 86 b  83 b 85l4  74b 7534 70 87b 8734 87b 73b 75b 70U 70b 72b 69  82b 83b  74lg 88 74U 7214  70 87b 71b 69l2 70 10334 10334 104 105b 1^7b 106 108 103b  71b 7034 89 88b 73 71b 697g 71 70 104 10S7g 104 b 121b  101b 101b ion2 ioib 1007g 102 96b 96b  93 105 101b 101b 100 92 93 92b 97b 96 93b 118b H8b 118  9334 95b 943g 94b 94b 941 94b 9412 97b 99 97 98b  945g 94b 983g 96 93b 118b  93 b 95b 933g 95b 97b 98  93 105 100 100 100 94l2 95b 95b  943g 95b 94b 94b 9734 98b  98 98 981g 98b 121b124 122b 124l2 120b 121b 118 118 118 118 117b H7b 119b 119b 103b 104b 9934 9934 100b 100b 1005g 10134 102b 102b 103b103b 10034 102 9534 96 92 92 96 96b 96b 96b 92 92 95b 96 120 120 128b 128b 124b 124b 124b 124b 108 109 105b 105b 104b 104b 92 951’ 90 85 90 90 91b 90 96 98* 1003g 10134 100 IOK4 98b 100 98 96 100b 97b 98b 98 92 92 92 92 9234 9234 92lg 92b 102b 10234 100 100 88b 88b 88b 88b 95b 95b 94b 96b 93b 95l2 91 94b 96 93?g 94b 91 89 91b 94lg 90 88b 90 95b 96 83 83 79 79 95 96b 94b 96 93 94b 93b 94l2 81 81 70 70  94b 953g 945g 95b 96b 98  95b 95b  94b 95 94lg 9434 98 98b  817g 84  101  94b 95b 92b 104 106b 104 995g 90 63b 63b  9334 945g 9334 9334 98 98b  71b 88b 74 717g  104ig 122  101  94 105b 99b 90  93b 95 93b 94b 98b 99  94b 94l2 119 119  101 102 93b 94  85 85 973410034  101 94  86 99  101b 101 101b 100b 100b 94b 93b 94b 118b H8b  90 101  99  100b  97b 99  84b 84lg  94 94 90b 93  90 90 90b 91b 77 77  90 88b 78 87  90 90 78 87b  89  89b  88b 90b  77b 77b  87 104  106b 1065g 97b 993g 60 64b 93 94 71b 72 98 99 96b 96b 105 106b 100 100b 104b 104b  78 78 87b 87b  87 104  105b 105l2 92 92 92 92 93?g 92 1063g 107 105b 1063g 105b105b 102b 102b 102l2 10234 103 97b 94b 97b 94 94b 89 93 88b 97b 98b 94 60 615g 52 60 60b 93 93b 68b 0934 69b 71b 71b 9734 9834 97b 98b 96b 983g 97b 9734 95 96b 95b 9334 947g 93b 93b 92l2 94b 923g 92b 90 9134 90b 104 104 104 105 101b103 102 1025g 101b 102 10234 97 9834 104b 104b 101b 102 100 100b 101b  96b 97b 95b 95b 110b 110lg  86b 86b  103 93 54  103 103b 8934 8934 56 57  8934 94 52b 53b 90b 90b  70 98b 97 92 93 102b 102b 100 102 100b 93b 93b 93b  70b 70 9634 963g 91b 92b 1025g 102b 100 101b 102  9314 9334  93b 96b lllblllb 111 111  108 94  108 93  89  108 93  93b 113b 110b 98b  86  9434  102b 102b 89 91b 50 52  70 68 97 94b 9234 92 102b 102  68 95 92 102  1003g 100b  86  96  96  104  104  68b 68b 94b 95b 91 92  107b 107b  99b 99b  87  88  88b 89  84"  84  85b 85b 95 95  89b 89b  8634 88b 50 51b  100b 10034 100 100  100b 93b  100b 100’g  I67" IO7 ”  91  91 55  10234 10234 105 105  89ig  9334 9434 103  90 53  69 98b 9434 92 93 102b 102b  105b 105b  108 94  89b 89b  102b 102b  87b 88 92 92 85 85  88b 88b  91l2 91b  103  93b 1145g 111 99b  93 112 111 96b  93 112 111 99  86  112 112 111 111 9512 97  110b 112 93b 9534  111  111  110b 11 lb  93b 94  91b 93b  IO6I4 106b 1063g 1063g  86  165" l’o’e’  89 89 87 111b lllblllb lllb mb lllblllb lllb 1053g 92 b 9334 93 94b 92b 93b 92 93b 93 92l2 92b 93 93 103" 103 104 104 108 108b 1083g 87 ill  lllb 108 92b 10S3g  120b 120b  114ig 114lg  111  91  111  91  105b 10534  91 110  925g 111  92  9234 "9l"  92”  9134 92b 91 91b 103 103b 103b 103b 8734 8734 88b 90  88b 90 8834 90b  88b 89  8834 89  88b 8834  109 109 87b 88b  108b 108b  88b 8934  88b 8Sb  88b 88b  81 ’  88b 88b  8*1  83b 83b 100b 100b  82b 8*3  100 627g  94 95 59b 61  60b 61b  92l2 93 59 60b  88  93  88 54  88 56  88 56  88b 59  87 87 99b 99b  105 105 105 8734 8734  105  104b104b 103b 103b 97b 97b 108b 108b 108 108b 107 107 83b 83b  ion2ioib  98 60  8634 89  87b 88  90 54  90 56b  90b 90b 54 55  88b 90 50 51  88 88b 50 50  1 153  RAILROAD BONDS. 1913—Continued.  December] January February June March April May July August September October November Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 95b 95b  96  97  94b 96b  94 80 98  95U 8134 99  86b  87  9234 78b 98 76 84  94b 80b 99 77b 86b  90 78b 99l2 74i2 84b  91b 92  91  91  8934 74 98 67b 80  91 76 98b 70 83  91b 91b  9112 92  MS SM & Atl—1st 1926_____ Missouri Kansas & Texas—  General sink fund 1936..4  877g 87b 107 108 106 10634 Mo K & O 1st gu 1942........... .5 104 1041. M K & T of Texas 1st gu g..5 100l2 101b 9912 100b Sher Shrev & So 1st gu g___ 5 103 103 1011. 1011. Texas & Okla 1st gu g_____ 5 Missouri Pac 1st con 1920 g___6 106 106b 105 10578 Trust 1917 gold stamped___ 5 99 9978 99b 100 1st collateral 1920 gold____ 5 9734 993s 985s 993g 7034 70 40-year gold loan 1945____ 4 70 70b 8634 88 1st & ref conv 1959________5 86 87b Boonv St L 8c S 1st 1951.___ 5 100 [00 9134 9134 Cent Brch Ry 1st 1919 g___ 4 Cen Brch U P 1st 1948____ 4 Pac of Mo 1st ext 1938 g____ 4 921. 93 93 93 103 103 2d extended 1938_________5 St Louis Iron Mtn & So— Gen cons ry&l gr 1931 g..5 10412 106 105b 10534 3 Unifying & ref 1929 g____ 4 8134 8258 81b 825g Rlv & Gulf Div 1933 g.._4 83 83b 83 83b 96 Verdigris V I 8c W 1st............. 5 96 Mobile 8c Ohio—New 1927 g..6 1165s 11634 117 117b 1st extension 1927 gold____ 6 1123a 1123a General 1938 gold__________ 4 8534 857g 8434 85 Montgomery Div 1st ’47 g..5 1081* 108b St Louis Div 1927___________ 5 St L 8c Cairo gu 1931______ 4 Nash Chatt 8c St L—1st ’13..7 101 101 1001* 1007« 1st consol 1928 gold________ 5 107b IO8I4 107b 108b Jasper Branch 1st__________ 6 111 11 1 McM M W 8c A 1st....................6 1051. 1051. National Rys of Mexico— 88b 85 Prior Hen 1957___________ 4H 87 87 763< 77 Guar general 1977__________ 4 76b 78 National of Mexico— Prior Hen 1926 gold..............4b 967g 96b 1st con 1951 gold __________ 4 76b 76b N O Mobile 8c Chic—1st ’60j.5 86 87 85 86b N O 8c N E—prior lien 1915...6 8712 8618 8618 N O Terminal 1st 1953............4 87 N Y Cent 8c Hudson River-— Gold mortgage 1997_____ 314 86 87U 84b 86b Registered_____________ 3\4 84b 863a 84b 8434 Debenture 1934 gold______ 4 90b 91b 89 91 30-year debenture 1942____ 4 91*2 9112 Lake Shore coll g 1998___ 3>$ 78b 79 77b 78b 7634 7634 Registered_____________314 77 77 Mich Cent coll g 1998....3^ 78b 78b 76b 7634 Registered_____________ 314 Beech Creek 1st 1936 gu___ 4 98 98 Mohawk 8c Malone 1st gu._4 983« 983s N Y 8c North 1st 1928 g____ 5 1051p 1061. 107 107 N Y 8c Putnam gu__________ 4 Rome W 8c Ogd 1st cons___ 5 106 106b Oswego 8c Rome 2d_________ 5 Rutland 1st cons 1941___ 4>$ O 8c L C 1st guar_________ 4 84 84 83b 83b Utica 8c B Rlv gu___________ 4 I 38c M S gold 1997.............. 3J4 8734 88 873g 88b 8634 8634 Registered_____________ 3!4 8734 88 Debenture 1928 gold____ 4 92b 9234 91 92b Registered______ ;_____ 4 25-year 1931 gold_________ 4 92 92b 9034 925g Mich Cent 1st 1952 gold.3^ 86 86 86b 86 20-yr debenture 1929____ 4 88U 8834 8734 89 N Y Chic 8c St L 1st 1937 g.4 98i? 99b 98 99 Registered_______________ 4 97b 97l2 25-year deben 1931____ 3)^ 8834 89 881* 88 West Shore 1st 2361 gu____ 4 98 99b 9734 98b Registered_______________ 4 96 97b 95b 9634 Equip trust 1914 D______ 414 Equip Trust 1915 E______ 414 NYC Lines equip 1914____ 5 NYC Lines equip 1915____ 5 NYC Lines equip 1916____ 5 NYC Lines equip 1919_____ 5 Y New Haven 8c Hartford— Non-conv deben 1947______ 4 Non-conv deben 1955______ 4 891* 89l2 8714 89 Non-conv deben 1956______ 4 88b 88b Non-conv deben 1954 -.3^4 Convertible deben 1956..3)4 86 87 85b 86b Convertible deben 1948____ 6 124b 126 12178 125b Registered______________ 6 1 233a 124 20-year convertible deben..6 Cent NE 1st 1961 gu...............4 9014 90b 110 110 N Y Prov 8c Bost gen 1942. _4 N Y W ches 8c Bos 1st____ 4>S 9738 98b 97 98b 8314 Providence Secur 1957_____ 4 817S 82U 83 N Y Ont 8c W—ref 1st g............. 4 92i2 92i2 9112 92b Norfolk Southern—ref 1961.5 98b 9878 9838 99b Norf 8c South 1st 1941_____ 5 Norfolk 8c West—Gen 1931..6 1191* 120 11 Q5o 11 Q5o Improvt 8c exten 1934 g____ 6 123 ” 123 1 203a 1 203a New River 1st 1932 gold____ 6 N 8c W Ry 1st cons 1996____ 4 9634 99 96b 99 9234 9134 92b Divisional 1st Hen________ 4 92 10-25-year conv 1932_____ 4 111 1 1 27o 105 10Q7fi 10-20-year conv 1932_____ 4 11112 111b 10912 10912 104 107 Convertible 1938______ 414 Pocohontas C 8c C jolnt.4 9114 92 90b 9134 Col Con 8c T 1st 1922.............5 1OS3a 1053a 953s 95 95 Scioto V 8c N E 1st gu g____ 4 94 Orth Pac prior Hen 1997 g___4 98 9858 97b 98b Registered_______________ 4 9738 9738 9714 9712 General Hen 2047 gold_____ 3 6734 68b 66b 69b 68 Registered__________________3 68 St Paul-Dul Div g 1996_____ 4 9214 92b Duluth S Line gu__________ 5 St P 8c No Pac gen gold____ 6 113 113 St P 8c Dul—2d 1917_______ 5 1021a 1023a Wash Cent 1st g___________ 4 Nor Pac Term—1st gold_____ 6 11 03a 1103t 1113a 11 13o Oregon-Wash—1st 8c ref 1961-4 90 91b 90 90b Pacific Coast Co—1st g_______5 10038 10m 10038 101b  92b 7934  99b 77b 84b  Kan City & Pac 1st 1990 g.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  103b 103b  89b 92 7934 79 9734 99 75 75 83b 84b 77b 78b 102 " 102 82 82 103 104b 103  100b100b  90 77 98 72 8334  8434  82  82  92b 78b 99 7334  89b 74b 98 67b 79l2  90b 75b 98 70 81  9034 76b 97b 70b 83 b  90 76b 98b 71 83  91b 86l2 77b 72l2 9934 ____ 7134 69 83b 83b  90 77 71 83 b  93 96  88b 71 95b 68 8234  8634 89 7234 73b 95b 95b 69 67»4 8234 8II4  100 821a  102b 102b 101  101  103  9912 100b  90b 76b 97b 68b 80b  97l2 97b 96 96  97b 98  97b 98  89  92 96  100  91  M  88b 74b 95b 68 82b  9934 9934  821a  1023g 1023g 102l2 103b 103 103b 10212 10212 103 991. 9912 98 98 98 98 98 97 97 99 99 ____ 97b 99  103 98  1011. 1011.  104 98b 97 69b 85b 91  105b 105 99b 98b 9834 97b 70 69 86b 84  105b 10434 97 99 9834 70 67b 86b 833g  90  91  9258 93b  105b 103 99 95b 93 65 69 84l2 78b  105 103 97 95b 91 93 66b 64 83b 77b  92  90  90  92lg 9318 103  104b 104 96b 9534 92b 93 68b 68 80b 79b  90  104 103 9534 96 96 90 68b 67b 83 80b 92  91 76  103=8 1033g 104 103 103b 96 98 97 95b 95b 90 94b 95 92b 93b 643 4 657g 68 66b 67b 773S 78b 8134 78 81 91 76  90  90  90b 90b  89  103 10434 10234 103b 101b 103 100 102 100b 102b 101b 103b 102 102b 10134 103 10112 103 7934 79 803g 8ib 78 82 80 81 78 78b 79b 79 81b 79 81b 78b 79b 75 8134 77b 793g 79 82 81 8134 8H4 83 80 78 82b 78 82b 83b 82 83 b 81 117  117  84lg 84lg 108 109 1003o 1005fl  107  107  84b 84l2  78  80  114  114  82  82  1121s U2ls  80  80  83b 83b  83  83  103 95b 94 6434 757g  89 72  89b 77b  88b 88b  10134 10134  103  89  102 95 92b 62 67  82  82  10034 74b 76b 92b  102b 7512 77b 92b  1131. 114  79b 81b  81b 81b  1071. 1071.  10014 10014 100b 100b 100 106b 10634 105b 106 ” 105  89 100 10534 105  89 105b 106  65  82b 84  75  79b  95 95 88b 88b  75 60  75 6238  45  56  4734 49b  106  66b  55 55 4834 50  105b105b  62  65  51  53b  4534 48 10Us 1011s  104b 105b 105  105  65b 65b  52  52  42l2 50  44  50b  7912 791*  84 85 8334 82 893 4 87b  83b 86b 82 83 87b 89b  7634 81b 76 79b 75 77b  80 82b 795g 80b  98  84  85  87b 89 b  8034 80 76b 76  83 80b 80  8212 84b 81 83 ____ 83 8734 90 88 78b 81 78b 79b 77 79b  82b ____ 90  80b 85 82 82 88b 91  81 78b 79b 79 77b 78b 77b 80 ____ ____ 77 76b  103  103  102  7734 79b /76b 78 79 79 75b 77 ____ 71 73  102 92  1031. 105  102b  98b 98b  97b 97b  86  87b 85l2 86b 86 841. 90b 91 90b 91b  86  86b  76  85b 87  80 80 95b 95b 88 87  87b 88  86  87b  9u2 93b 92 92 9034 92  91b 9214  90  91b  90b 913g  89b 80 84l2 95  90 82 85 9638  84b  90b 913g 9034 9034 9078 9078 90b 9lb 89b 86 8734 8734 88 983g 98b 94 8634 873s 9634 98b 95 95b  987g 987g.  90  76 86  102 92  92  98b 98b  85b 8734  79b 82 79b 81 79 75  80 82 79b 79b 83 86b  77b  104  90  80 81b 79b 80b 76b 76b  80b 82b 81b 84 82 ____ ____ 80 90 90b 90b 87  98 92  104  83b 85 ____ ____ 89b 91  91b  89b 9034  90b 91 90 90 91 90  87 9434 95  84 85b 93b 9434  9078  9lb 86 88 97b  893g 905g 83 83  85 87b 95b 9634 93 95b  83b 86 93b 94b 92b 93  8534  94  95b  993. inn  85 93 90 9934 98b  8512  9434 92 9934 98b  9434 93 91 92b 9934 9934  90b 93 90b 82 b 85b 94b  92 82 b 85b 9434  87 87 95 95b 91b 92  94b 97b  96  94b 95b 9334 92  9334 95 91b 92 9934 9934  97b  95 85 83b 88b  95 86b 8334 90b  88  89b  81b 83 9434 96b  8534 9334 903g 90 89 90b 90 9934 9934 99b  8534 91b. 91  99b  99b 99b  99 99  99 99  99b 99b  9534 9534 77  84 87 82 81 119  84 87  86  86  84 8334 78 77 73 82 b 76b 76b 75 122 11934 121b 119 [20 117b 119b 107 L20 120 117 L17  90b 90b  9434 97b  91  953g  90  91  87b 90b  91 88 89b 983s 98b 96b 98 100 100 119 1195g 118 118  88  90b  85  87  88  77  79 80 69 6934 73 75b 73 .18 109 1123g 107 [13b 10734 110b 11034 1 1 03. 1 1 03a lOSb 1061s 1063a 106 ’ 1073g 1031s 80b 69l2 70  85b 88 85b 87 96b 96b  88 88 8534 88  85  85b  81b  88b  87b 88 96 95  80 77 . 81 77 69 6934 68 69b 73 68 114b 10612 108b 10234 108b 108b 1075s 1017s 103b 1017ft 1035ft80b  82b 84  88 96  89 96  75  82b  84b 88  75  79b  857ft 84 95 99b 99b 99b  1163a 1163a 1151c 1151c  94 96b 9234 9534 9O12 923g 9lb 9ib  93b 8934 8934 9212  9234 88 88b 89  92 88  93b 89  94 93 883S 89b  9458 93 88b 8958  9234 93b 88b 88b  9234 9334 88b 887g  92 87b  94 89’4  1041c 1051o  104b 1073g 103b 105b 102b 104b 103b 106 103b 10434 88 89b 88 87b 89b 88  891. 93b 95b 95 95 67b 66  99 98 83  104 102 10434 105 105b 104b 104l2 103 103 10334 102b 10434 104 10534 10434 107 102b 105 873g 88 86b 84l2 85b ____ 86b 88  8912  95  97b  66  67  92l2 92b  113  90  93b 94  66 65  66b 65  92 93b 9334 9334 63b 66  113 101  101  ion*  99  99b  1107a 1107a  9034 99b  90 99  93b 94b  94b 95  65 65  66b 685g  67b 65  89b 9434 94l2 65b  90 95b 94b 68b  90 90 927ft 9434  9134 927ft  65  64  66b  66  90b  101 90 99  84b 84b 943g 90 9112 9112 63b 65b  102b 103 103 103b 102l2 103b 101b 104b 87b 8814 88b 887g  89 90b 89 100b 99b 99b  iooi2100b 100b 100b 1081. 1081. 1095s 109b 10934 10934 110 HO 110U 110b 1003s 100b 837S 837g 81b 81b 111 111 9034 87 86 87 86b 86 89b 90 87b 88 « 9934 1003g 99- 993g 98 99 100 10J 98 993g 99  ,  RAILROAD BONDS  154  1913—Continued.  ioii210212 101   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  965g 967g 96l2 96l2 99 1007g  "9914 9914  99 99 967g 97*s  987g 997g 9914 99U  96 97*g 96*g 96*8 99 £  99l2 100l2 100l2 100l2 99lg 9912 9934 9934 957g 963g 96i4 97 96*4 973g  97  97  97l2  993g 9934  9914 100l2 98  993g  957g 957g  95  85*2 851?.  857g 86  96 963g 92l2 92l2  99l2 997g  9934 IOOI4  96*  100 100 104 104 10238 1031? 102i2 103 102U 10234  99ig 99*g 99 102U 1025g 102l2 10234 1025g 103 10112 10234 10234 8334 87 87 83i2 853g 853g 86I4 86I4 853g 853g 97 97 853g 853g 843g 82i4 94l2 957g 95 95*2 94’ 95*2  102  991 102  ion2 loisg 101  8334 83i2  97l2  97 99 97*g 97 98*2  98 99 97l2 97  96  1015g 10H2 102  95  100U 101 101 101  ....  100 1005g 1003g 1003g  84l2 84*2  8384 8334 97ig 97*2  8334 8334 9734 977g  843g 82i4  97l2 97l2  84l2 85 92l2 92l2  101  102  1013g  84ig 84ig 867g 867g  86*2 86l2  953g 95-3g  10U2 101l2 96 96  96  95 103** 103i2 103l2 103l2 101 101  101 101  9934 103  101i2 101i2  96  95*2  100l2 IOH4  92l2 92i2  10034 10034 10034 10034 IOOI4 100i2 99 94i2 94i2  99l2  95U 9514 971? 97*2  547g 547g  40 101l2 101l2 100l2 87 89  100i2 100l2  95  95*2  9634 9712 96 96*4 96*4 96l4 96l2 96l2 94 94 11414 114U 10434 10434 813g 82i4  96 96 96l2 961? 83 8314 96 977g 961? 96l2 95 96  108 108 95*8 9684 94l2 9634 95*2 95*2 9534 9534 96 9  83>2 831;  81  94ig 95  9134 94l2  947g 951?  9U2 94  81  79  813g  7834 795g  76 72i2 75i2 lll*g 110 110 73 74l2 76 9934 99U 9912 89 861? 88 79 7934 79 80 7834 791? 83ig 82 83ig 835g 7234 77lZ 84i4 917g  82l2 85 7114 74 75 7534  94lg 95 92 92 93 94  945g 9514  95 72l2 50i2 52  97*8 72l2 53l2 54  73 66l2 69 67l2 108l2 105 105 106 73 66I4 697g 70 99i2 87l2 84l2 86 85ig 80 79 78 78 765g 78l4 76 79 84 79l2 81 7914  70 10812 72  51i2 7734 65 108’2 65 9914 85*4 7812 78>4 81l2  90*2 90i2 65 65  80  105 93 7734 79l2  90*2 90*2  80  102** 10434 102*2 102l2  100 100 7434 7684 74l2 76l4 74 11134 11314 111*8 113 111*2 7534 7734 7378 76l2 78 99lg 100lg 995g 100'g 99*g 893g 90 88 89?g 86*2 80 80 78 79*2 79 80 81 79*g 80*8 85U 8534 8384 85*4 85 85 851? 85l2 835g 84*g 86 85>4 86 7434 77U 70 74l2 70&g 78 79 77*» 78 7714 8414 88 88 87 87 91*4 917g 9Pg 917g 917g 10314 10314  82l2 72 7514  105 93  5112 58l2  79?g 82ig 66i2 723g 73 777g  80 108  80 108  525g 5434 95 70  56l2 5534 95 71 1081? 70U 71l2  94i2 95l2  935g 95U  93  94  94  9234 94  945g  9434  937g  92l2 96  95 95 9214 93i2 887g 9434 96i2 9434 90i2 90*2 9014 91*2 10484  98 95*2 93*s 96 91 9ll2 1043j  89  95  89  887g 903g 87l2 921* 945g 90U 88 8934  9214  903g 9414 88 8934  86 79 77l2 82  8534 86 lg  85l2 87l4  7714 7834 80ig 8234  78i2 79l2 8134 83  79l2 81 7034 7434 76 76  83ig 85 72 753g 74 76i2  83»4 85 735g 75l2 76 76i2  93 1063g  107  107  91i2 93  85 78 77l2 79 83 827g 72l2 72i2 821*  86I4 78 7812 81 83 84 7434 72l2 83  83i2 84i2  83*4 845g  75 75  77i2 74l2 75*4 76 78i2 75  82*4 7ll2 7414 8214  83 7414 75 82*4  8U2 72i2 74 82  89 861* 87 9034 88  92 861? 877g 92 88  877g 90  84 90  87 9H2  88l2 89l2  88l2 89l2  8534 91ig 89 83  87 92 907g 88  88U 92 89 83  100  93  89>4 95 907g 88  83 75 7H4 82U  101*4 101*4  1017g 1017g 102  100  106  903g 93l2  75U 75U 108is 108 108i2 IO8I4 108l2 997g 99 lOQig 993g 99 75 73 54l2 52 59'g 5434 58 55 59 53i2 57i2 52 93 93 94 70lg 71'g 6934 7034 6934 7O84 69l2 717g 108 108'2 108k HO 1075g 10838 10734 108*8 70 72U 70 7Ug 73ig 7034 721* 69  104 104l2 103lg 103lg IO284 103  105  40 100l2 89 89  10634 107 107 98*2 99*2 99  10112 10U2  105  ion2ion2 90 9334 893g 923g 89l2 92i2 90 90 867g 875g 85 87i4 84l2 85l2 925g 93i2 9034 93lg 90 91 907g 907g 90 90l2  8884 90’g  102  88i2 91*s  84* *86U 89*g 92 897g 897g 85 85 lOllg lOllg 101 101  102 102 102 102 1S8 108 92l2 92l2  110 110 10514 10514 105U 10514  103 103 93 108  103 108 93  103  1017g 1017g 108 108 106*4 106*4  101lg 101lg 101l2 101l2  89i4 92*4 IO6I4 10484 775g 8534  88*g 90 9334 9212 1071& 105 10434 78*2 7714 86i2 8434  Memphis Div 1st g____ 4^-5  St Louis Div 1st gold_______ 4 Atlan & Danv 1st 1948 g..4 •Col & Greenville 1st 191 6.6 E T Va Ga div 1930...................5 Cons 1st 1956 gold_______ 5 Ga 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 Deben 1927 stamped.___ 5 ■Sou Caro & Ga 1st g______ 5 Va Mid ser E 1926......................5 Va Mid ser F 1931......................5 Va Mid gen 1936........................ 5 Va & S W 1st 2003 guar ....5 Va & S W 1st cons 1958____ 5 Wash O & W gu 1924................4 West No Caro 1914 g_______ 6 •Terml Assn St Louis—1st .4}^ 1st cons 1894-1944 g------------ 5 ■Gen ref s f 1953 g____ ________ 4 Texas & Pacific—1st g_______ 5 Toledo & Ohio Cent—1st g._5 Western Div 1st 1935_______ 5 General 1935 gold_________ 5 Kan & Mich gu gold_______ 4 2d 20-year 1927........................ 5 Tol Peoria & West—1st g___ 4 Tol St L & W—Prior lien...3^ ,50-year 1950 gold__________ 4 Registered______________ Toronto Ham & Buff 1st------ 4  IOH4IOH4 100l2 1001? 965g 97 97 97 1023d 100 101»4  967g 97*2  <0  96*4 97l2  s  101*4 IOII4  !  Pennsylvania RR— 1st real estate 1923 gold____ 4 Consol 1943 gold___________ 4 10-year conv 1915 gold___3J^ Registered____________ 3>£ Cons 1948 gold______________ 4 Registered_______________ 4 Alleg Vail gu 1942 g.............. 4 Phila Balt & Wash 1st g..-4 Pennsyl Co—gu 1st g______ 4H Registered____________ 4>£ Gu coll ctfs A 1937...........3'/> Registered______________ 3J4 Gu coll ctfs B 1941.............3M Tr ctfs guar 1916_________ 3J4 Gu tr ctfsC 1942..................3M Gu tr ctfs to 1944________ 3 .MS 15-25-yr guar g 1931________ 4 Cin Leb & N 1942 gu.............. 4 Gleve & Pitts gu A 1942..4,^ Series D 1959_____ i'A Erie & Pitts gu B 1940._.3H Gr Rap & Ind 1st gu g—iy2 •Ohio Connecting gu______ 4 Tol W V & O gu C 1942-------4 PCC & StLgu A 1942.. .4*^ Series B guar 1942_____ 4 Hi Series D guar 1945_____ 4H Series E guar 1949_____ 3H Series F guar 1953_____ 4 Series G guar 1957_______4 Chic St L & Pitts 1932_____ 5 Peoria & Pekin Un—1st_____ 6 Pere Marquette— Refunding 1955____________ 4 Refunding 1955 guar______ 4 Flint & PM 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 Reading—Gen 1997 gold_____ 4 Registered_______________ 4 Jersey Cent coll 1951 gold..4 Registered_______________ 4 :St Jos & Gr Isl—1st g_________ 4 St L & San Fr Ry gen 1931 g..6 General 1931 gold________ 5 RR—Cons 1996 g_....................4 Gen 15-20-yr 1927 .............. .5 Trust receipts___________ Southwest Div g_________ 5 Refunding 1951 gold____ 4 KCFtS&Mcons 1928g...6 Refunding 1936 gold____ 4 Ozark & C C 1st gu_________ 5 St Louis Southwest—1st g___ 4 2d inc bond ctfs gold______ 4 Consol 1932 gold___________ 4 San Ant & Aran P—1st gu g.4 Seaboard Air Line—1950 g—4 Do do stamped__________ 4 Adjustment 1949___________ 5 Refunding 1959____________ 4 Atl-Birming 1st 1933 g...........4 Carolina Cent 1st 1949 g___ 4 Fla C & Penin—1st 1918 g..5 Consol 1943 g____________ 5 Ga & Ala 1st cons 1945_____ 5 Ga Car & No 1st gu g----------5 Seab & Roanoke 1st 1926.5 So Pac Co—Ct Pac coll '49 g..4 Registered_______________ 4 Convertible 1929___________ 4 Cen Pac 1st ref gu g________ 4 Mtge guar gold________ 3y Through St L 1st gu g—4 G H & S A—M&P Div 1st g.5 Hous E & W T 1st 1933_____ 5 1st guar 1933_____________5 Hous & TexG—1st 1937____ 5 Gen 1921 g................................. 4 Austin & N W 1st 1941........... 5 Morgan’s La & T 1st________ 7 # Is* 1920........................................ 6 -Ore & Cal 1st 1927 gu............5 So Pac of Cal 1st 1937---------- 5 San Fran Terml 1st 1950—4 Sou Pac RR 1st ref 1955....4 .‘Southern—1st 1994 gold_____ 5 Registered_______________ 5 Develop & gen Ser A________ 4 Mobile & Ohio coll tr g____ 4  * June January February March April May 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 HigK  1  BONDS  88 88*2 86*2 87U  88*g 94lg 90i2 93U 88l2 92 1067g 10414 105l2 104 105  77 84 107 8634 87i4 84  78*8 86  78 85*2 107 84  7514 775g 83ig 83U  863g 89l2 88l2 893< 8934 1035g IOII4 1025g 10134 100 735g 7514 763g 72i2 75i2 73 74 81l2 8212 82l2 78i2 80 IO2I4 79lg 83U 84i2 7912 80  885g 90 87 103i2 104lg 101  10li2 ioTi2  106 106 104 10914 1095g 109*g 1091? 108 10834 IO8I4 1083? IO8I4 63 64ig 641* 1097g 110 109?g 1O978 110 110 112 112 1111211U2 79 79 79 79 102 1021? 10134 103i2 103i2 99’ 10434 16434 108U 108*4 1085g 108*8 108 108 107 95U 957g 95*g 95*g 94 101 103i2 103l2 104  106*g 10714  98*2 9834 91*2 9H*  56  57*2  101i2101i2 88 87i4 87>4 8714 87 91 917g 8934 9134 89*4 91 88*g 89*j 92 104 10314 IOU4 1027g 104 102i2 103*8 102 103lg 100 76 7314 747g 73 75 76 74 72*4 73 83l2 81l2 82 81 8U2 8OI4 81i2 79*4 80i2 104 10414 IOU4 10334 104i2 81 83i2 8334 83‘4 83*4 83*g 83*g 81 83  101 104  104 103 109 106 64i2  103 106  105Sg 1055g 1045g 1045g 10434 105 109  107l2 109  1013?  99  109  IOOI4 lOOU  985g 985g  983g 981?  100  100  100*2 100l2 100l2 101 100 100*8 997g 102  101*4 102 107 95  92  94  102l2 104 102i2 92i2 9212 9014 92 100  102l2 92l: 92 100  91  91l2  105  105*8  IO6I4 106*4 108l2 1081* 108*2 108*4  91ig 92  90  91  100*4 101 100 102  IO2I4 IO2I4 102i2 102*2 89*2 90  993g 993g  99 99 98 98 98*4 99*4 10414 10414 104lg 104*8 104ig 104lg 88*4 8*8*4 88*4 88*4 89 102*8 99 101 10534 1063.4 103i2 106l2 104 10434 100lg 10414 100 10m 100‘i 101l2 101l2 10234 102 10334 99 100l2 105l2 IO6I4 105l2 105l2 102 102 103*8 103*8 103*2 103l2 103*4 10334 101 101 103*2 103*2 85 85 91*2 91l2 85*2 85*2 83*4 84 97*2 98l2 97 94 94 94 94 98*2 99 97*8 97l2 98 94U 94*4 9434 9678 95*4 96 95*4 98 94 96*4 84 90 88 90 85 90 90*g 90 80 85 85'8 85*8 84 81*2 55 56*2 55 56*4 521? 55 55 59 54*2 55*2 55*4 58*4 47*2 55 ’”Z ZZZZI’88" 89* 1*89* *89 53 53 84*2 84l2 84*4 84*4 84 84  RAILROAD AND MISCELLANEOUS BONDS  155  1913—Continued. BONDS Ulster & Del—1st con g- _ 5 Union Pac—RR & 1 g 1947. .4 Registered_____ ________ _4 20-yr conv 1927____________ .4 1st & refunding 2008_____ .4 Oregon RR & Nav con g. .4 Oregon Sh Line 1st g_____ .6 1st cons 1946 gold_____ .5 Guar ref 1929 gold_____ .4 Vandalia—Cons 1955._______ 4 Consol ser B 1957___ .4 "Virginian—1st 1962 ser A.. .5 Wabash—1st 1939 gold_____ .5 2d 1939 gold_______________ .5 1st lien equip 1921 gold 5 1st 50-year terminal 1954_ 4 1st & refund 1956 gold.. .4 Cent Tr ctfs of deposit. do stamned Eqult Tr ctfs of dep stp’d. Det & Chic Ext 1941 6 .5 Omaha Div 1941 gold .3^ Tol It Chic Div 1st <5 3U 4 Cent& Old Colony Tr Co ctfs Columbia Tr Co ctfs_____ Col Tr ctfs for Cen Tr ctfs 2d gold 1954_______________ .4 Trust Co ctfs deposit.. West Maryland—1st gold___ .4 West N Y & Pa—1st 1937 g 5 General 1943 g 4 Wheel & L E—1st 1926 g 5 Wheeling Div 1st g__ 5 Exten & impt 1930_______ 5 1st cons 1949 gold_______ 4 20-yr equip 1922 g 5 _4 Winston-Salem S B—1st Wisconsin Cent—1st gen__ .4 Sup & Dul div flr term 1st 4  103 9834  98b 95 95 93b 111b 10838 91  95 93b 93b 111b 107 8934  9534 96*4  95  943g 90b 92 86*j 91b 93b 90b 91b 88b 91b 92 91 91b 92b 91 11O34 109b 110b 109b 109b 10412 105b 104b 105b 103b 105b 90 89 88b 90b 8612 89b 93 93  9058 91 91 109b  1063s 1063s  10H? 101b 80b 8058  101b 100 99 8058  59  6478  56 107  6134 107  80  80  261,  2612  25 27b 26 28 25 27b 2 2 1*4 2b  8234 837S  9034  10Us 100 ~ 99 8058  80  8058  80  90 90b 89b 8934  89b 9034  102b 101 98  84 77  79b 81b  45b 48  13 16 14  *4  82 79  lib 13*4 lib 1234 lib 13 l 1 l 1 82b 82b 76b 77*8  90b  86b 8678 8434 84  100 101b 84b 89 b  84 78  98 98 78b 81b  1033g 1041* 1023a 104  95 94 94b 9334 9334 9434 94 95i4 92 95b 95 62l« 6212 103 103b 103b 10334 102 10334  51  85  54  47b 48 49b 53  49 104  50b 46 104 105 65  137g 21b 15b 19b 16 1534 19 19 15b 14b 21 ____ 1 3 lb 34 1 3 ____ ---8ib 81b 7834 80 787g 80 77 103U 1031?  72  73b 73b  87  8734 88 86b 87b  103  75 48  103  87 88  8734 8838 85b 87b 87 88*4  99l2 100b 100b 10034 ioob 101 86 88b 87b 89b 88 b 89*8  99b 85b 96b 1001s 1001? 101  16 16 16b 18 17 17  90b 925S 91b 93b  87 8934 88b 91  88 87 8734 89b  101l2 101b 100  101 101 8034 8034  73 73b 9534 95*4  72b 73b  85 86 87b 87b  84b 85b 85 87b  101b 99b 88b 85 96b 96*8 101 99b  9934 99b 9938 100 81b 82 ---75b 96b 97 ’  9934 99*8  993g 9934 81b 81b  ____ 7514 98  98  70  69b 71  68  69  76b  931? 93b 75b 76*4  757g 78b  86b 88 88b  90  90  92b 92l2  100  101 99  101 99  100  100b 101  101  97b 97b  101 96  82b 76b 1O734 99b 95»4 9312 83 73s4 67 95  96 96 103b 103b 80b 82b 72 75b 107b 10734 97b 98’4 943/ 95b 93 ' 93b 81b 811? 73b 73b  62b 66b  74b 77 57b 60 92 92  95  797g 70b 106 97b 93 87 73 73b  68  74b 77b  93b 93b 73b 75b  100  100  99b 100  100  1013a 1023« 101b 101b 101  100  7434 77 5434 59b  7434 75b 5434 57b  815g 78b 7334 68 107 105 98 96b 931? 9312 91 89 75 76 73b  60b 62b  105*4 104  100  81 78b 803s 72b 67 69 LOO 1053s 105b 96b 97 97b 9312 92b 93b 89i" 87 89b 75b 76 ' 76  100  101I4  72 72 57b 60b 92b 95  95  105 ’ 105 98 98b 98b 98b 897S 92 89 90  98b 98b 597g 59b 89l2 89b 87 88b 89b 88  77b 63b 104 97 92b 8712 71 ~  54  101  10434 114 ' 107 88b 88b 88b 8818 88*8 102b 101b 101b 101' 10134 100b 101 100 99b ion2 10078 101b 100 LOOb 100100 89’4 89b 8934 ____ -_____ 88b  96  9434 9534 941a  98 1OO18  88 89  100 101 101 101 ioob 100b 98b 98b 98b 98b 98b 98b 98b 98b 102  73b 75b 52b 55b 88 88  74b 75 54b 56b  74b 76b 55b 58*4  73*4 75*4 53b 5534  97  72*4 74b 53b 5434 82 82  8038 78b 79b 78b 69 67b 72b 70 104 102b 103 104 9734 95 97*4 92b 87b 87b 87b 88*4 71  58  69 69 51b 56b  104b ioib 104 50 100 100  69 55  102  80b 80b 81b 78*4 72 79 74b 74 04 104 L04 105 96 95b 97 96 96 93b Sib 87b 87b  72*4 75b 5334 61  69 58  69 69 55b 57b  103b 103  98*4 99 100 :oo  104  98*4 98*4  80b 79b 80b 80 75b 73*4 75b 74 105b 104b 106 105b 96b 95b 96b 96 93 93*4 85b  69  69  69  53  56  50b 53b 9434 94*4  102  81 76b 107 96b 94 85b  69 51b 53  102b 1021? 105b 101*4 1027g 102 102b  98*4 98*4  1001? 1013s  98*4 98*4 ---- ---toob  1003a 1011? 100  93b 95  93b 9334  107  991? 1011s  91  93b  L01 94 101b101b 1081? 109 112  94 101b 101b 1121? 1121? 110  112  102 102 110*4 109b 110b  100  101  91  93  101 9212 93b  101  92l2 93s4  101  100 100 97b 98 88b 88b 101 ioib 101 101*4 81b 82  101  92*4 93b  92  93b  90b 92b  941a  116b 116b ____ 116b H6b 10012 1017g 101b 10134 10034 101 99b 101  98 102  102&8 103b 1025o 1027o 1021c 1O25«  97b 98 9934 100b  1021? inei? 1021? 1023/  102b 101  101 100b 101b 100b 101b ioob ioib 9912 100b 9934101 99 LOO 100 99b 100 97b 99b 98b 98b ____ 88b 88*8 88*8 88b 88*8 897g 90b 8934 8934 101U 1021s 102 102li ioob 102 100b102 101b 10178 102 103b 101b 103b 101 102b 84 82 82 82 83 82*4 83b 817g 84 80 82l2 83  97b 97b  98 100  98b £>8b  100  115b 116 10134 101b 1013g 102 1025® 103  72b 74*4 51b 56b  10534 10434 105b 104 50 99 100 99b 100 99  10134 1031? 10134 103l2 10134 102b 101b102 101b 102 86 85 851? 86b 84 84b 853S 84 85b 83 1065o 1065o 108b 108b 100 101b 99b 100  9434 96  73b 76b  91  1013a 102  10434 113 113 114 ' 88b 1013s 102b 102 ion2102 iou4 89*4 89b 90  67*4 69  ____ ______  1047? 105  102  101  70  70b 71  95  60b 63b  10534 106b 105b 1063s 105  100b 99b 9934 8534 85 88b 96*4 96 965g 99b 100 100b  9934 99b 99*4 99*4 98b 99*4 99 9934 9934100 9934 ,98b 99b 99 82 82b 82b 82 82*4 82*4 83 83 82b 81b 73 73 96*4 98 98 97b 96b 96b 98b  97 85 85*4 75 78b 57b 60b  71b 15 " 17b 16 12 1 b 8lb 76 103 75  98  10034 100«4 101  79 6038  45b 47  70 lib 10 11 10 i 1 b 1 1 b 81b 81b 8O12 75 79*8 75b 77 103 75 77 75 103 101 101 95b 95b 18b 16b 18b 1 1  73b 75  88 88  95 4934 48b 52 46 48b  47b 43b 46 105 106 106 65  73b 73b  1 923a 1041a 103*4 1043g 1O37<> 1O47fi 1041a 1047« 10434105 1047ft 105 1047s’ 1047s  91  48b 50b  5112  103  101 109 100 101 100 101 99b 100b 99b 100 99b 100 100b 10034 10034 99b 100b 99b 9938 100 82 82 81b 84 84 84 8134 82 82 84 84 84 76 77 76b 7634 76b 76b 95*4 96b 96 987g 9878 96b 96b 9512 9512 70 72b 70 ‘ 70b 69b 70b 68 72b 75 98 98 95 95 74 71 76 74b 79b 74b 76 77b 80  9412  1001/ 101  46  51b 55b  9934 100  98  9978 997a] 9914 9914 74b 75b 7334 75b  803a 80 10234 10434  49 52b 48b 49  10112 102b 102b  10034 10H? 100l2 101b 10134 1O134 101b 10134 86 86 77b 78  54 50  70 90  101 loiift mils 101 101 96 98b 94b 95b 94 96b 92b 90 90b 90b 93 89 91 93l2 90b 92 92 86 91 91b 91 10934 109b 109b 109b 109b 106b 105*4 106b 105b 106b 9134 89b 92 b 88b 90  97b 98 98*4 97b 9834 97*4 98b 96*4 98 97b 96 97b 97 103 10134 1O234 101*4 103b 103 104 103b 104 101b 102b 101b102 96 94b 9534 95b 96*4 96 98 94b 97b 93b 95b 92b 95b  80  10258 103b 102b 103 101b 102b 102b 103 101i2 102 88s4 9238 87 91 91b 86b 9034 87b 9ib 87 102 98  100 100 101 97 95b 97 98b 94b 94*4 9434 96b 90 8834 92b 91 92b 91’« 94 92 93 91b 92b 92 93b 91 91 92 92 91 91 92b 93 108b 109*8 109 109 108b 109 109b 10334 105 105b 10534 106b 106b 106b 89*4 9134 89b 86b 90 88b 91 95b 96  101b101b innie loon 95 ~ 95 ’  9034  90b 915s 90b 91 90 901? 89b 90  9634  1   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  103b 1027s 103 98*4 95b 97b  93 9834 97b 98b 97b 98 97b 104b 103b104 ioib 10334 101 97b 95b 96b 95b 96 94b 99 98b 98b 99 80 80 56b 6158 54b 62 55b 58b 4612 56b 61 5212 52b 54 51 50 51 51 48 50b 54 " 45 52 55b 583/ 53b 59 57b 50 107 107 102b 10212 65 65 -80 80 80 80 75 80 24b 19 24 20 153s 16b 13 2434 26b 23 24 25 15 14b 17b 13 15b l7b 24 15 20 25b 25b 24 2434 2612 22l2 24b 14b 19b 1434 17 14 1 1 1 1 134 178 2 2 b l lb lb 82 8134 83b 79 79 80b 75 82b 7938 82 10634 107b 103b 10434  105b 9834  N Y Railways refunding.___ .4 77»4 Adjustment income______ .5 57 N Y State Rvs—1962 4U 5 101 Portland Ry—1st 1930 Port Ry L & P—conv 1942 . 5 95 5 St Paul C Cable 1937 Third Ave—1st ref__________ .4 81*4 Adjustment income______ .5 73b Third Ave RR—1st 1937.... .5 106b Tri-City Ry & Light—1st... .5 98*4 95 Income 1948 9II4 United Rys Inv——Pitts issue 5 82 United Rys St Louis 1st _4 73b St L Transit gu .5 United RRs San Francisco.. .4 6534 Virginia Ry & Pow 1st____ 5 94 GAS AND ELECTRIC Atlanta Gas L—1st 1947 _ 5 Brooklyn Union Gas—1st.. .5 Buffalo Gas—1st 1947.____ 5 Detroit City Gas—1923 g___ .5 Detroit Edison—1st 1933___ .5 Gas & Elec of Bergen Co __ 5 Hudson Co Gas—1st 1949 .5 Kansas City (Mo) Gas—1st 5 Kings Co El L & P—1st ’37 g .5 Purchase money 1997____ 6 Ed El Ill Bklyn 1st cons___ .4 Laclede Gas—1st 1919 g.___ .5 Refund & ext 1st 1934 g.. .5 Milwaukee Gas Lt—1st 1927 .4 Newark Cons Gas—1948-_ 5 N Y Gas Elec Lt Ht & Pow.. .5 Purch money coll trust g. .4 Ed El Ill 1st cons 1995 g . 5 N Y fr Queens El Lt 8r P . .5 Pacific Gas & Electric— Calif Gas & El Corp—1937 .5 Pacific Pow & L 1st 1930 5 People’s Gas Lt & Coke—1st .6 Refunding 1947 gold_____ .5 Registered 5 5 Chic G I, fr Coke 1st Consumers Gas 1st_______ 5 Mutual F G 1st gu_ 5 Phila Co (Pitts)—Conv 1919 .5 Conv deheri 1922 5 Standard Gas & Elec conv'26 6  10412 1031? 103b 103 99*s 985g 99i4 95b 98b 98b 98b 97 92b 9634 91 951- 93 95b 9134 9334 93b 94 91 112b 111 lllU 109 109 10634 107b 105 9318 8918 9134 88 94 94 93 98*4 983/ 98b 106l2 1047g 10534 103 99b 95 99b 98  b00  STREET RAILWAY Brooklyn Rap Tr—1945 g .5 1st refund conv 2002 g___ .4 6-vr secured notes 1918 _ 5 Brooklyn City 1st cons___ .5 Bklyn Queens Co & S gu 5 Rklvn Oueens Co & S 1st 5 Brooklyn-Un El 1st g___4-5 Stamped guar_________ 4-5 Kings Co El 1st 1949______ .4 Stamped gu____________ .4 Nassau Elec guar gold 4 Chicago Rvs—1st 1927 .5 Conn Rv &• Etg—stpd gu__4V£ Det Unit—1st cons ’32 g 4J^ Grand Rapids Rv—1st g 5 Havana Electric—Cons g 5 Interboro-Metrop—Coll .. 4}3 Registered 4 Vo Interboro R T 1952 ser A .5 .5 Registered _ 1st & refunding 1966_____ 5 r Registered International Trac—1949___ 4 Manhattan Ry—Cons gold. .4 Stamped tax exempt_____ 4 Metropol St—ref 2002 _____ 4 Bway & 7th Ave 1st g_____ .5 Col & 9th Ave 1st gu g____ .5 Lex Av & Pav Fy 1st gu g. .5 Met W S El (Chic) 1st ........... .4 Mllw EIcc Rv A- Lt—1926 5 Mllw RIm* Rv A I t ref 4U 5  September October November December June August January February May July Aprt March Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High  9934 100b 99  9934  96b 98b  95  112 114 112 112 112 112 112 112 ____ 9934100b ioob 100b ioob ioib 99 100*4 9878 99b 99 99 1021? 1021? 101 102 1005s 101 100 99b lOQb 102 99 99 95 95 95*4 9634 93 93 92b 96 9634 9334 94*4 93 94 94i2 95 94b 94b 94b 94  99b 99b  101  101  98b 98b 96b 96b  156  MISCELLANEOUS BONDS 1913—Concluded. X BONDS  * May November December January February August September October March April 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 Hio*  Union Elec L & P—1st 1932 g .5 102 102 Ref X933_____________ ______ .5 Westchester Ltg—1950_____ 5 10412 1050 104010434 1040 1040 103 MISCELLANEOUS Adams Express—coll trust.. .4 Armour & Co—1st real est-4J^ Bush Terminal—1st 1952___ _4 Consol 1955 _ _ ___ 5 Buildings gu tax-ex______ .5 _5 Chic June Ry & U S Y Chino Copper—conv 1921 __ .6 Comstock Tunnel Income. _4 Inspiration Cons Copper 1st .6 Internat Merc Marine____ 4lA Internat Navigation—1st.. .5 Morris &• Co—1st 1939 _4U Mortgage Bond of N Y______ .5 _4 New York Dock—50-year Niagara Falls Power_______ 5 Ontario Power N F—1st____ .5 Ont Transmission—1945____ .5 Public Service Corp N J____ 5 Ray Cons Copp—conv 1921. .6  •* TELEGRAPH Amer Telep & Teleg coll tr.. .4 Convertible 1936 gold___ .4 20-year convertible 1933.4}^ Cumberland T & T—1st____ .5 Keystone Telephone—1st .5 Metrop Teip & Teleg—1918_ .5 Michigan State Telep—1st.. .5 N Y Telephone—1st 1939.-4J^ Pacific Telep & Teleg—1st.. .5 Southern Bell T & T—1st.. .5 West Union Teleg—1938. .5 Fund & real est 1950 g___4J^ Northwestern Tel 1934 41^  800 910 89 95  168  827g 92 890 96 190  800 82 900 9134 89 89  84 102  145  170 1037g 653d 795g 89b  150  164  80 897g 89 94  81 9038 89 94  9534 9534  152  162  820 83  990 990 82 ' 82  95  95  97  92  92  80 81 890 90  122 940 560 750 860  797g 80 890 90  79 90 88  790 910 89  103  156  101 59 7634 860  140  140  940 96 570 600 760 790  75 77 897g 91  74 75 893g 900  890 890  9134 9134 85 ’ 850  85  850  9934 64 780 79 6I84  9938 96 600 6134 77 78  940 960 590 600 75 76  i 74 897g  73 89  86  85  143  1720  98  10134 101«4  143 !  940 960 590 60 j 750 76 1  100  100  95  8734 871? 887S S70 88 89 86 1060 1020 IO334 103 1030 10378 1020 1033| 1010 1040 I60 102 99 100U 985g 990 98 970 980  2 100 6134 7934  94 94 1030 1010102  7538 74 9034 910  165 2 96 60 79  102  _____________1  100 95  917g 925g 9134 920 913g 920 900 9134 110 112 109 114 106 1130 10501070  887g 90 8738 105U 1107S 104 103 10378 10234 9978 IOOI4 991?  97  10101020 10101010 .... .... 103  850 86  990 102O 100 1040 1000 1010 63 640 623g 6438 6034 630 78 790 7834 79  831? 84 S3 83 1021a 1021s 1021s 1020  953g 9538  9238 93 11378 121  790 803g 8934 910  94 94 94 94 980 98i«>  103l2 1080 100 640 660 64 790 7934 780 890  83 102  790 800 90 900  1040 1020 103  890 9034 887g 90 970 104 100 105  •4 8634 860 88 970 100O 100 9801010 1003g 9734 96 97  Ionia inoifl Ionia lonia 100 101 101 10138 1013s 10034101 9938 993g 97 99 IOII4 9934 1003g 990 100 99 98 97 970 9634 98 9738 98 970 957g 960 9538 960 960 960 9738 96 9934 1005g 99 1000 980 990 98 99U 101 97?g 960 95 99 9934 10034 990 1000 980 100 99 101 980 990 98 990 980 101 101 1003g 1020 995g 1010 9901000 980. 990 97 980 96 913g 920 900 920 950 960 9434 955g 910 94 880 93 93  101O 1011? 1011? 1001? 960 960 87 8934 90 890 90 890 10434 108 106OH2O 10478  1011?  87 90 110  100 91 89 883g 890 88 1030 1057g 104 100  100  10234 9178 89 i 88»4 1070 *  89 870 8734 880 88 100 10034 101O 10134 1020 1010 101O 1030 103 10334 970 977g 970 960 97 910 910 100 983g 98 980 960 960 97 970 985g 97 98 980 970 97 990 9838 990 9834 9934 97 100 100 98 980 895g 890 920 890 89  86 940 950 963g 99 970 97 960 970 90  880 840 960 923s 1033g 933g 970 960 990 983S 9834 99 99 920  953g 960 960 95 890  49  45  86 930 960 960  970 9634 97 96 890  1  830 890 893g 94  8534 96 970 95  9634 94 950 960  97 950 9658 970  87  89 J  MFG AND INDUSTRIAL .5 5984 63 Trust receipts________ 59 600 52 560 52 550 5034 520 Stamned 58 58 57 57 52lg 54 560 61 Amer Agric Chem—1st '28.. .5 101 10178 10018 1017g 9938 101 99 ’ 1000 970 1003s Amer Cotton Oil—Deben__4J4 9634 9714 960 970 960 9634 960 960 95 960 9334 93 9334 93 Debenture 1931 ______ _ .5 94 95 930 940 93 930 Amer Hide & Leather—1st. .6 101 1020 101 1030 100 10134 100 100O 99 100 763 8 Amer Ice Securities—Deb.. .6 740 760 74 74 75 760 740 76 750 Amer Smelt Secur—Deb____ .6 10384 105 1040 105 102 105 1030 1037g 103 104 Amer Spirits Mfg—1st______ .6 9912 990 American Thread—1st_____ 4 930 9334 93 93 911? 93 91 93 Amer Tobacco—40-year____ .6 120 1200 1205g 12058 119OH9O 120 1200 1193411934 Registered ____________ 6 Gold 1951_____ ______ ?.... .4 960 970 9634 970 960 97 960 9634 960 97 8978 870 890 88 9038 89 Amer Writing Paper—1st___ .5 89 89 87 88 1030 1031.4 103 Baldwin Locom Works—lst_ .5 1030 9634 95 965g Bethlehem Steel—1926_____ .5 95U 960 95 950 950 960 96 1st & refunding 1942 A___ .5 850 8684 850 860 8258 850 83 840 825g 84 9334 96 Central Leather—20-year___ .5 945g 97 945g 9534 940 950 95 97 Consol Tobacco—50-year___ .4 960 97 97 970 97U 97 960 9658 .5 9534 96 Corn Products Refg—s f _ 96l4 960 e 1st 25-year sink fund 1934 .5 9134 930 920 93 90 93 90 900 900 900 9434 9434 Cuban-Amer Sugar—10-yr._ .6 9434 96 697g 640 683j 64 Distillers Securities—conv. .5 64 70 67 660 541? 640 8434 E I du Pont Powder____ .4)^ 88 84 90 86 87 84 87 860 89 9534 95 .6 95 950 95 95 General Electric—1942 3%. 78 79 77 770 7914 780 82 780 10-year debenture 1917___ .5 141 141 Debenture 1952______ ____ .5 10378 10512 103 105 1027g 1037g 1030 10478 1027g 104 General Motors—1st 1915___ .6 9834 100 990 9978 97 990 980 990 9834 990 997g 9978 Illinois Steel—1913________ .5 9984 9934 100 100 Illinois Steel—deb 1940___ 4}^ 88 86 87 85 890 87U 89 860 89 860 997g 1003- 990 1000 990 1000 Indiana Steel—1st 1952____ 5 1005s 1010 100 101 Ingersoll-Rand—1st 1935 .5 International Paper—1st___ .6 102 105 104 104 1020 1030 102 10234 100 100 Consol conv sinking fund .5 870 9134 870 870 87 87 84 880 86 860 Internat Steam Pump—1929 .5 870 8834 840 873g 78 840 72 790 597g 700 963 4 Lackawanna Steel—1st con .5 95 960 96 95 960 96 960 950 950 1st cons 1950 Series A. _ .5 79 7634 75 77 75 8OI4 76l2 80 73 77 9558 9434 9558 93 5-year conv 1915___ ___ 5 94 95 95 960 940 950 Liggett & Myers Tobacco___ .7 11978 12158 12034 1220 1200 1210 120 1210 120 121 Registered_________________ .7 9934 970 99 '* 1951............................................. .. .5 9612 99^8 99 97 990 970 9834 Lorillard (P)........ ........................ .7 1210 12134 12034 1221? 120 1210 120 121 1190 120 Registered______________ _ .7 1201? 1200 997g 970 99 1951________________________ .5 963S 990 99 9834 967g 970 97 9734 97 Mexican Petrol—conv 1921. .6 99 100 99l2 990 970 990 97 970 Nat Enam & Stamp—1st___ .5 94 95 921? 91 88 950 930 890 91 890 Nat Starch deben 1930 ___ .5 880 880 National Tube—1st 1952... _5 9834 99l2 977S 987S 970 980 96 970 9578 96-0 N Y Air Brake—Conv_______ .6 102 103 100l2 102 9934 101 1000101 990 1000 Railway Steel Spring— Latrobe Plant 1st s f 1921. 5 97U 980 98 980 980 980 9558 96 Inter-O Plant 1st s f 1931_ .5 1027s 1027s Republic Iron & Steel—1st. .5 10278 1027g 917g 9034 910 897g 9034 90 10-30-yr sink fund 1940___ .5 910 920 91 900 Standard Milling—1st______ .5 88 89 89 880. 89 88 88 890 880 89 9934 970 99 The Texas Co—conv 1931___ 6 991? 10078 990 IOOI4 97 970 980 5 900 92 Union Bag & Paper—1st 90 90 Stamped . . ______________ 5 890 910 U S Leather—debenture___ 6 lOOig 100i8 lOOig lOOU 100 1000 100 100 U S Realty & Impt—deben.. 5 870 89 87 860 880 86 860 86 840 85 U S Reduc & Refining______ 6 25 27 27 25 U S Rubber—coll tr 1918____ 6 10234 1030 10234 10334 100 1027g 102 10234 10101020 U S Steel—8 f 10-60 year____ 5 IOP4 102 1003g 102 1000101 100 1010 9934 1003g » Registered________________ 5 101l8 1020 10034 10134 1003g 1007g 10001010 993a 100O Va-Caro Chemical 1st 1923.. .5 960 98 9534 940 9558 97 98 940 963j 95 Western Electric—1st_____ 5 10158 10234 101 1020 1003g 1015g 100O 1020 10034 102 Westingh El & Mfg—conv.. 5 9338 94 9034 920 910 9278 90 9134 910 94 10-year coll notes 1917____ 5 965g 967g 967g 967g 960 97 COAL AND IRON Buff & Susq I—1st 1932_____ 5 Buff & Susq I—deb 1926. 5 Colo Fuel & Iron—s f 1943.. 5 98 98 99 990 98 99 99 97 97 95 Colorado Indust—1st 1934.. 5 831? 84 780 82 780 81 8II4 85 780 790 Cons Ind Coal Me 1st 1935.. 5 Continental Coal—1st.. 5 970 970 970 970 Kan & Hock C & C—1st '51. 5 98 98 Pocohontas Cons Collieries 5 8734 877g 87l2 870 870 875g 8634 8684 St L Rocky Mtn & Pac-—1st. 5 77k 80 76l« 760 76 76 Tenn Coal Iron & RR—Gen 5 1020 103 lOOU 102i2 10001000 100 1020 100 100 Birmingham Division. _ 6 103 103 1027s 1027s 101O 10Us 101 101 Tennessee Division______ 6 102 102 1 Cahaba Coal M 1st gu. 6 Victor Fuel—1st 1953_____ . 5 7934 7934 80 80 95 1 93 Va Iron Coal & Coke—1st.. 5 960 9734 9712 98 93 940 970 95   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  47  50  94 970 950 950 920 920 9834 990 730 74 101O 1030  47  460 470 99 96 970 95 950 950 93 93 920 9834 990 990 70 75 740 101 102 101O  93 118  480  62 50 50 50 51 99 980 960 96 920 990 990 7578 76 1030 1030  62 530 49 51 990 980 96 96 910 1010 icoo 80 760 1040 103  116  1160  94 81  96 85  950 96 82 830  960 83 103 937g 94 93 817g 820 817S 9434 930 95 810 83’  1031? 1031?  933g 810 9334 950  96 93 83 80 910 9538  9234 7934 9234 950  90  900 920  900  55 58 790 830  56 81  590 83  76  760  580 830 920 750  60 840 920 76  118  118  901s 93 1160 11601160  116  116  96 960 96 83 810 830 1030 1033s 1031? 95 940 950 820 810 82 960 94 950  9034 9034  91  56 60 837g 85  56 650 8458 87  76  77  77  987g 963g 900 10134 78 104  9834 960 910 100O 770 1040  93  118  1 I7U 117U  45  96 100 97 960 910 900 99 101 80 76 105 103  91  77  116  96 96 7034 790  97 960 890 9934 77 10234  96 71 * 750 1017« 1023s  95 92  92 7834 940 950 9534! 930 930 900  590 860 910 76  630 600 655g 870 850 870 91 911? 91 77 ' 750 750  93 950 790 810 930 95  930 8034 970 950 930 900  1010 1030 103 1040 10234 1050 1047g 10538 1020 1050 101 1020 101010334 99 977g 9834 9738 990 980 99 9934 980 990 970 980 970 9834  855g 830 84 84 980 990 9834 99 100 100 101 100 103 1017g 1020 1020 1020 1000 10034 84 84 84 84 84 84 830 830 82 830 6278 670 66 68 66 64 64 65 68 57 620 63 917 8 923 4 9234 930 920 93 92 92 910 910 920 920' 74 74 74 72 74 75 74 75 75 71 74 740 957g 940 9434 94 95 950 940 940 940 9534 950 96 11738 121 1160 1170 11634 1180 1187g 1200 11901200 1160 120  82 850 980 1000  810 830 980 990  83 850 980 9938  850 8534 987g 990  8134 840 987g 98  100  1015g 80 57 900 72 930 117  1020 84 64 915g 72 95 1170  1165a 1165s  94 116  983g LI 934  940 9634  88  S»1  9634 9734 96 ' 970 11601180 11601180 96 96 96 97 9578 9634 960 9634 95 95 91 91 850 850 870 870  960 9734 960 970 973g 9734 970 98 115 1160 1150 1170 11734 119 1170119 940 953g  85  940 96 95 95  9534 960 960 960  940 96 980 99  9534 960 980 99  85  940 9578 9834 990  94 950 980 990  950 950  950 9734  96  960 970 9834  95  95 97  96 98  950 960 960 97  96  880 890 850 850 9434 970  89 92 8334 85 97 98  960 960 950 960 950 950 89 89 102 102 1021.1 103 16234 16234 16234 16234 91 ' 910 91 91 89 8934 89 910 90 900 8834 850 850 840 840 84 88 88 98 iodo 99341000 990 1000 9734 993g 97 101O  807g 810  810 83  820 83  1021o 10219  100 960 970 900 990 873g  1010 100O 1007g 10034 1020 100 980 997g 990 100O 100 980 1000 9978 1000 940 900 9134 915g 93 101 100 .000 100O 101O 90 88 890 880 897S  83  90 75 75 935g 930 770 797g  950 950 790 82  930 930 82 84 76 76  86 860 76 76 9984 9934  73 SO 9934 100  780 801? 980 990  8634  92  930  920 93"  85 850 781? 780 980 99  102 ' 102  92  920  84 25  79  83  800 85  90  94 98 800 84  1005s 1005s 1013s 1013s lOOU 100U 103 103  83 2.5  1015g 1020 1020 103 10034 1020 1003g 102 10038 101 990 1000 990 1000 99 1000 9934 100O 990 1000 9834 100O 1000101 9234 95 94 950 930 95 910 940 1000 102 10001010 9978 101 9934 100O 8978 92 8984 91 920 89 910 87 960 960 9478 950 940 940  92  93  96 96 7934 810  90 930 770 7834  91 91 850 86 773«  74 910 76 8734  920 920  78  9734100 97 10078 1OO78 ini  970 inns  1005o 1007o  927g 93  74 910 75 87  76 A 77 96 970 10034 ion? 161 In I6II0  920 920  920 920  RAILROAD BONDS  157  1014. January February April March May June July Low High Low High Low High Low High Low High Low High Low High Ann Arbor—1st 1995 gold___ 4 70 74 70i2 72 65 66*2 63*2 6734 63i2 65 62i2 65 63 64 947s 9578 95 Atch Top & S Fe gen g 1995..4 93 96 9558 9538 96*8 95*4 96*4 95i2 9578 91*2 96 94 9434 94 Registered ________________ 4 92h 9234 93 95 94 9414 94U 94 9514 Adjustment gold 1995______ 4 84 877g 8734 8714 88ls 86l2 8714 867g 8734 87*s 87 Stamped_____ _ ____________ 4 84% 88I4 87i2 88I2 865g 87i2 86*4 883s 87*2 87*8 88 85*2 877a Registered______________4 83 83 86 86 50-year conv gold 1955_____ 4 94 100 9634 9914 96*8 98 97 99*4 90*2 99*2 97*s 94l2 97 Convertible 1960____________ 4 9418 99*8 96*4 99*2 9534 9812 993g 90*4 993g 97*2 95 97*4 97 10-year gold 1917___________ 5 9978 10134 10134 10178 10134 102 10012 102U 100*2 1007s 1007810158 100*2 101*4 Eastern Oklahoma Div 1st.4 9134 923g 94 94l2 95*2 95l2 94l2 94*2 94*2 9434 Transcon Short L 1st g____ 4 86I4 915g 89)8 91 90 91 9034 91*2 90l2 92 91 92 90*4 915g Cal-Arlz 1st & ref 1962.-4M 97U 9734 98*4 98*s 98 99 99 98l2 98 98*2 Santa F Pres & Phen 1st g._5 104 104 109 109 Chic & St Louis 1st 1915___ 6 10U8 101*8 10U2 101*2 101*2 10112 9434 93*2 94 Atlan Coast L—1st 1952 g--4 91 94 94 93 94l2 9212 95 9312 95 91*4 94 50-year unified 1959... 93 93 93 93 92 92*4 Alabama Mid 1st 1928 gu___5 103U 10314 104*4 10434 10512 105*2 9378 937» Bruns & West 1st 1938 gu.4 93*s 945g Lou & Nash coll 1952 g____ 4 9378 89*2 92l2 90 91 90*4 91*4 87*4 9234 93 9414 92 Sav Fla & West 1st 1934 g___6 121 121 Sil S Ocala & G 1918 gu...4 98 97*2 9778 98 9234 9112 92i4 B 8c O—Prior Hen g 1925...3^ 90 927S 89l2 92*8 91 92 91*8 917g 92 Registered________________ 3}4 90 90 897S 897g 9078 9078 Gold 1948........................................4 9079 95" 9438 96 9334 9478 9358 94*2 93*2 94*4 92 93 95 94*8 9334 94 Registered ____ ...________ 4 9078 92 92 92 93 93l2 92*4 94 20-year conv 1933_________ 4)6 9038 9412 9234 9434 91*2 935s 90 923g 91 9212 91*4 9238 8578 92ig Registered_________ 4)6 9U2 91l2 8934 90 Pitts June 8c M Div______ 3)6 90 90 88*2 90 Pitts L E 8c W Va System..4 84l2 8734 8778 89*2 87* 88 8684 87*2 85i2 87 87 88 87 88 Southwestern Div 1st g..3)6 87U 9U2 90*2 91 >4 9012 91*s 9012 9114 90*2 91*s 9078 91*8 8778 9U2 Cleve Lor 8c W con 1st ’33.-5 105i2 105*2 105i2 10512 10534 10534 Ohio River 1st 1936 g______ 5 Ohio River RR gen 1937 g..5 1043s 10438 Pitts 8c West 1st 1917 g____ 4 96*4 9634 Buff Roch 8c Pitts—Gen ’37..5 108 108 110 110 110 110 109 109*4 102*2 162*2 Consol 1957........................ .4)6 104 104 Allegheny 8c W 1st 1998 gu.4 Clearf 8c Mah 1st 1943 gu..5 111 111 112 112 Roch 8c tltts 1st 1921 g____ 6 110 110 109 109 109l2 109*2 110 110 11058 11058 Cons 1st 1922 g___________ 6 111 111 112 112 11158112 Canada SouthernCons guar Series A 1962____ 5 10334 10534 106 10634 106 10612 106 1067g 106*8 1065g 106*8 106*4 106 10612 Registered________________ 5 1067g 10678 Car Clinch 8c Ohio 1st 1938..5 97 99h 99U 9912 993S 9978 995s 100 99*4 9934 99 100 Central of Georgia-—1st 1945.5 108 108 10714 107*4 Consol 1945 gold___________ 5 102 104 1035s 105 10312 10412 103 104*2 103*8 104*2 104*4 1047g 104 104*2 Chat Div Pur mon 1951 g..4 85 85 87 87 Mid Ga 8c Atl Div 1947........... 5 10412 104l2 Central RR 8c Banking Ga___ 5 9934100 10038 10038 100*4 100*4 9934 100*8 Central of New Jersey— General 1987 gold__________ 5 114 116 116 117 1163s 11634 11634118 117 117*2 117 117i2 1163s 117*2 Registered________________ 5 II384 11334 116 116 116 1165s 117 117 11634 117 116 116*2 Amer Dock 8c Impt_________ 5 104 10414 10412 104l2 10434 10434 10434 10484 Central Vermont—gu 1st g..4 82" 84 86 80i2 86i8 83*2 84i2 82l4 825g 80 Chesapeake 8c Ohio-— Gen fund 8c Impt 1928_____ 5 98*4 997g lOO 100 100 IOOI4 99*2 100 99i2 100 99 100 100 100 1st consol 1939 gold________ 5 105 106i2 107i2 10778 105 10714 1065s 107U 1065s 107 10678 107*2 IO6I2 10678 Registered________________ 5 103 103 105*2 105*2 General 1992 gold_______ 4)6 93U 9784 95 98l2 94 96i2 92l2 9434 92*2 933g 9258 95*2 90*2 943g Registered_____________ 4)6 9312 93l2 Convertible 1930................... 4)4 7978 84l4 83*2 86i2 8U2 84i2 8034 827g 79 82 81 79*2 81*4 70 Big Sandy 1st 1944 ________ .4 83*4 83*4 Coal Rlv Ry 1st 1945 gu___4 84U 85 83 8334 83*4 83 R 8c A Div 1st cons 1989 g._4 88 88 8884 8884 88I4 883S 2d consol 1989 g__________ 4 82 82 83i2 85i2 Greenbrier Ry 1st 1940 gu.4 90 90 Chic 8c Alton—Ref 1949 g...3 66 67 605g 60 67 60i2 63 60*8 60*2 60 60*4 6012 Chic 8c Alt Ry 1st 1950 g..3)6 45 5512 5234 55 47U 52 40*2 47*2 44U 45*2 43®8 46 Chic Burlington 8c Quincy— Denver Division 1922______ 4 9934 9934 9978 100 99U 9914 .... .... 99*8 9938 Illinois Division 1949.__.3J4 82 85 84i2 85 833S 843S 84*2 85*4 85i2 857g 85*2 857g 83 85*4 Illinois Division 1949______ 4 93 955s 9434 96 94i2 95is 95 9534 95 95*2 95*8 95*2 95 95»4 Iowa Division 1919. s f_____ 5 10278 1027g 103 103 Iowa Division 1919, s f_____ 4 9634 9812 98 98 98 98 98U 98*4 9884 9884 99i2 9912 Nebraska Extension 1927___ 4 9434 96i2 9658 97 9612 97 "9712 98” 97*4 98 97*2 98 97*2 98 Southwest Div 1921________4 9812 98i2 98*4 98U 99*8 9938 9958 9958 93 94 General 1958________________ 4 91*4 94 93 93*8 94l2 92U 94 93i2 93*4 9312 9U2 93*2 Chicago 8c Eastern Illinois— 65i2 65»4 60 6034 40 Refunding 8c Impt 1995 g..4 66i2 68 41 32 35 40 40 30*2 40 109 11212 111 11134 112 112*4 111 112 105 105 1st consol 1934 gold_______ 6 IO7I4 107U General consol 1st 1937....5 9584 96 100i2 9912100 69 70 90 90 Registered___________ 98 9634 99 Chic 8c Ind Coal Ry 1st.___ 5 88 39 27*2 39 Chic Great West—1st 1959___ 4 70 745g 7212 74 74i8 737s 75's 733s 7412 71 7338 745g 68 74 Chic Ind 8c Lou—Ref 1947 g..6 118 118 H8I2U8I2 11734 120 120 121 Refunding 1947 gold________ 5 103l2 1035s Chic Mil Sc St P term 1914 g..5 100i8 100U 100i81001s 100i8 100i8 100*8 100*8 .100*8 100*8 100 100*8 9534 937g 953g 94 95 Gen Series A 1989 gold.___ 4 92 95’s 95*8 96*4 93 96*8 95 96*8 95 92*4 9234 9212 92i2 Registered___________ 93U 93U 94 94 Gen 8c ref, ser A, 2014.___ 4)6 82 823g 82 80 81 82*s 83i2 8334 8U2 82 82*4 80 Gen Series B 1989 gold...3)4 80 80 General 1989_____________ 4)4 1005s 1035s 10234 103i2 1017s 103lg 102l2 10338 10234 1033g 102*4 103*8 1003g 10278 90 913s 8912 92 92 90 9U4 93 25-year debenture 1934.___ 4 88 917g 92*2 9134 92*8 90 Convertible 1932__________ 4)4 1007g 10314 102 10338 100 102U 100 10134 101 103 100*2 10234 94*2 1017s 10534 10534 107 107 Chic 8c Mo River Div................ 5 Chic 8c Pac West Div............5 10212 10234 103i2 1O37S 10334 104 104 104l2 104*8 104*4 104*4 104U 10334 10438 9234 9378 9212 933s 9234 9312 93 93 C M 8c Pug Sd 1st gen 1949.4 89 93*2 933S 9334 93*8 9334 Dubuque Div 1st s f 1920..6 108 IO8I4 108l2 108*2 IO8I2 IO8I2 108*2 IO8I2 108*4 10834 La Crosse 8c D 1st 1919____ 5 10218 102*g 10334 10334 1O43S 10438 10438 10438 Wise 8c Minn Division_____ 5 10258 1025s Wisconsin Val Div 1920.___ 6 109*4 109U 102*2 102*2 102l2 102l2 MU 8c Nor 1st ext 1934...4)4 9984 9934 101 101 10134 10134 101 101 101 lOUs 101*8 101*8 10134 10134 102*2 102*2 Consol 1934____________ 4)4 Chic 8c North West—1915..-.7 16214 1025s 1023s 1023s 102U 1023s 102*8 102*2 102*8 1O23S 102 1023g 101*4 101*4 Extension 1886-1926_____ ..4 9412 94l2 9612 9612 96*8 96*8 9458 945g 9438 94-3g Registered____ ___________ 4 95 95 833g 8234 83l2 81 84 General 1987 gold................ 3)4 80 83U 84 82*4 8312 8U2 83l2 82l2 83 Registered_____________ 3)4 7812 7812 General 1987________________ 4 93 97 9734 95*2 973g 9434 97 95 97 95*2 96 95i2 Registered___________ 95*4 95*4 94 94 Stamped_____________ 108 IOSI2 108*2 IO8I2 Sinking fund 1879-1929....6 105 105 Sinking fund 1879-1929____ 5 104l2 104l2 104l8 104*8 104*8 104*8 Debenture 1921______________5 100l2 102l2 10118 10278 IO2I4 102U 102 102 101*4 10134 IOI84 102 102 102 Sinking fund deb 1933....5 102l2 10212 10214 10212 IO2I4 103 10234 103*2 10334 10334 10334 10334 103*8 104 10134 10134 Registered________________ 5 12U2 121l2 122 122 120 I2O84 Fremont E 8c Mo Val 1st___ 6 110 110*4 110*4 110*2 Mil L S 8c W 1st 1921 g_____ 6 1093s 1093s Ext 8c impt 1929 gold.___ 5 106ls 106*8 Ashland Div 1st gold____ 6 113*8113*8 Mich Div 1st 1924 gold...6 113*4 113*4 9314 9378 9212 9378 923g 92*2 92*s 9284 91*4 917g Mllw Sparta 8c N W 1st____ 4 9358 94 107*8 1073g Northwest Union 1st 1917..7 IO8I4 IO8I4 108 108 St L Peo 8c N W 1st ’48 gu.5 105*8 105U 105*8 106*8 105i2 106*8 10578 107 10534 IO6I4 Winona 8c St Peter 1st 1916.7 106*8 106*8 106*4 106*4   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August  September  October  November  December  Bond Market Closed Low High Low High July 31 to Nov. 27 b oth incl. 65 6834 90*4 90*2 9058 92 81  81  82 82*4 81*8 8234 89*s 8934 995g 92 88  9334 9434 lOOSg 92 88  101*4 101*4 101*2 101*2 877g 88  855g 87  89 89*4 847g 8534 88  89*4  8758 89*2  8312 84l2  8358 84*2  80*2 8OI2  78 803s 86*s 87*2  9878 99*4  1023g 10234 101  10234  99*2 99*2 100  10034  97*2 97*2 112 113 112 112*4 102l2 102*2  91 95 10134 102*2 85  88  6734 68*2 67*2 72*2  32l2 3234  35  35*4  99 99 80 81 9378 94  89*4 89*4 102 75  102 75  8912 92 89*8 90  97*2 98*8 95*8 96  97*4 9934 88 90 943g 97*2  1005s 10134 101*8 101*4 88 88*4  10138 1013s  100*4 100*4  7778 7934 89  90  8884 89*2 997g 100*4  106*8 106*8  10134 102*2  158  RAILROAD BONDS. 1914—Continued. January February [ March April J May | June July Low High Low High Low High Low High Low High Low High Low High  August  September  October  November  December  Bond Market Closed Low High Low High July 31 to Nov. 27 bloth inch Chic Rock I & Pac Ry—1917..6 105 105 104l2 10434 IO4I4 104l2 104 104>8 104 IOU4 IO314 10314 10134 IOIS4 Registered____________ 1043s 1043s General 1988 gold__________ 4 84 88 89i4 87 8534 89i4 86 877g 8634 87i2 87 90 8134 8734 80i2 807g 807g 82 Registered________________ 4 84l2 87 86 86 85 85 87 87 Refunding 1934 gold________4 72 80 75l4 81 73U 787S 73 75 74U 7534 7478 80’s 65 7778 64i2 64i2 6434 6934 Registered________________ 4 71i2 7H2 78 78 7314 73U 20-year debentures 1932___5 71 i8 7638 7412 80'2 68I4 785s 66i2 70i2 68 717S 6934 78i2 55 7434 51i2 5178 51 5934 Collat Trust ser M 1915.___ 4 95 95 Series O 1917______________4 90 90 C R I & P RR 2002................ .4 475g 53 427g 48l2 303 4 3614 30i8 3734 2858 34l2 1834 295g 20 20 2OI4 277a Registered________________ 4 4858 515s 427g 4634 3378 35k 26l2 26'2 Trust receipts______ 19l2 191; 20 27l2 Burl C R & Nor 1934 g_____ 5 10234 10234 IOOI4 IOOI4 C R I F & N 1921 gu_____ 5 10078 10078 103 103 10078 103 Choc O & G cons 1952 g...5 99 99 99 99U Keok & Des Moines 1st____ 5 91i2 92 925S 925g St Paul & K C Sh L lst..4« 78i2 80 78i2 78i2 75 76 75 76l4 6Sl2 68l2 Chic St P Minn & Omaha____ 6 118 H8I4 120 120 119 11934 120 12034 11958 1195s 114i2 115U Debenture 1930______________5 101 10234 102 10258 102U 103 102 103 102i2 103 101i210234 9978 10234 99l2 IOOI4 Chic St P & Minn 1st g.___6 116i2 116i2 St Paul & Sioux City 1st g.6 107 10718 107l2108 107U 10858 107U 107U 1O73S 1073s 104 104 Chic T H 8c So’east 1st I960..5 85 85 Chle & West Indiana—1932..6 106l8 1061, 10578 106 106 106’s 106 106i2 Consol 50-year 1952_________ 4 83iS 84i2 84l4 87 84l4 85l4 83l2 85l4 83i2 84 83i2 8484 8334 84i4 Cin Ham & Day—2d 1932..4 M 93 98 96 97 Cin Day 8c Iron gu 1st g___ 5 10012 100l2 Cin Ind 8c W 1st gu 1953..4 86 86 Dayt 8c Mich 1st cons 1931.4}$ 943g 943g Ind Dec 8c West 1st 1935___5 100 100 97 97 75 Clev Cin Chic 8c St L—’93 g__4 84 84 83 85 83i4 84 80i2 80i2 78 78 76i4 77i2 763g 72 73 20-year debenture 1931..4}$I 87l2 87i2 86l2 8612 84i2 85i2 82 83i2 82 82 Cairo Div 1st 1939 gold.___ 4 85i2 85i2 8434 86’ 8434 8434 Cin W 8c M Div 1st................4 83 83 {jt Louis Div 1st 1990 g.__ 4 83 83i2 8534 8534 8412 8412 82 82 83 83 83 83 Registered_______________ 4 8214 82l4 Sp 8c Col Div 1st 1944 g 85 85 C I St L 8c C cons 1920.... 6 105i8 105is 105U 105U 10512 1055s 10534 10534 1st 1936 g................................. 4 91 91 92 91 91 92 Cin S 8c C cons 1st 1928....5 103 IO3I4 103 103 C C C & I cons 1914...............7 1003s 1003s Gen cons 1934 gold______ 6 11958 1195s 11884 11834 118 11858 10534 10534 Peor 8c East 1st cons 1940..4 8OI4 84 84 84 75 80 747g 75 72 72 72i2 72l2 Incomes 1990______________ 4 30 30 25i2 30 ___ 25 28 23 23 20 20 22 20 20 21 Cleve Short L—1st ’61 gu..4}$ 9534 96 96 96l4 9514 96l4 94 955s 9058 905s ! 90i2 92 Colorado Midland—1st g____ 4 15 1984 14i2 19 14i2 15 14l2 19 14 19 15 15 Trust Co certlfs of deposit.. 17 17 14 15 Colo 8c South—1st 1929 g__ 4 90 93 92U 93 91 9214 89 9H2 89i2 903s 90 90i2 89i2 9058 85lg 87 Refund 8c exten 1935.___ 4}$ 90i2 93 9134 93i2 90U 92 9034 89 89i2 87i2 88i2 81 85 72 80i2 Ft Worth 8c Den City 1st..6 105 107 1067s 107 1067s 107 1057g 10634 10534 10534 10212 102l2 00 100 Delaware Lack 8c Western— Morris 8c Essex 1st 1914____ 7 100i210078 100i2 100i2 IOOI4 100i2 1st cons gu 1915__________ 7 103 10314 103i8 103>8 103i8 103is 10278 103iS 1027g 103 1023410284 Refund 2000 gu________3J$ 85i2 85i2 8738 873g 87l4 88ls N Y Lack 8c West 1st 1921. .6 IO8I4 109 10958 10958 10934110 110 110 11038 1103s 1097g 10978 Construction 1923_______ 5 10412 104l2 Terminal 8c impt 1923___ 4 9434 9434 9534 9534 Delaware 8c Hudson— 1st Penn Div 1917__________ 7 108i8 108i8 IO8I4 IO8I4 10S38 10838 Convertible 1916____________ 4 9738 99 9834 99l8 98»4 99 987g 99U 987g 99 99 9914 98 98l2 99i8 99b 1st lien equip 1922______ 4}$ 100 101 99i2 100i8 9978 100i8 100l2 1005s 100i2 100i2 IOOI4 100i2 100 100i2 1st refunding 1943_________ 4 963g 96i2 9684 97 9514 9584 9634 95 96>4 95 97i2 95 97i2 90i2 9H2 Alb & Susq conv 1946 g..3}$ 8684 86 8684 84i2 8534 85U 86i2 8534 87 867g 86i2 87 85 8134 S3l4 Reuss 8c Saratoga 1st 1921.7 .... 115 115i2 Denver 8c Rio Grande— 1st consol 1936 gold________ 4 83 84 8034 82 7912 81 83 85 79U 82 75 77 79U Consol gold 1936....... 43$ 90i2 9034 9034 87 9034 88 83’ 85 Improvement 1928 gold____ 5 92l2 82 80 80 1st 8c refunding 1955______ 5 6834 62 74 573g 62 55U 61 67i2 74 67 435g 56 4U2 44 Rio G West 1st 1939 g.......... 4 83i4 83ig 84 83i2 82l2 8412 8U4 8312 8OI4 8U4 75l2 7978 Mtge 8c coll tr A 1949 g..4 .... 72 66 66 70 70 60 60 7214 Utah Cen 1st 1917 gu.___ 4 90 90 Detroit 8c Mackinac— 1st lien 1995 g_______________ 4 84 84 85 85 Gold 1995............ 4 82 82 82 82 82 84 Detroit Term Tun 1961____ 4 3$ 96i8 97 9314 9334 9384 9384 96 9312 93l2 95 95 96U 96i2 96 Dul Missabe 8c Nor—Gen ’41.5 10314 103i2 105 105 104i2 105 104 104 104 10414 Dul 8c Iron Range—1st 1937..5 100i2 102i2 104 104i2 103i2103i2 1027g 10278 103 1 0384 102 1033g 99ls 99l2 Dul So Sh 8c Atlan—1937....5 Elgin J 8c E 1st 1941 g_............ 5 104l2 104l2 11134lll7g 11U2 llll2 Erie—1st cons 1920 gold____ 7 mi8 iiii8 11134 1117s Ill’s Ill’s 112 112 N Y 8c Erie 1st ext 1947 g ..4 97i2 97i2 98 98 2d extension 1919 g______ 5 10212 102l2 102l2 102l2 102 102 3d extension 1923 g____ 43$ 100 100 100 100 99i2 99i2 4th extend 1920 g________ 5 102 1021s 1025s 1025g IO2I4 10214 100l2100l2 IO2I4 10214 5th extended 1928 g_____ 4 935g 935g 110121105g N Y LE8c W fund 1920 8384 84i2 82 7834 82 1st cons prior Hen 1996 g..4 8234 8634 86 8412 87U 8312 85l4 8434 8534 83i2 85 Registered________________4 83 83 1st cons gen 1996 g_________ 4 71>4 76i2 74i4 76i4 7334 7434 7US 75 6678 735s 64l2 69 72 73l2 72l2 74 905g 91 8934 907g 89l2 90 Pennsylvania coll tr 1951 g_4 89 90l2 92 8734 88 91 89U 90 88l2 89ig 50-yr conv Ser A 1953 g.___ 4 72l2 7738 7434 77U 745g 75l2 71 74 64 73 75 72 733s 71 59U 66 73S4 7434 70l4 74 50-yr conv Ser B 1953 g____ 4 713g 75i2 7384 76 71 72l2 70i4 73 63l2 71l2 60 66l2 104 10414 Buffalo N Y 8c E 1st................7 IO414 104U 102 102 Chic 8c Erie 1st 1982 g...........5 1055s 106 10712 108 107l2 10758 10684 107 1067g 108 107 108 Cleve 8c Mah Val 1938............. 5 103 103 Long Dock cons 1935 g____ 6 12112 123 122l2 123 122ls 122i2 12212 122l2 10134 10134 N Y L E 8c W Dock 8c Impt.6 10178 10178 102 102 IO214 102U 103 103 N Y Susq 8c W 1st ref g.___ 5 97 9912 9612 97 97 97 96 96 93 93 General 1940 gold________ 5 75 75 Terminal 1st 1943 g_______5 102 102 9434 92 94 9234 Wilkes 8c East 1st gu g.___ 5 9234 94 96 98l2 96i2 97 96 97's 100 100 Evansville 8c T H—1st cons___ 6 9212 9212 93 88 Florida East Coast—1st___ 43$ 91 94 92i2 93 93 88 93l2 92 90 9114 Ft Worth 8c Rio Gr—1st g_._4 5812 59 62 62 64 64 9433 9434 94lg 953g 973g 9434 9712 Gr North—C B 8c Q coll tr___4 9434 97 9578 973s 96* 98" 96'g 9758 96i2 973g 97 943g 945g 965g 973g Registered________________ 4 9514 9658 9578 96i2 9612 9758 96’g 97i2 97 97i8 967g 97 1st 8c refund Ser A 1961 ..4}$ 100 101 100 1013s 100 100l2 100i8 100i2 100U 10058 100i2 101 10034 101 99i2 99i2 St P Minn 8c Man 1933____ 4 9634 97U 98 98 97U 98 12234 12234 1st cons 1933 g___________ 6 11934 120 120U I2OI4 121U 12114 Reduced to__________ 43$ IOOI4 IO2I4 102 1023s 102 1023g 103 10314 10234 10234 103l8 103l2 Mont Ext 1st 1937 g______ 4 93 93l2 95 9558 9434 95 95i2 955S 9514 957g Registered______________ 4 94i2 94i2 9438 95 E Ry Minn No Div 1st______ 4 Mlnneap Union 1st________ 6 11012 11012 12434 125 Montana Cent—1st g gu..6 121U 121U 1st guar 1937 g___________ 5 10634 107 92 Gulf Sc Ship Isld—1st 1952..5 89 90 90i8 91i2 89 90 89 91 9U4 90i8 90is 90 95 9984 100i2 9938 IOOI4 Hocking Vail—1st cons g..4}$ 97 101 100 100i2 99i2 100i2 99i2 100i8 Registered________ 43$ 9658 9784 Col 8c Toledo 1st ext 1955..4 90i2 90i2 90i2 90i2 9684 9634 967g 967g 97i8 97i8 Illinois Central—1st 1951 g..4 94i2 94i2 95 9634 97 95 78>4 78l4 1st 1951 gold............................ 31$ 84 84 85 85 78U 78i4 Extended 1st 1951_________ 33$ 85 85 Collateral trust 1952 g_____ 4 90 90 8934 90i2 88U 88i2 90 91i8 867g 85 935g 94 92 9234 90i2 92i2 1st refunding 1955__________ 4 8978 93i8 93i8 93i2 Purchased lines 1952.___ 33$ 79 79   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  159  RAILROAD BONDS. 1914—Continued. BONDS  Illinois Central—(.Concl.) L N O & T 1953 g....................4 Registered________________ 4 Cairo Bridge 1950 g_________ 4 Litchfield Div 1951.................. 3 Omaha Div 1st 1951_________ 3 Springfield Div 1st_______3)3 West Lines 1st 1951 g_____ 4 Chic St L & N O 1951 g____5 Joint 1st ref, ser A, 1963..5 Ind Illinois & Iowa—1st g 4 Internat & Gt Nor—1st '19 g.6 James F & Clear—1st 1959___4 Kansas C Sou—1st 1950 g____ 3 Refund & Improv’t 1950..5 Kans City Term—1st 1960___4 Lake Erie & W—1st 1937 g...5 2d 1941 gold__________ ______ 5 North Ohio 1st 1945 gu____ 5 Lehigh Val (N Y)—1st gu..4)3 Registered___________________ Lehigh Val (Pa)—2003 g...........4 General consol 2003____ 4)4 Lehigh Val Term—1st gu g..5 Lehigh Val Coal—1st gu g 5 Lehigh & N Y—1st 1945 gu.--4 Long Island— 1st cons 1931 gold__________ 5 General 1938 gold__________ 4 Ferry 1922 gold___________ 4)4 Unified 1949 gold.......................4 Debenture 1934 gold________ 5 Guar refund 1949 gold____ 4 N Y B & Man Bch 1935........... 5 N Y & Rock Beach 1st.......... 5 North Shore Br gu 1932___ 5 La & Arkan—1st 1927....___ 5 Louisville & Nashville— Gen 1930 gold_______ 6 Gold 1937........................................5 Unified gold 1940....................... 4 Registered________________ 4 Collateral trust 1931 g_____ 5 E H & Nash 1st 1919 g....6 L Cin & Lex 1931 g______ 4)4 N O & Mobile 2d 1930 g...6 Paducah & Mem Div 1946..4 St Louis Div 1st 1921..............6 Atlanta Knoxv & Cin Div..4 Henderson Bdge 1st------------ 6 Kentucky Central 1987 g..4 L & N & Mob & M 1st g_.4)3 L & N—Sou-Monon joint..4 Nash Flor & Sheff 1st_____ 5 N & Cin Bridge 1945 gu..4)4 Pensacola & Atl 1st gu_____ 6 So & No Ala gu 1936........5 Gen cons 1963 gu______ ..5 Louis & Jeff Bdge—1919........... 4 Minneapolis & St Louis— 1st consol 1934 gold____ ...5 1st & ref 1949 gold__________ 4 Des M & Ft D 1st gu_______ 4 Iowa Cen 1st 1938__________ 5 Ref 1951 g................................ 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 Kan City & Pac 1st 1990 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 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 1st & ref conv 1959_________ 5 Registered________________ 5 3d 7s extd 1938...........................4 Cent Brch Ry 1st 1919 g__ 4 Pac of Mo 1st ext 1938 g____ 4 2d extended 1938_________ 5 St Louis Iron Mtn & So— Gen cons ry & 1 gr 1931 g.5 Stamped guar_________ 5 Unifying & ref 1929 g------4 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 L & Cairo 1931 guar_____ 4 Nash Chatt & St L— 1st consol 1928 gold_________ 5 McM M W & A 1st....................... 6 National Rys of Mexico— Prior lien 1957_______ ___ 4)4 National of Mexico— 1st con 1951 gold___________ 4 N O Mobile & Chic—1st ’60..5 N O & Nor’east—prior Hen..6 N Y Cent & Hudson River— Gold mortgage 1997----- ...3)4 Registered______________ 3)4 Debenture 1934 gold________4 Registered________________ 4 Lake Shore coll g 1998.-.3)4 Registered______________ 3)4 J P M & Co ctfs of dep____ Mich Cent coll g 1998------ 3)4 Registered--------------------- 3)4 Beech Creek 1st 1936 gu.___ 4 Mohawk & Malone 1st gu..4 NJ June 1st 1986 gu................4 N Y & North 1st 1928 g....5 Pine Creek 1932 gu_________ 6 Rome W & Ogd 1st cons..5 Oswego & Rome 2d gu_____ 5 LiS & M S gold 1997..............3)4 Registered_____________ 3)4   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  June July January February Avril May March Low High Low High Low High Low High Low High Low High Low High 91  91  88 84  89k 90k  90  88 84  89k 89k 88  August September October I November December Bond Market Closed 'Low High Low High July 31 to Nov. 27 b oth incl.  88  86  86  90  74 72lg 78k 78k 90  90  91  91  88 104  88 104  108" 1081  109kH0  108  109k  97k 99  86k 87k  88k 88k 103 104 88 88 10234 10234 91k 92k 693g 69 69k 697g 693g 69k 693g 70 68i2 6834 69k 70 943g 973g 95 96 95k 963g 95k 97 96k 98k 96k 98 95 9334 94k 93k 93k 92k 93?g 93ig 9412 94k 95k 94 101 101 100 103k 103k 10334 1027g 103k 101k 102 ’6434 9434 95 95 98 98 98 98 I66k 10034 101 101k 101k 1018g 101 1013g 101 10U2 101 101k  87k 87k 99 99k  88 88 100k 100k  69 94k 933g 101  70 96 94k 101  9934 99*4 66k 66k  92  92  101 101k 101 101 90 89 89k 89k 89k 89k 9084 90 99k 99k 99 99k 99 99k 99 99k 993g 99k 11034 111 111 111k 110klll«4 104k 104k  68k 72k 88k 90 93 93  96k 96k  88k 88k  9212 92k 97 97 86  106  106k 106k 91k 923g 95 95  87k  100k 101 92 89 90k 91 100k 100k 102i2 102k  90k 91  106k  91k 91k 95k 96 86k 86k  91  91k  91  85k 85k  91k  91k 91k  11U211112 112 112 114k115 115 115 1145gll458 112k 112k 10534 105»4 107k 108 110 110 1095g 109 k 92k 96 93k 96k "94" 95 94k 96k 947g 953g 953g 96 9334 9334 95 95 105 105 105k 105k 1083g 1083g 100k 100k 101k 10U2 101k 101k 102 102 111 111 89 89 1083g 1083g 9034 90k 9034 903g 90k 88 90 8984 90k 89k 907g 90 106 106 90 90k 8934 90 90 90k 8984 8984 89*4 8934 88k 89 101 101 100 100 84 85 84 84 83 83k 83k 84~ 83k 84 IO48410434 105 105 104k 104k 166" ibo 100 100 99k 99»4 99k 99k 108k 108*4 109k 109k 109k 109k 110 110 109k 109k 105k 105k I67’ 107 104k 104k 1045g 105 104k 104k 104k 104k 83 83 84k 84k 83k 85 92k 61 69 92k 57k 92k  87’4 73k 95k 66 81k  104  91k 77 97 68k 85  104  93k 57 68 93k 54 93  93k 59 68 94 57 94k  93 55  92k 94 51k 52 94k 9484  89»4 70 96 65k 8134 82k 103k 103k 103k 98k 98k 96 90k 74 97 677g 8334  91*4 75 99 71 84k  94i2 56  90 53  92k 65  91 52k 95 91k  92 53 95k 91k  90S4 88 90k 7U2 69k 7034 96 69k ’6414 67k 83k 72k 75 82k 82k 8212 104k 104 104  90 91k 50k 62 60 60  94k 95 91k 91k 8634 69k 90k 64k 7034  88 71 91 66 75  523g 60 88k 47 94k  104k 103 105 102 103 102k 104 100k 103 103 76 82 79 75 78k 75k 79 81k 76 77 79k 74 73k 76k 81k 7934 8134 75 113k 113k 115 11534 115k H5k 1153g 1153s 116 112k H2k 112k H2k 112k 112k 80* 8*1*4 82 82 105k 106k 91k 88k 89*4  86k 88k 6934 71 90 90  105k 105*4 106k 107 IO384 10384 61 53k 58  82 84 81k 83 86 88k  106k 107  107k 107k 107  82k 84 83 84 89 9184  108  50 50 47k 51  47k 48k  82k 83k 8134 82 89k 92k  82k 8334 8I84 82l2 90 92  78 81k 81k 84 7834 80k 80k 83k  8034 83k 80k 82k 8034 82k 79 80k  7734 80 78 79  73k 75 74 74  7334 74l2 72 72k  76  78  92  92  95k 95k 95 95  95k 95«4 102  102  102k 99k 85k 84  116 102k 104 100 86k 84  74k 77  116 104  85  85  90k 90k  84"  84"  84 106  8034 8034  84lg 106  97"  80 104  97*  1093g 110  98k 993g  103k 1043g  89 40  89 44  39  41k  79 60  8U2 87k 57 70 51 70 78  6434 76 78  98 90  98k 90  100 89 85k 39k 40  102 94 89 53k 62  48k 49k  100 88 85 36 36  IOO84 91 86 45 42k  97k 97k  102k 102 7334 72 117  97k 100  65 65  66 67k  75  76  103  103«g  104k 104k  91k  107k 108k 107k107k  58  81k 8234 8034 81k 89k 91k  90k 9084  101k 102k 101 102 78k 75k 77k 74 75k 73 116 116*4 116*4 11612  61  56k 56k 57k 50 101 101k 101k 101k  903g 903g  102k 102k  103  80 104  1133g  92k 963g  89k 89k 53k 44k 52 60 88k. 48k 47 48k 95k 9334 95 91 91  96k 98k 96 92k 93k 92k 92k 96k 9434 95 99k 103 105 104 104k 104k 10484 102k 105 10234 104 102 10334 9484 96 95 95k 945g 97k 97k 98k 95 97k 95 96 94 95 95 90 91 90k 91k 95k 95k 94 633g 53k 59k 53k 58k 66k 60k 55 59k 66k 59k 62 62k 69k 69 77k 71k 77 68 73k 66k 73k 62k 70 69 69 86 86 91 923g 887g 88k 90 90 90 90 90k 90k 89k 8934 99k 99k 100 100  101  112  58  39k 47 101 101 82k 82lg 89k 89k 78k 76k  83k 79k 8234 82 877g 91 89k 78 7834 76k  767g 76k 75 75  74  827g 82k 8934  78k  78k 78k  797g 803g 78 78 88 86  73  74  79"  79"  82  83k  77  95k 95k  1041g 104l2 104k 104k 104k 104k 104*4 105 100k 100k 8584 857g 85k 88 84 86 86k 87»4 85k 85k 83k 83k  84k 85k  160  RAILROAD BONDS /1914—Continued. BONDS  January February April March May June July Low High Low High Low High Low High Low High Low High Low High  N Y C & H R River—(Conci.) L S & M S deb 1928 gold..4 89*4 927g 91«4 92s4 91*2 92i2 92 9314 92U 93S4 93ig 947g 90 943g 25-year 1931 gold_________ 4 88*2 92 *4 91*8 92 91ig 92 91U 923g 92 927g 92 937g 90*4 93*4 Registered___________ 907g 907g 917g 917g Mahoning Coal RR 1st____ 5 107*4 107*4 Pitts & L E 2d 1928...................5 105 105 Michigan Cent 1931.................. 5 10514 105U Registered________________ 5 103*2 103*2 1940 ............................................... 4 87 87 1st 1952 gold......................3H 83*s 83ig 20-yr debenture 1929.___ 4 837g 86 8684 8634 85Sg 85*8 855g 855g 83i2 83i2 86*4 87 N Y Chic & St L 1st 1937 g.4 9434 95*2 963g 97 95i2 97 95 957g 94i2 95U 94i2 9434 93*2 9478 Registered________________ 4 935g 94i2 9234 94 25-year deben 1931.___ 3M 84*2 8412 86 87 85 86 85 86*2 85 85 West Shore 1st 2361 gu____ 4 91*2 93 925g 943g 92*2 935g 92i2 93i2 93U 94 93 95 925g 94 Registered________________ 4 8934 913a 91*2 92 9134 90i2 9H2 91 907s 90*2 92ig 90 9H2 90 Equip trust 1924 P_____ 4)3 9734 977g Equip trust 1923 N_____ 4)3 98 98 Equip trust1918 H________ 4)3 99*8 99*8 Equip trust1915 E_______ 413 100 100 NYC Lines equip 1919____ 5 IOOI4 100U Equip trust 1914__________ 5 lOOiglOOig N Y Connecting—1st gu A.4)3 97*2 97*2 N Y New Haven & Hartford— Non-conv deben 1947______ 4 797g 797g 80 80 77 77 Non-conv deben 1955______ 4 75 78 80 80i2 77*2 78 77*2 7934 76 76 Non-conv deben 1956______ 4 78 797g 81 80 76 76 76 76i4 68* Vl'sg 69*2 7034 69 Convertible deben 1956..3)4 687g 75 733g 75 697g 69*2 70 61 69*8 Convertible deben 1948.___ 6 1053g 117*2 11334 11714 108*8 113*8 1087g 1107g 1087gllll2 10834 10934 9884 109*4 Registered________________ 6 116 116 109 109i2 108 108l2 108*8 108*4 99 108*4 20-year conv deben_________ 6 103 104 Cent N E 1st 1961 gu______ 4 83 83 81 81 Housatonic cons g 1937.___ 5 106*s 106*g Naugatuck 1st 1954_________ 4 87 87 N Y Westches & Bos 1st..4)4 79 817g 79 83 74l2 685g 733g 677g 70*2 53*8 70 71*2 78*2 72 Providence Secur 1957_____ 4 55 58 60 60 Prov & Springfield 1st 1922.5 Providence Terml 1st 1956. .4 83*s 83=8 N Y Ont & W—1st g 1992____ 4 8212 88 817g 83ig 83*4 85 85 86 83i2 85 83 84*4 797g 83 General 1955________________ 4 81*2 83*4 92* 95I4 92l2 92l2 92*2 94 Norfolk Southern—ref 1961.5 94 97*g 96*2 97*2 95 97 Norf & South 1st 1941_____ 5 100 100 101 IOH4 1197g 1197g Norfolk & West—Gen 1931..6 117*2 120*8 117*2 117*2 1187gll9 New River 1st 1932 gold.___ 6 120 120 118 118 ’ 94' 94*8 N & W Ry 1st cons 1996____ 4 94l2 95*2 9412 95 94l2 96 94l2 95 94*2 9578 947S 96 Registered________________ 4 94 94 905g 9134 90i4 91 90 905g 90*8 907g 9078 91 Divisional 1st Hen________4 88*2 91 90 91 10-25-year conv 1932_____ 4 101 101 103*8 103*8 102*g 10314 10-20-year conv 1932_____ 4 101 104lg 104U 10434 10234 103*2 105*4 105*2 9978 101 Convertible 1938______ 4)4 100*g 105 103 105*2 103 10334 10134 103*g 103*8 104U 104 10534 101*2 10534 102S 4 1023 4 Registered___________ 4)4 Pocahontas C & C joint .4 89*8 90*2 89*2 89*2 88*2 90 87*4 887g 87U 88 884j 89 88*2 89 9234 93 Scioto V & N E 1st gu g.___4 90*g 91lg 9234 93 93 94 94*4 94*4 92 93U Northern Pacific— 945g 95*2 947g 957g 947g 953g 94*8 9584 92 95*2 Prior lien 1997 gold_________ 4 92*2 95i2 94*2 96 94i2 94ig 95lg 94*2 9434 94 Registered________________ 4 94*2 94*2 93*2 93*2 General lien 2047 gold_____ 3 64*4 68'g 67*2 683g 6734 68*g 67U 68I4 67 68 66*2 697g 6634 673g 66 66 Registered________________ 3 65*2 67 66 65U 65U 65U 65l2 66 90 St Paul-Dul Div g 1996_____ 4 90 112 112l2 112ig 112ig 111 111 St P 8c No Pac gen gold.___ 6 1107g 1107g 101 101 IOII4IOU4 St P Sc Dul—2d 1917..............5 87 87 1st cons 1968 g___________ 4 113 113 Nor Pac Term—1st gold_____ 6 113U 11314 9034 90*2 91*2 9034 92 Oregon-Wash—1st 8c ref 1961.4 89 91 91*2 90i2 90i2 89*2 90*2 88*4 89 Pacific Coast Co—1st g______ 5 99U 9914 100 103*2 100 101*2 101U 102 101*4 101*4 100*8 102 Pennsylvania RR— 98 98 100 100 1st real estate 1923 gold____ 4 102 102 Consol 1919 g________________ 5 Consol 1943 gold___________ 4 99U 99U 100 100*4 9934 100*4 9834 99 987g 99 10-year conv 1915 gold___ 3)4 973g 987g 98*8 99*g 98*4 99 98*8 99*4 977g 99*4 9834 98*4 99 Registered______________3)4 99*8 98*2 98*2 98*g 985g Cons 1948 gold_____________ 4 99 100*2 100lg 10034 IOH4 102 100*4 1017g 10112 102*8 100*8 101*2 99 101 9634 97 97 97 Alleg Vail gu 1942 g................. 4 96*2 96*2 96*2 97 97 97 96*2 97 91* 91 " Del Rlv RR Bridge gu______ 4 loosg ion 2 100 101 100l 2 101 101*8 10238 101 101 101 ion2 Pennsyl Co—gu 1st g----------4)4 101*410138 Registered_____________ 4)4 100 100 IOU4 IOII4 101*4 loiu 84i 2 84i 2 86 Gucoll ctfs A 1937................ 3)4 86 85 85 Gu coll ctfs B 1941________ 3)4 85*2 85*2 85*4 85*4 85*8 853g 87*2 87*2 98 98*8 98*4 98*4 Tr ctfs guar 1916_________ 3)4 97*2 97*2 97*2 97*2 85 85*2 83 Gu tr ctfs C 1942_________ 3)4 83 84 s 4 843 4 84 85 Guar tr ctfs D 1944________3)4 94*4 94*4 937g 94 95 95*2 95*2 93*2 9414 93*2 94i2 94 15-25-yr guar g 1931------------4 923g 923g Gu series E 1952____________ 4 93U 93*4 93 93*2 Cin Leb 8c N 1942 gu............4 98 98 Clev 8c Marietta 1st gu—4)4 86*4 86*4 Erie 8c Pitts gu B 1940____ 3)4 93 93 Ohio Connecting gu------------ 4 98*2 98*2 Tol W V 8c O 1st gu A____ 4)4 98*2 98*2 Series B 1933....................... 4)4 Series C 1942.......................4 93*8 93*8 93*2 93*2 102i2 103 103 103 101 101*2 P C C 8c St L gu A 1942...4)4 100*g 10134 Series B guar 1942______ 4)4 100U 100U 102i2 102*2 Series C guar 1942_____ 4)4 94 94 93 93 Series D guar 1945_____ 4)4 Series E guar 1949_____ 3)4 90U 90i4 91*4 92 106*2106*2 Chic St L 8c Pitts 1932........... 5 Peoria 8c Pekin Un—1st.------ 6 101*4 101*4 2d 1921 gold______ ________ 4)4 Pere Marquette—Ref 1955___ 4 Chic 8c West Mich 1921........... 5 89 94 95i2 98 Flint 8c PM 1920 g....................6 100 100 102 104 89*2 89*2 88 65 65 90 88*2 8834 80 1st consol 1939 g_________ 5 90 73*2 75 75 79 Port Huron Div 1st g.___ 5 90>4 90*2 65ig 65’g Philippine Ry—1st s f_________ 4 64*g 65*4 64*2 65 60 60 Registered__________________ 4 108*2 108*2 Pitts Shenan 8c L Erie 1st.—5 95*8 Reading—Gen 1997 gold...........4 923g 95ig 945g 95*2 9434 95*2 94U 95*s 9434 95*4 947g 953g 93 9438 94*2 94*2 94i2 Registered________________ 4 94l2 95U 94U 94*2 94*2 95U 94*2 95*g 94*2 947g 94*8 9478 Jersey Cent coll 1951 gold..4 93i2 96 75*2 75*2 75*2 75*2 St Jos 8c Gr Isl—1st g--------------4 76*2 77 77*2 78 108 108 110 110 112 112 St L 8c San Fr Ry gen 1931 g..6 General 1931 gold__________ 5 166’ WII4 102 102U 10212 10234 10234 10234 IO284 103 102 103 102 103 77*4 77*4 77 77*2 RR.—Cons 1996 g.................... 4 73*2 77*2 78*2 79*2 77U 77*4 78*4 80 527g 48 49 46 47*8 42 48 60 45 50 Gen 15-20-yr 1927.............. .5 51*2 54 52 48 49ig 46 46 48 42 48 49 50*2 5534 50 Trust co ctfs dep_______ 44 45 44*2 44*2 do do stamped. 763g 78*4 7478 76*8 68 75*8 63*8 70*2 7634 76*2 78*4 74*4 76 Refunding 1951 gold____ 4 71 Trust Co ctfs dep______ do stamped_____ K C Ft S 8c M cons 1928 g. .6 109*2 110*4 1103glll 111*8 112 110*2 112*2 111 111*2 1103g 111 110*8 110*4 71 75*2 76 72 75 76 75 77*4 74*4 76*4 75*2 77*2 75 Refunding 1936 gold-------4 73 95 95 KC&WRy &B gu 1929 -------5 84 85 8634 81*s 84 86 86 86*4 84 St Louis Southwest—1st g___ 4 84*g 87*8 86ig 88 75 75 75 75 2d Inc bond ctfs gold______ 4 75 72* 73’i2 7034 72 69 70*2 68 Consol 1932 gold___________ 4 747g 7734 75*2 77 Grays Point Terml 1st_____ 5 98*2 98*2   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August  September  October  Bond Market Closed July 31 to Nov. 27 b oth incl  November December Low High Low High  89*8 89*g  90 89  90*8 90*8  79 797g 78*2 78*2 9234 93*4  96  9634  82 89 88  82 89 88  96  104*4  64  70  ’997g 9978  78'  78”  116  116  ’92"  93  86*2 87*2  96*2 96*2 98*2 1023g 86*4 89*2  64*4 65  883g 90 88 89 623g 64  9834 987s  987g 99*4  98*2 98*2 93*8 93*8  96*2 99*4 93*2 93*2  89  89*2  997g 100*4 99 99  92*8 92*2  27*2 27*2  74  74  99 99  99 99  85  85  92  933g  91  91*4  27*2 31*4 28*2 59 577g 56 107*4 6778  40 31*4 28*2 63 A 63 1 61*2 107*4 69*4  74 60  78 60  RAILROAD AND MISCELLANEOUS BONDS  161  1914—Continued. BONDS  January I February March April May June July Low HignLow High Low High Low High Low High Low High Low High  August  September  October  November [ December  Bond Market Closed Low High Low High July 31 to Nov. 27 b oth incl. 8034 81l2 78 75 84i2 85 71 775g 62 62 6312 66I4 7334 74lg 73l2 73l2  83i2 8234 83i2 82 79 8234 80 San Ant & Aran P—1st gu g-4 77 84 8U: 81is 81 Seaboard Air Line—1950 g___4 835g 85 85lg 85l2 do do stamped__________ 4 83i2 85 85 8534 85 8512 85ig 86 85 855S 845g 85 Adjustment 1949 ___________ 5 7434 7978 767g 80 7612 777g 75 745g 76i8 75U 8684 77 Refunding 1959 ____________ 4 7414 76i2 77 773g 73i2 76 7434 7814 75 74 76ig 69 8534 85i2 85i2 84 Atl Birmlng 1st 1933 g...........4 84 85i2 8534 85i2 85i2 Carolina Cent 1st 1949 g___ 4 85ig 8518 85 1017g 1017g Fla Cen & Penin cons______ 5 Ga & Ala 1st cons 1945.___ 5 102l2 103 104l2 105l2 104i2 104i2 10412 10412 Ga Car & No 1st gu g______ 5 103lg 1031s 103i2 10334 103i4 10314 Seaboard & Roanoke 1st___ 5 91 9134 90 So Pac Co—Ct Pac coll ’49 g_ 4 90 9338 9H4 94 90 90l2 85 915s 90lg 91 90lg Registered________________ 4 90 90 877g 92 Convertible 1929____________ 4 86lg 92 8634 88 8434 8738 85i4 8634 85 86i2 80 f 1023g 1035g 101 1025g 99l2 1013g IOOI4 10138 1005g 10218 96 10234 Convertible 1934____________ 5 Cen Pac 1st ref gu g_______ 4 9H2 94 93 94i2 9214 93l2 93U 943g 9312 94is 9312 94l2 8912 94 Mtge guar gold_________ 3)^ 91 9H2 91l2 9H2 91l4 913g 913g 9134 9112 91i2 9038 915g Through St L 1st gu g___4 8584 8534 87i2 87i2 86 86 86ig 86is G H & S A—M & P Div 1st g_5 1031g 103ig 103ig 10334 03 103 01 10234 Gila Val G & N 1st gu______ 5 1023g 1023g Hous E & W Tex 1st 1933..5 103 103 101 101 1st guar 1933 redeemable.5 10112 102 104l2 104i2 10834 109 109 109 109 109 Hous & Tex Cen 1st gu_____ 5 9334 94 ’9384 94 9334 94 General 1921______________ 4 9512 9512 Waco & N W 1st 1930........... 6 108 108 Austin & N W 1st 1941_____ 5 10U2 10U2 103 103 103 103 109 109 Louisiana Western 1st 1921.6 Morgan's La & T 1st________ 7 10634 10634; 10612 108l2 107lg 10734 107U107U 10712 10712 1st 1920............................... 6 107lg 107ig 107l8 1071g IO6I4 106U Ore & Cal 1st 1927 gu______ 5 ion2ion2 8434 8434 8434 8434 84l2 85 San Fran Terml 1st 1950___ 4 8434 855g 8714 88 Texas & N O cons___________ 5 96 96 96 96 Sou Pac RR 1st ref 1955____ 4 893g 9234 92 93 91 9358 9134 93 9314 92 92 92?s Southern—1st 1994 gold_____ 5 IO2I4 105 105 10578 10518 106 104l4 10578 10434 10534 10412 105i2 102 10538 Registered___________ 5 10312 103l2 7414 747g 73 7434 73U 737g 7314 737g 6734 73*12 Develop & gen Ser A________ 4 73 761'4 7434 76 Registered________________ 4 74lg 74ig Mobile & Ohio coll tr g____ 4 8OI4 83 8234 81 83i2 83 83. 8234 833S 81 8134 77 *81* 83 10438 1O412 MemphlsDiv 1st g______ 4)^-5 104 104 8412 847g St Louis Div 1st gold________ 4 835g 8334 85i4 853g 853g 86 86i2 86I2 104i2 10434 Alabama Central 1st 1918..6 9934100 Ala Gt South 1st A_________ 5 Atlan & Danv 1st 1948 g..4 86lg 86lg 88’2 88l2 Atlantic & Yadkin 1st gu._4 1003g 10038 Col & Greenv 1st 1916_______6 1015g 1015g 1043g 10438 1043g 1045g 1047g 105 E T Va Ga div 1930_________ 5 106 106 Cons 1st 1956 gold________ 5 105U 10738 1073g 10738 10738 10734 108 108 107i2 10734 108 IO8I2 107l2 108lg East Tenn reorg lien 1938..5 103l2 103l2 Georgia Pac 1st 1922 g_____ 6 108 108 108l2 10812 IO8I4 108i2 108s4 109 Knoxv & Ohio 1st 1925 g..6 109 110i2 llOlgllOis Rich & Danv cons gold___ 6 1005gl0034|101 101 101 101 101 101 101 lOllg lOllg IOH4 1007g IOII4 Deben 1927 stamped____ 5|____ ____ 10314 103l4 1007g 101 101 101 Sou Caro & Ga 1st g_______ 5 102 102 101 101l2 101 IOH4 101 lOllg 10334 10334 104l2 104l2 Va Mid gen 1936____________ 5 102l210312 104lg 104lg Va & S W 1st 2003 guar....5 103l2 105 I64" 105"’ 104 104 104 104 Q9 9234 9234 91 Va & S W 1st cons 1958____ 5 9034 91l2 92ig 92i2 91 9214 Q1 9314 West No Caro 1914 g________ 6 lOOig 1003s IOOI4 IOOI4 IOOI4 10012 9834 9834 Spokane International 1st___ 5 9612 96i2 1005g 10058 100 100 Terml Assn St Louis—lst_4H 10012 100i2 1st cons 1894-1944 g_________ 5 10334 106i8 10618 106is 106ig 106’s 10618 106lg 10512 10578 107 10*7 Gen ref 1953 sf______________4 85i4 88 89 90i2 89i2 89i2 89 89 88I4 88I4 10134 10134 St LMer Bridge Term’l_____ 5 102 102 102 102 Texas & Pacific—1st g________5 99l2 101l2 102U 104 long 10212 1015g 102lg *99*8 lOlU 100 101 9978 101 La Div B L 1st 1931............... .5 95 95 Toledo & Ohio Cent—1st g..5 IO334 104 10412 104i2 104l2 104i2 IOU2 10514 General 1935 gold__________ 5 98 98 100 100 IOOI4 IOOI4 Kan & Mich gu gold________4 8512 8534 85l4 87 87U 87i4 2d 20-year 1927....................... 5 9534 97 983. 9712 9 834 97l2 98i2 98 98l4 9812 9834 98l4 9834 Tol Peoria & West—1st g____ 4 80 80 79 82 8034 8034 Tol St L & W—Prior Hen..3H 8U2 82 50-year 1950 g_______________ 4 585g 60 52 5234 53 58l2 52 58 5514 5334 55 44ig 53 50 49 49 Coll trust ser A 1917________ 4 50 50 43 43 Toronto Ham & Buff 1st_____ 4 85 85 85’g 85lg 85l4 85U 855g 855g Ulster & Del—1st con g______ 5 100l2 lOUs 10U2 10i34 101 101 IOU2 10U2 100 101l2 74 1st refunding g 1952________4 74 76 76 76 76 9612 97*58 96i2 97i2 965g 97U 967g 977g 9634 9834 Union Pac—RR & I g 1947..4 95i2 9734 9614 98 Registered________________ 4 96i2 96i2 9512 9612 96i2 96i2 9534 96 98U 98U 913g 917S 91* *9*1*34 86 9358 90ig 93i2 90l2 9134 90s4 92 20-yr conv 1927______________ 4 90 9U4 91 91 Registered 9H4 9U4 1st & refunding 2008______ 4 91 9312 92i2 95 9312 95 9314 94U 93lg 945g 9312 94l2 94i2 95 Registered________________ 4 94 94 9134 93 9334 925g 9314 9258 93U 93 93ig 94 Oregon RR & Nav con g____ 4 92 923g 9312 93 Oregon Sh Line 1st g_______ 6 109lgll012 liOSgllOh llOlg 11034 110 110l2 110igll0l2 110l4ll012 110 11012 1st cons 1946 gold________ 5 10534 10758 10734108 107l2 108 10712 10712 10734 108 107 1075g 107 107 92 92 92l2 8912 92 Guar ref 1929 gold________ 4 8914 9234 93 94U 915g 9234 90l2 92l2 91 9214 9214 Vandalia—cons, ser B 1957 ..4 Virginian—1st 1962 ser A____ 5 973g 9978 995g 100i2 99U 997g 9812 9934 983s 99lg 98l2 9918 977g 9834 Wabash—1st 1939 gold______ 5 10158 104U 104 105 10312 10414 103l2 10414 103U104 103l2 10334 IO214 1033g 97ig 9634 9634 98 100 95i2 98 9634 97 2d 1939 gold................................ .5 94 98 96 9712 96 90 90 1st Hen equip 1921 gold____ 5 98 98 1st 50-year terminal 1954..4 78 78 78 78 75 75 55 50 53i2 4114 513g 1st & refund 1956 gold_____ 4 5012 6II4 56i2 6II4 54i2 57i2 51 >2 08I2 51 Cent Tr ctfs of deposit___ 50 4912 50i4 50i2 55i2 55i2 56i2 55 56U do stamped_____________ 50 Equit Tr ctfs of deposit___ 5658 5658 4834 52 Equit Tr ctfs of dep stp’d. 46 40 48l2 5714 51 547g 4912 54 56i2 54 71 72 Omaha Div 1941 gold____ 3>£ 65 65 73ig 73ig 80 7134 7134 ’7 Tol 8c Chic Div 1st g-------- 3M 70* 70 12 12 0 10 Wab-Pltts Term—1st g_______4 712 7i2 734 634 10 Cent8cOld Colony Tr Co ctfs lli2 1414 IOI4 13i2 7 7 1014 912 III4 1234 13 912 734 7 9l2 9l2 Columbia Tr Co ctfs________ 1314 13U 6I4 7 734 734 IH2 7 Col Tr ctfs for Cen Tr ctfs.. 1U2 14l2 10 912 9l2 6I4 12 12 2d gold 1954_________________ 4 »4 1. 1. 34 34 7g 2d g 1954 Tr Co ctfs dep____ 34 1’4 8334 84 83i2 83i2 Washington Term—1st gu.3^ 8U4 8334 8334 837S 8334 84 62l2 72 76 73l2 6H2 6778 56 66 West Maryland—1st gold____ 4 76 80 79 80 75U 79 West N Y 8c Pa—1st 1937 g..5 10212 1O45S 1043g 1051s 104 10418 10414 10414 104 10418 10378 104l8 104 104 7834 7834 77i2 79 82 General 1943 gold___________ 4 75 102 102 102 102 Wheel 8c L E—1st 1926 g...........5 101 102 IOU2 10U2 101 101 100 100 91 91 Exten 8c Impt 1930__________ 5 74 75 74 74ig 783g 79i2 76 79 80 79 7714 75 1st cons 1949 gold__________ 4 75 90 20-year equip 1922 s f_______ 5 88 88 Winston-Salem S B—1st_____ 4 88 89l4 86 88ig Wisconsin Cent—1st gen___ 4 855g 8834 87i4 89’s 8634 8734 87l2 88I4 8734 89 88*2 8834 89 895g 88I2 88I2 88I2 8834 87 Sup 8c Dul div 8c term 1st..4 86  STREET RAILWAY Brooklyn Rap Tr—1945 g____ 5 9912 103i2 1st refund conv 2002 g_____ 4 8712 92 6-year secured notes 1918___ 5 96ig 99i2 Brooklyn City 1st cons------ 5 101 10134 Bklyn Queens Co 8c S gu_.5 Brooklyn-Un El 1st g____ 4-5 9912IOII4 Stamped guar__________ 4-5 100 101 83 Kings Co El 1st 1949................ 4 83 Stamped gu_______________ 4 8234 83 77h Nassau Elec guar gold 4 74   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  102 103 10212 103lg 10212 10314 103 10334 9034 9258 9034 93U 88 915g 895g 92lg 9914 995g 9914 995g 99U 100 995g 100 1015g 10134 1015g 1015g 101 1017g 98 1015g IOII4 102 101igl0134 lOllg 10U2 101 10U2 1013g 10134 1013g 102 1013g 1017g 8334 8334 84 84 84 84l2 84l2 8412 8412 8412 8412 84 79 80 79U 77l2 80 7912 7912 79  1025g 1035s 100 104 89U 9234 9034 92 995g 100 97 100 100i2 102l8 102 10218 1017g 10314  9934 103  8334 84 83l2 84 8312 8412 835g 835s 78ig 78ig 78i2 79  100 100 1003g 1001a  83  1005g 1005g 8212 84l4  84  797g 813g 94 973g 8514 867g 87i2 87i2 86 86 1025g 1025s 102l2 102l2 805g 807g 95 95lg 8512 86  78  78  86 86 98U 987g  100 80  100 8H2  837g 85l2 977g 99l2  7534 7534  103ig 1033g  86i2 86l2  IOOI4 IOOI4  94l2 95  40  100 94  9414  8512 86  89 107  101  94U 95l2 85i4 89 88  89 107  46l2  8912  90 91lg 107 1075g 10234 103 855g 8778  95U 96 96l2 99U 87 89l2  2734 38  27 34l2 6OI4 6OI4 9l2 9  634  7i2  38  3g  535g 5914 101 101 77 78  83i4 84l2  98lg 983g  101 101i2 86 86 98lg 99*8  98U 100 8i’« *8*l’ij  RAILROAD AND MISCELLANEOUS BONDS  162  1914—Continued. BONDS  Chicago Rys—1st 1927_______ 5 Conn Ry & Ltg—stpd guar.4)3 Det Unit—1st cons ’32 g..4H Ft Smith Lt & Trac—1st____ 5 Grand Rapids Ry—1st g____ 5 Havana Electric-Cons g____ 5 Hudson & Manhat—1957 A..5 Adjustment inc 1957_______ 5 Interboro-Metrop—Coll. 4 '/i Registered________________4)^ Interboro R T 1952 ser A____ 5 Manhattan Ry—Cons gold..4 Stamped tax-exempt_______4 Metropolitan Street— Bway & 7th Ave 1st g-------- 5 Col & 9th Ave 1st gu_______ 5 Lex Av & Pav Fy 1st gu g—5 Met W S El (Chic) 1st............. ..4 Milw Elec Ry & Lt—1926-------- 5 Montreal Tram—1st & ref A..5 New Orleans Ry & Light..4k N Y Railways refunding.___ 4 Adjustment Income_________ 5 N Y State Rys—1962________4K Portland Ry 1st & ref 1930-------5 Port Ry L & P—conv 1942____ 5 Third Ave—1st ref........................ 4 Adjustment Income_________ 5 Third Ave RR—1st 1937..............5 Trl-Clty Ry & Light—1st------ 5 Underground of Lon 1938_4)^a Income 1948________________ 6a United Rys St Louis 1st______ 4 St L Transit gu____________ 5 United RRs San Francisco___ 4 Virginia Ry & Pow 1st_______ 5 GAS AND ELECTRIC Atlanta Gas Light—1st---------- 5 Brooklyn Union Gas—1st----- 5 Consolidated Gas conv------------ 6 Detroit City Gas—1923 g.—5 Detroit Edison—1st 1933------ 5 Hudson Co Gas—1st 1949—5 Kansas C (Mo) Gas—1st---------- 5 Kings Co El L & P—1st 37 g.5 Purchase money 1997-------- 6 Convertible deben 1925____ 6 Ed El Ill Bklyn 1st cons____ 4 Laclede Gas—1st 1919 g............. 5 Refund & ext 1st 1934 g------ 5 Milwaukee Gas Lt—1st 1927.4 Newark Cons Gas—cons-------- 5 N Y Gas Elec Lt Ht & Pow___ 5 Purch money coll trust g..4 Ed El Ill 1st cons 1995 g____ 5 N Y & Queens El Lt & P_____ 5 Pacific Gas & ElectricCalif Gas & El Corp—1937.5 Pacific Pow & L 1st 1930------ 5 Pat & Passaic Gas & El—cons 5 People’s Gas Lt & Coke—1st 6 Refunding 1947 gold---------- 5 Chic G L & Coke 1st________ 5 Consumers Gas 1st_________ 5 Mutual Fuel Gas 1st gu____ 5 Phila Co (Pitts) conv 1922___ 5 Standard G & E conv 1926____ 6 Syracuse Light Co—1st 1951..5 Trenton Gas & E—1st 1949—5 Union Z1 L & P—1st 1932 g..5 Refunding 1933------------------- 5 Utica Elec L & P—1st 1950...5 Westchester Ltg—1950---------- 5 MISCELLANEOUS Adams Express—coll trust..4 Armour8iCo—1st real est..4M Bush Terminal—1st 1952.----- 4 Consol 1955_________________ 5 Buildings gu tax-ex------------ 5 Chino Copper—conv 1921—6 Granby Cons M S & P—1st—6 Inspiration Con s Copper 1st.6s 5-year conv deb 1919_______6 Internat Merc Marine_____ 4J4 Internat Navigation-—1st------ 5 Montana Power—1st A------------5 Mortgage Bond of N Y—Ser 2.4 10-20-year 1932 Ser 3------------ 5 Morris & Co—1st 1939-------- 4J4 New York Dock—50-year____ 4  Niagara Falls Power_________ 5 Niag Lock & Ont Power—lst.5 Ontario Power N F—1st_____ 5 Ontario Transmission________5 Public Service Corp N J--------5 Ray Cons Copp—conv 1921..6 U S Mtge & Trust—Ser K...........4 Sierra & S F Power—1st______ 5 Washington Water Power____ 5 TELEGRAPH Amer Telep & Teleg coll tr—4 Convertible 1936 gold______ 4 20-year convertible 1933.4)4 Cent District Teleg—1st_____ 5 Commercial Cable—1st--------- 4 Registered__________________ 4 Cumberland T & T-—1st_____ 5 Keystone Telephone—1st------ 5 Metrop Telep & Teleg—1918. .5 Michigan State Telep—1st—5 N Y & N J Telep gen 1920____ 5 N Y Telephone—1st 1939..4 'A Pacific Telep & Teleg—1st___5 Southern Bell T & T—1st___ 5 West Union Teleg—1938_____ 5 Fund & real est 1950 g___4)4 MFG. AND INDUSTRIAL Amer Agric Chem—1st '28—5 Amer Cotton Oil—Deben..4)4 » Debenture 1931_____________ 5 Amer Hide & Leather—1st..6 Amer Ice Securities—-Deb.___ 6 Amer Smelt Secur—Deb_____ 6 Amer Spirits Mfg—1st_________ 6 American Thread—1st________ 4   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  January February March April May June July Low High Low High Low High Low High Low High Low High Low High 9634 99k  98*4 99  985s 99  98k 9878  69 84  73k 76k  72k 73k  70  73  99 92 8212 30 75  99 92k 84k 33 78  9878 99 9138 92 92 92k  90  75l2 84  91U  '7534 7918  9838 987g 89l8 9134 887g 92k  95 89 3834 773g  95 90l4 39 787S  98k 99U 91k 92 91k 92  91k 8I84 33 75k  9234 83s4  35 78  987g 99 9078 913g 9138 92  l0134 102 101 102 100 10058 101 101 IOOI4 101 80 80 102 102k 10218 10218 92 98 97U 98k 9878 99  101  101  98k 9858  75 79 583s 6078  78k 79k 59S4 63i2 87 87  77k 783s 6058 62k 88k 90  98i2 9834 96i4 96U 7058 72  98i4 9858  65  67i2  8234 83i2 31 3U2 7658 78  8134 83 30i2 31 77 7838  78 29 72  8134 31 775g  987g 99 9U2 9212 92is 92l2  9878 99 9214 93 927g 9278  97l2 99 92 9258 91 93  98iS 98i2  '76"  72"  August  September  October  November | December  Bond Market Closed Low High\Low HighJuly 31 to Nov. 27 b oth incl. 64  66k  75 2434 73 k 74 96k 87 88k  75 27 747g 74 97 90 8834  9914 9914  717g 74k  10U2 10214 101l2 1015s 10212 10314 10134 10134 101 101 10012 100l2 101 101 99l2 99l2 101 101 102k 102k 99 99 76k 78k 52 5834 8934 90  100k 100k 9814 8058 7658 54l8 89  98l2 81 7734 5634 90  98i2 987g  9834 9834  7534 77 72 76l2 53U 55i2 45 54i2 89 8934 88i2 88i2  70 70k 47k 475g  70 72 473g 52 99  92 8234 82i2 85 84 813g 8034 84k 82l2 107 107U107U 967g 97k 96k 98 96 96 95 94k 92l4 92 9214 8434 72 7038 72l2 70 68 70 70 71 60U 57U 61k 94 9278 94k 94k  80k 76k 106k 96 94k 8534 70  100l2 84l2 84l2  98 " 95 86 7078 71U 587s 93U  8II4 84k 753s 81 109 109k 9784 95 95 88 86 69k 70 70 71 5534 58 927g 9278  8234 84 83 7734 7934 79 10758 10834 108l2 9634 98 94 94 69_  69"  5414 57b 9212 927g  10U2101l2 105 10538 105U 106  102k 103k 105k 106  105  100 100 98k 100 102 10134 101l4 10U2 91 102" 102k 103k 111 113  98k 98k 9834 9834 10158 102k IO2I4 102k 102l8 10278 103 10438 104 104 103k 103k 92 92 104l2 104l2 114k 114k 114 114 113 113k 88 88 89 88k 88I4 88 IOII4IOI34 10138 10134 101 10158 100 lOOU 100 10038 9934 IOU4 90 9078 90k 91 90l8 91  9834 102  91 103k  105k 105  106  86 88 100 10134 101 10138 97k 100 100l2 100k 91 88k 88k 90 10134 10134 10134 103k 103l2 105 10438 105 104k 105 104i8 105 83 86k I 84k 87 84k 85k 85k 8634 8578 87 106 107 108 108 108k 108k 109 109 .................... 101 101 923g 94k: 93k 95k ................ 90 90 100 100 ..................... ....................... 114 114U 9834 9978 100 10058 10078 102 102k 10234 99k 99k 10038 100k 99k 100k 96k 97k 88 88 92k 92k 100k 100l2  9378 94k  93k 94 90 90k  114 114k IOOI4 10U2 10234 10338 100l2 10138  115iS 11532 10038 10058 103 103k IOII4 10U2 10034 10034 975s 98 97k 98 9U2 9U2 895s 90l4 100 100  84 82i4 7934 72 10S5g! 10878 9714 96 95i2 95l2 88 87k 69!2 69 69l2 69k 53U 5418 49 92l2  92i2 9338 8934 8934  84 79k 109 97 95k 87k 6958 70 5358 92k  79k 79k 74 74  69 6934 65k 65l2 51k 55  10534 106ig  10212 109 98k 100l2 100  9938 100l2 100l2 100l2 1025g 103U 102l2 103 103 103 105 105 114l2114l2 112 112 11334 11334 8734 8734 1017g 102 ion2 i02i8 100lg 10034 100 1005s 905g 9U2 905g 91  99U  79k 80 7412 76l2,  103k 111k 98k: 10012. 100  101k 101k 109k 109k.  99k 99k  9934 100k 96k 97 89k 8934  104U 105 86 87 109 109  104 105i8 86U 8734 109 109  100k 10138: 82k 83k  9238 93  90 93 8884 8884  90k 92  11534 11534 IOOI4 10034 101 1013g 1023 4 10334 103U 103U lOlig 101i2 100i2 100i2 97i8 9734 9634 9634  11434 11738 10034 IOII4 103 103  993s 100 101 101  IOOI4 100>4  10112 10112  100l2 100l2 100l2 100l2  94k 94k 10238 10314 104 73k 8034 89k 92k  101 104k 104  101 10414 IO484 106  10434 105  10434 10434 1045g 105  7734 791? 7634 7914 76 75i2 76i2 77 78 927g 9234 93 92 93k 92i2 9278 92 93 86l2 86l2 88 87k 88 87k 88 ’9l" oT’ 89 92 91 91 91 85 8878 86ig 8712 87 88 88k 88" *88 87k 88 150 150 164 164 166 166 99k 100l2 10078 103i2 102 105 100 105k ion2103 102U 103i2 9684 100k 99k 103 100 1011; 98k 101k 99 loou 995g IOOI4  78 92lg 87k 91 87  47k 60 59k 61 7578 77k 73k 76  53k 55 71k 73k 93 94k  50k 73 93U 83  54 7334 9378 83  4812 5412 7214 7234 93 93l2  100 88k 88k 78 78  52 53l2 72 73l2 9234 93U  7734 7934 90 93  96k 97 43 72 91k  78i8 78is 77 101 101 92 92 92 92 9478 95 9158 9314 95 95k 941g 9518 95* ’9514 92 92k 92k 92 8934 90 90l2 91 89k 9078 89k 90k 8934 90 88k 91 109 1093 4 1103 4 115 11? x!3l2 110l 2 1083 4 116k 109k 117U 107k 93 97k 97k 93 92U 92k 103k 103k  78 78 1011810U8  93 95  8884 897S 95 95 96U 99  88' 9/ P  95 96 97k 93 8678  9Sk 993i 997S 96 92  97k 98k 98 98k 98k100 96 98k 913S 923S  9634 97k 98U 97 9034  9734 96 89 101 78k 103k 94  101 98 9134 IO2I4 82 10478 94  101 102 98k 99 9134 93k 102 102k 82 89 104k 105 9514 99 93 93k  100 98i8 93 10234 87k 104k 96  89 96 97 99U 88I4  897g 96 100 99i2 88U  95k 95 90k  88 95k 94 99  97U 97i2 96  895g 95k 99 99k  32  3234  97k  98 97 98k 977g 92k  993g 101 100 101 9978 102 99 987g 99 98i2 99ig 99 925g 9358 9334 9434 9434 95i2 102i2 103i2 102 103 102 103k 88i2 88 88k 87i2 88i2 88 103 105 103ig 104U 10334 10434 9484 9484 "93i"2 93i2 94 94k  99 987g 9434 102k 88 10212 9434  101 99k 95k 103 89 104k 9434  98i2 98 98i2 97i2 92i2  95 95 94k 2934  98k 99 94k 32  90  90k  79 99  7934 99  86k 83 100k 101k110234 105l2  87k 87k 95k 95k  867S 9134 9478 9734  87k 91«4 96k 9734  94l2 95 89k 89k  10058 10034 98»4 9834 987g 987g  97 95 97k 96 91k  965g 97U 9734 97i2 91i2  72k 91k  100  98k 9758 98k 95l2 93  9734 96U 9712 98k 9738 98i8 98 9834 99 9734 9812 98 92 91U 92i8 101i2 98k 933s 103 88k 105 96  102 97 52 74 93  70 90  87 87k 85k 85k  77  93 95  883g 89k 8884 89l2 ' 95U 96 Zk 9334 94 9'Jk 97k 9978 98U 9934 9978 99k 99i2 9934 815S *81k 8158 8158 8212 82l2 85i2 85i2 79 79 77k 77k 98k 9634 97U 9634 98 96k 98k 97U 98k 98 89U 89k 10038100i2ll00i2100i2 10058 10058 1005g 1005g 9834 99 9638 98 99 100 99 99k 9812 100  8938 85 9634 97U 94k 9914  90k  92lg 93 8634 87k  100  100  90  97i2 96i2 9734 94l2 91i2  101 9412 94 9534 98 86k  101 95 95 96k 98 88k  99 99k 9212 92l2 100 101 80 83k 101k 103  163  RAILROAD ANDJMISCELLANEOUS BONDS 1914—Concluded. BONDS  June July January February March April May Low High Low High Low High Low High Low High Low High Low High  Amer Tobacco—40-year _ 6 1171® 120 120 120% Registered _6 Gold 1951________ _________ .4 97 97% 97% 97 _4 Registered Amer Writing Paper—1st___ .5 68 70 75 78 Baldwin Locom Works—1st. .5 102 103 Bethlehem Steel—1926______ .5 93% 98% 98% 100 1st & refunding 1942 A____ .5 81*8 85% 84% 87 Central Leather—20-year___ .5 97% 98% 98% 99% Consol Tobacco—50-vear __ 4 97!8 97ig 94 96% Corn Products Refg—s f____ .5 93% 1st 25-year sink fund 1934.5 91% 93’ 93 93 92% 92% Cuban-Amer Sugar—10-yr.. .6 93 Distillers Securities—conv. .5 63% 65% 64 68 89% E I du Pont Powder___ .4)4 87 88% 88 6 80 80% General Electric—1942___ 3)4 77 80 Debenture 1952___________ .5 103 105 103%105 General Motors—1st 1915___ .6 98%100% 100% 101 Illinois Steel—deb 1940___4>£ 83% 88 87% 88% Indiana Steel—1st 1952_____ .5 98% 101% 100% 101% International Paper—1st___ .6 101 102% 102 103 5 82 81% 8412 80 Internat Steam Pump—1929 .5 60 67% 65 66*4 Lackawanna Steel—1st con .5 90% 96%’ 95% 97 1st cons 1950 Series A_____ .5 70 78% 77 78 5-year conv 1915 ------------- .5 93% 97% 97 98% Liggett & Myers Tobacco___ .7 120 121% 121% 122% 99%100% 1951________________________ 5 96*4 100 Registered_______________ .5 Lorillard (P)_________________ .7 119% 121 120 122 1951________________________ .5 96% 99% 99%100% Mexican Petrol—conv 1921 A .6 91 9514 95 96% 1st & ref 1921 Series C_____ .6 Nat Enam & Stamp—1st.. . .5 91% 91% 93 93*g 8150 82% Nat Starch deben 1930 ____ .5 National Tube—1st 1952____ 5 96% 99% 99% 100% N Y Air Brake—Conv_______ .6 98% 99 98% .99% Railway Steel Spring— Latrobe Plant 1st s f 1921. .5 97 97% 98 98 92% 91% 92% Inter-Ocean Plant 1st 1931 .5 91 Republic Iron & Steel—lst_ .5 92% 92% 93% 10-30-yr sink fund 1940___ .5 91 Standard Milling—1st______ .5 84% 89 88% 89% The Texas Co—conv 1931___ .6 100*8 106 103 105% U S Realty & Impt—deben__ .5 84 86 89 87 20 20 20 U S Reduc & Refining______ .6 20 U S Rubber—coll tr 1918... .6 101%104 102% 103% U S Steel—s f 10-60-year____ .5 99% 102% 102% 102% Registered . ____________ . .5 100 102% 102% 102*4 Va-Caro Chemical 1st 1923.. .5 91% 96 95% 98 Western Electric—1st______ .5 100% 102 101 102% 94% Westingh El & Mfg—conv.. .5 89% 98% 93 10-year coll notes 1917____ .5 96% 96% 97 97% COAL AND IRON 92 92 Buff & Susq I—1st 1932_____ .5 Buff & Susq I—deb 1926___ .5 80 80 98 Colo Fuel & Iron—s f 1943.. 5 91% 96% 98 Colorado Fuel gen 1919 ___ 6 82 Colorado Indust—1st 1934.. 5 76% 81% 79 89 89 89 Consol Coal Md—1950 ______ 5 89 76 79 Consol Ind Coal—1935______ .5 Continental Coal—1st______ .5 99% 99% Jeff & Clear Coal & I 2d 1926 5 Kan & Hock C & C—1st '51. 5 84% 85% 85% Pocohontas Cons Collieries 5 84 St L Rocky Mtn & Pac—1st. 5 77 77% 79% 82 Trust receipts____ ______ 79% 79% Tenn Coal Iron & RR—Gen 5 97% 101 101 101% Birmingham Division_____ .6 102 103 102% 102% Tennessee Division_______ 6 101 L01 102 102 Cahaba Coal 1st gu 1922___ .6 Victor Fuel—1st 1953_______ 5 94% Va Iron Coal & Coke—1st.. .5 92% 95% 93  98  98  69 103 98% 86% 98%  72% 103 99% 88% 99%  93% 95 93% 94 92 92 64% 66% 87% 88% 90 90% 78% 80% 103% 105% 100% 101% 88 89 100% 101% 101% 101% 78 80 61 65% 95% 96% 74 78 98 98% 122% 125 100 102 121% 123% 100 101 95% 95% 95% 95% 94 94  99 98  99% 99%  121% 121% 121U123 121*4 121*4 97% 97% 97% 98% 98 98 68 70 67% 68*4 64% 67 ____ 104 104% 99% 99% 99% 98% 99% 99 85% 88 87% 86 86 86*4 98% 99*4 98% 99*8 99% 100 97% 9712 94*4 94*4 95 95 94 94*g 94% 95% 94% 94% 92 92 ____ 91*4 92 62% 64% 58% 61 57 58 86% 88 85% 87 85*8 86*8 90 90 78% 80 79% 80 104 105% 104% 106% 104%106 101 101*4 10078 101% 101 101% 88 89 88 86% 88 87 101% 101% 101%102 101*8 102% 101% 101% 100% 101% 101*4 101*4 78 80% 75 78 78U 79 57 60 63 56% 59 43 92% 91*8 92 93% 96% 91 74% 72 72 74 70% 71 98 96% 98% 96*8 97% 97 124 126% 124*4 126 125 127% 100 102 100% 101% 101% 102% 101% 101% 123 126% 123%125 124% 126% 100% 101% 100% 1007g 100% 101% 95 97 93 95 97*8 93 93 93 93 93 ____ 82 82 85 85 99 100 99 100% 99% 100 97 98% 98% 98% 97% 98*4 97% 98  97% 98% 97*4 97*4 93% 91% 92 91% 92% 92 1027. 103 93 94 93 94 93% 93*4 89% 89% 89 89% 88 89% 104 105% 101% 104% 102 103*4 82% 84 84 81*4 83% 82 18 18 102% 103% 102*8 103% 102% 103*8 102*8 103% 10178 103% 102*8 103 102% 103% 102% 103% 102% 103% 95*8 97% 95*g 967g 95*4 97 101 102 101% 102 101% 102 93% 95% 94% 95*8 94% 95% 97% 97% 98 99 98% 99  80 98  80 99  78 89 73  79 89 73  97% 97%  91*4 92  73% 78*4 •73 75 90% 90%  93 93% 87% 88 87 80% 80% 77 80 80 79*x 102% 103% 101% 101% 102% 102 101% 102 101b 101b 73 92% 93% 92%  88% 87% 78 79*4 79 103 ‘ 103 102 101*4  August  September  October  November  122  97% 97%  98% 98%  65 104 98 83 96 98% 95 94% 90 52% 85% 87% 79 105% 98*8 84% 97 100  69% 104 100% 86% 99*4 981. 95 94% 90% 59% 86% 87% 79 106% 101% 87% 102 100%  43 90% 71% 95 124 101  49 91*8 71% 97% 126% 102*8  124*8 100 90 94% 91  126% 102% 97 95 91%  841.  84*4  6634 67  20 102% 103 103% 98 102 96% 99%  92 80 86 105 74 74 71 89% 89% 89  92 80 90 105 73 89%  80 80 92% 92*4  86% 87*8 86 80 80 78 79 79% 79 103% 102% 103 102% 101*4 101*4 102 102  97% 99 84% 86% 96% 97%  55 56 82% 82%  92 9134 55 83%  92% 91% 57% 84%  101% 100% 82% 9834 98*4 98% 100 100 100 78 78 78 35 87 69 98% 98% 98% 120 120 120 97% 98% 98%  102% 100*4 84% 99*4 100% 84*4 43% 91 69 99 122 100%  95 95 91% 93 97% 97%  98% 91*4 104 94% 88 102%  97% 97*4 97% 917g 92% 91% 104 93% 94*8 91% 88% 88*4 88 102 103*4 94 83 83% 18 102% 103% 102 102% 103% 101 102*8 103% 102% 97 96 96 101*8 102 99% 93 95% 96 99% 99*8 99  97 97 84% 84% 96 96l2  119% 119% 119% 122 97% 97*8 97*4 100%  99% 100 98% 97  87%  December  Low High Low High Bond Market Closed July 31 to Nov. 27 b oth incl. 120% 120% 122%  96% 98 96 96%  93% 93% 89% 90  95  95%  90 88 94% 73%  91 88 99% 75  100% 10034 100% 102 99% 100 99% 100*8 99% 99% 99% 100% 90 94 100 100 100 101% 90 90 89 91 97% 98*s  86% 78%  102*4 102  99 100 9934 100%  101*4 102  73 93  90  91*8  91  91% 90  90%  1915. 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  64 66% Atch Top & S Fe gen g 1995..4 91*8 95*4 Registered_____________ 91 91 Adjustment gold 1995______ 4 81*4 86*4 81*4 87 50-year conv gold 1955_____ 4 92*8 95% Registered___________ Convertible 1960____________ 4 92*8 95% Registered________________ 4 10-year gold 1917___________ 5 100%101% Eastern Oklahoma Div 1st..4 92 94 Transcon Short L 1st g____ 4 86*s 89 Cal-Ariz 1st & ref 1962...4 Santa Fe Pres & Phen 1st g_5 Chic & St Louis 1st 1915...6 Atlan Coast L—1st 1952 g____ 4 88 91% General unified 1964.___ 4J^ Ala Midland 1st gu 1928....5 Bruns & West 1st 1938 gu.4 91 91 Charles & Sav 1st 1936 g____ 7 Lou & Nash coll 1952 g____ 4 84% 87% Sav Fla & West 1st 1934 g___6 1st 1934 g_____ ______ 5 Sil S Ocala & G 1918 gu___ 4 B & O—Prior lien g 1925._.3« 89% 92% Registered____________________3)4 88% 88% Gold 1948......................................4 89% 91% Registered__________________4 87% 87% 20-year conv 1933_________ 4)4 83*4 88 Registered______________ 4)4 Pitts June & M Div______ 3)4 87 87*8 Pitts L E & W Va System..4 78% 84 Southwestern Div 1st g._3)4 87% 90% Cleve Lor & W con 1st '33..5 Ohio River RR 1st 1936 g___ 5 General 1937 g___________ 5 Pitts & Western 1st 1917 ..4 Buff Roch&Pitts—Gen '37..5 Consol 1957............................... 4)4 100 103 Registered______________ 4)4 Allegheny & W 1st 1998 gu.4 Roch & Plttsb 1st 1921 g..6 1071a 1071a Consol 1st 1922 g_________ 6 Canada Southern— Cons guar Series A 1962___ 5 101% 103%   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  64 91 ____ 83 81*4 9378  64 94*4 85% 86 95  59 91 91% 81 817S 94%  62 59% 93% 93% 91% 92% 85 84% 85*8 84% 99% 100  60 95 92% 85% 86 104  60 92 90% 82*4 82*4 98  60 94*8 90% 84*4 85 102%  55 90% 91 82% 82% 99*4  59% 93% 91% 83% 83*4 101*8  55% 90 89 81*4 81*8 99%  58% 90% 89% 82% 82% 101*4  57 58 57 89*8 92% 89% 90 80*4 82% 80% 81% 82*4 80 101% 104% 100*4  61 59 57 94 92% *91 90% 90% 90% 82*4 82 84*4 82 83 86 103*4 * 102*4108  60 93 92% 85 *85 106%  63% 65 65*4 95% 93% 94% 93% ____ 87% 86% 88% 88% 86% 87% 110 105% 107*4  1031a  101*4 98% 102 101 104% 100*4 104*4 101 101 101*8 101% 101% 100*4 101% 100% 101 100*4 101% 101 101% 100% 101*4 101 101*4 ____ 92 93 92 92 92 93 92% 93% 93% 93 88% 88% 87 87*4 87% 87% 84% 88% 85 86% 85% 85*s 85*8 86 85% 86 93 931. 96 96 95% 95*4 95 95 103 103 1031.1031. 1031. 1031. 100b 100% 90% 93 90 91% 90% 92% 90% 92% 90 91% 89 85 90 86% 85*4 89  92?8 95*4  94% 100% 100% 104%  98% 102*4 100  107*8 110% 105% 107%  103  108  101 93% 86% 94  102 *101% 01*4 101*8 101% 93% 93% 96 94 96 87% 89 87 88*4 89 95  101  86% 92  92  94  92  93%  915. 92  93% 93%  92% 93  92  93  89  89  82% 80  83  91% 91%  105 105 105*8 106 92*4 92*4 031®  1 297q 12Q7o  85% 87  84  87% 84  87  84% 87  84 98  85 98  81 105  90% 92%  88  90%  82% 86*4  88 80% 88% 104  97% 91% 91% 91% 89% 89 89 90*4 90 90 82% 86*4 85% 88  97% 90% 89% 88  88 87 83 78 80 79 89% 88% 89% 88% 104 1031. 103% 1031.  87 83 91 1041.  97% 90*8 90 87*4  97%, 1191. 92% 90 90 90 90% 86%  84*4 88  88 88 80% 81*8 87% 90*8  83% 80  83 118  87 118  87  89  84% 88*g  105  1191.  91*8 89% 90% 88*4 90% 88*4 91*8 90% 92% 90 87% 85% 87*8 85% 87% 86% 89% 89*8 85 85 85 85*8 87% 84*4 87*8 85% 87% 85% 90 *88*4 94%  92% 92 92% *91 89 96% 96% 95% 96*4 90*4 90%' 89% 86*s 92% 91*8  91% 93*8  89% 87 94 95*8 87% 88 86% 86% 84% 84% 90*4 80 80*4 79 80% 78% 80 77% 80% 80% 83% 83 87% 88% 86% 88 88% 87*4 90 90 86*8 88% 86  93% 92% 91*4  97% 96*4 90% 88% 92*4  102% 1021.  98% 98% 98*4 98*4  99  102% 102% 106% 106% 101b 102 101  106  106*8  101  1001. 1001. 99*a 1001.  99% 100  100 90  94*8 94% infiSo inft5»  102*4 103% 101% 103% 103  103% 101% 104% 103  99  105b 105b 105% 106*8 104% 104%  1063. 1063.  107  107  103% 102% 102% 100 102% 100 s Option dale  101  100% 103  100 92 107% 107% 109% 109%  102*8 105*4 103% 104%  164  RAILROAD BONDS 1915—Continued. BONDS  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  Car Clinch & Ohio 1st 1938..5 9638 9638 94 94 9734 97*2 97*2 95 Central of Georgia—1st 1945.5 103*2 104l2 104i2 1O412 107 107 107 107 107l2 107l2 105 107 107 107 107*2 107*2 Consol 1945 gold___________ 5 101 102*2 101 10134 101 10134 101 10U2 9934101*s 99 9934 99 9934 98*4 99 97 100 100 102 100*2 101*2 Chatt Div pur mon 1951 g__4 86 86 83 83 Macon & Nor Div 1946 g___ 5 102 102 104U 104U 10134 10134 Mid Ga & Atl Div 1947....5 IOOI4 100U Mobile Div 1946 g.................... 5 10334 10334 Central RR & Banking Ga._5 91*2 92 9134 92*4 9258 92l4 92l2 91 9134 97U 95*2 97*4 86l2 87l4 Central of New Jersey— General 1987 gold....................5 112*2 115 II4I4 115*4 11438 1147s 11458 11538 11334 115*2 113 114 112 112i2 IIII4 11214 112 113l2 1155s 115*2 118 Registered_______________ 5 112 114 11334 114*4 114l2 11412 11334 115 113l2 11334 111 111 110i2 110l2 111 1137s 115 11434 115 American Dock 8t Impt____ 5 10234 10358 104 104 10358 104 10334 10378 10378 10378 10314 IO3I4 103 10314 103 103i2..................... 10338 1033s Central Vermont—gu 1st g..4 68 68 72l2 72l2 72 72 73 75 78 83 Chesapeake & Ohio— Gen fund & impt 1928_____ 5 92 96 83 83 8312 84 85 85 85 85 95 9978 99 99 1st consol 1939 gold________ 5 102*4 10434 103*2 104 10314 1 0334 103*4 104 104 10458 10378 105 102l2 103 102 10234 10138 1031s 10258 105 310414 O6l2 105*4 106 Registered________________ 5 101 101 105 105 General 1992 gold________ 4K 88*8 91 87 90k 8534 87*2 87U 88*2 847s 88*2 83l2 85 8334 8538 85 89 89 95l8 s90*2 9238 Registered______________ 4)4 84 84 90>4 90>4 85*2 88 " Convertible 1930__________ 4)£ 70*2 76*2 70 75 70 75*2 74 7634 72i2 76*4 7158 73l2 7038 73 72i8 7434 74 78‘s 7758 87 87 90 Big Sandy 1st 1944............... .4 837s 837s 82 82 80 80 83l2 83l2 83*2 83*2 Coal Riv Ry 1st 1945 gu___ 4 82l2 82l2 81l2j 8158 83 81 83 83 Craig Valley 1st 1940 g_____ 5 ____ 95 98 s98*2 s98*2 R & A Div 1st cons 1989 g--4 84 84*2 82 U 8458 8012 82 8434 8434 8D2 8D2 80>4 82 82 81l2 82 84 2d consol 1989 gold______ 4 77 77 80 80 Chic & Alton—Ref 1949 g___ 3 60 54 i8 5458 53 53 56*4 58*2 56*2 57*21 52 52 54ls 55 52 54l2 55 60's 5934 60*2 Chic & Alt Ry 1st 1950 g..3)4 39 39 42 43l2 44i8 43l2 45 45 47*2 42*2 471? 42l2 44 43i2 45 423s 4418 43l2 46 4238 46*2 Chic Burlington & Quincy— Denver Division 1922______ 4 99 ! 99U 99i2 99l2 99l2 9934100 98»s 98*2 9858 99*8 99 99 99 99 99i2 99i2 99*2 9978 Illinois Division 1949____ 3)4 81*4 82l2 82 83 8458 837s 87k 85*2 86*s 8178 8412] 83*2 84*4 83 8334 83’s 83i2 8234 8334 82 83 8134 8378 Illinois Division 1949______ 4 93*2 94*8 93*2 94U 94 9458 94 9458J 9334 94l2 9234 93l2 917s 9234 92 93i2 9278 93i2 935s 9414 95l2 95*2 96*4 Registered________________ 4 94 94 97*2 97*2 Iowa Division 1919, s f_____ 5 10H2 102*s 10214 102*2 102*2 102*2 IO2I4 IO2I4 102l2 102l2'102l4 1023s 102*2 10234 102l2 102*2 10212 102i2 Iowa Division 1919, s f_____ 4 9634 96®4 98*2 98*2 9834 99 9834 99i2j 99 99l2 99*4 99*2 99 99 9878 987s 9834 9834 98'4 9834 987s 99 Nebraska Extension 1927___ 4 95l2 9512 9634 97 9434 95l2 9434 95k 95U 9678 9712 9734 9778 9778 96*4 9658 9658 97 96 95*2 9634 95ls 957s 95 Registered___________ 95 95 Southwestern Div 1921 99's 99i8 General 1958________________ 4 89 92i4 89*2 9134 897s 9158 8934 91l2 887s 90l2 88 90’8 92*s 90l2 92 9238 94*4 90U 8978 9268 92l4 95 Chicago & Eastern Illinois— Refunding & impt 1995 g..4 29 29 27*2 27*2 26*2 27*8 20*2 2634 25 15l2 15l2 15 1634i 18 25 25 25 26*2 2412 26l2 Trust Co receipts_________ . 13 17 | 19 25 25 25 1st consol 1934 gold________ 6 102l2 103 91 101 101 96l2 96l2 96*2 100 101 101*8 104 104*4 99 98*2 100 96'4 General consol 1st 1937.___ 5 73 75 60 73 72 59 60 82*2 81*2 84 51*s 63*2 66 70 71l2 66 lg 59 67*2 65 Registered________________ 5 59*2 59*2 52l2 52l2 68 71 Trust Co receipts__________ 65 7934 81 59i2 59l2 59 60 83*2 Chic & Ind Coal Ry 1st ’36..5 17 17 19 20*8 Chic Great West—1st 1959 4 68*2 7334 69 71 685S 70*2 70*2 7214 68I4 7188 67 6558 68 66*2 70 6978 7478 7234 74*4 68M 6638 67 Chic Ind & Lou—Ref 1947 g..6 117 117 11312 117 113 113 113 113*2 114 114 114 114 110 112*2 Refunding gold 1947_______ 5 Ind & Louisv 1st gu 1956___4 55 Chic I nd & Sou—50-year 1956 4 86 85*2 85*2 Chic L Sh & East—1st 1969.4)4 9234 9234 9334 94*2 96=8 • Chicago Milw & St Paul—Gen Series A 1989 gold____ 4 88 8734 85 86 86l2 85 87 92 85*2 89*4 89 89*2 905s 9038 91 93*4 9134 933S 91*2 91 89*2 92 89 90 Registered________________ 4 89*2 89*2 Geo. & ref 2014 A.................. 4)4 89 89 88 90*2 90*2 953s 92*2 94*2 90 88*s 92 I 88*2 9238 89i2 9188 88l2 90 89 89U 87 887s 90 88is 89 Oen ref conv 2014 B------------ 5 101l8 10278 Ir0l8l0238 100l8 IOP4 10H2 104l2 102 104*2 10234 104l2 IOII4 103l2 10134 103i8 1017s 104 1027s 105*8 105 10738 106*4 1085s 79 7934,____ ____ 77*2 77*2 77 76 76l2 763s 77 "•Gen Series B 1989 gold___ 3)4 8OI4 8OI4 80 77 79*2 823S 81 82*2 80 78*2 80 9934 103*2 102 103*2 '-General 1989......................... 4)4 99*2 101*2 IOOI4 10U2 9938 10034 9978 101*21100*4 ion2 993410034 99 lOO’s 9734 9958 97 98*8 97 100 •25-year debenture 1934____ 4 89 86's 873s 86I4 873s 84*2 8638 86*2 90 90 93*8 90*2 9278 89 90*s 88I4 8934 87*2 88*2 8734 90*4 87*2 89*2 87 Convertible 1932,— .....4)4 93i2 9734 9534 97*2 9584 97 96*2 99*2 9558 987s 96 97*2 9378 95l2 9334 9558 93*4 963s 9534 99*4 99*2 102*4 101*4 103*4 102l2 102i2 10238 10238 102l2 102*2 103*2103i2 Chic & Lake S Div 1921-------5 1043 8 1043 8 103 103 104*8 105 104U 104U 10378 10434 1045s 10458 Chic & Mo River Div------------ 5 Chic & Pac West Div---------- 5 IOIS4 10338 103 10338 102i2 103 10234 103U 102 103 102U 10278 IO2I4 10234 1023s 103 1023s 10434 1025s 103*2 10278 10334 S103 103*2 91 87 87l2 87 87 8834 90 8578 87k 86*2 88*2 8878 9178 91 917s 88 8878 88is 89 \ 89 C M & Pug Sd 1st gen 1949.4 88*4 89*2 88*4 90 10038 1003s 100 100U 100l2 100i2 100’s 100i8 100 100 100*8 100's Dakota & Gt Sou 1916 g...5 IOOI4 IOOI4 10038 1003s 106 106 10634 10634 106*2 106*2 10634 10634 Dubuque Div 1st s f 1920. .6 107 107U 10738 1073a sl03 103 102i8 102l8 La Crosse & Davenport 1919 5 102U 1023s 102*2 102*2 103 103*2 8103*4103*2 102 102 102U 102U Wise 8c Minn Division-------- 5 1018s 10158 107 107 IO6I4 106l2 Wisconsin Val Div 1920-------6 100*2101 100l8 1007s Mil 8c Nor 1st ext 1934...4)4 10012 100l2 10038 10038 Consol 1934------------------- 4)4 Chic 8c North West—1915-------7 1001s IOOI4 94 94U Extension 1886-1926--------------4 92*2 92*2 94*2 94*2 Registered------------------------- 4 80 81 81 83 80 82 78l2 81 882*2 833s 79 81 80*2 79*8 80 80*2 81 79 80*2 80U 81 General 1987 gold------------ 3)4 7834 81 92 7 8 933 8 93 92l 2 9314 92*4 94*2 96*4 953» 96*4 General 1987----------------------- 4 89*4 9258 92*2 927s 92l2 9338 93*2 9434 9378 94=4 931S 94l2 9334 94*2 94 96 94l2 94 91*8 93*2 94*2 95*2 95 92*2 9214 92l2 91*2 92l2 92 Stamped___________________4 89 90U 90U 9U2 9U2 Registered________________ 4 109 10958 109 111 110*2 114*2 11314 114 im2112 11O1211U2 109i2llli8 10914 HO 11038 110*2 1147all478 112*2113*4 General_____________________ 5 108*2 108*2 108 108 109 109U 109*2 109*2 109*2 109*2 Sinking fund 1879-1929------ 6 Registered________________ 6 10334 10334 1033 8 1033 8 103 3 s 103 3 s 10378 10378 104 104*2 104®s 104*2 104*2104*2 10278 103l2 10338 10338 Sinking fund 1879-1929-------5 101l2 1015s 1015810258 104 104 104 104*2 Debenture 1921--------------------- 5 101 101 101 10U2 10058 10U2 102 104 102i8 102is 101 101 101 101l8 310158103 103*4 104*4 104*4 104*2 Sinking fund deb 1933-------5 102 103 102 102 101*2 101l2 Registered-------------------------5 93*2 93*2 Des Pines Val 1st gu 1947.4)4 Fremont E 8c Mo Val 1st---- 6 119U 119U 11734 11734 107*4 107*2 107 107 107*2 107s4 3107*^108*2 107*2 10734 107U 107U 108*2 108*2 Mil L S 8c W 1st 1921 g-------- 6 104*2 10458 Ext 8c impt 1929 gold------ 5 Sl 11*8311*8 Ashland Div 1st 1924_____ 6 llli2 111*2 Mich Div 1st 2924 gold...6 905s 93 895s 9038 91»4 9134 92 895S 91 89>4 89U 89*4 8934 90*2 90*2 90*2 92 91ls 91 Milw Sparta 8c N W 1st------ 4 90 103i2 104 104 104*4 104*2 106 106 106 1063s 1063g St L Peo 8c N W 1st ’48 gu.5 10234 104 105 1051s 104U 106 104=8 106 105U 105*2 102*2 102*2 103l 2 1035 8 Winona 8c St Peter 1st 1916.7 IO2I4 102*2 10134 10178 1O13S 102 1017s 10214 1017s 10234 102 102i2 10214 1023s 102*4 102*2 1023s 102*2 102*2102*2 1025s 1025s Chic Rock I 8c Pac Ry—1917..6 1023s 1023 8 IOIS4 IOIS4 1013 4 1013 4 102*8 102*4 102*4 102*4 101 101U Registered---------------------------- 6 79 8034 80*2 83*4 8234 86*2 84*s 85*2 83l2 82 83>4 803s 8314 795S 81 8178 8434 8134 8334 8134 85 General 1988 gold----------------4 8P4 84 81*2 81*2 83 83 80 8212 81 82 82 8OI4 83i4 Registered-------------------------4 6158 63*2 61*4 63*2 63*2 655s 6478 70 65 69*2 61 63 64U 69*2 6434 Vl58 64*2 7134 6334 6634 62l4 66 Refunding 1934 gold------------4 67*2 71 62 62 60 60 Registered-------------------------4 4212 5312 4H2 4712 39 47 4334 50*4 42 48*2 6458 50*4 67 44i2 43*2 48*4 42*2 47 57*2 53 20-year debentures 1932___ 5 53" 67*2 53 43 45 45*2 42 47*s 40 4678 Trust Co receipts----------39*2 42 do do stamped 90 90 Coll trust Ser N 1926---------4 92 Series O 1917.....................-4 92 195 8 25 18 23 7 8 C R I 8c P RR 2002................ 4 Registered________________ 4 20*2 23*2 24*2 1918 23U 19*8 25*2 20 Trust Co receipt- — do do stamped-___ 24l2 24*2 99*8 99U 99*2 9978 997s 99i2 99i2 99*2 100 99 99 99*4 99*4 101*4 101*4 99 99*s 99 Burl C R 8c Nor 1934 g.......... 5 99*2 99*2 9758 9758 Chic O 8c G gen 1919 g------5 97*2 97*2 Choc O 8c G cons 1952 g---- 5 4934 4984 52 52 50*8 52 83 83 84 Keok 8c Des Moines 1st------ 5 84 65 65 St Paul 8c K C Sh L 1st..4)4 117 117 117 117*4 II6I4 11738 116i2 11668 11434 115 114S4 115 115 115 115 116*2 117 117 117’ 117*2 Chic St P Minn 8c Omaha------ 6 11518 117«4 90 Cons 6s reduced to_______3)4 90 Debenture 1930______________ 5 101*4 10134 101*s 102 100 IOII4 1013s 10138 100 100U 99i2 101 100i2 100i2 9934100 *2 9934 10034 9934101*2 101*2 10278 102*4 103 115 115 1153811538 116 116*2 Chic St P 8c M 1st 1918........... 6 105 105*4 105*4 105*4 105*8 105*4 St Paul 8c Sioux City 1st g 6 105U 105U 105U 10534 105*2 105*2____ ____ 1055s 10558 1O45S 10458 105 105 105 105 10634 10634 105*4 105 3 8 105i 2 106 106 106 106*2 106*2 105 105 106*2 106*2 IO6I4 106*4 1063s 1063 8 Chic 8c West Indiana—1932..6 76 78 75 77 76 76i2 747s 77 79 77*2 83*4 8178 82*2 78 80 77 78*2 78 79*4 78*4 79*s 78 80 Consol 50-year 1952------------- 4 78 Cin Day 8c Iron—1st gu 1941 70 7734 78 79 81*2 6978 72 68 68i2 72 83 74 70 71 71U 73 6978 72*8 70 Clev Cin Chic 8c St L— 93 g__4 72 7938 8334 84*8 87*2 87*2 87*2 20-yr debenture 1931____ 4)4 3 Option sale   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  RAILROAD BONDS  165  1915—Continued. January February March August September October November December 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  BONDS  C C C & St L—(Concluded) Cairo Div 1st 1939 gold_____ 4 Cin Wab & Mich Div 1st____ 4 St Louis Div 1st 1990 g_ __4 Spring & Col Div 1st 1944__4 CI St L & C cons 1920_____ 6 1st 1936 g_________________ 4 Registered____ ____ 4 Cin S & C cons 1st 1928____ 5 Peor & East 1st cons 1940..4 Incomes 1990_____ _ __4 21 23 Cleve Short L—1st *61 gu..4)^ 15* Colorado Midland—1st g____ 4 15 Trust Co certfs of deposit, _ Colo & South—1st 1929 g____ 4 85% 90% Refund & exten 1935____ 4)^ 82% 85 Registered .. ___ .4)^ Ft Worth & Den City 1st..6 100 101% Delaware Lack & Western— Morris & Essex 1st 1915____ 7 100% 101 84 Refund 2C00 gu_______ 3)6 84 N Y Lack & West 1st 1921 _ 6 Construction 1923_______ 5 Terminal & impt 1923___ 4 95U 95% Delaware & Hudson— 1st Penn Div 1917___________ 7 Convertible 1916___________ 4 99% 99 1st lien equip 1922_______ I'yi 99 99 1st refunding 1943__________ 4 92 96 Registered _ __ _____ 4 Convertible 1935____________ 5 Alb & Susq conv 1946 g..3)6 845g 84% Renss & Saratoga 1st 1921.7 1133« 1133s Denver & Rio Grande— 78 1st consol 1936 gold______ .4 76 Consol gold 1936__________ 4)4 Improvement 1928 gold____ 5 78 80 1st & refunding 1955 _____ 5 38 47 Rio G South 1st gu 1940 g__4 Rio G West 1st 1939 g______ 4 70% 7134 Mtge & coll tr A 1949 g___4 Des M Union—1st 1917_______ 5 Detroit & Mackinac— 80 1st lien 1995 g______________ 4 80 Gold 1995 ______ 4 Detroit Term Tun 1961____ 4)4 Dul Missabe & Nor—Gen ’41.5 Dul & Iron Range—1st 1937..5 100 10034 Duluth S S & Atl—1937 5 Elgin J & E 1st 1941 g.............. -5 105 105 Erie— 1st cons 1920 gold--------------- 7 109% 109% N Y & Erie 2d ext 1919 g------ 5 3d extension 1923 g-___ 4)4 98% 98% 4tn exten 1920 g-------------- 5 101 la 10Ha 5th exten 1928 g _ 4 N Y L E & W funding 1920.7 1st cons prior lien 1996 g---- 4 80U 84% Registered __4 1st cons gen 1996 g------------- 4 6734 69% Pennsylvania coll tr 1951 g.4 50-yr conv Ser A 1953 g--------4 50-yr conv Ser B 1953 g------ 4 Buffalo NY&E 1st________ 7 Chic & Erie 1st 1982 g______ 5 Cleve A- Mah Val 1938 5 Long Dock cons 1935_ _____ 6 N Y L E & W Coal & RR .6 N Y L E & W Dock & Impt.6 N Y Susq W 1st ref g 5 General 1940 gold________ 5 Florida East Coast—1st------4)6 Ft Worth Rio Gr—1 st g 4 Gr North—C B & Q coll tr------ 4 Registered ______ - 4 1st & refund Ser A 1961__4J4 St P Minn & Man 1933 ..4 1st cons 1933 g----------------- 6  87% 60 64 102% 101l2  81  81  80  80  83% 70 77 77  83% 80 83% 841s 70 78 77 75% 78 78 77 84% 105 90  59  60% 5934 65 21 25 91% 92 95  msb lo.sb 10.5b 105b  90  90  87 65 65 23% 23% 93% 9334 15 86 83  15 90% 84  87  63% 63%  91 17 14% 87% 81%  93 17 14% 89% 83  101 62% 28 93 16  89% 82% 82 101% 102% 10134 10234 10134  88% 88% 101 101 101 101 64% 60 64% 60% 2334 28 93»g 9134 93% 93 17 16 16  101 60% 59 2334 20 93  60% 20% 92  93% 91  92 883g 91% 88 85 8934 873g 88% 85% 88 86% 91 87 823g 84% 80% 82% 80% 80% 78% 79% 78% 82 84% 8334 85 82 102% 10134 103% 102 102 102 102 102 102 103% 103%  68% 72% 65% 72 80 35% 37 9534 101% 99% 101% slO slO  9134 93% 8234 90  84  8434  75 77% 81% 81% 45  48  7034 7134  101  84% 8434 73% 81% 77% 45  745g 75 8134 8234 7734 78 47% 46  70% 72 59 58 100 100  85  763g 733g 83 ____ 79 79 49 47%  725g 75  101  75% ____ 79 48%  73 70 59% 59%  78 90 1041a 1045s 101% 98^2 99% 99% 100 100 96 103 103%  1041s 104U  110% 100 99% 100%  83% 86  78 90% 101% 100 96  7234 78 77% 44  69% 74 79 ____ 77% 71% 47% 42%  80  81  83%  80% 82  81% 82%  81  66  69%  66  69% 71  67  705g  8734 63% 65%  87% 61% 64 1023a  104% 101  85  8434 85 84% 85 85 107% 107% 1071s 1071s 108  72 ____ 71% 46  70 78 66 44  71 78 70 45  68 73% 66 44  70 75 71% 45%  87 85  87 85  85  85  90  90  68% 74% 71% 45  109 81  67 68 79% 79%  86% 108  86% 86%  89% 90  102 90  76 83 80 56% 35 73 60%  $87 80 89% 105 102% 94 104  8234 85% 83% 63 35 77 60%  79 84 82 57%  82% 8.5 85% 62%  75 62  80 65%  85 85 s87 85 94% 94 95 105% 10434 10434 103% 94 94 94 104  109% 109% 109% 109% 109% 109  109% 10934 111  100  101 93 1087s 8034 77 80% 80 80 67% 65% 6958 68  101 93 109 85 80 74%  86% 86% 86% 86 62 66% 65 61 73% 72 69 68  86% 86% 8634 8634 88 72% 7034 7334 70% 73% 8234 82 86% 78% 85% ____ 105% 105% 105% 105%  100 100 78% 80  65  75% 83% 71% 56  69% 73 59 59  100 90  109 82% 80  88% 87% 87% 86 64% 63% 66 60 6684 66% 70 65 1023a 1025s 1025s ____ 103 104% 103%  85  95% 9558  80  110% 1083g110 106% 110 1085g 10934 108% 109% 109 101% 1011a 1011a 101% 10138 101% 101% 9834 9834 99% 98% 99 98% 98% 101% 100% 10058 1011a 1021a 101% 102% 1011a 10Ha 100  68  853g  69% 69% 69% 70% 6934 70 71 69 59% 59% 59% 59% 59% 5934  6678  78 65  86% 86% 86% 59 61% 60 63 61 67 673g 68% 65 66 102% 10234 104% 104% 10434 10338 104% 102  86% 65 69%  121  103% 10238 1023g  1193a 1193a  121  102 94  102 94  83% 87%  s74  122  77  110% 111 102  102  84% 87  74  76%  122%  1001s 1001s  1021s 103  103  103  70  75  75  70  70  89% 90  97 90  97 90%  85 89  95 90%  94% 9634 945s 96% 99U 101  94% 9634 9534 96% 97% 100%  70  95 95 965g 9434  96% 96% 97 9434 117U 117H 1195s 119% 1191s 120  92"  100%101 9238 923g  103 90  103 93  103% 103%  103% 103% 1031s 1031s 94 94  90  93% 94  67% 67%  86 86 8634 88% 88% 88%  86 87 87 50 96% 96% 9534 96% 96% 955g 98% 99% 99 95 95 1193s 1201a 1183a 118 ’ 1183a 10058 10034 1003g 923g 93% 94  86 87% 88% 50 97 965g 99%  86 87 87% 54% 95% 95% 99%  86 87 87% 55% 96% 9634 99%  79 87  8734  95% 95% 95% 95%  96% 95% 97 95%  81 8634 54 96 96% 95  81 8634 54 96% 96% 96%  1183a 1 islo lIRlo 10134 100% 10138 100% 100% 943g 925g 93% 91% 923S  86% 87  96% 96% 94 93% 116%  97% 96% 9534 93% 117  87% 54% 965g 96% 95% 93% 1171s  1025s 1025s 95% 97 99 98 98 75% 75% 88 88 81% 87% 87% 91% 91% 95 54% 65 68% 67 70 9734 973g 98% 975g 98% 975g 98% 97% 97% 98 99% 99%100% 98%100% 93% 95% 95% 953g 955g 118 119 119 119 119  9934100% 99% 100% slOO s01% 101% 923g 9234 91% 92 94 94 93% 92% 85%  102% 102% 103 9538 95% 96% 92% 85%  89% 89%  1201s 120U  12019 121  118% 1185s 120  120% 120% 10519 105%  109 120% 120% 108% LOS% 1093a 5093a  120%  107b 107b  Debenture certificates B------ 10i2 123g Gulf & Ship Isld—1st 1952..5 Hocking Vail—1st cons g..4)6 93% 95 Col & H V 1st ext g------------- 4 85% 85%  Houston Belt & Term—1st ’37 5 Illinois Central—1st 1951 g..4  1034 12 87% 87% 95 91  93  10% 1158 82% 88 91 91%  72 70 11% 13% 94  94%  72 72 1334 1334  75 12  12  93% 94  92% 92%  83  833g 833g  93%  11% 8» 92% 84  11% 1034 1034 11% 12 11% 13 84 82 82 82 82 92% 8934 90 87% 90 88% 91 84 83% 83% 83% 83%  96% 97%  96 92  1st 1951 gold ______ Registered_____________ 3)4 Extended 1st 1951 g---- -.3)4 Collateral trust 1952 g--------4 1st refunding 1955.. . . 4 Purchased lines 1st 1952.3)4 L N O &T 1953 g-------------------4  7834 78s4  Cairo Bridge 1950 g------------- 4 Louisv Div 1953 g----------- 3)4  86% 86%  86 87% 853g 87% 86  86  83  8534 86% 86% 87  85 85 85% 8634  855g 86 8634 88%  85% 86 8634 88  85% 863S 89 89  81% 84  83% 84  82  86 77  77  8334  81  96  81% 82 87 86  82% 8334  79% 81  77 14% 82 96% 84 86  97  97  94% 97%  84  84  82 82  82 83  81 87% 81 84  90% 92 81 87%  83 8334 81% 81% 84 81 84 84 83% 8734 83 79 79 79 8058 8234 80 81 80  83 8434 8734 79 8334  8634 8634  86  77% 77% 68 73  123g 14% 85 85 92% 9334  92  81%  84% 85 86% 87%  123g  82 91% 84 86  8734 89% 84 85%  89% 91 84 86%  89% 89%  76% 76% 68% 68%  Registered ____________ 3)4 Gold 1951______________ 3)4 St Louis Div &- Terml 1951 3  78  78  79 88   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  92% 89%  1053s 105 105 104% 104% 1043g 104% 99% 99% 100% 100% 100% 100% 100% 100% 10034 100% 100% 100% 100% 100% 100% IOOI9 1003a 100% IOOI9 lOOlo 100 100% 99%100b 92% 89% 93% 89% 94% 93% 95% 95 95 92 94% 91 97% 9534 96% 96 96 1013a 1053a 1057s 1081s 1053a 10719 8234 83% 84% 86% 85 8534 845g 85% 8334 85% 81 8334 80% 82 87%  .5  Kansas C Sou—1st 1950 g____ 3 Refund & Improv’t 1950___ 5 Kans City Term—1st 1960___ 4  91 86  103% 106% 104% 104%  109  Ind Illinois & Iowa—1st g___4 Internat & Gt Nor—1st '19 g.6  82 85  105% 99% 99% 99% 9934 9934 99% 99% 100 100 100 100% 10019 100% 100 9334 94% 9334 95 9534 9334 95 92 92  1051a 1051s  Chip St I.A-NO 1951 g 5 Joint 1963 A_____________ 5  84% 86%  82 85  1003s 85% 85 108% 1073s 1081s 10134 96 96  87% 87% 63% 60% 66% 63% 103 103 104% 101  Montana Cent—1st g gu__6 Sr S F 1st 1938  78 80 85 105 90  1005s 100% 1005s 1005s 1003s 1003s 1003s 845g 84 84 8458 85 85% 85 1071a 109 1081a 1081a 107 10134 95% 95% 95% 95%  Reduced to--------------- 4)4 10014 1O112 92 Mont Ext 1937 g______ -.4 92% 94 Registered _ _ 4 Pacific exten sterling ’40.4 Eastern Ry Minn No Div 1st 4  Willmar  s851s  80  68% 68%  88  81 81 84% 88% 88  108 109% 108% 109% 109% 109% 9934100% 99% 100 98% 100 86% 86% 85% 85% 83% 84 99% 99% 100 100 100 98 88% 90% 67% 68% 67% 69 67% 68% 67% 68% 91% 88% 91% 88% 90% 9034 92 89 ____ 93 93 90 91 90% 91% 98% 993g  85 107 IO6I9 106% 104% 104% 104% 107 99% 99 9934 99 99% 98% 100 86 86 82 82 85 85 98 99% 100 98% 98% 97% 98 96 99 99 ‘88 88% 843g 84% 67% 68% 673g 683g 67% 6734 67% 67% 66% 67% 66% 70 92 93% 89 90% 913g 87% 88% 87% 88% 87% 88 s87 90% 90% 88% 90 84% 87 84% 8434 8334 8534 83% 85 s Option sale  88  88  99  100%  1061s 1061s  99  99%  85 107 99  99% 103% 101% 86% 87% 90 88% 97% 97 97 92 90% 90 6934 72 70 93% 93% 96 88 86% 90  88%  102% 873g 885g 98 91% s705g 95 90  RAILROAD BONDS  166  1915—Continued. August September October November December June July 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  BONDS  Take Erie & VV—1st 1937 g...5 98b 98*2 2d gold 1941 5 Lehigh Val (N Y)—1st gu .4^ 9934 9934 10012 101*4 Registered___________ ..4>$ 1003s 10038 Lehigh Val (Pa)—2003 g.4 87 87 General consol 2003____ 4% 9714 97U Lehigh Val Term—1st gu g 5 1053d 10534 106*8 106*8 Lehigh Val Coal—1st gu £ 5 104*4 104*4 Lehigh & N Y—1st 1945 gu_ 4 Long Island— 104 104*2  875g 875s Unified 1949 gold  86*s 86*8  4  Guar refund 1949 gold--------4 NYR Man Bch 1935 5 N Yft Rockaway R 1st 1927 5  9513 951$ 84 84  95  95  92l2 93  10U2 101 99 87 97*4 97U 9812  101  1033. 104 85 85  85 85  8512 86*2 83*2 83l2 100 100*8  85 85  87 85  843s 8438  90  91  9U2 9258 90  99 99  99 99  98  9334 95i2 74 98*8 98*8 99iS 100 100 8634 8634 89 8934 893s 99U 10012 98*8 98*2 98b 98b 99 108 108 106 107 1061? 1061? 1021? 1031a 103*4 103*4 101*2 1021? S103 103l2 1043s 88i2 84i2 85 85 84 * s1013a 103 1031? 103 103 s84 S84 85 86 86*4 87 83 8434 89’4 83*8 82b 8412 84l2 98 98 $98*8 84 83 83 84 84 84 83*2 8334 8334 8234 84 86 8512 90  8934 95  94  1013s 100 10H8 IOOI4 100i2 9978 9978 9978 9978 997s ____ 8734 8734 87 99 98 98l2 99»4 9934 9834 99  100  1007a 10079 101  Louisiana Arkan 1st 1927 _5 Louisville & Nashville— Gen 1930 gold_____________ 6 Gold 1937 _______ 5 Unified gold 1940________ .4 Collateral trust 1931 gold 5 RH fir Nashville 1st 1919 g 6 Lou Cin Sr I.ex 1931 g __4M> N O & Mobile 1st gold 6 2d 1930 gold ..6 Paducah Sr Mem Div 1946._4 St Louis Div 1st 1921------------6 2d gold 1980 _________3 Atlanta Knoxv & Cin Div..4 Henderson Bridge 1st______ 6 Kentucky Central 1987 g _4 L & N & Mob & M 1st g _ _4 1. Ar N Sou-Monon joint- 4 Nash Flor & Sheff 1st______ 5 Pensacola & Atl 1st gu-------- 6 So & No Ala gn 1936 . ..5 Gen cons 1963 gu.. ------ 5 Louisv &• Jeff Bridge gu *19_4 Minn Ar St T.ouis—1st gold___7 Pacific Exten 1st 1921 £___ 6 1st consol 1934 gold------------- 5 1st & ref 1949 gold__________ 4 Des M & Ft D 1st gu_______ 4 Iowa Cent 1st 1938__________ 5 Ref 1951 gold_____________ 4 MStP&SS M—Cons ’38 g...4 M S S M & Atl—1st 1926 . 4 Missouri Kansas & Texas— 1st 1990 gold________________ 4 2d 1990 gold_________________ 4 1st extension 1944 gold--------5 1st & refunding 2004_____ .4 General sink fund 1936. .4J-6  Mo K & E 1st gu 1942 g___ 5 Mo K & O 1st gu 1942._____ 5 MK ArT of Texas 1st gu g _5 Texas'8r Oklahoma 1st 1943_5 Missouri Pac—1st con 1920 g_ _6 Trust 1917 gold stamped---- 5 Registered________________ 5 Trust Co receipts Col Tr rects stamped1st collateral 1920 gold-------- 5 Trust Co receipts__________ 40-year gold loan 1945______ 4 Trust Co receipts. Trust Co receipts stamped1st & ref conv 1959_________ 5 Registered __ _____________ Trust Co receipts__________ Trust Co receipts stamped 3d 7s extd 1938 _________ .4 Cent Brch 1st 1919 g _4 Pacof Mo 1st ext 1938 g------ 4 2d extended 1938 g______ 5 St Louis Iron Mtn & So— Gen cons ry & 1 gr 1931 g.5 Unifying & ref 1929 g------ 4 Riv & Gulf Div 1933 g____ 4 Verdigris Val 1 &W lst’26 g .5 Mobile & Ohio—New 1927 g .6  1031?  87 997s 88l2  8578 87U 853a 86k 87  875S  100  101  9434 95U 110  112  9H2 94U 103U 103k  113i2 115  913s 94*4  112 112 111 111 113 113 112 112 11058 113 ____ lOfiU 107 1063a 1067s 107 107 1061a 107 91 94l2 91*4 943a 91i2 93*4 89*2 91*8 9034 92 93*8 93 1021ft 1023s 101U 1013a 1151? 1151? 115 1097ft 1097s  11338 1133s 108  108  10614 10712 1067s 10678 10678 60 85i2 88 88I2 88*2 8712 105 86 86 86 8734 86  79  78  80  107*4 10678 107 10612 65 59>8 88i2 87 87i4 105 86 8712 87l2 86l2 101 80 78 80  10634 10612 59U 5934 87*8 105 86i2 101 99i2  115  ____ 10734 108  86*s 87*2 86 4934 55 49  86*2 53*4  84lg 86l2 5334 48 9114 92  84 84 48l2 53 91 91  72S4 58 82 53 60  72l2 77 7512 5538 57*8 49*8 79*2 54 54 47 59*2 60 5612  84 35 90  85 45l2 9234  75 53 89 49 69l2  7978 58 89 49U 6978  80  85  88 4234 60 90 42 93  92*4 60 60 90*4 60 93  85 50  88 58  85 87 55 50 9014 90s4  85*2 90 5212 55 9114 9134  77*4 57*8 89 52*8 70 60*8  81 60 89 52*8 72 60*8  7714 80 60 58  75 57 8778 52 67  88 89  88 89  5218 56*4 6934 74  80i2 63 88 5634 70l2  78 6212 83 65 68l2  ___  48  108  108  108  99b 100i2 100 80 80 80 105 105  81 52*i2 44  76*4 55*2 80 5178 5738  7534 76*4 74l2 50iS 5334 50 70 47l2 60 44 53l2 54 51b  95  90  90  82  70  70  70  7978 81  9934 10U2 100l2 IOII4 993s 1OO12 IOOI4 IOH2 99 10H8 8934 95 93*2 94 96'4 8912 93 9H2 965g 92  113 1067a 94 104  81 50  6058 62* 86i2 90 S77ft 87 9R1? 100 78i2 81  102 86 8U2 82 48 50l2 52  10278 88l2 58  99 100l2 96 90 91*4 80 88*2 88*2  9934 90  93i2 97 79 81  7534 52 70 47*4 52  74 49i2 67b 40 423S  78i2 78i2 54i2 853i2 65 68 46i4 46 43 4414  83 62 68 56 49  91  89  89>2 92  95  72*4 6578 68 92b 95*s 93b 78*2 8158 80b 80  11178ll378 107U 108 94 95 10438sl05l2 10758 10758 1005s 1005«  107 61 87  8R  107 62 88 RR3a  793a 81 ‘  10418 104*8 108’s 109i2 109i2 108iS 108*8 105 1051a 100i2 100i2 10414 10112 103U 80 82>2 82i2  82l2 825S 82l2 83*2 80 89 84 85i2 83 80 4934 49 54 45 42*2 48 48*s 50*2 4778 51 8834 86*2 8834 s8778 9078 903s 933S 89*4 89*2 87 93l2 93*2 95 95 s963a S963d  95’  961? 96'2 85l2 85i2 88 88  114 11412 107 107 9434 s93 s1047s 05^2 1071? 1071? 9S*a 99 101 101 1131a 1131a 114 11512 112 105*? 90*8 1027ft  10578 59*2 85 105 88i2  87 8758 5414 5V3g 4812 5434  89 4734  112 105b 9058 10134  RR 861? 106*2 IO6I4 106l2 106 IO6I4 sl O6I2SO6I2 5934 61 59*2 6H2 61*2 5838 60 83 847s s83 85 863s 105 8684 8634 88>2 98 * 99’2 99*2 80*2 80*2 75i2 75l2  IO6I2 60 87*a 105  10034  88 40  111*8 105*8 90 9978  1147ft 115  IO8I2 108l2 109 109 IO8I2 108i2 108U 1085s 107i2 108 105’s 105*8 99i2 102 101*4 1013s 10058 1005s 1021410214 IOIS4 102l8 10012 10078 100 74 80 1111? 1111?  69 68 955s 88 82  68 6R1? 96iS 86  88 90 5212 5712  87l2 51 9234 97  76i2 50i8 50i8 52 42 51 90  90 55 9314 98l2  8234 s6012  66l2 55 477g 51 9514  70 68I4 71 691? 100 100‘s 100i2 85 88 88i2 8634 88  851? 85'2 90  90i2  3734 4912  38  4778  78  78  88l2 89*2  8812 9158  91l2 92i2  89  91  87  89  43  48  44  50i2  46  53»4  40  48*8  37  4234  32  425s 46  44  4978  44  47U  3978 45  36  40l2 33  8678 867g  85 86  85 8634  86I4 87i4  8634 87*2  85  97’4 10U2 6378 71 67l2 6734  98 67 67  100 70M 69  98U 99 65 68 67i2 66  98 99i8 68 66 65l2 67  96'2 9878 62i2 67 5978 60i8  Ceneral 1938 gold___________ 4 Montgomery Div 1st *47 g _5  75  St T. & Cairo 1931 guar. 4 Nash Chatt & St L— 1st consol 1928 gold------------- 5 Nat Rys of Mex—prior lien_4L£ Guaranteed gen 1977______ 4 Nat RR of Mex—1st 1951____ 4 N O Mobile & Chic—1st '60 5 New Ori TermI —1st 1953_____ 4 NY Central RR—Deb 1935...6 Registered _ ______________ 6 Ref impt ser A 2013 4 N Y Cent & Hudson River— Gold mortgage 1997______ 3)^ Registered ______ -___ 3^ Debenture 1934 gold______ 4 Registered________________ 4 Lake Shore coll g 1998____ 3)6 Registered_ Certificates of deposit. Mich Cent coll g 1998____ 3^ Registered 3 Li Beech Creek 1st 1936 gu___ 4 Carthage & Ad 1st gu 1981_4 Mohawk & Malone 1st gu__4 N J June 1st 1986 gu___ _ 4 N Y & Harlem 2000 g .. 3>3 N Y & North 1st 1928 g_____ 5 N Y & Putnam 1993 g............. 4 Pine Creek 1932 gu__________ 6 Rome W & Ogd 1st cons____ 5 Oswego & Rome 2d gu_____ 5 Rutland 1st cons 1941 g__4H Ogd L Cham 1st gu _ 4 St Law & Adiron 1st g______ 5 Utica & BI Riv gu_________ 4  87  11434 11434 112  112  72  72  75  8678  75  7734 72  73  73*4 7634  40  30  3534 29  34  32b 41  42 42  46 42  40  29  35  2934 34  34i2. 49 34 34  42  46 >4  42*2 40 ’ 80 60 87 96i2  43 43l2 45i2 42l2 80 61 60 6H2 90 s8812 89*8 9912 97*8 s98  85i2 86  853S 86*8  85  87  97 65 61  95lg 97 633g 6358 56*4 59*2  95 61 51  97*2 93 64*4 61 57*2 51 87 105  95 63 56  1101? 112 114 114  112*4 11214  1011? ion?  100  84  85 95b 64 52*2 87 107*2  78 fin 8734 93 95 65 53  78 fin s88 93  1075ft 10R3a 111 106 106 107  105  104  104l2105  30 31U 35  35  ~___ ______ 101  79 81«4 78U 78U 86 88 73  73>2  68I4 70  80  111 103  Rfilp  86l2 86l2 ____ 105  35  38  38  33  41  1015s 1003s IOP4 10038 104  40  99l2 10334 IOIS4 104  87b 89*8  86  893s  87  89  79l2 81  8034 79 78U 78 8553 89  79  80i2  76i2 79  86  89  84*s 8634  72*2 71 8034 70 69 9212  75 71 81 70 69 96  72 7212 7712 70  85  85  845s 85*4  84  733s 75  7212 73  72l< 73  723s 73 7U2 72  70  71 7138 69l2 69*2 93*8 94  69 7178 70 70 94U 9414  70  70  71  U03a 1107ft  107 75  107 * 75  104  89 89 8814 88=8  10234804i4 10538 10538 104lg106 573a 5234 5234 5234 5234 53 68 68  30  72 72 102l2 10334 10258 104M 103*2 106*4 10558 109l2 10914 112 1105sll4 1091a 1 101a 111 111 8678 88I2 87 9438 93 8734 86b 8834 88is 90i2 90 9<i2  79  7912 80i2 75*2 75*2 86 8634  87  46s4  40  87*4 87»4 80i2  83 is 8212 46t4 4512 4312  100  87  104l2 10538 1053s 10638 10538 1053g 105l2 106l2  8058 82 42 42 43 43l2  99’2 99U IOII4 100 102 71*8 73 78 73l2 75l2 73 67*2 68 70l4 7Ua  8fi   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  97M 9734 98i2 83*? 88 84 10058 1003410H2 100 100 100 9134 890 s90 lOOh 100 1015s 109 109ia 105 105 IO514 89 88i2 89  74 72*2 78 ” 70  9212 96  7734 80i2 80 82 79 84 83i2 76 79*2 81^8 82^2 8158 81&8 86*2 8514 90*8 8S934 93*4 9134 92 7g 91 91?8 .... 71 725g 74*4 75*4 7434 80*2 7712 795s 7134 7212 75 79 7S12 781a 7734 80*2 7978 87 77 77*2 7734 78 8318 86 6978 6978 67 70 70 7312 7312 79*2 77l2 79 67 67 71 71*2 7618 76’8 957s 96i4 9614 8819 88U s925» sQ25« 87 875s  76  78*2 76  85  86>2 84  86 1011? ion?  10178 10178  88 113 113 101»4 10134 102l2 103 102i2 103 10234 10334 102i2 103 100*8 100*8 100*8 100*8 100*s 1001a  102  88  583  85 70  70 101  96  85  67 100  101  97  92  67 100  80 70  80 70  96U 96*4 s Option  sale  9014 91  10238 1023s 10234103;,8 1033s 1033s  102*4 102*8 102*4 102l8 102*8  81«4 81*4 75 ’ 75  RAILROAD BONDS  167  1915—Continued. January February March I April | May I June | July ! August September' October November December Low High Low High Low High Low High Low High Low HlghLoio High Low HlghLow HlghLow HlghLow High Low High N YC&H River—(Conci.) LS&MSgold 1997............. 3M 82-b 82 83b 82 83 8112 83 8238 84 81b 83b 82 82b 81b 82b 81 82b 83b s8638 84 85’4 82 82 Registered______________ 3H 82 82 81 82 S134 8134 ____ 82 82 Sll2 811 90b 92" Debenture 1928 gold_____ 4 9034 93 943 g 95 90 90 91b 90 91*2 91 91b 9134 93b 90b 9314 92 94b s94 95b 92b 90b 92 Registered______________ 4 91 92 _ 93b 94b 25-year 1931 gold_________ 4 90 89b 913g 883 4 90b 93b 94b 92b 89-34 92b 8934 92 91b 927g 89b 9234 89b 90b 89b 92 91b 93b Registered______________ 4 91 91 Mahoning Coal RR 1st.___ 5 104b 104 b Pitts & L E 2d 1928..................... 5 103 103 Mich Cent 1931............................ 5 1023s 1023g 103 103 102b 102b 104b 104b Registered________________ 5 104 104 1st 1952 gold......................3^ 79b 79b 835g 835g 81 80l2 81 8U4 81l4 81 79b 79b 8034 8034 79 20-yr debenture 1929_____ 4 82 85 78l4 8134 78 80b 78b 78b 80 83b 86 88b 8812 88b N Y Chic & St L 1st 1937 g. .4 93 93 90 93 91>4 92i4 89b 9034 88 925g 915g 94i2 93 92l2 9312 9012 93 93U 9334 92 94l2 88b 89b .................... J 78 79U 76b 76b 25-year deben 1931_____ 3J^ 75 75 80 82 83b 8134 83b 9034 West Shore 1st 2361 gu_____ 4 8938 92 90 90 91b 89b 92 b 92 92 b 88 9214 89 87b 89b 897g 91b 90’g 92b 90l2 93 8634 Registered________________ 4 8834 8934 87>4 8884 8738 88b 88b 89 88I2 89 85b 89 87 89 b 87 b 90 86b 86 88b 90 NYC Lines equip 1919_____ 5 100 100 1003g 100-3g Equipment trusts 1916___ 5 100 100 Equipment trusts 1917___ 5 101b 101b Equipment trusts 1918.4J^ 100b 100b 100b 100b Equipment trusts 1924.4^ 9934 9934 NY Connecting—1st 1953...4^ 98 9412 94b 94l2 9514 95 S97b 96 N Y New Haven & Hartford— Non-conv deben 1947____ 3>$ Non-conv deben 1954____ 3>£ 63 69 70 72 72 64 Non-conv debentures 1947.4 78 78 72 77 7934 80 Non-conv deben 1955______ 4 72 71 75 80 80 77 77 76b 77b 77b Non-conv deben 1956______ 4 72 72 70 70 76 77 77 78 78 79b 81b 82b 80b 82b 72 73 66i2 66l2 68 Convertible deben 1956._3H 6334 64 6312 63b 61b 65 68 70 68b 67b 69 68b 72 71b 73 69b 65 Convertible deben 1948____ 6 103b 106 101 105b 10234 110 IO8I2IH 109 11U2 110 112 108b 11078 109b Hl38 110 112 111b117 11534 11784 114 116b 105 107 108b 110b 11034 IIO84 116b H6b 113 114b Registered________________ 6 105 105 101 101b 102 103 . .................... 109 109l2 110i2110l2 68i2 68b)................. -I...................... Consol Ry non-conv 1930___ 4 .....................[...................... I 79 79 ..................... Cent N E 1st 1961 gu___ 71 73 74b 81 105 105 IO5I4IO5I4 .....................105l2 105b........................ Housatonic cons g 1937.___ 5 N Y Westches & Bos 1st..4)^ 68 67 75b 7312 78b 7534 78 75i2 78i2 74U 77 70b 66b 69 74b 75 74b 78 80l2 84 77b 8178 7834 83 55 Providence Secur 1957_____ 4 56 56 5812 58b 55 82 78’s 82b 80b 82 80 N Y Ont & W—1st g 1992...........4 80 7914 75 77 79 81b 77 74b 77 77 74b 79 79b «82 77 81 82b 80 General 1955________________ 4 73 75 75 80 75b 75b 75b 76 7512 75b Norfolk Southern—1st 1961..5 83 101 101i2 101 101 Norf & South 1st 1941_________ 5 102 102 101 101 95 96 97 11714 11738 118 118 120 120 Norfolk & West—Gen 1931..6 115b 11578 115 117b 117b H7b sll5s!17b 117b H7b 116 11878 11634 11634 119 119 Impt & exten 1934 g________ 6 118 118 11958 11958 119 New River 1st 1932 gold____ 6 93-3g 9034 93b 89b 91b 87b 893g 8634 88b 87 94 92 94 N & W Ry 1st cons 1996____ 4 92 90 93b S9134 9412 93 91b 93b 9U2 925S Registered________________ 4 93b 93b 90b 89-3g 92 Divisional 1st lien________ 4 8712 88b 88I2 88b! 88I4 88I4 88I4 88b 87ig 88b 87 b 87s4 85b 87 89b 91 85b 86b 87 10-25-year conv 1932_____ 4 101l2 102 | 9878 102 ..................... 102l2 10434[l01l4 102 101b103 10238 102»s 107 107 106b HOb 114 11634 117b 120b Sll938!2178 102 10212 102b 103 107 107 109 10934 si 1584117 120 122 10-20-year conv 1932_____ 4 9934 9934 ........................................... 102b 102b Convertible 1938________ 4J^ IOH2 103 101 10234 10038 102b 10238 10512 102 105 10234 103b 102b 1053s 105 108b 107 115b 113b 118 s11634 20b 116b 122b 88 89 88b 87b 87b 87 87b 86b 8684 86b 88 8834 91b 8934 8934 Pocahontas C & C joint. .4 8934 90 I 8734 90U 88 89 88ls 89b 88 8434 87 90 I 90 90 89 90b 92 923S 91 91 91 91 86 86 91 Scioto V & N E 1st gu g____ 4 ..................... 90 87b 88 92b Northern Pacific— 9134 8934 91b 8884 905s 9234 943S 923g 93b Prior Hen 1997 gold_________ 4 89b 93b 8834 92l2 89b 9234 9214 93b 91 91b s90b 93b 92 92 90 92 91b 89 89b 89b Registered________________ 4 8834 88b 9034 9034 90b 9H4 92 90b 91 92b 93 92b 92 b 62 6434l 62 65 6438 65b 63b 66 General lien 2047 gold_____ 3 6234 65 64b 62b 63b 62b 63b 63 b 62b 65b 64b 6678 65b 66I3 Registered________________ 3 6212 62b 6H2 6H2 6212 63 63b 63b 65b 65b 64i2 64b 9034 9034 9034 9034 9034 9034 90b 9058 St Paul-Dul Div g 1996____ 4 90b 90b 166" IOO’ ioob ido’b Dul Short Line 1st gu 1916.5 10984 10934 sl0958s09b 109b 10978 St P & No Pac gen gold___ 6 109l2 109l2 10912 Ill’s 109b 110b 11012 11012 109b 109b 109b 109b 1O958 109b Registered certificates___ 6 109b 109b 102 102 St Paul & Dul 1st 1931____ 5 2d 1917.............. 5 IOOI4 100U 101b102 90 90 1st cons 1968______________ 4 Washington Cent 1st 1948..4 88 91b 111 111 110 110 110 no 1103s 11038 111 111 110b111 Nor Pac Term—1st gold_____ 6 111 IIU4 87ia 87U 87b 863g 8034 81b 80b 83b 83 8678 90 Oregon-Wash—1st & ref 1961.4 8312 85 ( 86 83b 8584 90 79b 81 Pacific Coast Co—1st gold___ 5 98 98b 94 94 95b 95b 95b 95b 96b 95b 95b 93b 95 94b 95 93b 95 Pennsylvania RR— 96 96 1st real estate 1923 gold.___ 4 96b 97 98 s99b 102 102 Consol 1919 gold___________ 5 102b 103b 103 103 Registered________________ 5 96 98b 9712 97i2 97b 97b 95 Consol 1943 gold___________ 4 98 97b 97b 96b 97 98b 99b 10-year conv 1915 gold___ 3\i 993sl00 100 100ig 100 100b 100 100b 100 100b 100 100b 100b 100b 100 100b 100 100b 100 100 100b 100b Registered______________ 3^i 99b 99b 9834 97U 983g 9784 98b 97 Cons 1948 gold______________ 4 97 98U 97b 98l4 97b 98 97 99b 9634 97b 96b 97b 98b 9834 9834 100s8 Registered________________ 4 98's 98b ... 10314 104b 10338 103b 10334 10458 1027g 104 102b 103b 102b103 IOI84 103 102b 103 103 104 103b 106b 1O53S IO584 Consol 1960_______________ 4J^ 97 97b 97b 98b 97b 97b 97 97b 97b 9758 97b 98l2 985g 101b 100b 101b General 1965______________ 4b 94 94 96 9358 93b 94 9378 93b 96 96b 9084 Alleg Vail gu 1942 gold....4 94 Phlla Balt & W 1st 1943____ 4 99 99b 96b 97 99 99 99 99 s99bslOO 99 99 United N J RR & Canal...4 ..................... 98S4 9834 99b 99b ;Pennsylv Co—gu 1st g_____ 4b IOOI4 102is 102 102>8 100 10034 10U2 10U2 99b 99b 99S4 100b 100 100b 100b 100b i66i2i’di 100 101 slOl 10138 101 slOlb 100 100 100 100 100b101 Registered______________ 4b 99b 99b 9934 9934 100 100 Guar coll ctfs A 1937.___ 334 85b 85b 85" 85" 84 84 Guar coll ctfs B 1941.___ 334 84b 84b 99-b 9938 99b 99b 9934 9934 99b 99b 99b 99b Trust ctfs guar 1916_____ 334 Guar trust ctfs G 1942..334 81 81 Guar trust ctfs D 1944..334 9214 92b 94b 94b 93b 94b 89b 89b 89b 92 93b 93b 94b 94b 93b 94b 15-25-year guar gold 1931..4 92b 92l2 92b 94b Cin Leb & Nor 1st 1942____ 4 89b 90 9734 9734 Cleve & Marietta 1st 1935.434 104 104 Cleve & Pitts Ser A 1942. .434 si 048104 Series B 1942........................434 8334 8334 Cleve & Pitts ser D 1950..334 9634 97b 9834 9S34 100 100 95 973g 973g 97 97b 95 Grd Rap & Ind ext_____ 434 97b 97b 9634 9634 97b 98b Tol Wal Val & O ser A '31.434 98b 98b Tol Wal Val & O ser B '33.434 99 IOOI4 10U2 98 P C C & St L gu A 1942..434 99 99b 100b 9934 99b 98 98b 983g slOObsOOb 101 10134 9934 9934 97b 98 98 98 99b 995g 100b 101’s 101b 1O1S4 Series B guar 1942_____ 434 9912 99>2 10038 101l2 100 IOOI4 10038 100b 9934101 Series C 1942....................... 434 IOII2 101b 97b 97b 92b 92b 92b 92b 9358 9358 9334 9334 92b 9334 935s 93b Series D guar 1945_____ 434 9l" 91 90 90 91b 91b 91b 915g 915g 9158 90b 9’lb Series E guar 1949_____ 334 9334 9334 92b 92 b Series G 1957 guar________ 4 Series I guar 1963______ 434 101b 101b 104 104 Chic St L & P cons 1932____ 5 102 102 1013s 1013g Peoria & Pekin Union—1st..6 2d gold 1921...............................434 Pere Marquette— Refunding guar 1955______ 4 lib Hb 75 75 Chic & West Mich 1921....5 90 96 98 90 100b100b 101 101 Flint & P M 1920 gold...........6 72 72 73 73 70 65l 2 69 72b 72b 1st consol 1939 gold_____ 5 65 65 68 Port Huron Div 1st gold..5 105b 105b 105 105 Pitts Shenan & Lake E 1940..5 94 95’4 94b 95b 92 93b 91 93 93 Reading—Gen 1997 gold_____ 4 9234 94 b 91b 94b 9112 94b 93b 95b 92b 94l2 913g 93b 91 94 94 93 93 913 4 92l 2 91 3 4 913 4 92 92 90 91 93 93 9OI3 93 90b 90b Registered________________ 4 92b 92b 92 92 90b 92 9478 95 95>8 95b 93 93 93b 91b 92 Jersey Cent coll 1951 gold..4 91 91b 91b 92U 9234 93b 93 Registered________________ 4 92b 92b 60 61 60b 60b 63 63 St Jos & Grand Isl—1st g____ 4 105b 107 106 106b 106 106 106b 107b 07 107 b 107b 108 no no St L & San Fr Ry gen 1931 g..6 106b 10712 10738 108 108l2 108b 108b 108b 9934 9934100 99U 101 99b 100b 99 100b 98b 99’4 99 100b 100b 103 8102 103b 10 lb 99 99b 100 100 General 1931 gold__________ 5 99 67 35 44 60b 41 45b 45 52b 65 50b 57 42 44b 45 RR.—Gen 15-20-year 1927..5 35 37 61b 47 46b 45b 46b 44b 47 6684 46 46 46b 44b 46 50b 52b s49b 66b 50 32b 51 47b 61 44b 45 Trust co ctfs dep_______ 3634 42 42b 49 42 42 42 42 63 S55 363 4 42lg 45 48 51 b 856b 42b 47 42b 45 do do stamped 32b 49 40 46 Registered________________ 5 s Op! ion sale   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  RAILROAD BONDS  168  1915— Continued. BONDS  St L & San FranRTl—(Concl) S’west Div 1947 _ __ _ 5 Refunding 1951 gold____ 4 Trust co ctfs dep.___ do do stamped do do coupon paid do do double st'd KC Ft S & M cons 1928 g. 6 Refunding 1936 gold___ 4 Registered____________ 4 K C & M Ry & Bdge 1st____ 5 St Louis Southwest—1st g.. .4 2d inc bond ctfs gold____ .4 Consol 1932 gold__________ 4 1st term & unif 1952______ 5 San Ant & Aran P—1st gu g .4 San Fr & N P—1st 1919_____ .5 Seaboard Air Line—1950 g__ .4 1950 gold stamped_________ 4 Adjustment 1949__________ 5 Refunding 1959___________ .4 Atl Birming 1st 1933 g____ 4 Carolina Cent 1st 1949 g__ 4 Fla Cen & Penin 1st 1918__ .5 Fla Cent Penin cons. .5 1st land grant 1930_____ 5 Ga & Ala 1st cons 1945___ .5 Ga Caro & Nor 1st gu g___ 5 Seab & Roanoke 1st______ .5 So Pac Co—Ct Pac coll ’49 g .4 Convertible 1929___________ .4 Convertible 1934___________ .5 Registered .5 Cent Pac 1st ref gu g_____ 4 4 Mtge guar gold------------- 3H Registered 314 Through St L 1st gu g .4 G H & S A—M & P Div 1st g _5 2d guar exten 1931______ .5 Hous E & W Tex 1st 1933.. .5 Guar redeemable 1933._ .5 Hous & Tex Cent 1st gu___ .5 General 1921____________ 4 Waco & N W 1st 1930____ .6 Austin & N W 1st 1941____ .5 Morgans La & Tex S S 1st 7 1st gold 1920____ _________ 6 Northern of Cal gu 1938___ 5 Ore & Cal 1st 1927 gu-------- 5 San Fran Terml 1st 1950.. 4 Sou Pac RR 1st ref 1955___ 4 Southern—1st 1994 gold------ 5 Registered .5 Develop & gen Ser A______ .4 Registered______________ .4 Mnhile fir Ohio mil tr 0 4 St Louis Div 1st gold ___ .4 Ala Gt South 1st A 1943 5 Atl fr Char A L 1944 _ 41% Atlan & Danv 1st 1948 g___ 4 2d 1948 ________________ .4 ET Va Ga div 1930_________ .5 Cons 1st 1956 gold______ 5 Registered_______ ____ 5 E Tenn reorg lien 1938____ .5 Ga Midland 1st 1946 _____ .3 Georgia Pac 1st 1922 g____ 6 Knoxville & O 1st 1925 g___ .6 Rich & Danv Deb 1927____ .5 Sou Caro & Ga 1st g.____ 5 Va Mid ser C 1916__________ .6 Va Mid gen 1936...................... 5 Va & S W 1st 2003 guar____ 5 1st consol 1958 _ .5 Wash O& Wist gu 1924... 4 Snokane Internatl—1st 1955 .5 1st cons 1894-1944 g_______ 5 Gen ref 1953 sf __ _____ .4 St L Mer Bridge Terml____ .5 5 Texas & Pacific—1st g_____ 2d income 2000 __ ________ .5 La Div B L 1st 1931 g... .. 5 Toledo & Ohio Cent—1st g_. .5 5 Western Div 1st 1935 g Kan & Mich gu gold ___ .4 2d 20-year 1927____ __ . .5 Tol Peoria & West—1st g____ .4 Tnl St L fir W—Prior Hen 3 U 50-year 1950 g_. ___ ____ .4 Toronto Ham & Buff 1st____ .4 Ulster & Del—1st con g_____ 5 1st refunding g 1952______ .4 Union Pac—RR & 1 gr 1947.. 4 Registered _____________ 4 20-yr conv 1927____________ 4 Registered _. 4 1st & refunding 2008______ .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 & Northern 1926____ 5 1st extended 1933_______ .4 Vandalia—Ser B 1957 4  Virginian—1st 1962 ser A___ 5 Wabash—1st 1939 gold_____ .5 2d 1939 gold________________ .5 1st lien equip 1921 gold___ 5 1st lien 50-yr terml 1954___ .4 1st & refund 1956 gold.. . 4 Cent Tr ctfs of denosit do stamped _ _ __ Eault Tr ctfs of denosit Eqit Tr ctfs of dep stpd.. Cent Tr ctfs full oald Eault Tr ctfs full paid__ Eqult Tr ctfs part paid. _ _ Eq Tr ctfs stmpd full paid. Eq Tr ctfs stmpd part paid Det & Chic Ext 1941_______ 5   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August ' September January February June October November December April July March 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  63b 66 61b 64 6P4 66  107 69  64  70  62  66  64 71b 6014 67  70 69b 7U2 67 711^ 71b 71b, 66 65 68 67b 63 69b  109b 1093gll0 107 107 107 7212 71 73b 70b 72l2 71  75  7934  60  108 73  67 68 66  107U 107U I65I4 IO5I4 106 106 7214 6934 72 70b 7U2 71 74i2 7734 60 60 6234 60  75  76b 75  60  7634 80 55 55 61 57  56  56  5834 6234  78b 80  78b 80  73  74b  753g 73l2 75»4 73 100 1001s 1003s  79  993a 1001a 100  78 64  83 7134  81  82  80 83h 5934 69 ' 66 67  80 60 66  82b 66 67U  66i2 67i2 66i2 67 60ig 603g 603g 61 65 63  80 8O34I 80 8058 6514 69b 637g 665g 70 69 68b 69U  647g 67 597g 61  105 67  65 67 105 105 10514 10434 107 697g 66I4 6934 69l2 74 6534 6534  72i2 74  1025« 102 ion? 1011J 8212 86I4 813g 85 8334 80b 83 807g 9934 9514 99U 963g 98 90 86 88b 86 86b 885s 88b 89 88U  1001? 1013d mob ioob 101  83b 8O12 96  86U 87b  87 R7 85 1021s 1021s 102 103  93  1025s 10214 mils 8434 823g 98b 98 88b 86b 8834  86 102  i no7o 1 nn7fi  102  102  101  102  102  843g 85i4 82 85lg 8134 83b 80b 83l2 977g 101l2 98 1013g  87b 895g  8634 89U  88I4 89  87U 887g  86  100  95b  100  100  107 94  81i2 81 99i2 98i2 867s  8712 85k 8714  103 106 94  100  105  99>g 99lg 105l2 104 104 93l2 94  1021s 1021s  100  9934 9934 t02 102 101 101 103b 1041s 102b 102b 103 "  99U 7934 80 98i2  102 9914 81 80 83i4 825g 85b 85b 8734 8 534 873g 82l2 87b 87 903g 88b 90 8134 7934 83 99i2 98l2 101 IOOI4 IO6I4 106 108 1045gl07b  835g 855g 837g 865g S8514 88b 3877g 91b  897g 91  845g 85  89b 90  84U 8412  85b  73 69b  107b109 100 110 74 80'g 76b 80  101  loin ions 10Ua 1011a  80 8U2 83 803g 82lg 797g 98i2 lOOig 97ig 983g 88ig 8514 86  85  73 66  7U2 74ig 6734 70l2 7012 76b 76 81 52 52 54 54 54 55 58 365 517? 517g 52 57 55 61b 61b 68  1001a 1001a 1001a 1001a 100  101  90 s73 72 70  91b 91b 78b 80b 61 62 54 58i2 577g 59 65b 68 68b 68b 723g 72 72 65 72 65 70 7434 71 75 66 69 69 72b 1005s 1005s 1007s 1007s 1003a 1011s 101 101b 101b101b 1001s 1001s s83 85 84 78b 80 79 7838 80 81b 83ls 843a 82 64 703g 66 6H2 6534 60 62i4 5934 65’4 64l2 71b 69b 72b 67 7112 66 69i2 67i2 69b 67b 74b 70 67 671g 67ig 67ig 68 74 83 84 84 84 90 83 83 83 89b 89b  73i2 75  84b 84b 85b 85l4 101  90 66 67 68 70b 72 63 67 62 69b 72 5912 62l4 61ig 69 65b  843g 82 82lg 100  85b 85 82 82’4 R.5 100 100’g 100b  100  105 94l2 94i2  1057g 1025s 1023a 94 94 94  100  88  883g 90  85 853g 88 102 104 104 100b 100b100b 100b101 106 106 94 109b 109b 3103 103b  8634 87 104 104 1007« 101 ’ 106b 94 "  1007s 101b 106b 94 *  1045s 1045s 1003g 8214 84i4 98b  101b 82i4 89 101  6234 69 67 67 75 74  9434 947g 85b 85lg  101b 9934 101 100i2 101 IOOI4 101 IOOI4 10034 lOOig 10034 lOOig 100l2 82b 7734 81 80b 8134 78b 8134 7834 8OI4 7914 80i2 797g 80i2 883g 8412 87 853g 84l2 86I4 84 87b 83b 86I4 853g 8834 86 9834 100lg 99U 100i2 99 100 977g 9914 1003g 98b 99 98l2 100 98 98 6234 68ig 6314 66 64l2 673g 63 62i2 59 68 66i2 5814 63 66  9934 7734 84 98b  75  76  9434 9434  727g 74b 9884 9834 8014 8OI4  71b 72 997g 997g 8134 83b  9414 94U  94l2 94 83b 83b  9934 9934 8334 8334  71 71 991s 100  94  9414  60  lOOig 80 855g 977g  66  9834 99  99l2 99i2 81 81  93  997g 78i2 8334 96b  104b 104b 105 105 997g 100b sl01bl02 102b 103 7834 8234 S817g 8634 84b 86 84i2 877g 8734 9078 8934 s9034 97b 1017g slOlb 03b 10234 103b  66 68 s98b 82 98  93  7034 3697g 72b  70  7134  68 72 77b 9834 10338 103b 10U2103 " 843< 83 83b 85b 582 99 98 99 95b 96b 84 84  75l2 75i2  10258 10334 103b 103l2 104U 104U 1033410334 1037g 104b 10334 104b 1033g 10334 102  99 106 100  100  102  10234 10234 10034 103 1027g 104  99  99  1061a 1061a 105  105  99  1061a 107  1063a 1063a  106b  103l2 102  105  105  97’g 98b 9934100 60 60 105 1067g  1051s 1051s 100  1023410234 10234 10234 102 102 lOOig 100b lOOig 100b 101 1003g 1003g  100  . ______ 100 1003g 100b101  IOOI4  sl0434105b 103 103 s99b 599b 60 60 106b 1077s 105b 105b 1011? 101b  100b103  1001a 1001a  10318 lb3ig 103 ' 103 1001a 1001a 1001s 1001s 100 101 102  102  1021s 1031s 103 100  103 100  103  83  102  102  95  96  95 102  66 68 78 78 42b 49 100  103  101  86b 86 96 95l2 65 65 76 77 47b 47 82b  991s 101 " 8334 100 9534  101 86 95b 65 77 49 82b  101  9434 97b 95 95 88b 91 88I4 90b 107b 103 877g  86b 95b 65 76 47l2  9910 ____ 10034 8334 100 95b 94  ____ 101  9034 89b 9014 91 91 91 108b IO8I4 10914 105 103 105 917g 89 91b  74 943g 93b 88b 88b 89 107b 103l2 89b  94 29  9534 65 63 76 76 49 5314  101  74 953g 95 96b 93b 94b 94i2 89b 89b 9114  955g 36i4  84  9314 96  92 30  99U 10134  63  64  94 94 6212 63  48  53  47l2 4734 45  94 30  92 94 625g 63 45b  93  93 63 72b 72b 73 43 45 44  991a 1003a 1003a 1003a 1005s 1005s  947g 967g 95 95l2 89 91i4  947g 96U 93  88l2 90i2 86i2 89b 9214 87U 8914 89i2 91U 88 109l2 108 IO8I4 106 104l2 105 9134 87l2 887g  102b 10234  81  84b 84b  91 89 97*2 10234 83 99 92 93 93 92 9lb 95b 95 3034 3134 31 30 33 33 34 89b 101 ioib 101 99U 9934 100 100 101  981s 100  89*4 91b 89b 90 91 90 91b 88b 10812 108b 109l2 108 104 103 104i2 10314 907g 90 91b 89  102b 102b  88 88 Qfils 961s 9412 94i2 935g 94 101 101 101 101 100b 101b 8034 8034 7914 80"l2 79U 821a  ____  10212 10212  100  94b 963g 94U 93 89 90b  101  84 9312 947g  103’g 103 103 1021s 1021s 100 100 100 100 84 83 81 8II4 8II4 82  88 85lg 88 1077g 103 877g  95 8914  94 64 63 74 74b 4914 50  863g 89 108 103ig 89  93 63 82 53 8734  98b 65 87 553g 8734  89b 90b 93 93 90 92 98 98 103b 104b 86 87b  9434 99 90 98 1027g 10312 10212 10234  983g 63 83 56 101  92l2 94ig 92l2 96 93 93 90l2 88b 92 89  853g 87 8834 88 108l2 108 10434 103 89l2 88I4  94 64 80 55b  91 89 98 103 86 99 983g 35 90 101b 103  84lg 87 108 1017g 8734  86 8834 108 102b 89  102  102  86  86  957g 98 93b 96 9434 392 923 4 94 91 93b 853g 8734 108 100b 88b  8734 92 b 108b 103b 91b  8734 9134 91b 93b 108 10834 104b 106 91 94b  99 63 85 58 102  9634 977a  93b 935g  89b 9U2 108b 10534 9234  91 92b 1085g 106b 93b  873a 873a  1031s 1031s  102  102b 102  102  933g 93b  95b 99b 97 100 94 86  96b 99 98U 1007g 943g 94  96b 9834 88 897g  97b 100 90 897g  227g 22 20b 23 19b  29 22 22 2412 25  25  34  22S4 27  19  30  20  100  237g  100  100  100  42’2 96l2 94 96 95b 96b 94 9314 947g 93 99b 101l2 100l2 102l2 10012 IOII4 100 101i2 100 90 95l2 9134 95l2 90 9134 90 93b 92  25  32  22l2 27  22  99  30  100  18b 26b 18l2 19 17  100  31 27 19i2 21 2834  1934 21 20 20 18  2212 21U 21 ’ 22U 2114  16 17  21 17  17 15  19b 1814  100  s Optlen  65 165g 1734 14 b 16b 1412  42l2 94ig 92 94 93b 96b 1011s. 9934 102 100b 103 b 92?g 88 917g 90b 97 897g 897g 65 1434 22 12 19 20 1734 12l4 18341 14b 22 17 15b 11 14b 15 17b 12 20b 14b 22 b 16i2 10 18b 12b 20b 9934 9934  100 100 sale  9534 9834 9634 98b 102b 1045g Sl027gl0334 96 100 9734 99b 93b 93b 65 65  102h 102b 102b 109 47b 40b 50 91 104 b 99 107b 3ib 45b 41b 483a 101 101  102  103b  10184106 42 ' 45 99b IOIS4 40b 42 "  ioib 101b  169  RAILROAD AND MISCELLANEOUS BONDS 1915—Continued. BONDS Wabash—(Concluded) Omaha Div 1941 gold_____ 3^ Tol & Chic Div lstg............... 3M Wab-Pitts Term—1st g________ 4 Cent & Old Col Tr Co ctfs___ do do 1st paid ____ Columbia Tr Co ctfs_________ do do 1st paid_____ Col Tr ctfs for Cent Tr ctfs.. 2d gold 1954-.................................4 2d g 1954 Tr Co ctfs dep_____ Washington Term—1st gu.3}^ 1st guar 1945_______________ 4 West Maryland—1st gold___ 4 West N Y & Pa—1st 1937 g___ 5 General 1943 gold___________ 4 Income 1943_________________ 5 Wheel & L E—1st 1926 g______ 5 Exten & impt 1930__________ 5 1st cons 1949 gold___________ 4 Winston-Salem S B—1st_____ 4 Wisconsin Cent—1st gen_____ 4 Sup & Dul div & term 1st___ 4 STREET RAILWAY Brooklyn Rap Tr—1945 g_____ 5 1st refund conv 2002 g______ 4 6-year secured notes 1918___ 5 Brooklyn City 1st cons_____ 5 Brooklyn-Un El 1st g_____ 4-5 Stamped guar__________ 4-5 Kings Co El 1st 1949________4 Stamped guar____________ 4 Nassau Elec guar gold_____ 4 Chicago Rys—1st 1927________ 5 Det Unit—1st cons ’32 g____ 4)4 Havana Elec—cons 1952______ 5 Hudson & Manhat—1957 A___5 Adjustment inc 1957________ 5 N Y & Jersey 1st 1932............ 5 Interboro-Metrop—Coll_______ 5 Registered__________________ 5 Interboro R T 1952 ser A_____ 5 Registered__________________ 5 Manhattan Ry—Cons gold___4 Stamped tax-exempt________ 4 Metropolitan Street— Bway & 7th Ave 1st g________ 5 Col & 9th Ave 1st gu________ 5 Lex Ave & Pav Ferry 1st gu.5 Mil Elec Ry & Lt cons 1926____ 5 Mil Elec Ry & L—Ref........... _4>£ Minneap St Ry—1st con 1919.5 Montreal Tram—1st & ref A..5 New Orleans Ry & Light___ 4 >4 N Y Railways refunding_____ 4 Adjustment income_________ 5 N Y State Rys—1962________ 4)4 Portland Ry—1st & ref 1930..5 Port Ry L & P—conv 1942____ 5 Portland Gen Elec 1st_____ 5 St Paul C Cable—1927................ 5 Third Ave—1st ref____________ 4 Adjustment income_______ ..5 Third Ave RR—1st 1937..............5 Tri-City Ry & Light—1st_____ 5 Underground of Lond—Inc..6 United Rys Inv—Pitts Issue..5 United Rys St Louis 1st______ 4 St L Transit gu______________5 United RRs San Francisco___4 Virginia Ry & Pow 1st_________ 5  GAS AND ELECTRIC Atlanta Gas L—1st 1947_______ 5 Brooklyn Union Gas—1st____ 5 Columbus Gas—1st 1932_____ 5 Consolidated Gas—conv_____ 6 Detroit City Gas—1923 g_____ 5 Detroit Gas—1st cons 1918___ 5 Detroit Edison—1st 1933_____ 5 Eqult Gas Lt N Y—1932............ 5 Hudson Co Gas—1st 1949____ 5 Kings Co El L & P—1st ’37 g__5 Purchase money 1997______ 6 Convertible deben 1925____ 6 Ed El Ill Bklyn 1st cons____ 4 Laclede Gas—1st 1919 g______ 5 Refunding & ext 1st 1934 g.5 Milwaukee Gas Lt—1st 1927..4 Newark Cons Gas 1948________5 N Y Gas Elec Lt Ht & Pow.___ 5 Purch money coll trust g___ 4 Ed El Ill 1st cons 1995 g...........5 N Y & Queens El Lt & P_____ 5 Pacific Gas & Electric— Calif Gas & El Corp—1937.5 Pacific Pow & L 1st 1980_____ 5 Pat & Pas G & E—1949.............5 People’s Gas Lt & Coke—1st 6 Refunding 1947 gold________ 5 Chic G L & Coke 1st________ 5 Consumers Gas 1st_________ 5 Mutual Fuel Gas 1st gu____ 5 Philadelphia Co—conv 1919.5 Convertible debenture 1922.5 Standard G & E conv 1926___6 Syracuse Ltg Co—1st 1951. 5 Union El L & P—1st 1932 g--5 Refunding 1933____________ 5 Utica Elec L & P—1st 1950...5 Utica Gas & El—Ref & ext____5 Westchester Ltg—1950_______ 5  August June July September October November December January February March April May Low High Low High Low High Low High Low High Low High Low High Low Higl Low Higl Low High Low High 59 66 8»4 6  834 9  7  54 6884 1027s 1027g 78*2 78i2  65  6584  8434 87  10012 10258 83 8512 987s 100 IOOI4 101 100 100i2 99l2 9934 8212 8284 8212 82l2 77 78 96 97l8 6534 72l2  75 797s 26i2 29>s 7314 7334 97 9784 88I4 8858  75U 7334 983S 9734 91 91  9"  8  55 834 7i2  7’2  55 834 912  58  80 99i2 1005s 100i8 100U  1  5  9's  8i2  8l2  2  4  3  414 U2  8  7o 8134 65 65 101 75  101 10138 IOII4 83 83i2 85U S3 100 99l2 997s 9934 10058 100i2 100i2 100’4 10U2 100's 10034 100i8 100U 100's 10038 100's 83 83 827g  58 7 178  7s 7a s4 58 »4 8134 65 64 691 7H? 68i2 7134 65 101 102 10134 10134 10234 10078 7512 7534 7612 76 75 76 1718 100 100 100 100 92 92 6512 64l2 65 65i2 65 66 65 84 84 8534 87 85U 86i2 86iS 8634 8434 84i2 85 >a 8434 8414 85l2 851? — 5g  10212 84 100’s IOOI2 100l2 100i2 8312  101 80 993s 10058 991? 997s  7s  14  7 5i2  60’4 6OI4 66’2 66I2 1’2 5 22 2i2 1 12  3s  34  38 J4  H4 >4  J8  8034 82  49  6434  50  86i2 —  84l2 85i2 81 85 85 —  55  10338 101 10234 81 793a 801a 10018 99i2 100i2 10078 IOOI9 101 100>4 99 100 993g 995s 100  52 82 —  102U 103 80 81 997s IOOI4 1001a 101 99 100 993s 9912 81 81 8OI9 80!2  75 75 9534 957s 73l2 78l2  73 73 9578 94 73l2 75i8  73 73 9234 9434 9412 95 71 73l2 69 71  74 79i2 27i8 29  74's 75 2658 28  74 767s 26l4 28  7634 73 25i8 2734  72 25  74is 767s  7412 79  977s 98  7734 79l2 775s 775S 977s 98U  74i2 79  977s 98  91 89i2 88 9034 .... —  8812 90 8934 9 Us 100 99  100 99  1  985s 98 91 91U  9934 100i2  12  1»4 1  41? 27 s  75  76i2  2 1  2 234  1 12 1  158 12 " U2  *4 ’8 8034 9U2 72 7O12 7034 72is 717s 76 6934 69 IO2I4 102 102>2 102 102 10234 103l2 10312 78 80 7412 77 8U2 76U 74l2 75 20 96 101 101 100 96 9634 9634 947s 69l2 73 55 63 70 51’4 5234 5234 53 82 88 89 88 82 82l2 82 8U2 823S 81 8412 85 877s S6I4 83l2 85 83 82l2 83 87 8934 895g 83  10034 102l2 80 80 9934100l8 1001? 101 985s 9914  100l8 102  9934101 1001? 102 98>4 9918 98 99i2 79 80 80 80 80’2 8OI2 79 79 73 75 93 95’s 94is 9U2 69 73l2 71 75  72 73i2 70 26i2 24l2 26’s  70 71 24l2 27  7514 777s  74ls 7534  73l2 75  97U 98  9634 975s  70i8 25U  73U 7334 9612 9734 96k  lOUs 102l2 IO2I4 103 7934 81 9934 1003g 100i8 1007s 1001? 1003a 9934101 99 100 99 99’2 100 IOU4 80 82>2 80 8OI4 80l2 82 75 76 77 76 94l2 9514 9514 967s 7734 72i2 74l2 71  76 104 8212 20 100 96 7212 88 88 8934  1O31S 10338 7978 S0i2 IOOI4 10034  I00l8 100i2 100 10034 82l2 83l2  75 97 74 87 72 71 76 787s 74 25*4 3334 30 2412 29 27 IOOI4 7458 74U 76>4 7o7s 78 76I4 7334 76 99 9812 97 963s s977s 97 89 95i2 9U2 93  J4  7512 975g 7858 87 76l2 3U2 100U 77l2 76 9934  87 88i2  84>s 86 85 86  82 85  97l2 9734 ___  9734 99 94 99  9734 9734 9934 IOOI4 100 100 97i2 97i2 98b 99* 100 100 ____ ____ 9934 99 997s 98l2 99lg 99  88 88i2 87 8812 89 86  9Sl2 98l2 97 97  2i2 6 2i2 534 12U 1214 1 2i? 5 212 138 1214 1214 2 412 2i2 1*2 7S ’2 1>4 >4 !8 1’4 8234 8234 85 81  3 1«4  8034 91'2 67i2 68 67l2 69 68l2 66 102l2 IOU4 102i2 102 102l2 102 76l2 76 76>4 757s 76 U 7534 1718 98l2 98l2  803s 803S  943g 96i2 70l2 79  9738 98 90 88i2  38  2 15s  2  S3  7S  1  214  76 76 9614 97 68 72i8  997s 100 98 98  1011a lOUs  87U 87U 90 88>2 867s 90  s9U2  92  925g 9234  lOUs 1011a  925S 9258 94i8 94i8 7U2 7234 5U8 553s  9414 78 71 53  9414 78 7278 555s  90  707s 72 5434 52 84 84  7158 7314 50 53l2 86 86  70 50  7314 53^2  7O12 7112 70 50 52l2 50  71 52  95 80  100 7958 8212 753S 81U 95  80 78i2 10oi2 97U 9634  8H4 7858 1065g 95  100 78l2 81 78 79 78 7512 77 7514 77 7678 106 106 95U 9512 9534 96i8 95  555s  40  5058  104i4 IO334 104i2 103 104 97 97 1095s 11538 1117s 114 112 114 991? 100  10314 104  1015s 102i2 102l8 103  102>s 103  103  102U 103  44 48i2 8834 8834  103  1043s 103  IO2I4 1001? 102 104 113  103 1001? 102 104 113 1163a 1181?  1001210114 9934 100 915g 9158  IOII4 103'2 10278 10338 102 103U 102 1025s IO2I4 10314 845s 82i2 8434 827s 84l4 82 83i2 855s 83 84is  68  69  70i8 70 60  72 61  74  75  933s  92i2 93 88i2 91  43 88  40  43is  41  50i8 46 82  495s 45 84 86  50 86  103l2 103  104  9158 9234 92U 94  IOII4 1025g 102  103 103>s 104i2 103  1025s 102  103  10238 1011? 1025a 104 113 113 11312115 11719 118 11Q1-, 120 120 121 S71o 871? 87*2 87i2 10034 IOH4 1001210112 101 101i2 9912 100 9912100 9914 99i2 90 90 9U2 91l2 1U3 103 10338 10338 1033s 10312 10278 10312 102U103 8234 81 8212 83i2 81 8134 102 104  1061a 1061a  107 107 9958 100i2 lOOlo 101  9314 941a  9334 94i2 927s 94  99U 995s  91  42 88  100 8U4 80U 8418 7934 76i8 7934 1041? 1041? 957s 9534 965s  114 114 11412 10034 1OU2 1005g 10U2 102 10212 997a 100l8 IOOI4  100  101  102  871?  95  95  89 96  100 90 1021a 10214  89 96  1027a 103  102i2 102i2 71 118 90i2 8584 87 86  72i2 70 11978 118 92i2 90=8 8534 85 90 86's 867s 86 100  95  99i2 9919  101  93  93  92  42 86  49 90  10U2 104 115 124  10134 102 113 126  102 102 113 126  102i2 10258 H5 12534  102i2 1025g 115 12534  871?  lOUs 1025g 10U2103ls 10234 105 10314 105 80 8134 8U2 83i2 83l2 857s 84l2 8534 107 10712 99 10034 10012 101 101 10112 100 100 94is 9534 963g 97  114 114 10014 lOO’s 10038 101 10U2 102 101 9934 9934 9534 9534 95  96i2 97i2  92  114 114 10258 102lg 102l2 102 1017s 10258 10238.10212 10112 100i2 101 100i8 100's s96 91 91 95 98l8 9314 9334 94 99l2 9912 997s 100 ’ 1007s 102  100  98 102  102  102  10134 1027a 1033/i 103b  7412 76 76 135 L35 127 91l2 917s 9II4 85 85 85 85 85 84  80 L30 917s 86  75 126 9U2 87  76 135 92i4 87  77 126 915g 87  1 121o 1 171o 111  115  113  116  119  102  6't 59l2 47l2 9U2  117  100  1021a 102U 10214 101  64 59l2 41«4 90  100l2 lOUs 1007s IOU4 1OO7S IOU4 lOUs 10H2 99 997s 9914 100 1001210U2 1007s 101 90>2 905g 9058 9U2 9134 92U 917S 92  92  97l2 97>2  72 7U8 7134 73 75 73U 74 130 130 150 125 14412 131 131 92l8 9134 9214 9134 92l2 9112 9258 8534 84 85 85U 85i2 85 84i2 89 8512 86 8512 88 8412 84l2 86 85 87 85 8658 100 116 11758  85ig 8234 84t2 80l2 7834 8U4 IO7I4 107i2 107l2 9812 9758 99U 70 70U  99i2 9912  95  99 89  84 79 106l2 97l2  60i2 60i2  101 104 II3I2H3I2 113 121 121 122  925S 9438 9334 95  11434 114 115 1O13S 10034 10034 100i2 101 997s 10058 997s 100U ____ lOUs 10U2 100l210U2 10212 101 101 1003a 100 100 1001? IOOI9 99l2 99i2  88i2 88i2  97  120l2 11834120 1197sl27 100 1 005s 98l2 98l2 10234 1017s 102l2 102i2 103 10258 10312  9934 9934  110 11U2 114 114 100’s 101 10058 101 101U 10U2 10134 103  95  s78 S78 7238 7418 52 57i2 8434 8434 95 8951?  103 1035s 1031210334 sl03l2!04i2 104i2 105  H3I4H8I2 11334 118 H5I2H7I4 115i8 11634 1151211634 11512118 99i2 9912 100 100 1003a 1003a 1001a 101  IOII4 IOII4 102i2 103i2 103 103 10234 103 1033s 1033s 104 10414 113 113 ____ 113 113 115 115 877a 88 877a 88 IOOI4 101 10034101 10034 101 10012 IOH4 9934100 97 98i2 98 99 100 101 90's 91 911S 91U 9Us 9H2 9Us 9134  697s 74>s 49 53  80  65 63l2 63i2 50  95  100l2 1001? 90 9U2  100  825s 8034 8214 81l2 82i8 81 82ig 80 80>4 80i8 82 77l2 80 75 7914 76 106l2 10534 10534 106 107 106ia IO6I4 106 97>s 96i2 965s 96 97 95 963s 9434  593S 5938 45 50i4 89l2 89l2  90  70i4 6812 70 683s 703s 68 5134 47 4814 50i4 4834 51  99is 99>s  MISCELLANEOUS Adams Express—coll trust..4 70is 73 Alaska Gold Mines—1925___ 6 Armour & Co—1st real est..4)4 9034 93 Bush Terminal—1st 1952____ 4 Consol 1955_________________ 5 Buildings gu tax-exempt ..5 Chic Junction Ry & S Y.___ 5 Chile Copper conv 1923______ 7 Registered__________________ 7 Computlng-Tab-Rec—1941 6   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  7  59 66*2  98 102  s Option sale  85  80k 137 9214 87  847s 85  78l8 117 92 88l2 89 85l2  825g 127 93l2 88l2 89 88  82 112lg 9214 88I4  84 118 9314 8834  87i8 88  1387s 136 141 1285? 1371? 1373g 1373s 8 l7s 83l2 8012 835s  MISCELLANEOUS BONDS  170  1915—Concluded. January February March June August - September October November December 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  BONDS  7  Comstock Tunnel Income____ 4 Granby Cons M S & P—1st___6 do do stamped________ 6 Gt Falls Power—1st 1940_____ 5 Inspiration Cons Copper 1st.6 Conv deb 1919_______________ 6 Internat Merc Marine_____ 4)^ Certificates of deposit______ do do stamped______ Internat Navigation—1st____ 5 Montana Power—1st A________ 5 Morris & Co—1st s f 1939___ New York Dock—50-year_____ 4 Niagara Falls Power__________ 5 Niag Lock & Ont Power—lst.5 Ontario Power N F—1st______ 5 Ontario Transmission________ 5 Public Service Corp N J---------- 5 Ray Cons Copp—conv 1921..6 Tennessee Copper—1st conv.ft  98  98  98  97 9978 9434 977s 30U 38  99 97U 33 33i2  41 57 8884 91U  36 36 90i2 92i2  98  101  100  101  91U 94 9514 95U 90 90 90 8658 89U 87i2 103 106*4 105  87 95 96 983s 95  111  100  105  1007s 100i2 114 11212 140b 115 134 9834 98b 11334 112 140b 115 131 35i2 33b 37i2 37b 45 4134 46 34 26 34 37b 45U 40U 45 40 36 913g 9158  37U 44 91U 92i2  75 101  TELEGRAPH Amer Telep & Teleg coll tr___4 Convertible 1936 gold______ 4 20-year convertible 1933.4}^ Cent District Teleg—1st_____ 5 Cumberland T & T—1st_____ 5 Keystone Telephone—1st 5 — Metrop Telep & Teleg—1918.5 Michigan State Telep—1st___ 5 N Y & New Jersey Teleph____ 5 N Y Telephone—1st 1939. .4H Pacific Telep & Teleg—1st___ 5 Southern Bell T & T—1st____ 5 West Union Teleg—1938_____ 5 Fund & real est 1950 g___4J^ Northwest Tel gu_________ 4H  1007s 91b R91o 955g 94 90 8834 87 107 104b  75  1007s  4O5S 42 89b 91*4  71 71 IOOI4 101  4 102  8 10414 101i210334 10334 106 . .. ... 1033d 105  101  12 108  120 120 4012 42  13534 124U 134 13H214734 13535 123 134 130 14778 5414 53l2 5712 5834 73i2 54 53i2 58 58 73  6 103  7 104  104 107 103i2 105 97 100 139 170i2168 190 168 187 139i2 170 167i2 186 172 189 68l2 79 76l2 833s 83t2 9612 68 781d 76 83b 83 94l2 7678 7678 62 70 69 77 82 90’4 8934 9134 91 92 s91l4 9612 89 89 7214 7214 7434 7478 73i2 75 101 101 100 100 90 90 90 90 92i2 92i2 94 95>2 89l2 89b 87i2 8834 88i2 91 86I4 88 112l2 125 125 140 126 137 122 136 117 125  102i2 104 IO214 104U 99is 997s 176 185i2 1763g 185 94 97i2 92 973g  89 87 883.i 88I4 9014 8978 9112 Q7 98i2 9712 98l2 99 101 103 10038 10334 103U 10434 104 10914 100 IOII4 9634 96i2 97i2 96i2 97 97 9714 96i2 97i2 9712 9914 95 95 101 101 10034 1011s 101U 101i2 100i2 100i2 99 98i2 9812 9S58 99 98i2 99i2 9934 9934 98 98  9012 91l2 100 100l2 IO6I4 107l2 IOU4 102lg 98i2 99i2  42 53 51 53 90U 9134 8934 91  100  100  52 65U 8934 90i2  72 1007s 10078 100  72 101  8919  9234 94ig 94 9414 93U 94 93b 94 86b 86b 8834 87b 8834 87 8614 87 87l4 86l2 87 88b 87 110i2 110 130 1121212212 119 12812 114 120 11234 119  95  89 8734 89ig 87 88I4 95 91*4 9334 93b 9414 9978 97 100i4 9734100b 99 98i2 98b 9819 99 973s 96i2 97b 96b 97  1003d 100-3,1 100 100i2 9714 98 98b 98b 98b 99  8734 9414 99 98*4 96  89U 96 103U 9834 97  985g 98*4  87 92 99 99b 96  89b 87 95b 92lg 10134 100 99b 9658 96  99b 9914  99  8812 86l2 881s 88 95 93 95 96 103 9958 101i2 101  86I4 93 9412 95U  74  75  95 89 895s 120U 118  95U 89 903s 129 124*4  99  100  101lo Iftllo  9434 9434 96U 96>4 88ig  MFG. AND INDUSTRIAL Amer Agric Chem—1st ’28___ 5 Conv deben 1924___________ 5 Amer Cotton Oil—Deben. 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 Gold 1951........................................ 4 Amer Writing Paper—1st____ 5 Baldwin Locom Works—1st..5 Bethlehem Steel—1926________5 1st & refunding 1942 A.___ 5 Registered________________ 5 Central Leather—20-year____ 5 Consol Tobacco—50-year____ 4 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------------ 4'A General Electric—1942_____ 3J4 Debenture 1952______________ 5 General Motors—1st 1915____ 6 Illinois Steel—deb 1940.___ 4>£ Indiana Steel—1st 1952_______5 International Paper—1st____ 6 Consol conv sinking fund.5 Internat Steam Pump—1929.5 Trust Co certificates of dep. Lackawanna Steel—1st con.5 1st con 1950 Series A________ 5 5-year conv 1915____________ 5 Liggett & Myers Tobacco.___ 7 Registered__________________ 7 1951.................................................. .5 Registered________________ 5 Lorillard (P)...................................... 7 Registered__________________ 7 1951 . ................................................... 5 Registered________________ 5 Mexican Petrol—conv 1921 A.6 1st & ref 1921 Series C_____ 6 Nat Enam & Stamp—1st_____ 5 Nat Starch deben 1930________ 5 National Tube—1st 1952_____ 5 N Y Air Brake—Conv_________ 6 Railway Steel Spring— Latrobe Plant 1st s f 1921..5 Inter-Ocean Plant 1st 1931.5 Repub Iron & St—s f 1940. 5 Standard Milling—1st________ 5 The Texas Co-—conv 1931___ .6 Union Bag & Paper—1st_____ 5 U S Realty & Impt—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 Conv deben s f 1924________ 6 Western Electric—1st_________ 5 Westingh El & Mfg—conv____ 5 Certificates of deposit______ Conv s f Issue of 1915_______5 10-year coll notes 1917_____ 5  96b 9778 98 97 92  9978 101  9978 92i2 100i2 80 103^8  94i2 97b 97i2 9634 90  100  9534 945g 9758 9634 99 97U 97b 96 91*4 90 90b  1023g 100  101 100 100b 9358 93i2 94 10314 10U2 10212 85 85 83 10412 104i2 10478  100b 91 102 85 104U  12078 12078 121b 121b 120 973d 9734 981k 981k 97U 61 62l4 59 62 6H2 1003d 10034 101 101 98l2 100 99*4 IOOI4 9958 85lS 88 86b 89is 87  99i2 9734 9734 9434 96 94 92l2 95 ’5ii2 56"’ 51 84 84*4 8478  9678 9734 9434 93  103 105 10034 IOU2 84 87 99 100i2 100l2 10112 80 82 38 4312  102 10U8 84 99 100 7934 46  89 65 99 122  90i2 89’4 70 69b 100 100 124l2 12234  100  102  122U 124 100  102  99U  98b  9714 9438 95 54b 88b  95U 92 96 46b 87 7478 10212 101 8278 99U 100 79b 47b  104l2 10U2 86b 100b IOH4 80 50  9758 98 98b 9678 93  9434 96 97i2 96 9U2  10034 105 100 102b 92 9334 92 93b 100i4 IOOI4 10038 100l8 100l2 91 93*8 9334 933g 94 103 102U 103 102 IO2I4 86 88 89b 89b 89b 105U 104l2 105b 104l2 105b 92l2 92l2 93b 9312 120 120b 120b 115 115 97b 97 97 64 65 70 61b 69b 10034 10234 IO2I4 103 101 100 100l2 99341007s 89 88 91*4 90b 917s 99b 99b 99b 9868 9938 98b 99b  100 92 10014 9334 10U2 82 10434 95  96*s 9534 9758 96b 98b 9738 97i2 97 93 9212 90b  9978 1O112 100  12278 124  96b 93i2 9678 52 89b 747s 103b 10138 84 9934 101 80b 50  93*s  95b 96 97 96 91b  96 96 96b 9538 95U 93U 95U 92l2 98 98 98b 99>8 5634 56b 51 59 9034 87U 90*8 89 79 7858 7858 74. 104 102b 105 10158 1005k 10138 84 8278 85b 8312 9934 99 IOOI4 99 101 100 101 100 80 79b 7934 79 50 51 52 45 53 9078 93U 90b 9234 90l2 69 75 69 7278 68  12212 123b 123  12134 12278 122  99 9234 84 9878 94  96 90=8 9334 90b 9934 75 76  98*4 102 9234 85 9838 92b  95U 9158  101 92 1003s 9412 103 85 106 95  87 72  87 73  ’76"  72”  9538 95 9978 6734 95U 74 10434 1003d 8684 101U 100l2 80 60 60 92l2 75  96is 94l2 93 94l2 9978 9978 10058 6758 6558 64 9458 103 97 76 7414 75 103 1017s 103 100 100 88 8578 8634 86 10038 1007s 10038 101 9934100 100 100 79 80 79 81 58 6058 60 65i8 56 63 60 66 91 92l2 93l2 9534 7034 751s 74 85l2 96is 9258 9934 62 93l2 74U 10112  98U 91 92l2 90U 99U  72 72 25 103’8 10238 1025s 10Hs 10214 ion2 96 9514  102  100 IOOI4 IOOI4 86 1  88 75 77  SO  81b  80  80  87 88 82 82 8134 82l2  75 78 78 78 89 89 90 7214 72i4 "70i"2 Vii2 72  86U 87U  96i2 967s 97 97i2 915s  9714 98i2 98 9934 93i2  9678 99 98k 987» 98l4 9938 9914100 9778 99 99 100 9934101 101 lOUg 95 93i2 95i2 94  92 7412  8684 87  90 90 99 99 85’4 85i4  82  8U2 81i2  81  101 10034 10034 10078 101 101 101 101 10U2 IOH2 10134 10138 10134 IOII4 10134 101 10114 1013s 101 IOH4 1017s 10U2 10U2 1011410114 IOII4 "85* 85 ” 86 85 82 82 82 84 86b 85  96l8 9458 1007s 6858 10458 7612 103 100i8 87’4 101l2 101 7914 65l2 66 9578 95i2  1017s 10212 96i2 975g 96i4 97 1033s 104i2 88 88i2 1121211478  97 98i4 119i2119i2 66 67 106 106i2 10212 103 101 102 100l2 101  965s 9658 9434 96’4 10034 101 67i2 75 10H2103 76i2 78 102 10458  9778 945S 10078 68i2 1OO34 78 10438  98 98is 98’s 97 95*4 96*4 10134 IOH4 10178 7358 71 73 10218 101 102U 78i4 783g 79 106 104 105l8  88i4 102l8 ion2 80 63 64U 95i2 97  88I4 101i2 101l2 80 70 62U 95U 89i2  92l8 90 102 101 10212 102 82 82 70 77 73 98i2 98 9514 9114  s8634  101 100 79 62l2 62l2 9334 91  123  124 12178 123 122 122 122 1015g 10214 10012 10U2 101  92 1017s 10212 84 75i2 985s 9414  124  124 126 12434 124*4 10078 102 100l2101l2 123i2 124 125 102  12U2 12112 12312 123 121 IOOI4 9912 10012 lOOig 10158 10018 101*4 100l2 lOUs 100m 102l2 10034 106 105 107 107 107i2 10678 110 108l2123 102 102 101 104 105 107i2 10612 10812 108 124 93i2 9412 94i’2 94i2 941S 9412 95 96 9578 957s 95*4 97  93" 83 98l2 9734 98’is 98 98 98i2  1OO3S 1003s 98b 98b  88 75 75  96>8 94 1OO18 63l2 9934 76 101 100 86I4 100i2 9934 79 6II4 61 94 83  9834 97l2 97l2 91 90 91i8 9334 92U ’93I4 9278 9534 92is 89i2 92 91lS 91i8 100 9958 IOOI4 100 10034 80 80 75 69 70l2 70 70 30l2 28 26 28l4 25 103l8 101l2 102l2 102 1 027s 102i2 101 102l2 IO2I4 10258 10234 101 10214 102 10234 9712 95 97 95 96l4  89 92 74b 71 88U 88b  9714 97i2 97i2 98 95  9978 9258 IOOI4 91l8 102 84 105 100  10034101*8 100l2 10134 100l2 1015s 10038 10U2 10034 IOU4 101 102 IOOI4 10158 99 90i2 94 90 94 98'4 1043s 1011s 1O412 10378 105l2 8978 92b 92 1037r 1041k 104 105i8 1093s 11434 98U 98i2 99U 9914 9914 99’4 99b 100b 9978 lOO’s 9978 101i8 10038 10034  ’7212 73"  9578 94 9758 9634 9712 97 9714 96 92i2 91i2  965s 98l2 91b 9034 9112 9334 92l2 9338 92 90 92 IOOI4 98l2 100  76 72 74 76 70 66 20 30 30 102l2 102U 10258 10158 10258 102b 103b 102l2 10258 9978 10158 100 102 ion2 i02i2 1007s 102U 9934 10134 993d 102 10114 10212 10058 95i2 89 913g 9U2 95 9514 95b 89  20  977s  94i2 97 97 95 92  12134 119 121 119is 12014 120 1213k 117 117 121 9934 99l2 100l2 99i2100i2 99  74 101l8 9978 9934 90  91b 93 91 9914  9512 9778  12278 12134 12258 12012 12 Uk 9834 10vi4 99 99l2 99i2 110 104l2 IO8I4 100i8 110 102 108 93U 93U 93U 92U 85 83 83 83 99 96 98l2 9712 9634 98 98 97lS  96i2 93 93 90 100  95b 9058 9214 89 9778 75 72  94 97lg 97i2 95 9158  12214 124 12134 123i2 12234 123 123 123 9912 10U2 100l2 1021? 9978 102  9958 IOOI4  9514 93 90l2 89 99  96 90 92l2 89 97b  124  9934 10034  97 9758 98 97 92  9934101i2 100 10U2 101 102is 1O13S 102i2 101 94l2 94U 96 93ig 92l2 93l2 94 9614 97>8 10038 IOOI4 IOOI4 lOO’g 100’s 100 100 95i8 955S 98 9334 9U2 91l2 91l2 9314 93 1021?. 10238 103 10258 103l2 103 103U sl03 10438 84 83 81i2 81i2 83 83i2 85 85 89 106 105 107 10514 107 106 111 107i2115i2 100 95 9534 s9612 97l8 s97 97i2 119i2 119l2 1191211912 117 117 119l2 119>2 119i2119i2 94 94 94 94 60 64 56 61 6034 64 5178 6U2 53i2 56 64 6612 104 IO6I4 9934101 10058 10114 101 103 101 10214 1013410234 102 103 99 102iS 99U 1OO38 9978 100i2 100 1013g 91l8 95s8 9334 98 100 100 993410134 10058 1017s 99 100 9814 9934 99iS 997s 99ig 100  95 92 9634 46*4 88 7434 103 IOII4 83i2 99b 100U 78*4 43  101b 100b 101  9934 1O13S 99b 100  96 92 9334 90 IOOI4  97b 98 9778 97  102  91 8934 91 71 100 124b 122*8 123  96>4 96b 9512 100b 98b 95 97i2 97 100b 9212 93 92b 93U ’92" 84 9938 98I4 98 9978 98 94 94 91 90 90  COAL AND IRON Buff & Susq I —deb 1926........... 5 Colo Fuel & Iron—s f 1943 5 Colorado Indust—1st 1934___ 5 Consol Coal Md—1590................ .5 Kanawha & Hock C & C—lst.5 Lehigh Coal & Nav—1954..4^ Pocohontas Cons Collieries.5 St L Rocky Mtn & Pac—1st..5 Trust receipts________________ 1st 1955 stamped___________ 5 Tenn Coal Iron & RR—Gen.5 Birmingham Division______ 6 Tennessee Division_________ 6 Va Iron Coal & Coke—1st____ 5   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  99  97i2 98 98i2 103  10012 1O138 105 105-2 10478 105U IIOI4 11978 10034 1007s  90 72  98 101  99 99 10214 102  97i2 91>8 94 91 101  97i2 91is 95 92l2 103>4  97l2 91!8 9414 93 102l2  70 70 26 26 102U 103 101l2 102l2 10158 102l2 94i2 9534 9534 99U 101 10138 10518 10534 1051s 10538 114 125’2 101 101  65 26 10212 102 10178 95 985s IOII4 10514  100l2 10038 102 1005s 10U8 103 slOl 10312 10314 104  98i2 93 95 95  98i2 100 9934 997s 9234 95 95 95l2 943g 9734 96 971* 94U 97 95 97 1051s 104 106 104*8 10514 79 80 6878 70 77l2 74*4 7512 26 2534 26i8 23 23 103 1025s 1035s 10278 1035s 104 10338 105 10314 1O45S 103i2 10314 105 103 104i2 98 97l2 99 98 9878 102l2 IOH4 10378 102 1033s 102 101l2 10234 IO2I4 102l2 10512 105 105k 105 105i»  125l2 14912 130 101 101l8 101  78i2 78i2 85 92l2 90 93 94 75 75 80 75  144 134ls 140 10138 IOII4 101*8  86 88 88 95 95 95 79i2 76 78 "74" 76«4 89i2 92i8 90*4 91 88  8914  88*4 89*4  79i2 7934  101 101l2101‘2 10U2101i2 10U2 9978 101l2 101i210158 10U2 1O15S 1015s 85 "82" *85 85i2 86 s Option sale  1005g 10U2 101l2 83  101i2 10158 10158 86l2  10034 101 1O15S 1015s 1015s 10158 83 88  82 8412 101 103i8 10278 1027g. 10134 10214 1017s 102 10158102 1O158 102 8712 9014 88 89  171  RAILROAD STOCKS  PRICES FOR STOCKS AT THE NEW YORK STOCK EXCHANGE. 1011. STOCKS  August September October November December April May | June July January February March 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. Ann Arbor, pref----------------------Atchison Topeka & Santa Fe. Preferred------------------------------Atlantic Coast Line RR----------Baltimore & Ohio--------------------Preferred------------------------------Buffalo Rochester & Pittsb-. Canadian Pacific--------------------Rights ----------------------------------Canada Southern--------------------Central of New Jersey.............. Chesapeake & Ohio----------------Chicago & Alton----------------------Preferred------------------------------Chic & East Illinois, pref------Chic Great West trust certs-Preferred trust certificatesChicago Milwaukee & St Paul Preferred------------------------------Chicago & North Western------Preferred------------------------------Chicago St P Minn & OmahaPreferred — Cleve Cincin Chic & St LouisPreferred — Cleveland & Pittsburgh guarColorado & Southern--------------1st preferred------------------------2d preferred--------------------------Cripple Creek Central------------Delaware & Hudson--------------Delaware Lackaw & Western Denver & Rio Grande------------Preferred------------------------------Des Moines & Ft Dodge------Preferred------------------------------Detroit & Mackinac----------------Preferred------------------------------Duluth South Shore & Atlan. Preferred------------------------------Erie------------------------------------------1st preferred------------------------2d preferred--------------------------Evansville & Terre Haute------Preferred------------------------------Great Northern, preferred— Ore certificates--------------------Green Bay & West ctfs A------Debenture certificates B— Hocking Valley----------------------Illinois Central------------------------Leased lines stock---------------  10034 1075g 10034 103% 117 123 10434 109% 90 91 108 108 1955S 21078  102 108 102 103 119U124 102 10634 88% 897g 114 126 208 215%  21% 24 45 48% 123 130% 147 154% 142% 147% 200 209 137% 137%  63 66 97% 9738 5678 60 75 77 73% 73%  21% 24% 43 4914 122 133% 148% 155% 146 150  152 61 97  152 65 98  55 5934 75% 7634 733S 75  164% 168% 166% 172 524 542% 510 528 31% 35 28% 31 68 72 69% 74  11 22 27% 45% 35  1234 2478 29% 48% 37%  12% 24 28% 48 36 60  15% 2734 3234 5178 40% 62  123 129% 122 131% 56 60% 58% 63% 76% 77% 78 78 1334 15% 1334 15 132  137% 134% 13634  1978 18 19% 17 Preferred____________________ 3178 33% 32% 33% 75 75 K C F S & M trust certs, pref3338 35% 34 Kansas City Southern------------- 32 6634 67% ♦ Preferred------------------------------- 64% 67 Keokuk & Des Moines----------39 39 Preferred------------------------------16% 16% Lake Erie & Western--------------40 Preferred------------------------------- 39 Lake Shore & Mich SouthernLehigh Valley--------------------------- 17434 180 171 181% 60% 61% Long Island----------------------------- 60% 63 Louisville & Nashville------------- 142% 148% 143% 14834 Manhattan Elevated--------------- 13734 141 138 140 31 Minneapolis & St Louis----------- 25% 28% 28 50 50 Preferred-------------------------------  Rights---------------------------  68 68 ................ 27734 278 280 284 285 8134 79% 84% 8178 86 26 30 31% 30 30  20% 22% 20% 22 42 44 42 44% 117 12134 119% 125% 14778 148 14934 153 143% 146 144 148% 201 201 130% 136” 137 13934 155 155 56% *5*9** 59 60  166% 166% 52 56 51 52% 74% 75% 75 76 7478 75% 73% 74%  166 525 31 70  108% 10234 124 104l2 88%  168 167 535 545 33% 29% 68 72  5234 56 76 77%  15% 30% 31% 50 39% 68  21% 25% 43 46% 122% 130 153 155% 146% 150% 201 201 139 144  2134 23% 44% 45 123% 129 153 15378 146 14878 200 200  55 56 7734 82 74% 75  56 55 81% 82  157* 1*5*7** 60* 61 58 58 96% 96% 94% 94%  16778 168 173% 170% 17478 171 172% 545 525 53934 540 560 535 548 27% 32 31% 27% 31 27% 2878 55% 70% 57% 58% 70% 63% 69 6 6%  100 100 100 100 15% 143s 15% 28% 24 28% 3078 30% 34% 4878 4734 53 383S 37% 4178 68% 70 85 85 87 123% 128% 12334 128% 126% 131 58 63% 58% 6234 59% 63% 77% 77% 13% 15 14 15 13% 14% 128 130 128 134 128 128 133 138% 136 138% 136 140% 94 94 1834 1634 16% 1738 3078 347g 30 31% 75% 75% 75 76 76 33 35% 32% 34% 33% 3578 66 6634 67% 69 66% 68 6% 734 41 42 35% 36 1478 15 35 36% 13% 25 27% 47% 36% 65  280 280 80% 83  14% 247S 28% 4638 37 65  170% 176% 16834 175 58 60 143% 1*45% 143 146% 134 138% 135% 137 23% 28% 21% 2378 3634 38 35 42  120% 120% 14 14% 25 26 33% 38% 52 60% 41% 49% 85 85% 85 85 13034 140 61 63%  13% 14% 128% 128% 139 14238 96% 97 1734 1834 34% 36%  34% *3*7% 68 6934 6 6  24 35% 5534 46 85 86 13334 57%  60 60 9978 10478 IO2I4 112 101 103% IOH4 102% 120% 130% 117% 122 9934 10578 93% 10012 85% 87 86 87% 100 107% 22734 24434 218 230  102 1075s 105% 109 102% 103% 10338 104 12058 128 126% 13914 945s 98 9738 IO4I4 86% 88% 88% 8934 105 105 22434 2*3*6% 23634 243  260 280 260 260 270 280 70% 8138 683, 74% 70% 74% 15 25 17 19% 17% 19 37 40 40 40 100 105 -4-. ----19 17% 22 17 19% 18 3838 36% 38 36% 44% 36 111% 127% 106 1157g 10534110 146 153 141 146 145 148 1397s 147% 138% 14134 141% 145% 197 201% 195 195 200 200 132 132 132 132 130 130 155 155 51 57 57% 63% 48% 56 94% 94%  43 70 63  12% 14% 27 30  10 25  172% 180% 175 181 17234 178 155% 176% 57% 5878 54 59 59 56% 4978 53 145% 149% 148 153 150 156% 14038 150% 135 13778 135 13978 136% 142% 134% 137% 22 30 30 31 31 32 30 37 4 5 4534 47 44 36 46 62 48  151  47% 75 71  44 72  10 25  12 15 28% 32%  162% 156% 16578  136% 143% 140 148 131%135 134% 135 33 42% 32% 3334 60 68% 58 60%  148% 151 149% 151% 147% 150% Cl46 147% C147 149% c!46% 148% 42 4078 42% 41% 44% 41 60 60 100% 108% 103% 10734 10278 10934 89 90% 90% 90 90% 89 116 124 12238 128% 120 125% 100 102 102 102 101 102 12534 12934 125 130% 12478 127%  139% 148 13938 141% 13134 140 Cl44 145 4234 46% 43 4678 3834 437g 50 50 47 47 107 110% 107% 10958 166% 1*0*8* 91% 91% 90% 90% 90% 90% 130% 13778 130%135 114% 131%  97% 100  96% 987g 112 112  96  150% 158% 152% 16134 15338 88 89 90% 8934 91 95 99% 97 94 98 29% 33% 29% 3378 28% 60 64% 59 65% 58  40  40  *54* *5*5*  40 20% 55 39%  142 147% el43% 4478 40% 4178 48 50 10434 109% 85% 86% 120% 126%  142% 146% cl41 145% 41% 43% 50 50 106 10834 87% 91 12378 130%  1043s  29634310 298 320 72% 7634 7034 75% 18 24  18% 35% 10734 145 142 191 137% 147* l*5*o” 150 60 61 65 96  18% 21% 37% 40 108 114% 147 149 144% 14738 191 191  2034 38% 11178 147% 144 191 137% 150 63 96  50 75  136% 144 13834 143% 130 140 12434 132 126 13438 153 157 155 156% 14934 150 147 150% 89% 8978 87% 89% 88% 88% 87* 8*7% 8734 8734  136  107  13814 1035s 8934  236% 242% 8 8%  26 38% 61% 4934 88 90 138 120% 134% 119 12434 122 127 124% 12934 43% 49 41% 4334 40 52 61% 4638 58 77 82% 12 1234 12 11% 14 13% 14 11 13% 11 124 124 141%147 137 143% 134% 13878 135% 13938 139% 14G% 94% 94% 17 1834 16 19 18 18 18% 37 36% 38 34 35 75 77 77 79% 79% 34% 25% 30 28% 3034 2878 3038 34% 36% 6778 68% 65% 67 61% 65% 6378 65% 6434 6634  1634 1634 15 15 35 35 31% 33  134% 137% 149 149 35% .38% 67 69 52% 49 152 160 64 64 29% 32% 107 111% 58% 5938  IO4I4 10138 133% IOOI4 8834  47 48% 49% 46 74% 777g 763g 7634 70 70 25* *2*5* 20 20 164 171% 159% 163% 160% 164% 16478 172 165% 168% 530 545 505 531 520 560 550 570 535 540 24% 175g 22% 2438 23 22% 28 21% 23% 22 3634 47% 44 51 50% 57 46 48% 4734 50 534 534 40 40 120 120 120 120 9 9 934 11 10 9% 10 21 17% 187g 1934 24 19% 21 19% 20 2778 36% 28% 3134 2938 3234 34% 30 33% 54 55% 50 47% 56% 48 51% 48% 52% 42% 4258 45% 40% 437g 39 45% 39% 4178 41 82% 82% 48 54% 77% 82 75 75  132% 140 138 144% 13978 152% 6134% 148% 135% 140% 14734 14934 148% 154 153% 160 150 153 152% 153 8934 90% 88% 90% 88% 89% 89 8934 89% 90 634 8% 7% 734 8% 8% 132 134 143 143 31% 3578 31 36% 32 34% 31 33% 32% 35% 63% 66% 66% 67% 67 68% 66% 67% 66% 6734 4534 52 45% 52% 4838 52% 51 63 4978 58 14434 150 148 152 140% 140% 142 143 70 7238 70% 72% *703*8 7038 63 65% 34% 37% 36% 38% 34 3734 34* *3*5% 2934 34% 109% 11338 107% 115% 105% 109% 10478 107% 106% 109% 61 62% 59% 60% 57% 60 64 65 58% 60 101% 101% 101%101% 87 87 83 84 85 85 90 90  Rights ---------------------------  Pitts Cine Chic & St Louis— Preferred-------------------------------Pitts Ft Wayne & Chicago— Railroad Sec—111sCent ctfs-Reading ----------------------------------1st preferred------------------------2d preferred--------------------------Rock Island Co------------------------Preferred------------------------------Rome Watertown & Ogdensb Rutland, preferred------------------St Joseph & Grand Island------1st preferred------------------------2d preferred--------------------------St Louis & San Francisco--. 1st pref----------------------------------2d pref----------------------------------C & E Ill com stk tr certs.C & E Ill, pref stk tr ctfs.. C & E 111, new stock tr certs St Louis Southwestern-------  21 2214 43% 45% 119% 123% 14778 153 142% 146% 201 201 140 140 152 152 60 60% 96% 96%  114% 112% 11658 104% 10234 105% 130 ,127 13214 IO7I4 (107 IO9I4 89% I 89 8934  110% 114% 102% 103% I27I4 132% 107% 10934 90 90 110 110 221% 233% 231%239% 23638243% 236 247  10678110 102% 103 118% 124 103% IO6I4 88 89  62 62 65 65 27014 270% 275 285 270 275 277 8378 77 80% 85% 8134 8634 81 25 28 28 30 30 52% 53 52% 521? 52* *52*  Iowa Central-----------------------  Minn St Paul & S S M----------Preferred------------------------------Leased line certificates------Rights ----------------------------------Preferred rights------------------Subscription receipts----------Pref subscrip receipts--------Missouri Kansas & Texas------Preferred------------------------------Missouri Pacific----------------------Nashville Chatt & St Louis— National Rys of Mex, 1st pref 2d preferred--------------------------N Y Central & Hudson RiverN Y Chicago & St Louis--------1st preferred------------------------2d preferred--------------------------New York & Harlem--------------N Y New Haven & Hartford-« Subscription receipts----------N Y Ontario & Western--------Norfolk Southern--------------------Norfolk & Western----------------Preferred------------------------------Northern Pacific----------------------Pacific Coast Co----------------------2d preferred--------------------------Pennsylvania RR---------------------  104 11058 102 103 11878 122 102% 104% 87% 88% 115 115 211%226%  125% 3334 80 11% 125 140  129% 43 80 1278 125% 143  16 30 80 27% 66%  17% 34% 80 29% 6634  14 17 31% 31% 27 27 350 350 166 181% 175% 18678 45 45 45% 45 147% 16034 153 15834 134%136 13378 136 32% 35% 33 34% 56 5934 58 60 % % 133% 136% 13i%136 146 148 147% 149 87% 87%  137%  3434 3738 29 353S 67 6734 65% 67% 48 50% 39% 49 158%159 146 155 60 60 30* 3*2% 257g 30% 107% 10934 10178 108% 52% 5834 100 100 82% 82%  101%101% 123% 126% ?120%12638 121%125% 123% 125% 11938125 2 23 2%4 21° 21] g 21833 9878 9334 97% 93% 95% 94 96 95% 98% 917S 96% 111 111 108 108 166% 166% 167 167 93 93 158% 149%157 154% 16138 157% 16178 15534 160% 139% 159 90 88% 90% 89% 91 89 90% 89 91 90% 92 9778 94 99 9634 99 96% 101 96% 96% 90% 96 3334 32 3438 3078 33% 24% 31% 30% 2734 2934 29 61% 5734 60 68% 64 60% 65% 63 66% 4734 63% 121 121 119% 119% 115% 115% 40 41 41 20% 55 39%  27 30% 6234 65% 33% 41% 143% 143% 65% 65% 27 3038 9978 104% 48 52 9834 987g 12678 134  2778 32 30% 33% 66% 677g 64 70 41% 3834 4238 37  28% 31 64% 66% 37% 40%  6734 68 68 67 67 3378 33% 36% 33 36 106 10434 10938 10434 108% 5334 56 5178 54 49 98% 98% 83* *8*4** 340 340 136% 140% 132 133%  6734 30% 10234 48  3734 397g 38 39 4534 4 534 45% 4834 9934 103 101% 1083g 108 88% 897g 89 89 90 110341187g 113% 118 117 95  4138 3778 40% 52 52% 52% 111% 106 109 91 90% 90% 122% 115% 119% 94% 94% 95  1183S 121% 11978 122% 121% 1237g 121% 123%  93 96% 90% 93 102% 110% 105% 105%  95  88 88% 89 134 144% 135% 141% 139% 88 90 91 91 9234 94 *93* 90% 93 22% 25% 23% 25% 25% 44 51% 44% 4914 48%  97%  9578 98%  f 88 88 15478 146% 154% 89% 90 *9*7 96 96 28% 2278 26% 5234 43% 49% 45  45  2434 26 65% 67 40% 44%  25 69 42%  107 107% 59 62 60 60 60 60 54 60 61% 6134 6134 60% 61% 54 56 60 2834 32% 29% 32 31% 3334 33 30% 32% 24 30% 30% 34 30 32 30 30 30 30 30 33 33 593 4 68 66 69 66 67 69 72 70 72 66 67% 68% 68 71 66 70 66% 69% 69% 68 66 Preferred--------------------114% 120% 114% 121% 114% 118% 113% 116% 114% 120 118 12638 120% 12478 107% 122% 104% 111 106% 11038 109% 11534 Southern Pacific Co------------24% 2734 25% 297g 29% 3138 29 25% 27% 2534 2734 27 2934 2834 32% 30% 33% 26% 32 Southern vot tr certs stpd ext 26% 28% 26 63 66% 63 65% 62% 64 63% 68% 67% 73 62 68% 64% 71% 70% 74% 71 75% 6634 73 Preferred do do. 61% 66 80 827g M ii O stock trust ctfs------c Third Ins tallment p aid. 6 Ex-right s. g Ex-dlvl dend and ri ghts.  31% 3134 71 71% 109% 113% 2S% 3O3S 70 72%   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  62 631 38% 42%  64% 68 40% 44 145 145  62% 65 40% 43  63% 42  6678 43  65% 68% 4238 47%  67% 69% 43 49%  66% 4734  63% 42  RAILROAD AND MISCELLANEOUS STOCKS  172  1911—Continued. STOCKS  January February March April May • June July November December August September October Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High  Texas & Pacific_______________ 2512 2734 235s Toledo St Louis & Western-- 22 537« 50 Preferred - - _________ Union Pacific____ -__________ 1693d 178b 94 ‘ Preferred_______________ _____ 9212 Wabash ________________ 1512 1634 327g 357g Preferred - - ____ __ -50 ” 5138 Western Maryland Ry________ 75 Preferred_____ 77 Wheeling & Lake Erie. _ _ _ 4l4 512 1st preferred____ -_______ 1212 1414 5 " 7i2 2d preferred - -____________ 57 Wisconsin Central-- ________ 6258 EXPRESS. Adams___ -_ ___________ 235 American_________ __________ 224 United States ___ 95 Wells. Fargo & Co___________ 150  236 255 105 15812  30l4 2434 537a 181b 94b 183g 403g 5134 76b 6 13b 1758 8 7b 6014 64b  2758 22b 517a 174b 93 ’ 16 35b 4934 7534  240 250 100 158   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  49b 75 “ 5 1412 6b 6H2  240 240 98 158  240 255 104 166  ?939 2512 29 26b 28b 225g 2338 19 ' 21*8 19 531d 45 49b 481d 51b 1781d 1731d 1777o 1765a 186 " 9414 923g 9534 935a 9534 1734 15b 17 1512 17b 39b 347g 3834 36 ” 3834 6158 51b 487g 52l2 53 81 ” 7534 75 ” 75 76 534 4 5 4b 4*8 14b 12b 14b 137a 16 6l4 7*4 6b 612 72 6614 7134 68l4 72lg  240 238  240 245 102 165  245 245  241 235 95l4 164b 163  98b 100  160  595g 64b  6138 65 38 2 22lg 31 110 2 14 20c.  39 36b 38b 2 2 2*8 225s 21b 24l4 3334 28b 32i4 110 2 14 12 12 24c. 22c. 29c. 17 18b 534 6l4 85 85  534 7 8534 8534  8 30b 54 1023a 43b 97 96 1367g 914 80 52b 11414 5938 104b  8 325g 59bg 1023a 47b 98 97 137 10*s 823S 5412 118 6214 105  41 95 95b 133 93, 801g 5014 11478 50b 105  334 20 1734 1038 3014 3814 108 334 3514 865S 7234 1031g 1-16  4 2278 21 1034 3038 361d 106b 37g 3112 86 733g 10314  4 2414 251? lib 3334 397a 1103d 4 3334 8714 775g 105b  4 2214 22 10*8 30 3534 104 * 4 32*8 87 70b 104  280 290 101 102 46i2 46 52b 457g 11612 1161212212 117 116 1167b 119b 1153a 823a 85b 84 ' 84b 81 14014 145b 144 14658 144  102 48 121 1173d 81 147b  99 102 3934 4634 116b H9b 115b 1171a 83 83 144b 146b  1001a 4334 113 111  9312 9578  95  3012 3212 32 3412 96 9H2 9412 94 3034 2812 34b 30  15  1212 12b  26cT 34c.  16b 1712  29b 2212 48 1923a 96 ’ I6I4 357g 66 ” 88*4 334 10 43g 695g  225a 1734 38 1651a 90 “ 13b 2834  240 235 95 172  215 210 90 145  281a 20b 473a 1893d 9412  34 " 62 85b 8512 25g 3*8 77g 8b 4 “ 3 51 67  558 614 84 87  70b 5678 96 4014 3334 134 1*4 237g 17b 277g 36 110 no 15  20c. 31c. 16 16  5b 6*8 84b 85l4  934 87g 29b 333S 56i4 59b  4414 96b 9512 135 11 86*4 54b 116 60b 105  73g 27 56b 1021a 43b 96 9434 130 1014 8538 52 115 49*4 100  934 33b 60b 1021a 5414 100 9512 134b 12*2 88b 57 120 58l4 105  5112 565g 98l2100b 93 95b 133b 134 103a 12b 8434 8814 5578 573g 11514 119b 503g 5514 100 100  4 23 24b 11*2 3112 37b 107b 4*4 3414 88b 75b 10514  334 22 19 105a 3014 37 106 4*4 33b 8714 74 105  4*4 2412 237« 115a 33 4314 109 ‘ 4*4 35 88b 813g 107  43g 2334 20 lib 31b 40b 1083x 4b 34 88 783S 106  8 7b 25 30b 5414 5734  961d 1001d  98  65b 7158 6678 96 4034 39b 41*8 38 134 2 15a 2 2534 23*4 25 22b 35 337g 355g 33 112 110 110 110  15S  7b 75s 85S 8b 27b 333S 31 34 46 5212 50b 595g 1013a 1013j 103 103 3934 4314 417« 473g 9212 94b 94°8 97 b 93 94 90 97 12818 13512 135 138 878 10*8 9 10 8214 79b 823g 77 5012 55b 52b8 67b 115 118 118 118b 5534 6038 59b 623g 105 105 105b105b 4*4 25b 2214 123g 34 423d 110b 4 36b 89 81b 106  62i4 683g  37 2 22b 30 110  227g 19b 207g 20 2114 18b 19b 19 13g 134 134 lb 1934 22b 19b 2234 1934 2314 8334 8814 775S 821g 7834 88 2 2 2 2 2 2l4 3 3 21? 21? 15b 17b 1614 18*2 17b 183g 35 38b 36b 387g 38b 44 425g 447g 44 52b 48b 47 59 62 60b 60 61b 72 158  1712 39 4512 61  4 2312 2012 12 3H2 363.1 1093i' 35g 33l2 87b 75l2 105  28 21 46 1847a 93b 15b 34 " 6OI4 82 3 7*2 4 66*2  241 240 245 234 242 237 140 232 95 9978 97 100 177 ” 172b 175b 162  1814 20b 1712 1834  18 19b I*? 1*2 1914 223g 7934 71 2l4 2*4 1634 36b 4338 54  4*4 2312 21 12 32 41b 110b 412 36b 8814 7912 10512 3-32  28 30 19*2 23b 463d 52 1833a 190b 93b 95b 16*4 1734 3534 395g 58*8 6134 80*4 81 3 ' 53g 10 17 5 734 67 70  238 232l2 95 " 162  2214 2434 2334 25 23l2 25b 193; 17 1914 18*2 1934 18 38 441a 407a 431a 41 431a 1531a 1707^ 1581a 1641a 1641d 1785a 89 “ 9214 90 ~ 9314 91b 96 ~ 10 13b 9b 1234 1312 11 2934 22 19 26b 195g 2634 497g 58 507g 57b 5612 64 " 78 ” 78 ~ 78l4 82 75b 77 334 51a 4 2b 3 7 " 8 7 7 IOI4 1134 5 " 3 3 6b 537g 50 48 55 56 57*2  197s 12 347a 1693a 92 534 14b 59 81 312 10b 5 54  209 201 85 139  210 84 148  209 201 93 146  207 205 88 148  207 198 212 208 90 90 15412 148  201 216 90 151  247s 183g 423.1 1755a 93b 10b 2434 6214 83 ' 5*4 1212 551g  1991d 200  215 8634 151  mining st ocks Of p ar value of $25 or I ess are riol lars per s hare. othe rs p. C.  Prices of COAL AND MINING Par. 653S 62i2 67b Amalgamated Copper------- 100 61 American Coal____________ 25 38l4 40 38 41 Anaconda Copper _______ 25 2 2 Batopilas Mining- - - 20 2*8 2*8 Chino Copper-. ___ _ 5 Colorado Fuel & Iron____ 100 31 363g 36 33 ’•Preferred----------------100 IIOI2IIOI2 110b HOb 4 4 3 Colum & Hock Coal & I -100 4*4 6834 834 Trust receipts full paid___ Comstock Tunnel-----------------2 22c. 22c. 20c. 26c. 1st income 4s ___ -______ Consolidation Coal -___ 100 Goldfield Consol Mines------- 10 7 512 77S 6b Homestake Mining _ 100 85 85l2 8412 8412 Maryland Coal, pref____ Miami Copper- _____ -5 Nevada Consol Copper______5 18*4 19l4 1812 20 134 Ontario Silver Mining------- 100 1*2 1*2 134 Pitts Coal of New Jersey-.100 1714 20 19b 22 70 Preferred_____________ 100 6734 69 72b Quicksilver Mining____ 100 212 278 212 212 Preferred ________ -100 Ray Consol Copper-------------10 32 3914 Tennessee Copper ___ 25 36*4 36 Utah Copper____ ___________ 10 4434 473s 4412 465g Virginia Iron, Coal & Coke 100 52 60 591? 66 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 deposit Consolidated GasCorn Products Refining------Preferred -— Crex Carpet______ ___ - Cuban=American Sugar.____ Preferred ___________________ Detroit Edison___ ______ ___ Rights -__________________ Detroit United Ry -----Distillers’ Securities Corp____ E I du Pont Powder, pref— Federal Mining & Smelting-Preferred - - — Federal Sugar Refining______ Preferred _ . . . General Chemical________ _____ Preferred ---------------------General Electric_______________ General Motors voting tr ctfs Preferred voting tr ctfs____  2734 21 ‘ 48 1703d 907s  9634 98  51  104 104 5112 54  14b 1412 20c. 20c.  101 101 57g 53g 57g 5b 83b 83i2 83b 83b 203g 19 1*2 19l4 8234 238 412 17 “ 40b 48b 73  22b 20 Ua  2214 907g 3*8 514 18 42 51 97  8*2 8*2 28 29b 593 4 57*2  5934  48b 54b 5212 647g  12 12 18c. 20c.  5*4 6 8134 83  5b 3l2 82 8412  1658 15b 1 17b 2034 17b 7834 8912 78 2*8 2*4 2*2 4 414 414 135g 17 12 303g 40b 3014 4112 49b 38 82 82 75  6 8 17 285g 5034 60i4  19l4 167g 17&8 15b 1 1*8 187g 17*8 84 78b 2l2 212 4 14 12b 3414 3214 44b 40b 75 60  6 61a 16b 18b 54 48  19b 1634 1 18b 81 212  141a 3614 45b 60  15c. 20c.  43g 85 50 19 16 1*4 1734 80 2 5 13b 3434 4412 60  5 4*4 8612 87*2  4b 85 50 23 19 2  215g 175g 1 20i8 17 87 81b 3b 41? 5 1434 16 39b 3414 523s 48b 61 62  2 934 47 9912 51 “ 99  iruio infilo 3 4*4 37 42b 82 85 565g 7112 9834 10514  250 250 96 9612 97 9712 36 “ 40ta 32 39 “ 118 119b 113 11814 115 118 793d 80 78 78 136*4 13938 131bl3612  225 22518 96 " 96 25 32 112b117 1123,1 1 1 filo 801a 81 1323d 136b  22s 22810 iniio 104 27b 3314 115 11834 115 116 78 78 133lg 135b  5458 45b 545g 55b 48 97 95 99 95b 28 9434 87 90 13234 13112133 125 125 . 1134 1114 9 9b 1034 8834 813g 87i4 8012 865a 5634 423g 497g 5814 48 11814 115 11712 115 116b 5S 5012 57 45b 535g 102 100 10012 100 100 5 253g 2534 107a 3134 4214  108 53g  435g 89b 8034 10712  4 20 16b 8 27b 341g 104 4 38 847g 6734 104b  3i2 18 17 85S 27  37s 215a 18i4 10 2978 2fi  91 92b 27 “ 87 24b  9814 9714 29l4 9014 27  47  47  9312 9412 29l2 85l4 25  9838 9714 3112 88i2 27l2  3934 134 27b 29 110  20c. 20c.  4b 2412 23 1012 301s 40 106 4*8 4114 8834 79*8 106  50b 97 935g 13234 IOI4 8414 55 117 5214 mob  585S 6738  35l2 3334 4014 3614 2 lb ib lb 243g 22b 21 20 29 2514 28 26 108 108  20c. 21c.  185g 217g 16b 19  87 94b 97 96*4 J. 32 30 35b 33 35b 31b 3434 3112 3234 28 887g 92 9614 91b 921? 8734 91*2 91 90b 94 29 30 285g 29b 2912 30b 2714 29b 29b 31  3H4 36b 86b 9514 2734 29b  44  3 6 312 1612 1012 15 51 50 56 9912 5934 5134 58 9734 9734 101 88i2 8812 1221? 1221? 127 129 93S 1034 10 I23g 927g 86 8212 87 4734 5612 45 51 113 115 1141g 11614 42b 5112 41b 46 92 100 95 95 18 18 37g 37a 3b 37? 20b 22 22b 22b 17b 18b 17b 21 834 9 9 8b 2734 287g 26b 29 32l8 3578 22 102 105l8 10212 10334 4 “ 47g 334 4 40 43b 401? 4358 843 4 86 8212 86 5934 667S 6178 747S 993g 10212 100 104  5 412 265g 24 24 2214 117S 107g 33b 30b 423d 3934 no 105 5 53S 42b 39b 885a 88I4 837g 783g 108b 106b  300 325 250 250 101 104 ' 97b 100 41 41 45 421? 11738 1207g 118 1217g II8I1 119b 118 119 82b 823d 82 82 1457a 149b. «139b 53b 7*4 95" 98lg 96 102  673S  38b 29 35i2 3112 15S 2 1*4 1*2 225g, 16b 19l4 1712 33b 25 “ 2834 25b 110 106  101 30 116*4 115  8 12 63b 105 58lg 100b 90l4 130 12*8 93b 553g 117b 4734 933g  3b 334 2014 2112 18 19*4 87g 11*2 2734 3412 341o 371o 1025o lOfi  4*8 4058 85b 685g 102  1373g 140b  41? 4214 863g 751a 104b  101 103 106 3378 345g 33 119 114b 116b 1165g 1141o 11 filo  135b142  9658 9fi3o 27 8634 2634  1*8 65g 5414 105 5134 98 90 128l4 105g 893S 52 116b 43b 9214  24b 20 1 187g 83i4 334 5 19 3834 577g 85  99 IOKIj 102 1 nn5o 991d 105 30 25b 2714 8834 86*8 8934 25 28 27l2 Wfilo 108  48  527g  55b  51b 51b 50  50  50  52  4634 10314 107  29 59 747g 135 9 29 28*4 100 116  333s  62b 78b 142b 1058 29b 3234 1043g 116  234  3l4  13534 1312 7412 60 3512 881? 107b H4 6734 323S 82 1734 4812 35  14334 15 80 62 3534 89b 107b 1*4 6734 343S 82 21 571? 35  100 105 1035g 106 1497a 154  30 59b 7558 138 10 28 293d 103b 118b  337g 30 3234 31b 3414 64 60 635s 61 64b 79b 7614 787S 763, 787S 14H2 139b 142b 139 143 1034 934 10l2 9 10 29 30b 2814 31 293g 333a 26b 30l4 26 29 99 1033j 88I4 9914 105 120 120 122 120 " 120  2b 678 13838 13b 7834 6112 35 89*2  33g 7*4 1453g 139b 146b 15 13b 1434 79b 78 807g 70 69 70 35 90b 893d 93 1085a 110b  69 34l2 83b 21 57 39b 120 105 152  70 35 8412 2314 69 4014  74 37b 84b 36 651g 40  2 5*4 14034 13b 78 7434 36b 91 ” 1097a  1  *  3234 345g 34 62 64 641g 81*8 795g 83 143b 143 145b 958 1014 9b 31 325g 31*8 30 102b 100 1037s 119 119 11934  2834 38 6634 58l4 845g 74b 14414 133 8*a 9*8 2978 2912 291d 301a 23 ~ 997a 1005a 95 119b  32b 60 80 143 9 29*2  234 2 2 212 234 27g 5*4 514 57g 6 5 512 145b 14334 1465s 1443g 148b 1445g 1534 1434 153g 14b 1412 14 79 815« 84 81 79b 85 7434 72 72 73 73 75 42 36b 37b 38 38b 40 92 9034 92b 93*2 1097a 115 116  70 38b 33b 3658 87 8412 87 30 2314 27b 61 59b 60 42 44 46  135 127b 131b 135 1057g 105b 10734 108 155b 1451a 152 148  31b 60 78l4 142 9 30 2634 99 ‘ 119  7034 34b 90 23 61  717g 72 37b 36 97 2934 27 66b 61  72 38i4 97 35b 66  74 35  2 27g 5 5 78 147 132b 147g 12b 82 7658 75 42 92 122  74 367g  67 30  38b 26 66*2 54 8Bb 72 145b 129 8*4 8*8 2934 28 2914 1834 997o 9178 119b 113  27b 54 77 7314 132 133 9 9 2834 28 245g 1918 9178 97 113 116 6138  293g 28b 5714 54 7512 747g 13514 135 9 8 2914 30 2214 21 9578 9134 116 115  29 317g 31 617g 56 60 79b 75*4 7734 14814 139 L4214 8 8 8 287g 2919 30 2418 1934 2238 911q 94 " 95 116 11558 11553  234 134 134 212 2 2 2 lb 434 434 434 434 534 434 6 5 1451? 12834 136 134 13912 138 I44I4 13614 1434 1034 13*a 113 4 12 IOI4 9b 10b 82 7434 767g 75 76 73b 8O7S 73 75 45 58 5712 5719 54 54 96 “ 96 “ 96 961o 95 93 96 122  67 3514  28b 28b 2814 2814 60b 6412  90 90 13238 13238 1283o 1321o 10634 107b 107 107 " 159 163b 1 503, 1 623, 4214 5134 81 8658 oEx-f dividend a nd rights.  135 135 135 108 107b 108 1587g 1551d 1683a 161b 166  3038  76 66b 6612 70 75b 76 29 32 29b 32b 30b 327g 15 1514 47b 50  1634 17 47 53l4  127 120 104 142 153 14fil4 1S2 40 37b 421? 38 75 “ 8212 75 781a b First Ins  126  1 nnio l sfi  97  3034 317g  13 37 6712 96 “ 120 131 1397o 133 10414 1063g 10612 1065g  I6I4 20 49b 52 6434 64  2 514 1391a Illg 78 75  18b 4712 6712 96 " 133 10658  ISIlo Ififi  35 " 37 35 40 77 79 7412 78b tallment p aid. ■&  173  RAILROAD AND MISCELLANEOUS STOCKS. 1911—Concluded. STOCKS  | January ’ February ] March September August June July April M ay Low High Low High Low High\Low High Low High Low High Low High Low High Low High  November \ December Low High Low High  95% 96% 93U 96 96 96 95% 96 Havana Electric----------------------97% 98% 94% 95 9512 95% Preferred------------------------------- 9334 95 13% 17 14 16 13% 1758 13% 16 Interboro-Met vot trust ctfs. 1S38 20% 18B8 2038 18% 1934 I7I4 19% 18% 1934 17% 1978 17% 20 44 48% 45% 54 3934 46% 42% 46 5638 41l4 50 55% 50% 5514 4 734 5 458 50% 5414 49% 54% 49 Prefen ..d------------------------------- 5058 55% 51 4334 5234 42 46 441 39% 40% 41 4914 50% 4834 55% 40% 49 Pref voting trust certfs------99% 108% 10112 109 1027g 112 104% 112 International Harvester--------- 109 11638 114% 121% 115%119 115% 11912 119 129 120% 126% 121% 125% 10334 122 120% 122 120 120% Preferred____________________ 12214 12334 122% 124% 123 124% 123% 124% 124 I28I4 123 125 124 125% 120 124% 115 120 5% 4 434 434 5 538 4% 314 4% 4 4% 4% 4% 4% 5 4% 4% 4% 578 5% 5% Internat Mercan Mar stx tr ct 1434 18 16% 22% 1634 14 15l2 16% 1778 1534 1734 16% 18 16 18% 17 19U 16% I7I4 Preferred------------------------------- 15% 18 9% 10 9% 10% 1078 1134 11 10% 12% 10 11 9 9% 12 13% 1018 1338 10 11% 9% 11 International Paper___________ 12 45% 47% 4534 4678 46% 50% 48% 50% 46 48% 45% 48% 5578 47% 4978 45 48% 445g 52 56% 47 Preferred------------------------------- 54 34% 25 345g 32 29 4314 4014 42% 3214 40% 27 33% 23 39% 4l78 38% 40% 3812 4II4 41 44 International Steam Pump— 3934 41% 40 83% 80 83% 83 80 821 88I4 90% 88% 89% 87 8778 80% 85 8778 90 87% 89% 8714 89 89 Preferred-------------------------------- 84% 857g 85 Kings County Elec L & P------70 70 Knickerbocker Ice, pref______ 30 30 30 31 30 32 42 42 30 44 4438 44 48 37% 37% 35 37% 30 38 40 Lackawanna Steel____________ Laclede Gas (St Louis)----------- 106 114% 111 113 IO2I4 112 102 104% 104% 10634 10458 109% 1063s IOSI4 102% 106% IOH4 IO4I4 102% 105 103% 106% 101% 107 Preferred------------------------------1-32 1-32 Rights------- --------------------------82 9234 89% 92% 86% 89 84 83 86i2 85 85l2 7412 82 83 86 94 91% 95 91% 93% 90% 93% 90 Mackay Companies___________ 92 7212 7434 7634 7534 76% 755s 77 7478 77 74% 72 73% 72l2 7234 7278 733g 68 75% 76% 74% 7514 73% 74% 72 Preferred____________________ 8078 87 71 72 74 80 84% 73U 80 74 79% 74U 7738 73 70 70 70% 83 May Department Stores--------112 11278 H3I4H3I4 10734 109 110»s 11134 111 111 Preferred____________________ National Biscuit_______________ 117i4l23i2 121% 12514 121 135 130% 141 133 139 135 138% 133U 136 12914 13412 12314 13 llo 12278 129% 12712 14334 13712 1427g Preferred____________________ 124 127 1263s 130 12578 12934 126% 128% 128 12934 128 12914 127l2 128 127% 12834 126 129 127 12834 125 12812 127 128 1334 15 1634 19 14 17 17 16% 17% I 1678 20U 18 22 18 17 18% 17 17% 18 15 I6I4 1212 1438 Nat Enameling & Stamping-92 94 86 86 92 97 98% 9OI4 96 88% 8S% 94% 100% 93 85 90 90 94 9612 9434 9612 Preferred____________________ 57% 55I4 5734 55 4478 5214 4812 5512 54% 59 51 5514 *50% 5234 52 56% 48% 55% 42% 5H4 4212 48 National Lead Co--------------------58 108% 106 IO8I4 IO5I4 107 105% 107 10734 109% 10734 108 1073s 108% 108 IO934 104 10778 10438 106 105 10612 10434 10712 Preferred____________________ 76 74%' 73 7512 68I4 75 64% 70 51 56 45 55 70 72 68 68% 70 4712 5834 5434 56 New York Air Brake__________ 70% 72% 72 .....................j 2478 24% New York Dock----------------------25 25 66 66 Preferred____________________ 13 13 Niagara Falls Power rights.. 723s 68 72 753g 72% 753g. North American Co new stock 64 72% 69% 72% 7012 7134 717g 7634 7334 763g 7238 7412 6938 72l2 645S 70 65l4 72 40% 43% 4214 43 5534 5534 4312 4434 50 54l2 Northern Ohio Trac & Light.- 39% 40% 40% 42 50l2 51 29% 24% 29% 24 2734 27 25% 23% 26 "2414 27I4 26 Pacific Mail Steamship----------31l2 2734 31 31i2 3112 2912 3338 30% 32” 5458 4912 5412 50% 54I4 47% 5214 49 52ig 49I4 521g 47I4 4914 3738 47 4734 4634 50% 4634 49% Pacific Telephone & Teleg____ 385g 96 96 99% Preferred____________________ 99 99 97 9712 96 96 97 97 98 98 People’s Gas Lt & Coke, Chic 105% 109 I65’ 108’ 103% 108 103" IO734 IO4I4 IO6I4 10512 10634 105' 106l2 101l210612 IO2I4 104 104 IO8I4 10434 107 10234 105"' Phelps, Dodge & Co__________ 220 220 204 205 Philadelphia Co (Pittsburgh) - 10012 106% 104% 107 105% 109 105% 106% 105 11412 11212118l2 10412 10412 99 105 107 108 106% 106% Pittsburgh Steel preferred— 103 104 104 105 10334 106 1037g 105 10312 10312 101 103 101 101 101 102% Pressed Steel Car--------------------- 30% 34% 32% 36% 31% 33% 31% 33% 3212 3(>3g 35I4 373g 36 375g 30 34 36l2 3012 3078 3434 32 973s 99% 97 98 98% 101 100 101 10034 10234 102 1021? 97 10234 Preferred------------------------------- 9214 97 95i2 96 100 100 100 Public Service Corp of N J — 116% 117 116% 120 119 120 118% 120 119 11934 119 11934 115 116 108%109 108 112 108i8109 Pullman Co (The)--------------------- 159 163 160% 161% 159 161% 159% 162 160 16234 16 ll2162i4 i6034 162 15534 160l2 154 157 156 160 157U 159U 157% 159% 3434 3414 38 32% 35 31% 34 Railway SteeKSpring--------------- 3 1 32 357gj 3514 39 35 38 30 36l4 26l2 30l4 26 28lg 27l2 3278 30% 33 92 98% 9734 100 98 99% 99 100 100l21O218; lOllg 103 IOH4 IOII4 10078 10178 94 Preferred____________________ 98i4 97U 97I4 100 10278 98% 1027g 2914 3212l 2914 31lg 29l2 3034 2458 2934 2H4 2638 18 Republic Iron & Steel________ 3H4 3478 32% 35I4 3178 34% 30% 34 2314 1934 2378 22% 28 9734 99% 97U 9938 92% 97% 93 f 967g 9338 96 Preferred____________________ 93 93ig 95 885g 9478 8158 92 74lg 8578 7834 84% 81 8538 Rubber Goods Mfg, pref--------.....................102 102 Sears, Roebuck & Co__________ 185 189% 188 192 144 190 142 146 1361214334 140 146 140 1421? 137l2137l2 125i2 133l2 131l2139 139 143 141 1423S Preferred___________________ 11912119l2 121 121% 121% 122 121% 121% 1207g 121 11934 1205g 120l2 121% 121% 121% 5212( 4912 52 56% 52 54 49 52% 49 Sloss-Sheffield Steel & Iron50 51% 52 481g 50 36 49 34 39l2 37 41 43 40 39 42% 112 112 112 112 112 112 112 112 110 110 112 112 Preferred ___________________ South Porto Rico Sugar____ _ 90 90 85 85 82 82 84 8414 ____ ... 88 88 8712 8712 88 88 112 112 110% 110% .....................110 110 Preferred___________________ 113 113 110 110i2 110 110 no 110 no no no no Standard Milling------------------1634 17 | 1612 171g 15 15 51 51 ! 51 52 Preferred___________________ 50 52 5H4 51 50 50 51 53 Texas Co. (The)______________ 131 135% 134 136% 129 136 125 130 127 132 115 128l2 109 122 91 84 110l2 85 86% 93 74l2 89 81 88% Rights--------------------------------14 1 Texas Pacific Land Trust___ 88% 90 87 89 88 88i8 9012 9012 9012 9012 86 84 90l2 84 85 87 89 89 87 90 858 1138 Third Avenue------------------------9% 11 1238 10 1412 10 113s 734 834 734 IOI4 9^8 IH4 8 934 234 133g 4% 7% Trust Co ctfs 1st instal paid 21% 2134 New. when issued__________ 31 363g 35 41 Toledo Railways & Light____ 8% 67S 678 8 8% 634 712 7 8 | 7 714 6l2 4 4% 4 5% Twin City Rapid Transit______ 108 110i2 109% 111 108 109 108 109 108l2110i2 108 110 107 110 105l2108 104 106 10512 10634 105 106% 105 105 Underwood Typewriter----------63 63i2 66 67l2 6634 8312 8134111 93 IO3I4 82 9914 87 90 8914 104 10134 107% 987g 110% Preferred------------------------------103 103 IO3I4 105l2 10512108 108 11312 111121137s 110i2 11334 108 IIOI4 1081211034 111% III34 11034 113% Union Bag & Paper___________ 634 7 8 9 734 8I4 7 8 634 734 534 634 5% 6 5lg 63g 5% 6ig 434 5% Preferred____________________ 59% 5634 5914 58i4 5938 5638 58l4 58 58 59I4 59U 59 59 54 58 54 54 52 53% 50% 53 51 51% United Cigar Mfrs, pref_______ 103 104 101i2 10U2 1015g 103 103i2 104 104 1061g 101l2101i2 IOOI4 IOOI4 106% 106% 104 104 106 106 United Dry Goods____________ 100i2106 106 106% 105i8 106l2 102 10534 103i2 105 10514 108 106’ 107 101i2 103l2 97l2 102 97% 99 97% 98% 100 100 Preferred____________________ 102% 104 104% 107 10434 10558 10 h8 1053s 105 10634 IO5I4 IO6I4 107 107l2 101l2 107i2 10034 104 102 102% 104 106 105 105% 44% 49 United Rys Inv of San Fran.. 3158 45 40 423g 37 46 4234 3712 39 45 4812 40 31l2 3634 28l2 32 30% 34 34 3 734 30% 33% 60% 70 Preferred____________________ 7434 70 69l2 75l2 73 76l4 70 68l2 72l2 66 69l2 59l2 6434 52 60l2 55% 58% 56% 66 58 61% 16 U S Cast Iron Pipe & Fdy------- 15 17 19 1778 15l2 1712 I6I4 1812 16l2 18 153S 11 1314 11% 1334 12% 14% 14% 17 16 16i8 13 54 5834 55 Preferred____________________ 50 55 61 58l4 5834 57 583g 57l2 593g 52lg 56i2 42 45 53l8 4012 46 42% 47 47% 52% U S Industrial Alcohol_______ 2614 26l4 30 25lg 25lg 24 26% 26% Preferred____________________ 92 94 9758 9934 9934 9314 9314 90 93 91l2 93 95 95 93% 93% U S Realty & Improvement-. 65% 69% 67 6934 6678 73l2 7134 7412 72i8 7934 76 7834 73 76l2 667s 74 66 68 68% 68% 68% 70% 6734 69 U S Reduction & Refining------378 4% 334 334 4 4 4 4 37g 4 3 3 2 2% 2 2% ill2 ’iit2 Preferred____________________ IH4 IH4 14 14 10 10 U S Rubber Co________________ 36 42% 4038 4712 39’ 4778 38 4378 38 425g 4018 43'g 4058 4212 35l2 4058 30l2 39l2 40 45% 4278 4734 45% 48% 1st preferred________________ 109%1117g IIH4 114 112 11418 11112 1147g 112 114 11312 1141g 113 11512 108l2 11334 104 109lg 10534 110 106%110 109 110% 2d preferred__________________ 72% 74 7334 7812 76l2 79 76i2 77i2 7412 7734 767g 7712 76l2 77l2 72 75 66 71 70% 76 72 76% 75 76 7634 8218 7458 7912 7234 785g 7414 8H4 75ig 80 U S Steel Corporation________ 71% 80 7712 8012 69l4 797s 5158 72 50 62% 5534 65% 60% 693g Preferred____________________ II6I4 120 11734 12078 118 11958 11878 12034 118 12012 117781193g 11778 120 114 118i8 IO3I2II6I4 103 11034 106% 110% 1083g 11158 Virginia-Carolina Chemical___ 6238 67% 6412 7038 6538 70lg 5714 6712 57 64 5334 61 55 5914 5114 585g 4318 5412 45% 49 47% 54% 52% 5634 Preferred____________________ 12378 125 125 127 12614 1281? 12218.1261? 123 1251g 124 12712 120 125 117 123 114 11734 116 118 116 119 118 118% Virginia Railway & Power— 4112 45 43 4412 38l2 37 41 38l2 38i2 38 40% 41 39% 43% 41% 41% Preferred------------------------------83 83 80 80 78l2 78i2 77 80% 80 78lg 77 81% 80% 81 Vulcan Detinning______________ 13 15 13 13 16 16 50 50 Preferred____________________ 50 50 51 51 60 70 60 60 66% 66% 73 Western Union Telegraph____ 76% 73 755g 7134 7438 715g 743g 7234 8412 78l2 83 78 82lg 73 7934 74 78 76% 81 77 7934 77% 807g 66l2 707gj 647g 70 West’house El & Mfg, assent. 65% 68 68 71 7434 78 68 79 72l2 76l4 6378 73 6334 6738 64 585S 66l2 6034 66 70% lst preferred]ll6 116 123 120 120 117i2121 117 121 II6I2II8 118ig 119 H8I4 H8I4 IIOI2II8I4 IIOI2IIH2 114 115 115 115 117% 117%  1912 STOCKS  October November December January February March April May June July August September 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 Topeka & Santa Fe. 103% 107 Preferred............-.......................... 10138 103% Atlantic Coast Line RR----------- 1133% 138% Rights____ ---------- -----------Baltimore & Ohio.......................... 1027g 1067g Preferred------------------------- — 88% 91 Buffalo Rochester & Pittsb -- 105 105 Preferred------------------------------Canadian Pacific_______ ______ 228% 23534 Subscription receipts.............. 7% 8 Rights ............................................... 65 Canada Southern--------------------- 65 Central of New Jersey-.............. 305 340 Chesapeake & Ohio----------------- 70% 74% 18 Chicago & Alton----------------------- 17 35 Preferred------------------------------- 35 Chic Great West trust certs-- 17% 193g 37% Preferred trust certificates. 35 Chicago Milwaukee & St Paul 104% lllSg Preferred......................................... 144 146 Rights ----------------------------------Chicago & North Western------- 1403g 143 Preferred . ....................... ................1   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  10734 110% 10738 110% 10738 11134 10634 10938 10438 107% 101% 10234 101% 103 101% 102% 101% 102% 101% 102% 141 148% 140 144% 138 14434 137 1413g c13034141% 3 3% 107% 110% 107% 109% 1O63S 10958 104% 11038 105%108 102%107 8634 87% 86% 87% 87 87% 86% 87 86% 88 87% 88 115 115 115 115 115 115 114 115% 116 119% 130 130 262 271% 28934 283 271% 281% 256% 27938 26034 268% 253 266% 259 260 ____ ____ 269 269% 19% 21 18% 20% 65 65 66 68% 68% 66 371% 371% 370 370 37434 380 360 380 368 373% 355 370 80 85% 7934 8334 76% 82% 78% 81% 805g 83% 78% 83 18% 22 18% 18% 18 19 20 20% 20% 20 20 20 25 25 36 36 1558 1734 2034; 17% 20 1638 1734 17% 19% 17 19% 17 37% 30% 33% 31% 34% 33% 36% 31% 35% 32% 38% 34 993g 105% 105 109% 105% 110% 107% 114 1109% 117% 109% 115% 140 141 14138 144 1141% 142% 141 142% 140 143 139% 142%  103% 1047g 104% 1093g 107% 1103g 1047g 10734 105% 107% 107% 109 1033g 104% 103 103% 103% 10334 103 103% 103 104 102% 103 135 137% 137% 139% 139% 143% 139 141% 138 141% 138% 141 101% 103% 102% 106% 106% 111% 108 111% 107% 109% 88% 8834 8734 88 88 89 87% 89% 87% 88 105 105 105 106 no 110 112 115 137 137 228 231% 226% 240 238% 2 56 253 270 262% 2 675g 226 226 225 233 245%249 253 253 255 259 7% 7% 66% 677g 67% 67% 67% 67% 365 380 365 370 360" 395 375 375 68% 723g 7134 7834 777g 81% 76% 80% 7 65g 80% 17 22%1 22 17 17 21 24% 18 18 18 40 40 35 35 38 17% 18 18 1934 1834 20% 17 19% 187g 35 35% 35% 38 36 39% 33 36 36 103% 106% 105%11034 109%11234 104 110% 102 106 145 145% 144% 145% 142% 145% 141 144 14058 142% 3g 9-16, % 15-32 1405g 142 '140% 144 142% 145 I 13634 142 1347g 138 134% 140 194 195 194 198 194 194 j 190 190 193 193  139% 144 1138% 143 ____ ____ '190 190  138 142% 137% 141 134% 138% 190 190 138 138% 183 187 -dividend and rights. I *  RAILROAD AND MISCELLANEOUS STOCKS  174  1912 - Continued. STOCKS  April January | February March May June July August September October November December Low High Low High. Low Hig Low High Low High Low High Low High Low High Low High Low High Low High Low High 1  ___ 128 133 126 128 132 136 Chicago St P Minn & Omaha135 140 150 15314 Preferred ------------------------------- 155 155 156 156 153 153 Cincin Sandus & Cleve pref-57 62i2 58 Cleve Cincin Chic & St Louis. 58 58 58 63l8 53ig 100 10H2 101 101 101 101 9578 9578 Preferred.............. • ■ --— Cleveland & Pittsburgh--------437S 39 45 45 42 45 44 45 40 Colorado & Southern--------------391g 39 39 40i4 41 74 75 74 7412 74l2 74l2 76 1st preferred.................................. 7 5r,8 767s 7512 76l4 7412 763 7434 75 76 70 68 68 2d preferred____ _____________ 70 67 68 71 71 —47 47 Cripple Creek Cent, pref______ Delaware & Hudson................. 167 173 170 175l2 168 169l2 174l2 16778 172 168 16812 166 169 168lg 173l2 Delaware Lackaw & Western 540 560 550 56434 560 560 540i2563 540 560 535 54938 ___ 530 543 2234 24 2134 21 1878 2258 1834 205g 18i2 19i2 19l4 2212 Denver & Rio Grande------------- 1958 2234 20 24 4134 44 42 40 3412 4114 34I4 377s 347g 36ig 35l2 39i4 Preferred......................................... 4034 46>4 41 1-32 1 Rights .............................................. Des Moines & Ft Dodge. — 5 5 Detroit & Mackinac, pref-----105 105 1134 934 Duluth South Shore & Atlan. 9 9i 8i2 m2 IOI4 1034 9 9ig 938 1058 87S 87g 8l2 934 I6I4 167g 16 2134 203g 2112 22 23 18 20 20 1734 22 2112 Preferred------------------------------- 17 18 Erie................................. -.............— 30l4 32l2 3014 32 31 38 3 61 s 3918 3358 3678 3358 36 33ig 36lg 35ig 385g 55 577 8 51 55i 2 51 54 543 8 53lz 56 1st preferred________________ 50i2 53l2 501s 5218 5H4 5734 50Sg 4034 44 42 40 4112 4134 47l2 4534 48 4514 415g 43l2 42 44i2 4334 46 2d preferred.............................. 130i4 13534 130 1335g 13212 135 Great Northern, preferred — 126 13212 12718 13 U8 133 141 138 14334 Rights------------- --------------------36 447g 36I4 39 3612 44 45 3914 4278 39 4012 427g 4134 45i4 43i4 47i2 Ore certificates------------------Green Bay & Western----------80 80 85 85 85 89 84 80 80 « Debenture certificates A-1078 1278 12 1212 1112 13 12i2 1078 12 1234 13 12U 13 Debenture certificates B-13U 15 Hocking Valley—....................... 127 127 127 127 135 140 150 150 Illinois Central----------------------- 1391s 1411s 13434 13612 125U 13712 128 132U 12058 12912 126 12834 127 133i4 130 13212 12 1234 1212 1258 Iowa Central--------------------------1012 1234 11 12 15 12 11 11 24 26 26 27 28I4 30 Preferred----------------------------79* 7834 81 7912 7912 7812 7812 78 KCFS & M trust certs, pref- 7734 7734 79 78 7738 7738 77ig 77ig Kansas City Southern.-............ 26 2834 25 2612 2534 29U 2434 2918 2212 2812 24U 257g 2438 2534 2412 28i4 62 63 621g 6558 5978 6434 56 61 56 6234 6012 56lg 59i2 59 Preferred------------------------------- 627S 65 Keokuk & Des Moines----------6 6' 7 7 7 7l2 8 912 7 6U 6Sg 7h 7 7 43 43 40 45 45 45 46 55 Preferred......................................... 1134 15 1434 18 16 Lake Erie & Western............— lll2 13 16 18 15 14i8 16ig 3212 3212 31 3934 38 34 36 36 3858 38 40 38 38 38 38 Preferred------------------------------ 30 470 470 495 495 Lake Shore & Mich Southern . 450 450 Lehigh Valley.................................... 159 1 8534 1557g 16038 1583416734 1631217034 16558 18 H4 170 17634 164l4 172 168is 174 44 45 4312 44 45 47 44 46 5412 53 44 47 5312 ____ Long Island....................................... 44 Louisville & Nashville............... 150 156 1497g 15412 1541215758 15614 163 15618 I6OI4 15614 16012 157 16134 158 170 Rights ______________________ Subscription receipts_______ Manhattan Elevated--------------• 137l2 137 13814 136 13834 136 13714 135 13658 134 137 134 135 133l2 1347g 2612 21 2314 21 2512 2OI4 23U 1834 197g 18l2 20 , 27l2 23 20 25 Minneapolis & St Louis----------4478 4812 46 40 42 i 57 5H4 47 45 46l8 4618 47l8 49 49U 45 Preferred......................................... 1333 8 1401 2 29 1341s 138 143 13914 1 4434 140 145 144 152 150 15412 Minn St Paul &SSM------------- 130 135 14714 14912150 152 150 1517g 150 1547g 152 152 154 156 155 158 Preferred------------------------------- 148 151 8634 87 8612 88 88 88 88 Leased line certificates------ 8712 887s 8812 8812 8812 8812 87 86l2 87 2612 2738 2678 3158 29U 3112 26U 29l8 2614 2858 255S 28 30 27l4 297g Missouri Kansas & Texas------- 27 6134 6414 62 66 64 573S 62 5812 61 60i4 64 59 61 61 Preferred------------------------------- 63l2 65 393g 35 3758 3634 3934 4H2 38“8 4Hs 3834 4734 4214 465g 3512 4334 36 Missouri Pacific-............................ 39 175 175 1757s 1757k Morris & Essex------------------------- 171 171 172 173 Nashville Chatt & St Louis-- 169 169 165 165 165 166 16014 166 165 165 " 63 63 69 6678 6912 641g 6412 65 ‘ 65 65 National Rys of Mex, 1st pref 6912 71 3434 29 3112 30 3112 3014 32 31l2 3112 28 30ig 3212 30 2d preferred —............................ 34U 367s 31 2719 2719 30 30 N O Mobile & Chicago, pref-. N Y Central & Hudson River. IO6I4 11238 llOlg 1113s 11058114 11238 12112 II7I4 121 116341201g 11314 118 115l2119i4 5934 56i4 58 54 5912 56 5714 5578 6112 59 60 59 59 58 61 N Y Chicago & St Louis--------- 58 u 1st preferred--------------------90 86 88 87 89 89 8912 90 88 86 88 88 87 90 2d preferred----------------------350 360 “ 400 400 355 355 350i2351 N Y & Harlem----------------------N Y Lackawanna & West-13634 14214 13412 138 134 13634 13414 136 135l2 140ig 137 139 136 13834 N Y New Haven & Hartford 3812 413s 37 397g 2978 3734 30i4 34l2 32 lg 393g 3678 3834 3614 371g N Y Ontario & Western------4938 55 5212 5212 4618 4934 48 5H2 46I4 49 5012 5012 46 4812 4738 48 Norfolk Southern----------------6 1077811078 1073411 n4; 085s IIH4 11078 II4I4 110 11338 11018 1173s 1141811812 116U 119l4 Norfolk & Western------------92 92 901 2 901 2 887 g 89 91 92 1 91 91 88 88 88 901 2 9H 2 89 Preferred--------------------------2532 l1^ Rights . ........................................ 1181 2 1213 8 121Bg 11538 11778 1 125 131i 2 120 1255 8 118 1 153 S 1193 4 H8I4 1245 S Northern Pacific-....................... 12334 12618 12234 12614 123 12458 123 1243g 1227g 125U 1221212412 12212 1243s Pennsylvania RR....................... 1334 177 8 ____ 14 143 4 14 15 15 15 15 15l 2 Peoria & Eastern...................... 105 1071s 104 108 106l2110l4 107 109 107 109l4 1087g 11112 Pitts Cin Chic & St Louis------1 14 114 117 117 Preferred------------------------------ 108l2115 '113 117 116l2116i2 110 11018 114 115 170 170 16919 169b Pittsburgh Ft Wayne & Chic ................ 1 86 83l4 83i4 86 881 2 881 2 Railroad Sec—Ills Cent ctfs-Reading-.............................. ................ 1481s 15912 15212 I59I4 15418 16334 16214 17914 165U 17778 16378 17278 160l2 168l2 1657g 173lg 913g 89 90ig 9OI4 931 4 90 91 88 89 90 92 917g 91 871 2 901 2 89U 1st preferred-----------------------9678 96 97ig 9834 9512 9812 96 9734 96 10112 9612 100 97 9812 95 2d preferred--------------------------- 94 245g 263g 233 8 2738 227g 253 8 223 4 237 8 263 4 301 2 221 2 291 2 231 2 231 2 255 8 281g Rock Island Co------------------------583g 4834 5212 47U 51 50 53l4 523„ 4858 50 4838 5534 54 595g 49 Preferred......................................... 48 126 126 1251 2 125l 2 Rome Watertown & Ogdensb 58 60 6158 55 58 58 50 65 Rutland preferred...................... 2434 21 2434 2912 25U 2919 2134 2512 2312 25 21 25 2634 25 26 St Louis & San Francisco- — 23 6234 62 62 61 6812 61 63 6912 65 67l2 6512 6512 66 1st preferred------------------------- 65 341 2 395 8 433 4 36l2 40 3534 331 2 381 4 39 393 8 351 2 37 42 40 381 2 4314 2d preferred--------------------------C & E III pref stk tr certfs -- 10518 1051s 109 109 110 J10 54 50 5414 50 51 54U 56 56 56 53 57 55U C & E Ill new stock tr certs 32 3214 32i2 37. 33U 323g 34" 2934 3012 3034 33 32 3312 3212 345g 33 St Louis Southwestern727 8 72i 2 74 78i2 683 4 73 75 75 77 74 771g 681 2 70 71 71 75 e Preferred--------------------2258 25l8 227g 2434 251g 2712 2434 2714 2412 26 Seaboard Air Line--------513 4 547g 513 4 543 4 503 8 5314 561 2 56 531 2 513g Preferred--------------------107 1125s 10512 10834 108 1151X 11112 11512 IO8I4 11234 10838 11078 1081g 11078 1105g 1135g Southern Pacific Co------283 8 295 8 29 3112 287g 2734 27U 2919 29U 3 llg 271 2 303 8 261 2 293 8 265 8 285 S Southern vot tr certs stpd ext 7612 73 75U 7314 7512 7312 7412 74l8 7734 77i2 8234 7H2 68I4 7338 73 Preferred do do. 69 82 82 86 86 Mob & O stock trust certs. 21 23 2538 23 241g 2034 23 22I4 25’s 24 28l4 23 Texas & Pacific----------------------- 2012 2258 2H2 22 1478 13l2 1434 1214 137g 1334 1234 163S 1412 163s 1312 153g 13 14 13 Toledo St Louis & Western-- 13 29b 347g 28 32 29i4 32l8 3112 317g 347g 3214 34 32 36 3412 31 Preferred------------------------------- 33 Union Pacific---------------------- -- I6H4 17414 160 16634 1637g 17214 1701g 17558 16618 173L 16618 17158 16334 17034 1697g 17412 90U 913g 9238 91 903g 8934 91 92 9Hj> 9358 91 90is 9H4 90 Preferred------------------------------- 91l2 93 4ig 5l4 934 4 678 334 71? 614 514 67s 73g 6 7 91g 714 714 Wabash ----------------------------------15 20l4 1912 2278 1778 2218 123g 1914 1234 1518 14 Preferred......................................... 167g 1934 171« 19l2 18 561 4 59 59 1 4 587g 561 2 563 4 635g 63 61 603 4 57 5534 57l 2 64l 4 59 581 S Western Maryland Ry------------76 79i2 79 81 80 78 81 81 78 80l8 80 7712 78 Preferred------------------------------- 75 634 55g 6 7 478 612 734 7 778 4 8 7 7I4 9 9U 5i8 Wheeling & Lake Erie................. 22 17i2 2112 20 2278 2112 2578 23 21 25 19 2H8 23 167S 15 1st preferred-.............................. 11 105g 1 13 4 105 8 101 2 81 2 11 133 4 121 2 81 2 8 107 73 4 10 14 7 111 2 6 2d preferred--------------------------6212 52 5312 53l2 51 5g 5478 55 50 5612 553g 5712 5412 57 54 48 Wisconsin Central------------------- 52 EXPRESS. Adams -........................ American-----------------United States---------Wells, Fargo & Co--  202 207 84 144  202 192 21212 200 86 87 151 142  200 191 200 205 220 2O8I4219 218 9358 9212 97 97 145 143 14612 144  21712 205 225 215 10012 95 14634 144  21712 2097820978 200 2201g 215 220 205 9319 931S 93 95 146 14212 14514 136  205 200 216l4 196 9312 85 147i2 133  136 55 39 74 70 168 540 2134 38  134  136  60 41 74 70  152  152  54  60  16719 16712 3912 40 73i2 73i2  —-  134  52 55 9834 9834  130  130  4514 53 95 96  37U 39 32l2 38 72 73 66i2 66l2 66l2 66ia  17134 167U 171l2 166 557 530 550 535 23ig 207g 23l2 21 4034 37l2 417g 385g  171l2 162 166 550 545 597 23l2 1912 217g 417g 3714 40U  934 83g 1734 16 33l2 38 55l2 5034 4514 42l2 1417g 136l2  4412 53  4514 5H2  83g 8 8 17l2 14 16 345g 36 30 53i2 47i2 5H2 423g 44 38 141i4 6 129 138l2 238 2 its 4412 4834 40 46ig  13l2 14  13l4 18  15  8 m 9 1512 19l2 15l2 35 38i4 33 lg 52 56ig 51 43l2 45»8 43 13634 142l2 135U  127  26U 77 2612 6034 7  13112 12712131  2612 77 “  3114 647g 8l4  127 1238 2634 27 285g 75ig 75ig 74i2 2734 3034 27i2 62 63>4 61 lg 8  1712  13l2 15  130  125 1212 12 285$ 22 74i2 293g 2534 63 60 8 5i2  143g 15 14 15 35 35l2 464 466 165i21737S 17134 17812 17214 1767g 46 4412 45 48 48 48 161 16412 15612 16334 6143l2 160 9l2 95g 8lg 9l2'  14l4 15 38 38i2  12 35 461  127l2 1212  22 ~ 28 61 612  125g 35 461  164l2 1751k 45 45 138 14612 7  dl34l2134l2' 133 1287g 13H4 2612 22 26l2 50 46 49 14412 13534 14314 146 L46 84 8514 853S 84 27i2 297g 2512 2834 64l4 60 62 61 42lg 46 »8 3934 4414  1315g 23l2 48 148l2 153i2 87i2 277g 6312 3812  134 253g 51l2 153l2 156i2 87i2 31i2 65 463S  2834 25 113 57i2  172 180 175 175 170 170 62lg 6334 63 63ig 263g 28i2 26l2 28 267g 2834 30 25 119 11312118 114 117ig 106igll43g 5934 57i2 5912 55 57 53 58  85 136 36i2 45&g 115i2 89 lg  132 2412 50 139 151 84i2 27U 62 4112  133 263S 5012 1497g 155 84i2 31 6534 46i2  85  121 1247a 140lg 1355g 140 133 393g 34 375g 337g 473g 46’g 47l2 46 117l2 11414 II7I4 114 92 8914 92 88  12512 130l2 1223g 1303g 123l2 125l2 1235g 125U ____ ____ 1312 18lg 108s4 im2 107 11034 117 117 167 167 83l4 83i2 16534 1747g I68I4 178ig 90l2 88 89l2 88 96 99 96 97 25 295g 24l2 29lg 50l2 5734 48lg 573g  20l2 26 61i4 64i4 35 37i2  2234 26 6II4 62l2 353g 377g  50 50 ig 50 34l2 38i2 3714 7612 7934 77 215g 2334 185g 49i2 5234 4712 1085gll47g 10834 29l2 32 28U 803g 865g 8OI4 23 12 29 167 887g 4U 14 55l4 77 6 2034 9 57lg  132 2414 48 140l4  175 177 68 119  126 13334 3012 34 43U 45 110l211412 88ig 88ig  123 12212 1334 106  128 1177gl25lg 1241g 1197g 1233g 12lg 13i2 17 10834 103 106l2  825g 1685g 89 9334 245g 4712  166 166 83l2 1747g 158U 173lg 91l8 89 90i2 92 97 97 2734 223g 26 4214 4812 53  183g 23 6OI4 6234 29l2 37U  52 48 403g 383g 805g 77 217g 197g 507g 48 114 109'‘4 317g 285g 867g 81  4834 4014 78 21U 503g 1131S 305g 8234  17l2 19l2 58l2 61 26i2 315g lOOlp 10012 48l2 47 383g 34 75 77 18 20U 4434 49U 1O31211H4 293g 27 79 81i2  2234 13 30 169lg 8934 4 13l2 52 77 8b 27i2 13i2 5212  2612 143g 33i2 1753g 92 434 1534 58 79 9i2 32 15l2 55  2134 10l2 28 15034 90 37g 13 45 66 65g 27ia ll7g 49  160 172 62l2 115  165 182 71 120  160 174 66 67U 12534 12984  26ig 26l4 24 145g 135g 15i2 3134 31 34 17634 1677g 17534 917g 88I4 90 4 514 5U 1578 16i2 13 61&g 535g 593g 80l2 77 79 834 7i2 1134 2812 36l2 30 137g 13 1712 52l2 68I4 59  200 197 197 20612 195 200 92 85 85 137 133l2 135  137l2 357g 47l2 116i2 91  200 202 82 135  2384 13 31 1717g 96l2 4lg 14 527g 74 812 30 15U 5214  COAL AND MINING  Prices of mining stocks of par value of $25 or less are dollars per share; others p. c. Par.  8834 7958 86l8 82 7934 845g 8H4 88 68 67l2 60 675S 813g 8OI4 85 Amalgamated Copper- —100 61 American Coal------------------H25 3612 3614 4134 4H4 4478 4012 437g 4134 45lg 3934 4378 41lg 46i4 Anaconda Copper......................25 343g 3834 34 d. First Ins tallment p aid. Prices for Amer ican Coal Co stock are per ce nt. 1   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  847g 923g 8H2 92S4 85 85 44i4 4734 41l2 48 t Ex-righ ts.  815g 87U  70i2 85*4  42'g 45  37  433s  175  MISCELLANEOUS STOCKS. 19] 2—Coni 1 lined. STOCKS. Batopilas Mining-----------------20 Chino Copper------------------------5 Rights ............................................... Colorado Fuel & Iron----------100 Preferred--------------------------100 Comstock Tunnel......................... 2  Consolidation Coal---------------  1 October January February March April May June July August September | 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  13g 178 25 27b  26 13c  13g 15g 25U 26I4  l3g 283g 30c 27b 23b 26l4 2412 3114 27U 106 108 110 15c 13c 16c 12c 15c 10c 7g 15g 25b 29l2  134 27g 303g 28l2 50c 34U 27 110 110 15c 10c  23g 307g  lb 2934  134 35U  331g 30l2 27 110 115 115U 13c 10c. 10c. 102 102 412 4 414  43g 412 43g 5 4I4 412 41g 43g Coldfield Consol Mines------- 10 4 50 56 Granby Cons M S & P------- 100 90 87 90 Homestake Mining- -............ 100 89 86I4 9112 94 96 9612 9612 ____ 187g 195; 1814 Inspiration Consol Cop_____ 20 2634 2412 263g ! 2534 Miami Copper-.................. 5 23I4 26b 231g 243g 23b 26b 25 Nevada Consol Copper----------5 I8I4 2OI4 I8I4 1912 I9I4 2034 19b 217g 2OI4 23U 2H4 II4 23; ------ -----Ontario Silver Mining------- 100 1 H2 II4 3I4 2 18b 17 Pitts Coal of New Jersey-.100 18 17b 1634 203g 197g 2334 2012 2312 2012 83'b 77 8214 81 927g 8834 Preferred......................................... 80 80b 78 92b 87 31g 43; 3 6 8 6 Quicksilver Mining--------------100 37g 3sg 3°g 3i2 8l2 4 4l2 4 5 5 113g 3l2 4 Preferred_________________ 100 7 12U 712 193g 161g 177g 167g 1934 187g 2034 183g 197g 181g Ray Consol Copper--------------10 16 Tennessee Copper------------------25 3434 38b 3412 3714 37b 4034 4012 4558 4Hg 47U ! 4112 Utah Copper_________________ 10 5212 583g 535g 5734 56b 623g 6112 6512 6OI4 63 ?8 6112 90 56 68I4 54 65 Virginia Iron, Coal & Coke 100 65 58I4 62 58 6312 08  ____ 201g 2818 23 2 2212 92/g 75g 12 2212 4512 6512 60  H2 2 297g 34 283g 32 lg  10c. 13c 37g  41g  n4 I7g 3934 447g  112 17g 3934 49b  1’2 l?g 45 503g  lb lb 38b 47b  3212 4334 30l2 34 135 135 140 140 8c. 12c  34l2 433g  3434 38b  2934 36  10c. 12c  8c. 10c.  32  35g  134 397S  4  95 195g 1834 193g 297g 2914 30 2214 2112 23lg 2 H2 1’2 23 lg 21 27b 95i2 9014 10034 6I4 4 6I4 7 9 197g 2214 2034 2238 42 45lg 417g 443g 5934 6334 6134 67i4 55 57 56 64 95l2 ISI4 263g 197g 2 2012 89l2 5  234  334  23g  96 18ig 287g 2134 ll2 23b 93l2 5 8b 21 415g 635g 61  98 20 30b 24ig 2 265g 987g 8 934 24ig 47b 67l2 67  9812 19 26b 207g 212 23b 9112 4l4 5b 20b 40 61b 63  234  134  25g  lb  2t4  9934 100 100l2 100bll2 165g 203g 21 21b 19 297g 27 29b 24l2 2834 2334 207g 235g 18b 23 2b 2b 3 2i2 3 20 24b 26b 225g 25 83b 92b 98b 91b 94 47g 5 4 412 634 6 7 9 6b 7 233g 21b 227g 19 22b 4134 463g 40 43b 35 66b 61b 65b 54b 637g 71b 6412 6512 53b 62  VARIOUS.  34 27g 34 31 78 1 Allis-Chalmers__________ ______ 58 1J2 »2 3 5g H2 I4 3g </134 23g dl7g 2I4 dlig Certificates of deposit--------17g dllg 134 2b </i2 e33g e2b 33g el <2*2 138 2^4 5 234 3I4 7 2^4 7 212 5 7 Preferred -----------------------------61g 8 2 41? <75 6 Certificates of deposit— (/412 5I4 </4i2 d27g 6934 e7b 10b e434 734 5 (Z434 5i2 d2i2 5 60 6214 607g 623g 60 American Agricultural Chem. 6012 6312 58b 60b 585g 63b 587g 62 6134 5814 611? 57i2 60’g 57 54ig 57 5934 565g 58 Preferred------------------------------- 101 10214 102 1037g 10134 IO4I4 IOOI4 1115g 100 101 IOOI4 101 99 997g 98 10012 1001? 1003,1 1007g 10134 100 100b 5834 53 55b 5334 62b 60 7H2 68I4 76 681g 7534 68I4 74l2l 69lg 7534 73b 77 American Beet Sugar................. 55 46b 57 68 75b 5234 68 99 1 0034 100 IOH4 97 97 99 Preferred------------------------------- 99 1007g 97l2 987g 9812 100 98i2! 97 99 99 100 100 91b 99 90 99b 90 94 94 98 American Brake Shoe & Fdy. 9H2 95 951? 9614 95 96 9512 9512 96 94 96 975g 9912 9734 9734 98b 10734 93b 9834 961? 97 Preferred......................................... 130 138 130b135b 13234 133 133b 135b 13534 137 137 141 140 14Hg 1401? 145 145 160 155 160 136b 145 135 139 Rights ----------------------------------134 23«i 1? 2 bi 3214 3834 33 lg 375gl 3734 42 American Can.............. -............. -- ’in2 "i278 IH4 12lg 1134 23I4 207g 39b 3412 43 383g 4534 3834 473g 38b 433g 26 ' 413g Preferred------------------ ------------ 91 95U 90b 9278 9178 106^8 10414 11734 114 12112 1155g 11934 116 11812 1177S 1207s 117l2 126b 120 12534 1203g 12412 112 124b 557g 613g 57 5H4 511g 58 61 American Car & Foundry------ 5OI4 55l2 49 5712 605g 565g 593g 581? 62 59 635g 58b 63b 58b 61 52b 59b Preferred------------------------------- 1151211612 115 H534 115?g 118 116121181g H7I4 120 II8I4 119 116l2 11834 118 118l2 1173gll97g 117b 120 118b 119b 115b119 3134 3334 32i2 34 American Cities----------------------303 4 395g 31 3H 2 47b 60b 31 36 50b 32b Preferred......................................... 78i2 831g 78l2 795S 7514 773g 76i2 77i2 767g 8034 79 83 78b 8434 96 98 American Coal Products--------95lg 96 94 94 90 90 97 98 98 94b 97 97 110 lioig 10834 111 109is 111 114 114 111 11134 113 113 111 111 Preferred......................................... 4814 5012 49 55U 5134 5512 535g 57I4 5112 543g 5H2 5434 525g 5434 54 American Cotton Oil--------------- 4512 51 583g 557g 59 b 537g 60b 54b 59b 9534 95 981 4 99U 981 4 99 98 987g 98 99 96^g 97 Preferred------------------------------96 96 98l4 98i2 97 98 99 98 98 98 97l2 98 43g 6 35g 334 3 4 612 47g 31g 412 5 American Hide & Leather------512 434 5b 5 534 7 5l2 53g 7b 5ig 5l2 5b 6 b 205g 203g 25b 24I4 273g 24 Preferred....................-................... 20b 2134 20 27l2 227g 2414 25 2578 26 28b 3134 27b 30l2 24 28b 27b 34 27 20'g 1934 2Hg 201a 23U 2l7g 25 23 3034 24I4 275g 25 American Ice Securities--------- 18 277g 22l2 27 18 1934 2234 247S 193g 24b 19 21 934 934 12 9 1234 1134 177g 13 135g I5I4 13 16 American Linseed......................... 10 1412 13lg 14i4 13l2 15b 14 175g 123g 1634 1012 12b 35 43 393g 34l2 37i2 3534 373g 3534 40 36 3934 36 Preferred......................................... 31 30 30b 3012 3434 32 37 4134 33b 40b 31 35 39 4434 41 4434 405g 4334 41 40 American Locomotive------------- 33U 365g 3134 3334 33 44l2 43lg 4634 42l2 4634 41 46b 45b 43b 47b 40 Preferred------------------------------- 103 1033g 103 1047g 10612 109 108b HO 108 109 107 IO8I4 108 110 109 1101? 10812 109l2 106 109 106b 107b 106 107b 434 8 75g 9og 8b 1234 117g 13b 12 15U 137g 19 American Malt Corporation-15 177g 14!g 16b 14b 157g lib 14b 18l2 16 19lg 15 483g 467g 50 485g 571g 5314 59 625g 59 55 59lg 58 Preferred —................................. 42 62i2 62l4 69l4 65 61b 68l2 6118 66I2 61b 64b 57 8734 8912 873g 88 863g 87 American Smelt Sec, pref B-- 86b 87 84 8534 85 87b 8634 8734 8734 89 86 875g 88b 86b 8634 85 87l2 88 American Smelt & Refining -. 68b 7412 677g 725g 7212 895g 835g 883g 8H2 88I4 813g 871g 803g 87 835r 883s 8334 91 81 90b 777g 8434 66b 79»g Preferred------------------------------- 1023g 10412 1027s 104U 10334 108 10612 10812 107 108i2 107 108 10714 108l4 107U 109 107l2 1093g 107 109 106 108 103 106b American Snuff----------------------- 1130 14478 131b 137 123 1 2934 12634 13512 128 133 131 16934 162 178 169 191 1853g 197 189 199 191 196 1877g 203b 108 108 1111? 11112 Preferred------------------------------- 10218 111 107b 108141051a 1073d 10712 10734 107 107 99 101 100 10178 101 102 101 101 102 103 10312 10312 1047s 105 Preferred, new______________ 1033g 104 104 104 104b 10458 317g 38 3512 27b 29 32 28 American Steel Foundries------ 26 36 39l2 35 37 34 38 407g 443g 36b 423g 34 36 34lg 38lg 37 42 American Sugar Refining Co- 11434 12038 118 120 11734 12912 126 1311g 12512 133l2 126 1333g 123l4 1313g 1257S 130i4 125 1287g 122 12734 118b 123 113bll93g Preferred------------------------------- 1151211912 118 11834 117 122U 121 123 1211g 123 121 123lg 121 122 1215s 1231? 12212 124 121b 12334 119b 122 116 117 78 78 78 78 78 7612 7612 695g 695g ____ American Teleg & Cable Co-- 77 76 76 687g 69 68 70 66 67b 76 76 American Telep & Teleg Co.- 13758 1421g 1391g 14434 1447g 149b 1447g 14712 14434 1467g 1441? 14612 14434 146lg 14412 146i4 143l2 146b 142b 14434 142 143b 13734 14234 American Tobacco------------------- 250 287 24Hg278b 24H226434 25213265 245 280 2717g317l2 285 324l2 2611? 30934 2597g276 263b 2827g 265 27834 255 280b Preferred------------------------------ 102 10834 1033g 10634 10312 105b 104lg 10534 10412 1061g 107U 10734 10719 10719 108 108l2 109 109 Pref certs of deposit-.............. 102 IO8I4 1043g 1067g 10334 106b 1057g 10712 105 108 10812 109 Preferred, new______________ IOH4 1063g 10H2 1047g 1017g 10312 10H2 10334 10112 104U 1033g 10512 104U 10534 1047g 10534 10334 106 104b 1053g 104b 195b 102b 105 Am Water-Works & Ouar pref 97b 98b 97b 99b 2514 2734 2714 30 2812 2914 271g 31 28 American Woolen Co--------------- 25b 30 2912 27 29 18 23 28 2634 31 287g 30b 27b 29»4 18 8734 87 94l2 90»g 917g 9012 93 9014 9284 89 9034 88l2 9234 8912 917g 88b 8934 79b 85b 79 Preferred--------------------- --------- 8734 8934 86 83b 31 3512 413g 35 American Writing Paper pref 25U 2534 26 3712 3212 36l4 35 28b 30b 2912 41 32b 405g 35 38l2 33b 38b 32b 36b 29 Assets Realization......................... 106 108 105b 10714 107b113 111 123 119 123 120U 12414 12312 126 124 126lg 12412 124l2 124 127b 120b 123b 118b 123 10212 103 104l2104l2 Assoc Merchants, 1st pref— 46l2 46l2 411? 47 44 45 Associated Oil--------------------------535g 6012 5514 597g 57l2 6034 58l2 60 49 55b Baldwin Locomotive--------------56b 595g 547g 58 Preferred --................................... 103 10334 10234 103b 10312 105b 10534 1067g 10612 108 104 108lg 105 106 105l2 1063s 106 106l2 106b 107b 1067g 107b 103- 107 3534 403g 3512 3812 34 3834 36 Bethlehem Steel Corporation- 30lg 325S 2734 317g 2834 3434 335g 42 493g 4434 615g 39 46b 33b 41b 4212 39 7434 6912 723g 6534 7214 6834 74 56i2 61 74I4 70 58b 63b 62 74b 793g 68b 75b 60b 71 Preferred......................................... 5934 62 70 80 9412 9H4 935g 88l2 92 Brooklyn Rapid Transit-- — 7634 79U 77l2 7834 787g 845g 8212 845g 8134 901g 863g 9012 91 93 b 8534 93 92b 89 89 Brooklyn Union Gas.................. - 138 14112 138 139b 13712 142 142 14512 1421? 14534 142 144 142l2 147 147 149 145i2 148 144 147b 143 145 140 141 77g 8 8 8 9 1114 ____ ____ 8l2 9 812 9b 812 9 912 IOI4 8 834 Brunswick Term & Ry Sec— 8 8 8 8l2 8 10b 3812 3312 3312 337g 337g 3634 38 32 3534 31b 34b 28 31 28b 29b Butterick Co-................................... 295g 30b 2934 30b 29b 30b 3012 401-g 35 California Petroleum vot tr ctf 647g 72b 5934 68 49b 6534 9034 84 Preferred____________________ 90b 951? 8934 92 1 Case (J I) Thresh M pref rects 100 1007g 1003g 101b 997g JOlb 28lg 24I4 2714 2412 2612 2434 275g 2634 30i4 28b 3358 30b 33b 27b 32b 257g 30b Central Leather -............................ 1734 2H2 16l2 19b 175g 2412 23 9434 91 8214 8934 8812 953g 93 92U 80 88 9412 93 997g 91b 96b 96 96 100 98 100 Preferred......................................... 83 98 100l2 95 114 114 114b 114b Cent & South Amer Teleg------ 11512 12112 121 121 11934 12H? 120 120 120 120 118 11934 112 112 Chicago Union Traction— 25g 25g 27g 21g 33g 114 112 2 212 234 214 37g 114 23g 21g 2 lb 2 Ug Hg Trust Co ctfs deposit-............ 212 2b 2b 334 4 ____ __ ___ 4 534 6 9 414 5 534 IOI4 6l2 7I4 6ig 67g 5 Slg Pref Trust Co ctfs deposit -7 5b 6 8b Consolidated Gas............................ 13834 14312 13814 140b 139b 146 1425g 14534 13912 14534 1395g 14234 142 1463g 144 1491? 1435g 1477g 142 148b 14112 146b 13534.14234 1434 157g 13i2 157g 141g 163g 15 127g 16b Illg 10 17 10l2 10 . 1634 143g 1712 15 16l2 153g 22 b 15b 18 Corn Products Refining-............ 10 8212 847g 8034 8314 8OI4 84l4 82 lg 85 787g 7612 8412 8H2 87 8334 85l2 8134 89b 78b 837g 75 79b Preferred------------------------------- 7614 7934 77 83 847g 86 74 74 72 . 72 70 85 86 ____ 84 84 75 853g 85 85 Crex Carpet------------------------------- 75 81b 81b 80 35 33 35 35 Cuban-American Sugar----------9434 95 92 9534 96 93 96 Preferred------------------------------- 96 99b 100b Deere & Co pref-----------------------7434 7334 743r 721? 743d 73 6II4 65 67 67 70 73 Detroit United Ry------------------ 6334 6412 :::: :::: 72b 72b 72b 763g 313g 343g 3ng 3334 313g 337g 3114 335g 323g 36b 33 26b 3112 2914 34 35b 257g 34 Distillers' Securities Corp- — 305g 325g 28 25b 28b 20 9212 9434 98 99 95 971? 991? 981? 981? 100 100 9512 E I du Pont Powder, pref------ 9012 90b 15 “ 18 * 15 14 1934 2134 19b 205g 133g 1534 14 18 18 IH4 127g 1U2 1834 18 20 17l2 215g 20 Federal Mining & Smelting-- 1212 13 407 g 453 g 46 41 46 43 45 523 4 46 487g 44 46 50 431g 48 42b 47b 37b 42b 38 45b 38 Preferred —................................. 37b 39 67 Federal Sugar Refining---------- 67 95 95 Preferred------------------------------134 13712 13712 13712 140 150 153 172 185 225 190b 205 205 205 200 200 180 200 General Chemical_____________ 128 132 135 136b 111 110 110 110 113 115 115 1113gll2b Preferred................................ — 107b 1085g 108b 111 IO6I4 10812 1061? 1077# 108 111 111 21? 25g 212 33g Rights---------------------------------Preferred rights------------------General Electric----------------------- 155 1607g 156b I6H4 160 168b 166 173 I66I4 17212 167 17814 176l2 188i2 1807g 1837g 179 184b 179 184 180lg 18734 179b 188b 36 321g 3434 30ig 34 34 38b 32 30 3314 32 ' 38l4 33 34 35U 30 34U 421? 36b 427S 34b 38b 333g 38 General Motors............................... 7934 82 34 76 82 7014 7612 73 82 75i2 74l2 771? 77 82 76b 74 77 79b 76b 79b 78b 73 Preferred----------------------------75 77b 74 783< 801s 741? 81 707g 75b 68b 73 Goodrich Co (B F)------------------60b 70 108b 1081?! 106 1091? 106 107b 107 107b 105 1 06b Preferred-----------------------fi07fl $56 623g $63 $57 60 3g $57 607g $5334 59b $54b 57 Guggenheim Explor--Par $25 G W Helme......................................... 160 170 159 169 165 17Hg 170 171 155 171 177 19434 19712 197l2 185 19434 185 1871? 187 200 187 1903g 186 192 1095310953 10912110 11 Ola 11 011 113 _ _ 112 112 13 114 16 115 115 Preferred------------------------------110 110 1 Havana Electric............................ —1 1 . _____ 110 110 115 I2OI4 Preferred------------------------------89 89 ) 87 87 89 85b 86 89 Havana E Ry, Lt & Power-1 96 98 95 93b 95*2 9G!s Preferred----------------------------(/First inst aliment pa id. e Sec ond Install mentpaid. 1   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  MISCELLANEOUS STOCKS  176  1912—Concluded. STOCKS  January February | March April June May A ugust \ 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  Interboro=Met vot trust ctfs- 1638 19is 171S 1838 1734 2H8 1834 2078 I8I4 2134 1918 2I1j 1934 22 1978 2U8 1878 2034 19l2 2178 193g 21 I6I4 20 533S 59i4 54l8 58l2 5718 62 Preferred 57*s 6H2 55U 613g 5634 60b 57ig 62 58lg 61i2 573g 611 6OI4 673g 63l4 67 57*8 65*s 5834 5734 5734 6078 61 Pref voting trust certfs------ 5234 573g 53l2 5634 56 60l2 61 lg Internat Agr Corp vot tr ctfs 49 53l2 43 48*4 36 42 45 45 40 40 Preferred vot trust ctfs-----9612 99 94 96i2 94 95 93l2 94l2 9312 93l2 9212 93 89 93 International Harvester____ 106 109*s IO5I4 1063g 10634 11734 1131211812 1141212412 117 1225g 11712 122 121 12512 120 12678 120 12512 11914 12278 105l2 120 Preferred....................................... 116l2120l2 11912 121 120 121 120 12134 117 120 120 121 119i2 120 119U 120 119 119 11934 120 113l2119 113i2115 4I4 434 4 434 412 5 Internat Mercan Mar stk tr ct 4 77g 4I4 7 4I4 4l2 4 414 4l2 5 5 6 5 5l2 47s 5l2 4is 5i 20 23l8 19*g 2134 1918 26 Preferred . ................ 1878 25U 17l2 1978 17l2 19 1534 18 1734 20 1878 211 16is 2078 1934 2278 183g 21 938 1 034 10 1078 103g 1414 1214 153g 1412 1934 1434 181 International Paper 14l2 I6S4 15l2 1678 15U 1678 15l2 17*8 12 1638 11 13 4578 52 5212 59l2 54 5834 57 Preferred................. 5012 56 627g 57l2 6078 54l2 5834 56 51l2 5838 56i2 58l4 56’4 5934 5078 57i2 28 313g 2812 3234 27 International Steam Pump___ 30 34 28 30 3U2 24b 28 24 26 28b 26i4 2818 2612 29 2412 291s 23 26l2 81 8334 79 8234 79*8 807s 79i2 81 Preferred--------------80 8012 8278 82 84*s 81 80 81 78>4 80 8112 80l2 813s 78l4 80 Kayser (Julius) & Co 93 95 9534 9114 93 1st preferred--------109 109 108 10834 107 IC8I2 Knickerbocker Ice (Chic) pref 67 67 75 76 75 78>4 Kresge (S S) Co----------80l2. 73 89l2 7912 83l2 75 Preferred------------------101 102 100 105i2 100l2 100l2 100 102 30 30i2 30 30i2 29 30 3212 35b 36 29 31 Lackawanna Steel------46 50 46 51 40*8 40 43 55l2 50 5414 45 10618 10834 106 107U 104 10734 IO6I4 108 105lg 108 105 1063g 106 106b 105*8 10712 105l2 106 105i2 106i8 1053s 10578 102>8 104 Laclede Oas (St Louis) 169 17812 16618 180 180 198 180 19412 19212207 194 20834 20534 21578 208 217l2 2121g 225 209l2218 206 214 Liggett & Myers-............ 1567s 185 1051211312 10712llll4 10718 11018 109U 11H2 1091211134 111 11312 11234 114 114 118 11512116l2 11578 117 116i211612 115 116 Preferred-----------------Loose-Wiles Biscuit trust ctfs 4112 4534 42 4534 42i2 45U 4034 4414 36 43 47b 43 1st preferred------------------------103 10414 1033g 104 103 104 10212 104 10334 105*8 103 104U 2d preferred--------------------------92 90 9212 91l4 92 91 91*8 9012 9234 9034 91*8 90 8134 86 75l2 83l4 7912 83 80 87 8334 887g 88b 92l4 87 Mackay Companies----------------- 7518 79 84 9034 86l2 88> 2 8684 88 847s 85l2 82 70*8 68l2 6978 69 69*s 68*8 6978 69 >4 69®s 69 Preferred------------------------- --- 6812 7078 69l2 70l2 69 68 6912 68I4 70 68 6878 67l2 68I4 66 Manhattan Beach Co--------------2U 2l4 8?3g 74i2 7018 72 69 81 77 82l4 7714 8214 763g 80 May Department Stores--------- 7U8 71i8 72 8OI4 87l4 75i2 8Hg 77 84 79lg 84 Preferred------------------------------- 110 112 110l211H2 110 110 10912110 111 111 10534 107l2 107 108 106 107l2 106l2 108 106i2 1073g 106 106 105 106 Rights----------------------------------12 l2 6234 72 6534 7338 6534 6934 67 8634 Mexican Petroleum-.............. ... 7038 67l2 79*8 77 8434 82*8 90i2 78*4 87l4 67 Preferred------------------------------102l2 104 99 102 National Biscuit —.................... - 13912 150 14312 148 147 154U 14814 161 15514 16012 154 159 12912 153l2 134 142 137 140l2 130 137l2 12934 135U 114 130 Preferred......................................... 127 128 12634 12814 129 129 127 12912 12834130 12912 131 127 130l4 12578 12834 12378 125 123 124l2 12414 127l8 122 124 1734 16 19U 1512 1612 15U 17ig 163s 1914 17 1714 15 Nat Enameling & Stamping -- 1378 1412 I2I4 14 19*8 2314 163S 20 20lg 181S 26 923 4 923 4 941 2 951 2 94 921 2 931 8 88 94 90 941 g 91l2 Preferred--------------------- --------92l2 94 90 93 90 93 93is 93l8 90 90 93 54b 591g 5678 60 55 60*8 5614 59 6434 54l2 60i2 5684 60i2 5834 6078 59 National Lead Co............................ 5118 547g 53 66>8 62 68I4 59 Preferred------------------------------- 105*8 10712 10512 10934 10712 108 1081210918 109U IO9I4 107U 10934 10838 109l2 109*8 HOI4 107l2 IO984 108l2110 109*8 1107s 106 10834 53l2 50 573g 53 62 56*s 55 61 76l2 70 7212 8OI4 76l2 85 New York Air Brake................... 5478 5612 50 74 83 77 78 78 74 80 20 20l2 20 23 20 20 18 18 19 19 New York Dock-......................... 50 50 47 47 40 32 4478 447g 40 Preferred................................... ... 41l2 4H2 40 40 35 35 8834 9334 873g 9278 8678 8912 89 8934 8914 90*8 8312 88 87 9O3S 897s New York State Railways-----92 92 Preferred...................................... 8334 8378 82 72l2 8 3 7878 7814 8078 79U 8478 80 83 85 North American Co new stock 74i2 7978 77 83i2 8214 8778 8378 8578 83U 85 6234 6318 6718 63l4 64 60 62 79 7912 75 Northern Ohio Trac & Light -- 5712 5712 57l2 57l2 56 6314 6334 6734’ 66 67k 66l2 67U 67 110 110 108 109 109 10912 110 110 no no 10678 10678 Pabst Brewing, pref’-------------32 347g 3 Il’s ’34l2 32 3234 3012 33U 3H4 35 3378 30*8 3234 3038 3334 303g 38 3238 36l2 323g 36lg 28*4 35U Pacific Mail Steamship---------- 30 5538 48 49i2 48*s 47 45 49 54U 49I4 52 49 51 48l2 52 Pacific Telephone & Teleg------ 4838 5138 47 48 50l2 493g 53U 49i2 52 99b 99 100l8 100i8 ]10018 10018 9812 100 101 101 101 101l2 100 100 Preferred ------------------------------- 99*g 99*8 99 105l g 107 “ 106 ’ 1085s IO8I4 114 107i8118l4 Tlll211612 113*8 11634 115l8118i4 116 11778 116*8 122l2 115 11878 109>8 116 People’s Gas Lt & Coke, Chic 103 IO6I4 283g 283g Pettibone-Mulliken----------------9734 983& 1st Preferred-----------------------212 212 2151221512 Phelps, Dodge & Co-------------Philadelphia Co (Pittsburgh) 104 106 105 IIH4 107 110l2 106 108 10212 107 102 10538 103 10412 103 104 10314 105 1001S 102 100l2 102 100 100 Pittsburgh Steel preferred— 10112 10234 101 103 101 102l2 102 IO2I4 10212 10212 10U2 10312 10112 103 10212 104U 10134 103 10212 10312 100 10134 100 100 P Lorillard.......................................- 169 189 168 180 167* 184i2 182 19212 178 189 186l2200l2 178 19812 190 19712 185ig 196 186 215l2 199 210 198 209 Preferred------------------------------ 10734 115 109U 11278 109l2110 10912llll8 10934 112 1113411312 112 114 116 118 113l2116 116 117 II6S4II634 1151211638 34I4 2834 32i2 2978 353g 34 3738 33*8 36l4 33i8 36l2 3412 36l2 36 3834 36l2 4078 3714 4078 37 39U 33l2 37 Pressed Steel Car-......................... 32 96 100l2 96 102 102 103l2 100 10212 10012 101 10H8 102l2 iou210334 IO2I4 103l2 10012 1023g 101 ion2 98 101l2 Preferred------------------------------- 10Hs 102 Public Service Corp of N J— IO7I4 IO8I4 10634 10734 1071211134 110 111 109 11112 10912llll2 10934 116l2 116 12078 11834 11934 118i2119l4 114 11514 II684I2OI4 Pullman Co (The) -......................... 159lg 161 15812 15912 159 16112 160 163 1591s 162 15912 16178 I6OI4 162l2 I6OI4 175 165 170 167i2 170 164 I67I4 159l2 165 32l2 06l2 3134 37U 34 3634 34 37 33 32 2712 28*8 29 34 3678 3&i2i238i2 3634344034 36l2 39*8 36l4 38 Railway Steel-Spring--------------- 29 98!4 1013g Preferred---------- -------------------- 101 101 10212 103 100 102l2 100 101 10018 100*8 101 102 10H2 102's 103 105 102 102 102 103is 101 101 1534 23 23i2 28*8 18 23 21l2 25 26l4 33 21*8 2478 2178 29i2 25l4 2878 27 29lg 26*8 3412 3078 35 Republic Iron & Steel............... - 2218 27 84 90 8134 7512 8034 76 85i2 8278788614 8478 92 87 92l2 9038 93*8 8812 93 853g 64i2 7934 6812 7434 72 Preferred ------------------------------ 79 105 105 107 107 Rubber Goods Mfg, pref............ 89U 97'sl 97 101 Rumely (M) Co------------------------101 10134 100 10134 100 103 102 102*8 101 10212 100l2 103l2 102 10312 99l2 102l2 Preferred------------------------------Sears, Roebuck &Co--------------- 140 143 14112 157 153 I6OI4 156 17512 171 19412 183 192l4 189 19784 195 20678 203 220l2 208 215 207 221 192i2218 123l2 123i2 124 12434 12312 124U 123l2 123l2 123 124 Preferred------ ------------------------ 121 123*g 12318 12412 123b 12378 1233g 12412 12418 1241g 48l2 40 4012 4118 49b 46 52 48 5212 50l2 5738 54 5412 5934 55 58i2 55 59 58 Sloss-Sheffield Steel & Iron-- 39I4 44 97 102 105 100 100 100 100i2 100 100 100 100 100 100 90 90 Preferred------------------------------So" 81 ’ 79 83 7412 79 8H2 81 88 78 78 South Porto Rico Sugar----------- 81 108 110 109 109l2 109 109 Preferred---------- -------------— 110 110 110 110 110 110 10934 110 10978 10978 105 110 36 2614 26ls 33l2 2934 3234 28 28U 31l2 31 30 28l2 30lg 27l2 30 Standard Milling -......................... I6I4 17l2 1634 1712 17U 2112 2018 2578 25 6212 66 56 6134 5834 6214 60 63i2 64 6212 5918 6414 63 66 55 56l2 55 64i2 65l2 64 64l2 63*8 65 Preferred.............................. .......... 53 35 3634 30 4378 3334 42 4478 41 45 49l2 41 36l2 37 Studebaker Corp (The)----------9634 91l2 93 9634 94 9012 92 91*4 95 94l2 98’s 94l2 96l2 Preferred------------------------------9934 97 11334 105 126 121ig 130 125lg 129i2 12514 130*8 11912127 119 123 106 11914 8734 87l8 9914 93 97l2 94 Texas Co. (The).......................— 81 96 96l2 96 97l2 90 89 89 89 89 95'2 92 96l2 95 Texas Pacific Land Trust------- 90 /52 53 Third Ave trust receipts--------- d2134 e41 33l2 41*8 423g 3534 4H2 3678 3978 35l2 4034 36 40 3878 35 37ig 36l2 4134 37 Third Ave, new---------------------- 4014 4934 39l2 463g 4058 447g 37 2l2 334 534 7l2 378 7 5 10*8 534 6*8 5U 9 3 4 3 37s 3l2 5U 5i2 5i2l 378 5 4U 9 Toledo Railways & Light-----Twin City Rapid Transit--------- 104l2105 105l2 106l2 105 105l2 105 1063g 106 109 10618 109 107i4 10878' 10734 108 10738 1111s 104 10778 10478 105 103 105 145 145 14034 14034 141l2145 14214 14214 Preferred------------------------------- 145 145 95 104*8 Underwood Typewriter.............. 101 102 101 105*8 9912 10018 9834 104l2 103l2 10812 105 11534 10978 115 ll08l2lll 105i2 112 10534 112 102l2 109 114 114l2 llll2 11314 11318 114 112l2113 Preferred................................. — IIH4 IIH4 111 11234 11112 112 IIII4 HH2 11112112i2 110 114 III34II4I4 5U 8I4 434 512 934 1778 1018 1312 113g 13lg| 12l2 15is 12*8 14*8 1178 143g 7U 13U 4*8 47g 5l2 77s 7I4 1078 Union Bag & Paper----------------35i8 47 5734 6734 60 60i2 45l2 59 4934 50i2 54l2 54l2 55l2 60 64 58 62 5878 62 lg 57 5H2 52 58 60 Preferred................... ................... 5478 54ls 47 5912 6434 55 6414 53U 57*8 5678 57 53 5978 54U 5834 52 United Cigar Manufacturers-104 104 105 106 105 10712 10412 10412 Preferred------------------------------- 105 105 105 109 106 107 106 1 0678 10612 10718 9912 16014 io’n2 9978 10234| 9912 10012 9S34 10018 98 10038 99 IOH4 99 101 9712 9714101 10034 10118 99 United Dry Goods------------------- 98 10012 97 105i2 107 IO5I4 107 104U 108 102U10414 105 106 10338 1057s1104 1051s 105U 106 105*8 108 10412 1061g 106 10878( Preferred 397g 32 38l2 34 39l2 36 3434 2912 3078 28 32 3334 35U 31 3034 2934 34 33 United Rys Inv of San Fran--j 3034 35 3714 3312 36 62l2 69lg 68 5734 60 62 64 61 6334 60 5912 63*4 60 611S 67i2 64 62 6512 62 63 59 57 Preferred 183 4 213 g 17 1778 18*4 19l4 2112 19*8 22l2 1912 223s 1812 20 1878 21 17 15 1812 18 1418 1612 U S Cast Iron Pipe & Fdy------60*4 643g 5934 63 57 5734 5912 58>2 61 63l2 61 59 56i2 56 61 5712 54 51 5H4 5134 537g Preferred------------------------------44 43 52l 2 50 55 4434 55 423 4 54l 2 55 297g 35 35 34 3814 37 30 57>4 3012 4578 44 U S Industrial Alcohol-............ 99 99 96l2 977g 105 105 105 105 9912 967s 9814 997g 1023g 1007s 104 102 10334 102 104 104 105 Preferred................. -.................... 7934 82 7U2 79U 803g 85 82 7912 7934 86l2 83l4 85’ 86 67 777s 7434 7934 74*8 8II4 75 68 6918 68 U S Realty & Improvement-U S Reduction & Refining- — H2 1‘4 1?8 212 212 1*2 2 3 1*8 n2 2 n2 U8 114 1*8 318 4 4 4 3 4i 2 4 5i 2 4i2 4 4 6 7 412 612 10 10l2 Preferred------------------------------60*4 6778 51 66 6734 51 5H4 6112 56 56 50 53U 50i2 55l2 50l2 55 45U 4612 46 6778 6134 67 U S Rubber Co________________ 4512 49 106 106 7 8 1O93 S 108 78 1063 4 112 1st preferred------------------------- 109 111 109 110 110 11412 11238 1151s 110 116 10834 112 105*8 11112 10678 10878 10814HH2 80l2 75 80U 79 813S 7S34 8178 80 7812 8034 7878 85l2 80 761g 75 791 8214 81 8H2 78l2 80 2d preferred--------------------------- 75 -3, S4 12 34 Rights ----------------------------------107 107 107 109U 1091->110l!> 1st pref subscrip rects--------75 7Hg 8034 7334 80*8 7312 78*8 63*8 74l2 66 7112 67>8 72l2 71 7018 6712 7314 6418 72 U S Steel Corporation------------- 59*g 697g 5814 6178 60 Preferred------------------------------- 10934 11112 10738 1105g 108 113*8 111*8 H334 109*sll3l4 110 IIH4 110*4 11278 112 114 11234 117 112l2116l2 111 114 107 llllg 4734 4034 4634 46 4978 45 48 5412 50l2 53 55l2 49 473S 5178 47U 50U 47i2 4934 45 55U 53 Virginia=CaroIina Chemical — 523g 57U 53 Preferred -................. -................- 1191212178 119 12034 11912 1 2238 II8I4 121 118 11878 117 1191s 116ig 118U 115l2 117 116 11612 1153g 116 115lg 116i2 11478 11534 51 55 51 54 50 48 4734 50 46l2 49 4S12 4912 47*8 49 47l2 45 47 Virginia Railway & Power— 41 92 91l2 92 91 87 8812 88l2 Preferred---------- -------------------22 22 163 4 25 19l2 21 22 23 18 24l2 21 22 20 23 18 21 22 27l2 20 Vulcan Detinning..........................87i2 87l2 87 85 85i4 83 87 87 82 8612 83 85 80l2 85 79l2 78 83 Preferred...................... .. ................ 813 4 77l2 7914 71*4 7878 8278 78 82l4 84i2 8134 8334 81l2 83>g 8n8 84l2 81 8178 86 Western Union Telegraph-----86I4 8212 85I4 83i8 88 278 278 272 282 276 276 Westinghouse Air Brake--------853 4 80l2 843g 743S 83 8134 77*4 71 7612 71 82l4 S0i8 89l2 83l2 89 73i8 817g 75 76*8 75 West’house El & Mfg, assent- 66I4 7414 6934 74 lst preferred-—.................... 11478ll9i4 120 120 118 122 120 1 2012 117 1 203s 120 121 119 12134 123>8 126 124 124 124i2 126 125 125 121 122 .... 250 270 250 250 275 300 275 275 Weyman-Bruton —................... 170 181 186 186 186 19014 195 200 199 200 200 225 114 1147s 11478 116 116l8 1161g 115 115 116 116 1161211612 113 113 112 113 112 114 Preferred......................................... 114 1123 4 117 7 8 104 96 11234 no 11778 97 97 9914 9212 9778 94 Wool worth (F W)-....................... 115 116 113U 11634 113l2115 11312115l2 11412115l2 114l2 II684 113i2115*4 Preferred......................................... d 1st paid. / Full paid   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  no no  RAILROAD STOCKS  177  1013. STOCKS  Atchison Topeka & Santa Fe. Preferred_____________________ Atlantic Coast Line RR______ Rights_______________________ Baltimore & Ohio_____________ Preferred_____________________ Rights_______________________ Brooklyn Rapid Transit______ Buffalo Rochester & Pittsb . Preferred_____________________ Canadian Pacific_____________ Subscription receipts______ Rights_______________________ Canada Southern_____________ Central of New Jersey ______ Chesapeake & Ohio___________ Chicago & Alton______ ._____ Preferred_____________________ Chic Great West trust certs.. Preferred trust certificates. Chicago Milwaukee & St PaulPreferred_____________________ Rights_______________________ Chicago & North Western.___ * Preferred_____________________ Chicago Rock Isl & Pacific.___ Chicago St P Minn & Omaha.. Preferred_____________________ Cleve Cincin Chic & St Louis. Preferred_____________________ Colorado & Southern_________ 1st preferred________________ 2d preferred_________________ Delaware & Hudson___________ Delaware Lackaw & Western. Subscription rects 50% paid Denver & Rio Grande_________ Preferred_____________________ Detroit & Mackinac, pref_____ Detroit United_________________ Duluth South Shore & Atlan. Preferred_____________________ Erie____________________________ 1st preferred________________ 2d preferred_________________ Great Northern, preferred___ Subscrip receipts part paid.. Ore certificates_____________ Green Bay & W—Deb certs A. Deb certs B__________________ Havana Elec Ry L & P_________ Preferred_____________________ Hocking Valley_________________ Illinois Central________________ Interboro-Met vot tr ctfs_____ Preferred_____________________ Iowa Central__________________ • Preferred_____________________ K C F S & M trust certs, pref.. Kansas City Southern_________ Preferred_____________________ Keokuk & Des Moines_________ Preferred_____________________ Lake Erie & Western__________ Preferred________ .___________ Lake Shore & Mich Southern. Lehigh Valley_________________ Long Island____________________ Louisville & Nashville_________ Subscription receipts______ Manhattan Elevated__________ Michigan Central_____________ Minneapolis & St Louis______ Preferred_____________________ Minn St Paul & S S M_________ Preferred_____________________ Leased line certificates____ Missouri Kansas & Texas_____ Preferred_____________________ Missouri Pacific_______________ Morris & Essex_________________ Nashville Chatt & St Louis ... Subscription rights__________ National Rys of Mex, 1st pref. 2d preferred_________________ N Y Central & Hudson River. N Y Chicago & St Louis______ 1st preferred_________________ N Y& Harlem__________________ N Y New Haven & Hartford___ N Y Ontario & Western______ N Y State Railways___________ Norfolk Southern_____________ Norfolk & Western____________ Preferred_____________________ Nor Ohio Traction & Lt______ Northern Pacific____ _ _________ Pacific Coast Co_______________ Pennsylvania RR______________ Rights_______________________ Subs receipts part paid_____ Peoria & Eastern______________ Pitts Cin Chic & St Louis____ Preferred_____________________ Pittsburgh Ft Wayne & Chic. Rallroad Sec—Ills Cent ctfs.. Reading_________________________ 1st preferred________________ 2d preferred_________________ Rock Island Co______ _ ________ Preferred_________ _ __________ St Jos & Grand Isld 1st pref.. St Louis & San Francisco.___ 1st preferred________________ 2d preferred_________________ C & E Ill pref stk tr certfs.. C & E Ill new stock tr certs. St Louis Southwestern________ Preferred________________ .___ Seaboard Air Line______ ______ Preferred_____________________ Southern Pacific Co___________ Rights_______________________ U P-Ore S L certifs of int.___ Subscription receipts______ ♦Ex-dividends and ri   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ! December September October August November January February March April June July 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 103% 1O63S 100% 102i4 128 133% 234 3% *101% 06% ♦8312 88 7-32 7-16 88% 92% 116 116  6238% 66% 16% 1934 62% 62% 360 362 7534 80 16% 18  16 17% 31 35 1113„ 116% 140 145 15-64 % 135 138 189 189 150% 53 9434 31  150% 54 9434 33  164 435  167 445  2034 23% 37 41 78% 8 15% 30 46l2 38 12534  80 8% 16% 32% 49% 41 132%  37% 41%  15% 17% 863S 861? 96 96  121 17 59 10% 21 74% 25 59% 578  128% 19% 65% 10% 23 78 27% 61% 5%  32% 35  158% 168% 43 43% 136% 142% 129% 170 20% 47 137% 150  100 104 100% 10234 98% 104 98% 100 99% 10134 99% 101 99% 10038 99% 100 123 130 122% 125 120% 125% 119 123  92% 99 95 96% 99% 96 112 120% 114  90% 99% 102% 9934 102% 97% 10134 97% 99 84 8434 83 83 80 83% 79 80 77% 1-256 9-32 8634 9134 86% 91% 87% 92% 87% 9234 8334 110 114 105 105 10S19 lOSlo 105 105 lOOU  94% 99% 94% 983g 93% 9634 9034 95 90% 92% 92 99 96% 99% 97% 99% 97% 98% 97% 9934 98% 96 1203 4 120% 1223 4 113 114% 117% 115 120 120% 120% 123%  97% 80  91% 99% 80 81  95% 97% 7934 81%  93% 97 81% 81%  9034  85% 8884  87% 90%  88% 90% 108 108  IOOI9  1134 1134 96 100%  94  98%  90% 96%  90% 93 157  81 160% 90 91 20% 37  81 79 80 168% 153% 16634 152% 161% 158 91% 8934 91 90 91 90 93 91 87% 91% 89% 91 24% 21% 24% 20% 23% 19% 4434 36% 44 34% 39% 32 48 48 1534 1934 15 14 15% 12% 18 56 55% 58 ‘ 56% 59 55 55% 23»4 28 24 26% 19 25% 29  47 35% 73% 18% 45 104%  ghts.  93% 8034  9034 93% 80 81  85% 89%  87%  85% 88%  85%  116% 116% 227% 241 218% 235% 23319 24534 22534 243% 210% 221% 208% 220 214% 222% 219% 235% 222% 234% 220 2263g 204 22934 d220% 2634 d251l!.d28 e230 e239 62221/6358/ e204Ue215 0203 215% o2111«216 1)215% 29% ,<2201)230% /220% 21% 14% 16% 62% 63 60 60 5812 58% 280 285 295 315 348 353 325 345 325 325 295 320 275 295 70% 78% 70 63% 51% 5634 53% 60% 57% 61% 553g 59% 55% 57% 5534 61% 7534 63% 723g 62% 663S 53 95g 10 934 934 9% 10 7l2 10 11 9% 10% 10% 10% 15 10 10 9% 10% 2534 253/ 25 20% 20% 25 25% 25% 17% 17% 24% 25 11 11% 1634 13 13% 15% 14 12% 14% 13% 14% 13 14% 11 13 13 17 14% 10% 13 11% 12% 2734 29 27% 2884 2834 30% 26% 29 30 30 23 28 28% 31 28% 33% 28 28% 31% 28 28% 30 963 4 101% 107% 1113/ 1013 4 106% 1043 4 1093 4 98 3 4 1053 4 963 4 101% 106 114% 105% 113% 105% 108% 98% 106% 104%108% 136% 145 137 139 136 139% 133% 138 132% 13534 133 136% 132% 135% 13134 134% 13134 134% 131% 133 13134 140% 7-22 7-32 % 132 137% 133 136% 12734 136 128% 131% 123% 128% 127 130 128% 131 127% 130% 125% 128% 124 127 123 127% 171% 171% 167% 167% 18538 186 188 188 185 185 181 187% 50 65 1198/ 1193/ 121% 121% IIQlo 1191c 120 125 120 125 130 130 150 150 140 140 135 135 130% 130% 131 131 132 132 35 52% 53 38 52 54 36% 35% 36 50% 53 49% 50% 40 48% 40 40 34% 41 37% 36 37 61% 62% 60 61 62 60 90% 90% 90 90 90 90 90 90 80 80 75 75 26% 28% 2334 31% 29% 31% 27 26 3138 26 27 28 28 30% 32 28% 32 28 29% 27% 2934 27 647g 65*2 64 60 64 64% 63 63% 60 66 67 69 67% 68 69 69 66 68 68 66 55 60 60 60 65% 65% 159% 164% 160 162 157 162 15034 157 147% 152 155% 157% 156% 160% 159 162% 156 156 149% 154 15034 153 395 435 396 415 410 415 395 400 390 395 390% 390% 390 415 410 420 400 401 394 395 380 385 405 420 385 386% 380 380 183/ 2034 18% 21 19% 22 21 18% 15% 18 16% 19% 1338 1634 15% 20 19 20% 20% 17% 19% 17 25 28 35 373/ 33 36% 33% 37% 28% 34 28 30 33 23 28% 26% 32 32% 38% 34% 3534 30 90 90 ___ 69 70% 70% 76 8038 75 75 75% 74% 74% 67% 67% 73 71% 73% 73% 4 ___ 4 4% 4% 6 6 5 7 7 7 5 5% 5% 638 5% 7% 5% 5% 9 934 1334 12% 12%. 10% 11% 10 13% 12 10% 13 13 13 10% ____ ____ 10% 12% 10 293g 253 8 29% 25% 31% 25% 28% 27 31% 26% 29% 20% 2634 24 27% 26% 27% 30 27% 30% 25% 2934 4234 41% 45 42 4834 42% 46 42% 4734 42 44% 33%. 41% 37% 46% 4434 48 45 48% 4034 4634 39 36% 33S8 37% 34% 35% 28% 32% 31 33 35 39% 3234 36 36% 36 37 ____ ____ 34 38% 35% 39 124 129% 12434 129% 124% 131% 125 127% 115% 12534 122 12634 125% 129% 125% 129% 120% 127% 121% 124% 123 127% 1223/ 1241/ 124%128 125% 1161/ 123 1261o 128 127% 127% 1215s 123% 124 124 121 123% 122 125% 122 120 124% 353g 3334 36% 31% 38% 31% 34% 25% 3434 30 33 40 35% 34% 37% 34 39% 30% 35% 30% 32% 31 75 75 1134 13% 11 1234 12% 13% 12% 13% 12% 13 1334 15% 13% 15 14 16 12% 12% 12% 143g 13 12 80 78% 78% 83 83 80 87 87 81% 81% 81% 81% 91 91 90 90 91% 91% 91 91 125 125 125 125 125 125 125 125 125 125 12134 128% 119% 124% 11334 121% 112 115% 108% 114% 10434 115 104% 109% 107% 111% 105 111 104%107 10234 109 16% 19% 16% 18% 14% 183s 13% 15% 1238 1638 14% 16% 15% 1634 153g 16% 1234 16% 133g 14% 1334 15% 5334 5934 57% 64% 603g 63% 56 4834 5238 45 56% 5938 57% 62 56% 65 56% 63 63 4834 61 60 8% 8% 8 8 7% 7% 15 15 13 13 14% 14% 61% 57 72 74 71 71 70 70% 69 71 65 65 53% 53% 57% 57% 2434 23% 25 2138 27% 25% 283g 25% 27% 24% 26% 23 24 23% 2638 24 24 25% 22% 26% 22 25 56% o9 5934 60% 59% 61 60 60% 59 60 60 56 57% 56% 56% 56 59% 57 59 60 58 58 7 7 7 7 6 6 6 7% 45 45 48 48 758 75g 7 8 834 9% 9 11% 9% 9 9 8 9% 7 7 8 7% 7% 2734 16 16% 2034 2034 2034 2034 21 16 16 28 30 21 25 470 500 490 500 475 485 153 163% 152 159 152% 164% 15234 158% 141% 15434 144% 151% 149 156% 152% 160% 148% 157% 144% 151 146% 155% 41 43 41 39 31 31 31% 31% 37 38 30 36 32 35 129% 139% 132 137% 129% 138 12834 135% 126% 133 1303g 134% 133% 136 134% 138 130% 13534 1293g 13134 130 13484 dl38343834 131 132% 12734 131 127% 12934 127% 13034 127 128% 130 130 130 131% 12934 130 128%130 130 130  132 170 23% 17% 21 19% 16% 1834 15 16 12 16% 18 15% 15 42 42 43 44 40 32 32 34% 40% 47 38 142% 133% 14034 12834 136% 132% 13734 130% 133% 115% 125% 120% 127% 150 142 142 14119 143 145 145 133 140 1363/ 144 83% 83% 26% 22% 2738 2138 24% 18% 22 25% 29% 2438 27% 24 20% 23% 5934 63% 60% 61% 6034 63 60 52 60% 64% 58 58% 5634 57% 40 43% 36 41% 36% 3934 33% 40% 32% 36 25% 32% 293g 33% 161 161 170 170 135 135 1331o 135 1321o 135 136 137 133 133 5634 58% 58 59 57 57 36 43 37 35 24% 27% 22% 24% 2234 24% 23 26 1834 23 11 9 1334 18% 98% 10238 9534100% 95% 99% 106% 10934 104%109 104% 107% 100%108 5434 56 57 59 51 58 63% 57 58 56 55% 55% 52% 55 102 102 365 365 127% 129% 126 129% 113%12634 106 118% 10234 106% 99% 106% 993g 106% 2934 31 33% 29% 32% 29% 31% 2834 32% 27% 30 25% 32% 28 86% 87% 42 43 41 42% 43% 44% 43 43 40 43 47% 40 40% 40% 110 113% 10534110% 10334 10638 104% 108 104% 106% 98 101% 102% 10534 82% 84 85 83% 84% 85 85 85 87 87 7534 7534 73 65 70 75 70 70% 71 71 70 63 1013 4 114 117% 122% 113% 120% 114 118 113% 119% 113% 115% 105% 110% 80 85 121% 12334 117% 122% 118 120% 113% 11938 109% 11434 106% 1113g 110% 114% % 1% 1% %  11% 12 100 104  923g 95% 91 79% 80 80  54% 45 50 35% 32% 34 74% 74% 75 20% 1834 20% 4838 42% 4734 110 9834 108% %  45 50 30% 31% 74 73 18% 20% 43% 45 98% 1013/ 1%C. %>  157  86% 94 100 100 155 155  88% 91% 78  16834 15734 163 15138 92% 90 90 86 89% 84 95 89 24 15% 20% 12% 40% 27% 34 20% 18% 57 28  50 47 29 31% 7338 72 17% 20-% 42% 453s 95% 103%  3% 14% 14% 50 6% 21% 96% 96% 30 48 31 30 71% 72 1634 1734 40% 42% 93% 9934  166% 100% d 1st instal lment paid e 2d paid. g 3d paid.  13 14% 13% 13% 12 33 36 ____ ____ 30 12334 128% 12434 130 134 131 L31 137% 139% 81% 81% 82 82 79 79 24% 2034 23% 19% 21% 19% 20% 18% 20% 22 52% 55% 52% 5334 56 56 58 56% 5834 58 27% 30% 24% 2834 21% 26% 29% 3334 27% 31 163 163 138 138 140 140 135 135  1434 1534 15 1534 14 36 38 35 125% 1?4% 13234 141% 126  26 28 71 65% 19 17 4234 40% 96 90%  9134 101% 29% 30%  85% 923g 681% 89% 30% 26% 29 29  40 107% 104%107 102 80% 83% 83% 64 60 62 63 114 110% 115% 105% 80 80 81 112% 113% 111% 113% 10734 105 80% 60 109  89 105  92 105  87 109  90 109  86 100  3434 10% 94 52  82 75 2534 27%  41 40 104% 102 83% 64% 64% 112% 10334 83 11234 107  90 100  35 14 96% 52  31 834 9038 47  31 12 97 50  65% 80% 25% 28  39 40 40 104 100% 104% 83% 83% 85 58 64% 54 108 10534 11034 109% 106  108% 108% 6 8 85 85  110  6% 6% 77% 84  78  16334 15834 84 84 88% 88 19% 14% 3084 21% 45 7 5 2434 ____ 1134 8%  171 158% 168% 15634161% 159% 17134 84 82% 85 85% 83% 88 87 943g 85 92% 86 84 86 86 18% 11% 15% 13% 14% 1234 14% 23% 283g 17% 26 20% 23% 19  6 ____ 10  5 13 7  6 13 10  2734 26% 28 24% 25% 20% 24 61 65% 61 68 65% 67% 61 20 17% 20% 17% 19% 16% 18% 43% 42% 46% 44% 493g 45% 48% 84% 91% 94% 89% 94% 893g 95  923g 95%  b Ex-rights  35 14% 97% 55  1634 14 93% 98% 55 58  15934 155% 163 158 86 84 88% 86 89% 88% 88% 86 16% 14% 1734 16% 2634 29% 24% 30 45 234 4% 4 5 4% 1638 16% 13 15 17 584 7 6 5% 8  26 65 14% 38 893g  35 11% 93% 53  163g 12 96% 100 53% 56%  4% 5% 1634 15 9% 7  4 16 6%  4*2 16 734  22% 59% 17 46 87%  20 56% 16 4334 85  21% 5734 17% 45% 90%  22 57 16 44 83  9334 99% 88% 95% 88% 92 92 94 (Z92 (193% 99% d90 v 4th paid.1/Full paid. 1  9134 96% d91 95  178  RAILROAD AND MISCELLANEOUS STOCKS 1913—Continued. September October November December January February April June July August March 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  Southern vot tr certs stpd ext. 263g 28b Preferred do do ____ 7834 81 Mob & O stock trust certs.. 225g Texas & Pacific______________ 20 Third Avenue _________ _ 36b 40b 3 " 3 ' Toledo Rys & Light__________ Toledo St Louis & Western___ 11 13 2934 Preferred_____ __ _ _____ __ 27 Twin City Rap Transit_______ 105 108b Preferred ________________ Union Pacific________________ 1555s 1 623, Preferred __________ 89*4 93b Rights ____ ______________ 32 United Rys Inv of S F________ 3512 Preferred _ _____________ 59ia 63b Virginia Rv Rr Power _______ 51 51 Preferred 92 91 33g 3b Wabash _________________ Preferred _ _______ 12 1314 373g 46 Western Maryland Ry________ Preferred _ __ _________ 57 ’ 67b Wheeling & Lake Erie_______ 8 7U 1st preferred_______ _ _ 2614 28b 14 2d preferred ______________ 12 50 Wisconsin Central____________ 46  EXPRESS Adams _ ____________ -- 140 American ________________ 160 United States________________ 52 Wells, Fargo & Co._ _________ _ no  123  18 21 34b 39b  104i2 105 152b 162b 85 ~ 9012 b 24 32 48 61 54b 58 3 9 42  4 13 45  514 7 19 ' 22 9 101? 48 53 143 I6OI2 50 " 110  23b 27b 75b 80b  23b 25b 75b 77b  19b 2334 7658 72  205g 243S 785g 74  23b 26 79 80b  22b 25b 79 80b  21 23*4 74b 8034  21 75  223g 76b  21b 23b 74b 77*2  16 20b 3312 3834 214 25s 11 ■ 12 ~ 231? 271a 23 25b 103U 106 “ 104 105b 146 145 1 4.67b 1 653b 1453/1 1567a 83 86 83b 87b 1-64 3-32 29 23 2412 28 47 ~ 5212 43 5H? 5134 5134 55 55 93 93 31* 4 3 3b 1012 1234 933 12 40 ~ 435« 37b 4214 59 60 57 60 634 71? 514 21 20 19b 24b Ills 9 85g 113j 491? 49b 58io 47  121? 1714 32 ’ 35 21? 2b 9 lib 21 221?  1O14 14b 2773 33i4 2 ~ 2 "  1334 17 301* 373g  15^2 1714 3334 39 ’  14b 16 37 ” 433g  13 15*4 3534 4214  1234 1434 4034 37 3*2 3*2 734 734  1112 13*2 38b 42b  83b 85  7934 83b  2212 25 435g 47 55 55  16 30 52  2412 79b 7211712 34 "  150 1297o 170 160 55 51 114b 110  2634 81b 72b 19 38b  170 53  145 159 55  115  112  146  Alaska Gold Mines. _ _ 10 Amalgamated Copper-------- 100 American Coal_______ -___ 25 Anaconda Copper------ ---------- 25 Batopilas Mining-----------------20  705g 803g  6534 73b  6634  36b 41b 1 lb  337g 38 llg 13g  3434 383j 1 15g  73b  VARIOUS Allis-Chalmers certs of dep — Preferred Certs of deposit.. Allis-Chaim Mfg vtc____ __  13g  1234  212 3b 934 713 403g 38 55 54 378  15b 712  48  5*4  18b 812 5212  81  21 43b 52  16b 3134 521? 89 23g 2 2b 734 6b 32 391^ 35b 56 53b 54 373 5 412 13 16 17  84  83  85  149 81  25 45 52b 89  21 25 39b 45  22 40  40b 47  43  234 73g  41b 56 5b 17  45  el  17418  e412 £?12lg  ff2b ^4b 17918 1710  £7284 ff3b 17658 179  37b 433g 31 37b  8c. 10c.  8b 9 10b 12b 10b 1134 181? 19*, 23b 2 3, 223s 22b 106 ’ 109 1041? 1041? 1033, 1043, 1041? 106b  94 6 3b 7b 17b lib 40 39b 44 57 60 58b 43g 51 g 18 18 18 8b lib 10 49 46 46 234  29 129 135b 130 140 160 1423, 175 115 135 43 50 50b 40b 49 112 91 111 87 100  162l4 147 1595g 146b152 1483, 157 87b 80*2 84b 8034 8214 82b 85*4  22b 433g 94 4b  57 50b 5384 99 98b 981? 501? 337s 371? 85 ’ 96 96b 95 1365g 133 135 251? 467s 311? 4378 113U 12919 118 ’ 12734 5119 563ft 47b 54b 11619 1163^ 112 116b 47b 4834 47b 475s 77 7812 75b 763g 94 94 9134 9134 109b 109b 5284 483g 573g 48 965g 9634 96b 96b 4 ' 5b 4ig 5 22b 28b 24b 28 20 ~ 24«4 2134 2414 9 ’ 11 ' 10 lib 311? 25b 30 30 3834 44l2 33b 41b 105 10634 1047g 105b 12 13 7b 11 61l2 47 57 57b 46b 9778 35 ~ 84 93b 130  86  86 7434  8434  86  683g 661» 74 105b 1063g 103b 107 1877s 193 176 190 104 " 105 103 103 3334 36 35 40b 11312 118 114b 6117b 115 116b 11334 6116l2 62 64 ' 661s 61315g 140 ' 131 133b 276 29434 234l2284  51b 96 25 831s 129  53 96 3612 86 13U4  277b  268/1  11 Rio 48 114 40 71 87 101 4234 95U 4b 25 2358 953 26 *  125U 5214 117 48 77 87 101 4918 96 434 25 2612 1078 28b  24b 2R1b 1047a 1057a  9 49 837g 637g  11 55 853g  71b  100b 1037s  171  185 '  59 ”  42U 4214 48b  5319  10331 35b 6534 137 7b 2914  104b 4112 71 137b 8 295g 503g 5534  615g 72 75 75 36b 38b 30b 365g 13g 13g lb lb  7034 7534  36b 415g 30b 3234 8c.  3O3g 39 24b 30  6258 713g  68b 76b  31b 363g lb lb  353g 3734  3234 38b 2634 32b  13g  13g  415g 37 30b 33b  5c.  8c.  7b ro7 »4b 1)434 w734 w6b 7b w5b Wl6 p6b til t/11 W1I684 wl2b 16b wl4 17 £725g  5034 55 47b 50b 44 94 921? 95b 9312 94 1934 28U 3712 261? 32 78 " 86 " 72l2 7232 931g 93b 92 94b 90 1301s 134 1311s 1311s 128 3012 3834 2973 3419 21 ■ 91 " n99b 91b 943s 80b 477b 4019 3612 52 48 114 115 112b 11.5 108 3734 42b 3712 38 33b 72 69b 73b 70 60b 85  4314 95b 4" 225s 22 ~ 9 26 33 103 9 47b 83b 653g 1003, 158  83b 86 99l2 IOOI4  26b 29b 93*g 95k 136b 1423s  13 " 17b 751s 79b  g 3d paid.  5012 9578 45g 26 2734 IU2 29b 39i4 106 103g 5578 85b  7312 1051s  180  62  62 ’  47b 9334 27 91 128 32i4 92 ’ 4818  112 37b 70  85  4334 94 253g 70 92 90 90 130 130 130 263g 34lg 3U2 86b 93b 92 453, 41 10834 112 113 33b 3734 37b 643g 64l2 67 82 80 80 105 105 101 42b 40 36 93b 93b 96 4 3b 4b 19b 2234 20 24i8 19b 21 9 ’ 8b 9b 245g 23 26 323 8 31 28 99b 100 101 8 8 8b 48b 49b 48  46 48 93 93 20b 27b  3312 3878 98 93b 94 33^ 4 4b 23 15b 2034 26i4 17 " 2334 9^s 834 27*2 20b 24 3412 27 " 32 103 100 102 73g 9 4818 50 45b 4818 84 79b 82b 805g 83 64 69b 58b 6434 59b 981? 101 104 97 102 158 177 159 172 150 100 10018 30 ' 27 32 25 31 108b 111*4 10434 108b 107 1 11 3, 1 1 27s 1101s 112 1121,  39  4 2214 21i4 8I4 25 32 102  4 4 10b lib 35b 37 58 58 5 5 I8I4 18*4 9 8 43b 45b  96*4 9634 334 2*2 7 10*4 28b 35 55*2 53g 4 15 16b 7*2 5b 413g 46b  122 125 118b120 43 49 86b 90  122 117b 46 87b  125 120 50 95  115 no  45 90  121 120 49 97  90  no  95 38 85  114 46 93  8c  195g 24 73b 80b  21b 243g 6934 77b  18 22b 673g 73b  22 19 68b 75b  365g lb 87 39b 29b  33b 38b 1 lb 8534 8534 38*4 42b 29b 27  32b 34b 1 1*4  333g 36  363g 3934 25b 28*2  363g 40 293g 26  8c.  3934 1*4  87 45b 34b  9c. ___  ____  8c. 10c.  8c.  8c.  6119  6119  130b 1343g 128b 13234 127b 12934 218 247b 220 23334 106  104 1621? 1031? 10219 104 95 95 9812 95b 96 21 17 18 17^8 1734 79b 78 79 74 78 265g 30b 265g 27 29 108 104 107 103 103  81  82 b  106*4 145g 21b 15 3 195g 86I4  2 4 18b 273g 50b  40  108 108 16b 14 23b 21 14 17 2*2 3b 22b 18*4 91b 87 214 lb 4 3 19b 17b 3234 27b 55 47 44 40  121 114b 120 145g 13b 153g 22*2 22b 21 155g 14b 1534 2b 2*2 2b 20 17b 20 8934 85 89 2 lb 1 4*2 3*4 2 18 b 17*4 18b 29*4 28b 33b 5234 46b 51*g 42b 36 40  9 w8 li)16 16 734 8*4 40 42 45*2 43b 45b 42 90 90b 92b 90 2334 19b 253g 22 65 67 65 70*4 89b 89b 130 130b 1273, 1291? 29b 35b 25b 31 8884 95b 87 93*4 41b 45b 42 44 114 1163g 112 113 36 36 37b, 36 6234 64 63 65 84 85 ioo,a 102 100 100 3534 3812 37b 42 97 " 97 95 95 4 4b 3*2 41? 19b 21b 22 2312 2112 20b 2338 20 9l4 121s 7b 10*2 20 333g 29b 27 2912 3158 29 30 94 ' 10134 96 98 65g 6b 6 5b 41b 46 43b 43i8  7b «>7b 7b 1Z)73g 8 16b wl7 19b Wl4 17 4lb 4834 94 92 94 28b 24b 30 70 71 71 92 132b 133 133b 3534 32b 383g 98 93 99b 473g 44 48*2, 115b 115 116 38 37b 36 65b 63b 66 83 84 85b 105 45b 41b 45b 96 92l2 95 4b 4b 4*?. 23 23b 22 2578 22b 2458 9 10*4 10b 27 26b 27 36 31b 36b 102 102 105 9 734 9 53 52b 46  47 b  84  6934 103 16934 102 ' 31b 111b 1155s  84  84b  81  83  6634 100b 160 100 2714 110b 11534  803g  82  ____ ____ 75g 40*2 43l2 90 22-l4  74b 90 1273, 245g 85*g  ____ ____ 9 43b 46b 90b 24 74b 90 128 31*4 91  425h 451, 1113, 114l«  36 36 6034 80 83 35  39  4 21 2112 10 27h 2818 96l4  4b 22 25 103g 30 3233 99  42  4312 81*2  81b  63*2 603g 65b 10018 9712 99b 165 158 " 166b 100 26 25 27*4 109 99b 110*4 1137a 114 1121? 114 6.5 ” 6.5 60 ~ 5R W 59 60 60 60 125b 129b 126 12834 128b 131 13034 131b I195gl29*4 117b 12134 no 124b 200 230 208 224 2297a 2271, 230 240 2243, 2.893, 227 23514 232 251 101 ’ 102 ' 9934 9934 96b 98 99 " 100b 16119 163 9R7o 10234 96 9934 9Rlo lOllo 1005c 1 02 100 102 95 95 22 1712 17&S 20 18 17 20 16 1758 1412 15i» 1618 23b 1612 7434 77 79 7558 78 77 7514 8II2 7512 76 74i2 78 79b 82 2434 143g 121g 15 163 4 17 20 22 16 lib 15*2 23b 16b 26b 87 91 102 74 79 40 87 75 87 40 67*4 22 90b 87 95 95  43lg 46b 46b 461a 493o 44 4.57b .50 40 4.5 49 48 1043g 1035a 1043, 104 104b 1 041a 1051, 1001, 1051? 3734 323g 373g 321g 33b 25 39b 33 3214 651? 72 69 721q 6Q1b 71 62l4 6934 128 13434 12934 1318/. 1271, 1341s 1 265b 132 121 128 8 ‘ 77g 8 ‘ 8 " 884 63g 7b 8b 6b 6b 2734 28b 31 25 27b 30b 28 28&8 271? 28 3934 50 3434 42 47b 56b 4534 52 26b 3734 77 64 705b 58 79 85b 761? Rib 6R 100i2 1035g 99b 10H2 99b 100b 99b 100 " 99 100b 2134 25»4 30b 24i4 29b 21b 28 1912 2334 17 93 ' 97b 9 li2 94b 90 917b RR 9334 96 93 112b 1121? no no 108 108 10312 106 127 ’ 138 " 129 13412 127 1371.1 127 13334 12.51q 1213/1 1234 10 121? 161? 10 12 934 IOI2 733 1078 631? 70 6414 66 61 lo 651/t 69 78 63b 70 i’s 4th paid; w 5th p aid. n Ex 24% accu m. div. 43b 46b 1035g 35  4 12b 40 58 5b 21 934 48  22 40*2  $25 or less are dollars per share; others p.c.  2321? 250  106b 1031? 1055s 101 9684 973g 96 99 1834 17b 18 1634 81 77b 7934 7712 32l4 26b 3U2 26 120 104 116 105  18 33  42 60 5 18 10 52  2b 2b lb lb lb 102 105 100 103b 100S4 102b 1003g 1003g 107 107 107 108 19b 16b 1734 14b 16b 14b 153g 14b 16b 15b 16b 16 23b 253S 2234 231? 203g 2212 203g 233g 22 b 23b 22b 24b 165g 14b 165g 15b 165g 16 13 17b 16b 183g 163g 17 23g 2 2 2 2 2 212 2 2 2b 3 2b 18b 20b 19b 22b 17b 21b 173g 1834 14b 17b 15b 19 92 73 8012 74b 83b 82b 8534 83 79b 85b 7933 83 2 25g 3 2b 2b 2b 2b 3 3b 35g 35g 35g 73g 53g 8 7 3b 3b 4b 4b 4b 183g 1934 1834 2034 173g 20 193g 15 1834 16b 19 17 323g 263 4 30 31b 34b 33b 27b 31b 33b 37b 33 b 35b 5714, 48b 55b 48b 52b 395g 49b 40 b 4834 473g 53b 51 46 37 45 50 40 41b 39b 42b 42 45b 37b 40  106  103 97 17b 79U 30b 115  16b 18 32b 36b  1'8  32 36 30b 37 10934 115b 11012115 113 1141? 113 115b 59  2034 18 32b 38  3b 9 34b 58 334 17 7 43  133g  ______ - -  American Agricultural Chem. Preferred ____________ ____ American Beet Sugar_________ Preferred _________ ____ American Brake Shoe & Fdy.. Preferred _________ American Can________________ Preferred ___________________ American Car &■ Foundry_____ Preferred ________________ American Cities_.. ___________ Preferred _ ____________ American Coal Products 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, new______________ American Steel Foundries.---American Sugar Refining Co. Preferred ___ __ American Teleg & Cable Co___ American Telep & Teleg Co— American Tobacco____________ Preferred_____________________ Preferred, new __________ _ Am Water Wks & Guar pref___ American Woolen Co__________ Preferred ____ _ __ _ American Writing Paper pref. Assets Realization____________ Assoc Merchants 1st pref _____ Associated Oil____ __ ___ Baldwin Locomotive_______ Preferred __ _ ____________ Bethlehem Steel Corporation. Preferred __________ Brooklyn Union Gas__________ Brunswick Term & Ry Sec____ Botterick Co__________________ California Petrol vot tr ctfs.. Preferred ___________ ______ Case (J I) Thresh M pf ctfs---Central Leather__________ Preferred __________ Cent & South Amer Teleg____ Consolidated Gas_____________ Corn Products Refining______ Preferred____________________ e 2d paid.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  39b  lib  100  Chino Copper________________ 5 41 47b 357g 42b 37 41b Colorado Fuel & Iron_____ 100 31 3534 38 31b 41b 31 Preferred____ __________ 100 150 151 155 155 Comstock Tunnel------------------- 2 8c. 13c. 8c. 8c. 8c. 8c. Consolidation Coal_______ 100 1025s 1025s 102b 102b 214 Goldfield Consol Mines_____ 10 2 2b 23j 2l2 3b Homestake Mining_________ 100 no 117 116 117b .100 120b 203g 1534 17 Inspiration Consol Cop------ 20 16 155g 1734 Miami Copper------------------------ 5 23 26b 213g 24b 22b 23b 16 183g 163g 183g Nevada Consol Copper----------5 17b 20 23g 21? 2l2 258 Ontario Silver Mining-------- 100 212 2l2 Pittsburgh Coal of N J ____ 100 2U2 243g 197g 233j 19 22 Preferred _______ __ 87 95 84 92b 8034 89b Quicksilver Mining________ 100 3b 334 3ia 4 4i2 412 Preferred_________________ 100 4 4 4 4b 1634 195g 17b 20 Ray Consol Copper..................10 18b 22 Tennessee Copper__________ 25 32*4 39b 3-2b 38 33 38b Utah Copper________________ 10 531? 60b 49b 5434 485g 54b 4434 521? 48 54 Virginia Iron, Coal & Coke 100 52 51  Preferred vtc  70b 79b  36 1  7b 125g  1.5b 1R 185s 241, 2219 24 1031? 1033/. 1011s 104 102b 10419 1041s 1061? 1371o 13719 12.5 ~ 12.5 1 461b 1 553b 1373, 1497s 143 150b 1471? 156  145 130 168 160 164 159 50 63b .5.51/1 .5R 125 ' 1091? 11534 110  Prices of mining st ocks of par value of  COAL AND MINING  Clentral Coal & Coke  150 165 66  24i2 27U 77b 80b  62b 1003, 100 159 159 102 28b 29 112 109b 1151? 1141s  65  41 44 lOOlo 103U  44 104 33b 71b 127 7b  45b 105 36b 74 128 8 8b 734 2634 27 27 27 16 23 16b 31 5978 46b 52 45 98 98b 96 “ 98b 245 8 2234 24b 2012 91 92b 9238 9414 106 ~ 106 129 13234 130 133 78 12 958 11 10 65 673b4 65 67b b Ex-right a  273g 35 66b 73b  65b 70b  61b 993, 1013, 99 164 16R 160 1001, 1001, 100 31b 26 30 109 1143g 107 1141s 1157a 113  60b 99 156 100 25 108  46 361b 46 4218 29 1051?, 1041o 16419 1013s 1051? 28 ’ 3514 30*4 28b 31 67i4 6934 7312 6734 71 123 125 123 1 293o 1 8b 7b 71?, 8 7*4 2534 26 2734 2734 2678 27 27 2734 16 ' 2134 16 18 16*4 1934 45 49 53 47 49 68b 5538 95 90*4 95 97b 95b 95b 95 2434 19i4 2212 2113 2618 23^2 2712 9234 94b 90*4 92b 93 ~ 95 92 95*4 105 107 104 104 166 166 129b 12434 1 273/, 1 .R3 126 13018 126U 121U 9 83ft 10 878 10&8 10 10b 1134 693q 65 6R 691o 65 62 67 66 d 1st instal lment paidl  43 104 34b 72 126 73g 27 18b 52b 97b 22  4534 40 105b 105 37b 28*2 6973 74 129b 120  179  MISCELLANEOUS STOCKS 1913-Concluded.  November December August September October January February June 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 Crex Carpet___________________ Cuban-Amer Sugar pref______ Deere & Co preferred__________ Distillers' Securities Corp.___ E I du Pont Powder, pref_____ Federal Mining & Smelting— Preferred_____________________ General Chemical____________ Preferred_____________________ General Electric_______________ General Motors_________ Preferred __________________ Goodrich (B F)________________ Preferred_____________________ Guggenheim Explor..Par $25 G W Helme......................... Preferred______________ Internat Agric Corp vot tr ctfs Preferred v t c__________ International Harvester.. Preferred________________ Internat Harvester of N J Preferred________________ Internat Harvester Corp. Preferred________________ Internat Mercan Mar stk tr ct Preferred______________ International Paper----Preferred______________ International Steam Pump— Preferred______________ Kayser&Co (Julius).— Preferred______________ Knickerbocker Ice (Chic) pref Kresge (S S) Co____________ Preferred_________________ Lackawanna Steel_________ Laclede Gas (St Louis)-----Liggett & Myers....................... Preferred_________________ Loose-Wiles Bisc tr ctfs___ 1st preferred____________ 2d preferred_____________ Lorillard (P)................................. Preferred_________________ Mackay Companies-----------Preferred_________________ May Department Stores — Preferred_________________ Mexican Petroleum-----------Preferred_________________ Rights----------------------............ Moline Plow 1st preferred National Biscuit----------------Preferred_________________ Nat Enameling & Stamping.. Preferred_______ _ _____ National Lead Co_______ Preferred______________ New York Air Brake------New York Dock_________ Preferred______________ Pabst Brewing, pref------Pacific Mail Steamship.. Pacific Telephone & Teleg____ Preferred______________ Peoples’Gas Lt & Coke, Chic. Pettibone -Mulliken____ 1st preferred_________ 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______________ Rumely (M) Co___________ Preferred______________ Sears, Roebuck & Co___ Preferred______________ loss-Sheffleld Steel & Iron.. Preferred___________________ iouth Porto Rico Sugar_____ Preferred___________________ Standard Milling.. ------------Preferred___________________ £tudebaker Corp (The)_____ Preferred___________________ Texas Co (The)_______________ Texas Pacific Land Trust___ Underwood Typewriter_____ Preferred___________________ Union Bag & Paper______ ... Preferred___________________ United Cigar Manufacturers. Preferred___________________ United Dry Goods___________ Preferred___________________ U S Cast Iron Pipe & Fdy____ Preferred___________________ U S Industrial Alcohol______ Preferred___________________  Preferred____________ U S Rubber Co_________ 1st preferred_______ 2d preferred_________ U S Steel Corporation. Preferred____________ Preferred_________ Vulcan Detlnning. Preferred_________ Westlnghouse Air Brake.  1st preferred.__ Weyman-Bruton.. Preferred_______ Woolworth (FW). Preferred   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  99% 100% 17 21% 13b 18 393g 44 175 1^512 1073a 109% 134% 187 33 34% 78 79 62% 68 103% 105% 4734 533g 175 180  77 77 90 90 9734100 20 17  14 14 3634 40 182% 182% 108 108 135%143 29% 34% 79 75 63 38 91% 10334 43% 50%  75  88 88 97% 98% 16 1834 1534 1534 33 38 185 185 107 107 13534 140 29U 30% 76% 77% 44 28 94 100% 42% 47% 170 170 1051" 1061c  39 31 33b 78 79 90 80 76 115% 106 114% 104%109 116 ' 112U115U 1111" 112 105 ” 108 112b 112b 105 10734 113 113 4% 4% 4% 4 334 4 18 19% 17% 17% 1634 17 9% 125g 10% 125g 10 12% 42% 47 42 48% 43% 47 13% 18% 127g 16 14% 8 545g 53% 67% 37 66 70 8934 94 92 85% 93 88 10734110 108 108% 110 110 76 77% 7534 79% 71 81 61 73% 100 102 100% 101% 99 100 49% 38 45 43 48% 43 102% 104% 98 103% 99 100% 213 225 217 226 220 235 114% 116% 114 116% 113 113 39% 30 34 38 39% 32 104 105 102% 104% 9934 102 9234 94 92 95 92 92 190 200 185 200 175 186 115% 116% 113 117 113 113 81% 87 83 86% 81 81 673g 66% 68% 67 67% 67 72 76% 66 75% 6934 76% 103 105% 100% 102 67% 75% 66 78l.i 61% 7134 9934 9934 93 95 95 33 82 1061" 114%  95% 98% 15% 173g 93 93 1734 15 35% 44 ’ 184 185% 105 107 137% 142% 3134 26 74 79 38% 30 94%100% 42 48%  22  97 98 10 16% 9338 933g 14 14 3934 40% 184% 185 104 106% 13634 140% 27% 25 74 70 30 33 9134 93% 42% 48% 150 150 8  8  45 76 1 O83j 108b 104b 10534 112 112b 112 ~ 112  100b 1O7l7 102 106 112 112 111 112 10034 107 101b 1 O47o 112b 112 111 113b 334 4% 33g 334 173g 18% 15 17% 8% 10% 8% 934 45% 38% 40 39 6 9 9% 1134 37 38% 28 35 89 87  75  95 97% 934 1234 13 33% 170 105% 12934 25 71 25% 89 41 109 5 35  74  74  94% 95 12% 15  74  74  94% 96% 1334 143g  14 14 13 38 34% 33% 38 41%. L84 175 L77 175 179 ____ 104%105 105% 136% 135% 140% 140% 146 32 32 40 28% 32 73% 74% 77 81% 73 313 4 3134 27 28% 30 9134 92 90 90 92 403 4 445g 45 47 45% 162 162 109 5 23 40% 23  96 105b 103 no 111 112 1117g 113% 95b 10 lb 102% 10834 1 11 7o 11 2 1131" 1131" 33g 334 2% 334 147g 13 12% 16 8% 10% 7% 9 41% 37 40 36 6% 6 6 8 22% 27% 22% 23% 80 80 85 83  96% 97% 12% 15% 88% 88%  96% 98 19% 13  14 3334 38 L79 178 105 107 149 139 39% 37% 8134 76 29% 20 91% 87 48% 4234 150 110b112 6% 6% 30%  38% 178 105 143% 35 80 27% 88% 46  94% 98 14% 173g  14 3834 37 178 107 107 145% 136 393g 36 8134 74 15% 27 733g 90 46% 4334 150  109 108b111b 1015a 105b 114l« 114b 114b 116 116 102 107b 112 112 114 11434 114b 1141" 334 4% 3% 3% 3% 4% 147g 17 15% 16 17%. 15 834 6% 8% 10 10% 9% 32% 36% 39 37% 42% 36 634 634 6 7 6% 7%, 24 23% 23% 23% 24 28 10S1* 1671b 107b 110b  65 65 9734 99 41% 37 93 101 210 231% 113 114% 34% 31 99% 100% 92 93 165 ISO 1123g 113% 83% 83 67% 69 723g 72 101% 104% 56% 67% 95 95  65  65  92% 95% 212 219% 112 113% 30% 32% 99 99 90 90% 160% 171 112 112% 82 82 673g 68 70 73% 100 102 63 67% 90 90  67 67 98 98 37% 38 9634 95 212 218% 109% no 26% 34% 89 95% 88% 88% 164 167 107% 109% 77% 86% 66 67 67% 70 100 100 56 61  75% 83 100 102 36% 38% 96 10134 215 220 113% 115% 33% 363g 100 100 88 88% 166 170 111 112% 80 80% 66% 68 65% 71 100 100 70% 60  80 98% 36 97 208 no 31 98% 88% 162 no 79 64 65 100 57  113% 110% 119% 11734128% 123%130 117 116% 120 117 120 119% 1203g 1434 10% 1034 1384 1234 11% 13 80 78 82 80% 82 lg 82 47' 45% 49% 48% 50% 44% 50 107% 106% 106% 106 107% 105% 106% 63 65 70 69 70 65% 56  118 118 934 74% 43 102 68% 10 25 70%  60% 58 97 97 29% 33 94 91 195 214 110 11234 21 28% 94% 99 86% 86% 150 170 103 110 81 76 67% 66 73 66 97% 100 63% 57 85 85  82 99% 37 100 216% 115 34 98% 88% 162 113 81% 67% 66 100 673g  111  Ill  26  26  100 114 1015" 100 1131" 114 3% 3% 13% 15 8 7% 33% 36 6 4b 23% 15% 77 82 106  100%103 1121a 113  100 1131" 3% 13% 7% 33% 4% 17 82  106% 106%  63 60 97% 97% ____ ____ 96 94 200 215 106% 109% 29 26 95% 95 84 84 157 159 105 108 75% 77% 67% 67% 66b 68% 100 100 62% 55 85% 85%  11 11 35 35 181 181% 109 107 107 140% 133%141 38% 35% 37% 77 75 77% 21 15% 2334 87% 75% 80 — 45  37  33  106 114  91% 94% 20 15  104 114 103% 114 3% 14% 9 387g 634 18 80 106  80% 82 81 80 98 98 99% 98 SO ____ ____ 30 96 97% 9434 96% 205% 210% 208% 217% 109% 11034 no 111% 32 32 30 28 100 100 100 100 89 86 90 90 162 168 109 109 109% 110% 7834 76 78 78 65% 63% 64% 62 65% 65% 65% 67 ___ 98 98 42 4134 58 48% 723 4 81 84 69  $34 $3%  118% 128% 112 121 124% 119 15% 19% 14% 88 92% 87 48% 56% 47% 105 107% 106 75% 82% 72%  80 81% 106 107% 28% 31% 37 46  119% 113% 118% 115 121 113% 118 104 122 116% 119 118% 119% 118% 1191" 116 18% 137g 16% 1234 153g 10% 13 9 84 87 84 87% 85 85 75 52% 45% 50% 48% 51% 47 49 44 107 104 106 106% 107 105% 103% 100 76 69 74 65 73 65 70 53%  7834 81  76  2434 31 36% 40%  24% 28% 36 37  113% 116 27 28 96 98  109 115% 109 24% 28% 23 93 98% 93  99 99% 99% 100 32 36 99% 101% 117 118 162 165 31% 35 98% 100 233g 283g 82lc 89 87 92% 98 9934 201 213% 123% 124% 44 45% 93% 98 70 70 108 110 35% 40% 65% 66% 32% 35 92 93% 112 12234 96% 97 95% 99% 113 113 6 734 35% 4134 46% 50 100U 1003« 99 101 104%105% 14 1634 55 5634 38 44 95 95 73 77 134 1% 4 4 62% 683g 105% 109 763r 81b 61b 69b 109 11O34 35 43% 109 114 2134 2134 90 ' 90 ‘ 70 75% 280 280 72% 79% 119% 11934 300 300b 116% 117" 99 112 11334 115%  99 99 97% 97% 3334 25 97 100 116% 116% 1561- 162 2434 3234 99 100 23% 28 84 89% 64 90 91 98% 187 207% 123 123% 35 45 93% 93%  7834  113 24 93  2434 28% 97 98 115%115% 157 160 32% 27 98 100 263g 2T4 83% 88 41 71 92 83 178 200 122 122 3634 33 .... ....  34% 39 40 66% 62 65 36 30% 28 93 89 89 121% 108%115 95 95 95 97% 89 95 112 112 4% 6 5% 7% 30 38% 2934 34% 47% 50% 43% 50 innix m2i«> 99 “ 97% 98 97 104% 105% 101% 103% 133g 14 13% 16 54% 55% 52 54 30 35 35b 35 95 95 89 97 6834 7334 68% 69% lb lb 3 b 3b 64% 57% 68% 59 104% 1073g 104 106% 7834 79b 59% 65% 58% 63 1073gll03g 107 1083g 315g 35 30% 37 107% 110 107% 108% 2134 17b 19 16 85 “ 85 84 84 65% 7234 65% 70% 280 280 68 73% 60% 70% 117 117 117 118 265 23£ 110 110 86% 105% 85% 98% 112 115 109% 112%  35 633g 26 88% 113 95 91%  75 106 22 32 95 109 90  2334 97 115 158 28% 98 22 82 21% 49 170 122 30 88  79% 69 105 28 20% 3734 30 95 114 108%  77  60  23 32%  16 23 90 109% 104 15  69  21 30 90 108 18%  65 101 17% 27% 95 10734  70 68 101 21 20% 31 27% 95 11634 II334  72  23 29% 119  72% 75  20 28 94 117 29  23% 18% 2034 20% 2734 22 30% 25 94 89 89 12934 122 128 116% 29 25 85  85 94 25 96 112% 149 25 96 21 85 18 45 179% 119% 30 ....  87b 94 29% 100 113% 154% 27% 9634 25 92% 23 56 192 119% 36% ....  90  28% 98 115 160 34% 99 28% 86% 45% 86% 192 122 37% 88  107b 107b 31% 39% 60 66 27% 30 88% 9234 106 112% 95 95 87 93% 110 110% 5 6% 31 35 46 47% 102 102b 97% 98 ‘ 101 102 13% 14% 50% 52% 30 30 88b 8834 6534 71  88 94% 23% 95 114% 153% 27 91 22 80% 25% 50 165 120 30 90  88 94% 25% 95% 115 158% 28 943g 24% 83 30% 61 174 120 33 90  1953,i 1953j  195% 195%  98b 98b 18% 24% 88% 93 111% 114 152 154 22% 26 90% 92 22 17 72 80 25% 17 49% 37 15434 167% 116 116 24 29 90 88  94% 23 95 109 152% 23% 91 18 76 1434 36 162 120 23 90  102 33 33 59 54 27% 2b% 92% 82% 108 89 93 79% 88% 78 108 108 108 53j 5 4b 33 35 22 44 45% 40% 321" 52% 25% 8884 105  95 10134 13% 49 30 89b 65% 1 3 64% 105%  583g 6434 107 109 31% 38 103% 110 1534 17 83 80 643g 70% 272 275 60 67% 1163gll9% 275 275  613g 49% 5834 513g 108% 102% 106 103 22 3334 23 28 106 94% 93 104 12 14 15b 14 76 50 78 65 36 58% 65% 60  58% 105% 25% 94 15 78 64%  53 98  93 24% 95 no 153 25% 97 2234 86 16% 39 170 120 27% 91  102 33% 33% 34% 33 57 56% 54 59% 25% 217g 24% 23% 8234 86% 82% 90 105% 1047g 108 107 93 83% 86 84 88 108 104 104 ____ 4% 5% 5 5 25% 23% 30% 25 41% 45% 43% 44  94 10134 12% 47 30 86b 65 3d 3 3 3b 60% 69% 6034 103% 10934 103%  90 98% 9% 44% 25 85 59% 34  95 25 95 109% 155 27 917g 25% 86% 177g 42% 175% 120 283g 90  93% 99% 12 48 28b 85 65% 84  87 96 10 47% 29 90 61  87 99 13 49 29 90% 6134  94% 25% 96 no 155% 2634 97 25% 89% 1834 46 182 120 31 91  1233g 118 120 117 11% 10% 82 80 43 45 108 102% 68% 60 10 8 25 73 70  3334 66 23% 83 125% 95 96 111 5 2334 47% 96 90 99% 1234 ____ 29 90b 67 12 b  3334 32% 63 64 24% 22 83 80 126 109% 95 93% 94 107 5% 4% 25% 23% 47% 45% 96 9034 9034 89 99 102 99% 12% 11% 12 493g 48 28 90b 61 69 57  93 2334 95 108 150 2334 93 18% 77% 19% 45% 170 121 27% 89%  93 2534 99 111 154% 26 94 21% 84% 20% 49% 190% 121 30 89%  60 17% 70 107 93 90 105% 4% 203g 42% 98 87 97% 9% 48 27  63 22 7934 115 93 90 107% 5 23 4434 98 87 100% 934 48 27  5534 59  603g 583g 62% 5934 62% 61 65% 5734 63% 104% 1027g 1047g 104 105% 105%108 103% 107% 60% 109 26% 997g 13 56% 64%  5812 107 24% 95 lib 50 65%  100 122 118 119% 1165g 934 11% 77 80 43% 43 105 104 58 63 8 72  24% 25% 123 25 85  66  70%  22’ 22 82 11534  2434 28 88 12134  89% 89% 24% 27% ____ , 105 1093g 150 153% 152 154 25% 23 24 23 967g 967g 94 94 1834 20% 18% 20 78% 82 78% 80 18 14 18% 14 381* 34 45% 33 172 177 171% 183 122 122 122% 124 29 26% 25 26  94 90 24%, 25% 95 94  3134 31% 31 62% 62% 61 17% 1534 197g 6934 65 70 117% 1097g 132% 96 96 92 82% 82% 82 10634 107 63g 4 4% 4 30 18% 20% 24 4234 457g 4134 43  31% 61 16 64% 107% 92 81  99 10*1% 1034 1034 43 43  90 95 103g 40  91 98 10% 40%  4934 56%  51  54%  59 51 98% 104%  53% 58 t 98%101%  66% 53% 60% 53% 57 10934 104% 108% 104%107 263g 28% 34% 27% 30 94 102 94 97 93 lib 49 68% 63% 65 60% 63% 69% 59% 67 265 265 7334 68% 74 63% 69% 63% 66% 114 115 115 11434 11434 115 115  66% 5834 109 108 28% 26 100 98 lib lib 55 6934 67%  54% 104% 24% 95 11%  60% 1067g 29% 99 11%  54% 63  6234 535g 61 62 64% 62 56 116% 115% 107% 109% 109 109 114 240 235 235 116 112 112 8834 95% 85% 91% 86 90 96% 89 93% 81% 91% 8434 92% 89 94% 92% 98 111% 112% 110% 111% 109 111 109 no 112% 112% 113% 113% 113 113% 113 113 112%  61 114 240  100 124 1.9 12 79 44% i04 59  66% 116%  116 92% 115  RAILROAD STOCKS  ISO  1914 STOCKS  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 Stock Exchange Closed on Account of Low High Europe-----  Atchison Topeka & Santa Fe. 93U 100’s 96b 993g 9534 98’s 9134 9738 9334 9714 96i2 9934 89i2 99’s Preferred_____________________ 9712 1003s 1003g 1015g IOOI4 1013g 9978 100i2 9978 100i2 100 10134 9734 100 Atlantic Coast Line RR_______ 116 126 122b 125b 12014 124 116 12312 119l2 123l2 119 124 114 120l2 925? 72 92l2 Baltimore & Ohio_____________ 873? 92b 87>4 9U2 8934 9234 88 88's 983g 90’s 96 8034 8U2 807s 813S 7134 80i2 Preferred_____________________ 7734 833g 8H4 815g 80b 82l2 8OI4 81 Brooklyn Rapid Transit______ 933g 89i8 94 79 921? 87i2 92i2 9U4 933g 9U2 9414 885s 9234 91 1075k 1073, 1083k 1083k 90 100 Buffalo Rochester & Pittsb___ 116b 116b Preferred____________________ Canadian Pacific______________ 2O6I4 2195? 209’s 220b 2035? 210b 18612209 18912 199 19034 196 156b 194l2 Canada Southern_____________ 60 60>4 60 60 6U2 65b Central of New Jersey_________ 310 310 305 305 300 300 315 315 310 310 54% 49 5278 4112 53 623g 483 4 637 S Chesapeake & Ohio____________ 68 67 5 8 50>s 503 4 54U 59U 9 Chicago & Alton______________ 9 9 ____ 9 10 8i2 812 958 1U2 10 9b 10 1234 15 ____ 1234 1234 Preferred____________________ 1212 1212 1212 12 19 ___ 19 133g 1178 1418 13 Chic Great West trust certs___ 1134 1412 1214 14 1114 135g 11 1514 9'4 1414 3734 333s 29'2 33lg 3158 36U 33l2 4U2 25 Preferred trust certs_________ 27i2 33 29b 32b 28 Chicago Milwaukee & St Paul- 99i8 10678 1005g 107b 9534 1033g 94ig 10134 97I4IOP4 96l2 10U2 85 10034 Preferred _____________________ 139b 14U2 140 143 137 140i2 13478 13734 13412 139 131 138 130 13434 Chicago & North Western_____ 128 135b 134 136’s 132l2 135 12912 13438 1301? 133l2 12812 132 126 132 Preferred____________________ 170 180 174 175 175 175 175 175 33 33 Chic Rock Island & Pacific.. Chicago St P Minn & Omaha.. 128 130 129 127 7s 128 131 131U 125 132 132 Preferred_____________________ 29’s 30 22 30 30 30 Cleve Cine Chic & St Louis____ 38b 40 31 38 25 38 40 50 51 40 Preferred_____________________ 6H2 67 64l2 70 6318 6434 5434 6H4 5434 55 223 4 223 4 23’2 233 4 22i 2 20 Colorado & Southern__________ 26l8 28b 23’s 28 24 217 8 23i 2 20 41l2 41b 377g 41l4 54l2 46 46 38l2 41 1st preferred_________________ 59 62 46 54U 61 34 32 30 30 34 35 33 33 2d preferred__________________ Delaware & Hudson___________ 150 159b 15234 159b 147’s 152b 145l2 151 149 1517g 14534 1493s 140 149 Delaware Lackaw & Western.. 388 405 392 401 395 40H2 395 401l2 397 4007g 398 40634 390 401 12 4 11 Denver & Rio Grande__________ 16i4 19b 10b 19 I0l2 13 Illg 121g 10 Illg 15 1958 22 19 20 8 3034 2034 31b 1934 2434 19 Preferred____________________ 26 17 26 3 3 Des Moines & Fort Dodge_____ Detroit United_________________ 72 73 73 73 4 4 4 3 4 4 Duluth South Shore & Atlan.. 6 6 ____ 8 8 8 Preferred____________________ 10 8 9 11 11 11 ' 11 9i2 11 Erie_____________________________ 27i4 32b 285g 32 30i2 2534 301? 273s 291? 2714 2934 20's 293s 28 4434 4434 32 46= 8 41i 2 417g 1st preferred_________________ 4278 4934 45b 49b 43b 467S 40ig 44b 3578 3714 3714 3714 26i4 35 3758 35l2 38 2d preferred__________________ 35 395g 36 40b 37 Great Northern, preferred.___ 125i4 132l2 1263s I3434 12534&12878 119 1275s 1217g 12514 121 125 113 125 Subscription receipts_______ #129 1305s nl211„ 13114 33l2 2912 32U 22i2 32lg Ore certificates______________ 31 3314 39b 35’g 3834 35b 3734 29U 36 75 75 Green Bay & W—Deb certs A.. lll2 127 8 113 4 12 Deb certs B__________________ 10l2 IU4 11 lll2 11 14b 12 13 Havana Elec Ry L & P_________ 82 84 80 80 Preferred____________________ 92 96 92 96 125 126 Hocking Valley_________________ 125 127 127 127 Illinois Central________________ 107 115 10934 115 1083? 111b 107i2 1113s llOlg 11212 11134ll412 10538 11334 1478 163g 14i2 16 Interboro-Met vot tr ctfs______ 14b 1514 1314 155? 14 lg 15l8 1334 153S 10S4 14l2 63l2 Preferred_______________________ 5934 63 59b 62b 58b 6ii8 58>4 6258 6158 633g 6034 653g 52 Pref v t c extended___________ 58b 58b 7 7 7 7 Iowa Central___________________ 13lg 13 Preferred____________________ 13b 13ig 7034 71 74 K C F S & M trust certs, pref.. 6fii2 65b 67b 67b 69 74b 73 277s 2014 2812 Kansas City Southern_________ 2438 273g 245g 273g 24’s 26 251’ 2434 273g 26 23 60l2 6134 50 lg 61 Preferred____________________ 62 617g 59b 60’s 57 59 58 61 60 58 67? 67s 5ig 5’s Lake Erie & Western___________ 6l2 7b 5 5 9 7 20 20 ISln 18b 17 17 21b Preferred____________________ Lehigh Valley__________________ 148 156b 148b 155b 142b 1 5038 13214 146 137i2 140l2 1323? 13934 118 13914 31 35 35 Long Island____________________ 32 34i2 36 32>4 3214 34 28 Louisville & Nashville_________ 1335s Ill’s 1355g 13934 13434 139b 131i4 137i2 133l2 139 137 1391’ 127 139 L315 8 L315 8 128 131 130l4 Manhattan Elevated___________ 128 132 131b 133 130b 131 131 1297? 13U4 1212 13l2 12l2 13's 9lg 12l2 12 Minneapolis & St Louis________ 121? 16b 151? 15b 12i2 13 13 28 30 27 27 34 Preferred_____________________ 33l2 35l2 34 30 31 30 28 Minn St Paul & S SM..................... 12412 133 13112 137 125 134 11734 1267g 122 126 122 125l2 102 125 ____ 140 140 143 143 ____ ____ 130 13234 Preferred_____________________ 142l2 142l2 145 145 130 L3712j 80 Leased line certificates_____ 84b 8412 80 9 18i8 Missouri Kansas & Texas______ 24 "171? 23b 16 “ 187s 1414 1812 15l2 175g 161? 18U 19 5238 60 5234 60 40 27lg 38i2 Preferred____________________ 46 42U 543g 35 38U 41l2 37 8 17fg Missouri Pacific________________ 23’s 30 195s 23b 28’? 2338 263g 15U 28l8 1534 2U4 16 169 169 Morris & Essex_________________ 162 162 165 L65 166b 166b 135 13634 137 137 Nashville Chatt & St Louis.___ 140 144 140 140 31 30 34 31 National Rys of Mex, 1st pref.. 30 34 934 1078 11 12 12 2d preferred__________________ 9 14 10 10 1314 1034 1214 7ig Illg 9058 94U 873s 93l2 77 8658 91 9U2 N Y Central & Hudson River.. 883S 9658 88b 96 87’? 92 36 37 35 41 36 39 N Y Chicago & St Louis_______ 40 36 37i2 45 72 66 66 72 72 72 2d preferred__________________ 11 fil* 11 fib 110 110 N Y Lackawanna & Western.. 6658 71 6534 70 63l2 673? 495g 65b N Y New Haven & Hartford___ 73 78 66b 75b 65b 71 247g 2712 2534 265s 22l2 25’s 19ig 24 315g 27b 3034 261? 28 N Y Ontario & Western_______ 26 3934 26 Norfolk Southern______________ 3934 43 35 30 30 26 263s 277g 27’s 25ig 26l2 35 Norfolk & Western____________ 9958 105l2 10134 10534 102 IOU4 IOU4 104b 103 105l2 103l2 10558 97l2 1057s 89l2 85 87 89 Preferred____________________ 89 89 85 85b 86b 86b 88b 88l2 885g 90 62 60 ___ Nor Ohio Traction & Lt_______ 59 62 62 59 60 59 65l4 65i4 Northern Pacific______________ 109 117b 111b H8b 109b 11634 106l2115l8 108 11258 108i2 Ill’s 97 11212 70 70 Pacific Coast Co________________ 85 88 R2 R3 SO S2 2d preferred__________________ S21o Pennsylvania RR..____________ 108&S 115% 110b 1137g 109b 112b IO8I4 1H>4 109l2112l4 109U 112's 1051? 1131? 6 5 Peoria & Eastern______________ 6 6b 5b 5b 6b 8 83 Pitts Cine Chic & St Louis.___ 83 70 7914 82i2 8H4 89l2 6914 8234 64i8 725s 87b 89b 91 9fi3/« 99 97 101 9fi 9fi 9fi 9fi Preferred____________________ Reading________________________ 166l2 172i4 164b 16934 16134 167U 15812 16634 16218 16678 1607s 1663? 137 165's 1st preferred_________________ 87l2 88 89l4 88i2 88 89 88 89 88 8812 898g 87 2d preferred__________________ 90i4 93 90 90 87l2 90 86 87 88I4 88I4 82 90b 9212 90 134 31? 2 7g Rock Island Co_________________ 1258 165g 37? 534 21? 37g 21? 458 414 12 Preferred____________________ 884 47? 7 534 41? 5U 458 13? 3U 3 734 18 I8I4 25 234 St Louis & San Francisco_____ 53g 2 2U 3i2 4 3i2 4 3 21? 3i2 31? 2>S 2'g 1st preferred_________________ 16 8 13 16 10 15 17b 15 10b 12 lib 2d preferred__________________ 334 412 35? 6 ’ 6 7i2 8 7i2 9«4 3’s 6i2 7b 4’4 ' 534 C & E 111 pref stk ctfs tr rec . . 20 20 C & E Ill new stk ctfs tr rec . . 5 10 10 10 4b 4b St Lou's Southwestern_______ 227g 177g 21 21 2634 24 2514 21 2214 217g 24 “ 18 26b 20 Preferred____________________ 41 60 64 60 5014 36 65b 60 40 57 Seaboard Air Line_____________ 228? 1634 20 203 8 203 8 2Hs 181 2 19U 1734 2OI4 15 20 19b 1914 5434 Preferred____________________ 553s 5314 5514 5234 55U 47 4534 54b 52 58 53b 55i2 51 Southern Pacific Co___________ 88b 99b 94U 993? 92b 96's 86I4 95i2 90l2 9514 915? 9734 847g 981? Certificates of interest______ 9458 105b 100l2 1047g 1005? 10314 97l2 10234 99 L0258 1017? 106i2 101&S 106 Subscription receipts_______ <Z9558 103b dl00bl03b d98b 99U <J94 997g d96i8 9734 d9934 102ig d9734 102l2 1 fi-04 1-64 fi-32 Rights________________________ 17-32 % Southern vot tr certs stpd ext. 2278 273g 2458 28b 24b 26l2 2212 2638 237g 2534 2338 253? 167s 25 Preferred do do ______ 75 84i2 77 7778 80i8 777s 8U4 67i2 80 84’s 82b 85b 80 81 Mobile & Ohio stk tr ctfs___ Texas & Pacific_________________ 1312 1634 14 1434 16i8 12 15ig 16b 14b 16i2 1358 1734 14l2 17 Third Avenue__________________ 4U2 4534 42 4134 3958 433s 33 45b 4284 44l2 38>4 4434 40U 43 Toledo St Louis & Western.___ 10 7 9 9i2 934 10 5 9 12b 10b 1034 0i8 10i8 9b Preferred_____________________ 19 23 20 23 ____ ____ 17l2 197g 12i4 15l2 9i2 12U Twin City Rap Tran___________ IO5I4 108b 106b 108 105b 106 103 105i2 104l2 107l8 102 1065s 947g 103 Union Pacific__________________ 153b 1643g 159b 164b 155b 160b 1487g 1607s 15334 15834 15114 157 112- 1571? Preferred____________________ 8234 843S 82 82b 85b 84b 86 8378 82i2 84 8312 82 >8 84U 78 Warrants____________________ 26b 30b United Rys Inv of S F__________ 22 22 19 912 1212 20 1012 14 15 1414 16 21b 2334 20 Preferred____________________ 4334 31l2 41 41 44 41 22 34 49 48 49U 41 38b 44 Virginia Ry & Power___________ 51 51 51 50lg 52 49 49 50l4 49 49U 48 55b 55b 51 Preferred____________________ 99 , 99 Wabash_________________________ 25g 458 13g 314 15? ®4 7? lb 2i2 7s Us b 84 Preferred___________ .....___ 734 13 63s 43 8 534 3 3i2 3i2 5b 2>g 3U 9b 714 3i8 a 3d paid. &Ex-rignts d 1st paid 1   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  891’ 955? 96la 99  67 69  75 701?  84  87»4  153  1611?  40  451?  9l2  91?  9i4 25 8434 126 122  1U4 31 927g 130 1261?  20 42 29 13834 390 4?8  201? 42 32 142 399 6  8  101?  20-38 24 32 3634 11158 11914 23U 29 ’ II" ’ll"  103l2 111 11U 13l2 50 6334  20’4 231? 49l8 59i2 124 30 125 128U 10  13834 30 126 12314 111?  101  108  Sl8 12 25 30  7  Il's  5 5l4 7958 851?  51 59 1834 221? 96i2 IO2I4 85 85  96&8 1047? 102i2 1091?  65i4 70 138  15Ug  80 81 «S 1'2 1 31? 2 2 10 10 2U 3  37 lOU 45 81 9278  37 I5 45'g 89l2 927?  14 58 65  17 6434 65  111’  35 2 434  96 112l2 77i2 26’g 71?  23  «4 134  1 il2  38 3’? 6b 97 122 795? 29 9 26 H? 234  RAILROAD AND MISCELLANEOUS STOCKS  181  1914—Continued. STOCKS  January February March April May August September October November December June July Low High Low High Low High Low High Low High Low High Low High Stock Exc hange Closed on A ccount of Low High Europe-  100 100 46 85  35 58 688 2-1 11 47  2934 34 ____ 3% 534 16 19 9 9 45 48  100 91 110% 102 63 52% 91 80%  25% 50 3% 13 6 39  3034 1834 50 35 534 4 1834 15 8% 5 42 40%  96 100 110 97 10934 10034 108% 100 68 70% 65 87 89 94 89  9834 102 101 100 72 75 91% 87  30% 52% 4 15% 6% 44  32% 60 4% 16% 7 44%  £  EXPRESS Adams_______________ American___________ United States______ Wells, Fargo & Co..  32 58 5 18% 7% 437g  00  Western Maryland Ry. Preferred____________ Wheeling & Lake Erie. lst preferred_________ 2d preferred__________ Wisconsin Central.___  25% 35 5 17% 7 42  18% 347g 3% 1434 6 38  19% 1234 347g 30 4% 2% 8% 16 3% 6% 2934 41  103% 98 102% 108 10034 108 767g 78 77 99% 93 105%  1834 3234 3% 14% 7 40  917g 997g 72% 80  9734 106 82% 96  19% 49 25 34 32 20%  28 71% 31% 1% 41% 26%  10S4 31 2% 10 3 30%  16% 31 2% 10 3’4 30%  COAL AND MINING  Prices of mining stocks of par value of $25 or less are dollars per share; others p. c. Alaska Gold Mines___________ 10 Amalgamated Copper_______ 100 Anaconda Copper___________ 25 Batopllas Mining____________ 20 Chino Copper_________________ 5 Colorado Fuel & Iron_______100 Preferred_________________ 100 Comstock Tunnel____________ 2 Federal Mining & Smelting.100 Preferred_________________ 100 Homestake Mining_________ 100 Inspiration Consol Copper..20 Miami Copper_________________ 5 Nevada Consol Copper________ 5 Ontario Silver Mining_______100 Pittsburgh Coal of N J_____ 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 Mfg vtc_______ Preferred vtc________________ American Agricultural Chem.. Preferred_____________________ American Beet Sugar__________ Preferred_____________________ American Brake Shoe & Fdy.. Preferred_____________________ American Can__________________ Preferred_____________________ American Car & Foundry_____ Preferred_____________________ American Cities________________ Preferred_____________________ American Coal Products______ 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, new_______________ American Steel Foundries_____ American Sugar Refining Co.. Preferred_____________________ American Teleg & Cable Co— Anerican Telep & Teleg Co.---American Tobacco______________ Preferred, new_______________ American Woolen Co__________ Preferred_____________________ American Writing Paper, pref. Assets Realization_____________ Associated Oil__________________ Baldwin Locomotive___________ Preferred_____________________ Bethlehem Steel Corporation. Preferred_____________________ Brooklyn Union Gas___________ Brown Shoe____________________ Preferred_____________________ Brunswick Term & Ry Sec____ Butterlck Co___________________ California Petrol vot tr ctfs---Preferred_____________________ Case (J I) Thresh M pf ctfs.— Central Leather____________ _ ___  Preferred_____________________ Cent & South Amer Teleg_____ Cluett, Peabody & Co__________ Preferred_____________________ Consolidated Gas_____________ Rights________________________ Continental Can Inc__________ Preferred____________________ Corn Products Refining______ Preferred____________________ Crex Carpet_____________________ Cuban-Amer. Sugar, pref_____ Deere & Co, preferred_________ Detroit Edison_________________ Distillers* Securities Corp_____ General Chemical_____________ Preferred_____________________ General Electric________________ General Motors vtc___________ Preferred v t c________________ Goodrich (BF)................................... Preferred_____ _______________ Guggenheim Explor..Par $25.. G WHelme............................................. Preferred____________________ Internat Agric Corp vot tr cts. Preferred vtc___________ _ ___   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  2334 77% 38% 1 42% 34  21 7234 35 1 4034 31  8c. 6c. 15 15 35% 43 114 117 15% 173g 2134 24% 145g 16% 2% 2% 17% 22% 86% 92% 134 27g 4 4 1784 1938 317g 35% 48% 55% 50 40  8c. 15 39 116 16% 22% 157g 2% 2034 91 2*  8% 1334 43% 49 4734 57 97% 91 22% 28% 73% 69 94 90 129%139 2834 35% 96 89 44% 51% 114 116 3634 36 60 68 84% 82 102 106 37% 44 94% 96 4% 4% 21% 25 2578 24 10 11% 29% 3134 31% 37% 96 101% 7 9% 42 50% 84 85 63% 70% 9884 105 160 172 997g 102% 35% 28 1027g 10978 110% 11378  12% 14% 49 47 53 55 96% 95 22% 27% 69 69 96 97% 141 1467g 2878 34% 913g 95% 49% 53% 115% 116% 36 36 61% 67 84 84% 104% 105% 4234 46% 96% 96% 43g 5% 20% 2534 25% 3234 10% 11% 28% 31% 33 37 101 102 8% 8 487g 50% 85 85 65% 71% 101% 104% 165 17134 102 104 35% 37% 105% 108% 112% 11378 59 59 119% 123 24484 25134 103% 106% 19 16 7534 823g 133g 15 22 26%  2034 707g 3334 1 37% 28%  24 78% 38% 1% 44 34%  10c. 15 40 117 18% 243S 16% 2% 23% 93% 2% ____ 19% 203g 3438 3634 53% 56% 50 51  21% 72% 35 7g 40 31%  8c.  2334 77% 3634 1 4234 343g  23% 28 68% 77% 32 36%. %  37 24 140 10c 5c.  122% 18% 24% 16% 2% 22 93 134 2% 234 2 19% 22% 34% 36 52% 56% 52 50  120 1634 22% 15% 2% 20% 903g  12 13% 4834 46 54 59% 943g 96% 24% 20 69% 68 92% 90 140 144% 28% 3138 91% 94% 493g 52% 116 118 36 36 62 65 8334 86% 103% 105% 42% 46 96 97 434 4% 23% 23% 29% 3238 113fj 10 28 313g 33% 3534 102 102% 734 8 49% 50 8334 82 66% 71 iois410334 160% 165 102% 103% 32% 35 97 105 1077g113%  31% 113 1534 21% 14 2% 19 84 ____ ____ 1934 3134 50 45  7S  4234 32% 140 9c.  263g 2878 70% 74% 30% 34 % 7S 3934 423g 2634 28%  12% 45% 57 94% 23% ____ 80 87% 136% 139 2278 30% 87% 92% 45 51% 116 117% 35% 36 6434 60 84% 82 102% 102% 43 38 97% 97% 4 4% 187g 21% 2734 31% 9% 10% 27% 27% 3434 28 96% 100% 7% 7% 48% 4834 793g 85 70% 57 97% 102% 157 162 ____ 32% 30 99% 100% 109% 111 59 59 1197g123% 118% 12278 24734 256 215 238% 105 106 105% 106 13% 1634 15% 15% 747g 7634 72% 79 1578 13% 14 10 21 14% 14% 16  10% 41 52% 93% 20% 66 87  714 36% 117% 17% 22% 15% 2% 20% 89% 1% 234 22% 3534 583g 45  9134 99%  95  9934  * 93s 8 734 12% 60 69% 62% 65% 70 80 .... .... 947g 96%  92% 113 1334 160 108% 141 7134 89% 23% 87% 4834  95% 113 19 170 109 147 823S 94% 287g 89% 57% 162  20% 1834 17% 20% 18 17038 17038 180 108 107% 108% 10S% 108% 148% 14634 150% 144% 149 79% 47% 47% 7534 73 94% 8534 8534 95 92 2434 22 2634 21% 24% 91 86% 8934 89 89 50% 50 5334 52% 573S 1 R47g 1 fi47g 1G0 inn nn nn 112 112 115 115 1131" 1131" 534 6% 4 10 6% 7% 7% 7% 29 .... — 30 36 .... 25  17 176% 108 140 3738 77 19% 7978 4438  7c.  31% 36 114 11834 16% 17% 2134 22 38 1334 1478 2% 234 18% 21 87 90% 7g 1% 1% 2% 20% 21% 32% 35 55% 5938 .... ....  1178 44 55 9434 25% 70 87  10% 10% 41 44% 57% 53 96% 96% 2938 24 72% 757g 89 90 138 140 253g 28% 25% 293S 89% 91% 89% 94 523g 48% 51% 49 117% 118 116 1177g 32 32 617g 65% 62% 67 83 85 85% 86% 105 105 105 105 40 43% 39% 43 96 97% 93% 93% 434 4 4 4 20% 21% 20% 23% 29% 32% 29 32 97S 10% 9% 10 27% 27 26% 29 29% 33% 297g 32% 9834 98% 100% 98 6 7% 6 6 45 45 417g 417g 80 81% 84 84 60% 6478 61% 6434 997g 102 101% 102% 157 165 163 169 105 10534 106% 106% 29% 32% 29% 32% 1O134 109 104 109% 112 113% 112 113%  1207g 123 117% 124% 242% 250% 224% 230 10134 l0534 106 108 2078 153g 15 15 83 76 77 76 1334 173S 12 12% 297s 14% 16 20 43 43 48% 38% 45% 4234 4734 47% 52% 44% 49% 46 102% 105 10534 106% 1063g 108% 10734 108% 108 109 403g 43% 29% 38% 35% 39% 38% 4434 37% 42 8534 79% 79 82% 85 80 76 86 85 68 121 130 125 127% 125% 127% 124 127% 127 128% 39 46% 89% 90% 6% 6% 7 8% 7 7 7% 8% 7 7% 26% 27 2834 2834 27% 27% 26% 27 26 29 30% 24% 2834 18 27% 187g 23% 25 30 18 52% 61 55 66 50% 66% 63% 6634 63% 68 82 86% 93% 83% 89 80% 88 90 95% 82 367s 33% 36% 35 257S 29% 28% 35 36% 31 947g 97% 9734100% 99% 101% 99 100% 100 101 103 106 106 109% 108 108% 105 107 106 107% 6Q 69 69 69 68b 70 10.1 1041" 103% 104% 101%103 101%101% 129% 139% 132% 13734 132% 135 128% 133% 127% 134%  9% 13% 10% 13 72 63 6734 72 80 .... 80  39% 4134 27% 25  6c.  714 37 31% 120% 114 183g 16% 24 21 16 13% 2% 2% 21% 19 9234 8734 ____ 1% ____ 2% 22% 20% 35% 34 57% 53% 46% 45  9% 41% 50 93% 19%  26% 28% 6678 72% 30% 32%  95 113 16% ____ 109 149% 99 95 27% 90 55%  13  13*  6 32% 4934 92 19 75 897g 138 19% 80 44 112  10% 41 55% 9434 263g 75% 94 138 2834 92 5234 1187g  59% 62% 83 83 10534 107 32 40% 94 94 4 3% 17 22 197g 3011 7% 9% 25 27% 20% 32 97 100 5 5 32 40% 79% 82150% 67 97% 10378 153 163% 10634 10634 27% 32 100 107 108 1131"  120% 124 114 121 226 233% 215 232 10634 109 103 108 12 14 13 15 72% 7634 73% 76 11% 10% 11 10 15 15%  481" 41 43 48 106% 110 10534 107% 4234 40 43% 30 85% 83 86 81 124% 128 120 125 89% 89% 6 7 29% 29% 183g 21 53% 59 90 87 3738 34 101 102% 106 106 68 68 100 102% 127% 130  37% 85 97S 87g 8 643g 66% 62 70 70 70  94 112% 14% ____ 109 145 7734 91% 25% 89 52  8c. 10c. 10 10 29% 33 10934 115 14% 19% 17% 22% 10% 14 2% 2% 16% 21% 82 91% 1 1 1% 2% 16% 21% 2434 34 457g 5834 40 35  42 90% 93g 65 70  93% 94% 113% 11334 1378 17% 170 171 110 110 146 148% 88% 96% 92% 95 25% 23 86% 90% 51% 55  7 20  7% 23  80 57g 29 16% 50 82% 26 96% 104%  87 57g 291" 23% 61 853g 37 104 105  99 116  103 130  41 45% 84 9134 9% 7 58% 63 92% 113% 11 170% 110 13834 5478 70 20 88 40%  94 113% 1434 170% 114% 149% 93 93% 27 89 56  23«4 273g 4834 57»4 24% 29% 34 1 31% 37 20% 25%  28% 112% 15% 16% 10%  29% 117% 18 187g 14%  15 17 79 83 1% 1% 15 17% 2578 33% 45% 517g  8 8% 32% 36 4S' 49% 90% 92 2634 33% 797g 80 91 91 134 134 227g 277g 8734 927g 42% 46 113 114  32% 96% 37g 19% 20 7% 24 217g 963g 4% 30  51 97 148  41 96% 5 19*4 23% 7% 24 25 963g 43g 30% 61% 100i4 149  1017g 1077g 108 115 57 59 115%119 215 221% 103 104  77  77%  5’ "5”  40% 10234 40 8484 118  4034 10234 46% 913g 120  27 15% 50 77 33 100 109  27% 1934 57 83 38% 101% 109  M12%121% 27g 2 42 42 8934 88 734 9% 60 65%  90  90  11 167  15 167  137%141 73 87 85% 92 24 267g 95 48»4  113 113 8 10% 197g 25%  62x-rights.  182  RAILROAD AND MISCELLANEOUS STOCKS 1914 -Con eluded. STOCKS  August September October I November December June January February May July March April Low High Low High Low High Low High Low High Low High Low High Stock Exc hange Cl osed on A ccount of Low High War In Europe  Internat Harvester of N J. Preferred_______________ Internat Harvester Corp.. Preferred_______________  Preferred______________ International Paper____ Preferred______________ International Steam Pump.___ Preferred______________ Kayser & Co (Julius)___ 1st preferred__________ Kresge (S S) Co__________ Preferred______________ Lackawanua Steel______ Laclede Gas (St Louis).. Liggett & Myers_________ Preferred______________ Loose-Wiles Biscuit tr ctfs.___ 1st preferred_________________ 2d preferred__________________ Lorillard (P)........................................ Preferred____________________ Mackay Companies____________ Preferred____________________ Maxwell Motor tr ctfs__________ . 1st pref tr ctfs_____ __________ ‘ 2d pref tr ctfs . _ _____________ May Department Stores_______ Preferred_____________________ Mexican Petroleum____________ Preferred_____________________ Moline Plow 1st pref___________ Montana Power________________ Preferred_____________________ Montgomery, Ward & Co, pref. National Biscuit______________ Preferred_____________________ Nat Enameling & Stamping_ Preferred_____________________ National Lead Co_____________ Preferred_____________________ New York Air Brake___________ New York Dock, pref__________ North American Co new stock. Pabst Brewing, pref__________ Pacific Mail Steamship_______ Pacific Telephone & Teleg___ Preferred___________________ Peoples’ Gas Lt & Coke Chic. Pettibone-Mulliken___________ 1st preferred________________  10078113i2 113b 117b 10078 11134 1147g 116b 234 334 14 15b 83g 1034 37b 41 6b 978 29 19 RO RR 106b 106b 92 81 99 lOOSg 34 40 95 97b 21934230 11138116 32 38 104b 10412 89 95 166 17478 110 mb 77 85 65b 70  103 111 116b 117b 103 10934 117 117b 2b 3b 8b 13b 9b 10 40b 37 77g 9 24 27b RR RRlo 106b 106b 92 105 103 104 39 37 99 101 223 229 115b 117b 33 37 103 103 93 93 170 175 114 114 873g 83 70 69  10034 105b IO478 109b 116 116 116b H6b 100 104b 103 106b 114b 116 23g 2b 2 3b 734 lib 8b 11 934 7b 9 9 37 33b 36b 35 6b 6^2 217g 217g 16 21 RR ROD RQ Q1 108b 108b 10834 10834 94 96 95 95 102 103 10238 10238 32 32 34b 32 9778 96 9738 93 218 224b 214 220b 116 117 1157S 118b 29b 34b 30 31b 101 10278 102b 103 92lg 92b 91b 91b 166 178 171 190 171 175 113b H5b 113 114 113b 114 8434 76 83b 84 83b 79 6834 70 67b 69b 68b 68b  10234108b 116 118b 102b 10534 115b 115b 212 234 9b 10b 8b 10 35b 37 7 8 23b 23b 85 91 106 106 93l2 99b 103b 105 3434 38b 96b 98b 22H4231 115 118 3 lb 34 10434 105  1 1 69b 62 101 100 68b 63 85 80b  6738 57 65b 10134 101 101b 70 73l2 64 87 76 80 104b 1041? 1 49 ’ 50 1 102b 102b 110 110 122 135b 126b 139 131b 137b 119U123 1217g 123b 121 124 97g 137g lll2 14 11 12b 78 78 86 8678 4934 5034 49 52 44 50 105 108b 107 109 106b 108b 61 62 62 69 65 65 26b 261? 7278 693g 72 65 69b 79b 104b 104b 24 29 24 28b 23b 25b 2734 2934 28 31 26b 31 __ ____ 89 89 86b 90 12078125 121b 124b 12134 125 26 29 26b 27 95 95 89b 89b 9234 92b 93 88 90 92 4134 46 2634 45 42b 45 9734 104 102i4 104 103b 105b 107 10934 110 113b 112 113b 151b159 154b 156 152 154b 25b 3234 2634 3438 27b 3134 97 93b 9834 98b 98 101 1934 27 2634 23 24 27 8934 88 80 8934 86 91b 9 18 12 1538 9 15b 28 26b 41 36b 253g 38 183 193 185 193 185 189b 122b 123b 123b 124 124 124b 27 35 33b 34b 30b 34 92 90 32 35 37b 33b 3534 35 65 65 65 65b 64b 66 2534 25b 3034 23b 36b 20 70 80 81 87 79b 86 128 149 145 148b 145b 149b 99 99 99 99 85 88 85 86 84b 83 108 110 111 111 834 638 8 61g 8b 7 2978 29b 32b 22b 31 25 45 50 48b 50b 46b 49b 102 10212 102b 1037g 100b 100b 90 91 91 91 9934 10018 100 100b 94b 100 1234 10b 13i2 125g 13b 11 40 47 47 49 40b 47b  6412 101 46b 79b  Pittsburgh Steel preferred____ Pressed Steel Car___________ Preferred_________________ Public Service Corp of NJ. Pullman Co (The)__________ Railway Steel-Spring______ Preferred_________________ Republic Iron & Steel_____ Preferred_________________ Rumely (M) Co_____________ Preferred_________________ Sears, Roebuck & Co______ Preferred_________________ Sloss-Sheffield Steel & Iron___ Preferred_______________ Standard Milling_________ Preferred_______________ Studebaker Corp (The)... Preferred_______________ Texas Co (The)___________ Texas Pacific Land Trust Underwood Typewriter... Preferred_______________ Union Bag & Paper_______ Preferred_______________ United Cigar Manufacturers.. Preferred_____________________ United Dry Goods_____________ Preferred_____________________ U S Cast Iron Pipe & Fdy______ Preferred_____________________ U S Industrial Alcohol_________ Preferred_____________________ 81 85b 5678 U S Realty & Improvement____ 54 3 3 U • Reduction & Refg pref____ U S Rubber Co_________________ 5734 62b 1st preferred_________________ 101b 104b U S Steel Corporation_________ 57b 67b Preferred_____________________ 106b 11234 Virginia-Carolina Chemical___ 28 33b Preferred_____________________ 96b 104 40 Vulcan Detinning preferred___ 37 Western Union Telegraph____ 5734 65 Westinghouse Air Brake______ 256 256 7134 West’house El & Mfg, assent.. 64 1st preferred_________________ 1157g 117 Weyman-Bruton preferred.___ 112 112 Woolworth (F W)_______________ 92b 100 11234 116 Preferred  84 54  85 56  58b 6034 101 102b 6334 67 109b lllb 30b 32b 104 105 35 35 607g 667g  57b 97b 51 70  46 101 111 125 122 10  61 9934 68 77  4938 102b 111 132b 1237g lib  587g 98b 54 67  8934 82 3978 44 10338 104 113b114 154b 156 25 29b 93b 96 20b 24b 8178 8734 6b 10b 2034 29 180 189b 124b 124b 25 30b 89U 89U 34b 3634 62 61 26b 36 8634 82 135 147b 99 99 80 81 11138113 538 634 21b 25 50 48 102 102 88 89 93b 95 lib 1238 3834 42 20 20 83 83b 83b 83 6334 54b 6334 58  82 11778 83 11638 lb 6b 634 30b 3 12  465a 49U  49 101  60 99b 53 70b 104 5278 421? 10378 10134  88b 93 116b H8b 82 82 5g  3  84  84  93  95b  28 28 88 92 207b 210 1127g 11334 26 26  6034 99b 68b 70b 104 4934 102  165b 112 69l4 67 1412 41b 17  I65I4 112b 72l2 67 1514 44 17b  100 41  100 43  132 128 11  120 125 120b 125 934 Illg  46 107b 65  41 46 10712 107b  72 77 94 98 24b 22 29 23 90b 12134 119  75b 92 23b 24b 89b 122  76b 64b 94 92 24b 17b 20 27 ____ 89b 121b 106  85 85 4434 42 10238 103 ____ ____ 154b156 2634 2934 95 95 237g 22 84 89 9b 12b 25 32b 185 189 123 12434 26 28 86 86 38 39b 40b 37 65 65 62b 66 32 33b 35b 27 8834 82 92 87 138 145 141b 1477g  85 86 41b 45b 102 102 112b 112b 153b 155b 27b 30b 98 98 22 24 85 87b 8b 14b 24 34b 182b 187 124b 124b 26 28  115  85 87b 4334 34 10234 104b lllblllb 15378 157 1934 2734 90 93b 18b 23 86 78 7b. 11 22 28b 170b197b 122 123 19b 26b  11712  33b 37 100 100 150 1"134 1934 9^4, 88 88 20b 78 37g 634 21 23 173b 186 120 121U 21 23  3678 64 33b 85 143b 95 75b 10534 5b 21 46 100  40 59b 31b 84 122l2  45 67b 36 91 138  103 37g 20b 39 99  103 5lg 20b 42b 100b  60b 9 30 16 78b 53  7678 9 31b 16 8238 60  35U 8 30 15 75 51b  35U 8 30 16 76 53  59b 44b 6038 103b 95b 10378 6278 50b 62b HO 106b 110b 3138 •U 29 104b 96 10134 ____ 25 25 533g 60b 62  45 97 48 103U 17  5734 102b 55 105b 23i2  73b 76 1113s 3b 53g 6 22b 20b 21b 47b 46 b 46b 102b 99 100b 83 83 9778 53 99 97 734 9b 9b 10 3734 3734 39 32  85 85 5934 60"b 597g 60  92 103b 97b 9934 95b 99b 96b 99 118 117 118b 117b H7b 117b H7b 115  70 90 22b 26b  33 62 26b 80 112 95 74 10534 4 18b 40 100  108 5b 20b 46 10034  59b 63 53b 6278 56 59b 57 1013g 104 99b 104b 101 103 1017g 5734 6334 583g 623g 65b 56 64 109b HOb 107b HOb 108 110 108b 28b 30b 34b 2534 3178 263g 30 10434 107b 99 103b 96 101b 10034 35 35 21 21 ____ 62 6434 593g 633g 61b 62b 56b  64b 90 17b 2534  56b 60  6934 7212 70b 78b 71 75b 73b 78b 7234 78 65b 79b 118 119 119 123 124 124b 119 120b 119 119 116b 119 98 116  134 3 93g 35b 5  130 132b 120 125b 128 125 9 10b 11 80 80 47 45b 47b 40 109 107b 108b 106b 67b 673S 67b 58  128 132 122 125 10b 11  74b 98 23b 27 90b 120  108 11878 104 118 3 10b 8 34 3 12  107b 107b 92 97 100b 103b 26b 32 94 85 208 210 114 118b 27b 31 1O33S 10478 93b 93b 160 170 114 11778 8034 61 69 69  60b 51b 6038 9934 97b 100 6438 5734 63b ____ 73b  1011a 103  4834 47 45 107 109 106 65 60b 64 72b 78b 101 103 22b 26 25b 29b 88b 90b 1183412478 23 23  10334108b 118 118 102 10534 115 115 234 3b 978 lib 77g 9b 3234 35 3 5b 11 113g 94 89 111 113 96b 100 104 104 32 32 95 97 215 217 11334 118b 32 30 104b 105 91b 95b 170 178 113b H4b 79b 82 67b 68b  97 117  64l2 70 116 116 109 , 109 90 92 114b 117  89 98b 115b 118  1915. Prices for entire year are dollars per share (not per cent as in former years), to agree with change made by Stock Exchange Oct. 13 1915. STOCKS Atchisom Top & Santa Fe. .100 Preferred _ _____________ .100 Atlantic Coast Line RR___ .100 Baltimore & Ohio_________ .100 Preferred________________ .100 Brooklyn Rapid Transit.. .100 Buffalo Roch & Pittsb____ .100 Preferred________________ 100 Canadian Pacific__________ .100 Canada Southern_________ .100 Central of New Jersey.___ .100 Chesapeake & Ohio______ 100 Chicago & Alton RR_____ 100 Preferred_______________ 100 Chicago Great Western___ .100 Preferred_______________ 100   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  January February March April May June September October November' December July August Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low HighLow High 93 96 99 67b 69b 84b  963g 92b 98b 9634 107 99 7438 6334 73b 67 887g 85b  95b 99 106 71 71 8884  94b 97 98 64b 67b 86b  154b 16834 153b 15934 153b 165 56b 56b  324 325 41 46b 93g 938 lib lib 10b 123g 32 27  40  44b  lib lib 10b lib 27b 30b  40  463S  iob 1238 28 32b  96b 105 100 98b 113b 104 7978 69b 72b 68 847g 93 90  10234 99 98 101 112 105 77b 71b 71b 69 9034 87b  9834 9634 98 75 6934 84 80  10234 100 98b 98 104 99b 8234 78b 73b 70b 88b 83b 80  104b 10034 105b 103b 9938 97b 101b 99b 105 10234 112 109 843g 81b 8934 87b 7138 70b 74b 73b 87b 83b 863g 83b 80 85 80  15234 16634 14134 157b 138 1473g 144 60 56 54 275 275 300 300 493g 39 44 377g 413g 35b 4ib 4034 47 8 9 9 8b 9 9b 9b 22 il34 14b 10b 127g 1034 12 10b 12 lib 31b 3658 25b 337g 27b 31b 26b 2934 29  15834 150 163b 15578 54 55b 54 250 250 300 47b 46 . 517g 50b 117g 15 1514 13 22 19b 13 1134 1312 12 2934 337g 32 33  100b 99 99 98b 104 105 73b 71b 7078 70 90b 8834 85  160b 174 56 56  10212 10138 106 78b 7178 90  108341063g lllb 105b 108b 10138 101 102b 99b 1017g 115 114 116 113 115b 9578 92 947S 93 96 7578 757g 7934 77 78b 92b 87b 90b 88b 88 85b 91 93b 92b 92b 1097g 1097g 185b 181b194 178 1845g 5834 5834 61 55 301 290 305 6234 60b 6434 61 641Z 15 12 13 8U 10*2 21 20 22b 22b 20 15b 15b 17b 145g 15b 3634 363g 41b 38b 397g  RAILROAD STOCKS  183  1915—Continued* I June January February 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 Higl Low Higl Low High Low High  STOCKS  Chicago Mllw & St Paul.. .100 8684 93b 83U 89 Preferred________________ .101 12412 130 123 12784 Rights___________________ 5-32 5-32 7-6': Chicago & North Western. .100 122 129b 122 12714 Preferred____ lOt 175 175 166 170 19 Chic Rock Isl & Pacific___ .100 21b Chicago St Paul M & O___ 100 Preferred________________ .100 21 25 25 Cleve Cin Chic & St Louis .100 21 Preferred________________ .100 50 58 53b 56 Cleveland & Pittsburgh.. _ 50 Special guaranteed_____ __50 2578 25 Colorado & Southern_____ .100 24b 26 First prepared___________ .100 45 47 48 48 Second preferred_______ 100 37 37 Cripple Creek Central.___ 100 Delaware & Hudson______ .100 142 152 144b 149b Del Lack & Western______ ..50 199%212b 205 209b 4 63g 7U Denver & Rio Grande____ .100 7b m2 Preferred________________ 100 6b 137g 10 Des Moines & Ft Dodge___ .100 4 7 100 Preferred 100 Detroit & Mackinac. Detroit United Ry_________ 100 4 5 4 5 Duluth S S & Atlantic.___ .100 71? 7 10 Preferred________________ .100 7b Erie________________________ .100 21b 2334 197g 2314 First preferred__________ 100 33'b 37b 32U 3634 29 Second preferred_______ 100 28 30i4 27 Erie & Pittsburgh.________ 50 Great Northern preferred. .100 112S4 118 11234 11618 25U 3534 28b 34b Iron Ore Properties___ Havana Elec Ry, L & P___ 100 100 Hocking Valley____________ 100 Illinois Central____________ 100 107 110 103 10834 Interboro Consol Corp___ 100 Preferred Interb-Met vot trust ctfs. .100 1058 12b 1134 13 535g 5278 5834 Preferred________________ .100 49 6 10 Iowa Central_______________ 100 Preferred .100 18 18 65 65 K C Ft S & M tr ctfs pref. Kansas City Southern____ .100 21b 25b 205g 23 5758 54b 57 Preferred________________ .100 56 Keokuk & Des Moines____ 100 6b 6b 5 Lake Erie & Western_____ .100 7b 100 Preferred 50 65%69% 645g 68b Lehigh Valley_____________ Long Island________________ ..50 15 19b ____ ____ Louisville & Nashville-___ .100 112 12 U2 112 1173g Manhattan Railway______ .100 128 128 129 129 100 100 Michigan Central__________ 100 10l2 193g Minneapolis & St Louis___ .100 10b 14 49 Preferred ______ _________ 100 25 27 25 Minn St Paul & S S M........... 100 106 116 109 112b 100 126 128  Missouri Kansas & Texas. Preferred .. ____________ Missouri Pacific___________ Certificates of deposit. _ Morris & Essex Nashv Chatt & St Louis.. Nat Rys of Mex pref_____ Second preferred______ N Y Central & Hud River. N Y Chicago & St Louis___ First preferred________ Second preferred_______ N Y Lack & Western_____ N Y N H & Hartford_____ N Y Ontario & Western.. Norfolk Southern_________ Norfolk & Western_______ Preferred (adjustment).  100 100 100  50 100 100 100 100 100 100 100 100 100 100 100 100 100 50 North Ohio Trac & Light.. 100 Northern Pacific__________ 100 Pacific Coast Co__________ 100 Pennsylvania_____________ .50 Peoria & Eastern.. ______ 100 Pitts Cin Chic & St Louis. 100 Preferred _ _____ 100 Pitts Ft Wayne & Chicago 100 Reading Company_________ .50 First preferred__________ ..50 Second preferred_______ ..50 Rock Island Company____ .100 Preferred________________ .100 Rutland, preferred_______ 100 St Louis & San Francisco. 100 First preferred__________ .100 Second preferred_______ 100 St Louis Southwestern___ 100 Preferred________________ 100 Seaboard Air Line------------- 100 Preferred________________ .100 Southern Pacific Co---------- 100 Subscrip rects part paid Southern Railway________ 100 Preferred_______________ 100 Texas & Pacific___________ .100 Third Avenue new._____ Toledo St Louis & West.. .100 Trust Company receipts Preferred___ __________ .100 Twin City Rapid Transit. .100 Preferred________________ 100 Union Pacific_____________ .100 Preferred________________ .100 Warrants _ _____________ United Rys Investment___ .100 Preferred________________ .100 Virginia Ry & Power______ 100 Wohflsh (npwl whon Issnpd Preferred A when issued Preferred B when issued Wabash ______ .____ 100 Preferred .. ____________ .100 Western Maryland Ry____ mo Preferred________________ 100 Wheeling & Lake Erie.___ 100 First preferred__________ .100   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  7b 12b 33 26 2638 15b 125 23 47g 8434 35  115g 10 30b 3H4 97g 125g  112 43 22 25 99b 103b 99b 85 85b 4238 4238 107  52lg 54U 7 4 69b 72  158 71% 4234 41b 58 1 2b 10 3 16 34 lib 38 8134 977g 92lg 14 58 11 35 1  6  97  88 93U 7734 91 12478 127 122 126  121 127 1273g 132 124b 130 167 170 18b 3634 2034 38b 157g 26 114 114  125  30 30 5314 58  30 34b 60 65 79b 79b  30 34 57b 58  273g 24 4934 53  28U 32 52b 5414 45 49b  30 51  145 205 6 934 5 29b  ____ 205g 25b 33U 41 29 33  5214 4^2 8b 25U 40b 32i2  117 34U 79 95 112 102b 10934 108b  113b 119 3034 36 73 71  12 14b 5534 66I4  21 55  634  66 17b 110 127  30 51  149 1497g 153 146b 15078 212b 212 2147g 202 20812 8ig 7 8 9b 7b 15 13 1514 18b 12 7 7 7U 37 29b 35  6OI4 60b  25 59  61 5 10 30 463S 37U  58 4b 8b 22b 37 30’4  1784 2314 62b 7334 65g 65g  60 60 24 27b 5 734 60b  68b 68l2 24?8 293g 5778 60l2  165g 14U 43 40 11734 116 128 75 75 77b 9b 14b IOI4 26 36b 26 12U IOI4 14  6 8734 34b  215g  60 4  61 4  85g  2878 4414 37U  118l2 163 10l2 115 126 3214 60 78l2  88I4 90. 125b 125’2 19 7 612 6 813 4 92b 83b 35 36b 34  1135g 116 116 52U 45 62b 5914 71b 60 233S 23b 28b 27 35 25l2 25 20 20 15l2 103b 100U103 10134 106b 101 85 85b S63g 86b 85l2  2434 2734 39U 42i4 3434 36  120 3734 81l2 9712  70 58l2 2 4 2434 38U 3034  70 60 2 4 27 415g 33ig  6H2 4 7 26lg 4034 33  62 55g 10 30l2 455g 37  60 5 8ig 28 435g 35  60is 6 1234 333S 5378 4134  1035g lOOSg 2134 1914 755g 7H2 22l2 1914 7534 73i2  1O478 223g 76 223g 77  102 1978 7314 1978 7634  108 2238 77 2214 78  7534 76i2 21U 2438 7134 7778  99 1878 70 19 71  2434 27 58ig 5914  2278 2478 5514 59)8  108i2  90 8212 125l2 120 20 7 7U 90 85 35 30  8212 8U2 85 124 120i2 120i2 7J2 905g 31l2  60i2 67i4 2734 31  15i2  10534 102 85l2 89  104 90  99b 105b IOOI4 106b 10412 112b 102lg 110l8 10312 108U 68 67 51% 533S 51% 54 ’% 53% 55% 5212 54% 52% 5378 6 67g 11 63g 7 6b 72 70 70l2 65l4 67i2 70 65 69b 69b 68 90 98l2  1U2 32 8II4 94b 97b 1234 43 1138 4334 2  1434 39U 8534 96b 97b 17 60 13 48b 2  93g  7i2  8b  99b  2 2 10 10 43g 43g 17 15  95b 993g  11534 1227g 116b 121b 79b 81b 8OI4 8134 27b 29b 27U 28b 934 Illg 14l4 8 257g 30 35 23  1»4 10 3U 167g 33 1134 32 81b 9634  3 2b 1134 10i2 8 5b 17b 17 34b 34 15 14b 3534 38 88b 863S 99b 1011a  13b 43 127g 47b 1«4  17b 55 15b 55b 2b  7  7b  95b 98  614 11 7b 19 37 17 42 95  4U 514 914 12 434 6»4 16l2 16  714 414 1212 8 8 5 16 16  1234 15 3234 39i2 84l2 93ig  13l2 15 37 33 85l2 9034  106U 1003a 1003a 1021a 104  167g 1938 1534 5412 61b 50ig 147g 177g 14 463g 53 58 2 21?.  6b  97  7  100  5i2  97  1878 58i2 1634 5434  6I4  99lg  15l2 49 14 50  17U 5234 15U 55'8  7 6 7 7ig 93U 97i2  1177g 126b 1243g 13458 121 13218 123 8034 80 79 81b 8OI4 8134 8OI4 293g 30 28 31b 2834 2834 29 19l2 15 11 21 14 8 8 3878 31 21U 29 2314 40U 29  132  1478 116b 1303, 3312 6412  62 83g 13b 44b 58b 50  69 6b 12l2 40b 5534 47b  10534110 1912 24b 733g 8034 19l2 24 8334 78  107b 21b 78b 21b 82  434 6 8212 89l4  55 2578 17 10178  651? 28l2 17 1O612  iou2  10734 i045g 11 o"7s 106  52%54l4  62 6 9 31l2 50l2 40  53%553g 9 9 72 68 90 91  4 8*8 4 1312 30 Illg 2934 82l4 9834  7 10 7i2 15 30>8 1414 35i2 88i2 987g  45g 7 434 12i2 31 116g 31 8534 1023,  6lg 10l2 7 14 31 15l4 36 9134 1055a  1212 42 812 50 U2  16 137g 51i4 44l2 1312 9l2 54 50lg 3 112  1634 51 13 55 ig 3i2  6 90  7 92  512 7 6 7 907g 92  114 11734 69l2 70 54 57% 56% 603g 58b 61b 11 14 12 9 9 9 80 86 75 73i2 80 70 96 96 96 90 90 90 154 154 73%77% 7578 84l2 80b 85b 4334 44l2 403g 423S 42 45 4234 44 41b 44 4112 42 J4 3g 38 b lb 38 ’4 b 38 lb «8 5g 25 25 22 22 8 212 5 3b 6b 6 11 10l2 9 8 ioi2 14b 1034 8b 8 5 678 5 15 16 19 11 19b 23 3634 44 32 33 36 29 135g 16l2 15b 19b 18 20b 4234 40 4334 36 3H4 38 923g 102 9934 103b 8712 95 104b 105b 1143a 117 118b 119b  15b 48 10 53U  92lg 135 12934 123 130 12534 1345g 12734 803g 82l2 80 82 80 81 2938 29l2 305g 31l4 2138 17 26 22b 16 19 3434 31 42l2 3678 39 31  112  197s 58b 13b 6O3S  18b 56b 10b 56b 4b 5b 9l2 7 94  25b 64 15b 64b 5 5b lib 12b 98  93 135 13478 131b 1391a 82i4 80 83 34 315s 34 27 24b 27b 4534 4134 4734 12b 16b 43b 48b 25b 31b  «4 15S lb 33S 9U 2114 25 36 134 384 14 16  «8 13g 13g 234 16 20b 30b 30b  12  12  12 lb 134 2634 17 40 30 2b 3 10 12b  84 214 23g 6b 2314 267s 37 40 33g 2 12 12  12 2ig 35g *8 12 14 22 24 27 26 35 35 38 35 »4 212 2 21g 9 9 4 8i2  :8  :8  22  J2 214  «s 25 n2 4  HOb 251? 82 25 85  61 61 2378 295S 2534 283g 26lg 33b 3134 35b 5534 60 5734 61 58b 64b 62b 65i2 4 6 1484 14 13 6i2 6l2 7 9l2 9 33 21 23ig 21 32b 30 6934 74 7334 72 71 81b 78b 83b 1534 22 2OI4 2478 21b 275g 22b 2434 110 116 11534 122 121b 130b 126 130b 126 127M 127 12714 127b 1293g 128 130b 110 no 18 14 14l2 1212 16b 16 16 8 32 24 37 30 26 32b 3334 40 116 124 117 123 118 125 122b 126b 1271a 132 1231a 1281a 125 128b 1271a 132b 7434 70 70b 70 434 834 6 83g 6 878 4 7b I6I4 21 10lg 18 lib 16b 15 18b 53g 3ig 434 312 534 5b 8b 134 5i2 7b 82 81 80 81 8U2 8U2 81 82l2 120 120 122l2 122l2 125b 125b 133 133 1412 14i2 19l2 19i2 17 28b 25b 25b 934 884 934 434 5 6l2 6I4 5 92l2 91 88 98l2 963g 1033s 100b 104b 4234 42 30l2 335g 3014 335g 34 45l2 75 80 80 75 62 63 50 50 112 112 723g 83 61 6734 65l2 7034 68 89 24l2 2978 26ig 29l2 27b 325g 30 33b 2134 20 15 17 17 15 18 20 104lg 109U 106 11578 113 1193s 116b 1223g 80l2 8134 83i2 83b 8434 8534  158 76% 70% 73% 71 74% 72% 78% 693g 7578 705g 75i2 7U2 7458 72%77% 44 4212 45 41%41% 40i2 4U2 4314 43 42l2 43 43 42b 42% 44 4034 40l2 41i4 42l2 42 42% 40 42l2 40 4212 4Hg 4134 42 43b 40 >4 »4 1 1 38 3 4 h ’8 b ib «8 u *2 b 13g u 68 17g 17g 7g 7S 14 h 38 34 lig 3g J2 2b  21? 11 4 1734 37 15b 41 88b 98b 96b 18 63 14 48b 2  127  69 70 70 6 8b 7b. 13 15b 13 45b 40b 4434 59b 55b 59b 54b 52b 50 62l2 62b 114l2 11812 116 12078 1175g 12234 118b 12512 12334 1283g 12412 127b 4012 50i2 44l2 54 3314 4338 38i2 45 4612 52b 47b 51b 84 84 82 85 85 87 81 88b 98l2 9812 100U 100b 100 101 100b 1001a 99b 99b  834 6 7 21l2 19lg 19lg 71% 70% 73 69% 72i8 1838 1778 1778 15 i6i2 121 117 120 10412117l2 12834 125 129 125 126  6858 3234  865j 815g 89 95 86 93b 96b 92 101b 127 12078 1251? 12478 1291 1293g 133b 130b 135  125 12314 128 12512 13014 163 163 170 241? 173g 25 1612 13 115 115 115 131 130 130 124 124 32 36 36 32l4 33 605g 65 55 62 61 78l2  1334 1678 12 183g 14b 16 15 43b ____ ____ 37 43 34 34 122b 115 120 115U 118U 10634 118 132 125 125 123 123 127 13178 78 5 9l2 8l2 1212 1514 115g 14 29* 3434 24 40 31l2 1314 2634 63S 1258 18>4 10U 15l2 1»4 678  84 121  80 121  131b 135b 130 135 1701a 1701» 170 174 2234 1434 20 24b 18 11934 1191a 123 120 120 1303, 135 135 32 32 52 49 50 50l2 48 57 60 75 75 77 76 77 79b 79b 45l2 45l2 283g 26l4 29 26 2778 36 35 25 28 28 28 36b 38b 34 51l2 5U2 4938 4938 46 55b 55b 49 48l2 4812 53 56l2 56b 60 35 35 41 45 52 50 50 48b 27l2 27b 146 148 142 147 138l2 1493S 139lg 144 140b 152 151b 154b 150b 15334 205 21212 210 211 207l2207i2 206 207l2 210 212b 21212 238 220 236 512 55g 5 7 8l2 6b 10b 10b 16b 14 578 15b 6l4 7 1212 8ig 12 10l2 19b 1834 293g 24 7 7 914 878 1278 29b 6lg 6>8 128  15  12234 114b 121 117 3734 31 4138 29 79 80 815g 8II4 96 96b 9734 973g 118 113 105 110>8 106  9b 73S 7 8 20 2314 19 69b 67b 7314 67b 183g 16b 18 183g 120 117b 125b 113 128 127b 129 127  84 125  60 47 8  1414 2434 653g 753S 7 7  13 33 110  83 126 125U 125U 125 23 5 47g 9234 81b 901? 81b 36 32  49 57 2134 243S  100  8434 90b 88b 98U 85i2 96 123U125 125 128b 123 128  225g 61 1434 6O12 5 5b ioi2 11 97 125 135 823g 35b 21 38 45 15l2 46 2834  26 65 16b 64b 8b 6b 14b 13 98b 125 141l2 84b 3512 2534 43 47b 17b 49b 32b  106 .21 77b 21b 82  10834 22b 80b 22b 82  67 68b 30b 325g 63b 64b 13 29 80b 21 127 130b  163g 4U2 83 233g L30b 132  1434 16 34 36 122 125 131 136 75 75 73g. 6 1534 17b 3b 6b 8 6b 83 83 134 134 25 25b 8b 9b ioib 110b 43 4658 84b 83 65 66 118 118 7334 77b 29b 313g 2134 27 116b 122b 8334 86b  68 68 115b 11834. 38b 13 80 96 158 79b 42b 42b 12  60b 15b 85 97 158 84 4212  43b b lb  4 5b 9 10 5i2 7b 19 23 45 45b 1734 19 39b 41b 99b104b 1183g 120  24b 60b 8b 59b 7 6  24b 633S 1534 62b 734 6  95  97  13534 82b ____ 203g 37b 48b 15b 44b 27b  139b 84 ____ M.4  48b 1634 47 30b  b J8 14 14 14 18 38 3234 31Vg 293g 35b 32b 35b 31 29l2 28 45 44 36 48i2 45 5058 48b 4934 43 4b 5U 6b 2i2 2b 4b 1’4 12 1*4 193 4 93 4 15 17b 7 2 2ig 7 14b ‘L  ’8 >8  24 34  184  RAILROAD AND MISCELLANEOUS STOCKS 1915—Continued. I November January February April May June July August ' September | October December March Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Hig/ Low High Low High  STOCKS Wheeling & L Erie sec pref. 100 Wisconsin Central________ lot  3 33  6 39b  3b 4b 30b 3514  4 5 3Pg 36  V* 4b 3234 37b  EXPRESS. Adams______________________ .100 American__________________ .10C United States____________ _10C Wells, Fargo............... .............. 10C  80 90 71 77l»  80 95 71 85  82 83 65 80b  813g 83 70 85  89b 93 65 94b  COAL AND MINING. Alaska Gold Mines_______ ..10 1(1 Alaska Juneau Gold Amalgamated Copper_____ 100 Amer Coal of Allegheny _ _ _25 Amer Zinc Lead & Smelt, .25 Anaconda Copper Mining. __50 Batopilas Mining__________ ..2C Burns Bros 100 100 Preferred _ _ Butte & Superior Cop, Ltd ..10 Chile Copper_____________ ?5 Chino Copper_____________ ...5 Colorado Fuel & Iron_____ .100 Comstock Tunnel. ______ .2 Dome Mines, Ltd. (The) _ 5.0 100 Federal Min & Smelting. _ Preferred _____ _____ 100 Granby Cons M S & P, Ltd 100 Greene Cananea Copper__ 100 Guggenheim Exploration. ..25 Homestake Mining_______ IOC Inspiration Consol Copper ..20 Miami Copoer ___________ ...5 Nevada Consol Copper___ ...5 100 Ontario Silver Mining, _ Pittsburgh Coal of N J___ 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-Chaim Mfg v t c_____ Preferred v t c__________ Amer AgrieuI Chemical___ Preferred . ______ American Beet Sugar. . Preferred . . ______ Am Brake Shoe & Fdy____ Trust Co ctfs of deposit Preferred . ____ American Can____________ Preferred . ____ __ _____ Amer Car & Foundry__ __ Preferred .. _ ._ ______ American Cities preferred. American Coal Products.. Preferred____________ Rights  100 100 100 .100 100 100 100   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  85b 93 73b 9434  96 97 69 100  1 3b 31b 33b  1 28  80 83b 62 b 90  85  89  63 93  65 97  89 85 60 94  91 85 66b 90  1’4 31  95 91 67 100  3 58 30b 36  95 93 62 98  100 100 67 110b  3 2b 32 35  95 96 65b 107  102 104 69*2 113  4 2 b 57g 34 39 43 95 100b 64 112  26b 29b  27b 30b  2833 3512  34b 40b  29b 39  33  38b  32b 38b  32  35b 32  5134 58b  50b 5534  53 b 63b  6P4 79b  623g 773s  64b 77b  69b 75b  64  76  D29b 36b D30b 37b 1 lb 78 lb  65b 72 138 lb  747g 69b 7434 70=s Pg lb lb lb 86 108 5Sb 56^2 71b 5634 68  1)25  28b  53 3234 37b 2134 27  34 23  934 10 2934 30  24b 28  45b 114 1658 17b IPs ____ 15b 815S 1 1'2 15b 303g 48b — 734 35 48 9012 33b 80  100 25b 100 91b 100 44b 100 113 100 59b 100 S2 100 105  39 97b 4b 1934 20=8 714 24 22b 9534 4 28b 78  78  9 33 48b 91 35b 83 87b  313g 25 973S 92 48b 40 115 112 60 82 82 107 107 47b 97b 53S 26 25b lib 30b 2834 96b 6 30b 78  4934 36b  39b 47b 23b 33b 7c. 9c.  8 20  934 29b  9l2 15 29b 34 79b 79b  10 12b 3434 3434 79b 79b  797S 8  90 132b  77b 79 8 6  7 6  33b 26b 101b 92 5734 54b 105b 103b  1267g 129  5 2734 1834 53b 80 ’ 39b 104 112  5 27 17 50 77b 32b 101b 112  5 30 213g 5434 77b 373g 103 L16  101  100  101b  122b 115 234 49b 45 93 90b 103« 9 69b 65 45  78b 8434  8 8  8b 8  46b 95b 5 27 2734 10 29 28b 89 3b 25 7812  80  61 9434 12b 74  67b 79b 43b 48 283S 34 8c. 21c. 616 19 12 60 33 65 88 91  66  73  43b 30b 9c. 16b 24 42b 88b  46b 43'ig  47b 44 b 17c 2234 35 52  43b 4134 10c. 21b 25b 43  47b 66b 16c 23b 32 51b  62b 58b 67b 59b 63b 59b 119 116b 119b. 11734 120 11634 3334 28b 33b 29b 3234 31b 25 27 27b 26b 28b 24b 1434 16b 13b 15 14 16 2=s 3b 3b 4b ____ ____ 23b 21b 24b 2138 26b 24 94 90 94b 90 96b 93 2 3 34 b 4 3b 334 lb 84 6b 3b 43g 2434 22b 26 21 22 24 393S 37b 35b 32b 39b 34 6334 70b 6338 68 69 63b 42 49b 48 36 46 40  68b 118 367s 27b 15b 4b 38b 106b 4b 5b 24 65 69b 647g  63b 118 34b 26b 14 3 32 99 25s 2b 2134 523g 65 b 58  68 120 43b 2934 15 3b 3734 105b 3b 4 25 70 70b 66  46b 76 65 95b 667g 91  36b 67 61 95 63b 88  48b 77b 64b 97b 68b 90  155 1481o 153 1481, 443g 29 44 35b lOO^ 93b 100b 96b 5834 51b 59b 46 116 111b 116 113 48b 4534 4734 102 92 95b 97 109 107 107b 109 54b 98 8 42b 35 14 34b 68 100b 63g 32b 83  895g  8b 15 9 6  42b 92 4b 27b 28 9 26b 38 93 4b 21b 82  132b 26b 82 7 32b 20b 47b 83b 445g 104 ____ 55 101  52b 45 9434 91 55g 6b 37b 28b 29 35 lib 10 29 31 6034 45b 98 93 b 534 5 27 26 8338 79  15719 155 47b 44 103b 100 56b 52b 116 113b 115 113  89b  9 b 11 7 7  84  5b 6^2  107b 103  90b  83  8b 9  5 5  127  130  75 72 72 534 5b 5b 7b 30 28b 28b 28 14b 16b 18 8 41 30 45*2 35 82 74b 74b 79 4134 35 42 40 104b 102b 104 103 120 119 121b 127  100  102  21  102  103  10934 102  103  85 6!4 5b  126b 126b 534 28b 14b 36 79 43b 104b 127  10034 101b 129b  62 69b 64b 7834 96 100 97 iOl 13 12b 17 16b 7934 76b 80b 75 40 40 45 45 2434 3234 29 83 86 ’ 907» 89i«? 10fi with July, to par of $  104 111b 6.3b 123  10278 110 4312 123b  8b 45  5 37  120 120 13334 125 45l« 43b 1347g 125  6^2 40 145 130 49b 132  35b 2334 3378 21b 2758 13 10b 13b 934 1112  23  25  25  67U 71b 84b 91b 2b 4b 7919 8834 10S 109 63 74 233s 257g 45=s 53 51b 573S 51 55b 50b 64b 48b 58b 48b 54 9c. 15c 21 29b 2738 30b 27b 24 30 35b 32b 32b 28b 37 54 48b 53b 50b 567g 50 8438 80 80 523S 37 42b 3834 473g 43 64=s 73 69b 80b £22 83 119b 120 120 12134 122b 125 4134 47b 41b 47b 4358 4638 29b 35b 32b 35b 3234 36b 145g 16 15b 17 15b 16b 6 1238 3b 334 3b 73S 39 36 42 b 29 33b 37b 103b 114 103b 1097g 106 11338 334 538 2b 5b 358 534 4 4b 6 6b 4b 678 27b 24 25b 24b 27b 25 6034 6934 4934 64b 5534 64b 67b 73b 7034 81b 77b 8134 62 60 73 74 60 67  403s 71b 64b 957g 61 88 100  83b 8Ps 91b 134 lb 3b 943s 82 86 108 6834 64b 747g  49b 763g 73 99 68b 93b 108  170 21934 59 68b 104b 108b 76b 98 115 117b  27 7134 70 97b 65 93b  427g 83 74b 101b 7138 95  ,r3034 78b 69b 97b 68b 93  99b 101b 100  3434 85b 72b 100 7278 95 106b  190 21034 5634 645S 10534 113b 7634 88b 1165S 1I758 42 46 135b150 119 119  190b 19934 5838 6234 109b 113b 7534 82 7g 116 118  115b 116 57b 63 54b 64 9934102b 96 100 10 14b 1038 13b 587S 46b 59b 47 2534 25 22 2834 2834 20b 31b 21 36 48b 50b 41 59 b 7434 58b 733S 983g 105 98 b 100 6 9 12b 13b 31b 37 26b 37 81 83b 83 85b 86U 9134 86 87 76b 843g 7934 883S S334 9512 9058 10138 1053s 108b 106b 109b 107 109b 109=8 113 150 150 148 152b 150 157b 150b 155 mm*, mfiio 106 11038 4134 58 51 60 68b 57b 74b 57 107b 112b 108 IIU4 108 114b 1135S 1197g 113b 115 1145S 116 115 116b 115b H9b 62 63 64 63 63 62 12138 124b 122 126 123b 12534 125 130b 223b 238b 225b233 2257g 23534 212 237 106b 107b 108 110b 108b 1103g 108b111 2638 38b 3334 57 48 57b 46 54b 5fi 57i4 49 50 46 53io 95b 9534 100 84b 9434 91 97b 98b 96 9912 97 98 11 1434 97S 8b 10 7 8b 12 8 10 5 5 ____ 5 14 55 68b 8334 78b 150b 102 154b 105b 137b 70 104 106 106 114 107 1127g 109 112 250 311 283b 369 362 600 400 500 132 180 1403S 183 155 184 160b167 40 4212, 80 80 126b 128 127 128 128 13834 132b 137 32 3719 41 40 45 26 26 37 77 84 85 8834 93 64 75 88 5 6 6 8 7b 8b 13b 6b 32 31 28 30b 36b 30 28b 28 2034 18b 28b 113S 197g 173S 2134 18 32 47U 41b 46b 43 59 4534 43 80 80 83b 90b 78b 80 78b 80 5334 5034 5934 56 43 61b 41b 46 103b 108 104b 108 1063.1 103 108 110b 131 135 125 126b 128 130 60 60 79U 66 69 75 62b 75 10334 10334 106 109 107 liob 41b 48 lllb H3b 12434 13Q7g 126 1313g 128b 150b 141b 147  114 115 5334 58b 9778 99b 10b 12b 49b 5634 26 27b 213g 25 38 427g 67b 72b 101 10234 9 1134 33 37b 84 857g 88j4 92 9634 1087g 1103g 112b 147 152 106 106 603g 64b I137g 119 117b HSS4 64 64 127b 1293g 195b 220b 1067g 109 46b 50b  48b 44 50b 48 91 94 95 91 634 7b 77g 6b 36 32 36b 34 32 22b 29b 2234 13b lib 9b 13 32b 2634 31 29b 48 54b 425g 60 98 94b 9838 96 5 6b 4b 6 28b 25 26b 247g 81 80 80b 80  122b 23 70 6b 30 13b 37 76 33 101 118b  126  30b 64 54 93 54b 85  165 159 183 168 174 6lb 5234 6434 55b 65b 106b 105 107b 10434 10834 59b 5634 73b 66b 85 114 115b 118 116b 117b  85 61b 47b 6934 64 ioib 10134 105b 101b 105b 159 135 17234 164b 275 112b 113 120b 116b 142  58 63b 94b 96 11b 15b 75 79b 48 49 18U 3434 S4 93 » Par value $25; changed, beginning 65b 97 15b 81  33b 72 56b 94 57b 85  113 170b 139 116b 118b 117  118b 13134 12134 130b 123b 128b 125  5934 94b lib 73  24b 36 5334 88b  61b 7334 64b 84b 74 80b 1023g 108b 103 107b 106b 108b 150 151 156 156 145 149 lOfilo 1 Ofilc 32 40 30 45 43b 35 100 U27g 105 11034 10558 110b 1123s 115 114b H5b 113 114b 60 61 61 65 60b 65 116 122b 119b 124b 119b 122b 218 237b 225 228 222b 227 106b 109 106 108b 106 106b 26 32b 28 , 30b 22 257g 83  66 1  43b 37 7c. 20 25 41b  20 12b 19=8 15b 19b 16 54b 52b 56b 38 53b 47 59b 50 59 50 54b 48b 93 93 93 92 93b 95 5338 45 50b 3934 4934 45 86 84 86 85 99 1021= 102b 99U105b 100 102b 991s 103  663g 76 103b 107b 150 165 104 L06b 27b 40 106b 114b 112 114b 6034 60 118b 123b 224b 252b 106b108 32 16  126b 12884 127 26b 82 6 4b 4b 28 28b 30 15 18b 1234 42 52 38 77 80 80 33 36b 345g 101b 102b 101-lg 11534 118 55 100 102 98b  45 90b 9 66b  64b 54 H7b 117 3§3g 26 29b 22 16b 13b 4 3 2434 18b 96b 85b Bg x2 2 1 26b 20b 35b 29 73 59 b 45 37  60*4 38 36 35 96 100 102 100 833 4 155 125 91b 10534 105b 113 110  119b 114b 120  47 92 103g 68b 45  53b 115b 24b 23 b 12b 2b 2034 92 3g 34 19b 2934 56b 41  13b lib 47 43 50b 49b 91b 91 46 44b 8634 85 95 9214 90 132b 136 32b 31 96 95^2 47b 46b 114b 113b 4934 46U 9134 90 108b 107b  69b 104 152 L04 27b 106b 112 59 122b 225 108 17b  129 39  & Ex-rights  8b 34 48 90 3834 85  6134 101 14934 104 24b 101 109b 58 119b 222 1063g 1534  118 39  11334 23S 40b 88b 8 65  39 27  4834 97b 53g 28b 2934 lib 30b 2834 85 5b 32b 80  40 28 103b 99 543S 4738 105 103b  98  403g 28b  43b 48b 44b ____ 97b 5 4b 5b 24b 2834 25b 22 b 26b 25*2 10 9 8 26 27 26b 2034 23b 19 83 b 75 81 53g 53g 4 31 29 30 7834 78b 78  5834 67b 100b 104b 148 148 106 106 27 26 99b 11034 109 114 58b 58b 1173g 121b 220 233b 105b 107b 1734 18  73  35 23  29b 26 9234 95 457g 40b 113’g 112b 48b 82b 82 109 106b  35 101b 46b 91  5 27b 15 47 80 33 10038 110  9 36 50b 91b 42 85 87b  13734 134b 135  56 64 100 103b 144 145 103 10433 26b 32 10334 111b 1127S U4b 58b 60 116 121b 220 23434 103b 107 1734 16  .... 5  3634 26b  52b 4S38 52b 49b 54b 118 115b 117 115 117 19b 18 19b 18b 25b 24b 19b 18 19b 19 133S IP4 12b IPs 13 ____ 2 2 2 2 1834 17b 213S 19b 21b 90 95b 88 89b 98 134 1 1 Pg b 2b lb lb b 2 18b 1573 rpg 16Sg 1934 331s 25b 3034 26b 30b 543g 51b 573g 5534 49 44 .... 36b 36b 40 11 37 5234 91 38b 82  35b 31 12 23  2778 1)2534 29b t>28b 39 34 J2 b J2 84 2  i>2434  7S  100 134  100 American Cotton Oil Preferred . ______ ____ 100 ■ 00 Amer Hide & Leather. _ Preferred_______________ 100 American Ice Securities___ 100 American l inseed.. _ . 100 Preferred . ________ . 100 American Locomotive_____ 100 100 Preferred____________ American Malt Corp______ .100 100 Preferred____ _____ 100 Am Smelt Sec, pref B Preferred Ser A stamped Amer Smelting & Refining 100 Preferred________________ 100 100 .American Snuff. ______ 100 Preferred new 100 Amer Steel Foundries American Sugar Refining. 100 100 Preferred new____ Amer Telegraph & Cable.. 100 Amer Teleph & Teleg.___ 100 American Tobacco________ .100 Preferred new________ __ 109 100 American Woolen______ _ Certificates of deposit 100 Preferred . Certificates of deposit Amer Writing Paper, pref. 100 Assets Realization______ _ 100 100 Associated Oil__ Baldwin Locomotive,_____ 100 Preferred_______________ 100 100 Bethlehem Steel Corp 100 Preferred . _ _____ Booth Fisheries___________ 100 Preferred _____________ 100 Brooklyn Union Gas_____ 100 Brown Shoe________________ 100 100 Preferred __ Brunswick Term & Ry Sec 100 100 Butterick__________ Caiif Petrol vot trust ctf. . 100 Preferred ..... 100 Case (J I) Thresh M pf ctf. 100 Central Leather._____ _ 100 Preferred_______________ 100 Cent & South Amer Teleg. 100 Cluett, Peabody & Co____ 100 Preferred . ... 100 Computing-Tab-Record__ 100 Cons Gas El L & P (Balt)__ 100 Consolidated Gas N Y_____ 100 Rights____________________ Continental Can, Inc______ 100 Preferred_________________ 100 Corn Products Refining__ 109 Preferred_______ ______ 100 Crex Carpet_ _ _ __ _ 100 Crucible Steel of America._ 100 Preferred_________________ 100  82 83 70 85  234 3b 31b 35  159 118 527g 97 9b 413g 26 24b 41b 58b 99 8 29b 81  14834 156 117b 120  150 168 114 118 lb 1*4  49b 54b 95 99b 1234 8 36b 52b 2534 22 16b 2134 32 38 51b 7234 97 100b 8 6b 2534 30 80 81b  943g 82 75 10034 104 102b 14b 19b 16b 823g 80 85 36 40 40 9234 7334 65 100 106 1013j 50 per sha re.  120b 108 203g 87b 401fi 109?8 11219  85 100 95b 127 105b 109 10678 108 17b 21b 18b 2078 8778 91 84b 91 41 41 41 41 791= 106b 67 85 106 110U 103 112b x Ex—dividend in li  147  160  96 97b 95 98 lib 14b 9 123g 57 74b 109b 121 " 108 112 450 485 145 160 13134135 46 50 95 99 10b 1P4 30 12 2434 38=8 547g 81 83b 90 52b 61 109 110b 135 144 73 74 lllb 111*4 493g 42 114b H5b 141b 14634  82 9034 107 109b 18b 21 87b 9634 41 41 7034 76b 109 11134 quidation.  MISCELLANEOUS STOCKS  185  1915 -Continued 1 November J December January February March April May June July , August September October Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Hig!1 Low High Low High  STOCKS Cuban-American Sugar___ .100 100 Preferred Deere & Co preferred_____ .100 Detroit Edison____________ .101 Diamond Match10<i Distillers’ Securities Corp_ .100 E I du Pont Powder pref _ _ 10C 100 Eastman Kodak. Electric Storage Battery__ 100 General Chemical________ 100 Preferred________________ _10fl General Electric___________ -10C Gen Motors vot trust ctfs. .100 Preferred vot trust ctfs. .100 Goodrich (BF)____________ .100 Preferred________________ .100 10C G W Helme. 100 Preferred . 100 Ingersoll-Rand __ Int Agric Corp v t c______ 100 Preferred vtc___________ 100 Int Harvester of NJ______ 100 Preferred________________ .100 Int Harvester Corp_______ 100 100 Preferred _ Int Mercantile Marine 100 Preferred _ 100 Certificates of denosit  38 88 112  47  40  4534  88b 88b 89 112 11134 113  10b 1334  10  lib  51 94 86 11234 11534 114  40 93  5b 10b  165b 108b 145b 94l2 96 3234 9834  112  112  1238 92 115 73 114 1 4  5b 12b 8 9934 92 98 90b 117 113 113 112 73b 55 70 67b 901ft 114 2 1% 212 1&8 5 ’ 5b 8b 5b   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  100 ,00 100 ,00 100 100 .10 .10 100 ,00 ,00 100 100 100 100  10018 100U 438 6b 26b 28b 42 43b  48b 5038 8 35 15 70  10 35 15 75  638 1534 90b 91  11 91  17b 92b  202 215 108 109b 145 162 125 146b 97 101b 37b 53b 101b 102b  8b 12 37b 43 lb 10b 6b 23 8lb 88 1083o 109 121 123b 122 127b 107b 109b 33 45b 96 106 220 231 116b118 20b 23 9734 95 65 175 183,9 117 117b 75b 82 67 b 69  50 69b 101 101 42 58 8734 80 43b 35 49 40 94b 96b 67b 97 94 <8 5034 5534 100b 103 116 125 120b122 70 79b 102 106b 12b 17b 85 79 61b 70 108 110 68b 100 66I4 81  884 35b 5 15 82b  58  62b 54b 87b 44 44b 96b 89 88 53 101b 122b 121b 74b 105,s 17b 82 7034 110 98b  71b 77  19b 28 90b 119 123b 112b 22 20b 23 83 35b 40b 80 74 80 3234 5934 36 94 100b 95 104 11034 105 153b 163b 152b 24 36b 25 92 86b 95 22b 34b 24 78 88b 82 2 5b 3b  6  14  8 10b 25 30 96 114 110 60 64 99 97  124 125 134 137 10934 10934 43l2 5234 100 100 223 225 116b 119 17b 18b 90 92l2 60 60  52 1021ft 39b 8434 34 38 96b 65b 84 48b 102 118 12H2 69lft 1035ft 15 83 59 110 84  53 51 101,ft 102 29 40b 80 85 27b 3534 35 38 95b 95b 68 7734 77 77 46 49b 102 103 119 121 121b124  9b 18  731a  80 43,2 97 104b 155 30 ____ 27b 81,2 338  70b  71  3634 31 33 30  75  74 3734 32  116 11412 117b 403s 36 75 90 90 40*4 36 85 85 90b 5034 43,ft 53 100 99b 100 105 100 100 167 155b162 3434 30 37b 88b 91 3034 27b 46b 88b 86b 97b 6b lb 4b  10b 15b  5b lib  137 140b 132 138b 13612 139 139 14834 123b 12434 124b 125b 124 12434 123b 124 42 38 30 28 32b 37b 31b 44l2 85ig 90 ____ 60 45 70 44 72 72 93b 93b 52 50 53 55 51b 5538 48 56b 68b 70 69 70 70b 73b 72b 68 54 7734 59 80 6512 8034 76b 85 98b 10238 9634 101b 99 101 99b 1O23S 136 144b 120 139b 12212 132b 125b 133b 123 123 124b 126 ,051a 1051a 101b 101b 993a 102,ft 95 102 97 100b 98 ’ 99lft 69b 66 66 60 55 66 60b 63 55b 60 68b 76b ____ ft 105 L05 100 LOO 100 103 98b 99b 638 6b 5 5 7 6 5b 6b 6b 5b 6b 5b 22b 27b 27 30b 2538 27b 25b 26 26b 28 25b 28 443g 44b 47b 4538 43 42b 4534 42b 47b 4634 51b 43 102b 105 103 L0334 104 104b 103b 103b 100 102b 103 103  60  60  73  56  10b 32b 20 7734 78 ftEx- stock  9b 9b 32b 34b  59 10b 34 27 80b div.  60  10 40 26b 79  125 109 95b 116  2438 42 11138 . 70b  113 102 93 126  18b 36 105 115b 68  123b 110 99 127  2334 44 b 109 b 117 70b  20b 46 10538 117 68 100  28b 66 113b 117 71 100  111 102 95b 130 116 38b  174b 106 97 133 122 49b  66b  59  64  56  60  58  59b  16b 46b 46 8934  12b 40 36 87  18b 45b 45 89b  133s 37 39b 92  15b 40b 59b 9458  12b 35b 53b 90b  17 42 59b 92  140 177 101b 10634 9534 96b 132l2 133 103 120b 45 49b  63 72 323b340 11234 114 174 183 365 476 113 115b 67b 77b 111 113 165 165 11412114b  24 54 107 118 69 106  64l2 69 315 315 II5I4H6 172 178 450 558 113 136 70b 77b 111 114b 185 185 112b 112b 200 200 2934 22 29 673S 55b 7134 11134 108b 11234 120 117b 11934 71 85 71 106 108 108  9 37  18 20b 55b 7534 6234 77b 2081» 21 93a 190 223b 180 200 17934 202 107 107 105,ft,,0 " 108 108b 109b 109b. lis4 9b lib 9b 1134 11 1258 lib 12b 3934 38 48 45b 5034 40b 38 43b 42  76  78  80  83  83  84  84  85  123,2 125b 124 126 127b 128b 128b 130 137 160 160 180 185 249b 240 250 110 110 110b 112 110b 111 110 112 50 72 85b 67b 9434 7734 9138 67 101 10334 1O112 103 102 10534 103 105b 222b 229 220 225b 225b 250 246 259 118 118b 118 119b 116 119 117 119b 19 19 20 25 23 29 26 29 92 90b 93 95 93 96 95 95b 647« 671o 65 60 60 65 170 176b 175 175 ,701a ,82.ft 182 189 116b 115b H5b 112 116 113 115 115 115b 7934 76 79 76l2 77 77b 79b 80b 84 66 66 66 68 67 67b 6434 66b 65  104i» 104b 1041.1 273g 18b 16 85 83b 90 68b 58b 65 111 10738 10934 94b 89 111b  7234 76  24b 22b 32 32 91 HSb 114b 23b 24 89 78 59 100 109b 158 40 92 315g 89 638  54 1033» 4738 89 40 41 98 79b 84b 52 b 1O212 120 124  103 105 92 114  934 14 30b 28 98b 9834 110 ____ 62 60 99b  123 125 133 135 110 110 44 50b 101 102b 222 225 117 118b 18b 19b 8912 90 b 60 60b  170 117b 116b H7b 114 82b 79 81 76 6678 66 67b 65  35 75 2Sb 42 95 63 75b 4534 101 116 119 68, ft 1021ft 13b 80b 5234 108b 75  18b 2334 2614 39b  125 105 92 115  938 10l2 8b 10l2 lib 41b 37 39b 3434 38b 7b 15 80 85 80 87b 83  122 124b 126b 139 106 109 49 37 99 104b 220 22234 117b118 19b 21 91b 94b 169 11334 77 66b  8634 91 10U2 103 90b 91b 115b 114  112 122 100 101 94 97 124 13434 100 100 1534 28b 20 29 24,2 30b 24b 3434 32 50b 99 99 100 100 96 96 97b 99 605 605 7834 70b 76b 69 215 220 224 290 287b 300 288 29834 290 360 109b no 110 110 109 110l2 111 112 11434 11434 15134 175 161b 177b 167b 178b 170b 178b 173 185b 135b159 153b 189b 181 224 219b375 320 395 98 102b 10U2 107 105 110b 10934 115b 11112 H3b 51b 64b 60l2 74b 72 80 b 42 b 55b 4834 55 101b103 102 b 105b 104l2 108b 107 109b 10938 114b  70l2 68 100 101 90 115 113b  6 6 5b 7b 14 17 17 20 96b 96b 10634 90 101b 95 112 114 114 10934 114 73 65 60 80 73b 62,2 100 100 100b 100 102b 97 138 5b  100 Internat Nickel vtc Preferred vot trust ctfs 100 938 8b 9b International Paper_____ .100 8 8 8b ,00 34 3834 35 35 36 Preferred______________ 33 International Steam Pump .100 b 2 6 534 100 Preferred 6b 8b 6b 738 8134 Kayser & Co (Julius)_____ 100 80 80 79 77b 80 100 107 107 10834 10834 First preferred __ 120b 121 120b 121 Kings County Elec Lt & P. .100 99" 99 10938 106b 123 Kresge (S S) Co____ _______ 100 99 Preferred________________ 100 105b106 106 108 30 28b 35 Lackawanna Steel________ .100 28 28b 30 97 98 Laclede Gas (St Louis)___ .100 927g 97 94b 97b 2,5 220b Liggett & Myers Tobacco. .100 207 220 100 11334 11912 117 119 116b H8b Preferred____________ 16 Loose-Wiles Biscuit tr ctfs .100 28b 31 23b 19b 22 First preferred__________ .100 100 105b 86 95 90b 95 100 Second preferred 65 65 100 165b 180 175 175 172 184 P Lorillard Preferred________________ 100 H2I4H8 115 115 117 118 74 76 74 74 Mackay Companies_______ 100 7258 75 Preferred________________ 100 6734 6934 65 68 67b 66 2 2 100 50 51 50 50 Manhattan Shirt_____ ____ 100 50 50b 100 101 101 10,,ft ion? Preferred _ 2434 47 Maxwell Motor trust ctf___ 100 15b 19 17b 25 6338 83 63 First preferred trust ctf. 100 43U 59 55 26 25 *' Second preferred trust ctflOO 18 23b 21 38b 43 56 May Department Stores___ 100 52b 52b 97 96 96 Preferred____________ 100 97 96 98b 65 Mexican Petroleum_______ 100 51 74b 62b 77 74 b Preferred _______________ 100 67 77b 74 80b /5 79b 48b 54b Montana Power___________ 100 42 46b 45b 52 Preferred________________ 100 99 101 99b 101b 99 101b 100 121 132 118 127b 119b 123 National Biscuit______ __ Preferred________________ 100 121 125 120b126 121b 124 68 ROb 100 National Cloak Suit 100U 1021ft 100 Preferred _ 1034 10 1334 Nat Enameling & Stamp. _ .100 9b 12b 10 79 Preferred________________ 100 79 79b 79b 79b 80b 52 65 National Lead_____________ ,00 44 48 49b 46b Preferred________________ ,00 10434 10934 105b 10834 106b 107b 6938 59 New York Air Brake______ ,00 57 56b 58b 58 100 New York Dock 100 Preferred _ . Nor Amer Co new stock____ 100 64 68 71 65b 66b 67 North Western Telegraph. .50 20b 18 Pacific Mall Steamship___ 100 18b 22b 19 20b Pacific Telep & Teleg_____ 100 27 31b 26b 26b 26b 26b 88 91 Preferred________________ ,00 8934 90b 88 90 People’s Gas Lt & Coke____ 100 117bl20b 117b 119 118 123 100 Pettibone-Mulliken 15 15 100 First preferred Philadelphia Co (Plttsb)__ .50 75 ___ _ ____ 75 Pittsburgh Steel pref_____ 100 39 31b 25 Pressed Steel Car___________ 100 28 27 34b 100 100 93 100 90 86 Preferred_________________ 102b Pub Serv Corp of N J______ 100 106 108 105b105b 105b 10534 100 Pullman Company________ 152b 155b 150b 152b 150b 154 23 19 Railway Steel Spring_____ 100 22b 2534 21 25b ,00 88 ____ 87 88 87 Preferred______________ 21 Republic Iron & Steel____ ,00 1934 2238 19 19b 23 7534 ,00 78 3 4 77 72 72 Preferred________________ 79b Rumely (M) Co____________ ,00 4b b lb b 4b Certificates of deposit.. 334 3 Preferred______ __ _____ 100 2i2 16 5b 9b Certificates of deposit Sears, Roebuck & Co______ 100 182U 197i2 198 209b /113134206b Preferred ______ 100 1213g 12138 124b 125b 125b 125b 2734 25 2634 25b 28b Sloss-Sheffield Steel & I__ 100 24 100 Preferred _ ____ 40 South Porto Rico Sugar__ 100 40 893g 893S Preferred _ _____________ 100 54 Standard Milling__________ 100 4434 4734 43b 46b 45 Preferred______ _________ 100 69 70 66 66 68b 73 Studebaker Corp (The)___ 100 3534 44 4 lb 4734 45b 58b 97b 92 Preferred_______________ ,00 91 96b 91b 96 Texas Co (The)____________ 100 132 135b 12334 135 127b 143b Subscrip rects full paid Texas Pa elfin Land Trust 100  Underwood Typewriter___ Preferred________________ Union Bag & Paper_______ Preferred_______________ United Cigar Mfrs_________ Preferred________________ United Cigar Stores_______ Preferred _ United Dry Coods Cos Preferred________________ United Fruit_______________ U S Cast Iron Pipe & Fdy.. Preferred__________ ___ U S Industrial Alcohol___ Preferred________________  6312 51 98 96 90b 115 b 114  172 180 192b 186 215 1O83S 106 107b 107b 109 143b 138 143 1423g 161b 94b 91b 127 122 150 9438 103 100 10534 96 5334 33b 3034 44b 41 97b 97 100b 100 10234 175 175 112 112  165 108b 140 82 9058 2412 95  166b 106 b 139 82 94 29 96b  52b 95  8234 8234  126b 128b 250 260 110 110 80 84,2 102 105 247 260 118b120 23 26 93b 98b 55 65 180 187 11512H5b 79 80b 65l2 6678 3 5 59 6212 62l2 61 66 59 107b 108 31 49 71b 7834 62l2 83 42l2 57b 5234 92 9434 92 103 82,2 92b 87 96b 10234 89 10334 30b 40 35b 49b 43l2 68b 50b 65b 52b 59b 35 38 63b 60 5334 50 65b 45b 52b 51 95 96 96 96 97 98 102 102 104 106l2 74 8734 8lb 92l2 85 84 9534 90b124b 97 8534 90 86 104l2 78 86 86 87 85b 88 48 5534 5412 60b 56b 61 58b 69b 69b 7934 102 10634 105 107b 106 107b 108b 114 108 114 118 122 120 130 123 131b 125 12Sb 124b 12734 120b 124 122!2 124 121 124b 121 125b 125b127b sn 8738 76U 82 78U 81b 71 90 82 10412 109 mate ioqio 109 1097« 108U 111 110 110b 26 " 3434 313 8 2734 22b 2534 2412 27b 3n2 36b 92 91 94 89 94l2 97 87b 89 90b 91 60 68 63b 68 68b 6234 67 64b 70b 63 109 112bI10b H2b 110 lllbUOb 115 110 112b 109b 151b 14H2 16434 144 163 128 145 134 142 15 14 18b 15 25 25 70 75b 71b 78b 71b 74b 7138 75b 72 76b 51 51 30 29b 38 34b 30b 3334 30b 34 ®Sb 33b 41 48b 4112 45b 29b 37b 31b 47 49b 42 94 94 95 95 115 117 115 118b 117 121b 117 119 106b H7b 55 6434 59 75 84 60 6978 5934 60 69 9519 95b 94 94 93 8914 89Li 95 91 98 361? 4514 43 49 41b 463a 425» 457« 4512 49 90 92 90 98b 97" 10134 97b 102b 97b 95 583a 75U 65 50 67 73b 63 66b 78M 60 100 101b 98b 101 104 106 103b 105b 103b 105b 10012 101 100l2 100b 103 112 112l2 119 113 120 156 16434 156b 162 160 170b 163b 16934 163b 169 4234 4938 43b 46b 35b 44b 37b 53 4412 54 91 94 99 102 100 102 91 98 94b 94 55b 48b 57b 3838 47b 41b 55b 48b 56b 47 95b 102b 99b 103b 100 104b 104b 110 109 112b 6b 2b 6b 2 3b 3b 14 3b 634 4 512 4 3b cl4b 13b 14b 834 18b 6b 10b 7b 1234 734 1134 7b 7b 714 7U 7b c29 25,4 26 147 159 153 15734 153 158 155b 172b 172b 188b 12434 1243 4 125 126 124b 124b 124b 125 124b 125 64b 5534 6238 60 66b 65 55 42 b 56b 51 92 99 89 93 90*4 91 93 96 102 91 93 75 100 85 92 150 110 156 144S4 164 100 100 100 110 110 110 108 109b 83 96 75 70 84 78 89 55b 56b 55 82 8334 79 85 80 85 72 73b 73 81 82,2 120 106 145b 136 195 140 173 148b 177b 101b107 104 IO934 108b H9b 110 117b 111b 114b 133l2 157 151 173b 160 172b 165 220 206 237 133 148b 149 170 160 166 17212212 210 236 111 111 97 102 98 100b 99 100b 99b 103 100 102 97 ’ 88b 88b 8934 8934 75 81 77b 80b 75 100 100 103b 104 104 105 107 107 110 110 834 738 9b 5b 838 7b 7 6b 7b 6b 25 29 26b 27b 25 27b 25b 2834 2734 31b 43b 45b 45b 61 56b 6634 6034 65b 61b 643g 103 104b 103 106b 105b HO 105b 105b 105l2 10934 9 934 958 10b 9b 10b lllft 11&8 lib 12b lib 12 20 ” 20 ~ 68 70 71 74 50 58b 57b 59b 573g 75 139 163 143b 159b 25b 30b 25 31b 23b 26b 23b 15b 23b 19b 45 51b 46 39 47b 43 52b 5134 55b 48 92 128 10U2 125 116 13134 57 76b 70b 98 9834 101 101b106 102b 107 103b 106b 93b 98 c Assessment paid. x Ex-div idend in 11 quidation.  186  MISCELLANEOUS STOCKS—BOSTON BONDS 1915 - Concluded. STOCKS  U S Realty & Improve’t___ 100 U S Reduction & Refining .100 Preferred ___________ 100 U S Rubber______ _____ ___ 100 First preferred__________ 100 Second preferred_______ 100 United States Steel_______ .100 Preferred_______________ 100 Virginia-Carolina Chem.. 100 Preferred__ ____________ 100 Vulcan Detlnning_______ .100 Preferred _________ 100 Ward, Montg. & Co, pref__ .100 Western Union Telegraph .100 Westingliouse Air Brake. .50 West'h’se El & Mfg assent. ..50 First preferred__________ ..50 100 Weyman-Bruton __ 100 Preferred Willys-Overland___________ 100 Preferred_______________ 100 Woolworth (F W)__________ too Preferred .______________ 100  August September October November December January February April July March May June Low High Low High Low High Low High Low High Low High Loro High Low High Low High Low High Low High Low High 48  50  517g 5938 102 104b  40 102l2 15 80 5 21  5338 109 2234 88 5 21  57  637g  33b 37 59 59  35 4258 35 43 40i4 48 38 ll4 134 ll2 1034 2 17. 3 1 5% 1 10b 1?8 5834 5338 66b 64b 7434 56b 71 53 48b 67b 44 1O13S10378 102 106 10534110 104 10778 105b 10838 102 76*2 7612 4434 4238 4934 4734 6078 48*4 6078 5314 64 38 58b 102 105b 10334 106b 105b 11034 10438 IIOI4 10658 11258 109b 29 2334 2212 3U4 27 3478 28 37 19b 2238 19 897S 90 82 96 95 101 96 100 96 81b 85 15 7 7 8b 8b 11 35 35 112 112b 6458 6234 67 65 7078 637g 69b 65b 685g 6534 61  36  32  87 96 90b 94b 92*4 115 116 11638  41  4078 49b  39i2 53i2 45b 50% 36% 33b 36% 31b 54 63% 6478 64l2 65 60 58b 59b 60 232b 232b 255 255  97 96b 127 116U135 110 99 96b 96 10012 IOOI4 103 9478 94 109b 104U 11 lb IOOI4 11758 116>411834 118 bl20b 119b 1 1  123 101 105 120b  115 10058 102 120b  134l2 105 105 12034  4414 39b 43 25 3658 30 36 33 38 39 434 212 4i2 3 5 2 214 5 5b 3'4 35s 6i4 212 57g 5 3 5b 3 b 3b 5334 45U 5434 49 5478 52l2 56b 52i4 58*4 53b 56 U 10638 102b 105b 103 108b 106 108*4 106b IO8I4 10738 no 35b 4b  68b 6658 7758 7334 7934 113 no 113U 11158 11478 41l2 36b 32l8 417g 36 102 100 102 102 110 7 7 13 16b  68 140 4734 5678 54b 62b 65 65b  122 102b 104 120  70*4  135 103b 103b 122  139b 103b 106 120  113b 113b 7534 74 7734 14H2 141b 143 603g 56%63% 68 67b 70l4 196 107b 108b 124  7634 11334 39 107 14 35  88I4 83b 88*4 84b 117 11514 116*4 115b 43b 51 52 45b no 108*4 113 111 12 12 10 19 43 40b 43  75i2 143 62l2 71  86*4 89b 81*8 90 81 143 7478 6334 7234 66*4 71 80b 85 76b 82b 78  178 225 220 265b 210 107b 10912 108b 110 no 105b 109 108b 115b 111 122 122 12014 122b 122  89b 117 50 11378 10  112 112 268 230 255 114b 11212 115 115b 113b 120b 124 12214 124  PRICES OF BONDS AND STOCKS IN BOSTON, PHILADELPHIA, BALTIMORE AND CHICAGO. In the following compilation we show the lowest and highest prices of bonds and stocks at the Stock Exchanges in Boston, Philadelphia, Baltimore and Chicago for each month of the year 1915. The prices for bonds are all “and interest,” and for stocks they are dollars per share. BOSTON BONDS IN 1915. BONDS  Adams Express coll tr 1948... 4 Alaska Gold Mines_______ 6 Amer Agrlcul Chemical 1928. 5 Conv debentures 1924____ 5 American Hide & Leather___ 6 Amer Telep & Teleg, 1929___ 4 20-year convertible, 1933.4}^ Convertible 1936. __________ 4 Amer Zinc L & S deben ___ 6 Atch Topeka & Santa Fe— General, 1995_____________ 4 Adjust stamped, 1995_____ .4 Atl Gulf & W I SS Lines____ .5 Boston Elevated, 1935_____ .4 Burlington & Missouri Riverk Consol, 1918_____ ______ .6 Cedar Rapids & Mo Riv, 1st. 7 Central Leather_________ .5 Central Vermont, 1st_______ .4 Chicago Burl & Quincy— Illinois Division, 1949_____ .4 Iowa Division, 1919_______ .4 Denver Extension, 1922___ .4 Nebraska Exten, 1927_____ .4 Southwestern Div, 1921___ .4 General, 1948________ .4 Chicago & Eastern Illinois.. .6 Chic Jet Ry & Un Stk Yds.. .5 Refunding, 1940______ ____ 4 Chic Milw & St Paul conv___ .5 Chicago & North Michigan.. .5 Chic Rock Isl & Pac deben__ .5 Chicago & West Michigan._ .5 Copper Range 1st, 1949_____ .5 Cudahy Packing, 1st, 1924.. .5 Cumberland Telephone_____ 5 E I du Pont Powd 1936 ___.4 Flint & P M—Port Huron Div .5 Fremont Elk & Mo Vail lst_ .6 <Jeneral Electric, deb, 1952. .5 GreatNorthern—CB & Qcoll .4 Registered____ _____________ .4 Inspiration Consol Copper. _ .6 Kan City Ft Scott & Mem___ .6 Refunding, 1936___________ .4 Kan C Mem & Birm—1934._ .4 Income __ _________________ .5 K C & M Rv & Bd6e 1st .5 Massachusetts Gas, 1929___4% 1931_______________________ 4H Michigan Telephone 1st 1917 .5 1924 _ __________________ .5 Mississippi River Power 1st. .5 New England Cotton Yarn.. .5 New England Teleph, 1916__ .5 1932 ................................ ................. .5 New River (The) conv, 1934_ .5 N Y Central RR deb, 1935... .6 N Y N H & H—Conv deb 1948 .6 Non-convertible deben 1955 4 New York Telephone. 1939.4V> Old Colony, 1938, regis_____ .4 Oregon Short Line, 1946____ .5 1st gold 1922........ ..................... .6 Pacific Telep & Teleg 1st___ .5 Pond Creek Coal 1st________ 6 Kay Consol Copper—1st 1921 .6 Seattle Electric 1st__________ .5 Southern Bell Teleph 1st___ .5 Southern Pacific conv______ .5 Swift & Co 1st, 1944_________ .5 Torrington—1st, 1918______ .5 Union Pacific—1947.................. .4 20-vear conv. 1927 4 United Fruit s f, 1923______ 4 b, Debenture. 1925 U S Steel Corporation, 2d___ .5 West End, 1915.............................. .4 Gold debenture, 1916_____ 4 Gold, 1917.................................. .4 1932 _________ _____________ _4 Western Electric____________ 5 Western Telep & Teleg_____ .5 Westinchouse E & M. 1931 .5   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  September October November December January February April June July March May August Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High 70b 70b  128 128 1003g 10134 ioob ioib 10058 91 103 103 86 7g 88b 8758 8678 89 877g 89 9578 9934 97b 100 98 100 99b  99b 101  98 9134 95 60  62  101  104  120  118  1351s  10138 100b 102 92b  89b 103  907g 9078  94  94b  60  60 85  61l2 85  62  71  101  867g 89 867g 88b 993g 1007s 100 10234  65b 73  69  68  98b 99  98b 98b 96b 96b  83b 83b 98*4  98*8 9834  87 88b 88 9958 101b 101  89 89b 87 88b 90 102 101b 10358 103b 104  117 120 102 102b 96*4 97  8978 91b 90=8 91 1045s 108b 10634 107b lOOls 1001s  72b  67b 71  69 71*4 83b 83b  70b 73  9334 9334 92=8 925S 827S 827S 7434 79 77b 785g 72b 78 8434 8434  100b 1001o 1003, 1003,  101  8238 82b  126 12678 100 100b 102 102 b 101b102 937g 9434 9458 9534 9534 97  135b 100  1  1021s 102b 99 99 69 69  81b 8234 9334 9334  1007g 100  119  9378 937S 61b  100  70  70  70  70  70  72  72  70  101  101  7lb 72  75  80  80  S3b 83b  98*4 99b 99b 99b 99b  98*4 9834  935g 9358  99b 99b  967S 9678 100 82  100b 100b 100b 100b 100b 100b 100b 82 82b 84 84b 84b 1015s 10158 44 45 45 47 44 47  100  85  45 70 95b 97  97  97b  967g 97  100  85  1033,1033, 1025s 103b  85  44  44  86  88  46b  70  96*8 97  83i2 83b 85  72  72  100  100  72  72  88  90  98b 98b 1021s 1021s  96b 96b  7278 7278 118  1035s 104 95 96b 95b 96b 9478 96b  118  95b 96b  96 b 9658 96b 96b 121b121b  9534 967g 96b 96b  109b109b  955g 9634 96 96  74  75  59  59  96 93  97 93  96 92  97b 93  1 045s 1 045s  82  68  84b 83b 71 90 96 96b 96b 96b 97 97b 97b 92 94 91 91b 95 91b 92  65  9578 96 91b 92  957g 957g 92 b 92b 99 99  99 99 73 73b 73b 72" ____ 70 71 100b 100b 99b 101 100l2 101b 9978 101b 100b 101b 10034 70 65 65 1003s 105b 105b 1017s 1017s 7078 7078 95 95 96b  98b 98b  75  96b 97  7178 717g  82  72 72 74b 76  96b 965S  1051s 1051s  713S 71*8  95 97 92b 94  95b 9578 955s 9558  104U 1047s 96b 97b 97b 9858 97b 98b 98 98b 97b 97b  75  9578 96  95 92  96b 92  95b 96 92 91  99b 99b 713g 72i2 72b 74b 75b 70 72* 72 70b 73 74b 74l2 100b100b 100b 100b 101b 10078 101b 100b 101b 100 101b 100b 101 70 78 78 76 76 1033s 102*8 104 1117s 1117s  73 73  65  7412 75l2 76 72 74 75 100b 101 75 77  77 80 74b 74  1005g 102 76 75  84b 72b 91 97b 9434  81=8 74b  101b 102 75 7fi 1121= 1121=  1133, 1153s  96b  92b 92b  103*8 1077s 9634 95  95b 95b 95 98  10338 1077s 9634 98  106b 106b 98b 98b  99b 99b  94U 96b  9778 977S 95b 96  1077s 1077.  96b 98b 130 130  9734 97*4 94b 945g  9712 975S 94 96 97  96  96  96  98  95  96b  99  99  96  98b  96  96b  95b 96  95  91  98b 98b 97b 97b 97=8 97*8  97  955g 96b 100 100  9634 9634 94 95b 94  99b 99 b 9534 96  9534 96 b 96  97*8 97  94  92  94  1061s 1061s 9858 98 98b  9438 943g  ____ 90 91b 102b 102b 99b 99b  95  97  93 91b 997s 9978 99b  93 95 91b 90 1007s 100 9978 99b 99b 99  96b 97  96  95b 91 10158  99  1013a 102b  100  95b 95l2 93b 94b  9578 957g 9434 947S  91*8 91b 97 97 965s 97b 97b 98 95b 95b 95b 963s 96b 96b  100  99b 99b  101 101 9434 96b 91b 91b  99b 99b 99b 99b 871= 87b 1011= 1011s 10158 10134 97 99b 98b 99b 98b 98  9978 997S  95  975g 98b 9634 9634  96b  101 96 99  1003, 1003, 101 9634 95b 96 9534 96 9534 96b 1033 j 1023 j 1041a 1041a 104  96b 97  BOSTON STOCKS  187  BOSTON STOCKS IN 1915. January  STOCKS  Price per share, not per cent.  February June April May March July August September October November December High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High  Par. Low High Low  STOCKS Par. Atchison Top & Santa Fe. .100 93*2 96*g 9234 95*s 957g 981a 9712 9834 9714 Preferred________________ 100 97 Boston & Albany__________ .100 183*s 198 ' 186*2 194 170 Boston Elevated___________ 100 93*2 96 82 88*2 94 Boston & Lowell _______ .100 120 125 109 122 110 Boston & Maine___________ .100 21 24*2 22 34 20 Preferred________________ .100 30 45 30 32*2 40 Boston & Providence_____ .100 225 230l2 230 10 50 50 50  Price per share, not per cent.  MISCELLANEOUS American Agricult Chem.. .100 Preferred________________ .100 American Pneum Service.. .-50 Preferred_______________ ..50 American Sugar___________ .100 Preferred________________ .100 Amer Telep & Teleg_______ 100 American Woolen _______ 100 Certificates of deposit._ Preferred____________ .. 100 Certificates of deposit Amoskeag Manufacturing. .100 Preferred________________ .100 Atl Gulf & W I S S Lines.. .100 Preferred________________ .100 Cumberland Pow & Light. .100 Preferred ________________ 100 Dominion Steel Corpn___ 100 East Boston Land________ ..10 Edison Elec Ilium__________ .100 Rights Subscrip receipts SI 15 paid__ Subscrin receints full naid General Electric___________ 100 Internat Button-Hole. _ _ 10 McElwain (W H) 1st pref.. .100 Massachusetts Gas_______ .100 Preferred ________________ 100 Mergenthaler Linotype___ .100 Mexican Telephone_______ --10 Preferred_______________ -.10 Mississippi River Power _100 Preferred________________ 100 National Carbon__________ 100 New England Cotton Yarn .100 Preferred ____ __________ 100 New England Telephone.. .100 Pullman Company________ .100 Reece Button-Hole_______ ..10 Reece Folding Machine___ ..10 Swift & Company__________ .100 Torrington________________ ..25 Preferred________________ ..25 Union Copper, Land & Min ..25 United Fruit______ ________ .100 Rights _ _ _ ________ United Shoe Machine Corp ..25 Preferred________________ ..25 U S Steel Corporation.___ .100 Preferred________________ .100 Ventura Cons Oil Fields___ ...5 Wollaston Land___________ ...5  103  105  93  97  91  165 55  165 75  118 86 96  118 87 98  140 51 100 96 120 87 95  7 8I2 45*2 56  7 43  8 48*2  7 44  49  43  52  45*2 62b 90 92*2  56*y  7*2 48  41*2 46*2  20  116*2 12338 11738 8078 2778 27*4 29 no 122 105 6634 7212 69 85 92*2 91  48 90 2 17b 103 112l2 116  53U 4834 93 90 234 2b 19*2 17 IIU2 100 11434 109 121l2 11734  77*8 7934  77  59*8 60 99 98 534 57g 10 12l2  60 99*2 4 10*4 42  93  129l2 150*2 17 334 10434 28>4 27 95c. 116 .... 54 28*2 40 102*4 ____ 75c.  143 155 18*4 4*2 IO8I2 30 2712 1 125  no 98 98  106 98  94 90 154 66 88*2  98 90 154 70 90  96 90 155 66  96 90 156 70  114 115 115 8534 87b 87 94 93*8 99  115 87 99  86*4 86*4 97 99  no no 75S 5 46 34  no 7 42  478 6 34*2 40  no 7 42  59*2 71 95 98  66*4 61 95*2 95*2  153 62  155 67  85 98  86 99  107 5 33  55 94 60  115 84 96  77 115 116 85 85 99*2 96  61*2 67b 92 95  87 145 157 150 200 200 20*2 20  152 200 17  150 152 210 21  140 145 142b149 200 200 22 19  142  63  103  6*2 36 9c. 65*2 90  78 138 140  67  40 5 47  5 44  5 44  1043g 103*2 105  104  104*2  95 95 95 87 155 70*4  95 95 95 87 160 76  1 1  92*2 93 155 66  10 7 46 39 9c. 70b 68 90 89 6 U8 78 139 140 148*2 147 200 205s 20  140  12334 128  128  13358 129*8 134 80 80  62*2 64’ 80 81  115 61 80  115 64 81  18  40 5 45  95 86 160 160 72*4 71  77 117 119 119 85 84*2 87 98*2 98*2 100b  142*2 143 200 200 19 19  18*2 20*2  46  87b 89  155 62 60  116 5*4 35b  40  ;  155 60 60  107 116 5 5*2 36 33  6434 95 60  90 90 90  40  40 9 47 160 105  192 83 130 36 48 235 6  8 43  85 119 85*2 100*2 10c. 7 38  8734 7238 93*2 93 6158 62 82 140 141 150 148 200 200 25 24  95 90 160 76  8534 119 120 86*2 86 103*2 100 lie.  120 87 101*2  9 42  6 34  7b 38  83 95 70 82 150 152 200 30  7334 97 70 85 150 150  7734 98 70 85 150 152  25  30  7  7  134 137b 136*2 1413S 136*2 138*2 8178 8178  51 48 93 87*2 23g 134 18 16*2 110*2 100 114 10934 12U2 119 17  5434 64*2 60*2 64 727g 70 7334 69*2 73 64 59 55 50 59*2 50*8 54*2 49 93 95 94*2 97b 95b 99 93*2 91 93*2 92b 95 91*2 95 97*2 101*2 97*2 100 23 4 2 2b 2 2 2b 2 3 3 25g 4*2 2*2 3 2 2b 2*2 2*2 1534 17b 15*2 17 15 18 15 1534 18 15*2 14*2 19*2 15*2 17 19 16 13 114 102*2 11234 104*2 110*2 10534 110b 107*2 111*2 108 111 108 114*2 1135g 119*2 114*2 119 115*2 112*4 115 113 116 113 115 113 117 114 116 115 116 115*2 11834 117*2 119 12334 117 1227g 119 124*8 119*2 122*8 121*8 124*8 1217g 12578 123 125-3s 12434 130*2 127b 129*2 21 49 57b 477g 5334 46 25*8 25*8 27 50 38*2 35*2 56 44 50 53*2 4934 55 47*2 52b 47 90 83*2 945g 90*2 97 98*2 95 83 89*2 84 90*8 82lg 87 9534 99*2 97 98*2 93 95 97 98*2 96 98*2 9434 98^2 62b 64 63 65 64 65 63 64 62*8 65b 63*2 65 67 64 67 64*2 67 9734100 98 100 98 99 99 100 99 100b 9834 101 100*2 97*2 99 98*2 99b 1034 13 9 12*8 12*2 17*2 15 29*2 33 9*2 127g 9*2 13 8 2658 24*2 36 2934 29 22 347g 33 22 40 23 28 39 49 24 17 28*2 24 43 47 42 42 43 40 43*2 43 43b 92 92 92 92 92 93 94 94 94 93 93 92*2 93 48*8 48*8 884 10b 834 9 9 9 934 834 1038 10*8 13b 10b 9*4 8*2 10*2 9*4 11 246*2 230 243*2 233 240 231 239 230 234 232 242 238 244 237 242 241*2 247 2.55 1 131 131 1 233 233 235 238 235 236*2 161*4 145b 161b 152 175 162 176 169 178 170 178 174*2 184*2 175 182*2 172*2 17634 310 4 2*2 2*2 9878 10134 96*2 98*2 97*2 98 97 100 102 10034 103 101*2 103 97 98*2 98 100*2 8684 90*2 86*2 8934 84 89 94 85 83 89*8 91 87 78 78*8 9034 8634 92 87 90 90 89*2 85 89*2 85 85 88 84 87*2 90 87*2 86 87*2 84 85 191 186 191*2 180 180 180 183 179 180 172 179 180 185 172*2 182 165 176 2 3 2b 2*4 2 2*4 2*4 *4 2*2 1 5 5 4 4 4*2 4*2 434 5*2 4*2 1*2 1*2 12 12 10 10 16 1638 40 " 40 40 40 40 40 40*2 40  79 62*2 101 534 10b 43  50 50 91 89 2b 2*8 18 16*2 106*2 106 112 111 12238 119 17 16*2  78*2 84*2  934 1234 11*4 235 244 233 1  113"  12  56b 5334 29 28 4434 423g 1053s 1035s  85c. .... — 40c. 1 13s 266 260  43*2 5558  28  141*2  104 100 83*2 78 91 85*2 174*2 172b u 1 12  141b 130 137 152l2 150 153*2 17*2 16*2 17*4 434 43g 4*2 10878 io634 no 29 29 28 27*2 27*2 26 1 lb 11934 114*2 124  3058 35c.  79*2  62*2 62 60 9834 101 100 534 5 412 10*2 97s 11 40 92*2  137 150 16*2 4 107b 28*2 27  27b 27c. 45c. 39 5O3S  68*2 98  94 92 150 70  105  40 884 45*2 160 ’ 103*4  187 80*2 129 33 41 228 5  120 61 84  12*4 40 " 130*4  1 255  60 96  94 91*2 150 66  46  105*8 1 073g  125 66 89  12 35 128  110  106*2 102 98  46 46 158 104 103 91*2 92 90 89 9334 94 90  45*2 158 106*2 101*2 91*2 92  46  1093g 101b 194 86 135 367g 45 235  123*2 131*2 126*2 129 80 80  9b 10 243 259  57 53 29i2 2834 53b 38 109 102i2  45  105*2 108*2 1073g lOlbt 180 188 181*2 81 86 81 130 138*2 132 26 37*2 33 43 39*2 44 230 230 230  134  13S34 145 138b 14314 138*2 B ft 100*8 103 101 10234 101-b 80*2 86 80 83 80*2 87 92l2 897S 92 8734 186*2 200 154 183 171 12 12 4212 4212  46*2  10134 104 9838 101 183 180*2 190 80 76b 82 130 130 130 26 26*2 24 38 35 39 233 232 235  12034 11912 126 12478 8078 7934 80 28*2 111 107 120 120 7134 66 70*4 64*2 84 93*2 86*2 93  95  9*2 10 248 260  150 154 200 15  45  104 98 98  87  1481o 148U 147 150 151 150 205 205 200 20 15 2014 20  159 159 143b 150  MINING Adventure Consolidated.. ..25 13r 1 Ahmeek 25 240 265 New Stock _______ 25 i Alaska Gold Mining______ ..10 26U 29l2 Rights___________________ 15c. 31c. Algomah Mining___________ -.25 *2 12 Allouez____________________ .25 3512 40 Amalgamated Copper_____ 100 5134 58*s Rights Amer Zinc, Lead & Smelting.25 1634 2034 Anaconda_______ _________ ..50 t25 2778 Arizona Commercial______ ...5 3U 5 Arnold________________ 75 75 Ash Bed___________________ Ratonilas . 20 Bonanza (Development Co). 10 35c. 41c. ..25 Breece __ _ ________ Butte Alex-Scott _______ .10 Butte Ballaklava Cop_____ -.10 2 2*2 Butte & Superior Copper. -.10 3534 46*2 ■Calumet & Arizona_______ ..10 52*2 56 v Par value 1   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  157 104  40 40 157 158 158 10434 103 104*8 99 94 92 91 91 91 91 92 94 89 89 145 140 154 69 5612 55 100 90 90 96 120 117 118 87*2 87b 88 92 96 94*2  179 75 130 23 38 232  o  39  1005g 103  c^l  39  100*2 1 0034 99*8 1005g 99 1007g 175 180 177 180 73 77*2 73 77*8 125 130 125 130 30 29 37 20 3734 40 40 38 235 240 235 237  !  » Preferred________________ Chicago Junction Ry_____ 100 * Preferred____ _________ 100 Concord & Mon—Class 1.. .100 Class 2___________________ 100 Class 3______ _____________ 100 Class 4___________________ 100 Conn & Passum, pref_____ 100 Connecticut River. ______ 100 Fitchburg, preferred_____ 100 Galveston-Houston Elec.. .100 Preferred________________ 100 Ceorgia Ry & Elec stamped .100 Preferred___________ ____ 100 Maine* Central_____________ .100 Rights____ _________ __ Manchester & Lawrence.. .100 Mass Electric Companies .100 Preferredstamped_______ .100 Preferred warrants.____ N Y N H & Hartford______ .100 Northern N H_____________ .100 Northern Texas Electric._ .100 Preierred ________ 100 100 Norwich & Wore, pref ■Old Colony_________________ .100 Providence & Worcester. _ .100 Rutland, preferred_______ .100 Savannah Electric________ .100 Union Pacific___________ . 100 Preferred________________ 100 Warrants________________ Vermont & Massachusetts .100 West End__________________ ..50 Preferred . _____________ ..50  99*2 100*8 10438 98*2 10234 9878 9834 9912 186 ‘ 181 185 ’ 174*2 182 90 82 75b 85*4 75 124 125 126*2 125 126 35 32 37 36b 32 45 55 48 46 46 231 232 235 10 56  20 30 127*2 153*2 16*2 4*8 10834 28 2634 1*8 122  63 61 29 28 4934 477s 106 10534 1  34  20 35 130*2 163b 17*8 4*2 110*2 32 28*2 ls4 140b  128 15234 16 4 107b 31 28 1 12478  645g 55*2 29 28 605g 48b 10934 104*2 1  125 120 123 62*2 65*2 61 817g 85*2 85  130 160 17 4*2 109*2 35 29 1*9 141-b  127b130 155 166 16 16*2 4*8 4*8 10734 110*2 32 335g 28*2 2834 l*s lb 131*2 140  51 65 29 28’s 60*2 53*2 107*2 106b  .... ....  1  60c. 3 403g 47 53b 6358  25 132*2 162 16b 4*8 no 115*2 31*2 337g 30 28 1 1 132 136*2  497g 64 29 28*2 64 58*4 111*4 109 1234 1*4 87c.  234 2 335 325  35*2  25 129 155 1558 4  25 130 158 15*2 3'b 113*2 32 28b 1 129  51*2 48 50*2 48*2 29 28 28*2 30 777g 737g 68*s 67 11134 111*2 113*4 112 14*8 10*2 13*8 11 2 88c 1 1*2  2*2  2  94 98 323g 3858  95 32  434 2b 44*8 58b 6178 79*2  2 2*2 52 55*8 6978 75  2 51  533g 603g 657S 70*2 684 734 80c. 80c.  49*8 57 66*2 75 7*4 9*4 60c. 60c.  2*2 45 6212 7g 32*2 *)31b 534 1  19l2 247g 247s 3O3S 29s8 447g *)26*s 2758 t255s 29 b *)283S 3858 47g 4 5 33s 9*2 4b 1 60c. 34 1*4 1 1 37c. 37c. 178 1J2 25C. 35C. 38c. 38c. 35c. 70c. 30c.  37g 2*2 3*4 58 57b 53 773g 77*8 13S 1*4 81bc 5734 49*2 47 36*2 *)3078 37*2 9 7*8 8b 1 1 34  55C.  1 1 55c. 70c  2 3 3 3 2% 434 3 37« 2*4 4*8 447g 493S 4534 50b 45b 72 51*2 73 67*2 80 7834 60 60 67*2 72*4 61 51*2 5538 52*2 62 $25 per sh are; Chang ed to $50 b eginnlng w 1th July.  35c. 40c. 234 4*2 66 73b 63 65  115 67 84  2*2 103 35  4 56*2  1  112 115" 63 65 82*2 84  112 no 116 62*2 64*2 63 82 84 81  40 130 160 15 3*2 118 34*2 28*2 1 132  30 50 50 135 131 170 16434 15*2 1534 4 4 120b 11834 3534 34*2 30 29 1*4 135*2 132*2  50*2 30 79*2 1147g 127g 1«4  487g 283g 77 11334 11*8 1*2  5158 29*2 88*4 117b 13*2 2  1»4  158  2*2  31 31 25 132*2 128*2 132 164 158 161 15 16 16 334 4 4 121 17*2 120*2 32*2 33*2 35b 30 28 30 1 1 1 135 130*2 136  47g 2*2 2b 3*2 3*8 390 375 395 380 405 97 100 34b 4034 2834 3878 33*2 39  2  111 63 81  49 28*2 8334 115*2 1078 1*2 2  30 50 51 133 130*2 169*2 164 16*2 16 334 4 128 125 35*8 341? 30 1 28*2 1 163 143*2 5 50*2 49*2 29*4 2834 88*2 845g 1165s 115*2 1438 10->8 1«4 lb 2*2  1  Us  133 169 16 b 4 12734 36*2. 30  158*2 634 53b 29b 89*2 117 13*2 134  2Sg  95 100*2 95*i> 102 93 98 3134 35*8 31*4 35*2 2334 34 134 3 3 2*8 57 52b 5534 51  92*2 99*2 21*2 27*2 .... 2 138 1*8 17g 55 60 66 .55  515S 56*2 56b 70b 643g 72*4 63b 71*8 695g 7434 71 84b 817g 915s 84*2 91*8 634 8 9*8 75S 9*8 9*8 7*2 85g 50c. 50c. 55c. 55c. 45c. 80c. 90c.  3 3 4 35c. 35c. 30c. 50c. 35c. 50c. 32c. 20c. 9 9 9*2 9 11*2 334 35g 412 4 3 3b 384 2b 3b 6734 5834 687g 64b 75 6234 57 71 57 72 66 59*2 65*2. 6 U4 64b 6234 67b 66 30c. 40c.  116 66 84  4 36c. 20c. 10*2 3*2 7378 73*2  BOSTON STOCKS—PHILADELPHIA BONDS  188  BOSTON STOCKS IN 1915—Concluded. STOCKS  Price per share, not per cent.  January  February  March  April May June September November December July August October High Low High Low High Low High Low High Low High Low High Low High Low High  Par. Low High Low High Low High Low  Calumet & Hecla__________ 25 350 377 377 400 385 469 Centennial_______________ ..25 15 18 1634 1834 17 2012 4038 Chino Copper_____________ ...5 327s 37ls 34 37 35 Cliff_______ ________________ ..25 Copper Range Consolid___ 10 30 34 32l4 35l2 3334 4534 2l4 1 7S Daly-West_________________ ..2fl 2 2tf, 27s l7s East Butte Copper________ ..1(1 812 978 914 8i2 9lg 1134 Franklin___________________ ..25 458 5l2 4i2 5 8 514 64 Granby Consol M S & P___ .100 58 74 61i2 697s 66 Rights_____________ _____ Oreen e-Can anea 100 23i2 25 23U 2812 26 31U 2434 25l2 23U 23U 26 26 Hancock Consolidated.___ ..25 11 12 127s 11 1138 1412 2934 28 Hedley Gold______________ _.I0 29 29 28 28l2 Helvetia Copper___________ -.25 27c. 27c. 25c. 95c. Humboldt_________ . 25 Indiana____________________ ..25 2l4 214 4 314 37s 712 Inspiration Consol Copper ..20 177s 1912 18 19l2 18l2 25U 4434 Island Creek Coal________ ...1 45 45l2 41 47l2 44 Preferred________________ ...1 85l2 90 88l2 85l2 88l2 86 Isle Royale________ ________ ..25 17l2 2178 20 23 2012 2412 Kerr Lake__________________ ...5 4U 478 43g 5 4l2 478 Keweenaw Copper_________ -.25 234 3ls 25g 3 2 27s 534 12i2 Lake Copper______________ ..25 512 678 5l2 634 La Salle Copper___________ ..25 3’s 3l2 6i8 3i2 358 4^2 134 Mason Valley Mines_______ ...5 H4 134 1 lU 114 934 Mass Consolidated________ ..25 3 4 3l2 434 4's 534 458 Mayflower_________________ ..25 4U 6i2 51? 37s Miami Copper_____________ ...5 1634 181? 18iS 19i8 193s 245g Michigan__________________ ..25 34 70c. 70c. 60c. 84 l7s Mohawk _________ __________ ..25 46U 531? 5134 62l2 55l2 6334 National___________________ -.25 Nevada Consolidated_____ ...5 12 “ 133s 115s 125g 117S 13 New Arcadian Copper_____ -.25 7 5U 7is 4^2 5&s 478 New Idria Quicksilver____ ...5 Nlpissing Mines. _________ ...5 512 5% 53s 55S 53s 67s North Butte______________ ..15 2214 24 22l2 2434 2334 28l2 1>4 North Lake________ _______ ..25 ll2 1 1 1 378 10 1112 lll2 North Star Mines__________ Ojlbway___________________ -.25 70c. 90c. l7s 12 334 41? 334 Old Colony________________ -.25 35g 4*12 6 Old Dominion_____________ 25 4214 44 42 4514 38l2 46l2 Osceola____________________ ..25 64 72 75 69 69U 64 Pond Creek Coal__________ ..10 12 163g 1314 14l2 1338 15l2 5534 70 Quincy.......... .. ............................ ..25 50 52 5U2 58 Ray Consolidated Copper -.10 1534 I8I4 16 18 1612 1934 2934 2812 32 St Mary’s Mineral Land___ -.25 28 40l2 29 134 1>4 Santa Fe (Gold & Copper) ..10 13 g 1 n8 Us 534 7is Shannon __________________ ..10 4 412 5 478 Shattuck Arizona________ -.10 1834 243S 2034 23l2 20l2 28 25 South I.ake ]8 is 10c. South Utah Mines & Smelt ...5 Superior___________________ ..25 22l2 27l2 26la Superior & Boston________ ..10 13s l7s U4 29 Tamarack .. __ ____________ ..25 25 34 Tennessee_________________ ..25 Trinity____________________ ..25 212 33S 23s Tuolumne Copper_________ — .1 20c. 23c. 25c. U S Smelt Refin & Mining. ..50 201g 2534 20 Preferred________________ 50 38 43l2 39 Utah-Apex Mining________ ...5 2 212 2 95s 10l2 Utah Consolidated_______ ...5 9U Utah Copper_______________ ..10 4834 55i2 49 l6/8 1’2 Victoria___________________ -.25 1 1®4 Winona____________________ 75 214 1«4 Wolverine___________ _______ -.25 32 39 36i2 Wyandotte..._____________ -.25 51c. 75c ....  460 630 545 605 580 600 540 580 550 575 540 575 538 568 22 21 19 17 20 16i2 18l2 17 19 19 25 19 18 18 52 7s 4712 44U 4634 46 4734 43i2 463s 44 39is 4934 40 4714 44 3 2l2 U2 1>2 3 U? 52 44 58 5712 53 58i2 5212 57 63i4 45l2 5812 50 57U 55 234 212 3 2 534 212 5 312 3 3*2 212 2i2 4 258 1334 1112 1334 117S 1278 12is 135S 12 10 153s 10l2 1358 IU4 14 884 10l2 8I4 812 10 8i2 12 9ig 12 912 812 1012 7U 14l4 94l2 76 71 87l2 78i2 9114 81 88 7512 89 8H2 87l4 8234 8712 15c. 4034 37 4334 44 3714 42 37 42141 36 28U 351-> 28 33's 30 41 39 39 28>4 31 38’2 38l2 37 1334 24l2 18 241? 17 22 15 19 16 *17l2 I6I4 18 1412 18 29 265s 265s 265s 28 2612 28 2812 2812 28l2 29l2 28l2 28h 27 70c. 95c. 70c. 75c. 50c. 60c. 50c. 50c. 15c. 30c. 25c. 35c. 20c. 50c. 1 1 4 6I4 4 5 5 9 6 6i2 6 734 51? 614 10l2 6^2 423s 47lg 32 33i8 3658 3434 42 2412 3514 2812 3334 3112 3314 31 5034 46l2 52 47 42 47 45 4412 48’2 43lg 4712 43 487s 47 90 88l2 88l2 90 90l4 883s 8912 86 87 9Us 86 8812 90i4 89 31l4 34 29 26 28l2 25 28 28 23 24 3012 26l2 31l2 26 434 5's 3 4i2 4^2 5 3’/6 412 47 8 314 312 3% 412 37s 1% 234 23g 314 214 3 214 25g 314 1’2 2 2»s 234 412 I6I4 13 13 1412 13 1512 13 15 1012 15l2 12 16 18 10 65g 6i8 5 5 478 7i2 71? 9 6 6 6’s 514 6I4 6*2 334 2 2l2 2 2 258 21Z 3 112 2 lb 214 U2 412 1234 10 1434 1212 15i4 11 12 11 9l2 1U2 10l2 1334 8’4 17 434 53j 314 4 4i2 3 4 4i2 4 4^2 8 5U 514 6U 3534 27 30 247s 273g 263s 2S12 25 26U 29 22l2 27 2378 29 234 25g 2i4 214 25g 2 25S 212 3 H? 1 27s lU H2 75 62l2 82 64 77 69l2 7912 69 7514 70 73U 83 70i2 80  12U 17 6U 1314  13l2  7U  1534 ll7s  147s I6I4 812 14U  14l8 9 7s 6>2 5’s 2734 1  15 117S 6 512 6 29l2 3214 238 H4 I.334  97s 4  26s4  6l2 387s  2's  4lg  558 6i2 28's 36i4 2 3  534 6i8 303s 3434 234 ll2  3l2 7>s 58l2 93l2 17 95 26U 65 138 27s 7 IU4 2612 33  214 3i2 6 4's 50 55i2 72i8 87 13l2 I6I4 90 79 205g 2458 63 48 3i8 2U 6i2 10 23l2 30  2 4 54 7812 15 85 23l8  234  212  338  6  lU 5 4512 72 1412 69 19 39  10c. 12c. 35c. 25c. 35c. 20c. 35c. 29U 26l2 33i2 3114 4U2 26i4 36>2 41? 13g 1 3 1’2 l7s 414 41 33l2 3034 39 35 4512 29 32 34 327s 327s 25g 4^2 412 4is 75s 712 27 s 28c. 21c. 29c. 27c. 63c. 35c. 50c. 23i2 2014 2434 23b 4034 30l2 41lg 4214 40i4 43U 42 47l2 43l2 47 334 3i2 2% 2 314 212 312 1034 9ls 117S 934 15 11 14l3 5412 5134 57U 5638 73 60 685s 214 1 4i2 31? 15s 17S 212 234 434 2 3i2 3U 5’s 21s 51 42 70 49i2 47 49i2 65 2 — 99c. 80c. *2 214 Us  5 57 92 1734 90 2534 54l2 6312  2  25g  51 75 16 82l2 22 5414  418 55 86l2 177s 88 24 60  212  3l8  3i2  934 8 26l2 29 634 6l2  712 9 25 27l2 734 6  15c. 30c. 32 26 4i8 3 3934 34  20c. 23c. 25l2 28l4  434 40c. 3514 35i2 314 13 65  4 30c. 39 4414 334 12U 6334 212 358 59l2 50c.  6ig 60c. 49l2 48i2 53S  163s 703s 234 312 434 4 55l2 64 1 n2  358  212  32  50 4 78  52c. 44 475g 47s 14U 6734 27S 4l2  64 *2  1514 12 1312 634  3178 212  1434 1034 IPs 758 3078 2  143g 938 8 5i2 29 1  11? 3 497s 77 16 83 2U2 51 25g 7 2412 512  1’2 4 55 85 195S 88 23i2 5778 33g 8l2 27 7  H2 3 5II4 79 I6I4 80 22 5012 25g 6i2 20  15c. 2514 23g 44l2 4734 37s 45c. 38i2 46 312 1U2 64i4 2U 3>s 58 158  30c. 2914  15c. 26 212 52 53l2 312 40c. 40 45^2 3X, ll7s 6558  3iS  585S 507s 5 60c. 4314 47 45g 13l2  69t2 21?  4 65 134  112 334 54 86 18 85 25 56l2 3% 734 28 5l2 7  14l2 934 9 6l2 29 1  16 12 III4 71? 325g 17S  550 17 5U2 2i2 58 2i2  579 528 570 18i2 16 18 57 52i4 55«4 2i2 2i2 212 6334 55 65 41% 358 3 13i4 16 14i2 1612 11 9 1O12 9 81 87i2 75 8612  39 41 16 28 40c.  47i2 41 18 29 50c.  5 4112 4212 8634 27  6tj 47 45 90 29l2 358 5 3i2 234 1234 1634 6i8 5l2 134 2's 12l2 1434 434 4 3534 33 2 2’2 8H2 893s  43U 43 15 28>4 40c.  523S 53 19 2912 50c.  5 437s 44 89 24l2 4 234 14l2 5 2 1034 3l2 33>8 1% 82i2  6 46l8 51 91 3034 5 33g 197s 534 5 1312 4ig 36ig 2i4 98 17 11 1214  1514 934 105g 6l2 30i2 H2  17 12 1214 87s 34 214  15 *9 IOI4 7l2 29i2 n2  134 H2 4l2 2i4 54i2 56 89i2 ,83l2 13l8 18 85 86 2714 25 57i2 56 3iS 5 3l2 634 8I4 7i2 26 3d2 30i2 512 6I4 514 2c. 22c. 48c. 25c. 27 26l2 30 212 314 214 4934 58 51  2 4 61 89 1612 92 2758 60  n2 3 5634 82 14l2 82 24 56 3  134  314 52 80 1512 81 2434 54  458  97S 38 6 8c. 33c. 2934 27s 58l2  83S  326s 2ls  178 4 64 90 1634 91 26 , 6512 4 7i2 834 33 36 5i2 734  15c. 25c. 35c. 22l2 2734 28 234 2 2% 5734 45 5212 53l2 58 631s 4 12 9 13 15i2 9 412 50c. 38c. 55c. 33c. 40c. 33c. 40c. 427s 40 443g 43 483g 4334 54 48’2 5012 4714 45l2 475g 4634 49 334 35S 3 37 s 27 s 37 s 27s 133s 12 13l2 1212 14i2 1034 137s 6934 6712 7338 7Us 81>s 773g 8134 234 33s 2l4 214 212 3i2 2i4 3i2 4 4 3 3 3 3i2 3is 43s 6234 58 61l2 56 56l2 643.J 57 62l2 1 15g 1«4 H4 li2 1’4 134 17S  PHILADELPHIA BONDS IN 1915. 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 RAILROAD AND MISCELLAN Allegheny Val gen 1942_______4 American Gas & Electric_____ 5 85 857s Small bonds_________________ 5 85 8534 American Rys coll tr 1917____ 5 9418 94l8 Small bonds_________________ 5 Atlan City Elec 1st 1938_______ 5 9712 97h Baldwin Loc Wks 1st 1940____ 5 10134 102 Balt & Ohio conv 1933_____ 4)4 Bethlehem Steel_______________ 6 11558117 Registered__________________ 6 1st ext s f 1926_______________ 5 99 100 1st & refunding 1942______ 5 877s 88 Catawissa 1st cons 1948______ 4 Cent Dist Telephone 1943.___ 5 9734 9734 Choctaw Okla & Gulf Gen___ 5 Consol 1952..................... 5 Consol Traction of N J________ 5 IOII4 10134 Easton & Amboy 1920_________ 5 El & Peo Trac—Trust rets...4 77U 78 Small bonds_________________ 4 80 8II4 Elmira & Williamsport 1st____ 4 Eqult Ilium Gas-Lt 1st_______5 Frank Tacony & Holmes___ ..5 General Asphalt deben______ 5 98 98i4 Small bonds_________________ 5 10-year debenture 1925_____ 6 Harwood Electric 1st & ref___ 6 Hudson & Manhattan inc.___ 5 Inter-State Rys 1943_________ 4 57i2 58i2 Small bonds_________________ 4 58»2 59 James F & Clear 1st 1959_____ 4 Keystone Telephone 1st_____ 5 90 9U4 Lake Shore & Mich Sou 1931. .4 1928 .................................................... 4 Lake Superior Corp, Inc_____ 5 45 45 Small bonds_________________ 5 45 45 Lehigh Coal & Navigation— General 1924______________ 4)4 Registered_____________ 4)4 Funding & impt 1948_______4 97 97 Consol 1954...............................4)4 9734 99 Registered______________4)4 100l2 100’2 Collateral trust 1930.___ 4)4 98 98 Lehigh Valley— Consol 1923........................... .4)4 10034 10034 Registered_____________ 4X 1st extended 1948___________ 4 Registered________________ 4   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  85U 86I4 85U 86I4 85U 8534 85U 857s 95 95  85l2 86I2 853g 86 95»s 9558  85 8614 85U 86  8558 86i2 85U 86I2  8534 86I2 86 883. 85 86i2 85is 88  ____ 10134 102ls 100i8 101b 102  11534 11634 116  H6I2 116  8734 877s 88I4 88U  80 81  102  10278 1017s 102  76 79  77 82  65  73  100  106'  98i2 99  95  98  98  98  58 59i2 58U 59 59 9 58 59U 90's 90’s 9112 9412 93l2 94k  5834 59i2 90 9312  60 60 90 95i8  57i2 58l2 90 94  59i2 60 90l2 9434  7534 7658 75 76 7712 81 I 7512 81  105l8 10512  98  9812  100l2 100l2 IOOI4 10038 101 101  99's 99i8  87 86  88i2 88  9514 877s 87 96i2  95U 883g 88I4 96i2  97l2 9712  98  100  74 82  ____ 105i2 105i2  57 577s 58l2 58l2  57 58  9412 94%  94  94i2 96  94l2  102  97l2 97l2 94 94 10034 101 10134 102 73 74l2 74l2 78 79 79 73 81 75 81 93 93 10512 10512 10534 10534 105  99i2 9912 9134 9134  9412 95 90 90  ..............  10112..................... 101 I____ ____  102  102 106  119l2 120  10278 10278 1017s 1017s.  102l2 1017s 102 102 102 10214 83 80 81 8234 80 8234  1 0534 105  99i2 9934 33 59  94* *9*4*34 92l4 923s 29 29  275s 29  27  106  10034 59lj 591? 9214 96  27  10158 102  IO2I4  98l2 9912  102 105  9912 1003s 100 333s 5934 58 59 9U2 89ig 93 95l2 94U 97  9912 9912 58l2 597s  25i2 2*8* ’  96 96 987s 993S 9734 99  101 101  103U 103i8 107  58 58  57i2 58  28* *35*  38  99U 100  75l2 73 81 , 73  74 73  97 97 88i2 90 87i2 90  95  163" 102" 16212 102  ..................... 100 100 9914 99i2 99i2 99i2  102i2 102i2 102U 102U 102  9914 9934 99U 9938  102  105i2 105i2____  30  95  877s 8734  102 102 105 10712 96 96 II6I2 116 119 117 1171st ------ ------ 118 118 H8I2 118l2 119 11914 119 11912 ____ ____ 118 118 119 119 H8I2 H8I2 100 100 .................. .. 103U 10314 102i8 102i2 10212 102l2 *91* VlU 91l2 9H2 95U 95U 100l2 10012 100 IOOI4 "9614 9*6~i4  104  95U 97 97 97U 9712 9734 - 9712 9712 97 97 93U 94 16214 10234 IOII4 IOU2 IOII4 IOII4 ..................... IOII4 IOII4  7758 79 8012 81  ____  87 86  99  9938  99U 100  97 100  10214 102U 97 10H2 10134 102 102 102  101i2 IOII2 100 100  100 100  PHILADELPHIA BONDS AND STOCKS.  i«9  PHILADELPHIA BONDS IN 1915—Concluded. April October November December January February March May June July August September Low High Low High Low High Low High Low High Low Hi i Low High Low High Low High Low High Low High Low High Lehigh Valley—{Concl.) Consol 1923_________________ 6 Registered________________ 6 110 110 109k 10934 13434 135k 13512 136 Annuity_____________________ 6 133k 133k General consol 2003________ 4 8734 88U 87 88 87k 89k 89l2 90k 87k 87 Registered________________ 4 88 87U 87k 88 88I2 88I2 9 734 97b 98k 97 9734 97l2 100 General consol 2003______ 4^ 97 98k 997g Registered______________4>£ 100 100 Lehigh Valley Coal 1st________ 5 103 10434 104k 104k 10312 103k 10334 104k 104 104l2 Registered ..'________________ 5 10314 10314 104 104 102U 10234 102k 102k Lehigh Val Tr 1st ser B 1935..5 102 102 102k 102i2 Refunding & impt 1960____ 5 88 87k 88 86 88 88 Small bonds________ 5 88 88 88 88 1st 1935 89 89 Market St El Pass 1st_________ 4 93U 9312 92k 93 9214 9234 92 92k 92k 92k Newark Passenger____________ 5 102k 102k N Y Phil & Norfolk 1st________ 4 Northern Central—Ser A '26.5 10512 105i2 North Pennsylvania—Gen..3.3 Registered________________ 3.3 Pa & N Y Canal—Cons 1939..5 106 106 Consol 1939...............................4>^ Pennsylvania—Consol 1919..5 102U 102k Registered__________________ 5 General 1965______________ 4J^ 97 97k Consol 1943_________________ 4 97k 9712 97i2 97k Consol 1960_______________ 4J$ 103i2 105 103=8 104 1037g 104k 103 104 Cons 1948........................................ 4 -9714 9S3g 97i2 98k 9734 9734 97i2 98 Registered________________ 4 98 98 98 98 Convertible 1915__________ 3)^ 9912 99k 100 100 100 100 100 100 100 100 997g 997g Registered______________ 3>£ Small bonds____________ 3>£ 997g 997s P W & B trust certs 1921___ 4 97 97ig 9714 97U 9Zk 977g 97k 97k 97i2 97k Pennsylvania Co 1916_______3>£ 1921................................................ 4J4 100 100 Registered______________ 4H lOOig lOOig 1931................................................... .4 Penn & Maryland Steel______ 6 99 100 100 100 People’s Passenger—St tr cts.4 803g 81 80 81k Perkiomen 2d series 1918_____ 5 Phila Balt & Wash 1st 1943..4 97k 9734 98 97i2 98 98 1st 1920............................................. 4 97 97 Philadelphia Company 1st___ 5 97 99 100 97 95 95 95k 100 Consol & collateral trust..5 82 70 79 78 82k 80 Phila Electric—Trust certfs._5 100i2 102k 101k 102i2 101k 102k 101 102 101 102 Small bonds_________________ 5 101 102i2 IOU2 102k 101k 102l2 lOllg 102k 101 102 Trust certificates__________ 4 7734 78 79 78 78k 78k 79k 79k 80 8034 Small bonds_______________ 4 79 8OI4 79 80 79 8OI4 80 8OI4 Philadelphia & Erie—1920...6 ... 107l2 1071 General 1920_______________ 5___ 10234 10284 102k 102k General 1920_____________ 98lg 98k 98 98k Philadelphia & Reading— Improvement M ext 1947___ 4 96k 97 96k 96k 96b 96k 2d extended 1933___________5 Consol ext 1937_____________ 4 Reading Terminal 1941____ 5 109l2 109k Registered________________ 5 109k 109k Pitts Cin Ch & St L—Ser A.4^ IOU2 10U2 Series B 1942.................... ..4)4 101 101 Pitts Youngs & Ashtabula___ 5 ..................... 105 105 Portland Ry 1930_____________ 5 80 80 Public Service Corp of N J____ 5 87U 87k 88U 8834 88k 88k 873g 873g 867g 87k Reading 1997__________________4 93 91k 94l2 93i2 95 94k 9U2 95 93 94k Registered 92k 92k Jersey Central collat_____ 4 903g 905g 93k 93k 9234 93 93 93k Registered___________ Rochester Ry & Light________ 5 97k 97k St Louis Southwestern______ 4 S chuyl R East S 1st 1925_____ 4 97i2 97k So uthern Ry—1st_______ 997g 997g . ................. Spanish American Iron 1st___ 6 1003g 101 1003g 101 101 101k 101 IOU4 101 IOU4 Stand Gas & El conv 1926. 89k 8934.... ... 95 88k 92k 94 Small bonds_________________ 6 88k 88k Standard Steel 1st 1928_______ 5 Sunb Hazle & W 2d small ..6 108k 108k Tol Wal Val & O—1st ser B.4J4 United Rys gold tr ctf 1949___ 4 73 7334 73k 7334 74k 74k 74k Small bonds_________________ 4 74 73k 73k United Rys Investment— 1st coll trust 1926___________ 5 65 65 55 61 65k 65 58 66k U S Steel Corp—2d 1963.............5 1003g 1003g United Trac (Pitts) 1997........... 5 Virginia Ry & Power 1st_____ 5 Welsbach—Coll trust_________ 5 89 89U 89k 9014 9034 9134 90k 9U2 91 91 Small bonds_________________ 5 90 90 90k 90k 90k 92 Western Maryland 1952______ 4 68k 68k Western N Y & Penna 1st____ 5 102 10234 1023g 1023g 1013g 102k 102 102k IOU2 10234 General______________________ 4 7534 76k 76 77 75 75k Income 1943_________________ 5 West Jersey & Seash 1st_____ 4 96k 96k Westinghouse El & Mfg conv.5 10338 1037g York Railways 1st 1937______ 5 93 93  110 108 k 134 86I4 87 87k 86k 86k 87 98i4 99 98k 98k 98k 997g 99=8 100 103U104 103k 103k 103 103k 10312 102 102 102i2 102k 102k 103 1025g 87k 88i2 88k  108k 1083s IO8I2 108k 108k 110 135 135 893g 89k 86I4 87k 86I4 87 98k 99  103l2 104 86I4 88  110k 109k 134 897g 87 100 100 104k  110 110 10934 110 89k 92  HOI4 llOlg 134 92  100  102  105  105k 105k 10534  102k 102k 103 90 87k 90 89 93  88k 88k 92i4 92i4  110k 110 134 913g  90k 93  101k 102k  10234103 89k 89l2 91 91 93k 93k  103 103 92U 92i4  IOOI4 100k 10134 1027g  102k 97k 97k 97k 97k 97k 97k 97k 103 1037g 10234 103 102'-g 103 102k 103 102 7g 97 97 98 97k 9712 97k 98  102k 98k  9734  9734  97k 98*4  100  97k 977g  98k lOllg 100k 101  104 104 98k 99  100 100 106k 1053g 10534 99 100 100  lOOig  98k 98k 99k 993g  100 100 97k 97k  9734 98  98k 98k  98  99i2  10U2 10U2  94k 94k 100 78  101k 10H2 102 81 76k 78  100k 7934  9734 9734  98 78k 101 101 783g 79  997g 100k 99k 9834 99k 99 99k 99k 100 83 85 85 88i2 85 78 80k 80 80 102 10034 iou2 101 10134 10U2 102 101k 102k 101k 101 1O112 l0112 102 10U2 102 102k 103 80 783g 79k 78k 79i2 79 79k 80 81 79 80 80 82k 80k  9512 9534  9412 9434  94k 94l2  110  92 93 917g 917g 93 93k  102 103k 104k 82k 8234 83  10034 10034 97k 97k  91k 93  110  86ig 863g 92 93ig  94k 94i2  95k 1095g 95 109k 109k 110 109 109  88ig 88k 913g 92l2  91k 91k 91 91  1003g 101 10034 101k 8734 89 88 90 102l2 104k 103 105 102k 103k 102k 105k 80 82k 82k 8634 84 81 84k 83  97i2 95l2 97 109»g 1097g 109 7g 95 1105g 110  92k 947g 9212 92l2 92l2 92k  90i2 90i2 943g 95k 94  95  110k  89k 90k 94k 95k 95k 953g  80k 80k 95k 95k 101  102  10134 102  10U2 102k 101  10U2 101  10U2 101k 102 93 94  102 95  1023g 96  102k 102k 74k 74k  73k 74k  72k 73i2  73  73  70  7434  727g 73  75 5934 673g 62 64 102k 102k 1013g 1013g 91k 92 10U2 1023g 76 763g  91k 92 92 92  64  73  92k 93 91k 92  767S 767g  92k 93  75k 75k 26 26  73 103  75 103  93 94 94i2 94i2  102k 102k 74k 75  73k 75 72k 72k 88k 88k 93k 94  75  73k 74k 90k 90k 94k 95k 94 94  7834 82  90  93  PHILADELPHIA STOCKS IN 1915. STOCKS  Price per share, not per cent.  January  Alliance Insurance_______ ..10 15k American Gas of N J______ .IOC 100 Warrants____ ___________ American Milling__________ -.10 American Railways_______ —5t 36 Preferred ________________ _10C 100k Baldwin Loco Works_____ .IOC 383« Preferred . ____________ .100 1013g Buff & Susq Corp v t c___ .IOC Preferred vtc___________ .100 Cambria Iron_____________ ..50 42 Cambria Steel_____________ --5C 42 Catawissa 1st pref_________ -.50 54 2d preferred_____________ ..50 Citizens Passenger_______ -.50 Cons Traction of N J...___ 100 *70 East Pennsylvania_________ .-50 Electric Storage Battery.. .100 47k Elmira & Williamsport____ ..50 Preferred___________ ____ .50 Fairmount Pk Transn_____ General Asphalt trust ctfs .100 30 Preferred trust certfs___ .100 657g Harris P Mt J & Lan______ ..50   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  February  March  April  May  Par Low High Low High Low High Low High  November December June October July September August Low High Low High Low High Low High Low High Low High Low High  157g 16 16 101k *100 104  16 17 17 17 16k 16k 16k 16k 16k 100k 101k 101k 103k 100 103 100k 10134 100k 101k 101  u 534 6k 35 36 35 101 100 101 327g 40 30 103k 99 102k  5k 30 100 3034 90  42k 42 45 41 54  6 33 100 34 99  42k 41k 43 43k 413g 4334 54 54  5k 5k 33 30k 100k 98k 601 ■> 40 103 100 11 39k 43 44 42 43k 5034 46  5 30k 100 38 97  " ® 5% 534 30 32: 30k 99k 9934 100 61k 47k 6934 102 101 103k 13k 13 13k 40k 39k 40k 427g 44 42 503g 47k 50 54 54  5k 2734 98k 64 101k ____ 36 41 47k 52 52  17 104  17 18 10134 103  6 6 6 6 24 28k *24k 26 99 97k 97k 963g 85 71k 83k 79 105k 10434 10534 104 13 13 40 37k 37k 41 42 42 42l2 43 52k 50k 55l2 54k 52 52 52 50k 52 50l2 50k 50k  17k 18 104k119  6 6^2 2434 237g 94 97 144k 110 115 109 12k 4134 43 43 45 75 *66k 523g 51 50k  6 61/, 6k 297g 33 36 96 97 97 154 1063g 135 110k 109 110 21 25k 24 53 55 55 43 44 45k 70k 62k 76k 54  73  72k 73k 72k 73k  73  74  73k 74  72  70  70  70  50  47k 49  4734 4934  48  54  49k 54k  5034 55k  5134 54  53  68k  68k 78k  70k 72 63 63 70k 7634  28 66k  27 36k 6434. 72k  30 33k 65k 69l2  31k 33k 697g 67  31 68  32k 36 70 72k  k 32 24 30 30 683g 63k 65 60 9234 9234  26 65 —  24k 29k 25 63k 69 *64 94k 94k  end.  73  70  70k  71  33k 70k  18k 18k 18k 18k 116k 1213g 120 123k  72  74  72 64 46 46 67k 67k 35 72  612 7 2834 31 93k 95k 114k 120k 108 112k 24k 43k 54 5934 44 44k 73lg 79k 54 53 53 53 272 272  377g 74k  6434 70  35k 34 71k 73k  190  PHILADELPHIA STOCKS—BALTIMORE BONDS PHILADELPHIA STOCKS IN 1915—Concluded. STOCKS  Price per share, not per cent.  January February April March May June July August September October November December 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  Harwood Electric___________ 100 Preferred_________________ 100 Huntingdon & Broad Top..50 Preferred__________________ 50 Insurance Co of N A_________ 10 Internat S Powd & Chem___ 50 Interstate Rys pref__________ 10 J G Brill Co (The)..................... 100 Preferred_________________ 100 Keystone Telephone_________ 50 Preferred__________________ 50 Voting trust certfs________ 50 Keystone Watch Case_____ 100 Lake Superior Corp_________ 100 Lehigh Navigation_______ 50 Trustees certificates ____ 50 Lehigh Valley............................... .50 Lehigh Valley Transit_______50 Preferred__________________ 50 Lit Brothers_________________ 10 Little Schuylkill.......................... 50 Minehlll............................................. 50 Norristown__________________ 50 Northern Central___________ 50 North Pennsylvania_________ 50 Pennsylvania Salt Mfg_______ 50 Pennsylvania________________ 50 Penn Traffic________________ 2)3 Pennsylvania Steel_________ 100 Preferred_________________ 100 Philadelphia Company_____ 50 Preferred__________________ 50 Cumulative 6% preferred.50 Phila Electric______ $22 bS paid Philadelphia Rapid Translt_50 Voting trust receipts_____ 50 Philadelphia Traction______ 50 Philadelphia & Trenton___ 100 Reading______________________ 50 1st preferred_______________ 50 2d preferred________________ 50 Reading Traction___________ 50 Tonopah Belm Dev___________ 1 Tonopah Mining______________ 1 Union Traction______________50 United Cos of NJ........................100 United Gas Improvement___ 50 U S Steel Corporation_____ 100 Preferred_________________ 100 United Trac Plttsb pref____ 50 Warwick Iron & Steel________ 10 Welsbach Company_________ 100 West N Y & Penna..................... .50 West Jersey & Seashore_____ 50 Westmoreland Coal__________ 50 Wm Cramp & Sons_________ 100 York Railways_______________ 50 Preferred__________________ 50  21 22 29 31b 8b 8b  11 14 21 21b 30 31 8b 8b  8b 14 21 21b  13b 1534 6134 6334 14 14  14 63  14b 64b  1384 16 6434 69 153g 153g  9 75 74b 65 1334 27 19b 54 55  6 73b 74b 65b 13b 2634  7b 76 75 69b 15b 29  5 10b 73b 77  21 30  2H4 31  1734 1734 73 " 73 " 5 5 14 14 21b 21b 21b 22b 21b 22b  30 13U 61 135g 81 9 74 74 65 15b 27b  14 6214 14 81 9b 763g 77 69b 16b 29  9 76b 76b 68b 1434 28 19b 54 55  53 54b 55 55b 14119 141b 83 85^4 85b 86 ____ 90 92b 85 90 90 90 52^54%, 517g*53% 60 33  63 34b  33  33  38 23b 10 10 78  39 24 11 12 793g  37 23b 10 9b 77  38 2434 1034 1034 78  71% 76b 70%73% 42b 42b 40 42b 42 b 42b  53b 54 55 55b 84b 90b 80 52  85b 91b 85b 54b  50 2934 31 35 23b 9b 934 76  52b 32 33 38 24b 1134 12 78b  71b 743g  3b 4b 3% 5b 4b 49% 6 7% 7b 634 7b 7b 36 36 36 34 36 39b 222 223b 225 225 220 221 81 8034 83 82b 81b 87b 4434 42b 4934 40 53b 38 103 108b 103b 103b 104b 106 9b 10  50 50 59 58 18b 18b  93g  93g  49b 50 60 61  93g 9b 35 35  31 88 15 68  71b 73 14 15 28b 29b  53 55b 137 84 91 84 53  61 40 36 40b 2434 10b 11 78b  30b 31  7 32  7b 33  97  97b  95 95  97 97b  95 96  97 97b  96 97b 97b 98b  91  91  80 90 93  81 91 93  80 90 94  88b 97 94  88 95  41  13b 13b 65 66 b  6934 72 1334 14 285g 30b  52 53 56 54b 137*2 137 84b 83b 90 91 90 87b 54 52b  49b 55 49b 60 32b 38b 3334 35 32 32 40 39 40 39 23b 24b 23b 24b 7 9 8i« 9b 9b 8b 934 7b 733g 76 73b 75 2241r 224b 7534 70?g75% 72b 78b 70 41b 41b 42 9Z,42 28*' 28 4b 4 4 5 4 5b 7 6b 7b 7b 7 7b 34b 35 35 *32 30 36b 220 223b 221 223b 221 223 8334 85 81b 84b 82b 85b 48 60b 48b 60b 533g 63 105b 109b 1053g 1073g 1093g 110b 22 22 9b 934 9b 9b 93g 9b 35 35 35 35 10 10 10 10 49 50 48b 49b 48b 50 62 61 63 61 62b 60b 30 40 37 67 25 20 7 7 7b 8b 30 30 31 31 30b 32  58b 3134 33 36b 23b 9b 93g 76  29  75 88 8b 6% 13b 6b 7b 10b 77b *73 72 71b 75 74b  68 73 68b 72 15 16b 14 15b 3034 2834 31b 28 19 19b 19b 19 53b 54 53b 53b 55b 56b 55b 57b 145 145 *36b 138*2 84 85 83b 85 90 90 90b 91 95 90 83b 94 53b 5534 52b 54%6 lb lb  48 60 20 7 30b  49b 62 20 7 30b  30 30 85 14 15b 14 67b 68 67b  56 *33 32 39 23b 734 7b 70  52 55 138 8334 90b 88b 54b  90 40b 3334 41 23b 9b 9b 75  71% 74b  75 5  75 75 7 7 14 1514 1514 18 21b 2234 2234 23b 23b 24  35 90 13 65  75 5  50 90 14 66  44b 54  533g 72b  14 137g 14b 15 6534 67b 65 66 14b 14b  84 84 534 12 9 10b 72b 75b 73b 77  8b 103g 75b *80  70 74b 71b 73b 723g 1434 17 16 19 17 3334 32b 37 *3634 30 19 5234 52b 52 52 53 55 55b 55b 56b 56b 140 140 136b 136b 137 82 82 83 83 82b 90 90b 90b 90b 90b 9334 95 b 94b 88 96 *53b 55b 54 % 57b 56b 34 82 37 35 393g 2334 9 8 70b  40 85b 45b 40 45 25 10b 105g 75  40b 81b 43b 36 42b 24 10b 9b 73  40b 88b 4834 38b 46 2534 13b 14 76  80 86 46 371? 43 25*2 12b 12b 76  72b 76b 74b 773g 76b 843g  3b 4% 35g 4b 5b 7b 5b 5b 34 32 35b 35 222b 220b221 222 S7 84 b 84b 83 68 67b 77b 73b lHb 111b 113b 114 9b lib 10 35 40 40  9b  9b  48 60 59 6 *28b  48b 61 72 7 30  47 61 66b 7b 30  98b 97b 99  97 98b 97 98b 9834 100  96 96 94  93 96  98 98b 993g 85 98 98  48b 48 64 63 80 89 7 7b 31  4 6 43 222 86b 7934 114b  9 9 5434 64  13b 15 65 67  85 85 iib 9 767g 797g  83 81b 80 1734 19b 19 39 37b 39b 19 55 52b 54 57 56b 57 140 138 138 84b 84b 86 92 92 91 997g 102 108 60b 5834 *61b 2 2 100 50 70 98 787g 85b *487g 42 46b 38 36 36 *44b 43 43b 27b 27 28b 163g 16b 1834 153g 19b 17 767g 80 77  42 % 43 3b 5 32 221b 8234 58b 109b  23b 25b  81b 853g  42b 44b  24b 25b 48  56  "TT IT" 66 68 9b 10b 77b 81  80b 18 37b 19 54 56b  8234. 1834 39 19 55 57  86b 93 98b 58b  90b 93b 100 60  51 80b 42b 35 42b 27b 18b 183g 78b  64 84b 45b 39 43 29 2134 2134 80  797g 83b 41*2 41*2 43 “ 43  35g 5% *43g 4 3*2 5 53g 73g *65g 57g 73g 5b 40 44 43 45b 44b 477g 222 223 223 225 225 225 8534 89b *88 85b 87 89b 7634 88b 8334 883g 8434 89b 113 115b 115b H6 1163g 1167g  1034 10b 11 45 41b 42  50 48 66b 66 91 80 73g 7 29b  49 67 91 8b 31b  10b 45 9b 48 66 80 8 32  1034 45 9*2 5034 67b 87b 9b 34  10b 44 10 50 67b 83 9 337g  105g 45 10 5034 6734 8884 9b35  SCRIP  Cambria Steel scrip..May 1917 do do ___ Feb 1917 do do ................ 1916 Electric Co. of America scrip.. Philadelphia Co scrip_____ 1918 do do 1916 York Rys pref scrip_______ 1916  93 96  95 97 96  97 97 97b 97 98 98  93 96 94  93 96 94  93 96 94  93 96  9834 98b 100b 85 98 100 __  98b 100b 99 98 98b 100 9834 10034 99  98 100  98 100  98 100  10H2 100 101 100 102b 97  101 101 L02  98 100  9834 98 b 98»4. 100 100 100  98 too  101 101 97  102 101b 98  * Ex-dlvid end.  BALTIMORE BONDS IN 1915. BONDS  August September October July June November December April January February May March Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Hight  Adams Express 1947_ _ 4 71b 71b 1948 __________ 4 707g 707g Alabama Coal & Iron _ 5 1 Alabama Co general 6 Small bonds _ _ 6 1047« 1047a Alabama Midland 5 Anacostla & Potomac_____ ..5 9934 100b 100b 100b 100 100b 100 100b 9934100 Guaranteed _ 5 102 102 100 100 imio 102 102 Arundel Sand & Gravel 6 100*8 10034 1 Small bonds________ __ . 6 10634 1011a I Notes (when issued') 6 1 I 1031. 1031.'1021. 1031. 103U 1031 <> Atlanta Consol Street____ 5 103 103*4 Atlantic Coast Line RR 1952 4 Unified 1964_____ 4^ 8534 86 Convertible deben 1939 _ _4 85 85 92b 85b 85b 86 Small bonds. 4 82 87 86b 86b 87 85b 85b 85b Certificates ________ 5 100 100 Small bonds___________ 5 101 101 Certificates 5-20s______ 4 Small bonds________ 4 90b 90b Certificates____________ 4 Small bonds_ __ _ 4 Atlan Coast Line So Caro 4 90b 917g 90b 90b Augusta Ry & Electric ____ 5 Baltimore Brick_____ ____ __ .5 Balt Catonsv & E M 1916___ 5 Balt Dry Docks & S B____ __6 Balt Electric stamped_____ -.5 9634 9834 98b 99b 98b 99 9834 99b 99 99 Balt & Harrisburg W E 1938 __5 1 Balt Medical College 1st____ ..5 Balt & Ohio conv 1933______ 4^ 1st 50-year 1948________ 4 Southwestern Div 1925 Refunding (when issued) __5 PLE&WVa Sys ...^ 4 82 82 Balt Spar Pt & Ches____ 4^ 95 97 96 96 96b 96 96b 96 94b 94b 1031. 1031. Balt Traction 1st 1929______ ..5 Belvedere Hotel ______ . 5 96 96 927g 927g Brunswick & Western_____ _ 4 Carolina Central__________ ..4 84 85 85 85 85 85 85 85b Carolina Power & Light _ . 5 . 5 Central Ry—Consol 1932 104 104 104 104 Extension 1932_______ 1041. 1041. 103b 103b 104 104 ..5 Charleston Con Ry G & E _ -.5 93 95 94 94b 94b 94b 95 94b Charleston City Ry 1st ____ . 5 1023g 102b 1011. 102 102 102 Charleston & West Car 1st ..5 inn,ioib   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  98b 99  ___  ____  70  70  70  98  98  97b 98b  77  74b 76 50 58 50 50  98  98  100b 100b  100 103  103  86 98b 98b 92b  86 98b 98b 92b  90  90  1013,1 84 8734 8734 83b 83b 827g 83  103b 103b 100 100 1003g 1013s 1013s  1013.1 84  84 83  85b 8334 873g 8734 83b 86 98b 98b 98b 92b  85b 90  90ig 92b  917g 92 br  99b 99b 98b 92b  92b 93 7534 7534.  100 98  75b 75b 90 90 92 92  100  100  9934 99  99  94 96  100  98b 98b  97b 97b 97b 98b 99 99  94  96  84 looig 97b 98b 99b 99lg  84 100b 100 9934  94 94 85b 85b  87  87  87b 87b 94 103  10034 10034.  93 95 94b 103 1021. 1021. 1021. 1021. 85  85  85 85  93 lg 94b 9334 95 103 103 85  85 85  94b 9534 103b 103b  85  102b 103  103b 103b 102b 102b  1027g 103b 103  95b 96  88  88  105  105  103 93b 93b:  101  102  102  102  191  BALTIMORE BONDS. BALTIMORE BONDS IN 1915—Continued.  October November December January February April June July August September March 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   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  95b 96  93  94  93b 94b  93b 94b  102 102 10134 10134 101 101b 101b 9412  9412  105 9334 87b 99?8 100 92 88b 100  105 95 87b 100 100 92U 89 10034  94  9438  102 102 102 IOII9 101b  101b ....  96  94b 94b  94b 9538  104 103 93b 92 8834 8684 100b 100b 100 100  104 93b 87b  93 85b 100b 100b 100 100  87 72  99b 99b  99b 100  9934 9934 100  95b 97b 96b 96b  96'4 97b 96b 9658  87 72  94b 9534  74 95 96  9534 96  96 96  9658 9658 102b 102b 102b 102b  104b 93b 87b 100b 100b  104b 106b 106b 9334 95 94 88 89b 90b 10058 100i8 101 100b 100 100b 9234 93 9034 92 90 92 102b 10358 103b 104  112  99b 9934  102  96 96  96  1003s 1003s 104 104 9’3’b 93 93b 87 87b 86 1003o 100b 100b 100 100 100b 9134 91 89 87b 88b 86b 87b 8638 87b 88 1003 4 101 10034 101b 101b 10134 101b 102b 1003, 101b 101 10134  104 93b 87 100 100  99b 99b 95b 97  100  112 b 132  100b 102 101 101 90 90  132  101b105 102b 1043d; 88 88  74 97 97  99 97  9934 9934 100b 99 99b 99b 100 100 97b 9734 9738 9778 100 100 97b 100  99b 99b 95b 95b  98b 99b 95 96  98b 98b 96b 96b  98b 9834 95 95  98b 99b 9434 95b  98b 9938 95 b 96 b  100b 100b 1013d 1013d  99b 99b 96b 96b  103  103  8684 8634  10138 102 107 107  101b 101b 101  102  101  102  101  101  101  101  102b 10134 102b 103  101  100 18  100b 100b 10034 101 19 18 18 18  96  96  101b 101b 101  101  101 20  101b 101b 10234 103b 21 21  2  79 80  74  7534  75b 77 76 77  82  83  85 86  86 86  77 80 91b 86  103  101 103  101 103  101b 101b  103  104  89 86  95  96  1 1 98b 98 b 82b 81 82b 81b 81b 8134 91b 88b  97b 97b  103 85  103b  107b 1071d  2  79 80  1013s 103  moio inn,  102b 10234  89 851d Kfi 101b 101b  94  95  94  94  95  95  95  95b 95b  98  96b 97b 98  100  88 96 97 100  88 97 97 100  96b 97 1027s 1027s  90b 90b  90b 90b  9034 9034  101b 101  10138  35  38b  35b  100  100b 100b 101  38b 45  41  42  39b 40b  38  40  40  48b 50 40 43b  38  100b 101  101 91  101 93  98 99 51b 52 44l2 47b  98 98 b 58*2 60 48b 55  96b 96b  96b  !  76b 76b  96 91 105  96  91 105  9534 96  ,  35b  CD  101  92  100  1  100  91b 91b 92  o  Ches & Potomac Telep (Va)__5 94 94 95 94b 94b 95 Small bonds_________________ 5 Chicago Ci tv Ry 1st 5 9838 99 981? 98b 9834 99 Chicago Ry 1st 1927 __________ 5 9534 97 94b 9638 95b 96 94 95b 9612 97 Gin Gas Trans double guar..5 94 94 City & Suburban 1st_________ 5 10134 102 10312 103l2 10234 10234 102b 10234 102 10234 Gitv & Sub (Wash) 1st _5 100 10034 10034 IOII4 101 101b 101b 101b 100b 100b Cleveland Elec Ilium 1st_____ 5 100 100 Cleveland Street Ry 1931 ___5 10134 10134 Coal & Iron Ry 1st 5 94U 96 96b 96b 96b 96b 96b 9512 9512 95 Columbia & Greenville______ 6 Consolidated Gas 1939 ______ 5 10312 105 104b 10412 104 104b 105 105 104 104b 94 General, 1954 ____________ 4JS 93 93U 9334 93b 9334 93b 9358 93b 94b Consol Gas Elec & Pow___ 4}5 87 88 88 88b 88b 88b 883g 89 8734 88b Notes__________________ _______ 98b 993S 9938 100 99b 100b Small notes_____________ -9834 99b 9938 100 99b 100 94 Consolidation Coal ref ____4H 90 90 92b 94 92 Refunding _________________ 5 8634 91 88b 88b 88b 88 88b 88I2 90U 88 Convertible________________ 6 9978 100b 100l2 1007s 99b 100b 100b 100b 100b 101 Small bonds, ____________ 6 101 101 100 100 101 101 92 92 Cosden 1st_____________________ 6 Cumberland & Penn 1921___ 5 IOH4 101b 92 ’ 92 Danville Trac & Power ____ 5 93 93 9834 9934 9834 99 Davison Chemical____________ 6 97 98 98 99 97b 98 Small bonds____ __ __ 6 9834 9834 99 99 98 98 Detroit & Northwest 1921 __4)^ Detroit Xr Pontiac, ____ 4L? Detroit United _ __ 6534 71 75 75b East Ohio Gas_________________ 5 101 101 Elkhorn Fuel_________________ 5 9234 9334 93U 94b 94b 95b 95 95b 94b 95b 9534 Small bonds_________________ 5 9334 9334 9334 9414 9438 94b 95b 9534 95 Elkhorn Corporation________ 6 Equitable Mtge & Trust______ 5 Series A _ _ _ _ __5 Fairmont & Clarksb Trac___ 5 9834 100 9934100 99b 9934 9934100 9934100 96s4 96b 96b 94b 94b 95b 96 Fairmont Coal 1931--------------- 5 94 96b 96b Fla Cent & Peninsular 1st___ 5 100b 100b Consol 1943_________________ 5 10134 102 10134 102 10U2 101b Florida Southern 1st________ 4 8434 87b 88b 88I4 88 8734 88b 88b Ft Worth & Denver C_________ 6 104 104 103 " 103 Georgia &■ Alabama cons____ 5 10034 102 10134 10214 102 102b 102b 10234 102b 10234 G & A Terminal, ___________ 5 101 101 Ga Car & North 1st__________ 5 101 10214 10U2 1023g 101b 102 102b 102b 10138 102b Georgia Pacific 1st_____ __ ,6 10678 10678 1071410714 107b 107b 10034 10034 Georgia Ry & Elec 1st 1932 ,5 Ga Sou & Fla 1st 1945 ................5 101b 101b 102 102b 102 102b 102b 102b 102 102 G-B-S Brewing 1st___________ 4 23 23 20 21 Stamped______________________ 2278 2278 20 20 2d income 1951 _ _ _____ 5 Hagerstown & Frederick_____ 6 9872 9812 7234 77 Houston Oil div certfs_______ 76 76 Small certificates____________ 73 75 913 4 913 4 Jacksonville Gas __ __ 5 90b 9012 91b 91b 91b 91b Jamison Coal & C—G C 5 86 83 86 8214 83b 8134 8134 83 Small bonds_________________ 5 81 81 Kirby Lumber Contract_____ 6 93b 95 2d Feb 1915.. _______________6 100 100 2d Aug 1915________________.6 Knoxville Traction___________ 5 102 IO3I4 102b 102b 103 103 Lake Roland Elev—gu gold ..5 104b 104b Lehigh ValTransit 1960______ 5 Lexington (Ky) Street___ 5 89b 89b Lexington & Easton__________ 5 Macon Dublin & Sav________ 5 93 93 93 93 Macon Railway & Light_____ 5 94 94 Maryland Club, ___________ 4^ Maryland Electric 1st_______ 5 9634 9834 98 9734 98b 97b 98b 96 98b 98 Stamped ____ _ _________5 Maryland Steel 1922__________ 5 94b 95b 103 103 Metropolitan Street 1925 ____ 5 Milwaukee Elec Ry & Lt___ 4^ 92b 92b 92 92b 1926 _____ _ ______________ 5 101b 101b Milwaukee Gas Light 1st____ 4 90^2 90^2 91b 91b Min Lyn & Minitou & Minn St Ry 1st cons 1919_______ 5 Minneapolis & St Louis______ 4 57 57 Minn St &St Paul C joint___ 5 10034 102 101b 1017s 101b 101b 101b 102 101b 101b Monon Valley Traction_____ 5 Mt Ver-W C Duck ctf of deposit 35 35U 35 40 37b 35b 37b 35b 38b 35 Mt Ver Wood Mills 1918..2. .6 N O & Gt Northern__________ 5 52b 52b 37 40 N O Mobile & Chic 1st.............5 33 34 40 41b 39b 40 35i2 34 Small bonds _______ 5 40 41b N O Railway & Light______ 4^6 97 Newport News & Old Point _,5 95 95 97 96 97 93 93 Norf & Atl Term 1st 1929 ____ 5 91 91 93 93 Norfolk & Carolina 1st_____ 5 106 106 2d___________________________ 5 Norf & Portsmouth Trac ____ 5 84b 84i4 81 82b 81 81b 83b 81b 83b 82 9734 96b 96b Norfolk Railway & Light____ 5 95*2 96i4 97 97 97b 97b 97 Norfolk Street Railway_____ 5 103 103 102b 102b 102b 102b North Baltimore Traction___ 5 104 104 104b 105 105b 105b 104b 104b Northern Central 1925 -___4J^ 10118 10118 101b 101b Gold 1926 Series A________ 5 106 106 104b 104b Gold 1926 Series B _______ 5 10434 10434 92 Pennsyl Water & Pow 1st__ 5 88 91 88I2 90 90b 90b 91 91b 91b Petersburg Class A__________ 5 103 103 104b 104b Class B 1926___ . 6 11O12 HOI2 Phila Balt & Wash 1st 1943,,4 Phila Wilmington & Balt____ 4 Portland Ry 1st & ref_______ 5 99 9934 99 99b 97b 98b 97b 9734 Proximity Mfg 1st 1920______ 6 Raleigh & Augusta___________ 6 109b 109b Raleigh & Gaston 1st 1947 ___ 5 Rich & Washington 1943 ____ 4 90b 90b Roanoke & Tar River________ 6 103 103 St Jos Ry, Lt, Ht & Power___ 5 97b 98 St Paul C Cable cons 1937____ 5 102U IO2I4 Sav Fla & West 1st___________ 5 10558 10558 Seaboard Air Line 1950______ 4 Stamped, __ _________ 4 77b 79l2 80b 80b Refunding 1959. _ _______ 4 Atl & Birmingham__________ 4 815s 815S Seaboard & Roanoke 1926 ___ 5 102 102 10134 10134 10134 102b 1916_________________________ 6 Small bonds______________ 6 Sil Springs Ocala & Gulf ___ 4 Skinners S B & D D 1st cons,,5 Somerset Coal C T 1915______ 5 9934 9934 South Bound________________ 5 105b105b Syracuse Gas__________________ 5 10134 10134 102 102 Tampa Water Works 1915____ 6 100 100 United Elec Lt & Pow_____ 4^ 92b 92b 91 92 United Ry & Electric_______ 4 8178 84 " 82b 8334 8134 83b 81 82 80b 81b Income_____________________ 4 6034 63 60 6234 5934 6134 61 61b 59b 61b  ,  BONDS  105  76 95  77 95  75 95  76 95  78 94  78 96b  105  8234 80 95b 9738  10119 1013x 10119 10119  104  104  101b 101b 1041? 1041? 91b 91b  89  89b  104b 82 96b 102 105 102b  104b 8234 9758 103 105 102b  883d 89 89b 91 1023d 103b 1033d 1033d  82b 83 96b 97  89b 9034 111  111  102  102  96 96 97b 97b 100 100 108b 108b 10219 1025s  9738 9738  101b102 81b 85 70b 70b  83 83 833s 833g  101b 101b 10038 100S8 1003a 1003s  40 103 90^2  7934 81b 55 5834  97  97  81 59  8134 60b  40  103b  9012 80 “ 81 55b 5634  92 92 7934 81 55b 5734  9U? 92 8OI4 8lb 57b 5934  91b 93 81b 83 64 61  93 93 82b 83 6038 61b  BALTIMORE BONDS AND STOCKS—CHICAGO BONDS  192  BALTIMORE BONDS IN 1915—Concluded. April September October November December January February March May June July August 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  United Railway & Elec (Concl.) Funding ___________________ 5 Small bonds_______________ 5 Notes________________________5 Small notes_______________ 5 United Ry St Louis______ 4 Virginia Midland gen________ 5 Guaranteed _ 5 3d Series 1916 .................... 6 Small bonds_________ 6 4th Series 1921 small _3-4-5  5th Series 1926 _____ _______ 5 Small bonds _________5 Virginia Ry & Power________ 5 Wash Alex & Mt Vernon_ __5 Wash Balt & Annap_________ 5 Wash Ry & Electric cons_____ 4 Wash & Vandemere ______ 4)^ Washington Terminal____ Western Maryland____________ 4 West Penn Traction 1960______ 5 Wilmlng & Weldon 1935 _____ 5 1935 _____ ____________________ 4  85i2 86i2 100 995s  8434 87 87i2 84i2 100 100 9978 9978  8634 835S 87 84 100 100 100 9934  84 85 85i2 83i2 100 100 9934 100  8434 81i2 84 85 8H2 84 IOOI4 100 10Q 100  81 82i2 8034 83*4 100 100  81 8H4 80l2 8H2  166  100  8H4 815g 8II4 82 100lg 100i8  82i4 8234 84 84l4 84i4 82i2 83 83l4 85 83i2 100 100l8 100 lOOig 100"ig lOOig 603s 603g 10234 10234  86I4 85 85i2 86 85 86 100 100lg lOOig lOOig  10234 10234  100l2 100l2  101i8 1013g 101U 101U IOOI4 101’s  100l2 100i2  101  101  1011410114 ____ 10112 102l4 10238 10238 IO2I4 10214 104 104 103U 10312 ..................... 103 103 iou2 ion2 iou2 ion2 853s 88 88 ..................... 82 89's ..................... 89  8OI4 80i2 81l8 81ig  8034 81’s  807s 807s  7934 8034  91i2 9H2  92  7912 80  _  IO2I4 102U 102i2 102l2 103l8 103l8 84 84 72l2 75 73i2 75  7914 7914 82 82  79  79  91  91  79  83U  92  8314 83l4  56  56  1057g 1057s 93U 933s  106  106  106  8034 80®4 106i8 106is 95 95  106  BALTIMORE STOCKS IN 1915. April ! May June Ja nuary February March July August September October November December 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 Co_________________ 100 1st preferred______________100 2d preferred_______________ 100 Arundel Sand & Gravel____ 100 Preferred__________________ 100 81 81 Atl Coast Line (Conn)_____ 100 Atl Coast Line RR__________ 100 Augusta & Aiken___________ 100 Balt Dry Dock & S B, pref_____ Baltimore Electric pref_____ 50 4334 4414 4334 44i8 Baltimore & Ohio, pref_____ 100 Balt Stamping & Enam, pref___ 138i2 138i2 Canton Co___________________100 Chalmers Oil & Gas______ Preferred______________ Cigar Mach Corp of Amer H4 II4 Comas Cigar Mach Corp____ 100 155 158 Commercial Credit_________ 100 Preferred_________________ 100 Cons Gas Elec L & Pow____ 100 IO2I4 107l2 103i2 105 104i2 107i2 Preferred_________________ 100 106l2 112lg 112 114 110l2115 ..................... .06 .15 Rights__________________ 9212 9412| 92 92 Consolidation Coal_________ 100 5 5141 5U 534 Cosden & Co__________________ 5 ____ ____ | 57g 6 Preferred___________________ 5 Davison Chemical, pref____ 100 Elkhorn Fuel________________ 100 Preferred_________________ 100 25 25 25U Fairmont Gas________________ 50 ..................... 25 Preferred__________________ 50 46 ..................... George & Co, pref_____________ Georgia Sou & Fla 1st pref. .100 2d preferred_______________ 100 1034 11 Houston Oil trust ctfs_____ 100 1034 12 llU 55 I 54 54 54 Preferred trust ctfs_______ 100 54 65 Industrial Building Corp Mer & Miners’ Tran_________ 100 Monon Valley Traction____ 100 Preferred__________________ 100 78U 78i4 Mt Ver-Woodb Mills v t r___ 100 Preferred vtr_____________100 24l2 24l2 24 Norfolk Ry & Light................ 100 25 25 8512 84i2 85i4 Northern Central___________ 50 83 8512 Pennsylv Water & Power..100 68 68I4 68 Poole Engineering & Mach Public Service Bldg, pref.. Sapulpa Refining____________ 5 Preferred____________________ 5 Seaboard Air Line__________ 100 1312 1312 13U 13U 1212 1334 327S 327S 32 32 Preferred_________________ 100 Sonneborn (H),Inc______ Symington (T H)___________ 100 Preferred 55........... 100 24U 27 25 24 25 United Ry & Electric------------ 50 25 Virginia Ry & Power_______100 Wash Balt & Annap pref___50 3H4 31U____ .. Wayland Oil & Gas___________ 5 3?8 4lg 312 334 3U 3i2 Preferred 20% paid_________ 5  9i2 11 35 40  115i2 115i2 114 107 107  11512 115  112l2112l2  115  43  43l2 44  43l2  42  43 43 74i2 74i2  42l2  10 44 25 35 93 118  44  15 55 35 67 93 119  45U  5434 5434 136  137l2 13712  136  140U 145 4l2 4l2  l2  160 168 102l2102l2 105l2 107U 11034114  3534 25l2 105 112  38 27 106l2 106 114l2 111  92 95 514 63g 6i2 6’2  93 95 612 7U 634 7 ..........._.!i0012 10058 17 20i2 16 17  2312 29 42 45  29 45  1012 I6I4 54 6H2  14 15l2 58l2 60  29 45  84 68  94l2 96 65g 634 634 684  9312 95 6l2 678 6l2 7  93 96 6I4 6’2 10414 104U 18 1914  44l2 45  94i2 9534 6 65g 63s 65g  17l2 20  44U 45  98 99i2 98 100 65s 8 8 16 678 7i2 8I4 14is 120 12212 130 242 19 1812 20l2 1734 20M 65 30 30 25 30U 4412 4538 4912 51  95 98l2 6I4 7 65g 7  14 1434 58U 59i2  56  14l2 57  59  12i2 I884 56l2 61  1734 2OI4 60 61l2  30 60  46 60  9 53 2334 82l2 69i2  17 55 24 8434 7414  18 25 6034 64^4  77 65 2034 65  46 55 .... ....  79  85 68l2  84 65  8434 67  83i2 85i2 64 64l2  825S 8334 64 64  83 82 63i4 70  13  14i2 14i2  214  1534 1534  24>s 26 31l2 32 25g 33s  2238 2412 35 35 3112 32l2 25g 3U 4i2 412  20i2 23U  212  514  5 10l2 38 37 371? 37i2 37i2 42i2 4314 46 3714 37U 38 27 27l2 27 27l2 2712 2734 2734 27l2 27l2 28 28 28 30 IO7I4 106l2 107l2 106 107 10414 107 105l2lll 110l2115 114l2116 114 112 113i2 112 112l2 107i2 111 110l2 11212 112 116 115 116l2  67l2 67l2  79  8>s  12  234  13  25s  314  334  3i2  18 5414 24 86 74  2412 85l2 72i8 95 10134 10134 101 IOII4 IOII4 212 2l2 414 3l2 414 4 434 412 5 434 5 I6I4 17l2 I8I4 18l2 20  80 80 2314 24%  21U 23l2  2l2  16  16 53 237g 84l2 72  4  23l2 2478 3i2  77 65 2434 68 75 51l2 67 80 16 53 25 90 75 156 101U 9lg 914  25 65 110 105 105 24l8 2434 2434 26U 43g  4i8  6  CHICAGO BONDS IN 1915. BONDS RAILROAD AND MISCEL­ LANEOUS BONDS Armour & Co 4Hs_________1939 Booth Fisheries S F D 6s.. 1926 Calumet & So Chicago 5s. .1927 Chicago City Railway 5s..1927 Chicago City & Con Rys 5s 1927 Chicago Elevated Ry 5s 1914 Chic Pneurn Tool 1st 5s 1921 Chicago Railways 5s______ 1927 Do 5s, Series “A”.___ 1927 Do 4s, Series “B”_____ Do Prior M g 4s_____ 1927 Do Adjust Income 4s 1927 Chicago Telephone 5s_____ 1923 Cicero Gas Co ref g M 6s___ 1932 Commonw Edison 5s______ 1943 Commonwealth Elec 5s 1943 Cudahy Pack 1st M 5s____ 1924 Diamond Match con deb 6s 1920 Inland Steel Ex & Ref g 6s,1942 Laclede Gas 5s____________ 1919 Lake Street Elec 1st 5s.___ 1928 Metrop W Side Elev 1st 4s.1938 Extension gold 4s______ 1938 Morris & Co 4H»________ 1939   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  June April May July March August September October November December 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 Hig  92  92l2  91  ..................... 90i4 90U 975g 99 983s 9834  97ig 70 95*4 95 98 9412 97 90 75i2 75b 65i2 64i2 407g 43 10078 10034 95’4 100 102 IOIS4102 10134 9984 101 . .................... 100b 100l8 lOOig IOOI4 IOOI4 100b 102 102 |10112102 10134 9534 94 955s 9678 9638 8912 90 90 75 77U 74 65i2 67 44 4158 99l2 101 lOOSg  9134  9184 92lg 88 88  98i2 977g 98i4 73 70 72  98 9638  98 9534 90 7534  98 96 90 7634  92i8 92l2 87 88  9714 98  96  97’s  9134 9134  9178 92  96i4 9734  9634 9758 9634 97’s 97  95 94  96 95  95b 9484 86 *78 " 74 74 72 72 70b 72 71b 65 65b 65b 61b 61b ~4l" 43U 07 OQ 35 37 43 37U 39 36 36 101 10034 1007g 100l2 1007g IOOI4 10034 IOOI4 10034 1003g 1005s 100 100i2 95*4 102 100 lOPglOO 100b 100 1003g IOOI4 1005g 100b 1005g 10058 10138 100 100 100l2 100i2 100i2 99b 99b 99b 99b 100b 100«g 1003g 1005g 10058 99b 100 100 100 100i2 100b 102 102 102 102 103 102 102 102 102 101b 102 101s4 101b 93b 957g 90 90  93  95b  93b 95  9D2 92  92U 93b 93  9458 95 948g 95 87 87  96b 95b 88b 69 60 35 36 36 100b 1007g 100  93b  98*g 98b 99b 72 72b  96b 97b 98 97b 96b 9712 90i4 90b 90b 71 71 76 60 65 68 35 48 10214102 1021g  1007g 101Sg 1013g 1025g 1023g 1025g 1017g 10214 10034 10034 102 102 1023g 102b 102l2115 10512 116 1025g 1025g  IOOI4 IOOI4  75 76 75i2 77 73 73 I____ ____ 863s 865s 8634 877s  75  76  87»4 87*4  74  75b  87«4 88b  50 50 73b 75  73b 73b  72  86b 87»4  87b 87i4  73b  50 72b 70b 715g 70i2 65 65 67i2 87b 87b 8734 8734 87i2 87»4 873g  72  50 75 72i2 73 70 89i4 89i"2 90  CHICAGO BONDS AND STOCKS  193  CHICAGO BONDS IN 1915—Concluded. 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 No Shore El 1st & ref g 5s.-1940 North West Elev RR 1st 5s.l941 N W Gas Light & Coke 5s_1928 Ogden Gas 5s_____________ 1945 Pearson-Taft 4-40 B_______ 1920 People's Gas L & C refg 5s.1947 Chle Gas L & C 1st 5s...1937 Consumers Gas 1st 5s___ 1936 Mutual Fuel Gas 1st 5s.1947 Pub Serv Co 1st ref g 5s___1956 South Side Elevated 4^s,1924 Swift & Co 1st S F G 5s____ 1944 Union Electric 5s________ 1945 Western Elec Co 5s_______ 1922  96  9538 9538  92  92l2  99b 101  8734 88 94l2 75 101i2  8834 88b 945g 75 101b  99b 9912 92 92b  92b 94l2  94 95i2 IOOI4 101  94b 95  10034 100b 100b 10Us 10034 101 101b 1017g 10158 101b 1O112 102 89ig 89b 8834 89 94b 96b  89l4 90lg 89 89 96 96b  9978 90 8834 96  99b 91 90 96b  100s8 1005s  9434 94 943s 95l2 10034 100i2 10034 9978 100 b 100 100l2 IOOI4 1013s 100 b 101 1O112 102 10134 10134 1013s 100 100ig 100ig 89l2 90b 89 88 89 89 88I4 88b 88 96 96ig 96 96b 95b 96b 95b 95b 953g  9612  9312 94  94  OQ ____ 99 9534 95  100 " 95b  100l2 IOOI4 101ig 102 102b 10218 1025s 10158 100b 1017s IOU4 103 102b 1027s 100 ............................................ 1013g101l2 9934 9538 94 90i4 90 92b 94 95b 87 87 88 88 87b 89 96b 96b 97 96b 98b 98 lg 983g 60 60  10078 101  CHICAGO STOCKS IN 1915. STOCKS  January February March April May June July September August 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  MISCELLANEOUS STOCKS Allis-Chalmers_____________ 100 26b 3034 27b 27b .... 955s Do preferred___________ 100 89 American Radiator_________ 100 375 390 384 3S7b 376 384 Do preferred___________ 100 132 132 ,tl30b 132 132 132 American Shipbuilding.___ 100 70 70 Do preferred___________ 100 120b 120b. American Telep & Teleg ColOO 65 65 Aurora Elgin & Chicago, pf.100 Baldwin Locomotive Works 100 30 Booth Fisheries common 30 30b 30 71 Do preferred_______ 73b 69b 72 68b 70 Cal & Chic Canal & Dock..100 5 5 Chic City & Con Ry pt sh com 20 20 20 Do Preferred______________ 25b Chicago City Ry______________ 115 115 5234 47 Chicago Pneumatic Tool__ 100 5058 53b 45i2 50 90 93 88 88 88 Chic Rys Part Ctf Series 1 88 25b 31b 25U 27 Do Part Ctf Series 2 25b 28 434 434 Do Part Ctf Series 3 5b 2 3 Do Part Ctf Series 4 lb 2b lb 1 Chicago Title & Trust___ .100 205 2O6I4 205 207 207 213 Commonwealth Edison.___ 100 136 139 136 139 137 139b 938 Corn Products ReflnCo comlOO 93 8 Crucible Steel common____ 100 88 Deere & Co pref____________ 100 88 88b 90 96 96 98 Diamond Match____________ 100 92l2 98 43 24'b 31b 32b 33U 35 .100 . Do preferred. 105 107 106b 107b 107b 112 6234 61 65 63 60 Illinois Brick................................ 100 z61 1591?. 163 164b 164b Inland Steel______________ 60 International Harvester ColOO 60 96 96 Int Harvester Co of N J.___ 100 25 25 Kansas City Ry & Light___100 25b 2534 2034 30 2514 2034 30b 25 Do certf______________ 45 52 45 45 Do preferred_________ 45 57 Do preferred Ctf_____ Lindsay Light____________ 3U 3b 3b 3U Do preferred_________ Maxwell Motors com________ 100 7534 80 60 61 First preferred___________ 100 31 36 Second preferred_________ 100 Midvale Steel & Ordnance..50 1201212314 National Biscuit____________ 100 124 125 120 125 Do preferred___________ 100 121 123 120 125 122 123 rll934140 120 135 130 136 National Carbon________ 120 124 11958 120b II8I4 120 Do preferred________ 42 44l2 45 41b 42l4 42 People's Gas Light & Coke. 100 116b 121 117 119b 118 123 86 81 75 7912 77 81 Pub Service of Nor Ill, com___ 95 98 96 Do preferred_____________ 98b 95b 100 Quaker Oats Co_____________ 100 230 232 230 235 230 235 Do preferred___________ 100 103b 104b 10314 10414 103b 10334 Rumely (M) Co, common___ 100 4b Do preferred___________ 100 184 199 198 215 al31>220534 121 12134 123 125 il25 126 Do Stewart Warner Speed com. 100 48b 52 48b 60 Do preferred_____________ 100 Streets W Stable Car Lines.100 41 Studebaker, common_______ 100 38 94 95 97 Do preferred_____________100 94 Swift & Company__________ 100 10434 109 108 10834 2:107 110b Union Carbide Co__________ 100 144b 158b 151 165 153 159 Union Carbide rights__ flRU 2:991a 95 95 53 .100 40 U S Steel common, 38b 43l2 4338 4914 103b105 do pref_______ 110 112*8 112b 113b 11134 114 i Ex-divid end. a Ex 50% stock   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  32b 41  35b 42 b  53 38  53 46  46b 50 1013a 1013a  373 132 26 67b  380 357b 375 135 138 138 36 34b 30 71 71b 72  51 30 70 50 7 26 115 52 87b 23 4 lb 209b 135b 14b  55 41 80 50b 8 32 115 5934 89b 26 4b lb 212b 140b 14b  39 75  39 78  50 86b i22 4 lb 208 133  61b 5434 90 83 28b 20b 4b 334 lb lb 210 208 135b 13234  26  110 63  95 40b 102 nob 109 65b 62b  101b 23 20 41 . 42 3b 8b  101b 24b 22 41 42 4b 8b  121  134b 120 4512 119b 84 95b 240 103 4 9 136 123b 57b rl03 2  3512  350 137 40 75  3512  74b 75b  37 74  105 350 135 481^ 36 79b 73  40 75  44 81  354  358  60b 105 360 356 135 401* 3334 7434 72  38 39 79 79 49b 51  75 51  6534 360  43 80  78b 51  360 rl34 3412 78  35 73 49  111 375 369b 390 136 135 135 42 34 3512 38 84 82 b 80  37 75 50  25  30 35 70 74b 501g 3 15 18  99 100 60 55 90 7834 88 71 93b 75b 90 81 75b 87ig 75 78 84 86 70 74 70 78b 80 77 74b 80 19’ 1734 23b 18 24 20 16 23b 19 16b 1834 17b 19b 334 334 4 334 4 4 3 3 4 4 1 1 1 13S lb lb lb lb lb lb 2b lb 134 210 206 210 204 207 204b 208 210 212 210 235 229 235 135b 134 2136 134 136b 136 138 136 143 143 146b 143 145b  26 95b z94 52 b 4434 102 109b 109 6534 64  24 23 2034 20 37b 37b  111 19  3b  38  357b 350 138 137 41 30 70 75  73b 76  25  92 96 42b 51b  84b 84b 40 40  345 136 30 70  95b 53b  92 96 53  9534 98 63b  110 109 111 66 67b 64 199b210  109b 111 64 66 207 210  111 22  106b 109 2434 27 24 24  ____  ____  41 40  41 42  37  38  31  31  i95 9212 99 95 103 100b 103b 102 75 63b 77b 75  2119 119 125 125 134 142b 119b 120 4534 4534 114 116b 82 80 95 94 246 260 105b 107  122 124 140 ____ 41 117b 82 95 250 262 105b 107  120 123 135b ____ 41 115 281 94  88 9212 3934 3934 120  120  109 24 2412 55 ~ 55 3b  112 25b 27 58 60 5b  64 95b 126 121 139 153 155 12034 125 120 53 45 45 115b 118b 117 94 86b 95 97 95 97 225 257 255 103 105 105 5 5  64 96 130 121 165 123 54b 121 9934 100 310 108  25 20 50 49  93 45  51 51  93 47  rl22 129  73b 74  7734 7734  lllb H3b 111  26b 28 25 25 55b 57  514 filg 9 9b 68 68 9914 9914 5434 5434 125  125  tll4 115b 82 85 346 389 25  25  2434  2R  5434 56 52 55 7 5l4 934 934  127b 127b  12019 122  12s  150 160 120 121b 54 61b 116b 120 100 110 99 102 305 330 ■tl05b 06b  15934 166 120 122 56 57b 107b 118b 105 108b 100b 102 300 315 106b 110  158b 155b172 172 125b 126 126 126 77b 74b 92b 84 107  188 126 91  1411» 1411. 1681a 184  110b 107b IO934 108b 110b 110b 115b 113b 121 11734 165 149 162b 150 157 148 152b 149b 166b 157 41. 53g 4b 53g OQlo 100 1 12U 99 99 49b 60 48b 56b 56b 603i 58b 67b 7134 7738 76b  111b 11334 1103s 112 dividend.  25 3012.  136b 149 120b122 44 44b 114b 11734 82 86 93b 95b 238 247b 104 107 43s 13 12b 16 134b 13934 139 149 146 158 153b 15734 153 125 125 124 124 123 124b 124b 125 124b 61b 69b 261b 69b 623g 6734 6334 78b 72b 106b. 106b 106 106 zl07  109 158  97 121b 104b 119b  lllb 113 112 112b 113b 116 70 83 64b 65b 65b 72 274 274 2791o 29Slo 2:318 335  3b  38  125b 118 118 119b 119b. 140b 131 135 120b 119b 120 49b 12334 113 121 87 80 833s 99’4 93b 97 265 270 270 106 105 2107 4 5 5 9 14034 132 139 125 123 1243s z71b 60b 7O34 103 103b 10334 2 2b 2b 67b 67b  91U 92 95 98 50 51b  120b 117b120 161 119  77b  130 80  130 88  11834 12734 12434 128 159b 167b 166 181 129 87  130 8734  86b 893s  112b 110b 112b 110b 11234 lllb 112b 11134 114b lllb 115  194  CURB MARKET  “CURB” MARKET FOR FIVE YEARS. We give below a yearly record of the transactions in the leading securities on the Broad Street “Curb,” beginning with 1911. The record comprises the number of shares sold during each year, the high and low prices reached within each twelve-month period, and the opening and closing prices of the year. At the end of the yearly tabulations we show the range of prices by months for 1915—that is, the highest and lowest price each month of 1915. In all these compilations we use the reports of transactions made up by the Curb Quotation Company. 1911 For Twelve Months Ending Dec. 31 COMPANY Par  Sales No. Shares  For Twelve Months Ending Dec. 31 COMPANY  Range of Prices  Open  Low  High  St Louis & San Francisco w i. Third Avenue, new___________  924 292 89,400 4% 2,700 % 340,010 5 500 26,000 7% 75 105 336,400 2 435 24% 25 86% 2,200 43 200 26 y 3,155 41  290  100 102% 5-32 12 75 6% 412 225 3 2954 9% 22 y 106% y 15 45 3% % 250 1% 19% 58 y 36 75% ioi y 104 y 6ys n 205 sy 47 y sy 8% 69 34 % *28 *50 *17 54 101% 300 150 112 150 112 *68 11 106% 118 3 14% 100 1% 101 300 10 200 98 112% 11% 16% 52 340 325 617% 50 100 100% % 114 63 230 2 8% 19 82  100 100  % 1-32 1 5 7% 103 2 23 86% 43 26% 33  INDUSTRIALS AND MISCELLANEOUS.  Preferred________________ American Tel & Tel rights.  American Tobacco ex sub.  Bay State Gas.  Du Pont Powder Co. Preferred_______________ Georgia Development Co.  Preferred__________________ Houston Oil Undev__________ Houston Oil certificates-------Houston Oil pref certificates.  January Oil. July Oil_____ June Oil____  Preferred w i.  PreferredMays Oil___  K Y & Kentucky Co. N Y Transportation. Palmer Oil. Rap Braid Mfg Co.  (M) Rumely Co w i_________ Safety Car Heat & Lighting. So Ir & St pref w i__________ Standard Milling______________ 100 Preferred____________________ 100 Standard Oil ex sub_________ Standard Oil sub____________  Standard Oil, old_________________ 100  Studebaker Corporation________ 100 Preferred_____________________ 100 Sulzberger & Sons pref_________ 100 Texas Co rights____________________ Union Carbide__________________ 100 United Cigar Mfg______________ 100 United Cigar Stores Co________ 100 U S Light & H___________________ 10 Preferred______________________ 10 New__________________________ 100 New preferred_______________ 100  200 233 13,500 700 200 26,500 65,512 3,120 2,284 2,480 2,590 3,465 1,038 42,300 129,496 90 100 75 85 3,676 1,275 100 1,743 1,725 710 250 5,657 1,460 9 39,260 15,985 50 3,108 3,800 187,240 26,800 22,400 4,300 1,000 1,690 150 7,315 353 7,778 150 130,250 100 100 87 700 1,000 50 600 700 101 740 1,842 14,221 10 100 350 510 17 18 24,280 50,149 28,252 6,127 2,000 1,150 26,418 17,052 217,024 86,081 7,226 1,857  % 10 75 6% 364 225 1% 29% 7% 15% 102% % 14% 45 3%  230 1% 19% 58% 36 75% 101% 102 4 8 150 6% 47% 8% 7% 68 16 22 48 17 54 100% 300 150 107 150 110 14 11 106% 117 2% 14% 100 1% 101 280 10 182 97% 112% 11% 16 50 340 325 593 48 100 100% % 113 38% 196 1%. 7% 13% 78  Sales No. Shares  Range of Prices  Open  Low  High  Last  100 25% 50 94 4,630 40 650 79 600 15 7 205  25 y 94 40 79 15 150  25% 94 42 82% 15 205  25% 94 40 82% 15 150  3 *45 4 *2% 7% 18% % *50 % 10 21% *42 *23 *9%  3 37 3% 2 3% 14 % 50 % 10 19% 35 12 % *10 7 % 2% % 12 3%« 1 *20 1 *46 3%  3% 50 6 3 7% 23% % 56 % 10 22% 42 33 10% % 18 1% 2% 1% 15 4% 12  3 45 5% 3 4% 23% % 53 % 10 22 35% 17 1 %« 14 % 3 % 14 3%s 5 % 2% 60 4% %« 8>i 6 8% 3% 1% 184 10% 119 24 2% 4 3% 11% 1% 18% 4 22  INDUSTRIALS AND MISCELLANEOUS—{Concluded.)  RAILROADS American Light & Trac___________ Chicago Subway_______________ 100 Chicago Subway certificates. Manhattan Transit__________ Metropolitan Street Ry, old. Minn St P & S Ste Marie rights— Northern Securities stubs____ Pennsylvania rights_________  Par  Last  293 390 5% % U S Industrial Alcohol_________ 100 Preferred_____________________ 100 1-32 % 4 1% U S Motor_____________________ 100 6 6 Preferred_____________________ 100 8 U S Motors rights______________ 8 Weyman-Bruton_______________ 100 103 105 2% 2 5-32 23 27% MINING. 86% 86% Arizona Cananea__________________ 62 62 26% Beaver Consolidated______________ 1 26% Braden Copper___________________ 5 33 41 Braden Copper rights______________ British Columbia Copper_________ 5 Butte Coalition__________________ 15 Butte & New York_______________ 1 Butte & Vipond____________________ 100 100 102% 100% Caledonia Copper_________________ 5-32 Calumet & Mon__________________ 1 %. Chino Copper_____________________5 12 10 Chino Copper rights_______________ 76 76 7% Carisa_____________________________ 7% Cobalt Central___________________ 1 507 530 Colonial Silver___________________ 5 250 300 3% 1% COD Cons_______________________ Cons Ariz Sm, new__________ —5 31 31% 10% 7% Crown Reserve___________________ 1 16% Davis-Daly Copper______________ 10 25% 110% 106% Diamond Field Daisy______________ El Rayo__________________________ 2 15% Ely Central_____________________ 10 18% Ely Consolidated________________ 10 45 45 3% First National Copper___________ 5 3% % % Florence___________________________ Giroux Mining____________________ 5 285 230 Gold Hill Cons___________________ 10 4 4% Greene-Cananea, new___________ 20 29 29 58% 58% Greenwater Copper M & S_______ 5 56% 54% Greene Con Copper______________ 10 89% 89% Guanajuato Con M & M_________ 5 Guerrero Mines____________________ 104 103 Guggenheim Exploration_______ 100 104% 102 9 6% Inspiration Copper______________ 10 Int Smelt & Ref________________ 100 17 8 Jumbo Extension__________________ 1 205 150 10 7% Kerr Lake_________________________ 5 King Edward_____________________ 5 72 79 8% 8% La Rose Consolidated_____________ 5 Mason Valley, new_______________ 5 8 8% 68% McKinley-Darragh-Savage_______ 1 74 35% 17% Miami Copper____________________ 5 Mines Co of America, new_______ 10 31 22 Moneta Porcupine_________________ 50 50 Mont Shoshone___________________ 5 23 23 Nevada Hills_____________________ 5 60 60 101% 101% Nevada Smelting__________________5 Nevada-Utah M& S_____________ 10 330 330 New Baltic Copper________________ 205 170 Nipissing Mines___________________ 5 113 107 Ohio Copper______________________ 5 212 181 Orphan Copper___________________ 5 113 110 39 Pacific Smelters___________________ 5 87 Porcupine Cent____________________ 11 11 106% 106% Porcupine Nor____________________ 1 Porcupine TM Lt--------------------------120 118 Precious Metals___________________ 5 4 3 14% 14% Preston East Dome________________ Rawhide Coalition________________ 100 100 1% 1% Ray Central_____________________ 5 103 Ray Con________________________ 10 103 Red Warrior M____________________ 300 280 10% 10% Sierra Con________________________ South Utah M & M______________ 5 183 200 98% Standard Silver Lead_____________ I 99% 112% 112% Stewart Mining___________________ 1 11% 11% Superior & Pitts__________________ 10 Tonopah Extension_______________ U 16 16% Tonopah Mining of Nevada______ 1 52 50 Tramps Cons_____________________ 1 340 340 Tri-Bullion_______________________ 5 325 325 690 Trinity Copper_________________ 25 625 Tularosa__________________________ 5 70 58 107% 102% Tuolumne Copper________________ 1 103 102% Union Mines______________________ % % United Copper__________________ 100 115% 114 Preferred_____________________ 100 73 50% United Rico______________________ 1 266 War Dance________________________ 197 2%, 1% West Dome_______________________ 9% 7% Wetlauffer Silver M_____________ 1 20 Yellow Jacket_____________________ 17 86 Yukon Gold______________________5 84  5,320 50,800 315,587 64,810 83,816 115,724 1,800 23,630 3,050 1,000 108,590 58,550 57,800 594,700 8,175 495,400 289,275 400 33,700 31,350 1,635 201,700 364,450 31,435 96,796 382,825 64,145 356,332 519,700 800 13,630 100 2,037 484,713 345 490,600 24,679 232,100 255,474 27,296 460,359 49,831 82,728 1,100 2,800 291,138 20,150 381,800 3,610 166,901 180,673 2,500 221,046 805,110 529,240 256,955 39,400 574,650 203,600 439,402 52,469 4,100 400 47,173 12,000 99,000 11,326 158,995 81,374 71,600 23,900 925 10,850 29,110 148,350 10,512 710 2,100 700 16,100 425,450 46,250 125,690  *13% 1% 3 1% 13 4% *6% *31 *2 1% 6%  %  6% 5 8% 3%6  %  5% 4 8% 2% 1% 160 5% 119 17 2%s 2 3% 6% 1%. 18% 3% 22  %  2% 2% 8% % 8% 8  3% 1% 197 220 8% 10% 131 132 *25 50% 6% 7% *9 9 4% 5 9% 11% 2 1%. 20% 19% 5% 6 *29 29 * 2%6 2% 4% *15 7 20 % % % 4% 4% 7% 10% 6% 11 %6 1 1% 1% *18, 12% 18 % %6 %6 *53 *53 4 *75 *54 1% *37 35 57 1% % 1% *37 9 47 *3% 3 7 2%» 2% 1% 18% 16% 18% 1% 1% 1% 1% 1% 1% 1 1 % 1% 1% 1% % 1% % 13% 13% 17% *98 80 *137 7%, 5%, 8% *2 4% 1% % % 4 4 4% % % 4% 2% 5 7-32 % % 4% 1 4% 10 10 15 *1 1 2 % % % 2 2% 1% 1 3-32 *73 1% *35 35 42 3% 3%6 4%  2% 10 % 6% 6% 1 12%  %6  3% % 52 % 12 7 1% 17% 1% 1% % 1% *99 14% 1% 7 4%  %  4%  %  3%s  %  1% 15 2 % 1% 88 38 3%  1912 For Twelve Months Ending Dec. 31 COMPANY Par  Sales No. Shares  Open  547 12 3,300 700 100 150 70,300 3,322 415,065 3,000  296 296 107 107 3% 3 4% 4% 4% 4% 127 127 3 2% 11 9% 1% 1% 1 %  Range of Prices  Low  High  ♦Cents per share.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Par  Last  RAILROADS American Light & Traction____ 100 Preferred _ .. ___ 100 Atlantic Coast Line rights Chicago Subway certificates _____ Chicago Subway third assess’t paid Del Lack & Western rights w i____ Great Northern rights. _____ Louisville & Nashville rights Manhattan Transit . ______ 20 Norfolk & Western rights._____ __  For Twelve Months Ending Dec. 31 COMPANY  419 405 108% 108% 3% 3 4% 4% 4% 4% 127 127 3 2% 11 9% 2% 1%. 1 %  Sales No. Shares  Range of Prices  Open  Low  High  Last  79 15% 59 150 96% 105% 120 101 500  93 16 61% 152 97% 111 153 101 530  83 16 61% 152 96% 110 125 101 535  INDUSTRIAL AND MISCELLANEOUS Allied Securities Co______ .. Allis Chalmers w i...____ __ Preferred w i _ ___ American Cigar Co __ American Coal Products . Preferred wi_____ _____ American Snuff Preferred___ ___ American Tobacco _____ __ _  ..100 -.100 --100 ..100 ..100 ..100 --100 --100  245,231 80 185 15% 2,500 59 110 150 191 97 5,276 106 192 153 115 101 1,485 500  CURB MARKET  195  1912—(Concluded') For Twelve Months Ending Dec. 31  COMPANY Par  Sales No. Shares  For Twelve Months Ending Dec. 31  COMPANY  Range of Prices Open  Low  High  Sales No. Shares  Last  Range of Prices  Open  Low  53,393 54,433 40,716 3,567 5 783 13,045 11,045 32.718 11,511 770  8X 30^ 15X 81 30 155 71)4 100 79 X 109 X 155  X iox 73 30 150 67 X 99 86 X 109 145  87,705 34,300 1,600 163,600 404,660 588,576 137,903 31,506 171,800 49,450 100 34,050 81,400 100 399,600 192,450 1,200 60,185 142,059 313,000 770,045 85,921 604,700 14,090 88,110 243,416 71,970 142,700 266,663 501,050 4,535 300 80,700 123,370 22,527 530.500 59,435 11,500 2,400 157,230 7,000 200 1,000 113,910 137,710 17,050 72,450 196,860 159,250 22,215 49,300 15,400 151,976 9,050 217,475 7,050 304,200 38,200 134,400 68,756 1,000 185,250 79,545 169,671 500 53,167 13,736 4,000 115,850 215,671 1,000 988,391 268,118 562,841 69,284 750 170,635 93,710 5,300 7,500 17,665 100 400 48,970 246,400 729,100 140,952  7X *30 1 *44 *49 5X 4X IX X 23 X 354 *73 15 X. *14 X. 3 X *13 *12 *73 6)4 54 3 *60 4)4 X 7X 8X *5 190 56 10)4 21)4 X *24 2X 2X 2X 3% 254 2)4 *47 11)4  High  Last  9 30X 23X 89 30 180 72  X. X 15 79 30 172 70 X 99 96X 115 170  INDUSTRIAL AND MISCELLANEOUS—(Concluded.)  INDUSTRIAL AND MISCELLANEOUS— (.Continued.) 10,039 250 American Tobacco, ex-sub______ 247 271 American Tobacco ex-new______ 70 468)4 467 468 X American Tobacco pref new___100 585 102 100 102)4 5,940 98 X Amer Water-Works G Co pref____ 97 X 99 X 2 American Writing Paper______ 100 49,190 2 5X 25,140 Anglo-American C Oil__________ 13)4 11X 16 Anglo-American Coal___________ 750 9)4 9)4 10)4 70 8 8 8 Atlantic Gulf & West Indies____ 100 51 Baldwin Locomotive____________100 13.185 50 56 Bay State Gas___________________ 50 22,083 X X IX. 125 2 125 125 Borden’s Condensed Milk_____ 100 British-American Tobacco________ £ 1,514,360 15)4 15)4 32 X 9 British-American Tobacco rights .. 75,290 9)4 7)4 135 Buckeye Pipe Line______________ 50 190 167 172 53 1,300 53 Brown Shoe____________________ 100 55 X 99 1,550 100 Preferred_____________________ 100 102) 4 152 California Oil___________________ 145 152 185 6)4 , 5)4 Canadian G Marconi_____________ 5 9,017 9 100 100 30 100 Cardenas-American Sugar pref. 100 21,591 100)4 100 105 J I Case Thresh Machine pref_l00 68)4 duett, Peabody & Co_________ 100 800 65)4 68)4 Preferred_____________________ 100 2,820 102)4 101)4 103) 4 453 220 220 285 Conley Foil_____________________ 100 6 24,641 19 Consolidated Rubber Tire______100 6)4 35 59 35 Preferred_____________________ 100 1,245 47 75 68 75 Crescent Pipe Line______________ 50 Cramp Shipbuilding____________100 100 18)4 18)4 18)4 102 Deere & Co, pref_______________ 100 4,852 101X 100 65 ■ Emerson-Brantingham_________ 100 70,170 77 X 78 X 98 47,331 102)4 Preferred_____________________ 100 103 X 28 28 English Marconi________________ £1 35 29 82 B F Goodrich Co_______________ 100 40,846 70)4 86)4 32,211 107 X 105)4 109)4 Preferred_____________________ 100 1,934 B F Goodrich Co new_________ 100 81)4 SIX 83 X 4,202 106)4 108)4 107)4 B F Goodrich Co P C Div______100 8,545 10 Havana Tobacco_______________ 100 3)4 3)4 145 167 1,458 145 G W Helme____________ ..100 10 10 465 20 Preferred_____________________ 100 8)4 Houston Oil____________________ 100 43,490 8)4 26 X 59 4,650 70)4 75 Preferred_____________________ 100 Houston Oil assessment paid______ 2,800 9X 9)4 10)4 63 300 Houston Oil pref assessment paid.. 63 X 63 X 110 184 110 144 Indiana Pipe Line_______________ 50 124 Internationa] Nickel new______ 100 127 140 127 11,600 9)4 International Nickel rights_______ 13)4 9X 17 36,875 20 Inter-Continental Rubber tr ctf. 100 10)4 5 5 5 50 International Salt______________ lOO Internal Smelting & Refining..lOO 175 128 123)4 128 115 293 115 175 Johnson Tin Foil &]Metal______ 100 69 60 6,105 95 Julius Kayser & Co_____________ 100 103 7,742 103 Preferred_____________________ lOO 111)4 Kolb Bakery preferred_________ 100 2,900 99)4 98)4 99 X 72 S S Kresge_____________________ lOO 8,976 47 X 47 X 1,150 102 X 101)4 103 Preferred_____________________ 100 180 61,831 200 265 Lehigh Valley Coal Sales________ 50 156 2,896 172 185 Liggett & Myers Tobacco______100 34 34 Loose-Wiles Biscuit_____________ 100 38,525 43 X 17,111 102 Preferred_____________________ 100 101)4 103)4 85 ' 85 Second preferred_____________ 100 90 810 184 166 P Lorillard_______________ 100 3,539 182 160 MacAndrews & Forbes_________ 100 35,085 163 209 Manhattan Shirt Co w i_______ 100 58 31,535 57 74 Preferred_____________________ 100 104 29,281 101X 100 Marcon i Wireless of America____ 5 24 2,187 24 105 Marconi Wireless of Amer new___ 5 7 119,100 5)4 11)4 Mays Oil___________________________ 13 36 207,110 *36 33 50 National Transit________________ 25 2,735 50 New York Transit_____________ 100 96 320 320 350 New York Transportation_______20 4 885 4 5)4 Northern Pipe Line_____________ 100 120 97 120 135 Ohio Oil_________________________ 25 631 107 84 107 Oil Fields of Mexico______________ 5 13,295 2)4 2)4 IX Otis Elevator___________________ 100 72 75 39 74)4 Preferred_____________________ 100 15 103)4 103)4 103)4 Pennsylvania Textile__________ 100 30,075 15 15 27)4 Pettibone-Mulliken_____________ 100 25 35 12,860 30 Preferred_____________________ 100 99 102 9.185 101)4 Porto Rican-Amer Tobacco____ 100 210 2,533 295 220 Prairie Oil & Gas____ ___________ 100 227 230 96 230 R J Reynolds Tobacco_________ 100 180 14,508 182 295 M Rumely Co w i______________ 100 26,283 98 X 102 X 98 X Singer Manufacturing__________ 100 288 65 287)4 287 Southern Pipe Line_____________ 100 220 220 10 220 Standard Oil (California)_______ 100 205 1,034 205 186 Standard Oil (Indiana)________ 100 321 210 210 235 Standard Oil (Kansas)_________ 100 340 465 250 340 Standard Oil (Kentucky)_______ 100 430 43 375 375 Standard Oil of New Jersey___ 100 21,528 355 429 355 Standard Oil of New York____ 100 596 4,462 350 350 Standard Oil old_______________ 100 780 1100 1,398 780 Standard Oil ex-subsidiaries______ 370 714 370 325 Standard Oil subsidiaries__________ 1,644 525 470 525 Studebaker Corporation________ 100 16,973 58 34 59 X Preferred____________________ 100 104 4,717 103 94 Sulzberger & Sons pref_________ 100 2,065 99)4 99 X 102 Tobacco Products pref_________ 100 109 102,350 95 85 Union Tank Line_______________ 100 80 80 70 270 Un City Manufacturing__________ 10,902 50 X 59 X 52 X United Cigar Stores Co________ 100 106,569 198 182 292 United Cigar Stores w i________ 100 751,500 84 118)4 86 X Preferred w i 100 26,769 107)4 107)4 127  250 467 101) 4 97 X 3)4 16 10)4 8 54)4 X 125 25 8)4 144 55 X 99 X 185 5) 4 100 100 68 102) 4 285 13)4 59 69 18)4 100 65 100 29 78 107)4 106 X 16^  14 17)4 69)4 10)4 63 131 124 13)4 10)4 5 124 166 95 111 98 X 72 101) 4 220 157 42 X 103 90 170 203 70 102) 4 292 6) 4 19 34 350 5 132 100 7^  Preferred____________ U S Light & Heat new.  Preferred w i.  ioix  97 X 118 185  MINING American Gold Porcupine___ Bear Top O ConM__________ Beaver Consolidated_________ Big Four_____________________ Braden Copper___________________ 5 British Columbia Copper_________ 5 Buffalo Mines, Ltd_______________ 1 Butte & New York_______________ 1 Butte Coalition_________________ 15 Calaveras________________________ 5 Caledonia Mining_________________ Chesterfield Copper______________ 1 Colonial Silver____________________ 5 COD Consolidated_________ Cons Arizona Smelters, new_____ 5 Crown Reserve___________________ 1 Davis-Daly Copper______________ 10 Diamondfield Daisy_________ Diamondfield Black Butte__ » El Paso con_________________ El Paso new_________________ Ely Consolidated________________ 10 First National Copper__________ 5 Florence ___________________________ Giroux Mining____________________ 5 Gold Hill Consol_____________ r.-10 Goldfield Mining_________________ 2 Greene-Cananea new___________ 20 Greenwater Copper M & S_______ 5 Guggenheim Exploration_______ 10. Guggenheim Exploration new___ 25 Inspiration Copper______________ 10 Inspiration Consol w i___________ 20 Inspiration rights_________________ Jumbo Extension_________________ 1 Kerr Lake_________________________5 Keystone Copper__________________ La Grange Placer_________________ La Rose Consolidated____________ 5 Lighting Creek G D_______________ Live Oak___________________________ Man Big Four Mining------------------Mason Valley new________________ 5 McKinley-Darragh-Savage_______ 1 Mines Co of America new_______ 10 Motherlode Gold------------------Mutual Mining Co__________ Nevada Hills_____________________ 5 Nevada-Utah Mining & Smelt..10 N J Mines Co______________________ Night Hawk Lake________________ Nipissing Mines Co______________ 5 North Butte Development_______ Ohio Copper_____________________ 5 Ohio Copper first preferred-----------Pacific Smelters__________________ 5 Porcupine Central_________________ Porcupine Northern-------------------- 1 Porcupine Southern_______________ Porcupine T M Lt-------------------------Preston East Dome________________ Pueblo S & R w 1__________________ Ray Central______________________ 5 Sierra Consolidated______________ 10 Silver King Consolidated_________ 1 Silver Live Oak___________________ Silver Leaf_______________________ 1 South Utah M &M_______________ 5 Stewart Mining___________________ 1 Temiskaming---------------------------------1 Tonopah Merger_________________ 1 Tonopah Extension------------------------1 Tonopah Mining of Nevada_____ 1 Tri-Bullion_______________________ 5 Trinity Copper_________________ 25 Tularosa__________________________ 5 Tuolumne Copper------------------------- 1 Union Mines________________  103 X 24 28 X 99 290 227 265 101)4 287 220 197 235 450 430 426 560 1100 363 525 39 X 94 101 Preferred 99 War Dance. 73 59)4 West EndExt------------------------292 115) 4 Wettlaufer Silver Mining-------------- 1 116) 4  7X 13X 13X 32 30 37 1 IX IX 43 36 50 74 38 75 5 iox iox 3X 6X 4X 2 IX 2X IX X 2X 23 21 X 23 X 3X 3X 3X 32 80 40 15 9 9 X. X. X. 4 14 7X X % X 3 3X 3X 3 X 1% 3 16 5 5 3 12X 72 IX IX 6X 5X 6X *9 11 X 4X IX IX *52 58 IX 3% 3X 6X X X X 7 8 5 11 9 7X 9 4 4 232 178 223 56 55 55 10 10 iox 19X 17X 21X X. X X. 58 33 20 3X 2X 2X 3 IX 2X. 2X 2X 2X 3 2X. 4X 2X 2X 2X 2X 2X 2X 50 47 50 10X 14X iox 2 2X IX 4 4 3 2X % IX % % 60 73 *71 42 IX. 2% 2)4 IX X X 3X *3X 18 *17 15 17 *14 15 12 12 9X 9X 654 5X 30 X *23 X 1 IX 2X« X X % X X X. X X X 5 5X. 3X 3X 2X IX. X X IX. 2X. IX. 2X 52 47 *52 47 13 *13 5 5X 2X 2X IX IX IX 2X 2X IX IX IX IX IX % % IX. IX 2 4X IX 2X 4 4 *4 4 X IX X X. *90 *90 2X 2X 41 41 *41 41 84 IX IX. *71 3 2X. IX. IX 6 6X. 8X 7X 1 X X X 5X. 5X 5X. 5X 1 IX X X 3X 4X 3X 2X Vs X. X X. Ms X. X X 3X IX IX IX 10 10 10 10 X X X X 1 IX 1% IX 15 40 *23 15 25 89 22 *88 4 3 3X 3X  1913 For Twelve Months Ending Dec. 31  For Twelve Months Ending Dec. 31  COMPANY Par  Sales No. Shares  Open  553 440 10 106X 24,500 X 18,090 4X 278,375 IX 208,500 2X 6,000 1 604,500 X 10,000 X. 1,200 103X 92 77,300 89,000 X 229,200 X  INDUSTRIAL AND MISCEL. Allis-Chalmers. ____________ . 100 American Cigar. ______ ___ .100 * Cents per share.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Low  High  Par  Last  Range of Prices  Sales No. Shares  Open  38,000 64,300 1,030 55,122 32,100 200 3,200 567,030 77,400 2,250 2,810 210 930 1,364 7,223 684  2 19)4 12 11)4 X 25 25 57 98 X 41 70)4 102 X 18 75  Low  High  Last  INDUSTRIAL AND  RAILROADS American Light & Traction___ .100 Preferred . _____ ____ .100 Baltimore & Ohio rights . . _ . Canadian Pacific rights.. Manhattan Transit.. _______ ..20 N Y N H & Hartford rights Norfolk & Western rights. Pennsylvania RR rights_____ St Patil rights . ________ Southern Pacific w i. .100 Southern Pacific certificates of int. Southern Pacific rights. . ._ Union Pacific rights .  COMPANY  Range of Prices  1,900 20  10 151  MISCELLANEOUS—(Continued.) 415 340 338 106 X 106 X 106X American Sugar Refining rights— American Tel & Tel rights-------------X X. 4X 4X 4X American Writing Paper----------- 100 IX Anglo-American Oil___________ £1 2X. IX 1% Anglo-American Oil new---------------IX 2X 1 X Atl Gulf & W I SS Lines pref—100 X IX IX Bay State Gas----------------------------- 50 X X X. X. British-American Tobacco---------- £1 100X 103 x ioo x British-American Tobacco new..£ 92 96 X 94 x Brown Shoe____________________ 100 Preferred_____________________ 100 X X X 100 X. Burns Brothers__________ IX. X Cluett, Peabody & Co-------------- 100 Preferred_____________________ 100 10 8X Consolidated Rubber Tire---------100 7X Preferred_____________________ 100 151 151 151  1*  *20 23-32  1  16)4 11)4 11 X X. 19 X 23 X 50 87 X 41 56 95 17 75  1* 2 25)4 13)4 12 X. 27 X 28 59 102)4 44 71)4 102)4 41 109  23 X IX 24 X 13 X 12 X. 24 23 X 50 88 X 44 56 96 40 107  CURB MARKET  196  1913—{Concluded) For Twelve Months Ending Dec. 31  For Twelve Months Ending Dec. 31  COMPANY Par  Sales No. Shares  Open  High  Low  INDUSTRIAL AND MISCELLANEOUS— (Concluded.) Continental Can_______________ 100 Preferred_____________________ 100 Electric Boat___________________ 100 Emerson-Brantingham_________ 100 Preferred_____________________ 100 Havana Tobacco_______________ 100 Houston Oil____________________ 100 Intercontinental Rubber tr ctfs_ 100 Kaufmann Department Stores, 100 Preferred_____________________ 100 Lehigh Valley Coal Sales________ 50 Manhattan Shirt pref w i_____ 100 Marconi Wireless of America new, 5 Maxwell Motors_______________ 100 First preferred_______________ 100 Second preferred_____________ 100 MacAndrews & Forbes_________ 100 Preferred_____________________ 100 Mays Oil________________________ Meyers Gas Gener_____________ Moab Oil Co____________________ National Sugar________________ 100 New York Transportation_______ 20 Oil Fields of Mexico______________ 5 Pennsylvania Textile___ ,______100 Peoples Gas rights_________________ Porto Rican-American Tobacco 100 Pueblo Smelting & Refining______ R J Reynolds Tobacco_________ 100 Riker & Hegeman Corporation, Riker & Hegeman Corp new_____ 5 3avoy Oil_________________________ 5 Standard Oil of New Jersey____ 100 Tobacco Products______________ 100 Preferred_____________________ 100 United Cigar Stores w i________ 100 Preferred w i________________ 100 U S Lfght & Heating new_______ 100 Preferred new________________ 100 Willys-Overland_______________ 100 Preferred_____________________ 100  Par\  Last  Range of Prices  Sales No. Shares  Open  Low  High  Last  MININ G— (Concluded.) 1,165 490 50 10,896 3,441 500 10,240 10,270 856 610 806 2,024 44,081 1,462 2,589 1,395 11 50 212,700 4,240 1,500 1,238 400 4,900 800 15,863 40 120,783 232 415 47,200 1,700 31,539 50 84,585 691,362 4,565 17,965 10,231 9,645 2,432  39 100 92 12 12 23 68 k 100 91 3k 4k 14 17k 9k 6k 51k 47 k 96 98 k 215 • 188 102 Vi 98 7 3)4 4k 2k 31k 18)4 10 6 198 198 102 102 *16 14 6 6 *25 25 95 104 k 4 4 2 % 18 12 2 2k 248 245 1 2k 260 260 108 108 6% 7k 6 8) 429 328 137 y2 130 99 75 116 76)4 116 109 3 12k 76 17 64 50 98) 82  MINING Alaska Copper_________________ Alaska Gold Mines_____________ 10 Alaska Gold Mines F P_________ 10 Arizona Belmont__________________ Atlanta_____ „____________________ 1 Bailey_____________________________ Barnes-King Devel______________ 5 Beaver Consolidated_____________ 1 Bessie Gold Dredge________________ Preferred________________________ Big Dome_________________________ Big Four___________ ,_______________ Boston & Montana_______________ 5 Braden Copper___________________ 5 British Columbia Copper_________ 5 Buffalo Mines, Ltd_______________ 1 Butte & London___________________ 5 Butte & New York_______________ 1 Canadian Gold Silver__________ Caribou Cobalt___________________ 1 Chambers Fernald_____________ Chesterfield Copper______________ 1 COD Cons_________________ Combination Fraction_________  COMPANY  Range of Prices  28,520 116,810 49,400 341,800 4.500 25,200 2,100 84,550 17,452 3,410 510 566,658 2,725 402,665 105,280 65,486 7,100 28,265 690,046 224,895 1,000 56,900 225,050 3.500  14 15)4 *40 10 6k 1 *43 5k 5k 12 *70 5 10k 4k 2k *30 1 *15)4 *55 16 9k *7 4)4  5 8)4 15)4 3 9 5)4 lk 28 5)4 5k 12k 8 5 5k 1)4 lk 29 k 10 53 16 4 2 4  Consolidated Arizona Smelt_______ 5 Consolidated Copper Mines_______5 39 57 k Crown Reserve___________________ 1 100 93 Davis-Daly Copper______________ 10 12 12 Diamondfield Black Butte______ 25 68 k Diamondfield Daisy____________ 101 91 3k Dome Mines_____________________ 10 4k El Paso new______________________ 5 14 22 k Ely Central_____________________ 10 8 13 k 56 47 k Ely Consolidated________________ 10 98 k First National Copper___________ 5 100k Florence___________________________ 220 188 Foley O’Brien____________________ 1 103 98 7 3k Giroux Mining____________________ 5 5 3)4 Goldfield Consolidated__________ 10 Gold Hill Consolidated__________ 10 35 22 Greene-Cananea________________ 20 7 10k Greene-Cananea new__________ 100 198 198 Greenwater Copper M & S_______5 102 102 Halifax Tonopah_____________ 1 28 17 7k 7)4 Hollinger__________________________ 5 Iron Blossom___________________ 25 25 Jim Butler________________________ 1 105 95 Jumbo Extension__________________ 1 5 5 Keene Wonder__________________ 1 2)4 Kerr Lake_________________________ 5 18 13 2 k. 2)4 Kewanus_____________ __________ Keystone Copper_______________ 245 248 3k 2k King Edward___________________ La Rose Consol__________________ 5 274 274 Lighting Creek G D____________ 160 160 7k 7 k Mason Valley new________________ 5 McKinley-Darragh-SaVage____ 10 10 McNamara__________________ . 405 448 Mines Co of America new_______ 10 140 140 100 84)4 Mizpah Ex________________________ 116 94)4 Montana Tonopah_______________ 1 118)4 110k Mutual Mining Co________________ Nevada Hills________________ *___ 5 5 12k N J Mines Co______________________ 76 25 New Utah Bingham_______________ 59 69 k 84 k Nipissing Mines__________________ 5 98 k North Butte Devel________________ Ohio Copper______________________ 5 Oro________________________________ 6) 5k Pacific Smelters____________________ Peterson Lake____________________1 11' 16)4 18,. Preston East Dome________________ 20)4 40 3k Rescue Eula_______________________ 10 9k South Utah M & M______________ 5 7 5k Standard Silver Lead_____________ 1 Stewart Mining___________________ 1 2 Temiskaming_____________________ 1 44 32 Tonopah Belmont________________ 1 17 17 13)4 13k Tonopah Extension_______________ 1 Tonopah Merger__________________ 1 13 13 Tonopah Mining ofNev__________ 1 94 8 5k Tonopah No Star__________________ 5k 10)' 7k Tri-Bullion________________________5 4)4 2k Trinity Mining_________________ 25 1% Tularosa__________________________ 5 2k Tuolumne Copper________________ 1 35 32 k Union Mines______________________ lk United Copper__________________ 100 27 10 72 Victor Tonopah____________________ 68 West End Cons___________________ 5 16 16 14 4 West End Ex______________________ Wettlaufer Silver M______________ 1 3 8)4 6 Yukon Gold______________________ 5 5  22,200 10,667 8,845 23,610 178,400 16,750 6,105 120,015 7,350 459,810 20,070 56,926 1,000 356,500 120,168 372,000 78,874 2,839 302,995  k 2k 3k 2 k. *5 *4 12k 6k 2 *10 2 k. *58 19 3k  1%  ' ' ' ' ' 1 i ' ' ' i ' i i  k 9k 34 *6 lk 17 k 118 73 k 33 12 2k 3 lk 5 3 2k 10k 2 8 3 k. *31 *96 *59 lk *17 *76 9 *28 lk 8 k. 27 2 10 k lk 2k 13 7 k. 2k *85 6 k, lk. k 5 lk, 3k k« lk *34 lk, *10 *25 3k  k, k, k 2k lk 3k lk 3k lk 2 1 2% 2 6 lk 4 2 5 15 19 k 12k 3 6k 2 k, 3 2 1 1 16 lk 3k 4k lk, 58 26 22 19 19 19 3% lk lk 2 ik. lk 18 14k k. 7 9k 5k 35 30 k 28 k 4 7 5 2 1 lk, 17k 17k 17k 120 115 120 66 k 73 k 66 k 8 40 14 12 12 11 4% 2k 4 k, 2 3 2k lk lk lk 5 5 5 1% 2 k, 3k 3 3k 2k 3 10k 3k 1 2k 1 1-32 8 8 8 3k 2 k. 2 k. 31 28 27 96 96 88 50 48 71 46 *43 lk 19 15 17 80 41 k, 7k 7k 9k k. k. k lk k k 8 7k 8k 3-32 7-32 k 26 27 26 2 2 2 10 11 10 k k k, lk. ik lk 2k ik lk, 15 14 12k 7k 7k 7% 2% lk lk 48 1 5-32 52 4k 7k 7k 1 99 lk. k k 5 5 5 lk. k. k. 3k k k *6 8 k, k lk k 34 26 26 1 ik. lk 2 12 4 7 25 8 2 3k 2 k.  1914 For Twelve Months Ending Dec. 31 COMPANY  Sales Par  Shares  Open  Low  High  Southern Pacific rights________ United Cigar Stores rights____  U P rts ev S3 C div___________ United Profit Sh rights______ Western Union rights_________  ♦Cents per share.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Sales No. Shares  Range of Prices Low  High  Last  110 103 69,875 4k 75,251 3k 48,752 22 46,857 7 43,600 18 1,800 48 50 100k 12,100 57 6,235 97 k 750 4k 45,595 2k 50 7 476,075 7k 43,700 23 60 160 27,409 13 118,875 7k 62 370 100 52 k 22,859 84 k 218,560 9 114,163 94 k 3,127 114 10 140 398,595 5k 118,543 3k 8 1,595 175 22 79,900 5k 24,288 58 1,853 90 97,482 6k  103 2k 3k 22 7 15 46 k 100 k 44 90 4k 2 7 6k 21k 160 7 3k 48k 51 81k 8k 85 k 109 140 3k 3k 3 20 3k 58 90 2k  103 6 16 48 k 20k 25 49 k 100 k 57 k 98 k 5k 2k 7 10k 33 168 14k 7k 62 52 k 88 k 9k 95 k 118 140 18k 4k 8 37 6k 91k 96 6k  103 2k 14k 41k 17 15 49 k 100 k 45 k 95 5k 2k 7 7k 29 168 7k 3k 48 k 51k 87 k 9k 91 101 140 17 4 k3k 20 3k 84 k 93 5 k,  100 181,668 4,668 90 10,605 45 45 6,064 3,732 532 1,223  28 10k 465 275 95 660 99 197 39 k 46 220  28 18k 850 375 183 690 116 273 66 73 355  28 14k 575 295 112 660 105 225 39 k 57 235  Open  INDUSTRIALS AND MISCELLANEOUS—(Concluded.) 960 178,178 10,109 13,000 65,380 10,500 670 16,700 17,470 8,065 46,550  75 k 3% lk lk lk k 2k 28 37 87 3k k 4k 27 Ilk k  74 k 2 k, lk lk k  1,745 14k 500 1 75 15k 820 28 1,350 k 48,531 23 k 55,300 23 k 50 50 100 50 80 98 200 5k 510 101 115 42 300 94 k 100 25 100 42 4,722 25 k 100 18 100 15k 15,010 15 9,437 83k 75 110 12,945 39 1,256 107 220 77 237 95 475 195 500 2k  13k k 14k 24 k  30,000  76,400 145,983 780 1,500  k.  2k 25 33 81k lk k 2 27 Ilk k  75k 6 lk 2k lk. k 2k 30 40 k 87 k 3k % 4k 30 13k k  75 2 k, lk 2 % k. 2k 25 33 81k 2k k 3k 27 k 13 k  15 1 15k 28 k k 24’k 24 k 50 50 98 5k 101 43 94 k 25 42 25 k 18 15k 20 10k 110 71 145 78 97 195 2k  13’k k 15 k 25 k. 17 17k 50 50 91 5k 101 43 90 25 42 24 k 18 15k 10 6 110 69 145 78 95 165 2  INDUSTRIALS AND MISCELLANOUS. American Druggists’ Syndicate.. 10 American Writing Paper. _ 100 Atl Gulf & W Ind SS L_________ 100 Auto Sales Gum & Chocolate___ 100 Bay State Gas___________________ 50 Brit-Am Tob, ord______________ £1 Ordinary bearer_______________ £1 Brown Shoe_________________ .100 Burns Bros_____________________ 100 Preferred____________________ 100 Camden Ref wi_________ Cluett, Peabody & Co pref_____ 100 Continental Can_________ 100 Preferred_________________ .100 Electric Boat___________________ 100 Preferred____________________ 100 Elk Horn Fuel_____________________ English Marconi________________ £1 English Marconi pref___________ £1 Houston Oil____________ _ 100 Intercontinental Rubber tr ctfs. 100 Inter Smelters_____________________ Kelly-Springfield Tire_________ 100 Preferred___________________ 100 New 1st pref_______________ Z Z100 New 2d pref_____________ )___100 Lehigh Valley Coal Sales_______ 50 Liggett & Meyers rts_______________  Par  Last  RAILROADS AND MISCELLA NEOUS RIGHTS Baltimore & Ohio pref wi_____ 100 Consolidated Gas rights_____ Detroit-Edison rights.._____ Great Northern rights____________ Manhattan Transit_____________ 20 North American rights________ R J Reynolds rights__________ Riker-Hegeman rights_______ Rock Island new_____________ Rock Island pref new_________ Rock Island rights___________  For Twelve Months Ending Dec. 31  COMPANY  Range of Prices  15 16 50 50 98 5k 101 42 90 25 42 24 k 18 15k 10 5k 110 39 105 75 90 150 2  Manhattan Shirt pref w i_______ 100 Marconi Wireless Tel of Am new. .5 Maxwell Motors com__________ 100 1st pref______________________ 100 2d pref________________________100 Mays Oil___________________________ Montana Power________________ 100 Preferred____________________ 100 National Cloak & Suit_________ 100 Preferred____________________ 100 New York Transportation_______ 20 Pueblo Smelt & Reg____________ Riker & Hegeman new___________ 5 Riker & Hegeman Corp__________ 5 Riker & Hegeman Corp rights_____ Riker & Hegeman Corp old____ 100 Savoy Oil_________________________ 5 Sterling Gum w i__________________5 Stewart-Warner Speedometer. .100 Stewart Warner____________________ Tobacco Products pref_________ 100 United Cigar Stores new_________ 10 United Cigar Stores of America .100 Preferred____________________ 100 United Fruit____________________ 100 United Profit Sharing Corp_______ United Profit Sharing new________ 1 U S Light & Heat new_________ 100 Preferred____________________ 100 Wayland Oil & Gas_______________ 5 Willys-Overland_______________ 100 Preferred____________________ 100 World Film________________________5  STANDARD OIL SUB­ SIDIARIES Anglo-American Oil_____________£1 Anglo-American Oil new__________ Atlantic Refining______________ 100 Borne-Scrymser Co_____________ 100 Buckeye Pipe Line______________ 50 Chesebrough Mfg Co (Cons)___ 100 Colonial Oil____________ 100 Continental Oil________________ 100 Cresicent Pipe Line______________ 50 Cumberland Pipe Line_________ 100 Eureka Pipe Line_______________ 100  CURB MARKET  197  1914— (Concluded) For Twelve Months Ending Dec. 31  COANYLYY Par  Sales No. Shares  For Twelve Months Ending Dec. 31  COMPANY  Range of Prices  Open  Par  Low  High  Last  166 154 120 86 31 216 83 140 60 13 345 235 229 191 118 270 15K 388 325 670 232 305 355 176 367 106 72 170 37  196 154 165 158 47 K 333 133 198K 116 20 K 610 400 425 265 170 366 24 577 538 710 299 505 436 248 480 338 107 258 77  166 154 130 98 K 37 220 92 142 60 16 459 263 260 205 121 312 23 K 468 358 680 248 345 397 200 440 172 83 200 37  24 K IK 18 6 4K 5K 4K IK K *34 K 38K 65 K IK 3K 60 4 10 K IK K IK *63 K 4  60 IK 33 16 11 10K 9K 4K 2K 36 IK 38 K 65 K 2K 10K 73 14 20 K 3K. K IK IK 2%, 7  52 IK 22 7 6K 9K 6K IK K 34 K 38K 65 K IK 8 63 8K 11 K IK K IK  STANDARD OIL  SUBIDIARIES— (.Concluded.) Galena-Signal Oil _ __________ inn Preferred _. ___ inn Illinois Pipe Line wi. ______ inn Indiana Pipe Line___ ______ 50 National Transit. ___________ 25 New York Transit . ________ inn inn Northern Pipe Line_____ . i )hio Oil ____ . _ 25 Pierce Oil Corp _ . _ _____ ..25 Pierce Oil new ... .... I’rairie Oil & Gas _________ inn inn Solar Refining. ______ ._ South Penn Oil. _____ __ ____ inn Southern Pipe Line _ _ . _ _ inn Southwest Penn. Pipe Line.. inn Standard Oil (California) ___ _1UO Standard Oil (Cal) rights___ Standard Oil (Indiana)______ mn Standard Oil (Kansas). _ inn Standard Oil (Kentucky) _ . .inn Standard Oil (Kentucky) new Standard Oil (Nebraska) _ .. inn Standard Oil ofN.J_______ _ inn Standard Oil of N. Y____ __ Kill Standard Oil (Ohio).. _______ inn Swan & Finch Co. __________ inn Union Tank Line___ _______ inn Vacuum Oil _. ___ inn Washington Oil_____ _________ ..in  5,124 2 285 8,393 20,521 2,064 5,448 58,084 14,500 16,229 29,374 2,863 13,227 5,727 1.003 48,099 15,270 11,323 2,900 122 9,235 614 27,736 26,754 3,250 589 19,966 17,951 378  MINING Atlanta_____ . _ . ___ ____ 1 Barnes-King Development.. 5 Beaver Consolidated_______ ...i Big Four_________ ___________ Blue Bell . ...._____ Boston & Montana. _____ 5 Braden Copper__________ .. 5 British Columbia Copper . 5 Buffalo Mines Ltd_____ ____ 1 Butte & London. _____ _. . 5 Butte-New York______ ___ 1 Butte & Superior. _______ . in Calumet & Arizona in Canada Copper Corporation . ...5 Canadian Gold Silver. _ _ _ Caribou Cobalt . . ...l C. O. D. Cons .. .. . ____ Combination Fraction. . Consol Arizona Smelt. ______ 5 Con Copper Mines . _ _ ...5 Consolidated Nevada-Utah Copper Mines _ Crown Reserve. _ _________ ...1 Davis-Daly Copper ..10 Diamondfield Field Daisy .  935,000 700 55,700 56,700 195,250 40,185 223,215 143,381 68,975 3,200 8,300 100 35 20,000 268,300 202,048 172,600 102,700 114,038 18,400 67,750 2,940 103,150 9,710 74,500  24 K IK *30 *12K 5 5K 7 2K lYs *34 ys 38K 65 K 2K 19 *68 5 *11 K 2K y» iys 2 *4K  6K  Sales No. Shares  MININ G— (Concluded.) Diamondfield Black Butte 108,210 El Paso Con.. ._ _ _________ 5 6,230 II) Ely Central ..... 2,300 Ely Consolidated______ .. .10 113,000 Eureka Consolidated . .. 25,100 First National Copper_____ -.5 2,637 Florence _____ ____ __ _ ___ 265,900 Giroux Mining ____ . . .. 5 400 Gold Hill_______________________ 10 239,600 Goldfield Consolidated.10 1,622,485 ..1 Goldfield Merger. ____ __ 44,200 Greene Cananea Copper _. .. 460 20 Greene-Cananea old.____ 62 Greene-Cananea new . .____ 100 23,575 Greenwater Copper M & S _ _ 5 369,862 .1 Halifax Tonopah 9,800 Inter Mines Dev Co ______ 76,460 Jumbo Extension_____ .. ____ 1 1,830,300 5 127,802 Kerr Lake ... . _____ King Edward. _____ . .. ..5 7,000 Kewanus .. _________ ____ 123,300 Keystone Mining. ._ . . 200 La Rose Consolidated-. ______ ..5 72,220 Lone Star ________ _ .. .. 13,100 Mason Valley new.____ _ _ ..5 5,517 McKinley-Darragh-Savage. 1 256,247 24,700 Mines Co of America new. .10 Mutual Mining Co ____ ... 500 Mutual Mining & Leasing pref 7,370 Nevada Hills. ........ 5 131,670 ..1 Nevada Wonder . ___ 200 New Utah Bingham__________ 40,450 New Utah _____ 16,500 Nipissing Mines Co ... ..5 151,962 North Butte Development 8,600 Ohio Copper_______ ______ -.5 4,650 Oro _ . ______ ____ 1,355,975 Pacific Smelters ______ 34,700 South Utah M & M . . -.5 5,675 84,760 Standard Silver-Lead____ Stewart....____ ... ..1 243,835 1,900 Stewart Min tr ctfs____ _ . .. 1 300 Tonopah Belmont .. . ____ __ 1 Tonopah Merger _____ 597,940 Tonopah Extension. .. __ ..1 106,043 Tonopah Mining of Nevada 1 14,728 Tri-Builion .. . _ . . _____ 5 1,300 5 Tularosa _ ._ ____ 30,600 Tuolumne Copper____ __ _____ ..1 16,515 2,000 Union Mines . . ______ . 5 Union Copper______ _______ 200 50c 1,200 United Verde Ex _________ West End Consol____ . _____ ..5 467,051 West End Ex 267,300 14.900 Wettlaufer Silver Mines _____ ..I White Knob Copper pref______ 774 Yukon Gold Mines____ ____ -.5 14,480  Range of Prices Open  *4 2K *3 *4K *3 3K *25 IK *20 IK. *41 10 6K 30 15 IK *28 *14 3K. *2 *20 IK 1% *10 3K 1 2K *50 1 *45 IK *40 K 7K K. K. *10 K K IK IK IK. 7K *52 IK 6K 3-32 K *55 *5 K IK IK. *3 ♦4 K 2K.  Low  2 IK 3 2K 3 IK *24 K *20 *89 36 10 5K 21 4K *24 21 *13 3K. 2 20 IK K 10 2K *44 2K 50  1  20 IK 36 K 5 K« K. 5 3-32 K IK 1 IK. 7K 26 IK 5K K« 3-32 23 5 K IK *46 1 4 K IK  High  Last  10 6K 2K IK 3 3 5 7 7 7 3K IK 67 1K. 1 IK K« K 1K« 2K 32 42 10 10 6K 5K 2842 K 5 7K 34 IK 36 30 4 2K 6 4K 4 4 35 30 IK IK 2 K 14 16K 2K 3K IK. *55 3K 2K 50 50 2K 2K 61 30 IK 69 i 61 K. 6 8 K» K K« K 21 13 K K K. K IK IK IK. 1% IK. IK. 7K 7K 36 72 3 2% 7% 7K K K. 87 K 6 K 2K. IK 5 8 IK 3K  24 6  K 2 57 3 7 IK 2K  1915 For Twelve Months Ending Dec. 31  For Twelve Months Ending Dec. 31 COMPANY  Par  Sales No. Shares  Open  159,100 25 87,500 1,800 6,700 320,000 24,320 26,320 5,400 150 501.653 21,054 5,810 105,055 95,245 123,476 57,000  IK 104 K K K K 27 78 20 50 IK 6 22 K 14K 51 30 K  365 18,300 36,125 25 25 10 54,930 9,730 194 10 13,310 2 185 5,850 4,100 16,790 555,613 153,875 24,025 100 1.690, 80 2 100 25,450 31,305 1,740 40,060 100,995 38,285 400 415,595 24,297 720 1,578 744,650 8,925 125,480 24,720  132 67  Range of Prices Low  COMPANY  11)0  i_ _ 100  100 100 100 100  * Cents per share,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  100 .50  25 100 100 100 100 100 100 IOO 100 100 100 100 25 100 100 100 100 61 61 100 100 100 1 0 100 .1 100 Kill IOO 25 100 100 100  Range of Prices  Open  IK 104  1,900 Chalmers Oil_____________________ 5 TYi Chalmers Motor w i____________100 2,435 162 Chandler Motor________________ 100 60,505 93i2-95 Chevrolet Motor Car w i_______ 100 127,837 100 Cosden & Co 244,120 6K Cramp Shipbuilding____________100 146,334 30 Crocker-Wheeler_______________ 100 85 82 Cushman’s Sons preierred_____ 100 200 97 K Delaware Lack & West Coal____ 50 75 291 Diamond Match_________ ,..100 5 94 Dominion Steel__________ ...100 5,849 47 Driggs-Seabury Ord w i________ 100 62,155 66 K 8,335 Rights___________________________ 25 Eastern Steel___________________ 100 4,195 30 100 Preferred____________________ 100 66 Electric Boat___________________ 100 135,518 29 61,053 Preferred____________________ 100 51 100 Elk Horn Fuel__________________100 20 Emerson-Brantingham_________ 100 205 35 Emerson Phonograph_____________ 5 91,287 9 Federal Dyestuff & Chem_______ 50 6.550 35 4,816 Fisk Tire________________________ 60 137 12.943 64 70 K Guantanamo Sugar______________ 50 1 Hall Switch & Signal___________ 100 69,912 15 Preferred____________________ 100 20,353 36 24 2,460 76 K 100K Hartman Corp_________________ 100 Haskell & Barker Car_____ (no par) 12,950 150 53 K Hendee Mfg____________________ 100 67,904 24 41K 10,014 95 Hopkins & Allen Arms_________ 100 85 Preferred____________________ 100 605 102 80 Houston Oil____________________ lOO 120,830 87 10K 310 55 Preferred______________________ 100 15 85 62,203 Intercontinental Rub tr ctfs____ 100 5K Internat Arms & Fuse Sec Corp .25 4,020 48 20 K 1 Internat Merc Marine ctfs____ 100 2,058,520 IK 46 Preferred ctfs________________ lOO 1,875,543 4K Engraved trust certfs________ 37,915 33 2K New common w i____________ 9.261 37 69 New preferred w i___________ 11,974 55 31 46 Internat Motors_______________ 100 291,389 2K Preferred____________________ 100 34,856 21 9K 12,175 135 Internat Nickel________________ 100 15 26,471 49 75 Internat Nickel new____________ 25 Internat Petroleum____________ f 1 300 377,676 8K Internat Steam Pump____________ 23,398 4 28 Preferred A w. i_________________ 400 96 14 K Preferred B w. i_________________ 1,700 54 15K 61 79 Jewel Tea______________________ 100 10,280 Preferred____________________ 100 8,750 99 35 Kathodian Bronze pref___________ 5 337,085 85 3 Kelly-Springfield Tire__________ 100 37,911 69 102 126 1st preferred__________________100 11,426 76 2d preferred__________________ 100 2,054 93 2K New stock wi_________________ 25 44,775 75 71 27,330 10 80 Keystone Ord__________________ Kresge (S S) wi__________________10 14,000 65 13K 18 191,240 6K Lake Torpedo Boat______________ 10 68,710 1st preferred___________________ 10 20 53 K 46 14 Lee Tire & Rubber______ (no par) 9,000 Lehigh Valley Coal Sales________ 50 126 160 31  Low  High  7K 162 77 93 6K 29 K 82 97 291 94 47 66 K 25 30 66 29 50 20 18 9 35 60 56 12 27 76 53 K 27 35 80 9 54 5K 20 K K 3 33 37 55 2K 18 135 49 8 4 96 54 59 98 K 3 69 76 92 K 72K 10 13K 10 13 46 160  8K 8K 165 172 96 83 K 157 133 15K 14K 93 86 K 103 103 97 97 K 305 305 94 94 52 47 190 140 30 28 40 39 66 66 580 470 500 570 20 20 35 21 14K 15K 46 46 K 126 125 K 65 71 36 23 42 55 76 77 K 59 54 K 43 K 28 K 58 73 95 102 K 23 25K 66 K 66 K 16K 18K 30 28 K 24 K 20 K 77 77 K 54 K 52 K 56 56 75 70 53 27 48 74 209 210 52 50 K 13 14K 40K 40 K 99 K 99 K 60 60 65 62 K 100 99 K 68 31K 309 292 K 96 K 98 K 172 173 78K 74 K 12 10 17 16K 50 12 14 26 K 46 K 50 K 167 167  Last  INDUSTRIALS AND MISCELLANEOUS— {Concluded.) K  104 3-32 K K 22 K 72 K 17K 40 K  22 K 10 38 K 19K K  K IK K 27 78 K 20 K 50 IK 6K 24 K 15K 51 30 K  INDUSTRIALS AND MISCELLANEOUS Aetna Explosives _ ___ Ajax Rubber Tire.. Alliance Film Corp. ____ __ Amber Oil & Ref.. ._____ __ Am Brake Shoe & Fdy. . __ Preferred .... Am-British Mfg.__________ __ Preferred Am Graphophone___ ____ Preferred .... ___ Am Int Corp .... American Machine & Foundry Am Shipbuilding__________ Am Thrift Society, pref_____ Am Tube & S Co . _____ __ . Am Writing Paper_____ ______ Am Zinc, Lead & Smelt______ Atl Gulf & W I SS._. _________ Preferred . ... Auto Sales Gum & Chocolate . Bankers Dis Corp. . _______ Bethlehem Steel, w i__ ______ Bliss (E W) Co.. . ..................... Bridgeport For & Proj _ .. . Brit-Am Tob, ordinary _ Ordinary bearer _ Burns Bros.. .. _______ Canada Steel Canadian Car & Fdy. . . . Preferred___ __________ Canadian Gen Elec . _ Canadian Nat Gas Corp ___ Carbon Steel______ __ ______ 1st preferred___ 2d preferred. _. Car Lighting & Power____ . Carriage Fact (Can). _ Central Foundry____ _ ._ _. Preferred . . _____ ________  Sales No. Shares  Last  RAILROADS AND MISCEL= LANEOUS RIGHTS Amalgamated Copper rights. Boston & Maine_____ __ ______ Chic Milw & St Paul rights Delaware & Hudson rights___ Detroit Edison rights_________ Erie rights ._ .. ____ Interborough Cons Corp com w Preferred wi _________ Missouri Pacific wi _ _______ Missouri Pacific preferred w i New York Central rights.. . Texas Oil rights___ ______ Virginian Ry _ ________ __ Wabash wi _________________ Preferred A _ ____________ Preferred B ___ ... Western Electric rights..  Par  High  132 67  K  24 100K 150 25 38 65 87 21K 85 39 IK 44 K 1 29 K 28 K 42 9K 2K 75 300 28 17 17K 57 24 76 104 130 IK 43 68 50 IK 41K 14 14  137 71K 1 24 24 100K 100K 150 150 15 85 38 130 65 82 K 87 87 12 21K 85 85 39 48 1 IK 47 44 K 3 K 29 K 72 K 36 28 K 42 49 K 9K 9K 2K 7K 75 75 300 300 28 28 13K 19K 14 20K 57 79 21K 36K 75 119 102 128 126 130 IK 3K 41 134 68 80 80 50 Pi. 13 K 54 K 41K 19K 8K 14 36 K  K  1% 104 K K IK. K 24 77 K 20 40 K 4 23 K 14K 46 K 21K K  CURB MARKET  198  1915—(Concluded) For Twelve Months Ending Dec. 31 Sales  COMPANY  Par  Shares  Range of Prices  Open  Low  High  INDUSTRIALS AND MISCELLANEOUS—(Concluded.') 14 88   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  129 399 2,064 17 3,943 13 160 878 1,159 126 469 3,093 40 16 886 L086 15,180 769 1,142 23,790 3,879 80,278 21,832 1,111 26,511 459 2,863 4,988 376 12,498 8,363 525 601 88 17,196 23,464 418 108 6,768 5,217 145  Alaska-Juneau__________________ 10 Albion Mining__________________ American Commander__________ Alta Con Mining________________ Arizona Consolidated_____________ 1 Arizona Duquesne_________________ Atlanta___________________________ 1 Beaver Consolidated______________ 1 Big Cottonwood____ ______________ Big Ledge Dev Co_________________ Bingham Mining_________________ _ Blue Bell___________________________ Blue Bull............... .............. ..................... 1 Booth_____________________________ Braden Copper___________________ 5 Buffalo Mines, Ltd_______________ 1 Butte Copper & Zinc_________■____ 5 Butte-New York__________________ 1 Butte & Superior________________ 10 Cactus Mining_____________________ Calaveras Copper________________ 5 Caledonia Copper_________________ Canada Copper___________________ 5 Caribou Cobalt___________________ 1 Cashboy___________________________ Cerro de Pasco Copper____ (no par) Chile Copper w i________________ 25 COD Consd______________________ Combination Fraction____________ Comstock Tunnel________________ 2 Cons Ariz Smelt___________________ 5 Cons Copper Mines_______________ 5 Consolidated Nevada-Utah-----------Crown Reserve___________________ 1 Daly-West__________________ 20 Davis-Daly Copper______________ 10 DIamondfield Black Butte_________ Dome Extension__________________ 1 Dome Lake________________________1 East Caledonia____________________ El Paso Con______________________ 5 Ely Consolidated_______________ ..10 Emma Copper_____________________ Federal Reserve Min_______________ First National Copper___________ 5 Florence ___________________________ Foley O’Brien____________________ 1 Genesee____________________________ Goldfield Consolidated__________ 10 Goldfield Merger__________________ 1 Gold Hill_________________________ 10 Green-Can new________________ 100 Greenwater Copper M & S________ 5 Guanajuato Con M & M_________ 5 Halifax Tonopah__________________1 Hecla Mining______________________ Howe Sound wi____________________ Inter Mines Dev Co_______________ Iron Blossom___________________ 10c Jim Butler________________________ 1 Jumbo Extension__________________ 1 Kerr Lake_________________________ 5 Kewanus___________________________ Kennecott Copper_______ (no par) Keystone Mining__________________ Lake Superior_____________________ La Rose Consol__________________ 5 Lone Star__________________________ Magma Copper____________________ Majestic Mines__________________ 5 Marsh Mining_____________________ Mason Valley_____________________ 5 McIntyre_____ :___________________ 5 McKinley-Darragh-Savage_______ 1 Mines Co of America_____________ 10 Montana Con______________________ Mother Lode______________________ Nat Zinc & Lead_________________ 1 Nevada Hills_____________________ 5 New Utah Bingham_______________ Nipissing Mines__________________ 5 19% North Butte Development_________ 700 Ohio Copper______________________ 5 Oro________________________________ 290 115 Pacific Smelters____________________ Peterson Lake___________________ 1 730 Ray Hercules______________________ 135 Rex Con Min_____________________ 1 275 Rochester Mines__________________ 54 Sandstorm Kendall________________ 53 San Toy__________________________1 249 166 Santa Fe___________________________ Sells________________________________ 139 Seven Troughs Coalition__________ 181 Silver Pick________________________ 112 South Utah Mines________________ 5 30 Standard Silver-Lead_____________ 223 111 Stewart___________________________ 1 Success Mining__________________ _ 190 69% Superstition M C__________________ Temiskaming_____________________ 1 17 Tintic Mining_____________________ 435 Tonopah Belmont________________ 1 230 Tonopah Mining of Nevada_______ ] 234 Tonopah Extension_______________ ] 314 Tonopah Merger__________________ 1 236 Tularosa__________________________ 5 384 Tuolumne_________________________ 1 125 Tri-Bullion________________________ 5 378 545 Trinity Copper_________________ 25 United Copper__________________100 360 U S Continental Min_______________ 305 United Verde Ex_______________ 50c 370 Utah Con_________________________ 5 547 Wasatch___________________________ 229 471 West End Cons___________________ 5 West End Ex______________________ 134 88 Wettlaufer Silver Mines__________ 1 233 White Knob Copper preferred_____ Yukon Gold Co__________________ 5 52  14 96% A 1% 2% 3% 12 13 50 53 95 95 10 7% 42% 42% 20 22% 60 78% 32 51 6% 9 44% 68 94 100% 38% 50 90 90 % % 1%6 255 255 255 6% 20 15% 72% 73 73 92 92% 92% 55% 55% 55% 49 28 31% 58 63% 59% 107 157 150 20 19 7% 5 5% 5% 32 35 32 12% 17% 17% 115 1 15 115 4 8% 5% 5% 5% 7% 4% 4% 4% 20 30 25 45 48 45% 14% 14% 11% 7 9 9% 7 9 8% 12 5% 13% 64% 77% 67% 7% 8 8% 6 16% 11% 45% 44% 31% 62 75 68% 2%, 4% 2%, 49% 62% 57 3% 4% 4% 13% 53% 43% 25 73 32 88 101 100 5% 9% 7 88 114% 101% 111% 117% 117% 8% 9% 11% 8 12% 12 2 2% 2 33 33 33 5 7 6% 16 17% 16 4% 1% 2% 7% 3% 4 6% 4% % /16 17 22% 18 10% 14% 12% 3% % 2% 2% 5% 6 56 52% 51% 84 99 96 95 97% 96 106 108 108 2% 4 3% 1.980 1,980 3 5% 3% 34 107% 1% 5% 15 55 97% 11% 42% 23 97% 62 9% 69% 100% 56 92  STANDARD OIL SUBSIDIARIES.  * Cents^per share.  Par  Last  Sales No. Shares  Range of Prices  Open  Low  High  Last  MINING.  1,490 34 Lima Locomotive______________ 100 7,055 92% Manhattan High Pow Mar---------Manhattan Transit______________ 20 202,675 2'A Marconi Wireless Tel of Am_____ 5 346,035 192,900 15 Maxim Munitions Corp_________ 10 2,664 50 McCrory Store Corp____________100 980 97 Preferred wi__________________ 100 1,660 8 Mexican Lead__________________ 100 25 42% Preferred_____________________ 100 15,525 20% Mexican Petroleum_____________ 100 60 Midvale Steel & Ord w i_________ 50 1,224,608 12,335 37 Midwest Refining_______________ 50 3,750 6% Mutual Profit Sharing___________ 5 9,412 National Cloak & Suit_________ 100 45 7,1 16 94 Preferred____________________ 100 16,000 38 A National Steel Car of Canada..100 70 90 Preferred____________________ 100 58,400 1 Nevins Electric___________________ 25 255 New Jersey Zinc_______________ 100 80,565 New York Transportation_______ 20 6A 60 72% Otis Elevator___________________ 100 75 92 Preferred____________________ 100 500 55% Pacific Gas & Electric__________ 100 156,045 45 Peerless Truck & Motor Corp___ 50 58 35,375 Penn Mar Ord & Cast_____________ 21,327 107 Poole Eng & Mach_____________ 100 31.1 11 Pyrene Mfg Co__________________ 10 7A 3,050 51^ Redtop Elec, Inc__________________ 32 4,725 Reo Motor Car__________________10 12% 1,260 Reo Motor Truck_______________ 10 100 1 15 Reynolds (R J) Tobacco_______ 100 Riker & Hegeman Corp__________ 5 336,793 7% 18,700 7% Riker & Hegeman new___________ 5 4% 100 Preferred new________________ 100 28 18,452 Rumely (M) new_______________ 100 47 300 Preferred____________________ 100 St Joseph Lead__________________10 292,100 11A 7 49,300 Sapulpa Refining_________________ 5 19,800 7 Preferred_____ ._______________ 5 11,520 6% Savoy Oil_________________________ 5 21,680 Saxon Motor Car______________ 100 77 A 8 500 Sherman Carbide__________________ 415,753 Standard Motor Construction___ 10 6% 61,555 Steel Co of Canada, Ltd________ 100 75 Steel & Radiation, Ltd_________ 1O0 12,972 4 Sterling Gum wi________________ 5 208,950 633 Stewart-Warner Speedometer ..100 62% 4 5,500 Studebaker rights_________________ 14% Submarine Boat__________ (no par) 1,773,675 73 Tobacco Products______________ 100 279,167 89 Preferred____________________ 100 21,320 6 Triangle Film ctfs________________ 5 525,213 95 United Cigar Stores of Am______ 100 18,035 216 114% Preferred____________________ 100 9% Common new__________________10 1,485,000 Preferred new_________________ 10 36,897 11% 2 United Cigar Stores of Canada___ 5 625 100 33 Preferred______________________ 5 86,100 7 United Fruit rights________________ 13,500 17 United Profit Sharing ctfs_________ 956,550 4% United Profit Sharing new________ 1 5% U S Light & Heating____________100 725,180 5 Preferred____________________ 100 119,135 U. S. Light & Heating pref_______ 3,500 % Utah Securities Corp__________ 100 17% 56,72 ) 13% Ventura Con Oil__________________5 88,150 Victoria Oil________________________ 1 345,900 % Wayland Oil & Gas_______________ 5 5% 21,220 56 White Motor____________________ 50 41,700 84 Willys-Overland_______________ 100 4,753 95 Preferred____________________ 100 823 Willys-Overland pref w i__________ 1,200 106 2% Willys-Overland rights____________ 940 Winchester Repeating Arms___ 100 11.980 1,980 World Film_______________________ 5 5% 479,590  Anglo-American Oil_____________£1 Atlantic Refining_______________ 100 Borne-Scrymser Co_____________ 100 Buckeye Pipe Line______________ 50 Chesebrougn Mfg Co (Cons)___ 100 Colonial Oil____________________ 100 Continental Oil________________ 100 Crescent Pipe Line______________ 50 Cumberland Pipe Line_________ 100 Eureka Pipe Line______________ 100 G alena-Signal Oil______________ 100 Preferred____________________ 100 Illinois Pipe Line wi____________ 100 Indiana Pipe Line_______________ 50 National Transit________________ 25 New York Transit______________ 100 Northern Pipe Line_____________ 100 Ohio Oil_________________________ 25 Penn-Mex Fuel_________________ 25 Pierce Oil Corp_________________ 25 Prairie Oil & Gas_______________ 100 Ex-rights_______________________ Prairie Pipe Line_______________ 100 Solar Refining__________________ 100 Southern Pipe Line_____________ 100 South Penn Oil__________________ 100 Southwest Penn Pipe Line_____ 100 Standard Oil (California)______ 100 Standard Oil (Indiana)________ 100 Standard Oil (Kansas)_________ 100 Standard Oil (Kentucky)______100 Standard Oil (Nebraska)_______ 100 Standard Oil of New Jersey____ 100 Standard Oil of New York______ 100 Standard Oil (Ohio)____________ 100 Swan & Finch Co_______________ 100 Union Tank Line_______________ 100 Vacuum Oil____________________ too Washington Oil__________________ io  For Twelve Months Ending Dec. 31 COMPANY  13 520 250 98 670 100 220 36 45 215 138 135 118 92 28 205 88 122 52 9 220 210 122% 225 200 253 107 270 395 325 235 310 385 178 413 100 78 179 30  19% 700 290 125 730 152 278 54 53 250 172 144 207 117 39 233 116 190 71 19 485 260 255 314 239 388 135 398 560 430 355 370 570 238 475 166 93 240 52  343,675 31.500 917,575 751.100 100 345.750 ,787,160 200 424.600 140,922 200 88,900 196.800 461.300 ,052,127 11.400 168.800 159,935 5,510 300 9,350 312,645 373,700 42,955 739.100 68,445 403,985 174.200 37.500 99.200 ,161,690 18,775 399,550 14,616 1,000 2,800 242.780 190,035 2,000 1,000 250 149.400 ,092,900 130.600 ,834,810 150.959 2,700 64,520 273,466 ,501,700 30,100 62,057 200 400 7,750 29,310 185,940 156.300 107,820 56,950 ,608,201 67,070 ,416,730 ,132,000 200 3,920 93,115 210,205 150.960 296,968 73,555 6,250 164.900 511,773 46,410 38.500 ,771,550 133,470 60,390 159,193 298,430 66,600 2,000 204.900 7.500 221,500 516.400 987,185 164.900 316.750 179,060 76,825 122,250 37,700  204,010  13,720 375,995 871,165 ,113,265 ,068,905 62.400 4.500 21,570 56,559 330,032 454,065 109.200 251,970 361,619 550 200 26,600 300 175 135,611 460,625 619.780 41.200 49,350 49,295  14 11 16% *47 48 41 *9 7 17 *22 8 23 6% 6% 6% *25 40 25 *44 15 50 *39 39 39 *12 13 3 4% 1% 1% 8% 8% 8% *6 3 6% *11 11 4% *41 34 58 18 6% 6% % 1% %» 2% 10% 2% 4% % % 40 40 69 *42 42 45 2% 2% 4% *74 *74 1% 2% 1% % *63 30 63 *7 3 10 55 34 55 22% 17% 26% *7 9 4 *10 11 6 8 17 *13 % 1%6 % 2% 2% 1% % *17 % % % 3% 3% 3% 1 1 2% 2 9 *6% 7 36 7 23% 23% 24 *24 24 24 1 1% 1% *7 12 7 *34 16 92 18 16 20 10% 1% 1% *58 35 83 *25 25 37 *33 33 44 1%6 1% 1% *34 14% 43 % % % 24 23% 44% 4% 4% *4% % % % *30 25 42 4 3% 2% 2% 7% 2% 30 *30 15 *61 *70 1% *96 *96 1% 2% 2% *50 4% 3 5% 9% 47 *29 25 59% 25 3% 3% 3% 10 10 13% % % % 13 3% *12 12% 16% 12% *40 2 *60 29 38 *38 4% 1% 1 % 1.10 *39 *43 19 . 73 *58 2% 2 4% 1% % 1% 17% 52 *17% *33 3% *35 16 37 *32 .*58 *58 5% 5% 8% 5% % % % % % % 5 16 *12% %, % % 32 40 38 7 7 3% 23 57 *37 *54 *67 1%6 4 14 *7 15 27 18% 3 5% 5% 20 38 *36 44 48 45 *6 6 12% %« %« *10 2% 1% 1% 2% 1% *56 *64 1% 36 *18 18 75 *48 48 % % 1% 4% 5% 4%6 5 7% 7% 4% 2% 2%, *35 30 63 % % % *23 *25 % % % % 13 13 12% % % % 17 17 13 6% 6% 6% 14% 14% 14% 1% 1% % *100 50 *58 2 8 *3 3 12 *3 1 3% 1% 2% 3% 2%  12% 41 8 15 6% 37 22 39 5 1% 8% 6 6 39 17% 1% 6% 3% 64 45 4% 87 2% 35 5% 39 25% 4% 8 10 1% 2  % 3% 2% 4 26 24 24 1 9% 21 17 8% 47 28 33 1% 18 % 42 4% % 30 3% 7% 23 1%. 1% 1% 5 20 56% 3% 12 % 4 15% 1% 33 4% 93 43 3% % 26 2% 20 4% 8% A A 6 % 38 3% 30 54 8% 25 3% 32 44 7 % 1% 65 32 65 1% 4% 6% 4%, 55 % % % 12 % 14 6% 14% % 80 3 10 2 2%  199  CURB MARKET “CURB” MARKET PRICES—MONTHLY RANGE FOR 1915.  August. September, October. November. December. January. February. March April. May. June. July. Low High Low High Low High Low High Low High Low High Low High '.ow High Low High Low High Low High Low High INDUSTRIALS AND MISCELLANEOUS  Aetna Explosives__________ 100 Ajax Rubber Tire____________ 50 Alliance Film Corporation.. Amber Oil & Refining______ 25 Amer Brake Shoe & Fdy___ 100 Preferred_________________ 100 Amer-Britlsh Mfg___________ 100 Preferred_________________ 100 American Graphophone___ 100 Preferred_________________ 100 Amer Internat Corp________ 100 Amer Mach & Foundry_____ 100 American Shipbuilding____ 100 Amer Thrift Society, pref.. Amer Tube & Stamping.___ 100 American Writing Paper___100 Amer Zinc, Lead & Smelt___ 25 Atl Gulf & W I SS, Ltd...100 Preferred_________________ 100 Auto-Sales Gum & Choc__ 100 Bankers Disability Corp___ Bethlehem Steel w i________ 100 Bliss (E W) Co_______________ 50 Bridgeport Forg & Project.. Brit-Am Tobac ordinary____ £1 Ordinary bearer___________ £1 Burns Bros__________________ 100 Canada Steel________________ 100 Canadian Car & Foundry.. 100 Preferred_________________ 100 Canadian General Electric. 100 Canadian Natural Gas________ 1 Carbon Steel________________ 100 First preferred___________ 100 Second preferred_________ 100 Car Lighting & Power_____ 25 Carriage Factories (Can)___ 100 Central Foundry___________ 100 Preferred_________________ 100 Chalmers Oil________________ Chandler Motor____________ 100 Chalmers Motor_____________ 100 Chevrolet Motor Car________ 100 Cosden & Co__________________ 5 Cramp Shipbuilding________ 100 Crocker Wheeler___________ 100 Cushman’s Sons, Inc______ 100 Del Lack & West Coal______ 50 Diamond Match_____________ 100 Dominion Steel______________ 100 Driggs-Seabury Ordnance. .100 Rights_____________________ Eastern Steel________________ 100 Preferred_________________ 100 Electric Boat________________ 100 Preferred_________________ 100 Elk Horn Fuel______________ 100 Emerson-Brantingham_____ 100 Emerson Phonograph..______ 5 Federal Dyestuff & Chem___50 Fisk Tire.............. ......................... Guantanamo Sugar_________ 50 Hall Switch & Signal______ 100 Preferred_________________ 100 Hartman Corporation_____ 100 Haskell & Barker Car (no par) Hendee Mfg_________________ 100 Hopkins & Allen Arms_____ 100 Preferred_________________ 100 Houston Oil_________________ 100 Preferred_________________ 100 Intercont Rubber tr ctf..100 Internat Arms & Fuse Sec..25 Internat Merc Mar ctfs____ 100 Preferred certificates____ 100 New common______________ New preferred_____________ Int Merc Mar Cent Tr ctfs.. International Motors_______ 100 Preferred_________________ 100 International Nickel_______ 100 Internat Nickel new_________ 25 Internat Petroleum_________ £1 Internat Steam Pump__________ Certificates__________________ Preferred ____________________ Preferred A______ ___________ Preferred B__________________ Jewel Tea__________________ 100 Preferred_________________ 100 Kathodion Bronx pref________ 5 Kelly-Springfield Tire_____ 100 First preferred___________ 100 Second preferred_________ 100 New stock_________________ 25 Keystone Ordnance________ S S Kresge w 1_______________ 10 Lake Torpedo Boat__________ 10 First preferred____________ 10 Lee Tire & Rubber_ (no par) Lehigh Valley Coal Sales____ 50 Lima Locomotive__________ 100 Manhat High Pow Marine_____ Manhattan Transit__________ 20 Marconi Wireless of Amer____ 5 Maxim Munitions Corp_____ 10 McCrory Stores Corp_______ 100 Preferred_________________ 100 Mexican Lead_______________ 100 Preferred_________________ 100 Mexican Petroleum_________ 100 Midvale Steel & Ordnance..50 Midwest Refining___________ 50 Mutual Profit Sharing_______ 5 National Cloak & Suit_____ 100 Preferred_________________ 100 Nat Steel Car of Canada___ 100 Preferred_________________ 100 Nevins Electric______________ New Jersey Zinc___________ 100 New York Transportation..20 Oil Fields of Mexico___________ Otis Elevator________________ 100 Preferred_________________ 100 Pacific Gas & Electric_____ 100 Peerless Truck Motor Corp____ Penn Mar Ord & Cast__________ Poole Engine & Mach_______100 Pyrene Manufacturing_______ 10 Redtop Electric, Inc___________ Reo Motor Car_______________ 10 Reo Motor Truck____________ 10 Reynolds (R J) Tobacco___ 100 Rlker & Hegeman Corp______ 5 ♦When Issued.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  %  137 67  137 71i«  12  21%  1  100% 100% 150 150  25 38  65 87  66 87  65 130  85 39  85 41  47  57%  47  1 1% 29i2 30% 29% 44%  33  49%  % % 55% 60l2 49% 57  17% 18% 18 18%  17% 18% 18 19%  15 16 16 18% 66% 66%  31;  16 16% 16 17 67% 75%  32 50  36% 57%  34% 52 61 62  56 83 20 18 9  84% 109 20 21 1034  69 97 10%  83 102  15 14% 15% 79 24% 29 112 99 118 110  1%  2%  1%  2%  7%  434 13%  li' "l5"  2934 38%  14% 15% 78 21% 75 104  39  6684  97 291 94  97% 291 94  78 100  124 125  2%  8% 16 16 26  430 380  34 11  ‘ 7%  9 11 54 54 6% 7%  % 3  ✓4s 2%  %  116 107 85% 81 126 120  «4  2%  % 2%  125 84 129  % 2%  112 121  *6634 *99  47 49 *92 *115  355 360  453 500  580 570  31 55 99% 12  92  41% 73 102% 14%  11  121% 121 66 56 2634 47  1334 19%  8%  6%  4%  2% 8%  1 5% 2% 10 7% 4% 11S4 93S 42% 32 *37 *52 *48 56 *55 *6684 *64 *75 33 12% 20% 15% 35 25 35 27 35 47 73 38 67% 56 55 162 183% 179 210  125 83 131  % 2%  11%  15% 38 146  8% 10 2 4% 3 3  13 35  8% 9 5 8 7 7% 9% 20  139% 120 137 126 85 81% 84% 84 140 133  1% 3%  % 23s  *50 *95  1 2%  55 *9734  15% 40  23S  52  165 87 160  3%  9% 16%  1% 70 80 65 6% 48 14 31  9 7  10% 12%  9%  9%  156 83 162  170 88 162  % 284  % 5%  82 102  2% 3% 64 71 6  47 47% *140 175 25 30  68 32 50  9  35 65  124 63  53% 28  18% 25%  13  14%  17 52  15 49  24% 75%  50% 53 74  49 54% 32 42 64% 66  1034  9% 1438  66% 13 20% 143s 62%  14%  11% 1634  15% 46% 126 68 25 55 77% 59 31 60 95 24% 66% 18% 30 20% 77%  34 65 52 1334  3 171 86 172  334 3% 4% 4 188 188 239 211 87 87 91% 91 173 *75 10  10 20  19 20  10 15  32  34  21% 28  5%  3%  3%  26% 2634  15 15  *96 *98 *54 *60 59 65 98% 100 4% 4 68 303 288 309 94 98 93  '99% *99%  62~ 63% 99% 9934 15 63 290 302 96% 98%  *78% *73 *78 *72% *76% 11% 1034 12 10% 12 13% 14% 17 22% 16 22% 16 50%  30 30 92% 107%  88  96s4  1% 334 4% 12 15  5  1% 1% 3 3% 12% 15  7  7%  734  8  *91 57  20 23 *6684 *79% 53 62  938  56 42 90% 92  % 12  8%  10 10 42% 42%  51% 69% 96 100%  8% 1234  99 112  54  38% 47  6% 10%  5%  14% 15% 15 15%  12% 42  *60 *97% *76 3434 44 50 634  3% 102 80 70 93g 54% 19 32  4%  12% 19  7% 11%  44% 54% 51% 55 94 98 96% 99%  107 122  48 52 T38 190  12%  8% 14  2% 8%  8 6%  90 105  124 71  1734 21  8%  11 28 144  7%  30 54  14%  5% 21 20 43 135 148  2%  63% 70% 29 32% 44 48  535 530  11% 1334  110 62 16 27  47 50 *105 147  7%  1 4%  47 3 72% 36 49%  "'7% ”8% 77% 96 86% 77 *162 *172 *93 *100 *103*144 *120 129 *120*157 6% 7% 7% 1534 6% 7 93 73 79 91% 79 88 85 87 82 103  13%  11%  69 102% 99 76 84% 82 92% 117 118  36% 119 99 128 113  11% 16% 60% 60% 7 9  13s 5%  234 7 18 22  4334  44% 1 68% 28% 42  28 28 13% 13% 14 15  15%  103 112% 119 125 126 130 1% 2 1% 2%, 1% 1% 41 74 68 134 68 75 74 78 50 55 52 80 7% 11S4 10% 8% 10% 41% 54 10 1934 15 9% 14 18 22 28% 27 27 28 3634  90  10% 12 55 55 5% 9%  14  1334 1434  14%  58% 69%  15%  57% 7334  115 116  53% 54  9%  9%  17% 18% 18 18% 57 57  85  48  *134 *1% *1%, *1%  17 19% 17% 20%  33  69% 82%  14% 16%  255 15  255 17%  15% 18  16% 1734  1%,  14% 17%  7234 73 92 92% 55% 55%  32 58  12% 1234 115 115 7 734  7%  8%  8  9%  9%  10%  6%  7%  7%  8%  6%  784  S34 1134  11% 13%  13  17% 17% 634  73g  6%  7%  ---»--6%  6%  1334  12% 14%  14% 1634  49 63  28 41 5934 63% 107 157 1534 17% 17% 20 5 5% 32 35  t-  534  63s  6%  4%  6%  5%  5%  558  200  CURB MARKET  “CURB” MARKET PRICES—MONTHLY RANGE FOR 1915.—(Concluded.) 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 INDUSTRIAL AND MISCELLANEOUS Riker & Hegeman new . . Preferred new M Rumely new Prefered new.. . _ St Joseph Lead. . Sapulpa Refining __ Preferred __ _ _ __ Savoy Oil. ___________ .. Saxon Motor Car______ ____ Sherman Carbide Standard Motor Construe. Steel Co of Canada, Ltd. Steel & Radiation, Ltd___ Sterling Gum_____ . Stewart-Warner Speedom. Studebaker rights  ..5  100 100 .10 5 ..5 -.5 100 .10 100 100 5 100  7  7's  5i2  634  88  95  173g 16 United Profit Sharing new .1 412 378 U S Light & Htg new___ 100 Preferred new 100 U S Light & Heating pref Utah Securities Corp 100 5 Ventura Consol Oil 1 Victoria Oil. ._ _ _____ Wayland Oil & Gas . ..5 3% 4>g White Motor _____ 50 Willys-Overland .. _____ 100 84 9212 Preferred too Preferred when issued 100 Rights . .... Winchester Repeat Arms __ 100 4-h World Film _ ___ _ ..5  100 100 100 100 100 100 100 100  100 100 .100 10  6 434  634  434  5U  6  514  514  678  6  5i2  6  512  lli2 1334 5i2  8I4  638  1634  6  24U 28  20  24  22  1 n2 1334  12l8  1358  121S  9i2  9'2  934  6'2  23 30 47 48 1412 13'g 1434  26  734 8 8 8U 9 978 1538 12l2 8i2 13 33'2 35'2 3U2 38'2 33 3514  10'2 13i2 72 77l2 11% 12 44 ~ 4512 65  93 97 too lllb 1 Ilia 934 9 >4 .10 10 III4 1U2 ..5 5  Standard Oil (California). Standard Oil (Indiana) . Standard Oil (Kansas) Standard Oil (Kentucky) Standard Oil (Nebraska) Standard Oil of N J Standard Oil of N Y______ Standard Oil (Ohio) _ . Swan & Finch . . _ Union Tank Line___ Vacuum Oil . _ Washington Oil  53g  *334 *3i4 *4U ♦3 CO 62l2 49i2 5018  Preferred _ ____________ Common new .. Preferred new . . Unit Cigar Stores of Can Preferred  100 100 100 100  6'2  614  6I4  100 100 5  .£1 100 100 .50 100 100 100 .50 .50 .50 100 100 100 .50 .25 .25 100 .25 25 .25 100  6’2  lli2 1414  Tobacco Products_______ Preferred _ _____ Triangle Film ctfs  STANDARD OIL SUBSIDIARIES Anglo-American Oil_______ Atlantic Refining . . . Borne-Scrymser Co . _ Buckeye Pipe Line Chesebrough Mfg (Cons)__ Colonial Oil_______ ______ Continental Oil. Crescent Pipe Line Cumberland Pipe Line Eureka Pipe Line Galena-Signal Oil__ ____ Preferred Illinois Pipe Line Indiana Pipe Line___ National Transit__ ____ New York Transit Northern Pipe Line. Ohio Oil .. _____ Penn Mex Fuel Co. Pierce Oil Corporation Prairie Oil & Gas ..... Prairie Oil & Gas, ex-rights Prairie Pipe Line Solar Refining. Southern Pipe Line. ____ South Penn Oil  63s  60 89  73 94  90  94  *3 54  *35s 5812  60 91  60 99l2  9234 1151? 9 9l2 111? 1U2 2 2 33  87g 1138 2  3  438  *35g  *3  101 "  99  106 101 114l2 1171? 10'? 10'4 1138 1134 12 12 2>8 33  314  3%  314 4 534 534  ♦2l2 *3X.  *2i2 *3'g 693g 693s  5212 561?  5012 57  102  88  834 1134  103s 1178  212 3X.  98  108  93g 1034 1114 1214  3  3'2  *2'4 *2«4  *2lg *25g  *2X. *25g  *1312 *1534 *38U *57  *4578 *5314 25 ~ 59 *  334 478 39 50 36 45l2  33 33  97  105  912 1178  2i2  512 678 99 104  634  914  6'2  10's 12  958  10i2 12  95g  1058  958  3  2 2'2 4'4  234  1»4  4 6'4  2'8 4  214 3 4i2 X.  lll4  1414  1078  12i2  8  858  578  3i2  3U  314  212  2‘2  3  3  1314  IX. 2l2 278 73s 6’4 4'4  35g  212  2'2  3i2  1980 1980 412 314 378  378  35g  378  12 % 3'4  5% 27 45io 1478 9% 9 12 7188  62 70 *2h *23g  46% 41% 47'2 32 39 3578  714  514  7  5  7  134 3's 4's  2 4Sg 57s  10  1% 214 4 6% 63g 4'2 17  12i8 3i2  7.5  *2i2 ♦3’  *234 *3i8  25 45 13l2 7 7 12 64l2  133g 178 4'4  1U2  1J2 4'g  22% 14% 378 434  18 1978 1034 133g 23g 378 43g 6 511i 56  9U2 99 95 9712  5>g  4>8  1434 15?g 13 573 650 520 262 112 118 108 670  414  5%  312  434  13’2 1558 19U 538 595 565 585 250 250 106 110 106 112 685 700 100 130 225 234 221 232 220 232 229 246 40 43 37 41 36 39 37U 39 52 49 53 50 50 49 233 240 215 228 220 235 221 228 166 172 160 168 155 163 154 161 141 144 138 138 135 140 *118* 145 *123*134 *125*132 *130* 142 99 110 95 105 99 106 96 105 29 32 36l2 38 37 30 28 34 225 233 221 233 220 220 210 216 89 98 92 89 97 88 93 96 13712 145 122 136l2 130 144 136 144l2 60 64 143g 1434 14 13 127g 15M 16<4 1214 455 485 455 473 220 258 250 304 235 260 210 247 *150*185 *135*159 *143*149 *138*147 250 265 230 242 230 240 233 247 205 225 210 222 200 216 206 218 264 310 253 290 254 284 268 285 121 125 110 116 111 115 110 115 291 312 27212 298 286 301 290 304 449 485 415 452 395 435 395 435 365 380 345 375 335 385 350 360 250 260 245 260 240 260 244 257 325 325 315 315 330 343 397 403 385 406 387 400 395 415 195 202 184 198 185 195 184 200 430 435 413 435 425 432 425 435 155 166 112 130 122 130 122 125 83 86 8U2 84 85 80 81 90 197 202 185 197 179 202 196 219 35 37 30 36 36 36  15 630 266 115 670  37g  434  37s  5  550  590  Ids 18 553 570  546  603  98 720 135 225 39 45 225 155  109 720 152 235 43 46 230 161  100 701 120 227 40 45 223 146  99  103  135 225 39 46  135 230 42 46  138  148  1858  105 701 130 227 42 46 228 151  I6I4  *120*135 92 100 29l2 34 205 212 95 101 130 146 62 65 1112 13 284 316  *128*142 *134*140 95 95 98 98 28l2 32 29 31 212 214 93 94 90 105 133 138l2 133 140 55 61 10 9 1O18 1314 295 315 307 355  *122'2141 225 246 200 218 260 295 107 114 273 302 399 447 325 365 235 258 355 355 395 414 178 195 415 440 100 115 78 8312 194 227  131 166 230 230 207 213 273 281 110 112 276 287 406 422 340 370 243 252 310 310 395 401 180 189 422 426 110 110 78'2 81 198 210  150 225 210 270 no 270 395 340  164 228 212 282 1 12 298 413 340  310 398 181 421 112 79 196 31  310 406 190 425 112 81 220 34  1634 18 586 609  99  104  226 39'2 50 229 148  240 50 50 250 170  *106 *108 *108 *108 2'2 4 33s  414  33g  478  4'2  3  4'4  191) 700  600 290 100  060 290 125  625  640  16 625  1978 18 680 650  110  118  109  122  115 730  120 730  240  245  252 46  255 46  260 45  278 54  275 45  275 45  53  53  160  165  159  161  155  172  165  169  *138* 150 *140*159 *148*159 96 105 99 109 107 115 3034 34'2 32 34'2 32 33'2 205 230 219 226 225 228 94 105 108 116 138 156 139 150 151 159 52 52 61 61 934 135s 12 13 1412 13 350 415 398 426 393 425 160 183 225 250 210 219 287 347 115 123 293 308 423 460 370 400 260 284 320 350 406 451 185 202 435 475 111 120 80 87 214 230 34 35  378  *150*183 108 117 30 39 223 225 105 115 149 180 63 70 1412 19 410 443  175 7 225 5 245 260 215 235 311 349 125 131 303 313 455 480 420 430 &70 313 334 334 442 504 188 206 473 473  194 285 230 340  220 285 236 354  202 314 229 339  224 314 239 376  303 450  325 460  460 198  ■' 498 212  309 488 340 325 370 476 201  354 510 360 325 370 506 225  82 216 40  82 215  84 220  83 215  93 232  85 234 40  *170*207 112 116'2 33 38  111 166 68 16l2 427  111 190 71 187s 465  219  255  236 365 125 327 500 360 355  238 388 135 398 560 360 355  501 211  570 238  130 79 226 50  130 90 240 52  RAILROADS AND MISCELLANEOUS RIGHTS  7»  Boston & Maine 100 104 104 14 Chic Milw & St Paul rights Delaware & Hudson rights Detroit Edison rights H4 13»  Chile Copper__ Comstock Tunnel. Consol Arizona Smelt _ Cons Copper _ ... Crown Reserve . _ _ Dome Mines _ _ Emma Copper_____________ First Nat Copper Goldfield Consolidated Greene-Cananea, new. _ x Kerr Lake ...  *40 %  %  %  *20'2  *19  *50  34  2% 4i2 558 5 314 6>4 __ *1412 *1478 *13 *1478 *111? *131? *10 ♦41 ♦51 *4319 *47 *42 *26 *30 *20% *27 *211? *231r *21  *12 *10i« *127» *113j *151 9 *4312 ♦381? *44b *3919 *48 *2114 *1919 *24 “ *2119 *285«  *12 *10 *45 *41 *2134 *21  22l2 23'4  2234 2412  1134 173g 4% lo-h 2'2 4l2  1512 18 4 7% 25g 4  2i2  2% 4% 2% 1% 34 3914  84  25 ...2 ...5 X. 5 1 68c __10 1 5 10 IX. 101 23l2 ...5 414  *16i8 *1212 *1578 *1234 *15lg *11 *1378 *1U2 *13»8 *11'4 *1314 6ig 638 638 85g 7 8'2 8l2 712 658 7'4 734 10 219 214 1 38 1 2 1 l's 2 3 % 7s 4'4 64 47 -g 68 69  *13  73g  684  Hi  X.  34  %  78  1%.  11?  48’4 49  X.  38  %  l’g  ’4  %  73g  %  % % l's 53g IX. 2%. 7’2 214  1>8 534 134 27g 734 27g  12  %  %  34  l’s  *213g *18i4 *2114 *18 %  %  1  l’s  34  *2012 *18 «4  %  34  78  78  1314  s8  11? 1% 24 28 45g 5  %  538 13s 238  258  34  558  234 758 2»4  %  13fl llo ix. 1’4 31 26 4i2 47g  1214 15 31c 37c. 278 278 1'? 1% 2912 36 434 5  58  34  %  U2 5l2 1% 2%  U2 634 2 27s 734 2'g  2 57s  63fj  212  1»4  234 67S 234  31c  s4 34 16 17i2 22c 35c.  X.  18c  78  9'g 1214 2% 4% 2 3 %  2'2  178  *19'2 *17's  1958  481? 55 3519 401? *197o *2619 *243o *2634  »4  ix» 214  10c 17c. 11? 1'8 1'2 2'8  78  134  %  1% 25 5  11  6i8  6i2  *21% *225g *18 X.  La Rose Consolidated. _ ...5 Magma Copper. ...___   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1*8  34  % *171? *20  X Mason Valley.. . _ ...5 x Nipissing Mines .... ...5  * When Issued.  19  %  .10 ...1 ...5 738 6’4 5 ...1 34 34 111 40 41 ...5 ...5 l7g l’s  Stewart.___ _ _____ 1 Tonopah Extension _____ . 1 Tonopah Mining of Nev___ ...1 Yukon Gold Co___________ ...5  l'K. 13a  *251« *27 *221? *261? *231.1 *2519 *76 *78i4 *7219 *771-> *74 *7734  Interboro Cons Corp com 100 Preferred _ _ ... 100 Missouri Pacific Preferred __ ________ New York Central rights Texas Oil rights Virginia Railway________ 100 Wabash. ... 100 Preferred A_ _ 100 Preferred B _ _ ____ 100 Western Electric rights__ MINING Alaska Juneau Arlzona'Consolidated Braden Copper.. . . Butte Copper & Zinc Butte-New York. _ x Butte & Superior__ Calaveras Copper _ Canada Copper  1'2  iic~ 16c. 1 11? n2 l's  lie IX. ix. 1% 214  X.  92c. 25c 43c. 19e 32c. 24l2c. 33c. 16c 26c. 43. mu 7 2b 334 834 314 13a 17 8 1>4 IX. U4 1^8 114 IX. 15» H? l's 138 IX. 138 IX. 1’4 43 33U 30 36 38 42 28 38'2 44 334 4X« 45g 5 3 4 478 5 4X.4% 31? 37s 4's 5ig 5178 58% 50 25 59% 5178 56 57 >4 48 3358 3114 34'2 3334 56 % 78 12 ®8 38 % % % X. % l2 !2 *2 h 14 14% 1534 1214 13^8 121? 15 1678 13'2 15 23d 23g 234 238 2ig 2% 3 4>4 4% 534 534 53d 6i8 578 678 61? 73g 6'g 514 758 6'2 87g 514 6'4 714 87g 2 X. 34 1% 2i2 IX. 25g lBfl 1% X. 34 IX. 138 X. 1'4 % 's 23j 23fl 27g 45g 3 25S 358 31? 334 414 3'% 27s 2's 2% 3 2X. 3 5 53S 7 5 53S 6 5l2 53fi 6% 738 7% 514 5% 7M 714 658 7'4 234 23d 3 2’>f 21? 31. 23S 2'2 3 3 214 39c.  47c.  28c